Visa Inc (V) 2011 Q2 法說會逐字稿

Welcome to Visa Inc.'s fiscal Q2 2011 earnings conference call.

歡迎參加 Visa Inc. 的 2011 財年第二季度財報電話會議。

All participants are in a listen-only mode until the question-and-answer session.

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

I would now like to turn the conference over to your host, Mr.

我現在想把會議交給你的主持人，先生。

Jack Carsky, Head of Global Investor Relations.

全球投資者關係主管傑克·卡斯基。

Mr.

先生。

Carsky, you may begin.

卡斯基，你可以開始了。

Good afternoon and welcome to Visa Inc.'s fiscal 2011 second-quarter earnings conference call.

下午好，歡迎參加 Visa Inc. 的 2011 財年第二季度財報電話會議。

With us today are Joe Saunders, Visa's Chairman and Chief Executive Officer, and Byron Pollitt, Visa's Chief Financial Officer.

Visa 董事長兼首席執行官 Joe Saunders 和 Visa 首席財務官 Byron Pollitt 今天與我們同在。

This call is currently being webcast over the Internet and can be accessed on the Investor Relations section of our website at www.investor.visa.com.

該電話會議目前正在互聯網上進行網絡直播，可在我們網站 www.investor.visa.com 的投資者關係部分訪問。

A replay of the webcast will also be archived on our site for 30 days.

網絡廣播的重播也將在我們的網站上存檔 30 天。

A PowerPoint deck containing highlights of today's commentary was posted to our website prior to this call.

在本次電話會議之前，我們的網站上發布了包含今天評論要點的 PowerPoint 幻燈片。

Let me also remind you that this presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我還要提醒您，本演示文稿可能包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

By their nature, forward-looking statements are not guarantees of future performance, and, as a result of a variety of factors, actual results could differ materially from such statements.

就其性質而言，前瞻性陳述並非對未來業績的保證，並且由於多種因素，實際結果可能與此類陳述存在重大差異。

These include setbacks in the global economy and the impact of new financial reform regulations.

其中包括全球經濟的挫折和新金融改革法規的影響。

Additional information concerning these factors is available in our last 10-K on file with the SEC.

有關這些因素的更多信息可在我們提交給 SEC 的最後 10-K 文件中找到。

It can be accessed through the SEC website and the Investor Relations section of our website.

可以通過 SEC 網站和我們網站的投資者關係部分訪問它。

For historical non-GAAP or pro forma-related financial information disclosed on this call, the related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal second-quarter earnings press release.

對於本次電話會議上披露的歷史非 GAAP 或備考相關財務信息，相關的 GAAP 措施和 SEC 條例 G 要求的其他信息可在我們的第二財季財報新聞稿隨附的財務和統計摘要中找到。

This release can also be accessed through the Investor Relations section of our website.

也可以通過我們網站的投資者關係部分訪問此新聞稿。

And with that, I will turn the call over to Joe.

有了這個，我會把電話轉給喬。

Thanks, Jack.

謝謝，傑克。

And as always, thanks to all of you for joining us today.

一如既往，感謝大家今天加入我們。

Visa delivered another quarter of solid financial performance, posting net operating revenue of over $2.2 billion, a 15% increase over the same period last year.

Visa 又一個季度實現了穩健的財務業績，淨營業收入超過 22 億美元，比去年同期增長 15%。

As has been the case for over a year now, these revenue gains were driven by double-digit growth in payment volume, cross-border volume, and Visa-processed transactions from across the globe.

與一年多以來的情況一樣，這些收入增長是由全球支付量、跨境交易量和 Visa 處理交易的兩位數增長推動的。

Notably, 62% of our total revenue growth came from outside the United States, getting us progressively closer to our stated objective of having our business outside the United States represent more than half of our revenue by fiscal 2015.

值得注意的是，我們總收入增長的 62% 來自美國以外地區，這使我們逐漸接近我們的既定目標，即到 2015 財年，我們在美國以外的業務占我們收入的一半以上。

Net income for the quarter was $881 million, a 23% increase over the prior year.

本季度淨收入為 8.81 億美元，比上年增長 23%。

This equates to diluted earnings per share of $1.23, a 28% increase over the second quarter of 2010.

這相當於每股攤薄收益 1.23 美元，比 2010 年第二季度增長 28%。

In the second quarter, we effectively repurchased an additional $630 million worth of shares, nearly exhausting our $1 billion authorization first announced at the beginning of this fiscal year.

在第二季度，我們有效地回購了價值 6.3 億美元的額外股票，幾乎用盡了我們在本財年初首次宣布的 10 億美元授權。

Given that, and recognizing our ongoing commitment to return excess cash to shareholders, today we are pleased to announce that our Board recently authorized a new $1 billion share repurchase program.

鑑於此，並認識到我們一直致力於向股東返還多餘現金，今天我們很高興地宣布，我們的董事會最近批准了一項新的 10 億美元的股票回購計劃。

This brings our total amounts of effective repurchases in fiscal 2011 to $2.8 billion.

這使我們在 2011 財年的有效回購總額達到 28 億美元。

Byron will provide some additional detail on the specifics of the activity.

拜倫將提供有關活動細節的一些額外細節。

Before covering some of the business highlights from the quarter, I'd like to first address the ongoing legislative dialog in Washington and the industry's efforts to address the Durbin bill.

在介紹本季度的一些業務亮點之前，我想先談談華盛頓正在進行的立法對話以及該行業為解決德賓法案所做的努力。

Reiterating what I said on last quarter's call, since the introduction of the Durbin amendment, Visa has worked with the industry to help educate legislators on the unintended consequences of this piece of legislation.

重申我在上個季度電話會議上所說的話，自推出德賓修正案以來，Visa 一直與業界合作，幫助教育立法者了解這項立法的意外後果。

And our efforts are gaining increasing traction.

我們的努力正在獲得越來越多的牽引力。

As you know, Senators Tester and Corker have introduced legislation calling for a delay and a study of the Durbin bill.

如您所知，參議員Tester 和Corker 已經提出立法，要求推遲並研究Durbin 法案。

The Senators' efforts have generated support from a large, growing and diverse group of individuals and organizations who are concerned about the unintended anticonsumer consequences of debit regulation.

參議員們的努力得到了大量、不斷增長和多樣化的個人和組織群體的支持，他們擔心借記卡監管的意外反消費者後果。

We believe strongly that Congress should examine what the real impact of this regulation will be on consumers, the financial institutions that serve them, the payment system and the economy as a whole.

我們堅信，國會應該審查這項法規對消費者、為他們服務的金融機構、支付系統和整個經濟的真正影響。

This would be the reasonable and rational course of action.

這將是合情合理的做法。

To that end, we are hopeful that the Senate will consider Senators Tester and Corker's bill in the very near future.

為此，我們希望參議院將在不久的將來審議參議員特斯特和科克的法案。

That said, no matter what happens with Durbin, we will continue to compete in and lead the US electronic payments market and be a growth company for years to come.

也就是說，無論德賓發生什麼情況，我們都將繼續在美國電子支付市場競爭和領導，並在未來幾年成為一家成長型公司。

I will now turn to business developments from the past quarter that underscore our focus on driving global revenue growth today, while also setting the stage for future growth through new and innovative ways to pay.

我現在將轉向上個季度的業務發展，這些發展強調了我們今天專注於推動全球收入增長，同時也通過新的和創新的支付方式為未來的增長奠定了基礎。

As ever, our strong relationships with clients continue to help drive our success.

與以往一樣，我們與客戶的牢固關係繼續幫助我們取得成功。

In addition to delivering solid financial gains in the second fiscal quarter, we were successful in advancing our strategy of growing and protecting our core business through key wins and relationship renewals with financial institutions and merchants.

除了在第二財季實現穩健的財務收益外，我們還通過關鍵勝利和與金融機構和商家的關係更新，成功推進了發展和保護核心業務的戰略。

First, we grew our core issuance business with several important new deals.

首先，我們通過幾項重要的新交易發展了我們的核心發行業務。

For example, in India, we've made significant strides in expanding our business with the State Bank of India.

例如，在印度，我們在擴大與印度國家銀行的業務方面取得了重大進展。

We signed a multiyear deal to issue Visa debit products across the SBI franchise, whereas until now the bank's business was entirely with our competitor.

我們簽署了一項多年期協議，在 SBI 特許經營範圍內發行 Visa 借記產品，而到目前為止，該銀行的業務完全與我們的競爭對手合作。

Nearly 0.5 million Visa cards have been issued since March, and we expect several million to be issued within the first year of the program, with significant runway beyond that.

自 3 月以來，已發行了近 50 萬張 Visa 卡，我們預計在該計劃的第一年內將發行數百萬張，除此之外還有很大的發展空間。

This new win is in addition to the joint venture with already have in the works with SBI and Elavon to terminalize major metropolitan areas of the country.

這項新的勝利是對與 SBI 和 Elavon 的合資企業的補充，該合資企業旨在使該國的主要大都市地區實現終端化。

We also recently signed a multiyear credit and debit agreement with HSBC covering most of our Latin American and Caribbean region that will considerably broaden our issuance with HSBC in this part of the world.

我們最近還與匯豐簽署了一項涵蓋拉丁美洲和加勒比地區大部分地區的多年期貸記和借記協議，這將大大擴大我們與匯豐在該地區的發行範圍。

This builds upon the long-term issuing relationship we have had with HSBC globally for many years.

這建立在我們多年來與全球匯豐銀行建立的長期發行關係之上。

And in the US, we expanded our credit program portfolio with a new seven-year program with U.S.

在美國，我們通過與美國合作的一項新的七年計劃擴展了我們的信貸計劃組合。

Bank and Kroger, one of the largest grocery retailers in the US, which will begin converting to Visa in September.

Bank and Kroger，美國最大的雜貨零售商之一，將於 9 月開始轉用 Visa。

We also strengthened several relationships with longtime key issuing clients in the US.

我們還加強了與美國長期主要發行客戶的若干關係。

Most recently, we re-signed Regions Bank to a multiyear debit agreement to include signature debit, Interlink and some processing services.

最近，我們重新簽署了 Regions Bank 的多年借記協議，包括簽名借記、Interlink 和一些處理服務。

Regions is a top 10 debit issuer in the US and a longtime client of Visa.

Regions 是美國排名前 10 位的借記卡發行商，也是 Visa 的長期客戶。

We also continue to see good traction on the prepaid front in the US with our state government programs.

通過我們的州政府計劃，我們還繼續看到美國預付方面的良好牽引力。

We recently initiated unemployment insurance programs in Connecticut with Chase and in Florida with Wells Fargo.

我們最近與大通在康涅狄格州和富國銀行在佛羅里達州啟動了失業保險計劃。

On that subject, our unemployment programs with the Bank of America in New Jersey and California are ramping up at a very nice pace.

在這個問題上，我們與美國銀行在新澤西州和加利福尼亞州的失業計劃正在以非常好的速度增加。

Importantly, though, we are seeing increasing use of these cards at the point of sale versus cash withdrawals at the ATM, as consumers get more comfortable with this form of prepaid product.

不過，重要的是，我們看到這些卡在銷售點的使用越來越多，而不是在 ATM 上提取現金，因為消費者對這種形式的預付費產品更加滿意。

Beyond working with our financial institution and merchant clients to expand issuance and acceptance of our core products, we also continue to look ahead and develop new channels and form factors to diversify the utility of these products.

除了與我們的金融機構和商戶客戶合作擴大我們核心產品的發行和接受之外，我們還繼續展望未來並開發新的渠道和形式因素，以使這些產品的用途多樣化。

For instance, in the mobile space, we've just announced our real-time messaging service with our first client, The Gap.

例如，在移動領域，我們剛剛與我們的第一個客戶 The Gap 宣布了我們的實時消息服務。

This service allows merchants to send real-time location-based discounts and promotions to consumers via text message.

該服務允許商家通過短信向消費者發送基於位置的實時折扣和促銷信息。

In this case, consumers can opt into the Gap Mobile 4 U program to receive Gap discounts that are triggered when they conduct a qualified Visa transaction, which they can choose to redeem at a Gap store while they are out shopping.

在這種情況下，消費者可以選擇加入 Gap Mobile 4 U 計劃，以獲得當他們進行合格的 Visa 交易時觸發的 Gap 折扣，他們可以選擇在外出購物時在 Gap 商店兌換。

Gap was the first national retailer to test and roll out real-time messaging, and we have a strong pipeline of other retailers to follow.

Gap 是第一家測試和推出實時消息傳遞的全國性零售商，我們有很多其他零售商可以效仿。

This is an excellent example of a value-added service that supports merchants' desires to personalize the consumer shopping experience made possible by the real-time processing capabilities and unparalleled data from our VisaNet processing infrastructure.

這是增值服務的一個很好的例子，通過我們的 VisaNet 處理基礎設施的實時處理能力和無與倫比的數據，支持商家個性化消費者購物體驗的願望。

Equally important, if the legislation is not delayed, RTM, along with other offerings such as CyberSource's enhanced Decision Manager -- which I will talk about in a moment -- are the types of Visa value-added services that would incent merchandises to route transactions over VisaNet.

同樣重要的是，如果立法沒有延遲，RTM 以及其他產品，如 CyberSource 的增強型決策管理器（我稍後會談到）是 Visa 增值服務的類型，它們將激勵商品路由交易通過 VisaNet。

In the area of person-to-person payments, we continue to make important strides in leveraging our network and significant card base to enable people to pay each other using Visa cards.

在個人對個人支付領域，我們繼續在利用我們的網絡和龐大的卡基礎使人們能夠使用 Visa 卡相互支付方面取得重要進展。

Our recent announcement with CashEdge and Fiserv in the US underscores one of the important ways we are accelerating growth in this area.

我們最近在美國與 CashEdge 和 Fiserv 的聲明強調了我們加速該領域增長的重要方式之一。

Increasingly, by working with partners like these who have existing distribution channels, we can broaden the reach and ease of use of P2P payment programs on Visa products.

通過與此類擁有現有分銷渠道的合作夥伴合作，我們越來越多地可以擴大 Visa 產品上 P2P 支付程序的覆蓋範圍和易用性。

A recent example of one of these P2P programs overseas involves a service we recently launched in Russia and the Ukraine.

其中一個海外 P2P 項目最近的一個例子是我們最近在俄羅斯和烏克蘭推出的一項服務。

We are working with QIWI, Russia's largest payment kiosk operator; 1st Processing Bank in Russia; and PrivatBank, the Ukraine's largest bank.

我們正在與俄羅斯最大的支付亭運營商 QIWI 合作；俄羅斯第一家處理銀行；以及烏克蘭最大的銀行PrivatBank。

Together, we are enabling domestic transfers within Russia and with a cross-border functionality between Visa account holders in the Ukraine and Russia.

我們共同實現了俄羅斯境內的國內轉賬，以及烏克蘭和俄羅斯的 Visa 賬戶持有人之間的跨境功能。

Over time, we will partner with additional entities to expand these programs globally.

隨著時間的推移，我們將與其他實體合作，在全球範圍內擴展這些計劃。

On the e-commerce front, we closed the PlaySpan acquisition on March 1.

在電子商務方面，我們於 3 月 1 日完成了對 PlaySpan 的收購。

In the meantime, we have seen CyberSource's business continue to grow rapidly and gain increasing traction in the marketplace.

與此同時，我們看到 CyberSource 的業務繼續快速增長，並在市場上獲得越來越大的吸引力。

During the quarter, CyberSource delivered 38% billable transaction growth and secured a number of new business wins with major merchants, including [ADS America] and Olympus America.

在本季度，CyberSource 實現了 38% 的可計費交易增長，並與包括 [ADS America] 和 Olympus America 在內的主要商家贏得了多項新業務。

I also want to point out one or more of the recent examples of the synergies we are finding with CyberSource that deliver tangible value to our global merchant base.

我還想指出我們最近發現的一個或多個與 CyberSource 協同作用的例子，這些例子為我們的全球商戶群帶來了切實的價值。

This quarter, we combined the strength of Visa and CyberSource's individual fraud protection capabilities to launch our first iteration of Enhanced Decision Manager, which I mentioned earlier.

本季度，我們結合了 Visa 和 CyberSource 個人欺詐保護能力的優勢，推出了我之前提到的增強決策管理器的第一次迭代。

By combining the risk scores that CyberSource has historically provided to its merchant clients with data from the Visa Inc.

通過將 CyberSource 歷來向其商戶客戶提供的風險評分與 Visa Inc. 的數據相結合。

Advanced Authorization Service, we are delivering a unique and unparalleled view of transaction data that merchant clients recognize will serve them as a powerful new fraud detection mechanism for their business.

高級授權服務，我們提供獨特且無與倫比的交易數據視圖，商家客戶認為這些視圖將為他們的業務提供強大的新型欺詐檢測機制。

All of these advancements are important steps towards capturing the enormous opportunity we see ahead, with payments innovation fueling our business growth over the moderate to long term.

所有這些進步都是抓住我們看到的巨大機遇的重要步驟，支付創新推動了我們中長期的業務增長。

All of us know the way people connect and transact across the globe is changing dramatically, driven by two global forces -- first, the continued secular shift from paper-based to electronic payments that still largely occurs at the physical point of sale; and second, the widespread adoption of mobile and Internet technology.

我們都知道，在全球範圍內，人們聯繫和交易的方式正在發生巨大變化，這主要是由兩種全球力量推動的——首先，從紙質支付到電子支付的持續長期轉變，這仍然主要發生在實體銷售點；其次，移動和互聯網技術的廣泛採用。

These forces are converging, and consumers and merchants are looking for payment solutions that harness these technologies.

這些力量正在融合，消費者和商家正在尋找利用這些技術的支付解決方案。

To that end, we have been working hard to develop a Visa quality payment solution that brings reliability, security and convenience to mobile and e-commerce environments.

為此，我們一直在努力開發 Visa 質量支付解決方案，為移動和電子商務環境帶來可靠性、安全性和便利性。

In our view, a globally viable payment solution must have five fundamental characteristics -- convenience and simplicity, standardization, interoperability, global accessibility, and security.

在我們看來，一個全球可行的支付解決方案必須具備五個基本特徵——方便和簡單、標準化、互操作性、全球可訪問性和安全性。

None of the solutions we have seen from competitors is comprehensive enough because they don't address all of these criteria at once.

我們從競爭對手那裡看到的解決方案都不夠全面，因為它們沒有同時滿足所有這些標準。

Visa has long delivered solutions at the physical point of sale that pass this test, and we are applying the same standard in the online and mobile arenas.

Visa 長期以來一直在實體銷售點提供通過此測試的解決方案，並且我們在在線和移動領域應用相同的標準。

Look for us to make an announcement of our global e-commerce and mobile strategy later this month.

期待我們在本月晚些時候宣布我們的全球電子商務和移動戰略。

And now, over to Byron.

現在，交給拜倫。

Thank you, Joe.

謝謝你，喬。

I will begin with some overall observations.

我將從一些總體觀察開始。

First, Visa's 15% net revenue growth was broad based, with solid 10% growth in the US and a very strong 21% growth rate in rest of world.

首先，Visa 15% 的淨收入增長基礎廣泛，在美國實現了 10% 的穩健增長，在世界其他地區實現了 21% 的強勁增長。

As Joe mentioned earlier, over 60% of the quarter's revenue growth came from outside the United States.

正如喬之前提到的，本季度超過 60% 的收入增長來自美國以外的地區。

This means non-US revenue is now 45% of Visa's total.

這意味著非美國收入現在佔 Visa 總收入的 45%。

Second, US revenue growth has been supported by five consecutive quarters of year-over-year positive credit payment volume growth.

其次，美國收入增長得到連續五個季度同比正增長的信貸支付量增長的支持。

Most recently, the months of February and March both comped at 11%, which is the first time we have seen double-digit growth since the recession.

最近，2 月和 3 月的增長率均為 11%，這是自經濟衰退以來我們首次看到兩位數的增長。

We are clearly encouraged by this trend.

我們顯然對這一趨勢感到鼓舞。

Third callout relates to client incentives.

第三個標註與客戶激勵有關。

Incentives for the quarter as a percent of gross revenue were 16.7%, up from 15.3% in the first quarter.

本季度的激勵措施佔總收入的百分比為 16.7%，高於第一季度的 15.3%。

Taken together, incentives as a percent of gross revenue were 16% for the first half of the fiscal year, at the low end of our guidance.

總而言之，本財年上半年的激勵措施佔總收入的百分比為 16%，處於我們指導的低端。

While we still expect client incentives to be in the range of 16% to 16.5% for fiscal 2011, if implementation of the Durbin amendment is not delayed beyond July, it is probable that we would see some upward pressure on this number as a result of potential actions we would take to mitigate volume loss with certain issuers and merchants.

雖然我們仍預計 2011 財年的客戶激勵率將在 16% 至 16.5% 之間，但如果德賓修正案的實施不推遲到 7 月之後，我們可能會看到由於以下因素導致該數字有一些上行壓力我們將採取的潛在行動來減輕某些發行人和商家的交易量損失。

Fourth callout relates to Durbin.

第四個標註與德賓有關。

Whether the legislation gets delayed or not, we still expect to deliver revenue growth in the 11% to 15% range and earnings per share growth of greater than 20%.

無論立法是否推遲，我們仍預計收入增長在 11% 至 15% 之間，每股收益增長超過 20%。

Finally, it's worth noting that beginning with the second fiscal quarter, our three key revenue drivers are now growing at double-digit rates while comping double-digit growth in the same quarter of the prior year.

最後，值得注意的是，從第二財季開始，我們的三個主要收入驅動因素現在以兩位數的速度增長，同時在去年同期實現了兩位數的增長。

This is true both globally and for the US, indicating that the strength of the recovery is now more broad based.

全球和美國都是如此，這表明復甦的力度現在更加廣泛。

Now let's turn to the numbers.

現在讓我們轉向數字。

First, I will cover our global payment volume and transaction trends for the December and March quarters, as well as more recent payment and transaction results for the entire month of April.

首先，我將介紹我們 12 月和 3 月季度的全球支付量和交易趨勢，以及整個 4 月的最新支付和交易結果。

I will then cover the financial highlights of our fiscal second quarter, followed by our guidance outlook for fiscal year 2011.

然後，我將介紹我們第二財季的財務亮點，然後是我們對 2011 財年的指導展望。

Global payment volume growth for the March quarter, in constant dollars, was 13%, a modest decline from the 15% growth we saw in the December quarter.

3 月季度的全球支付量增長（以固定美元計算）為 13%，與我們在 12 月季度看到的 15% 增長相比略有下降。

We saw the following breakdowns in the March quarter figures.

我們在 3 月季度的數據中看到了以下細分。

In the US, payment volume growth was 12%, relatively flat from the December quarter.

在美國，支付量增長 12%，與 12 月季度相比基本持平。

Rest-of-world payment volume on a constant-dollar basis grew at 15%, down 2 points from the 17% rate in the December quarter.

按固定美元計算，世界其他地區的支付量增長了 15%，比 12 月季度的 17% 下降了 2 個百分點。

More recently, in the month of April, US payment volume growth came in at 11%.

最近，在 4 月份，美國的支付量增長了 11%。

Although not yet available, based on the trends we saw during the second quarter, we expect rest-of-world payment volume growth to be higher than the US's 11%.

儘管尚未公佈，但根據我們在第二季度看到的趨勢，我們預計世界其他地區的支付量增長將高於美國的 11%。

Global cross-border volume delivered a solid 13% growth rate on a constant-dollar basis in the March quarter, down slightly from a 15% rate in the December quarter.

全球跨境交易量在 3 月季度按固定美元計算實現了 13% 的穩健增長，略低於 12 月季度的 15%。

There was notable dropoff in inbound travel to Japan, Middle East and North Africa.

前往日本、中東和北非的入境旅行明顯減少。

In aggregate, these situations may have negatively impacted growth by about 50 basis points.

總的來說，這些情況可能對增長產生了約 50 個基點的負面影響。

In April, cross-border volumes on a constant-dollar basis grew 13%.

4 月，按固定美元計算的跨境交易量增長了 13%。

Transactions processed over Visa's network totaled 12 billion in the fiscal second quarter, a 13% increase over the year-ago period and modestly behind the 15% growth rate we saw in the December quarter.

第二財季通過 Visa 網絡處理的交易總額為 120 億筆，比去年同期增長 13%，略低於我們在 12 月季度看到的 15% 的增長率。

In April, processed transactions posted growth of 12%.

4 月份，已處理的交易量增長了 12%。

CyberSource billable transactions totaled just over 1 billion for the quarter, a very strong 38% growth rate over the same period a year ago.

CyberSource 本季度的可計費交易總額剛剛超過 10 億筆，與去年同期相比增長了 38%，非常強勁。

We continue to expect strong results in this part of our business as e-commerce growth remains strong in the US and internationally.

由於電子商務在美國和國際上的增長仍然強勁，我們繼續期待我們這部分業務的強勁業績。

Now, turning to the income statement, in our fiscal second quarter, gross revenue of $2.7 billion was up 16% from the similar period in 2010.

現在，轉向損益表，在我們的第二財季，總收入為 27 億美元，比 2010 年同期增長了 16%。

Net operating revenue in the quarter was $2.2 billion, a 15% increase year over year, driven by a sustained economic recovery, previously enacted pricing changes, and cross-border transaction growth.

本季度的淨營業收入為 22 億美元，同比增長 15%，這主要得益於經濟持續復甦、先前實施的定價變化和跨境交易增長。

Moving to the individual revenue line items, service revenue was $1.1 billion, up 24% over the prior-year period.

轉向單個收入項目，服務收入為 11 億美元，比去年同期增長 24%。

This is reflective of strong payment volume growth in the December quarter and the impact of pricing adjustments.

這反映了 12 月季度支付量的強勁增長以及定價調整的影響。

Data processing revenue was $823 million, up 13% over the prior year's quarter, based on strong transaction growth rates for both Visa Process and CyberSource transactions.

基於 Visa Process 和 CyberSource 交易的強勁交易增長率，數據處理收入為 8.23 億美元，比去年同期增長 13%。

As expected and discussed previously, data processing revenue growth has moderated due to the impact of key contract renewals two quarters ago and by the prospective removal of certain offsetting gateway pass-through revenue and expense.

正如預期和之前討論的那樣，由於兩個季度前關鍵合同續籤的影響以及某些抵消性網關傳遞收入和費用的預期取消的影響，數據處理收入增長已經放緩。

International transaction revenue was up 14% to $624 million due to the sustained improvement in cross-border volumes during the period.

由於期內跨境交易量持續改善，國際交易收入增長 14% 至 6.24 億美元。

As I mentioned, client incentives as a percent of gross revenue came in at 16.7% and are running at 16% fiscal year to date, on track with expectation.

正如我所提到的，客戶激勵佔總收入的百分比為 16.7%，並且在本財年迄今為止以 16% 的速度運行，符合預期。

Approximately 65% of the year-over-year dollar increase in incentives is due to payment volume growth in client portfolios.

激勵措施的同比美元增長中約有 65% 是由於客戶投資組合的支付量增長。

About another 25% of the increase is due to non-US client renewals.

大約另外 25% 的增長是由於非美國客戶續訂。

Total operating expense for the quarter was $862 million, up 3% from the prior year.

本季度總運營費用為 8.62 億美元，比上年增長 3%。

Increases in personnel, professional fees, and general and administrative expense were offset by lower marketing in the period.

人事費、專業費用以及一般和行政費用的增加被期內營銷的減少所抵消。

Additionally -- and I will continue to remind you of this for the next two quarters -- recall that we announced an earnings-neutral change in income statement presentation related to revenue and operating expense associated with certain pass-through activity.

此外 - 我將在接下來的兩個季度繼續提醒您這一點 - 回想一下，我們宣布了與某些傳遞活動相關的收入和運營費用相關的損益表列報的收益中性變化。

As a result, $55 million of revenue and expense which was booked in Q2 fiscal year 2010 did not reoccur in Q2 fiscal year 2011.

因此，在 2010 財年第二季度入賬的 5500 萬美元收入和費用在 2011 財年第二季度沒有再次出現。

In Q2, this represented 3 percentage points of revenue growth.

在第二季度，這代表了收入增長的 3 個百分點。

For the remainder of the year, these changes in presentation will continue to be earnings-neutral and will affect revenue growth.

在今年餘下的時間裡，這些列報方式的變化將繼續保持盈利中性，並將影響收入增長。

The foreign exchange impact on net revenue in the second fiscal quarter was moderated by our hedging activities and contributed a positive 2% increase compared to the same prior-year period.

第二財季外匯對淨收入的影響因我們的對沖活動而有所緩和，與去年同期相比增長了 2%。

While our operating margin for the quarter was 62%, please note that we expect to aggressively fund important long-term investments across our entire business.

雖然我們本季度的營業利潤率為 62%，但請注意，我們預計將積極為我們整個業務的重要長期投資提供資金。

Capital expenditures were $72 million in the quarter, representing ongoing investment in technology, infrastructure and growth initiatives.

本季度資本支出為 7200 萬美元，代表對技術、基礎設施和增長計劃的持續投資。

Lastly, the PlaySpan acquisition had a dilutive impact to earnings per share of $0.01 for the second quarter of fiscal 2011, and we anticipate a dilutive impact to earnings per share of $0.04 for the full 2011 fiscal year.

最後，收購 PlaySpan 對 2011 財年第二季度的每股收益產生了 0.01 美元的攤薄影響，我們預計整個 2011 財年的每股收益將產生 0.04 美元的攤薄影響。

Moving on to the balance sheet, we ended the second quarter in great shape, with negligible debt, and cash, cash equivalents, restricted cash and available-for-sale investments of $6.6 billion.

繼續看資產負債表，我們在第二季度結束時狀況良好，債務微不足道，現金、現金等價物、受限現金和可供出售投資為 66 億美元。

Of this total, $3 billion is restricted cash, which represents amounts sufficient to fully pay off the balance of the American Express settlement over the remaining three quarters, with $2.7 billion uncommitted as of the end of the second quarter.

其中，30 億美元是受限現金，足以支付剩餘三個季度美國運通和解協議的餘額，截至第二季度末還有 27 億美元未承諾。

In terms of our ongoing buyback, at the end of the quarter we announced the prefunding of the litigation escrow by $400 million to be funded with cash previously designated for our $1 billion share repurchase.

就我們正在進行的回購而言，在本季度末，我們宣佈為訴訟託管提供 4 億美元的預籌資金，資金來自先前指定用於我們 10 億美元股票回購的現金。

This was executed at an average price of $73.81 per share.

這是以每股73.81美元的平均價格執行的。

Additionally, we repurchased $230 million of our shares in the open market during the quarter at an average price of $70.53 per share.

此外，我們在本季度以每股 70.53 美元的平均價格在公開市場上回購了 2.3 億美元的股票。

All told, we effectively repurchased 8.7 million shares at an average price of $72.58.

總而言之，我們以 72.58 美元的平均價格有效地回購了 870 萬股股票。

This leaves us with $64 million of open to buy under the original program.

這給我們留下了 6400 萬美元的原始計劃可供購買。

At the end of the quarter, we had 704 million shares outstanding on an as-converted basis, and importantly, the A Class now accounts for almost 75% of our outstanding shares.

在本季度末，我們有 7.04 億股在轉換後的流通股，重要的是，A 類股現在占我們流通股的近 75%。

Management remains committed to returning excess cash to shareholders.

管理層仍致力於將多餘的現金返還給股東。

And to this end, as Joe mentioned at the outset, our Board of Directors authorized a new $1 billion repurchase plan, which we will execute at prices we feel are attractive relative to the long-term value of Visa.

為此，正如喬在一開始提到的那樣，我們的董事會批准了一項新的 10 億美元回購計劃，我們將以相對於 Visa 的長期價值而言具有吸引力的價格執行該計劃。

As to guidance for the balance of 2011, given results to date, we are not making any adjustments at this time.

至於對 2011 年餘額的指導，鑑於迄今為止的結果，我們目前不做任何調整。

With or without a Durbin delay, we expect to deliver revenue growth in the 11% to 15% range and EPS growth of better than 20%.

無論有沒有德賓延遲，我們預計收入增長在 11% 到 15% 之間，每股收益增長超過 20%。

Once the timing and content of the Reform Act regulations are clarified, we will determine whether any 2011 guidance requires adjustment, such as client incentives, and we will consider providing an early earnings outlook for fiscal 2012.

一旦明確改革法案規定的時間和內容，我們將確定 2011 年的任何指導是否需要調整，例如客戶激勵措施，我們將考慮提供 2012 財年的早期收益展望。

In summary, we expect Visa to remain a solid growth company for years to come.

總之，我們預計 Visa 在未來幾年仍將是一家穩健增長的公司。

Our core businesses continue to grow at healthy rates while we are aggressively investing in technologies and platforms that will extend our core payment and processing capabilities, thereby creating new sources of growth.

我們的核心業務繼續以健康的速度增長，同時我們積極投資於技術和平台，以擴展我們的核心支付和處理能力，從而創造新的增長來源。

Finally, we expect to deliver this growth while driving significant free cash flow, which we will use to enhance shareholder returns through continued dividend increases and share repurchases.

最後，我們希望在推動顯著自由現金流的同時實現這一增長，我們將通過持續增加股息和股票回購來提高股東回報。

And with that, we are ready to take questions.

有了這個，我們準備回答問題。

(Operator Instructions).

（操作員說明）。

Bruce Harting, Barclays Capital.

Bruce Harting，巴克萊資本。

With 60% of growth coming from rest of world, Byron, I'm just trying to circle the next time you have an earnings announcement, hopefully we will know one way or another the outcome of the Fed decision and whether it is stalled or not.

60% 的增長來自世界其他地區，拜倫，我只是想在下次你發布收益公告時圈出，希望我們能以一種或另一種方式了解美聯儲決定的結果，以及它是否停滯不前.

But is it one way to look at it, of $2.2 billion of net revenue this quarter, I figure about 10% -- given your previous numbers -- came from issuers at US debit, so call that maybe $200 million.

但這是一種看待它的方式嗎，在本季度 22 億美元的淨收入中，我認為大約 10% - 考慮到你之前的數字 - 來自美國借方的發行人，所以稱這可能是 2 億美元。

And in theory, if that were reduced, say, 20%, just to pick a number, maybe worst case, or $40 million a quarter, the other $2 billion of revenue is growing faster, as you said, with 60% of revenue growth coming from rest of world -- particularly strong in credit, given that credit is much larger rest of world than debit.

理論上，如果減少，比如說，20%，只是為了選擇一個數字，也許是最壞的情況，或者每季度 4000 萬美元，另外 20 億美元的收入增長得更快，正如你所說，收入增長 60%來自世界其他地方——尤其是信貸強勁，因為世界其他地方的信貸比借方大得多。

Isn't one way to look at it and say that that other $2 billion of revenue not impacted by Durbin growing, say, 15% would more than offset, say, the $40 million decline in the $200 million of US debit coming from issuers?

一種看待它的方式不是說其他 20 億美元的收入不受德賓增長的影響，比如 15% 將超過，比如，來自發行人的 2 億美元美國借方的 4000 萬美元下降？

Is that one way to try to size this in the second half if we get a worst case?

如果我們遇到最壞的情況，這是在下半年嘗試調整大小的一種方法嗎？

Without confirming any of the numbers, I think the mindset that we are conveying and you are picking up is that with that 45% of our net revenue in the quarter is now coming from outside the US, that revenue this quarter grew at 21%, twice what the growth rate is of the US at 10%.

在沒有確認任何數字的情況下，我認為我們正在傳達的心態以及您正在接受的心態是，由於我們本季度 45% 的淨收入現在來自美國以外，本季度的收入增長了 21%，是美國 10% 增長率的兩倍。

And we were particularly pleased to see that this is the fifth straight quarter of positive payment volume growth in US credit.

我們特別高興地看到，這是美國信貸支付量連續第五個季度實現正增長。

And so, within the US portfolio, which is being outgrown by rest of world, credit is beginning to take a stronger presence and thereby putting debit in a different financial perspective than it was, say, 12 months ago.

因此，在被世界其他地區超越的美國投資組合中，信貸開始佔據更強大的地位，從而使借方處於與 12 個月前不同的財務視角。

So I think that thesis is exactly what we were trying to convey on the call.

所以我認為這個論點正是我們在電話會議上試圖傳達的。

Thank you for asking.

謝謝你的慰問。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Glad to see the buyback.

很高興看到回購。

Joe, I just want to ask you, I guess you are teasing us a little bit here with the e-commerce mobile strategy announcement later this month.

喬，我只是想問你，我猜你是在用本月晚些時候的電子商務移動戰略公告來取笑我們。

Is there any way you can elaborate on that further?

有什麼方法可以進一步詳細說明嗎？

And I guess I would also ask you if you can update us on your willingness to work with, I will call it nonbank partners in the US, names like ISIS, which I believe is now opening things up outside of Discover?

而且我想我還會問您是否可以向我們介紹您是否願意與我們合作，我將其稱為美國的非銀行合作夥伴，例如 ISIS，我認為它現在正在 Discover 之外開放？

Well, I can't really expand on the first point because, as I suggested, we are going to make an announcement, and we'll begin with something in the middle to end of next week.

嗯，我不能真正擴展第一點，因為正如我所建議的，我們將發布一個公告，我們將在下周中到下週開始做一些事情。

So you're going to have to hold off for a few days or several days in that regards.

因此，在這方面，您將不得不推遲幾天或幾天。

As it relates to the second part of the question, obviously one of the things that we are looking at is opening up new and different sources of revenue.

由於它與問題的第二部分有關，顯然我們正在研究的一件事是開闢新的和不同的收入來源。

And that would suggest that we will be working with different types of entities than we have pretty much exclusively worked with before.

這表明我們將與以前幾乎完全合作過的不同類型的實體合作。

Having said that, I want to make perfectly clear we are not going to do this at the expense of our primary customers, financial institutions.

話雖如此，我想非常清楚地表明，我們不會以犧牲我們的主要客戶、金融機構為代價來做這件事。

Adam Frisch, Morgan Stanley.

亞當弗里施，摩根士丹利。

I want to address the A&M line in the quarter, because all the calls I'm getting post the release is on this.

我想在本季度解決 A&M 線路，因為我在發布後接到的所有電話都在此。

And I know, Byron, you went through the details.

我知道，拜倫，你已經了解了細節。

It was based on the accounting changes around Extras and no Olympics this year and so forth.

它是基於圍繞 Extras 和今年沒有奧運會等的會計變化。

But just to set an apples-to-apples basis, what would the year-over-year EPS compare have been?

但只是為了設定一個蘋果對蘋果的基礎，與去年同期相比每股收益會是多少？

And as a follow-on, you said that you will continually invest in growth initiatives.

作為後續，您說您將繼續投資於增長計劃。

With the margins at 62%, does that mean they are not sustainable at current levels?

利潤率為 62%，這是否意味著它們在當前水平上不可持續？

Thank you.

謝謝你。

So, on the first one, I think what you are asking, Adam, on marketing is because we took the Visa Extras out of the expense base going forward, does that have a P&L impact?

所以，在第一個問題上，亞當，我認為你在營銷方面的問題是因為我們將 Visa Extras 從未來的費用基礎中剔除，這會對損益產生影響嗎？

Is that the question?

是這個問題嗎？

Because the revenue came out equal to the expenses.

因為收入等於支出。

So while marketing is down -- and it is down in part because of the removal of Extras, and also because of timing -- the full-year impact of the change that we made with Visa Extras is income statement neutral.

因此，雖然營銷下降——部分原因是取消了附加服務，也因為時間安排——我們對 Visa 附加服務所做的更改對全年的影響是損益表中性的。

So, no impact on EPS and no impact on the full-year guidance for marketing, because when we guided the -- while marketing is down versus the same quarter last year, there's always -- given the campaign that we had last year relative to the Olympics, you would naturally expect it to be down somewhat.

因此，對每股收益沒有影響，也對營銷的全年指導沒有影響，因為當我們指導時——雖然營銷與去年同期相比有所下降，但考慮到我們去年相對於奧運會，你自然會認為它會有所下降。

So we are still fully consistent with the guidance that we gave earlier on marketing and the announcements we made for Extras, no income statement impact.

因此，我們仍然完全符合我們之前提供的營銷指導和我們為 Extras 發布的公告，沒有損益表影響。

With regards to the margin at 62% for the quarter, that would be -- what you should take away is that we are increasingly investing in our products, platforms to drive future growth, and the margin will simply be an outcome of the level of investment that we make.

關於本季度 62% 的利潤率，這將是——你應該明白的是，我們正在越來越多地投資於我們的產品、平台以推動未來增長，而利潤率將僅僅是我們所做的投資。

And we continue to invest aggressively in that arena.

我們繼續在這個領域大舉投資。

Dan Perlin, RBC Capital Markets.

丹·珀林，加拿大皇家銀行資本市場。

I had a question as pertains to watching inflation, gas prices and food.

我有一個關於觀察通貨膨脹、汽油價格和食品的問題。

And I wanted to know, what really has been your experience where certain I guess friction points or price levels really start to impact the transaction growth relative to (technical difficulty) that you guys get from higher average ticket prices?

我想知道，你的經驗是什麼，我猜摩擦點或價格水平真的開始影響相對於你們從更高的平均票價中獲得的（技術難度）的交易增長？

And then, are you really concerned at current levels, or would you be concerned if these levels were kind of held up for a prolonged period of time?

然後，您是否真的擔心當前的水平，或者如果這些水平被長時間維持，您會擔心嗎？

This is Byron.

這是拜倫。

Let me give you a few -- a little bit of factual perspective first.

讓我給你一些——首先是一點事實的觀點。

With regards -- and let's talk about this in the context of the US.

關於 - 讓我們在美國的背景下討論這個問題。

So, for gas, historically, if you go back a year, gas prices -- at gas prices that were roughly 30% less than the average, on average, than they are today, we were running about 8% of total US payment volume in the gas category -- we refer to it as oil -- in the oil category.

因此，對於天然氣，從歷史上看，如果您回溯一年，天然氣價格 - 平均而言，天然氣價格比平均水平低 30% 左右，比今天的水平，我們的支付量占美國總支付量的 8% 左右在氣體類別中——我們將其稱為石油——在石油類別中。

In the month of April, that was just a little over 10% of US payment volume, suggesting that the share had moved up about -- that's about a 25% increase in the share of US payment volume when you compare that to roughly -- based on our measures -- a 32% increase in the average price of gasoline, April versus about where we were a year ago.

在 4 月份，這僅占美國支付量的 10% 多一點，這表明該份額已經上升了大約 - 與大致相比，美國支付量的份額增加了大約 25% -根據我們的衡量標準，4 月份的汽油平均價格與一年前相比上漲了 32%。

And you factor in that there has probably been some degree of consumption cutback, given prices that are now posted in the $4-plus range, that is the immediate impact.

考慮到現在的價格在 4 美元以上的範圍內，可能存在一定程度的消費削減，這就是直接影響。

We have not yet seen -- and it may be a bit early -- we have not yet seen any specific callouts relative to tradeouts on other spending categories, which may be in part due to the additional disposable income created by reductions in withholding tax and Social Security.

我們還沒有看到——而且可能有點早了——我們還沒有看到與其他支出類別的交易相關的任何具體標註，這可能部分是由於預扣稅的減少和社會保障。

So we are still trying to sort that out.

所以我們仍在努力解決這個問題。

Inevitably, there's probably going to be some friction, but at the moment it's hard for us to identify it.

不可避免地，可能會有一些摩擦，但目前我們很難確定它。

Andrew Jeffrey, SunTrust.

安德魯杰弗里，SunTrust。

Thanks for taking the question.

感謝您提出問題。

Byron, if we operate under the assumption that indeed Durbin is not delayed and, as you said, you would adjust incentives to maintain volume, could we think about that -- first of all, I'm assuming what you're saying is you would be above the high end of the 16.5% range you've set.

拜倫，如果我們假設德賓確實沒有延遲，並且正如你所說，你會調整激勵措施以保持銷量，我們是否可以考慮一下——首先，我假設你說的是你將高於您設置的 16.5% 範圍的高端。

And second, would that effectively be a one-time event concentrated in the second half of '11, and then you would go back to more normalized levels in the future?

其次，這是否實際上是集中在 11 年下半年的一次性事件，然後你會在未來回到更正常的水平？

Or is that a structurally higher level of volume to support incentives, in your view?

或者，在您看來，這是支持激勵措施的結構性更高水平的交易量嗎？

Let me deal with the first part of your question.

讓我處理你問題的第一部分。

We delivered the first six months at 16% incentives as a percent of growth, and our guidance was 16% to 16.5%.

我們前六個月的激勵措施佔增長的百分比為 16%，我們的指導是 16% 到 16.5%。

That 16% to 16.5% guidance did assume that Durbin would not be delayed, that we would have some impact of Durbin before the end of the year.

16% 到 16.5% 的指導確實假設德賓不會被推遲，我們會在今年年底之前對德賓產生一些影響。

And we provided for some degree of incentives in the event that that were to happen.

如果發生這種情況，我們提供了一定程度的激勵措施。

Without knowing the exact timing, without knowing exactly how the rules will be promulgated, without knowing the timing -- the implementation timing associated with those rules, those are some pretty big wildcards with regards to the incentives that we may or may not be putting on the table this fiscal year.

不知道確切的時間，不知道規則將如何頒布，不知道時間——與這些規則相關的實施時間，這些是關於我們可能會或可能不會實施的激勵措施的一些相當大的通配符本財年的表。

And therefore, we were drawing attention to the fact that we've got a year in the bag at 16%, but there is some significant uncertainty still to go.

因此，我們提請注意一個事實，即我們有 16% 的一年在袋子裡，但仍有一些重大的不確定性。

But some of those uncertainties were contemplated, so don't automatically assume that were it not to be delayed that we would necessarily be above that range.

但是考慮到其中一些不確定性，所以不要自動假設如果不延遲，我們一定會高於該範圍。

But where we end up is going to be a function of the timing and the exact wording of the rules.

但是我們最終的結果將取決於時間和規則的確切措辭。

And I would say on the second, it's just hard to know with regards to how we would be deploying incentives today versus how we would do it under Durbin.

我會在第二個方面說，很難知道我們今天將如何部署激勵措施，而不是在德賓領導下我們將如何做。

The notion that incentives would be in play I think is a fair assumption.

我認為激勵措施將發揮作用的想法是一個公平的假設。

To what degree, whether it would be one-time, sustained, I think it will be -- once we understand better the environment ahead, we will be much better able to opine on that.

到什麼程度，無論是一次性的，持續的，我認為它將是——一旦我們更好地了解未來的環境，我們將能夠更好地對此發表意見。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

I was just wondering if the acceleration in credit growth, if that's all being driven by just consumer preferences as maybe their incomes rise, etc., or if there is some external push from the banks that are just starting to push credit over debit or just deemphasizing debit.

我只是想知道信貸增長是否加速，這是否只是由消費者偏好驅動，因為他們的收入可能增加等等，或者是否有來自銀行的一些外部推動，這些銀行剛剛開始推動信貸超過借方，或者只是淡化借記。

Credit has -- go ahead.

信用已經 - 繼續。

Go ahead.

前進。

Credit is typically much more discretionary in its use.

信貸在使用上通常更具自由裁量權。

And therefore, we have continued to see very strong debit growth, which is more nondiscretionary.

因此，我們繼續看到非常強勁的借方增長，這更加非自由裁量。

As the economy recovers, our belief is that consumers, in combination with more employment, become more willing to spend on the discretionary side.

隨著經濟復甦，我們認為消費者與更多就業相結合，會更願意在可自由支配的方面進行消費。

From what we can see, this is still concentrated in the high-income segment of the market, but driven by more discretionary spend and not coming at the expense of debit at this point.

從我們可以看到，這仍然集中在市場的高收入部分，但受到更多可自由支配支出的推動，而不是以藉記為代價。

David Hochstim, Buckingham Research.

David Hochstim，白金漢研究中心。

I wondered, could you just give us maybe a better sense of how much the conversions affected some of the revenue and payments growth metrics this quarter, if we look at the year-over-year comparisons this quarter versus the December quarter?

我想知道，如果我們查看本季度與 12 月季度的同比比較，您能否讓我們更好地了解轉換對本季度某些收入和支付增長指標的影響有多大？

We don't actually guide or disclose what the actual impacts are.

我們實際上並沒有指導或披露實際影響是什麼。

But it is -- conversions are accretive for us through this fiscal year.

但它是——在本財年，轉換對我們來說是增值的。

And we can address that again with fiscal year '12 coming up when we talk about our guidance for that time period at the end of the year.

當我們在年底談論我們對那個時期的指導時，我們可以在即將到來的 12 財年再次解決這個問題。

We will address conversions or deconversions at that point.

我們將在那時處理轉換或反轉換。

But it should be accretive in each quarter for the balance of this fiscal year.

但對於本財年的剩餘時間，每個季度都應該是增值的。

Don Fandetti, Citi.

花旗銀行的 Don Fandetti。

Joe, as you look at markets such as Asia, there's clearly a very strong growth trajectory.

喬，當您查看亞洲等市場時，顯然有一個非常強勁的增長軌跡。

I was curious, on the headwind side, I mean, how do you feel about the competitive landscape from a regional network perspective?

我很好奇，在逆風方面，我的意思是，從區域網絡的角度來看，您對競爭格局有何看法？

We've talked to some folks over there, and it seems like they are continuing to be pretty active.

我們已經和那邊的一些人談過了，看起來他們仍然很活躍。

Well, there's a lot of competitive activity that is different in Asia than in the United States.

嗯，亞洲有很多與美國不同的競爭活動。

I mean, there's China UnionPay; there's JCP; there's national payment system considerations.

我是說，有中國銀聯；有JCP；有國家支付系統的考慮。

And so there's a lot going on.

所以發生了很多事情。

But we've been doing business around the world for a lengthy period of time.

但我們在世界各地開展業務已經有很長一段時間了。

We've had people on the ground for decades in most of these countries.

在這些國家中的大多數國家，我們已經在當地工作了幾十年。

And the fact that these economies are emerging and that electronic payment mechanisms are becoming more and more prevalent, we continue to have a huge opportunity almost everywhere in the world.

事實上，這些經濟體正在興起，電子支付機制變得越來越普遍，我們幾乎在世界任何地方都繼續擁有巨大的機會。

I'm not being dismissive about the competition that we face.

我並不是對我們面臨的競爭不屑一顧。

I mean, obviously there are areas of the world like China where we can't do business domestically.

我的意思是，很明顯，像中國這樣的世界有些地區我們無法在國內開展業務。

But I don't think that -- I think that our numbers would suggest to you that we are doing quite well and increasing our volume in Asia and other parts -- and Latin America and other regions outside the United States.

但我不認為——我認為我們的數字會向你表明我們做得很好，並增加了我們在亞洲和其他地區——以及拉丁美洲和美國以外的其他地區的銷量。

And so, I am pretty bullish on where we will be in the next few years in that regard.

因此，我非常看好我們在未來幾年在這方面的表現。

Julio Quinteros, Goldman Sachs.

胡里奧·金特羅斯，高盛。

Byron, maybe just to sort of home in a little bit on the confidence to grow through Durbin, as we think about that longer term, is it the volume growth outside of the US, some of the mitigation strategies that you're talking about -- what gives you guys the confidence?

拜倫，也許只是為了稍微了解一下通過德賓實現增長的信心，正如我們從長遠來看，是美國以外的銷量增長，你正在談論的一些緩解策略 - - 是什麼讓你們有信心？

Or is it a combination of all the above -- you guys have some visibility on obviously where the growth of the business is.

或者是以上所有因素的結合——你們顯然對業務增長的方向有一定的了解。

So maybe any way to sort of home in on how you're thinking about the mitigation efforts themselves in terms of a post-Durbin world, etc.?

因此，也許有什麼方法可以讓您了解您在後德賓世界等方面如何考慮緩解工作本身？

Well, it would be -- this is Joe -- it would be kind of silly for me to sit here and tell you exactly what we're going to do, because it clearly has something to do with competition, in the event that the rules change.

好吧，這將是 - 這是喬 - 我坐在這裡告訴你我們將要做什麼，因為這顯然與競爭有關，如果規則改變。

But we certainly haven't been passive as it relates to understanding what the various implications and scenarios could be coming out of Durbin, whether it is delayed or isn't delayed, what the final [links] from the Fed would be.

但我們當然不是被動的，因為它涉及到了解德賓可能產生的各種影響和情景，無論是延遲還是不延遲，美聯儲的最終 [鏈接] 會是什麼。

And so, in each of those cases, we have a different set of mitigation tactics that we would intend to use.

因此，在每種情況下，我們都有一套不同的緩解策略，我們打算使用這些策略。

I mean, obviously, we have some things that we would intend to do across the board regardless of how things -- about how things develop.

我的意思是，很明顯，無論事情如何發展，我們都打算全面做一些事情——事情如何發展。

But our suggesting to you that we are comfortable that we are going to continue to be viable and that we will be a growth company are predicated on the confidence that we have as it relates to what we do.

但是，我們向您建議我們對我們將繼續生存下去並且我們將成為一家成長型公司感到滿意，這是基於我們對我們所做的事情的信心。

If that's sufficiently vague, I'm sorry.

如果這足夠模糊，我很抱歉。

Moshe Orenbuch, Credit Suisse.

Moshe Orenbuch，瑞士信貸。

Maybe just to follow up on that, Joe, some of the things that would mitigate the effects on you wouldn't necessarily even be things that you would do; you might help in them.

也許只是為了跟進，喬，一些可以減輕對你的影響的事情甚至不一定是你會做的事情；你可能會幫助他們。

But I was wondering about the idea of, how much do you think of debit volume could be shifted either in more upscale customers up to credit or downscale customers to reloadable prepaid that would have kind of better economics for the issuer and for yourself as well?

但我想知道這個想法，你認為藉方數量可以在多大程度上從更高檔的客戶轉移到信貸或低檔客戶到可重新加載的預付，這對發行人和你自己都有更好的經濟性？

And would Visa be advantaged in that just because you tend to be partnered with the banks that have more robust credit card platforms, like JPMorgan and BofA?

Visa會因為您傾向於與擁有更強大信用卡平台的銀行（如摩根大通和美國銀行）合作而在這方面獲得優勢嗎？

Well, yes.

嗯，是。

I mean, your logic is good.

我的意思是，你的邏輯很好。

And also, in the prepaid space, we're (technical difficulty) significant investment.

而且，在預付費領域，我們是（技術難度）重大投資。

I can't tell you -- it's hard to judge what percentage of debit volume could move up or down in the way that you're suggesting.

我不能告訴你——很難判斷借方數量的百分比會按照你建議的方式上升或下降。

But I certainly wouldn't be saying anything out of school or giving away any secrets if I suggested that there isn't a bank in the United States that isn't (technical difficulty).

但是，如果我建議美國沒有一家銀行不是這樣的話，我當然不會在校外說任何話或洩露任何秘密（技術難度）。

Craig Maurer, CLSA.

克雷格·毛雷爾，里昂證券。

Yesterday on First Data's earnings call, they had mentioned making significant investment in dynamic routing.

昨天在 First Data 的財報電話會議上，他們提到對動態路由進行大量投資。

Whether that is premature or not depends on a Durbin delay or not.

這是否為時過早取決於德賓延遲與否。

But I wanted to get your thoughts on the prospect of dynamic routing at the acquirer level and whether that would create a price war at the merchant level for debit.

但我想了解您對收單方級別動態路由前景的看法，以及這是否會在商家級別為藉方造成價格戰。

Thanks.

謝謝。

Well, look, this gets back into what are the mitigation tactics that we are going to use.

好吧，看，這又回到了我們將要使用的緩解策略。

And I understand what FDR thinks, and I understand that they are probably excited about the potential from their point of view.

我理解羅斯福的想法，我理解他們可能對從他們的角度來看的潛力感到興奮。

But, frankly, I'm as excited about what we can do as they are about what they can do.

但是，坦率地說，我對我們能做什麼感到興奮，就像他們對他們能做什麼一樣興奮。

And I'm really quite prepared to do what I need to do to compete with FDR.

而且我真的已經準備好做我需要做的事情來與羅斯福競爭。

And I'm -- at the risk of sounding -- well, I'm not being flippant, I'm just -- I have a considerably high degree of confidence that we will be just fine.

我 - 冒著聽起來的風險 - 好吧，我不是輕率，我只是 - 我有相當高的信心，我們會沒事的。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

It makes sense that you have your incentive outlook and your 2012 outlook essentially on hold until we get clarity on the Fed debit rules.

在我們弄清美聯儲的借方規則之前，你的激勵前景和 2012 年的前景基本上被擱置是有道理的。

But I'm wondering if you could give us a way to dimension the percentage of your US revenues that are attached to clients where your incentive agreement would need to be altered if the Fed chooses either Alternative A or Alternative B under the no network exclusivity provision.

但我想知道如果美聯儲在無網絡排他性條款下選擇替代 A 或替代 B .

In other words, how much of your US revenue mix is subject to incentive agreement modifications under the Durbin amendment in the long run, recognizing that Durbin's timing is very unknown?

換句話說，從長遠來看，根據德賓修正案，您在美國的收入組合中有多少會受到激勵協議的修改，因為德賓的時機非常未知？

Rod, let me try and be helpful in putting some perspective with two observations, the first one of which -- since we are not going to specifically talk about revenue in the context that you asked -- we are already public that roughly a little over 50% of cards are issued in the US, where Interlink is exclusive on the back, number one.

羅德，讓我試著用兩個觀察來提出一些觀點，第一個 - 因為我們不會在你問的背景下專門討論收入 - 我們已經公開了大約一點點50% 的卡是在美國發行的，其中 Interlink 在背面是獨家的，排名第一。

In the debit.

在藉記。

In the debit, where Interlink is exclusive on the back.

在藉記卡中，Interlink 在背面是排他的。

Second, we have also said on a number of occasions that most of our contracts are set up with incentive arrangements that are tied to volume.

其次，我們也多次表示，我們的大部分合同都設置了與數量掛鉤的激勵安排。

And so, we will naturally, at our impetus, want to revisit a number of those contracts to make sure that the incentives are structured in a way that makes sense, given the legal environment that we will be under post-Durbin.

因此，在我們的推動下，我們自然會想要重新審視其中的一些合同，以確保激勵措施的結構合理，考慮到我們將處於後德賓時代的法律環境。

I can't think of very many contacts at all that require us, because of the legislation, to revisit the contract.

由於立法的原因，我根本想不出有多少聯繫人需要我們重新審視合同。

We are going to want to in order to adjust the incentives so that it is a win-win for both us and the financial institution.

我們將希望調整激勵措施，使其對我們和金融機構都是雙贏的。

James Friedman, Susquehanna.

詹姆斯弗里德曼，薩斯奎哈納。

So, Byron, I'm going to just improvise here in light of your response to that prior question, which was intriguing.

所以，拜倫，我將根據你對之前那個有趣的問題的回答在這裡即興創作。

I just want to kind of reiterate what it is that you have addressed so far with regard to volume and incentives.

我只是想重申一下到目前為止您在數量和激勵方面所解決的問題。

So, you have said that your 16.5% for this year had contemplated already some impact from Durbin.

所以，你說你今年的 16.5% 已經考慮過德賓的一些影響。

But the comment you just made suggested that perhaps volume and incentive would be in your interest to reduce in fiscal '12, should Durbin actually proceed.

但是您剛才發表的評論表明，如果德賓實際繼續進行，那麼在 12 財年減少數量和激勵可能符合您的利益。

Am I misinterpreting that comment?

我是否誤解了該評論？

Yes, you are misinterpreting.

是的，你誤解了。

The incentive contracts that we have in place are based on -- most of them are based on volume growth.

我們制定的激勵合同是基於——其中大部分是基於銷量增長。

And if the routing provisions go into place where the financial institution potentially has less influence over the actual routing, we just have to look at the incentive provisions to make sure that they are reflective of the way the operating environment will conduct itself under legislation.

如果在金融機構可能對實際路由影響較小的情況下制定路由條款，我們只需要查看激勵條款，以確保它們反映了運營環境在立法下的行為方式。

Chris Mammone, Deutsche Bank.

德意志銀行的克里斯·馬蒙。

Just wondering -- I know it's small, but just wondering if you could elaborate on the PlaySpan acquisition.

只是想知道——我知道它很小，但只是想知道您是否可以詳細說明對 PlaySpan 的收購。

We know that the digital gaming category is displaying pretty explosive growth, so just any color on early thought to strategy there as you later in that platform?

我們知道數字遊戲類別正呈現出相當爆炸性的增長，所以早期考慮在該平台上進行戰略的任何顏色？

And then maybe as a quick follow-up, was there anything to call out in volumes, Byron, regarding the Easter shift?

然後也許作為一個快速的後續行動，拜倫，關於復活節的轉變，有什麼需要大量呼籲的嗎？

Thanks.

謝謝。

On the Easter shift, I would say there might be -- that one's hard for us.

在復活節的轉變中，我會說可能會有 - 這對我們來說很難。

There might be a little noise in April, but we've got a pretty diversified portfolio.

4 月可能會有一點噪音，但我們的投資組合相當多元化。

And so I don't think there's really a callout April and May.

所以我不認為四月和五月真的有標註。

Early days on PlaySpan.

PlaySpan 的早期階段。

Joe, do you want to add anything?

喬，你想補充什麼嗎？

We just completed the acquisition, so we are fast integrating it, and that may be --

我們剛剛完成了收購，所以我們正在快速整合它，這可能是——

Well, and it will play a role beyond the gaming space in our strategic direction, which we will -- so it's kind of an ad for next week, which will become much more apparent next week when we make an announcement.

嗯，它將在我們的戰略方向上發揮超越遊戲領域的作用，我們將 - 所以它是下週的廣告，下週我們發佈公告時會變得更加明顯。

Moshe Katri, Cowen.

Moshe Katri，考恩。

Thanks for taking my call.

感謝您接聽我的電話。

Byron, can you comment on the expected time frames for contract renewals with some of the maybe top five or maybe top 10 banks?

Byron，您能否評論與前五名或前十名銀行中的一些銀行續簽合同的預期時間框架？

And how much flexibility do you have in trying to modify some of those contract terms long before some of those contracts expire?

在其中一些合同到期之前很久嘗試修改其中一些合同條款，您有多大的靈活性？

Obviously, specifically, we've been focusing on what you were saying regarding rebates, etc.

顯然，特別是，我們一直專注於您所說的關於回扣等的內容。

Thanks.

謝謝。

Yes, there are no top five contracts scheduled for renewal, I want to say for a good 18 months or more.

是的，沒有計劃續籤的前五名合同，我想說的是 18 個月或更長時間。

We do from time to time, when the opportunity is attractive, we will look at early renewals.

我們不時做，當機會很有吸引力時，我們會考慮提前續約。

But in terms of major contract renewals, at the end of last year, we pretty much cleared the decks and don't expect -- and we have no scheduled major renewals for at least another 18 months.

但就重大合同續約而言，去年年底，我們幾乎沒有任何預期——而且我們至少在接下來的 18 個月內都沒有計劃的重大續約。

And we just announced Regions today.

我們今天剛剛宣布了 Regions。

Bob Napoli, Piper Jaffray.

鮑勃·那不勒斯，派珀·杰弗瑞。

Joe, I know you're not going to give -- there's a lot more data coming next week.

喬，我知道你不會給出 - 下週會有更多數據。

But I was hoping you might be able to give a little more color on, like, with your -- with the Visa announcement that you are leading us to tonight for next week, is it going to be something that is comprehensive with other joint ventures combined that is, like, live business?

但我希望你能提供更多的色彩，比如你的 - 下週你要帶我們去的 Visa 公告，這將是與其他合資企業全面的事情嗎？結合起來就是，像，現場業務？

Is it something that is incremental?

它是增量的嗎？

I mean, maybe a little bit more color to help prepare us for next week.

我的意思是，也許多一點顏色來幫助我們為下週做好準備。

Well, I think that what I said earlier was that we recognize that as time moves on, that mobile and e-commerce technology are going to consume a greater and greater role in the electronic payments arena.

嗯，我認為我之前所說的是，我們認識到隨著時間的推移，移動和電子商務技術將在電子支付領域發揮越來越大的作用。

And if we are going to remain as viable a player as we are today, then we are going to have to be out in front as it relates to interoperability, simplicity, security and factors of that nature.

如果我們要像今天一樣保持活力，那麼我們就必須走在前面，因為它涉及到互操作性、簡單性、安全性和這種性質的因素。

So we have been paying attention to that.

所以我們一直在關注。

The acquisitions that we have made with that in the back of our mind, and we have a strategy, both in the United States and other mature economies, and a different strategy in different parts of the world, where there are emerging economies that depend more on old technology.

在我們的腦海中進行的收購，我們在美國和其他成熟經濟體都有戰略，在世界不同地區有不同的戰略，那裡有新興經濟體更依賴關於舊技術。

So, it is kind of bringing that together, the way that we think about that, what we've done, what we have ready to introduce and what we will be contemplating doing as time moves on.

所以，這是一種將這些結合在一起的方式，我們思考的方式，我們已經完成的工作，我們準備介紹的內容以及隨著時間的推移我們將考慮做的事情。

So, from our point of view, it's significant.

所以，從我們的角度來看，這很重要。

And from our point of view, it is -- we are at a better point than any of the competition that we think we have to deal with [has been that], because our solution is a more complete solution than what we've seen in the market heretofore.

從我們的角度來看，我們比我們認為必須應對的任何競爭對手都處於更好的位置[一直如此]，因為我們的解決方案比我們所看到的更完整迄今為止在市場上。

And so we've been reluctant to talk about it until we have it put together, and put together in an appropriate way, where we can tell you something positive and significant, and we can talk about how it all comes together.

所以我們一直不願意談論它，直到我們把它放在一起，並以適當的方式放在一起，我們可以告訴你一些積極和重要的事情，我們可以談論這一切是如何結合在一起的。

So, that's where we are.

所以，這就是我們所在的地方。

Bill Carcache, Macquarie.

麥格理的比爾·卡卡奇。

There have been some recent announcements that suggest that EMV is gaining traction in the US.

最近有一些公告表明 EMV 在美國越來越受歡迎。

Can you talk about whether you're seeing that and share your thoughts on what that would mean for Visa?

您能否談談您是否看到了這一點，並分享您對這對 Visa 意味著什麼的看法？

Yes.

是的。

It is gaining traction, and we've supported it.

它正在獲得牽引力，我們已經支持它。

We've made an announcement several months ago as it related to our support globally.

幾個月前，我們發布了一項公告，因為這與我們在全球範圍內的支持有關。

We didn't encourage it in the US.

我們不鼓勵在美國這樣做。

There have been a lot of things going on, as you are probably aware, like the Card Act and the Durbin Act and distracting to issuers in the United States.

正如您可能知道的那樣，發生了很多事情，例如卡法和德賓法，並分散了美國發行人的注意力。

But for cards to be global, the chips are going to play a role.

但要使卡片全球化，芯片將發揮作用。

And we encourage moving to chip technology.

我們鼓勵轉向芯片技術。

We don't necessarily encourage moving to PINs and chips.

我們不一定鼓勵轉向 PIN 和芯片。

We encourage moving to chips and other forms of identification or authentication than what exists, have existed heretofore.

我們鼓勵轉向芯片和其他形式的識別或認證，而不是迄今為止已經存在的。

We don't believe that contactless chips will become something that is ubiquitous in the point-of-sale marketplace in the United States in the near future.

我們不相信非接觸式芯片在不久的將來會成為美國銷售點市場上無處不在的東西。

We think that there will be specific things to which it is applicable and for which it will be used, but it won't necessarily be widespread tomorrow or the next day, or in 2012 or 2013.

我們認為它會適用於特定的事物並且會被使用，但它不一定會在明天或後天或在 2012 年或 2013 年普及。

Jose, at this point we have time for one more question.

何塞，在這一點上，我們有時間再問一個問題。

Jim Kissane, Bank of America-Merrill Lynch.

Jim Kissane，美國銀行美林證券。

Joe, do you think the economics with mobile will be better, worse or the same compared with plastic today, given that there's many carriers involved, handset manufacturers involved, potentially technology companies?

喬，鑑於涉及到許多運營商、手機製造商以及潛在的科技公司，您認為與今天的塑料相比，移動設備的經濟性會更好、更差還是相同？

Thank you.

謝謝你。

I think we have a terrific opportunity in mobile technology.

我認為我們在移動技術領域擁有絕佳的機會。

And I did mention in answering one of the other questions, I believe, that we believe that not only will we do well as it relates to the technology and just payments in general, but we do believe that there are other sources of revenue that will be made available to us that are not now.

我在回答其他一個問題時確實提到過，我相信，我們相信我們不僅會做得很好，因為它與技術和一般的支付有關，而且我們確實相信還有其他收入來源會提供給我們現在還沒有。

And that takes our CyberSource acquisition, our PlaySpan acquisition and other things that we've done, and when we put it all together, we are pretty excited about the amount of revenue that can come out of this in the future.

這需要我們收購 CyberSource、收購 PlaySpan 以及我們已經完成的其他事情，當我們把它們放在一起時，我們對未來可以從中獲得的收入數額感到非常興奮。

Now, let me caution you -- I'm not talking about a spike in revenue in 2012.

現在，讓我提醒你——我不是在談論 2012 年的收入飆升。

I mean, this isn't something that happens overnight.

我的意思是，這不是一夜之間發生的事情。

It's something that evolves.

這是不斷發展的東西。

But as I sit here and look at Visa and I look at our sources of revenue and our growth, I have to anticipate what is going to be fueling that growth three years from now and four years from now, not just what's going to happen next week.

但是當我坐在這裡看著 Visa 並審視我們的收入來源和增長時，我必須預測三年和四年後將推動這種增長的因素，而不僅僅是接下來會發生什麼星期。

And so, I think that what we're going to talk about next week is the way we're putting things together, and mobile technology in particular will be something that we will be happy, excited to be developing as time goes on.

因此，我認為我們下週要討論的是我們將事物組合在一起的方式，尤其是移動技術，我們會很高興，很高興隨著時間的推移不斷發展。

Well, that ends it.

嗯，這就結束了。

Thank you all very much for joining us today.

非常感謝大家今天加入我們。

And if anybody has any follow-up questions, feel free to give myself or Victoria a call.

如果有人有任何後續問題，請隨時給我自己或維多利亞打電話。

Thank you for your participation in today's conference call.

感謝您參加今天的電話會議。

The call has concluded.

通話已結束。

You may go ahead and disconnect at this time.

此時您可以繼續斷開連接。