Visa Inc (V) 2011 Q3 法說會逐字稿

Welcome to Visa Inc.'s fiscal Q3 2011 earnings conference call.

歡迎參加 Visa Inc. 的 2011 財年第三季度財報電話會議。

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。

Thank you, Jose.

謝謝你，何塞。

Good afternoon and welcome to Visa's fiscal 2011 third-quarter conference call.

下午好，歡迎參加 Visa 2011 財年第三季度電話會議。

With us today are Joe Saunders, who is the Chairman and Chief Executive Officer, and Byron Pollitt, who is the Chief Financial Officer.

今天與我們在一起的是董事長兼首席執行官喬·桑德斯和首席財務官拜倫·波利特。

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 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，並且由於各種因素，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 those 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 third-quarter earnings press release.

對於在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三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。

With that I will turn the call over to Joe.

有了這個，我會把電話轉給喬。

Thanks, Jack, and as always, thank you all for joining us today.

謝謝，傑克，一如既往，感謝大家今天加入我們。

Visa delivered another quarter of strong financial performance posting net operating revenues of more than $2.3 billion, a 14% increase over the same period last year.

Visa 實現了又一季度強勁的財務業績，淨營業收入超過 23 億美元，比去年同期增長 14%。

These revenue gains were driven by double-digit payments volume growth around the globe, strong cross-border activity, and continued recovery in credit spend worldwide.

這些收入增長得益於全球支付量兩位數的增長、強勁的跨境活動以及全球信貸支出的持續復甦。

Adjusted net income for the quarter, which excludes the gain from revaluing the Visa Europe put option was $883 million, a 23% increase over last year.

本季度調整後的淨收入為 8.83 億美元，不包括重估 Visa Europe 看跌期權的收益，比去年增長 23%。

This equates to adjusted diluted earnings per share of $1.26, a 29% increase over the third quarter of 2010.

這相當於調整後的稀釋後每股收益為 1.26 美元，比 2010 年第三季度增長 29%。

Our performance over the past quarter reaffirms Visa's solid business foundation and strategy, including our diversified product and services offering, our strong client relationships, and our commitment to accelerating growth in key markets worldwide.

我們在過去一個季度的表現再次印證了 Visa 堅實的業務基礎和戰略，包括我們提供的多元化產品和服務、我們強大的客戶關係以及我們對加速全球主要市場增長的承諾。

Before turning to the business highlights, I would like to update you on Visa's activities to adapt to the new United States regulatory environment.

在轉向業務亮點之前，我想向您介紹 Visa 為適應新的美國監管環境而開展的活動。

As stated during our update call on July 6, overall I continue to expect the impact resulting from regulation to be dilutive, but manageable, with fiscal 2012 bearing the majority of the financial impact.

正如我們在 7 月 6 日的更新電話會議中所述，總體而言，我繼續預計監管產生的影響將是稀釋性的，但在可控範圍內，2012 財年將承擔大部分財務影響。

It is important to appreciate that we were prepared for a wide range of outcomes.

重要的是要認識到我們已經為廣泛的結果做好了準備。

And with the Federal Reserve's final rules in hand, we have the clarity needed to execute on our strategy.

有了美聯儲的最終規則，我們就有了執行我們戰略所需的明確性。

We are now moving forward on multiple fronts and with a variety of new offerings for our clients.

我們現在在多個方面向前發展，並為我們的客戶提供各種新產品。

Today I would like to share with you at a high-level review of our areas of focus.

今天，我想與您分享對我們重點領域的高級別回顧。

We will offer additional detail in the coming quarters once we have had the opportunity to further discuss these strategies with our clients and partners.

一旦我們有機會與我們的客戶和合作夥伴進一步討論這些策略，我們將在未來幾個季度提供更多細節。

Regulation has dramatically altered the competitive environment in the United States and given merchants broad discretion over how transactions will be routed.

監管極大地改變了美國的競爭環境，並賦予商家廣泛的自由裁量權來決定如何進行交易。

Recognizing this new dynamic, we are resetting our business approach and implementing a number of new strategies for all products.

認識到這一新動態，我們正在重新調整我們的業務方法並為所有產品實施一系列新戰略。

Specifically for debit we will continue to focus on maintaining Visa debit issuance through strong partnerships with our issuing clients, thereby positioning Visa to compete for as many transactions as possible.

特別是對於借記卡，我們將繼續專注於通過與發卡客戶建立牢固的合作夥伴關係來維持 Visa 借記卡的發行，從而使 Visa 能夠在盡可能多的交易中競爭。

Equally important, we will ensure that Visa is positioned to compete for routing for merchants and acquirers by strengthening these important relationships.

同樣重要的是，我們將通過加強這些重要的關係來確保 Visa 有能力競爭商戶和收單機構的路由。

We are adapting Visa's business to deliver even more value to all participants in the value chain, while preserving our ability to grow and positioning Visa for continued leadership in the US.

我們正在調整 Visa 的業務，以便為價值鏈中的所有參與者提供更多價值，同時保持我們的發展能力和定位 Visa 以繼續在美國保持領先地位。

Our approach is based on multiple actions which were incorporated into the guidance we provided earlier this month.

我們的方法基於多項行動，這些行動已納入我們本月早些時候提供的指導中。

I'm going to address two of them now.

我現在要針對其中兩個。

First, we are modifying our economics in a way that we expect will result in a reduction in merchant costs in total and on the margin.

首先，我們正在以一種我們預期會導致商戶總成本和利潤率降低的方式來修改我們的經濟。

The modifications include both fixed processing fees and a reduction in variable fees.

修改包括固定處理費和可變費用的減少。

We expect this will help us win routing decisions and maintain debit volume in the new environment.

我們希望這將幫助我們贏得路由決策並在新環境中保持借方數量。

Specifically, Visa is implementing a new fixed acquirer fee called the Network Participation Fee, which will apply to the acceptance of all Visa products, and is based on both the size of the merchant and the number of merchant locations.

具體來說，Visa 正在實施一種新的固定收單方費用，稱為網絡參與費，該費用將適用於所有 Visa 產品的接受，並基於商戶的規模和商戶地點的數量。

This fee will allow Visa to continue investing in our secure, reliable and interoperable Global Payments network, a long-standing area of strength for our organization.

這筆費用將使 Visa 能夠繼續投資於我們安全、可靠和可互操作的全球支付網絡，這是我們組織的長期優勢領域。

These attributes are cornerstones of Visa's brand promise, and it is critical that we make ongoing upgrades, innovations and enhancements.

這些屬性是 Visa 品牌承諾的基石，我們必須不斷進行升級、創新和增強。

In fact, Visa facilitates issuer stand-in processing each day for more than 600,000 transactions, minimizing system disruption and ensuring more transactions get completed.

事實上，Visa 每天為超過 600,000 筆交易促成發卡行的替身處理，最大限度地減少系統中斷並確保完成更多交易。

In order to reduce these in the aggregate, Visa will also lower our variable processing fees for all Visa debit products across all merchant segments.

為了從總體上減少這些費用，Visa 還將降低所有商戶細分市場中所有 Visa 借記卡產品的可變手續費。

That combination of fixed and variable fees offers merchants an even greater incentive to route more transactions over our network by providing them an opportunity to lower their per-unit transaction costs and take advantage of economies of scale that are now more readily available to them.

固定費用和可變費用的結合為商家提供了更大的動力，讓他們有機會降低單位交易成本並利用現在更容易獲得的規模經濟，從而通過我們的網絡進行更多交易。

As I said a few moments ago, our 2012 guidance, which incorporates the reductions we expect in Visa's debit volumes and fees -- in the fees we charge also reflects our appreciation that regulation has changed the landscape in which we operate.

正如我剛才所說，我們的 2012 年指南包含了我們對 Visa 借方數量和費用的預期減少——我們收取的費用也反映了我們對監管改變了我們經營環境的認識。

We recognize that we need to focus more than ever on delivering greater value to both issuers and merchants to win debit routing, while continuing to grow our successful credit business.

我們認識到，我們需要比以往任何時候都更加專注於為發卡行和商家提供更大的價值，以贏得借記路由，同時繼續發展我們成功的信貸業務。

In that regard, we are taking multiple actions to ensure we are well-positioned to compete for both issuance and routing.

在這方面，我們正在採取多項行動，以確保我們在發行和路由方面處於有利地位。

We will extend to merchants of all sizes through direct negotiations and through acquirers the successful partnership programs we have historically offered issuers.

我們將通過直接談判和通過收單機構向各種規模的商戶推廣我們歷來為發行人提供的成功的合作夥伴計劃。

We will also increase our engagement with merchant associations to achieve the same goal.

我們還將增加與商會的合作，以實現同樣的目標。

Now a broad set of acquirers and merchants can receive incentives from Visa in exchange for routing commitment.

現在，廣泛的收單機構和商戶可以從 Visa 獲得獎勵，以換取路由承諾。

The second core element of our strategy focuses on additional investments in value-added services aimed at winning routing decisions.

我們戰略的第二個核心要素側重於對旨在贏得路由決策的增值服務的額外投資。

These include powerful merchant benchmark analytics, loyalty rewards programs and real time mobile messaging to drive merchant sales growth.

其中包括強大的商家基準分析、忠誠度獎勵計劃和實時移動消息傳遞，以推動商家銷售增長。

For example, we continue to make progress on a real-time messaging program, including the Gap's recent decision to expand their existing program across more brands in their portfolio, as well as new agreements with The Sports Authority and the Kangaroo Express, a leading convenience store operator in the Southeastern United States with more than 1,600 locations.

例如，我們繼續在實時消息傳遞計劃方面取得進展，包括 Gap 最近決定將現有計劃擴展到其產品組合中的更多品牌，以及與體育管理局和袋鼠快車的新協議，領先的便利在美國東南部擁有 1,600 多家門店的商店運營商。

With these actions we are resetting our baseline economics for debit in United States and positioning Visa to grow from here.

通過這些行動，我們正在重置我們在美國借記卡的基準經濟學，並將 Visa 定位為從這裡開始增長。

We are 100% prepared.

我們已做好 100% 的準備。

We are fully engaged with our key stakeholders.

我們與我們的主要利益相關者充分接觸。

We are focused on their needs and we are moving forward.

我們專注於他們的需求，我們正在向前邁進。

Taken together, our strategies will provide Visa with a strong foundation to adapt to the new landscape, while also generating sufficient revenue to make the investments needed to drive forward the future of this industry.

總而言之，我們的戰略將為 Visa 提供適應新形勢的堅實基礎，同時還產生足夠的收入來進行必要的投資，以推動該行業的未來發展。

Of course, while the regulatory process generated headlines over the past 13 months, the overwhelming majority of Visa's revenues are derived from products and geographies that are completely untouched by these events.

當然，雖然監管程序在過去 13 個月中成為頭條新聞，但 Visa 的絕大多數收入都來自完全不受這些事件影響的產品和地區。

In that regard, I am pleased to say that Visa's employees maintained their focus and continued to advance our growth agenda.

在這方面，我很高興地說，Visa 的員工保持專注並繼續推進我們的增長議程。

In the US we saw continued strong performance in credit, posting Visa's sixth consecutive quarter of positive growth.

在美國，我們看到信貸表現持續強勁，Visa 連續第六個季度實現正增長。

Of note, affluent credit posted particularly strong performance, growing three times faster than the overall credit category.

值得注意的是，富裕信貸表現特別強勁，增長速度是整體信貸類別的三倍。

Building on that success, we announced a multiyear agreement with United Continental Holdings to continue to issue co-branded Mileage Plus Visa card.

在這一成功的基礎上，我們宣布與 United Continental Holdings 達成一項多年協議，繼續發行聯合品牌的 Mileage Plus Visa 卡。

The recent merger of United and Continental Airlines will result in the consolidation of their portfolios under Mileage Plus, and the combined entity will begin exclusively issuing Mileage Plus Visa cards to all new customers beginning January 1, 2012.

美聯航和大陸航空公司最近的合併將導致他們在前程萬里 (Mileage Plus) 下的投資組合得到整合，合併後的實體將從 2012 年 1 月 1 日開始向所有新客戶獨家發行前程萬里 (Mileage Plus) Visa 卡。

An important aspect of this major co-brand program is the proportionally larger number of affluent card carriers and the greater cost order volume uses associated with Mileage Plus Visa card, both big benefits to Visa's overall growth.

這個主要的聯合品牌計劃的一個重要方面是富裕的卡運營商數量成比例地增加，以及與 Mileage Plus Visa 卡相關的成本訂單量使用量增加，這對 Visa 的整體增長都有很大的好處。

Another key renewal was with Disney, with whom we have enjoyed an important co-branding and promotional relationship for many years.

另一個關鍵的更新是與迪士尼，我們多年來一直享有重要的聯合品牌和促銷關係。

Outside of the US international markets are an increasingly important contributor to Visa's growth, increasing payment volume by 17%, which is driving approximately 60% of the Company's overall revenue growth.

美國以外的國際市場對 Visa 的增長貢獻越來越大，支付量增長了 17%，這推動了公司約 60% 的整體收入增長。

In-line with our strategic aspiration to grow Visa's business outside the US, we continue to make progress on our long-standing commitment to invest in key markets that show the greatest potential.

根據我們在美國以外發展 Visa 業務的戰略願景，我們將繼續在我們長期致力於投資具有最大潛力的關鍵市場的承諾方面取得進展。

In critical markets including Brazil, Russia, Japan, the GCC, Mexico and sub-Saharan Africa, we have tailored acceleration plans to substantially increase revenue growth over a five-year horizon.

在巴西、俄羅斯、日本、海灣合作委員會、墨西哥和撒哈拉以南非洲等關鍵市場，我們量身定制了加速計劃，以在五年內大幅提高收入增長。

We will continue to target additional countries for investment in 2012 and beyond.

我們將在 2012 年及以後繼續針對更多國家進行投資。

For example, in Russia one of the fastest-growing countries globally, we are focused on delivering the core Visa product of value proposition and continuing to expand acceptance.

例如，在全球增長最快的國家之一俄羅斯，我們專注於提供價值主張的核心 Visa 產品並繼續擴大接受度。

We are investing to enhance mass credit and premium credit offerings, and delivering products like prepaid and Visa Money Transfer to our Russian issuers and consumers.

我們正在投資以增強大眾信貸和優質信貸產品，並向我們的俄羅斯發行人和消費者提供預付和 Visa 匯款等產品。

In Brazil, where the acquiring landscape is changing, Visa is accelerating growth of processed transactions versus new acquirer relationships and renewing issuing partnerships.

在巴西，收購格局正在發生變化，Visa 正在加速處理交易的增長，而不是新的收購方關係，並更新發行合作夥伴關係。

We continue to differentiate ourselves by delivering superior products across our core portfolio of credit, debit, small business and commercial solutions.

我們繼續通過在我們的信貸、借記卡、小企業和商業解決方案的核心組合中提供卓越的產品來使自己與眾不同。

We also continue to advance our core product growth in India, establishing new or expanded agreements with several large clients, including the Life Insurance Corporation of India, as well as the State Bank of India.

我們還繼續推進我們在印度的核心產品增長，與包括印度人壽保險公司和印度國家銀行在內的多家大客戶建立新的或擴大的協議。

As I mentioned earlier in the quarter, we signed a multiyear agreement to support Visa debit products across the State Bank of India franchise.

正如我在本季度早些時候提到的，我們簽署了一項多年協議，以支持印度國家銀行特許經營的 Visa 借記產品。

In just a few short months over 1 million Visa debit cards have been issued as part this program.

在短短幾個月內，作為該計劃的一部分，已發行了超過 100 萬張 Visa 借記卡。

In Japan we are accelerating growth by driving more sophisticated product offerings, such as co-brand programs with major issuers, merchants and commercial card programs that deliver solutions to more mature electronic payment environments.

在日本，我們通過推動更複雜的產品供應來加速增長，例如與主要發卡行、商家和商業卡計劃的聯合品牌計劃，為更成熟的電子支付環境提供解決方案。

For example, we recently launched a debit program with Resona Bank, Japan's fourth-largest financial institution.

例如，我們最近與日本第四大金融機構 Resona 銀行啟動了借記計劃。

It is our first traditional debit program in that market, and we are hopeful that will lead to similar programs with other clients, accelerating the migration towards electronic payment in Japan's traditionally cash-centric economy.

這是我們在該市場的第一個傳統藉記計劃，我們希望這將導致與其他客戶的類似計劃，加速日本傳統上以現金為中心的經濟向電子支付的遷移。

We are partnering with clients and governments and investing in long-term growth in developing markets in Africa, Latin America and South Asia to accelerate efforts to advance financial inclusion and ultimately grow domestic transaction flow.

我們正在與客戶和政府合作，並投資於非洲、拉丁美洲和南亞發展中市場的長期增長，以加快推進金融包容性並最終增加國內交易流量。

On the innovation front we have taken several steps to bring new products and solutions to market.

在創新方面，我們採取了幾個步驟將新產品和解決方案推向市場。

We continue to make progress on Visa's next-generation e-commerce and mobile payment solutions announced in May, including a focus on single click and aliasing capabilities.

我們繼續在 Visa 5 月份宣布的下一代電子商務和移動支付解決方案上取得進展，包括專注於單擊和別名功能。

We believe these elements of the Visa offering will help to differentiate and deliver value to the other [NSC-only] solutions recently announced.

我們相信 Visa 產品的這些元素將有助於區分和為最近宣布的其他 [僅限 NSC] 解決方案提供價值。

This remains a top priority for the organization and we are moving full speed ahead towards broad commercial availability.

這仍然是該組織的首要任務，我們正在全速推進廣泛的商業可用性。

As we have said all along, Visa firmly believes an open approach is the key to success in mobile commerce.

正如我們一直所說，Visa 堅信開放的方法是移動商務成功的關鍵。

So in addition to building Visa's own capability, our strategy must also enable Visa payments on third-party platforms.

因此，除了打造 Visa 自身的能力外，我們的戰略還必須在第三方平台上實現 Visa 支付。

That is why last week we announced an agreement with Isis to join their consortium, and we continue to engage in productive discussions with other potential partners.

這就是為什麼上週我們宣布與 Isis 達成協議以加入他們的聯盟，我們將繼續與其他潛在合作夥伴進行富有成效的討論。

Part our efforts to make mobile a reality in emerging markets, we completed our acquisition of Fundamo, a leading mobile wallet software provider for emerging markets, with over 40 programs in more than 25 countries.

除了我們在新興市場實現移動化的努力之外，我們還完成了對新興市場領先的移動錢包軟件提供商 Fundamo 的收購，該公司在超過 25 個國家/地區擁有 40 多個項目。

I can report that the integration is progressing well, and we are now focused on building managed services for issuers and mobile operators around the Fundamo platform.

我可以報告說，集成進展順利，我們現在專注於圍繞 Fundamo 平台為發行人和移動運營商構建託管服務。

Additionally, we are developing capabilities to overlay a virtual Visa prepaid account on the closed loop accounts managed by Fundamo and other wallet platforms.

此外，我們正在開發將虛擬 Visa 預付賬戶覆蓋在 Fundamo 和其他錢包平台管理的閉環賬戶上的功能。

Since our announcement we have received substantial interest from issuers and mobile operators in Asia and Latin America.

自我們宣布以來，亞洲和拉丁美洲的發行人和移動運營商對我們產生了濃厚的興趣。

We also taking action to further tap into the creativity and the expertise of the developer community, an increasingly critical participant in the creation and rollout of new payment technology.

我們還採取行動進一步利用開發者社區的創造力和專業知識，他們是創建和推出新支付技術的日益重要的參與者。

Today our existing developer center has more than 6,000 active developers using our tools and resources to build Visa payment functionality into websites for mobile applications, which in turn brings more merchants into the Visa network, ultimately driving transactions and payments growth.

如今，我們現有的開發者中心擁有 6,000 多名活躍的開發者，他們使用我們的工具和資源將 Visa 支付功能構建到移動應用程序網站中，從而將更多商家引入 Visa 網絡，最終推動交易和支付增長。

Additionally, through the center Visa helps reduce e-commerce transaction risk, which means even more transactions are approved and flow through the network.

此外，通過該中心，Visa 有助於降低電子商務交易風險，這意味著更多的交易獲得批准並通過網絡流動。

This makes Visa a more attractive payments network partner.

這使 Visa 成為更具吸引力的支付網絡合作夥伴。

To accelerate these efforts we will launch our expanded Visa developer center in the current quarter, combining our existing PlaySpan and CyberSource developer activities into a single platform, while also introducing direct connectivity to VisaNet for the first time.

為了加快這些努力，我們將在本季度啟動我們擴展的 Visa 開發人員中心，將我們現有的 PlaySpan 和 CyberSource 開發人員活動整合到一個平台中，同時首次引入與 VisaNet 的直接連接。

By connecting directly to VisaNet we can offer our merchant partners and financial institution customers faster and easier access to Visa products and services, making them more competitive and ultimately driving incremental revenue growth.

通過直接連接到 VisaNet，我們可以讓我們的商戶合作夥伴和金融機構客戶更快、更輕鬆地訪問 Visa 產品和服務，使他們更具競爭力並最終推動收入增長。

On the e-commerce front, CyberSource's business continues to gain traction in the marketplace.

在電子商務方面，CyberSource 的業務繼續在市場上獲得牽引力。

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

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

We secured a number of new business wins with major merchants, including Twitter and ptorno.

我們與包括 Twitter 和 ptorno 在內的主要商家取得了一些新的業務勝利。

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

隨著電子商務在美國和國際上的強勁增長，我們繼續期待這部分業務取得穩健的成果。

Finally, we continue to deliver on our long-standing commitment to return excess cash to shareholders.

最後，我們將繼續兌現我們向股東返還多餘現金的長期承諾。

Today we are pleased to announce that our Board recently authorized a new $1 billion share repurchase program.

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 comes on the heels of completing our $1 billion share repurchase program authorized in April.

這是在我們完成 4 月授權的 10 億美元股票回購計劃之後進行的。

At approximately $77 per share we retired 13.7 million shares in the quarter.

在本季度，我們以每股約 77 美元的價格淘汰了 1370 萬股股票。

This brings our repurchases in physical 2011, including escrow funding actions, to $2.8 billion.

這使我們在 2011 年的實物回購（包括託管資金行動）達到 28 億美元。

In conclusion, as we reorient the US debit business in the wake of the new regulations, we will simultaneously pursue our growth strategies both at home and abroad.

總之，隨著我們在新法規出台後重新定位美國借記卡業務，我們將同時在國內外推行我們的增長戰略。

Our commitment to our clients, new product rollouts, and ongoing innovation combine to make Visa's value proposition more compelling than ever.

我們對客戶的承諾、新產品的推出和持續的創新相結合，使 Visa 的價值主張比以往任何時候都更具吸引力。

And we are prepared to use our comprehensive array of products and functionalities to win in the marketplace.

我們準備使用我們全面的產品和功能來贏得市場。

Visa remains a strong, globally oriented growth company as we move ahead.

在我們前進的過程中，Visa 仍然是一家強大的、面向全球的成長型公司。

With that, let me turn the call over to Byron.

有了這個，讓我把電話轉給拜倫。

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 14% net revenue growth was once again broad-based, with solid 9% growth in the US and a very strong 22% growth rate in rest of world.

首先，Visa 的 14% 的淨收入增長再次具有廣泛的基礎，在美國實現了 9% 的穩健增長，在世界其他地區實現了 22% 的強勁增長。

Over 62% of the quarter's revenue growth came from outside the United States.

本季度超過 62% 的收入增長來自美國以外地區。

This means non-US revenue is now 44% of Visa's total, up from 41% in the third quarter of fiscal year 2010.

這意味著非美國收入現在佔 Visa 總收入的 44%，高於 2010 財年第三季度的 41%。

Second, US revenue growth has been supported by six consecutive quarters of positive credit payment volume growth.

其次，美國收入增長得到連續六個季度信貸支付量正增長的支撐。

Most recently the months of May and June comped at 8% and 12%, respectively, which continues the strong growth we have seen all year.

最近的 5 月和 6 月分別為 8% 和 12%，這繼續了我們全年看到的強勁增長。

We continue to be encouraged by this trend.

我們繼續受到這一趨勢的鼓舞。

Third, client incentives for the quarter.

三是本季度客戶激勵。

As a percentage of gross revenue we are 16.2% down from 16.7% in the second quarter.

作為總收入的百分比，我們從第二季度的 16.7% 下降了 16.2%。

Through the first three quarters of the year incentives as a percentage of gross revenue was 16.1%, in-line with the lower end of our guidance.

今年前三個季度，激勵措施佔總收入的百分比為 16.1%，符合我們指引的下限。

However, as we stated on our update call on July 6, we expect client incentives for the full fiscal year to be at the top end of the 16% to 16.5% range, based on the pacing of our contract pipeline from potential Q4 partnership contracts that provide merchant incentives aimed at further encouraging Visa routing preference.

然而，正如我們在 7 月 6 日的更新電話會議中所述，我們預計整個財年的客戶激勵將處於 16% 至 16.5% 範圍的高端，這取決於我們從潛在的第四季度合作夥伴合同中獲得的合同管道的節奏。提供商家激勵措施，旨在進一步鼓勵 Visa 路由偏好。

Fourth, as first discussed back in January, we sold our 10% stake in Visa Vale, the Brazilian prepaid issuer.

第四，正如 1 月份首次討論的那樣，我們出售了巴西預付發行商 Visa Vale 10% 的股份。

Though we expected to book again as investment income in our second quarter, we actually recruited recorded again in Q3 once we received the necessary Brazilian regulatory approval.

儘管我們預計第二季度將再次作為投資收入入賬，但一旦我們獲得必要的巴西監管部門批准，我們實際上在第三季度再次錄入了招聘記錄。

The net benefit to Visa in the quarter was $85 million pretax and $44 million after tax.

本季度 Visa 的淨收益為稅前 8500 萬美元和稅後 4400 萬美元。

Finally, as we did in the fourth fiscal quarter last year, we revalued the Visa Europe put option which had a positive non-cash impact to our earnings this quarter.

最後，正如我們在去年第四財季所做的那樣，我們重新評估了 Visa Europe 看跌期權，這對我們本季度的收益產生了積極的非現金影響。

The $122 million decrease in the value of the option is nontaxable, is reported in other income, and is solely due to declines in Visa's P/E ratio relative to historical levels.

期權價值減少 1.22 億美元是免稅的，在其他收入中報告，這完全是由於 Visa 的市盈率相對於歷史水平下降。

It does not reflect any change in the likelihood that Visa Europe will exercise the put.

它並不反映 Visa Europe 行使看跌期權的可能性有任何變化。

The put option is now valued on our balance sheet come, at $145 million.

看跌期權現在在我們的資產負債表上估值為 1.45 億美元。

Eliminating this impact provides a cleaner picture of our operating performance and yields and adjusted earnings per share of $1.26 for the quarter.

消除這種影響可以更清晰地了解我們本季度的經營業績和收益率以及調整後的每股收益 1.26 美元。

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 both the March and June quarters, as well as results through July 21.

首先，我將介紹我們 3 月和 6 月季度的全球支付量和交易趨勢，以及截至 7 月 21 日的結果。

I will then cover the financial highlights of our fiscal third-quarter, followed by our guidance outlook for fiscal years 2011 and 2012.

然後，我將介紹我們第三財季的財務亮點，然後是我們對 2011 和 2012 財年的指導展望。

Global payment volume growth for the June quarter in constant dollars were 13%, relatively flat from the March quarter.

以美元計，6 月季度的全球支付量增長 13%，與 3 月季度相對持平。

We saw the following breakdowns in the June quarter.

我們在六月季度看到了以下細分。

In the US payment volume growth was 10%, a slight decrease from the 12% growth we saw in the March quarter.

在美國，支付量增長了 10%，與我們在 3 月季度看到的 12% 的增長相比略有下降。

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

按固定美元計算，世界其他地區的支付量增長了 17%，比 3 月份季度 15% 的增長率提高了 2 個百分點。

More recently, through July 21, US payment volume growth came in at 10%.

最近，截至 7 月 21 日，美國支付量增長了 10%。

Although not yet available, based on the trends we saw during the third quarter, we expect rest of world payment volume growth to be higher.

儘管尚未提供，但根據我們在第三季度看到的趨勢，我們預計世界其他地區的支付量增長會更高。

Global cross-border volume delivered a solid 14% growth rate on a constant dollar basis in the June quarter, up slightly from a 13% rate in the March quarter.

全球跨境交易量在 6 月季度按固定美元計算實現了 14% 的穩健增長，略高於 3 月季度的 13%。

We have seen some rebound in inbound travel to Japan, the Middle East, and North Africa, but it is still too early to gauge the longer-term trend.

我們已經看到日本、中東和北非的入境旅遊出現了一些反彈，但現在判斷長期趨勢還為時過早。

Through July 21 cross-border volumes on a constant dollar basis grew 18%.

截至 7 月 21 日，按固定美元計算的跨境交易量增長了 18%。

Transactions processed over Visa's network totaled 13 billion in the fiscal third quarter, an 11% increase over the year ago period.

第三財季通過 Visa 網絡處理的交易總額為 130 億筆，同比增長 11%。

And modestly behind the 13% growth rate we saw in the March quarter.

略低於我們在 3 月季度看到的 13% 的增長率。

Through July 21 processed transactions posted growth of 10% on.

截至 7 月 21 日，已處理的交易量增長了 10%。

Now turning to the income statement.

現在轉向損益表。

In our fiscal third-quarter gross revenue of $2.8 billion was up 14% from the similar period in 2010.

我們第三財季的總收入為 28 億美元，比 2010 年同期增長 14%。

Net operating revenue in the quarter was $2.3 billion, a 14% increase year-over-year, driven by strong growth in regions outside of the US, continued recovery in the US economy, previously enacted pricing changes, and solid cross-border transaction growth.

本季度淨營業收入為 23 億美元，同比增長 14%，這主要得益於美國以外地區的強勁增長、美國經濟的持續復甦、之前實施的定價變化以及跨境交易穩健增長.

Moving to the individual revenue line items, service revenue was $1.1 billion, up 21% 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 21%。

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

這反映了 3 月季度支付量的強勁增長以及先前定價調整的影響。

Data processing revenue was $886 million, up 12% over the prior year's quarter, based on strong transaction growth rates for both Visa process and CyberSource transactions.

基於 Visa 流程和 CyberSource 交易的強勁交易增長率，數據處理收入為 8.86 億美元，比去年同期增長 12%。

International transaction revenue was up 15% to $662 million, reflecting continued strength in cross-border volumes during the period.

國際交易收入增長 15% 至 6.62 億美元，反映了該期間跨境交易量的持續增長。

As I mentioned, client incentives as a percentage of gross revenue came in at 16.2% and are running at 16.1% fiscal year to date, on track with expectations.

正如我所提到的，客戶激勵佔總收入的百分比為 16.2%，本財年迄今為 16.1%，符合預期。

Total operating expenses for the quarter was $977 million, up 10% from the prior year.

本季度總運營費用為 9.77 億美元，比上年增長 10%。

As a reminder, these results include operating expenses for CyberSource, PlaySpan and Fundamo, none of which were included in Q3 of the prior year.

提醒一下，這些結果包括 CyberSource、PlaySpan 和 Fundamo 的運營費用，這些都沒有包括在上一年的第三季度。

While marketing expense was up approximately $70 million on a sequential quarter basis, this was due to the timing of planned campaigns and is consistent with our full-year guidance of less than $900 million.

雖然營銷費用在環比基礎上增加了約 7000 萬美元，但這是由於計劃活動的時間安排所致，並且與我們不到 9 億美元的全年指導一致。

In the US we have continued to right-size our spend and refine our marketing focus to put greater investment toward digital media.

在美國，我們繼續調整支出規模，優化營銷重點，加大對數字媒體的投資。

We have also focused on marketing efforts on driving greater cross-border transaction growth.

我們還專注於推動更大的跨境交易增長的營銷工作。

As a reminder, last October we announced an earnings neutral change in income statement presentations related to revenue and operating expense associated with certain pass-through activities.

提醒一下，去年 10 月，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。

Consistent with this announcement, $62 million of revenue and expense, which was booked in Q3 fiscal year 2010 did not recur in Q3 fiscal year 2011.

與該公告一致，2010 財年第三季度入賬的 6,200 萬美元收入和費用在 2011 財年第三季度不再發生。

In Q3 this represented 3 percentage points of revenue growth.

在第三季度，這代表了 3 個百分點的收入增長。

The foreign exchange impact on net revenue in the third fiscal quarter was moderated by our hedging activities and contributed 2 percentage points of growth.

第三財季外匯對淨收入的影響因我們的對沖活動而有所緩和，並貢獻了 2 個百分點的增長。

Our operating margin for the quarter was 58%, on target with our expectation for the full year.

我們本季度的營業利潤率為 58%，符合我們對全年的預期。

Capital expenditures were $89 million in the quarter and now total $236 million year-to-date.

本季度的資本支出為 8900 萬美元，今年迄今總計 2.36 億美元。

Given the pace of our investment in technology, infrastructure and growth initiatives, we now expect our full-year 2011 capital spending to be moderately above $300 million.

鑑於我們在技術、基礎設施和增長計劃方面的投資步伐，我們現在預計 2011 年全年資本支出將略高於 3 億美元。

On the acquisition front, the PlaySpan acquisition had a dilutive impact to earnings per share of $0.01 for the third quarter.

在收購方面，收購 PlaySpan 對第三季度每股收益 0.01 美元產生了攤薄影響。

For the full year of 2011 we anticipate a dilutive impact to earnings per share of $0.04.

對於 2011 年全年，我們預計對每股收益的攤薄影響為 0.04 美元。

The Fundamo acquisition had a dilutive impact to earnings per share of $0.01 for the third quarter.

收購 Fundamo 對第三季度每股收益 0.01 美元產生了攤薄影響。

Full-year EPS dilution is also expected to be $0.01.

全年每股收益稀釋預計也為 0.01 美元。

Finally, our reported tax rate for the period was 35%, including the favorable impact from the nontaxable revaluation of the Visa Europe put option.

最後，我們報告的當期稅率為 35%，包括 Visa Europe 看跌期權的非應稅重估帶來的有利影響。

Adjusting to exclude the put impact, the tax rate would have been 38%.

調整以排除看跌期權的影響，稅率將為 38%。

On an as-adjusted basis we continue to expect our full-year tax rate to be consistent with our guidance.

在調整後的基礎上，我們繼續預計我們的全年稅率將與我們的指導一致。

As we announced on July 6, we completed the $1 billion share repurchase program authorized by our Board in April.

正如我們在 7 月 6 日宣布的那樣，我們在 4 月完成了董事會授權的 10 億美元股票回購計劃。

During the quarter we spent $1.1 billion to repurchase 13.7 million shares at an average price of $77.36.

在本季度，我們斥資 11 億美元以 77.36 美元的平均價格回購了 1370 萬股股票。

Year-to-date Visa has spent $2.8 billion to effectively repurchase 37.8 million shares at an average price of $74.12.

年初至今，Visa 已花費 28 億美元以平均 74.12 美元的價格有效回購了 3780 萬股股票。

At the end of the quarter we had 691 million shares outstanding on an as-converted basis.

在本季度末，我們有 6.91 億股在轉換後的流通股。

Visa remains committed to returning excess cash to shareholders, and to this end, as Joe mentioned at the outset, our Board of Directors authorized a new $1 billion repurchase plan through July 20, 2012, which we will execute at prices we feel are attractive relative to the long-term value of Visa.

Visa 仍然致力於將多餘的現金返還給股東，為此，正如 Joe 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，直至 2012 年 7 月 20 日，我們將以我們認為相對有吸引力的價格執行該計劃Visa的長期價值。

As to guidance for the balance of 2011, given results to date and to reiterate what we tell you on the July 6 call, we expect to deliver revenue growth in the 11% to 15% range, and EPS growth of better than 20%.

至於對 2011 年餘額的指導，鑑於迄今為止的業績並重申我們在 7 月 6 日電話會議上告訴您的內容，我們預計收入增長將在 11% 至 15% 範圍內，每股收益增長將超過 20%。

Client incentives are expected to come in at the top end of the 16% to 16.5% range.

客戶激勵預計將出現在 16% 至 16.5% 範圍的頂端。

And we are now expecting capital expenditures to be moderately above $300 million for the year, up from our prior range of $250 million to $275 million.

我們現在預計今年的資本支出將略高於 3 億美元，高於我們之前的 2.5 億美元至 2.75 億美元的範圍。

Our net revenue outlook for 2012 stands at high-single to low double-digit growth, while earnings-per-share growth is expected to be in the mid to high teens range.

我們對 2012 年的淨收入前景保持在高個位數到低兩位數的增長，而每股收益的增長預計將在中高水平。

We will have additional guidance metrics for fiscal 2012 when we record our fourth-quarter earnings in October.

當我們在 10 月份記錄我們的第四季度收益時，我們將為 2012 財年提供額外的指導指標。

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）。

To ensure all questioners are heard, we ask that you please limit yourself to one question.

為確保聽到所有提問者的聲音，我們要求您將自己限制在一個問題上。

(Operator Instructions).

（操作員說明）。

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

I just wanted to ask a question on the network participation fee.

我只是想問一個關於網絡參與費的問題。

And thanks for the disclosures around some of your post-Durbin strategies there.

並感謝您在那裡披露的一些後杜賓戰略。

Can you talk a little bit about that network participation fee in the context of some of the -- what sounded like are fee reductions for merchants and merchant acquirers?

您能否在某些背景下談一談網絡參與費——聽起來像是商家和商家收單機構的費用減免？

I am just trying to understand from the Visa point of view how do you envision all of that netting out on the merchant/acquiring side of your business?

我只是想從 Visa 的角度了解您如何設想您業務的商家/收購方的所有這些淨額？

I think that our intention is clear in that, that is to affect this change in our infrastructure, while at the same time reducing fees to all merchants in every category.

我認為我們的意圖很明確，那就是影響我們基礎設施的這種變化，同時降低每個類別的所有商家的費用。

So the variable fee reductions are, obviously, an offset to a fixed fee.

因此，可變費用減免顯然是對固定費用的抵消。

If you look at our 2012 guidance it presumes that there will be a deterioration in our debit card revenues for the year.

如果您查看我們 2012 年的指導，您會發現我們今年的借記卡收入將會惡化。

We said that 2012 will be the low point.

我們說2012年將是低谷。

So that is the net result.

這就是最終結果。

The net result is that we won't do as well as we herefor in the debit card business, at least in 2012.

最終結果是，至少在 2012 年，我們在藉記卡業務上的表現不會像現在這樣好。

Hopefully, we can grow off of what we do in 2012 and 2013.

希望我們能夠從 2012 年和 2013 年的工作中成長。

But what we have done is, in our opinion, consistent with helping to ensure that Visa will be successful in the long run, and done within the spirit and the intention of the regulation.

但在我們看來，我們所做的與幫助確保 Visa 長期成功的做法是一致的，並且是在監管的精神和意圖內完成的。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

I was just hoping to get a little bit more color on the expense lines on a go forward basis.

我只是希望在前進的基礎上在費用行上獲得更多的色彩。

The personnel and admin lines were fairly elevated.

人事和管理線路相當高。

I was just wondering is that the run rate to consider on a go forward basis?

我只是想知道是否要在前進的基礎上考慮運行速度？

Also, just the card service fee margin, that seemed a little lighter for this quarter sequentially relevant to past quarters.

此外，本季度的信用卡服務費利潤率似乎比過去幾個季度要輕一些。

I was just hoping for some color there.

我只是希望那裡有一些顏色。

Thank you.

謝謝你。

On the personnel in particular, the expense line items, no, that would -- at least on a percentage increase that is not the run rate.

特別是在人員方面，費用項目，不，至少會增加一個百分比，而不是運行率。

So in the personnel line in particular a little over 55% of the year-over-year increase is due to the personnel costs associated with CyberSource, PlaySpan and Fundamo, none of which were in Q3 of the prior year.

因此，特別是在人員方面，55% 以上的同比增長是由於與 CyberSource、PlaySpan 和 Fundamo 相關的人員成本，而去年第三季度都沒有這些成本。

So we will have a lapping for one more quarter for CyberSource, a few more quarters for the other two.

因此，我們將為 CyberSource 多花一個季度，為另外兩個多花幾個季度。

And we will give more color on the run rate with regards to expenses in the context of our margin -- operating margin at the Q4 earnings call.

我們將在第四季度財報電話會議上就我們的利潤率——營業利潤率——提供更多關於費用的運行率。

No real call-outs on the service fee.

服務費沒有真正的呼籲。

We were pretty pleased with the yields, which held pretty firm for sequentially over the two quarters.

我們對收益率非常滿意，兩個季度連續保持相當穩定。

So from that vantage point no call-outs.

所以從那個有利的角度來看，沒有召喚。

Don Fandetti, Citigroup.

花旗集團的唐·范德蒂。

Joe, I was wondering if you could talk a little bit on the new debit pricing strategy, how the issuers might be thinking about that, just given the issues that you try to balance between the merchant acquirers and the issuers?

喬，我想知道你是否可以談談新的借記卡定價策略，發行人可能會如何考慮這一點，只是考慮到你試圖在商戶收單機構和發行人之間平衡的問題？

Also, does that impact your ability to raise pricing in the future?

此外，這是否會影響您未來提高定價的能力？

I don't think that anything that we have done is inconsistent with our commitment to our current clients.

我認為我們所做的任何事情都與我們對現有客戶的承諾不一致。

In fact, most of what we have done in the restructuring that we have done is to ensure that we can continue to serve them and we can continue to help them run profitable businesses.

事實上，我們在重組中所做的大部分工作都是為了確保我們能夠繼續為他們服務，我們可以繼續幫助他們經營盈利的業務。

I think that what we have done also reflects our focus on making sure that everyone in the value chain has higher expectations of what they can expect in the future, and that that helps regenerate the whole.

我認為我們所做的也反映了我們的重點是確保價值鏈中的每個人對他們對未來的期望都有更高的期望，這有助於整體的再生。

At least from a debit card point of view, it helps sustain and regenerate the whole process of electronic payments continuing to move forward.

至少從借記卡的角度來看，它有助於維持和再生電子支付繼續向前發展的整個過程。

There was a second part to the question.

這個問題還有第二部分。

Oh, does it constrain our ability to price.

哦，這是否限制了我們定價的能力。

I don't think that we have done anything that constrains our ability to take actions in the future that we deem to be appropriate.

我不認為我們做了任何限制我們在未來採取我們認為適當的行動的能力的事情。

I think the key word here is deemed to be appropriate.

我認為這裡的關鍵詞被認為是恰當的。

Right now we don't have any intention of raising any prices in the United States.

目前，我們無意在美國提高任何價格。

I think that we are in the position that we are comfortable with, and that is the way we're going to look at it going forward for the time being.

我認為我們處於我們感到滿意的位置，這就是我們暫時看待它的方式。

Craig Maurer, CLSA.

克雷格·毛雷爾，里昂證券。

I was hoping you could help us understand a little more the magnitude of change between the former pricing structure on debit and what is coming, perhaps, in the context of the 20% of revenue -- 20% plus of revenue that you have discussed that is being generated from US debit.

我希望你能幫助我們更多地了解以前的借方定價結構與即將發生的變化之間的變化幅度，也許是在你討論過的收入的 20% —— 收入的 20% 以上的背景下正在從美國借記卡生成。

Now a totally separate topic.

現在是一個完全獨立的話題。

This morning Cielo down in Brazil held their conference call.

今天早上，Cielo 在巴西舉行了電話會議。

They discussed that in a very brief time Cielo has already issued over 0.25 million cards and that growth rate is accelerating.

他們討論了在很短的時間內 Cielo 已經發行了超過 25 萬張卡，並且增長速度正在加快。

I'm curious if you take into account that the banks pushing Cielo are mainly Visa issuers, are you seeing any impact to your growth rate of cards in force down in Brazil?

我很好奇您是否考慮到推動 Cielo 的銀行主要是 Visa 發行人，您是否認為巴西有效卡的增長率會受到任何影響？

Thanks.

謝謝。

Let me respond to both questions.

讓我回答這兩個問題。

With regards to a deeper description of the impact on the 20%, I think the way we have chosen to respond to that for now is related to what we described on our last call, that in preparing for a new post-urban environment there are a number of ways this can play out competitively.

關於對 20% 的影響的更深入描述，我認為我們現在選擇的回應方式與我們在上次電話會議中描述的有關，即在為新的后城市環境做準備時，有這可以通過多種方式進行競爭。

We have run a variety of scenarios.

我們已經運行了各種場景。

We have used those to inform the revenue range we gave to you all at the July 6 call.

我們已經使用這些來告知我們在 7 月 6 日電話會議上向大家提供的收入範圍。

I think you all recognize that there is a lot of market reaction here yet to unfold.

我想你們都認識到這裡有很多市場反應尚未展開。

Strategies need to play out before we can be more descriptive about these impacts, and as they do, we will update appropriately.

在我們能夠更詳細地描述這些影響之前，需要製定策略，並且在這樣做的同時，我們將進行適當的更新。

Having said that, we do believe that the primary impact of the Durbin legislation will be felt in 2012, and we would expect to regain some revenue growth momentum in this arena in 2013.

話雖如此，我們確實相信德賓立法的主要影響將在 2012 年體現，我們預計 2013 年該領域的收入將恢復一些增長勢頭。

With regards to Cielo, it was contemplated all along that Cielo would be entering in this market.

關於 Cielo，一直都在考慮 Cielo 將進入這個市場。

It is a lower income profile, lower spend oriented market segment.

這是一個收入較低、支出較低的細分市場。

And that is a segment very different from the one that we currently occupy.

這與我們目前佔據的細分市場非常不同。

So from that vantage point where we feel that the enormous growth we are experiencing in Brazil will continue, and the developments we are seeing today are not unexpected.

因此，從這個有利的角度來看，我們認為巴西正在經歷的巨大增長將繼續下去，而我們今天看到的發展並不出人意料。

Glenn Fodor, Morgan Stanley.

格倫·福多，摩根士丹利。

Regarding your comments on the July 6 call, and this call as well, that revenue growth in fiscal 2013 can regain momentum, this is a very important nuance for investors and the street.

關於你對 7 月 6 日電話會議以及這次電話會議的評論，即 2013 財年的收入增長可以恢復動力，這對投資者和街道來說是一個非常重要的細微差別。

I was wondering if you could provide us with a little roadmap of how you see that occurring?

我想知道您是否可以向我們提供一個關於您如何看待這種情況的路線圖？

I appreciate the color you gave today on Russia, Brazil and India, but those are going to take some time.

我很欣賞你今天對俄羅斯、巴西和印度的看法，但這需要一些時間。

So where is the fiscal 2013 reacceleration going to come from?

那麼 2013 財年的再加速將從何而來？

And then given that margins are pretty healthy already, could we still expect the same spread between revenue and earnings growth, and why?

然後考慮到利潤率已經相當健康，我們是否仍然可以期望收入和盈利增長之間的差距相同，為什麼？

Maybe the best way to respond to that -- again, I am going to elevate a little bit and describe some of the high-level baseline assumptions that we -- that inform the 2012 guidance, recognizing that on the fourth-quarter earnings call that is typically when we will provide more metrics to describe 2012 and we will see about 2013.

也許是最好的回應方式——再次，我將稍微提升一點並描述一些我們為 2012 年指導提供信息的高級基線假設，並認識到在第四季度財報電話會議上通常是當我們將提供更多指標來描述 2012 年時，我們將看到 2013 年左右。

So in 2012 we are projecting global payment volume growth off of current trends, adjusted for the investments we are making related to our country acceleration strategies.

因此，在 2012 年，我們預計全球支付量將根據當前趨勢增長，並根據我們正在進行的與我們國家加速戰略相關的投資進行調整。

In US debit, in particular, we do expect, as Joe mentioned, a decrease in yield.

特別是在美國借方，正如喬所說，我們確實預計收益率會下降。

We expect to lose some routing weighted more to PIN.

我們預計會失去一些對 PIN 權重更大的路由。

We expect some volume shift from signature to PIN.

我們預計從簽名到 PIN 的數量會有一些變化。

We expect much of that to play out in 2012, therefore, becoming part of our base in 2012.

我們預計其中大部分將在 2012 年發揮作用，因此，在 2012 年成為我們基地的一部分。

And so for me revenue standpoint by the time we run into 2013, we are benefiting from strong growth outside the United States that is accelerated based on investments we're making in a number of key markets to amplify the growth in those markets.

因此，對我而言，到 2013 年的收入來看，我們正在受益於美國以外的強勁增長，這種增長基於我們在一些關鍵市場進行的投資以擴大這些市場的增長。

And with post-Durbin impact substantially embedded in the 2012 base.

並且在 2012 年的基礎上基本嵌入了後杜賓影響。

With our strategies in place and gaining more traction with each passing quarter, that is the underpinning of why we would expect to see revenue begin regaining momentum in 2013.

隨著我們的戰略到位並在每個過去的季度中獲得更大的牽引力，這就是我們預計收入在 2013 年開始恢復勢頭的基礎。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

So first a quick clarification and then, I guess, a meatier question.

所以首先是一個快速的澄清，然後，我想，一個更重要的問題。

US debit payments volume growth decelerated by a couple of points from March to June.

從 3 月到 6 月，美國借記卡支付量增長放緩了幾個百分點。

I guess I'm wondering if Durbin potentially had a disruptive impact at all in your opinion on the debit volume growth?

我想我想知道在您看來，Durbin 是否會對借方數量的增長產生破壞性影響？

Then the meatier question is really about how do you expect your debit competitors might react to the altered debit pricing structure that you are rolling out?

那麼更重要的問題實際上是關於您如何期望您的借記卡競爭對手會對您正在推出的改變的借記卡定價結構做出反應？

It seems desirable to avoid price-based competition, but it seems price-based competition is now somewhat of a certainty, given that the other competitors are likely to respond to your altered structure.

避免基於價格的競爭似乎是可取的，但現在基於價格的競爭似乎是確定無疑的，因為其他競爭對手可能會對你改變的結構做出反應。

So do you expect the other networks to be more aggressive on pricing?

那麼您是否希望其他網絡在定價上更加激進？

And to the extent that they are, are you prepared to do something with your financials to try to buffer the impact, such as cutting advertising expenses or something along those lines?

就他們而言，您是否準備好對您的財務做一些事情以試圖緩衝影響，例如削減廣告費用或類似的事情？

Can you just give us an idea, because I know you run multiple scenarios on how competitors might react, but if those (technical difficulty) scenarios play out where pricing competition gets more aggressive on the more aggressive side, you have kind of a plan B to buffer the impact.

您能給我們一個想法嗎，因為我知道您針對競爭對手的反應運行了多個場景，但是如果這些（技術難度）場景在定價競爭變得更加激進的情況下發揮作用，那麼您就有了一個 B 計劃來緩衝影響。

So I will take the first one.

所以我會拿第一個。

So with regards to the deceleration in debit, what you also see in the -- that is also the explanation for why processed -- Visa processed transactions dipped a bit in the quarter.

因此，關於借方的減速，您還可以看到 - 這也是為什麼處理的解釋 - Visa 處理的交易在本季度略有下降。

What you are seeing is the tail -- the runoff, so to speak, of the Chase/WaMu conversion and the initial ramp up of the SunTrust change.

你所看到的是尾部——可以說是 Chase/WaMu 轉換的徑流和 SunTrust 變化的初始增長。

And the combination of those two completely explain the drop in growth rates down to -- the drop in growth rate on Visa processed transactions.

這兩者的結合完全解釋了增長率下降到 - Visa 處理交易的增長率下降。

So that is the answer to the first question.

這就是第一個問題的答案。

Joe?

喬？

Well, the answer to the second question is, yes, we thought very clearly and gone very deeply into what our notions about what our competition would do.

嗯，第二個問題的答案是，是的，我們非常清楚地思考並且非常深入地研究了我們對競爭對手會做什麼的想法。

We think we have put ourselves in a position where we are more than capable of responding.

我們認為我們已經把自己置於一個我們有能力做出反應的位置。

We have no intention, nor do we think we have to start a race to the bottom.

我們無意，也不認為我們必須開始逐底競爭。

We do have contingency plans.

我們確實有應急計劃。

We are very confident in the guidance that we gave you for 2012.

我們對 2012 年給您的指導非常有信心。

You can remember we withheld giving specific guidance on 2012 for quite some time.

你可以記得我們在相當長的一段時間內都沒有給出 2012 年的具體指導。

We didn't actually say anything until after the Fed regulations came out, so that we could match what the rules said to what our plans were.

直到美聯儲的規定出台後，我們才真正說了什麼，這樣我們就可以將規則所說的與我們的計劃相匹配。

We have done that.

我們已經做到了。

We are confident we are going to get where we said -- where we say we are going to go.

我們有信心我們會到達我們說的地方——我們說我們要去的地方。

I just would add to what Byron said earlier, he explained to you why 2013 might go up.

我只是想補充一下拜倫之前所說的話，他向你解釋了為什麼 2013 年可能會上漲。

I will also tell you that I think that 2012 is an extraordinarily achievable objective.

我還要告訴你，我認為 2012 年是一個非常可實現的目標。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

I had a couple of quick clarifications too, and then a major question I had as well.

我也有一些快速澄清，然後我也有一個主要問題。

Just on the fixed fee versus lower variable fee strategy, I just want to make sure, is this just for debit or is it also for other Visa products?

就固定費用與較低的可變費用策略而言，我只是想確定一下，這只是為了借記，還是也適用於其他 Visa 產品？

And also, just the impact on the P&L, does this -- I am just trying to reconcile this strategy versus -- Byron, the guidance you talked about in the fourth-quarter and the incentives picking up to win routing decisions, is that one or are they two different strategies?

而且，只是對損益表的影響，這樣做 - 我只是試圖調和這個策略與 - 拜倫，你在第四季度談到的指導以及贏得路由決策的激勵措施，就是那個還是它們是兩種不同的策略？

Then my primary question was just around the international volume.

然後我的主要問題是關於國際音量。

That did accelerate, it looks like -- yes, it did accelerate in every region.

這確實加速了，看起來 - 是的，它確實在每個地區都加速了。

So how much of that acceleration is from new programs being launched versus just a pickup in underlying same-store growth or same-store secular growth, obviously, a lot of focus on the macro today.

因此，這種加速有多少來自新項目的推出，而不是潛在同店增長或同店長期增長的回升，顯然，今天很多關注宏觀。

Thanks.

謝謝。

So on the last one, it is same-store growth without question.

所以最後一個，毫無疑問是同店增長。

That is the accelerator.

那就是加速器。

Fixed fee, all products, and the two different strategies.

固定費用，所有產品，以及兩種不同的策略。

So when we talked about entering into some additional merchant partnerships, trading incentives for routing preference, that is a different strategy.

因此，當我們談到建立一些額外的商家合作夥伴關係時，為路由偏好交易激勵措施，這是一種不同的策略。

It is all contemplated in the guidance that we have given you for 2012.

這一切都在我們為您提供的 2012 年指導中進行了考慮。

But it is two different strategies with the network participation fee and the introduction of lower variable transaction cost being a separate pricing strategy, all contained within the guidance we gave for 2012.

但這是兩種不同的策略，網絡參與費和引入較低可變交易成本是單獨的定價策略，所有這些都包含在我們為 2012 年提供的指導中。

Jim Kissane, Bank of America Merrill Lynch.

美銀美林的吉姆·基薩內。

Just another question on the network participation.

只是關於網絡參與的另一個問題。

Do you have a sense on what portion of Visa will directly negotiate with merchants, and what portion will be negotiated by the acquirers?

您是否了解 Visa 的哪一部分會直接與商家協商，以及哪些部分將由收單方協商？

Will merchants be able to opt out if they don't want to go along with the program and stick with the older variable structure?

如果商家不想跟隨該計劃並堅持使用舊的可變結構，他們是否可以選擇退出？

I will leave the financials to Byron, but as it relates to an opt out they can opt out if they don't want to accept Visa cards.

我將把財務留給拜倫，但由於它與退出有關，如果他們不想接受 Visa 卡，他們可以選擇退出。

And yes, we do.

是的，我們做到了。

It is -- we have a sense as to the proportions.

它是——我們對比例有感覺。

That is part of the scenarios that we have run.

這是我們運行的場景的一部分。

For competitive reasons, of course, you wouldn't expect us to be very specific on the call, so I will honor that expectation and not be.

當然，出於競爭原因，您不會期望我們在電話會議上非常具體，所以我會尊重這種期望，而不是這樣做。

Let me go back and just remind everyone that this fixed fee that you're talking about is not a fee that sits on top of what merchants are paying.

讓我回過頭來提醒大家，你所說的這個固定費用並不是商家支付的費用。

It is part of what we consider to be a reduction in the fees that merchants will pay.

這是我們認為減少商家將支付的費用的一部分。

I think that is extraordinarily important, because to mischaracterize it would be a mistake and a disservice.

我認為這非常重要，因為錯誤地描述它會是一個錯誤和傷害。

I would add, Jim, that the -- when Joe said earlier the strategy is in part intended to honor the spirit of the new regs, this will allow merchants to begin realizing more economies of scale on the incremental transactions as they grow their volumes.

吉姆，我要補充一點，當喬早些時候說該策略的部分目的是為了尊重新法規的精神時，這將允許商家在增加交易量時開始在增量交易中實現更多的規模經濟。

We thought that was an important design element of the pricing structure going forward.

我們認為這是未來定價結構的一個重要設計元素。

So the notion of introducing a fixed component, having a lower variable and then allowing the variable to be the one in play as merchants grow their volume honors one of the objectives of this regulation.

因此，引入一個固定組件，具有較低的變量，然後允許該變量隨著商家的銷量增長而發揮作用，這一概念符合該法規的目標之一。

Julio Quinteros, Goldman Sachs.

胡里奧·金特羅斯，高盛。

Just a clarification.

只是一個澄清。

Just a second ago you said that this would apply to all products.

就在一秒鐘前，您說這將適用於所有產品。

Did you mean credit and debit products or do you just mean all debit products?

您是指信用卡和借記產品，還是僅指所有借記產品？

No, all products.

不，所有產品。

So the fee -- to pay the fee is -- makes you eligible to use -- to accept credit, debit, prepaid, all Visa products.

所以費用——支付費用是——使你有資格使用——接受信用卡、借記卡、預付卡和所有 Visa 產品。

Got it.

知道了。

Okay, great.

好，太棒了。

And then just out of curiosity in the rollout of India you talked about 1 million debit cards being issued.

然後只是出於對印度推出的好奇，您談到發行了 100 萬張借記卡。

I'm just curious on form factor there in terms of choice, why not having gone to something more like mobile or some alternative technology, I guess, relative to plastic at this point?

我只是對選擇方面的形狀因素感到好奇，為什麼不採用更像移動設備或其他替代技術的東西，我猜，相對於塑料而言？

There is some history there in the Indian market.

印度市場有一些歷史。

We are absolutely going to mobile in India.

我們絕對會在印度使用移動設備。

But there initially we are solving for cards that are PIN-enabled and that have -- and that have standardized protocols that will allow broad-based acceptance.

但最初我們正在解決支持 PIN 的卡，並且具有標準化協議，允許廣泛接受。

And it addresses some historical issues in the Indian market.

它解決了印度市場的一些歷史問題。

But this is in no way a substitute for mobile, which we view as a very important form factor to penetrate the vast majority of locations in India, since it is very unlikely that they would ever be able to support the fiber-optic infrastructure that more developed countries have developed over time.

但這絕不是移動設備的替代品，我們認為移動設備是滲透印度絕大多數地區的一個非常重要的形式因素，因為它們不太可能能夠支持光纖基礎設施，更多發達國家隨著時間的推移而發展起來。

Robert Dodd, Morgan Keegan.

羅伯特·多德，摩根·基岡。

Just, again, sticking on the [NCSC], how confident are you in your reporting ability to track the number of locations?

只是，再次堅持 [NCSC]，您對跟踪位置數量的報告能力有多大信心？

If we look at the [PCIDS] data that you have given us in the past, the number of Tier 1 merchants that you disclose has always been something of an estimate.

如果我們查看您過去提供給我們的 [PCIDS] 數據，您披露的 1 級商家的數量一直是一個估計值。

So is there going to be -- a necessitate change in reporting from acquirers or anything like that for you to be extract the number of locations to appropriately levy the fee?

那麼，是否有必要改變收購方的報告或類似的事情，以便您提取地點數量以適當收取費用？

The short answer is yes, but we have researched this significantly, understand what the changes would be, have solutions to make that happen, and are comfortable that this can be done in a relatively straightforward way within the timeframe contemplated.

簡短的回答是肯定的，但我們已經對此進行了大量研究，了解會發生什麼變化，有解決方案來實現這一點，並且很高興可以在預期的時間範圍內以相對簡單的方式完成。

Tim Willi, Wells Fargo.

富國銀行的蒂姆·威利。

Just a question on sort of thinking about routing preference and minimizing some of the bleed in marketshare.

只是一個關於考慮路由偏好和最小化市場份額流失的問題。

To what degree do you think that the marketshare you currently possess, and maybe the touch points of data and scale between the signature business and Interlink affords you a competitive advantage around cost or the data and value that you talk about in terms of building additional products versus what might be at the disposal of the competition if they decide to employ the same type of strategy?

您認為您目前擁有的市場份額，以及簽名業務和 Interlink 之間的數據和規模接觸點在多大程度上為您提供了圍繞成本或您談論的構建附加產品的數據和價值方面的競爭優勢與如果他們決定採用相同類型的策略，競爭對手可以支配什麼？

So I don't think there's any question with our installed base we have a highly, highly competitive cost position.

因此，我認為我們的安裝基礎沒有任何問題，我們擁有高度、極具競爭力的成本地位。

With the data that we process, we are very well-positioned in order to add value-added services.

憑藉我們處理的數據，我們可以很好地添加增值服務。

And with regards to routing preference, given our market position, we have assumed, as I said earlier, in our guidance that some of the volume is at risk.

關於路由偏好，鑑於我們的市場地位，正如我之前所說，我們在指導中假設部分交易量存在風險。

It is contained in our guidance, more PIN than signature.

它包含在我們的指導中，PIN 多於簽名。

And that there is -- and our guidance assumes that there would be some conversion of signature to PIN.

並且我們的指導假設將簽名轉換為 PIN 碼。

So our guidance is based on those assumptions.

因此，我們的指導基於這些假設。

Having said that, we feel very well-positioned to compete for transactions.

話雖如此，我們感覺自己在競爭交易方面處於有利地位。

The one change in the environment that we are sensitive to is that two unaffiliated networks need to be on those cards.

我們對環境中的一個變化很敏感，那就是這些卡上需要有兩個獨立的網絡。

And a meaningful number of our cards today are Visa branded on the front, Interlink on the back.

今天，我們有相當數量的卡在正面印有 Visa，背面印有 Interlink。

So we are mindful of that situation.

所以我們注意到這種情況。

Mindful that we will -- that puts us in a different competitive situation position in the post-Durbin world.

注意我們會——這使我們在後德賓世界中處於不同的競爭地位。

And that is the set of circumstances our strategies are aimed to address.

這就是我們的戰略旨在解決的一系列情況。

In general, we think that our clients, that our infrastructure, that our recent announcements on eCommerce and the wallet capabilities that we are developing, among a number of other things, put us in a very, very, very strong position.

總的來說，我們認為我們的客戶、我們的基礎設施、我們最近關於電子商務的公告以及我們正在開發的錢包功能等等，使我們處於非常、非常、非常強大的地位。

Which is not to say that there won't be competition, and it is not to say that we are not mindful of what other people can do.

這並不是說不會有競爭，也不是說我們不注意別人能做什麼。

I think that we have the largest marketshare because we have executed better than anyone else.

我認為我們擁有最大的市場份額，因為我們的執行比其他任何人都好。

I think that we have shown an ability to operate in [front] of the market.

我認為我們已經展示了在市場[前端]運作的能力。

I don't see any reason why that should change.

我看不出有什麼理由應該改變。

We will be diligent in that regard.

我們會在這方面努力。

And we will be mindful of the competition.

我們會注意競爭。

And we have thought long and hard about all of that in delivering our guidance.

在提供指導時，我們對所有這些都進行了長期而艱苦的思考。

At this point we have time for one more question.

在這一點上，我們有時間再問一個問題。

David Hochstim, Buckingham Research.

David Hochstim，白金漢研究中心。

I was wondering, are you planning to offer the new pricing structure, the network participation fee in any new markets outside the US at this point?

我想知道，此時您是否計劃在美國以外的任何新市場提供新的定價結構和網絡參與費？

Not at this point.

不是在這一點上。

Then could you just clarify two things.

那你能不能澄清兩點。

One, what the impact of gasoline prices was on spending in the last quarter and through July?

一，汽油價格對上個季度和整個 7 月份的支出有何影響？

And then just on United agreement what happened to the existing Continental cards when they expire or after the merger?

然後根據美聯航的協議，現有的大陸航空卡在到期時或合併後會發生什麼？

What happens to somebody who has a continental card with another brand on it?

持有帶有其他品牌的大陸卡的人會怎樣？

Well, you have asked a number of -- do you want to answer the gasoline one, Byron.

好吧，你已經問了很多——你想回答汽油問題嗎，拜倫。

Well, the gasoline -- well, actually, we can get back to you on the actual impacts.

好吧，汽油——好吧，實際上，我們可以就實際影響與您聯繫。

We do have a phenomena that when looking at the payment value for the payment volume trends that once pricing gets much above, I think, $3, approaching $4 a gallon, you begin seeing a switch from debit to credit.

我們確實有一個現象，當查看支付量趨勢的支付價值時，一旦定價遠高於 3 美元，接近每加侖 4 美元，你就會開始看到從借記到貸記的轉變。

So we are starting to see some of that, and some of that switch may come back the other way if prices drop.

所以我們開始看到其中的一些，如果價格下跌，其中一些轉變可能會以另一種方式回歸。

But largely what we are seeing is a somewhat higher percentage on credit and debit to gasoline, with no immediate trade out on other expenditures that is particularly noticeable.

但在很大程度上，我們看到的是汽油的貸記和借記比例略高，而其他特別明顯的支出沒有立即折價。

So that is it on gasoline.

這就是汽油。

It does not in aggregate add any significant amount to our growth.

總的來說，它並沒有為我們的增長帶來任何顯著的增長。

Yes, and we have made no explicit assumptions with regards to the impact of gasoline plus or minus in next year's -- with regards to next year's guidance.

是的，我們沒有對明年汽油加減的影響做出明確的假設——關於明年的指導。

On United/Continental, all new cards under the new plan will be issued Visa.

在 United/Continental 上，新計劃下的所有新卡都將發給 Visa。

And then the existing cards -- well, the way to articulate this is the deal is focused on the new issuance, and we get 100% of the new issuance given the effective date of the contract going forward.

然後是現有的卡片——嗯，表達這一點的方式是這筆交易的重點是新發行，鑑於未來合同的生效日期，我們將獲得 100% 的新發行。

Cards outstanding will be reissued as they are, plus the consumer, of course.

未償還的卡將按原樣重新發行，當然還有消費者。

All right, thank you all for joining us today.

好的，謝謝大家今天加入我們。

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

如果有人有任何後續問題，請隨時給維多利亞或我自己打電話。

Thank you.

謝謝你。

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

感謝您參加今天的電話會議。

This call has concluded, you may go ahead and disconnect at this time.

本次通話已結束，此時您可以繼續斷開連接。