Visa Inc (V) 2011 Q4 法說會逐字稿

Welcome to Visa Inc.

歡迎來到維薩公司。

fiscal Q4 2011 earnings conference call.

2011 財年第四季度財報電話會議。

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 it over to your host, Mr.

我現在想把它交給你的主人，先生。

Jack Carsky, head a Global Investor Relations.

Jack Carsky，全球投資者關係負責人。

You may begin.

你可以開始了。

Thank you very much.

非常感謝。

Good afternoon everyone.

大家下午好。

Welcome to Visa Inc.

歡迎來到維薩公司。

fiscal fourth-quarter and full-year 2011 earnings conference call.

2011 財年第四季度和全年財報電話會議。

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.

該電話目前正在互聯網上進行網絡廣播。

It can be accessed on the Investor Relations section of our website at www.investor.Visa.com.

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 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 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 today's earnings press release.

對於本次電話會議中披露的歷史非公認會計原則或備考相關財務信息，美國證券交易委員會 G 條例要求的相關公認會計原則措施和其他信息可在今天的收益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'll turn the call over to Joe.

有了這個，我會把電話轉給喬。

Thanks Jack.

謝謝杰克。

As always, thank you all for joining us today.

一如既往，感謝大家今天加入我們。

Visa closed out fiscal 2011 with a solid fourth quarter, delivering net operating revenues of $2.4 billion and a 13% increase over the same period last year.

Visa 在 2011 財年第四季度表現強勁，淨營業收入達到 24 億美元，比去年同期增長 13%。

Diluted earnings per share for the fourth quarter were $1.27, an increase of 34% on an adjusted basis.

第四季度每股攤薄收益為 1.27 美元，經調整後增長 34%。

As a reminder, our adjusted figures exclude the revaluation of the Visa Europe put option in the prior year.

提醒一下，我們的調整後數據不包括前一年對 Visa Europe 看跌期權的重估。

Revenue gains for the quarter were driven by strong payments volume growth around the globe, strong cross-border activity, and continued recovery in credit spend worldwide.

本季度的收入增長受到全球支付量強勁增長、跨境活動強勁以及全球信貸支出持續復甦的推動。

Net operating revenue growth for the quarter was impacted in part by a strategic decision to increase client incentives as Visa aggressively pursued routing decisions from US merchants and acquirers.

本季度淨營業收入增長部分受到增加客戶激勵的戰略決策的影響，因為 Visa 積極尋求美國商家和收單機構的路由決策。

These deals, most of which are one-time in nature, were the primary reason we modestly exceeded our annual incentive guidance of 16.5%.

這些交易，其中大部分是一次性的，是我們適度超過我們 16.5% 的年度激勵指導的主要原因。

Visa also delivered strong performance for the full fiscal year.

Visa 在整個財年也取得了強勁的業績。

Net operating revenue was a record $9.2 billion, a 14% increase over 2010.

淨營業收入達到創紀錄的 92 億美元，比 2010 年增長 14%。

Adjusted net income for the full year was $3.5 billion, a 22% increase over the prior year.

全年調整後的淨收入為 35 億美元，比上年增長 22%。

Full-year adjusted diluted earnings per share came in at $4.99, 28% ahead of last year.

全年調整後稀釋每股收益為 4.99 美元，比去年高出 28%。

While Byron will get into more specifics on fiscal 2012, we are continuing to commit to our guidance provided in July of high single to low double-digit revenue growth and mid to high teens earnings per share growth.

雖然拜倫將詳細介紹 2012 財年，但我們將繼續致力於我們在 7 月提供的高個位數至低兩位數收入增長和中高每股收益增長的指導。

This takes into account only modest global economic growth as well as anticipated industry reaction to the debit regulation.

這僅考慮了適度的全球經濟增長以及預期的行業對借方監管的反應。

Given our outlook for continued growth, we continue to deliver on our commitment to return excess cash back to shareholders.

鑑於我們對持續增長的展望，我們將繼續履行將多餘現金返還給股東的承諾。

During the quarter, Visa repurchased $423 million worth of our stock at an average price of $80.87.

本季度，Visa 以 80.87 美元的平均價格回購了價值 4.23 億美元的股票。

Last week, our Board of Directors authorized an additional $1 billion, bringing our current repurchase authorization to almost $1.6 billion.

上週，我們的董事會額外授權了 10 億美元，使我們目前的回購授權達到近 16 億美元。

As reported last week, our Board raised our dividend 47% over last year's rate to $0.88 per share on an annualized basis.

正如上週報導的那樣，我們的董事會將我們的股息按年率提高了 47%，達到每股 0.88 美元。

Visa is fundamentally committed to driving growth by expanding our core debit, credit, prepaid and commercial businesses, which offer tremendous potential to deliver near-term and long-term revenue growth and to deliver greater value to our financial institution and merchant clients.

Visa 從根本上致力於通過擴展我們的核心借記卡、信用卡、預付和商業業務來推動增長，這些業務為實現近期和長期收入增長以及為我們的金融機構和商戶客戶創造更大價值提供了巨大潛力。

The goal is to grow the number of users, acceptance locations and ways to use Visa products.

目標是增加用戶數量、接受地點和使用 Visa 產品的方式。

All of our priorities and investments focus on expanding that core well into the future.

我們所有的優先事項和投資都集中在將這個核心擴展到未來。

This includes applying both the businesses we've recently acquired, which are generating revenue growth today as discrete entities, as well as the innovative technologies we're developing in-house.

這包括應用我們最近收購的業務，這些業務今天作為離散實體產生收入增長，以及我們正在內部開發的創新技術。

Importantly, our core business is performing well today.

重要的是，我們的核心業務今天表現良好。

Worldwide, Visa delivered strong growth in the September quarter with credit and debit payment volumes growing 14% and 13% respectively.

在全球範圍內，Visa 在 9 月季度實現了強勁增長，信用卡和借記卡支付量分別增長了 14% 和 13%。

Cross-border volume also posted healthy gains, increasing 15%.

跨境交易量也實現了健康增長，增長了 15%。

As I review highlights for the quarter, let's first turn our attention to the United States.

在我回顧本季度的亮點時，讓我們首先將注意力轉向美國。

To help drive future growth, Visa finalized several deals with financial institutions over the past quarter.

為幫助推動未來增長，Visa 在過去一個季度與金融機構完成了幾筆交易。

These include an extension of our long-term credit and debit issuance agreement with PNC Bank and long-term brand agreements with the Independent Community Bankers Association and card services for credit unions.

其中包括延長我們與 PNC 銀行的長期信用卡和借記卡發行協議，以及與獨立社區銀行家協會的長期品牌協議以及信用合作社的卡服務。

In all cases, I firmly believe Visa's extensive industry expertise and experience were critical differentiating factors that helped secure these important wins.

在所有情況下，我都堅信 Visa 廣泛的行業專業知識和經驗是幫助贏得這些重要勝利的關鍵差異化因素。

We also continued to win important cobrand deals with valued partners.

我們還繼續與重要的合作夥伴贏得重要的聯合品牌交易。

This includes a new agreement with Williams-Sonoma as well as the Marathon Oil cobrand mandate which is a conversion from one of our largest competitors.

這包括與 Williams-Sonoma 的新協議以及 Marathon Oil 聯合品牌授權，這是我們最大的競爭對手之一的轉換。

These build on our momentum from the United Continental Holdings agreements announced last quarter.

這些建立在我們上個季度宣布的聯合大陸控股協議的勢頭之上。

On the acceptance front, our ongoing strategic initiative to expand merchant acceptance is yielding important benefits.

在接受方面，我們正在進行的擴大商家接受度的戰略舉措正在產生重要的好處。

For the 12 months ended June 30, the most recent date we have available, Visa expanded US acceptance by 400,000 merchant acceptance locations.

在截至 6 月 30 日的 12 個月中，Visa 將美國的接受範圍擴大了 400,000 個商家接受地點。

Now, we are building on that.

現在，我們正在以此為基礎。

Beginning next month, Neiman Marcus will accept Visa in all of their stores, building upon their long-standing acceptance of Visa products online.

從下個月開始，Neiman Marcus 將在其所有商店中接受 Visa，這是基於他們長期以來對在線 Visa 產品的接受。

Of course, we are moving forward on several fronts to implement our evolving debit strategies to the newly regulated US market.

當然，我們正在幾個方面向前推進，以將我們不斷發展的借記策略實施到新監管的美國市場。

These activities are progressing well and quickly, and as we address the needs of -- these activities are progressing well and quickly as we address the needs of both merchants and issuers.

這些活動進展順利，進展迅速，並且隨著我們滿足商家和發行人的需求，這些活動進展順利且迅速。

Our first set of activities focuses on winning merchant preference.

我們的第一組活動側重於贏得商家的偏好。

As a reminder, US debit revenue impacted by the regulation contributes approximately 20% of Visa's total revenue today.

提醒一下，受該法規影響的美國借記卡收入目前約佔 Visa 總收入的 20%。

Of that, Signature Debit contributes more than 75% of the US debit revenue.

其中，Signature Debit 貢獻了超過 75% 的美國借記卡收入。

We are confident in our ability to retain the overwhelming majority of that as we move forward in the newly regulated environment.

隨著我們在新監管的環境中前進，我們有能力保留其中的絕大多數。

However, to address the pockets of debit revenue at risk as a result of the regulation, particularly revenues related to PIN debit, we are moving forward quickly with a program to incent routing decisions.

然而，為了解決因監管而面臨風險的借方收入，特別是與 PIN 借方相關的收入，我們正在快速推進一項計劃，以激勵路由決策。

In fact, between the start of the fourth quarter today, Visa completed dozens of merchant deals and executed contracts with a handful of our largest acquirers.

事實上，從今天第四季度開始，Visa 完成了數十筆商戶交易，並與我們最大的幾家收購方簽訂了合同。

As I noted, by expanding our incentive program to the merchant community, we increased our client incentives line for the most recent quarter.

正如我所指出的，通過將我們的激勵計劃擴展到商家社區，我們增加了最近一個季度的客戶激勵線。

Byron will provide additional context, but I want it to be clear that I view these merchant incentive agreements as a critical aspect of Visa's business building strategy in this environment.

Byron 將提供更多背景信息，但我希望明確的是，我將這些商戶激勵協議視為 Visa 在這種環境下的業務建設戰略的一個關鍵方面。

These are investments that create strong and productive relationships with our merchant clients.

這些投資可以與我們的商家客戶建立牢固而富有成效的關係。

We are also moving forward with our modified debit economics, including the implementation of our network participation fee and the reduction of variable acquiring fees on Visa debit and Interlink.

我們還在推進修改後的借記經濟學，包括實施我們的網絡參與費以及降低 Visa 借記卡和 Interlink 的可變獲取費用。

As stated last quarter, we believe this offers merchants a greater incentive to route transactions over our network and an opportunity to lower their per-unit transaction costs.

正如上個季度所述，我們認為這為商家提供了通過我們的網絡路由交易的更大動力，並有機會降低其單位交易成本。

As for details, we anticipate providing specific pricing information to merchants and acquirers in January which will go into effect on April 1.

至於細節，我們預計在 1 月份向商戶和收單機構提供具體的定價信息，該信息將於 4 月 1 日生效。

As a result, we will begin to recognize the related revenue impact in our fiscal third quarter of 2012.

因此，我們將在 2012 財年第三季度開始認識到相關的收入影響。

At the same time, we are intensely focused on maintaining and expanding debit issuance through strong partnerships with financial institution clients.

同時，我們通過與金融機構客戶建立牢固的合作夥伴關係，專注於維持和擴大借記卡發行。

I have been clear, since the Fed debit rules were finalized, the new legal requirements will likely result in a portion of transactions being moved away from Interlink as issuers take action to comply with the regulation.

我很清楚，自從美聯儲借記卡規則最終確定後，新的法律要求可能會導致部分交易從 Interlink 移出，因為發行人會採取行動遵守該規定。

Specifically, in limited cases, this may very well result in the removal of Interlink from the card and migration to a competing network.

具體來說，在有限的情況下，這很可能會導致從卡中刪除 Interlink 並遷移到競爭網絡。

These changes to the market are incorporated in our guidance.

這些市場變化已包含在我們的指導中。

A key part of our strategy positions Visa to compete for every transaction on a Visa branded debit card.

我們戰略的一個關鍵部分是讓 Visa 競爭 Visa 品牌借記卡的每筆交易。

To that end, earlier this year, we reminded clients that Visa check cards are enabled for PIN authentication.

為此，今年早些時候，我們提醒客戶，Visa 支票卡已啟用 PIN 身份驗證。

While merchant acquirers have historically used signature authentication for check cards, in the overwhelming majority of circumstances, Visa is fully capable of facilitating both signature and PIN debit transactions over one network, VisaNet.

雖然商家收單機構歷來對支票卡使用簽名驗證，但在絕大多數情況下，Visa 完全有能力通過一個網絡 VisaNet 促進簽名和 PIN 借記卡交易。

This is an important competitive advantage and differentiator in the new environment.

這是新環境下重要的競爭優勢和差異化因素。

Bottom line -- as a long-term leader in debit, I am confident Visa offers issuers a differentiated suite of debit products, a robust processing platform, and economics that will help clients optimize their growth.

底線——作為藉記卡領域的長期領導者，我相信 Visa 為發行人提供了一套差異化的借記卡產品、強大的處理平台和經濟性，將幫助客戶優化其增長。

Turning our attention outside the United States, we are steadily expanding Visa's international business and are ahead of our stated goal of driving 50% of revenue from international markets by 2015.

將注意力轉移到美國以外，我們正在穩步擴展 Visa 的國際業務，並提前實現了到 2015 年將 50% 的收入來自國際市場的既定目標。

In fact, our international businesses grew 19% in the fourth quarter, driving 65% of Visa's overall revenue growth.

事實上，我們的國際業務在第四季度增長了 19%，推動了 Visa 整體收入增長的 65%。

Each market is distinct and requires a unique approach to drive local growth.

每個市場都是不同的，需要一種獨特的方法來推動本地增長。

But much like the United States, the overwhelming majority of near-term revenue growth will come from expanding Visa's core businesses, including affluent credit, debit and processing.

但與美國很像，近期收入增長的絕大部分將來自於擴展 Visa 的核心業務，包括豐富的信貸、借記和處理。

For one example, let's turn our attention to Latin America, where our core fundamentals are incredibly strong and Visa has increased share in each of the past five years.

舉個例子，讓我們把注意力轉向拉丁美洲，我們的核心基本面非常強勁，Visa 在過去五年中每年的份額都在增加。

That is both share versus cash and checks and share versus our traditional network competition.

這既是分享與現金，又是支票和分享與我們傳統的網絡競爭。

We are building on that momentum.

我們正在建立這種勢頭。

In Mexico, Visa signed an extensive partnership contract with BBVA Bank [Kolmer] to expand our long-standing relationship across a broad suite of products and services.

在墨西哥，Visa 與 BBVA Bank [Kolmer] 簽署了廣泛的合作夥伴合同，以擴大我們在一系列產品和服務方面的長期合作關係。

This client is Visa's largest issuer and acquirer in Mexico, as well as the largest financial institution in the country.

該客戶是Visa在墨西哥最大的發行人和收單機構，也是該國最大的金融機構。

In Brazil, we strengthened our partnership with Banco Rendimento to provide Visa processing services on prepaid products in the country.

在巴西，我們加強了與 Banco Rendimento 的合作，為該國的預付產品提供簽證處理服務。

We are also engaged in productive discussions with other Brazilian clients and hope to soon announce some important transaction.

我們還與其他巴西客戶進行了富有成效的討論，並希望盡快宣布一些重要的交易。

Our Asia-Pacific region also continues to deliver very strong growth with payments volume growing by 17% for the most recent quarter.

我們的亞太地區也繼續實現非常強勁的增長，最近一個季度的支付量增長了 17%。

Drive future growth in the region, we signed several important agreements with key clients.

推動該地區未來的增長，我們與主要客戶簽署了多項重要協議。

For example, in Australia, we secured an important agreement with Westpac Banking Group for expanded prepaid processing services.

例如，在澳大利亞，我們與西太平洋銀行集團就擴大預付處理服務達成了一項重要協議。

On the merchant front, we established acceptance for Visa prepaid products at Woolworths Group, the largest retailer in Australia, a critical step towards bringing prepaid into the financial mainstream in that country.

在商戶方面，我們在澳大利亞最大的零售商 Woolworths Group 建立了對 Visa 預付產品的認可，這是將預付帶入該國金融主流的關鍵一步。

Lastly, let's talk about innovation.

最後，讓我們談談創新。

We are aggressively stepping up investment in new technologies that will increase transactions on our core business platforms and add incremental value to the merchant community and create new revenue opportunities for both Visa and our clients.

我們正在積極加大對新技術的投資，這將增加我們核心業務平台上的交易，為商戶社區增加增值，並為 Visa 和我們的客戶創造新的收入機會。

As technology and thus the physical and digital shopping worlds converge, Visa is building its platforms in anticipation of a broad global adoption of next-generation payment technologies, including e-commerce, mobile payments, and information products.

隨著技術以及實體和數字購物世界的融合，Visa 正在構建其平台，以期在全球範圍內廣泛採用下一代支付技術，包括電子商務、移動支付和信息產品。

Over the past 18 months, we've enhanced our position by assembling what we believe are the best assets in the business, including CyberSource, PlaySpan, and Fundamo.

在過去的 18 個月中，我們通過整合我們認為是業務中最好的資產（包括 CyberSource、PlaySpan 和 Fundamo）來鞏固我們的地位。

Each of these are discrete businesses driving revenue growth today and arm Visa with best-in-class technology and capabilities to quickly bring emerging products to market.

這些都是推動當今收入增長的獨立業務，並為 Visa 提供一流的技術和能力，以快速將新興產品推向市場。

Combined with Visa technology, global reach and proven reliability and security, these new assets will enable Visa to capture significant new revenue opportunities by providing the backbone for our next-generation offerings in the US and globally.

結合 Visa 技術、全球影響力以及久經考驗的可靠性和安全性，這些新資產將通過為我們在美國和全球的下一代產品提供支柱，使 Visa 能夠抓住重要的新收入機會。

When it comes to next-generation products, everyone is talking digital wallets.

談到下一代產品，每個人都在談論數字錢包。

As a reminder, you don't transact with a wallet, whether it's leather or digital.

提醒一下，您不會使用錢包進行交易，無論是皮革錢包還是數字錢包。

You transact with what's stored in that wallet.

您使用該錢包中存儲的內容進行交易。

We have spent decades successfully placing nearly 2 billion Visa cards in cardholders' wallets.

我們花了幾十年的時間成功地將近 20 億張 Visa 卡放入持卡人的錢包中。

Today, when most people talk about digital wallets, they're talking about NFC payment on a mobile phone.

今天，當大多數人談論數字錢包時，他們談論的是手機上的 NFC 支付。

In that regard, no company is doing more than Visa to set the stage for broad adoption.

在這方面，沒有一家公司比 Visa 做得更多，為廣泛採用奠定了基礎。

Visa's suite of wallet solutions include "Click to Buy", Touch to Buy", and "Tap to Buy" which embrace e-commerce transactions, mobile commerce transactions, and transactions at the physical point-of-sale using NFC chips.

Visa 的錢包解決方案套件包括“點擊購買”、“觸摸購買”和“點擊購買”，包括電子商務交易、移動商務交易和使用 NFC 芯片在實體銷售點進行的交易。

Our top priority is making the act of purchasing online or on a mobile device as convenient as when you use your plastic card, benefiting both consumers and merchants.

我們的首要任務是讓在線或移動設備上的購買行為像使用塑料卡一樣方便，讓消費者和商家都受益。

Today, 46% of all e-commerce transactions are conducted with a Visa product.

如今，46% 的電子商務交易都是通過 Visa 產品進行的。

I'm confident Visa is positioned for continued leadership in this category.

我有信心 Visa 將繼續在這一領域保持領先地位。

To that end, we will soon begin rolling out a superior and simple online shopping experience through a "Click to Buy" payment capability which will be available on mobile devices and at home on your computer.

為此，我們將很快開始通過“點擊購買”支付功能推出卓越而簡單的在線購物體驗，該功能將在移動設備上和您家中的電腦上提供。

Our "Click to Buy" and "Touch to Buy" functionality includes aliasing capabilities, requiring only a username and a password at checkout.

我們的“點擊購買”和“觸摸購買”功能包括別名功能，結賬時只需要用戶名和密碼。

This increases ease-of-use and customer convenience while maintaining the highest level of security for Visa cardholder accounts.

這增加了易用性和客戶便利性，同時為 Visa 持卡人賬戶保持最高級別的安全性。

Rollout of our "Click to Buy" functionality begins in November with pilot programs in integration with merchants.

我們的“點擊購買”功能將於 11 月開始推出，並與商家整合試點計劃。

Following that, we will introduce subsequent releases in the first quarter of calendar year 2012, expanding functionality to include loyalty programs and the like over the following months.

之後，我們將在 2012 日曆年第一季度推出後續版本，在接下來的幾個月中將功能擴展到包括忠誠度計劃等。

In parallel, we are committed to consumer choice and developing partnerships to ensure that core Visa products can be used easily no matter which wallet a consumer chooses to use.

與此同時，我們致力於消費者選擇和發展合作夥伴關係，以確保無論消費者選擇使用哪種錢包，都可以輕鬆使用核心 Visa 產品。

Our recent agreements to license payWave technology to Google Wallet and Isis are two prominent examples, and we are actively engaged with other leading players in the social networking, mobile, e-commerce and related industries.

我們最近將 payWave 技術許可給 Google Wallet 和 Isis 的協議就是兩個突出的例子，我們正積極與社交網絡、移動、電子商務和相關行業的其他領先企業合作。

Another important element of our innovation strategy is creating new offerings that deliver differentiated value with the tremendous data that Visa generates.

我們創新戰略的另一個重要元素是創造新產品，利用 Visa 生成的海量數據提供差異化價值。

Our scale and reach provide the most compelling transaction information available in the world, and we will use this data to strategically grow our business.

我們的規模和影響力提供了世界上最引人注目的交易信息，我們將利用這些數據戰略性地發展我們的業務。

We use that advantage today in applying aggregated anonymous data to power our Advanced Authorization Service, which has helped to drive broad rates the lowest level in years.

今天，我們利用這一優勢應用聚合匿名數據來支持我們的高級授權服務，這有助於將廣泛的費率推至多年來的最低水平。

Now we intend to extend that capability to driving even more value to consumers as well as merchants.

現在，我們打算將這種能力擴展到為消費者和商家帶來更多價值。

Let me be clear that we are 100% committed to maintaining the highest standard of security and privacy with this information.

讓我明確一點，我們 100% 致力於通過這些信息維護最高標準的安全和隱私。

And of course, account-specific information will only be used with direct consumer permission.

當然，帳戶特定信息只有在消費者直接許可的情況下才能使用。

One example of what Visa can do with the information products is our real-time messaging service, which brings benefits of the virtual world to the point-of-sale.

Visa 可以利用信息產品做的一個例子是我們的實時消息服務，它將虛擬世界的好處帶到銷售點。

We are building sales momentum and now have 14 major merchants under contract, representing 68 brands across a wide range of verticals.

我們正在建立銷售勢頭，現在有 14 家主要商戶簽約，代表 68 個品牌，涉及廣泛的垂直領域。

We are exploring ways in which this platform can be leveraged to enhance issuers' relationships with their cardholders.

我們正在探索如何利用這個平台來加強發卡行與其持卡人的關係。

Prominent partners signed during the fourth quarter include United MileagePlus, Nordstrom's, Guess, and Petco.

第四季度簽約的主要合作夥伴包括 United MileagePlus、Nordstrom's、Guess 和 Petco。

We are working towards more deals in the near term.

我們正在努力在短期內達成更多交易。

I strongly believe this transaction in the market is a testament to the effectiveness of this product in enhancing the value proposition Visa offers to merchants by helping to drive their customer loyalty and sales while also incenting routing decisions to Visa.

我堅信這一市場交易證明了該產品在增強 Visa 為商家提供的價值主張方面的有效性，它有助於提高客戶的忠誠度和銷售額，同時也激勵 Visa 的路由決策。

Outside the US, we are investing in innovative mobile money solutions in both developed and emerging markets, recognizing the different geographies require specifically tailored (technical difficulty).

在美國以外，我們在發達市場和新興市場投資創新的移動貨幣解決方案，認識到不同的地區需要專門定制（技術難度）。

An important key to our efforts is Fundamo, the global leader in deploying mobile payment platforms for developing markets.

我們努力的一個重要關鍵是 Fundamo，它是為發展中市場部署移動支付平台的全球領導者。

Fundamo has a track record of more than 50 successful client deployments in 40 countries, including 27 countries in Africa, Asia and in the Middle East, and is in the process of integrating its mobile money services platform with VisaNet and an array of Visa products and services.

Fundamo 在 40 個國家/地區（包括非洲、亞洲和中東的 27 個國家/地區）擁有 50 多個成功的客戶部署記錄，並且正在將其移動貨幣服務平台與 VisaNet 和一系列 Visa 產品集成，以及服務。

I look forward to providing some important updates on our progress in the coming months.

我期待在未來幾個月內提供有關我們進展的一些重要更新。

So, to sum it up, I think the examples showcased by today highlight how Visa is building off of our strong foundation and moving ahead, both in the US and around the world.

因此，總而言之，我認為今天展示的例子突出了 Visa 如何在我們強大的基礎上建立並在美國和世界各地繼續前進。

We are harnessing our strong core businesses, our competitive differentiators, and our ongoing focus on new technologies to position Visa for revenue growth and as a leader for the payments industry well into the future.

我們正在利用我們強大的核心業務、我們的競爭優勢以及我們對新技術的持續關注，以使 Visa 實現收入增長並成為未來支付行業的領導者。

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.

謝謝喬。

I'll begin with some overall observations.

我將從一些總體觀察開始。

First, Visa's 13% net revenue growth in the fourth quarter was once again broad-based with solid 8% growth in the United States and a very strong 19% growth rate in rest of world.

首先，Visa 第四季度 13% 的淨收入增長再次具有廣泛的基礎，在美國實現了 8% 的穩健增長，在世界其他地區實現了非常強勁的 19% 的增長率。

Approximately 65% of the quarter's revenue growth came from outside the United States.

本季度約 65% 的收入增長來自美國以外地區。

This means non-US revenue in the quarter was 45% of Visa's total.

這意味著該季度的非美國收入佔 Visa 總收入的 45%。

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

其次，美國收入增長得到連續七個季度信貸支付量正增長的支撐。

Most recently, the months of August and September comped at 11% respectively, which continues the strong growth we have seen all year.

最近，8 月和 9 月的增長率分別為 11%，這延續了我們全年看到的強勁增長。

While encouraging, much of this volume over the past year has been driven by affluent cardholders.

雖然令人鼓舞，但過去一年的大部分交易量都是由富裕的持卡人推動的。

As we enter fiscal 2012, it is worth noting that we have not yet seen any discernible broadening of the US credit spending base beyond this affluent income group.

當我們進入 2012 財年時，值得注意的是，我們尚未看到美國信貸支出基礎在這一富裕收入群體之外有任何明顯的擴大。

Third, client incentives for the quarter as a percent of gross revenue were 19.5%, resulting in a full-year incentive level of 17%, slightly ahead of our full fiscal year expectation.

第三，本季度客戶激勵佔總收入的百分比為 19.5%，全年激勵水平為 17%，略高於我們整個財年的預期。

Two incentive call outs -- first, on the issuing side, as telegraphed on our last earnings call, a disproportionate number of our contracts got signed in Q4.

兩次激勵呼籲——首先，在發行方面，正如我們上次財報電話會議所電報的那樣，我們在第四季度簽署了不成比例的合同。

Second, on the acceptance side, we experienced greater success than anticipated in the signing of partnership contracts with merchants and acquirers.

其次，在受理方面，我們在與商戶和收單機構簽訂合作合同方面取得了比預期更大的成功。

Finally, operating expenses for the quarter were 2% above the prior year while on a fiscal year basis they were up 7%.

最後，本季度的運營費用比上年同期增長 2%，而在財年基礎上則增長了 7%。

During the fourth quarter, we incurred approximately $30 million of previously unplanned restructuring expenses, close to one half of which were the result of the decommissioning of our London office.

在第四季度，我們產生了大約 3000 萬美元的先前計劃外的重組費用，其中近一半是由於我們倫敦辦事處的退役造成的。

The majority of these positions will be relocated to other countries, placing them closer to the clients we serve.

這些職位中的大部分將被轉移到其他國家，使他們更接近我們所服務的客戶。

Of course, we also incurred incremental expenses associated with the acquisitions of PlaySpan and Fundamo.

當然，我們還產生了與收購 PlaySpan 和 Fundamo 相關的額外費用。

Excluding the restructuring and acquisition related costs, expense growth this fiscal year was in line with our expectations for heightened investment spending to support our core businesses, our e-commerce, and mobile initiatives, as well as the growth of our CyberSource business internationally.

剔除重組和收購相關成本，本財年的費用增長符合我們對增加投資支出以支持我們的核心業務、電子商務和移動計劃以及我們的 CyberSource 國際業務增長的預期。

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 process transaction trends for both the June and September quarters, as well as results through October 21.

首先，我將介紹我們 6 月和 9 月季度的全球支付量和流程交易趨勢，以及截至 10 月 21 日的結果。

I'll then cover the financial highlights of our fiscal fourth quarter, followed by our guidance outlook for fiscal 2012.

然後，我將介紹我們第四財季的財務亮點，然後是我們對 2012 財年的指導展望。

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

9 月季度的全球支付量增長（以固定美元計）為 13%，與 6 月季度相對持平。

We saw the following breakdowns in the September quarter.

我們在 9 月季度看到了以下細分。

In the US, payment volume growth was 9%, a slight decrease from the 10% growth we saw in the June quarter.

在美國，支付量增長 9%，比我們在 6 月季度看到的 10% 增長略有下降。

Rest of world payment volume on a constant dollar basis grew at 18%, unchanged from the June quarter.

世界其他地區按固定美元計算的支付量增長了 18%，與 6 月季度持平。

More recently, through October 21, US payment volume growth came in at 9%.

最近，截至 10 月 21 日，美國的支付量增長了 9%。

Although not yet available based on the trends we saw during the fourth quarter, we expect rest of world payment volume growth will continue to exceed the US by a comfortable margin.

儘管根據我們在第四季度看到的趨勢尚無法提供，但我們預計世界其他地區的支付量增長將繼續以可觀的幅度超過美國。

Global cross-border volume delivered a solid 15% growth rate on a constant dollar basis in the September quarter, up slightly from a 14% rate in the June quarter.

按固定美元計算，9 月份季度全球跨境交易量實現了 15% 的穩健增長，略高於 6 月份季度的 14%。

We continued to see a recovery in inbound travel to Japan, the Middle East and North Africa, and the longer-term trend, absent an economic downturn, appears to be back on track.

我們繼續看到日本、中東和北非的入境旅遊復甦，而且在沒有經濟衰退的情況下，長期趨勢似乎回到了正軌。

Through October 21, cross-border volumes on a constant dollar basis grew 13%.

截至 10 月 21 日，按固定美元計算的跨境交易量增長了 13%。

Transactions processed over Visa's network totaled $13 billion in the fiscal fourth quarter, a 9% increase over the prior-year period and modestly behind the 11% growth rate we saw in the June quarter.

第四財季通過 Visa 網絡處理的交易總額為 130 億美元，比去年同期增長 9%，略低於我們在 6 月季度看到的 11% 的增長率。

Through October 21, processed transactions posted growth of 8%.

截至 10 月 21 日，已處理的交易量增長了 8%。

Now, turning to the income statement, net operating revenue in the quarter was $2.4 billion, a 13% increase year-over-year, driven by strong growth in regions outside of the United States, previously enacted pricing changes, and solid cross-border transaction growth.

現在，轉向損益表，該季度的淨營業收入為 24 億美元，同比增長 13%，這主要得益於美國以外地區的強勁增長、之前實施的定價變化以及穩固的跨境業務交易增長。

For the full fiscal year 2011, net revenues were $9.2 billion, a 14% increase over the prior year.

2011 財年全年，淨收入為 92 億美元，比上年增長 14%。

The foreign exchange impact on net revenue was moderated by our hedging activities and contributed 2 percentage points of growth in Q4 and on a full-year basis.

我們的對沖活動緩和了外匯對淨收入的影響，並在第四季度和全年貢獻了 2 個百分點的增長。

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 June quarter as well as previously enacted strategic pricing adjustments.

這反映了 6 月季度的強勁支付量增長以及先前製定的戰略定價調整。

Data processing revenue was $925 million, up 10% over the prior year's quarter, and 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 9.25 億美元，比去年同期增長 10%。

On that note, CyberSource posted a 31% gain in transaction over the prior year's quarter and 36% growth for the full fiscal year.

在這方面，CyberSource 公佈的交易量比去年同期增長了 31%，整個財年增長了 36%。

International transaction revenue was up 23% to $758 million, reflecting continued strength in cross-border volumes, strategic pricing adjustments outside the United States, and above-average currency volatility during the period.

國際交易收入增長 23% 至 7.58 億美元，反映出該期間跨境交易量持續強勁、美國以外地區的戰略定價調整以及高於平均水平的貨幣波動。

As I highlighted earlier, client incentives for the full year came in at 17%, slightly ahead of guidance but fully consistent with our strategy to incent US merchants and acquirers to choose Visa when routing signature and PIN debit transactions.

正如我之前強調的那樣，全年的客戶激勵率為 17%，略高於預期，但與我們鼓勵美國商家和收單機構在路由簽名和 PIN 借記卡交易時選擇 Visa 的策略完全一致。

Total operating expense for the quarter was $1 billion, up 2% from the prior year.

本季度總運營費用為 10 億美元，比去年同期增長 2%。

As a reminder, these results include operating expenses for CyberSource, PlaySpan, and Fundamo, of which the latter two were not included in Q4 of the prior year.

提醒一下，這些結果包括 CyberSource、PlaySpan 和 Fundamo 的運營費用，其中後兩者未包括在上一年的第四季度。

For the full fiscal year 2011, expenses totaled $3.7 billion, a 7% increase over the 2010 period.

整個 2011 財年的支出總額為 37 億美元，比 2010 年期間增長了 7%。

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

最後提醒一下，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, $45 million of revenue and expense which were booked in Q4 fiscal year 2010 did not recur in Q4 fiscal year 2011.

與該公告一致，2010 財年第四季度入賬的 4500 萬美元收入和費用在 2011 財年第四季度沒有發生。

In the current quarter, this represented 2 percentage points of revenue growth.

在本季度，這代表了 2 個百分點的收入增長。

Our operating margin for the quarter was 57% after absorbing 120 basis points of impact from one-time restructuring charges.

在吸收了一次性重組費用的 120 個基點的影響後，我們本季度的營業利潤率為 57%。

Our full fiscal year operating margin was 59%, in line with our yearly guidance.

我們整個財年的營業利潤率為 59%，符合我們的年度指導。

Capital expenditures were $117 million in the quarter and totaled $353 million for the year.

本季度資本支出為 1.17 億美元，全年總計 3.53 億美元。

This was on target with last quarter's revised guidance.

這符合上一季度修訂後的指導方針。

On the acquisition front, the PlaySpan acquisition was EPS dilutive by $0.01 for the fourth quarter and $0.03 for the full year.

在收購方面，對 PlaySpan 的收購對第四季度和全年的每股收益分別攤薄了 0.01 美元和 0.03 美元。

The Fundamo acquisition was EPS dilutive by $0.01 in the fourth quarter and $0.02 for the full year.

對 Fundamo 的收購使第四季度每股收益稀釋了 0.01 美元，全年稀釋了 0.02 美元。

Finally, our reported GAAP tax rate for Q4 was 35% and 35.5% for the full year.

最後，我們報告的第四季度 GAAP 稅率為 35%，全年為 35.5%。

Adjusting to exclude the beneficial impact of the put revaluation last quarter, the tax rate would have been 36.3% for the fiscal year, consistent with our guidance.

調整以排除上季度看跌期權重估的有利影響，本財年的稅率為 36.3%，與我們的指導一致。

As Joe mentioned, we were buyers of our stock during the quarter, repurchasing 5.2 million shares at an average price of $80.87.

正如喬所說，我們在本季度是我們股票的買家，以 80.87 美元的平均價格回購了 520 萬股。

For the full fiscal year, Visa spent $3.2 billion to effectively repurchase 43 million shares at an average price of $74.94.

整個財年，Visa 花費 32 億美元以平均 74.94 美元的價格有效回購了 4300 萬股股票。

Inclusive of dividend payments, we returned over $3.6 billion to our shareholders in fiscal 2011.

包括股息支付在內，我們在 2011 財年向股東返還了超過 36 億美元。

At the end of the quarter, we had 687 million shares outstanding on an as-converted basis.

在本季度末，我們有 6.87 億股按轉換後的流通股。

Fully diluted shares outstanding totaled 692 million.

完全稀釋的流通股總數為6.92億股。

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 $1 billion increase to our existing share repurchase plan.

Visa 仍然致力於將多餘的現金返還給股東，為此，正如喬在一開始提到的那樣，我們的董事會授權將我們現有的股票回購計劃增加 10 億美元。

Our current open to buy now stands at approximately $1.6 billion.

我們目前的公開買入價約為 16 億美元。

As has been our practice, we will execute trades at prices we feel are attractive, relative to the long-term value of Visa.

按照我們的慣例，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交易。

We also raised our annual dividend 47% to $0.88 per share, which represents a payout ratio of about 17% on 2011 adjusted earnings.

我們還將年度股息提高 47% 至每股 0.88 美元，相當於 2011 年調整後收益的約 17% 的派息率。

Finally, our guidance for fiscal 2012.

最後，我們對 2012 財年的指導。

Last quarter, we communicated to you our expectation for revenue and earnings.

上個季度，我們向您傳達了我們對收入和收益的預期。

As Joe said at the outset, we remain comfortable with that initial look -- net revenue growth in the high single to low double-digit range, and diluted EPS growth in the mid to high teens.

正如喬一開始所說，我們仍然對最初的樣子感到滿意——淨收入增長在高個位數到低兩位數範圍內，而每股收益增長在中高位。

Client incentives are expected to range from 17% to 18% of gross revenues.

客戶獎勵預計將佔總收入的 17% 至 18%。

The modest uptick over fiscal 2011 is driven by a growing level of incentives for financial institutions outside the United States in combination with incentive contracts with large merchants aimed at influencing routing decisions for Visa debit transactions.

與 2011 財年相比的小幅增長是由於對美國以外金融機構的激勵措施不斷提高，以及與大型商戶簽訂的旨在影響 Visa 借記卡交易路由決策的激勵合同。

Marketing expense is projected to be under $1 billion.

營銷費用預計將低於 10 億美元。

While somewhat higher than the past two years, it is reflective of incremental investment to support our key country growth strategies, our new product initiatives, recent acquisitions, as well as some modest incremental spend associated with Visa sponsorship of the Summer Olympic Games.

雖然略高於過去兩年，但它反映了為支持我們的關鍵國家增長戰略、我們的新產品計劃、最近的收購以及與 Visa 贊助夏季奧運會相關的一些適度的增量支出而增加的投資。

Operating margin is expected to remain at about 60%.

營業利潤率預計將保持在60%左右。

The cash tax rate is expected to be in the 33% to 34% range.

現金稅率預計在 33% 至 34% 之間。

This reduction anticipates a change in the formula for calculating our state tax rate, as well as our initial filing for foreign tax credit.

這種減少預計計算我們州稅率的公式以及我們最初申請外國稅收抵免的公式會發生變化。

Since this lower tax rate is expected to be ongoing, it will likely result in a revaluation of our deferred tax liability.

由於預計這種較低的稅率將持續下去，因此可能會導致我們的遞延所得稅負債的重估。

This one-time non-cash adjustment may reduce Visa's tax rate an additional 1 to 2 percentage points for the year.

這種一次性的非現金調整可能會使 Visa 的稅率在當年額外降低 1 至 2 個百分點。

However, to be clear, our adjusted earnings per share growth target for 2012 assumes a 33% to 34% cash rate.

然而，需要明確的是，我們調整後的 2012 年每股收益增長目標假設現金利率為 33% 至 34%。

Capital expenditures are projected to range from $350 million to $400 million.

資本支出預計在 3.5 億美元至 4 億美元之間。

This represents a modest increase over the $353 million we spent in 2011 and fully funds investments we are making across the globe in support of our core business, as well as our mobile and e-commerce initiative.

這比我們在 2011 年花費的 3.53 億美元略有增加，並為我們在全球範圍內為支持我們的核心業務以及我們的移動和電子商務計劃所做的投資提供了全額資金。

Finally, we expect free cash flow above $4 billion.

最後，我們預計自由現金流將超過 40 億美元。

Our priorities for use of this cash remain the same -- first, reinvesting in the business; second, appropriate acquisitions; and third, distribution to our shareholders in the form of dividends and share repurchases.

我們使用這筆現金的優先事項保持不變——首先，對業務進行再投資；第二，適當的收購；第三，以股息和股份回購的形式分配給我們的股東。

As to fiscal 2013 guidance, as we previously stated in July, we expect an acceleration of revenue and EPS off 2012 levels.

至於 2013 財年的指引，正如我們之前在 7 月所述，我們預計收入和每股收益將比 2012 年的水平加速。

We will provide additional clarity around 2013 as we approach the beginning of that fiscal year.

隨著我們接近該財政年度的開始，我們將在 2013 年左右提供更多的明確性。

With that, operator, we are ready to take questions.

有了這個，接線員，我們準備好回答問題了。

(Operator Instructions).

（操作員說明）。

Bob Napoli, William Blair.

鮑勃·那不勒斯，威廉·布萊爾。

Thank you.

謝謝你。

Good afternoon.

下午好。

A question on the incentives.

關於激勵的問題。

What are the lengths of terms of the merchant contracts, and would we expect to see the incentives higher earlier in the year as you continue to aggressively negotiate these routing incentives with the merchants?

商戶合同的期限有多長，隨著您繼續與商戶積極協商這些路由激勵措施，我們是否會期望在今年早些時候看到更高的激勵措施？

Byron.

拜倫。

The answer is the -- let's say the average length of the merchant contracts that we've been signing at are about two years.

答案是——假設我們簽署的商戶合同的平均期限約為兩年。

To your second question I would say no, they would be more back-end of your weighted, once we begin to see what the actual routing experience is related to those contracts.

對於您的第二個問題，我會說不，一旦我們開始了解與這些合同相關的實際路由體驗，它們將是您加權的更多後端。

Much of what was booked in the fourth quarter was one-time.

第四季度的大部分預訂都是一次性的。

Therefore, the bulk of the incentives associated with this will be validated during the course of the year once we understand what the actual routing experience is.

因此，一旦我們了解了實際的路由體驗，與此相關的大部分激勵措施將在一年中得到驗證。

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

Thanks guys.

多謝你們。

Just wanted to ask a question related to the non-US side of the business.

只是想問一個與非美國業務相關的問題。

Obviously the growth remains very strong there.

顯然，那裡的增長仍然非常強勁。

I wanted to get a directional sense on the kind of revenue yield you are seeing outside the US versus inside the US.

我想對你在美國以外和美國國內看到的收入收益率有一個方向感。

I guess we tend to think that it's less outside the US because you aren't processing as much or as many of your own transactions there.

我想我們傾向於認為它在美國以外的地方較少，因為您在那里處理的交易量不及您自己的交易量。

So just wanted to get a sense that if we continue to see this trend of non-US growing revs and volumes faster than the US, what does that imply for overall operating margins over the longer term as you continue to go through that mix shift and ultimately get non-US to be north of 50% of total revs?

因此，只是想了解一下，如果我們繼續看到這種非美國地區的轉速和銷量增長速度快於美國的趨勢，那麼隨著您繼續經歷這種混合轉變和最終讓非美國用戶佔總轉速的 50% 以上？

We don't -- we've never disclosed what the revenues are in countries outside the United States.

我們沒有——我們從未披露過美國以外國家的收入。

Obviously, when we're not processing, there is a different yield structure -- I just have to say that what is growing our net revenues as a percentage of our total net revenues.

顯然，當我們不處理時，會有不同的收益結構——我只想說是什麼使我們的淨收入增長占我們總淨收入的百分比。

So net of incentives, these are the revenues that we're booking, and so I think that's a pretty good news story.

因此，扣除激勵措施後，這些是我們預定的收入，所以我認為這是一個非常好的消息。

Yes, let me add two dynamics here.

是的，讓我在這裡添加兩個動態。

As we begin to grow and penetrate outside the United States, remember the first areas that are penetrated tend to be cross-volume, cross-border types of transactions.

當我們開始在美國以外發展和滲透時，請記住，首先滲透的領域往往是跨交易量、跨境類型的交易。

So the yields there are early in the development curve are much higher.

因此，發展曲線早期的收益率要高得多。

As we begin to penetrate more and more domestic payment volume of countries outside the United States, domestic comes with less international.

隨著我們開始越來越多地滲透到美國以外國家的國內支付量，國內的國際支付量越來越少。

Therefore, the yields, frankly in any country, including the United States, will naturally move down as domestic picks up a bigger piece of the payment volume.

因此，坦率地說，包括美國在內的任何國家的收益率都會隨著國內支付量的增加而自然下降。

Then there is one final dynamic, which is actually important to understanding how our incentives behave in 2012, which is when we originally went public, the notion of having multi-year contracts was primarily a US phenomenon.

然後是最後一個動態，這對於理解我們的激勵措施在 2012 年的表現實際上很重要，也就是我們最初上市時，擁有多年合同的概念主要是美國的現象。

What has happened over time is that we have pursued a deliberate strategy of entering into multi-year contracts with our major clients.

隨著時間的推移，我們採取了一項深思熟慮的戰略，即與我們的主要客戶簽訂多年合同。

As we have pursued that aggressively outside the United States, the quid pro quo for a multi-year contract is incentives.

正如我們在美國以外積極追求的那樣，多年合同的交換條件是激勵措施。

So as we put more -- as our volumes build overseas, as more and more of our clients are under multi-year contract, our incentives will just naturally rise, which then has an impact on yield.

因此，隨著我們投入更多——隨著我們在海外的銷量增加，隨著越來越多的客戶簽訂多年合同，我們的激勵措施自然會增加，這會對收益率產生影響。

So to sum, the most important element is what Joe said.

所以總而言之，最重要的元素是喬所說的。

We have a much higher degree of processing penetration in the US.

我們在美國的加工滲透率要高得多。

Outside the US, because of that, it tends to be lower, but we pursue the strategies that optimize the growth of our revenue, and it is revenue measured in dollars we [solve] for, not yield.

因此，在美國以外，它往往會更低，但我們追求優化收入增長的策略，我們 [解決] 以美元衡量的收入，而不是收益。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Thanks, good afternoon.

謝謝，下午好。

Just I guess I want to ask about client [centers] as well.

只是我想我也想問一下客戶[中心]。

Just in the quarter, to clarify, now are these one-timers designed to secure -- I think you said it was for merchant commitments, but did you also secures some network commitments from the issuers as well?

就在本季度，澄清一下，現在這些一次性產品是為了確保安全——我想你說這是為了商戶承諾，但你是否也從發行人那裡獲得了一些網絡承諾？

Is there a way to quantify what percent of at-risk volume you've actually protected?

有沒有辦法量化您實際保護的風險量百分比？

It's merchants and acquirers, not issuers, which have been the focus.

重點是商家和收單機構，而不是發行機構。

These contracts don't guarantee volume.

這些合同不保證數量。

What they do is they incent volume.

他們所做的是激勵交易量。

At this point, we're not public on the amount of volume, but it is a meaningful increment of volume that is influenced by these contracts.

在這一點上，我們並未公開交易量，但它是受這些合約影響的有意義的交易量增量。

As I mentioned in the script, we signed PNC to a longer-term contract, and we obviously have continued negotiations going on with all of our clients.

正如我在劇本中提到的，我們與 PNC 簽訂了一份長期合同，顯然我們還在繼續與所有客戶進行談判。

While what Byron is talking about is generally the PIN volume and the decision to route the transaction that's in the hands of the merchant or the acquirer, there still are decisions that issuers make as it relates to the signature portion of the card.

雖然 Byron 所談論的通常是 PIN 量和交易路由的決定權在商家或收單方手中，但發行人仍然會做出與卡的簽名部分相關的決定。

We have -- and we're in a very comfortable position as it relates to that.

我們有 - 並且我們處於與此相關的非常舒適的位置。

Glenn Fodor, Morgan Stanley.

格倫·福多，摩根士丹利。

Thanks for taking my question.

感謝您提出我的問題。

A lot of good color on the call here.

這裡有很多好的顏色。

We're getting a lot of questions on the impact on debit growth from all these checking and DDA fees the banks are levying.

我們收到了很多關於銀行徵收的所有這些支票和 DDA 費用對借方增長的影響的問題。

So I think if you give us some color it could kind of help investors out quite a bit.

所以我認為，如果你給我們一些顏色，它可能會對投資者有所幫助。

What's your take on how this could impact volume growth going forward?

您如何看待這將如何影響未來的銷量增長？

Can you draw any correlations to other experiences in the payments industry to kind of defend your view?

您能否將支付行業的其他經驗與任何相關性聯繫起來以捍衛您的觀點？

First of all, I think the banks are clearly making recent business decisions to adapt in this newly regulated environment.

首先，我認為銀行顯然正在做出最近的業務決策，以適應這個新監管的環境。

All of the banks recognize that their customers have an option to move to a competitor, but they believe, in whatever case you're talking about, that their pricing or their future pricing will reflect the value -- will reflect value that they offer to their customers and the value that the customers bring to them.

所有的銀行都認識到他們的客戶可以選擇轉向競爭對手，但他們相信，無論你在談論什麼情況，他們的定價或未來定價將反映價值——將反映他們提供的價值他們的客戶以及客戶為他們帶來的價值。

That being said, I don't believe that anything that's happening is going to substantially alter the macro debit volume in the United States.

話雖如此，我認為正在發生的任何事情都不會顯著改變美國的宏觀借方數量。

I don't think it's going to go away.

我不認為它會消失。

Even the one fee that has been specifically announced is a flat fee.

即使是特別宣布的一項費用也是固定費用。

It doesn't make any difference -- it's not upper-transaction fee or anything of that nature.

它沒有任何區別——它不是高額交易費或任何類似性質的東西。

I think that, as a result of the recession and a result of the Card Act, as a result of the Durbin legislation, you're also seeing a lot more activity wind up in prepaid cards.

我認為，由於經濟衰退和卡法的結果，由於德賓立法，你也看到更多的活動最終出現在預付卡中。

Our growth in that regard, which is really part of our debit processing environment, is very significant also.

我們在這方面的增長也非常重要，這實際上是我們藉記處理環境的一部分。

Julio Quinteros, Goldman Sachs.

胡里奧·金特羅斯，高盛。

I just wanted to go back to one item that I know came up during the quarter about small ticket items and the pricing on those transactions.

我只是想回到一個我知道在本季度出現的關於小票項目和這些交易定價的項目。

Can you guys go back and walk us through what the sort of situation is there in terms of what pricing looks like, and maybe how some of the potential unintended consequences are being resolved with small ticket merchants?

你們能不能回過頭來告訴我們在定價方面存在什麼樣的情況，以及小票商如何解決一些潛在的意外後果？

That's a good question.

這是個好問題。

The answer is that there were a series of events that occurred and the end result was that small ticket prices from both associations were raised to the cap of the Durbin legislation.

答案是發生了一系列事件，最終結果是兩個協會的小票價都被提高到了德賓立法的上限。

I'm not sure that -- I'm not ready to comment on whether that is absolutely the right thing to do or not.

我不確定——我還沒有準備好評論這是否絕對是正確的做法。

What I will say is that we're pretty confident that there is an answer somewhere on the continuum that will benefit both financial institutions, consumers, and merchants.

我要說的是，我們非常有信心在連續統一體的某個地方找到答案，這將使金融機構、消費者和商家都受益。

Of course, we will endeavor to be a part of getting to the right solution over a reasonably short period of time.

當然，我們將努力在相當短的時間內成為找到正確解決方案的一部分。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi guys.

嗨，大家好。

I just wanted to ask Byron about the incentive of the merchants.

我只是想問問拜倫商戶的動機。

You said the incentives for routing are for both signature and PIN.

您說路由的激勵是針對簽名和 PIN 的。

Just wanted to ask about the signature piece.

只是想問一下簽名件。

What would you be incentivizing them for?

你會激勵他們做什麼？

Maybe you can explain that.

也許你可以解釋一下。

Kind of semi related to that, do you guys think that some volume will go more towards PIN debit than signature debit in the marketplace and maybe why that would be?

有點半相關，你們認為市場上的一些交易量會更多地用於 PIN 借記而不是簽名借記，也許為什麼會這樣？

Thanks.

謝謝。

So probably better expressed is these are incentive agreements to deliver payment volume, whether it is signature or whether it is PIN, and so that's the way to characterize that.

所以可能更好的表達是這些是提供支付量的激勵協議，無論是簽名還是 PIN，這就是描述它的方式。

We'll just have to see how this plays out in terms of movement between signature and PIN.

我們只需要看看這在簽名和 PIN 之間的移動方面是如何發揮作用的。

From our standpoint, it's important to preserve the routing.

從我們的角度來看，保留路由很重要。

That's what we're focused on, and whether it's signature or PIN, we'll take both.

這就是我們關注的重點，無論是簽名還是 PIN，我們都會同時採用。

Remember, when we incent merchants to deliver volume, there's a lot of things that they can do in-store or otherwise with their customers that incent their customers to use Visa cards.

請記住，當我們鼓勵商家交付數量時，他們可以在店內或以其他方式與客戶一起做很多事情來激勵他們的客戶使用 Visa 卡。

We've done that over the years in a pretty significant way, and we'll continue to do that.

多年來，我們以非常重要的方式做到了這一點，我們將繼續這樣做。

But it's important, so Byron's point of incenting merchants to deliver volume is exactly the right direction.

但這很重要，因此拜倫激勵商家交付量的觀點正是正確的方向。

Darrin Peller, Barclays Capital.

巴克萊資本的達林·佩勒。

Thanks guys.

多謝你們。

Just when you guys had initially given guidance after some of the Durbin announcements, there was -- it was a discussion with conservatism embedded in the guidance around what Durbin could mean.

就在你們在德賓的一些公告之後最初給出指導時，有一個關於德賓可能意味著什麼的指導中嵌入了保守主義的討論。

Just wondering.

就是想。

Since that point, there's been some comments I think Joe you've made since that point that have suggested that I think you think you're going to come out okay on this.

從那時起，我認為 Joe 從那時起你已經發表了一些評論，表明我認為你認為你會在這方面表現得很好。

I'm just wondering.

我是在想。

Has anything changed in your expectations around what Durbin will impact your revenue by or your earnings power by?

你對德賓會影響你的收入或盈利能力的預期有什麼變化嗎？

Then maybe talk a little bit about also whether or not some of the embedded assumptions on conservatism in guidance have shifted from Durbin to the macro picture?

然後也許還談一談指導中關於保守主義的一些嵌入假設是否已經從德賓轉向宏觀圖景？

Obviously the macro picture, Durbin, our business outside the United States, our prepaid and commercial businesses -- when we give guidance, we embrace all of those things.

顯然，宏觀圖景，德賓，我們在美國以外的業務，我們的預付費和商業業務——當我們提供指導時，我們會接受所有這些事情。

So we gave guidance several months ago.

所以我們在幾個月前給出了指導。

We're delivering the same guidance today.

我們今天提供相同的指導。

We remain extraordinarily comfortable with that guidance.

我們對這一指導非常滿意。

Everything that we think about Durbin, about the economy, about our competitive position is embraced within that guidance.

我們對德賓、經濟、競爭地位的所有看法都包含在該指導中。

Right now, we're very happy with where we are and what we're suggesting that we're going to do.

現在，我們對我們所處的位置以及我們建議我們要做的事情感到非常滿意。

We'll see where it goes.

我們會看到它的去向。

But there is nothing that's happened in the last several months that would change our position on this.

但過去幾個月沒有發生任何事情會改變我們對此的立場。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

So back in late September, we heard from industry contacts that Visa is moving to what we've been calling a common switch strategy.

因此，早在 9 月下旬，我們就從行業聯繫人那裡得知 Visa 正在轉向我們一直所謂的通用轉換策略。

So I wanted to ask about the revenue implications of the common switch strategy.

所以我想問一下通用轉換策略對收入的影響。

You alluded to this capability in your opening remarks.

您在開場白中提到了這種能力。

In particular, will PIN transactions on VisaNet be priced the same as Interlink PIN transactions in terms of network fees charged to both merchants and issuers?

特別是，VisaNet 上的 PIN 交易在向商戶和發卡機構收取的網絡費用方面是否與 Interlink PIN 交易定價相同？

If you can comment on the issuers receiving this common switch strategy with open arms at this point?

如果您現在可以對接受這種通用轉換策略的發行人發表評論嗎？

We are pursuing the strategy.

我們正在追求戰略。

We're comfortable with it.

我們對此感到滿意。

We're -- I mentioned it earlier today.

我們是——我今天早些時候提到過。

We haven't had any negative reaction that I'm aware of.

據我所知，我們沒有任何負面反應。

There is some work that needs to take place, but it is a rule and I have no reason to believe that people won't adhere to it.

有一些工作需要進行，但這是一條規則，我沒有理由相信人們不會遵守它。

In order to compete for a routing transaction in a predominately PIN environment, it's going to have to be at similar pricing or the same pricing or lower pricing and it's got to be Interlink type pricing, or we won't win the transaction side.

為了在以 PIN 為主的環境中競爭路由交易，它必須採用相似的定價或相同的定價或更低的定價，並且必須是互連鏈接類型的定價，否則我們將無法贏得交易方。

I think that answers that question.

我認為這回答了這個問題。

Moshe Orenbuch, Credit Suisse.

Moshe Orenbuch，瑞士信貸。

Great.

偉大的。

I was wondering.

我想知道。

Not to beat the incentives thing too much to death, but you mentioned the a large portion of them were one-time.

不要把激勵措施打得過火，但你提到其中很大一部分是一次性的。

Did that include the incentives that went to merchants, because I just was hoping you could explain how that would kind of spur them to bring volume with one-time incentives.

這是否包括對商家的激勵措施，因為我只是希望你能解釋一下這將如何刺激他們通過一次性激勵措施帶來銷量。

Could you just also walked through the signature/PIN, the ability to route over the signature network the PIN transactions that you alluded to.

您能否也瀏覽一下簽名/PIN，通過簽名網絡路由您提到的 PIN 交易的能力。

Let me take a second part of the question first and then I think I'll turn it over to Byron.

讓我先回答問題的第二部分，然後我想我會把它交給拜倫。

But the ability to accept a PIN on our debit card network or our signature network is something that has existed for quite some time.

但是，在我們的借記卡網絡或簽名網絡上接受 PIN 的能力已經存在了很長一段時間。

We authorize millions of transactions a year, billions, which PIN numbers are used on our signature debit card.

我們每年授權數百萬筆交易，數十億筆，這些 PIN 碼用於我們的簽名借記卡。

We always have.

我們總是有。

We are -- we have defined it more specifically to make sure that everybody understands the capability and hasn't lost the functionality to be able to do that.

我們 - 我們已經更具體地定義了它，以確保每個人都了解該功能並且沒有失去能夠做到這一點的功能。

But it has been a part of our Signature card for many, many years.

但多年來，它一直是我們簽名卡的一部分。

And to answer the first part of the question, the answer is yes, that the one-timers we're referring to were predominantly associated with the merchant and acquirer contracts referenced earlier.

要回答問題的第一部分，答案是肯定的，我們所指的一次性付款人主要與前面提到的商家和收單機構合同有關。

David Togut, Evercore Partners.

大衛·托古特，Evercore 合作夥伴。

Good afternoon.

下午好。

Could you give us or quantify, if you will, Byron, the US debit volume growth trends you've seen since interchange was cut 45% for issuers on October 1?

拜倫，您能否給我們或量化一下自 10 月 1 日發行人的交換被削減 45% 以來您所看到的美國借記卡數量增長趨勢？

Way too -- honestly, it's way too early to comment on that.

方式也是——老實說，現在評論這個還為時過早。

The -- so we have seen no discernible change in US debit volume associated with that October 1 date with the shift in interchange.

- 因此，我們沒有看到與 10 月 1 日日期相關的美國借記卡交易量發生明顯變化。

That is something that we will give periodic updates on, of course, as the year unfolds.

當然，隨著時間的推移，我們會定期更新這些內容。

We're as interested in that as you are.

我們和您一樣對此感興趣。

Moshe Katri, Cowen.

Moshe Katri，考恩。

Thanks.

謝謝。

So considering some of the structural changes that are taking place on the debit side, is Visa doing anything different to maybe gain share in credit?

因此，考慮到借方正在發生的一些結構性變化，Visa 是否採取了不同的措施來獲得信貸份額？

Then in that respect, can you also comment on whether some of the slow-down that we've seen as of October in some of the metrics -- is there anything you can comment on that?

那麼在這方面，您能否評論一下我們截至 10 月在某些指標中看到的一些放緩——您有什麼可以評論的嗎？

Is there anything you can -- can you say anything about that in terms of maybe a proxy for future trends?

您有什麼可以做的嗎？您能否就未來趨勢的代表說些什麼？

Thanks.

謝謝。

Why don't I take the second part first.

我為什麼不先看第二部分。

We -- the trends that we outlined earlier in my talk demonstrated a pretty strong September [resonating] quarter.

我們 - 我們在我的演講中早些時候概述的趨勢展示了一個非常強勁的 9 月 [引起共鳴的] 季度。

So I would say whether you're looking at the US or whether you're looking at rest of world, those were pretty strong growth numbers.

所以我想說，無論你是在看美國還是在看世界其他地區，這些都是相當強勁的增長數字。

It didn't look like we were missing a beat.

看起來我們並沒有錯過任何一個節拍。

I'm looking at the numbers now split between credit and debit.

我正在查看現在在貸方和借方之間劃分的數字。

Both of them look pretty strong, US and rest of world.

他們兩個看起來都很強大，美國和世界其他地區。

On top of that, these numbers are comping some pretty serious growth numbers in the prior year.

最重要的是，這些數字與上一年的一些相當嚴重的增長數字相提並論。

When we move into October, recognizing that's only 21 days, I think, in any given month, that is hardly a trend for a quarter.

當我們進入 10 月時，認識到這只有 21 天，我認為，在任何給定的月份，這都不是一個季度的趨勢。

I would say that there is nothing in the trend data yet to show any material shift in the trend curve.

我想說，趨勢數據中沒有任何內容顯示趨勢曲線有任何實質性變化。

As it relates to pursuing credit card business, that is one of our primary focuses.

因為它與追求信用卡業務有關，這是我們的主要關注點之一。

I think we've talked about it before.

我想我們之前已經談過了。

I think we've talked about the relationships we have with our clients.

我想我們已經討論了我們與客戶的關係。

We talked about partnerships that we signed in the talk today and we're very pleased with where we are, and we are extraordinarily client-focused and we are working with each of our clients on an individual basis to help them develop a credit card strategy, particularly if they want to expand it, and many of them do.

我們談到了我們今天在談話中籤署的合作夥伴關係，我們對我們所處的位置非常滿意，我們非常以客戶為中心，我們正在與每個客戶單獨合作，以幫助他們制定信用卡策略，特別是如果他們想擴展它，而且他們中的許多人都這樣做了。

I think that will be one of the big success stories of 2012.

我認為這將是 2012 年的重大成功案例之一。

Glenn Greene, Oppenheimer.

格倫·格林，奧本海默。

I just wanted to ask about -- it was kind of noticeable that US credit volume growth outpaced debit volume growth in the quarter.

我只是想問一下 - 美國本季度的信貸量增長超過了借方量的增長，這一點很明顯。

It was probably the first time and I would guess years.

這可能是第一次，我猜幾年。

I was wondering if you could give some commentary on what sort of drove that.

我想知道你是否可以對這種驅動方式發表一些評論。

Was it -- did it perhaps have to do with some competitive factors, i.e.

是不是 - 它可能與一些競爭因素有關，即

some customer losses, or maybe some customer response related to Durbin to drive credit volumes in lieu of debt?

一些客戶損失，或者可能是與德賓相關的一些客戶反應以推動信貸量而不是債務？

Just some color and commentary there.

那裡只是一些顏色和評論。

So you're right.

所以你是對的。

This is -- I'm looking at the data right now.

這是 - 我現在正在查看數據。

This is the seventh consecutive quarter of credit card year-over-year growth.

這是信用卡連續第七個季度同比增長。

Eight quarters ago, it was actually negative.

八季度前，它實際上是負面的。

I think what we're seeing here is just a continuation of a recovery.

我認為我們在這裡看到的只是複甦的延續。

The recession hit credit hard and it actually turned growth negative.

經濟衰退對信貸造成了沉重打擊，它實際上變成了負增長。

I'm speaking here of the US.

我這裡說的是美國。

And so in the first quarter of recovery, which was second quarter, our second fiscal quarter 2010, growth was 3% year-over-year.

因此，在復甦的第一季度，即第二季度，即我們 2010 年的第二財季，同比增長 3%。

It has gradually moved up, so that now it's, for the quarter just ended, it's 10%, 10% in October.

它已經逐漸上升，所以現在，對於剛剛結束的季度，它是 10%，10 月份是 10%。

So for us, this has been a gradual return to credit.

所以對我們來說，這是一個逐漸恢復信用的過程。

It's been a sustained but very modestly paced build.

這是一個持續但非常適中的構建。

Then as you may recall from my earnings commentary today and really over the past several quarters, this is a credit recovery that is, primarily in the US, affluence driven and that through the quarter, through I would say the June quarter, which is the data where we have more granular data, this growth is primarily affluent, and we haven't really seen a broadening of the credit base yet.

然後，正如您可能從我今天的收益評論以及過去幾個季度的收益評論中回想起的那樣，這是信貸復甦，主要是在美國，由富裕驅動，並且貫穿整個季度，我會說整個 6 月季度，也就是在我們擁有更細粒度數據的情況下，這種增長主要是富裕的，而且我們還沒有真正看到信貸基礎的擴大。

So that's in terms of increase in growth and spend.

所以這是在增長和支出的增加方面。

So that is the opportunity to come.

所以機會來了。

With further recovery, we expect credit to benefit -- future credit benefit -- growth to benefit from that expanded set of cardholders.

隨著進一步復甦，我們預計信貸將受益——未來的信貸收益——增長將受益於擴大的持卡人群體。

At this point, we have time for one last question.

在這一點上，我們有時間回答最後一個問題。

Dan Perlin, RBC Capital.

丹·佩林，加拿大皇家銀行資本。

Thanks.

謝謝。

As we look at the trends for worldwide process transactions, and I know that the absolute number of transactions are still relatively high, but that trend has been coming down throughout the year, and then most recent data, Byron, that you pointed to is around 8%, so it continues to be kind on the downward slope.

當我們查看全球流程交易的趨勢時，我知道交易的絕對數量仍然相對較高，但是這一趨勢全年都在下降，然後您指出的最新數據，拜倫，大約是8%，所以它在下降的斜坡上繼續善良。

So I'm wondering what do you attribute that to?

所以我想知道你把它歸因於什麼？

Then secondly, to the extent that trend continues, do you feel like your business and your strategy going forward is such that you can drive incremental revenue growth I think from a greater standpoint from increasing prices throughout the year as opposed to just kind of the secular volume growth?

其次，在這種趨勢持續的情況下，您是否覺得您的業務和您的未來戰略能夠推動收入的增量增長，我認為從更大的角度來看，全年價格上漲，而不是世俗的量增長？

Thank you.

謝謝你。

Our focus on growth is primarily the secular growth.

我們對增長的關注主要是長期增長。

We are not looking to drive any material topline revenue growth from pricing, recognizing that when we talk about pricing, that's pricing net of incentives.

我們不希望通過定價推動任何實質性的收入增長，認識到當我們談論定價時，這是扣除激勵因素的定價。

So it's one thing to adjust your pricing at the top level, but in the end, it's your net pricing that really matters.

因此，在頂層調整定價是一回事，但歸根結底，真正重要的是您的淨定價。

And so it is primarily secular growth, which is one of the reasons why we continue to emphasize how much growth we are now delivering outside the United States.

因此，主要是長期增長，這也是我們繼續強調我們現在在美國以外實現多少增長的原因之一。

In the quarter just ended, 65% of our growth, our revenue growth, came from outside the United States.

在剛剛結束的季度，我們 65% 的增長，即我們的收入增長，來自美國以外的地區。

In the fourth quarter, 45% of our entire revenue base is now outside the United States.

在第四季度，我們整個收入基礎的 45% 現在在美國以外。

As you know, we have an objective to drive that over 50%, and that is absolutely secular growth.

如您所知，我們的目標是推動超過 50% 的增長，這絕對是長期增長。

With regards to the process transaction growth, that is primarily attributable to two things -- one, a slowing in the growth rate of US debit; and then second, a year ago, we began -- we had some significant increases in transaction penetration outside the United States which are now beginning to anniversary.

關於流程交易的增長，這主要歸因於兩件事——一是美國借記卡增速放緩；然後第二個，一年前，我們開始 - 我們在美國以外的交易滲透率有了一些顯著增加，現在已經開始了周年紀念。

And so where we are today in that drift down into high single digits in terms of Visa process transactions is primarily influenced by those two factors for the moment.

因此，我們今天所處的位置，在 Visa 流程交易方面下降到高個位數，目前主要受這兩個因素的影響。

But we have -- we are very focused in our future strategies at increasing Visa process transactions, increasing the number, the percent of transactions, particularly outside the United States, that Visa processes as a function of the total transactions that are performed on Visa cards.

但是我們有——我們非常專注於我們未來的戰略，即增加 Visa 處理交易，增加 Visa 處理的交易數量和百分比，特別是在美國以外，作為 Visa 卡上執行的總交易量的函數.

That's where we stand.

這就是我們的立場。

Thank you Jose.

謝謝你，何塞。

Thank you all for joining us today.

感謝大家今天加入我們。

If anybody has any follow-up questions, feel free to give Investor Relations a shout.

如果有人有任何後續問題，請隨時給投資者關係部留言。

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。