Visa Inc (V) 2012 Q1 法說會逐字稿

Welcome to Visa Inc.'s fiscal Q1 2012 earnings conference call.

歡迎參加 Visa Inc. 的 2012 財年第一季度財報電話會議。

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

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

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

我現在想把會議交給你的主持人，先生。

Jack Carsky, head of Global Investor Relations.

全球投資者關係主管傑克·卡斯基。

Mr.

先生。

Carsky, you may begin.

卡斯基，你可以開始了。

Good afternoon, and welcome to Visa Inc.'s fiscal first-quarter 2012 earnings conference call.

下午好，歡迎參加 Visa Inc. 2012 財年第一季度財報電話會議。

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

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

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

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

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

網絡廣播的重播也將在我們的網站上存檔 30 天。

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

包含今天評論要點的 PowerPoint 幻燈片已在本次電話會議之前發佈到我們的網站上。

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

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

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

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

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

其中包括全球經濟的挫折和新金融改革法規的影響。

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

有關這些因素的更多信息，請參閱我們在 SEC 存檔的最後 10-K。

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, 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 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。

And with that, I'll 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 for joining us.

謝謝，傑克，一如既往，感謝您加入我們。

I plan to walk you through three key areas during today's call.

我計劃在今天的電話會議中向您介紹三個關鍵領域。

First, I'll provide a brief update on Visa's financial performance and outlook, including some perspective on key environmental and event-specific factors that could impact our business over the balance of fiscal 2012.

首先，我將簡要介紹 Visa 的財務業績和前景，包括對可能在 2012 財年餘下時間影響我們業務的關鍵環境和特定事件因素的一些看法。

Following that, I'll walk through our progress with growing Visa's core business, both in the United States and internationally, including an update on US debit.

之後，我將介紹我們在美國和國際上發展 Visa 核心業務的進展，包括美國借記卡的更新。

And finally, I'll discuss Visa's investments in innovation, which can help us expand our core business and generate new revenue streams.

最後，我將討論 Visa 在創新方面的投資，這可以幫助我們擴展核心業務並創造新的收入來源。

Visa's global enterprise outpaced our own expectations during the first quarter -- an encouraging opening to our fiscal year.

Visa 的全球業務在第一季度超出了我們的預期——這是我們財政年度的一個令人鼓舞的開局。

Net operating revenues were $2.5 billion, a 14% increase over the same period last year.

淨營業收入為 25 億美元，比去年同期增長 14%。

These revenue gains were driven by robust growth in our international businesses, continued resilience in US credit, sustained cross-border spending, and strong eCommerce growth.

這些收入增長得益於我們國際業務的強勁增長、美國信貸的持續彈性、持續的跨境支出和強勁的電子商務增長。

Net income for the quarter was $1 billion, a 16% increase over last year.

本季度淨收入為 10 億美元，比去年增長 16%。

This equates to diluted earnings per share of $1.49 or a 21% increase over the first quarter of 2011.

這相當於攤薄後每股收益為 1.49 美元，或比 2011 年第一季度增長 21%。

Overall, our first-quarter performance clearly demonstrates the strength and resilience of Visa's global model and our ability to grow even in a challenging global economy.

總體而言，我們第一季度的業績清楚地表明了 Visa 全球模式的實力和彈性，以及我們即使在充滿挑戰的全球經濟中也能實現增長的能力。

When we look ahead to the rest of fiscal 2012, it is clear we must carefully navigate a complex and uncertain business environment.

當我們展望 2012 財年的剩餘時間時，很明顯我們必須謹慎應對複雜和不確定的商業環境。

We see signs of modest global GDP expansion for the rest of our fiscal year, with emerging markets continuing to grow at rates faster than the global average.

我們看到在本財年剩餘時間內全球 GDP 出現溫和擴張的跡象，新興市場繼續以高於全球平均水平的速度增長。

That being said, we are closely watching economic conditions that could impact our business, including continued volatility in Europe.

話雖如此，我們正在密切關注可能影響我們業務的經濟狀況，包括歐洲的持續波動。

Additionally, we are still working through the implementation of debit regulation in the United States.

此外，我們仍在努力通過在美國實施借記卡監管。

I will provide details shortly, but it's fair to say the dust is still settling.

我將很快提供詳細信息，但可以說塵埃落定。

Overall, Visa is successfully executing its plan, and I continue to be encouraged that the net impact is consistent with our guidance outlook.

總體而言，Visa 正在成功執行其計劃，我繼續受到鼓舞，淨影響與我們的指導前景一致。

Taking these macro and issue-specific factors into account, as well as our better-than-expected first quarter, we are raising our FY '12 revenue guidance to low-double-digit growth from high-single to low-double-digit growth, and our adjusted diluted earnings per share guidance from mid to high-teens to just high-teens.

考慮到這些宏觀和特定問題的因素，以及我們好於預期的第一季度，我們將 12 財年的收入指引從高個位數增長到低兩位數增長，以及我們調整後的稀釋後每股收益指引，從中到十幾歲，再到十幾歲。

As I stated last quarter, we are reaffirming our belief that 2012 will take the brunt of the impact related to the US debit regulation, and growth in 2013 will accelerate off of 2012 levels.

正如我上個季度所說，我們重申我們的信念，即 2012 年將首當其衝受到與美國借記卡監管相關的影響，2013 年的增長將加速超過 2012 年的水平。

And based on that outlook, we continue to deliver our commitment to return excess cash back to shareholders.

基於這一前景，我們將繼續履行將多餘現金返還給股東的承諾。

We used $1.6 billion of our operating cash to reduce the as-converted Class A common stock by 16.2 million shares during the three months ended December 31, 2011.

在截至 2011 年 12 月 31 日的三個月內，我們使用 16 億美元的營運現金將轉換後的 A 類普通股減少了 1620 萬股。

Of the $1.6 billion, $75 million was used to repurchase Class A common stock in the open market, while we deposited $1.57 billion of our operating cash into the litigation escrow account previously established under the retrospective Responsibility Plan.

在 16 億美元中，7500 萬美元用於在公開市場回購 A 類普通股，而我們將 15.7 億美元的經營現金存入先前根據追溯責任計劃設立的訴訟託管賬戶。

Looking ahead, our Board has authorized an additional $500 million share repurchase authorization.

展望未來，我們的董事會已授權額外的 5 億美元股票回購授權。

Before moving on to our business update, I'd like to briefly address the Merchant litigation in the United States.

在繼續我們的業務更新之前，我想簡要介紹一下美國的商家訴訟。

Although I am constrained to discuss the details due to the confidential mediation process, I can tell you that I believe that with the court's assistance, progress is being made towards resolution of all issues.

儘管由於調解程序保密，我不得不討論細節，但我可以告訴你，我相信在法院的協助下，所有問題的解決都在取得進展。

After our latest escrow deposit in December, we now have an uncommitted balance of $4.3 billion in our litigation escrow account, which is consistent with our view of the current status of mediation discussions.

在我們去年 12 月的最新託管存款之後，我們的訴訟託管賬戶中現在有 43 億美元的未承諾餘額，這與我們對調解討論當前狀態的看法一致。

Visa is unwilling to agree to any significant or long-term credit interchange rate reductions or any settlement agreement that doesn't provide a full resolution to that and other key issues.

Visa 不願意同意任何重大或長期的信用互換利率降低，或任何不能全面解決該問題和其他關鍵問題的和解協議。

Although progress is being made, there are uncertainties which continue to exist, and accordingly, in our judgment at this time, the Company believes that a loss is not probable and estimable under GAAP.

儘管正在取得進展，但仍存在不確定性，因此，在我們此時的判斷中，公司認為根據公認會計原則，虧損是不可能和可估計的。

Now let's turn to the business update.

現在讓我們轉向業務更新。

During the first quarter, Visa continued to accelerate the migration to digital currency by successfully executing our growth strategy of expanding our core credit, debit, prepaid, and commercial businesses; expanding acceptance; extending our international reach; and aggressively investing in innovative next-generation payment technology.

在第一季度，Visa 通過成功執行我們擴大核心信貸、借記卡、預付和商業業務的增長戰略，繼續加速向數字貨幣的遷移；擴大接受度；擴大我們的國際影響力；並積極投資於創新的下一代支付技術。

Worldwide, Visa's credit and debit payment volumes grew 12% and 9%, respectively, on a constant dollar basis this past quarter.

在全球範圍內，Visa 的信用卡和借記卡支付量在上個季度按固定美元計算分別增長了 12% 和 9%。

In the United States, volumes on all Visa products grew 7% during the quarter.

在美國，所有 Visa 產品的銷量在本季度增長了 7%。

In regard to our US debit business, I feel very good about where we are and the progress we've made adapting our business to the new debit regulations.

關於我們在美國的借記卡業務，我對我們所處的位置以及我們在使我們的業務適應新的借記卡法規方面取得的進展感到非常滿意。

We are making the best of an obviously negative event.

我們正在充分利用明顯的負面事件。

That being said, I'd like to share some important observations.

話雖如此，我想分享一些重要的觀察結果。

Historically, we have always been a clear leader in the US debit market, and thus, are the primary participant with downside risk.

從歷史上看，我們一直是美國借記卡市場的明顯領導者，因此是下行風險的主要參與者。

As we have acknowledged previously, regulation will reduce Visa's US debit volumes.

正如我們之前所承認的，監管將減少 Visa 在美國的借記卡數量。

The new legal requirements are changing competitive dynamics, and requiring all issuers to place competitive marks on their cards in order to comply with the law.

新的法律要求正在改變競爭動態，並要求所有發行人在其卡片上放置競爭標誌以遵守法律。

While the law and doesn't require compliance until April, some issuers have already begun to make the change.

雖然法律直到 4 月才要求合規，但一些發行人已經開始做出改變。

The deceleration of our US debit volume growth during the first quarter was an early sign of this impact, driven by slower growth in PIN transactions and an expected de-emphasis by issuers of debit card, marketing, and debit rewards programs.

我們第一季度美國借記卡交易量增長放緩是這種影響的早期跡象，這是由於 PIN 交易增長放緩以及借記卡、營銷和借記卡獎勵計劃發行人的預期淡化所致。

A key driver of this slower growth was one major financial institution's decision to remove Interlink from the back of their cards, which began in the fall as part of their own plan to comply with the regulation.

增長放緩的一個關鍵驅動因素是一家主要金融機構決定從他們的卡片背面刪除 Interlink，這是他們自己遵守監管計劃的一部分，該決定於秋季開始。

They and Visa will be able to compete for PIN transactions with the PIN authentication available on Visa check cards.

他們和 Visa 將能夠通過 Visa 支票卡上的 PIN 驗證來競爭 PIN 交易。

While we are taking these impacts seriously, let me also be clear about a few additional facts that give me confidence about our long-term growth, as we advance our debit strategy in the new environment.

在我們認真對待這些影響的同時，讓我也澄清一些額外的事實，這些事實讓我對我們的長期增長充滿信心，因為我們在新環境中推進我們的借記策略。

To begin with, we are making steady progress advancing our strategies through an issuance and merchant routing.

首先，我們正在通過發行和商戶路由穩步推進我們的戰略。

We are aggressively pursuing a back-of-card strategy that adds Interlink to many existing cards that currently carry competitive brands.

我們正在積極推行卡片背面戰略，將 Interlink 添加到目前擁有競爭品牌的許多現有卡片中。

In fact, we're poised to sign new agreements with major financial institutions to secure back-of-card placement.

事實上，我們已準備好與主要金融機構簽署新協議，以確保卡片背面的安置。

We look forward to updating you on our progress securing these decisions in the coming quarters.

我們期待在未來幾個季度向您通報我們在確保這些決定方面取得的進展。

At the same time, we remain on track to maintain our front-of-card issuance relationships; and, in fact, have extended the majority of those major relationships to 2015 and beyond.

同時，我們將繼續保持我們的正面發卡關係；事實上，這些主要關係中的大部分已延長至 2015 年及以後。

Signature transactions generate a far larger share of our US debit revenue and offer greater revenue yields.

簽名交易在我們的美國借記卡收入中產生了更大的份額，並提供了更高的收入收益。

This is particularly important as we see no sign of a wholesale shift to PIN debit by the merchant community, and our signature debit volumes were resilient during the first quarter.

這一點尤其重要，因為我們沒有看到商家社區大規模轉向 PIN 借記卡的跡象，而且我們的簽名借記卡交易量在第一季度具有彈性。

On a parallel track, we are moving forward with strategies to compete for merchant routing decisions.

在平行的軌道上，我們正在推進競爭商戶路線決策的策略。

One key aspect of that plan is Visa's previously announced program to modify acceptance economics in the United States, which we believe will offer merchants greater incentive to route transactions over our network in an opportunity to lower their per-unit transactions costs.

該計劃的一個關鍵方面是 Visa 先前宣布的修改美國接受經濟學的計劃，我們相信這將為商家提供更大的動力，讓他們通過我們的網絡進行交易，從而有機會降低他們的單位交易成本。

As a next step in our implementation plan, we will share specifics with acquirers and merchants later in the month.

作為我們實施計劃的下一步，我們將在本月晚些時候與收單機構和商家分享具體細節。

Our updated 2012 guidance takes all of these factors into account, including some loss of debit share, and I'm confident that we've appropriately scoped the impact of Durbin.

我們更新的 2012 年指導考慮了所有這些因素，包括一些借方份額的損失，我相信我們已經適當地確定了德賓的影響範圍。

As stated earlier in my remarks, we expect that 2012 will take the brunt of the impact related to US debit regulation, and we still expect growth in 2013 to accelerate off of the 2012 levels.

正如我之前所說的，我們預計 2012 年將首當其衝受到與美國借記卡監管相關的影響，我們仍然預計 2013 年的增長將超過 2012 年的水平。

Bottom line, I'm confident we are moving in the right direction.

最重要的是，我相信我們正朝著正確的方向前進。

We have a smart debit strategy, and we are executing it successfully.

我們有一個聰明的借記策略，並且我們正在成功地執行它。

Now let's focus on credit products in the United States, which performed very well during the quarter.

現在讓我們關注美國的信貸產品，該產品在本季度表現非常出色。

Payment volumes increased by 10%, the eighth consecutive quarter of positive growth and third consecutive quarter of double-digit performance in that category.

支付量增長了 10%，連續第八個季度實現正增長，連續第三個季度實現兩位數增長。

Additionally, affluent credit in the United States posted particularly strong payment volume growth, increasing more than twice as fast as the overall category during the two most recent quarters.

此外，美國富裕信貸的支付量增長尤為強勁，最近兩個季度的增長速度是整體類別的兩倍多。

A key differentiator and important contributor to our success is our unsurpassed portfolio of co-brand products, which are also outperforming the category, and clearly driving consumer loyalty and gaining further traction in the market.

我們成功的一個關鍵差異化因素和重要貢獻者是我們無與倫比的聯合品牌產品組合，這些產品組合的表現也優於該類別，並明顯提高了消費者的忠誠度並在市場上獲得了進一步的吸引力。

We also grew our portfolio by building on existing long-term relationships and winning several important new US credit mandates during the quarter, and are excited for those to appear in the market in the near-term.

我們還通過建立現有的長期關係並在本季度贏得了幾項重要的新美國信貸授權，從而擴大了我們的投資組合，並對短期內出現在市場上的這些授權感到興奮。

Prepaid also continues to be another area of strength, posting robust volume growth during the first quarter.

預付費也繼續成為另一個優勢領域，在第一季度實現了強勁的銷量增長。

We signed a number of agreements that will drive future growth, including multiple mandates in two of the fastest-growing segments in the prepaid category -- general purpose reloadable cards and employee benefit programs.

我們簽署了許多將推動未來增長的協議，包括在預付類別中增長最快的兩個領域的多項授權——通用可充值卡和員工福利計劃。

For example, we extended our relationship with Green Dot, the largest program manager in prepaid.

例如，我們擴展了與預付費領域最大的項目經理 Green Dot 的關係。

In addition, our government prepaid programs continue to thrive.

此外，我們的政府預付費項目繼續蓬勃發展。

The Washington, DC Department of Employment Services recently announced that all new recipients of unemployment insurance benefits will have the option to receive automatic payments on Visa prepaid cards.

華盛頓特區就業服務部最近宣布，所有新領取失業保險金的人都可以選擇使用 Visa 預付卡自動付款。

In addition, we recently added Connecticut, South Carolina, Georgia, and Louisiana to the list of states offering programs to distribute state income tax refunds on Visa prepaid cards.

此外，我們最近將康涅狄格州、南卡羅來納州、喬治亞州和路易斯安那州添加到提供通過 Visa 預付卡分配州所得稅退稅計劃的州名單中。

Overall, approximately 40 states are using or are in the process of implementing Visa prepaid card programs, to disburse a range of benefits through more than 80 programs.

總體而言，大約 40 個州正在使用或正在實施 Visa 預付卡計劃，通過 80 多個計劃支付一系列福利。

In fact, approximately 30 of 38 state unemployment insurance card programs and 31 of 49 state child-support programs can be delivered on Visa cards today.

事實上，今天大約有 38 個州失業保險卡計劃和 49 個州兒童撫養計劃中的 31 個可以通過 Visa 卡交付。

Building on that, we are rapidly expanding our government activities in key geographies worldwide.

在此基礎上，我們正在迅速擴大我們在全球主要地區的政府活動。

Now let's turn to Visa's international business, which continues to be an increasingly important growth driver for our organization.

現在讓我們談談 Visa 的國際業務，它繼續成為我們組織日益重要的增長動力。

International geographies posted healthy payment volume gains of 15% on a constant dollar basis, and drove approximately 66% of Visa's revenue growth this quarter, and now represent 46% of Visa's net revenue.

國際地區的支付量按固定美元計算增長了 15%，推動了 Visa 本季度約 66% 的收入增長，目前佔 Visa 淨收入的 46%。

This means we continue to make steady progress toward our stated goal of deriving 50% of Visa's revenues from international businesses by 2015.

這意味著我們將繼續穩步推進我們的既定目標，即到 2015 年使 Visa 50% 的收入來自國際業務。

Yet again, our performance in Latin America stands out, with continued strong growth.

再一次，我們在拉丁美洲的表現脫穎而出，持續強勁增長。

Payment volumes grew by 22% on a constant dollar basis during the quarter, and we are building on that momentum by winning several important client mandates.

本季度支付量按固定美元計算增長了 22%，我們正在通過贏得幾項重要的客戶授權來鞏固這一勢頭。

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

在墨西哥，Visa 與 BBVA Bancomer 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。

Turning to SAMEA, we were pleased to win a major long-term mandate with Al Rajhi Bank, covering around 50% of all payments volume in the Kingdom of Saudi Arabia.

談到 SAMEA，我們很高興贏得了 Al Rajhi 銀行的一項重大長期授權，涵蓋沙特阿拉伯王國所有支付量的 50% 左右。

The agreement, the largest we've ever signed in the Middle East, is exclusive for debit and prepaid, and covers the vast majority of that institution's credit products.

該協議是我們在中東簽署的最大的協議，專門用於借記卡和預付卡，涵蓋該機構的絕大多數信貸產品。

We're also continuing to invest in the long-term growth of Africa.

我們還將繼續投資於非洲的長期增長。

Without question, Visa's existing product offerings and our unrivaled network provide us with a strong foundation to push our financial inclusion agenda forward.

毫無疑問，Visa 現有的產品和我們無與倫比的網絡為我們推進金融包容性議程提供了堅實的基礎。

Additionally, Fundamo and our partnership with Monitise provide us with a footprint and technical expertise in emerging economies.

此外，Fundamo 以及我們與 Monitise 的合作夥伴關係為我們提供了在新興經濟體的足跡和技術專長。

I firmly believe no organization is better positioned than Visa to lead forward the migration to digital currency on the African continent.

我堅信沒有哪個組織比 Visa 更能引領非洲大陸向數字貨幣的遷移。

An example of our progress was our November launch of a prepaid account that can be accessed through a mobile phone, offering consumers in developing countries a secure, reliable, globally-interoperable electronic payment account.

我們取得進展的一個例子是我們在 11 月推出了一個可以通過手機訪問的預付費賬戶，為發展中國家的消費者提供了一個安全、可靠、可全球互操作的電子支付賬戶。

MTN Group, a leading telecommunications provider in Africa and the Middle East, plans to offer the new Visa product to MTN Mobile Money customers across its markets.

MTN Group 是非洲和中東領先的電信提供商，計劃向其市場的 MTN Mobile Money 客戶提供新的 Visa 產品。

As part of the launch, the new product will first be available to customers in Nigeria and Uganda.

作為發布的一部分，新產品將首先提供給尼日利亞和烏干達的客戶。

Additionally, Fundamo is supporting our unique partnership with the Rwandan Government to drive access to financial services for consumers in that country.

此外，Fundamo 正在支持我們與盧旺達政府的獨特合作夥伴關係，以推動該國消費者獲得金融服務。

And in Asia-Pacific, we continue to build steady momentum in our prepaid business, with two prominent examples coming from Australia during the quarter.

在亞太地區，我們的預付費業務繼續保持穩定勢頭，本季度有兩個突出的例子來自澳大利亞。

With Australia Post, we executed a multi-year exclusive agreement for their general-purpose reloadable and travel product.

我們與澳大利亞郵政簽署了一項針對其通用可重載和旅行產品的多年獨家協議。

We also won a mandate with A&Zed for a multi-currency travel program, allowing consumers to load up 10 different currencies on a single card, and lock in exchange rates, giving a cardholder even greater control over their travel budget.

我們還獲得了 A&Zed 的一項多幣種旅行計劃的授權，允許消費者在一張卡上加載 10 種不同的貨幣，並鎖定匯率，讓持卡人能夠更好地控制他們的旅行預算。

Importantly, Visa processing services was a critical part of our agreement with A&Zed, helping advance Visa's overall strategy of expanding processing penetration worldwide.

重要的是，Visa 處理服務是我們與 A&Zed 協議的關鍵部分，有助於推進 Visa 擴大全球處理滲透率的整體戰略。

Lastly, let's talk about Visa's innovation agenda.

最後，讓我們談談 Visa 的創新議程。

We continue to invest in new technologies that will increase the number of transactions on our core business products, add incremental value to the merchant community, and create new revenue opportunities for both Visa and our clients.

我們將繼續投資於新技術，以增加我們核心業務產品的交易數量，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。

In the United States, Visa is focused on offering consumers a seamless and secure payment experience, whether they're paying at the point-of-sale, with a card or phone, or buying digital or physical goods online.

在美國，Visa 專注於為消費者提供無縫且安全的支付體驗，無論他們是在銷售點、使用卡或手機支付，還是在線購買數字或實物商品。

The key to that approach is VDotMe, our newly branded wallet service and global acceptance mark, which is a top priority for the organization.

這種方法的關鍵是 VDotMe，這是我們新品牌的錢包服務和全球認可標誌，這是該組織的首要任務。

And we are moving swiftly towards broad commercial availability in 2012.

2012 年，我們正在迅速走向廣泛的商業可用性。

As I said previously, our top priority with VDotMe is to advance our click-to-buy and touch-to-buy functionalities, including aliasing capabilities.

正如我之前所說，我們對 VDotMe 的首要任務是推進我們的點擊購買和触摸購買功能，包括別名功能。

This functionality will immediately increase ease-of-use and convenience for consumers, while offering merchants and financial institutions the greatest business value.

這一功能將立即提高消費者的易用性和便利性，同時為商家和金融機構提供最大的商業價值。

Longer-term, VDotMe will offer our clients a range of payment-related capabilities that can be tailored to meet each organization's specific needs.

從長遠來看，VDotMe 將為我們的客戶提供一系列與支付相關的功能，這些功能可以根據每個組織的特定需求進行定制。

So where are we?

那麼我們在哪裡？

During the quarter, we took an important step towards consumer availability, initiating a beta version of VDotMe with close to 1,000 Visa employees and certain key partners.

在本季度，我們向消費者可用性邁出了重要一步，啟動了 VDotMe 測試版，擁有近 1,000 名 Visa 員工和某些關鍵合作夥伴。

In the coming weeks, we will be expanding the beta group and start the implementation with a few brand-name merchants.

在接下來的幾週內，我們將擴大測試組，並與一些品牌商開始實施。

Of course, scaling VDotMe will require a buy-in from the broad merchant, acquirer, and issuer communities.

當然，擴展 VDotMe 需要廣大商家、收單機構和發行人社區的支持。

To that end, we are directly engaged with more than 100 major merchants to discuss and test the product.

為此，我們與100多家主要商家直接接觸，討論和測試產品。

We are also integrating VDotMe with our CyberSource gateway, which will quickly enable access for 380,000 online merchants.

我們還將 VDotMe 與我們的 CyberSource 網關集成，這將使 380,000 家在線商家能夠快速訪問。

In addition, we will extend this capability to our other acquirers and reseller partners.

此外，我們還將將此功能擴展到我們的其他收購方和經銷商合作夥伴。

At the same time, we are engaged in productive conversations with several major issuers who are showing genuine enthusiasm for the product as an offering for their clients.

與此同時，我們與幾家主要發行人進行了富有成效的對話，這些發行人對該產品作為其客戶的產品表現出真正的熱情。

I look forward to providing updates in the coming quarters.

我期待在未來幾個季度提供更新。

We're also making platform enhancements that pave the way for broad adoption of the payment-related services on mobile devices in the near-term.

我們還在進行平台增強，為近期在移動設備上廣泛採用支付相關服務鋪平道路。

Today, we announced that hundreds of financial institutions using a combination of Visa issuer processing platform, Visa DPS, and monetized mobile applications, can immediately offer a range of payment-related mobile services to their account.

今天，我們宣布數百家金融機構結合使用 Visa 發卡機構處理平台、Visa DPS 和貨幣化移動應用程序，可以立即為其賬戶提供一系列與支付相關的移動服務。

These can be accessed via almost any mobile device and operating system.

這些可以通過幾乎任何移動設備和操作系統訪問。

This effectively makes our DPS platform a one-stop shop for mobile services within the issuing community.

這有效地使我們的 DPS 平台成為發行社區內移動服務的一站式商店。

Immediately available services include monitoring account balances, transferring funds between accounts, and instant alerts on mobile devices.

即時可用的服務包括監控賬戶餘額、賬戶之間的資金轉移以及移動設備上的即時警報。

We have plans to deploy additional offerings, including mobile check deposit, NFC payments, mobile offers, and support for VDotMe.

我們計劃部署其他產品，包括移動支票存款、NFC 支付、移動優惠和對 VDotMe 的支持。

We are also investing in Mobile Money Solutions outside the United States.

我們還在美國以外的地區投資移動貨幣解決方案。

Here, Fundamo is a key to our efforts, as they are a global leader in deploying mobile payment platforms for developing markets worldwide.

在這裡，Fundamo 是我們努力的關鍵，因為他們是為全球發展中市場部署移動支付平台的全球領導者。

During the quarter, Fundamo secured deals with mobile operators and banks in several geographies around the globe, including Nigeria, Indonesia, Bangladesh, and Pakistan.

在本季度，Fundamo 與全球多個地區的移動運營商和銀行達成了交易，包括尼日利亞、印度尼西亞、孟加拉國和巴基斯坦。

On the eCommerce front, Visa is clearly benefiting from an increasingly strong secular trend towards online shopping, and our acquisitions of CyberSource and PlaySpan favorably position Visa to accelerate that growth.

在電子商務方面，Visa 顯然受益於在線購物日益強勁的長期趨勢，我們對 CyberSource 和 PlaySpan 的收購為 Visa 加速增長提供了有利條件。

In fact, CyberSource's billable transactions totaled $1.2 billion, a very strong 25% growth rate over the same period a year ago.

事實上，CyberSource 的可計費交易總額為 12 億美元，比去年同期增長了 25%，非常強勁。

We secured a number of new business wins with major partners in the United States, including American Apparel, autotrader.com, and Shutterfly.

我們與美國的主要合作夥伴（包括 American Apparel、autotrader.com 和 Shutterfly）贏得了多項新業務。

Outside the US, CyberSource continues to gain traction.

在美國以外，CyberSource 繼續受到關注。

For example, in China, we've expanded our relationship with 99Bill, one of that country's leading electronic payment service suppliers, a prime example of how Visa is partnering with leading local providers to deliver value to the payment's ecosystem in that country.

例如，在中國，我們擴大了與該國領先的電子支付服務供應商之一 99Bill 的關係，這是 Visa 如何與當地領先的供應商合作為該國的支付生態系統創造價值的一個典型例子。

99Bill has just gone live with CyberSource's Broad Management Solution, CyberSource Decision Manager, and is using CyberSource services to complement their existing security systems to process cross-border transactions safely, as they expand business overseas.

99Bill 剛剛使用 CyberSource 的廣泛管理解決方案 CyberSource Decision Manager，並使用 CyberSource 服務來補充其現有的安全系統，以便在他們擴展海外業務時安全地處理跨境交易。

So to sum up, Visa has continued to demonstrate the underlying strength of our business model.

綜上所述，Visa 繼續展示了我們商業模式的潛在實力。

Visa continues to grow.

簽證繼續增長。

We have expanded our core business lines.

我們已經擴展了我們的核心業務線。

We have expanded our footprint in international markets, both emerging and established.

我們擴大了在新興和成熟的國際市場的足跡。

We have increased our investments in innovation to help us carve out new revenue streams for the future.

我們增加了對創新的投資，以幫助我們為未來開闢新的收入來源。

And we have taken important steps in our relationship with the merchant community to help foster greater cooperation in the future.

我們在與商家社區的關係中採取了重要步驟，以幫助促進未來更大的合作。

Each of these achievements helps us continue to deliver against our stated mission of offering more payment choices to more people in more places around the world.

這些成就中的每一項都有助於我們繼續履行我們的既定使命，即為全球更多地方的更多人提供更多支付選擇。

Now I'd like to turn the call over to Byron, who will walk you through the financial details of our quarter.

現在我想把電話轉給拜倫，他將向您介紹我們季度的財務細節。

And then we can take some of your questions.

然後我們可以回答您的一些問題。

Byron?

拜倫？

Thank you, Joe.

謝謝你，喬。

I'll begin with some overall observations and call-outs.

我將從一些總體觀察和標註開始。

First, Visa's 14% net revenue growth in the first quarter was once again broad-based and encouraging, with solid 8% growth in the US and a very strong 22% growth rate in rest-of-world.

首先，Visa 第一季度 14% 的淨收入增長再次廣泛且令人鼓舞，在美國實現了 8% 的穩健增長，在世界其他地區實現了 22% 的強勁增長。

Approximately 66% of the quarter's revenue growth came from outside the United States, and non-US revenue in the quarter was 46% of Visa's total.

本季度約 66% 的收入增長來自美國以外地區，本季度非美國收入佔 Visa 總收入的 46%。

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

其次，美國收入增長得到連續八個季度信貸支付量正增長的支撐。

Most recently, the months of November, December, and January comped at 12%, 10% and 10%, respectively, which continues the strong growth we have now seen for two years.

最近，11 月、12 月和 1 月的增長率分別為 12%、10% 和 10%，這延續了我們現在看到的兩年來的強勁增長。

Third, client incentives for the quarter as a percent of gross revenue were 16%, below our full-year guidance as a result of lower-than-anticipated Durbin-related incentives, and a lower level of deal activity in the first quarter versus the out-quarter.

第三，本季度的客戶激勵措施佔總收入的百分比為 16%，低於我們的全年指引，原因是與德賓相關的激勵措施低於預期，並且第一季度的交易活動水平低於外季度。

Fourth, note that we are reporting the quarter using a 36% tax rate, above our full-year guidance of 33% to 34% on an adjusted basis.

第四，請注意，我們使用 36% 的稅率報告本季度，高於調整後的 33% 至 34% 的全年指導。

We will begin reporting at this lower level once California officially adjusts its tax rate calculations, which we anticipate will be in fiscal Q2.

一旦加州正式調整其稅率計算，我們將開始在這個較低的水平上報告，我們預計將在第二財季進行。

Finally, fifth, for EPS calculation purposes, the as-converted share count reduction, driven by the escrow deposit, took effect on December 29, and therefore, had no noticeable impact on the fiscal Q1 EPS calculation, but will have a full effect for the balance of the year.

最後，第五，就每股收益計算而言，由託管存款驅動的轉換後的股份數量減少於 12 月 29 日生效，因此對第一財季每股收益計算沒有明顯影響，但將對當年的餘額。

Now, let's turn to the numbers.

現在，讓我們轉向數字。

As is our practice, I will cover our global payment volume and process transaction trends for the December quarter, followed by our results through the end of January.

按照我們的慣例，我將介紹我們在 12 月季度的全球支付量和處理交易趨勢，然後是我們截至 1 月底的結果。

I'll then cover the financial highlights of our fiscal first quarter, and conclude with our guidance outlook for fiscal 2012.

然後，我將介紹我們第一財季的財務亮點，並以我們對 2012 財年的指導展望結束。

Global payment volume growth for the December quarter in constant dollars was 11%, modestly below the September quarter's 13%.

12 月季度的全球支付量增長為 11%，略低於 9 月季度的 13%。

We saw the following breakdowns in the December quarter.

我們在 12 月季度看到了以下細分。

In the US, payment volume growth was 7%, a modest decrease from the 9% growth we saw in the September quarter.

在美國，支付量增長了 7%，與我們在 9 月季度看到的 9% 的增長相比略有下降。

This was comprised of 10% credit growth and 5% debit growth.

這包括 10% 的信貸增長和 5% 的借方增長。

So, we are beginning to see some modest effect on debits from the recently-enacted Fed rules.

因此，我們開始看到最近頒布的美聯儲規則對借方的影響不大。

Rest-of-world payment volume on a constant dollar basis grew at 15%, supported by double-digit growth rates in both debits and credits.

在藉方和貸方兩位數增長率的支持下，以固定美元計算的世界其他地區支付量增長了 15%。

More recently, in the month of January, US payment volume growth came in at 7%; credit growth was 10%; while debit was 4%.

最近，在 1 月份，美國的支付量增長了 7%；信貸增長10%；借方為 4%。

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.

儘管尚未公佈，但根據我們在第四季度看到的趨勢，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 13% growth rate on a constant dollar basis in the December quarter, with the US growing 11% and the rest-of-world 14%.

全球跨境交易量在 12 月季度按固定美元計算實現了 13% 的穩健增長，其中美國增長 11%，世界其他地區增長 14%。

The recovery of inbound travel to Japan, the Middle East, and North Africa continues, and the longer-term sustainability of these trends appears to be on track.

日本、中東和北非的入境旅遊繼續復甦，這些趨勢的長期可持續性似乎步入正軌。

In January, cross-border volumes on a constant dollar basis grew 15% with uptick, and the US growth rate to 13% and rest-of-world 17%.

1 月份，按固定美元計算的跨境交易量增長了 15%，美國增長了 13%，世界其他地區增長了 17%。

Transactions processed over Visa's network totaled $13.6 billion in the fiscal first quarter, an 8% increase over the prior-year period compared to 9% growth in the September quarter.

第一財季通過 Visa 網絡處理的交易總額為 136 億美元，比去年同期增長 8%，而 9 月季度增長 9%。

Here again, we are beginning to see the impact of the new debit rules.

在這裡，我們再次開始看到新借記規則的影響。

For the month of January, process transaction growth moved back up to 9%.

1 月份，流程交易增長回升至 9%。

Now turning to the income statement.

現在轉向損益表。

Net operating revenue in the quarter was $2.5 billion, a 14% increase year-over-year, driven by strong growth in global payment volumes, better-than-expected data processing revenues, and lower-than-anticipated flight incentive.

本季度的淨營業收入為 25 億美元，同比增長 14%，這得益於全球支付量的強勁增長、好於預期的數據處理收入以及低於預期的飛行獎勵。

The foreign exchange impact on net revenue in the quarter was a positive 1%.

外匯對本季度淨收入的影響為正 1%。

Moving to the individual revenue line items, service revenue was $1.2 billion, up 14% over the prior-year period.

轉向單個收入項目，服務收入為 12 億美元，比去年同期增長 14%。

This is reflective of strong payment volume growth in the September quarter.

這反映了 9 月季度的強勁支付量增長。

Data processing revenue was $951 million, up 13% over the prior-year's quarter, based on strong transaction growth rates for both Visa process and CyberSource transactions.

基於 Visa 流程和 CyberSource 交易的強勁交易增長率，數據處理收入為 9.51 億美元，比去年同期增長 13%。

On that note, CyberSource posted a 25% gain in transactions over the prior-year's quarter, benefiting from Visa's eCommerce transaction growth, which approximated 24% for the quarter.

在這方面，CyberSource 公佈的交易量比去年同期增長了 25%，這得益於 Visa 的電子商務交易增長，該季度接近 24%。

International transaction revenue was up 19% to $748 million, reflecting continued strength in cross-border volumes, above-average currency volatility during the period, and modest strategic pricing adjustments outside the United States.

國際交易收入增長 19% 至 7.48 億美元，反映了跨境交易量持續強勁、期內貨幣波動高於平均水平以及美國以外地區適度的戰略定價調整。

As I highlighted earlier, client incentives (technical difficulty) came in at 16%, below the range of our full year guidance, but consistent with our full-year outlook of 17% to 18%.

正如我之前強調的那樣，客戶激勵（技術難度）為 16%，低於我們全年指導的範圍，但與我們 17% 至 18% 的全年展望一致。

Total operating expense for the quarter was $929 million, up 7% from the prior-year.

本季度總運營費用為 9.29 億美元，比去年同期增長 7%。

This was primarily due to higher personnel, network, and processing costs associated with investments in our growth strategy.

這主要是由於與我們的增長戰略投資相關的更高的人員、網絡和處理成本。

Our operating margin for the quarter was 64%, ahead of our full-year guidance of about 60%.

我們本季度的營業利潤率為 64%，高於我們約 60% 的全年指引。

This is largely due to expense timing, as we expect a ramp-up in investment spending and marketing associated with the Summer Olympics.

這主要是由於支出時機，因為我們預計與夏季奧運會相關的投資支出和營銷會增加。

Capital expenditures were $66 million in the quarter.

本季度的資本支出為 6600 萬美元。

We expect CapEx to ramp-up over the course of the year, and remain comfortable with our current guidance of $350 million to $400 million for the year.

我們預計資本支出將在今年增加，並且對我們目前 3.5 億至 4 億美元的年度指導保持滿意。

Finally, as noted earlier, our tax rate for Q1 was 36%.

最後，如前所述，我們第一季度的稅率為 36%。

However, we expect the benefits previously discussed from a lower state rate and foreign tax credits to be applied in future quarters results, retroactive to Q1; thereby, more accurately reflecting our full-year guidance of an adjusted 33% to 34% range.

但是，我們預計先前討論的較低州稅率和外國稅收抵免帶來的好處將應用於未來季度的業績，追溯至第一季度；因此，更準確地反映了我們調整後的 33% 至 34% 範圍的全年指導。

As Joe mentioned, we were active buyers of our stock during the quarter, repurchasing approximately 800,000 shares at an average price of $89.91 in the open market.

正如喬所說，我們在本季度是我們股票的積極買家，在公開市場上以平均 89.91 美元的價格回購了大約 800,000 股股票。

The escrow funding of $1.57 billion resulted in a change to the conversion rate of the Class B share, which equates to a reduction in the as-converted Class A common stock of 15.4 million shares, effective December 29.

15.7 億美元的託管資金導致 B 類股的轉換率發生變化，這相當於從 12 月 29 日起，轉換後的 A 類普通股減少了 1540 萬股。

At the end of the December quarter, we had 672 million shares of Class A common stock on an as-converted basis, which incorporates the impacts of the escrow funding and open market purchases.

截至 12 月季度末，我們在轉換後的基礎上擁有 6.72 億股 A 類普通股，其中包括託管資金和公開市場購買的影響。

Fully diluted shares outstanding totaled 690 million for the December quarter.

12 月季度完全稀釋的流通股總數為 6.9 億股。

Visa remains committed to returning excess cash to shareholders.

Visa仍然致力於將多餘的現金返還給股東。

And to this end, as Joe mentioned at the outset, our Board of Directors authorized a new $500 million share repurchase plan.

為此，正如喬一開始提到的，我們的董事會批准了一項新的 5 億美元的股票回購計劃。

Finally, we are making two changes to our guidance for fiscal 2012.

最後，我們將對 2012 財年的指導做出兩項更改。

The outlook for net revenue growth is now in the low double-digit range, and for adjusted diluted EPS growth, it is now high-teens.

淨收入增長的前景現在處於兩位數的低位，而調整後的攤薄每股收益增長現在是十幾歲。

All other guidance metrics remain as presented last quarter.

所有其他指導指標與上一季度相同。

As the year unfolds and we have additional clarity around the results of our Durbin debit strategies, as well as US, global, and global economic momentum, we will be in a better position to refine this guidance as necessary.

隨著這一年的到來，我們對德賓借記戰略的結果以及美國、全球和全球經濟勢頭有了更多的了解，我們將能夠在必要時更好地完善這一指導。

And 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) Craig Maurer, CLSA.

（操作員說明）中信里昂證券的 Craig Maurer。

I had a question on the tax rate beyond the current year.

我有一個關於本年度以後的稅率的問題。

Could we see that fall below your adjusted 33% to 34% range, considering the changes that are coming?

考慮到即將發生的變化，我們能否看到低於您調整後的 33% 至 34% 的範圍？

And secondly, marketing was dramatically below what I was thinking about for the quarter.

其次，市場營銷大大低於我對本季度的預期。

So I was hoping to get your thoughts there regarding what opportunities did present themselves in the quarter, and if your thought process changed for the year?

因此，我希望您能就本季度出現哪些機會，以及您的思維過程在這一年發生變化嗎？

Thanks.

謝謝。

For tax, it's a little early to make that call since we've got this year to play out; but we will -- rest assured, we will address tax guidance for the coming year in the next couple of quarters, which is our practice.

對於稅收，由於我們今年要結束，所以現在做出這個決定還為時過早。但我們將 - 請放心，我們將在接下來的幾個季度解決來年的稅收指導問題，這是我們的做法。

With regards to marketing, no change -- think of this as timing.

關於營銷，沒有變化——把這當作時機。

Our guidance hasn't changed.

我們的指導沒有改變。

We have the Summer Olympics coming up, and we are re-phasing our marketing spend to coincide better with the Olympics and the promotions that come in advance.

我們即將迎來夏季奧運會，我們正在重新安排營銷支出，以更好地配合奧運會和提前到來的促銷活動。

So you should expect to see some movement on the marketing line in fiscal quarters two and three, commensurate with that.

因此，您應該期望在第二財季和第三財季看到營銷線上的一些變化，與此相稱。

Darrin Peller, Barclays Capital.

巴克萊資本的達林·佩勒。

You know, I mean, volume trends look like they've held up pretty well, especially into January.

你知道，我的意思是，銷量趨勢看起來一直保持得很好，尤其是到 1 月份。

And then we have a guidance change, especially on both the top-line and not EPS.

然後我們有一個指導變化，特別是在頂線而不是每股收益方面。

Do you think that the guidance is more -- or the change is more reflective of really more benign impacts of maybe the debit regulations as was included in your previous guidance?

您是否認為該指南更多 - 或者這種變化更能反映您之前指南中包含的借方規定的真正更良性的影響？

Or is it more macro-driven?

還是更受宏觀驅動？

And I guess the follow-up question to that would be, is there more room around the rebates, maybe -- the 17% to 18% just conservative on the rebates, because maybe the debit environment or the Durbin environment effects were not as bad as expected?

我想接下來的問題是，回扣是否還有更多空間，也許 - 17% 到 18% 只是保守的回扣，因為也許借方環境或德賓環境影響沒有那麼糟糕正如預期的那樣？

Thanks.

謝謝。

So let me take that.

所以讓我接受。

This is more a reflection of how some of the risk that Joe and I called out on the last quarter's earnings call, how some of those risks are playing out.

這更多地反映了喬和我在上個季度的財報電話會議上提出的一些風險，以及其中一些風險是如何發揮作用的。

Recognizing that we have a one-quarter lag on our service fees, that means we've already got a line of sight into seven months of that revenue.

認識到我們的服務費有四分之一的滯後，這意味著我們已經看到了七個月的收入。

Cross-border volumes have held up very well.

跨境交易量一直保持良好。

With regards to both the US and the global economy, both have demonstrated sustained momentum.

無論是美國經濟還是全球經濟，都呈現出持續的勢頭。

The exciting drama unfolding in Europe has yet to really play out on the volumes.

在歐洲上演的激動人心的戲劇尚未真正上演。

And so the guidance adjustments are more a function of having a portion of our year with a clear line of sight, and some of the risks we were most concerned about, where we're getting well into the fiscal year and they haven't materialized to the degree that -- we had to at least contemplate when we gave the initial guidance.

因此，指導調整更多是為了讓我們一年中的一部分有清晰的視線，以及我們最擔心的一些風險，我們正在順利進入財政年度但它們還沒有實現在某種程度上，我們至少在給出初步指導時必須考慮。

Glenn Fodor, Morgan Stanley.

格倫·福多，摩根士丹利。

Joe, thanks for the color on the issuer loss.

喬，感謝發行人損失的顏色。

Was this the ultimate result of a holistic view by the issuer that under no circumstances would they pursue a dual strategy?

這是發行人在任何情況下都不會採取雙重策略的整體觀點的最終結果嗎？

Or was this a case you wouldn't go as low as they wanted on price?

或者這是一個你不會在價格上達到他們想要的低的情況？

And secondly, can you give us a sense of what portion of your exclusive PIN debit issuers still have to make a decision?

其次，您能否讓我們了解您的獨家 PIN 借記卡發行人中的哪一部分仍需做出決定？

And what type of win rate have you assumed in your guidance?

您在指導中假設了哪種類型的贏率？

Well, getting back to the particular issuer that we talked about, it was -- I think it's fair to say that it was just a decision about how they were going to comply with the law, and knowing, to a certain extent, that our accepting PIN numbers on signatures cards, as we've always done, was an opportunity.

好吧，回到我們談到的特定發行人，我認為公平地說，這只是關於他們將如何遵守法律的決定，並且在一定程度上知道我們的像我們一直做的那樣，在簽名卡上接受 PIN 碼是一個機會。

I think it was just their way of rationalizing how they wanted to go forward.

我認為這只是他們合理化他們想要前進的方式。

It wasn't a price issue.

這不是價格問題。

And then what was the second part of the question?

那麼問題的第二部分是什麼？

I'm sorry.

對不起。

How many still to go -- have to make the decision?

還有多少人需要做出決定？

Yes, on removing Interlink?

是的，關於刪除互連？

I think that -- I think most of them have made their decision.

我認為——我認為他們中的大多數人已經做出了決定。

There is no other major issuer that has Interlink on the back of the card that's contemplating taking it off.

沒有其他主要發行商在考慮取消它的卡背面有 Interlink。

And we have had several wins on putting the Interlink mark on the back of non-Visa debit cards.

我們在非 Visa 借記卡背面加上 Interlink 標記方面取得了多項勝利。

And that will manifest itself certainly no later than April 1.

這肯定會在 4 月 1 日之前顯現出來。

But again, I can't really talk about it.

但同樣，我真的不能談論它。

We're in the final stages of several contracts and they don't like us to disclose who they are.

我們正處於幾份合同的最後階段，他們不希望我們透露他們是誰。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Everything looks really clean here.

這裡的一切看起來都很乾淨。

I just wanted to ask on the client incentives, you said they were running below the full-year target.

我只是想問一下客戶激勵措施，你說他們低於全年目標。

Should we expect it to spike again around April 1 exclusivity date?

我們是否應該期望它在 4 月 1 日的獨家發售日左右再次飆升？

Just trying to get some help with the quarterly spread.

只是想在季度傳播方面獲得一些幫助。

And just as a follow-up to that for Joe, you said that the dust hasn't settled.

就像喬的後續行動一樣，你說塵埃落定。

Is it fair to interpret that to mean -- how should I say it?

將其解釋為是否公平——我該怎麼說？

-- that you haven't started playing defense yet with your MPFs for the VPIN strategy?

——您還沒有開始為 VPIN 策略使用 MPF 進行防禦？

Are the issuers and the acquirers open to both?

發行人和收購人對雙方都開放嗎？

Just wanted to get a little bit of color on that.

只是想得到一點顏色。

(multiple speakers) The second part of the question first and then Byron can answer the first part of the question.

（多位發言者）先回答問題的第二部分，然後拜倫可以回答問題的第一部分。

When I said the dust hasn't settled, I also suggested that I'm very happy with how we've implemented our strategies.

當我說塵埃落定時，我還表示我對我們如何實施我們的戰略感到非常滿意。

And I am very happy about that.

我對此感到非常高興。

And things appear to be playing out quite well in that regard.

在這方面，事情似乎進展得很好。

But until we get to the end of the year and we see exactly what the actual results are, I mean, there is some ambiguity.

但是直到我們到年底，我們才能確切地看到實際結果是什麼，我的意思是，存在一些模棱兩可的地方。

Although changing our guidance and expressing a degree of confidence would suggest that we're pretty happy with where we are and with what's going on.

儘管改變我們的指導並表達一定程度的信心表明我們對我們所處的位置和正在發生的事情非常滿意。

Tien-Tsin, I would say that it clearly weighted to the second-half of the year after April 1.

Tien-Tsin，我會說它顯然是在 4 月 1 日之後的下半年。

If you think in the context of -- a portion of these incentives are assigned to merchant routing and they trigger when the routing is successfully sent Visa's way.

如果您認為這些激勵措施的一部分被分配給商家路由，並且當路由成功發送到 Visa 的方式時觸發。

That's going to weight a portion of the incentives that really hasn't -- isn't as relevant in the first two quarters of the year, relative to the second.

相對於第二季度，這將影響部分真正沒有的激勵措施 - 在今年前兩個季度並不那麼相關。

And then the rate of deal activity, which has nothing to do with Durbin, but has to do with the ongoing course of our business, primarily credit, both in the United States and outside the United States, that level of deal activity was just less than we anticipated in the first quarter.

然後是交易活動率，這與德賓無關，但與我們業務的持續過程有關，主要是信貸，無論是在美國還是在美國以外，交易活動的水平都較低超出我們第一季度的預期。

And so that will just carry forward into quarters two, three, and four.

所以這只會延續到第二、第三和第四季度。

So we reaffirmed our guidance at 17% to 18%.

因此，我們重申了 17% 至 18% 的指導。

We still feel good about that.

我們對此仍然感覺良好。

No real call-outs; just timing.

沒有真正的呼喚；只是時機。

Jamie Friedman, Susquehanna.

傑米弗里德曼，薩斯奎漢納。

Thank you for taking my question.

謝謝你接受我的問題。

So Joe, you mentioned that you've been happy with your strategy implementation.

所以喬，你提到你對你的戰略實施很滿意。

Byron, you mentioned that the Durbin incentives were lower than you had modeled.

拜倫，你提到德賓的激勵比你建模的要低。

I guess, if you had to summarize it, at this vantage point, has Durbin turned out to be better, worse, or the same than you had originally contemplated?

我想，如果你不得不總結一下，從這個有利的角度來看，德賓是不是比你最初設想的更好、更差或一樣？

Well, I think it's modestly better than what we had contemplated.

嗯，我認為它比我們預期的要好一些。

I think that the implementation of our strategies put us at the better part of that -- which is what I've said about the regulation pretty consistently.

我認為我們戰略的實施使我們處於更好的狀態——這就是我對監管的一貫看法。

So, I don't know -- I just -- I don't know how to put it in total perspective because, as I said earlier, we've got to see what happens.

所以，我不知道——我只是——我不知道如何全面看待它，因為正如我之前所說，我們必須看看會發生什麼。

In some cases, there's been accelerated early adoption, and in some cases, there's been less early adoption.

在某些情況下，早期採用速度加快，而在某些情況下，早期採用較少。

And I think it appears like it's going to even out and it appears like things will occur in a manner that we've anticipated.

而且我認為它看起來會變得平衡，並且看起來事情會以我們預期的方式發生。

When I say that, I'm not really factoring in the potential positive effect of some of the things that we've done to drive volume to us over time.

當我這麼說的時候，我並沒有真正考慮到隨著時間的推移我們為推動銷量而所做的一些事情的潛在積極影響。

And we'll have to see how that works out with the -- through the acquirers and the merchant community.

我們將不得不通過收單機構和商家社區來看看如何解決這個問題。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

I guess one question for Joe and another for Byron.

我想喬有一個問題，拜倫有另一個問題。

I guess, Joe, what kind of impact do you expect in the model with the change in pricing that's going to go on, on April 1?

我猜，喬，隨著 4 月 1 日定價的變化，你預計模型會產生什麼樣的影響？

And I know it's going to be a change in pricing for all products -- it's not just debit; I know it includes credit.

而且我知道這將改變所有產品的定價——不僅僅是藉記；我知道它包括信用。

So I'm just curious on what kind of impact do you think that it will have?

所以我只是好奇你認為它會產生什麼樣的影響？

And then, Byron, when we look at the international revenues, they're now, for two quarters in a row, growing faster than the cross-border volume growth.

然後，拜倫，當我們查看國際收入時，它們現在連續兩個季度的增長速度超過了跨境交易量的增長速度。

Is that just better pricing that we're getting?

這只是我們得到的更好的定價嗎？

What is driving that phenomenon the past two quarters?

是什麼推動了過去兩個季度的這種現象？

Thanks.

謝謝。

I mean, so let me answer the international one first.

我的意思是，讓我先回答國際問題。

So we recorded nominal growth at 12% and there was a 19% increase in revenue.

因此，我們的名義增長率為 12%，收入增長了 19%。

Whenever there is significant above-average currency volatility, then our revenue stream trends up.

每當出現明顯高於平均水平的貨幣波動時，我們的收入流就會呈上升趨勢。

And then -- and so that's the primary delta that you are seeing.

然後——這就是你看到的主要增量。

It doesn't have anything to do with our pricing.

這與我們的定價無關。

It's much more a function of currency volatility, and that has largely been courtesy of Europe and the unfolding drama around the euro.

它更多地是貨幣波動的函數，這在很大程度上要歸功於歐洲和圍繞歐元展開的戲劇性事件。

With regards to -- let me see if I understand the question.

關於——讓我看看我是否理解這個問題。

On balance in US debit, when you combine the fixed acquiring network fee with the lower variable transaction fees associated with US debit, this constitutes a net price reduction.

在美國借記卡餘額中，當您將固定收單網絡費用與與美國借記卡相關的較低可變交易費用相結合時，這構成了淨降價。

And that has been completely folded into our guidance.

這已完全納入我們的指導。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

So have your common switch plans and network participation fee plans met any meaningful obstacles?

那麼您的常見切換計劃和網絡參與費用計劃是否遇到了任何有意義的障礙？

And could you provide more specifics on how the common switch and network participation fee will be implemented, presumably in upcoming months here?

您能否提供更多關於通用交換機和網絡參與費將如何實施的細節，大概在接下來的幾個月裡？

I think that what we've done, we've announced two quarters ago and we've consistently talked about.

我認為我們所做的，我們已經在兩個季度前宣布並且我們一直在談論。

I think any time you change the paradigm that there's probably some consternation somewhere along the way.

我認為，每當您改變範式時，沿途的某個地方可能會有些驚愕。

But in general, we've met with -- it's been pretty benign and we've met with favorable receptivity.

但總的來說，我們遇到了 - 它非常溫和，我們遇到了良好的接受度。

I would say out of our largest merchants, there are a significant number of them that have signed contracts with us, that anticipate the fixed fee and they're fine with it.

我想說的是，在我們最大的商家中，有相當多的商家與我們簽訂了合同，預計會收取固定費用，他們對此表示滿意。

I mean, I suppose that doesn't mean that they won't complain about it later, but that's kind of the history of our business.

我的意思是，我想這並不意味著他們以後不會抱怨，但這就是我們業務的歷史。

As it relates to that, we're putting -- officially we'll put out the specifications for that in about the -- in the next week.

與此相關的是，我們將在下周正式發布該規範。

As it relates to fully activating the PIN capability on the Visa debit card, that will begin on April 1.

由於它涉及完全激活 Visa 借記卡上的 PIN 功能，該功能將於 4 月 1 日開始。

And all of those things are going along as we anticipated, as we had planned.

所有這些事情都按照我們的預期進行，正如我們計劃的那樣。

We're very happy with the way that it turned out.

我們對結果的方式感到非常滿意。

And as you might expect, I mean, there's been a lot of water that's gone under the bridge; they're both complicated paradigms.

正如你所料，我的意思是，橋下有很多水；它們都是複雜的範例。

As Byron says, we feel that we're in a much better position in the long run with a modest fixed fee and a lower variable fee.

正如拜倫所說，我們認為從長遠來看，我們處於一個更好的位置，固定費用適中，可變費用較低。

We believe that that suits merchants in a much more compatible way than in the past, because they can take advantage of economies of scale.

我們認為，這比過去更適合商家，因為他們可以利用規模經濟。

It is not a price increase, as we speak today, as it relates to the PIN capability on the signature card.

正如我們今天所說，這不是價格上漲，因為它與簽名卡上的 PIN 功能有關。

That seems to be the way things are moving, as a capability that we have.

作為我們擁有的能力，這似乎是事情的發展方式。

And we're very comfortable with that as well.

我們對此也很滿意。

David Togut, Evercore Partners.

大衛·托古特，Evercore 合作夥伴。

Joe, could you highlight some of the innovation you have planned on the credit side?

喬，你能強調一下你在信貸方面計劃的一些創新嗎？

You indicated that credit volume growth was twice what debit was in the US in December, and much of the growth came from the affluent.

您表示，美國 12 月份的信貸量增長是藉方的兩倍，而且大部分增長來自富人。

So how do you see the competitive battle shaping up in US credit versus MasterCard, particularly on the affluent side?

那麼，您如何看待美國信用卡與萬事達卡的競爭，尤其是在富裕方面？

Well, when I look back over the last two or three years, I mean, I'm very comfortable with how we have fared and what we've done.

好吧，當我回顧過去兩三年的情況時，我的意思是，我對我們的表現和所做的事情感到非常滿意。

Based on a number of things that I talked about in my remarks, I'm very bullish on where we're going to wind up in 2012 as a result of some new transactions that are on the cusp of occurring.

基於我在講話中談到的一些事情，我非常看好我們將在 2012 年結束的地方，因為一些新交易即將發生。

That doesn't mean that I don't consider MasterCard to be a formidable competitor, because they are.

這並不意味著我不認為萬事達卡是一個強大的競爭對手，因為他們是。

It doesn't mean that every time we get involved in a transaction that we'll win and they'll lose.

這並不意味著每次我們參與交易時我們都會贏而他們會輸。

But I'd have to say as it regards credit, we're in a pretty good position.

但我不得不說，就信用而言，我們處於一個相當不錯的位置。

Remember, we've talked the last two quarters about the United/Continental merger and our win in that regard.

請記住，我們在過去兩個季度談到了聯合航空/大陸航空的合併以及我們在這方面的勝利。

I think, as I mentioned in my remarks, we have the best array of co-branded partners period.

我認為，正如我在講話中提到的，我們擁有最好的聯合品牌合作夥伴。

And that is what's driving a lot of the growth.

這就是推動大量增長的原因。

So, we've feel like we're in a very good position.

所以，我們覺得我們處於一個非常好的位置。

We don't feel that that's a position through which we can rest on our laurels.

我們不認為這是我們可以固步自封的立場。

We do believe that VDotMe and the wallet and the single click is going to make a difference in the credit card world as well as the debit card world.

我們確實相信 VDotMe 和錢包以及單擊將在信用卡世界和借記卡世界中產生影響。

So I think we're trying to move forward in a very measured way, and we're pretty excited about our prospects.

所以我認為我們正在努力以一種非常謹慎的方式前進，我們對我們的前景感到非常興奮。

And the same goes for our international business.

我們的國際業務也是如此。

Ken Bruce, Bank of America Merrill Lynch.

美國銀行美林證券的肯布魯斯。

My question actually kind of follows on to that last one.

我的問題實際上有點像最後一個問題。

In terms of the trends that you see within debit and credit, are you able to tell if this growth in credit is -- whether it be affluent or a broader growth in credit?

就您在藉方和貸方中看到的趨勢而言，您是否能夠判斷這種信貸增長是——是富裕的還是更廣泛的信貸增長？

You said there's actually consumers making a conscious choice to pick up a credit card versus a debit card; just as you think about those different trends, are you seeing anything that is fundamentally where consumers are choosing a credit card over a debit card?

您說實際上消費者有意識地選擇使用信用卡還是藉記卡；正如您考慮這些不同的趨勢一樣，您是否看到消費者從根本上選擇信用卡而不是藉記卡的任何情況？

Or if that's just that a selection that issuers are pushing more credit cards versus debit?

或者，如果這只是發行人推出更多信用卡而不是藉記卡的選擇？

Well, remember, the credit card volume has been growing quite robustly for several quarters now.

好吧，請記住，信用卡數量已經連續幾個季度強勁增長。

And so you certainly couldn't attribute what's happening f in that product totally to Durbin and people switching.

因此，您當然不能將該產品中發生的事情完全歸因於德賓和人們的轉換。

And it's too early to tell, in looking at the volumes, exactly what kind of switch there may be.

現在說，在查看數量時，確切地說可能會有什麼樣的轉變還為時過早。

Anecdotally, of course, you know that rewards have been removed from debit cards and rewards exist on credit cards.

當然，有趣的是，您知道獎勵已從借記卡中刪除，而獎勵存在於信用卡上。

So they're probably -- I mean, just logically, you'd have to assume that there's some movement in that regard.

所以他們可能 - 我的意思是，從邏輯上講，你必須假設在這方面有一些變化。

Some of that's constrained by the credit-worthiness of the individuals and their credit lines.

其中一些受到個人信譽及其信用額度的限制。

And so it's pretty complicated environment and it's a little bit difficult to say.

所以這是一個相當複雜的環境，很難說。

Obviously, issuers seem to be pushing their credit businesses a little bit more strongly or a lot more strongly than they do their debit businesses at this point in time, which is what one would expect.

顯然，此時發行人似乎在推動他們的信貸業務比他們的借記業務更強烈或更強烈，這是人們所期望的。

So I think that the jury is still out about how much something moves from one to the other, but I think it's pretty clear that you're going to see strong credit card growth, at least from Visa, in the foreseeable future.

因此，我認為陪審團仍然無法確定有多少東西從一個轉移到另一個，但我認為很明顯，在可預見的未來，你將看到信用卡的強勁增長，至少來自 Visa。

Julio Quinteros, Goldman Sachs.

胡里奧·金特羅斯，高盛。

Byron, this is directly for you, I guess just in terms of the numbers -- and I apologize if I missed any of this -- but the 9% processed transaction growth versus the 13% data processing revenue growth -- obviously, via the effects of Durbin and some of the impacts there on debit are a big part of the decline in process; but the spread relative to the revenue growth was actually much better than expected.

拜倫，這直接是給你的，我想只是在數字方面——如果我錯過了任何一個，我深表歉意——但 9% 的處理交易增長與 13% 的數據處理收入增長——顯然，通過德賓的影響以及其中對借方的一些影響是流程下降的重要組成部分；但相對於收入增長的利差實際上比預期的要好得多。

So, just some color in terms of why that spread went the way that it did, and for how long would this actually continue to persist before you see it fully anniversary?

所以，就為什麼傳播會這樣，以及在你看到它完全週年之前，這種傳播實際上會持續多久？

Yes.

是的。

So the data processing fees grew at 8%, but we reported, at the gross level, data processing fee growth of 13%.

所以數據處理費增長了 8%，但我們報告說，在總水平上，數據處理費增長了 13%。

Of that delta, I would say 60% of it is due to the addition of CyberSource and PlaySpan transactions into the data processing line.

在這個增量中，我想說其中 60% 是由於在數據處理線中添加了 CyberSource 和 PlaySpan 事務。

And the other 40% is due to value-added services that show up in the other fee category of data processing.

另外 40% 是由於增值服務出現在數據處理的其他費用類別中。

And so those -- that explains 100% of the premium that we are earning above the growth -- the underlying growth in data processing transactions.

所以那些 - 這解釋了我們在增長之上獲得的 100% 的溢價 - 數據處理交易的潛在增長。

And I would expect that that premium -- certainly, the CyberSource and PlaySpan piece will continue.

而且我希望這種溢價——當然，CyberSource 和 PlaySpan 將繼續存在。

We'll have to see how that plays out in the second-half of the year, as we see much more impact from -- or potential impact from implementation of the federal's.

我們將不得不看看這在今年下半年會如何發揮作用，因為我們會看到更多的影響——或者來自聯邦實施的潛在影響。

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

何塞，在這一點上，我們有時間再問一個問題。

The last question does come from Bill Carcache with Nomura.

最後一個問題確實來自野村的 Bill Carcache。

Your line is open.

你的線路是開放的。

I'd like to follow-up on some of your comments about Fundamo and your investments in mobile money.

我想跟進您對 Fundamo 和您對移動貨幣的投資的一些評論。

Does what you're doing there influence your relationship with Western Union in any way?

您在那裡所做的事情是否會以任何方式影響您與西聯匯款的關係？

And can you update us on whether you expect to be able to deal with some of the AML issues that arise in mobile money transfer?

您能否向我們介紹您是否希望能夠處理移動匯款中出現的一些 AML 問題？

And just more broadly, can you comment on where you see the costs of electronic money transfers going, especially in comparison to the -- that 500 to 600 basis points of revenues per dollar of volume that Western Union has traditionally generated?

更廣泛地說，您能否評論一下您認為電子匯款成本的去向，尤其是與西聯匯款傳統上每 1 美元交易量產生 500 到 600 個基點的收入相比？

Thanks.

謝謝。

I don't think that there's an absolute connection between Fundamo and Western Union and the Western Union type of business.

我認為 Fundamo 和西聯匯款與西聯匯款類型的業務之間沒有絕對的聯繫。

Remember, I think Fundamo is an incredible part of our future.

請記住，我認為 Fundamo 是我們未來不可思議的一部分。

I think that using mobile technology to -- as an access point to Visa prepaid cards in emerging economies, where there's a lot of under-banked people, is just one of the most incredible things that I've seen coming along in quite some time.

我認為在新興經濟體中使用移動技術作為 Visa 預付卡的接入點，那裡有很多銀行存款不足的人，這只是我在相當長一段時間內看到的最不可思議的事情之一.

As it relates to money transfer and Western Union, we are much more heavily involved with Western Union today, and will be in 2012 than we really ever have been before.

由於它與匯款和西聯匯款有關，我們今天與西聯匯款的聯繫要多得多，而且將在 2012 年比以往任何時候都多。

And we are doing a number of things with them in some of the -- as it relates to money transfer in some of the emerging economies.

我們正在與他們一起做一些事情 - 因為它與一些新興經濟體的資金轉移有關。

And I'm going to kind of leave Western Union at that.

我會在那種情況下離開西聯匯款。

But we also, as you know, do business with MoneyGram.

但如您所知，我們也與 MoneyGram 開展業務。

I mean, we are -- we're pretty invested in the money transfer business for the un-banked.

我的意思是，我們是 - 我們非常投資於無銀行賬戶的匯款業務。

We are aware of the issues that surround the transfer of money and the protections that are required, and so forth and so on.

我們知道圍繞資金轉移的問題以及所需的保護等等。

And we're doing things through people that have those infrastructures.

我們正在通過擁有這些基礎設施的人來做事。

And we're happy where we are right now.

我們很高興我們現在所處的位置。

Let me say we are -- we're happy to be doing what we're doing and we will continue to endeavor to.

讓我說我們是 - 我們很高興做我們正在做的事情，我們將繼續努力。

Well, thank you all for joining us today.

嗯，謝謝大家今天加入我們。

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

如果有人有後續問題，請隨時致電投資者關係部。

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。

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。