Visa Inc (V) 2012 Q2 法說會逐字稿

Welcome to Visa's Inc.'s fiscal Q2 2012 earnings conference call.

歡迎參加 Visa's Inc. 的 2012 財年第二季度財報電話會議。

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

所有參與者都以只聽模式進入問答環節。

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 these Inc.'s fiscal second-quarter earnings conference call.

下午好，歡迎參加 Visa these Inc. 的第二財季財報電話會議。

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 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。

The replay will also be archived on our site for 30 days.

回放也將在我們的網站上存檔 30 天。

A PowerPoint deck containing hightlights of today's commentary was posted to our site 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 result of variety of factors, actual results could differ materially from such statements.

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

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

其中包括全球經濟的挫折和新金融改革法規的影響。

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

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

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

可以通過 SEC 網站和我們網站的投資者關係部分訪問它。

For historical non-GAAP or pro forma related financial information disclosed in 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 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 site.

此新聞稿也可以通過我們網站的投資者關係部分訪問。

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

有了這個，我會把電話轉給喬。

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

謝謝，傑克，一如既往地感謝你今天加入我們。

Visa delivered another quarter of strong financial performance, posting net operating revenues of $2.6 billion, a 15% increase over the same period last year.

Visa 又一個季度實現了強勁的財務業績，淨營業收入為 26 億美元，比去年同期增長 15%。

These revenue gains were driven by double-digit payments volume growth globally, continued outperformance of credit spend worldwide, and strong cross-border activity.

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

Adjusted net income for the quarter was $1.1 billion, a 23% increase over the same period last year.

本季度調整後的淨收入為 11 億美元，比去年同期增長 23%。

This equates to adjusted diluted earnings per share of $1.60, a 30% increase over the second fiscal quarter of 2011.

這相當於調整後的攤薄後每股收益為 1.60 美元，比 2011 財年第二季度增長 30%。

Our performance reaffirms Visa's solid business foundation and strategy, including our diversified product and service offerings, our strong client relationships, and our commitment to accelerating growth in key markets worldwide.

我們的業績再次印證了 Visa 堅實的業務基礎和戰略，包括我們多元化的產品和服務、我們強大的客戶關係以及我們對加速全球主要市場增長的承諾。

With two strong quarters under our belt and insight into our fiscal third-quarter service revenues, we are upgrading our guidance for fiscal 2012 by raising EPS growth to high-teens to low-20s and reaffirming our 2013 guidance.

憑藉兩個強勁的季度以及對我們第三財季服務收入的深入了解，我們正在通過將每股收益增長提高至十幾歲至 20 歲以下並重申我們的 2013 年指導來升級我們對 2012 財年的指導。

Visa's Global business continues to expand at a healthy pace.

Visa 的全球業務繼續以健康的速度擴張。

A strong March quarter followed the solid results we posted in our first quarter and will drive service revenues in the current June quarter.

強勁的 3 月季度緊隨我們在第一季度公佈的穩健業績，並將推動當前 6 月季度的服務收入。

During the March quarter Visa's credit and debit payment volumes worldwide grew 14% and 7%, respectively.

在第三季度，Visa 的全球信用卡和借記卡支付量分別增長了 14% 和 7%。

Cross-border volume also posted healthy gains, increasing 16% globally.

跨境交易量也實現了健康增長，全球增長了 16%。

Processed transactions grew 8%.

已處理的交易增長了 8%。

In the US payment volumes increased 6% for all products.

在美國，所有產品的支付量增長了 6%。

Our star performer for fiscal second-quarter was credit.

我們第二財季的明星表現是信貸。

Building on that we continue to invest in new and expanded long-term credit relationships with our largest US clients to drive growth in our core business.

在此基礎上，我們繼續投資與我們最大的美國客戶建立新的和擴大的長期信貸關係，以推動我們核心業務的增長。

In fact, of the largest US issuers that consider multiyear partnership agreements, we now have nine of the top 10 signed into fiscal 2015 and beyond.

事實上，在考慮多年合作協議的美國最大的發行人中，我們現在有九家在 2015 財年及以後簽署了前 10 名。

From a volume perspective that equates to more than three-quarters of our US credit volume secured into 2015 and beyond.

從數量的角度來看，這相當於我們在 2015 年及以後獲得的美國信貸量的四分之三以上。

During the March quarter we also continued to have success winning important new credit business from multiple US issuers.

在 3 月季度，我們還繼續成功地從多家美國發行人那裡贏得重要的新信貸業務。

On the call brand front I am pleased that Visa has finalized a multiyear extension of our successful credit co-branded partnership with Alaska Airlines, a portfolio that benefits from a large number of affluent cardholders and a high cross-border usage.

在呼叫品牌方面，我很高興 Visa 與阿拉斯加航空公司成功地延長了多年的信用聯合品牌合作夥伴關係，該組合受益於大量富裕的持卡人和高跨境使用率。

Additionally, we are now seeing early results of our previously announced contract with United Airlines.

此外，我們現在看到了我們之前宣布的與聯合航空公司簽訂的合同的早期結果。

As a reminder, the recent merger of United and Continental Airlines resulted in the consolidation of their credit card portfolios under Mileage Plus.

提醒一下，美聯航和大陸航空公司最近的合併導致他們的信用卡組合在前程萬里 (Mileage Plus) 下合併。

And the combined entity has chosen Visa as the exclusive brand for newly issued Mileage Plus cards.

合併後的實體選擇 Visa 作為新發行的 Mileage Plus 卡的獨家品牌。

As for acceptance, we are expanding our popular Visa Easy Payment service, our no signature required program in the United States for selected merchant categories.

至於接受，我們正在擴展我們廣受歡迎的 Visa Easy Payment 服務，這是我們在美國針對特定商家類別的無需簽名的計劃。

Under our current program, which is available to the majority of merchant categories in the US, merchants have the option to complete purchases up to $25 without requiring a cardholder's signature or PIN.

根據我們目前適用於美國大多數商家類別的計劃，商家可以選擇完成最高 25 美元的購買，而無需持卡人的簽名或 PIN 碼。

Building on the success of that program we see an opportunity to help our merchant and financial institution partners better serve their customers, reduce their costs and grow their businesses.

在該計劃取得成功的基礎上，我們看到了幫助我們的商家和金融機構合作夥伴更好地為客戶服務、降低成本和發展業務的機會。

That is why beginning in October 2012 we are raising the limit to $50 for discount stores and supermarkets with the intent of expanding this service to additional merchant categories over time.

這就是為什麼從 2012 年 10 月開始，我們將折扣店和超市的限額提高到 50 美元，目的是隨著時間的推移將這項服務擴展到更多的商家類別。

Now let's turn our attention to Visa's debit business in the US where the new regulations are now in full effect.

現在讓我們把注意力轉向Visa在美國的借記業務，新法規現已全面生效。

After more than a year of thoughtful planning we have moved beyond the April 1 full compliance deadline.

經過一年多的周密規劃，我們已經超越了 4 月 1 日的全面合規截止日期。

The next several months will be dynamic and highly competitive, but I'm confident with our position and comprehensive strategies.

未來幾個月將充滿活力且競爭激烈，但我對我們的立場和全面戰略充滿信心。

So far the situation is playing out as we expected and in-line with our updated guidance for fiscal 2012, as well as our guidance for fiscal 2013.

到目前為止，情況正在按照我們的預期發展，並且符合我們對 2012 財年的最新指導以及我們對 2013 財年的指導。

During the March quarter US aggregate debit payment volumes slowed to 2% growth and, as expected, has continued to decline in April.

在 3 月季度，美國借記卡支付總額增長放緩至 2%，並且正如預期的那樣，4 月繼續下降。

Interlink is bearing the brunt of the regulatory impact.

Interlink 首當其衝受到監管影響。

To really understand what is happening in our debit business it is critical to look at our two products, Visa Debit and Interlink independently.

要真正了解我們的借記卡業務中正在發生的事情，獨立查看我們的兩種產品（Visa 借記卡和 Interlink）至關重要。

Visa Debit, also known as Visa CheckCard, saw modest, albeit slowing payments volume growth during the March quarter.

Visa Debit（也稱為 Visa CheckCard）在 3 月季度的支付量增長放緩，但表現溫和。

This slowdown resulted largely from US issuers deemphasizing debit reward programs in their own marketing activities.

這種放緩主要是由於美國發行人在自己的營銷活動中不再強調借記獎勵計劃。

Turning to Interlink, we posted negative payment volume growth in each month of the March quarter.

談到 Interlink，我們在 3 月季度的每個月都公佈了負支付量增長。

More recently between the compliance deadline of April 1 and April 28, Interlink payment volume has experienced notable deterioration.

最近，在 4 月 1 日至 4 月 28 日的合規截止日期之間，Interlink 支付量出現了顯著惡化。

Keep in mind though that in the March quarter Interlink contributed less than 10% of US debit revenue and about 2% of Visa Inc.'s overall revenue, and was our lowest yielding product in the US market.

請記住，儘管在 3 月季度，Interlink 貢獻了不到 10% 的美國借記卡收入和大約 2% 的 Visa Inc. 總收入，並且是我們在美國市場上收益率最低的產品。

We believe we will experience the greatest impact to US debit payment volumes and recalibration of marketshare during our fiscal third quarter.

我們相信，在我們的第三財季，我們將對美國借記卡支付量和市場份額的重新調整產生最大的影響。

Looking ahead, as our revised debit strategies steadily gain traction, we expect to see improving trajectory in our fiscal 2012 fourth quarter.

展望未來，隨著我們修訂的借記策略穩步獲得關注，我們預計 2012 財年第四季度的發展軌跡將有所改善。

For one, the new regulations provided us with an opportunity to add Interlink to existing cards that currently carry our competitor's brand.

一方面，新規定為我們提供了將 Interlink 添加到當前帶有我們競爭對手品牌的現有卡中的機會。

More importantly, our comprehensive integrated debit strategy also focuses on winning issuer placement and incenting routing decisions.

更重要的是，我們全面的綜合借記策略還側重於贏得發行人安置和激勵路由決策。

On the issuer side, not only have we maintained all of our major issuer relationships for Visa Debit, we signed 14 of our 15 largest US debit issuers to agreements that go until at least fiscal 2015 with the majority spanning beyond that.

在發行人方面，我們不僅維持了與 Visa Debit 的所有主要發行人關係，我們還與美國 15 家最大的借記卡發行人中的 14 家簽署了至少在 2015 財年之前的協議，其中大多數超出此期限。

As for our strategies to compete for routing decisions, our incentive program for merchants is on track.

至於我們競爭路由決策的策略，我們對商家的激勵計劃正在進行中。

We have taken a tailored and surgical approach to win strategic volume and offer competitive incentives to merchants.

我們採取了量身定制的手術方法來贏得戰略銷量並為商家提供有競爭力的激勵措施。

Overall, while we are still at the earliest stages, I'm confident that our comprehensive debit strategies are working and put Visa in a position to compete effectively in the redefined US debit market.

總體而言，雖然我們仍處於早期階段，但我相信我們的綜合借記策略正在發揮作用，並使 Visa 能夠在重新定義的美國借記市場中有效競爭。

Of course, in any period of substantive change ongoing communication and clarification with key stakeholders is essential.

當然，在任何實質性變化時期，與主要利益相關者的持續溝通和澄清都是必不可少的。

To that end we have been directly engaged with clients, merchants, policymakers and other interested parties that share our desire for a healthy, competitive and viable debit segment in the US.

為此，我們一直與客戶、商家、政策制定者和其他利益相關方直接接觸，他們與我們一樣希望在美國建立一個健康、有競爭力和可行的借記業務。

On March 13, prior to the April 1 implementation date, the US Department of Justice Antitrust Division issued a civil investigative demand requesting additional information about PIN authenticated Visa Debit and elements of our new debit strategies, including the fixed acquirer fee.

3 月 13 日，在 4 月 1 日實施日期之前，美國司法部反壟斷部門發布了一項民事調查要求，要求提供有關 PIN 驗證 Visa 借記卡和我們的新借記卡策略要素（包括固定收單方費用）的更多信息。

In March we met with the department twice and provided materials in response to the CID.

3 月，我們兩次與該部門會面，並提供了材料以回應 CID。

We are confident our actions are appropriate and that our response to the DOJ supports that.

我們相信我們的行動是適當的，我們對司法部的回應也支持這一點。

But in a business as complex as ours, the department's request is not unexpected.

但在我們這樣複雜的業務中，部門的要求並不出人意料。

Visa has received four other requests for information from the department since 2007, each of which took from nine to almost 24 months to complete.

自 2007 年以來，Visa 還收到了該部門的其他四項信息請求，每項請求都需要 9 到近 24 個月才能完成。

All have been resolved with our full cooperation.

在我們的充分合作下，一切都得到了解決。

We are continuing to provide materials and cooperate with the department.

我們將繼續提供材料並與部門合作。

I will keep you updated if and when the situation warrants.

如果情況允許，我會及時通知您。

So I will end my debit-related comments where I started.

所以我將在我開始的地方結束與借記相關的評論。

The impact of the regulation in the US has been significant, but almost exactly as we planned for.

美國監管的影響是巨大的，但幾乎完全符合我們的計劃。

I am confident we fully scoped the impact of the regulation.

我有信心我們充分確定了該法規的影響。

Our updated guidance for the rest of fiscal 2012, as well as our guidance for fiscal 2013, take everything I have discussed into account.

我們對 2012 財年剩餘時間的更新指導，以及我們對 2013 財年的指導，都將我討論的所有內容都考慮在內。

Bottom line, we are resetting our baseline economics for debit in the US and positioning Visa to grow from here.

最重要的是，我們正在重置我們在美國借記卡的基準經濟學，並將 Visa 定位為從這裡開始增長。

And as I have said throughout this process we are fully engaged with our clients.

正如我在整個過程中所說的那樣，我們與客戶充分接觸。

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

我們專注於他們的需求，我們正在向前邁進。

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 geographies by 2015.

將注意力轉向美國以外，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% 的收入來自國際地區的既定目標。

In fact, our international geographies posted healthy payment volume gains of 15% on a constant dollar basis in the December quarter, driving approximately 64% of Visa's revenue growth this quarter, and now represent 47% of Visa's net revenue.

事實上，我們的國際地區在 12 月季度按固定美元計算的支付量增長了 15%，推動了 Visa 本季度約 64% 的收入增長，現在佔 Visa 淨收入的 47%。

Our Latin American region has experienced nine consecutive quarters with payment volume growth on a constant dollar basis exceeding 20%.

我們的拉丁美洲地區已連續九個季度以固定美元計算的支付量增長超過 20%。

In fact, the March quarter delivered a solid 25% growth rate.

事實上，3 月季度實現了 25% 的穩健增長率。

We are seeing particularly good success in Brazil where we have reached an agreement with a large Brazilian bank that has traditionally maintained the majority of its business with one of our largest competitors.

我們在巴西看到了特別好的成功，我們與一家大型巴西銀行達成協議，該銀行傳統上與我們最大的競爭對手之一保持大部分業務。

With this new agreement we estimate that 50% of that client's card portfolio will be Visa branded in the next few years.

根據這項新協議，我們估計該客戶的信用卡組合中的 50% 將在未來幾年內使用 Visa 品牌。

We also recently reached an agreement with all of our major clients in Brazil that will dramatically increase the number of transactions over VisaNet.

我們最近還與我們在巴西的所有主要客戶達成了一項協議，這將大大增加通過 VisaNet 的交易數量。

Today about 63% of Visa's transactions in Brazil get routed over VisaNet.

如今，Visa 在巴西約有 63% 的交易通過 VisaNet 進行。

With this agreement, over 90% of our Brazilian transactions will route over VisaNet starting in the next few quarters.

有了這項協議，從未來幾個季度開始，我們 90% 以上的巴西交易將通過 VisaNet 進行。

This important agreement directly advances one of our strategic goals, ensuring that a greater share of our transactions are processed on VisaNet.

這項重要協議直接推進了我們的一項戰略目標，確保我們的交易中有更大份額在 VisaNet 上處理。

Simply put, carrying our own transactions on VisaNet delivers greater revenue to Visa, and just as importantly, it allows Visa to deliver the overall benefits of the network and of our services, including better fraud detection and improved transaction quality, to cardholders, merchants and our bank customers.

簡而言之，在 VisaNet 上進行我們自己的交易為 Visa 帶來了更大的收入，同樣重要的是，它使 Visa 能夠為持卡人、商家和我們的銀行客戶。

At the same time, our Asia-Pacific and CEMEA regions delivered a strong combined 16% payment volume growth for the two regions during the March quarter.

與此同時，我們的亞太地區和 CEMEA 地區在 3 月季度為這兩個地區實現了 16% 的強勁支付量增長。

This performance was driven by continued execution of our locally tailored growth strategies, which includes increasing penetration and usage of debit and premium credit products, expansion of our acceptance footprint, and driving cross-border transactions.

這一業績是由我們持續執行本地定制的增長戰略推動的，其中包括提高借記卡和高級信貸產品的滲透率和使用率、擴大我們的承兌範圍以及推動跨境交易。

And to build on that, we signed several additional deals that will drive future growth in these rapidly expanding regions.

在此基礎上，我們簽署了幾項額外的交易，這些交易將推動這些快速擴張地區的未來增長。

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

在創新方面，我們已採取多項措施將新產品和解決方案推向市場。

Our innovation investments and acquisitions in CyberSource, PlaySpan and Fundamo are paying off and are allowing us to execute on our vision to introduce the next generation of commerce and electronic payments.

我們在 CyberSource、PlaySpan 和 Fundamo 的創新投資和收購正在獲得回報，並使我們能夠實現我們的願景，推出下一代商業和電子支付。

This past quarter we reached agreements with some of the world's largest mobile network operators and mobile device manufacturers to extend Visa's payment functionality to mobile subscribers.

上個季度，我們與一些全球最大的移動網絡運營商和移動設備製造商達成協議，將 Visa 的支付功能擴展到移動用戶。

Vodafone, the second largest mobile operator in the world, plans to develop a virtual wallet with a Visa mobile prepaid account preloaded.

世界第二大移動運營商沃達丰計劃開發一個預裝了 Visa 移動預付費賬戶的虛擬錢包。

The wallet will be offered to 390 million Vodafone mobile subscribers in more than 30 countries.

該錢包將提供給 30 多個國家的 3.9 億沃達丰移動用戶。

This agreement is the largest of its kind between a mobile operator and a global payments network.

該協議是移動運營商與全球支付網絡之間最大的同類協議。

Orange Telecom has agreed to offer their customers in seven geographies across Africa and the Middle East a Visa prepaid account linked to their mobile phone number.

Orange Telecom 已同意為其位於非洲和中東七個地區的客戶提供與其手機號碼相關聯的 Visa 預付費賬戶。

At the same time, we continue to lead the way for broad adoption of near field communication technology.

與此同時，我們繼續引領近場通信技術的廣泛採用。

Our previously announced agreements to license payWave technology to Google Wallet and Isis are two prominent examples.

我們之前宣布的將 payWave 技術許可給 Google Wallet 和 Isis 的協議就是兩個突出的例子。

And we are actively engaged with handset manufacturers as they begin to deliver NFC-enabled devices to the marketplace.

當手機製造商開始向市場提供支持 NFC 的設備時，我們正積極與他們合作。

Examples of our progress from the most recent quarter include an agreement with Intel Corporation, which announced plans to make Visa payWave the standard payment application for Intel's soon-to-be launched mobile handset devices.

我們最近一個季度取得的進展包括與英特爾公司的一項協議，該公司宣布計劃將 Visa payWave 用作英特爾即將推出的手機設備的標準支付應用程序。

Additionally, Nokia's new Lumia smartphone was tested in our labs and recently certified for use with Visa payWave.

此外，諾基亞的新型 Lumia 智能手機在我們的實驗室中進行了測試，並且最近獲得了與 Visa payWave 配合使用的認證。

To further support issuers who want to advance NFC programs we executed a deal with Oberthur Technologies to roll out Visa's mobile provisioning service, which provides issuers with a secure way to manage and provision credentials on any mobile device.

為了進一步支持希望推進 NFC 計劃的發行人，我們與 Oberthur Technologies 達成了一項協議，推出 Visa 的移動配置服務，該服務為發行人提供了一種在任何移動設備上管理和提供憑證的安全方式。

It has been two years since we made the decision to acquire CyberSource, and I'm pleased to say that quarter after quarter CyberSource continues to deliver exceptional growth and expand its e-commerce business around the world.

我們決定收購 CyberSource 已經兩年了，我很高興地說，CyberSource 一個季度又一個季度地繼續實現非凡的增長，並在全球範圍內擴展其電子商務業務。

For the most recent quarter billable transactions totaled 1.3 billion, growing 26% versus the same period a year ago.

最近一個季度的可計費交易總額為 13 億筆，比去年同期增長 26%。

At the time of the acquisition we saw opportunity to further accelerate CyberSource growth by investing in that business and by a co-selling Visa processing services and CyberSource merchant gateway and fraud services.

在收購時，我們看到了通過投資該業務以及聯合銷售 Visa 處理服務和 CyberSource 商戶網關和欺詐服務來進一步加速 CyberSource 增長的機會。

For example, in AP and CEMEA we have successfully sold integrated solutions to major financial institutions, including gateway services and direct connect to VisaNet.

例如，在 AP 和 CEMEA，我們已成功向主要金融機構銷售集成解決方案，包括網關服務和與 VisaNet 的直接連接。

Meanwhile, in Latin America, Cielo, which is one of the largest acquirer of processors in Brazil, with approximately 70% of e-commerce volume in that country, announced its partnership with CyberSource to provide fraud management solutions to Brazilian e-commerce merchants.

與此同時，在拉丁美洲，Cielo 是巴西最大的處理器收購方之一，擁有該國約 70% 的電子商務交易量，該公司宣布與 CyberSource 合作，為巴西電子商務商家提供欺詐管理解決方案。

These examples demonstrate the effectiveness of Visa and CyberSource together, and we will continue to invest in this business to drive future growth.

這些例子展示了 Visa 和 CyberSource 一起的有效性，我們將繼續投資於這項業務以推動未來的增長。

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

由於電子商務在美國和國際上的增長依然強勁，我們繼續期待這部分業務取得穩健的成果。

Perhaps one of the best examples to date of how Visa's acquisition assets are helping us introduce a new payment service is an agreement signed last week with Maxis, the largest telecommunications company in Malaysia.

迄今為止，Visa 的收購資產如何幫助我們推出新的支付服務的最好例子之一可能是上週與馬來西亞最大的電信公司 Maxis 簽署的一項協議。

By combining Fundamo and CyberSource capabilities, we are providing Maxis with an integrated payment solution for use in set-top boxes that will enable consumers to purchase digital goods.

通過結合 Fundamo 和 CyberSource 的功能，我們為 Maxis 提供了一個集成的支付解決方案，用於機頂盒，使消費者能夠購買數字商品。

Together Fundamo and CyberSource fill the commerce need for a simple account check-out and authorization process.

Fundamo 和 CyberSource 一起滿足了對簡單帳戶簽出和授權流程的商業需求。

I will close with perhaps the most comprehensive example of how we are a leader in the next generation of commerce, VDotMe.

我將以最全面的例子結束我們如何成為下一代商業的領導者，VDotMe。

As a reminder, VDotMe is our next-generation digital wallet service and global acceptance market, and another example of how we are applying our technology and expertise to deliver solutions that will benefit financial institutions, merchants and consumers.

提醒一下，VDotMe 是我們的下一代數字錢包服務和全球接受市場，也是我們如何應用我們的技術和專業知識來提供有利於金融機構、商家和消費者的解決方案的另一個例子。

A year ago I shared our vision for a service that would meet the evolving ways and places people are transacting by enabling customers to use one way to pay, regardless of where they are or what device they use, while also delivering value-added services beyond payments, like personalized offers and alerts.

一年前，我分享了我們的願景，即通過讓客戶使用一種支付方式（無論他們身在何處或使用什麼設備）來滿足人們交易方式和地點不斷變化的服務，同時還提供超越的增值服務付款，例如個性化優惠和提醒。

It was a big idea, but one I knew we could deliver on.

這是一個偉大的想法，但我知道我們可以實現。

Today I am pleased to share that VDotMe is becoming reality.

今天我很高興地分享 VDotMe 正在成為現實。

The closed employee beta program I highlighted during last quarter's earnings call exceeded our expectations, and we are now applying those learnings as we open up VDotMe in public beta tests with selected merchants.

我在上個季度的財報電話會議上強調的封閉式員工 beta 計劃超出了我們的預期，我們現在正在應用這些經驗，因為我們在與選定商家的公開 beta 測試中開放 VDotMe。

This week we are going live in beta with our first e-commerce merchant [racutensbuyback.com].

本週，我們將與我們的第一個電子商務商家 [racutensbuyback.com] 一起進行測試。

This is the first in a series of e-commerce merchants we expect to go live with between now and peak season.

這是我們預計從現在到旺季期間上線的一系列電子商務商家中的第一個。

Our immediate priority is to drive toward consumer adoption, which will require engagement with both merchants and financial institutions.

我們的當務之急是推動消費者採用，這需要商家和金融機構的參與。

Bringing these groups together for a common purpose is a long-standing core competency for Visa, and we are already making good progress.

將這些群體聚集在一起以實現共同目標是 Visa 長期以來的核心競爭力，我們已經取得了良好的進展。

On the issuer side, we know our clients are looking to deliver products and services that meet the needs and expectations of their increasingly digital customers, and we need to demonstrate that Visa is offering the best solution.

在發行人方面，我們知道我們的客戶正在尋求提供滿足其日益數字化客戶的需求和期望的產品和服務，我們需要證明 Visa 正在提供最佳解決方案。

As of now we already have several large and midsize clients poised to offer VDotMe and are engaged in productive conversations with several additional clients.

截至目前，我們已經有幾家大中型客戶準備提供 VDotMe，並正在與其他幾家客戶進行富有成效的對話。

In parallel, we need to bring additional merchants on board.

與此同時，我們需要讓更多的商家加入。

To that end our merchant sales teams across Visa, CyberSource and PlaySpan are moving quickly to build the VDotMe footprint.

為此，我們跨 Visa、CyberSource 和 PlaySpan 的商家銷售團隊正在迅速採取行動，建立 VDotMe 足跡。

I anticipate that by the holiday shopping season we will have enough merchants onboard to hold a full consumer launch in the US.

我預計到假日購物季，我們將有足夠的商家在美國舉行全面的消費者發布會。

It is an ambitious agenda and flawless execution will be critical.

這是一個雄心勃勃的議程，完美的執行將是至關重要的。

I have every reason to believe we will be successful.

我有充分的理由相信我們會成功。

So to sum up the examples I have highlighted today demonstrate that Visa is building off of our strong foundation, adapting to change and moving ahead.

所以總結一下我今天強調的例子表明，Visa 正在建立我們強大的基礎，適應變化並繼續前進。

While the environment we operate in is both highly competitive and dynamic, we remain unwavering in our commitment to our clients, expansion of our core business, ongoing innovation and our guidance.

儘管我們所處的環境競爭激烈且充滿活力，但我們對客戶的承諾、核心業務的擴展、持續的創新和我們的指導仍然堅定不移。

Overall, I am confident that Visa will be a strong globally oriented growth company as we move ahead.

總體而言，我相信隨著我們的發展，Visa 將成為一家面向全球的強大成長型公司。

And with that let me turn the call over to Byron.

然後讓我把電話轉給拜倫。

Thank you, Joe.

謝謝你，喬。

As is my practice, I will begin with some overall observations and callouts.

作為我的實踐，我將從一些總體觀察和標註開始。

First, note that we recorded the quarter on an adjusted basis, having eliminated the positive effect to earnings from the remeasurement of our net deferred tax liabilities due to the change in state tax rate.

首先，請注意，我們在調整後的基礎上記錄了該季度，消除了由於州稅率變化而重新計量我們的淨遞延所得稅負債對收益的積極影響。

This remeasurement accounted for an incremental $0.31 to GAAP EPS.

這種重新計量使 GAAP 每股收益增加了 0.31 美元。

We also saw a benefit in the quarter from the catch-up effect of the lower ongoing state tax rate that accounted for another $0.05.

我們還在本季度看到了持續較低的州稅率的追趕效應，該稅率又佔了 0.05 美元。

Turning to our actual year-to-date results, the adjusted tax rate now reflects a run rate consistent with our full-year guidance.

談到我們年初至今的實際結果，調整後的稅率現在反映了與我們全年指導一致的運行率。

Second, Visa's 15% net revenue growth in the second quarter was once again broad-based and encouraging with solid 10% growth in the US, and an even more impressive 21% growth rate in rest of world.

其次，Visa 第二季度 15% 的淨收入增長再次廣泛且令人鼓舞，在美國實現了 10% 的穩健增長，在世界其他地區實現了更令人印象深刻的 21% 增長率。

Third, US revenue growth has been supported by four consecutive quarters of double-digit credit payment volume growth.

第三，美國收入增長得到連續四個季度兩位數的信貸支付量增長的支撐。

Most recently through 28 of April credit payment volume growth has comped at a very healthy 11% rate, consistent with continued US economic recovery.

最近到 4 月 28 日，信貸支付量增長以非常健康的 11% 的速度增長，與美國經濟持續復甦一致。

Fourth, as expected and fully contemplated in our 2012 guidance, aggregate US debit growth, though modestly positive for the March quarter, will turn negative in the June and September quarters.

第四，正如我們在 2012 年指導中所預期和充分考慮的那樣，美國的總借記卡增長雖然在 3 月季度溫和增長，但在 6 月和 9 月季度將轉為負數。

The impact of regulatory changes, primarily on Interlink volumes, picked up momentum during the March quarter and accelerated in April.

監管變化的影響，主要是對互連交易量的影響，在 3 月季度有所回升，並在 4 月加速。

As Joe mentioned at the outset, these trends will need to annualize before we see a resumption of positive growth in this US product category.

正如喬在一開始提到的那樣，在我們看到這個美國產品類別恢復正增長之前，這些趨勢需要年化。

Fifth, client incentives for the quarter as a percent of gross revenue were 16%, below our full-year guidance, but in-line with our expectations for the first half of the fiscal year.

第五，本季度的客戶激勵佔總收入的百分比為 16%，低於我們的全年指導，但符合我們對本財年上半年的預期。

We expect higher incentive levels in the second half of the year as US debit-related merchant and acquirer incentive agreements take hold.

隨著美國借記卡相關商戶和收單方激勵協議的生效，我們預計下半年激勵水平會更高。

Finally six, as Joe mentioned at the outset, we are upgrading our guidance for fiscal year 2012 by raising EPS growth to high-teens to low-20s and reaffirming our 2013 guidance.

最後六點，正如喬在一開始提到的那樣，我們正在通過將 EPS 增長從十幾歲提高到 20 歲以下並重申我們的 2013 年指導來升級我們對 2012 財年的指導。

To be more specific about what this means for 2013, we expect to see improving debit payment volume trajectory over the four quarters and revenue growth to accelerate off of 2012 levels.

更具體地說，這對 2013 年意味著什麼，我們預計四個季度的借記卡支付量軌跡將有所改善，收入增長將超過 2012 年的水平。

As for EPS, given this trajectory and the effect of lapping the regulatory impacts, we anticipate at this point in time growth in the high-teens.

至於每股收益，鑑於這一軌跡和重疊監管影響的影響，我們預計此時會出現十幾歲的增長。

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 March quarter followed by our results through April 28.

按照我們的慣例，我將介紹我們 3 月季度的全球支付量和處理交易趨勢，然後是截至 4 月 28 日的結果。

I will then cover the financial highlights of our fiscal second-quarter, and conclude with our guidance outlook for the balance of fiscal 2012.

然後，我將介紹我們第二財季的財務亮點，並以我們對 2012 財年餘額的指導展望結束。

Global payment volume growth for the March quarter in constant dollars was 11%, unchanged from the December quarter's 11%.

以固定美元計算，3 月季度的全球支付量增長 11%，與 12 月季度的 11% 持平。

Several callouts.

幾個標註。

First, credit in both US and rest of world picked up 2 points of growth versus Q1.

首先，美國和世界其他地區的信貸比第一季度增長了 2 個百分點。

Second, rest of world debit picked up 4 points of growth over Q1.

其次，世界其他地區的借方比第一季度增長了 4 個百分點。

Third, these upticks balance out the drop in US debit growth from 6% in Q1 to 2% in Q2, thereby maintaining our overall quarter growth of 11%.

第三，這些上升抵消了美國借方增長從第一季度的 6% 下降到第二季度的 2%，從而保持了我們整個季度 11% 的增長。

More recently through April 28, which also represents the first 28 days of compliance with the April 1 deadline for two unaffiliated networks, US payments volume growth sits at minus 2%, comprised of 11% credit growth and minus 12% for debit.

最近到 4 月 28 日，這也是兩個獨立網絡遵守 4 月 1 日最後期限的前 28 天，美國支付量增長為負 2%，其中包括 11% 的信貸增長和負 12% 的借方。

While still early days, these results are tracking slightly above our beginning-of-year projections.

雖然仍處於早期階段，但這些結果略高於我們年初的預測。

Global cross-border volume delivered a solid 16% constant dollar growth rate in the March quarter, with the US growing 13% and the rest of world 17%.

全球跨境交易量在 3 月季度實現了 16% 的穩定美元增長率，其中美國增長 13%，世界其他地區增長 17%。

We continue to see very strong results from our Asia-Pacific, Latin America and CEMEA regions, and the longer-term sustainability of these trends appears solid.

我們繼續看到亞太、拉丁美洲和 CEMEA 地區取得非常強勁的業績，這些趨勢的長期可持續性似乎很穩固。

Through April 28 cross-border volumes on a constant dollar basis grew 15%, with a US growth rate of 11% and rest of world of 17%.

截至 4 月 28 日，按固定美元計算的跨境交易量增長了 15%，美國增長 11%，世界其他地區增長 17%。

Transactions processed over Visa's network totaled 13 billion in the fiscal second quarter, an 8% increase over the prior-year period, in-line with the 8% growth in the December quarter.

第二財季通過 Visa 網絡處理的交易總額為 130 億筆，比去年同期增長 8%，與 12 月季度的 8% 增長一致。

For the month of April through the 28th process transaction growth was a negative [1%].

從 4 月到 28 日，交易增長為負數 [1%]。

Four callouts.

四個標註。

First, Visa processed transactions are continuing to grow at double-digit rates for US credit and all of rest of world.

首先，Visa 處理的交易在美國和世界其他地區繼續以兩位數的速度增長。

Second, as expected, the brunt of US debit regulation is impacting our Interlink product where transaction growth turned negative beginning in January.

其次，正如預期的那樣，美國借記卡監管的衝擊正在影響我們的 Interlink 產品，從 1 月份開始交易增長轉為負數。

Third, given the April 1 compliance deadline requiring two independent networks, we expect the negative impact on transaction growth to accelerate and reach a high point in fiscal Q3, followed by an improving trajectory in fiscal Q4 of this year.

第三，鑑於 4 月 1 日的合規截止日期需要兩個獨立的網絡，我們預計對交易增長的負面影響將加速並在第三財季達到高點，隨後在今年第四財季出現改善的軌跡。

Finally four, as a reminder, transactions lost on Interlink primarily impact the data processing fee line, as this type of transaction does not earn service fees.

最後四點，提醒一下，在Interlink上丟失的交易主要影響數據處理費線，因為這種交易不賺取服務費。

The impacts to date on Interlink have tracked closely to our beginning-of-year projections for transactions, revenue and earnings.

迄今為止，對 Interlink 的影響與我們對交易、收入和收益的年初預測密切相關。

Now turning to the income statement.

現在轉向損益表。

Net operating revenue in the quarter was $2.6 billion, a 15% increase year-over-year.

本季度淨營業收入為 26 億美元，同比增長 15%。

The foreign exchange impact on net revenue in the quarter was neutral.

外匯對本季度淨收入的影響是中性的。

Moving to the individual revenue line items, service revenue was $1.2 billion, up 13% 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 13%。

This is reflective of strong payment volume growth in the December quarter, the revenue from which is recorded in the March quarter.

這反映了 12 月季度的強勁支付量增長，收入記錄在 3 月季度。

Data processing revenue was $922 million, up 12% over the prior-year's quarter, based on strong transaction growth rates for both Visa process and CyberSource transactions.

基於 Visa 流程和 CyberSource 交易的強勁交易增長率，數據處理收入為 9.22 億美元，比去年同期增長 12%。

International transaction revenue was up 17% to $733 million, reflecting continued strength in cross-border volumes, with mid-teen growth rates in both the US and rest of world.

國際交易收入增長 17% 至 7.33 億美元，反映出跨境交易量持續強勁，美國和世界其他地區的增長率均處於中等水平。

As I highlighted earlier, client incentives for the quarter came in at 16%, below the range of our full-year guidance.

正如我之前強調的那樣，本季度的客戶激勵率為 16%，低於我們全年指導的範圍。

Looking at the back half of the year, our expectation is for a step-up consistent with our full-year outlook of 17% to 18%.

展望下半年，我們的預期是與我們 17% 至 18% 的全年展望一致。

Ultimately, the final number will be determined in large part by the success of our incentive strategies with merchants and acquirers.

最終，最終數字將在很大程度上取決於我們與商家和收單機構的激勵策略是否成功。

Total operating expenses for the quarter were $972 million, up 13% from the prior year.

本季度總運營費用為 9.72 億美元，比去年同期增長 13%。

This was primarily due to higher personnel expenses and costs associated with our acquisitions and technology projects to support our growth strategies.

這主要是由於與我們的收購和技術項目相關的人員費用和成本增加，以支持我們的增長戰略。

Marketing expenses at $170 million reflect a heavier weighting to the second half of the year, timed with the global promotion of the London Summer Olympics.

1.7 億美元的營銷費用反映了下半年的比重更大，與倫敦夏季奧運會的全球推廣同步。

Our operating margin for the quarter was 62%, ahead of our full-year guidance of about 60%.

我們本季度的營業利潤率為 62%，高於我們約 60% 的全年指引。

As was the case last quarter, this is largely due to the expense timing, as we expect a second-half ramp up in incentives, investment spending and marketing associated with the Summer Olympics.

與上個季度的情況一樣，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激勵措施、投資支出和營銷將在下半年增加。

Capital expenditures were $61 million in the quarter.

本季度的資本支出為 6100 萬美元。

Given an expected ramp up over the back half of the year, we remain comfortable with our current guidance of $350 million to $400 million for the year.

鑑於今年下半年的預期增長，我們對目前 3.5 億美元至 4 億美元的年度指導仍然感到滿意。

Our adjusted tax rate for Q2 was just under 33% after removing the effect of the deferred tax liability remeasurement.

剔除遞延所得稅負債重新計量的影響後，我們第二季度的調整後稅率略低於 33%。

Our expectation for a full-year adjusted rate in the 33% to 34% range remains unchanged.

我們對全年調整後利率在 33% 至 34% 範圍內的預期保持不變。

Coming off the heels of a very active first -- fiscal first-quarter we were not buyers of our stock during the second quarter.

在第一財季非常活躍之後，我們在第二季度不是我們股票的買家。

As has been our practice, we remain conservative and patient in our approach, taking advantage of short-term market disruptions to obtain more attractive pricing.

正如我們的做法一樣，我們在方法上保持保守和耐心，利用短期市場動盪來獲得更具吸引力的定價。

At the end of the March quarter we had 673 million shares of Class A common stock on an as-converted basis.

截至 3 月季度末，我們擁有 6.73 億股 A 類普通股（按轉換後的基礎）。

Fully diluted shares outstanding totaled 676 million.

完全稀釋的流通股總數為6.76億股。

Finally, we are raising our 2012 fiscal EPS guidance to the high-teens to low-20s range as a result of better than anticipated year-to-date financial performance, forward visibility into service fee revenues given the quarter lag on their recognition, strong cross-border trends and early traction on our US debit strategies.

最後，我們將 2012 財年每股收益指引上調至十幾歲至 20 歲以下的範圍，原因是年初至今的財務業績好於預期，鑑於該季度對服務費收入的認可滯後，對服務費收入的前瞻性可見性，強勁跨境趨勢和我們美國借記策略的早期牽引力。

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).

（操作員說明）。

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

I really appreciate all the color on the DOJ situation.

我真的很欣賞司法部情況的所有顏色。

I think that was very helpful.

我認為這很有幫助。

I was hoping you could talk a little bit about the new FANF fee structure, which I understand just went into effect about a month ago.

我希望你能談談新的 FANF 費用結構，據我了解，大約一個月前才生效。

But what has been the reaction from the merchant community now that we are actually in implementation finally?

但是，既然我們最終實際上正在實施，那麼商家社區的反應是什麼？

And do you anticipate any road blocks with the implementation there, putting the DOJ situation aside?

您是否預計那裡的實施會遇到任何障礙，將司法部的情況放在一邊？

Well, this is Joe Saunders.

嗯，這是喬·桑德斯。

We implemented that on April 1, so there hasn't been any reaction, because I don't believe the fee has been billed to anyone yet.

我們是在 4 月 1 日實施的，所以沒有任何反應，因為我認為尚未向任何人收取費用。

So there hasn't been a lot of reaction to it.

所以並沒有太多的反應。

It is part of the total structure we put to deal with the Durbin regulation.

它是我們為處理德賓法規而製定的總體結構的一部分。

We are not making money per se off of that fee.

我們本身並沒有從這筆費用中賺錢。

The combination of discounts and incentives that we have put together, I think, actually relate in a modest loss in the neighborhood of $100 million a year.

我認為，我們結合在一起的折扣和激勵措施實際上與每年約 1 億美元的適度損失有關。

So we aren't doing this would the intent of raising prices.

所以我們這樣做並不是為了提高價格。

I don't think that -- well, I know that we haven't had any difficulties in getting the structure going, so I think we will have to wait and see how everything works out.

我不這麼認為——嗯，我知道我們在構建結構方面沒有遇到任何困難，所以我認為我們將不得不等待，看看一切如何。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Just to follow-up to that on the CID, does it in any way change your desire to utilize the -- I guess you call it PAVD, or it is it business as usual there with that product?

只是跟進 CID 上的內容，它是否以任何方式改變了您使用該產品的願望——我猜您稱之為 PAVD，或者該產品是否照常營業？

And also just the service fee yield, Byron, was up quite a bit more than what we had modeled.

而且，拜倫的服務費收益也比我們建模的要高得多。

Was there a price change there or a reclass or maybe just a mix change?

那裡有價格變化或重新分類，或者只是混合變化？

Any help there would be great.

那裡的任何幫助都會很棒。

Thanks.

謝謝。

Yes, let me start with the second one.

是的，讓我從第二個開始。

So there has been a mix change.

所以出現了混合變化。

If you look at the payment volume growth nominally it is 11%, and our service fee growth was 13%.

如果你看一下名義上的支付量增長是 11%，我們的服務費增長是 13%。

So if I look at it that way, roughly 1% of the -- or roughly half of the increase has been a boost in yield because of the lower mix of Interlink transactions, as I think you were referring to.

因此，如果我這樣看，大約 1% 或大約一半的增長是由於 Interlink 交易的組合較低，正如我認為你所指的那樣，收益率有所提高。

And our hedging actually produced another percentage point of gain, and the rest I would say is noise.

我們的對沖實際上產生了另一個百分點的收益，剩下的我要說的是噪音。

As it relates to the strategies that we have implemented, we just implemented them.

由於它與我們實施的戰略有關，我們只是實施了它們。

I don't have any desire to change what we have done.

我沒有任何改變我們所做的事情的願望。

But we put these in place in anticipation of an environment and we will look at them and we will monitor them and we will change them if it is appropriate to change them, otherwise, we will continue down the path.

但是我們在預期環境中將這些設置到位，我們將查看它們，我們將監控它們，如果適合更改它們，我們將更改它們，否則，我們將繼續前進。

I think that it would be safe to say that we were more successful in dealing with our relationships going forward than we could have projected in the past.

我認為可以肯定地說，我們在處理未來關係方面比我們過去預計的更成功。

So we'll just have to look at everything and take it all in to consideration and we will do what is appropriate.

因此，我們只需要查看所有內容並將其全部考慮在內，然後我們將做適當的事情。

Once again, though, I feel that the guidance projections that we made for 2012 and 2013 are safe to support an almost any environment of things that might or might not happen.

不過，我再次認為，我們為 2012 年和 2013 年所做的指導預測可以安全地支持幾乎所有可能發生或可能不會發生的事情的環境。

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。

Just so I have the pattern right.

就這樣我的模式是正確的。

So we have -- PIN went negative in January -- the PIN growth trajectory.

所以我們有 - PIN 在 1 月份變為負數 - PIN 增長軌跡。

Furthermore -- or further step-down after April 1.

此外——或在 4 月 1 日之後進一步下台。

You have incentives increasing in the second half.

下半年你的激勵措施會增加。

But then you talk about the drag on the PIN growth is supposed to ease by September.

但隨後您談到 PIN 增長的拖累應該會在 9 月份緩解。

And so it has not anniversaried yet, because we haven't reached next January or next April.

所以它還沒有周年，因為我們還沒有到明年一月或明年四月。

So is the logic behind that, just so I have it right, because you're expecting these incentives, you're going to pay out to get that volume back to you.

這背後的邏輯也是如此，所以我說得對，因為你期待這些激勵措施，你將付出代價來把那個量還給你。

Do I have that right?

我有這個權利嗎？

You have everything right except the PIN piece.

除了 PIN 碼，您什麼都做對了。

You're right, it is going to take four quarters to annualize.

你是對的，年化需要四個季度。

So when we refer to a positive trajectory, what we meant by that was the impact of payment volume on lag year-over-year will have its greatest impact in Q3.

因此，當我們提到積極的軌跡時，我們的意思是支付量對同比滯後的影響將在第三季度產生最大的影響。

We would then expect continued negative comparisons through -- until we annualized, but at an increasingly less negative rate as we progress through the four quarters.

然後，我們預計將持續進行負面比較 - 直到我們年化，但隨著我們在四個季度的進展，負面率越來越低。

That would also be true for debit-related transactions, so PV and transactions.

對於借記相關的交易也是如此，因此 PV 和交易也是如此。

Let me just follow up on that and make perfectly clear one thing, and that is that we are never going to regain all of the marketshare that we had in the debit card business.

讓我繼續跟進並明確一件事，那就是我們永遠不會重新獲得我們在藉記卡業務中擁有的所有市場份額。

Nothing that we say or none of our strategies suggest that that will happen or could happen.

我們所說的任何內容或我們的任何策略都沒有表明這將發生或可能發生。

And nothing that we have done or thought about or said anticipates that it will happen.

我們所做的、想過的或說過的任何事情都沒有預料到它會發生。

The environment has changed by regulation.

環境因監管而改變。

We are operating in a different world, and we are going to live forever with less share than we once had.

我們在一個不同的世界中運作，我們將永遠生活在比以前更少的份額中。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

I guess I had a -- you answered my question on the marketshare, but maybe on share buyback, I guess you guys didn't buyback stock because you felt the stock was somewhat fairly valued.

我想我有一個 - 你回答了我關於市場份額的問題，但也許在股票回購方面，我猜你們沒有回購股票，因為你覺得股票的價值相當合理。

But should we assume that if the shares stay at these levels you wouldn't buy back anymore throughout the remainder of the year?

但是我們是否應該假設如果股票保持在這些水平，您將不會在今年剩餘時間裡再回購？

No, you shouldn't.

不，你不應該。

We are a committed management team to returning excess cash to shareholders.

我們是一個致力於向股東返還多餘現金的管理團隊。

I think if you take us -- and we remain committed to that.

我想如果你接受我們——我們將繼續致力於這一點。

If you take a step back, we had a very large -- in our view -- a very large share repurchase in the first quarter.

如果你退後一步，在我們看來，我們在第一季度進行了非常大的股票回購。

And so we time our purchases over the course of the year, looking for both opportunities to do that at attractive pricing, but also in the case of the first quarter being responsive to an opportunity to put a significant increment of cash into the escrow account.

因此，我們在一年中安排購買時間，既尋找機會以有吸引力的價格做到這一點，又尋找機會在第一季度響應將大量現金存入託管賬戶的機會。

So I think if you take a step back year-to-date we are -- we have already made sizable repurchases.

所以我認為，如果你從年初至今退後一步，我們已經進行了大量的回購。

And you can count on us to continue to return excess cash, not just for this year but years to come.

您可以指望我們繼續返還多餘的現金，不僅是今年，而是未來幾年。

John Williams, UBS.

瑞銀的約翰·威廉姆斯。

Thanks for taking my questions.

感謝您提出我的問題。

Just a couple of quick ones.

只是幾個快速的。

On the marketing budget, just as we think forward into the rest of the year regarding calendarization related to the Olympics and any other things you might need to think about as we look at the marketing line?

在營銷預算方面，正如我們在考慮與奧運會相關的日曆安排以及在我們查看營銷路線時您可能需要考慮的任何其他事情一樣，在今年餘下的時間裡？

I'm not sure what else to add other than every four years we have a particularly attractive opportunity to put significant media into two quarters, which is the third and the fourth.

除了每四年我們有一個特別有吸引力的機會將重要媒體分為兩個季度，即第三和第四季度之外，我不確定還有什麼要補充的。

And knowing that was the feature of what we want to emphasize this year, we kept -- we phased our marketing in the first two quarters in order to accommodate that.

並且知道這是我們今年想要強調的特點，我們保持 - 我們在前兩個季度分階段進行營銷以適應這一點。

We will reset marketing from a bottoms-up standpoint beginning next year in October to give you a sense of what that will look like.

從明年 10 月開始，我們將從自下而上的角度重新設置營銷，讓您了解這會是什麼樣子。

Bob Napoli, William Blair.

鮑勃·那不勒斯，威廉·布萊爾。

Just, Joe, I'm just trying to clarify a comment you said on 12/13 guidance you thought it was safe under very -- under various circumstances.

只是，喬，我只是想澄清你在 12/13 指導中所說的評論，你認為它在非常 - 在各種情況下是安全的。

Are you suggesting that if you needed to adjust your strategy based upon the CID that you still felt confident in the guidance, is that -- am I reading that right or not?

您是否建議如果您需要根據 CID 調整您的策略，您仍然對指導充滿信心，那是 - 我讀對了嗎？

The Department of Justice is certainly included in what I said, but it would include a lot more than that.

司法部當然包括在我所說的內容中，但它包括的遠不止這些。

But, yes, absolutely certain.

但是，是的，絕對確定。

Okay, is the CID -- I mean, is mostly focus on -- I mean, I guess would you view it focused mostly on the 2% of revenue of -- you know, that strategy on that 2% piece of the revenue or more broadly?

好的，CID 是不是——我的意思是，主要關注——我的意思是，我想你會認為它主要關注 2% 的收入——你知道，那個 2% 的收入的策略，或者更廣泛地？

I don't know how to get into that specifically.

我不知道如何具體進入。

You're asking general questions about what you're doing to react to the legislation.

你問的是關於你正在做什麼來對立法做出反應的一般性問題。

And it is the Antitrust Division of the Justice Department, so obviously they must have a concern that we were doing things that might undermine that.

這是司法部的反壟斷部門，所以很明顯，他們必須擔心我們所做的事情可能會破壞這一點。

But I don't really want to go any further.

但我真的不想更進一步。

I mean, I'm not them and I can't say that.

我的意思是，我不是他們，我不能這麼說。

We have talked to them.

我們已經和他們談過了。

We provide information to them.

我們向他們提供信息。

And we have, obviously, very seriously considered various things that may or may not happen, and we have taken it into consideration in crafting our guidance.

顯然，我們已經非常認真地考慮了可能發生或可能不會發生的各種事情，並且我們在製定指導方針時已將其考慮在內。

Moshe Katri, Cowen.

Moshe Katri，考恩。

You have had really impressive growth on the credit side, especially the acceleration we have seen from last quarter.

您在信貸方面的增長確實令人印象深刻，尤其是我們從上個季度看到的加速增長。

Byron, maybe you can talk a bit more about the various moving parts in terms of the major drivers here -- maybe talk about the consumer side versus the corporate side.

拜倫，也許你可以在這裡多談談主要驅動因素的各種活動部分——也許談談消費者方面與企業方面。

Thanks.

謝謝。

Yes, our business is still largely driven by the consumer side for sure.

是的，我們的業務在很大程度上仍然肯定是由消費者驅動的。

The commercial side is growing at good rates.

商業方面正在以良好的速度增長。

We are very encouraged by the numbers being posted on the commercial side, because we think, first and foremost, that is a healthy barometer with regards to how businesses are doing and the continuity in the kind of payment volume growth we are seeing, particularly in credit.

我們對商業方面發布的數字感到非常鼓舞，因為我們認為，首先，這是一個健康的晴雨表，反映了企業的經營方式以及我們所看到的支付量增長的連續性，特別是在信用。

And if you take a look at the cross-border, which is probably our most important leading indicator, the cross-border trends in both consumer and retail as well as commercial are very strong.

如果你看一下跨境，這可能是我們最重要的領先指標，消費和零售以及商業的跨境趨勢都非常強勁。

And so with -- and that is one of the indicators we look to when we put out our guidance and one of the inputs that gave us confidence to raise our guidance for the year.

因此，這是我們在發布指導時所關注的指標之一，也是讓我們有信心提高今年指導的投入之一。

On the consumer side, I mentioned in my comments the extension of our partnerships with a number of financial institutions that represent a significant portion of our volume.

在消費者方面，我在評論中提到了我們與許多金融機構的合作夥伴關係的擴展，這些金融機構占我們交易量的很大一部分。

I mentioned the United Continental arrangement which is going to deliver new volume to us.

我提到了聯合大陸航空的安排，它將為我們提供新的數量。

I mentioned signing other financial institutions that we have done less business with in the past.

我提到與我們過去業務往來較少的其他金融機構簽約。

I mentioned Alaska Airlines.

我提到了阿拉斯加航空公司。

And so the trajectory of what we are doing, we are very happy with and we are very bullish about it.

所以我們正在做的事情的軌跡，我們非常滿意，我們非常看好它。

We are very pleased that this is happening at this opportune time.

我們很高興這件事發生在這個恰當的時機。

Moshe Orenbuch, Credit Suisse.

Moshe Orenbuch，瑞士信貸。

I hate to go back to the whole debit thing, but I guess I'm trying to understand how the marketshare loss is that extreme in the short run.

我討厭回到整個借方，但我想我想了解短期內市場份額損失是如何極端的。

I know the revenue impact isn't that large, but even in terms of just the transactions, if the process allows the merchant to route the transaction over the signature network, or has that not yet been put in place?

我知道收入影響並不大，但即使僅就交易而言，如果該流程允許商家通過簽名網絡路由交易，還是尚未實施？

In other words, was that -- because otherwise how is that marketshare loss that significant if that was already in place?

換句話說，那是不是——否則，如果市場份額已經存在，那麼市場份額的損失會有多大？

The opportunity to do what you suggest wasn't started until April 14, and isn't fully implemented and won't be for several weeks.

執行您建議的操作的機會直到 4 月 14 日才開始，並且沒有完全實施，並且不會持續數週。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

I guess I expected a decline in Interlink volume.

我想我預計互連量會下降。

But specifically what has happened in Visa Debit volume that you expect in 3Q and 4Q?

但具體而言，您期望在第三季度和第四季度的 Visa 借記卡交易量發生了什麼變化？

And I guess inside of that how much of that is marketshare loss versus just banks maybe deemphasizing signature debit?

我猜在這其中有多少是市場份額損失，而銀行可能會淡化簽名借記？

It is hard to be totally specific about it.

很難完全具體說明它。

I think that has leveled off, and we continue to look at modest growth.

我認為這已經趨於平穩，我們繼續關注適度增長。

But right now I would attribute the majority of it to the removal of all the rewards programs.

但現在我將其中大部分歸因於取消所有獎勵計劃。

There virtually are no rewards programs associated with debit cards anymore, and those programs did drive volume; and a de-emphasis in marketing these programs by the financial institution.

幾乎沒有與借記卡相關的獎勵計劃，而這些計劃確實推動了交易量；金融機構不再重視營銷這些項目。

It is the combination of those two things that had an effect on it.

正是這兩件事的結合對其產生了影響。

There were some small pockets of cards that were put out that never had a PIN capability and the regulation requires that that change.

有一些小口袋的卡片從未有 PIN 功能，而法規要求進行更改。

And so people that simply couldn't use a PIN number can now.

因此，那些根本無法使用 PIN 碼的人現在可以使用了。

It is a combination of those three things in our opinion at this point in time is pretty much what is going on in the signature business.

在我們看來，在這個時間點上，這三件事的結合幾乎就是簽名業務中正在發生的事情。

Andrew Jeffrey, SunTrust.

安德魯杰弗里，SunTrust。

Thanks for taking the question.

感謝您提出問題。

Just to make sure I have this clear in my earnings-addled mind, Byron, when you talk about total transaction volume in the back half of fiscal 2012, in aggregate across the business you are thinking about transaction volume being down, correct?

拜倫，當你談到 2012 財年下半年的總交易量時，為了確保我清楚地了解這一點，你正在考慮整個業務的交易量下降，對嗎？

And does that mix -- does the shift in mix away from Interlink change what we should think about as the data processing yield as a consequence?

並且這種混合 - 混合從 Interlink 的轉變是否改變了我們應該考慮的數據處理產量？

So my commentary on transactions was for debit specifically in aggregate.

所以我對交易的評論是專門針對借方的。

I think what will become increasingly important as we look at process transactions is US credit, and then separately what are we doing in the rest of world.

我認為，當我們著眼於流程交易時，將變得越來越重要的是美國的信用，然後是我們在世界其他地方所做的事情。

And I think we indicated that we have very, very vibrant transaction growth rates in US credit and in rest of world.

而且我認為我們表明我們在美國信貸和世界其他地區的交易增長率非常非常活躍。

And with regards to yield, we will give this -- there is definitely going to be some disconnects in the way that you look at this from a modeling standpoint, because I think one of the -- you heard this earlier, one of the natural effects of pulling out Interlink transactions is, since it only affects the DP line there will be a natural drop just because it will be generating less DP fees, but it is also removing payment volume for which there are no service fees.

關於產量，我們會給出這個——從建模的角度來看，你肯定會有一些脫節，因為我認為其中一個——你之前聽說過，一個自然的退出 Interlink 交易的效果是，因為它只影響 DP 線，所以會自然下降，因為它會產生更少的 DP 費用，但它也消除了沒有服務費的支付量。

So that will actually boost the service fee yield on the transactions that remain.

因此，這實際上會提高剩餘交易的服務費收益。

And we will give some thought as to how to talk about that with you all by the next earnings call to help sort that out.

我們將考慮如何在下一次財報電話會議上與大家討論這個問題，以幫助解決這個問題。

And if that weren't enough, we're going to take -- we have already mentioned we are going to take the fixed acquiring network fee and we are -- for the most part that will appear in data processing as a line item.

如果這還不夠，我們將採取 - 我們已經提到我們將採取固定的收單網絡費用，我們將 - 在數據處理中作為一個項目出現的大部分。

So we have some work to do to make this more transparent with regards to what will happen to those lines -- what we think will happen to those lines, and we will plan that for next quarter's earnings call.

因此，我們有一些工作要做，以使這些線路會發生什麼變得更加透明——我們認為這些線路會發生什麼，我們將在下一季度的財報電話會議上進行計劃。

Just as a reminder, the transaction loss in Interlink is coming from a business that a year ago generated 2.8% of our global revenue and last quarter generated 2% of our global revenue.

提醒一下，Interlink 的交易損失來自一年前產生了我們全球收入的 2.8% 並且上一季度產生了我們全球收入的 2% 的業務。

It gives you an idea of the notion that there are different yields upon different types of payment lines.

它讓您了解不同類型的支付線有不同收益的概念。

Len DeProspo, Janney.

Len DeProspo，珍妮。

Good afternoon and thank you for taking my question.

下午好，感謝您提出我的問題。

This is just a question with regard to the advertising promotion expense.

這只是一個關於廣告促銷費用的問題。

I think the Olympics are going to happen entirely in your fourth quarter, but I assume you all will be doing some spending ahead of that.

我認為奧運會將完全在你們的第四季度舉行，但我認為你們所有人都會在此之前進行一些支出。

So could you just help us break out how much of the incremental spending will occur in the third quarter versus the fourth quarter, maybe a percentage split?

那麼，您能否幫助我們確定第三季度與第四季度將發生多少增量支出，也許是百分比分割？

We don't typically provide that, but you are absolutely right.

我們通常不提供，但您是絕對正確的。

There is a considerable amount of promotional activity done with our banking partners, which has -- actually some of which actually started in our second fiscal quarter.

與我們的銀行合作夥伴進行了大量的促銷活動，實際上其中一些實際上是在我們的第二財季開始的。

It really ramps during the third quarter.

它在第三季度確實有所增加。

And then in the fourth quarter you have the last of the broadcast media that is fairly intensive around the Olympics themselves.

然後在第四季度，你有最後一個圍繞奧運會本身相當密集的廣播媒體。

So to be helpful here, we are holding -- we have said we are holding to our existing marketing guidance so that you have an order of magnitude, and you now have two quarters in the can.

因此，為了在這裡有所幫助，我們堅持 - 我們已經說過我們堅持現有的營銷指導，這樣你就有了一個數量級，你現在有兩個季度。

And in terms of what our full-year results are likely to be, I think we have bounded that pretty well.

就我們全年的業績而言，我認為我們已經很好地控制了這一點。

And between the quarters we just -- as I said, we typically just don't break that out.

在兩個季度之間，我們只是 - 正如我所說，我們通常只是不打破它。

Yes, you should also think about the fact that the advertising we do in the third and the fourth quarter supports the programs that many of our financial institutions initiate around the Olympics with Olympic themed cards, and that those initiatives generate more particularly credit card volume, which is the reason that we do this.

是的，您還應該考慮這樣一個事實，即我們在第三季度和第四季度所做的廣告支持我們的許多金融機構在奧運會期間使用奧運主題卡發起的計劃，並且這些計劃尤其會產生信用卡交易量，這就是我們這樣做的原因。

We have, I think, almost -- on a global basis almost 3 times as many financial institutions participating in promotions this year as we did four years ago.

我認為，在全球範圍內，今年參與促銷活動的金融機構幾乎是四年前的 3 倍。

Julio Quinteros, Goldman Sachs.

胡里奧·金特羅斯，高盛。

Just to go back to the 2013 commentary, Byron, can you just walk us back through both the revenue expectations and the EPS expectations?

回到 2013 年的評論，拜倫，你能不能帶我們回顧一下收入預期和每股收益預期？

I want to make sure we have the -- both of those numbers there are correct.

我想確保我們有 - 這兩個數字都是正確的。

So on the revenue, what we said was our expectation is that revenue in 2013 will grow off of 2012 levels.

所以關於收入，我們所說的是我們的預期是 2013 年的收入將比 2012 年的水平增長。

So whatever the growth rate in revenue is for 2012, everything else being equal, we would expect it to be somewhat higher in 2013.

因此，無論 2012 年的收入增長率如何，在其他條件相同的情況下，我們預計 2013 年的增長率會更高。

With regards to EPS growth, if you will recall, back in the October earnings call when we reaffirmed the 2013 guidance, what we said was we expected EPS to also grow off of 2000 (sic - see press release) levels.

關於每股收益增長，如果您還記得的話，在 10 月份的財報電話會議上，我們重申 2013 年的指引時，我們所說的是我們預計每股收益也將超過 2000 年（原文如此 - 見新聞稿）的水平。

But our expectation at that point and our guidance at that time on 2012 was that EPS would grow mid-to high-teens.

但我們當時的預期和我們當時對 2012 年的指導是每股收益將增長到中高水平。

We are now at high-teens, low-20s.

我們現在處於十幾歲，二十幾歲。

And as we indicated in the earnings call back in October, there were a number of components that got us to that EPS growth, one of which was a favorable step-down in our ongoing tax rate, and that represented plus or minus five percentage points of EPS growth.

正如我們在 10 月份的收益電話會議中指出的那樣，有許多因素使我們實現了每股收益的增長，其中之一是我們持續稅率的有利下降，這代表了正負五個百分點每股收益增長。

And so as we began to, in effect, outperform during the course of the year and raise our guidance, we wanted to make it clear that when we talked about 2013 our expectation was more high-teens, recognizing that it wouldn't be likely or possible for us to lap that same kind of tax improvement on EPS, and that we would be substituting instead operating earnings for that tax benefit that we received in 2012, but wouldn't expect to duplicate in 2013.

因此，當我們實際上開始在這一年中表現出色並提高我們的指導時，我們想明確表示，當我們談到 2013 年時，我們的預期是更多的青少年，認識到這不太可能或者我們有可能對每股收益進行同樣的稅收改進，並且我們將用營業收入代替我們在 2012 年獲得的稅收優惠，但預計不會在 2013 年重複。

And so that is why we want to make it very clear that, at least at this point in time, our earnings growth guidance should be in the high-teens range.

這就是為什麼我們要明確表示，至少在這個時間點，我們的盈利增長指導應該在十幾歲的範圍內。

Tim Willi, Wells Fargo.

富國銀行的蒂姆·威利。

I want to just ask a question around the commentary around processing transactions in Brazil.

我只想問一個關於在巴西處理交易的評論的問題。

Curious to what extent this has some impact on the conversation around revenue yield.

好奇這在多大程度上對圍繞收入收益的討論產生了一些影響。

It is something we would notice if that ramps up over the next couple of quarters.

如果在接下來的幾個季度中增加，我們會注意到這一點。

And in conjunction with that, is a further opportunity with bank partners or other services around this agreement to continue to improve that yield as that relationship would mature and move further in years?

與此相結合，隨著這種關係將在幾年內成熟並進一步發展，是否有進一步的機會與銀行合作夥伴或圍繞該協議的其他服務繼續提高收益率？

The increase on processing on VisaNet in Brazil has -- does have an effect on our yield, because we're going to be receiving revenues for transactions going over the VisaNet that we didn't before.

巴西 VisaNet 處理量的增加確實對我們的收益產生了影響，因為我們將通過 VisaNet 獲得我們以前沒有的交易收入。

It is going to ramp up over a period of time.

它會在一段時間內逐漸增加。

I don't think that we are in a position right now to tell you how that is going to affect our global yields or our global -- or even our global revenues in the short run.

我認為我們現在無法告訴你這將如何影響我們的全球收益率或我們的全球——甚至在短期內影響我們的全球收入。

We are very excited about it, because it puts us in a position in Brazil similar to the United States, where not only are we going to be processing more transactions, but we will be able to deliver other revenue generating services.

我們對此感到非常興奮，因為它使我們在巴西處於與美國相似的位置，我們不僅將在美國處理更多交易，而且我們將能夠提供其他創收服務。

And I think that you'll begin to see that manifests itself in our 2013 projections.

而且我認為您會開始在我們的 2013 年預測中看到這一點。

Operator, at this time we have time for one more question.

接線員，此時我們有時間再問一個問題。

Chris Brendler, Stifel Nicolaus.

克里斯·布倫德勒，斯蒂菲爾·尼古拉斯。

One clarification, Byron.

一個澄清，拜倫。

In response to an earlier question, I think on the service fee yield -- service fees as a percentage of volume, you had said it is a mix -- about half of it was a mix issue and the other half was hedging.

在回答之前的一個問題時，我認為關於服務費收益率——服務費佔交易量的百分比，你說過這是一個混合問題——大約一半是混合問題，另一半是對沖。

If I understand right, service fees are not earned on Interlink.

如果我理解正確，Interlink 不收取服務費。

So the mix we are seeing there is the -- dividing by a lower denominator.

所以我們看到的混合是 - 除以一個小分母。

Is that is what is causing the mix -- that yield to go up?

這就是導致混合的原因 - 收益率上升嗎？

And then my unrelated question would be, on VDotMe do you expect to have anything in your marketing budget or any significant amount in your marketing budget for that fourth-quarter Christmas holiday launch?

然後我不相關的問題是，在 VDotMe 上，您是否希望在您的營銷預算中包含任何內容，或者在第四季度聖誕假期發佈時您的營銷預算中有任何重要金額？

Is this going to be a pretty significant launch this year or is it going to be more of a soft launch?

這將是今年的一個非常重要的發布，還是更像是一個軟發布？

Thanks.

謝謝。

You go ahead.

你先走。

Yes, let me take the first one.

是的，讓我拿第一個。

You have it right.

你說得對。

What we have when you remove Interlink transactions, you are removing transactions from the denominator, but you're not touching the service fees.

當您刪除 Interlink 交易時，我們所擁有的是從分母中刪除交易，但您沒有觸及服務費。

So the yield automatically starts moving up.

所以收益率自動開始上升。

As it relates to VDotMe, we will have -- certainly have some advertising in the [napha fee], but the advertising that we will do will be in conjunction with merchants that are coming onto the network and through financial institutions to encourage their customers to enroll.

由於它與 VDotMe 相關，我們將 - 當然在 [napha 費用] 中有一些廣告，但我們將做的廣告將與進入網絡的商家和通過金融機構一起鼓勵他們的客戶註冊。

So I guess in that regard it would be soft.

所以我想在這方面它會很軟。

You're not going to see any national TV advertising in the fourth quarter.

你不會在第四季度看到任何全國性的電視廣告。

And with that we want to thank everybody for joining us.

藉此，我們要感謝大家加入我們。

And 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。