Visa Inc (V) 2012 Q3 法說會逐字稿

Welcome to Visa, Inc's fiscal Q3 2012 earnings conference call.

歡迎參加 Visa, Inc 的 2012 財年第三季度財報電話會議。

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

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

I would now like to turn the conference over to your host, Mr. Jack Carsky, head of Global Investor Relations.

我現在想將會議轉交給您的主持人，全球投資者關係負責人 Jack Carsky 先生。

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

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

下午好，歡迎參加 Visa, Inc 的第三財季財報電話會議。

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。

As always, this call is currently being webcast.

與往常一樣，此次電話會議目前正在進行網絡直播。

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

可在我們網站 www.investor.visa.com 的投資者關係部分訪問。

The 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。

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

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

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

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

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

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

These include set-backs in the global economy and the impact of new financial reform regulations.

其中包括全球經濟的挫折和新金融改革法規的影響。

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

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

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

可以通過 SEC 網站和我們網站的投資者關係部分訪問它。

For historical non-GAAP or pro forma related financial information disclosed on this call, 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.

對於在本次電話會議上披露的歷史非公認會計原則或備考相關財務信息，相關的公認會計原則措施和美國證券交易委員會 G 條例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 IR section of our website.

此版本也可以通過我們網站的 IR 部分訪問。

With that, I will turn the call over to Joe.

有了這個，我會把電話轉給喬。

Thank you, Jack, and good afternoon, everyone.

謝謝你，傑克，大家下午好。

We are pleased to have the opportunity today to review our third-quarter performance and the progress we continue to make in delivering against our strategy.

我們很高興今天有機會回顧我們第三季度的業績以及我們在實施戰略方面繼續取得的進展。

Visa had another quarter of strong financial performance, posting net operating revenues of $2.6 billion, a 10% increase over the same period last year.

Visa 又一個季度的財務表現強勁，淨營業收入為 26 億美元，比去年同期增長 10%。

After adjusting for our previously announced litigation reserve, net income for the quarter was $1.1 billion, a 20% increase over the same period last year.

在調整我們之前宣布的訴訟準備金後，本季度的淨收入為 11 億美元，比去年同期增長 20%。

This equates to adjusted diluted earnings per share of $1.56, a 25% increase over the fiscal quarter of 2011.

這相當於調整後的攤薄後每股收益為 1.56 美元，比 2011 財年季度增長 25%。

So with three strong quarters of operational performance behind us, which include insights into both the initial adverse Durbin impacts and our fiscal fourth-quarter services revenues, we are now adjusting our 2012 EPS growth guidance to low 20s.

因此，隨著我們三個季度的強勁運營業績，包括對德賓最初的不利影響和我們第四財季服務收入的洞察，我們現在正在將我們的 2012 年每股收益增長指導調整至 20 年代的低點。

And we continue to deliver our commitment to return excess cash back to shareholders.

我們繼續履行承諾，將多餘的現金返還給股東。

We used $461 million of our excess cash to repurchase 4 million shares during the fiscal third quarter.

在第三財季，我們使用了 4.61 億美元的超額現金回購了 400 萬股股票。

Looking ahead, our Board has authorized an additional $1 billion share repurchase program.

展望未來，我們的董事會已授權額外的 10 億美元股票回購計劃。

You've heard this before, but it's worth repeating.

你以前聽過這個，但值得重複。

The shift from cash and checks to digital currency is a global trend that we expect to continue well into the future.

從現金和支票到數字貨幣的轉變是一種全球趨勢，我們預計這種趨勢將持續到未來。

Today more than 30% of global consumer spending, almost $10 trillion, remains on cash and checks worldwide.

今天，全球超過 30% 的消費者支出（近 10 萬億美元）仍以現金和支票形式存在。

Interestingly, despite Visa's success increasing penetration of electronic payments over the past several years, the total opportunity to take share from cash and checks worldwide has actually expanded since our IPO, driven primarily by global population growth and expansion of many emerging economies where electronic payments currently represent a relatively small percentage of personal consumption expenditures.

有趣的是，儘管 Visa 在過去幾年中成功地提高了電子支付的滲透率，但自我們首次公開募股以來，從全球現金和支票中分一杯羹的總機會實際上已經擴大，這主要是受全球人口增長和目前電子支付領域的許多新興經濟體的擴張所推動佔個人消費支出的比例相對較小。

But we're never content just to benefit from evolving demographics.

但我們永遠不會滿足於從不斷變化的人口統計中受益。

Visa is taking action to accelerate growth beyond the secular trend.

Visa正在採取行動加速超越長期趨勢的增長。

To do so we are focused on building and expanding the entire payments category in every market that we operate.

為此，我們專注於在我們經營的每個市場中建立和擴展整個支付類別。

That means in our partnership -- that means in partnership with our financial institution clients, putting more payment products in more people's hands, tapping entirely new market segments with diverse product offerings, expanding the places where Visa products are accepted, and innovating next-generation payment technologies that create a superior payment experience for account holders and add value to financial institutions and merchants.

這意味著在我們的合作夥伴關係中——這意味著與我們的金融機構客戶合作，將更多的支付產品交到更多人的手中，利用多樣化的產品開拓全新的細分市場，擴大 Visa 產品的接受範圍，並創新下一代為賬戶持有人創造卓越支付體驗並為金融機構和商戶增值的支付技術。

And as we are successful in expanding the overall payments category, Visa's business benefits through diversity and resiliency, which helped us continue to grow through the past economic cycles.

隨著我們成功擴展整體支付類別，Visa 的業務通過多樣性和彈性而受益，這幫助我們在過去的經濟周期中繼續增長。

So while we are closely watching economic conditions that could impact Visa's business, including fallout from continued volatility in Europe and softening outlets for both China and Brazil, our underlying business drivers remain strong.

因此，儘管我們正在密切關注可能影響 Visa 業務的經濟狀況，包括歐洲持續波動以及中國和巴西市場疲軟的影響，但我們的潛在業務驅動因素仍然強勁。

To begin my business review let's first discuss the United States where credit posted yet another strong quarter with payment volumes increasing 10%, Visa's fifth consecutive quarter of double-digit performance in that category.

在開始我的業務回顧之前，讓我們首先討論一下美國，該地區的信貸發布了又一個強勁的季度，支付量增長了 10%，這是 Visa 在該類別中連續第五個季度實現兩位數的業績。

In addition to strength in the overall category, I'm confident we picked up share in credit as we've added new clients and built upon Visa's strong existing client relationships.

除了整體類別的實力外，我相信我們增加了新客戶並建立在 Visa 強大的現有客戶關係的基礎上，從而獲得了信貸份額。

Turning to US debit, the situation continues to play out as expected and in line with our guidance for the rest of fiscal 2012 and '13.

轉向美國借方，情況繼續按預期發展，符合我們對 2012 財年和 13 財年剩餘時間的指導。

During the June quarter, Visa's aggregate debit payments volume growth in the US was negative 9% as our clients complied with the April regulatory deadlines.

由於我們的客戶遵守了 4 月的監管截止日期，在 6 月季度，Visa 在美國的借記卡支付總額增長為負 9%。

This was driven by the fall off of Interlink payment volumes which came in line with our projections.

這是由符合我們預測的 Interlink 支付量下降推動的。

Meanwhile, Visa debit, which excludes Interlink, posted healthy, mid single-digit payment volume growth which we expect to continue.

與此同時，不包括 Interlink 的 Visa 借記卡支付量實現了健康的中等個位數增長，我們預計該增長將持續下去。

As predicted during last quarter's call, I am confident Visa experienced the trough for US debit payment volumes during the fiscal quarter.

正如上季度電話會議所預測的那樣，我相信 Visa 在本財季經歷了美國借記卡支付量的低谷。

And we are now seeing signs of improved performance in the fourth fiscal quarter.

我們現在看到第四財季業績改善的跡象。

That being said, and as we have stated previously, we recognize that some debit share loss resulting from this regulation will be permanent.

話雖如此，正如我們之前所說，我們認識到這項規定導致的一些借方份額損失將是永久性的。

As for implementation of our debit strategies to compete for merchant routing and win issuer business, I will simply say I am pleased with our progress and confident in our long-term position.

至於實施我們的借記策略以競爭商戶路線並贏得發行商業務，我只想說我對我們的進展感到滿意，並對我們的長期地位充滿信心。

Our efforts remain on track and our strategies are gaining traction.

我們的努力仍在繼續，我們的戰略正在獲得牽引力。

We are absolutely delivering the value we promised to our merchant and financial institution clients and, equally important, the strategies are delivering on Visa's own financial and operational expectations.

我們絕對兌現了我們向商家和金融機構客戶承諾的價值，同樣重要的是，這些戰略正在兌現 Visa 自己的財務和運營預期。

As for the CID, the status is essentially unchanged since our last call.

至於 CID，自我們上次調用以來，狀態基本上沒有變化。

I remain comfortable our actions are appropriate and we continue to be in regular contact with the department providing information as requested.

我認為我們的行動是適當的，我們將繼續與提供信息的部門保持定期聯繫。

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

如果情況允許，我會及時通知您。

Switching gears, I would like to briefly provide my perspective on the proposed merchant litigation settlement announced earlier this month.

換個角度，我想簡要介紹一下我對本月早些時候宣布的擬議商業訴訟和解的看法。

We reached a reasonable outcome that ensures the long-term health and competitiveness of the payments industry in the United States.

我們達成了合理的結果，確保了美國支付行業的長期健康和競爭力。

Importantly, our current guidance for fiscal 2012 and '13 fully takes this agreement into account.

重要的是，我們目前對 2012 財年和 13 財年的指導充分考慮了這一協議。

I am pleased that we have settlements after an extensive process coordinated by court appointed mediators, which have been approved by class representatives, class counsel, and the retailers who filed separate suits.

我很高興我們在經過法院指定調解員協調的廣泛程序後達成和解，這些調解員已得到集體代表、集體律師和提出單獨訴訟的零售商的批准。

We anticipate these will have support among the retail community in the US because it is a fair and an appropriate compromise for all parties and that the agreement will be approved by the court.

我們預計這些將得到美國零售社區的支持，因為這對各方來說都是公平和適當的妥協，並且該協議將得到法院的批准。

As for the next steps, preliminary court approval of this agreement is expected in the fall, and Visa is preparing to begin implementation in the early part of 2013.

至於下一步，預計法院將在秋季初步批准該協議，Visa 正準備在 2013 年初開始實施。

Bottom line, we are moving towards ending a seven-year dispute with an important constituency of our client base, merchants.

歸根結底，我們正朝著結束與我們客戶群的重要組成部分——商人之間長達七年的爭端邁進。

And we are doing so in a reasonable and responsible way.

我們正在以合理和負責任的方式這樣做。

Looking ahead, we are actively looking for opportunities to work collaboratively with the US merchant community to advance our mutual agendas.

展望未來，我們正在積極尋找與美國商人社區合作的機會，以推進我們的共同議程。

In particular, we believe that investments we are making in next-generation payment technologies, V.me, mobile payments, and merchant offers, will drive considerable value to merchants.

特別是，我們相信我們在下一代支付技術、V.me、移動支付和商家優惠方面的投資將為商家帶來可觀的價值。

Now let's shift the discussion to Visa's international business where we continue to focus on driving long-term growth.

現在讓我們將討論轉移到 Visa 的國際業務上，我們將繼續專注於推動長期增長。

Breaking down our specific regions, in constant dollars, payment volumes in Asia Pacific grew 13%, Canada at 8%, while SEMEA and Latin America posted gains of 41% and 20% respectively in the June quarter.

細分我們的特定地區，以固定美元計算，亞太地區的支付量增長了 13%，加拿大增長了 8%，而 SEMEA 和拉丁美洲在 6 月季度分別增長了 41% 和 20%。

As I mentioned at the beginning of my remarks, a top priority is building the payments category globally.

正如我在發言開始時提到的，當務之急是在全球範圍內建立支付類別。

To that end, we continue to execute a targeted investment strategy in several geographies with significant growth potential, deploying locally tailored acceleration plans to substantially increase Visa's revenue over a five-year horizon.

為此，我們繼續在幾個具有顯著增長潛力的地區執行有針對性的投資戰略，部署當地量身定制的加速計劃，以在五年內大幅增加 Visa 的收入。

So let me give you a few specific examples to demonstrate our progress.

因此，讓我舉幾個具體的例子來展示我們的進步。

In Russia, over 80% of consumer spending is still cash based, which presents a significant opportunity.

在俄羅斯，超過 80% 的消費者支出仍以現金為基礎，這是一個重大機遇。

To drive future growth, Visa is intensely focused on expanding usage in everyday spend merchant categories, including supermarkets.

為了推動未來的增長，Visa 非常專注於擴大日常消費商戶類別的使用，包括超市。

A strategy that aligns particularly well with our strong, stable of debit cards in that country.

這一戰略與我們在該國強大、穩定的借記卡特別吻合。

During the most recent quarter, Visa launched acceptance at Magnit, the country's largest grocery chain with more than 5,000 stores.

在最近一個季度，Visa 在該國最大的雜貨連鎖店 Magnit 推出了接受服務，該連鎖店擁有 5,000 多家商店。

In fact, with the addition of Magnit, Visa now is accepted at the four largest food retail chains in Russia, a major step towards accelerating growth in that country.

事實上，隨著 Magnit 的加入，Visa 現在已被俄羅斯四大食品零售連鎖店所接受，這是該國加速增長的重要一步。

At the same time, in the Middle East we are building on our traditionally strong position with Affluent and Shariah compliant credit products working with clients to expand debits.

與此同時，在中東，我們正在鞏固我們傳統上的強勢地位，通過符合富裕和伊斯蘭教法的信貸產品與客戶合作擴大借方。

As one example of our success, Visa recently secured a significant multi-product extension with the National Bank of Kuwait.

作為我們成功的一個例子，Visa 最近與科威特國家銀行獲得了一項重要的多產品擴展。

A key element of our strategy is increased investment in local expertise and local engagement.

我們戰略的一個關鍵要素是增加對當地專業知識和當地參與的投資。

To that end, we recently opened our first offices in Doha and Abu Dhabi, as well as doubled the size of our presence in Dubai to serve clients better across the Middle East and the SEMEA region generally.

為此，我們最近在多哈和阿布扎比開設了第一家辦事處，並將我們在迪拜的業務規模擴大了一倍，以更好地為整個中東和 SEMEA 地區的客戶提供服務。

In east Africa, a region I recently visited, we are investing now to reap long-term returns.

在我最近訪問的東非地區，我們現在正在投資以獲得長期回報。

We recently opened a regional headquarters in Nairobi, Kenya.

我們最近在肯尼亞內羅畢開設了一個地區總部。

An important opportunity in that geography is using our fundable platform to deploy mobile solutions and drive long-term growth.

該地區的一個重要機會是使用我們可資助的平台來部署移動解決方案並推動長期增長。

We are also making steady progress in Rwanda, which offers a case study of how Visa can proactively engage governments and align our own growth agenda with domestic priorities.

我們還在盧旺達取得了穩步進展，這提供了一個案例研究，說明 Visa 如何能夠主動與政府接觸，並使我們自己的增長議程與國內優先事項保持一致。

In that regard, we are working with the Rwandan government to increase access to and usage of electronic payments in that country.

在這方面，我們正在與盧旺達政府合作，以增加該國電子支付的訪問和使用。

A key priority is financial inclusion and literacy using mobile technology.

一個關鍵的優先事項是使用移動技術的金融包容性和掃盲。

Additionally, Visa is now processing domestic payments and inter bank ATM withdrawals, an important step forward for this emerging economy.

此外，Visa 現在正在處理國內支付和銀行間 ATM 取款，這是這一新興經濟體向前邁出的重要一步。

Also, our efforts will help increase tourism volumes from international travelers, a key driver of economic activity and a top government priority.

此外，我們的努力將有助於增加國際遊客的旅遊量，這是經濟活動的主要推動力和政府的首要任務。

Finally, this effort should be the foundation for our activities in the entire east African region.

最後，這項努力應該成為我們在整個東非地區活動的基礎。

Expect us to talk to you more about in this the future.

期待我們在未來與您進行更多討論。

We're also making steady progress in Indonesia, a rapidly expanding economy with a growing affluent middle class and a population fast approaching 250 million.

我們也在印度尼西亞取得穩步進展，印度尼西亞是一個快速擴張的經濟體，富裕的中產階級不斷壯大，人口迅速接近 2.5 億。

A key element of our strategy here is growing acceptance.

我們這裡戰略的一個關鍵要素是越來越多的接受度。

To that end, Visa signed a multi-phase multi-year card acceptance promotion with the country's largest petrol chain, Pertamina.

為此，Visa 與該國最大的石油連鎖店 Pertamina 簽署了一項多階段、多年期的信用卡受理促銷活動。

With more than 4,000 gas stations nationwide and approximately $30 billion in sales volume annually, the promotion will help expand the acceptance of Visa credit/debit cards over the next few years.

憑藉全國 4,000 多個加油站和每年約 300 億美元的銷售額，該促銷活動將有助於在未來幾年擴大 Visa 信用卡/借記卡的接受度。

Most recently, during the last quarter, CyberSource, Visa's 2010 acquisition, signed a number of deals to accelerate e-commerce acceptance, including one with the national airline, Garuda, to provide payment, gateway, and fraud management services.

最近，在上個季度，Visa 於 2010 年收購的 CyberSource 簽署了多項協議，以加快電子商務的接受度，其中包括與國家航空公司 Garuda 簽訂的一項協議，以提供支付、網關和欺詐管理服務。

Meanwhile in China, I know you are already aware of the World Trade Organization's final report containing the findings of the case between the US and Chinese governments concerning China's domestic electronic payments marketplace.

與此同時，在中國，我知道你已經知道世界貿易組織的最終報告，其中包含美國和中國政府之間關於中國國內電子支付市場的案件調查結果。

While we are still assessing its implications, we are hopeful the ruling ultimately could provide for more global entrance into China's payment marketplace, although a number of additional steps still need to be taken in the WTO process before we have any clarity or certainty.

雖然我們仍在評估其影響，但我們希望該裁決最終能夠讓更多的全球進入中國支付市場，儘管在我們有任何明確性或確定性之前仍需要在 WTO 程序中採取一些額外的步驟。

Most importantly to Visa, we continue to make strategic investments to expand our existing business in China.

對 Visa 而言，最重要的是，我們繼續進行戰略投資以擴大我們在中國的現有業務。

To that end, we executed several long-term client partnerships during the quarter, including multi-year extensions with CITIC Bank in China, Minsheng Banking Corporation.

為此，我們在本季度執行了多個長期客戶合作夥伴關係，包括與中國中信銀行、民生銀行的多年延期。

We also secured a new relationship with Bank of Communication.

我們還與交通銀行建立了新的關係。

Overall our focus is on advancing our partnership with local banks and China union pay to serve consumers and businesses using our existing 78 million co-badge cards when traveling abroad.

總體而言，我們的重點是推進與當地銀行和中國銀聯的合作，以便在國外旅行時使用我們現有的 7800 萬張聯名卡為消費者和企業提供服務。

In fact, earlier this week, Visa co-sponsored a payment securities symposium with China union pay.

事實上，本週早些時候，Visa 與中國銀聯聯合主辦了一場支付證券研討會。

The symposium was hosted by the Payment and Clearing Association of China and was under the endorsement of the People's Bank of China.

本次座談會由中國支付清算協會主辦，中國人民銀行承辦。

During this event, Ellen Richey, our Chief Enterprise Risk Officer, joined banking executives, regulators and law enforcement in Beijing to speak about Visa's role in payment security in the fast growing Chinese market.

在此次活動中，我們的首席企業風險官 Ellen Richey 與北京的銀行高管、監管機構和執法部門一起談論了 Visa 在快速增長的中國市場中在支付安全方面的作用。

And finally, we are two days away from the start of the 2012 Olympic games.

最後，距離 2012 年奧運會開幕還有兩天。

There's a reason that Visa has been a sponsor of the Olympic games for more than a quarter of a century.

Visa 贊助奧運會超過 25 年是有原因的。

No sponsorship platform offers a better opportunity to help our clients around the world grow their businesses while also driving incremental transaction revenue for Visa.

沒有任何讚助平台能夠提供更好的機會來幫助我們在世界各地的客戶發展業務，同時為 Visa 增加交易收入。

Over the past 13 Olympic summer games and winter Olympic games, this sponsorship has provided Visa with a global platform to amplify our brand message among a passionate global fan base and drive tangible business results.

在過去的 13 屆夏季奧運會和冬季奧運會上，這項贊助為 Visa 提供了一個全球平台，可以在熱情的全球粉絲群中擴大我們的品牌信息，並推動切實的業務成果。

We work with our clients to tailor their Olympic related activities to address the unique needs of their own business and geography, including card holder acquisition, retention, or increasing usage.

我們與客戶合作，定制他們的奧運相關活動，以滿足他們自身業務和地域的獨特需求，包括持卡人的獲取、保留或增加使用。

This year, I'm pleased that Visa has engaged a record number of clients in our program with more than 1,000 financial institutions and merchants worldwide activating Olympic related activities, including a large portion from priority growth markets.

今年，我很高興 Visa 在我們的計劃中吸引了創紀錄數量的客戶，全球 1,000 多家金融機構和商家參與了與奧運相關的活動，其中很大一部分來自優先增長市場。

This represents a 70% increase from our program in Beijing and positions us for a highly successful event over the next two weeks.

這比我們在北京的計劃增加了 70%，使我們在接下來的兩週內舉辦了一場非常成功的活動。

So, to wrap up, our strong performance during the fiscal quarter demonstrates the underlying strength and resilience of Visa's business model.

因此，總而言之，我們在本財季的強勁表現證明了 Visa 商業模式的潛在實力和彈性。

We continued to accelerate the migration away from cash and check to electronic payments.

我們繼續加快從現金和支票向電子支付的遷移。

We helped our clients grow their core business lines.

我們幫助我們的客戶發展他們的核心業務線。

We 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 advanced our innovation agenda, and we took significant steps to resolve critical business issues.

我們推進了創新議程，並採取了重要措施來解決關鍵業務問題。

As always, I remain highly confident in the future of Visa.

一如既往，我對 Visa 的未來充滿信心。

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

有了這個，讓我把電話轉給拜倫。

Thank you, Joe.

謝謝你，喬。

As is my practice, I will begin with some observations and call-outs.

按照我的做法，我將從一些觀察和標註開始。

First, note that we reported the quarter on an adjusted basis.

首先，請注意我們在調整後的基礎上報告了該季度。

We eliminated the previously disclosed litigation accruals associated with both the MOU in the merchants litigation, and the preliminary agreement with the individual plaintiffs, since both of these events are covered by our retrospective responsibility plan.

我們消除了先前披露的與商家訴訟中的諒解備忘錄以及與個別原告的初步協議相關的訴訟應計，因為這兩個事件都包含在我們的追溯責任計劃中。

These accruals, which totaled $4.1 billion, resulted in a quarterly after-tax loss of $1.8 billion on a GAAP basis.

這些應計項目總計 41 億美元，按公認會計原則計算，導致季度稅後虧損 18 億美元。

Excluding these litigation accruals, we reported solid earnings per share of $1.56 for the quarter.

不計這些訴訟應計費用，我們報告本季度每股收益為 1.56 美元。

Second, the all-in impact from US debit regulation, which includes restructured pricing, incentives, other mitigation strategies and volume loss, cost us about $0.04 in EPS for the quarter.

其次，美國借方監管的全面影響，包括重組定價、激勵措施、其他緩解策略和銷量損失，使我們本季度的每股收益損失了約 0.04 美元。

We expect a similar if not slightly higher impact in the next few quarters as more of our debit volume is exposed to lower variable fees and incentive agreements.

我們預計未來幾個季度會產生類似的影響（如果不是略高的話），因為我們更多的借方金額面臨較低的可變費用和激勵協議。

As we have stated before, this is already incorporated into our guidance.

正如我們之前所說，這已經納入我們的指導。

Third, foreign tax credits resulted in a benefit of $56 million, or $0.08 to our adjusted diluted EPS this quarter.

第三，外國稅收抵免為本季度調整後的攤薄每股收益帶來了 5600 萬美元或 0.08 美元的收益。

These tax credits were contemplated in our full-year guidance with the amount recognized in the third quarter representing the total for the year.

這些稅收抵免在我們的全年指導中進行了考慮，第三季度確認的金額代表了全年的總額。

Fourth, US revenue growth has been supported by five consecutive quarters of double-digit credit payment volume growth, most recently 10% in the quarter.

第四，美國收入增長得到連續五個季度兩位數信貸支付量增長的支持，最近一個季度增長了 10%。

Through the 21 of July, credit payment volume growth has comped at a 9% rate, consistent with a somewhat tepid but sustained US economic recovery.

到 7 月 21 日，信貸支付量的增長率為 9%，這與美國經濟復甦溫和但持續。

Fifth, as anticipated, aggregate US debit posted a negative 9% growth rate in the third quarter, led by Interlink payment volume which was off 54%.

第五，正如預期的那樣，第三季度美國總借記卡的負增長率為 9%，其中 Interlink 支付量下降了 54%。

So far, the month of April has proven to be the trough in debit payment volume loss, and since then, we have seen sequential monthly progress during the quarter in recapturing portions of this Interlink volume.

到目前為止，4 月份已被證明是藉方支付量損失的低谷，從那時起，我們看到本季度在收回部分 Interlink 量方面取得了連續的月度進展。

Importantly, Visa debit, which excludes Interlink, continued to post solid mid single-digit payment volume growth.

重要的是，不包括 Interlink 的 Visa 借記卡繼續實現穩定的中個位數支付量增長。

Sixth, client incentives for the quarter, as a percent of gross revenue, were 19%, consistent with our full year guidance range which is weighted to the back half of the year.

第六，本季度的客戶激勵措施佔總收入的百分比為 19%，與我們加權到下半年的全年指導範圍一致。

Higher incentives had two drivers.

更高的激勵措施有兩個驅動因素。

First, pricing adjustments linked to our US debit mitigation strategies, which are expected to continue and potentially grow as our merchant and acquirer agreements take hold.

首先，與我們的美國借方緩解策略相關的定價調整，隨著我們的商戶和收單方協議的生效，預計將繼續並可能增長。

And second, certain rest of world incentives, which are not expected to repeat in the fourth quarter.

其次，世界其他地區的某些激勵措施，預計不會在第四季度重演。

Lastly, in late May, we received from the IRS a notice of proposed adjustment for our fiscal 2008 federal income-tax return.

最後，在 5 月下旬，我們收到了美國國稅局關於對 2008 財年聯邦所得稅申報表進行調整的通知。

This notice would disallow the deduction and associated tax benefit related to payments made in 2008 toward the American Express litigation.

該通知將不允許扣除與 2008 年為美國運通訴訟支付的款項相關的稅收優惠。

We disagree with this proposed adjustment.

我們不同意這一提議的調整。

We are comfortable defending our position.

我們很樂意捍衛我們的立場。

And importantly, we made no changes to our tax estimates relating to this deduction or any similar deductions for covered litigation in subsequent fiscal years.

重要的是，我們在隨後的財政年度沒有對與此減免或任何類似的承保訴訟減免相關的稅收估算進行任何更改。

Resolution of these types of tax matters generally take some time to conclude.

這些類型的稅務問題的解決通常需要一些時間才能結束。

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 processed transaction trends for the quarter, followed by our results through July 21.

按照我們的慣例，我將介紹本季度的全球支付量和已處理的交易趨勢，然後是截至 7 月 21 日的結果。

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

然後，我將介紹我們第三財季的財務亮點，並以我們對 2012 財年餘額的指導展望結束。

Global payment volume growth for the June quarter, in constant dollars, was 6%, down from the March quarter's normalized 10% after adjusting for the leap year.

6 月季度的全球支付量增長（以固定美元計算）為 6%，低於 3 月季度經閏年調整後的正常化 10%。

Several callouts.

幾個標註。

First, combined credit growth for both the US and rest of world held steady versus a normalized prior quarter.

首先，與正常化的上一季度相比，美國和世界其他地區的綜合信貸增長保持穩定。

Both produced double-digit growth.

兩者都產生了兩位數的增長。

Second, rest of world debit growth was unchanged at 28%, same as the normalized second-quarter rate.

其次，世界其他地區的借方增長率保持在 28% 不變，與正常化的第二季度增長率相同。

Third, more recently through July 21, US payment volume growth was flat, comprised of 9% credit growth and minus 7% for debit.

第三，最近到 7 月 21 日，美國支付量增長持平，包括 9% 的信貸增長和負 7% 的借方。

Global cross-border volume delivered a solid 14% constant dollar growth rate in the June quarter, which compares to a normalized 15% rate in the second quarter.

全球跨境交易量在 6 月季度實現了 14% 的穩定美元增長率，而第二季度的正常化增長率為 15%。

The US grew 11%, and the rest of world 16%.

美國增長 11%，世界其他地區增長 16%。

We continue to see very strong results from our Asia Pacific, Latin America, and SEMEA regions.

我們繼續在亞太地區、拉丁美洲和 SEMEA 地區看到非常強勁的業績。

Through July 21, cross-border volumes on a constant dollar basis grew 12% with a US growth rate of 9% and the rest of world at 13%.

截至 7 月 21 日，按固定美元計算的跨境交易量增長了 12%，美國增長率為 9%，世界其他地區為 13%。

Transactions processed over Visa's network totaled 13.1 billion in the fiscal third quarter, a 1% increase over the prior year period.

第三財季通過 Visa 網絡處理的交易總額為 131 億筆，比去年同期增長 1%。

A debit-led decline of 3% in the US was offset by 18% growth in rest of world.

美國借記卡導致的 3% 下降被世界其他地區 18% 的增長所抵消。

For the month of July through the 21st, process transaction growth was a positive 2%, driven by an improving trajectory and US process transaction growth.

從 7 月到 21 日，流程交易增長了 2%，這得益於軌跡改善和美國流程交易增長。

Separately, CyberSource reported 1.3 billion transactions for the period, a 25% increase over the prior year.

另外，CyberSource 在此期間報告了 13 億筆交易，比上年增長 25%。

Three call-outs.

三個呼喚。

First, as expected, the brunt of US debit regulation is being felt by our Interlink product where transaction growth will continue to be negative until we lap the implementation of the rules next year.

首先，正如預期的那樣，我們的 Interlink 產品首當其衝受到美國借記卡監管的衝擊，在我們明年實施規則之前，交易增長將繼續為負。

Second, Visa process transactions continue to grow at double-digit rates for US credit and rest of world.

其次，美國信貸和世界其他地區的 Visa 流程交易繼續以兩位數的速度增長。

Finally, although there appear to be darkening economic clouds, our global revenue drivers remain healthy with no clear signals of a downturn at this point in time.

最後，儘管經濟陰雲似乎越來越暗，但我們的全球收入驅動因素仍然健康，目前沒有明顯的衰退信號。

Now turning to the income statement, net operating revenue in the quarter was $2.6 billion, a 10% increase year-over-year.

現在轉向損益表，該季度的淨營業收入為 26 億美元，同比增長 10%。

After hedges, there was no meaningful foreign exchange impact on net revenue in the quarter.

對沖後，本季度的淨收入沒有顯著的外匯影響。

Moving to the individual revenue line items, service revenue was $1.2 billion, up 15% 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 15%。

This reflects strong payment volume growth in the March quarter, the revenue from which is recorded in the June quarter.

這反映了 3 月季度支付量的強勁增長，收入記錄在 6 月季度。

Data processing revenue was $1 billion, up 17% over the prior year's quarter, based on solid growth rates for CyberSource transactions and Visa process transactions outside of the US, as well as competitive pricing actions that became effective in the quarter.

數據處理收入為 10 億美元，比上一季度增長 17%，這得益於美國以外 CyberSource 交易和 Visa 處理交易的穩健增長率，以及在本季度生效的競爭性定價措施。

As a reminder, this fixed acquirer network fee initiated in the third quarter is booked to data processing revenue.

提醒一下，這筆在第三季度啟動的固定收單方網絡費用已計入數據處理收入。

Offsetting merchant and acquirer incentives are reflected in the contra revenue incentive line, which I will cover in a moment.

抵消商家和收單方的激勵措施反映在對沖收入激勵線中，我稍後會介紹。

Turning to a different metric, we saw a step-up in the gross revenue data processing yield, due in part to strategic pricing adjustments, but also driven by the steep decline in Interlink transactions in the quarter, which are, by far, our lowest yielding product.

轉向另一個指標，我們看到總收入數據處理收益率有所上升，部分原因是戰略定價調整，但也受到本季度 Interlink 交易急劇下降的推動，這是迄今為止我們最低的產出產品。

International transaction revenue was up 13% to $748 million, reflecting continued strength in cross-border volumes with low double-digit growth rates in the US and mid-teen growth in the rest of world, as measured on a constant dollar basis.

國際交易收入增長 13% 至 7.48 億美元，反映了跨境交易量的持續強勁，美國的兩位數增長率較低，世界其他地區的增長率處於中等水平，以不變美元計算。

As I highlighted earlier, client incentives for the quarter came in at 19%.

正如我之前強調的那樣，本季度的客戶激勵率為 19%。

The fourth fiscal quarter will also see an elevated level, but is likely to be slightly less than Q3.

第四財季也將出現較高水平，但可能略低於第三季度。

Together, these incentive levels are consistent with our full-year outlook of 17% to 18%.

總之，這些激勵水平與我們 17% 至 18% 的全年展望一致。

While we are not yet prepared to offer a more detailed view of fiscal 2013 incentives, we do expect a modest increase from the 2012 level of 17% to 18%.

雖然我們還沒有準備好提供 2013 財年激勵措施的更詳細視圖，但我們確實預計會從 2012 年的 17% 到 18% 的水平適度增長。

Total adjusted operating expenses for the quarter were $1.1 billion, up 10% from the prior year.

本季度調整後的總運營費用為 11 億美元，比去年同期增長 10%。

This was primarily due to higher personnel expenses and costs associated with our investments in growth related technology projects.

這主要是由於與我們對增長相關技術項目的投資相關的人員費用和成本增加。

Marketing expenses of $242 million reflect a heavier weighting of spend in the second half of the year, timed with the global promotion of the London summer Olympics.

2.42 億美元的營銷費用反映了下半年支出的比重增加，與倫敦夏季奧運會的全球推廣同步。

Our adjusted operating margin for the quarter was 58%, bringing our fiscal year to date to 61%, consistent with our guidance of about 60% for the year.

我們本季度調整後的營業利潤率為 58%，使我們的財年迄今為止達到 61%，與我們全年約 60% 的指導一致。

The third quarter's margin is in line with our expectation for expense timing as we realize a second half ramp-up in incentives, investment spending and marketing associated with the summer Olympics.

第三季度的利潤率符合我們對支出時間的預期，因為我們意識到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 $108 million in the quarter and are $235 million year to date.

本季度資本支出為 1.08 億美元，年初至今為 2.35 億美元。

Given our current guidance of $350 million to $400 million for the year, we will likely come in at the lower end of that range.

鑑於我們目前的年度指導為 3.5 億至 4 億美元，我們可能會進入該範圍的下限。

Our adjusted tax rate for Q3 was 29.2%, and as I mentioned at the outset, was positively impacted by a $56 million benefit from foreign tax credits.

我們第三季度的調整後稅率為 29.2%，正如我一開始提到的，受到外國稅收抵免帶來的 5600 萬美元收益的積極影響。

The amount recognized represents the total for the year.

確認的金額代表當年的總額。

During the quarter, we spent $461 million to repurchase 4 million shares at an average price of $115.51 per share.

本季度，我們斥資 4.61 億美元以每股 115.51 美元的平均價格回購了 400 萬股股票。

Our Board recently authorized a new repurchase plan totaling $1 billion, effective through July of 2013.

我們的董事會最近批准了一項總額為 10 億美元的新回購計劃，有效期至 2013 年 7 月。

Separate from the share repurchase program, on July 24, we added an incremental $150 million to the escrow account.

與股票回購計劃不同的是，7 月 24 日，我們向託管賬戶增加了 1.5 億美元。

The fourth quarter event will reduce the B share conversion ratio to 0.4206, there by reducing the A equivalent share count by 1.2 million shares.

第四季度事件將 B 股轉換率降低至 0.4206，從而將 A 股等值股數減少 120 萬股。

At the end of the June quarter, we had 670 million shares of class A common stock on an as converted basis.

截至 6 月季度末，我們擁有 6.7 億股 A 類普通股，已轉換為基礎。

The adjusted weighted average number of fully diluted shares for the third quarter totaled 675 million.

第三季度調整後的完全稀釋股本加權平均數為6.75億股。

Finally, we are making only one adjustment to our outstanding 2012 fiscal guidance other than the minor notes I have addressed.

最後，我們只對我們出色的 2012 年財務指導進行了一次調整，除了我已經提到的一些小注意事項。

Given where we are year to date, we are eliminating high teens from our EPS growth guidance and going with just low 20s.

鑑於我們今年迄今所處的位置，我們正在從我們的每股收益增長指導中消除高青少年，並僅以 20 多歲的低水平前進。

As is our custom, we plan to fully address our 2013 guidance on our fourth-quarter earnings call.

按照我們的慣例，我們計劃在第四季度財報電話會議上全面落實 2013 年指引。

And with that operator, we are ready to take questions.

有了那個接線員，我們就準備好回答問題了。

(Operator Instructions) Moshe Orenbuch, Credit Suisse.

（操作員說明）Moshe Orenbuch，瑞士信貸。

I was hoping you could flesh out the steps you have taken now that we're three months further in with respect to the debit acquiring fee.

我希望你能充實你現在所採取的步驟，因為我們在藉方獲取費用方面還有三個月的時間。

You have talked about some of the effects but what's actually happened, how much of that has been implemented and could you talk about how that has flowed through the numbers?

您已經談到了一些影響，但實際發生了什麼，其中有多少已經實施，您能否談談這些影響是如何通過數字產生的？

I'm not exactly sure about the specific question, but there were two significant things that we did.

我不太確定具體問題，但我們做了兩件重要的事情。

One was the pricing, and one was the paid, or the debit card change.

一個是定價，一個是付費或借記卡更改。

From a fixed pricing point of view that's been fully implemented.

從已完全實施的固定定價的角度來看。

From a paid, or a debit card point of view, that has been significantly implemented, but it's being implemented in phases, and it will take a few more months to get it fully done.

從付費卡或借記卡的角度來看，它已經得到了顯著的實施，但它正在分階段實施，而且還需要幾個月的時間才能完全完成。

Remember, however, that we retained the Interbank logo on the majority of our largest customers and so none of that volume, as long as the Interlink logo is there, will go through paid.

但是請記住，我們在大多數最大客戶上保留了 Interbank 標誌，因此只要有 Interlink 標誌，這些數量都不會通過付費。

Dan Perlin, RBC Capital Markets.

丹·珀林，加拿大皇家銀行資本市場。

What I was thinking is, now that you have at least arrived in the settlement proposal, I'm wondering if you're thinking about the utilization of your free cash flow differently from what we've seen over the past several years as you funded the escrow account.

我在想的是，既然您至少已經提出了和解提案，我想知道您是否正在考慮利用您的自由現金流量，這與我們在過去幾年中看到的您資助的情況不同託管賬戶。

Secondly, as you talk about the investments that you think are going to be important to the merchants, when we look at the incremental margins in the quarter versus for the past couple of years, we're at a low level, or certainly close to trough level.

其次，當您談到您認為對商家很重要的投資時，當我們查看本季度與過去幾年相比的增量利潤率時，我們處於較低水平，或者肯定接近谷底水平。

And I'm wondering if we should be thinking about the investment going forward at these more incremental margin levels.

我想知道我們是否應該考慮在這些更高的利潤率水平上進行投資。

We have no change whatsoever in our philosophy of returning excess cash to shareholders.

我們將多餘現金返還給股東的理念沒有任何改變。

To the extent that we are not placing cash in the escrow account, the alternative would be open market repurchases of our A shares, and that is exactly what we intend to focus on.

在我們不將現金存入託管賬戶的情況下，替代方案將是公開市場回購我們的 A 股，而這正是我們打算關注的。

So no change on that front.

所以這方面沒有變化。

As further evidenced by the approval by the Board to authorize a new $1 billion share repurchase program.

董事會批准新的 10 億美元股票回購計劃進一步證明了這一點。

Second, with regards to margins, let me reframe that.

其次，關於邊距，讓我重新定義它。

Last year we delivered about a 60% operating margin.

去年，我們實現了約 60% 的營業利潤率。

That is our guidance for this year.

這是我們今年的指導。

The lower margins that -- operating margins you're seeing in this quarter and we'll see again in the next quarter are all consistent with our guidance of about 60% for this year.

您在本季度看到的較低利潤率以及我們將在下一季度再次看到的營業利潤率都與我們今年約 60% 的指導一致。

As you may recall from our -- at the beginning of year earnings call, beginning of fiscal year, we indicated that it would be about 60% for the year, but that we would be a little higher in the first half of the year, and a little lower in the second half of the year, largely due to a ramp-up in technology investments and a weighted marketing spend for the Olympics timed with the second half.

您可能還記得我們的 - 在年初財報電話會議上，財年開始時，我們表示今年將達到 60% 左右，但上半年會高一些，下半年略低，主要是由於技術投資的增加以及與下半年同步的奧運會的加權營銷支出。

So this year, past year, about 60%, and we'll let you know what '13 looks like in another quarter.

所以今年，過去的一年，大約 60%，我們會在另一個季度讓你知道 13 年的樣子。

Darrin Peller, Barclays.

巴克萊銀行的達林佩勒。

You said in the past that you'd expect an acceleration of revenue growth in fiscal year 2013 versus 2012 levels.

您過去曾說過，您預計 2013 財年的收入增長將比 2012 年的水平加速。

Can you comment on the main drivers of that, especially if you expect incentives to be sequentially higher year-over-year?

您能否評論其主要驅動因素，特別是如果您預計激勵措施將逐年增加？

What we said was, or meant to communicate, was that this was a comment around the implementation of the Durbin rules, and that what we expected is that once we had annualized the impact of Durbin, which will take us through the first two fiscal quarters of next year, once we had lapped those rules, and the Durbin impacts were in our base, at that point, everything else being equal, we would expect an acceleration, particularly in our -- specifically focused on our debit business, because we've got the Durbin impact now in our base.

我們所說的是，或者是要傳達的是，這是對德賓規則實施的評論，我們所期望的是，一旦我們將德賓的影響年化，這將帶領我們度過前兩個財政季度明年，一旦我們遵守了這些規則，並且德賓的影響在我們的基礎上，那時，在其他一切都相同的情況下，我們預計會加速，特別是在我們的 - 特別是專注於我們的借記卡業務，因為我們'現在我們的基地受到了德賓影響。

That's what we meant by that.

這就是我們的意思。

Everything else being equal, we would expect to see it.

在其他一切都相同的情況下，我們希望看到它。

Again, with regards to revenue growth for next year, we'll be much more specific about that on the next quarter call.

同樣，關於明年的收入增長，我們將在下個季度電話會議上更具體地說明這一點。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

To follow up to that, does that mean your fiscal '13 guidance signal is not relating to overall revenue growth, it's just relating to the growth in your debit business in the US?

跟進這一點，這是否意味著您的 13 財年指導信號與整體收入增長無關，而僅與您在美國的借記業務增長有關？

The follow-up to that is that you indicated that your growth trends are not showing much effect from macro issues, and you've had a string of pretty good incremental wins that are presumably offsetting what appears to be a general slowing in retail spending.

對此的後續行動是，您表示您的增長趨勢並未顯示出宏觀問題的太大影響，並且您已經獲得了一系列相當不錯的增量勝利，這可能抵消了零售支出似乎普遍放緩的影響。

Is there any way to quantify the recent contribution in your growth rate from new wins that are occurring as an offset to the cyclical pressures that are out there?

有沒有什麼方法可以量化最近的新勝利對您的增長率的貢獻，這些新勝利是為了抵消存在的周期性壓力？

The guidance, the specific quantitative guidance we have for next year, for '13, number one, is EPS growth in the high teens.

指導，我們對明年的具體量化指導，對於'13，排名第一，是高青少年的每股收益增長。

Number two, incentives that are modestly, slightly higher than what we expect to experience this year.

第二，適度的激勵措施，略高於我們今年的預期。

That's the extent to which we've guided to '13.

這就是我們引導到 13 年的程度。

And remember, when we said we expect revenues to generate, that's everything else being equal, we expect to have debit, the US debit part of the business annualize halfway in through the year.

請記住，當我們說我們預計會產生收入時，在其他條件相同的情況下，我們預計會有借方，美國借方部分業務在一年中年年化。

Honestly, to give a much more informed perspective on revenue growth for next year, we'll wait until the fourth quarter call, at which point we'll have much better visibility of what we're looking at going in.

老實說，為了對明年的收入增長提供更明智的看法，我們將等到第四季度的電話會議，屆時我們將對我們正在考慮的內容有更好的了解。

Meanwhile, we're reconfirming the guidance that we currently have for fiscal year '13.

同時，我們正在重新確認我們目前對 13 財年的指導。

With regards to incremental wins, you can say we have some, certainly on the credit side.

關於增量勝利，你可以說我們有一些，當然是在信用方面。

We don't have -- we have the opposite, so to speak, courtesy of the US Government on the debit side.

我們沒有 - 我們有相反的，可以說，借方美國政府的禮貌。

In balancing those and looking at the current underlying revenue drivers of cross-border, volume growth, transaction growth, inside the US, outside the US, that's really what's underpinning our guidance comments for '13 for balance of year, and for '13 to date.

在平衡這些因素並著眼於美國境內、美國境外的跨境、交易量增長、交易增長的當前潛在收入驅動因素時，這確實是我們對 '13 年度餘額和 '13 至日期。

I don't think that there is a significant amount of traction yet on some of the credit wins in the United States.

我認為在美國的一些信用勝利方面還沒有很大的吸引力。

I don't believe that, that's where the growth is coming from.

我不相信，這就是增長的來源。

It certainly is cause for optimism as it relates to our credit volumes going forward.

這當然是樂觀的理由，因為它與我們未來的信貸量有關。

I would also reference a lot of our wins outside of the United States, which are picking up steam as we talked about and will provide revenue.

我還會提到我們在美國以外的許多勝利，正如我們所說的那樣，這些勝利正在加速發展，並將提供收入。

I'm sure, as Byron has pointed out, that everybody understands that a lot of our '13 guidance was a reflection on how we would fair given the Durbin legislation.

我敢肯定，正如拜倫所指出的那樣，每個人都明白，我們 13 年的許多指導都反映了考慮到德賓立法，我們將如何公平。

Right now our metrics in every other regard are quite strong, and we will, as Byron said, address our expectations next quarter.

目前，我們在其他所有方面的指標都非常強勁，正如拜倫所說，我們將在下個季度實現我們的預期。

Glenn Fodor, Morgan Stanley.

格倫·福多，摩根士丹利。

I applaud your comments about working more collaboratively with merchants.

我讚賞您對與商家進行更多協作的評論。

The fact is we're just now hopefully turning the chapter on a relationship that's had tension involved for many, many years so this is a big step forward for both sides, a positive step forward.

事實是，我們現在只是希望將這一章翻開，這個關係已經緊張了很多年，所以這對雙方來說都是向前邁出的一大步，向前邁出了積極的一步。

But besides the technology that you alluded to earlier, how difficult do you think it will be to change your overall cultural approach and general relationship overall with the merchants, from a very high level, aside from the actual product?

但是除了你之前提到的技術，你認為從一個非常高的層次上改變你的整體文化方法和整體與商家的一般關係，除了實際的產品會有多困難？

There's been -- I suppose you could characterize the last seven years as a contentious relationship, but the fact of the matter is, when you look at the history of the usage of electronic payments, it's been growing quite rapidly during that period of time.

曾經 - 我想你可以將過去七年描述為有爭議的關係，但事實是，當你查看電子支付的使用歷史時，它在那段時間裡增長得相當迅速。

I would characterize it as a love/hate relationship.

我將其描述為愛/恨關係。

Something that you sometimes can't do with and what generally you can't do without.

有時你不能做的事情和通常你不能沒有的事情。

I think that we are in a position to reach out and do much more going forward, particularly because of the technology that we're embracing, that will bring a new level of value to the merchant community, and I'm very, very optimistic about it.

我認為我們能夠伸出援手並做更多的事情，特別是因為我們正在採用的技術，這將為商家社區帶來新的價值水平，我非常非常樂觀關於它。

We work with the merchant community through all of this, even as you talk about what's going on right now, or as certain merchants may complain about this or that, remember, we have incentive contracts with a significant number of them, and so we are working with them.

我們通過所有這些與商家社區合作，即使您談論現在正在發生的事情，或者某些商家可能會抱怨這個或那個，請記住，我們與其中很多人簽訂了激勵合同，所以我們是和他們一起工作。

We're dealing with them on a daily basis, and we think that those relations will improve as time goes on.

我們每天都在與他們打交道，我們認為隨著時間的推移，這些關係會有所改善。

And certainly that's going to be our endeavor.

當然，這將是我們的努力。

John Williams, UBS.

瑞銀的約翰·威廉姆斯。

Very quickly, Byron, I wanted to get more detail on your comment that you said you are seeing no clear signs of a slowdown.

很快，拜倫，我想獲得更多關於你說你沒有看到明顯放緩跡象的評論的細節。

I think if you look at the other folks in the industry, American Express is the one that comes to mind, do you have anything to say regarding the affluent calling out high end versus low end differences that you might have seen, maybe travel and hotels or other somewhat discretionary verticals that you might have seen some change behavior in over the last few months?

我想如果你看看這個行業的其他人，美國運通是你腦海中浮現的一個，你有什麼要說的關於你可能已經看到的高端和低端差異的富人，也許是旅行和酒店或在過去幾個月中您可能已經看到一些變化行為的其他一些隨意的垂直行業？

I think it's too early to make that conclusion.

我認為現在下這個結論還為時過早。

John, what we do is watch -- we break down the quarter, month to month, and there can be some very wide differentials within a given quarter.

約翰，我們要做的是觀察——我們逐月細分季度，在給定的季度內可能會有一些非常大的差異。

Let me give you an example.

讓我給你舉個例子。

In the quarter just completed, for US credit, we grew 8% in the month of April, 12% in the month of May, 10% in the month of June.

在剛剛完成的季度中，對於美國信貸，我們在 4 月份增長了 8%，在 5 月份增長了 12%，在 6 月份增長了 10%。

All in, it delivered 10% growth.

總而言之，它實現了 10% 的增長。

When we look at the monthly progression over the past couple of quarters, these are all -- they bounce around month to month, but they're all pretty healthy.

當我們查看過去幾個季度的每月進展時，這些都是 - 它們每個月都在反彈，但它們都非常健康。

I think the hardest part of a trend to call is the beginning, and given the kind of healthy growth rates we're experiencing, we just don't see a discernible trend, but I promise you we will update everyone quarter by quarter and we'd be happy to go through monthly progressions to help give a better flavor for this.

我認為趨勢中最難預測的部分是開始，鑑於我們正在經歷的健康增長率，我們只是看不到明顯的趨勢，但我向您保證，我們將逐季更新每個人，我們' 會很高興通過每月進展來幫助為此提供更好的風味。

So I'm not saying it's not happening.

所以我並不是說它沒有發生。

I'm just saying we're not seeing it yet.

我只是說我們還沒有看到它。

[Sinjin Wong], JPMorgan.

[王新進]，摩根大通。

Wanted to ask a few questions on the litigation settlement.

想問一些關於訴訟和解的問題。

What's the process in dealing with the merchants that opt out and also what's the plan, I call it the over funded litigation escrow?

與選擇退出的商家打交道的過程是什麼，以及計劃是什麼，我稱之為資金過剩的訴訟託管？

How are you going to deal with that as the class B shares come unlocked?

隨著 B 類股解鎖，您將如何處理？

Lastly, maybe, don't be mad Jack, what's the -- in terms of if surcharge, no surcharge rule going away, how much volume and earnings do you estimate would be at risk by allowing surcharging in the US?

最後，也許，不要生氣，傑克，如果附加費，沒有附加費規則消失，你估計在美國允許附加費會帶來多少交易量和收益？

I'll answer the question about surcharging, then I'm going to let our counsel who watched over this litigation for the past seven years make some comments about the rest of your question.

我將回答有關附加費的問題，然後我將讓我們在過去七年中監督此訴訟的律師對您的其餘問題發表一些評論。

We think that the position that we struck, and if you look at the MOU and you look at all the details of surcharging and how it can be affected and what the caps are and so forth and so on, we think it's a fair settlement, and we do not look at surcharging, per se as it relates to this litigation, as something that will significantly affect us at all.

我們認為我們所採取的立場，如果你看一下諒解備忘錄，看看附加費的所有細節，以及它會如何受到影響以及上限是什麼等等，我們認為這是一個公平的解決方案，我們並不認為附加費本身與本次訴訟有關，因為它根本不會對我們產生重大影響。

That's our feeling about it, that's our position.

這是我們的感受，這是我們的立場。

We could talk about this for hours, and, of course, we have, and we did before we agreed to do anything, and we'll just to have let it unfold.

我們可以談論這個幾個小時，當然，我們有，而且在我們同意做任何事情之前我們已經這樣做了，我們只是讓它展開。

But I think it's a -- I think that the settlement is a reasonable settlement for both sides.

但我認為這是一個——我認為和解對雙方來說都是一個合理的解決方案。

As to the process going forward, we are very confident that the court is going to approve this settlement, and the reason I say this is, this case has been pending for seven years, and during a great deal of that time, there has been a court-ordered mediation process with two mediators and the involvement of the court.

至於接下來的程序，我們非常有信心法院會批准這個和解，我這麼說的原因是，這個案子已經懸了七年，在很長一段時間裡，由兩名調解員和法院參與的法院命令的調解程序。

And at the end of that time all of the class counsel, the class representatives, the individual merchants, as well as the financial institution defendants, have agreed to the deal.

在那段時間結束時，所有的集體律師、集體代表、個體商人以及金融機構的被告都同意了這筆交易。

It's a fair and reasonable deal.

這是一個公平合理的交易。

Therefore, we're comfortable that at the end of the day the court is going to approve the settlement.

因此，我們很高興法院最終會批准和解。

With regards to the unlocking of the shares, we've had a lot of practice with the unlocking of the C shares, and as a result, we are very confident that when that time comes, we'll be able to manage that with barely a ripple with regards to impact on stock price.

關於股票的解鎖，我們在C股的解鎖上做了很多練習，所以我們很有信心，到那個時候，我們可以輕鬆搞定。對股價影響的漣漪效應。

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

Why don't I pick up on that question if I could and thinking out beyond the court approval coming in the fall that you guys expect, can you guys clarify what sort of true legal recourse the retailers that choose to opt out of the settlement, what kind of legal recourse they actually have?

如果可以的話，我為什麼不回答這個問題，除了你們所期望的秋季法院批准之外，你們能否澄清選擇退出和解的零售商的真正法律追索權，他們實際上有什麼樣的法律追索權？

Obviously a couple of the biggest have publicly announced that they do not support the settlement which probably doesn't surprise anybody, but if you can just clarify for all of us what kind of legal recourse they actually have when and if they formally opt out that would be great.

顯然，一些最大的公司已經公開宣布他們不支持和解，這可能不會讓任何人感到驚訝，但是如果你可以為我們所有人澄清一下他們在何時以及如果他們正式選擇退出時實際上擁有什麼樣的法律追索權會很好。

The way the deal is structured is that opt-outs, and you always expect a couple in a class action lawsuit, can sue only for monetary relief.

交易的結構方式是選擇退出，並且您總是希望在集體訴訟中的一對夫婦只能為了金錢救濟而起訴。

There's something called a non-opt-out class for injunctive relief.

有一種叫做非選擇退出類的禁令救濟。

What that means is that all of Visa and MasterCard's rules in existence as of the time of approval are released, both by the opt-ins, and the opt-outs.

這意味著，在批准時存在的所有 Visa 和 MasterCard 規則都通過選擇加入和選擇退出來發布。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

I want to ask about the mid-single-digit growth in the Visa debit line.

我想問一下 Visa 借記卡的中個位數增長。

I thought that number would be a little bit higher.

我以為這個數字會高一點。

Has that trended down over the last couple quarters, and if it has, what might be driving a little bit slower growth in Visa debit?

在過去的幾個季度中，這種情況是否呈下降趨勢，如果有，是什麼導致 Visa 借記卡的增長放緩？

Is it a move towards PIN, loss of share, Durbin?

是向 PIN 邁進嗎，失去份額，Durbin？

We always expected to have some deterioration in the magnitude of that growth number.

我們一直預計該增長數字的幅度會有所惡化。

As a matter of fact, it's doing better than we had originally anticipated.

事實上，它的表現比我們最初預期的要好。

Remember, when the whole Durbin thing came, and you had a number of debit cards with rewards associated with them, it drove financial institutions to promote it much more heavily.

請記住，當整個德賓事件出現時，當你有許多帶有獎勵的借記卡時，它促使金融機構大力推廣它。

It encouraged consumers to use it considerably more, and so part of the whole Durbin legislation was a little bit of a damper on debit card transactions in general.

它鼓勵消費者更多地使用它，因此整個德賓立法的一部分對一般的借記卡交易有點阻礙。

Not that they were going to stop.

並不是說他們會停下來。

It's just that the rate of growth was going to slow down, so we're actually quite happy.

只是增長速度會放緩，所以我們其實很高興。

I will just add a little quantitative perspective.

我將添加一些定量的觀點。

We were, in the fourth fiscal quarter of '11, we were kind of at the upper end of mid single digits in that category.

在 11 年第四財季，我們在該類別中處於中個位數的上端。

We've remained in that range for Q's 1, 2, and 3, and if you look at Q2 on a normalized basis, pulling out the leap year, the growth rates for Q2 and Q3 are identical.

對於 Q 的 1、2 和 3，我們一直保持在該範圍內，如果您在標準化的基礎上查看 Q2，去掉閏年，Q2 和 Q3 的增長率是相同的。

I would say this is -- with the overlay of what Joe said in terms of a modest level of impact, it has been relatively sustained during this fiscal year.

我想說的是——加上喬所說的影響程度適中，它在本財政年度相對持續。

Wayne Johnson, Raymond James.

韋恩·約翰遜，雷蒙德·詹姆斯。

Could you give us an update on how V.me is progressing for commercial launch?

您能否向我們介紹一下 V.me 在商業發布方面的進展情況？

Is Visa still on track with that?

Visa是否仍然在這方面走上正軌？

And if you could provide initial expectations, how we should see this rollout this fall.

如果你能提供最初的期望，我們應該如何看待今年秋天的推出。

Yes, I think we are right on track with the click to buy and alias capability that we suggest that we would roll out by the end of the year.

是的，我認為我們在點擊購買和別名功能方面走上了正軌，我們建議我們將在今年年底推出。

It is up, it is live, it is running.

它已經啟動，它正在運行，它正在運行。

We currently have six relatively large merchants on the system.

我們目前在系統上有六個比較大的商家。

We do not have a significant number of consumers at this particular point in time, but we're on schedule with several financial institutions to begin that in the very near future.

在這個特定的時間點，我們沒有大量的消費者，但我們與幾家金融機構按計劃在不久的將來開始這樣做。

Right now, we're still anticipating a holiday season rollout of the project, and, of course, it will gain a lot more traction in 2013 than it will at the beginning of 2012.

目前，我們仍在期待該項目在假日季節推出，當然，它在 2013 年將獲得比 2012 年初更多的吸引力。

But we're happy with the progress.

但我們對進展感到滿意。

We're happy with the performance.

我們對錶演感到滿意。

We're happy with where we are, both with the merchant community and with financial institutions.

我們對我們所處的位置感到滿意，無論是對商人社區還是對金融機構。

Tim Willi, Wells Fargo.

富國銀行的蒂姆·威利。

Could you talk a bit about anything you've seen in Latin America?

你能談談你在拉丁美洲看到的任何事情嗎？

Looking at the regional data constant currency that one seemed to show more of a slow down, at least for the June data, while all the other regions held steady.

從區域數據來看，固定貨幣似乎顯示出更多的放緩，至少對於 6 月份的數據而言，而所有其他區域都保持穩定。

I'm curious if there might be something relative to that economy or country that impacted those numbers that might be in play for a couple more quarters.

我很好奇是否可能存在與該經濟體或國家相關的某些因素，這些因素可能會影響這些數字，這些數字可能會持續幾個季度。

And then if I could slip one other in.

然後如果我能溜進去另一個。

Any thoughts around the average credit ticket in the US, which had been climbing steadily out of the recession, and now seems to be in a slightly negative position.

任何關於美國平均信用票的想法，一直在穩步走出衰退，現在似乎處於略微負面的位置。

Is that fuel, or is there something else you might think would account for that trend in the last couple of quarters?

這是燃料，還是您可能認為在過去幾個季度中可以解釋這種趨勢的其他因素？

Let me start with the Latin America.

讓我從拉丁美洲開始。

With regards to currency, first of all, let me just mention to the group that we do hedge exposures.

關於貨幣，首先讓我提一下我們做對沖風險的小組。

So whatever impact, with the exception of two countries, which I will turn to in a moment, we can dampen the impact on FX.

因此，無論影響如何，除了兩個國家（我稍後會談到），我們都可以抑制對外彙的影響。

With regards to currency specific countries, we are seeing a depreciation in Argentina and a continued depreciation in Venezuela.

關於特定貨幣的國家，我們看到阿根廷貶值，委內瑞拉繼續貶值。

The outlook for de-valuation I would say is -- nothing is a certainty, but I would -- at some point, it looks like we're heading to that, and you can't -- there's no economic hedge for either one of those two currencies.

我想說的貶值前景是——沒有什麼是確定的，但我會——在某個時候，看起來我們正朝著那個方向前進，而你不能——兩者都沒有經濟對沖這兩種貨幣中。

So is that a bit of a drag on our Latin America business?

這對我們的拉丁美洲業務有一點拖累嗎？

Yes.

是的。

Is it hedgable?

可以對沖嗎？

No.

不。

And so -- but that's baked into the numbers we've reported.

所以 - 但這已包含在我們報告的數字中。

With regards to any other country callout, I would say Brazil has tempered a bit.

關於任何其他國家的標註，我想說巴西已經緩和了一點。

There has been a tax placed on credit usage for cross-border travel, which has definitely put a bit of a break on the exuberance of the Brazilians to see the world.

對跨境旅行的信用使用徵稅，這肯定會削弱巴西人看世界的熱情。

That tax is not applied to debit, but it is applied to credit.

該稅不適用於借方，但適用於貸方。

I would say overall, particularly the rest of Latin America, that the business is strong, it has very healthy growth rates, unimpeded by shifts in currency.

我想說總體而言，尤其是拉丁美洲的其他地區，業務很強勁，增長率非常健康，不受貨幣變化的阻礙。

Average credit ticket.

平均信用票。

No substantive change in that metric for the moment.

目前該指標沒有實質性變化。

But if would you like something more specific, I'm sure if you called our IR group, Jack or Victoria would be able to give you something a little more specific.

但是，如果您想要更具體的內容，我敢肯定，如果您致電我們的 IR 小組，Jack 或 Victoria 可以為您提供更具體的內容。

Craig Maurer, CLSA.

克雷格·毛雷爾，里昂證券。

One question for counsel relating to a previous answer.

與先前答案有關的律師問題。

When you say opt-outs can sue only for monetary relief, does that include relief from interchange?

當您說選擇退出只能針對金錢救濟提起訴訟時，這是否包括對交換的救濟？

And secondly, for Byron, the yield on processed transactions in the quarter jumped significantly which was expected but it was a lot more than what we were looking for.

其次，對於拜倫來說，本季度處理交易的收益率大幅上升，這是預期的，但遠遠超出了我們的預期。

Do you think that the yield posted in the quarter is a good one to think about going forward?

您認為本季度公佈的收益率是否值得考慮？

Let me start with the yield question.

讓我從產量問題開始。

The yield increase in the data processing category absolutely was expected.

數據處理類別的產量增加絕對是意料之中的。

Remember a couple of things as perspective, that as part of our Durbin mitigation strategies, we implemented a fixed acquiring network fee, which is completely captured in the DP category.

請記住一些事情，作為我們杜賓緩解策略的一部分，我們實施了固定的獲取網絡費用，這完全包含在 DP 類別中。

We also reduced variable transaction fees, which are also included in the DP category.

我們還降低了可變交易費用，這些費用也包含在 DP 類別中。

But we then introduced a degree of incentive offset, and that appears in a completely different line.

但我們隨後引入了一定程度的激勵抵消，這齣現在完全不同的路線上。

While the gross yield for DP goes up, it's not a true picture, and instead, you really ought to be looking at net yield, which I will come back to in a minute, as it relates to Visa, Inc.

雖然 DP 的總收益率上升，但這並不是真實的情況，相反，你真的應該關注淨收益率，我稍後會回到與 Visa, Inc. 相關的問題。

revenue yield.

收入收益率。

With regard to the DP yield, there's one other factor involved, which has an impact on the calculation, which is our lowest yielding product is Interlink.

關於 DP 收益率，還有一個影響計算的因素，這是我們收益率最低的產品是 Interlink。

And that has borne the brunt of the loss as we conform to the new rules.

當我們遵守新規則時，這首當其衝。

As Interlink moves out of the denominator, in terms of yield calculation, it has the least impact on the numerator and automatically the yield moves up.

隨著Interlink移出分母，在收益率計算方面，它對分子的影響最小，收益率自動上升。

You have both of those indicators going forward.

您將擁有這兩個指標。

There are a number of factors impacting the DP line.

影響 DP 線的因素有很多。

Debit is one, including Interlink.

借方是其中之一，包括 Interlink。

CyberSource books into the DP line.

CyberSource 書籍進入 DP 線。

I think what it is going to take is the next two or three-quarters or so, in order for us to kind of reset what the base trend lines ought to be projected off of with regards to data processing.

我認為接下來的兩到四分之三左右，以便我們重新設置在數據處理方面應該預測的基本趨勢線。

I wish could I be more helpful, but I think it's going to take another couple of quarters before this sorts out.

我希望我能提供更多幫助，但我認為這還需要幾個季度才能解決。

When you put all of this together, and you look at the Visa, Inc.

當您將所有這些放在一起時，您會看到 Visa, Inc.

revenue yield, of which DP is an important component, but that captures the incentives, in the way that we capture and measure yield, our yield for the third fiscal quarter of '12 is actually flat with the yield we experienced in the third quarter of '11, fiscal year '11.

收入收益率，其中 DP 是一個重要組成部分，但它捕獲了激勵因素，以我們捕獲和衡量收益率的方式，我們 12 年第三財季的收益率實際上與我們在 2018 年第三季度經歷的收益率持平'11，財政年度'11。

So a lot of moving parts.

所以有很多活動部件。

This is where we're sorting out, and I'm afraid it's going to take two or three-quarters before we can reset the different trend lines on the different fee categories.

這就是我們要整理的地方，恐怕需要兩到四分之三的時間才能重新設置不同費用類別的不同趨勢線。

As to your first question, opt-out merchants can only sue for monetary damages, and, by the way, those claims would be covered under our retrospective responsibility plan.

至於你的第一個問題，選擇退出的商家只能起訴金錢損失，順便說一句，這些索賠將包含在我們的追溯責任計劃中。

Claims for things like rate relief or interchange reductions, that's in the nature of injunctive relief and opt-outs cannot make those claims.

諸如利率減免或交換減少之類的索賠，屬於禁令救濟的性質，選擇退出不能提出這些索賠。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

It sounds like you guys are still seeing some reasonably good underlying organic growth globally.

聽起來你們仍然在全球範圍內看到了一些相當不錯的潛在有機增長。

I was just wondering how we reconcile that with the darkening clouds commentary you mentioned before.

我只是想知道我們如何將其與您之前提到的烏云密布的評論調和起來。

Then secondarily, I was just wondering if you could talk about how the tax benefit will be utilized in terms of the litigation escrow reserve bill.

其次，我只是想知道您是否可以談談如何在訴訟託管準備金法案中利用稅收優惠。

With regards to the litigation of how the tax impact will be utilized, there's a different treatment for GAAP, and there's a different treatment for cash flow.

關於如何利用稅收影響的訴訟，GAAP 有不同的處理方式，現金流量也有不同的處理方式。

For GAAP, we go ahead, as soon as it's probable and estimable, which we concluded it was, we go ahead and put that through the income statement.

對於公認會計原則，我們繼續進行，一旦它是可能的和可估計的，我們得出的結論是，我們繼續並將其納入損益表。

So on a GAAP basis, that's now behind us.

因此，根據公認會計原則，現在已經落後了。

With regards to the cash flow impact, you can't record the deduction on your return until you actually make a payment.

關於現金流量的影響，在您實際付款之前，您無法在退貨中記錄扣除額。

And so the payments associated with this are potentially sometime out, and so there will be no cash flow impact this year associated with that once the agreement is -- once we're further along, much further along in the litigation process, we'll be in a position to actually make payments, at which point we can then take the tax deduction.

因此，與此相關的付款可能會在某個時間結束，因此一旦協議達成，今年將不會對現金流產生影響——一旦我們在訴訟過程中走得更遠，走得更遠，我們將能夠實際付款，此時我們可以進行稅收減免。

We'll give you some perspective on that on the fourth quarter call.

我們將在第四季度電話會議上為您提供一些看法。

As it relates to your first question, I mentioned in my comments that the demographics of the world are changing, the number of places that accept electronic payments are increasing, and so there is some counter cyclical things that occur and allow us to build volume even when economies are slowing down to some extent.

因為它與您的第一個問題有關，我在評論中提到世界人口結構正在發生變化，接受電子支付的地方數量正在增加，因此發生了一些反週期的事情，讓我們甚至可以建立交易量當經濟在一定程度上放緩時。

That's always the difficulty we have in calling out what's going on in the world, or what do we see or how do we measure or know exactly what's happening, and it's tough, because more and more people have access to electronic payments, and more and more locations accept electronic payments.

這一直是我們在說出世界上正在發生的事情，或者我們看到了什麼，或者我們如何衡量或確切地知道正在發生的事情時遇到的困難，這很困難，因為越來越多的人可以使用電子支付，而且還有更多更多地點接受電子支付。

And those have to be factored into the equation.

這些都必須考慮到等式中。

At this point we have time for one last question.

在這一點上，我們有時間回答最後一個問題。

Glenn Greene, Oppenheimer.

格倫·格林，奧本海默。

I'll just ask on the US debit volume trends you sort of saw through May, I think you gave us an update it was negative 8 end of the quarter, negative 9, and encouragingly it looks like it improved in July to negative 7. The question, do you think we're sort of in a sustained, improved trajectory?

我只想問一下你在 5 月份看到的美國借記卡數量趨勢，我想你給了我們一個更新，它在本季度末是負 8，負 9，令人鼓舞的是，它看起來在 7 月份改善到負 7。問題是，您認為我們是否處於持續改善的軌道上？

Obviously the pricing efforts are having some effect here, but where do you think we go from here?

顯然，定價工作在這裡產生了一些影響，但你認為我們從哪裡開始？

We're in uncharted waters.

我們正處於未知水域。

We like the notion that it's an improving trajectory, and honestly, we'll know better how competitors respond to our strategies and I think this is still very early days in terms of trying to project how this will play out.

我們喜歡這樣一個概念，即這是一個不斷改進的軌跡，老實說，我們會更好地了解競爭對手如何響應我們的戰略，我認為這仍處於早期階段，試圖預測這將如何發揮作用。

Remember, the rules only went into effect April 1. So we've only had, what, three months and three weeks of operation under these new rules, and to date, we're pleased with how our strategies have taken hold to start, and we'll report on how well they continue to perform in the upcoming quarters.

請記住，這些規則僅在 4 月 1 日生效。因此，在這些新規則下，我們只進行了三個月零三週的運營，到目前為止，我們對我們的戰略如何開始生效感到滿意，我們將報告他們在接下來幾個季度的表現如何。

Without making an absolute prediction on the heels of what Byron just said, I will remind you what I said in the remarks I made earlier, and that is, there will be a permanent deterioration in our debit card volume as a result of the Durbin legislation.

在拜倫剛剛所說的之後不做絕對的預測，我會提醒你我在之前的評論中所說的，即由於德賓立法，我們的借記卡數量將永久惡化.

There's absolutely no question about it.

絕對沒有問題。

When we talk about waiting and seeing, we're kind of waiting to see where it gets to but I don't expect to be close to where we were when the whole thing started.

當我們談論等待和觀察時，我們有點等著看它會到達哪裡，但我不希望在整個事情開始時接近我們所在的位置。

Well, that wraps it up.

嗯，這就結束了。

Thank you all for joining us today, and thank to you Josh Floum for his comments earlier, special guest start.

感謝大家今天加入我們，感謝 Josh Floum 早些時候的評論，特邀嘉賓開始。

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

如果有人有任何後續問題，請隨時致電 Victoria 或我本人。

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。