Visa Inc (V) 2012 Q4 法說會逐字稿

Welcome to Visa Inc.'s fiscal Q4 and full-year 2012 earnings conference call.

歡迎參加 Visa Inc. 的第四財季和 2012 年全年收益電話會議。

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 to your host, Mr. Jack Carsky, Head of Global Investor Relations.

我現在想把會議轉給您的主持人，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, everyone, to Visa Inc.'s fourth fiscal quarter and full-year 2012 earnings conference call.

大家下午好，歡迎大家參加 Visa Inc. 的第四財季和 2012 年全年收益電話會議。

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

今天與我們在一起的是 Visa 董事長兼首席執行官喬·桑德斯（Joe Saunders）； Visa 的首席財務官 Byron Pollitt。

This call is currently being webcast over the Internet.

該電話目前正在互聯網上進行網絡廣播。

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

它可以在我們網站的投資者關係部分訪問，網址是investor.visa.com。

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

網絡廣播的重播也將在我們的網站上存檔 30 天。

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

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

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

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

By their nature, forward-looking statements are not guarantees of future performance; and, as a result of 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 the Company's filings with the SEC, which can be accessed through the SEC's website and the Investor Relations section of the Visa website.

有關這些因素的更多信息可在公司提交給 SEC 的文件中獲得，可通過 SEC 網站和 Visa 網站的投資者關係部分訪問。

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 our fiscal fourth-quarter and full-year 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 法規 G 要求的其他信息可在我們第四財季和全年收益隨附的財務和統計摘要中找到新聞稿。

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。

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

有了這個，我把電話轉給了喬。

Thanks, Jack.

謝謝，傑克。

And, as always, thank you all for joining us today.

而且，一如既往，感謝大家今天加入我們。

Let me begin by saying that our hearts and thoughts are with the people on the East Coast of the United States who are now who are now recovering from Hurricane Sandy.

首先讓我說，我們的心與美國東海岸的人們同在，他們現在正在從颶風桑迪中恢復過來。

Many of our clients, our employees, our partners, and investors like you live in affected areas.

我們的許多客戶、我們的員工、我們的合作夥伴和像您一樣的投資者都生活在受影響的地區。

And we hope that you, your families, and your neighbors are all safe and moving toward a full and speedy recovery.

我們希望您、您的家人和您的鄰居都安全，並朝著全面而迅速的康復邁進。

Visa closed out fiscal 2012 with a solid fourth quarter, delivering net operating revenues of $2.7 billion, a 15% increase over the same period last year.

Visa 在 2012 財年第四季度表現穩健，淨營業收入為 27 億美元，比去年同期增長 15%。

Adjusted diluted earnings per share for the fourth quarter were $1.54, an increase 21% over the prior-year quarter.

第四季度調整後的稀釋後每股收益為 1.54 美元，比去年同期增長 21%。

The adjustment in diluted earnings reflects the impact of a $627 million increase in net income during the fourth quarter, from the reversal of tax reserves and accrued interest associated with our covered litigation.

攤薄收益的調整反映了第四季度淨收入增加 6.27 億美元的影響，這是由於與我們涵蓋的訴訟相關的稅收儲備和應計利息的沖銷。

This was due to the withdrawal of the notice of proposed adjustment by the IRS during the quarter.

這是由於美國國稅局在本季度撤回了擬議調整的通知。

Byron will provide additional commentary.

拜倫將提供額外的評論。

Revenue gains for the quarter were driven by particularly strong payments volume growth for credit products in the United States, as well as continued expansion of our core business and growth of processed transactions in international markets.

本季度的收入增長受到美國信貸產品支付量增長特別強勁的推動，以及我們核心業務的持續擴張和國際市場處理交易的增長。

Visa also delivered strong performance for the full fiscal year.

Visa 在整個財年也取得了強勁的業績。

Net operating revenue in 2012 was a record $10.4 billion, a 13% increase over 2011.

2012 年的淨營業收入達到創紀錄的 104 億美元，比 2011 年增長 13%。

Adjusted net income was $4.2 billion, a 19% increase over the prior year.

調整後的淨收入為 42 億美元，比上年增長 19%。

Full-year adjusted diluted earnings per share came in at $6.20, 24% ahead of last year.

全年調整後攤薄每股收益為 6.20 美元，比去年高出 24%。

Now let's turn to the discussion to what's ahead in 2013.

現在讓我們轉向討論 2013 年的未來。

Byron will get into the specifics on broad guidance for fiscal 2013, but we are reaffirming our commitment to a growth rate in the high teens for adjusted diluted earnings per share.

拜倫將詳細介紹 2013 財年的廣泛指導，但我們重申我們對調整後稀釋後每股收益保持高增長的承諾。

That being said, Visa is taking a measured approach to the coming year.

話雖如此，Visa 對來年採取了謹慎的態度。

We are mindful of uncertainties in the global operating environment, including softness in some pockets of the global economy, and continued volatility in Europe.

我們注意到全球經營環境的不確定性，包括全球經濟某些領域的疲軟，以及歐洲的持續波動。

And, given our better-than-anticipated performance in fiscal 2012, we essentially raised the bar on ourselves and now face somewhat tougher comparisons in the coming year.

而且，鑑於我們在 2012 財年的表現好於預期，我們基本上提高了自己的標準，現在在來年面臨更加艱難的比較。

With that in mind, at this early point in fiscal 2013, we are once again setting our net revenue guidance growth to low-double-digits.

考慮到這一點，在 2013 財年的這個初期，我們再次將我們的淨收入指導增長設定為低兩位數。

An improving economic environment could well change our view, but we'll take a prudent road for the time being.

經濟環境好轉很可能會改變我們的看法，但我們暫時會採取審慎的道路。

Effective tomorrow, Charlie Scharf becomes Visa's Chief Executive Officer.

從明天開始，Charlie Scharf 將成為 Visa 的首席執行官。

I will continue as Executive Chairman of the Company until March 31, at which point I plan to retire.

我將繼續擔任公司執行主席直至 3 月 31 日，屆時我計劃退休。

Charlie's appointment was the result of a thorough and robust succession process.

查理的任命是全面而穩健的繼任過程的結果。

Charlie is a proven leader.

查理是一位久經考驗的領導者。

He has experience as a senior executive with large global enterprise, and is familiar with Visa both as a client and as a Board member.

他擁有在大型全球企業擔任高級管理人員的經驗，並且作為客戶和董事會成員都熟悉 Visa。

Importantly, Charlie drove innovation while at the helm of Chase's retail operation.

重要的是，查理在掌管大通的零售業務時推動了創新。

I am confident that Charlie will hit the ground running, not miss a beat, and accelerate our forward momentum.

我有信心查理會全力以赴，不會錯過任何一個節拍，並加快我們前進的勢頭。

I look forward to working with him to make this transition seamless.

我期待與他合作，使這一過渡無縫銜接。

And I'm sure he looks forward to getting to know you better, and that he will talk to you directly when he leads our next earnings call.

我相信他期待著更好地了解你，並且當他領導我們的下一次財報電話會議時，他會直接與你交談。

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

鑑於 Visa 的增長前景，我們將繼續兌現將多餘現金返還給股東的承諾。

During the quarter, our as-converted common share count was reduced by 2.5 million shares, at an average price of $127 per share, by spending $324 million.

在本季度，我們的轉換後普通股數量減少了 250 萬股，平均價格為每股 127 美元，花費了 3.24 億美元。

Earlier this month, our Board of Directors authorized an incremental $1.5 billion for Class A share repurchases.

本月早些時候，我們的董事會授權增加 15 億美元用於 A 類股票回購。

Additionally, as reported last week, our Board raised our dividend 50% over last year's rate to $1.32 per share on an annualized basis.

此外，正如上週報導的那樣，我們的董事會將我們的股息按年率提高了 50%，達到每股 1.32 美元。

Turning to our business in the United States, overall we continued to apply a disciplined approach to expand Visa's business in the rapidly evolving technological and competitive landscape.

談到我們在美國的業務，總體而言，我們繼續採用嚴格的方法在快速發展的技術和競爭環境中擴展 Visa 的業務。

Our business is tracking closely with our expectations.

我們的業務正在密切跟踪我們的預期。

For credit products, Visa extended our gains.

對於信貸產品，Visa 擴大了我們的收益。

During the September quarter, payment volume grew 9%, with particular strength from our affluent products.

在 9 月季度，支付量增長了 9%，尤其是我們豐富的產品。

Prepaid growth also continues to be strong in United States, with the general purpose of payroll segments serving as our two biggest growth drivers in the category during the September quarter, posting 28% and 30% payment volume growth, respectively.

美國的預付費用增長也繼續保持強勁，9 月季度，通用薪酬部門是我們在該類別中的兩個最大增長動力，支付量分別增長 28% 和 30%。

Now let's turn to US debit, where the situation continues to play out as expected and in-line with our guidance.

現在讓我們轉向美國借方，那裡的情況繼續按預期發展並符合我們的指導。

Quarter by quarter, we are getting smarter about how to operate in the new environment, and which levers to pull to grow our debit business.

一個季度一個季度，我們越來越了解如何在新環境中運營，以及拉動哪些槓桿來發展我們的借記卡業務。

That being said, I want to reiterate our beliefs that share loss resulting from the Dodd-Frank regulation is both permanent and fully incorporated in our FY 13 guidance.

話雖如此，我想重申我們的信念，即多德-弗蘭克法規造成的份額損失是永久性的，並完全納入我們的 13 財年指導。

Overall, US debit growth rates have stabilized since our last earnings report, with aggregate debit payment volume growth modestly improving to negative 6% during the September quarter.

總體而言，自我們上次發布收益報告以來，美國的借記卡增長率已趨於穩定，9 月季度的總借記卡支付量增長溫和改善至負 6%。

Further, we have been working with issuers to secure long-term contracts.

此外，我們一直在與發行人合作以確保簽訂長期合同。

To that end, we secured our top 15 US debit issuers to long-term agreements.

為此，我們與美國前 15 名借記卡發行人簽訂了長期協議。

In short, our revised strategies for the US debit segment continue to gain traction in the marketplace, achieving Visa's own operational and financial expectations while simultaneously delivering value and benefit to our clients.

簡而言之，我們針對美國借記卡業務的修訂戰略繼續在市場上獲得牽引力，實現了 Visa 自己的運營和財務預期，同時為我們的客戶創造價值和利益。

As for the US Department of Justice's civil investigative demand, I have no material update.

至於美國司法部的民事調查要求，我沒有實質性的更新。

We are regularly submitting data to the DOJ.

我們會定期向 DOJ 提交數據。

The Company will continue to update you as the situation develops, but we remain comfortable in our position on this issue.

隨著情況的發展，公司將繼續向您提供最新信息，但我們在此問題上的立場仍然很舒服。

At the same time, we are making steady progress towards completing the previously announced merchant litigation settlement in the United States.

與此同時，我們正在穩步推進此前宣布的美國商戶訴訟和解。

On October 19, the merchant plaintiffs filed a motion for preliminary approval.

10月19日，商家原告提出初步批准動議。

Subsequently, the judge set an accelerated timetable last week, which calls for hearings on the motion on November 9. We are hopeful the judge will grant preliminary approval shortly thereafter, with the rules becoming effective 60 days later.

隨後，法官在上週設定了一個加速時間表，要求在 11 月 9 日就該動議舉行聽證會。我們希望法官在此後不久給予初步批准，規則將在 60 天后生效。

Bottom line -- I'm confident that the overwhelming majority of merchants will support the agreement, and it will be approved.

底線——我相信絕大多數商家會支持該協議，並且會獲得批准。

Now let's briefly turn to Visa's international geographies, where payment volume growth moderated slightly during the fiscal fourth quarter, but still delivered strong revenue growth of 13%, as we continue to maintain our strong competitive leadership position.

現在讓我們簡要談談 Visa 的國際地區，第四財季支付量增長略有放緩，但仍實現了 13% 的強勁收入增長，因為我們繼續保持強大的競爭領導地位。

Overall, we continue to advance towards our goal of generating 50% of our revenue from outside the United States.

總體而言，我們繼續朝著我們的目標前進，即 50% 的收入來自美國以外。

To drive growth, we continue to apply a targeted investment strategy which deploys locally tailored acceleration plans within several key geographies.

為了推動增長，我們繼續採用有針對性的投資策略，在幾個關鍵地區部署本地定制的加速計劃。

In doing so, our goal is to substantially increase Visa's revenue over a five-year time horizon.

為此，我們的目標是在五年內大幅增加 Visa 的收入。

In the interest of time, I won't walk through a list of new and expanded agreements from the quarter.

由於時間關係，我不會詳細介紹本季度的新協議和擴展協議的列表。

But suffice it to say, we continue to grow our relationships with financial institutions, merchants, and governments of all sizes around the world.

但我只想說，我們繼續發展與世界各地各種規模的金融機構、商人和政府的關係。

And these are driving payment volume and process transactions as well as revenue growth for Visa.

這些正在推動 Visa 的支付量和處理交易以及收入增長。

This approach will continue to be a priority as our organization moves ahead in the future.

隨著我們組織未來的發展，這種方法將繼續成為優先事項。

Lastly, let me talk about Visa's innovation agenda, an area where we are making considerable progress.

最後，讓我談談 Visa 的創新議程，這是我們正在取得長足進步的領域。

We continue to invest in new technologies that will increase the number of transactions on our core business platforms; add incremental value to the merchant community and their acquirers; and forge new revenue opportunities, for both Visa and our financial institution clients.

我們繼續投資新技術，以增加我們核心業務平台上的交易數量；為商戶社區及其收單方增加增值；為 Visa 和我們的金融機構客戶創造新的收入機會。

And most importantly, we know that our innovations must create real value for our clients' account holders, who ultimately use these products and services.

最重要的是，我們知道我們的創新必須為最終使用這些產品和服務的客戶賬戶持有人創造真正的價值。

Let's start with V.me, our digital wallet.

讓我們從我們的數字錢包 V.me 開始。

We are making significant progress putting together the network that will enable us to scale consumer adoption of V.me.

我們在整合網絡方面取得了重大進展，這將使我們能夠擴大消費者對 V.me 的採用。

On the issuer front, we recently announced two major partners -- PNC and US Bank, both of which will make an immediate impact as we begin to grow users of the product.

在發行人方面，我們最近宣布了兩個主要合作夥伴——PNC 和 US Bank，隨著我們開始增加該產品的用戶，這兩個合作夥伴都將立即產生影響。

All together, we have 34 agreements signed with leading US issuers, including four of our 10 largest institutions in the United States.

我們總共與美國領先的發行人簽署了 34 項協議，其中包括我們在美國的 10 家最大機構中的 4 家。

Looking ahead, we're confident that the number will continue to grow.

展望未來，我們相信這個數字將繼續增長。

Together, they give us the opportunity to tap roughly 50 million consumers through our bank partners.

它們共同使我們有機會通過我們的銀行合作夥伴接觸大約 5000 萬消費者。

We look forward to making additional announcements in this area in the coming months.

我們期待在未來幾個月內在該領域發布更多公告。

At the same time, we're making progress signing up merchants for V.me.

與此同時，我們正在為 V.me 註冊商戶取得進展。

By the middle of 2013, we expect to have more than 1000 online merchants using V.me, including 20 of the 50 largest e-commerce merchants in the country.

到 2013 年年中，我們預計將有超過 1000 家在線商家使用 V.me，其中包括全國 50 家最大的電子商務商家中的 20 家。

I want to reiterate that V.me is designed to help capture the significant, immediate growth opportunity in e-commerce.

我想重申，V.me 旨在幫助抓住電子商務中重要的、直接的增長機會。

E-commerce is one of our fastest-growing channels, with Forrester Research predicting that US consumers will spend $327 billion online by 2016, up 45% from the $226 billion in 2012.

電子商務是我們增長最快的渠道之一，Forrester Research 預測，到 2016 年，美國消費者將在網上花費 3270 億美元，比 2012 年的 2260 億美元增長 45%。

As a reminder, V.me creates a simplified and secure e-commerce experience for consumers, no matter what payment device or technology they choose to transact with.

提醒一下，無論消費者選擇使用何種支付設備或技術進行交易，V.me 都為消費者創造了一種簡化且安全的電子商務體驗。

This offers our clients a differentiated solution to address a real market opportunity today, and provides a fast and convenient experience for consumers making online purchases.

這為我們的客戶提供了一種差異化的解決方案，以應對當今真正的市場機會，並為消費者在線購買提供快速便捷的體驗。

At the same time, Visa is a leader in enabling NFC payments at the point of sale in the United States.

同時，Visa 在美國的銷售點實現 NFC 支付方面處於領先地位。

As one example, Isis -- the payment's joint venture founded by AT&T Mobility, T-Mobile USA, and Verizon wireless -- is currently enabling Visa payments via NFC in its own mobile wallet as part of their recently launched pilot.

作為一個例子，Isis——由 AT&T Mobility、T-Mobile USA 和 Verizon Wireless 成立的支付合資企業——目前正在其自己的移動錢包中通過 NFC 實現 Visa 支付，這是他們最近推出的試點項目的一部分。

Isis' open approach aligns with Visa's strategy of enabling consumers to make mobile payments with whatever device they choose, using the trusted accounts they already have.

Isis 的開放式方法與 Visa 的戰略相一致，即讓消費者能夠使用他們選擇的任何設備，使用他們已經擁有的可信賬戶進行移動支付。

Consumer adoption of NFC is in its very early stages today, and I'm very comfortable that Visa is well-positioned to deliver the best mobile solutions to our clients, helping them take advantage of this long-term shift in consumer behavior.

如今，消費者對 NFC 的採用還處於早期階段，我很高興 Visa 能夠為我們的客戶提供最好的移動解決方案，幫助他們利用消費者行為的這種長期轉變。

Also on the innovation front, I'm pleased that CyberSource continues to deliver exceptional growth and expand its e-commerce business around the world.

同樣在創新方面，我很高興 CyberSource 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。

The most recent quarter billable transactions totaled 1.4 billion, growing 25% versus the same period a year ago.

最近一個季度的可計費交易總額為 14 億筆，比去年同期增長 25%。

CyberSource's unique capabilities are particularly resonating in international markets.

CyberSource 的獨特能力在國際市場上尤其引起共鳴。

At the time we bought CyberSource, they had field operations in only four countries.

在我們收購 CyberSource 時，他們僅在四個國家開展實地業務。

Today that number is 12 and growing, and CyberSource teams are benefiting from Visa's local market knowledge.

如今，這個數字已經達到 12 個，而且還在不斷增長，CyberSource 團隊正從 Visa 的本地市場知識中受益。

To conclude, I'd like to say, again, how proud I am of what we have accomplished here at Visa.

最後，我想再說一次，我為我們在 Visa 取得的成就感到多麼自豪。

Since our restructuring five years ago, we have successfully delivered on all of our investor commitments, and transitioned to a solid public company that will continue to compete globally well into the future.

自五年前重組以來，我們已成功兌現所有投資者承諾，並轉型為一家穩健的上市公司，未來將繼續在全球範圍內競爭。

Visa is built on a simple yet effective strategy -- to be the best way to pay, and be paid.

Visa 建立在一個簡單而有效的策略之上——成為最好的支付方式，並獲得報酬。

To deliver on that promise, we have created an organization that is focused on delivering payment products and services to the evolving needs of consumers, merchants, governments and financial institutions.

為了兌現這一承諾，我們創建了一個組織，專注於為消費者、商家、政府和金融機構不斷變化的需求提供支付產品和服務。

We have also established a culture that can adapt to a fast-changing landscape and thrive in the midst of challenges.

我們還建立了一種能夠適應快速變化的環境並在挑戰中茁壯成長的文化。

And we are well positioned to continue to expand our core business, invest in next-generation technologies that will define the future of payments, and accelerate expansion of our business outside of the United States.

我們有能力繼續擴展我們的核心業務，投資於定義支付未來的下一代技術，並加速我們在美國以外的業務擴展。

Today, I know we have the right people, the right strategy, the right technology, and the right experience to continue to be a leader of our industry.

今天，我知道我們擁有合適的人員、合適的戰略、合適的技術和合適的經驗，可以繼續成為我們行業的領導者。

And with Charlie as CEO, I am confident that Visa will continue to grow globally, and deliver innovation that meets the needs of Visa account holders and our clients.

在查理擔任首席執行官的情況下，我相信 Visa 將繼續在全球範圍內發展，並提供滿足 Visa 賬戶持有人和我們客戶需求的創新。

I'd like to thank everyone at Visa, all of our partners and all of our investors, for the opportunity to work with you.

我要感謝 Visa 的每一個人、我們所有的合作夥伴和我們所有的投資者，感謝他們有機會與您合作。

I look forward to seeing Visa take full advantage of all that lies ahead.

我期待看到 Visa 充分利用未來的一切。

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。

I'll begin with some observations and callouts.

我將從一些觀察和標註開始。

First, as Joe mentioned at the outset, we reported the quarter on an adjusted basis.

首先，正如喬一開始提到的，我們在調整後的基礎上報告了該季度。

We were recently notified by the IRS that the NOPA, or notice of proposed adjustment, in connection with the deductibility of our litigation payments made in 2008, had been withdrawn.

美國國稅局最近通知我們，與我們在 2008 年支付的訴訟付款的可扣除性有關的 NOPA 或建議調整通知已被撤回。

As a result, we reevaluated and reversed all previously recorded tax reserves and accrued interest associated with all covered litigation expense previously recorded.

因此，我們重新評估並轉回了所有先前記錄的稅收儲備和與先前記錄的所有承保訴訟費用相關的應計利息。

This increased net income for the quarter by $627 million.

這使本季度的淨收入增加了 6.27 億美元。

Second, US revenue growth continues to be supported by solid credit payment volume growth; although our six consecutive quarters of double-digit growth were interrupted, as the September quarter clocked in at 9%.

其次，美國收入增長繼續受到穩健的信貸支付量增長的支持；儘管我們連續六個季度的兩位數增長被打斷，因為 9 月季度的增長率為 9%。

Through the 28th of October, however, credit payment volume growth has comped at an 11% rate -- a notable rebound, reflecting a month-to-month volatility dynamic we have seen more of recently.

然而，截至 10 月 28 日，信貸支付量增長了 11%——這是一個顯著的反彈，反映了我們最近看到的逐月波動動態。

Third, with four quarters of lower US debit interchange, and two quarters of the new debit routing rule behind us, the impacts have been manageable.

第三，由於美國四分之四的較低的借記卡交換和四分之二的新借記卡路由規則落後於我們，影響是可控的。

Aggregate US debit posted a negative 6% growth rate in the fourth quarter versus a negative 9% in the third quarter; led by Interlink payment volume, which was off 48%, versus 54% in the third quarter.

第四季度美國總借記卡的負增長率為 6%，而第三季度為負 9%；以 Interlink 支付量為首，與第三季度的 54% 相比下降了 48%。

While we are pleased our mitigation strategies are working as planned, and are consistent with our expectations, we would caution that the US debit environment is still evolving.

雖然我們很高興我們的緩解戰略正在按計劃發揮作用，並且符合我們的預期，但我們會警告說，美國的借方環境仍在不斷發展。

Finally, as was the case last quarter, 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.

最後，與上個季度的情況一樣，美國借記卡監管的全面影響——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約為 0.04 美元。

Management's view of the future effects have been incorporated into our guidance.

管理層對未來影響的看法已納入我們的指導。

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 quarter, followed by our results through October 28.

按照我們的慣例，我將介紹本季度的全球支付量和處理交易趨勢，然後是截至 10 月 28 日的結果。

I will then cover the financial highlights of our fiscal fourth quarter, and conclude with our guidance outlook for fiscal 2013.

然後，我將介紹我們第四財季的財務亮點，並以我們對 2013 財年的指導展望結束。

Global payment volume growth for the September quarter in constant dollars was 6%, unchanged from the June quarter.

9 月季度的全球支付量增長（按固定美元計算）為 6%，與 6 月季度持平。

The US grew at 1%; and rest-of-world at 12%.

美國增長 1%；世界其他地區為 12%。

More recently, through October 28, US payment volume growth posted a 3% gain, comprised of 11% credit growth and minus 4% for debit.

最近，截至 10 月 28 日，美國支付量增長了 3%，其中包括 11% 的信貸增長和負 4% 的借方。

Global cross-border volume delivered a solid 10% constant dollar growth rate in the September quarter, which compares to a 14% rate in the third quarter.

全球跨境交易量在 9 月季度實現了 10% 的穩定美元增長率，而第三季度的增長率為 14%。

The US grew 8%; and the rest-of-world, 11%.

美國增長 8%；和世界其他地區，11%。

The moderation in growth was broad-based, with notable step-downs in the US, North and Southeast Asia, and Latin America.

增長放緩是廣泛的，在美國、北亞和東南亞以及拉丁美洲出現顯著下降。

Through October 28, cross-border volumes on a constant dollar basis grew 11%; with a US growth rate of 9%, and rest-of-world at 12%.

截至 10 月 28 日，按固定美元計算的跨境交易量增長了 11%；美國增長率為 9%，世界其他地區為 12%。

Transactions processed over Visa's network totaled 14 billion in the fiscal fourth quarter, a 2% increase over the prior-year period, and up from 1% in the prior quarter.

第四財季通過 Visa 網絡處理的交易總額為 140 億筆，比去年同期增長 2%，高於上一季度的 1%。

A debit-led decline of 1% in the US was offset by 19% growth in the rest of world.

美國借記卡導致的 1% 下降被世界其他地區 19% 的增長所抵消。

For the month of October through the 28th, processed transaction growth was a positive 4%, driven by an improving trajectory in the US.

從 10 月到 28 日，處理的交易增長了 4%，這得益於美國市場的改善。

Separately, CyberSource recorded 1.4 billion transactions for the period, a 25% increase over the prior year.

另外，CyberSource 在此期間記錄了 14 億筆交易，比去年同期增長 25%。

Three call-outs -- 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 routing rules in the middle of next year.

三個提示——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影響，在我們在明年年中實施路由規則之前，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, as Joe mentioned at the outset, we are operating under the assumption that the US and global economies will continue their moderate growth over the next 12 months; as uncertainty from the fiscal cliff; continued Eurozone concerns; and a general slowdown in world trade put a damper on domestic consumer and cross-border spending.

最後，正如喬一開始提到的，我們的運營假設是美國和全球經濟將在未來 12 個月內繼續保持溫和增長；作為財政懸崖的不確定性；歐元區持續擔憂；世界貿易的普遍放緩抑制了國內消費者和跨境支出。

Now turning to the income statement.

現在轉向損益表。

Net operating revenue in the quarter was $2.7 billion, a 15% increase year over year, and ahead of our expectations as a result of stronger US debit and credit performance.

本季度的淨營業收入為 27 億美元，同比增長 15%，由於美國借記卡和貸記卡的表現強勁，超出了我們的預期。

For the full fiscal year, net operating revenue was $10.4 billion, a 13% increase over the prior year, and a better performance than we had anticipated going into the year.

整個財年，淨營業收入為 104 億美元，比上年增長 13%，表現好於我們今年的預期。

After hedges, there was negative 1% foreign exchange impact on net revenue in the quarter, and no impact to the full year.

對沖後，本季度的淨收入受到 1% 的負面外匯影響，對全年沒有影響。

Moving to the individual revenue line items.

轉到各個收入行項目。

Service revenue was $1.3 billion, up 14% over the prior-year period.

服務收入為 13 億美元，比去年同期增長 14%。

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

這反映了 6 月季度的強勁支付量增長，收入記錄在 9 月季度。

Data processing revenue was $1.1 billion, up 15% over the prior year's quarter, based on solid growth rates from Visa processed transactions outside of the US; and for CyberSource globally, as well as competitive pricing actions that became effective last quarter.

數據處理收入為 11 億美元，比去年同期增長 15%，這得益於 Visa 在美國以外處理交易的穩健增長率； CyberSource 以及上個季度生效的競爭性定價措施。

The step-up in gross revenue data processing yield, which we first saw last quarter, continued to carry through this quarter, due in part to strategic pricing adjustments; but also driven by the ongoing, though moderating, decline in Interlink transactions, which are, by far, our lowest yielding product.

我們在上個季度首次看到的總收入數據處理收益率的提高在本季度繼續持續，部分原因是戰略定價調整；但也受到 Interlink 交易持續下降的推動，儘管是溫和的下降，這是迄今為止我們收益率最低的產品。

International transaction revenue was up 5% to $796 million, reflecting solid but moderating strength in cross-border volumes, with mid-single-digit growth rates in the US and Asia-Pacific; low-double-digit growth in Latin America; and low 20s in our SEMEA region, as measured on a constant dollar basis.

國際交易收入增長 5% 至 7.96 億美元，反映出跨境交易量穩健但放緩，美國和亞太地區的增長率為中個位數；拉丁美洲的低兩位數增長；在我們的 SEMEA 地區和低 20 年代，以固定美元為基礎衡量。

Client incentives for the quarter as a percent of gross revenues came in at 17%, lower than we had anticipated on a percentage basis, due to better-than-expected revenue performance, but in line in terms of absolute dollars.

本季度的客戶獎勵佔總收入的百分比為 17%，低於我們在百分比基礎上的預期，因為收入表現好於預期，但以絕對美元計算。

For the fiscal year 2012, incentives were 17% of gross revenues, at the low end of our guidance of 17% to 18%.

對於 2012 財年，激勵措施佔總收入的 17%，處於我們指導值 17% 至 18% 的低端。

While total operating expenses for the quarter were $1.2 billion, up 18%, it is important to note that this heavier-than-normal operating expense level is not a new quarterly run rate.

雖然本季度的總運營費用為 12 億美元，增長了 18%，但重要的是要注意，這種高於正常水平的運營費用水平並不是新的季度運行率。

When viewed on a full-year adjusted basis, expenses grew 12%, of which approximately 2 percentage points were due to annualizing acquisition expenses.

在調整後的全年基礎上，費用增長了 12%，其中約 2 個百分點是由於年化收購費用所致。

And, as expected, this annual expense growth was consistent with delivering a 60% adjusted operating margin, which was our guidance for the year.

而且，正如預期的那樣，這一年度費用增長與實現 60% 的調整後營業利潤率一致，這是我們今年的指導。

As further perspective on expenses, three call-outs.

作為對費用的進一步看法，三個呼叫。

First, we staged more of our investments spend in the second half of the year to enable a tighter linkage between revenue and expense growth.

首先，我們在下半年增加了投資支出，以使收入和支出增長之間的聯繫更加緊密。

Second, marketing spend of $271 million intensified in Q4, associated with the London Olympics.

其次，與倫敦奧運會相關的第四季度營銷支出增加了 2.71 億美元。

For the full year, marketing expenses were $873 million, relatively unchanged from the prior year, and in line with our guidance.

全年營銷費用為 8.73 億美元，與上年基本持平，符合我們的預期。

And finally, third, we took over $30 million in Q4 restructuring reserves, which included the closing of our San Francisco offices and consolidation of our staff into our Foster City campus.

最後，第三，我們在第四季度獲得了超過 3000 萬美元的重組準備金，其中包括關閉我們的舊金山辦事處以及將我們的員工整合到我們的福斯特城校區。

Looking ahead to 2013, we have planned a closer balance between first- and second-half operating spend.

展望 2013 年，我們計劃在上半年和下半年的運營支出之間實現更緊密的平衡。

Our operating margin for the quarter was 56%, bringing our fiscal full-year adjusted margin to 60%, which, as noted earlier, was on target with our guidance for the year.

我們本季度的營業利潤率為 56%，使我們的財政全年調整後利潤率達到 60%，如前所述，這與我們今年的指導目標一致。

Capital expenditures were $141 million in the quarter, and ended the fiscal year at $376 million.

本季度資本支出為 1.41 億美元，本財年末為 3.76 億美元。

This roughly represents the midpoint of our guidance range.

這大致代表了我們指導範圍的中點。

Our adjusted tax rate for Q4 was 33%; and for the entire fiscal year, 33%.

我們第四季度的調整後稅率為 33%；整個財年，33%。

As I mentioned at the outset, both of these figures were affected by events over the course of the year.

正如我在一開始提到的，這兩個數字都受到了一年中事件的影響。

During the quarter, total as-converted Class A common stock was reduced by 2.5 million shares at an average price of $127 per share, utilizing $324 million of operating cash on hand.

在本季度，轉換後的 A 類普通股總數減少了 250 萬股，平均每股價格為 127 美元，手頭有 3.24 億美元的營運現金。

This is inclusive of the $150 million escrow funding made in late July.

這包括 7 月下旬提供的 1.5 億美元託管資金。

As Joe mentioned at the outset, our Board recently authorized a new repurchase program totaling $1.5 billion, effective through October of 2013.

正如喬一開始提到的，我們的董事會最近批准了一項總額為 15 億美元的新回購計劃，有效期至 2013 年 10 月。

This is incremental to the $865 million still outstanding from our previous authorization.

這比我們之前授權的 8.65 億美元還要多。

We also raised our annual dividend 50% to $1.32 per share on an annualized basis, which represents a payout ratio of about 21% on 2012 adjusted earnings.

我們還將年度股息按年計算提高 50% 至每股 1.32 美元，相當於 2012 年調整後收益的約 21% 的派息率。

At the end of the September quarter, we had 668 million shares of Class A common stock on an as-converted basis.

截至 9 月季度末，我們擁有 6.68 億股 A 類普通股（按轉換後的基礎）。

The weighted average number of fully diluted shares for the fourth quarter totaled 672 million; and for the full fiscal year, 678 million.

第四季度完全稀釋後的加權平均股數為6.72億股；整個財年為6.78億。

Finally, let me finish up with our guidance for fiscal 2013.

最後，讓我結束我們對 2013 財年的指導。

In terms of the top line, as Joe said at the outset, we are guiding to net revenue growth in the low-double-digits, though the possibility of upside exists if we were to see a noticeably stronger economic rebound over the course of the year than we are currently experiencing.

就收入而言，正如喬一開始所說，我們正在引導低兩位數的淨收入增長，但如果我們看到在此期間明顯更強勁的經濟反彈存在上行的可能性比我們目前經歷的一年。

As a reminder, going into fiscal 2012, we built into our internal projections a sustained but modest recovery for that year, with fiscal Q3 and Q4 bearing the brunt of US debit regulation, followed by economic acceleration in 2013.

提醒一下，進入 2012 財年，我們在內部預測中納入了該年持續但溫和的複蘇，第三財季和第四財季首當其衝受到美國借記卡監管，隨後是 2013 年經濟加速。

That said, the trends in the past two quarters suggest economic assumptions around 2013 were too optimistic.

儘管如此，過去兩個季度的趨勢表明 2013 年左右的經濟假設過於樂觀。

Many of the same uncertainties remain.

許多相同的不確定性仍然存在。

And while we lost significant US debit share, we weathered the second half of 2012 better than we expected.

雖然我們失去了重要的美國借方份額，但我們在 2012 年下半年的表現比我們預期的要好。

As we look ahead into 2013, growing uncertainty in the US and world economy has precipitated a slowdown in domestic and cross-border spending.

展望 2013 年，美國和世界經濟的不確定性增加導致國內和跨境支出放緩。

When we combine this global outlook with the higher bar created by better-than-anticipated 2012 revenue growth, we now find ourselves in a situation similar to 2012 and believe revenue guidance in the low-double-digit range is the right call at this time.

當我們將這一全球前景與 2012 年收入增長好於預期所創造的更高標準結合起來時，我們現在發現自己處於與 2012 年相似的境地，並認為此時低兩位數的收入指引是正確的選擇.

Adjusted diluted earnings per share growth remains the same, at a high-teens rate.

調整後的攤薄後每股收益增長保持不變，以十幾歲的速度增長。

Client incentives as a percent of gross revenue are expected to range between 18% and 18.5%.

客戶激勵佔總收入的百分比預計在 18% 到 18.5% 之間。

We expect this modest increase over fiscal 2012 to be driven by a growing level of incentives for financial institutions outside the US, in combination with incentive contracts with large US merchants and acquirers.

我們預計 2012 財年的這一小幅增長將受到美國以外金融機構不斷增長的激勵措施以及與美國大型商家和收單機構簽訂的激勵合同的推動。

Marketing expense is projected to be under $1 billion.

營銷費用預計將低於 10 億美元。

However, we will see a moderate uptick over the level of fiscal 2012, with more of the marketing spend budgeted in the first half versus the prior year.

然而，我們將看到比 2012 財年的水平溫和上升，與上一年相比，上半年預算的營銷支出更多。

The uptick will be driven by greater investment in our AP/SEMEA region, as well as incremental investments behind our V.me and mobile initiatives.

這一增長將受到對我們的 AP/SEMEA 地區的更大投資以及我們的 V.me 和移動計劃背後的增量投資的推動。

Operating margin is expected to remain at about 60%.

營業利潤率預計將保持在60%左右。

The tax rate is expected to be in the 30% to 32% range.

稅率預計在 30% 至 32% 之間。

This reduction anticipates benefits from foreign tax credits to be claimed in fiscal 2013.

這一減少預計將在 2013 財年從外國稅收抵免中受益。

We anticipate the timing of these benefits to be skewed more to the second half of the fiscal year.

我們預計這些福利的時間將更多地偏向本財年的下半年。

Capital expenditures are projected to range from $425 million to $475 million.

資本支出預計在 4.25 億美元至 4.75 億美元之間。

This represents a moderate increase over the $376 million we spent in 2012, and fully fans funds investments we are making across the globe in support of our core business, as well as our mobile and e-commerce initiatives.

這與我們在 2012 年花費的 3.76 億美元相比略有增加，並且我們在全球範圍內為支持我們的核心業務以及我們的移動和電子商務計劃而進行的全部粉絲資金投資。

Finally, we expect free cash flow of about $5 billion.

最後，我們預計自由現金流約為 50 億美元。

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

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

Before we take your questions, recognizing Joe's retirement next March, I want to briefly reflect on Visa's five years as a merged business entity, and our 4.5 year public life.

在我們回答您的問題之前，鑑於 Joe 將於明年 3 月退休，我想簡要回顧一下 Visa 作為合併後的商業實體的五年，以及我們 4.5 年的公共生活。

With 2008 as the base year, and despite a deep US recession and challenging regulatory environment, under Joe's leadership the Visa team has delivered net revenue growth at a 14% compound annual growth rate, and adjusted diluted EPS at a 29% compound annual growth rate.

以 2008 年為基準年，儘管美國經濟嚴重衰退，監管環境充滿挑戰，但在 Joe 的領導下，Visa 團隊實現了 14% 複合年增長率的淨收入增長，並以 29% 的複合年增長率調整了攤薄每股收益.

Our adjusted operating margin has gone from 46% in March of 2008 to 60% today.

我們調整後的營業利潤率從 2008 年 3 月的 46% 上升到今天的 60%。

We lowered our tax rate from 41% to 33%.

我們將稅率從 41% 降至 33%。

We have tripled our dividend rate through annual increases, and have collectively returned $1.8 billion in dividends to our shareholders, IPO to date.

我們通過年度增長將股息率提高了兩倍，迄今已向股東返還了 18 億美元的股息。

Lastly, over that same period of time, we have reduced our common share count through litigation, escrow funding, and open market purchases, by 118 million shares, representing $9 billion returned to shareholders.

最後，在同一時期，我們通過訴訟、託管資金和公開市場購買將普通股數量減少了 1.18 億股，相當於向股東返還了 90 億美元。

And with that, Operator, for the 19th time since going public, we are ready to take questions.

有了這個，運營商，自上市以來第 19 次，我們準備好回答問題了。

(Operator Instructions).

（操作員說明）。

Bob Napoli, William Blair.

鮑勃·那不勒斯，威廉·布萊爾。

Thank you and good afternoon.

謝謝你，下午好。

Congratulations, Joe, and I wish you the very, very best.

祝賀你，喬，我祝你一切順利。

Thank you.

謝謝你。

I had a question on your new CEO, starting tomorrow -- Charlie.

我有一個關於你的新首席執行官的問題，從明天開始——查理。

What led you to Charlie Scharf?

是什麼讓你來到查理沙夫？

This is a dynamic technology business; international growth.

這是一項充滿活力的技術業務；國際增長。

Charlie is -- everything we can tell, is a very strong executive, but more of a US bank guy.

查理是——我們可以說的一切，是一個非常強大的執行官，但更像是一個美國銀行家。

What were the key choices in selecting Charlie, and going outside the Company today versus internal?

選擇查理以及今天離開公司與內部的關鍵選擇是什麼？

Well, as I mentioned in my comments today, he's a dynamic executive.

好吧，正如我今天在評論中提到的，他是一位充滿活力的高管。

He's done very well.

他做得很好。

He understands our business.

他了解我們的業務。

He has been a client.

他一直是客戶。

He has been on our Board.

他一直在我們的董事會。

If you remember, he was on the Board of this Company for three years.

如果你還記得的話，他在這家公司的董事會任職了三年。

He has more than a fleeting familiarity with Visa.

他對 Visa 的熟悉程度不只是短暫的。

He is very familiar with the staff at Visa, having interacted with many of them for a number of years.

他對 Visa 的工作人員非常熟悉，與他們中的許多人交往多年。

He has run large, global operations in the past.

他過去曾經營過大型的全球業務。

And while he's not a technologist per se, he's run large organizations that depend very significantly on technology.

雖然他本身不是技術專家，但他經營著非常依賴技術的大型組織。

We also, as you remember, have parsed our Company in a way where we have focused on technology simultaneous to what we do in our core business.

正如您所記得的那樣，我們還以一種我們在關注技術的同時關注我們在核心業務中所做的事情的方式來分析我們的公司。

And there has to be a recognition that our core business is what's feeding this engine, and what's creating the revenue and the cash flow that allows us to invest.

必須認識到，我們的核心業務是為這個引擎提供動力，以及創造收入和現金流的因素，從而使我們能夠進行投資。

We have an extremely strong technology organization.

我們有一個非常強大的技術組織。

We've hired a number of extraordinary individuals over the last two or three years.

在過去的兩三年裡，我們聘請了許多傑出的人才。

We're very, very confident that that organization has the ability to take -- continue to take us forward.

我們非常非常有信心該組織有能力 - 繼續帶領我們前進。

And, in fact, I think you would have to admit that vis-a-vis other companies in our space, we are way out in front.

而且，事實上，我認為你必須承認，與我們領域的其他公司相比，我們遙遙領先。

And we don't intend to lose that lead.

我們不打算失去領先優勢。

So, thanks for asking the question.

所以，謝謝你提出這個問題。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

Thank you.

謝謝你。

Good luck to Joe as well.

也祝喬好運。

One of the beauties of Visa's business model is the scalability.

Visa 商業模式的優點之一是可擴展性。

And in looking at your operating margin guidance, it seems like we have another year, in 2013, of relatively modest operating margin expansion.

在查看您的營業利潤率指導時，我們似乎還有一年，即 2013 年，營業利潤率擴張相對溫和。

Can you talk about the dynamics that preclude that from happening?

你能談談阻止這種情況發生的動力嗎？

And then specific -- one call-out, or a clarification -- I was wondering if there was a call-out on the other revenue line, because that was up a little bit?

然後是具體的——一個呼籲，或者一個澄清——我想知道在另一條收入線上是否有一個呼籲，因為那有點上升了？

Thank you.

謝謝你。

With regards to operating margin leverage, we have been picking up the pace of reinvesting, particularly in our growth initiatives that are -- that really won't begin to drive revenue in a meaningful way until three and four and five years out.

關於營業利潤率槓桿，我們一直在加快再投資的步伐，特別是在我們的增長計劃中——直到三年、四年和五年後才能真正開始以有意義的方式推動收入。

And you can look at mobile, V.me; and so what we have done, up to this point, is invest aggressively in new office expansion and deploying more account executives serving clients in-country, all of which drive margin expansion.

你可以看看手機，V.me；因此，到目前為止，我們所做的是積極投資於新辦公室的擴張，並部署更多的客戶主管為國內客戶提供服務，所有這些都推動了利潤率的增長。

Which, as you've noticed, has moved from 46% -- it seems like a lifetime ago -- up to 60%.

正如您所注意到的，這一比例已經從 46%（似乎是一輩子以前）上升到了 60%。

And as more of our investment or acquisitions are much more forward-looking, there will be more of a lag between when that will show up in operating leverage expansion versus pure investment in the core that leverages the -- completely, the VisaNet platform.

隨著我們更多的投資或收購更具前瞻性，運營槓桿擴張與完全利用 VisaNet 平台的核心投資之間將存在更多滯後。

With regards to other revenue, the reserves associated with the release of the FIN 48 expenses that we had recorded associated with the NOPA -- a part of that -- a part of those reserves were recorded in other income.

關於其他收入，與我們記錄的與 NOPA 相關的 FIN 48 費用的釋放相關的準備金 - 其中一部分 - 這些準備金的一部分記錄在其他收入中。

And as we released those reserves, they showed up in that column.

當我們釋放這些儲備時，它們出現在該列中。

Greg Smith, Sterne Agee.

格雷格·史密斯，斯特恩·阿吉。

Yes, hi.

是的，你好。

Byron, two quick questions on the 2013 guidance.

拜倫，關於 2013 年指南的兩個快速問題。

Are there any pricing increase assumptions in there?

那裡有任何價格上漲假設嗎？

And the second one is, can you reiterate what you said on marketing?

第二個問題是，你能重申一下你在營銷方面所說的話嗎？

Will we actually see the first half heavier than the second half, or just more of a skew compared to 2012, please?

我們真的會看到上半年比下半年重，還是與 2012 年相比更加偏斜，好嗎？

Can you repeat the last question again?

你能再重複上一個問題嗎？

The total marketing spend, you called out that the -- you said there would be more of a skew to the first half.

總的營銷支出，你說 - 你說上半年會有更多的偏差。

Were you talking just total, absolute dollars heavier in the first half than the second half?

你說的是上半年比下半年重的絕對美元嗎？

I just wasn't clear on that.

我只是不清楚。

Yes, so let me deal with that one first.

是的，所以讓我先處理那個。

There was a -- if you look at the total amount of marketing spend that we incurred in the fourth quarter, it was $271 million.

有一個 - 如果你看看我們在第四季度產生的營銷支出總額，它是 2.71 億美元。

That was 31% of our entire year's marketing budget.

那是我們全年營銷預算的 31%。

And what we have in marketing, this year, is a percentage and dollar weighted much higher to the fourth quarter, or to the second half.

今年，我們在營銷方面所擁有的百分比和美元權重到第四季度或下半年要高得多。

And on a percentage basis, for next year, we expect to see a better balance -- are more even -- it won't be 50-50; but it will be much more in balance between what is spent in the first half and second half.

在百分比的基礎上，對於明年，我們預計會看到更好的平衡——更均勻——不會是 50-50；但上半年和下半年的支出將更加平衡。

Even though you asked that question in the context of marketing, let me broaden it and say that that should hold true for our entire operating expenses.

儘管您在營銷方面提出了這個問題，但讓我擴大範圍並說這應該適用於我們的整個運營費用。

We were much more second-half-weighted this past year than we expect to be in the year to come.

去年下半年，我們的權重比我們預計來年的要高得多。

And I'm sorry, your first question was?

對不起，你的第一個問題是？

Increase assumptions.

增加假設。

Price increases.

價格上漲。

I would say that there is very little in the way of pricing built into the coming year.

我想說的是，來年的定價方式很少。

And, in fact, we are giving back some effective pricing as a part of our response in the US debit arena.

而且，事實上，作為我們在美國借方領域的回應的一部分，我們正在回饋一些有效的定價。

The revenue growth for next year is going to be delivered the good old-fashioned way, by driving hard against payment volume, not only in the US but in the rest of world, in particular.

明年的收入增長將以良好的老式方式實現，不僅在美國，尤其是在世界其他地區，通過大力推動支付量。

Jason Kupferberg, Jeffries.

傑森庫普弗伯格，杰弗里斯。

Thanks, guys.

多謝你們。

And, Joe, my congratulations to you as well.

而且，喬，我也祝賀你。

Just wanted to get a general update on the e-commerce business, in terms of either your percent of volume, or percent of revenue, or growth, or whatever metrics you can provide; and some color on to what extent V.me can accelerate this, and perhaps in which timeframe.

只是想獲得有關電子商務業務的一般更新，無論是您的銷量百分比，還是收入百分比，或增長，或者您可以提供的任何指標；以及關於 V.me 可以在多大程度上加速這一進程的一些顏色，也許在哪個時間範圍內。

And then just a quick clarification for Byron.

然後只是對拜倫的快速澄清。

What caused the jump up in other income here in Q4?

是什麼導致了第四季度其他收入的增長？

Thanks.

謝謝。

Okay, so with regards to other income, it was principally driven by two things -- the release of reserves which are related to the reversal of the NOPA reserves on the IRS situation that clarified itself this past quarter.

好的，所以關於其他收入，它主要是由兩件事推動的——與美國國稅局 (IRS) 情況下 NOPA 儲備金的逆轉有關的儲備金的釋放，這一情況在上個季度得到了澄清。

The vast majority of those reserves are taxes.

這些儲備中的絕大多數是稅收。

But when you are put into a situation where you potentially have to pay back taxes, then you have an interest charge.

但是，當您陷入可能必須繳納稅款的情況時，您就會產生利息費用。

And that interest charge was the source of the release in reserves that hit that column.

而該利息費用是該欄的儲備釋放的來源。

In addition, we had some insurance recoveries that occurred that quarter, and that's why those popped up.

此外，我們在那個季度發生了一些保險追償，這就是這些問題出現的原因。

On the e-commerce, with regards to the percentage of our business, we don't have an update on that for the moment.

在電子商務方面，關於我們業務的百分比，我們目前沒有更新。

But this is our fastest-growing channel across the Company, globally.

但這是我們在全球範圍內整個公司增長最快的渠道。

And within that e-commerce channel, the fastest-growing form factor is mobile.

在該電子商務渠道中，增長最快的形式因素是移動設備。

This is why we have put such emphasis on V.me, which is particularly suited for the mobile form factor, and why we have put such strong focus on mobile strategies that go far beyond NFC and are global in scope.

這就是為什麼我們如此強調 V.me，它特別適合移動外形，以及為什麼我們如此專注於遠遠超出 NFC 且在全球範圍內的移動戰略。

Shan Shan Wong, JPMorgan.

摩根大通的黃珊珊。

Great.

偉大的。

Thanks.

謝謝。

Joe, I just want to also say thanks and congrats on your retirement.

喬，我只想對你退休表示感謝和祝賀。

I got two quick ones, maybe.

我有兩個快速的，也許。

On the rebate line, that was nicely lower than we expected for the quarter.

在回扣線上，這遠低於我們本季度的預期。

I'm curious, for next year, the line of sight into the 18.5% -- how much of that step-up is signed, based on your deals that you have already renewed or recently won versus anticipated deals?

我很好奇，明年，18.5% 的視線 - 根據您已經續籤或最近贏得的交易與預期交易相比，簽署了多少階梯？

Just trying to get a better sense of conservatism versus reality there.

只是想更好地了解那裡的保守主義與現實。

And then, secondarily, on debit, I know there's a little bit of an improvement in October.

然後，其次，在藉方方面，我知道 10 月份會有一些改善。

How much of that is paved and some of the other mitigation strategies, versus just macro or new wins?

與宏觀或新的勝利相比，其中有多少是鋪平的以及其他一些緩解策略？

That would be great, thanks.

那太好了，謝謝。

Okay, so on the incentive side, I would say, first of all, that the drivers are almost as much rest-of-world contracts that -- a number of which -- a meaningful increment of which have already been signed and will begin annualizing at a higher incentive rate going into next year.

好的，所以在激勵方面，我想說，首先，驅動程序幾乎與世界其他地區的合同一樣多 - 其中一些 - 一個有意義的增量已經簽署並將開始進入明年以更高的激勵率進行年化。

We have already -- so that's one major driver of the incentive increase.

我們已經 - 所以這是激勵增加的主要驅動力之一。

The other major driver is that we are only two quarters into the routing rule changes in US debit.

另一個主要驅動因素是，我們在美國借記卡的路由規則更改中只有兩個季度。

And, as a result of that, we've got a building momentum of agreements that we are signing with merchants and acquirers.

因此，我們正在與商家和收單機構簽署協議。

And that also will -- and has yet to annualize in the coming year.

這也將 - 並且尚未在來年實現年度化。

Thomas McCrohan, Janney.

托馬斯·麥克羅漢，珍妮。

Thanks.

謝謝。

And Joe, congratulations on all your achievements, and best of luck in your retirement.

喬，祝賀你取得的所有成就，並祝你退休好運。

Can you expand a little bit about the routing agreements that you still -- being signed with the merchant community?

您能否稍微擴展一下您仍在與商家社區簽署的路由協議？

Just give us a sense of how those are going to be structured, and how they are going to be flowing through the income statement.

只需讓我們了解這些將如何構建，以及它們將如何在損益表中流動。

Thanks.

謝謝。

Well, what I would say is two things -- these agreements are very much performance-oriented agreements.

好吧，我想說的是兩件事——這些協議非常注重績效。

For the most part, they only pay out incentives if the volume is delivered.

在大多數情況下，他們只有在交付量的情況下才會支付獎勵。

And I think it's important to emphasize that the agreements themselves don't guarantee volume.

我認為重要的是要強調協議本身並不能保證數量。

They incentive.

他們激勵。

If the volume is there and the incentives will be paid.

如果數量存在，則將支付獎勵。

And if they aren't, they aren't.

如果他們不是，他們不是。

To a certain extent, there's a degree of variability with regards to how much incentives will be paid out.

在一定程度上，關於將支付多少激勵措施存在一定程度的可變性。

And it will be completely tied to the volume delivered.

它將完全與交付的數量掛鉤。

And then we are still, as I said before, on a path of signing additional merchants with these agreements.

然後，正如我之前所說，我們仍在與這些協議簽署更多商家的道路上。

And we do expect them to be, not only performance-based, but to grow in number as the year unfolds.

我們確實希望它們不僅基於性能，而且隨著時間的推移而增加。

The way these are booked into the income statement, virtually 100% [contra] revenue incentives.

這些計入損益表的方式，幾乎是 100% [對] 收入激勵。

Julio Quinteros, Goldman Sachs.

胡里奧·金特羅斯，高盛。

Great.

偉大的。

Congratulations, Joe, as well.

也恭喜喬。

Just a quick question on decomposing the EPS growth rate.

只是一個關於分解 EPS 增長率的快速問題。

In understanding where the revenue growth is and the target for the margins, if you think about the buyback that you guys have currently, coupled with the lower tax rate, is there some proportion that we should be thinking about in terms of how much of the buyback is built into the EPS growth?

在了解收入增長在哪里和利潤率目標時，如果您考慮一下你們目前的回購，再加上較低的稅率，我們是否應該考慮一些比例，即回購是建立在每股收益增長中的嗎？

And then, also, the tax rate -- I think you said it was in the 30% to 32% range.

然後，還有稅率——我想你說它在 30% 到 32% 的範圍內。

Is that correct?

那是對的嗎？

Yes.

是的。

So, Julio, I'm going to let you do the math.

所以，胡里奧，我會讓你做數學。

What we've done is given you all the metrics that typically -- that we typically give you at this point in time.

我們所做的是為您提供通常的所有指標 - 我們通常會在此時給您。

Clearly, there is a dynamic with the low-double-digit revenue growth, and the operating margin will be the major contributor.

顯然，低兩位數的收入增長是有動力的，而營業利潤率將是主要貢獻者。

Tax, once again, will allow us to add a little octane to the EPS growth.

稅收將再次讓我們為每股收益增長增加一點辛烷值。

And then, as you have noticed, we are very disciplined repurchasers of our stock over the course of the year.

然後，正如你所注意到的，我們在這一年中都是非常有紀律的股票回購者。

We also have a habit of re-addressing the opportunity for buyback at every single Board meeting.

我們也有在每次董事會會議上重新討論回購機會的習慣。

So, today, as we enter into the new fiscal year, we have $865 million of previously authorized, but unspent, open to buy on share repurchase.

因此，今天，隨著我們進入新的財政年度，我們有 8.65 億美元的先前授權但未使用，可供購買股票回購。

We have a $1.5 billion new program that was just announced, so that gives us a little over $2.3 billion of open to buy.

我們剛剛宣布了一項價值 15 億美元的新計劃，因此我們有超過 23 億美元的開放購買空間。

And then, of course, later in the year, should circumstances warrant, we have the opportunity to go back to the Board and ask for additional share repurchase opportunity.

然後，當然，在今年晚些時候，如果情況允許，我們有機會回到董事會並要求額外的股票回購機會。

Recognize, however, that later in the year that the share repurchases occur, the corresponding lower impact they will have on any given year's EPS.

然而，要認識到，在股票回購發生的當年晚些時候，它們將對任何給定年度的每股收益產生相應的較低影響。

Bill Carcache, Nomura.

Bill Carcache，野村。

Hello.

你好。

Thank you.

謝謝你。

Thanks for taking my question, and I'll add my congrats as well, Joe.

感謝您提出我的問題，我也會祝賀您，喬。

Some of the US data that we've seen shows a clear consumer preference for PIN over signature.

我們看到的一些美國數據顯示，消費者對 PIN 的偏好明顯高於簽名。

I wonder if you could comment on whether that is, in fact, what you are seeing as well?

我想知道您是否可以評論一下這是否實際上也是您所看到的？

And if so, what you attribute that to?

如果是這樣，您將其歸因於什麼？

And then if you could share your thoughts on how strategically you see the role of US debit, in the context of your suite of payment products, now that it isn't a growth driver that it once was?

然後，如果您可以分享您對美國借記卡在您的支付產品套件中的戰略作用的看法，因為它不再是曾經的增長動力？

So, we are -- I suppose we're in a bit of an odd position to comment on this, in one sense.

所以，從某種意義上說，我們是——我想我們對此發表評論有點奇怪。

Because with regards to PIN, thanks to a regulatory change, a substantial part of our PIN market share was gifted to our competition.

因為就 PIN 而言，由於監管變化，我們的 PIN 市場份額的很大一部分被賦予了我們的競爭對手。

And so it's a little hard for us, on the margin, to comment on the PIN.

因此，我們在邊際上對 PIN 發表評論有點困難。

However, on the signature debit, or what we refer to as Visa debit, I can tell you that our business has -- since the implementation of the rules -- I think, in prior quarters, we have experienced a solid mid-single-digit growth.

但是，在簽名借記卡或我們所說的 Visa 借記卡上，我可以告訴您，自規則實施以來，我們的業務已經 - 我認為，在前幾個季度，我們經歷了穩健的中單 -數增長。

And that growth rate is, on balance, drifting a little north, in the most recent quarter.

總的來說，在最近一個季度，這一增長率略微向北漂移。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

Okay, great.

好，太棒了。

Yes, in terms of the way growth trends are generally playing out in the month of October, MasterCard today indicated growth improvement outside of the US; and, generally, stability in the US.

是的，就 10 月份的總體增長趨勢而言，萬事達卡今天表示美國以外的增長有所改善；以及總體而言，美國的穩定。

Are you taking somewhat of a more cautious stance on the recent growth trends?

您是否對最近的增長趨勢採取了更為謹慎的立場？

Or is your view fairly consistent with the way MasterCard characterized it earlier today?

還是您的觀點與今天早些時候萬事達卡的描述方式相當一致？

Well, they have an eloquent way of stating things, as you've mentioned before.

嗯，正如你之前提到的，他們有一種雄辯的陳述方式。

But I wouldn't say we are copying MasterCard.

但我不會說我們在抄襲萬事達卡。

I'd say our growth in the United States -- particularly in the credit business, which is our highest yielding business -- is significantly stronger from any of our competition, and it continues to grow.

我想說，我們在美國的增長——尤其是信貸業務，這是我們收益最高的業務——在我們的任何競爭中都顯著增強，而且還在繼續增長。

And I mentioned that in my remarks earlier.

我在前面的發言中提到了這一點。

We have strong growth outside of the United States as well.

我們在美國以外也有強勁的增長。

MasterCard deals in Europe, and we don't.

萬事達卡在歐洲交易，而我們沒有。

They have quite a bit of strength in Europe.

他們在歐洲有相當的實力。

But our Asian and Latin American businesses are growing at very robust rates.

但我們的亞洲和拉丁美洲業務正在以非常強勁的速度增長。

We continue to believe that we'll have more than 50% of our revenue coming from outside the United States in a very short period of time.

我們仍然相信，在很短的時間內，我們將有超過 50% 的收入來自美國以外。

I think that there is tough competition to deal with.

我認為要應對激烈的競爭。

I don't think there's any question about that.

我不認為有任何問題。

But we are doing very well.

但我們做得很好。

And in the parts of the world in which we do business, we are competitively advantaged and we intend to maintain that.

在我們開展業務的世界各地，我們具有競爭優勢，我們打算保持這種優勢。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi.

你好。

Just looking at the rest of world, it was a little bit slower than we expected.

看看世界其他地方，它比我們預期的要慢一點。

I think you mentioned, maybe, Asia was -- and, obviously, looking at the numbers, it looked like Asia was a little bit slower.

我想你提到過，也許亞洲——而且，顯然，從數字來看，亞洲看起來有點慢。

Can you talk about the rest of world?

你能談談世界其他地方嗎？

Was that all economy that's causing the deceleration?

是不是所有的經濟都導致了減速？

Is there any contract losses we should know about?

有沒有我們應該知道的合同損失？

And then secondly, on the international revenue growth, it was a little lower than we expected.

其次，在國際收入增長方面，它略低於我們的預期。

Byron, maybe you can help me through that again.

拜倫，也許你能再次幫助我度過難關。

Because I know cross-border was up 7%.

因為我知道跨境上漲了 7%。

So it's a little bit below cross-border growth.

所以它略低於跨境增長。

And usually international revenue growth sometimes is above cross-border.

通常國際收入增長有時會高於跨境。

Thanks.

謝謝。

Okay, so I would say, in looking over the rest of world, that there were no contract losses material to speak of.

好的，所以我會說，在審視世界其他地區時，沒有合同損失材料可言。

In fact, I'd I can't even think of one.

事實上，我什至想不出一個。

It's much more economic.

這更經濟。

And, as we look at the cross-border, as well as the domestic spend inside the rest-of-world countries, both of them put on the brakes a bit.

而且，當我們查看跨境以及世界其他國家/地區的國內支出時，它們都踩了剎車。

Now recognize, Brian, these are still, for the most part, robust growth rates that we would love to aspire to here in the United States.

現在認識到，布賴恩，在大多數情況下，這些仍然是我們希望在美國實現的強勁增長率。

But in terms of feeling like they are -- at least in the fourth quarter, there was a bit of a downshift.

但就他們的感覺而言——至少在第四節，有一點下降。

I think it's economically driven.

我認為這是經濟驅動的。

And with regards to -- I know four weeks does not a trend make, but October was a bit encouraging, as it looks like it was a bit of bounce back in the month of October as it relates to rest-of-world, cross-border; as well as rest-of-world process transactions, both of which we have real-time visibility to.

關於 - 我知道四個星期不是趨勢，但 10 月份有點令人鼓舞，因為與世界其他地區有關，10 月份看起來有點反彈，交叉-邊界;以及世界其他地區的流程交易，我們都可以實時查看。

With regards to international revenue, let's see, we had nominal cross-border growth of 7%.

關於國際收入，讓我們看看，我們的名義跨境增長為 7%。

And we had international fee growth of 5%.

我們的國際費用增長了 5%。

If I look back over the last three or four quarters, there is always a plus or minus 2 or 3 percentage points of noise.

如果我回顧過去三四個季度，總會有正負 2 或 3 個百分點的噪音。

I don't think there is any particular call-out, as I look at the drivers of international fees.

我不認為有任何特別的呼籲，因為我看看國際費用的驅動因素。

I think we're pretty close to the nominal cross-border growth, and no real call-outs.

我認為我們非常接近名義上的跨境增長，並且沒有真正的呼籲。

David Hochstim, Buckingham Research.

David Hochstim，白金漢研究中心。

I'd just like to add my congratulations to Joe, too.

我也想祝賀喬。

I wondered, can you maybe provide a little more color on what you're seeing in the way of spending in Asia and the US?

我想知道，您能否就您在亞洲和美國的消費方式提供更多色彩？

Any changes in behavior, consumers, or corporate customers in terms of spending mix less T&E?

在支出組合減少 T&E 方面，行為、消費者或企業客戶是否有任何變化？

There has been a clear increase over the year in credit spending of more affluent people.

較富裕人群的信貸支出在過去一年明顯增加。

A lot of what's going on, even the US economy, is driven by consumer spending, as I'm sure you know as well, or better, than I do.

許多正在發生的事情，甚至是美國經濟，都是由消費者支出驅動的，我相信你也知道，或者比我更清楚。

And I think that most of these things have exhibited some sustainability.

而且我認為這些事情中的大多數都表現出一些可持續性。

There are different blips in a few countries around the world, and in Asia in particular, that are associated with specific events.

在世界上一些國家，特別是在亞洲，存在與特定事件相關的不同信號。

Some of the noise between China and Japan has heard some of the volume between those two countries in the cross-border volume and the payment volume, in particular.

中日之間的一些喧囂，尤其是在跨境量和支付量上，聽到了兩國之間的一些量。

And there have been other examples of similar situations.

還有其他類似情況的例子。

On the bias, though, things are proceeding as well as we expected, given the overriding macroeconomic situation.

不過，考慮到壓倒一切的宏觀經濟形勢，事情的進展和我們預期的一樣好。

And we're very happy we wound up in 2012, including the fourth quarter, and we'll have to go from there.

我們很高興我們在 2012 年結束，包括第四季度，我們必須從那裡開始。

As Byron said earlier, and as I said, we can't totally avoid what's going on in the global economy.

正如拜倫之前所說，正如我所說，我們不能完全避免全球經濟正在發生的事情。

But I think that we're certainly positioned to do well next year.

但我認為我們明年肯定會做得很好。

Ken Bruce, Bank of America Merrill Lynch.

美國銀行美林證券的肯布魯斯。

Thank you.

謝謝你。

Good evening.

晚上好。

And let me add to the chorus of congratulations on your impending retirement; very well-deserved.

讓我加入祝賀你即將退休的合唱；非常當之無愧。

My question relates specifically to V.me, and I recognize that it's early days.

我的問題專門與 V.me 相關，我知道現在還為時尚早。

You gave some very encouraging information earlier.

您之前提供了一些非常令人鼓舞的信息。

I was wondering if you could maybe provide some insight as to what you think it will take to close the gap on the remaining top 10 issuers.

我想知道您是否可以就您認為縮小其餘前 10 名發行人之間的差距提供一些見解。

And separately, if you think that either 2013 guidance already incorporates some of the pickup in spending on V.me, or if you think that is really more of a 2014 and forward event, please.

另外，如果您認為 2013 年的指導已經包含了 V.me 支出的一些回升，或者您認為這實際上更像是 2014 年和未來的事件，請。

Well, I'll answer the last part of the question first.

好吧，我先回答問題的最後一部分。

I think it's more of a 2014 event.

我認為這更像是 2014 年的活動。

Going back to the Internet, there were $327 billion spent on the -- excuse me, there was $226 billion spent in 2012.

回到互聯網上，2012 年花費了 3270 億美元——對不起，2012 年花費了 2260 億美元。

People expect that to move to $327 billion by 2016, which I mentioned in my earlier comments.

人們預計到 2016 年這一數字將達到 3270 億美元，我在之前的評論中提到了這一點。

We have an extraordinary significant share of that volume.

我們在該數量中佔有非常重要的份額。

It is the fastest-growing category we have, without V.me.

這是我們擁有的增長最快的類別，沒有 V.me。

I think V.me will enable us to increase our share of the transactions?

我認為 V.me 將使我們能夠增加我們的交易份額？

So not only are we going to be dealing in a category that's increasing; and even though that category may be taking some sales away from in-store sales, I think we'll get a larger share of those sales than we have in the past.

因此，我們不僅要處理一個不斷增加的類別；儘管該類別可能會從店內銷售中扣除一些銷售額，但我認為我們將獲得比過去更大的銷售額份額。

Anytime you do something like we're doing with V.me, it's a chicken and egg kind of thing.

任何時候你做的事情就像我們用 V.me 做的一樣，都是先有雞還是先有蛋的事情。

What comes first, all the merchants or all the customers?

什麼是第一位的，所有的商家還是所有的客戶？

We are running at a pretty rapid rate, as it relates to putting both on.

我們正在以相當快的速度奔跑，因為這與穿上兩者有關。

And I think we'll have a successful start-up this holiday season.

而且我認為我們將在這個假日季節成功啟動。

And I think that by the middle of the year, we will have a much more robust environment.

我認為到今年年中，我們將擁有一個更加穩健的環境。

And by a year from now, we'll be poised to take significant advantage of what we've done.

一年後，我們將充分利用我們所做的一切。

As it relates to closing the gap in the top 10, I don't like to speak for my customers before they speak for themselves.

由於這關係到縮小前 10 名的差距，我不喜歡在客戶為自己說話之前先替他們說話。

But I am looking forward to -- and I think you could legitimately look forward to -- hearing a lot more about new additions in the very near future.

但我期待——而且我認為你可以合理地期待——在不久的將來聽到更多關於新增內容的信息。

At this point we have, probably, time for one more question, Operator.

在這一點上，我們可能還有時間再問一個問題，Operator。

Craig Maurer, CLSA.

克雷格·毛雷爾，里昂證券。

Thank you, and congratulations, Joe.

謝謝你，祝賀你，喬。

I appreciate your candor going back to my days following Providian.

感謝您在 Providian 之後的坦誠。

A couple questions -- one, are there any unique or specific profit aspirations for V.me, other than gaining share in e-commerce?

幾個問題——第一，除了在電子商務中獲得份額之外，V.me 是否有任何獨特或特定的利潤願望？

And secondly, decoupled debit; TSYS commented that their fastest-growing debit customer now is a decoupled debit customer.

其次，脫鉤借方； TSYS 評論說，他們現在增長最快的借方客戶是分離的借方客戶。

And it's pretty clear to us that the MCX merchants are going to launch with decoupled debit.

我們很清楚，MCX 商家將推出脫鉤借記卡。

So my question is, has something changed in decoupled debit since Capital One failed at that attempt years ago, that would make you a bit more nervous of that product?

所以我的問題是，自從幾年前第一資本的那次嘗試失敗以來，脫鉤借方是否發生了一些變化，這會讓你對該產品更加緊張嗎？

Thanks.

謝謝。

Well, I don't think anything that I'm aware of has happened that should precipitate that.

嗯，我認為我所知道的任何事情都沒有發生過應該促成這種情況的發生。

And of course that failed because they couldn't bundle transactions.

當然，這失敗了，因為他們無法捆綁交易。

They had to have specific -- and they had to be able to specifically list each transaction, which they were unable to do.

他們必須有具體的 - 他們必須能夠具體列出每筆交易，這是他們無法做到的。

As it relates to MCX, I think they have loftiest aspirations, and they probably have a lot of horsepower to work with.

因為它與 MCX 相關，我認為他們有最崇高的抱負，而且他們可能有很大的動力可以與之合作。

I think we are aware of what we're doing -- I mean, we're aware of what they're doing, and they're aware of what we're doing.

我認為我們知道我們在做什麼——我的意思是，我們知道他們在做什麼，他們也知道我們在做什麼。

And we're working hard to compete.

我們正在努力競爭。

And I don't think that that, in itself, is going to define who Visa is or isn't, in the near or the moderate run.

而且我不認為這本身會在近期或中度運行中定義 Visa 是誰或不是。

And with that, ladies and gentlemen, thank you all for your participation today.

女士們，先生們，感謝大家今天的參與。

If you have any follow-up questions, feel free to call Investor Relations.

如果您有任何後續問題，請隨時致電投資者關係部。

Thank you for your participation on the conference call today.

感謝您參加今天的電話會議。

At this time, all parties may disconnect.

此時，各方可能會斷開連接。