Visa Inc (V) 2013 Q1 法說會逐字稿

Welcome to Visa Inc.'s fiscal Q1 2013 earnings conference call.

歡迎參加 Visa Inc. 的 2013 財年第一季度財報電話會議。

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

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

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

Thanks, Brad.

謝謝，布拉德。

Good afternoon and welcome to Visa Inc.'s fiscal first-quarter 2013 earnings conference call.

下午好，歡迎參加 Visa Inc. 2013 財年第一季度財報電話會議。

With us today are Charlie Scharf, Visa's Chief Executive Officer, and Byron Pollitt, Visa's Chief Financial Officer.

Visa 的首席執行官 Charlie Scharf 和 Visa 的首席財務官 Byron Pollitt 今天與我們同在。

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

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

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

網絡廣播的重播也將在我們的網站上存檔 30 天。

A PowerPoint deck containing highlights of today's commentary was posted 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.

就其性質而言，前瞻性陳述並非對未來業績的保證。

And, as result of a variety of factors, actual results could differ materially from such statements.

而且，由於各種因素，實際結果可能與此類陳述存在重大差異。

Additional information concerning those factors is available in the Company's filings with the SEC, which can be accessed through the SEC's website in the Investor Relations section of the Visa website.

有關這些因素的更多信息可在公司向美國證券交易委員會提交的文件中獲得，可通過美國證券交易委員會網站的 Visa 網站投資者關係部分訪問。

For historical non-GAAP or pro forma-related financial information disclosed in this call, related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal first-quarter 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 措施和美國證券交易委員會 G 條例要求的其他信息可在我們的第一財季財報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。

And with that, I'll turn the call over to Charlie.

有了這個，我會把電話轉給查理。

Thank you, Jack.

謝謝你，傑克。

Very well said.

說得好。

I just want to start by letting everyone know how excited I am to be part of Visa.

我只想讓每個人都知道我對成為 Visa 的一員感到多麼興奮。

After 10 years as some combination of an issue or a member of the Board, it's great to be part of a team that I've known for 10 years or so.

在擔任某個問題或董事會成員 10 年後，很高興成為我認識 10 年左右的團隊的一員。

And especially Byron and his team -- who I'm going to embarrass him a little bit -- is even more impressive from inside the Company than he was from outside the Company, as well as the team.

尤其是拜倫和他的團隊——我要讓他有點尷尬——在公司內部比他在公司外部和團隊中更令人印象深刻。

I do feel lucky to be part of what clearly is a growth company and a growth industry.

我很幸運能成為一家成長型公司和成長型行業的一員。

These times are exciting.

這些時代令人興奮。

We've got some great competition out there, both from traditional players and from new players; but as I'm going to talk a little bit later in the call, we love our position.

我們有一些來自傳統玩家和新玩家的激烈競爭；但正如我稍後將在電話會議中談的那樣，我們喜歡我們的職位。

Well, first, we're going to go through the quarter, which, as you saw, was very, very strong.

好吧，首先，我們要經歷這個季度，正如你所看到的，這個季度非常非常強勁。

And then even more importantly, I think once we go beyond that, I'm going to talk a little bit more about our continued strong investment in the future of the Company.

然後更重要的是，我認為一旦我們超越了這一點，我將更多地談論我們對公司未來的持續強勁投資。

And it's our confidence in that you can see it's exhibited by the additional share repurchase authorization that's in today's announcement.

我們相信，您可以通過今天公告中的額外股票回購授權看到這一點。

So, Byron will walk through the quarter, and then I'll come back and give you some more detailed thoughts.

所以，拜倫會走過這個季度，然後我會回來給你一些更詳細的想法。

And we'll leave plenty of time for Q&A at the end.

最後我們會留出足夠的時間進行問答。

Thank you, Charlie.

謝謝你，查理。

As is my practice, I'll 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, Visa's 12% net revenue growth in the fiscal first quarter was once again broad-based, as we continue to see strong credit and debit growth in the US and rest-of-world, as well as a return to positive growth in our worldwide debit business.

首先，Visa 第一財季 12% 的淨收入增長再次具有廣泛的基礎，因為我們繼續看到美國和世界其他地區的信貸和借方強勁增長，以及我們的業務恢復正增長全球借記業務。

Second, client incentives for the quarter as a percentage of gross revenue were 16.3% and below our full-year guidance.

其次，本季度的客戶激勵佔總收入的百分比為 16.3%，低於我們的全年指導。

This was a result of both lower-than-expected deal activity in the quarter and timing issues associated with incentives to certain clients.

這是由於本季度交易活動低於預期以及與對某些客戶的激勵相關的時間問題。

We expect these payments to be realized in the coming quarters.

我們預計這些款項將在未來幾個季度實現。

Third, aggregate US debit payment volume posted a negative 4% growth rate in the fiscal first quarter of 2013 versus a negative 6% in the fiscal fourth quarter of 2012.

第三，美國借記卡支付總額在 2013 財年第一季度負增長 4%，而 2012 財年第四季度為負 6%。

Of note, Q1 Interlink payment volume growth was off 44% versus 48% in the September ending quarter.

值得注意的是，第一季度 Interlink 支付量增長下降了 44%，而 9 月底季度為 48%。

Fourth, Visa's effective tax rate of 28.2% was positively impacted by a tax benefit recognized during the quarter, as a result of new guidance issued by the State of California regarding apportionment rules.

第四，由於加利福尼亞州發布了有關分攤規則的新指南，本季度確認的稅收優惠對 Visa 的 28.2% 的有效稅率產生了積極影響。

As a result, we booked a credit of $76 million after-tax, representing about $0.11 of EPS, which resulted in a significantly reduced tax rate for the quarter.

因此，我們計入了 7600 萬美元的稅後抵免額，相當於每股收益約 0.11 美元，這導致本季度的稅率顯著降低。

This catch-up benefit is consistent with our full-year tax and EPS guidance.

這種追趕收益與我們的全年稅收和每股收益指導一致。

Fifth, in wake of receiving preliminary court approval of the merchant litigation settlement agreement in December, we made a $4 billion cash payment from Visa's litigation escrow account to the class plaintiffs settlement funding.

第五，在 12 月收到法院對商家訴訟和解協議的初步批准後，我們從 Visa 的訴訟託管賬戶向集體原告和解資金支付了 40 億美元的現金。

This was in addition to $350 million paid out in October to the individual merchants.

這是在 10 月份支付給個體商戶的 3.5 億美元之外的額外費用。

The net result of these payments will be to increase our free cash flow by about $1.6 billion this year, given our ability to deduct these payments from our US tax return.

鑑於我們有能力從美國納稅申報表中扣除這些款項，這些款項的最終結果將是我們今年的自由現金流增加約 16 億美元。

Lastly, we remain committed to returning excess cash to our shareholders with a new $1.75 billion share repurchase program.

最後，我們仍致力於通過新的 17.5 億美元股票回購計劃向股東返還多餘現金。

To put this in perspective, during the quarter, we spent $1.3 billion to repurchase 9 million shares at an average price of about $145.

從這個角度來看，在本季度，我們以約 145 美元的平均價格斥資 13 億美元回購了 900 萬股股票。

At the end of fiscal Q1, we had $1.1 billion of remaining authorization to which we added the $1.75 billion, bringing our total open-to-buy to just under $3 billion.

在第一財季末，我們有 11 億美元的剩餘授權，我們增加了 17.5 億美元，使我們的開放購買總額略低於 30 億美元。

Our priorities for the use of this cash remain the same.

我們使用這筆現金的優先事項保持不變。

First, reinvesting in the business; second, appropriate acquisitions; and third, distribution to our shareholders in the form of dividends and share repurchases.

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。

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 fiscal first quarter, followed by our results through January 28th.

按照我們的慣例，我將介紹我們第一財季的全球支付量和處理交易趨勢，然後是截至 1 月 28 日的結果。

I'll then cover the financial highlights of our fiscal first-quarter, and conclude with our guidance outlook for fiscal 2013.

然後，我將介紹我們第一財季的財務亮點，並以我們對 2013 財年的指導展望結束。

Global payment volume growth for the December quarter in constant dollars was 9%, up from the September quarter's 6%.

12 月季度的全球支付量增長為 9%，高於 9 月季度的 6%。

More recently, in the US, through January 28th, payment volume growth was 5%, compared with 3% in the December ending quarter.

最近，在美國，截至 1 月 28 日，支付量增長了 5%，而 12 月末季度為 3%。

Both US credit and debit experienced improved growth rates.

美國信貸和借方的增長率均有所改善。

Global cross-border volume delivered a solid 11% constant dollar growth rate in the December quarter, which compares to a 10% rate in the September quarter.

全球跨境交易量在 12 月季度實現了 11% 的穩定美元增長率，而 9 月季度的增長率為 10%。

The US grew 9%; rest-of-world, 11%.

美國增長 9%；世界其他地區，11%。

We continue to see very strong results from our Asia-Pacific and SEMEA regions.

我們繼續在亞太地區和 SEMEA 地區看到非常強勁的業績。

Through January 28th, cross-border volume on a constant dollar basis grew 12%, with a US growth rate of 10%, rest-of-world at 12%.

截至 1 月 28 日，按固定美元計算的跨境交易量增長了 12%，其中美國增長 10%，世界其他地區增長 12%。

Transactions processed over Visa's network totaled 14.2 billion in the fiscal first quarter, a 4% increase over the prior-year period.

第一財季通過 Visa 網絡處理的交易總額為 142 億筆，比去年同期增長 4%。

A 4% decline in US debit transactions was offset by a positive 21% growth in debit and credit in the rest-of-world.

美國借記卡交易量下降 4%，但被世界其他地區借記卡交易量 21% 的正增長所抵消。

Note that as we begin to lap the impact of changes in US debit regulations, we expect our US debit metrics to show improved results.

請注意，隨著我們開始了解美國借方法規變化的影響，我們預計我們的美國借方指標將顯示出改善的結果。

Consistent with that dynamic, through January 28th, process transaction growth was a positive 6%, driven by an improving trajectory in US process transaction growth.

與此動態一致，截至 1 月 28 日，在美國流程交易增長軌跡改善的推動下，流程交易增長為正 6%。

Separately, CyberSource reported 1.6 billion transactions for the period, a 28% increase over the prior period.

另外，CyberSource 報告該期間的交易量為 16 億筆，比上一期間增長 28%。

Now let's turn to the income statement.

現在讓我們轉向損益表。

Net operating revenue in the quarter was $2.8 billion, a 12% increase year-over-year, driven by solid growth in global payment volumes, data processing revenues, international revenues, and as mentioned earlier, lower than anticipated client incentives.

本季度的淨營業收入為 28 億美元，同比增長 12%，這得益於全球支付量、數據處理收入、國際收入的穩健增長，以及如前所述的低於預期的客戶激勵措施。

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

在對沖之後，該季度的收入沒有受到任何有意義的外匯影響。

Moving to the individual revenue line items.

轉到各個收入行項目。

Service revenue was $1.3 billion, up 13% over the prior-year period.

服務收入為 13 億美元，比去年同期增長 13%。

Revenue growth exceeded constant dollar payment volume growth at 6%, largely due to the decline in Interlink, a debit product that does not generate service revenues.

收入增長超過 6% 的固定美元支付量增長，主要是由於不產生服務收入的借記產品 Interlink 的下降。

Data processing revenue was $1.1 billion, up 17% over the prior-year's quarter, based on solid growth rates in Visa processed transactions outside the US, strong CyberSource transaction growth, as well as strategic pricing actions taken last year, related to restructuring of our pricing in the US debit market.

數據處理收入為 11 億美元，比去年同期增長 17%，這得益於美國境外 Visa 處理交易的穩健增長率、強勁的 CyberSource 交易增長以及去年採取的與我們重組相關的戰略定價行動美國借記卡市場的定價。

International transaction revenue was up 8% to $805 million, reflecting solid strength in cross-border volumes.

國際交易收入增長 8% 至 8.05 億美元，反映出跨境交易量強勁。

As I highlighted earlier, client incentives for the quarter came in at 16.3% lower than we had anticipated on a percentage basis, due to the timing of deals and certain incentive payments.

正如我之前強調的那樣，由於交易的時間安排和某些激勵支付，本季度的客戶激勵比我們預期的百分比低 16.3%。

In future quarters, we anticipate a step-up in incentive levels, as a percentage of gross revenue consistent with our full-year guidance expectations of 18% to 18.5%.

在未來幾個季度，我們預計激勵水平會有所提高，佔總收入的百分比與我們 18% 至 18.5% 的全年指導預期一致。

Total operating expenses for the quarter were $1 billion, up 13% from the prior year.

本季度的總運營費用為 10 億美元，比去年同期增長 13%。

This was primarily due to higher personnel and professional fees associated with investments in our growth strategies.

這主要是由於與我們的增長戰略投資相關的更高的人員和專業費用。

Marketing expenses were up a modest 2% from the prior year, as the first half of the year tends to be our quietest.

營銷費用較上年小幅增長 2%，因為上半年往往是我們最平靜的一年。

Spend will ramp up over the year in line with our guidance of under $1 billion for fiscal 2013.

根據我們對 2013 財年低於 10 億美元的指導，全年支出將增加。

Operating margin for the quarter was 63%.

本季度的營業利潤率為 63%。

While slightly ahead of our full-year guidance of about 60%, this margin level is consistent with how we planned for the year.

雖然略高於我們約 60% 的全年指導，但這一利潤率水平與我們今年的計劃一致。

As noted earlier, our effective tax rate for Q1 was 28.2%.

如前所述，我們第一季度的有效稅率為 28.2%。

The lower rate for the quarter was primarily due to a favorable clarification in the apportionment rules for the State of California.

本季度較低的利率主要是由於加利福尼亞州分攤規則的有利澄清。

The resulting benefit was related to prior periods.

由此產生的收益與前期有關。

That said, the Q1 tax rate is fully consistent with our full-year guidance of 30% to 32%.

也就是說，第一季度的稅率與我們全年 30% 至 32% 的指導完全一致。

Finally, capital expenditures were $100 million in the quarter, in line with our full-year expectations.

最後，本季度的資本支出為 1 億美元，符合我們全年的預期。

The adjusted weighted average number of fully diluted shares for the fiscal first quarter totaled 669 million.

第一財季調整後的完全稀釋股本加權平均數為6.69億股。

Other than the change in free cash flow guidance to about $6 billion, there are no other changes to our fiscal guidance.

除了將自由現金流指導更改為約 60 億美元外，我們的財務指導沒有其他變化。

And with that, I would like to turn the call back over to Charlie.

有了這個，我想把電話轉回給查理。

Thanks a lot, Byron.

非常感謝，拜倫。

I thought maybe what I would do, being new to the Company, is start by just talking about my view of the Company, the way I think about it, and then move into priorities.

我想也許我會做的，作為公司的新人，首先談談我對公司的看法，我思考它的方式，然後進入優先事項。

And I guess I'd frame my thoughts on the Company by starting off with the fact that having been here for three months, and been around the world spending time with people here, I am more bullish today about the opportunities that we have than the day I joined.

而且我想我會從以下事實開始對公司的看法：已經在這裡待了三個月，並且在世界各地與這裡的人共度時光，我今天更看好我們擁有的機會，而不是我加入的那天。

And I think that's true of both the short-term and the long-term.

我認為短期和長期都是如此。

Let me just go through some reasons why.

讓我來談談一些原因。

First of all, as you all know, the resiliency of the business model really is something pretty special.

首先，眾所周知，商業模式的彈性確實很特別。

Everyone is aware of the global economic environment, the conditions that we've been working through.

每個人都知道全球經濟環境，我們一直在努力的條件。

The important thing for us is that we continue to have the ability to deliver through the economic cycle.

對我們來說重要的是，我們繼續有能力在整個經濟周期中實現目標。

Second of all -- and I wouldn't underestimate this issue, which is that there's a clear desire and a need for our product, both socially and economically.

其次——我不會低估這個問題，即我們的產品在社會和經濟上都有明確的願望和需求。

And when you travel around the world, it comes through loud and clear.

當您環遊世界時，它會響亮而清晰。

Our products help economies grow, and they help people of all wealth levels, as well as merchants and governments of all sizes.

我們的產品幫助經濟增長，幫助各種財富水平的人，以及各種規模的商人和政府。

And, again, especially once you leave the United States, as you talk to the governments, as you talk to merchants, that is the message that we get loud and clear.

而且，再一次，特別是一旦你離開美國，當你與政府交談時，當你與商人交談時，這就是我們大聲而清晰的信息。

And then we also can't forget about this huge number of 2.5 billion people across the world that don't have access to the formal financial system today.

然後我們也不能忘記全世界有 25 億人今天無法使用正式的金融系統。

And our products that we offer can bring them into it.

我們提供的產品可以將它們帶入其中。

It really is something, over time, that will improve their lives.

隨著時間的推移，這確實會改善他們的生活。

It will improve the economies in the countries that they live in and help advance those countries.

它將改善他們所居住國家的經濟並幫助推動這些國家的發展。

And obviously, as you've seen from things like Rwanda and some other stuff we'll talk about, there's great government interest in doing that.

顯然，正如你從盧旺達和我們將要討論的其他一些事情中看到的那樣，政府對此非常感興趣。

Third, there's a strong secular trend.

第三，有很強的長期趨勢。

You know, that's clear.

你知道，這很清楚。

This continued growth and electronification of payments, which we've been living through, is going to continue.

我們一直在經歷的支付的持續增長和電子化將繼續下去。

Importantly, the way we think about it here, first and foremost, we compete with cash and checks.

重要的是，我們在這裡的思考方式首先是與現金和支票競爭。

After that, we compete with others in the marketplace.

之後，我們在市場上與其他人競爭。

But there is so much cash and check across the globe, it is still somewhat astonishing.

但全球有如此多的現金和支票，這仍然有些令人驚訝。

And even more astonishing, the pie is getting bigger.

更令人驚訝的是，餡餅越來越大。

There's more cash today than there was five years ago.

今天的現金比五年前多。

And so this is just, obviously, a great opportunity for us in the market that we play in.

因此，顯然，這對我們在我們所涉足的市場中是一個很好的機會。

Fourth, we have an enviable competitive position.

第四，我們擁有令人羨慕的競爭地位。

You all know the share numbers, but it's not just share.

你們都知道份額數字，但它不僅僅是份額。

It's the relationships that we have across the globe.

這是我們在全球範圍內的關係。

It's the fact that we're a trusted partner in the payments industry -- because of both what our brand is, but also what we've actually delivered over a long period of time here.

事實上，我們是支付行業值得信賴的合作夥伴——因為我們的品牌是什麼，也因為我們在很長一段時間內實際交付的東西。

And, again, when you go outside of the United States, the power of the brand just -- it's something that people talk about over and over again.

而且，再一次，當你走出美國時，品牌的力量就是——人們一遍又一遍地談論它。

And those opportunities outside of the United States are exciting.

美國以外的這些機會令人興奮。

That's the fifth reason that I'd put in the bullish category, because we've got huge opportunity in both developed and less developed countries outside the United States.

這是我認為看漲類別的第五個原因，因為我們在美國以外的發達國家和欠發達國家都有巨大的機會。

And I'll talk a little more of that in a second.

我稍後會再談一點。

The quality of the people at Visa across the globe is terrific.

全球 Visa 員工的素質非常好。

This Company has been built by the people that have been here.

這家公司是由來過這裡的人建立的。

And it's great to be able to work even more closely with them.

能夠與他們更緊密地合作真是太好了。

And then the last thing I'll just talk about here is just our network, for a second.

然後我要在這裡談論的最後一件事就是我們的網絡，一會兒。

I'm not sure we spend enough time talking about it, but it is -- it's obviously the core of who we are.

我不確定我們是否花了足夠的時間來談論它，但它是——這顯然是我們的核心。

But we have one global network.

但我們有一個全球網絡。

And just the perspective of coming from outside the Company, very few global companies out there can say that they have one network across the globe.

僅從公司外部的角度來看，很少有全球公司可以說他們在全球擁有一個網絡。

It's efficient; it's controlled; it's a great platform.

它是有效的；它是受控的；這是一個很棒的平台。

And to the extent we want to do things and scale them across the world, we can do it in a way that a lot of other industries would really struggle to do.

就我們想做的事情並在全球範圍內擴展它們而言，我們可以以許多其他行業真正難以做到的方式來做到這一點。

The network's been built over decades.

該網絡已經建立了數十年。

We all know that it provides great global acceptance, clearing authorization and settlement, but it's proven to be safe and secure.

我們都知道它提供了很好的全球認可、清算授權和結算，但它被證明是安全的。

It's battle-tested through the years, is the way I think about it.

它經過多年的實戰考驗，是我的想法。

And we continue to invest aggressively, because the world of cyber criminals is growing, not shrinking.

我們繼續積極投資，因為網絡犯罪的世界正在增長，而不是在縮小。

And I'd rather have our network than anyone else's at this point, as we continue to build on that security.

在這一點上，我寧願擁有我們的網絡，也不願擁有其他任何人的網絡，因為我們將繼續建立在這種安全性之上。

And this becomes a competitive advantage over time.

隨著時間的推移，這將成為一種競爭優勢。

But beyond just the core capabilities of our network, the real differentiation for us is how we use it for our participants.

但除了我們網絡的核心功能之外，我們真正的區別在於我們如何為參與者使用它。

And I think about our participants as issuers, acquirers, cardholders and merchants in this category.

我認為我們的參與者是這一類別的發卡機構、收單機構、持卡人和商家。

We have been and will continue to drive more functionality to benefit our customers.

我們已經並將繼續推動更多功能以使我們的客戶受益。

That's risk management; it's marketing; it's offers; it's things like that.

這就是風險管理；這是營銷；它的報價；就是這樣。

And we'll continue to extend access to the network.

我們將繼續擴大對網絡的訪問。

And that's a big part of what our mobile activities are.

這是我們移動活動的重要組成部分。

And as long as we continue to do that, our network is far from a commodity.

只要我們繼續這樣做，我們的網絡就遠非商品。

So moving to priorities for a second, I think it's totally appropriate to be clear that my first priority is to make sure that we continue the business momentum here.

因此，先談談優先事項，我認為明確我的首要任務是確保我們在這裡繼續保持業務勢頭是完全合適的。

You know, the quarter speaks for itself.

你知道，這個季度不言自明。

The past few quarters -- not few -- the past quarters over extended period of time here say an awful lot about the momentum that this Company has.

過去幾個季度——不少——過去幾個季度在這裡很長一段時間內都說明了這家公司的發展勢頭。

I could go through a long list of wins right now in the quarter; I'm not going to do that.

我現在可以在本季度完成一長串勝利；我不會那樣做的。

I'm not sure we'd all get benefit from that.

我不確定我們都會從中受益。

What I'd rather do is just focus on some examples of some interesting things that we're doing across the globe.

我寧願只關注我們在全球範圍內正在做的一些有趣事情的一些例子。

First example is Saral Money.

第一個例子是 Saral Money。

It's a partnership with five leading clients -- the Delhi State Government and the Indian National Identity System.

它與五個主要客戶——德里州政府和印度國家身份系統——建立了合作關係。

It links the national ID number with biometric information to provide instant authentication, and complete a paperless process to open a bank account and issue a Visa debit or prepaid card instantly.

它將國民身份證號碼與生物識別信息聯繫起來，提供即時身份驗證，並完成無紙化流程，即刻開立銀行賬戶和發行 Visa 借記卡或預付卡。

It's terrific.

太棒了。

It's in-market and something we're very excited about.

它在市場上，我們對此感到非常興奮。

We also announced a strategic agreement with QIWI.

我們還宣布了與 QIWI 的戰略協議。

QIWI is Russia's leading payment services provider.

QIWI 是俄羅斯領先的支付服務提供商。

They provide digital wallet.

他們提供數字錢包。

It's more than 9 million active Russian customers who use them at more than 100,000 cash kiosks.

超過 900 萬活躍的俄羅斯客戶在超過 100,000 個現金亭使用它們。

What our agreement really is all about is transitioning the wallet from a single-bank model to a digital wallet with stored value account, based upon Visa prepaid cards that can be issued by any Visa client bank.

我們的協議真正是關於將錢包從單一銀行模式轉變為具有儲值賬戶的數字錢包，基於可以由任何 Visa 客戶銀行發行的 Visa 預付卡。

It will be a great product to have alongside our own product.

與我們自己的產品一起使用將是一個很棒的產品。

And then the country of Myanmar.

然後是緬甸這個國家。

We're bringing electronic payments to the country.

我們正在將電子支付帶到這個國家。

We enabled the first credit card payment through a Visa branded wireless point-of-sale terminal.

我們通過 Visa 品牌的無線銷售點終端啟用了第一筆信用卡支付。

And now credit, debit and prepaid cards are able to be used in selected merchants.

現在，信用卡、借記卡和預付卡可以在選定的商家中使用。

Another great example of the momentum that we have is V.me -- our electronic wallet.

我們擁有的勢頭的另一個很好的例子是 V.me——我們的電子錢包。

I know you've heard about it, but it's actually -- it's real.

我知道你聽說過它，但它實際上是——它是真實的。

It's live.

這是活的。

It's in the market.

它在市場上。

At the end of 2012, we had 31 merchant sites live.

到 2012 年底，我們有 31 個商家網站上線。

We have an additional 132 signed up through yesterday, I believe, and we have 63 issuers who signed up to participate.

我相信，到昨天為止，我們還有 132 家報名參加，我們有 63 家發行人報名參加。

Those issuers represent 55 million Visa cards; include, so far, 12 of the top 25 US banks, 51 US regional banks.

這些發行人代表 5500 萬張 Visa 卡；迄今為止，包括美國前 25 家銀行中的 12 家，以及 51 家美國地區銀行。

And PNC and Bank of America have integrated V.me into their online banking websites.

PNC 和美國銀行已將 V.me 整合到他們的網上銀行網站中。

So, I could go on about more things, but I thought I'd just turn now to some of the strategic priorities as I see them.

所以，我可以繼續討論更多的事情，但我想我現在應該轉向我所看到的一些戰略重點。

First and probably foremost, is the continue to extend the electronification of payments.

首先，可能也是最重要的，是繼續擴大支付的電子化。

It's obvious, but the pie is so big here, the more we do, it's good for all.

很明顯，但是這裡的餡餅太大了，我們做的越多，對所有人都有好處。

For us to be able to do that, we are going to have to figure out how to be more flexible.

為了讓我們能夠做到這一點，我們將不得不弄清楚如何變得更加靈活。

This organization's got great history.

這個組織歷史悠久。

It's had great results.

它取得了很好的成果。

But if you go around and talk to issuers, acquirer merchants, we can be a little too rules-oriented.

但是，如果您四處走動並與發行人、收單商商家交談，我們可能會有點過於注重規則。

And so we've got to figure out how we become less focused on rules, while preserving what's important to keep the integrity of our network in place.

因此，我們必須弄清楚我們如何減少對規則的關注，同時保留對保持網絡完整性至關重要的東西。

By doing things like that, we can work with our customers to create more customized solutions and support issuers of all sizes.

通過這樣做，我們可以與客戶合作創建更多定制的解決方案並支持各種規模的發行人。

Not a small opportunity for us.

對我們來說機會不小。

It's, I think, a big opportunity for us to partner more closely with our customers.

我認為，這對我們來說是一個與客戶更緊密合作的大好機會。

Next, I would put the second-biggest strategic priority -- technology and innovation more generally.

接下來，我將提出第二大戰略重點——更廣泛的技術和創新。

Again, my perspective here, having participated with the Company for a period of time, is just great progress.

同樣，我在這裡的觀點是，在公司參與了一段時間，這只是很大的進步。

Three years ago, when I was still on the Board, there was very, very little going on here relative to using these new technologies to benefit us.

三年前，當我還在董事會時，與使用這些新技術使我們受益相關的事情非常非常少。

It was still at the tail end of taking the Company public, merging the entities and whatnot.

它仍處於公司上市、合併實體等的尾聲。

And over the past three years, the progress has been really terrific.

而在過去的三年裡，進展確實非常了不起。

I talked about V.me.

我談到了V.me。

Again, it's not an idea; it's in the market today.

同樣，這不是一個想法。它今天在市場上。

The work on mobile here continues, both organically and with the acquisition of Fundamo.

移動方面的工作繼續進行，無論是有機地還是收購 Fundamo。

It's a critical access point to our network.

它是我們網絡的關鍵接入點。

And continued investment in that is absolutely critical for us.

持續投資對我們來說絕對至關重要。

As we think about these capabilities and thinking about things that we do, our focus is on extending the core network, and access and capabilities of that network.

當我們考慮這些能力並考慮我們所做的事情時，我們的重點是擴展核心網絡，以及該網絡的訪問和能力。

We love the business we're in.

我們熱愛我們從事的業務。

We're in a great business.

我們的生意很好。

That's the core of who we are.

這就是我們的核心。

It's the network; it's processing.

是網絡；它正在處理。

And the things that we're going to focus on will continue to be those things that support those core assets.

我們將關注的事情將繼續是那些支持這些核心資產的事情。

We're also going to continue to be completely focused on supporting our customers.

我們還將繼續完全專注於支持我們的客戶。

And those are -- it's the issuers and the acquirers, and ultimately, the cardholders and the merchants, but it's through those -- through our customers.

這些是 - 它是發行人和收單機構，最終是持卡人和商家，但它是通過這些 - 通過我們的客戶。

We have no intention of disintermediating them.

我們無意使它們脫中介。

It's -- they're too important for us and too much of an opportunity.

這是——它們對我們來說太重要了，機會也太多了。

And as we think about these technology investments and whatnot, the way I like to think about it is, the more we work with our customers on these things -- we tailor our investments, both with them and for them as we talk to them -- we move to more of a partnership orientation as opposed to a vendor relationship.

當我們考慮這些技術投資等等時，我喜歡思考的方式是，我們與客戶在這些事情上合作得越多——我們在與他們交談時為他們定制我們的投資—— - 我們更多地轉向合作夥伴關係，而不是供應商關係。

People -- when you go and you talk to people about our business, you can think about it two different ways.

人——當你去和人們談論我們的業務時，你可以用兩種不同的方式來思考它。

You can think about it as if -- which we do know, there are other people that do what we do with that core asset that we have.

你可以這樣想——我們確實知道，還有其他人用我們擁有的核心資產做我們所做的事情。

And one way to approach that from the outside is to look at it and say, who's the cheapest price out there?

從外部解決這個問題的一種方法是看看它並說，誰是那裡最便宜的價格？

But in anything, no matter what you do in life, there's always a cheaper price out there.

但無論如何，無論你在生活中做什麼，總會有更便宜的價格。

And our job is to make sure that we provide more value.

我們的工作是確保我們提供更多價值。

And whether it's through the relationship building, whether it's through helping people marketing, whether it's using their data, using their information, building things like V.me, building mobile -- all those things that we do create more value.

無論是通過建立關係，還是通過幫助人們進行營銷，無論是使用他們的數據，使用他們的信息，構建像 V.me 這樣的東西，構建移動設備——所有這些我們所做的事情都創造了更多價值。

And so that people look at us much more of a partner than a vendor over time.

因此，隨著時間的推移，人們更多地將我們視為合作夥伴而不是供應商。

Third priority, international growth.

第三個優先事項，國際增長。

And not something new.

而不是什麼新東西。

You've heard about this quite a bit.

你已經聽說過很多了。

We've got an awful lot going on.

我們有很多事情要做。

And I just also always think it's important to say, we love the United States.

而且我也一直認為重要的是要說，我們愛美國。

We love our position in the United States.

我們熱愛我們在美國的地位。

We've got some really neat stuff going on here.

我們這裡有一些非常整潔的東西。

So it's not to say otherwise, but it's hard not to look at what the opportunity is outside the US and say it's just large.

所以這並不是說其他，但很難不看看美國以外的機會是什麼，然後說它很大。

It's all across the world.

它遍布世界各地。

Here, too, it's both short-term and long-term.

在這裡，它也是短期的和長期的。

It's large developed markets where there are big cash-based economies like Japan.

這是大型發達市場，那裡有像日本這樣的大型現金經濟體。

And they're emerging markets all over the world with very little acceptance, as I've referred to earlier.

正如我之前提到的，它們是世界各地的新興市場，接受度很低。

We're investing aggressively here.

我們在這里大舉投資。

We're opening new offices and adding people in-country.

我們正在開設新辦事處並在國內增加人員。

In 2012, we opened six new offices, 17 expansions and more to come this year.

2012 年，我們開設了 6 個新辦事處，17 個擴建項目，今年還會有更多。

We're growing acceptance.

我們的接受度越來越高。

We're expanding CyberSource globally.

我們正在全球範圍內擴展 CyberSource。

We are working closely with governments.

我們正在與各國政府密切合作。

It's a huge part of the effort to partner with governments to push electronification of payments.

這是與政府合作推動支付電子化的重要組成部分。

And country by country, we've got very, very specific and very different strategies.

逐個國家，我們有非常、非常具體和非常不同的戰略。

Some parts of the world, NFC through payWave is extremely important -- places like Canada and Australia.

在世界的某些地方，通過 payWave 進行的 NFC 極為重要——例如加拿大和澳大利亞。

And the products we have are extremely helpful to us in building our business there.

我們擁有的產品對我們在那裡建立業務非常有幫助。

Other places, it's traditional debit, credit and prepaid.

其他地方，它是傳統的借記卡、信用卡和預付卡。

And other places, we know the importance of mobile.

和其他地方一樣，我們知道移動的重要性。

So we're going to continue to invest here and take advantage of the large opportunity that we all know exists.

因此，我們將繼續在這裡投資，並利用我們都知道存在的巨大機會。

The next priority, number four, I would talk about merchant relationships.

下一個優先事項，第四點，我會談談商家關係。

This is one where we provide great value for merchants.

這是我們為商家提供巨大價值的地方。

I absolutely believe that.

我絕對相信。

And you've got examples like Square type technology, and pricing on those products out there, which just shows you that people, small merchants are willing to pay to electronify their world.

你有像 Square 類型的技術這樣的例子，以及這些產品的定價，這只是向你表明人們，小商人願意為他們的世界電子化而付費。

Because they know how difficult and how expensive cash is.

因為他們知道現金有多麼困難和多麼昂貴。

Having said that, we also have to acknowledge that it's on us, along with our issuers and acquirers that we do business with, to prove it to merchants day in and day out.

話雖如此，我們還必須承認，我們以及與我們有業務往來的發行人和收單機構都需要日復一日地向商家證明這一點。

Some believe it.

有些人相信它。

I mean, I've had conversations with plenty of merchants that think we do a great job partnering with them.

我的意思是，我與許多認為我們與他們合作做得很好的商家進行了交談。

But obviously, there are an awful lot, which are very vocal, that don't believe that here in the United States.

但很明顯，在美國有很多人非常直言不諱，他們不相信這一點。

And, again, that's on us to figure out how to change the nature of that relationship.

再一次，我們要弄清楚如何改變這種關係的性質。

So we need to do a whole lot more.

所以我們需要做更多的事情。

It starts with engaging them very differently.

首先要以非常不同的方式吸引他們。

I'm not talking about the courts and through D.C.; I'm talking about directly.

我不是在談論法院和通過華盛頓特區；我直接說。

We need to balance their issues with others in our value chain.

我們需要平衡他們與我們價值鏈中其他人的問題。

It's just an extremely important concept that needs to permeate the way we think about our business.

這只是一個極其重要的概念，需要滲透到我們對業務的思考方式中。

And most importantly, it's up to us to prove to them that we can actually help them grow.

最重要的是，我們有責任向他們證明我們確實可以幫助他們成長。

We talk about this internally, that Visa cardholders are the largest single source of potential spend in the world.

我們在內部談到這一點，Visa 持卡人是世界上最大的潛在支出來源。

And to the extent that we can work with merchants, again, through our issuers and acquirers, and show them how we can add value to them in building their businesses, that's what we've got to do to change the nature of that relationship.

在某種程度上，我們可以再次通過我們的發行人和收單機構與商家合作，並向他們展示我們如何在建立他們的業務時為他們增加價值，這就是我們必須做的事情來改變這種關係的性質。

And so we will be doing a lot more of that.

所以我們會做更多的事情。

Employees, I'd be remiss if I didn't talk about employees as a priority, because this is a business based upon the quality of the people that we have.

員工，如果我不把員工作為優先事項，我會失職，因為這是一項基於我們擁有的人員素質的業務。

We've got a great group of people here across the globe who I've gotten to know.

我們在全球範圍內有很多我認識的人。

And it's my job to continue to create the most attractive environment, so we get the best, the smartest, the most vibrant thinking in this Company.

我的工作是繼續創造最有吸引力的環境，這樣我們才能在這家公司獲得最好、最聰明、最有活力的思想。

Sixth, capital allocation.

第六，資金配置。

And if you're sitting on the edge of your seat for nothing -- for something new, you're not going to get it.

如果你無緣無故坐在座位的邊緣——對於一些新的東西，你是不會得到它的。

The Company, historically, and I, I'd say first of all, have great respect for the responsibility.

公司從歷史上看，我首先要說的是，非常尊重這種責任。

We understand what it means and we understand what shareholders want.

我們了解這意味著什麼，我們了解股東想要什麼。

And as Byron has said in the past, our jobs are to put capital to use intelligently or return it to you.

正如拜倫過去所說，我們的工作是將資金巧妙地使用或返還給您。

And that's been a consistent theme since the IPO.

自首次公開募股以來，這一直是一個一致的主題。

Intelligently means investing it in our core assets organically or through acquisitions, like you've seen us do.

明智地意味著有機地或通過收購將其投資於我們的核心資產，就像您看到的那樣。

But, obviously, if we don't see those opportunities, then we're going to return it to you through dividends and buybacks.

但是，顯然，如果我們沒有看到這些機會，那麼我們將通過股息和回購將其返還給您。

We're going to always prioritize what we're going to do based upon the returns for the shareholder.

我們將始終根據股東的回報優先考慮我們將要做的事情。

And our goal is to reward shareholders that continue to own the stock.

我們的目標是獎勵繼續持有股票的股東。

So, again, it's something that there's a -- hopefully, a whole lot of consistency with my thinking and what the thinking has been here.

所以，再一次，這與我的想法以及這裡的想法有很大的一致性。

And then the last priority I'll end with is the continuing open dialogue that Visa has had with the investor community.

最後，我要結束的最後一個優先事項是 Visa 與投資者社區進行的持續公開對話。

I certainly look forward to getting to know all of you.

我當然期待認識你們所有人。

I know some of you.

我認識你們中的一些人。

I look forward to getting to know many more of you, sharing my thoughts, our thoughts in more detail.

我期待更多地了解你們，分享我的想法，更詳細地分享我們的想法。

And to that end, just so you know, we are working on planning of an Investor Day, which we're going to firm up the timing.

為此，您知道，我們正在計劃一個投資者日，我們將確定時間。

And Jack will be back to you with the specifics relatively quickly on that.

傑克會相對較快地回复您的具體情況。

So before we open for Q&A, let me just stop by saying a couple of things here.

所以在我們開始問答之前，讓我先在這裡說幾句話。

I hope you get the sense, as I talk about how I feel about the opportunity here, that the runway for growth is long and it's deep.

當我談到我對這裡的機會的感受時，我希望你能明白，增長的跑道很長，而且很深。

As we think about what we do here, we've got to balance the short and long-term.

當我們考慮我們在這裡所做的事情時，我們必須平衡短期和長期。

And what that means is, there is no long-term without a short-term, so we know we must deliver.

這意味著，沒有短期就沒有長期，所以我們知道我們必須交付。

But when people hear -- people like to ask the generic question of how you define success five years from now.

但是當人們聽到時——人們喜歡問五年後你如何定義成功的一般性問題。

To me, it's really all about -- we feel great about the opportunity for the next five years, but success is going to be that we're sitting here five years from now, and we feel as good about the forward-looking growth as we do today.

對我來說，這真的很重要——我們對未來五年的機會感到非常高興，但成功將是五年後我們坐在這裡，我們對前瞻性增長感到滿意我們今天這樣做。

And that's -- if that doesn't happen, shame on us, because we've got the assets and we've got the business to do that.

那就是 - 如果那沒有發生，我們會感到羞恥，因為我們擁有資產並且我們有業務去做。

And we are confident that we will do it.

我們有信心做到這一點。

So, with that, I will stop.

所以，有了這個，我會停下來。

And Byron and I are here to answer your questions.

拜倫和我在這裡回答你的問題。

(Operator Instructions).

（操作員說明）。

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

Charlie, welcome aboard.

查理，歡迎上船。

Appreciate all the comments.

欣賞所有評論。

Just wanted to pick up on one of the things you said in terms of Visa potentially becoming a little bit less rules-oriented going forward.

只是想了解一下你所說的關於 Visa 可能會變得不那麼以規則為導向的事情之一。

Anything you can elaborate on there?

有什麼可以詳細說明的嗎？

And how soon we might see this?

我們多久可以看到這一點？

And then, Byron, if you can just give us a quick clarification on the tax rate issue.

然後，拜倫，您能否就稅率問題給我們一個簡短的說明。

It sounds like what you're saying is that you guys already had anticipated this tax benefit when you gave the 30% to 32% full-year tax rate guidance and the high-teens EPS guidance last quarter.

聽起來您的意思是，當您在上個季度提供 30% 至 32% 的全年稅率指導和青少年每股收益指導時，你們已經預料到了這種稅收優惠。

Is that accurate?

那準確嗎？

Why don't I start.

我為什麼不開始。

On the tax rate, that's correct.

關於稅率，這是正確的。

Your tax rate is always comprised of components.

您的稅率始終由組件組成。

This was a component that the timing of which uncertain, but this type of component was contemplated.

這是一個時間不確定的組件，但這種類型的組件被考慮在內。

And as a result, it's fully consistent with the guidance we gave at the end of last quarter.

因此，它與我們在上個季度末給出的指導完全一致。

And Jason, I'll take the question on flexibility.

Jason，我會回答關於靈活性的問題。

I think the way to think about that one is, again, if you go around and you talk to issuers across the globe, and if you talk to merchants, and if you ask what is the negative quality of Visa -- hopefully, after they go through the long list of positives -- they'll talk about that we're not as flexible as we could be, and we've got lots and lots of rules.

我認為考慮這個問題的方法是，再次，如果你四處走動，與全球的發行人交談，如果你與商家交談，如果你問 Visa 的負面質量是什麼——希望在他們之後瀏覽一長串積極因素——他們會說我們不夠靈活，而且我們有很多很多的規則。

And so what that means is, they tend to get nervous that we can just change rules.

所以這意味著，他們往往會因為我們可以改變規則而感到緊張。

They're not sure about how that might impact them in the future.

他們不確定這會在未來如何影響他們。

And our goal should be that we've got rules that protect the integrity and the value of our payments network.

我們的目標應該是製定保護支付網絡完整性和價值的規則。

That's why they were put in place to begin with, and they've just grown over a period of time.

這就是為什麼它們一開始就到位，並且它們剛剛成長了一段時間。

So what we have to do is, as the Company evolves, is become much more commercial, define the rules as those things that are core to who we are and the protection of the value of our network, as I described.

因此，我們必須做的是，隨著公司的發展，變得更加商業化，將規則定義為那些對我們是誰以及保護我們網絡價值的核心事物，正如我所描述的。

And then move other things into commercial arrangements that you'd have with customers.

然後將其他事情轉移到您與客戶的商業安排中。

Craig Maurer, CLSA.

克雷格·毛雷爾，里昂證券。

And let me add my congratulations on your first quarter with Visa.

讓我對您使用 Visa 的第一季度表示祝賀。

You talked earlier about the importance of a global network.

您之前談到了全球網絡的重要性。

But Visa is a separate entity from V.me -- I'm sorry, from Visa Europe -- V.me, wow -- anyway, Visa Europe.

但是Visa 是獨立於V.me 的實體——對不起，來自Visa Europe——V.me，哇——無論如何，Visa Europe。

And I wanted your thoughts on how long-term Visa Europe plays into the global strategy?

我想知道您對 Visa Europe 在全球戰略中的長期作用有何看法？

Yes, listen, I mean, yes, I'm sure you guys have talked for five years about the status of Visa Europe and the put and whatnot.

是的，聽著，我的意思是，是的，我敢肯定你們已經談論了五年關於 Visa Europe 的地位和看跌期權等等。

I would say we have a very close working relationship with Visa Europe.

我想說我們與 Visa Europe 有著非常密切的合作關係。

You are right to say that, from a European perspective, it's a separate system, but it's interoperable.

你說得對，從歐洲的角度來看，它是一個獨立的系統，但它是可互操作的。

But when we go to market, we work extremely closely with them, so that when customers deal with Visa, it is up to us to figure out how to coordinate with them.

但是當我們進入市場時，我們會與他們密切合作，因此當客戶與 Visa 打交道時，我們要弄清楚如何與他們協調。

I've spent time with some of our big global customers, and the feedback is, it works well.

我曾與我們的一些全球大客戶打過交道，反饋是，它運作良好。

There are other customers that like to deal with us as separate entities, just as they would if we were one big company.

還有其他客戶喜歡將我們作為獨立的實體與我們打交道，就像我們是一家大公司一樣。

Listen, would you design a company like this?

聽著，你會設計這樣的公司嗎？

No.

不。

But it's a fact of life.

但這是生活中的事實。

And the put's the put, and there's nothing more to say about it.

看跌期權就是看跌期權，沒有什麼可說的了。

Glenn Fodor, Autonomous Research.

Glenn Fodor，自主研究。

Charlie, look forward to working with you.

查理，期待與您合作。

I'm just trying to get my hands around what Visa's strategy might look like as technology changes the industry.

我只是想了解隨著技術改變行業，Visa 的戰略可能會是什麼樣子。

And, Charlie, how far do you think Visa may stray from its historic role as exclusively a network in the middle?

而且，查理，您認為 Visa 可能偏離其作為唯一中間網絡的歷史角色有多遠？

And by this, I mean developing more consumer-facing initiatives like V.me?

我的意思是開發更多面向消費者的計劃，例如 V.me？

And then how would you reconcile this strategy with those of your constituent partners, who oftentimes are pursuing these same strategies, so there could be some competitive or brand conflict there?

然後，您將如何使這一戰略與您的組成合作夥伴的戰略相協調，他們經常追求這些相同的戰略，因此那裡可能存在一些競爭或品牌衝突？

Thank you.

謝謝你。

Yes.

是的。

Listen, we're here to support the customers of our issuers and acquirers.

聽著，我們在這里為我們的發行人和收單機構的客戶提供支持。

That's the way we think about it.

我們就是這麼想的。

That's the way things are built here, and that's the way things will continue to build -- to be built.

這就是這裡建造事物的方式，這就是事物將繼續建造——被建造的方式。

So something like V.me, we're building V.me on behalf of our customers.

所以像 V.me 這樣的東西，我們正在代表我們的客戶構建 V.me。

If you go use V.me, you have to register for it, so that your information gets in there; but from that point forward, it is completely supportive of our banks.

如果你去使用V.me，你必須註冊它，這樣你的信息才能進入那裡；但從那時起，它完全支持我們的銀行。

When you pay for something using V.me, we have the ability to show the card art exactly as it exists in someone's wallet today.

當您使用 V.me 支付某物時，我們能夠展示與今天某人錢包中的卡片藝術完全相同的卡片藝術。

So, V.me is not meant to be direct-to-consumer to go around our issuers.

因此，V.me 並不意味著直接面向消費者來繞過我們的發行人。

It's actually just the opposite.

實際上恰恰相反。

It's meant to support them with electronic wallet that will enable them to continue to grow commerce.

它旨在通過電子錢包支持他們，使他們能夠繼續發展商業。

And so as we think about -- when you talk about extending who we are, we love the business that we're in.

因此，正如我們所想 - 當您談論擴展我們的身份時，我們熱愛我們所從事的業務。

Presumably you all love the business that we're in, which is why we trade the way we do.

大概你們都喜歡我們從事的業務，這就是我們以我們的方式進行交易的原因。

And so we're very mindful of that.

所以我們非常注意這一點。

And the opportunities for us to continue to figure out how to use technology, whether it's our own, or whether it's other people's, to feed that network and to use our assets, is what we're focused on.

我們關注的重點是繼續找出如何使用技術（無論是我們自己的還是其他人的技術）來支持該網絡並使用我們的資產的機會。

Dan Perlin, RBC.

丹·佩林，RBC。

I just want to return to this issue of capital allocation.

我只想回到資本配置這個問題。

And I know that you've said that there's not much of a change, but I was thinking more in terms of the first priority is always back into the business.

而且我知道你說過沒有太大的變化，但我更多地考慮的是第一要務總是回到業務中。

And I heard you mention in your prepared remarks around priorities and others outside the US a number of times.

我聽到你在準備好的講話中多次提到美國以外的優先事項和其他事項。

So I'm wondering if you could just shed some light, without being too specific, I suspect, on how we should be thinking about capital redeployment through this geographic mix that you guys have?

因此，我想知道您是否可以在不太具體的情況下闡明我們應該如何考慮通過你們擁有的這種地理組合進行資本重新部署？

Thank you.

謝謝你。

Byron, you want --?

拜倫，你想要——？

Yes, I'll start.

是的，我會開始的。

So, I would say the first call on the growth in our capital is going to be software development that underpins our products.

所以，我想說，我們資本增長的第一個呼籲將是支持我們產品的軟件開發。

Our new products in mobile, V.me are right on the point of the spear with that.

我們在移動領域的新產品 V.me 正是這一點。

That is -- that would support products that would be deployed both in the United States and in rest-of-world.

那就是——這將支持將在美國和世界其他地區部署的產品。

And the development of those products, the actual incurring of the capital, would also actually occur both in the United States and outside.

而這些產品的開發，即資本的實際產生，也將實際上發生在美國和國外。

As you build additional product capability and extension of the services we offer, that will also require investment in infrastructure -- not just the capacity to house, to operate and to process, but also new challenges like security.

當您構建額外的產品功能和擴展我們提供的服務時，這也需要對基礎設施進行投資——不僅是容納、運營和處理的能力，還有安全等新挑戰。

So VisaNet, very, very formidable battle-tested defenses.

所以 VisaNet，非常非常強大的久經考驗的防禦。

As you start moving into products that don't have -- that are going to start operating as an extension outside of VisaNet, it requires additional investment in technologies in order to -- and to properly secure.

當您開始轉向沒有的產品時——這些產品將開始作為 VisaNet 之外的擴展運行，它需要對技術進行額外投資才能——並正確保護。

And so that is the primary source of hard dollar capital.

這就是硬美元資本的主要來源。

And then as Charlie mentioned, we still have an enormous runway of growth in our base business, so we are adding offices.

然後正如查理所說，我們的基礎業務仍有巨大的增長空間，所以我們正在增加辦事處。

We are expanding.

我們正在擴大。

We are putting more people on the ground.

我們正在將更多的人投入實地。

We are at our best when we have people deployed in-country giving personalized, tailored service to our clients -- banks, acquirers, merchants.

當我們在國內部署人員為我們的客戶（銀行、收單機構、商戶）提供個性化、量身定制的服務時，我們處於最佳狀態。

And so that reinvestment will not just be capital expenditure, it will also be operating expense with a immediate return in the core business.

因此，再投資將不僅僅是資本支出，它也將是運營費用，並在核心業務中立即獲得回報。

Let me just add to what Byron said.

讓我補充一下拜倫所說的話。

If you just look at relative levels and just get my own view coming in from the outside, is there is a lot of investment that is going on here.

如果你只看相對水平並從外部獲得我自己的觀點，那麼這裡是否正在進行大量投資。

You see it in the expense line.

您可以在費用行中看到它。

You see it in the initiatives.

你可以在倡議中看到它。

You see -- I mean, you don't get to market with something like V.me without putting the resources into it or being able to be in the market with mobile without having -- use the capital on something like Fundamo and whatnot.

你看 - 我的意思是，如果沒有將資源投入其中，或者能夠在沒有移動設備的情況下進入市場，你就不會使用像 V.me 這樣的東西進入市場 - 將資金用於像 Fundamo 之類的東西。

So there is a significant level of investment going on what you see, and it still allows us to do what we have done with a dividend and with the repurchase program here.

因此，您所看到的正在進行大量投資，它仍然允許我們做我們在股息和回購計劃方面所做的事情。

So we feel like there is just plenty of room for all of those things.

所以我們覺得所有這些東西都有足夠的空間。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

Great, Charlie, so with your experience on the bank side, are the tangible steps for you to make to help Visa improve its relationship with the banks, particularly the large banks?

太好了，查理，根據您在銀行方面的經驗，您是否可以採取切實的步驟來幫助 Visa 改善與銀行的關係，尤其是與大型銀行的關係？

For instance, as you push new products like V.me, you need the large banks onboard.

例如，當你推出像 V.me 這樣的新產品時，你需要大型銀行參與進來。

And so far, it's unclear to what extent the largest banks are fully supportive at this point.

到目前為止，目前尚不清楚大型銀行在多大程度上全力支持。

It's helpful to hear that 12 of the top 25 banks are signed up for V.me, but that could imply that 13 of 25 are not signed up, at least at this point.

聽到前 25 家銀行中有 12 家註冊了 V.me 很有幫助，但這可能意味著 25 家銀行中有 13 家沒有註冊，至少目前是這樣。

And so that's one example.

這就是一個例子。

But on that example in Visa's general relationship with large banks, are their tangible steps to take to better engage with the banks?

但是，在 Visa 與大型銀行的一般關係中，他們是否可以採取切實措施來更好地與銀行合作？

Thanks.

謝謝。

Yes.

是的。

I guess let me answer it a couple of ways to just -- listen, we can always improve relationships, so let's just -- I mean, I'll -- but I will come back to that.

我想讓我用幾種方式回答它——聽著，我們總是可以改善關係，所以讓我們——我的意思是，我會——但我會回到那個問題上。

I said 12 of the top 25.

我說的是前 25 名中的 12 名。

We have four of the top 10 who are already signed up for it.

我們有前 10 名中的 4 名已經報名參加。

And, again, when you say large banks, the Bank of America is a great partner of ours.

再說一次，當你提到大型銀行時，美國銀行是我們的重要合作夥伴。

PNC is a great partner of ours.

PNC 是我們的重要合作夥伴。

U.S. Bank is a great partner of ours.

美國銀行是我們的重要合作夥伴。

TD Bank is a great partner -- I mean, I could go on through the names.

道明銀行是一個很好的合作夥伴——我的意思是，我可以繼續列舉這些名字。

We have a great list of partners that are currently signed up for it.

我們有很多合作夥伴目前已註冊。

I've spent a bunch of time myself talking to the biggest banks in this country, but just so you know, I don't spend all my time thinking about the biggest banks in this country.

我自己花了很多時間與這個國家最大的銀行交談，但你知道，我不會把所有時間都花在考慮這個國家最大的銀行上。

The big banks here are important, but so are the regional banks, so are the credit unions, so are the community banks, just as the banks overseas.

這裡的大銀行很重要，但地區銀行也很重要，信用合作社也很重要，社區銀行也很重要，海外銀行也很重要。

So I just want to be clear about that.

所以我只想說清楚。

But, listen, we have -- you go through the relationships that we have with the big US banks, and it's hard to say you trade our position with anyone's in the marketplace.

但是，聽著，我們有——你經歷了我們與美國大銀行的關係，很難說你與市場上的任何人交易我們的頭寸。

And is that something we have to earn every day?

這是我們每天必須賺取的東西嗎？

Absolutely.

絕對地。

Are things like V.me, things that actually solidify those relationships?

像 V.me 這樣的東西是真正鞏固這些關係的東西嗎？

Absolutely.

絕對地。

There's a lot more that we're doing working in partnership with banks of all sizes to create that partnership orientation away from a vendor orientation.

我們正在與各種規模的銀行合作開展更多工作，以創建遠離供應商導向的合作導向。

We view it as something that it's not a God-given right.

我們認為它不是上帝賦予的權利。

We've got to earn it every day.

我們必須每天賺錢。

But again, just to end where I started is, we've got great relationships with these banks.

但同樣，在我開始的地方結束時，我們與這些銀行建立了良好的關係。

We don't take them for granted, but like anything else, we work -- we come in every day to figure out how do we make them better?

我們並不認為它們是理所當然的，但就像其他任何事情一樣，我們工作——我們每天都來看看如何讓它們變得更好？

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Charlie, welcome to the call.

查理，歡迎來電。

Just thinking about your initiatives, being more flexible, partnering and customizing, I'm curious -- to accomplish this, do you foresee more investments required to get there?

想想你的舉措，更靈活，合作和定制，我很好奇——為了實現這一點，你預見到實現這一目標需要更多的投資嗎？

Or are those in place?

還是那些到位？

And I also wanted to ask just about your comment about working closer with the merchants.

我還想問一下您對與商家更緊密合作的評論。

I know Visa has been moving closer to the merchant for some time.

我知道 Visa 已經向商家靠攏了一段時間。

And given your background from the issuer's side, how much closer can Visa get to the merchant before you, I guess, complicate the issue or relationship, if you follow my question?

考慮到您在發行人方面的背景，如果您遵循我的問題，我猜，Visa 可以與您之前的商家有多近，這會使問題或關係複雜化？

Let me do that one first.

讓我先做那個。

I'm not at all worried -- I say worried; I always worry to the extent of we always should be careful and clear.

我一點也不擔心——我說擔心；我總是擔心到什麼程度，我們總是應該小心和清楚。

So just assume that that's the case.

所以只是假設是這樣的。

But in my conversations with issuers, we all agree, because they're in the exact same spot.

但在我與發行人的對話中，我們都同意，因為他們在同一個地方。

And I speak as much from where I came from as where I am.

我從哪裡來的地方和現在的地方一樣多。

That we all need to do a better job of working with merchants.

我們都需要更好地與商家合作。

Now, listen, our customers are merchants and acquirers.

現在，聽著，我們的客戶是商家和收單機構。

We've got that; we understand that.

我們已經做到了；我們明白這一點。

But, ultimately, there's someone who uses the payment product and there's someone that accepts the payment product.

但是，最終，有人使用支付產品，有人接受支付產品。

And if the person that accepts the payment product is not particularly happy, that's not a good thing for us.

而如果接受支付產品的人不是特別高興，那對我們來說也不是什麼好事。

And it's not a good thing for the issuers either.

這對發行人來說也不是一件好事。

So we're in total alignment on changing the nature of those relationships where they're warranted.

因此，我們在改變這些關係的性質方面是完全一致的。

And it's something that we do that we're working on in partnership with them as well as partnership with the acquirers.

這是我們正在與他們合作以及與收購方合作開展的工作。

We've had very open conversations with the acquirers about that.

我們已經與收購方就此進行了非常開放的對話。

I was just with them -- with all the big acquirers this past weekend.

我只是和他們在一起——上週末和所有的大收購者在一起。

And they're totally supportive of it.

他們完全支持它。

So I'm not going to assume -- assuming that we do this openly, the right kind of way, I think we're all in this together.

所以我不會假設——假設我們以正確的方式公開地這樣做，我認為我們都在一起。

And your first -- the first part of the question?

你的第一個 - 問題的第一部分？

Yes.

是的。

I'll take the first one.

我會拿第一個。

So the first question I think, Tien-Tsin, was more about in our efforts to be -- have more tailored and flexible client relationships, do we expect this -- is that going to cost more in terms of capital?

所以我認為天津的第一個問題更多地是關於我們的努力——擁有更量身定制和靈活的客戶關係，我們是否期望這一點——這會在資本方面花費更多嗎？

And I would say at the current point in time, the big capital is in creating the products and in the capabilities that allow you to operate and leverage a large network.

我想說的是，在當前時間點，最大的資本在於創造產品以及讓你能夠運營和利用大型網絡的能力。

And that today, is their expense involved in tailoring?

而今天，他們的費用是否與剪裁有關？

Yes.

是的。

But we don't have line of sight to large expense.

但我們沒有看到大筆費用。

And a good example of that would be our strategy of recognizing, as Charlie said earlier, that the single largest open-to-buy on the planet is the Visa cardholders' access to our network.

一個很好的例子就是我們的戰略，正如查理之前所說，地球上最大的單一開放購買是 Visa 持卡人訪問我們的網絡。

Hence, part of our strategy is to build products that can be accessed through our network with common spec APIs that make it very easy for users or our clients to hook into the network.

因此，我們戰略的一部分是構建可以通過我們的網絡使用通用規範 API 訪問的產品，使用戶或我們的客戶能夠非常容易地連接到網絡。

So in the spirit of how we're expending our capital, I would say over the next several years, its past is much more representative of [prologue].

因此，本著我們如何支出資本的精神，我想說，在接下來的幾年裡，它的過去更能代表[序幕]。

Chris Brendler, Stifel Nicolaus.

克里斯·布倫德勒，斯蒂菲爾·尼古拉斯。

I wondered if you could skip to any color on the progress you're making with Interlink?

我想知道您是否可以跳到任何顏色來說明您使用 Interlink 取得的進展？

Any sense of how much success you're having with PAVD and actually getting transactions routed over that signature Visa network on the debit side, as well as any update there may be on the FAN fee.

任何關於您在 PAVD 上取得了多大成功的感覺，以及實際通過該簽名 Visa 網絡在藉方進行路由的交易，以及 FAN 費用上可能存在的任何更新。

And then maybe for Charlie, along with the FAN fee, is there anything in that comment you made about being closer to the merchant and working more with the merchant that would make future implementations of fees like this go a little more smoothly?

然後也許對於查理，連同粉絲費用，你在評論中是否有任何關於更接近商家並與商家合作的內容，這將使未來的此類費用實施更順利一些？

Thanks.

謝謝。

Let me take that one to start.

讓我從那個開始。

So on Interlink, if you go back to the third fiscal quarter of 2012, that's -- that was the quarter, April 1 was when the dual network Durbin requirement became effective.

所以在 Interlink 上，如果你回到 2012 年第三財季，那就是 - 那是那個季度，4 月 1 日是雙網絡德賓要求生效的時候。

That was high tide in terms of Interlink payment volume loss.

就 Interlink 支付量損失而言，這是一個高潮。

So our growth rate in that third quarter was minus 54.

因此，我們在第三季度的增長率為負 54。

If you then move to the fourth quarter, so that's the fourth fiscal September ending quarter, the growth rate for Interlink was minus 48.

如果您隨後轉到第四季度，即 9 月第四財季結束季度，則 Interlink 的增長率為負 48。

If you then move to Q1, so the December ending quarter, we're at minus 44.

如果您隨後移至第一季度，即 12 月結束的季度，我們將處於負 44。

And so these -- and clearly, we're going to have one other major quarter of transaction loss through Interlink, because it takes four quarters to lap the Durbin effect.

所以這些 - 很明顯，我們將通過 Interlink 獲得另一個主要季度的交易損失，因為需要四個季度才能覆蓋德賓效應。

But you can see 54, 48, 44 -- there is progress.

但是你可以看到54、48、44——有進步。

Having said that, there is going to be, as we've said all along, there is going to be a significant permanent transaction loss as a result of the Durbin regulations.

話雖如此，正如我們一直所說的那樣，由於德賓法規，將會出現重大的永久性交易損失。

And so while we would expect to continue to make some progress, there is no way we're going to get back to where we were before.

因此，雖然我們希望繼續取得一些進展，但我們不可能回到以前的狀態。

And then as I mentioned in my remarks, once we get into that third fiscal quarter, then the growth rate picture should start looking very different with regards to our debit business, because we're now lapping Durbin.

然後正如我在講話中提到的那樣，一旦我們進入第三財季，那麼就我們的借記業務而言，增長率應該會開始變得非常不同，因為我們現在正在追趕德賓。

With regards to PAVD, PAVD is up and operating.

關於 PAVD，PAVD 已啟動並正在運行。

It's important to note that a transaction that goes -- that is PAVD -- that is a PAVD transaction, actually shows up in our Visa Debit payment volume, not Interlink.

重要的是要注意進行的交易——即 PAVD——即 PAVD 交易，實際上顯示在我們的 Visa Debit 支付量中，而不是 Interlink。

And so PAVD is up and operating.

因此，PAVD 啟動並運行。

You should think of that at best contributing very modestly to our payment volume growth in US debit.

您應該認為這充其量對我們在美國借記卡的支付量增長做出了非常適度的貢獻。

And with regards to FANF, that -- and remember, FANF is one part of a much more comprehensive fee restructuring, which was combined with a lowering of our per-transaction cost, in addition to the introduction of merchant incentives to encourage routing, which is still on the upward ramp.

關於 FANF，請記住，FANF 是更全面的費用重組的一部分，它與降低我們的每筆交易成本相結合，此外還引入了鼓勵路由的商家激勵措施，這仍在上升的斜坡上。

FANF has now been in place since the April quarter, and so far seems to be going well.

FANF 自 4 月季度以來已經到位，到目前為止似乎進展順利。

Charlie, do you want to add anything?

查理，你想補充什麼嗎？

I guess the only thing I'd add is, listen, I think it's unfair and it's hard to try and stick yourself into the position of someone else when you're going through what this Company was going through.

我想我唯一要補充的是，聽著，我認為這是不公平的，當你經歷這家公司正在經歷的事情時，很難試圖讓自己站在別人的位置上。

And so, I have not personally sat and gone through exactly what happened.

所以，我沒有親自坐下來經歷到底發生了什麼。

What was the thought?

當時的想法是什麼？

What were the options?

有哪些選擇？

All the things that you would do to answer your question directly, I haven't done, because I'm looking at the future here.

你會做的所有事情來直接回答你的問題，我還沒有做過，因為我在這裡著眼未來。

But as I said, I think as we -- and I think we're all on the same page internally on this one, is just as we look forward, which is the important thing here.

但正如我所說，我認為我們 - 而且我認為我們在內部都在同一頁面上，就像我們期待的那樣，這是重要的事情。

I mean, it's about balancing everyone's issues.

我的意思是，這是關於平衡每個人的問題。

And it's balancing issuers.

它正在平衡發行人。

It's balancing those with merchants, with acquirers, with our own needs.

它平衡了商家、收單機構和我們自己的需求。

And we're going to be very, very conscious of that.

我們將非常非常意識到這一點。

We're going to do the right thing, whether it creates noise or not, but make sure that everyone is represented in that discussion before we make a decision.

我們會做正確的事，不管它是否會製造噪音，但在我們做出決定之前，請確保每個人都參與了討論。

Don Fandetti, Citigroup.

花旗集團的唐·范德蒂。

Charlie, I was wondering if you could talk a little bit about how you view the longer-term threat from China UnionPay?

查理，我想知道您能否談談您如何看待中國銀聯的長期威脅？

And then maybe talk a bit about how you see the opportunity in China playing out and what your approach will be to that market?

然後談談您如何看待中國的機會以及您對該市場的態度？

Sure.

當然。

I was in China, I don't know, two or three weeks ago, and had the opportunity to meet with a couple of senior members in government, with some of our big clients with China UnionPay, and do some -- and participate in some other activities that we're involved in socially there.

兩三週前我在中國，我不知道，有機會與幾位政府高級官員會面，與我們在中國銀聯的一些大客戶會面，並做了一些 - 並參與我們在那裡參與的一些其他社交活動。

China is an interesting place for sure.

中國無疑是一個有趣的地方。

We're there.

在那裡。

We make money there.

我們在那裡賺錢。

And we've got some great partners there.

我們在那裡有一些很棒的合作夥伴。

The WT ruling speaks for itself.

WT的裁決不言自明。

Over time, that market will evolve and will change.

隨著時間的推移，這個市場將會發展和改變。

And we feel like it's important for us to be a good partner to people within the country to bring the benefits of Visa to China.

我們認為，成為國內人們的良好合作夥伴，將Visa的好處帶到中國對我們來說很重要。

In my conversations with people there, they want us there.

在我與那裡的人的談話中，他們希望我們在那裡。

They think we can add value, not just because of the brand, but because of what our network is versus maybe what China UnionPay is today.

他們認為我們可以增加價值，不僅僅是因為品牌，還因為我們的網絡與今天的中國銀聯相比。

And we would hope, over a period of time, that we can work with China UnionPay in the context of the way the regulations exist today.

我們希望，在一段時間內，我們可以在現有法規的背景下與中國銀聯合作。

And as that market changes and evolves, we'll figure out how we can do more inside that country, just as they look beyond that country as they develop.

隨著市場的變化和發展，我們將弄清楚我們如何才能在那個國家做更多的事情，就像他們在發展過程中超越那個國家一樣。

But again, I come back to what we have.

但是，我再次回到我們所擁有的。

Our network has been around for a long time.

我們的網絡已經存在了很長時間。

We've got 2 billion cards?

我們有 20 億張卡片？

Is that the number?

是那個號碼嗎？

2 billion cards outstanding.

20 億張卡片未完成。

You know, the largest open-to-buy.

你知道，最大的開放購買。

The quality of the fraud tools.

欺詐工具的質量。

I mean, I can go on and on about what our network has.

我的意思是，我可以繼續談論我們的網絡有什麼。

And if there's another competitor out there, so be it.

如果那裡有另一個競爭對手，那就這樣吧。

Good competition is a good thing, not a bad thing.

好的競爭是好事，不是壞事。

Andrew Jeffrey, SunTrust.

安德魯杰弗里，SunTrust。

Appreciate you taking the question.

感謝您提出問題。

Charlie, when you think about investment in the business, aside from products and so forth, how do you think about market share -- I think, particularly, in the US, which is the most mature market in which you operate from an electronic payment standpoint?

查理，當您考慮對業務的投資時，除了產品等，您如何看待市場份額——我認為，尤其是在美國，這是您通過電子支付運營的最成熟的市場立場？

And should we consider an effort to bolster share, both on credit and debit, as a central component of the investments going forward as well?

我們是否應該考慮努力提高信貸和借方的份額，作為未來投資的核心組成部分？

Yes.

是的。

So, listen, I said this before, which is, our number one opportunity is cash.

所以，聽著，我之前說過，我們的第一個機會是現金。

So we're constantly -- the first thing we look at when we think about share is we think about the share of cash versus electronic payments.

因此，我們一直在考慮份額時首先考慮的是現金與電子支付的份額。

And it's our goal, it's our mission, it's what we do for a living, is to move that number towards electronification for all the reasons I talked about.

這是我們的目標，這是我們的使命，這是我們謀生的事業，就是出於我所談到的所有原因，將這個數字推向電子化。

It's just -- it's the right thing and it's a good thing for all the participants in the marketplace.

這只是 - 這是正確的事情，對市場上的所有參與者來說都是一件好事。

And so I know everyone likes to always ask questions -- I mean, even in my old job, they used to ask how you compete against the other competitors out there.

所以我知道每個人都喜歡問問題——我的意思是，即使在我以前的工作中，他們也會問你如何與其他競爭對手競爭。

We've got great competitors.

我們有很棒的競爭對手。

They're doing some neat things.

他們正在做一些整潔的事情。

They're smart people.

他們是聰明人。

So I think first and foremost, given the market we're in, there's plenty of room for a bunch of us to be successful here.

所以我認為首先，考慮到我們所處的市場，我們中有很多人可以在這裡取得成功。

And so that is -- the enemy, first and foremost, is cash.

這就是 - 敵人，首先是現金。

When you look at how we're doing versus competitors, we look pretty good.

當您查看我們與競爭對手相比的表現時，我們看起來相當不錯。

Pretty happy with it.

很滿意。

Tim Willi, Wells Fargo.

富國銀行的蒂姆·威利。

So on the regulatory front, as you travel the world, it sounds like over the last several months, could you give us your thoughts on what kind of regulatory and political environments that you have to navigate?

所以在監管方面，當你環遊世界時，聽起來就像在過去的幾個月裡，你能告訴我們你對你必須駕馭什麼樣的監管和政治環境的想法嗎？

How you think that would impact the economics of your emerging market growth versus how your economics look in the more established markets?

您認為這將如何影響您的新興市場增長的經濟學與您的經濟學在更成熟的市場中的表現？

And if you've been pleasantly surprised or found it to be more challenging as you assess what you've heard over the last couple of months globally?

如果您在評估過去幾個月在全球範圍內聽到的內容時感到驚喜或發現更具挑戰性？

Yes, I would say -- I mean, I think, first of all, it's very different in different parts of the world.

是的，我會說——我的意思是，我認為，首先，世界不同地區的情況非常不同。

And so, you obviously know about the US.

所以，你顯然知道美國。

You've read about Canada.

你讀過關於加拿大的文章。

You know about Australia, presumably.

你大概知道澳大利亞。

And it really is different depending on where you are.

它確實因您所在的位置而異。

What I -- again, and I alluded to this in lots of my remarks when we started, but I was really positively taken aback by the desire for government officials to want us to be in the market, committed to helping electronify their payments.

我 - 再次，當我們開始時，我在很多評論中都提到了這一點，但我真的被政府官員希望我們進入市場，致力於幫助電子化他們的支付的願望所震驚。

It doesn't mean that they're not concerned about Interchange or they're not concerned about figuring out what they want in-country versus not.

這並不意味著他們不關心 Interchange，或者他們不關心弄清楚他們在國內想要什麼而不是不想要什麼。

I mean, different countries have different points of view on that.

我的意思是，不同的國家對此有不同的看法。

But they want us to be a participant.

但他們希望我們成為參與者。

They see the value in that.

他們看到了其中的價值。

And, again, this is not -- this wasn't me going around the world trying to sell our services.

而且，這不是 - 這不是我環遊世界試圖出售我們的服務。

This was me going to meet people.

這是我要去見人。

And as part of that, the clear message to me was, we want you here.

作為其中的一部分，給我的明確信息是，我們希望你在這裡。

And when you're in that kind of situation, that's a pretty good place to be in.

當你處於這種情況時，那是一個很好的地方。

Byron, anything you want to add?

拜倫，你有什麼要補充的嗎？

There's a wonderful dynamic.

有一種奇妙的動態。

There are always two doors in the government.

政府總是有兩扇門。

The first door is always open with an open invitation.

第一扇門總是敞開著邀請。

You can't tax what you can't see.

你不能對你看不到的東西征稅。

Hence, there's a very strong motivation for governments to be very interested in engaged partners.

因此，政府有很強的動機對參與的合作夥伴非常感興趣。

And then, I would say the other piece is, our position and others when we get deeply involved in the electronification of payments, we become an important part of the money -- monetary system, or can be, in a country.

然後，我想說的另一部分是，當我們深入參與支付電子化時，我們和其他人的立場，我們成為貨幣的重要組成部分——一個國家的貨幣體系，或者可以是。

And that's why in virtually every major market, we have government relations representatives we engage early.

這就是為什麼在幾乎每個主要市場，我們都有政府關係代表，我們很早就接觸了。

We educate.

我們教育。

We lay good groundwork, so that these dialogues are constructive and increase the probability of a good reinforcing regulatory environment, as we lay the foundation for growing in the domestic markets of these emerging markets.

我們打下了良好的基礎，使這些對話具有建設性，並增加了加強監管環境的可能性，為我們在這些新興市場的國內市場發展奠定了基礎。

Bob Napoli, William Blair.

鮑勃·那不勒斯，威廉·布萊爾。

Thank you, and welcome, Charlie.

謝謝你，歡迎你，查理。

Your bar is a lot higher than Joe's was.

你的門檻比喬的高很多。

Your stock is trading at 21 times earnings.

你的股票市盈率為 21 倍。

His was -- it was nowhere near that when he started.

他是——離他剛開始的時候還差得很遠。

So, given that bar, and given that this looks like such a great story, which is why the valuation has done what it has, what do you view, what are you most worried about?

所以，鑑於那個酒吧，鑑於這看起來是一個很棒的故事，這就是為什麼估值已經完成了它所擁有的，你怎麼看，你最擔心什麼？

What are the biggest risks?

最大的風險是什麼？

What can derail this train?

什麼能讓這列火車脫軌？

I mean, is it something like a PayPal offline, an MCX, other countries like India, RuPay, going the way of China UnionPay?

我的意思是，它是像 PayPal 離線、MCX、印度、RuPay 等其他國家，走中國銀聯的道路嗎？

What are you most worried about?

你最擔心什麼？

What can derail this, what has been a great story so far?

什麼會破壞這一切，到目前為止，什麼是一個偉大的故事？

So I mean, let me just go through a couple of thoughts.

所以我的意思是，讓我談談一些想法。

First of all, I would say focus.

首先，我會說重點。

Knowing -- being clear who our clients are and not, is extremely important.

知道——清楚我們的客戶是誰，誰不是，是極其重要的。

You know, we get a lot of pressure from a lot of people to use our assets, to go do things and whatnot.

你知道，我們從很多人那裡得到了很大的壓力來使用我們的資產，去做一些事情等等。

And so my comments around knowing that our clients are the issuers and the acquirers is extremely important.

因此，我關於知道我們的客戶是發行人和收購人的評論非常重要。

We change the nature of those relationships.

我們改變了這些關係的性質。

We put a lot of money in jeopardy at this place and potential future growth.

我們在這個地方和潛在的未來增長中投入了大量資金。

Regulation and legislation, clearly, has been a big issue for the industry.

顯然，監管和立法一直是該行業的一個大問題。

We're very, very conscious of it.

我們非常非常清楚這一點。

You can't be here and not be.

你不能在這裡，也不能不在。

Hopefully, some of the things I talked about when I talked about the priorities over time are things that get to those issues.

希望我在談到隨著時間推移的優先事項時談到的一些事情是解決這些問題的事情。

Because, ultimately, if you've got the people who are participating in the payment system, wanting to do business with you as opposed to the opposite, then you don't get some of the pressures that you see.

因為，最終，如果你有參與支付系統的人，想要與你做生意而不是相反，那麼你就不會受到你所看到的一些壓力。

Again, competition is competition.

再次，競爭就是競爭。

I mean, there's some great competition out there.

我的意思是，那裡有一些激烈的競爭。

I wouldn't trade our position with other people.

我不會與其他人交換我們的立場。

It doesn't mean that we don't think about them.

這並不意味著我們不考慮它們。

It doesn't mean that people don't do some really smart things that we sit there and we say, why them and not us?

這並不意味著人們不做一些真正聰明的事情，我們坐在那裡說，為什麼是他們而不是我們？

That's always the case in every business.

在每個企業中都是如此。

But hopefully, they're sitting there and thinking more so of us.

但希望他們坐在那裡，更多地考慮我們。

So, we spend a lot of time talking about both the traditional and the nontraditional people.

所以，我們花了很多時間談論傳統和非傳統的人。

So, for sure, we worry about it, but ultimately, that one as of, you know, sitting here today, we feel like we're in a good place.

所以，當然，我們擔心它，但最終，你知道，今天坐在這裡，我們覺得我們在一個好地方。

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

布拉德，在這一點上，我們有時間再問一個問題。

Our final question will come from Bryan Keane of Deutsche Bank.

我們的最後一個問題將來自德意志銀行的 Bryan Keane。

Your line is open.

你的線路是開放的。

I just wanted to follow-up on a couple questions.

我只是想跟進幾個問題。

I guess, Charlie, on the strategy.

我想，查理，關於策略。

How do you feel about the risk of being disintermediated, either through ACH or through another player, especially as we move into more of a mobile world?

您如何看待通過 ACH 或通過其他玩家被去中介化的風險，尤其是當我們進入更多的移動世界時？

And then, secondly, for Byron, just the rest-of-world payment volumes kind of spiked in the quarter.

其次，對於拜倫來說，本季度世界其他地區的支付量有所飆升。

Just curious to know if that was supplemented by some new wins that pushed that number higher?

只是想知道是否有一些新的勝利補充了這一數字，從而推高了這個數字？

Thanks so much.

非常感謝。

Sure.

當然。

So, you know, on disintermediation, when I talk about competitors, traditional and non-traditional, that encompasses a wide range of people.

所以，你知道，關於去中介化，當我談到競爭對手時，傳統的和非傳統的，它涵蓋了廣泛的人群。

So, again, we think about it.

所以，再一次，我們考慮一下。

We worry about it.

我們擔心它。

What we hope people would look at over a period of time, and what we think people look at over a period of time, is our assets that we have here is really hard to build.

我們希望人們在一段時間內看到的，以及我們認為人們在一段時間內看到的，是我們在這裡擁有的資產真的很難建立。

It just is.

就是這樣。

The global connectivity, the acceptance that we have, the actual network the way I described it, and other people have other assets out there that they bring to the party.

全球連通性，我們擁有的接受度，我描述的實際網絡，以及其他人擁有他們帶來的其他資產。

What we should be doing, and are doing, and will do more of, is engaging with that community to figure out how they can get access to our network in a way which is friendly to our customers.

我們應該做的、正在做的以及將做更多的事情是與該社區合作，以找出他們如何以對我們的客戶友好的方式訪問我們的網絡。

Because ultimately, it doesn't make sense for them to go build something that we already have.

因為最終，他們去構建我們已經擁有的東西是沒有意義的。

Doesn't mean people won't try.

並不意味著人們不會嘗試。

Doesn't mean they haven't tried in the past.

並不意味著他們過去沒有嘗試過。

But, again, I keep saying this, it's up to us to prove to people why our asset is as good as we think.

但是，我再說一遍，我們有責任向人們證明為什麼我們的資產和我們想像的一樣好。

And that's what we'll continue to do.

這就是我們將繼續做的事情。

And Bryan, on the international TV uptick in this quarter, for reasons that are not -- that aren't clear, other than the tension that we had around China and Japan, and mostly in the Asia-Pacific around -- that impacted the Chinese, the Japanese, Korean cross-border travel as tensions over Island ownership spiked -- everything from the Senkaku's to the Diaoyu's to the Spratly's.

Bryan 談到本季度的國際電視收視率上升，原因尚不清楚，除了我們在中國和日本，主要是在亞太地區的緊張局勢之外，影響了隨著島嶼所有權的緊張局勢加劇，中國人、日本人、韓國人跨境旅行——從尖閣諸島到釣魚島再到南沙群島，無所不包。

There seemed to be a more broad-based malaise in that quarter.

該季度似乎存在更廣泛的不適。

And the recovery, if I can call it that, or the rebound, was very broad-based.

復甦，如果我可以這麼說的話，或者反彈，是非常廣泛的。

It's still down in that pocket of Asia where the -- where that tension existed last quarter.

它仍然在亞洲的那個口袋裡 - 上個季度存在這種緊張局勢。

But there's been more of a broad-based uptick.

但更多的是廣泛的上漲。

So it's not win-specific; it's more of a broad-based uptick.

所以它不是特定於勝利的；它更像是一個基礎廣泛的上升。

And remember, for us, that's the world excluding Europe.

請記住，對我們來說，那是不包括歐洲的世界。

And with that, we'd like to thank everybody for joining us today.

有了這個，我們要感謝大家今天加入我們。

If you have any follow-up calls, feel free to give Investor Relations a call.

如果您有任何後續電話，請隨時致電投資者關係部。

Thanks, everyone.

感謝大家。

Thank you for your participation on today's conference call.

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。