Visa Inc (V) 2013 Q2 法說會逐字稿

Welcome to Visa Incorporated fiscal Q2 2013 earnings conference call.

歡迎參加 Visa Incorporated 2013 財年第二季度財報電話會議。

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。

Thank you.

謝謝你。

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

下午好，歡迎參加 Visa Inc. 的 2013 財年第二季度財報電話會議。

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

今天與我們同在的還有 Visa 的首席執行官 Charlie Scharf； 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 www.investor.visa.com.

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

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

網絡廣播的重播也將在我們的網站上存檔，為期 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 a result of a variety of factors, actual results could differ materially from such statements.

由於多種因素，實際結果可能與此類陳述存在重大差異。

Additional information concerning these 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提交給 SEC 的文件中獲得，可通過 SEC 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, the related GAAP measures and other information required by Reg G of the SEC are available in the financial and statistical summaries accompanying our fiscal second-quarter 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 Reg G 要求的其他信息可在我們第二財季新聞稿隨附的財務和統計摘要中找到。

This release can also be accessed through the IR section of our website.

此版本也可以通過我們網站的 IR 部分訪問。

With that, and in contrast to what has been our historical pattern, I'll now turn the call over to Byron.

有了這個，與我們的歷史模式形成鮮明對比的是，我現在將把電話轉給拜倫。

Thank you, Jack.

謝謝你，傑克。

Let me begin with my usual callouts and observations.

讓我從我通常的標註和觀察開始。

First, Visa's 15% net revenue growth in fiscal second-quarter was once again broad-based, as we continue to see strong credit and debit growth in the US and rest of world, which is now supported by a return to positive growth in our aggregate US debit business.

首先，Visa 第二財季 15% 的淨收入增長再次具有廣泛基礎，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，而現在我們的業務恢復正增長支持了這一點。匯總美國借記卡業務。

Second, client incentives for the quarter, as a percentage of gross revenue, were 16.1%.

其次，本季度的客戶激勵佔總收入的百分比為 16.1%。

Similar to last quarter, this was a result of lower-than-expected deal activity.

與上一季度類似，這是交易活動低於預期的結果。

However, for the balance of fiscal 2013, we expect lower incentive levels than originally projected.

然而，對於 2013 財年的餘額，我們預計激勵水平低於最初的預期。

The new 10-year deal structure with Chase has the effect of simultaneously reducing both gross fees and revenue incentives with one largely offsetting the other.

與大通簽訂的新的 10 年交易結構具有同時降低總費用和收入激勵的效果，其中一個在很大程度上抵消了另一個。

This contractual change, which is now signed and in effect, in combination with deal timing and revenue mix, have caused us to lower our full-year client incentive outlook from 18% to 18.5%, down to 16% to 17% for fiscal 2013.

這項現已簽署並生效的合同變更，結合交易時間和收入組合，導致我們將全年客戶激勵前景從 18% 下調至 18.5%，2013 財年下調至 16% 至 17% .

Third, aggregate US debit payment volume growth turned positive in the fiscal second-quarter of 2013 versus a negative 3% in the fiscal first quarter.

第三，2013 財年第二季度美國借記卡支付總量增長轉正，而第一財季為負 3%。

Of note, the month of March saw the onset of a significant positive inflection point, as we lapped last year's adoption of the Dodd-Frank routing rules for US debit.

值得注意的是，3 月份出現了一個顯著的積極拐點，因為我們在去年採用了美國借記的多德-弗蘭克路由規則。

While interlink payment volume growth was in negative mid-teen territory, Visa debit payment volumes saw a 12% rate of growth.

雖然互連支付量增長處於負數中期，但 Visa 借記卡支付量增長了 12%。

Fourth, as a result of a more certain revenue outlook, and earlier than planned share repurchases, we are increasing our fiscal 2013 EPS guidance from high-teens to around 20%.

第四，由於更確定的收入前景，以及早於計劃的股票回購，我們將 2013 財年每股收益預期從十幾歲提高到 20% 左右。

Lastly, as we remain committed to returning excess cash to our shareholders, and to this end during the quarter, we spent $1.8 billion to repurchase 12 million shares at an average price of $157.

最後，由於我們仍然致力於向股東返還多餘的現金，為此，我們在本季度以 157 美元的平均價格斥資 18 億美元回購了 1200 萬股股票。

This means the first, through the first two fiscal quarters, we have spent $3.1 billion to repurchase 20 million shares at an average price of $152.

這意味著在前兩個財政季度中，我們已經花費了 31 億美元以平均 152 美元的價格回購了 2000 萬股股票。

As we begin the fiscal third quarter, our remaining open-to-buy stands at 1 billion.

當我們開始第三財季時，我們剩餘的開放購買量為 10 億美元。

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 second quarter, followed by our results through April 28.

按照我們的慣例，我將介紹我們第二財季的全球支付量和處理交易趨勢，然後是截至 4 月 28 日的結果。

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

然後，我將介紹我們第二財季的財務亮點，並以我們對 2013 財年餘額的指導展望結束。

The payment volume growth rates which follow are unadjusted for the leap year in 2012.

2012年閏年支付量增長率未作調整。

Normalizing the month of February would add about 1 percentage point of growth to the second quarter's results.

將 2 月份標準化將使第二季度的業績增長約 1 個百分點。

Global payment volume growth for the March quarter in constant dollars was 9%, on par with the December quarter's 9%.

以美元計，3 月季度的全球支付量增長 9%，與 12 月季度的 9% 持平。

This was driven by a sustained growth in all of our regions, including the US, which saw some incremental benefit from the early lapping effects associated with US debit regulations.

這是由我們所有地區（包括美國）的持續增長推動的，這些地區從與美國借記卡法規相關的早期重疊效應中獲得了一些增量收益。

More recently, in the US, through April 28, payment volume growth was 12%, compared with 4% in the March ending quarter.

最近，在美國，截至 4 月 28 日，支付量增長了 12%，而 3 月末季度為 4%。

US credit growth held at Q2 levels, while debit experienced improved growth rates.

美國信貸增長保持在第二季度的水平，而藉方的增長率有所提高。

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

全球跨境交易量在 3 月季度實現了 10% 的穩定美元增長率，而 12 月季度的增長率為 11%。

The US grew 9%, and the rest of world 11%.

美國增長 9%，世界其他地區增長 11%。

Through April 28, cross-border volume on a constant dollar basis grew 10%, with the US growth rate of 7% and rest of world at 12%.

截至 4 月 28 日，按固定美元計算的跨境交易量增長了 10%，其中美國增長 7%，世界其他地區增長 12%。

Transactions processed over Visa's network totaled $13.9 billion in the fiscal second quarter, a 6% increase over the prior-year period.

第二財季通過 Visa 網絡處理的交易總額為 139 億美元，比去年同期增長 6%。

The US saw a 3% increase in transactions, while the rest of world delivered 21% growth.

美國的交易量增長了 3%，而世界其他地區的交易量增長了 21%。

Through April 28, process transaction growth was a positive 15%, driven in part by the lapping of the US debit routing regulations.

到 4 月 28 日，流程交易增長了 15%，部分原因是美國借記卡路由法規的實施。

Separately, cyber source reported 1.6 billion transactions for the period, a 25% increase over the prior year.

另外，網絡消息來源報告該期間的交易量為 16 億筆，比上年增長 25%。

Turning to the income statement, net operating revenue in the quarter was $3 billion, a 15% 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.

轉向損益表，本季度淨營業收入為 30 億美元，同比增長 15%，這得益於全球支付量、數據處理收入、國際收入的穩健增長，如前所述，低於- 預期的客戶獎勵。

Hedging resulted in no meaningful foreign exchange impact on net revenue in the quarter.

對沖對本季度的淨收入沒有產生有意義的外匯影響。

Moving to the individual revenue line items, service revenue was $1.4 billion, up 10% over the prior-year period.

轉向單個收入項目，服務收入為 14 億美元，比去年同期增長 10%。

Revenue growth was in line with constant dollar payment volume growth.

收入增長與固定美元支付量增長一致。

Data processing revenue was $1.2 billion, up 25% over the prior year's quarter, based on solid growth rates in Visa process transactions inside and outside the US, strong cyber source transaction growth, as well as strategic pricing actions taken last year related to the restructuring of our pricing in the US debit market.

數據處理收入為 12 億美元，比上一季度增長 25%，這得益於美國境內外 Visa 處理交易的穩健增長率、強勁的網絡源交易增長以及去年與重組相關的戰略定價行動我們在美國借記卡市場的定價。

International transaction revenue was up 13% to $831 million, reflecting solid strength in cross-border volumes.

國際交易收入增長 13% 至 8.31 億美元，反映出跨境交易量強勁。

As I highlighted earlier, client incentives as a percentage of gross revenue for the quarter came in at 16.1%, lower than we had anticipated on a percentage basis, due to the timing of deals in the quarter.

正如我之前強調的那樣，由於本季度交易的時間安排，客戶激勵佔本季度總收入的百分比為 16.1%，低於我們預期的百分比。

Looking forward, the change in pricing structure related to the Chase contract, in combination with deal timing and revenue mix, now suggests full-year client incentives in the 16% to 17% range.

展望未來，與大通合同相關的定價結構變化，結合交易時機和收入組合，現在表明全年客戶激勵在 16% 至 17% 的範圍內。

Total operating expenses for the quarter were $1.1 billion, up 13% from the prior year.

本季度總運營費用為 11 億美元，比去年同期增長 13%。

This was primarily due to higher costs 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成本。

The rate of operating expense growth should slow in the second half.

下半年營業費用增速應該會放緩。

Marketing expenses were up 15%, primarily due to a low spend level in the prior year, largely related to the timing of the London Summer Olympics.

營銷費用增長了 15%，主要是由於去年的支出水平較低，這主要與倫敦夏季奧運會的舉辦時間有關。

Spend will step up in the fiscal third and fourth quarters, as we increase marketing to support a number of campaigns, including the FIFA Confederations Cup in South America.

隨著我們增加營銷以支持包括南美國際足聯聯合會杯在內的一系列活動，第三財季和第四財季的支出將增加。

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。

Our effective tax rate for Q2 was 31.6% and is fully consistent with our full-year guidance of 30% to 32%.

我們第二季度的有效稅率為 31.6%，與我們 30% 至 32% 的全年指導完全一致。

Net income at $1.3 billion was up 17% over prior-year adjusted results.

淨收入為 13 億美元，比去年調整後的業績增長 17%。

Fully diluted EPS was $1.92 for the quarter, up 20% over prior-year adjusted results, due in part to a strong commitment to return excess cash in the form of share repurchase.

本季度完全攤薄後每股收益為 1.92 美元，比去年調整後的業績增長 20%，部分原因是堅定承諾以股票回購的形式返還多餘現金。

As noted earlier, our full-year adjusted EPS guidance is now around 20%.

如前所述，我們的全年調整後每股收益指引現在約為 20%。

Finally, capital expenditures were $111 million in the quarter and continue to be in line with our full-year expectations.

最後，本季度的資本支出為 1.11 億美元，繼續符合我們的全年預期。

The weighted average number of fully diluted shares for the fiscal second-quarter totaled $660 million.

第二財季完全稀釋後的加權平均股數總計 6.6 億美元。

Other than the changes to our client incentives and diluted earnings per share growth, all other outstanding guidance remains the same.

除了我們的客戶激勵措施和稀釋每股收益增長的變化外，所有其他未完成的指導保持不變。

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

有了這個，我會把電話轉給查理。

Thanks, Byron, and good afternoon, everyone.

謝謝，拜倫，大家下午好。

We're happy with our continued strong performance.

我們對我們持續強勁的表現感到滿意。

And as Byron walked us through, it was a strong growth across the world.

當拜倫帶領我們走過時，它在全球範圍內實現了強勁增長。

Economic uncertainty does remain, but our business model continues to prove itself through all environments, and growth rates, as Byron had mentioned, have continued through April, which makes us feel quite good.

經濟不確定性確實存在，但我們的商業模式繼續在所有環境中證明自己，正如拜倫所說，增長率一直持續到 4 月，這讓我們感覺很好。

We continue to build on some exciting partnerships around the world, both traditional and involving emerging technologies.

我們繼續在世界各地建立一些令人興奮的合作夥伴關係，包括傳統技術和新興技術。

Just a few important examples of these I want to mention.

我想提幾個重要的例子。

We executed a multi-year co-brand renewal with Southwest Airlines, one of our largest co-brands in the United States.

我們與美國最大的聯合品牌之一西南航空公司執行了多年的聯合品牌更新。

We've talked about V.me before.

我們之前討論過 V.me。

We now have 82 US issuers who have agreed to participate.

我們現在有 82 家美國發行人同意參與。

We have more than 180 merchants signed, 20 of which are top 100 Internet retailers, and there are 37 merchants live today and more coming online as we talk.

我們有超過 180 家商戶簽約，其中 20 家是前 100 家互聯網零售商，今天有 37 家商戶上線，我們談論的還有更多商戶上線。

During the quarter, we also announced a broad-based partnership agreement with Samsung covering Visa's payment capabilities on Samsung devices.

在本季度，我們還宣布與三星達成一項基礎廣泛的合作協議，涵蓋 Visa 在三星設備上的支付功能。

Samsung phones will be preloaded with Visa payWave for contactless payments, and the Visa mobile provisioning service to securely download payment account information to NFC-enabled Samsung devices.

三星手機將預裝用於非接觸式支付的 Visa payWave，以及用於將支付賬戶信息安全下載到支持 NFC 的三星設備的 Visa 移動配置服務。

These are just a couple of examples of some of the most important things that we executed in the quarter.

這些只是我們在本季度執行的一些最重要的事情的幾個例子。

I want to turn and talk for a second about Europe.

我想轉身談談歐洲。

There's been a lot of discussion about a couple of items, so we thought we would walk through each of these one by one.

有很多關於幾個項目的討論，所以我們認為我們會逐個介紹這些項目。

First of all, let's just talk about our relationship with Visa Europe and the put.

首先，讓我們談談我們與 Visa Europe 和 put 的關係。

I guess I would say is, we've read what you've read.

我想我想說的是，我們已經閱讀了您所閱讀的內容。

We do not know what they'll do.

我們不知道他們會做什麼。

And just as a reminder, they have a put, so it's their decision; we do not have a call.

提醒一下，他們有看跌期權，所以這是他們的決定；我們沒有電話。

The way we think about it, they have three options relative to our relationship.

按照我們的想法，他們對我們的關係有三個選擇。

They can keep our relationship as is; they can exercise the put; or they can propose an alternative, which is different from the put.

他們可以保持我們的關係原樣；他們可以行使看跌期權；或者他們可以提出與看跌期權不同的替代方案。

If they choose to exercise the put, there's a clearly defined process for that.

如果他們選擇行使看跌期權，則有一個明確定義的流程。

If they were to propose something other than the put, we would consider it.

如果他們提出的不是看跌期權，我們會考慮。

And if so inclined, we would negotiate it in normal course; but the process of the put would not apply.

如果有這種意願，我們會按照正常進程進行談判；但看跌期權的過程將不適用。

It was clear when I got here that we're always prepared if they choose to exercise the put to go through the process, and have our points of view on that.

當我來到這裡時，很明顯，如果他們選擇行使看跌期權來完成整個過程，我們總是做好準備，並且對此有我們的觀點。

And having said all that, we believe that we compete effectively now, but there certainly are clear benefits over the long-term to be one company.

說了這麼多，我們相信我們現在有效地競爭，但從長遠來看，成為一家公司肯定有明顯的好處。

And I've talked about that before.

我之前已經談過了。

I think it's true both for Visa Inc.

我認為這對 Visa Inc 來說都是如此。

as well as for Europe, but they need to come to that conclusion themselves.

歐洲也一樣，但他們需要自己得出這個結論。

But I think the most importantly in all of this is, we are prepared to compete regardless of the structure, regardless of which avenue they go down.

但我認為最重要的是，無論結構如何，無論他們走哪條路，我們都準備好競爭。

And if the situation changes, we'll obviously report back.

如果情況發生變化，我們顯然會報告回來。

But as of now, what you read are the facts, I believe.

但到目前為止，我相信你所讀到的都是事實。

The second issue is the EC inquiry.

第二個問題是歐共體調查。

They are investigating intra-European credit interchange rates and inter-regional credit interchange rates, which is where a non-European cardholder uses their card within Europe.

他們正在調查歐洲內部信用交換率和區域間信用交換率，這是非歐洲持卡人在歐洲使用他們的卡的地方。

They are also investigating certain MasterCard rates as well.

他們也在調查某些萬事達卡的費率。

If the EC ultimately challenges Visa and MasterCard's conduct, we expect that would seek to prohibit Visa and MasterCard from setting default interregional interchange rates at their current levels.

如果歐共體最終對 Visa 和 MasterCard 的行為提出質疑，我們預計這將尋求禁止 Visa 和 MasterCard 將默認區域間交換率設置為當前水平。

In addition, the EC is investigating Honor All Cards, no surcharge rules, as well as the practice of lending merchant fees.

此外，EC 正在調查 Honor All Cards、無附加費規則以及借出商戶費用的做法。

We're in discussions with the EC and have nothing to report yet.

我們正在與 EC 進行討論，目前還沒有任何報告。

There is a disagreement to the extent Visa Europe has an obligation to indemnify Visa Inc.

對於 Visa Europe 是否有義務賠償 Visa Inc.，存在分歧。

on this issue.

在這個問題上。

We're confident in our position that Visa Europe is obligated to indemnify Visa Inc., and we are engaged in conversations with them to resolve the matter.

我們對 Visa Europe 有義務賠償 Visa Inc. 的立場充滿信心，我們正在與他們進行對話以解決此事。

Let me move and just quickly cover two regulatory and litigation items that you are all aware of.

讓我移動并快速介紹你們都知道的兩個監管和訴訟項目。

The first one is the MDL.

第一個是 MDL。

The deadline for the opt-outs is May 28 and we're confident that the judge will approve the settlement.

退出的最後期限是 5 月 28 日，我們相信法官會批准和解。

On the Department of Justice, there is no update; we remain comfortable our actions are appropriate.

在司法部，沒有更新；我們仍然感到舒適，我們的行動是適當的。

Let me move on now and just hearken back to the last quarter's earnings call.

現在讓我繼續前進，然後再聽聽上一季度的財報電話會議。

On that call, I talked about our need to become more flexible and the need to work more closely with merchants.

在那次電話會議上，我談到了我們需要變得更加靈活以及與商家更緊密合作的需要。

And I'm going to talk a little bit more about this.

我要多談一點。

Just a reminder, as we think about our opportunity, we believe the number one opportunity for us is to move transactions from cash onto our electronic platform.

提醒一下，當我們考慮我們的機會時，我們相信我們的首要機會是將交易從現金轉移到我們的電子平台上。

And we're confident that our assets are of the quality and the scope that we believe we would get our fair share of transactions in the process.

我們相信，我們的資產具有我們相信我們將在此過程中獲得公平交易份額的質量和範圍。

This really is about moving transactions away from cash.

這實際上是關於將交易從現金中轉移出去。

Our focus is on helping issuers remain competitive at the point-of-sale.

我們的重點是幫助發行人在銷售點保持競爭力。

The ecosystem is evolving, and we need to evolve as well to make sure we remain competitive at that point.

生態系統正在發展，我們也需要發展，以確保我們在那個時候保持競爭力。

So, to that end, we are evolving our rules.

因此，為此，我們正在發展我們的規則。

We also aggressively continue to invest in new capabilities that we think will benefit everyone in the payments value chain.

我們還積極地繼續投資於我們認為將使支付價值鏈中的每個人受益的新功能。

An important example of this was, effective February 1, we modified one of our rules to enable issuers and merchants to differentiate at the point-of-sale.

一個重要的例子是，從 2 月 1 日起，我們修改了我們的一項規則，使發行人和商家能夠在銷售點進行區分。

This could take form in a whole series of things, but it could include things such as discounts, offers, or incentives.

這可以在一系列事情中體現出來，但它可以包括折扣、優惠或獎勵等事情。

We like this change because it creates an environment where all four parties -- consumers, issuers, acquirers, and merchants -- now have the ability to work together to create the most robust experience for all; and all four parties will now be able to work together to use our network to help us grow Visa payment volume.

我們喜歡這種變化，因為它創造了一個環境，讓所有四方——消費者、發行人、收單機構和商家——現在都有能力共同努力，為所有人創造最強大的體驗；現在，所有四方將能夠共同努力，利用我們的網絡來幫助我們增加 Visa 支付量。

And the rule we had in place did not allow that to happen.

我們制定的規則不允許這種情況發生。

A lot of talk about the Chase contract.

很多關於大通合同的討論。

And the Chase contract, in reality, is just one example of giving our issuers and acquirers an opportunity to create an environment to actually do what we just talked about, which is deliver more value to merchants and consumers.

實際上，Chase 合同只是讓我們的發行人和收單機構有機會創造一個環境來實際做我們剛才談到的事情的一個例子，即為商家和消費者提供更多價值。

So we included a slide, but I thought I would walk through exactly just what it is.

所以我們包括了一張幻燈片，但我想我會完全了解它的內容。

First of all, it's a 10-year renewable partnership.

首先，這是一個為期 10 年的可再生夥伴關係。

As part of this, we will create a distinct custom platform within VisaNet for the processing of their transactions, which I believe they're referring to as Chase Merchant Services, or CMS.

作為其中的一部分，我們將在 VisaNet 中創建一個獨特的自定義平台來處理他們的交易，我相信他們將其稱為 Chase Merchant Services，或 CMS。

This image of Visa's authorization, clearing and settlement system will be licensed to them exclusively for their use.

Visa授權、清算和結算系統的這張圖片將被授權給他們專門供他們使用。

The Chase transactions will still originate from a Visa-branded card, but will be processed in one of two ways.

Chase 交易仍將來自 Visa 品牌卡，但將以兩種方式之一進行處理。

The first way would be just as happens today.

第一種方法就像今天發生的那樣。

The second, if the card is used at a merchant with whom Chase has a direct agreement with CMS, the transactions will be processed over the platform provided for them by us.

第二，如果該卡在大通與 CMS 有直接協議的商戶使用，交易將在我們為他們提供的平台上處理。

Visa branding on the cards and at the point-of-sale remains the same.

卡上和銷售點上的 Visa 品牌保持不變。

The CMS platform is customizable, but the transactions will continue to meet our safety, security, and soundness standards, and we can offer similar functionality to any other Visa client.

CMS 平台是可定制的，但交易將繼續滿足我們的安全、安保和穩健性標準，我們可以為任何其他 Visa 客戶提供類似的功能。

Visa retains ownership control of its technology and intellectual property, which is obviously critical for us.

Visa 保留對其技術和知識產權的所有權控制權，這顯然對我們至關重要。

Chase, like any other issuer today, can negotiate interchange directly with merchants, whether the transaction is processed through CMS or VisaNet.

與今天的任何其他發行人一樣，Chase 可以直接與商家協商交換，無論交易是通過 CMS 還是通過 VisaNet 處理的。

Not sure that this is well-understood that issuers have the ability to do this today, but they do, in fact, have the ability to do it.

不確定發行人今天是否有能力做到這一點，但他們確實有能力做到這一點。

And Chase and the other merchants will continue to have the ability.

而大通和其他商人將繼續有能力。

The pricing levels and mechanics for our deal with Chase are consistent with what would be available to clients of Chase's size and scope for making a 10-year commitment.

我們與大通交易的定價水平和機制與大通的規模和承諾 10 年承諾的客戶可獲得的價格一致。

And obviously, important for us, we, Visa, will gain additional consumer credit and debit volume.

顯然，對我們很重要的是，我們 Visa 將獲得額外的消費信貸和借記金額。

Looking ahead, we will continue to develop new capabilities and enhancing our business practices, because we want to help issuers, acquirers, and merchants of all sizes work more closely together to take full advantage of the opportunities emerging across the industries.

展望未來，我們將繼續開發新的能力並加強我們的業務實踐，因為我們希望幫助各種規模的發卡機構、收單機構和商家更緊密地合作，以充分利用各個行業出現的機會。

And to that end, we are in active discussions with other partners on ways to use our network to help them differentiate.

為此，我們正在與其他合作夥伴積極討論如何利用我們的網絡幫助他們脫穎而出。

If clients are interested, we are willing to pursue customized arrangements that make sense for their own business needs, but we will adhere to certain core Visa principles, which is the manner in which we had approached the Chase arrangement.

如果客戶有興趣，我們願意尋求對他們自己的業務需求有意義的定制安排，但我們將堅持某些核心 Visa 原則，這就是我們處理 Chase 安排的方式。

Just a few of these would be -- number one is, it would have to support the Visa brand.

其中只有少數是——第一，它必須支持 Visa 品牌。

It would have to support our safety, soundness, and security standards that we maintain.

它必須支持我們維護的安全、穩健和安保標準。

We would have to maintain control over the IP.

我們必須保持對 IP 的控制。

We would have to continue to enable clients of all sizes to compete in the marketplace.

我們必須繼續讓各種規模的客戶在市場上競爭。

And probably most importantly, whatever we do would have to add value to the Visa network.

也許最重要的是，我們所做的任何事情都必須為 Visa 網絡增加價值。

The bottom line is, we believe that what -- that our approach here, relative to Chase, and our approach with all issuers, acquirers, merchants of all sizes, are steps that are good for the electronification of payments, and good for all of our partners, and therefore, good for us.

底線是，我們相信，相對於大通，我們的方法，以及我們與所有發行人、收單機構、各種規模的商家的方法，都是有利於支付電子化的步驟，也有利於所有人我們的合作夥伴，因此對我們有好處。

There's a lot more we could talk about, but we do have planned for you all a complete strategic update at our Investor Day scheduled for June 6. At that meeting, we intend to cover plans for what we're doing both in the developed and the emerging economies.

我們可以談論的還有很多，但我們確實已經為大家計劃了在 6 月 6 日的投資者日上進行的完整戰略更新。在那次會議上，我們打算涵蓋我們在發達國家和新興經濟體。

And we intend to focus a lot on eCommerce, mobile solutions, and what we are doing in the technology space in general.

我們打算將重點放在電子商務、移動解決方案以及我們在技術領域所做的事情上。

So, we'll leave a bunch of the discussions for that, since we'll have plenty of time.

所以，我們將為此留下一堆討論，因為我們有足夠的時間。

And with that, I think we will stop and we'll open the call to questions.

有了這個，我想我們會停下來，我們會開始提問。

(Operator Instructions) Moshe Orenbuch, Credit Suisse.

（操作員說明）Moshe Orenbuch，瑞士信貸。

I think the revenue performance, obviously, very strong.

我認為收入表現顯然非常強勁。

Just wondering if you could kind of talk about how you see that progressing?

只是想知道您是否可以談談您如何看待這一進展？

Obviously, it sounded like the incentive that you were talking about was lower incentives in the current period.

顯然，聽起來您所說的激勵措施是當前時期的激勵措施較低。

And so, can we take away from that that you're actually seeing kind of better -- a better combination, if you will, of kind of volume coming out of debit and some of the pricing actions that you've taken?

因此，我們能否擺脫您實際上看到的更好的情況——如果您願意的話，一種更好的組合，即從借方產生的交易量和您採取的一些定價行動？

So let me respond to that.

所以讓我來回應一下。

First, on the -- just to be clear on the incentive piece, a large contributor to the reduction in the incentive guidance going forward, and to a certain extent, this quarter, when we signed the Chase agreement, it restructured how we price.

首先，關於 - 只是為了明確激勵部分，這是導致未來激勵指導減少的重要因素，並且在一定程度上，本季度，當我們簽署大通協議時，它重組了我們的定價方式。

So that, as I said in my opening remarks, gross fees are coming down along with incentives.

因此，正如我在開場白中所說，總費用隨著激勵措施而下降。

And it's largely an offset.

這在很大程度上是一種抵消。

So, while incentives for the balance of the year are expected to come in, in that 16% to 17% range, that in and of itself is not a significant contributor to the revenue performance for the balance of the year, because we haven't changed our overall revenue guidance.

因此，雖然預計將在 16% 到 17% 的範圍內對年度餘額進行激勵，但其本身並不是年度餘額收入表現的重要貢獻者，因為我們沒有t改變了我們的整體收入指導。

So, we are well-positioned within the low double-digit range.

因此，我們在較低的兩位數範圍內處於有利地位。

And what we're seeing underlying that is strong, sustained performance globally.

我們看到的是全球強勁、持續的表現。

And with two quarters now under our belt, and because of our quarter lag -- remember that we actually have visibility to three quarters of service revenue -- we have a much higher degree of certainty of how the year will flow out.

現在有兩個季度，並且由於我們的季度滯後 - 請記住，我們實際上可以看到四分之三的服務收入 - 我們對今年將如何流動有更高的確定性。

And given the strength we are seeing outside the US, good sustained recovery in our US debit business, as you pointed out, and particularly as we enter into the April, May, June quarter, this will anniversary the Dodd-Frank routing rules.

正如你所指出的，鑑於我們在美國以外看到的實力，我們的美國借記卡業務持續復甦，特別是當我們進入 4 月、5 月、6 月季度時，這將是多德-弗蘭克路由規則的周年紀念。

Notice I said Dodd-Frank, not Durbin.

請注意，我說的是 Dodd-Frank，而不是 Durbin。

And, so, while the debit business in the US has sustained a meaningful loss, particularly in the interlinked, we are pleased with the way that the business and our mitigating strategies have unfolded, and the way the business has been recovering over the past several quarters.

因此，雖然美國的借記業務遭受了重大損失，尤其是在相互關聯的業務中，但我們對業務和我們的緩解策略展開的方式以及業務在過去幾年中恢復的方式感到滿意宿舍。

Craig Maurer, CLSA.

克雷格·毛雷爾，里昂證券。

Quickly, I was wondering if you could address any material pricing differences between Visa Inc.

很快，我想知道您是否可以解決 Visa Inc. 之間的任何重大定價差異。

and Visa Europe that would have to be overcome, should the put be exercised?

和必須克服的歐洲簽證，是否應該行使看跌期權？

And although I know it doesn't materially impact your top line, I was wondering if you could just clarify what's going on with the cash volumes in Latin America that seemed to be off dramatically.

儘管我知道這不會對您的收入產生重大影響，但我想知道您是否可以澄清一下拉丁美洲的現金數量似乎急劇下降的情況。

Thanks.

謝謝。

The pricing approach that Visa Europe pursues is one that's still very much based on a bank-owned membership arrangement.

Visa Europe 採用的定價方法仍然很大程度上基於銀行擁有的會員安排。

And so, it's different than what we have here in the United States or for Visa Inc.

因此，這與我們在美國或 Visa Inc. 的情況不同。

globally, outside of Europe.

全球，歐洲以外。

Having said that, Visa Europe still must price to be competitive with other competitors like MasterCard in that arena.

話雖如此，Visa Europe 仍然必須定價才能在該領域與 MasterCard 等其他競爭對手競爭。

And so, we've not done a detailed analysis of what the comparisons are, but there is a presumption that, to be competitive, you have to price competitively.

因此，我們沒有對比較的內容進行詳細分析，但有一個假設是，要具有競爭力，您必須以具有競爭力的價格進行定價。

And we consider Visa Europe very competitive in that part of the world.

我們認為 Visa Europe 在該地區非常具有競爭力。

So, don't really have a comment on that.

所以，真的不要對此發表評論。

And with regards to the cash volumes in Latin America, don't have a comment on that either.

關於拉丁美洲的現金量，也不要對此發表評論。

And so, that's one we'll have to take a look into and we'd be happy to get back to you through IR.

因此，這是我們必須研究的問題，我們很樂意通過 IR 與您聯繫。

And let me just add to Byron's response on the Visa Europe question.

讓我補充一下拜倫對歐洲簽證問題的回答。

As I said in the remarks, there is a very defined process that we would go through with Visa Europe where we look at the sustainable earnings power of the Company.

正如我在評論中所說，我們將與 Visa Europe 一起經歷一個非常明確的流程，我們將在其中審視公司的可持續盈利能力。

And I would presume a big part of that discussion would be what the sustainable revenue contribution would be, as the model evolved.

我認為隨著模型的發展，討論的很大一部分將是可持續的收入貢獻。

And there's plenty of time through that process to have that discussion with them, if we get to that point.

如果我們達到了這一點，那麼在這個過程中有足夠的時間與他們進行討論。

Bill Carcache, Nomura.

Bill Carcache，野村。

So between about $1.8 billion of buybacks and over $200 million in dividends, it looks like your payout ratio was about 160% this quarter or thereabouts.

因此，在大約 18 億美元的回購和超過 2 億美元的股息之間，看起來你的派息率在本季度左右約為 160%。

As we look ahead, would final approval of the merchant litigation, you know, what you expect, influence your mindset or attitude regarding capital return?

展望未來，商戶訴訟的最終批准，你知道，你的期望，會影響你對資本回報的心態或態度嗎？

You know perhaps just making you feel like you have a bit more flexibility there?

你知道也許只是讓你覺得你在那裡有更多的靈活性？

The answer is no.

答案是不。

We began life as a public company committed to return excess cash to shareholders.

我們最初是一家致力於將多餘現金返還給股東的上市公司。

We have done that aggressively over five-plus years.

我們在五年多的時間裡積極地做到了這一點。

Every time there was an opportunity to, in effect, put money into the escrow on behalf of the US Bank shareholders, and do that in a way that had the effect of a share repurchase, we did that.

實際上，每當有機會代表美國銀行股東將資金存入託管賬戶，並以一種具有股票回購效果的方式進行時，我們就這樣做了。

Had that money not gone into the escrow, I'm fairly confident in saying that we would have ended up buying back, in the open market, those shares.

如果這筆錢沒有進入託管，我很有信心說我們最終會在公開市場上回購這些股票。

And just a final point.

最後一點。

You mentioned the buyback and the dividends for the period.

您提到了該期間的回購和股息。

If you think about our commitment in the following way, I think this underscores our commitment to return.

如果您以以下方式考慮我們的承諾，我認為這強調了我們對回報的承諾。

We have guided to $6 billion of free cash flow for the year.

我們今年的自由現金流達到了 60 億美元。

Roughly $1 billion of that $6 billion will be generated in -- offshore in ways that we would not bring back to the US and subject it to taxes, at least at any time in the near future.

在這 60 億美元中，大約有 10 億美元將以我們不會帶回美國並對其徵稅的方式在離岸產生，至少在不久的將來的任何時候都是這樣。

That leaves $5 billion.

剩下50億美元。

We have authorization to repurchase a little over $4 billion for the year, of which we have basically bought back, through the first six months, $3 billion of the $4 billion.

我們有權在今年回購略高於 40 億美元，其中我們基本上在前六個月回購了 40 億美元中的 30 億美元。

And if you take four full quarters of dividend payments, you're approaching $1 billion.

如果您支付四個完整季度的股息，您將接近 10 億美元。

So if you add the share repurchases at $4 billion to the dividends of $1 billion, you get $5 billion of the $6 billion of free cash flow, in effect, returned to shareholders, and the $1 billion that isn't, is offshore.

因此，如果您將 40 億美元的股票回購加上 10 億美元的股息，您將獲得 60 億美元的自由現金流中的 50 億美元，實際上是返還給股東的，而沒有返還的 10 億美元是離岸的。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

I was hoping you could discuss this merchant litigation that's being threatened in Europe that you guys disclosed in the 10-Q.

我希望你們能討論一下你們在 10-Q 中披露的在歐洲受到威脅的商業訴訟。

It seems like you feel like you're being -- you should be indemnified there as well.

似乎你覺得你正在——你也應該在那裡得到賠償。

But I was wondering if you could just flesh out a little bit?

但我想知道你是否可以稍微充實一點？

I guess, would that be part of the reason that would drive the banks to exercise the put?

我想，這會是促使銀行行使看跌期權的部分原因嗎？

And then, second, I just wanted to make sure I understood Byron's point about the Chase deal.

然後，第二，我只是想確保我理解拜倫關於大通交易的觀點。

Would the gross revenue yields then come down next quarter, given the structuring of the deal?

考慮到交易的結構，下個季度的總收入收益率會下降嗎？

Because if you look at kind of year-over-year change, those were up in the second quarter.

因為如果你看一下同比變化，那麼這些在第二季度有所上升。

Thanks.

謝謝。

You want to answer the second one first, Byron?

你想先回答第二個，拜倫？

Yes, let me do the second one first.

是的，讓我先做第二個。

Everything else being equal, yes.

其他一切都是平等的，是的。

The gross revenue yields would come down, isolated to that one factor in Chase.

總收入收益率會下降，這與大通的這一因素無關。

Because you still have the transactions, but the way that they are being charged, gross equals net, no incentives.

因為你仍然有交易，但是他們的收費方式，總額等於淨額，沒有激勵措施。

And so, incentives would go down, gross yield would go down.

因此，激勵措施會下降，總收益率會下降。

And on the first point, let me take a shot at that for a second.

關於第一點，讓我試一試。

So, the EC is investing -- is investigating several different things, one of which is intra-European credit interchange.

因此，歐共體正在投資——正在調查幾件不同的事情，其中之一是歐洲內部的信用互換。

So, this is where there is a card issued within Europe and it's used inside of Europe.

所以，這是在歐洲發行的一張卡，它在歐洲內部使用。

That affects Visa Europe.

這會影響 Visa Europe。

It does not affect us, per se.

它本身並不影響我們。

And they're also investigating inter-interchange, which is when it is a card issued outside of Europe and it's used inside of Europe.

他們還在調查互通性，即當它是在歐洲以外發行並在歐洲內部使用的卡時。

We obviously don't know, since we're in discussions with them, where it winds up.

我們顯然不知道，因為我們正在與他們討論，它會在哪裡結束。

We have nothing to report on exactly the specifics of what they're thinking.

我們無法準確報告他們的想法。

And relative to how it impacts their view of the put, I think, honestly, that is a -- that's a question for them, whether it's for Visa Europe or for the banks themselves.

相對於它如何影響他們對看跌期權的看法，我認為，老實說，這對他們來說是一個問題，無論是對於 Visa Europe 還是對於銀行本身。

I would say what we think about is, what it does to our thinking about Visa Europe.

我想說的是，我們思考的是，它對我們對 Visa Europe 的思考有何影響。

And in the different scenarios that I spoke about, to the extent that we have to go through a valuation process to understand what the sustainable earnings of Visa Europe would be, that whatever the conclusion of this inquiry would be would obviously help us point us towards what the affect of this could certainly be.

在我談到的不同情況下，我們必須通過估值過程來了解 Visa Europe 的可持續收益是多少，無論這次調查的結論是什麼，顯然都會幫助我們指出這肯定會產生什麼影響。

And if it's something outside of the put, we would obviously have to take it into account as well.

如果它是看跌期權之外的東西，我們顯然也必須考慮到它。

But when it's concluded, we'll know the specifics, and we'll be in a position to understand the impacts.

但是當它結束時，我們會知道細節，我們將能夠了解影響。

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

Just a clarification and a question.

只是一個澄清和一個問題。

The clarification just in terms of other future deals like the Chase deal.

僅就大通交易等其他未來交易進行澄清。

Are you guys kind of waiting for inbound interest in terms of other issuers approaching you?

你們是不是在等待其他發行人接近你時的入境興趣？

Or are you actually proactively marketing as two other big issuers?

還是您實際上是作為另外兩個大發行人積極營銷？

And then, just as my question, also on the topic of the 10-Q, I saw some language in there around CFPB, taking a look at currency conversion fees on cross-border transactions -- just any comments you may have on that.

然後，就像我的問題一樣，也是關於 10-Q 的主題，我在 CFPB 周圍看到了一些語言，看看跨境交易的貨幣兌換費用 - 只是你可能對此有任何評論。

Thanks.

謝謝。

Okay.

好的。

So on the first question, we're not the type of organization that waits for our clients to call us.

所以關於第一個問題，我們不是那種等待客戶給我們打電話的組織。

I mean, in all seriousness, we are -- we talk with our clients literally day in and day out.

我的意思是，說真的，我們是——我們日復一日地與客戶交談。

So, when this was announced, there are certainly extensive conversations that have gone on and continue to go on with clients of all sizes.

因此，當宣布這一消息時，肯定會與各種規模的客戶進行廣泛的對話，並將繼續進行下去。

And even before the announcement, the conversations that we've had were very consistent with the messaging that I laid out on the last call, which is that we want to be more flexible.

甚至在宣布之前，我們進行的對話與我在上次電話會議中提出的信息非常一致，即我們希望更加靈活。

We want to evolve our rules, and we want to focus much more on working with merchants.

我們希望改進我們的規則，並且我們希望更多地關注與商家的合作。

So, we are actively involved in talking to institutions of all sizes.

因此，我們積極參與與各種規模的機構的交流。

I would describe them as very, very different types of conversations, with people having different capabilities and different desires.

我會將它們描述為非常非常不同類型的對話，人們具有不同的能力和不同的願望。

And when I went through my introductory remarks, I kind of laid out what some of the principles are for us to follow.

當我進行介紹性發言時，我有點列出了我們應該遵循的一些原則。

But if we can do things with them that would help them grow their business and help us grow payment volume, that's something we're very excited to do.

但是，如果我們可以與他們一起做有助於他們發展業務並幫助我們增加支付量的事情，那將是我們非常興奮的事情。

Let me take the -- yes, let me take the question on the CFPB.

讓我回答--是的，讓我回答關於CFPB 的問題。

As you might imagine, we have quite a bit of experience globally working with regulators.

正如您可能想像的那樣，我們在全球範圍內與監管機構合作擁有豐富的經驗。

And it's not uncommon for them to reach out in a very informational way to try and understand how certain practices unfold within our ecosystem.

他們以一種非常信息化的方式接觸並嘗試了解某些實踐如何在我們的生態系統中展開的情況並不少見。

And that is very much the nature of this dialogue with the CFPB.

這就是與 CFPB 對話的本質所在。

They have reached out and asked us if we would help them -- help educate them on how the currency trading ecosystem works as it relates to credit and debit cards.

他們已經聯繫並詢問我們是否會幫助他們 - 幫助他們了解貨幣交易生態系統如何運作，因為它與信用卡和借記卡相關。

And so, myself along with a number of my colleagues, have met with them personally.

因此，我自己和我的一些同事都親自會見了他們。

It was a very straightforward educational type discussion, focused on the mechanics of how currency conversion works.

這是一個非常簡單的教育類型討論，重點是貨幣轉換的機制。

I would describe the working relationship as very cordial, very sound.

我會將這種工作關係描述為非常親切、非常健全。

I would say at the same time that our engagement is ongoing.

我會同時說，我們的參與正在進行中。

And we will, of course, give me keep you all informed as this dialogue unfolds.

隨著對話的展開，我們當然會通知你們所有人。

James Friedman, Susquehanna.

詹姆斯弗里德曼，薩斯奎哈納。

Thank you for taking my question.

謝謝你接受我的問題。

Charlie, since it's -- the spring is the season for this, I was wondering how you would characterize the general tone for new fees at this point?

查理，既然春天是這個季節，我想知道你會如何描述此時新費用的總體基調？

Should we expect more or less revenue growth coming from new fees this year than in prior years?

我們應該預計今年新收費帶來的收入增長會比往年多還是少？

I didn't realize that spring was the period of time for new fees.

我沒有意識到春天是新收費的時期。

You know, I think I'll leave it at the revenue guidance overall that Byron gave.

你知道，我想我會把它留在拜倫給出的整體收入指導上。

I think that's -- I mean, that's -- for us to talk about in another level of detail of what we are forecasting for revenues would go beyond what is our practice, and not something that we would want to get into.

我認為那是-我的意思是，那是-讓我們更詳細地討論我們對收入的預測將超出我們的實踐範圍，而不是我們想要進入的範圍。

I would just add to that.

我只想補充一點。

When we gave the original guidance that Charlie referred to, at the beginning of the fiscal year, we said that it was -- that we would deliver our revenue the old-fashioned way, through volume increases, and that there would not be a material reliance on any sort of price -- yes, pricing overall within the business plan for the year.

當我們在財政年度開始時給出查理提到的原始指導時，我們說它是——我們將以老式的方式通過增加銷量來提供我們的收入，並且不會有實質性的依賴任何形式的價格——是的，在當年的商業計劃中進行整體定價。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

So, hey, a two-part question on the Chase VisaNet deal.

所以，嘿，關於 Chase VisaNet 交易的兩部分問題。

Could you just give us a sense of the reaction you're getting from other banks in the wake of that deal?

您能否讓我們了解一下您在該交易後從其他銀行得到的反應？

And also maybe the acquirer community, how they're reacting.

還有可能是收購方社區，他們的反應如何。

And if you see any major constraints on the ability of other particularly large banks to pursue a similar deal, Chase VisaNet type deal.

如果您發現其他特別大的銀行進行類似交易的能力受到任何重大限制，Chase VisaNet 類型的交易。

And then, Byron, maybe on the numbers, can you give us a sense on whether you expect to be revenue-positive on the Chase deal over the next year, after the -- clearly, there is some discounting that's going on, on that contract.

然後，拜倫，也許在數字上，你能否告訴我們你是否期望在明年對大通交易產生積極的收入，之後 - 顯然，有一些折扣正在發生，在那合同。

Will the volume gains from MasterCard at Chase offset the impact of the pricing discounts?

大通銀行萬事達卡的銷量增長會抵消定價折扣的影響嗎？

Thanks.

謝謝。

Let me start with the -- so why don't we start with the numbers?

讓我從數字開始——那麼我們為什麼不從數字開始呢？

So the answer to the question -- first part of the question was, do we expect to be volume-accretive with the signing of this contract going into the (multiple speakers) -- excuse me, revenue-accretive -- going into the next year.

所以這個問題的答案——問題的第一部分是，我們是否期望隨著這份合同的簽署進入（多位發言者）——對不起，收入增長——進入下一個年。

The question is absolutely yes, that when we factor in all the elements of the deal, including those you referenced, we expect to have positive revenue growth with the Chase relationship in the coming year.

問題是肯定的，當我們考慮到交易的所有要素，包括您提到的那些要素時，我們預計來年與 Chase 的關係將實現正的收入增長。

And relative to the reaction of -- from banks and acquirers to Chase, I mean, I would honestly -- I guess I would say it was mixed initially, and quite candidly, was probably confusing, because there were not a lot of facts.

相對於 - 從銀行和收購方到大通的反應，我的意思是，老實說 - 我想我會說它最初是喜憂參半的，而且坦率地說，可能令人困惑，因為沒有很多事實。

Because there were terms disclosed at the point of a letter of intent, not a final contract, which is what we have signed now.

因為在意向書中披露了條款，而不是最終合同，這是我們現在簽署的。

So we've been able to have much more in-depth conversations about what it is, similar to what we've talked about here.

因此，我們能夠就它是什麼進行更深入的對話，類似於我們在這裡討論的內容。

And I think the conversations very much have moved to, what is it?

而且我認為對話已經轉移到了很多地方，它是什麼？

It's confusing.

這很令人困惑。

What does it mean?

這是什麼意思？

And this is both on the bank side and the acquirer side, to what will -- what can Visa do to help them customize and differentiate their experience?

這對銀行和收單方都有影響，Visa 可以做些什麼來幫助他們定制和差異化他們的體驗？

So we are having that discussion again from small institutions to much bigger institutions and acquirers alike.

因此，我們再次從小型機構到更大的機構和收購方進行討論。

And as I said, I think the overriding concept here is, the world is changing around us.

正如我所說，我認為這裡最重要的概念是，我們周圍的世界正在發生變化。

And there are lots of people that we compete with, and people who want to compete with us, that have strategies around working with merchants at point-of-sale.

有很多人與我們競爭，也有很多想與我們競爭的人，他們制定了與銷售點商家合作的策略。

And if we don't figure out how to evolve our model to encourage issuers and acquirers to do that, then we'd be leaving great opportunity on the table.

如果我們不弄清楚如何發展我們的模型以鼓勵發行人和收購人這樣做，那麼我們將在桌面上留下巨大的機會。

And so, we do have to be flexible in how we do it, as long as we don't think that it violates any of the principles that I spoke about before.

因此，我們必須靈活地處理它，只要我們不認為它違反了我之前談到的任何原則。

And we feel very good that what we're doing actually does that.

我們感覺非常好，我們正在做的事情確實做到了。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Good results.

好結果。

I'll ask a couple of modeling nerd questions.

我會問幾個建模書呆子的問題。

Data processing fee, is that yield or revenue per trend?

數據處理費，是每個趨勢的收益還是收入？

That jumped up quite a bit.

這一下子漲了不少。

The biggest we've seen in a long time.

我們在很長一段時間內見過的最大的。

What's driving that?

是什麼驅動了它？

And I guess going forward, that will be impacted to some degree by the Chase deal?

我想未來，這會在某種程度上受到大通交易的影響？

Then secondly, the international transaction fee line looked like the revenue growth created premiums across border volume for the first time in over a couple of quarters.

其次，國際交易費用線看起來像是收入增長在幾個季度以來首次創造了跨境保費。

What's driving that as well?

是什麼推動了這一點？

Thanks.

謝謝。

Let me respond.

讓我回應一下。

So, on the debit -- data processing yield, as you all remember, about a year ago, as part of our Dodd-Frank debit mitigating strategy, we restructured our pricing.

因此，在藉方 - 數據處理收益方面，你們都記得，大約一年前，作為我們的多德-弗蘭克借方緩解策略的一部分，我們重新調整了定價。

We introduced a lower variable transaction fee.

我們引入了較低的可變交易費用。

We introduced, for the first time, a fixed acquirer network fee.

我們首次引入了固定的收單機構網絡費用。

When we first introduced those in the way that we bill and record revenue, we had to do that to a certain degree with some estimates, and -- since it was a new pricing structure.

當我們第一次以我們計費和記錄收入的方式引入這些時，我們必須在一定程度上通過一些估計來做到這一點，而且——因為它是一種新的定價結構。

And as we conclude the March quarter, we pretty much got a year of this under our belt.

當我們結束 3 月季度時，我們幾乎已經有了一年的時間。

And so, we're now in a position where we can start to true up some of those estimates.

因此，我們現在可以開始驗證其中的一些估計。

And what you saw in the data processing yield line was some true-up there and a few credits.

你在數據處理收益線上看到的是一些真實情況和一些學分。

Going forward, I would say that the data processing yield is more likely to approximate what you saw in Q1 as opposed to Q2.

展望未來，我會說數據處理產量更有可能接近您在第一季度而不是第二季度看到的結果。

Still very solid.

還是很紮實的。

But I think that's -- from a nerdy modeling standpoint, I think that's probably the guidance you were looking for.

但我認為那是——從一個書呆子建模的角度來看，我認為這可能是你正在尋找的指導。

With regards to international, as we have talked about this particular line on several occasions before, there is always some degree of variability between volume and reported revenue.

關於國際，正如我們之前多次討論過的那樣，數量和報告的收入之間總是存在一定程度的變化。

Part of it is revenue mix.

其中一部分是收入組合。

Part of it is the amount of volatility we see in the currency markets.

部分原因是我們在貨幣市場上看到的波動幅度。

And in periods where there is a higher degree of volatility, often associated with saber rattling or conflicting claims on islands in the China Sea, anything issues around Cyprus, anything that royals the currency markets and creates more volatility, creates a bit more -- as an impact on the revenue that we record.

在波動程度較高的時期，通常與對中國海島嶼的激烈爭吵或相互衝突的主張相關聯，塞浦路斯周圍的任何問題，任何影響貨幣市場並造成更大波動的事情，都會造成更多——因為對我們記錄的收入的影響。

And so, that was the case with international this past quarter.

因此，上個季度的國際就是這種情況。

We had a step-up in currency volatility, relative to what we've seen historically.

相對於我們在歷史上看到的情況，我們的貨幣波動性有所上升。

And then we also had a little bit of a tailwind with regards to this specific currencies that -- and their weighting during the quarter.

然後，對於這種特定貨幣以及它們在本季度的權重，我們也有一點順風。

Some currencies just naturally yield more of a return across our fee-base than others.

一些貨幣自然會比其他貨幣在我們的費用基礎上產生更多的回報。

So that's the reason.

所以這就是原因。

Bob Napoli, William Blair.

鮑勃·那不勒斯，威廉·布萊爾。

Just two quick ones.

只有兩個快速的。

What would be the strategy on funding the -- if -- the put, if it were to be executed?

如果要執行看跌期權，為看跌期權提供資金的策略是什麼？

And then secondly, just I'd like a little update on CyberSource.

其次，我想對 CyberSource 進行一些更新。

It's been growing 25% for the last couple of years.

在過去的幾年裡，它一直在增長 25%。

Doesn't seem to be slowing.

似乎沒有放緩。

And I just wondered if the revenue is growing in line with that?

我只是想知道收入是否會隨之增長？

And what the operating profit margin is on that CyberSource business?

CyberSource 業務的營業利潤率是多少？

And any update on the strategy would be helpful.

任何有關該策略的更新都會有所幫助。

So, let me take that.

所以，讓我接受。

So, in the event that we needed to consider funding for Visa Europe, let me just give you the following perspective.

因此，如果我們需要考慮為 Visa Europe 提供資金，讓我為您提供以下觀點。

We, currently, at the end of this quarter, we have roughly $2.2 billion of cash that is in offshore accounts, not immediately required for working capital.

目前，在本季度末，我們有大約 22 億美元的現金存在於離岸賬戶中，並不是立即需要的營運資金。

That $2.2 billion would be available for use in a Visa Europe put situation.

這 22 億美元將可用於 Visa Europe 看跌期權的情況。

Once the put -- if and when the put is exercised, we have 285 days to negotiate out and fund the transaction.

一旦看跌——如果看跌期權被行使，我們有 285 天的時間來協商並為交易提供資金。

During that period, we would generate in the normal course of business, at least $3 billion of free cash flow.

在此期間，我們將在正常業務過程中產生至少 30 億美元的自由現金流。

So, before we ever get to debt, if any were to be required, recognizing we have no debt, we've got $5 billion of cash readily available to deploy.

因此，在我們欠債之前，如果需要的話，承認我們沒有債務，我們有 50 億美元的現金可供部署。

And that's not to say that we would use all that cash, because this might -- again, if the put were to be exercised, this might be a good opportunity to actually put some debt on the balance sheet, and lower our weighted average cost of capital.

這並不是說我們會使用所有現金，因為這可能 - 再次，如果要行使看跌期權，這可能是一個在資產負債表上實際放置一些債務並降低我們的加權平均成本的好機會的資本。

The second question was CyberSource.

第二個問題是 CyberSource。

CyberSource was acquired, as you might remember, because it moved us closer to the merchant checkout page with regards to Internet transactions.

您可能還記得，收購 CyberSource 是因為它讓我們更接近有關互聯網交易的商家結帳頁面。

The fastest-growing channel we have today is eCommerce, and CyberSource gives us an additional value-add in the transaction, and a way of directly connecting through the acquirer to our network, in a way that is very synergistic with the rest of our business.

我們今天擁有的增長最快的渠道是電子商務，CyberSource 為我們提供了額外的交易附加值，以及一種通過收單方直接連接到我們網絡的方式，這種方式與我們的其他業務非常協同.

When we acquired CyberSource, it was primarily a US business.

當我們收購 CyberSource 時，它主要是一家美國企業。

The opportunity for us was outside the United States.

我們的機會在美國以外。

And so, we have invested aggressively in CyberSource to accelerate the expansion of that business outside the United States, and as a result, have been successful in sustaining its transaction growth rate at 20-plus-percent ever since we acquired the business.

因此，我們對 CyberSource 進行了積極投資，以加速該業務在美國以外的擴張，因此，自我們收購該業務以來，我們一直成功地將其交易增長率維持在 20% 以上。

And I can tell you that that transaction growth rate is slightly above the pro forma projections that we presented to our Board when we justified the purchase price.

我可以告訴你，當我們證明購買價格合理時，交易增長率略高於我們向董事會提交的備考預測。

So we couldn't be more pleased with the role CyberSource is now playing in the Visa Inc.

因此，我們對 CyberSource 現在在 Visa Inc. 中扮演的角色感到非常滿意。

global strategy, as we zero in on capitalizing on the Internet growth opportunity, which is absolutely global in its scope.

全球戰略，因為我們將利用互聯網增長機會歸零，這在其範圍內絕對是全球性的。

And I'll just add, as we -- all of our work that we've got going on with merchants, as I talked about, CyberSource and its capabilities are a tremendous advantage for us in those conversations.

我要補充一點，正如我所說，我們與商家進行的所有工作，正如我所說，CyberSource 及其功能在這些對話中對我們來說是一個巨大的優勢。

Julio Quinteros, Goldman Sachs.

胡里奧·金特羅斯，高盛。

Not to beat a dead horse, but I guess I'll keep jumping on this Chase merchant services contract.

不要打死馬，但我想我會繼續加入這個大通商家服務合同。

Thinking through the reaction, I guess, mostly as it relates to kind of the independent or standalone merchant acquirers versus the bank-owned merchant acquirers, how exactly would you distinguish the benefits to each one of these guys, especially if they don't actually issue their own cards?

考慮到反應，我想，主要是因為它與獨立或獨立的商戶收單機構與銀行擁有的商戶收單機構有關，你如何準確區分這些人的利益，特別是如果他們實際上沒有自己發卡？

Well, again, I think -- I guess the way we think about it is, what we are willing -- the importance of what we did with Chase is not specifically about the Chase structure.

好吧，我想——我想我們的思考方式是，我們願意——我們對 Chase 所做的事情的重要性並不是專門針對 Chase 結構。

It's about what the intent we're trying to get at, which is to put issuers and acquirers together to work directly with merchants.

這是關於我們試圖達到的意圖，即將發行人和收單機構放在一起，直接與商家合作。

So, to the extent that a bank owns an acquirer, it obviously allows you to have that conversation under one roof.

因此，就銀行擁有收購方而言，它顯然允許您在一個屋簷下進行對話。

To the extent you have issuers who don't control their own acquirers, hopefully, now they're thinking about and are, in fact, having conversations with acquirers, about the types of things that they could do if they worked more closely together.

如果發行人無法控制自己的收購方，希望他們現在正在考慮並且實際上正在與收購方進行對話，討論如果他們更緊密地合作，他們可以做哪些事情。

You know the reality is, I think if you go around and talk to most issuers, they would probably say that there wasn't a lot of conversation that went on between the issuing and acquiring side, partially because of our rules that stood in the way of them working together to do something positive for the merchant.

你知道現實是，我認為如果你四處走動並與大多數發行人交談，他們可能會說發行方和收購方之間沒有進行太多對話，部分原因是我們的規則站在他們共同努力為商家做一些積極的事情的方式。

And so, now that we've given them the ability to do that, I don't -- it shouldn't -- you don't have to own your own acquirer in order to take advantage of the changes that we've made.

因此，既然我們已經賦予了他們這樣做的能力，我不需要——它不應該——你不必擁有自己的收購方來利用我們所做的改變製成。

And I think, quite frankly, we'll see how it evolves.

我認為，坦率地說，我們將看到它是如何演變的。

I think going back to Rod's question earlier, I mean, there are some people that look at this and say, okay, got it, understand it, but I don't believe it.

我想回到之前羅德的問題，我的意思是，有些人看到這個並說，好吧，明白了，明白了，但我不相信。

I think it's too hard.

我覺得太難了。

I don't think it's going to be successful.

我不認為它會成功。

I don't intend to change anything.

我不打算改變任何東西。

And we'll wait and see.

我們將拭目以待。

And if we get to a point of, hey, there's something there, then we've got capabilities and we'll go forward with that.

如果我們達到一個點，嘿，那裡有一些東西，那麼我們就有能力，我們會繼續前進。

There are others that are more interested in thinking through how to take advantage of some of the things that we are willing to do.

還有其他人更感興趣的是思考如何利用我們願意做的一些事情。

And I think, honestly, this will evolve over the next -- it will take, I'm going to say, a couple of years.

而且我認為，老實說，這將在未來發展 - 我會說這需要幾年時間。

It's not the type of thing that will be -- it will be very, very short.

它不是那種類型的東西——它會非常非常短。

You know, it's -- they involve not just conversations between issuers and acquirers, but you have to have conversations with the merchants.

您知道，它不僅涉及發行人和收單機構之間的對話，而且您還必須與商家進行對話。

They have to believe that there is a real value proposition there.

他們必須相信那裡有一個真正的價值主張。

They've got to do some things different potentially in their stores with their customers.

他們必須在商店中與客戶做一些不同的事情。

And that's not always the most obvious and easy conversation.

這並不總是最明顯和最容易的對話。

But again, we think it's the right conversation to have but it's a thesis that has to be proved.

但同樣，我們認為這是正確的對話，但這是一個必須證明的論點。

Darrin Peller, Barclays.

巴克萊銀行的達林佩勒。

Listen, just first to clarify on the Chase deal timing again, and then a quick question on the stored wallet fees.

聽著，首先要再次澄清大通交易的時間，然後是關於存儲錢包費用的快速問題。

So, first on Chase, did the deal economics actually show up at all in the quarter that was just reported, in terms of the incentives and the -- because you came in at 16% as a percentage of gross revenue, so it seems a little lower than 18%-plus.

因此，首先在大通上，交易經濟學在剛剛報告的季度中是否真的出現了，就激勵措施和 - 因為你佔總收入的百分比為 16%，所以看起來略低於 18% 以上。

And then just a question on the store wallet fee that MasterCard has announced.

然後只是關於萬事達卡宣布的商店錢包費用的問題。

It seems like Visa's still not committed to doing that, as far as at least we've seen.

至少就我們所見，Visa 似乎還沒有承諾這樣做。

Can you just give us some idea and thought around that fee?

您能否就這筆費用給我們一些想法和想法？

And really your interaction with, for instance, PayPal and some of the eCommerce players that that could affect?

例如，您與 PayPal 和一些可能受到影響的電子商務玩家的互動真的是這樣嗎？

Yes.

是的。

I'll tell him you do the first one.

我會告訴他你做第一個。

Okay, let me take the first one.

好吧，讓我拿第一個。

So, just to clarify the question, because the Chase deal was signed in April actually, it did not have any impact to the quarter just it has a retroactive effect a little bit earlier, but that is all contemplated in the guidance that we gave for the balance of the year.

所以，為了澄清這個問題，因為大通交易實際上是在 4 月份簽署的，它對本季度沒有任何影響，只是它具有更早一點的追溯效應，但這一切都在我們給出的指導中考慮到了當年的餘額。

And on the staged wallet question, so, first of all, just on the actual stages wallet fee that MasterCard implemented, that's not something that we are currently contemplating, but we are actively thinking through what has changed in the ecosystem and how we have to react to that.

關於分階段錢包問題，首先，就萬事達卡實施的實際階段錢包費用而言，這不是我們目前正在考慮的事情，但我們正在積極思考生態系統發生了什麼變化以及我們必須如何改變對此作出反應。

Our relationship with PayPal and people like them has evolved.

我們與 PayPal 以及類似的人的關係已經發展。

It's complicated.

情況很複雜。

They specifically are a very important customer of ours, but they have their own ambitions.

他們特別是我們非常重要的客戶，但他們有自己的抱負。

And we're mindful, I think, first and foremost, of the impact that they have both positively and negatively potentially on our issuers.

我認為，我們首先要注意它們對我們的發行人可能產生的積極和消極影響。

Because that ultimately will be what determines our success.

因為這最終將決定我們的成功。

And I think we are actively thinking about the right way to restructure the ecosystem in a way that works for everyone.

我認為我們正在積極思考以適合所有人的方式重組生態系統的正確方法。

And we've got nothing to announce now, but we will at some point.

我們現在沒有什麼要宣布的，但我們會在某個時候宣布。

David Togut, Evercore Partners.

大衛·托古特，Evercore 合作夥伴。

What is Visa's strategy to gain market share in the corporate card market versus MasterCard?

與萬事達卡相比，Visa 在公司卡市場獲得市場份額的策略是什麼？

Byron, do you want to talk about those changes in the mid-year or the past year?

拜倫，你想談談年中或過去一年的那些變化嗎？

Yes.

是的。

So, in the commercial side, this -- a lot of success in this marketplace is dependent on the sophistication of the platforms that you bring to bear to service corporate clients.

因此，在商業方面，這個市場的許多成功取決於您為服務企業客戶而帶來的平台的複雜性。

It's a very information-reporting intensive business.

這是一項信息報告非常密集的業務。

And we have made significant investments over the last several years in a platform we refer to as IntelliLink.

在過去幾年中，我們在我們稱為 IntelliLink 的平台上進行了大量投資。

We believe what we have today is a state-of-the-art, and one that has been -- compared to where we were five years ago, has been a game-changer for us, in terms of being much more successful in capturing commercial business.

我們相信我們今天所擁有的是最先進的，與五年前相比，它已經改變了我們的遊戲規則，在捕獲方面更加成功商業業務。

And it's largely driven by the investments in the sophistication of reporting multi-currency, multi-country.

這在很大程度上是由對多幣種、多國報告複雜性的投資推動的。

And that's really the lead card we play.

這確實是我們打的主牌。

Glenn Fodor, Autonomous Research.

Glenn Fodor，自主研究。

Thanks for taking my question.

感謝您提出我的問題。

Just turning to US credit, clearly, you had a great run recently.

只是轉向美國信貸，很明顯，你最近表現不錯。

You've been posting above market growth.

您一直在發布高於市場增長的信息。

What's important for us is to get a sense of how much longer this can continue.

對我們來說重要的是了解這種情況可以持續多久。

So in that vein, is it possible just roughly to parse your growth into maybe three buckets -- the sources of three buckets?

因此，在這種情況下，是否可以粗略地將您的增長解析為三個桶——三個桶的來源？

Like just having faster-growing clients because of client-specific reasons; clients that are growing Visa volume faster because of the things you are doing with them?

就像由於客戶特定的原因而擁有快速增長的客戶一樣；由於您與他們一起做的事情而使簽證數量增長更快的客戶？

And then finally, just share gains overall.

最後，只分享整體收益。

And can you roughly bucket that for us?

你能為我們粗略地解決這個問題嗎？

And then maybe sum it up with some texture of how much pent-up above-market growth do you have in the backlog in the pipeline here?

然後也許可以總結一下，您在此處的積壓工作中有多少被壓抑的高於市場的增長？

Give us confidence that this can continue for several more quarters or even beyond that.

讓我們相信這可以持續幾個季度甚至更長的時間。

I guess I'll just start, Byron, and then you can chime in.

我想我會開始吧，拜倫，然後你就可以插話了。

I mean, it's -- obviously, it's very hard right now to put things into the buckets that numerically the way you spoke about.

我的意思是，這 - 顯然，現在很難按照你所說的數字方式將事情放入桶中。

But I think when you look at our issuing base, we've certainly benefited from the partnerships that we have with the faster-growing issuers out there.

但我認為，當您查看我們的發行基礎時，我們肯定從與增長較快的發行人的合作夥伴關係中受益。

And you can say that that's luck on our part historically, or it's -- that Visa targeted the right population of customers.

你可以說這是我們歷史上的運氣，或者是——Visa 瞄準了正確的客戶群。

And I think it stands for itself, things don't happen by chance.

而且我認為它代表了自己，事情不會偶然發生。

And we do have a very fast-growing set of customers that we certainly benefit from.

我們確實有一群快速增長的客戶，我們肯定會從中受益。

And the same thing is true relative to the co-brands that we have.

對於我們擁有的聯合品牌來說，同樣的情況也是如此。

You know, the co-brands can -- just like anything else, not all co-brands are equal.

你知道，聯合品牌可以——就像其他任何事情一樣，並非所有聯合品牌都是平等的。

And we think we've got the premier client base out there, and we've been clearly very big beneficiaries of that and would expect that to continue.

而且我們認為我們已經擁有了主要的客戶群，我們顯然是其中的最大受益者，並且希望這種情況會繼續下去。

I would just add one other component to this.

我只想在其中添加一個其他組件。

The -- in addition to the quality and the growth delivered by the issuer, that's also impacted by the quality of the cardholder portfolio as measured by affluent income levels.

- 除了發行人提供的質量和增長之外，這還受到以富裕收入水平衡量的持卡人投資組合質量的影響。

And we are very well-positioned in the affluent portfolios.

我們在富裕的投資組合中處於非常有利的位置。

And if you think about it, what has driven the credit card payment volume growth over the -- certainly over the past two years, has been predominantly affluent.

如果你仔細想想，推動信用卡支付量增長的因素——當然在過去兩年裡，主要是富裕的。

And so being well-positioned as the economy recovers, this is an area where we are well-positioned to sustain this kind of growth.

因此，隨著經濟的複蘇，我們處於有利地位，這是我們有能力維持這種增長的領域。

It should be less volatile in that sense.

從這個意義上說，它的波動性應該較小。

And so, we certainly feel it has strong legs; relative to the delta, that's a much harder one to frame.

所以，我們當然覺得它的腿很結實；相對於三角洲，這是一個更難構建的框架。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi guys, just a couple of questions.

大家好，只是幾個問題。

I guess first on the EC inquiry, does that have any potential impact on Visa's fees?

我想首先是關於 EC 的詢問，這對 Visa 的費用有什麼潛在影響嗎？

Or are we talking about Visa Europe fees?

還是我們在談論 Visa Europe 費用？

And then, on the Chase Visa deal, I guess two questions.

然後，關於大通簽證交易，我想有兩個問題。

One, are we talking about a material amount of volume that you guys expect, the consumer credit and debit?

一，我們是在談論你們所期望的大量交易量，即消費信貸和借記嗎？

I'm just trying to get a sense if that's new cards, just for new business?

我只是想了解一下這是不是新卡，只是為了新業務？

Or will that be some of the existing business?

或者這會是現有業務的一部分嗎？

And then finally, on the -- I've heard you say, Charlie, before that the Chase could have done this on those transactions before.

最後，我聽到你說，查理，在此之前，大通銀行之前可以對這些交易執行此操作。

So then the question comes out, then why are they using Visa at all?

那麼問題來了，那他們為什麼要使用Visa呢？

And is Visa getting any money at all for allowing on those transactions?

Visa是否因為允許這些交易而獲得任何資金？

Thanks so much.

非常感謝。

Whoa, whoa, whoa, whoa, whoa.

哇，哇，哇，哇，哇。

That was -- let's start there.

那是——讓我們從那裡開始。

What we said they could do historically was enter into pricing arrangements directly with merchants relative to interchange.

我們說他們在歷史上可以做的是直接與商戶就交換進行定價安排。

And again, anyone can do that today, and that's not specific to on-us transactions.

再說一次，今天任何人都可以做到這一點，這並不特定於我們的交易。

So I'm not sure then the rest of the question flows, so if we didn't answer it, maybe come back and ask us the question again.

所以我不確定剩下的問題會繼續，所以如果我們沒有回答，也許會回來再問我們這個問題。

But they and everyone else have the ability to go negotiate interchange, and they've got the ability to do that in this agreement in a different format and a different structure.

但是他們和其他所有人都有能力去協商交換，並且他們有能力在這個協議中以不同的格式和不同的結構做到這一點。

On the size of the Chase commitment, again, I think the best way to characterize that is what Byron said -- which is, net-net, all in all, we think that we're still in the position to grow revenues.

關於大通承諾的規模，我認為最好的描述方式就是拜倫所說的——即淨淨，總而言之，我們認為我們仍然能夠增加收入。

And how we get there and whatnot is not something that I think is appropriate for us to talk about.

我們如何到達那里以及諸如此類的東西我認為不適合我們談論。

And back on the first piece, on the EC inquiry, it is on interchange.

回到第一部分，關於 EC 查詢，它是關於交換的。

And so that would be the direct impact of what it is they're looking at today.

所以這將是他們今天所看到的直接影響。

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

在這一點上，我們有時間再回答一個問題，接線員。

Our next question will come from Moshe Katri of Cowen and Company.

我們的下一個問題將來自 Cowen and Company 的 Moshe Katri。

Your line is open.

你的線路是開放的。

Moshe?

莫舍？

Moshe?

莫舍？

Moshe, you there?

莫舍，你在嗎？

He disconnected.

他斷開了。

We can go on to a next question if you wish.

如果您願意，我們可以繼續下一個問題。

Okay.

好的。

Someone hit the lottery.

有人中了彩票。

John Williams of UBS, your line is open.

瑞銀的約翰威廉姆斯，你的電話是開放的。

Hey, you snuck me in.

嘿，你偷偷帶我進去了。

Thank you, guys.

感謝你們。

Thanks for taking my question.

感謝您提出我的問題。

Thank Moshe.

感謝摩西。

(laughter)

（笑聲）

I will.

我會。

So I had a follow-up.

所以我有一個跟進。

I hate to beat the dead horse on Chase merchant services, and forgive the basic nature of my question, but -- so I think it's reasonable to say JPMorgan's not paying you guys very much in the way of assessment fees.

我討厭在大通商家服務上打死馬，並原諒我的問題的基本性質，但是 - 所以我認為有理由說摩根大通在評估費用方面沒有向你們支付太多費用。

And so as you considered doing this deal, what was lacking in the relationship that made something of this magnitude necessary?

因此，當您考慮進行這筆交易時，這種關係中缺少什麼使得如此重要的事情變得必要？

I mean, obviously, you're locking up a large customer for a while.

我的意思是，很明顯，你要鎖定一個大客戶一段時間。

But how does Visa actually benefit in an incremental way?

但 Visa 究竟如何以增量方式受益呢？

Because it sounds like, on the one hand, you might get more transactions, but on the other hand, the on-us transactions will stay on us.

因為聽起來，一方面，您可能會獲得更多交易，但另一方面，我們的交易將留在我們身上。

So, if you could give a little more color on how you guys specifically benefit in an incremental way, that would be helpful.

所以，如果你能對你們如何以漸進的方式特別受益提供更多的色彩，那將是有幫助的。

Thank you.

謝謝你。

Yes.

是的。

I mean, I'll give you our point of view.

我的意思是，我會給你我們的觀點。

But again, why -- some of those questions I think are important for them.

但同樣，為什麼——我認為其中一些問題對他們很重要。

For -- so, specifically, from our point of view, we don't believe that this structure was necessary to accomplish what the end goal is.

因為——所以，具體來說，從我們的角度來看，我們不認為這種結構對於實現最終目標是必要的。

The structure is something that we've worked on together, because it's something that was important to them.

這個結構是我們一起工作的，因為這對他們來說很重要。

But that's -- which is why we believe that this doesn't -- this structure isn't specific to them; that we could go accomplish the same thing by working with issuers and acquirers separately without this kind of structural transaction that occurred.

但這就是——這就是為什麼我們認為這不是——這種結構並不特定於他們；我們可以通過分別與發行人和收購人合作來完成同樣的事情，而無需發生這種結構性交易。

You know, the benefit in this, if we are successful at this, is really related to the rule change that we made, which encourages and allows the issuers and acquirers to go talk to merchants directly, and to ask the question, what can we do for you?

你知道，這其中的好處，如果我們成功了，真的和我們做的規則改變有關，它鼓勵和允許發卡行和收單行直接和商戶對話，問一個問題，我們能做什麼？為你做什麼？

Or to propose an idea of we can do the following thing for you to help you drive more sales and drive more volume into your stores.

或者提出我們可以為您做以下事情的想法，以幫助您推動更多銷售並為您的商店帶來更多銷量。

And, in return for that, presumably, there will be additional transactions that get directed to the Visa cards.

而且，作為回報，大概會有額外的交易被定向到 Visa 卡。

Again, this structure, we don't believe is necessary to do that, but it certainly allows that to happen and that's what was important to us.

同樣，我們認為這種結構沒有必要這樣做，但它肯定允許這種情況發生，這對我們來說很重要。

And I would just add, on the economics, John, that this business has always been built on an economic business model that says the larger the client, the larger the portfolio, the better pricing you get.

我只想在經濟學上補充一點，約翰，這項業務一直建立在一種經濟商業模式之上，即客戶越大，投資組合越大，您獲得的價格就越高。

And this was one of our largest clients, one of the largest portfolios.

這是我們最大的客戶之一，也是最大的投資組合之一。

We had the opportunity to enter into a 10-year arrangement that has a set of economics that are consistent with how we have been doing multi-year contracts with other clients over the years, including Chase.

我們有機會達成一項為期 10 年的安排，該安排的經濟性與我們多年來與包括大通在內的其他客戶簽訂多年合同的方式一致。

And given the size of this portfolio and where we expect it to be over the next five and 10 years, is there margin compression?

鑑於該投資組合的規模以及我們預計未來五年和十年內的規模，是否存在利潤率壓縮？

Yes.

是的。

But that margin compression is consistent, in the same ZIP code as what we would normally have expected to have put on the table, given the kind of -- given the size of the portfolio and the kind of growth that we are expecting this partnership to produce.

但是，考慮到投資組合的規模和我們期望這種合作夥伴關係的增長類型，這種利潤率壓縮是一致的，與我們通常期望放在桌面上的郵政編碼相同生產。

So, from that standpoint, we are very comfortable with the economics of this deal.

因此，從這個角度來看，我們對這筆交易的經濟性非常滿意。

And with that, we want to thank you all for joining us once again.

有了這個，我們要感謝大家再次加入我們。

And just to reiterate what Charlie said earlier, we are hosting an Investor Day on June 6th here in San Francisco.

重申一下查理早些時候所說的話，我們將於 6 月 6 日在舊金山舉辦投資者日。

Formal invites have been sent out.

正式邀請已發出。

Many people have responded.

很多人都做出了回應。

If you haven't and intend to do so, please do.

如果您還沒有並且打算這樣做，請這樣做。

And if you were inadvertently left off that list, let Vic or I know, and we'll make sure you get the formal invite.

如果您無意中被排除在名單之外，請告知 Vic 或我，我們將確保您獲得正式邀請。

And any other follow-up questions, also to me or Vic.

以及任何其他後續問題，也是對我或維克的。

And thanks again.

再次感謝。

Thank you, everyone.

謝謝大家。

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。