Visa Inc (V) 2013 Q3 法說會逐字稿

Welcome to Visa Inc.'s fiscal Q3 2013 earnings conference call.

歡迎參加 Visa Inc. 的 2013 財年第三季度財報電話會議。

(Operator Instructions).

（操作員說明）。

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 third-quarter 2013 earnings conference call.

下午好，歡迎參加 Visa Inc. 的 2013 財年第三季度財報電話會議。

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。

As always, this call is currently being webcast over the Internet.

與往常一樣，本次電話會議目前正在互聯網上進行網絡直播。

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

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

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

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

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

For historical non-GAAP or pro forma-related financial information disclosed in this call, related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal third-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 SEC 條例 G 要求的其他信息可在我們第三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 Investor Relations section of our website.

也可以通過我們網站的投資者關係部分訪問此新聞稿。

And with that, I will turn the call over to Byron.

有了這個，我會把電話轉給拜倫。

Thank you, Jack.

謝謝你，傑克。

Let me begin with my usual call-outs and observations.

讓我從我通常的呼籲和觀察開始。

First, some color on the third quarter's 17% net revenue growth.

首先，對第三季度 17% 的淨收入增長有所影響。

It is important to note that this growth rate benefited from the absence of significant one-time client incentives incurred in the prior year.

值得注意的是，這一增長率得益於上一年沒有重大的一次性客戶激勵措施。

Without these one-time client incentives, revenue growth for Q3 would have been closer to 14%.

如果沒有這些一次性客戶激勵措施，第三季度的收入增長將接近 14%。

That said, payment volume growth was broad-based globally for the March quarter, and we're seeing double-digit growth rates in the June quarter for both credit and debit on a constant-dollar basis.

也就是說，3 月季度全球支付量增長基礎廣泛，我們看到 6 月季度信貸和借記卡在固定美元基礎上均實現了兩位數的增長率。

Based on these trends and with three-quarters of the fiscal year now on the books, we are raising full-year 2013 revenue guidance from low double digits to around 13%.

基於這些趨勢，加上本財年四分之三的時間都在賬面上，我們將 2013 年全年收入指引從兩位數的低位提高到 13% 左右。

Second, service revenue, though up 7% on a year-over-year basis, was down sequentially from the fiscal second quarter.

其次，服務收入雖然同比增長 7%，但比第二財季環比下降。

This was primarily due to the signing of the 10-year Chase deal, which was executed in fiscal Q3 but was retroactive to the beginning of Q2.

這主要是由於簽署了為期 10 年的大通交易，該交易在第三財季執行，但可追溯至第二季度初。

This contract, as discussed on the Q2 earnings call, disproportionately impacted the service revenue line and resulted in offsetting reductions in gross service revenue and related client incentives.

正如在第二季度財報電話會議上所討論的那樣，該合同對服務收入線的影響不成比例，並導致抵消了服務總收入和相關客戶激勵措施的減少。

Because it was signed in fiscal Q3, the service revenue impacts for both Q2 and Q3 were recorded in the current quarter.

因為它是在第三財季簽署的，所以第二季度和第三季度的服務收入影響都記錄在本季度。

This means the Q4 service revenue growth rate should be a more representative indicator of underlying growth.

這意味著第四季度服務收入增長率應該是一個更具代表性的潛在增長指標。

Third, client incentives for the quarter as a percentage of gross revenue were 14.8%.

第三，本季度的客戶激勵佔總收入的百分比為 14.8%。

As described previously, two quarters of Chase-related incentive reductions were booked in Q3.

如前所述，第三季度有兩個季度與 Chase 相關的激勵措施減少。

This impact was contemplated in our most recent full-year guidance, and we remain comfortable with client incentives as a percentage of gross revenue in the 16% to 17% range for the full year 2013.

在我們最近的全年指導中考慮到了這種影響，我們仍然對 2013 年全年客戶激勵佔總收入的百分比在 16% 至 17% 範圍內感到滿意。

Fourth, now that we have fully lap implementation of the Dodd-Frank routing rules beginning in June, quarterly Interlink payment volume growth has turned positive for the first time in over a year.

第四，既然我們從 6 月開始全面實施 Dodd-Frank 路由規則，季度 Interlink 支付量增長一年多來首次轉正。

Going forward, as we lap the period during which Visa's post-Dodd-Frank debit strategies took hold, we would expect healthy but moderating revenue growth rates for US debit.

展望未來，隨著 Visa 的後 Dodd-Frank 借記策略站穩腳跟，我們預計美國借記卡的收入增長率將保持健康但放緩。

Fifth, given our earnings, results year to date, and our expectations for the fiscal fourth quarter, we are increasing our fiscal 2013 adjusted EPS guidance from around 20% to the low twenties.

第五，鑑於我們的收益、年初至今的業績以及我們對第四財季的預期，我們將 2013 財年調整後的每股收益指引從 20% 左右提高到 20% 的低點。

Lastly, as we remain committed to returning excess cash to our shareholders, during the quarter we spent approximately $1 billion to repurchase 6 million shares at an average price of approximately $177.

最後，由於我們仍然致力於向股東返還多餘的現金，本季度我們花費了大約 10 億美元以平均約 177 美元的價格回購了 600 萬股股票。

This leaves $61 million remaining in our prior authorization.

這在我們的事先授權中剩下 6100 萬美元。

And as we announced earlier, our Board recently authorized a new $1.5 billion share repurchase program, which will run through July of 2014.

正如我們之前宣布的，我們的董事會最近批准了一項新的 15 億美元的股票回購計劃，該計劃將持續到 2014 年 7 月。

Now let's turn to the numbers.

現在讓我們轉向數字。

As is our practice, I will cover our global payment volume and processed transaction trends for the fiscal third quarter, followed by our results through July 21.

按照我們的慣例，我將介紹我們第三財季的全球支付量和已處理的交易趨勢，然後是截至 7 月 21 日的結果。

I will then cover the financial highlights of our fiscal third quarter and conclude with our guidance outlook for the balance of fiscal 2013 and fiscal 2014.

然後，我將介紹我們第三財季的財務亮點，並以我們對 2013 財年和 2014 財年餘額的指導展望結束。

Global payment volume growth for the June quarter in constant dollars was 13%, above the March quarter's 9%.

以固定美元計算，6 月季度的全球支付量增長 13%，高於 3 月季度的 9%。

This was driven by sustained growth in all of our regions, including the US, which saw some incremental benefit from the 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重疊效應中獲得了一些增量收益。

More recently, in the US through July 21, payment volume growth was 10% compared with 11% in the June-ending quarter.

最近，在美國，截至 7 月 21 日，支付量增長了 10%，而 6 月底季度為 11%。

Drilling down further, US credit growth of 10% held at Q3 levels; while debit, which also grew at 10%, experienced a healthy but moderating growth rate as we lap the growing impact of Visa's US debit strategies.

進一步深入分析，美國信貸增長 10% 保持在第三季度的水平；借記卡也以 10% 的速度增長，但隨著 Visa 的美國借記卡策略的影響越來越大，其增長率保持穩健但放緩。

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

全球跨境交易量在 6 月季度實現了 11% 的穩健增長，而 3 月季度的增長率為 10%。

The US grew 9%, and the rest of world, 12%.

美國增長 9%，世界其他地區增長 12%。

Through July 21, cross-border volume on a constant-dollar basis grew 7%, with a US growth rate of 9% and the rest of world at 6%.

截至 7 月 21 日，按固定美元計算的跨境交易量增長了 7%，其中美國增長率為 9%，世界其他地區為 6%。

The slowing growth in July is most pronounced outside the US and, we believe, is due in large part to the timing of Ramadan versus last year.

7 月份增長放緩在美國以外最為明顯，我們認為，這在很大程度上是由於齋月的時間與去年相比。

Based on historical travel patterns, we estimate the Ramadan impact to be in the 250 to 300 basis points range for the month, and if past is prologue, we should see a bounce-back in August.

根據歷史旅行模式，我們估計本月齋月影響在 250 至 300 個基點範圍內，如果過去是序幕，我們應該會在 8 月看到反彈。

Transactions processed over Visa's network totaled 15 billion in the fiscal third quarter, a 14% increase over the prior-year period.

第三財季通過 Visa 網絡處理的交易總額為 150 億筆，比去年同期增長 14%。

The US grew 12%, while the rest of world delivered 23% growth.

美國增長 12%，而世界其他地區增長 23%。

We have now fully lap the negative impacts associated with US debit regulation.

我們現在已經完全了解了與美國借記卡監管相關的負面影響。

Through July 21 processed transaction growth was a positive 14%.

截至 7 月 21 日，已處理的交易增長率為 14%。

Lastly, please note that in our Operational Performance Data pack that was released with today's earnings results, we updated the cash volume in our LAC region to account for several quarters of underreporting by one of our largest issuers in Brazil.

最後，請注意，在我們與今天的收益結果一起發布的運營績效數據包中，我們更新了拉丁美洲和加勒比地區的現金量，以解決我們在巴西最大的發行人之一的幾個季度的低報。

As a reminder, these cash volumes have no impact to our revenue.

提醒一下，這些現金量對我們的收入沒有影響。

Now turning to the income statement.

現在轉向損益表。

Net operating revenue in the quarter was $3 billion, a 17% increase year over year, driven by solid growth globally in both domestic and international transactions; and, as mentioned earlier, aided by significant nonrecurring incentives in the prior-year quarter.

本季度淨營業收入為 30 億美元，同比增長 17%，這得益於全球國內和國際交易的穩健增長；並且，如前所述，得益於上一季度的重大非經常性激勵措施。

Currency hedging resulted in only a modest foreign-exchange headwind on net revenue in the quarter.

貨幣對沖僅導致本季度淨收入出現輕微的外匯逆風。

Looking ahead, after factoring in our hedging program, we anticipate continued headwinds in the next fiscal quarter and for fiscal 2014.

展望未來，在考慮到我們的對沖計劃後，我們預計下一財季和 2014 財年將繼續逆風。

Moving to the individual revenue line items, service revenue was $1.3 billion, up 7% over the prior-year period.

轉向單個收入項目，服務收入為 13 億美元，比去年同期增長 7%。

On a sequential basis, growth was negatively impacted by the Chase agreement, which, as I previously outlined, resulted in lower service revenue, offset by a lower level of incentives paid to Chase.

在連續的基礎上，增長受到大通協議的負面影響，正如我之前所概述的，該協議導致服務收入下降，被支付給大通的較低水平的激勵措施所抵消。

Data processing revenue was $1.2 billion, up 15% over the prior year's quarter, based on solid growth rates in Visa processed transactions inside and outside the US and strong CyberSource transaction growth.

數據處理收入為 12 億美元，比去年同期增長 15%，這得益於 Visa 處理的美國境內外交易的穩健增長率以及 CyberSource 交易的強勁增長。

With the full lapping of the implementation of US debit regulation, data processing revenue growth is now relatively on par with processed transaction growth.

隨著美國借記卡監管的全面實施，數據處理收入的增長現在與處理交易的增長相當。

International transaction revenue was up 14% to $854 million, reflecting solid strength in cross-border volume and some modest benefit from higher currency volatility.

國際交易收入增長 14% 至 8.54 億美元，反映出跨境交易量的強勁增長以及貨幣波動性上升帶來的適度收益。

As I highlighted earlier, client incentives as a percentage of gross revenue for the quarter came in at 14.8%, positively impacted by the Chase deal.

正如我之前強調的，客戶激勵佔本季度總收入的百分比為 14.8%，受到大通交易的積極影響。

That said, we anticipate a meaningful step up in both incentive dollars and the percentage rate in Q4, due to anticipated deal activity both domestic and international, which should put us within our 2013 guidance range of 16% to 17%.

話雖如此，由於預期的國內和國際交易活動，我們預計第四季度激勵資金和百分比率都有顯著提高，這將使我們處於 2013 年 16% 至 17% 的指導範圍內。

Total operating expenses for the quarter were $1.2 billion, up 9% from the prior year adjusted results.

本季度總運營費用為 12 億美元，比去年調整後的業績增長 9%。

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。

Marketing expenses were up 4% from the prior year and stepped up from the prior quarter as we increased marketing to support a number of sponsorship campaigns, including the 2013 FIFA Confederations Cup in South America and the 2014 Sochi Winter Olympics.

營銷費用比上年增長 4%，並且比上一季度有所增加，因為我們增加了營銷以支持一系列贊助活動，包括 2013 年南美國際足聯聯合會杯和 2014 年索契冬奧會。

Operating margin for the quarter was 61% and is consistent with our current guidance.

本季度的營業利潤率為 61%，與我們目前的指導一致。

Our effective tax rate for Q3 was 33.2%.

我們第三季度的有效稅率為 33.2%。

While higher than our full-year guidance of 30% to 32%, the year-to-date figure of 31% is tracking to that range.

雖然高於我們 30% 至 32% 的全年指導，但年初至今的 31% 的數字正在接近該範圍。

Net income at $1.2 billion was up 16% over the prior-year adjusted results.

淨收入為 12 億美元，比去年調整後的結果增長 16%。

Fully diluted EPS was $1.88 for the quarter, up 20% over prior-year adjusted results.

本季度完全攤薄後每股收益為 1.88 美元，比去年調整後的結果增長 20%。

Stronger than anticipated revenue and more aggressive share repurchases were key drivers.

強於預期的收入和更積極的股票回購是關鍵驅動因素。

And as noted earlier, our full-year adjusted EPS guidance is now low twenties.

如前所述，我們全年調整後的每股收益指引現在是 20 多歲。

Capital expenditures were $122 million in the quarter and continue to be in line with our full-year expectations.

本季度資本支出為 1.22 億美元，繼續符合我們的全年預期。

At the end of the June quarter we had 645 million shares of Class A common stock outstanding on an as-converted basis.

在 6 月季度末，我們有 6.45 億股 A 類普通股在轉換後的基礎上流通。

The weighted average number of fully diluted shares outstanding for the June quarter totaled 651 million.

6 月當季完全攤薄後流通股的加權平均數為 6.51 億股。

Finally, in terms of guidance, other than our refinement of full-year 2013 revenue guidance to around 13% and adjusted diluted earnings per share growth to low twenties, all other outstanding guidance metrics for the full-year fiscal 2013 and 2014 remain the same.

最後，在指引方面，除了我們將 2013 年全年收入指引細化至 13% 左右並將稀釋後每股收益增長調整至低 20 倍之外，2013 財年和 2014 財年的所有其他未完成的指引指標保持不變.

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

有了這個，我會把電話轉給查理。

Thank you, Byron, and good afternoon, everyone.

謝謝你，拜倫，大家下午好。

First of all, I just want to reiterate that we feel very good about our performance this quarter.

首先，我只想重申，我們對本季度的表現感到非常滿意。

There is very little new news in the underlying revenue trends, as Byron has just described, which means that we continue to see broad-based growth geographically and also by product.

正如拜倫剛剛描述的那樣，基本收入趨勢幾乎沒有新消息，這意味著我們繼續看到地域和產品的廣泛增長。

And these are at growth rates consistent with what we have seen in prior quarters.

這些增長率與我們在前幾個季度看到的一致。

People often ask us about what we see in the economy.

人們經常問我們對經濟的看法。

And what I guess we can say is we don't see meaningful changes to the path of the economic recovery.

我想我們可以說的是，我們沒有看到經濟復甦路徑發生有意義的變化。

And while an accelerating and certainly more broad-based recovery would be beneficial to us and our clients, we do continue to feel very good about our business and our ability to deliver strong results in the current economic environment.

雖然加速復蘇，當然更廣泛的複蘇將對我們和我們的客戶有利，但我們確實對我們的業務以及在當前經濟環境中取得強勁業績的能力感到非常滿意。

We did host our Investor Day on June 6, and I want to thank all those who attended, both physically and listened in.

我們確實在 6 月 6 日舉辦了投資者日，我要感謝所有參加的人，無論是身體上的還是旁聽的。

We know it was a lengthy call, but hopefully you found it productive.

我們知道這是一個漫長的電話，但希望您發現它很有成效。

We certainly appreciate all the feedback that we received.

我們當然感謝我們收到的所有反饋。

Just a couple of quick reminders about some of the important themes that we covered.

只是一些關於我們涵蓋的一些重要主題的快速提醒。

First of all, we feel great about the strong foundation that this Company has been built on.

首先，我們對這家公司建立的堅實基礎感到非常高興。

There's been strong historical growth.

有強勁的歷史增長。

We have great partners, and the Company has a tradition of innovation.

我們有很好的合作夥伴，公司有創新的傳統。

Second, the macro trends have and will continue to provide tailwinds.

其次，宏觀趨勢已經並將繼續提供順風。

The opportunity to move transactions from cash to electronic means is still huge and, we believe, will be there for years to come.

將交易從現金方式轉變為電子方式的機會仍然巨大，我們相信，未來幾年將繼續存在。

This is true in both the developed and the developing parts of the world.

在世界的發達國家和發展中國家都是如此。

As we pointed out on Investor Day, we have 22% share PCE in the developed markets; and 9% in the emerging markets, so there's still much room to grow in addition to us growing along with the growth of PCE across the world.

正如我們在投資者日指出的那樣，我們在發達市場擁有 22% 的 PCE 份額；而新興市場的 9%，所以除了我們隨著全球 PCE 的增長而增長之外，還有很大的增長空間。

We love our core network.

我們熱愛我們的核心網絡。

It serves us well.

它很好地為我們服務。

We think it provides us tremendous opportunities to leverage and grow our business.

我們認為它為我們提供了巨大的機會來利用和發展我們的業務。

Historically, what has really benefited us has been the global acceptance; the network reliability, safety, security and soundness; and our risk-related tools are just a huge value-added component to the network.

從歷史上看，真正使我們受益的是全球接受度。網絡的可靠性、安全性、安全性和健全性；我們的風險相關工具只是網絡的一個巨大的增值組件。

While we continue to build on these historical strengths, as we pointed out at the Investor Day, the future for us will be about using the network as a tool to continue to create more value for issuers, acquirers, and merchants.

正如我們在投資者日所指出的那樣，雖然我們繼續利用這些歷史優勢，但我們的未來將是利用網絡作為工具，繼續為發行人、收單機構和商家創造更多價值。

And that includes us building broader capabilities, but also giving them access to our network as a device that connects them together.

這包括我們構建更廣泛的功能，但也讓他們可以訪問我們的網絡，作為將它們連接在一起的設備。

Third, the Company has and continues to make huge investments in the future.

第三，公司已經並將繼續在未來進行巨額投資。

We walked through some of the additional spending that's been done, to the tune of an additional $700 million versus prior years, which are, for the most part, all geared towards growth opportunities.

我們回顧了已經完成的一些額外支出，與前幾年相比增加了 7 億美元，這在很大程度上都是為了獲得增長機會。

And lastly, we talked about our evolving rules and practices, recognizing how the payments world is evolving.

最後，我們談到了我們不斷發展的規則和實踐，認識到支付世界是如何發展的。

We recognize the need to evolve our Company, but we also feel strongly that we need to continue to preserve some core principles.

我們認識到發展公司的必要性，但我們也強烈認為我們需要繼續保留一些核心原則。

Those include the importance of the Visa brand; the safety, security, and soundness of the payment system; that we continue to protect and control our intellectual property; and that we enable clients of all sizes to compete.

其中包括 Visa 品牌的重要性；支付系統的安全性、保障性和健全性；我們繼續保護和控制我們的知識產權；並且我們使各種規模的客戶都能參與競爭。

So in short, these are things that, while we think we can continue to do more and more for all of our clients, we think these things could also add value to the Visa network.

簡而言之，這些事情雖然我們認為我們可以繼續為所有客戶做更多的事情，但我們認為這些事情也可以為 Visa 網絡增加價值。

Let me turn now to a little bit of an update on some of the regulatory and litigation items that have both been in the news and we have spoken about.

現在讓我談談新聞中和我們談到的一些監管和訴訟項目的最新情況。

First of all, in the United States on the MDL case, the deadline for the opt-outs was May 28.

首先，在美國的 MDL 案中，退出的最後期限是 5 月 28 日。

As expected, I'm sure you saw lawsuits that were filed against Visa, MasterCard, and in some cases, the banks from retailers which opted out of the merchant settlement agreement last year.

正如預期的那樣，我相信你看到了針對 Visa、MasterCard 以及在某些情況下針對去年選擇退出商戶和解協議的零售商的銀行提起的訴訟。

The final figures are still being calculated, but our estimate of the opt-outs is that they represent slightly above 25% of our US credit volume.

最終數字仍在計算中，但我們對退出的估計是它們占我們美國信貸量的略高於 25%。

We continue to expect approval from the court sometime in the Fall.

我們繼續期待在秋季某個時候得到法院的批准。

I do want to stress that these are proceedings that have been ongoing for a long period of time.

我想強調的是，這些程序已經進行了很長時間。

We remain committed to figuring out how to work with merchants of all sizes to resolve all of our differences amicably.

我們仍然致力於弄清楚如何與各種規模的商家合作，以友好地解決我們所有的分歧。

And we, as you have heard from us, are focused on finding new ways to work with them in conjunction with acquirers and issuers to support all of the individual constituents' growth objectives.

而且，正如您從我們那裡聽到的那樣，我們正專注於尋找新的方式與他們與收購方和發行方合作，以支持所有個體成員的增長目標。

Secondly, Canada -- yesterday Canada's Competition Tribunal issued its decision to dismiss the Competition Bureau's case and uphold our No Surcharge and Honour All Cards rule.

其次，加拿大——昨天加拿大競爭法庭決定駁回競爭局的案件，並維持我們的無附加費和兌現所有卡規則。

We have and we will continue to engage with legislators and regulators around the world to promote the understanding of the value of electronic payments to consumers, merchants, and governments, broadly.

我們已經並將繼續與世界各地的立法者和監管機構合作，以廣泛地促進對電子支付對消費者、商家和政府價值的理解。

We now turn to Europe.

我們現在轉向歐洲。

And just as a reminder, Visa Inc.

提醒一下，Visa Inc.

and Visa Europe are separate, independent operating companies.

Visa Europe 和 Visa Europe 是獨立的獨立運營公司。

First of all, let me talk about in May we alerted you to a European Commission inquiry by the Director of General Competition related to interregional credit interchange rates.

首先，讓我談談 5 月份我們提醒您注意歐盟委員會的一項調查，該調查由競爭總局局長提出，涉及區域間信用互換率。

That investigation specifically relates to the interchange applied to transactions between a non-European Union cardholder and a merchant located within the European Union.

該調查特別涉及適用於非歐盟持卡人與位於歐盟內的商家之間的交易的交換。

We continue to assess their claims, and we are working in a productive and professional manner with them and hope to reach resolution, but there's nothing more to report at this time.

我們將繼續評估他們的主張，我們正在以富有成效和專業的方式與他們合作，並希望達成解決方案，但目前沒有更多可報告的內容。

Separately, the European Commission earlier today released proposed legislation for the payments industry in the European Union, which had been expected.

另外，歐盟委員會今天早些時候發布了歐盟支付行業的擬議立法，這是意料之中的。

The proposed regulation covers a wide range of topics related to the European payments industry, including domestic and intra-EU cross-border interchange rates, co-badging requirements, processing requirements, and point-of-sale rules such as Honour All Cards.

擬議的法規涵蓋了與歐洲支付行業相關的廣泛主題，包括國內和歐盟內部的跨境交換率、聯合標記要求、處理要求以及諸如 Honor All Cards 等銷售點規則。

The most recent announcement from the Commission appears to address issues similar to the Commission's competition case, but the proposed regulation would only apply to transactions when the issuer and an acquirer are located in the European Union.

委員會最近的公告似乎解決了與委員會競爭案例類似的問題，但擬議的法規僅適用於發行人和收購人位於歐盟的交易。

We understand the proposed legislation is beginning of what we expect could be a long process which could take 18 to 24 months.

我們理解擬議的立法正在開始，我們預計這可能是一個漫長的過程，可能需要 18 到 24 個月。

We will continue to keep you updated if we learn of any more developments in either of these two proceedings.

如果我們了解這兩個程序中的任何一個的更多進展，我們將繼續為您提供最新信息。

Also in Europe, I'm sure we would get a question about the Visa Europe put, and there is no update on that.

同樣在歐洲，我相信我們會收到有關歐洲簽證的問題，但沒有更新。

Let me move now to talk for a second about a topic which has a lot of you are writing about and has gotten a lot of press, and that is tokenization.

現在讓我談談一個你們很多人都在寫的話題，並且得到了很多媒體的關注，那就是標記化。

And let's start with stating the obvious, which is we all know that transactions are increasingly moving to digital card-not-present channels due to the growth of Web commerce, mobile, and digital wallets.

讓我們從顯而易見的開始，我們都知道，由於網絡商務、移動和數字錢包的發展，交易正越來越多地轉移到無數字卡的渠道。

As you've heard from us in the past, we have been building our capabilities to deal with transactions like this, both technically and through our rules and requirements.

正如您過去從我們那裡聽到的那樣，我們一直在建立處理此類交易的能力，無論是在技術上還是通過我們的規則和要求。

V.me and CyberSource are just two examples where we have made significant investments to build capabilities in this space.

V.me 和 CyberSource 只是我們在該領域進行大量投資以建立能力的兩個例子。

And as we talk about tokenization, I do want to just make the point that tokenization is not a new concept to us.

當我們談論代幣化時，我只想指出代幣化對我們來說不是一個新概念。

Historically, we defined the 16-digit account number and message set, and these effectively operate as tokens in the payment system today.

從歷史上看，我們定義了 16 位數的帳號和消息集，它們在今天的支付系統中有效地作為令牌運行。

The reality is the development of digital commerce and related risk makes the evolution of these existing tokens to a more secure form very necessary in a way that works both in the physical and the digital worlds.

現實情況是，數字商務的發展和相關風險使得將這些現有代幣演變為更安全的形式非常必要，這種形式既適用於物理世界，也適用於數字世界。

We need to eliminate the flow of sensitive data that might be vulnerable to a breach, and new entrants into the payment ecosystem has also brought into question whether the appropriate information will continue to flow between merchant, acquirer, issuer, and consumer.

我們需要消除可能容易受到破壞的敏感數據的流動，支付生態系統的新進入者也質疑適當的信息是否會繼續在商家、收單方、發行方和消費者之間流動。

And rightly so, the entire payments industry is focused on this.

沒錯，整個支付行業都在關注這一點。

You read earlier this month about efforts that The Clearing House has underway, with its 22 US banks, to do some work on this topic as well.

您在本月早些時候讀到了票據交換所正在與它的 22 家美國銀行一起在這個主題上做一些工作的努力。

We believe that we play a critical role in helping to define the standards for token implementation broadly.

我們相信我們在幫助廣泛定義代幣實施標準方面發揮著關鍵作用。

We are working closely across the entire payments ecosystem, defined very broadly, to do this.

我們正在整個支付生態系統（定義非常廣泛）中密切合作，以實現這一目標。

This is an area where everyone needs to work closely together.

這是每個人都需要密切合作的領域。

And it is paramount that we ensure transparency, security, and integrity so that the integrity of the payment system remains.

最重要的是，我們確保透明度、安全性和完整性，以保持支付系統的完整性。

Successful tokenization initiatives must also be interoperable and standardized and do several very important things.

成功的代幣化計劃還必須是可互操作的和標準化的，並且可以做一些非常重要的事情。

Number one is they need to deliver value to all stakeholders.

第一是他們需要為所有利益相關者提供價值。

That includes issuers, consumers, merchants, acquirers, payment gateways, and everyone involved in the digital commerce platform.

這包括發行人、消費者、商家、收單機構、支付網關以及參與數字商務平台的每個人。

It's got to be standards-based, technology agnostic, such that a tokenization solution builds on the existing open nature of the payments industry while also aligning with emerging payment innovations such as mobile and digital wallets.

它必須是基於標準的、與技術無關的，這樣令牌化解決方案才能建立在支付行業現有的開放性之上，同時還要與新興的支付創新（如移動和數字錢包）保持一致。

As I said before, it needs to deliver at least the same level of transparency and reliability that exists today.

正如我之前所說，它至少需要提供與今天相同的透明度和可靠性。

And equally important, it needs to address the needs of everyone globally, not just in the United States.

同樣重要的是，它需要滿足全球所有人的需求，而不僅僅是美國。

As I said before, we are committed to working on this broadly with all of our partners.

正如我之前所說，我們致力於與所有合作夥伴一起廣泛開展這項工作。

It's something we are working on, and we feel very good about the progress that we're making with our partners on this one.

這是我們正在努力的事情，我們對我們與合作夥伴在這方面取得的進展感到非常滿意。

In conclusion, I just want to also talk about the repurchase program that Byron mentioned.

最後，我也只想談談拜倫提到的回購計劃。

It is the ninth share repurchase program that the Company has authorized.

這是公司授權的第九次股份回購計劃。

Since the IPO, our Board of Directors has authorized over $11 billion in share repurchase programs.

自首次公開募股以來，我們的董事會已授權超過 110 億美元的股票回購計劃。

And as we've talked about, I think, almost on every call, at the Investor Day, and since I have joined, that we remain committed to returning excess cash to shareholders, both through repurchase programs like this as well as further dividend increases.

正如我們所談到的，我認為，幾乎在每次電話會議上，在投資者日，自從我加入以來，我們仍然致力於通過這樣的回購計劃以及進一步增加股息來向股東返還多餘的現金.

So having been here for 9 months, as I commented at Investor Day, I remain more bullish as each day goes on when we look at the opportunities that exist in the industry and the assets, and the ideas, and the people that we have at Visa.

因此，正如我在投資者日所評論的那樣，在這里工作了 9 個月後，當我們看到行業中存在的機會、資產、想法以及我們擁有的人員時，我仍然更加樂觀。簽證。

So with that, operator, Byron and I are ready to take any questions that are out there.

因此，接線員、拜倫和我已準備好回答任何問題。

(Operator Instructions).

（操作員說明）。

Andrew Jeffrey, SunTrust.

安德魯杰弗里，SunTrust。

Charlie, could you speak broadly about Visa's US consumer credit share, and how you feel you are positioned to expand share and continue above trendline growth, especially as some of your competitors potentially are sharpening the pencil a little bit in the US?

查理，您能否廣泛談談 Visa 在美國的消費信貸份額，以及您如何看待自己在擴大份額並繼續高於趨勢線增長方面的定位，特別是在您的一些競爭對手可能正在美國稍微削尖鉛筆的情況下？

Sure.

當然。

Listen, I think we're blessed with just an outstanding US credit franchise, which has been built up through the years through terrific relationships, for sure.

聽著，我認為我們很幸運擁有出色的美國信貸特許經營權，這是多年來通過良好的關係建立起來的，當然。

We look at the partners that we have, and look at their performance; and certainly, our performance has been helped by their strong performance.

我們看看我們擁有的合作夥伴，看看他們的表現；當然，我們的表現得益於他們的強勁表現。

And that is true both on the issuer side as well as on the co-brand side.

無論是在發行人方面還是在聯合品牌方面，情況都是如此。

We've also been, certainly, beneficiaries in the United States credit market as the affluent customer has recovered more quickly than the non-affluent customer.

當然，我們也是美國信貸市場的受益者，因為富裕客戶比非富裕客戶恢復得更快。

And as we look forward, a more broad-based recovery is something which should be additive to the affluent business that we have today.

正如我們所期待的那樣，更廣泛的複甦應該是對我們今天擁有的富裕業務的補充。

Ultimately, our ability to compete as effectively as we have within the United States revolves around all of the things that we've have been talking about here that we know we need to continue to build out.

最終，我們能否像在美國一樣有效地競爭，取決於我們在這裡一直在談論的所有事情，我們知道我們需要繼續建立起來。

Those include what we're doing in the digital space, they include what we're doing in the mobile space, as well as just continuing to provide the flexibility that we talked about in terms of our core product set.

這些包括我們在數字領域所做的事情，包括我們在移動領域所做的事情，以及繼續提供我們在核心產品集方面所討論的靈活性。

So, listen, and I know from the prior role that I played, the market has always been a competitive one.

所以，聽著，我從我之前扮演的角色中知道，市場一直是一個競爭激烈的市場。

There have always been networks out there competing for the same business.

一直有網絡競爭相同的業務。

The pencils have been sharp for a period of time.

鉛筆鋒利了一段時間。

And as we think about what we've got to do going forward, we certainly expect that to continue.

當我們考慮我們必須做的事情時，我們當然希望這種情況繼續下去。

Dan Perlin, RBC.

丹·佩林，RBC。

I'm just interested to know how important local market processing through DPS and VPS is to you guys.

我只是想知道通過 DPS 和 VPS 處理本地市場對你們來說有多重要。

From a long-term growth perspective, it does represent an important enhancer to the yield, as you have talked about.

正如您所說，從長期增長的角度來看，它確實是提高產量的重要因素。

You highlighted it at the Analyst Day, and it seems to be coming up with some pros and cons in various economies, as you outlined in your prepared remarks.

您在分析師日強調了這一點，正如您在準備好的評論中概述的那樣，它似乎在各個經濟體中提出了一些利弊。

So if you could just speak to that point, I'd appreciate it.

因此，如果您能談談這一點，我將不勝感激。

Thank you.

謝謝你。

Yes, listen.

是的，聽著。

As we talked about at Investor Day, processing, we think, is the second part of the equation that we can provide for our customers.

正如我們在投資者日討論的那樣，我們認為，處理是我們可以為客戶提供的等式的第二部分。

When we process the transaction, when the transaction goes over our network, we are enabled to -- that gives us the opportunity to do all the things that we can do, both from a risk perspective as well as being able to provide all the analytical information that we can provide back to the issuers in order for them to help grow their business.

當我們處理交易時，當交易通過我們的網絡時，我們能夠——這讓我們有機會做我們能做的所有事情，無論是從風險角度還是能夠提供所有分析我們可以提供給發行人的信息，以幫助他們發展業務。

And I would just add, the more we integrate into the processing pipeline, the more we have an opportunity to differentiate our service offerings.

我只想補充一點，我們越多地集成到處理管道中，我們就越有機會區分我們的服務產品。

So in the case of DPS, this creates an opportunity for us to introduce more innovative product services via mobile, as an example, and to add to form factors that expand the activation capability or opportunity for our clients.

因此，在 DPS 的情況下，這為我們創造了一個機會，例如通過移動設備引入更多創新產品服務，並增加形式因素，為我們的客戶擴展激活能力或機會。

So where we can provide processing services like DPS, which have the single-largest debit scale potentially outside of China, I suppose, this is an area where we can excel in delivering client service.

因此，我們可以提供像 DPS 這樣的處理服務，它可能在中國以外具有最大的借方規模，我想，這是我們可以在提供客戶服務方面表現出色的領域。

Donald Fandetti, Citigroup.

花旗集團的唐納德·范德蒂。

Charlie, I was curious if there are any updates on the Visa/Chase network deal in terms of timing.

查理，我很好奇 Visa/Chase 網絡交易在時間方面是否有任何更新。

I think there was going to be some type of pilot or something by the end of the year.

我認為到今年年底會有某種類型的試點或其他東西。

And then, also, I was wondering if you have any sense on the scope of that initiative.

然後，我還想知道您是否對該倡議的範圍有任何了解。

Would it be just be for merchants or transactions that are acquired through Paymentech, or could that be broadened to other merchants indirectly?

是否僅適用於通過 Paymentech 收購的商家或交易，或者是否可以間接擴展到其他商家？

Okay.

好的。

So on the first part of the question, I continue to say this, which is when it comes to what Chase Merchant Services is doing, there are a series of questions that you need to ask them about.

所以在問題的第一部分，我繼續說，當談到 Chase Merchant Services 正在做什麼時，你需要問他們一系列問題。

What we are doing is providing the capabilities that we outlined several quarters ago.

我們正在做的是提供我們幾個季度前概述的功能。

We are on schedule to deliver the ability for CMS to be in the marketplace by the fourth quarter.

我們正按計劃在第四季度交付 CMS 進入市場的能力。

What actually winds up in the marketplace is really driven by them through their discussions with merchants.

市場上真正的結果是他們通過與商家的討論來推動的。

And -- again, so that is a question for them.

而且 - 再次，這對他們來說是一個問題。

And the agreement holds that they need to have a direct relationship with a merchant in order to take advantage of whatever it is they intend to provide through CMS.

該協議認為，他們需要與商家建立直接關係，才能利用他們打算通過 CMS 提供的任何東西。

And so, as I've said, I would expect that sometimes as we get into next year that we would start to see some things in the marketplace.

因此，正如我所說，我預計有時當我們進入明年時，我們會開始在市場上看到一些東西。

And at that point we will all be in a position to evaluate what we think the benefits of them are.

到那時，我們都將能夠評估我們認為它們的好處是什麼。

Chris Brendler, Stifel Nicolaus.

克里斯·布倫德勒，斯蒂菲爾·尼古拉斯。

I was wondering if you could give us an update on V.me, specifically on merchant acceptance.

我想知道您是否可以向我們提供有關 V.me 的最新信息，特別是有關商家接受度的信息。

It seems, from my perspective, that I haven't seen as broad an acceptance as I would have expected at this point.

從我的角度來看，我似乎還沒有看到我在這一點上所期望的那樣廣泛的接受度。

I think you had some concrete goals for the top 100 retailers by the end of this year.

我認為你為今年年底前 100 家零售商制定了一些具體目標。

Is there an acceleration coming?

有加速到來嗎？

What's the issue?

有什麼問題？

Is it difficult to get merchants to add V.me?

讓商家加V.me難嗎？

And then in line with that, or along those lines, MCX -- is this something that you think potentially is a competitive threat?

然後與此一致，或沿著這些思路，MCX - 您認為這可能是一種競爭威脅嗎？

It seems to be gaining a little bit of momentum.

它似乎獲得了一點動力。

And is V.me a key part of your strategy in combating merchant mobile wallets?

V.me 是您打擊商家移動錢包戰略的關鍵部分嗎？

Thanks.

謝謝。

Let me start with V.me.

讓我從 V.me 開始。

When we talk about V.me, you know, you can't -- it's hard to separate out how we're doing with issuers versus how we are doing with merchants, because in our discussions with each, we really need to have to grow both sides in order to be successful, right?

當我們談論 V.me 時，你知道，你不能 - 很難區分我們與發行人的關係與我們與商家的關係，因為在我們與每個人的討論中，我們確實需要為了成功，雙方都成長，對吧？

It is the chicken and the egg, which is merchants aren't going to want to spend the time, and the effort, and the money to establish V.me on their site unless they think there's a real need for it.

關鍵在於先有雞還是先有蛋，除非他們認為確實有必要，否則商家不會願意花費時間、精力和金錢在他們的網站上建立 V.me。

And the issuers are going to be careful about marketing it to their clients until there is a meaningful amount of acceptance.

發行人將謹慎地將其推銷給客戶，直到獲得有意義的接受為止。

Having said that, we now have about 90 US financial institutions as partners.

話雖如此，我們現在有大約 90 家美國金融機構作為合作夥伴。

They include BofA, PNC, BBVA, ICBA, and others.

它們包括美國銀行、PNC、BBVA、ICBA 等。

And some of those have started actively to market these programs.

其中一些已經開始積極推銷這些程序。

We have signed an additional 72 merchants this past quarter, bringing the total signed number of merchants to 253 -- many, many of which will go live in the coming weeks and months.

在上個季度，我們又簽了 72 家商戶，使簽約商戶總數達到 253 家——其中很多商戶將在未來幾周和幾個月內上線。

So there is a lot more coming here.

所以還有更多的人來到這裡。

There is a fairly significant pipeline of merchants.

有相當多的商家渠道。

As we continue to work with acquirers on this to get it in the marketplace, we will report back.

隨著我們繼續與收購方合作以將其推向市場，我們將進行報告。

And MCX was the second question.

MCX 是第二個問題。

Listen, I think MCX -- we know what you know about MCX, which is -- you might know more than us.

聽著，我認為 MCX——我們知道你對 MCX 的了解，也就是說——你可能比我們了解更多。

So our view on MCX is that we will learn as they continue to disclose what it is they are doing, and we're focused on doing what we can to build the right kind of tools to work with merchants so that they want to do business with us.

因此，我們對 MCX 的看法是，我們將在他們繼續披露他們正在做的事情時學習，我們將專注於盡我們所能構建正確的工具來與商家合作，以便他們願意開展業務和我們。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Everything looks pretty clean.

一切看起來都很乾淨。

I guess I will just ask about US debit growth.

我想我只會問一下美國的借方增長情況。

That did bounce back nicely, to 12%.

這確實很好地反彈到 12%。

I was just looking at the 10-Q; it says Interlink processed transactions were up 25%.

我只是在看 10-Q；它說 Interlink 處理的交易增加了 25%。

I know it has been running down pretty sharply, so that was a pretty big step up.

我知道它一直在急劇下降，所以這是一個很大的進步。

I'm curious, is that sustainable, and what's driving it?

我很好奇，這是可持續的，是什麼推動了它？

Did you flip on some new cards?

你翻了一些新卡嗎？

Or is itPAVD?

還是PAVD？

Any detail there would be great, thanks.

任何細節都會很棒，謝謝。

Tien-Tsin, remember, we're lapping the implementation of the Dodd-Frank -- not supposed to say Durbin anymore -- Dodd-Frank rules, which took effect April 1 of last year.

Tien-Tsin，請記住，我們正在研究多德-弗蘭克規則的實施——不再應該說是德賓——多德-弗蘭克規則，該規則於去年 4 月 1 日生效。

So it was in that quarter that we experienced the single-largest negative growth rate in terms of Interlink volume.

因此，就互連量而言，我們在那個季度經歷了單次最大的負增長率。

In fact, it was a 54% reduction in payment volume growth in the June-ending quarter 2012.

事實上，2012 年 6 月底季度的支付量增長減少了 54%。

And then in the coming quarters, as our strategies began to gradually take hold, we started to see a less negative growth rate.

然後在接下來的幾個季度，隨著我們的戰略開始逐漸站穩腳跟，我們開始看到負增長率有所下降。

So one could deduce from that that in terms of actual year-over-year growth rates, it's conceivable that this June ending quarter might be high tide.

因此，可以由此推斷，就實際的同比增長率而言，可以想像這個 6 月底的季度可能是高潮。

And then as we begin to lap the other quarters, the subsequent quarters, that the relative growth rates have a tougher comp to deliver.

然後，當我們開始超越其他季度，隨後的幾個季度時，相對增長率有一個更難提供的補償。

I'd also just like to underscore that there is no way we're going to recover all that market share that we have conceded as a result of the legislative change.

我還想強調的是，我們無法恢復由於立法變化而讓出的所有市場份額。

So I think that there will be -- we still need a few more quarters in order to get to some sort of normalized state.

所以我認為會有 - 我們仍然需要幾個季度才能達到某種標準化狀態。

But as I said in my earnings commentary, in the subsequent quarters we still expect healthy growth rates in US debit.

但正如我在收益評論中所說，在接下來的幾個季度中，我們仍然預計美國借方將保持健康的增長率。

But everything else being equal, they should moderate a bit as they begin to lap the strategies we put into place, which in turn had growing effectiveness as time passes.

但在其他條件相同的情況下，當他們開始實施我們制定的策略時，他們應該有所緩和，隨著時間的推移，這些策略的有效性也會越來越高。

Let me just add to that.

讓我補充一下。

So the follow-up is we still think we have, from our perspective, a business which can grow at a reasonable rate, understanding that we believe we have permanently lost share because of legislation.

因此，後續行動是，從我們的角度來看，我們仍然認為我們擁有可以以合理速度增長的業務，並理解我們相信由於立法而永久失去了份額。

And those two things can coexist.

而這兩件事可以共存。

Glenn Greene, Oppenheimer.

格倫·格林，奧本海默。

Regarding the EU proposal, I wanted to just get some context from you regarding whether or not it's having any bearings on your discussions with Visa Europe regarding their potential to exercise the put, as well as negotiation of the specific terms -- meaning, has this been somewhat of a stumbling block getting clarity on the EU proposal?

關於歐盟的提議，我想從你那裡得到一些背景信息，關於它是否對你與 Visa Europe 討論他們行使看跌期權的潛力以及具體條款的談判有任何影響——意思是，有這個弄清歐盟提案是否是個絆腳石？

I think you've got to ask them, Visa Europe has a put.

我想你得問問他們，Visa Europe 有一個看跌期權。

And so that means we don't have a call.

所以這意味著我們沒有電話。

And we can't even proactively engage them in a discussion on price, or things like that.

我們甚至不能主動讓他們參與關於價格或類似問題的討論。

So what impacts their thinking relative to their desire to put the Company, you really have to ask them.

那麼是什麼影響了他們的想法與他們對公司的渴望，你真的必須問他們。

I mean, I think it is a complicated set of circumstances.

我的意思是，我認為這是一組複雜的情況。

There's a lot going on in Europe right now, and I think you can make arguments either way, whether it makes -- if you were sitting in their position, whether it would make you more willing or less willing.

現在歐洲發生了很多事情，我認為你可以用任何一種方式提出論點，無論它是否——如果你坐在他們的位置上，它會讓你更願意還是更不願意。

But it is their decision, so they are the appropriate people to answer the question.

但這是他們的決定，所以他們是回答問題的合適人選。

Craig Maurer, CLSA.

克雷格·毛雷爾，里昂證券。

Two questions.

兩個問題。

First, could you comment on China?

首先，你能評論一下中國嗎？

There seems to be some movement in terms of issuers being allowed to issue cards in China, some discussion regarding processing.

在允許發卡機構在中國發卡方面似乎有一些進展，一些關於處理的討論。

I was wondering if you could discuss if there's been any thawing of those discussions, or your thought process around timing of when the market might become open to you.

我想知道您是否可以討論這些討論是否已經解凍，或者您對市場何時可能向您開放的時間的思考過程。

Secondly, on incentives, like you said, you got two quarters of benefit from the Chase deal in this quarter, I believe is what you said.

其次，在激勵方面，就像你說的，你在本季度從大通交易中獲得了兩個季度的收益，我相信這就是你所說的。

But looking out to next year, is it reasonable to believe that you could come in as a percentage of gross revenue below the bottom end of this year's guidance due to the new arrangement?

但展望明年，是否有理由相信由於新的安排，您的總收入百分比可能低於今年指導的底端？

Or other clients increasing, and therefore that's a false assumption?

或者其他客戶增加，因此這是一個錯誤的假設？

Thanks.

謝謝。

Why don't I start with China?

我為什麼不從中國開始？

And unfortunately, there's still not a lot of new news to talk about with China.

不幸的是，與中國談論的新消息仍然不多。

The agreement with the WTO requires China to issue regulations by the end of July to open up the domestic market to foreign competition.

與 WTO 達成的協議要求中國在 7 月底之前發布法規，向外國競爭開放國內市場。

From what we've seen, there has been some very small, incremental things announced by the Chinese government, but they have not been clear as we read the information to lay out a road map to open up the domestic marketplace.

從我們看到的情況來看，中國政府宣布了一些非常小的、增量的事情，但在我們閱讀信息以製定開放國內市場的路線圖時，這些事情並不清楚。

So we're waiting with everyone else until that happens.

因此，我們正在與其他所有人一起等待，直到發生這種情況。

We have no better idea than anyone else what form that will take, what time period, the opportunity for us, in what time period that opportunity would evolve.

我們沒有比其他人更好的想法，它將採取什麼形式，什麼時間段，我們的機會，機會將在什麼時間段內發展。

And so there's not a lot there.

所以那裡沒有很多。

Now, having said that, we are still in the same place with, we feel, from a long-term perspective, putting aside whether it is one quarter, four quarters, or eight quarters away, the opportunity to compete in the domestic marketplace in China with the capabilities that we have we think could be significant over a long period of time.

現在，話雖如此，我們仍然在同一個地方，從長遠的角度來看，不管是一個季度、四個季度還是八個季度，我們都覺得有機會在國內市場競爭中國擁有我們認為在很長一段時間內具有重要意義的能力。

Unfortunately, we still don't know what the time period is and what the requirements to participate will be.

不幸的是，我們仍然不知道時間段是什麼以及參與的要求是什麼。

Over to incentives.

到了激勵措施。

You ask an interesting question.

你問了一個有趣的問題。

There's clearly two forces at work here, one of which is the Chase contract, where the pricing has been restructured so that it is more per transaction.

這裡顯然有兩種力量在起作用，其中一種是大通合同，其中的定價已經過重組，因此每筆交易的價格更高。

There are still incentives related to the contract, but not nearly at the magnitude that they were pre-contract.

仍然有與合同相關的激勵措施，但遠不及合同前的程度。

At the same time, the vast majority of our issuers are in growth mode with their portfolios.

與此同時，我們的絕大多數發行人的投資組合都處於增長模式。

The larger they grow their portfolios, the more incentives we pay.

他們擴大投資組合的規模越大，我們支付的獎勵就越多。

And that has been our business model for decades.

幾十年來，這一直是我們的商業模式。

And so as is our practice, we will schedule those out over the next two months.

我們的實踐也是如此，我們將在接下來的兩個月內安排這些活動。

We will also take a hard look at what contracts are likely to renew in the coming year, which also weighs into that calculation, and then give you a report out in October.

我們還將仔細研究來年可能續籤的合同，這也影響了這一計算，然後在 10 月份給你一份報告。

Let me just signal, in the spirit of your question, that in our view it is best to model incentives on a full-year basis, recognizing that they can have a lot of variation between quarters.

讓我根據您的問題的精神表明，在我們看來，最好在全年的基礎上對激勵措施進行建模，因為它們在季度之間可能會有很大差異。

And as I said in my earnings remarks, in Q4 we expect an above-average level of deal activity as we move to the closing out of our fiscal year.

正如我在財報中所說的那樣，隨著我們財政年度的結束，我們預計第四季度的交易活動將高於平均水平。

And therefore we expect a higher client incentives as a percentage of gross revenue, and you should not consider that representative of the go-forward trend.

因此，我們預計客戶激勵佔總收入的百分比會更高，您不應將其視為前進趨勢的代表。

Tom McCrohan, Janney.

湯姆麥克羅漢，珍妮。

Just a quick question on card-not-present.

只是一個關於卡不存在的快速問題。

Given the growth in eCommerce, how much of Visa's line today is card-not-present eCommerce volume?

鑑於電子商務的增長，今天 Visa 的產品線中有多少是無卡電子商務量？

And is the revenue yield on those type of transactions the same as for transactions that are card-present?

這些類型的交易的收益收益是否與有卡交易的收益相同？

Thanks.

謝謝。

Good question.

好問題。

That's not something that we have decided to speak about publicly at this point.

這不是我們現在決定公開談論的事情。

Inevitably, though, I think that's something that we will be talking about much more in the future, since that is the fastest-growing channel that we have.

不過，不可避免的是，我認為這是我們將來會更多地談論的事情，因為這是我們擁有的增長最快的渠道。

And by way of form factor, within form factor the fastest-growing factor is mobile.

就外形而言，在外形中，增長最快的因素是移動性。

And the two of them clearly are linked.

而他們兩個顯然是有聯繫的。

So I would say we're short on detail today, but more to come in the future.

所以我想說我們今天缺乏細節，但未來會更多。

Moshe Katri, Cowen.

Moshe Katri，考恩。

Byron, can you talk a bit about credit in the US?

拜倫，你能談談美國的信用嗎？

Maybe compare what you are seeing on the corporate side versus on the consumer side of the business, and if there are any changes during the quarter?

也許可以比較您在企業方面和消費者方面看到的情況，以及本季度是否有任何變化？

I would say that in terms of health, the corporate side is healthy.

我想說，就健康而言，企業方面是健康的。

But the factors that are fueling the really strong performance we have been experiencing in consumer credit constitute more of a tailwind.

但推動我們在消費信貸方面經歷的真正強勁表現的因素更多地構成了順風。

When we look across the corporate spend, a lot of that has to do with the degree of recovery in the economies across the globe.

當我們審視企業支出時，其中很大一部分與全球經濟的複蘇程度有關。

Our view is that the recovery -- this is a technical term -- is sluggish, which is one step above anemic.

我們的觀點是，復甦——這是一個技術術語——是緩慢的，比乏力高出一步。

And given that enthusiastic description, the very fact that we are seeing positive growth in corporate spend on cards in categories like airlines and the T&E components we view as encouraging.

鑑於這種熱情的描述，我們看到企業在航空公司和我們認為令人鼓舞的 T&E 組件等類別的卡上的支出正增長。

Having said that, there is for us, in our view, a significant opportunity to further penetrate the commercial sector.

話雖如此，我們認為，對我們來說，這是一個進一步滲透商業領域的重要機會。

We have invested significantly in our commercial information platforms that support that part of the business with our commercial clients.

我們在商業信息平台上進行了大量投資，以支持我們與商業客戶的這部分業務。

And we believe with the investments we've made in our IntelliLink platform, that we are well positioned to experience meaningful growth in this market segment in the years to come.

我們相信，憑藉我們在 IntelliLink 平台上的投資，我們有能力在未來幾年在這個細分市場實現有意義的增長。

Arvind Ramnani, BNP.

Arvind Ramnani，法國巴黎銀行。

A good quarter.

一個很好的季度。

I just had a quick question on the -- clearly the affluent has come back, but what are your assumptions for continued growth from the affluent market?

我剛剛問了一個簡短的問題——很明顯，富人已經回來了，但是你對富裕市場持續增長的假設是什麼？

And also, what is your view on the non-affluent market?

另外，您對非富裕市場有何看法？

So the affluent part of our portfolio really has been the driver of the credit spend that we have been reporting over the past year.

因此，我們投資組合中富裕的部分確實是我們過去一年報告的信貸支出的驅動力。

In the last quarter or two we are starting to see some participation from the next income cohort down, but it is not yet significant.

在最後一兩個季度，我們開始看到下一個收入群體的參與度有所下降，但還不是很重要。

And therefore, it's not a material driver in our results to date.

因此，它不是我們迄今為止結果的重要驅動因素。

As we look out into the coming year, when I described the underlying economic growth as sluggish, if I were to relate that to the US, creating 200,000 jobs a month -- which is the minimum to make any progress against unemployment -- we would describe that as not anemic, but as sluggish growth.

當我們展望來年時，當我將潛在的經濟增長描述為緩慢時，如果我將其與美國聯繫起來，每月創造 200,000 個工作崗位——這是在應對失業方面取得任何進展的最低限度——我們會將其描述為不是貧血，而是增長緩慢。

But it is creating new jobs.

但它正在創造新的就業機會。

And those new jobs ultimately translate into spend.

這些新工作最終轉化為支出。

And so our outlook is that the non-affluent spend will contribute more, but not significantly more to the payment volume spend in the coming year.

因此，我們的展望是，非富裕支出將在未來一年對支付量支出的貢獻更大，但不會顯著增加。

That's how we're thinking about it.

我們就是這麼想的。

And when we gave our guidance for 2014, the limited guidance at this point, that was the assumptions that underpinned the growth rates we expressed.

當我們給出 2014 年的指導時，此時的指導有限，這就是支撐我們所表達的增長率的假設。

Smitti Srethapramote, Morgan Stanley.

Smitti Srethapramote，摩根士丹利。

International revenue growth was strong in relation to cross-border volume growth.

與跨境交易量增長相比，國際收入增長強勁。

Can you talk about the drivers behind that?

你能談談這背後的驅動因素嗎？

And how much of a lift did you guys get from a mix shift toward higher-yielding geographies?

你們從向高收益地區的混合轉變中獲得了多少提升？

So I would say that there's a little bit of mix; there's a lot of volatility.

所以我會說有一點混合；有很大的波動性。

So whenever there is significant volatility in the currency markets, that translates into higher international revenue for us.

因此，每當貨幣市場出現重大波動時，這對我們來說意味著更高的國際收入。

That is something that can appear in one quarter and disappear the next, relative to whatever an average volatility is.

相對於平均波動率，這是可能在一個季度出現並在下一個季度消失的東西。

We have been seeing, with the strengthening of the dollar, the volatility in the Australian dollar; Japanese yen; to a lesser extent, the euro and the sterling; the turbulence in those markets is really -- and the associated volatility -- is the principal driver of the difference in international revenue versus the actual number of -- versus the growth in payment volume that we experienced.

我們已經看到，隨著美元走強，澳元出現波動；日圓;在較小程度上，歐元和英鎊；這些市場的動盪——以及相關的波動——是國際收入與實際數量之間差異的主要驅動因素——與我們經歷的支付量增長相比。

Rod Bourgeois, Bernstein.

羅德·布爾喬亞，伯恩斯坦。

A two-part question about Europe.

關於歐洲的兩部分問題。

So if you were a network competing in the vast majority of Europe, what do you like and not like about the EC's regulatory proposals that have recently been released?

因此，如果您是一個在絕大多數歐洲競爭的網絡，您對最近發布的 EC 監管提案有哪些喜歡和不喜歡的地方？

And the second part of the question is, is there any worry that Europe's regulatory moves might fuel merchants to push for regulation in other countries, such as the US and/or emerging countries?

問題的第二部分是，是否擔心歐洲的監管舉措可能會促使商家推動其他國家的監管，例如美國和/或新興國家？

Yes, again, so this is our view if we were Europeans, which we are certainly not.

是的，再說一次，如果我們是歐洲人，這就是我們的觀點，我們當然不是。

I guess when we read it, the things that we like about it are, first of all, there is recognition in the value of interchange.

我想當我們讀到它的時候，我們喜歡它的地方，首先是在交流的價值中得到認可。

We can argue about what that number is, but we've heard lots of things through the years about whether interchange should exist or not exist in some parts of the world.

我們可以爭論這個數字是多少，但多年來我們聽到了很多關於世界某些地方是否應該存在交換的事情。

And recognition that it belongs is a statement in itself.

承認它屬於它本身就是一種陳述。

And certainly I would put no-surcharge into that category as well.

當然，我也會將無附加費納入該類別。

And then the thing I would say which straddles both sides, the good and the bad, is a level playing field.

然後我要說的是跨越雙方的事情，好的和壞的，是一個公平的競爭環境。

And so card networks that operate both 3-party and 4-party models fall into both sides of the camp.

因此，同時運營 3 方和 4 方模式的卡網絡屬於陣營的雙方。

So on the one hand, it's a positive thing to bring some parts of their business into this level playing field, but the fact is, there is still a meaningful part of the marketplace that there's just -- you can argue unfair advantage has been given and doesn't actually solve whatever the underlying regs are supposed to solve.

因此，一方面，將他們的部分業務帶入這個公平競爭環境是一件積極的事情，但事實是，市場上仍有一個有意義的部分——你可以爭辯說已經給予了不公平的優勢並且實際上並沒有解決任何底層規則應該解決的問題。

The second thing I would put in the negative category is co-badging.

我要放在負麵類別中的第二件事是共同標記。

And the third thing I would put is the splitting of processing from the brand.

我要說的第三件事是從品牌中分離加工。

And the second part of Rod's question was --?

羅德問題的第二部分是——？

Will it metastasize to other areas of the world?

它會轉移到世界其他地區嗎？

Yes, so I think it is -- the whole world -- the world is a big place, but everyone sees what everyone else does, for sure.

是的，所以我認為它是——整個世界——這個世界很大，但每個人都會看到其他人所做的事情，這是肯定的。

Some people have seen what happened here in the US on debit.

有些人已經看到了在美國發生的事情。

They've seen Australia.

他們看到了澳大利亞。

They have been watching Canada.

他們一直在關注加拿大。

They have been watching Europe.

他們一直在關注歐洲。

So, certainly, you have to believe that when one significant part of the world does something, that the other part of the world looks at it.

所以，當然，你必須相信，當世界的一個重要部分做某事時，世界的另一部分會看著它。

In this case, remember, this is proposed legislation.

在這種情況下，請記住，這是擬議的立法。

It will take several years for comments and for it to work through its process.

徵求意見並完成整個過程將需要數年時間。

So the things that have been decided here, as best I can tell, are not set in stone.

因此，據我所知，這裡已經決定的事情並不是一成不變的。

And we will see how these things actually evolve in the marketplace.

我們將看到這些東西在市場上是如何實際發展的。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Just looking at the 10-Q, rest of world revenue -- not just the international line, but actual rest of world revenue was up 24% this quarter.

僅看看 10-Q 世界其他地區的收入——不僅是國際線，而且本季度世界其他地區的實際收入增長了 24%。

The last four it was up about 10% to 14%.

最後四個它上漲了大約 10% 到 14%。

And I think the explanation of some FX volatility probably helped on the cross-border part of that, but it was a pretty big acceleration.

而且我認為對一些外匯波動的解釋可能有助於其中的跨境部分，但這是一個相當大的加速。

Maybe you can talk through a couple of other reasons that that also accelerated so much.

也許你可以談談這也加速了很多其他原因。

There are two reasons that matter.

有兩個重要的原因。

You hit the first one, which is the boost in international , we book that into the rest of world line.

您擊中了第一個，這是國際上的推動力，我們將其預訂到世界其他地區。

And the second, if you recall, when I mentioned that the 17% revenue growth for the quarter benefited from significant nonrecurring incentives, that brought the growth rate down by several percentage points if you were to exclude those.

第二，如果你還記得，當我提到本季度 17% 的收入增長得益於重要的非經常性激勵措施時，如果排除這些因素，這會使增長率下降幾個百分點。

All of those significant nonrecurring incentives were outside the United States.

所有這些重要的非經常性激勵措施都在美國境外。

So they had the effect of amplifying the growth rate of rest of world.

因此，它們具有放大世界其他地區增長率的作用。

And those are the two main drivers.

這是兩個主要驅動力。

James Friedman, Susquehanna.

詹姆斯弗里德曼，薩斯奎哈納。

A quick question on EMV.

關於 EMV 的快速問題。

Looks like we're about 18 months from the deadline set in 2015.

看起來我們距離 2015 年設定的最後期限還有 18 個月的時間。

Are you seeing banks accelerate the issuance of EMV cards ahead of the deadlines?

您是否看到銀行在截止日期前加速發行 EMV 卡？

And any comments on EMV with regard to merchant acceptance would be interesting?

關於 EMV 關於商家接受度的任何評論會很有趣嗎？

Thank you.

謝謝你。

We certainly hear a fair amount being discussed about it.

我們當然聽到很多關於它的討論。

And we also have, I think, more issuers in the United States issuing chip cards due to the importance of making for an easy acceptance experience when people travel outside the United States.

我認為，我們在美國也有更多的發行人發行芯片卡，因為當人們在美國境外旅行時提供輕鬆的接受體驗很重要。

I don't have the numbers in terms of the amount of EMV cards that are being issued today.

我沒有關於今天發行的 EMV 卡數量的數字。

It is bigger than it's been, but it's not by any stretch of the imagination the majority of the cards yet.

它比以前更大了，但它還不是大多數卡片的想像空間。

But I did read something recently that suggested that the percentage of issuers that are intending to do it is growing.

但我最近確實讀到了一些內容，表明打算這樣做的發行人的百分比正在增長。

But I don't think we know any more than that today.

但我不認為我們今天知道的更多。

And on the merchant side, I would say it's a similar conversation, with the exception being to the extent that machines in merchants' facilities have to be replaced.

在商家方面，我會說這是一個類似的對話，除了商家設施中的機器必須更換。

They appear to be being replaced with machines that will accept the new form of card.

它們似乎正在被接受新形式卡的機器所取代。

Brad, that this point we have time for one last question.

布拉德，這一點我們有時間回答最後一個問題。

Darrin Peller, Barclays.

巴克萊銀行的達林佩勒。

Just want to jump in.

只想跳進去。

Year to date we're clearly seeing a more meaningful margin expansion for this year, again, versus what we saw in the prior year, really prior year or two.

年初至今，我們再次清楚地看到今年的利潤率增長比我們在前一年看到的更有意義，實際上是前一兩年。

Average margins for the first 3 quarters are around 62.5%, so really more than 100 basis points expansion year over year.

前三個季度的平均利潤率約為 62.5%，因此同比增長超過 100 個基點。

Is there anything unique about the year's quarterly revenues, or maybe the operating leverage in the model in the past quarters, that shouldn't repeat?

今年的季度收入，或者過去幾個季度模型中的運營槓桿是否有什麼不應該重複的獨特之處？

Or is there something that we can expect this type of margin upside just from stored operating leverage embedded in the model?

或者，我們是否可以僅通過嵌入模型中的存儲運營槓桿來預期這種類型的利潤率上升？

Let me respond to that in two ways.

讓我從兩個方面回應。

First of all, I just want to anchor the group back into the guidance for 2013, since we're talking margins.

首先，我只想將小組重新納入 2013 年的指導，因為我們正在談論利潤。

And you began with year to date.

你從年初至今。

So we held our guidance at around 60% operating margin, which the math implies that the year to date is trending higher than what we would expect for the fourth quarter, which is why we kept it at around 60%.

因此，我們將我們的指導維持在 60% 左右的營業利潤率，這意味著今年迄今為止的趨勢高於我們對第四季度的預期，這就是我們將其保持在 60% 左右的原因。

So pointone.

所以點。

Point two, there is fundamental operating leverage in the business, as you know.

第二點，如您所知，業務中有基本的經營槓桿。

We have been very consistent in that we don't solve for operating margins; we don't have targets; we don't have internal requirements.

我們一直非常一致，我們不解決營業利潤率；我們沒有目標；我們沒有內部要求。

What we do solve for are investments that drive shareholder value.

我們所解決的是推動股東價值的投資。

It is the nature of our business that many of those investments are expense versus capital.

我們業務的本質是，其中許多投資都是費用與資本。

And therefore, as we continue to ramp up the investments that support our growth strategies, they often carry a significant expense component to them and would immediately put downward pressure on margins.

因此，隨著我們繼續增加支持我們增長戰略的投資，它們通常會帶來很大的開支，並會立即給利潤率帶來下行壓力。

And I think it's safe to say that that philosophy of investing for growth and value, both today and tomorrow, is a philosophy we intend to follow.

我認為可以肯定地說，無論是今天還是明天，投資增長和價值的理念都是我們打算遵循的理念。

And that if that means some sacrifice of theoretically higher margins, we're fully prepared to do that in the name of shareholder value.

如果這意味著犧牲理論上更高的利潤率，我們已經完全準備好以股東價值的名義這樣做。

And let me just add one more thing to that, which is as has been pointed out by a bunch of you, and also on this call, is we do operate in a competitive marketplace.

讓我再補充一點，正如你們中的一些人所指出的那樣，在這次電話會議上，我們確實在競爭激烈的市場中運營。

And it wouldn't be right for our long-term shareholder interests to be thinking about how our services should be priced based upon a commitment that we would make to you all to continue to increase the margin levels that we have.

我們的長期股東利益考慮如何根據我們向你們所有人做出的承諾來定價我們的服務是不正確的，以繼續提高我們的利潤率水平。

We have to look at each transaction and say, how does the market price those transactions?

我們必須查看每筆交易並說，市場如何為這些交易定價？

What value do we think we're providing?

我們認為我們提供了什麼價值？

And have the ability to compete effectively if we think it makes sense.

如果我們認為這是有道理的，就有能力有效競爭。

And so that all gets factored into the guidance that is given.

因此，所有這些都被考慮到給出的指導中。

And with that, we want to thank you all for joining us here today.

有了這個，我們要感謝大家今天加入我們。

And if anybody has follow-up questions, please feel free to call Investor Relations.

如果有人有後續問題，請隨時致電投資者關係部。

Thanks.

謝謝。

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。