Visa Inc (V) 2013 Q4 法說會逐字稿

Welcome to Visa Inc's fiscal Q4 2013 earnings conference call.

歡迎參加 Visa Inc 2013 財年第四季度財報電話會議。

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, Brad.

謝謝你，布拉德。

Good afternoon, and welcome to Visa Inc's fiscal fourth quarter and full year 2013 earnings conference call.

下午好，歡迎參加 Visa Inc 的 2013 財年第四季度和全年財報電話會議。

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

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

This call is currently being webcast over the internet.

該電話目前正在互聯網上進行網絡直播。

It can be accessed over the Investor Relations website at www.investor.visa.com.

可通過投資者關係網站 www.investor.visa.com 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 power point deck containing financial and statistical 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一個包含今天評論的財務和統計亮點的幻燈片。

Let me also remind you that this presentation may include forward-looking statements.

我還要提醒您，本演示文稿可能包含前瞻性陳述。

These statements aren't guarantee of future performance and our actual results could differ as the result of a variety of factors.

這些陳述不能保證未來的表現，我們的實際結果可能會因各種因素而有所不同。

Additional information concerning these factors is available in our most recent reports on forms 10-K and Q, which you can find on the SEC's website and the IR section of our website.

有關這些因素的更多信息可在我們最近的 10-K 和 Q 表格報告中找到，您可以在 SEC 網站和我們網站的 IR 部分找到這些信息。

For historical non-GAAP or pro forma-related financial information disclosed in this call, the related GAAP measures and other information required by the Reg G of the SEC are available in the financial and statistical summary accompanying today's press release This release can also be assessed through the IR section of our website.

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今天的新聞稿隨附的財務和統計摘要中找到。也可以評估此新聞稿通過我們網站的 IR 部分。

With that, I will now turn the call over to Byron.

有了這個，我現在將把電話轉給拜倫。

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 fourth quarter's net revenue growth.

首先，對第四季度的淨收入增長有所影響。

As reported, net revenue grew 9%.

據報導，淨收入增長了 9%。

Three call outs, starting with gross revenue.

三個呼叫，從總收入開始。

For the quarter, it grew at a healthy 11% rate.

本季度，它以健康的 11% 的速度增長。

Turning to the incentive line, during the quarter, we closed 73 major deals, compared to a quarterly average of 53 for the 2013 fiscal year.

談到激勵線，在本季度，我們完成了 73 筆重大交易，而 2013 財年的季度平均水平為 53 筆。

This resulted in an incentive rate of 18.6% for Q4, which is well within the neighborhood we signaled on our Q3 earnings call.

這導致第四季度的激勵率為 18.6%，這完全在我們在第三季度財報電話會議上所暗示的範圍內。

When combined with the first three fiscal quarters, incentives as a percent of gross revenues came in at 16.5%, right in the middle of our 16% to 17% guidance range for the full year.

與前三個財政季度相結合，激勵措施佔總收入的百分比為 16.5%，正好在我們全年 16% 至 17% 的指導範圍的中間。

Finally, the FX headwind, which has accelerated in the second half of the year, reached about 1.5 percentage points of drag on revenue growth in Q4.

最後，下半年加速的外匯逆風對第四季度收入增長的拖累達到了約 1.5 個百分點。

The full year FX headwind was just under 1% for fiscal 2013.

2013 財年全年的外匯逆風略低於 1%。

We expect this headwind to continue to grow in fiscal 2014 to about 2 percentage points of drag on reported revenue growth net of our hedges.

我們預計這種不利因素將在 2014 財年繼續增長，對我們的對沖淨收入增長造成約 2 個百分點的拖累。

Second call out relates to full year revenue growth.

第二次調用與全年收入增長有關。

We began fiscal 2013 with revenue guidance of low double digits, and refined the guidance to around 13% on the Q3 call.

我們在 2013 財年開始時的收入指引為兩位數，並在第三季度電話會議上將指引細化至 13% 左右。

We end the year with revenue growth of 13%, after absorbing the impact of heightened deal activity in Q4 and a growing unfavorable FX impact.

在吸收了第四季度交易活動增加和日益不利的外匯影響的影響後，我們以 13% 的收入增長結束了今年。

Third call out relates to the most recent US payment volume trends.

第三次呼籲與最近的美國支付量趨勢有關。

While rest of world payment volume and global cross-border trends remain in double-digit growth territory for the September ending quarter, US domestic payment volume dropped from 11% growth in August to 8% in September.

雖然世界其他地區的支付量和全球跨境趨勢在 9 月末季度保持兩位數增長，但美國國內支付量從 8 月的 11% 增長下降到 9 月的 8%。

While October's first three weeks have upticked slightly to 9%, there has clearly been some constraint in US consumer spend showing up in our numbers in both debit and credit.

雖然 10 月份的前三週略有上升至 9%，但在我們的借方和貸方數據中，美國消費者支出顯然受到了一些限制。

Our guidance encompasses what we are seeing in September and October and presumes that a tepid recovery in US economic growth continues.

我們的指導涵蓋了我們在 9 月和 10 月看到的情況，並假設美國經濟增長繼續溫和復蘇。

Fourth call out relates to operating income and EPS, which grew 15% and 20% respectively versus fiscal 2012's adjusted results.

第四次呼籲與營業收入和每股收益有關，與 2012 財年的調整後結果相比，它們分別增長了 15% 和 20%。

Included in our Q4 results was a restructuring reserve of $44 million, representing about $0.04 of EPS.

我們的第四季度業績包括 4400 萬美元的重組準備金，相當於每股收益約 0.04 美元。

This restructuring reserve reflects a streamlining of our cost structure, aimed at achieving greater alignment between our costs and our strategic priorities and capturing organizational efficiencies as we adapt to changes in our management structure.

這一重組儲備反映了我們成本結構的精簡，旨在使我們的成本與我們的戰略重點更加一致，並在我們適應管理結構的變化時獲得組織效率。

Finally, fifth call out, we remain committed to returning excess cash to our shareholders.

最後，第五次呼籲，我們仍然致力於向股東返還多餘的現金。

Three highlights.

三大亮點。

First, as announced last week, we raised our quarterly dividend per share by 21% to $0.40.

首先，正如上周宣布的那樣，我們將季度每股股息提高了 21% 至 0.40 美元。

Second, during Q4, we repurchased over 7 million shares at an average price of $177 per share, returning $1.3 billion to shareholders.

其次，在第四季度，我們以每股 177 美元的平均價格回購了超過 700 萬股股票，向股東返還了 13 億美元。

Finally third, we announced a new $5 billion share repurchase program, our largest ever.

最後第三，我們宣布了一項新的 50 億美元的股票回購計劃，這是我們有史以來規模最大的一次。

Please note, this buyback program has no expiration date and is in addition to $251 million still remaining under our prior authorization.

請注意，該回購計劃沒有到期日，並且在我們事先授權下還剩餘 2.51 億美元。

This means purchases could take place throughout fiscal 2014, and in 2015 as well.

這意味著採購可能會在 2014 財年以及 2015 年進行。

Now let's turn to the numbers.

現在讓我們轉向數字。

As is my practice, I will cover our global payment volume and process transaction trends for the fiscal Q4, followed by our results through October 21.

按照我的慣例，我將介紹我們第四財季的全球支付量和處理交易趨勢，然後是截至 10 月 21 日的結果。

I'll then cover the financial highlights of our fiscal fourth quarter, and conclude with our guidance outlook for fiscal 2014.

然後，我將介紹我們第四財季的財務亮點，並以我們對 2014 財年的指導展望結束。

Global payment volume growth for the September quarter, in constant dollars, was 13%, on par with the June quarter's 13%.

9 月季度的全球支付量增長（以固定美元計算）為 13%，與 6 月季度的 13% 持平。

This was driven by a sustained growth in all of our regions.

這是由我們所有地區的持續增長推動的。

More recently in the US, through October 21, payment volume growth was 9%, compared with 10% in the September ending quarter.

最近在美國，截至 10 月 21 日，支付量增長了 9%，而 9 月末季度為 10%。

Drilling down further, US credit growth was 9% through October 21, compared to 11% in Q4.

進一步分析，截至 10 月 21 日，美國信貸增長率為 9%，而第四季度為 11%。

Similarly, debit grew at 8% in October, compared to 10% in Q4.

同樣，10 月份借方增長了 8%，而第四季度增長了 10%。

While a decline in US gas prices is part of the story, there is also a modest downshift in other retail segments.

雖然美國天然氣價格下降是其中的一部分，但其他零售領域也出現了適度的下滑。

Global cross-border volume delivered a solid 11% constant dollar growth rate in the September quarter, on par with the 11% rate in the June quarter.

全球跨境交易量在 9 月季度實現了 11% 的穩定美元增長率，與 6 月季度 11% 的增長率持平。

The US grew 10%, and the rest of world 11%.

美國增長 10%，世界其他地區增長 11%。

Through October 21, cross-border volume on a constant dollar basis grew 13%, with a US growth rate of 10%, and rest of world at 14%.

截至 10 月 21 日，按固定美元計算的跨境交易量增長了 13%，其中美國增長 10%，世界其他地區增長 14%。

Transactions processed over Visa's network totaled 15.5 billion in the fiscal fourth quarter, a 14% increase over the prior-year period.

第四財季通過 Visa 網絡處理的交易總額為 155 億筆，比去年同期增長 14%。

The US grew 10%, while the rest of the world delivered 28% growth.

美國增長了 10%，而世界其他地區增長了 28%。

Through October 21, process transaction growth was 13%.

截至 10 月 21 日，流程交易增長率為 13%。

Now turning to the income statement.

現在轉向損益表。

Net operating revenue in the quarter was $3 billion, a 9% increase year-over-year, driven by solid growth globally in both domestic and international transactions and, as mentioned earlier, restrained by a significant increase in incentives tied to deal activity and a growing FX headwind.

本季度的淨營業收入為 30 億美元，同比增長 9%，這得益於全球國內和國際交易的穩健增長，並且如前所述，受到與交易活動相關的激勵措施顯著增加和不斷增長的外匯逆風。

For the full fiscal year, net operating revenue was $11.8 billion, up 13% over the prior year, and at the high end of our beginning of year guidance of low double digits.

整個財年，淨營業收入為 118 億美元，比上年增長 13%，處於我們年初低兩位數指引的高端。

Moving to the individual revenue line items.

轉到各個收入行項目。

Service revenue was $1.4 billion, up 10% over the prior year, and was driven by solid global payment volume growth.

服務收入為 14 億美元，比上一年增長 10%，這得益於全球支付量穩健增長。

Data processing revenue was $1.2 billion, up 12% over the prior year's quarter, based on solid growth rates and Visa process transactions inside and outside of the US, and continuing strong CyberSource transaction growth.

數據處理收入為 12 億美元，比去年同期增長 12%，這得益於穩健的增長率和美國境內外的 Visa 處理交易，以及 CyberSource 交易持續強勁的增長。

As we signaled last quarter, we have fully lapped the implementation of US debit regulation, resulting in revenue growth that more closely approximates growth in process transactions.

正如我們上個季度所暗示的那樣，我們已經完全實施了美國借記卡監管，導致收入增長更接近於流程交易的增長。

International transaction revenue was up 13%, to $899 million, reflecting solid strength in cross-border volume and a continuing benefit from higher currency volatility.

國際交易收入增長 13%，達到 8.99 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持續收益。

Total operating expenses for the quarter were $1.2 billion, up only 1% from the prior year results.

本季度總運營費用為 12 億美元，僅比去年同期增長 1%。

Personnel costs were up 6% for the quarter, and 12% year-over-year, in support of our growth strategies around the globe, which heavily emphasized the investments in our country teams outside of the US, along with our newer product initiatives.

本季度的人員成本增長了 6%，同比增長了 12%，以支持我們在全球的增長戰略，這在很大程度上強調了對我們在美國以外的國家團隊的投資，以及我們的新產品計劃。

That said, in Q4, we also took a $44 million restructuring reserve for the reasons discussed earlier.

也就是說，在第四季度，出於前面討論的原因，我們還提取了 4400 萬美元的重組準備金。

This call out is important when considering our run rate for personnel costs as we move into fiscal year 2014.

當我們進入 2014 財年時，考慮到我們的人員成本運行率，這一呼籲非常重要。

Marketing expenses were flat from the prior year, and declined 6% sequentially, primarily as a result of lower media spend.

營銷費用與上年持平，環比下降 6%，主要是由於媒體支出減少。

Operating margin was 59% for the fourth quarter, and 61% for the full fiscal year, both in line with our guidance of about 60%.

第四季度的營業利潤率為 59%，整個財年為 61%，均符合我們約 60% 的指導。

Our effective tax rate for Q4 was 32.5%, and while higher than our full-year guidance of 30% to 32%, the full year figure of 31.4% was within our guidance range.

我們第四季度的有效稅率為 32.5%，雖然高於我們 30% 至 32% 的全年指導，但全年 31.4% 的數字在我們的指導範圍內。

Capital expenditures were $138 million in the quarter, and totaled $471 million for the full year.

本季度資本支出為 1.38 億美元，全年總計 4.71 億美元。

This was at the top end of our expected range going into the year.

這是我們進入今年預期範圍的高端。

At the end of the fiscal quarter, we had 638 million shares of class A common stock outstanding on an as-converted basis.

在本財政季度末，我們有 6.38 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 quarter totaled 644 million, and for the year totaled 656 million.

本季度完全稀釋流通股的加權平均數為 6.44 億股，全年為 6.56 億股。

Finally, in terms of guidance, we had previously provided fiscal 2014 metrics around revenues, EPS, and free cash flow.

最後，在指導方面，我們之前提供了有關收入、每股收益和自由現金流的 2014 財年指標。

Let's start there.

讓我們從那裡開始。

Given our expectation for a more significant FX headwind in 2014, we are reframing our revenue growth guidance going forward, leading with a constant dollar growth rate, which is consistent with the payment volume metrics we provide each quarter, and better represents the underlying growth and health of our business.

鑑於我們對 2014 年外匯逆風的預期更大，我們正在重新制定我們未來的收入增長指導，以恆定的美元增長率為主導，這與我們每個季度提供的支付量指標一致，並且更好地代表了潛在的增長和我們業務的健康。

Then we will provide the expected FX impact for the year.

然後我們將提供該年度的預期外匯影響。

So for fiscal year 2014, we expect constant dollar revenue growth of low double digits and an FX headwind of around 2 percentage points.

因此，對於 2014 財年，我們預計美元收入將保持兩位數的持續增長，外匯逆風約為 2 個百分點。

A little further color on revenue.

收入的進一步顏色。

Given the continued slow pace of global economic recovery, combined with the growing impact of a strong US dollar, our expectations today are slightly lower than they were in June on Investor Day.

鑑於全球經濟復甦步伐持續緩慢，加上強勢美元的影響越來越大，我們今天的預期略低於 6 月投資者日的預期。

That said, our expectation for diluted earnings per share remains the same, and continues to be mid to high teens.

也就是說，我們對稀釋後的每股收益的預期保持不變，並且繼續保持在中高水平。

Free cash flow guidance of about $5 billion reflects the partial reversal of a 2013 tax deduction associated with the eventual return of Visa's share of the multi-district litigation cash payment as a result of merchants opting out of the multi-district litigation class settlement.

約 50 億美元的自由現金流指引反映了 2013 年稅收減免的部分逆轉，這與由於商家選擇退出跨區訴訟集體和解而導致 Visa 最終返還跨區訴訟現金支付份額相關。

As I mentioned in June at Investor Day, this event, combined with the non-recurring deduction in fiscal 2013 associated with our multi-district litigation settlement payment, will lower free cash flow from $6.9 billion in fiscal 2013 to about $5 billion in fiscal 2014.

正如我在 6 月的投資者日上提到的那樣，這一事件加上 2013 財年與我們的多地區訴訟和解付款相關的非經常性扣除，將使自由現金流從 2013 財年的 69 億美元降至 2014 財年的約 50 億美元.

New guidance metrics for the full year 2014 include the following.

2014 年全年的新指導指標包括以下內容。

Client incentives, as a percent of growth revenue, will move up modestly next year, within an expected range of 16.5% to 17.5%.

客戶激勵作為增長收入的百分比，明年將小幅上升，預期在 16.5% 至 17.5% 的範圍內。

Our annual operating margin is expected to show a very modest improvement over the past couple of years, which means we expect it to remain in the low 60s.

在過去幾年中，我們的年度營業利潤率預計將顯示出非常溫和的改善，這意味著我們預計它將保持在 60 年代的低位。

Finally, we have made the decision to discontinue providing quantitative guidance on marketing expense, capital expenditures and tax rate.

最後，我們決定停止提供有關營銷費用、資本支出和稅率的量化指導。

We are moving in this direction because of the track record we have established since our IPO in 2008.

我們正朝著這個方向前進，因為我們自 2008 年首次公開募股以來所建立的業績記錄。

Given the progress we have made with, and now the stability of these metrics, we deem them ripe for retirement.

鑑於我們已經取得的進展，以及現在這些指標的穩定性，我們認為它們退休的時機已經成熟。

However, having said that, and to provide some parting color, we would view marketing and capital expenditures as likely increasing over time commensurate with overall growth but at manageable rates.

然而，話雖如此，並提供一些分界線，我們認為營銷和資本支出可能會隨著時間的推移與整體增長相稱，但以可控的速度增長。

While we'll always seek opportunities to optimize our tax rate, we are not going to see the same magnitude of sustained improvement that we were able to drive in the first five years of our public life.

雖然我們總是會尋找機會優化我們的稅率，但我們不會看到我們在公共生活的前五年能夠推動的同樣幅度的持續改善。

We expect to see more modest, incremental improvement only.

我們預計只會看到更適度、漸進的改進。

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 very much, Byron, and good afternoon to everyone.

非常感謝，拜倫，大家下午好。

I thought I would start out with just a few comments about the fourth quarter, and then move on to some other topics.

我想我會從對第四季度的一些評論開始，然後轉向其他一些話題。

First of all, we feel very good about the continued strong financial performance that Visa has exhibited, with no surprises to speak of.

首先，我們對 Visa 表現出的持續強勁的財務表現感到非常滿意，這並不令人意外。

As Byron mentioned, our revenue growth of 9%, and on a gross basis at 11%, was reflective of heavy incentives during the quarter, as we anticipated, and we just think of those as a good thing.

正如拜倫所說，我們的收入增長 9%，總收入增長 11%，這反映了本季度的大量激勵措施，正如我們預期的那樣，我們只是認為這是一件好事。

That is getting more long-term deals signed with our clients -- is clearly a positive for us.

這與我們的客戶簽署了更多的長期交易——這顯然對我們有利。

Global payment volume growth of 13% consistent with the prior quarter, expense growth of 1%, as we talked about, including $44 million of severance.

正如我們所說，全球支付量增長 13%，與上一季度一致，費用增長 1%，包括 4400 萬美元的遣散費。

15% net income growth, while we bought back 7 million shares for about $1.3 billion.

淨收入增長 15%，同時我們以約 13 億美元回購了 700 萬股股票。

All of this contributed to EPS growth of 20%, again including the effect of those incentives during the quarter, and restructuring.

所有這些都促成了每股收益 20% 的增長，再次包括本季度這些激勵措施的影響以及重組。

All of that added into the 2013 full year performance of 13% revenue growth, 8% expense growth, translating to 23% EPS growth, all in line with the guidance that we've been giving.

所有這些都使 2013 年全年收入增長 13%，費用增長 8%，轉化為每股收益增長 23%，這一切都符合我們一直提供的指導。

Let me turn now and just give a couple of updates on other topics, and I'll start with litigation and regulation.

現在讓我談談其他主題的一些更新，我將從訴訟和監管開始。

First, I'll start here in the United States.

首先，我將從美國這裡開始。

As I think most of you are aware, we are awaiting final ruling on the MDL, the multi-district litigation case.

我想你們大多數人都知道，我們正在等待多地區訴訟案件 MDL 的最終裁決。

A decision is expected at any time.

預計隨時會做出決定。

We continue to remain confident that the court will approve the agreement, as we've said in the past.

正如我們過去所說，我們仍然相信法院將批准該協議。

Also within the United States, again, I think most people do know that the US district court judge Richard Leon ruled on July 31 that the Federal Reserve implemented certain parts of the Durbin Provision of Dodd-Frank improperly, specifically related to the level of interchange and the networking provisions.

同樣在美國，我想大多數人都知道，美國地方法院法官理查德萊昂在 7 月 31 日裁定美聯儲不正確地執行了多德弗蘭克德賓條款的某些部分，特別是與互換水平有關和網絡規定。

Just a couple of comments on the Judge Leon ruling.

就萊昂法官的裁決發表幾點評論。

First of all, we are pleased that the Federal Reserve filed a notice of appeal in August, and that the Fed was granted a stay in July pending the results of its appeal.

首先，我們很高興美聯儲在 8 月提交了上訴通知，並且美聯儲在 7 月獲准暫停上訴，等待上訴結果。

Our review of the appeal papers filed by the Federal Reserve leads us to believe that the government has a strong case on appeal.

我們對美聯儲提交的上訴文件的審查使我們相信政府有充分的上訴理由。

Relative to the timing, as best as we note, there is no timeline proposed for when the case will be argued or decided.

就時間而言，正如我們注意到的那樣，沒有提出關於何時辯論或決定案件的時間表。

However, the briefings are expected to be completed by December 4 of this year.

不過，預計簡報會在今年 12 月 4 日之前完成。

Over in Europe, we have talked about a series of things there in the past.

在歐洲，我們過去談過一系列的事情。

There really is no new news with anything that we've discussed, including the Visa Europe put.

我們討論過的任何事情都沒有新消息，包括歐洲簽證。

Let me move on now and talk about tokenization for a minute.

現在讓我繼續討論一下標記化。

On the last quarterly call, I spoke at length about our thoughts on tokenization and where we viewed our role.

在上一個季度電話會議上，我詳細談到了我們對代幣化的看法以及我們對自己角色的看法。

We made a significant announcement this quarter, which I hope you saw.

我們在本季度發布了一項重要公告，希望您能看到。

We, along with our partners in the industry, MasterCard and American Express, announced a set of standards to move towards a newly-tokenized payment environment.

我們與行業合作夥伴萬事達卡和美國運通一起宣布了一套標準，以邁向新的代幣化支付環境。

This will serve several purposes.

這將有幾個目的。

First of all, as we all know, it is just good for security.

首先，眾所周知，這對安全性有好處。

Removing sensitive information crossing the payment system is good for every network participant.

刪除跨支付系統的敏感信息對每個網絡參與者都有好處。

But probably more importantly, for the long-term, it creates a framework as new network participants emerge to ensure the security and the integrity of the payment system is in fact maintained.

但可能更重要的是，從長遠來看，隨著新網絡參與者的出現，它創建了一個框架，以確保支付系統的安全性和完整性實際上得到維護。

And when I talk about the integrity of the payment system, I'm including protecting the position that we have, and our clients have, in the value chain.

當我談到支付系統的完整性時，我包括保護我們和我們的客戶在價值鏈中的地位。

And that is something that is obviously very important to us.

這對我們來說顯然非常重要。

It is early dates.

這是早期的日期。

They are just standards, as they've been defined, but we're working both on the technical implementation of these, as well as the practical implications, with more to come in the future.

它們只是標準，正如它們已經定義的那樣，但我們正在研究這些標準的技術實施以及實際影響，未來還會有更多。

But we think this could lead to some exciting things.

但我們認為這可能會導致一些令人興奮的事情。

Next update, I'll turn to V.me for a second.

下次更新，我會轉向 V.me 一秒鐘。

We've spoken before about the convergence of physical point of sale, e-commerce and mobile.

我們之前談過實體銷售點、電子商務和移動的融合。

You hear it everywhere you go.

你走到哪裡都能聽到。

Our objective is simple with V.me.

使用 V.me，我們的目標很簡單。

People talk about wallets sometimes as if they are very confusing to us, and what our goals are, they are simple and straightforward.

人們有時談論錢包，好像它們讓我們很困惑，而我們的目標是什麼，它們簡單明了。

We want to replicate the simplicity, the speed and the security of a transaction, just like people have today when they swipe, dip or tap a card.

我們希望復制交易的簡單性、速度和安全性，就像今天人們刷卡、刷卡或刷卡一樣。

It is that simple.

就是這麼簡單。

We've learned a great dial since I've arrived from Visa, through discussions with issuers, acquirers and merchants, relative to our own development of V.me, and we are in the process of simplifying our product, becoming targeted towards the goal of creating this simple, fast and secure online and mobile acceptance.

自從我從 Visa 來後，通過與發卡行、收單行和商戶的討論，我們學到了一個很棒的錶盤，相對於我們自己開發的 V.me，我們正在簡化我們的產品，成為目標的目標創建這種簡單、快速和安全的在線和移動接受。

The feedback has been hugely valuable.

反饋非常有價值。

Our product is going to be issuer, acquirer and merchant focused.

我們的產品將以發卡行、收單行和商家為中心。

That's relative to the branding and the data flow.

這與品牌和數據流有關。

We are working to make it easier to integrate into merchant websites and into mobile applications, and we've done this in collaboration with our clients today, and the feedback has been positive and we are optimistic.

我們正在努力使其更容易集成到商家網站和移動應用程序中，我們今天已經與我們的客戶合作完成了這項工作，反饋是積極的，我們很樂觀。

Having said that, we have made significant progress.

話雖如此，我們已經取得了重大進展。

We have over 150 financial institutions and about 60 e-commerce retailers offering V.me within the United States, Canada and Australia today, and we have an additional 300 merchants signed and are in various stages of integration.

今天，我們在美國、加拿大和澳大利亞有超過 150 家金融機構和大約 60 家電子商務零售商提供 V.me，我們還有另外 300 家商戶簽約並處於不同的整合階段。

We move on now and just talk for a second about network security.

我們現在繼續討論網絡安全問題。

In my year here, as I've gotten the opportunity to talk to many of you and read many things sent across about what is going on in our industry, there is a great deal discussed about the potential disintermediation of existing payment systems.

在我在這裡的這一年裡，由於我有機會與你們中的許多人交談並閱讀了許多關於我們行業正在發生的事情的信息，因此對現有支付系統的潛在去中介化進行了很多討論。

And I just -- relative to network security -- I want to make clear that I do not think people should underestimate the value existing payment networks have regarding security.

我只是——相對於網絡安全——我想明確表示，我認為人們不應低估現有支付網絡在安全方面的價值。

Criminals across the globe, there are becoming more of them, they are becoming smarter, they are better funded, and they are becoming more bold.

全世界的犯罪分子越來越多，他們變得越來越聰明，他們得到了更好的資金，而且他們變得越來越大膽。

Their attacks are becoming more frequent and much, much more complex.

他們的攻擊變得越來越頻繁，也越來越複雜。

We as a company, and the established people in the marketplace have, been dealing with these risks for years.

作為一家公司，我們以及市場上的知名人士多年來一直在應對這些風險。

In our case, 40 or 50 years.

在我們的案例中，是 40 或 50 年。

We've invested billions of dollars to secure our network, and you just have to remind yourself, people use networks because they trust them, and they'll use them until they do not trust them anymore.

我們已經投資了數十億美元來保護我們的網絡，您只需要提醒自己，人們使用網絡是因為他們信任它們，並且他們會使用它們直到不再信任它們為止。

And then when they do not, those networks will not exist.

然後當他們不這樣做時，這些網絡將不存在。

We understand that, and work every day to protect our environment, and just keep in mind risk takes several forms.

我們明白這一點，並且每天都在努力保護我們的環境，並牢記風險有多種形式。

The first is just practical, day-to-day fraud.

第一個只是實際的日常欺詐。

We spend an awful lot of energy working on our data analytics, as our clients do, to fight common everyday fraud.

與客戶一樣，我們在數據分析上花費了大量精力，以打擊常見的日常欺詐行為。

Our transactions are screened by us and our financial partners on a real time basis.

我們和我們的金融合作夥伴實時篩選我們的交易。

The modeling to do this has been developed over 40 or 50 years, and we've driven fraud rates down to historic lows, to the point where they are less than $0.06 for every $100 transacted over our network are actually lost to fraud.

執行此操作的模型已經開發了 40 或 50 年，我們已將欺詐率降至歷史低點，以至於通過我們的網絡進行的每 100 美元交易實際上因欺詐而損失的欺詐率不到 0.06 美元。

The second risk is the scary one, and its perpetrators are getting access to the network.

第二個風險是可怕的，其肇事者正在訪問網絡。

Just remind everyone that we have a centralized processing and architecture that allows us to scan, evaluate, protect and react to any risk that we see as necessary.

只需提醒大家，我們有一個集中式處理和架構，使我們能夠掃描、評估、保護和應對我們認為必要的任何風險。

As a company, as I said, huge resources, huge amount of our time as a management team, and we have some of the most talented people and sophisticated technology to combat threats, and are committed to continue investing in this.

正如我所說，作為一家公司，巨大的資源，我們作為管理團隊的大量時間，我們擁有一些最有才華的人和最先進的技術來對抗威脅，並致力於繼續在這方面進行投資。

As we think about these risks, again, I want to point out, these risks are very real.

當我們考慮這些風險時，我想再次指出，這些風險是非常真實的。

These aren't things that our people are concerned about that might never come to fruition.

這些不是我們的人民所關心的，可能永遠不會實現的事情。

They will go to the weakest link in the system.

他們將進入系統中最薄弱的環節。

As I think most of you know, the White House is directly engaged in this, as is the President himself, and we certainly feel that having the secure environment, like our established payments network, is a great place to be as the risks continue to increase.

正如我想你們大多數人都知道的那樣，白宮和總統本人都直接參與其中，我們當然認為擁有像我們已建立的支付網絡這樣的安全環境是一個很好的地方，因為風險繼續存在增加。

Now let me turn and talk for a second about the almost year that I've spent at Visa, and just share a few of my thoughts.

現在讓我轉身談談我在 Visa 度過的近一年，並分享一些我的想法。

Again, many of these don't relate to anything that I've done, but relate to the broader team at Visa.

同樣，其中許多與我所做的任何事情都無關，而是與 Visa 更廣泛的團隊有關。

First of all, this Company has delivered growth consistently, and delivered on what it said it would do since the IPO.

首先，這家公司一直在實現增長，並兌現了自 IPO 以來的承諾。

I personally remain confident in our ability to continue to grow the franchise over the long-term.

我個人對我們長期繼續發展特許經營權的能力充滿信心。

The opportunities are hugely significant.

這些機會非常重要。

They are global, they are technology driven, and they are based on partnerships that we have and will continue to strengthen across the globe.

它們是全球性的，它們是技術驅動的，它們基於我們已經並將繼續在全球範圍內加強的伙伴關係。

First of all, on globality.

首先，關於全球性。

Again, I've had the opportunity, since I've joined the company, to spend a lot of time overseas.

再次，自從我加入公司以來，我有機會在海外度過了很多時間。

I've visited over a dozen countries.

我去過十幾個國家。

I've probably met with 40 to 50 financial institutions, from the very largest to some of the very smallest.

我可能會見了 40 到 50 家金融機構，從最大的到一些最小的。

Met with two dozen acquirers, met with many merchants, and government officials in five countries.

會見了兩打收單機構，會見了五個國家的許多商人和政府官員。

You all know, and I think we've talked about this, that our business outside of the US is growing at a rate much faster than inside the US, but the opportunities within both are still hugely significant.

你們都知道，我想我們已經討論過這一點，我們在美國以外的業務增長速度比美國國內快得多，但兩者之間的機會仍然非常重要。

We talked at Investor Day that the displacement of cash is still the big opportunity for us.

我們在投資者日談到，現金置換對我們來說仍然是一個巨大的機會。

41% of transactions in the developed world are still cash and check.

發達國家 41% 的交易仍然是現金和支票。

62% in the emerging markets.

62% 在新興市場。

That translates to over $11 trillion of cash and checks in our geographies, which excludes Visa Europe, and those numbers are growing.

這意味著在我們的地區（不包括 Visa Europe）有超過 11 萬億美元的現金和支票，而且這些數字還在增長。

What has been most striking to me, as I've had the opportunity to travel across the world, is the extent to which governments understand the huge benefits of moving payments to electronic means, and the desire to partner with us to bring about this change.

當我有機會環遊世界時，最令我震驚的是政府在多大程度上了解將支付方式轉移到電子方式的巨大好處，以及與我們合作實現這一改變的願望.

And that is in fact what we are doing.

這實際上就是我們正在做的事情。

As I just alluded to, technology is also a huge driver of the opportunity we have in front of us.

正如我剛才提到的，技術也是我們面前機遇的巨大推動力。

Cash is, in fact, the enemy.

事實上，現金是敵人。

Electronic solutions just are far superior.

電子解決方案要優越得多。

They are safer.

他們更安全。

They are more secure.

他們更安全。

We have some of the best products in the world.

我們擁有一些世界上最好的產品。

Our products are accepted, if you include mobile points of acceptance, between 36 million and 40 million locations across the globe.

如果您包括移動接受點，我們的產品在全球 3600 萬到 4000 萬個地點被接受。

We have over 2.1 billion cards outstanding, a full set of products, and again, a tradition of safety, security and soundness.

我們擁有超過 21 億張優秀的卡片、全套產品，以及安全、可靠和穩健的傳統。

We all know data and mobile create the opportunity to accelerate that electronification, and we have continued and will continue to build out our capabilities here.

我們都知道數據和移動設備為加速電子化創造了機會，我們已經並將繼續在這裡建立我們的能力。

We've also talked a lot about partnership.

我們也談了很多關於夥伴關係的事情。

Our clients are much more than clients.

我們的客戶不僅僅是客戶。

They are partners.

他們是合作夥伴。

Our issuers have always looked at us that way, that we are a strategic partner for them in building their business.

我們的發行人一直以這種方式看待我們，認為我們是他們建立業務的戰略合作夥伴。

When we talk to a lot of people on the outside, they like to talk about the price of our network.

當我們在外面與很多人交談時，他們喜歡談論我們網絡的價格。

When we talk to most of our issuers, absolutely they are concerned about price.

當我們與大多數發行人交談時，他們絕對關心價格。

But they are equally concerned about the ideas and the assets that we can bring to help them grow their client relationships.

但他們同樣關心我們可以帶來幫助他們發展客戶關係的想法和資產。

And that is what we spend our time inside the company working to develop.

這就是我們花時間在公司內部努力開發的東西。

It is what has been done for years.

這是多年來一直在做的事情。

The same is true for the acquirers.

收購方也是如此。

And I've said, we're building this DNA news capabilities to create those kinds of merchant partnerships that we do have in some parts of the world, but we need certainly here in the United States and elsewhere.

我已經說過，我們正在建立這種 DNA 新聞能力，以建立我們在世界某些地區確實擁有的那種商業夥伴關係，但我們在美國和其他地方肯定需要。

We have a long way to go.

我們還有很長的路要走。

We know it is critical for our success.

我們知道這對我們的成功至關重要。

But we do want to be viewed as a partner to grow their business at a fair price.

但我們確實希望被視為合作夥伴，以公平的價格發展他們的業務。

And we will be flexible.

我們會很靈活。

We will customize our efforts here as long as we preserve the things that I've talked about that are important to us and the network.

只要我們保留我所說的對我們和網絡很重要的事情，我們就會在這裡定制我們的工作。

And in short, we feel great about the future.

簡而言之，我們對未來感覺良好。

So everything we've been talking about our future is still, in fact, the same.

所以我們一直在談論我們的未來的一切實際上仍然是一樣的。

Let me shift gears now and talk for a second about capital.

現在讓我換個角度談談資本。

Since our IPO, we've been consistent about how we have thought about capital management, and since I've come on board, I've reaffirmed the same principles that have existed within the Company.

自首次公開募股以來，我們對資本管理的看法一直保持一致，自從我加入以來，我重申了公司內部存在的相同原則。

To date, the Company has repurchased the equivalent of about 151 million shares, or about 20% of the Company's shares outstanding.

迄今為止，本公司已回購相當於約1.51億股股份，約佔本公司已發行股份的20%。

We have returned nearly $17 billion of capital to shareholders.

我們已向股東返還了近 170 億美元的資本。

Let me walk through a couple of principles, which I laid out on a prior call, but let me just do again.

讓我介紹一下我在之前的電話會議中提出的一些原則，但讓我再做一次。

We believe the highest and best use of our excess capital is to reinvesting it, first organically in our business, and then through acquisitions to further our growth.

我們相信，我們過剩資本的最高和最佳用途是將其再投資，首先是有機地投資於我們的業務，然後通過收購來促進我們的增長。

After supporting that growth, we believe in continuing to grow our dividend, and we think about targeting a 20% payout ratio of prior year net income.

在支持這一增長之後，我們相信繼續增加我們的股息，我們考慮將上一年淨收入的派息率設定為 20%。

The final use is buying back our stock.

最後的用途是回購我們的股票。

Just a few notes for a second.

只是幾秒鐘的筆記。

We treat decisions to invest our capital for both organic and acquisition purposes as serious, independent and discrete decisions.

我們將出於有機和收購目的投資我們的資本的決定視為嚴肅、獨立和離散的決定。

And we conduct vigorous analysis on all of those.

我們對所有這些都進行了有力的分析。

And so we get excited when we find investments, whether they are organic investments or acquisitions that pass those tests, and we are constantly searching for ways to grow those things.

因此，當我們找到投資時，我們會感到興奮，無論它們是通過這些測試的有機投資還是收購，我們一直在尋找發展這些東西的方法。

We also understand the value of a consistent and fair dividend to our investors.

我們也了解持續和公平的股息對我們的投資者的價值。

So our goal is to grow the dividend as our net income grows.

因此，我們的目標是隨著淨收入的增長而增加股息。

And our stated goal has been, and continues to be, to return the majority of excess free cash flow to our investors.

我們既定的目標一直是並將繼續是，將大部分超額自由現金流返還給我們的投資者。

We've done this through aggressive buybacks, and will continue to do this, always with an eye towards valuation.

我們通過積極的回購來做到這一點，並將繼續這樣做，始終著眼於估值。

We understand that when we buy our stock back, we are making an investment decision.

我們了解，當我們回購股票時，我們正在做出投資決定。

And to the extent that we are buying the stock back, that tells you what we believe the future of this company is like.

就我們回購股票而言，這告訴你我們相信這家公司的未來是什麼樣的。

As you've seen, we have continued that practice through this quarter.

如您所見，我們在本季度繼續這種做法。

We announced the 21% increase in our quarterly dividend, from $0.33 to $0.40 per share.

我們宣布將季度股息增加 21%，從每股 0.33 美元增至 0.40 美元。

This equates to 20% of that prior year net income, as I alluded to earlier, and that's the way we think about it.

正如我之前提到的，這相當於上一年淨收入的 20%，這就是我們的想法。

We also announced our 10th and most significant share repurchase authorization to date, which was $5 billion.

我們還宣布了迄今為止的第 10 次也是最重要的股票回購授權，金額為 50 億美元。

Both of these decisions, as I've said, reflect our belief in returning excess capital to shareholders, and in our confidence of our future.

正如我所說，這兩個決定都反映了我們將多餘資本返還給股東的信念，以及我們對未來的信心。

And speaking of the future, just a few last words before we open it for questions.

談到未來，在我們提出問題之前，請說最後幾句話。

Byron commented that through October 21, we've seen solid payment and transaction growth across the world.

拜倫評論說，截至 10 月 21 日，我們已經看到全球支付和交易增長穩健。

Some weakness here in the US, with some strong growth elsewhere.

美國這裡有些疲軟，而其他地方則有些強勁增長。

As we've said, the recovery has not accelerated.

正如我們所說，復甦並沒有加速。

Uncertainty certainly continues, as you look across the world, and our financial guidance reflects this tepid global growth and volatility in the foreign exchange markets.

當您放眼全球時，不確定性肯定會繼續存在，我們的財務指導反映了這種不溫不火的全球增長和外匯市場的波動。

We do expect one day to benefit from stronger economic growth.

我們確實預計有一天會受益於更強勁的經濟增長。

We just don't know when yet.

我們只是不知道什麼時候。

Looking ahead to 2014 and beyond, I continue to remain excited and energized about Visa and the opportunity that we have to continue growing the business from the top line.

展望 2014 年及以後，我繼續對 Visa 以及我們必須從收入繼續發展業務的機會感到興奮和充滿活力。

We continue to focus on the same initiatives that we outlined at Investor Day.

我們將繼續關注我們在投資者日概述的相同舉措。

The secular opportunity to penetrate cash and check PCE remains healthy across the globe.

滲透現金和檢查 PCE 的長期機會在全球範圍內保持健康。

We are working hard to expand the value of VisaNet.

我們正在努力擴大 VisaNet 的價值。

We are continuing to invest in our future, and we continue about being more flexible and adaptive to the business needs of our customers as we seek to become closer partners with them.

我們將繼續投資於我們的未來，並且在我們尋求與客戶成為更緊密的合作夥伴時，我們將繼續更加靈活和適應客戶的業務需求。

In closing, I would like to thank the 9,500 global employees of Visa who are all working hard every single day to build a better company for all of our shareholders.

最後，我要感謝 Visa 的 9,500 名全球員工，他們每天都在努力工作，為我們所有的股東打造更好的公司。

And with that, operator, Byron and I would love to take some questions.

有了這個，接線員、拜倫和我很樂意回答一些問題。

(Operator Instructions)

（操作員說明）

Our first question will come from Jason Kupferberg of Jefferies.

我們的第一個問題將來自 Jefferies 的 Jason Kupferberg。

You may go ahead.

你可以繼續。

Thanks, guys.

多謝你們。

On the currency, because I know it is unusual, if you have a call out of this magnitude.

關於貨幣，因為我知道這是不尋常的，如果你有這麼大的電話。

Is it mostly the volatility in the Brazilian real, or are there some other specific currencies, and you simply didn't have enough hedging in place?

主要是巴西雷亞爾的波動，還是有其他一些特定的貨幣，而您根本沒有足夠的對沖措施？

And as follow on to that, does the top line impact that we saw in Q4, and that we're projecting for fiscal 2014, is that similar impact on the bottom line?

緊隨其後的是，我們在第四季度看到的以及我們對 2014 財年的預測是否對利潤產生了類似的影響？

Let me respond to that.

讓我對此作出回應。

On currency, I'll just remind everyone, we hedge one year out on a rolling basis.

在貨幣方面，我只是提醒大家，我們以滾動方式對沖一年。

Literally, every month, we put hedges on, hedges come off.

從字面上看，每個月，我們都會設置對沖，對沖脫落。

So we'll never be perfectly matched with regards to our foreign exchange exposure unless, literally, there is no volatility whatsoever in the rate.

因此，我們的外匯敞口永遠不會完全匹配，除非從字面上看，匯率沒有任何波動。

We hedge 14 currencies.

我們對沖 14 種貨幣。

We do business in 180.

我們在180做生意。

The impact does include the Brazilian real, but it is more than that.

影響確實包括巴西雷亞爾，但不僅如此。

It includes the Aussie dollar, the yen, the Canadian dollar, so there are a handful of currencies that are causing this impact, not just limited to Brazil.

它包括澳元、日元、加元，因此造成這種影響的貨幣屈指可數，不僅限於巴西。

The primary impact is revenue.

主要影響是收入。

There is a more modest off-set in expenses.

費用中的抵消幅度較小。

Obviously, expenses incurred in other currencies that are brought back to the US dollar actually translate at a lower level.

顯然，以美元計價的其他貨幣產生的費用實際上換算成較低的水平。

So the impact on the bottom line is moderated by the expense benefit, but it doesn't moderate it all that much.

因此，對底線的影響受到費用收益的影響，但並沒有那麼大。

Our next question will come from Craig Maurer of CLSA.

我們的下一個問題將來自里昂證券的 Craig Maurer。

Your line is open.

你的線路是開放的。

Yes, a couple of questions.

是的，有幾個問題。

First, the high deal volume in the fiscal fourth quarter.

首先，第四財季的高交易量。

Could you please discuss, if you can, the pricing trajectory at a high level for those deals versus what you were seeing during the rest of 2013?

如果可以的話，您能否討論一下這些交易的高水平定價軌跡與您在 2013 年剩餘時間看到的情況？

And secondly, just thinking about growth outside of the US, we're hearing that the Mexican banks are lobbying hard for Visa and MasterCard to be allowed to process locally.

其次，考慮到美國以外的增長，我們聽說墨西哥銀行正在努力遊說 Visa 和 MasterCard 允許在當地處理。

Any thoughts on those discussions or the timeline for that?

對這些討論或時間表有何想法？

Thanks.

謝謝。

Let me take the first one.

讓我拿第一個。

When we gave our guidance on the Q3 call, we guided to 16% to 17% incentives for the year, the incentive rate that we ended up incurring in Q4 is very, very consistent with that guidance.

當我們在第三季度的電話會議上給出我們的指導時，我們指導了今年 16% 到 17% 的激勵，我們最終在第四季度產生的激勵率與該指導非常非常一致。

And very consistent with how we expected deals to sort out.

並且與我們預期的交易方式非常一致。

And as it relates to pricing, I would say there is no major call out here on pricing.

由於它與定價有關，我想說這裡沒有關於定價的重大呼籲。

I think the perspective we would leave you with is, we were pretty much spot on in the end of year and Q4 incentive guidance, which should give you some comfort around how we anticipated those deals to be priced.

我認為我們會給您留下的觀點是，我們在年底和第四季度的激勵指導中幾乎是正確的，這應該讓您對我們預期這些交易的定價方式有所了解。

The reason as I alluded to in my remarks, the reason that the incentives are so high is because we did a significantly higher number of important deals in that quarter.

正如我在講話中提到的那樣，激勵措施如此之高的原因是因為我們在該季度完成了更多的重要交易。

Something that is not unusual.

一些不尋常的東西。

It is why incentives are lumpy, and we do not guide by quarter.

這就是為什麼激勵措施不統一的原因，我們不按季度進行指導。

We guide on the full year.

我們指導全年。

And so that is the perspective we'd offer on that front.

這就是我們在這方面提供的觀點。

Charlie, do you want to pick up on Mexico?

查理，你想了解墨西哥嗎？

Sure.

當然。

On Mexico, certainly, and I think, if you think back to the Investor Day, Bill Sheedy talked a great deal about what we believe is the opportunity outside of the United States to increasing our processing penetration.

在墨西哥，當然，我認為，如果你回想一下投資者日，比爾·希迪（Bill Sheedy）談了很多關於我們認為在美國以外增加我們加工滲透率的機會。

Mexico is certainly one of those markets.

墨西哥當然是這些市場之一。

I've been there, and we've had the conversation about the value that we think our processing capabilities can bring to the banks.

我去過那裡，我們就我們認為我們的處理能力可以為銀行帶來的價值進行了對話。

And so we are hopeful -- and trying to be helpful -- that our processing capabilities will be useful in that market place.

因此，我們希望——並試圖提供幫助——我們的處理能力將在那個市場上發揮作用。

Just on a related note on Mexico, because I didn't cover it in my remarks, but I do think it is an exciting for us.

只是關於墨西哥的一個相關說明，因為我沒有在我的發言中提到它，但我確實認為這對我們來說是一個令人興奮的事情。

We announced today that we've signed an agreement with the joint venture between Grupo Bimbo, which is the largest Mexican-owned banking company and Blue Label telecom limited, which is a leading provider of prepaid airtime.

我們今天宣布，我們已與墨西哥最大的銀行公司 Grupo Bimbo 和領先的預付費通話時間供應商 Blue Label 電信有限公司之間的合資企業簽署了一項協議。

The significance is, we have also talked a great deal about the opportunity to increase acceptance in the markets that aren't as developed as the United States.

重要的是，我們還談了很多關於在不如美國發達的市場中提高接受度的機會。

This is an opportunity for us to work with the capacity that Bimbo has, and potentially add up to 150,000 point of sale terminals, using their distribution capabilities.

這是我們利用 Bimbo 擁有的能力合作的機會，並可能利用其分銷能力增加多達 150,000 個銷售點終端。

So it is something that we are very excited about, and when we think about increasing acceptance, and we think about processing, it certainly is one of the bigger opportunities for us.

因此，這是我們非常興奮的事情，當我們考慮提高接受度並考慮處理時，這對我們來說無疑是更大的機會之一。

Our next question will come from Tien-Tsin Huang from JPMC.

我們的下一個問題將來自 JPMC 的 Tien-Tsin Huang。

Your line is open.

你的線路是開放的。

Just on the incentive line, the 73 major deals.

就在激勵線上，73 項重大交易。

How many of these were new deals for Visa versus renewals?

其中有多少是 Visa 的新交易與續訂？

And then looking into 2014, should we expect a more normal year for deal activity?

然後展望 2014 年，我們是否應該期待交易活動更加正常？

We do not have immediately handy how many were new versus renewal.

我們沒有立即掌握有多少是新的和更新的。

What I can provide is additional color, is the majority of those were outside of the United States, with a heavy focus on the Asia Pacific and CEMEA region.

我可以提供的是額外的顏色，其中大多數是在美國以外的地區，主要集中在亞太地區和 CEMEA 地區。

With regards to 2014, I'm not quite sure what a normal year would be, but we've given you our guidance relative to incentives.

關於 2014 年，我不太確定正常的年份會是什麼，但我們已經為您提供了與激勵相關的指導。

And what I can say is that, if we were to look at it, say, from the perspective of our top 10 global clients, none of those are scheduled for expiration or renewal in the upcoming year, 2014.

我能說的是，如果我們從全球前 10 名客戶的角度來看，這些客戶都不會在即將到來的 2014 年到期或續訂。

And I want to add to what Byron said earlier, which is, again, we do not guide quarterly on incentives, because we know it is going to be lumpy.

我想補充一下拜倫之前所說的話，那就是，我們不會按季度對激勵措施進行指導，因為我們知道這將是不穩定的。

And this, while it is a large number, not a surprise to us.

這雖然是一個很大的數字，但對我們來說並不奇怪。

And again, to the extent that we are signing up people either earlier or more of them, we think those are good things.

再說一次，就我們更早或更多地註冊人而言，我們認為這些都是好事。

And over the course of the year, those things tend to balance out, which is why we provided the guidance that we provided for 2014.

在這一年中，這些事情趨於平衡，這就是我們提供 2014 年指導的原因。

Our next question comes from Dan Perlin of RBC Capital.

我們的下一個問題來自 RBC Capital 的 Dan Perlin。

You may go ahead.

你可以繼續。

Thanks.

謝謝。

As we think about 2014 a little more on the incremental investment side, and you mentioned a lot of things going on here.

當我們更多地考慮 2014 年的增量投資時，你提到了這裡發生的很多事情。

But you did highlight previously that about 80% of your investments, incrementally, up to this point, have been on products, technology and infrastructure.

但您之前確實強調過，到目前為止，您大約 80% 的投資都在產品、技術和基礎設施上。

And about the remaining 20% was on international markets.

剩下的 20% 在國際市場上。

And I'm just wondering, it sounds like it might be tilting more toward international markets.

我只是想知道，聽起來它可能更傾向於國際市場。

And should we expect the incremental margins from that to be similar, better, worse?

我們是否應該期望由此產生的增量利潤相似、更好、更差？

Because your margin guidance, for me, seemed like it was biased to the upside.

因為對我而言，您的保證金指導似乎偏向上行。

Thanks.

謝謝。

How to respond to that?

如何回應？

I think those ratios continue to work.

我認為這些比率繼續有效。

I would say that, when we talk about 80% of investment going into product, a lot of that is capital.

我想說的是，當我們談到 80% 的投資用於產品時，其中很大一部分是資本。

When you think of the investment that goes into rest of world and countries outside -- other than the United States, and we think of headcount, a lot of that is going into our country teams.

當您想到進入世界其他地區和除美國以外的國家/地區的投資時，我們想到員工人數，其中很多都進入了我們的國家團隊。

And we consider those investments, because we're at our best when we are present locally, serving clients locally.

我們會考慮這些投資，因為當我們在當地為客戶提供服務時，我們處於最佳狀態。

And so the margins are highest when we are leveraging transactions over the network in our core businesses, and they are less when we are investing in products and services that begin to move away from the network.

因此，當我們在核心業務中利用網絡交易時，利潤率最高，而當我們投資開始遠離網絡的產品和服務時，利潤率會更低。

They extend the network, but they are transactions that require additional investment and additional cost in order to drive the transactions to the network.

它們擴展了網絡，但它們是需要額外投資和額外成本才能將交易驅動到網絡的交易。

And so the way we talked about it, I think, on investor day, is probably a good way of continuing to think about it in 2014 and 2015.

因此，我認為，在投資者日，我們談論它的方式可能是在 2014 年和 2015 年繼續思考它的好方法。

Charlie, do you want to add anything?

查理，你想補充什麼嗎？

The only color I would add is where you wound up, which is, as we sit here today, and we've obviously have our plan for next year, and they are in all of the glorious detail that you would expect.

我要添加的唯一顏色是您結束的地方，也就是說，當我們今天坐在這裡時，我們顯然已經制定了明年的計劃，並且它們具有您所期望的所有光榮細節。

We do not look at the distribution of those investments as being at all significantly different than we thought at investor day.

我們不認為這些投資的分佈與我們在投資者日的想法有很大不同。

It is still the same set of opportunities.

這仍然是同樣的機會。

The growth opportunities outside of the US have been hugely significant for this company.

美國以外的增長機會對這家公司來說意義重大。

It is where the majority of the headcount growth has been over a period of time.

這是一段時間內大部分員工人數增長的地方。

So we would expect where we invest to look very similar as we develop the products and services that we talked about.

因此，當我們開發我們所討論的產品和服務時，我們希望我們投資的地方看起來非常相似。

Our next question is from Darrin Peller of Barclays.

我們的下一個問題來自巴克萊的 Darrin Peller。

Thanks, guys.

多謝你們。

When we look at the volume trends through September and October, first of all, just comment on some of the moving parts her, in terms of maybe the government shutdown impacting, or any other variables.

當我們查看 9 月和 10 月的銷量趨勢時，首先，就她的一些活動部分發表評論，可能是政府關閉影響或任何其他變量。

And then, when you think about your 2014 guidance, is that inclusive of this kind of a run rate for the US trending in the 8% to 9% range versus what you've seen in the past few months?

然後，當您考慮您的 2014 年指導時，是否包括美國在 8% 至 9% 範圍內的這種運行率與您在過去幾個月看到的情況相比？

So on the first -- on the US side, I would say it is continuation -- as we said in the remarks, it is the continuation of a tepid recovery.

因此，首先——在美國方面，我會說它是延續——正如我們在評論中所說，它是溫和復甦的延續。

And so somewhere in the zip code of what we have been seeing is what we would expect to see going forward.

因此，我們所看到的郵政編碼中的某個地方就是我們期望看到的未來。

And I'm sorry, the first part of your question was?

對不起，你問題的第一部分是？

I can do it.

我能做到。

The government.

政府。

(multiple speakers)

（多位發言者）

Yes, so I just want to repeat what Byron said.

是的，所以我只想重複拜倫所說的話。

He also said this in his opening remarks, which is that our guidance encompasses what we are seeing in September and October.

他還在開幕詞中表示，我們的指導涵蓋了我們在 9 月和 10 月看到的內容。

Okay, that is helpful.

好的，這很有幫助。

And as Byron said, that our guidance presumes that we do have this tepid recovery with the US economy.

正如拜倫所說，我們的指導假設美國經濟確實有這種不溫不火的複蘇。

And then, listen, relative to the government, it certainly appears, from our looking at our information, that the government shutdown certainly has an impact.

然後，聽著，相對於政府，從我們的信息來看，政府關閉肯定會產生影響。

Very hard to prove, very hard to understand exactly what the impact is.

很難證明，很難準確理解影響是什麼。

So it is more guess than anything else.

因此，猜測比其他任何事情都多。

And certainly, to the extent that the US government can get its act together, on the debt limit and on the budget, we would expect that to change the trajectory that we would see for consumer spend.

當然，如果美國政府能夠在債務限額和預算方面共同採取行動，我們預計這會改變我們所看到的消費者支出軌跡。

Our next question is from Glenn Fodor of Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Glenn Fodor。

Your line is open.

你的線路是開放的。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Charlie, given your experience at a place that was impacted by Dodd-Frank's debit regulation, and the looming second round of potential actions here, could you just put your bank hat on and share with us your views?

查理，考慮到您在受多德-弗蘭克借記卡監管影響的地方的經歷，以及這裡迫在眉睫的第二輪潛在行動，您能否戴上銀行的帽子並與我們分享您的觀點？

As if this does go through, how issuers may approach their response to further debit interchange reductions and/or loss of exclusivity on signature?

好像這確實發生了一樣，發行人如何應對進一步減少借方互換和/或喪失簽名的排他性？

And how that could that impact the networks?

這對網絡有何影響？

Sure.

當然。

I'll answer the question relative to, in my current job, conversations that we've had with issuers, and our sense for the way people are thinking about it.

在我目前的工作中，我將回答與我們與發行人進行的對話以及我們對人們思考方式的看法相關的問題。

Listen, I think, first of all, relative to the level of interchange, it certainly depends on where the rule ultimately comes out.

聽著，我認為，首先，相對於交換的水平，這當然取決於規則最終在哪裡出現。

When issuers first were dealing with the Durbin reduction down to $0.22, there was a lot of thought that went into the people's desire to support the product.

當發行人第一次將德賓減至 0.22 美元時，人們對支持該產品的願望進行了很多思考。

And at $0.22, while people don't make much money on the product, the consumers like the product, and they still felt the need to support it.

0.22 美元，雖然人們在產品上賺不了多少錢，但消費者喜歡這個產品，他們仍然覺得有必要支持它。

And we see strong debit growth at that point.

那時我們看到了強勁的借方增長。

As the number drops, if the number drops significantly below that, people do have to rethink what that means.

隨著數字的下降，如果數字顯著低於該數字，人們確實必須重新考慮這意味著什麼。

We always have to remind ourselves that we can sit around and talk about what we like, and our issuers can do the same, but there are customers on the other end that are using these products, and consumers like debit cards.

我們總是要提醒自己，我們可以坐下來談論我們喜歡什麼，我們的發卡行也可以這樣做，但在另一端有使用這些產品的客戶，而消費者則喜歡借記卡。

They like to segregate their money.

他們喜歡把錢分開。

They like to have control over what they spend relative to the amount of money that's in their bank account.

他們喜歡控制相對於他們銀行賬戶中的金額的支出。

And all of the safeguards, checks, alerts and all of the things that go along with that.

以及所有的保障措施、檢查、警報以及隨之而來的所有事情。

And forcing consumer behavior to change is a very hard and very dangerous thing to do.

而強迫消費者行為改變是一件非常困難和非常危險的事情。

And not one that I think, at least that I could tell, banks take lightly.

而且我認為，至少我可以說，銀行不會掉以輕心。

So we're still, depending on where the numbers come out, confident that the support will still be there.

因此，根據數據的出處，我們仍然相信支持仍然存在。

And if for some reason people choose to look another way, there are very good prepaid products in the marketplace, which could be important drivers of their business and our business, as is the case with credit cards.

如果出於某種原因人們選擇另一種方式，那麼市場上有非常好的預付費產品，這可能是他們業務和我們業務的重要驅動力，就像信用卡一樣。

And we just remind ourselves, the credit card business is very different than it was 10 years ago.

我們只是提醒自己，信用卡業務與 10 年前大不相同。

Credit card companies are predominantly controlled by banks that look at the entirety of the relationship, and the entirety of that relationship allows them to make credit decisions that they wouldn't have felt comfortable making years and years ago.

信用卡公司主要由關注整個關係的銀行控制，而整個關係使他們能夠做出他們多年前不會感到舒服的信貸決策。

And to the extent that they can make those credit decisions, put controls and alerts and parameters around that that consumers like, that is certainly an option.

如果他們可以做出這些信貸決策，圍繞消費者喜歡的內容設置控制、警報和參數，那當然是一種選擇。

So lots of things unfolding here.

很多事情都在這裡展開。

Obviously, it depends on where the appeal turns itself up.

顯然，這取決於上訴在哪裡出現。

And then, listen, relative to network routing, the only thing I would say on that one is, that one is very complicated.

然後，聽著，相對於網絡路由，我唯一想說的是，那個非常複雜。

It is not clear that the system is capable of handling that today, and the system thought about broadly, whether it is physical devices, whether it is networks, whether it is acquirers, processors or anything like that.

目前尚不清楚該系統是否能夠處理今天的問題，並且該系統考慮的範圍很廣，無論是物理設備，還是網絡，無論是收單機構、處理器還是類似的東西。

And so that one, I think, we will wait and see what happens in the appeals court and go forward from there.

因此，我認為，我們將拭目以待，看看上訴法院會發生什麼，然後從那裡繼續前進。

Our next question is from son Sanjay Sakhrani of KBW.

我們的下一個問題來自 KBW 的兒子 Sanjay Sakhrani。

Your line is open.

你的線路是開放的。

Just a question back on the US spending trends.

只是一個關於美國支出趨勢的問題。

I was wonder if there was more elaboration around the trends?

我想知道是否有更多關於趨勢的詳細說明？

Byron, you mentioned certain verticals seeing impact as well.

拜倫，你提到某些垂直領域也看到了影響。

I was wondering, maybe, what those verticals were?

我想知道，也許，那些垂直是什麼？

And maybe what consumer segments you might have seen the impact?

也許您可能已經看到了哪些消費群體的影響？

And then just one data point question.

然後只是一個數據點問題。

When I look at the card service to purchase volume ratio that declined a lot more in the fourth quarter than it did in the third quarter.

當我查看卡服務與購買量的比率時，第四季度的下降幅度比第三季度要大得多。

And I was wondering if you could help me with what might have attributed to that?

我想知道您是否可以幫助我解決可能導致的原因？

Thank you.

謝謝你。

With regards to the softening in the US retail spend, clearly, gas is important.

關於美國零售支出的疲軟，顯然，天然氣很重要。

We are looking at an average price per gallon on October 21st of $3.36, which for us is 12% below where it was at the same time a year ago.

我們預計 10 月 21 日的每加侖平均價格為 3.36 美元，對我們來說比一年前同期低 12%。

And that shows up in a significant way in the short fall.

這在短暫的秋天以一種重要的方式表現出來。

I would say other verticals that show up, supermarkets, various elements of travel, a number of categories that we would traditionally associate with small business.

我會說出現的其他垂直行業，超市，旅行的各種元素，以及我們傳統上與小企業相關的一些類別。

And when you look at the spread, it's pretty broad-based.

當您查看價差時，它的基礎非常廣泛。

And I would almost say, after gas, I think what struck us, with how many categories you would naturally associate with small business.

我幾乎要說，在汽油之後，我認為讓我們印象深刻的是，有多少類別你會自然地與小企業聯繫起來。

With regards to the second part of your question, I'm not familiar with the ratio that you are inquiring about.

關於你問題的第二部分，我不熟悉你詢問的比例。

Could you rephrase that real quick?

你能快速改寫一下嗎？

I guess I look at card service revenues to purchase volume -- card service fees to purchase volume.

我想我看卡服務收入與購買量 - 卡服務費與購買量。

And that ratio was like 12.67% relative to the 12.75% last quarter.

相對於上一季度的 12.75%，該比率為 12.67%。

And when I look at the year-over-year decline, that decline was a little bit more than what we saw last quarter.

當我查看同比下降時，這種下降比我們上個季度看到的要多一點。

Yes, it is a metric we do not typically look at.

是的，這是我們通常不關注的指標。

So this is service fee over PV?

所以這是PV的服務費？

If that is what you are looking at, to the extent that we have been adjusting our pricing so that more of what we book ends up in data processing versus service fees, as was the case with a major US bank that recently signed up for 10 years, that would impact that ratio.

如果這就是您正在查看的內容，那麼我們一直在調整我們的定價，以便我們預訂的更多內容最終用於數據處理而不是服務費，就像美國一家大型銀行最近簽署了 10年，這將影響該比率。

But beyond that, I do not really have a comment.

但除此之外，我並沒有真正的評論。

But we will look at that, and see whether there is some additional insight that we address in a future call.

但我們將對此進行研究，看看是否有一些額外的見解可以在未來的電話會議中解決。

Our next question is from Rod Bourgeois of Bernstein.

我們的下一個問題來自 Bernstein 的 Rod Bourgeois。

I just wanted to acquire more about the restructuring actions.

我只是想了解更多有關重組行動的信息。

Can you just provide more specifics on what the restructuring actions were, and what prompted them, and also whether there is more to come?

你能否提供更多關於重組行動的細節，是什麼促使他們，以及是否還有更多的事情發生？

And then related to this, on a more strategic level, does the need for some restructuring recently mean you're needing more levers to keep your margin trajectory?

然後與此相關，在更具戰略性的層面上，最近需要進行一些重組是否意味著您需要更多的槓桿來保持您的利潤率軌跡？

It seems that, given the inherent operating leverage in your business, you probably do not need significant restructuring to hit your margin targets at this point.

看來，鑑於您業務中固有的運營槓桿，您可能不需要進行重大重組來達到您的利潤目標。

But I wanted to inquire about that in case we're missing something.

但我想詢問一下，以防我們遺漏了什麼。

Yes, so let me start with the last one.

是的，所以讓我從最後一個開始。

We do not believe in using restructuring to manage margins.

我們不相信通過重組來管理利潤。

We use restructuring if there are things that we want to do to right-size different parts of the company.

如果我們想做一些事情來調整公司不同部分的規模，我們就會使用重組。

This is not expected to continue.

預計這種情況不會繼續。

It doesn't mean that we won't learn things as time goes on, and decide to move resources around at the company, but that is exactly what this is.

這並不意味著我們不會隨著時間的推移學習東西，並決定在公司內調動資源，但這正是事實。

The majority of this restructuring comes from a sharpened focus on what we're doing in our global products area.

這種重組的大部分來自對我們在全球產品領域所做工作的更加關注。

As you know, we've had some leadership changes there over the past couple of months.

如您所知，在過去的幾個月裡，我們在那裡進行了一些領導層變動。

We've spent a lot of time, as I referenced in my remarks, talking with our clients about what we're doing, what they want from us, and where they want to focus.

正如我在講話中提到的，我們花了很多時間與我們的客戶討論我們正在做什麼，他們想從我們這裡得到什麼，以及他們想把重點放在哪裡。

And that has directed us to reorient our activities.

這指示我們重新定位我們的活動。

And I think of that, by the way, as just those activities as normal practice.

順便說一句，我認為這只是那些作為正常練習的活動。

If we're innovating enough, if we're doing enough things, some of those things will turn out not to have all of the opportunity in them, and we will course correct.

如果我們的創新足夠多，如果我們做的事情足夠多，那麼其中一些事情就會變得沒有全部機會，我們當然會改正。

And that's what we've done here.

這就是我們在這裡所做的。

So I think that answers all of your sub-questions.

所以我認為這回答了你所有的子問題。

Byron, did I cover everything?

拜倫，我涵蓋了所有內容嗎？

Yes, I think that's good.

是的，我認為這很好。

Our next question is from Smitti Srethapramote of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Smitti Srethapramote。

Your line is open.

你的線路是開放的。

Hi, there.

你好呀。

Just a quick follow-up to the tokenization discussion that you talked about earlier.

只是對您之前談到的標記化討論的快速跟進。

I'm just wondering, what is the process timeline for it to move from being a proposal to being a standard in?

我只是想知道，它從提案轉變為標準的流程時間表是什麼？

Can you talk about the timing on when these standards could potentially get implemented?

您能談談這些標準何時可能實施的時間嗎？

That is a good question, - I would be left inaccurate if I was too specific.

這是一個很好的問題， - 如果我太具體，我會不准確。

The standards have been published.

標準已經公佈。

We have continued to put out some guidelines to our clients as to what fields will have to be available in releases that will come out next year, because this tokenization work requires work of acquirers and processors.

我們繼續向我們的客戶提供一些指導方針，說明哪些字段必須在明年發布的版本中可用，因為這種標記化工作需要收購方和處理方的工作。

And we would hope that some of these solutions would be in the marketplace by, call it, the second half of the calendar year, next year.

我們希望其中一些解決方案能夠在明年下半年進入市場。

Our next question comes from David Hochstim of Buckingham Research.

我們的下一個問題來自 Buckingham Research 的 David Hochstim。

Your line is open.

你的線路是開放的。

Hi, thanks.

你好謝謝。

I just wondered, could you expand again on the spending changes?

我只是想知道，你能再次擴大支出變化嗎？

Did you see changes in signature and credit on your high-end credit cards?

您是否看到高端信用卡的簽名和信用發生變化？

We've talked about affluent consumers drivers driving a lot of the spending in the past.

我們已經討論過富裕的消費者司機在過去推動了大量的支出。

Did that change in September and October, as well?

這種情況在 9 月和 10 月也發生了變化嗎？

And I wonder if you could give us an update at the end of the period in terms of what signature debit's contribution is to volume, revenue and earnings?

我想知道您是否可以在期末向我們提供關於簽名借記對數量、收入和收益的貢獻的最新信息？

We do not typically break it down between signature, or what we refer to now at Visa debit versus Interlink.

我們通常不會在簽名之間分解，或者我們現在在 Visa 借記卡與 Interlink 中所指的內容。

I think the important call out here is that we are now lapping the full implementation of Durbin, where we had a year where there was a significant and a permanent loss of debit share as a result of the routing, and that is now in our base.

我認為這裡重要的呼籲是，我們現在正在全面實施德賓，我們有一年由於路由而導致借方份額出現重大且永久的損失，而這現在在我們的基礎上.

And so as we begin to lap that, the debit numbers are going to look a whole lot healthier, growth numbers, than they did a year ago.

因此，當我們開始討論這一點時，借方數字將比一年前看起來更健康，增長數字。

With regards to specific reference to the affluent, I would say as we have articulated previously, this remains an affluent-led recovery.

至於具體提到富人，我想說，正如我們之前所闡述的，這仍然是由富人主導的複蘇。

To the extent that there may be some lift on debit, at least in the US, that would partially be due to a shift from credit to debit as a result of a drop in gasoline pricing.

在某種程度上，至少在美國，借方可能會有所提升，這部分是由於汽油價格下跌導致從貸方轉向借方。

As the price of a fill-up gets more within range of immediately accessible funds, it has been our experience that we will see some shift from credit to debit.

隨著充值的價格越來越接近可立即獲得的資金範圍，根據我們的經驗，我們將看到一些從貸方到借方的轉變。

But that is a result of the drop in oil prices, and since they are in drop mode, that is something we wouldn't be surprised if we saw at the next report out.

但這是油價下跌的結果，而且由於它們處於下跌模式，如果我們在下一份報告中看到這一點，我們不會感到驚訝。

Our next question is from Bill Carcache of Nomura Securities.

我們的下一個問題來自野村證券的 Bill Carcache。

Thank you.

謝謝你。

Charlie, some investors have expressed concern over the inevitability of slower growth at some point in, say, the next few years, given that, just mathematically, you are growing off such a large base.

查理先生，一些投資者對未來幾年的某個時候增長放緩的必然性表示擔憂，因為從數學上講，你正在從如此大的基礎上成長。

Can you talk about your confidence in the sustainability of the current mid to high teens growth, as you look to the future?

展望未來，您能否談談您對當前中高青少年增長可持續性的信心？

And perhaps comment on whether an eventual slowdown is something you worry about?

也許評論一下最終的放緩是否是您擔心的事情？

Or is the run rate for growth so large that it's not even something that crosses your mind?

還是增長速度如此之大，以至於您甚至都沒有想到？

I think when you are new at a company that is growing like this, it is something that you think a lot about, and you look a lot about.

我認為，當你在一家這樣成長的公司中擔任新人時，你會考慮很多，並且關注很多。

So absolutely, it is something that, as I've gotten here, I don't know whether worry is the right word, but certainly spent a lot of time on.

所以絕對是，當我來到這裡時，我不知道擔心是否是正確的詞，但肯定花了很多時間。

Listen, I don't think that the opportunities for this company are significantly different than they were 4 or 5 years ago.

聽著，我不認為這家公司的機會與 4 或 5 年前有很大不同。

In fact, we believe there are things going on in the marketplace that would suggest that the opportunities are broader.

事實上，我們相信市場上正在發生的事情表明機會更廣泛。

I know we are concerned about our quarters, and we are concerned about our years.

我知道我們關心我們的季度，我們關心我們的歲月。

We give guidance.

我們給予指導。

We understand the importance of that.

我們明白這一點的重要性。

But here, we're talking about our belief that this company continue to grow for the long-term.

但在這裡，我們談論的是我們相信這家公司會長期持續增長的信念。

The dynamics that exist with cash and check across the globe is a gigantic opportunity.

全球現金和支票存在的動態是一個巨大的機會。

I don't even know how long it will take us to actually conquer cash and check across the globe, but it is a very, very long period of time.

我什至不知道我們要花多長時間才能真正在全球範圍內征服現金和支票，但這是一個非常非常長的時期。

We also look at all of the things that are going on in the world of technology that people initially get concerned about, relative to our position.

我們還研究了人們最初關心的技術世界中正在發生的所有事情，與我們的立場相關。

The majority of them, we look at and believe they are hugely valuable to us.

他們中的大多數，我們看著並相信它們對我們來說非常有價值。

The network that we have, as I've said, it is really, really, really hard to duplicate what we have.

正如我所說，我們擁有的網絡真的，真的，真的很難復制我們擁有的東西。

A couple of people have networks like this.

有幾個人有這樣的網絡。

There are always going to be niche players out there, but to tackle the global opportunity that exists in growing payments, you need to have the size and the scale that some of us have.

總會有一些利基參與者，但為了應對支付增長中存在的全球機遇，你需要擁有我們中的一些人所擁有的規模和規模。

And so this is the world's great platform to be able to do that.

所以這是世界上能夠做到這一點的絕佳平台。

And I do not feel any worse, and perhaps in fact, I probably feel better about the long-term growth opportunities from a revenue perspective of the company today than when I first joined.

而且我並沒有感覺更糟，也許事實上，從公司的收入角度來看，我對長期增長機會的感覺可能比我剛加入時更好。

And that is consistent with what I thought at Investor Day.

這與我在投資者日的想法一致。

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

布拉德，在這一點上，我們有時間回答最後一個問題。

Your last question comes from Arvind Ramnani of BNP.

您的最後一個問題來自 BNP 的 Arvind Ramnani。

Your line is open.

你的線路是開放的。

Hi.

你好。

Just one final question.

最後一個問題。

If Visa isn't being a partner with the issuers, merchants and acquirers, then why do so many groups out there putting hundreds of millions of dollars into finding a way around Visa?

如果 Visa 不是與發行人、商家和收單機構的合作夥伴，那麼為什麼有這麼多團體投入數億美元來尋找繞過 Visa 的方法呢？

Why is Visa not offering them what they want anyway so badly?

為什麼 Visa 不向他們提供他們想要的東西這麼糟糕？

We should spend some time with you offline, because we've talked a lot about, and I think I've been very, very open and honest about, our need to do business somewhat differently in some parts of the world than we've done it in the past.

我們應該在線下花些時間和你在一起，因為我們已經談了很多，而且我認為我一直非常、非常開放和誠實地談到，我們需要在世界的某些地方以不同於我們的方式開展業務過去做過。

So there is no question that the participants in the network have to do a better job of balancing out the role of the issuers, the acquirers and the merchants.

因此，毫無疑問，網絡中的參與者必須更好地平衡發行人、收單機構和商家的角色。

We've not treated them as partners, as much as we possibly could, especially here in the United States.

我們沒有盡我們所能將他們視為合作夥伴，尤其是在美國。

Again, other parts of the world, you get a very, very different story.

同樣，在世界其他地方，你會得到一個非常非常不同的故事。

And at the heart of a lot of the disagreements that we've had, we certainly believe that we have got the opportunity to change the nature of that relationship.

在我們遇到的許多分歧的核心，我們當然相信我們有機會改變這種關係的性質。

And that is why we formed the group under Elizabeth Buse called global solutions.

這就是為什麼我們在 Elizabeth Buse 領導下成立了名為全球解決方案的小組。

We are dedicated to showing up with solutions to help them grow their business over a period of time.

我們致力於展示解決方案，幫助他們在一段時間內發展業務。

I've also said, this is not going to take one month, one quarter, or even a couple of quarters.

我也說過，這不會需要一個月，一個季度，甚至幾個季度。

It is going to take a period of time.

這需要一段時間。

But listen, we have the tools, we have the assets, and we have the desire to do that.

但是聽著，我們有工具，我們有資產，我們有這樣做的願望。

And it is on us to change the nature of those relationships.

我們有責任改變這些關係的性質。

We have started those conversations, and over time, it will be very easy to judge our success.

我們已經開始了這些對話，隨著時間的推移，我們很容易判斷我們的成功。

But it is certainly something that we're excited about, because we know that we can add a great deal of value to the merchant community.

但這當然是我們感到興奮的事情，因為我們知道我們可以為商家社區增加很多價值。

So with that, I guess I'll wrap it up and thank everyone for taking the time and for the effort in following our stock.

因此，我想我會總結一下，並感謝大家花時間和努力關注我們的股票。

That concludes today's call.

今天的電話會議到此結束。

Thank you all very much, and if you have any follow-up questions, feel free to give myself or Victoria a call.

非常感謝大家，如果您有任何後續問題，請隨時給我自己或 Victoria 打電話。

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

感謝您參加今天的電話會議。

At this time, all parties may disconnect.

此時，各方可能會斷開連接。