Visa Inc (V) 2014 Q1 法說會逐字稿

Welcome to the Visa Incorporated's fiscal Q1 2014 earnings conference call.

歡迎參加 Visa Incorporated 2014 財年第一季度財報電話會議。

(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, Marcella.

謝謝，馬塞拉。

Good morning everyone and welcome to Visa Inc.'s fiscal first-quarter 2014 earnings conference call.

大家早上好，歡迎參加 Visa Inc. 2014 財年第一季度財報電話會議。

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

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

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

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

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

網絡廣播的重播也將在我們的網站上存檔 30 天。

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

包含今天評論的財務和統計亮點的 PowerPoint 幻燈片已在本次電話會議之前發佈到我們的網站上。

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 are not guarantees of future performance and our actual results could materially differ as a result of a variety of factors.

這些陳述不是對未來業績的保證，我們的實際結果可能會因各種因素而產生重大差異。

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

有關這些因素的更多信息，請參閱我們關於 10-K 和 10-Q 表格的最新報告，您可以在 SEC 網站和 Visa 網站的投資者關係部分找到這些報告。

For historical non-GAAP or pro forma related financial information disclosed on this call, the related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying today's press release.

對於本次電話會議上披露的歷史非公認會計原則或備考相關財務信息，相關的公認會計原則措施和美國證券交易委員會 G 條例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。

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

此版本也可以通過我們網站的 IR 部分訪問。

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

有了這個，我現在將把電話轉給拜倫。

Thank you, Jack.

謝謝你，傑克。

We will begin my call with the usual callouts and observations.

我們將以通常的標註和觀察開始我的通話。

First, let me start with payment volume and cross-border trends.

首先，讓我從支付量和跨境趨勢說起。

The December quarter on a constant dollar basis grew payment volume at 11%, down 2 percentage points from the September quarter.

按固定美元計算，12 月季度的支付量增長了 11%，比 9 月季度下降了 2 個百分點。

This softening was led by a 2 percentage point drop in the US from 10% to 8% with the holiday spend consistent with a continuing US economic recovery but at a growth rate we would describe as tepid.

這種疲軟是由美國從 10% 下降 2 個百分點至 8% 導致的，假期支出與美國經濟持續復甦一致，但增長率我們稱之為不溫不火。

US results for the first 21 days of January were consistent with the December quarter.

美國 1 月前 21 天的業績與 12 月季度一致。

International payment volume growth rates in the December quarter remained healthy in the midteens.

12 月季度的國際支付量增長率在 12 世紀中期保持健康。

On the cross-border front, growth picked up 1 percentage point from the September quarter with both US and international on the uptick.

在跨境方面，增長較 9 月季度回升 1 個百分點，美國和國際市場均出現增長。

That said, January appears to be giving back some of the heightened cross-border activity we saw in the month of December.

也就是說，1 月份似乎正在回饋我們在 12 月份看到的一些增加的跨境活動。

Second callout.

第二個標註。

Let me begin by saying that we are affirming all our guidance metrics outlined on our October call.

首先讓我說，我們確認我們在 10 月電話會議上概述的所有指導指標。

With that as perspective, I would like to elaborate on our net revenue growth guidance.

以此為視角，我想詳細說明我們的淨收入增長指導。

Our guidance calls for low double digits on a constant dollar basis offset by about 2 percentage points of negative FX.

我們的指導要求以固定美元為基礎的低兩位數抵消約 2 個百分點的負外匯。

We define low double digits as 10% to 13%.

我們將低兩位數定義為 10% 到 13%。

This means on an as recorded or nominal basis, growth is expected to be in the 8% to 11% range after FX impacts.

這意味著在記錄或名義基礎上，預計在受到外匯影響後增長將在 8% 至 11% 之間。

On the FX front after adjusting for hedges, we expect about 2 percentage points of negative impact in all four fiscal quarters.

在對沖調整後的外匯方面，我們預計所有四個財政季度的負面影響約為 2 個百分點。

Given Visa's relevant basket of currencies, the forward rates indicate continued strengthening of the US dollar through the balance of the fiscal year.

鑑於 Visa 的相關一攬子貨幣，遠期匯率表明美元在本財年餘下時間繼續走強。

Drilling down a bit further, a stronger US dollar versus the currencies for Japan, Brazil, Australia, and Canada and more recently Argentina and Venezuela have driven our headwind.

進一步深入研究，美元兌日本、巴西、澳大利亞和加拿大以及最近的阿根廷和委內瑞拉的貨幣走強推動了我們的逆風。

In contrast, while the euro has strengthened versus the US dollar, the absence of Europe from Visa Inc.'s geographic portfolio has muted this potential benefit.

相比之下，雖然歐元兌美元走強，但 Visa Inc. 的地理投資組合中沒有歐洲，這削弱了這種潛在的好處。

Staying with revenue but switching gears, the quarterly growth rates for the balance of the year are expected to vary with softer growth rates in Q2 and Q3 followed by an uptick in Q4.

保持收入不變，但換檔，今年餘下時間的季度增長率預計將隨著第二季度和第三季度的放緩而變化，然後在第四季度回升。

This cadence is driven by the following, the lapping of particularly strong revenue growth rates in Q2 and Q3 of the prior year which benefited from low levels of client incentives and certain nonrecurring pricing actions all of which were called out in last year's earnings calls.

這種節奏是由以下因素推動的，去年第二季度和第三季度的收入增長率特別強勁，這得益於低水平的客戶激勵措施和某些非經常性定價行動，所有這些都在去年的財報電話會議中被提及。

In contrast, Q4 of last year had a disproportionate share of the fiscal year's client incentives which is a pattern that at this point in the year we do not expect to repeat.

相比之下，去年第四季度在本財年的客戶激勵中佔有不成比例的份額，這種模式在今年的這個時候我們預計不會重複。

Third callout relates to the quarterly cadence for marketing expense.

第三個標註與營銷費用的季度節奏有關。

With the Winter Olympics rapidly approaching and World Cup soon to follow, we expect a significant uptick in marketing spend in Q2 and Q3 versus our spend in Q1 followed by a downshift in Q4.

隨著冬季奧運會的臨近和世界杯的臨近，我們預計第二季度和第三季度的營銷支出將顯著上升，而我們在第一季度的支出隨後在第四季度下降。

This of course will have an impact on quarterly operating margins.

這當然會對季度營業利潤率產生影響。

Fourth callout is the return of litigation escrow funds from those merchants opting out of the recently approved class-action settlement, the dynamics of which we covered at our Investor Day in June and reiterated last quarter.

第四個標註是那些選擇退出最近批准的集體訴訟和解的商家的訴訟託管資金的返還，我們在 6 月的投資者日報導了這一動態，並在上個季度重申了這一動態。

On January 27, $1.1 billion was returned to us and was deposited back into our litigation escrow account.

1 月 27 日，11 億美元退還給我們，並存入我們的訴訟託管賬戶。

The receipt of the payment increases our current taxable income by $1.1 billion and income tax payable by $387 million.

收到付款使我們當前的應稅收入增加了 11 億美元，應交所得稅增加了 3.87 億美元。

While it has no direct effect on our income statement, it negatively impacts our free cash flow over the last three quarters of fiscal 2014.

雖然它對我們的損益表沒有直接影響，但它對我們 2014 財年最後三個季度的自由現金流產生了負面影響。

This event was fully contemplated and is reflected in our full-year guidance of about $5 billion in free cash flow.

這一事件得到了充分的考慮，並反映在我們約 50 億美元自由現金流的全年指導中。

To be clear, the return of the actual escrow funds is not included in our free cash flow but the impact of higher cash taxes is included.

需要明確的是，實際託管資金的回報不包括在我們的自由現金流中，但包括更高現金稅的影響。

Last callout, as always we remain committed to returning excess cash to our shareholders.

最後一點，我們一如既往地致力於將多餘的現金返還給我們的股東。

To this end, we repurchased a total of 5.5 million shares during the quarter at an average price per share of $199 and change.

為此，我們在本季度以每股 199 美元的平均價格回購了總計 550 萬股並進行了變動。

This leaves an outstanding open to buy of 4.2 billion.

這留下了 42 億美元的未償購買空間。

Now let's turn to the numbers.

現在讓我們轉向數字。

I will cover our global payment volume and process transaction trends for the fiscal first quarter followed by our results through January 21.

我將介紹我們第一財季的全球支付量和處理交易趨勢，然後是截至 1 月 21 日的結果。

I will then cover the financial highlights of our fiscal first quarter.

然後，我將介紹我們第一財季的財務亮點。

Global payment volume growth for the December quarter in constant dollars was 11% modestly below the September quarter's 13%.

12 月季度的全球支付量增長（以固定美元計算）為 11%，略低於 9 月季度的 13%。

The US grew 8% and international grew 15%.

美國增長 8%，國際增長 15%。

More recently in the US through January 21, payment volume continued at 8%.

最近在美國，截至 1 月 21 日，支付量繼續保持在 8%。

Drilling down further, US credit was 10% in both Q1 and through January 21 compared to 11% in Q4.

進一步分析，第一季度和截至 1 月 21 日的美國信貸為 10%，而第四季度為 11%。

Similarly, US debit grew at 7% in both Q1 and through January 21 compared to 10% in Q4.

同樣，美國借方在第一季度和截至 1 月 21 日的兩個季度都增長了 7%，而第四季度增長了 10%。

Global cross-border volume delivered a solid 12% constant dollar growth rate in the December quarter, up modestly from the 11% rate in the September quarter.

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

The US grew 11% and international 13% in constant dollars.

以不變美元計算，美國增長 11%，國際增長 13%。

Through January 21, cross-border volume on a constant dollar basis grew 10% with a US growth rate of 9% and international 11%.

截至 1 月 21 日，按固定美元計算的跨境交易量增長了 10%，美國增長率為 9%，國際增長率為 11%。

Transactions processed over Visa's network totaled $16 billion in the fiscal first quarter, a 13% increase over the prior year period.

第一財季通過 Visa 網絡處理的交易總額為 160 億美元，比去年同期增長 13%。

The US grew 9% while international delivered 26% growth.

美國增長 9%，而國際增長 26%。

Through January 21, process transaction growth was 11%.

截至 1 月 21 日，流程交易增長率為 11%。

Now turning to the income statement.

現在轉向損益表。

Net operating revenue in the quarter was $3.2 billion, an 11% increase year-over-year driven primarily by solid growth globally in both domestic and international transactions and as mentioned earlier, negatively impacted by a 2% FX headwind.

本季度的淨營業收入為 32 億美元，同比增長 11%，主要是由於全球國內和國際交易的穩健增長，如前所述，受到 2% 的外匯逆風的負面影響。

Moving to the individual revenue line items, service revenue was $1.4 billion up 9% over the prior year and was driven by solid global payment volume growth.

轉向單個收入項目，服務收入為 14 億美元，比上年增長 9%，並受到全球支付量穩健增長的推動。

Data processing revenue, $1.3 billion up 13% over the prior year's quarter based on solid growth rates in Visa process transactions both in the US and internationally.

數據處理收入為 13 億美元，比去年同期增長 13%，這是基於美國和國際 Visa 處理交易的穩健增長率。

International transaction revenue was up 11% to $891 million reflecting an ongoing broad-based strength in cross-border volume.

國際交易收入增長 11% 至 8.91 億美元，反映出跨境交易量持續廣泛增長。

Total operating expenses for the quarter were $1.1 billion, up 3% from the prior year.

本季度的總運營費用為 11 億美元，比去年同期增長 3%。

Given the earlier discussion on the cadence of marketing spend, we expect expense growth in Q2 and Q3 to be somewhat higher versus Q1.

鑑於早先對營銷支出節奏的討論，我們預計第二季度和第三季度的費用增長將略高於第一季度。

Operating margin was 66% for the first quarter, ahead of our yearly guidance of low 60s but consistent with our expectations.

第一季度的營業利潤率為 66%，高於我們 60 年代低點的年度指導，但與我們的預期一致。

We expect Q1 to be our lowest quarter for operating expense in fiscal 2014.

我們預計第一季度將是我們 2014 財年運營費用最低的季度。

Our effective tax rate for Q1 was 32.4%, capital expenditures were $120 million in the quarter.

我們第一季度的有效稅率為 32.4%，本季度的資本支出為 1.2 億美元。

At the end of the quarter, we had 634 million shares of Class A common stock outstanding on an as converted basis and the weighted average number of fully diluted shares outstanding for the quarter totaled 639 million.

截至本季度末，我們有 6.34 億股 A 類普通股在轉換後流通在外，本季度完全攤薄後流通股的加權平均數總計 6.39 億股。

Finally as noted earlier, our full-year guidance metrics for revenue growth, client incentives, operating margin, EPS growth and free cash flow remain unchanged.

最後，如前所述，我們關於收入增長、客戶激勵、營業利潤率、每股收益增長和自由現金流的全年指導指標保持不變。

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 very much, Byron, and good morning to everyone.

非常感謝，拜倫，大家早上好。

First let me just start by saying that we feel very good about the strong financial performance during the quarter as Byron had mentioned, solid revenue growth, solid net income growth and solid earnings per share growth.

首先讓我先說，正如拜倫所說，我們對本季度強勁的財務表現感到非常滿意，穩健的收入增長、穩健的淨收入增長和穩健的每股收益增長。

Global payment volume as you can see from the numbers is relatively strong.

從數字中可以看出，全球支付量相對強勁。

Holiday spend in the US was better than reported as we were going through the holiday season and was certainly impacted by the shorter calendar.

由於我們正在度過假期，美國的假期支出比報告的要好，當然也受到較短日曆的影響。

It was extremely uneven as we were going through it and the continued movement from face to face to digital purchases was extremely meaningful.

當我們經歷它時，情況非常不平衡，從面對面到數字購買的持續移動非常有意義。

Just give you some updates on the legal and regulatory fronts.

只需為您提供一些有關法律和監管方面的最新信息。

As I'm sure you have read on December 13, US District Judge Gleeson granted final approval of the merchant litigation cases.

正如我確定您在 12 月 13 日所讀到的那樣，美國地區法官 Gleeson 最終批准了商戶訴訟案件。

As part of the settlement, Visa and the other defendants received a comprehensive release of liability to the claims in the lawsuit as well as protection against further litigation regarding interchange and other US rules.

作為和解的一部分，Visa 和其他被告獲得了對訴訟索賠的全面免責聲明，以及針對互換和其他美國規則的進一步訴訟的保護。

As expected, a number of objectors to the settlement have appealed.

正如預期的那樣，許多反對和解的人已經提出上訴。

We at Visa are very focused on concluding these disagreements and on building our efforts to enter into a better relationship with the entire merchant community, identifying new ways to enable them to differentiate themselves and their experience and their customer experiences and competing more effectively.

Visa 非常專注於解決這些分歧，並努力與整個商戶社區建立更好的關係，尋找新的方法使他們能夠區分自己、他們的體驗和客戶體驗，並更有效地競爭。

Also about two weeks ago the US Court of Appeals for the DC District -- I'm sorry for the DC Circuit heard oral arguments in the Fed's appeal of Judge Leon's decision in the challenge to the Durbin regulations.

大約兩週前，美國華盛頓特區上訴法院——我很抱歉，華盛頓特區巡迴上訴法院聽取了美聯儲對萊昂法官對德賓法規提出質疑的決定的上訴中的口頭辯論。

While it is our to make any courtroom predictions as we all know we are pleased with the hearing.

雖然我們都知道我們對聽證會感到滿意，但我們可以做出任何法庭預測。

We continue to believe that the government has a strong case on appeal.

我們仍然相信政府有充分的上訴理由。

Let me move on and just talk for a second about some topics of interest and start with the recent industry data breaches.

讓我繼續討論一些感興趣的話題，然後從最近的行業數據洩露開始。

First of all, we understand that these events are terrible for everyone affected, everyone is the merchant, the issuer, the acquirer, the networks but most importantly, the consumer and while the consumers are generally protected by the network rules of zero liability, meaning they are not responsible for any fraud due to the breach, we have to realize that these compromises are disturbing to them, they are inconvenient and they raise broader data security concerns that the entire industry must solve.

首先，我們了解這些事件對每個受影響的人來說都是可怕的，每個人都是商家、發行人、收單機構、網絡，但最重要的是消費者，而消費者通常受到零責任網絡規則的保護，這意味著他們不對因違規造成的任何欺詐行為負責，我們必須意識到，這些妥協讓他們感到不安，帶來不便，並且引發了整個行業必須解決的更廣泛的數據安全問題。

Unfortunately many merchants issuers and both of their lobbyists are attempting to assign blame in the press and not reacting in a particularly constructive manner and it is in all of our best interest that change quickly.

不幸的是，許多商家發行人和他們的兩位說客都試圖在媒體上指責並沒有以特別有建設性的方式做出反應，而迅速改變符合我們所有人的最大利益。

Within the payments ecosystem, the impact on the merchant, the acquirer, the issuer and the network are all equally negative, we all share the same customer who is going through this difficult experience and our sales and long-term relationships with that customer will suffer if we don't work together to get to a better place.

在支付生態系統中，對商家、收單方、發行方和網絡的影響同樣是負面的，我們都有同一個客戶正在經歷這種艱難的經歷，我們的銷售和與該客戶的長期關係將受到影響如果我們不共同努力去一個更好的地方。

The appropriate way to respond to this issue is for all parties to jointly work together towards better data security standards, better payment security standards.

應對這一問題的適當方式是各方共同努力，朝著更好的數據安全標準、更好的支付安全標準邁進。

Maintaining trust in the electronic payment systems is our highest priority and we are actively exploring new ways to enhance the safety and security of the payment system.

保持對電子支付系統的信任是我們的首要任務，我們正在積極探索提高支付系統安全性的新方法。

To that end, we do believe it is critical that we make progress toward the implementation of EMV chip in the US.

為此，我們確實認為在美國實施 EMV 芯片方面取得進展至關重要。

We can't do this on our own, we need merchants, acquirers and issuers to be supportive.

我們不能靠自己做到這一點，我們需要商家、收單機構和發行機構的支持。

We know it is expensive, it means new cards, new terminals and new software development but as we can all see, it is necessary.

我們知道它很昂貴，這意味著新卡、新終端和新軟件開發，但正如我們所見，這是必要的。

It is our hope that all issuers and merchants will migrate to EMV but we also understand that it is complex, there are an awful lot of terminals out there, an awful lot of cards that have to be updated and this has to be done in a way that does not disturb commerce.

我們希望所有發卡行和商家都遷移到 EMV，但我們也明白這很複雜，有很多終端，很多卡需要更新，而且必須在短時間內完成。不打擾商業的方式。

In 2011, we had announced a plan to migrate the US to EMV technology through a liability shift beginning in October 2015 and we have reaffirmed these dates.

2011 年，我們宣布了一項計劃，通過從 2015 年 10 月開始的責任轉移，將美國遷移到 EMV 技術，我們已經重申了這些日期。

EMV to be clear, would potentially eliminate the ability to reproduce the card and thereby reduce if not eliminate counterfeit fraud at the point of sell.

需要明確的是，EMV 可能會消除複製卡的能力，從而減少（如果不能消除）銷售點的假冒欺詐。

But it is also important to note that it is equally imperative that the industry move toward tokenization which should be equally effective at reducing or eliminating card not present fraud.

但同樣重要的是要注意，行業向代幣化邁進同樣重要，這在減少或消除無卡欺詐方面同樣有效。

As we work towards a better solution, we are also redoubling our efforts to make sure that consumers understand that they are protected.

在我們努力尋求更好的解決方案的同時，我們也在加倍努力確保消費者了解他們受到保護。

We have invested in national advertising to reassure customers of zero liability fraud protection.

我們已投資於全國廣告，以向客戶保證零責任欺詐保護。

These important protections shield our consumers in the US from bearing any fraud loss after data compromise as I said before.

正如我之前所說，這些重要的保護措施保護我們在美國的消費者免受數據洩露後的任何欺詐損失。

We are also focused on making sure that there is clarity affect with the media and in Washington.

我們還專注於確保媒體和華盛頓有明確的影響。

I'm personally concerned about the amount of misinformation you read in the public domain from confusion around who incurs the cost of fraud losses to the misrepresentative lack of payment system security.

我個人擔心您在公共領域中閱讀的大量錯誤信息，從混淆誰承擔欺詐損失的成本到虛假陳述缺乏支付系統安全性。

This is misleading, inaccurate and not helpful and can have unintended public policy consequences.

這是誤導性的、不准確的、沒有幫助的，並且可能會產生意想不到的公共政策後果。

We are actively engaged with policymakers in Washington DC along with our partners to ensure that they actually hear the facts and understand the multiple layers of infrastructure that protect the payment system.

我們與合作夥伴一起積極與華盛頓特區的政策制定者接觸，以確保他們真正聽到事實並了解保護支付系統的多層基礎設施。

Let me just switch topics for a second and just talk for a second about V.me, which we have done in several calls.

讓我切換一下話題，然後談談 V.me，我們已經在幾次電話會議中完成了這一點。

On the last quarterly call, I spoke about our efforts to simplify what we are building.

在上一個季度電話會議上，我談到了我們為簡化我們正在構建的東西所做的努力。

Since launching it, we have learned valuable lessons as we have talked about to accelerate the success in the marketplace and better meet the needs of what our issuers and merchants actually want in the marketplace.

自推出以來，我們已經吸取了寶貴的經驗教訓，因為我們談到了加速市場成功並更好地滿足我們的發行人和商家在市場上的實際需求。

We have been working hard to evolve the product in response to what we have heard from them which is to simplify the merchant integration and focus on the simplicity of consumer card payments for online and mobile transactions.

我們一直在努力改進產品以響應我們從他們那裡聽到的消息，即簡化商家集成並專注於在線和移動交易的消費卡支付的簡單性。

We are pleased that the work is now coming to market with the first phase of our redesigned platform released last week providing merchants with faster integration and easier time to market.

我們很高興這項工作現已上市，我們重新設計的平台的第一階段於上週發布，為商家提供了更快的集成和更輕鬆的上市時間。

I can share now that Joseph Bank, Ticketmaster, AutoZone, Petco will be some of the first merchants to go live with V.me through this new simplified integration.

我現在可以分享的是，Joseph Bank、Ticketmaster、AutoZone、Petco 將成為首批通過這種新的簡化集成與 V.me 一起上線的商家。

These new merchants join the strong group of existing merchants and financial institutions already offering V.me to their consumers which represent over $13 billion in spend and approximately 300 million in addressable cards.

這些新商家加入了強大的現有商家和金融機構群體，他們已經向消費者提供了超過 130 億美元的消費和大約 3 億張可尋址卡的 V.me。

We have talked about that our success here at Visa does depend on the strength of our relationships with all parties in the payment system.

我們已經談到，我們在 Visa 的成功確實取決於我們與支付系統中各方關係的強度。

We value all of those relationships and we continue to work hard to solidify those relationships.

我們重視所有這些關係，我們將繼續努力鞏固這些關係。

As we have talked about, we reorganized the Company last year to strengthen our outreach to all of those constituents.

正如我們所談到的，我們去年對公司進行了重組，以加強我們與所有這些成員的聯繫。

To that end we have made good progress and our track record of winning or renewing issuer in co-brand contracts is excellent.

為此，我們取得了良好的進展，我們在聯合品牌合同中贏得或續簽發行人的記錄非常出色。

Let me just talk for a second about our co-brand business because we've gotten a series of questions from that as we have met with you all.

讓我稍微談談我們的聯合品牌業務，因為在與大家會面時，我們已經收到了一系列問題。

Let me just talk about the US because the US is by far and away the majority of where the co-brand market and just talk about some of the facts for us in our fiscal 2013 year looking backwards.

讓我只談談美國，因為美國是迄今為止最大的聯合品牌市場，並且只是談談我們回顧 2013 財年的一些事實。

Just remember, we have the leading co-brand market share.

請記住，我們擁有領先的聯合品牌市場份額。

Most co-brands do not go to RFP and when we look on a volume weighted basis at our renewals we renewed about 95% of our current co-brand deals that were actually up for renewal.

大多數聯合品牌不會進行 RFP，當我們在續訂時按數量加權計算時，我們續訂了大約 95% 的當前聯合品牌交易，這些交易實際上是可以續訂的。

We also won about 60% of new co-brand deals on a volume weighted basis.

我們還贏得了約 60% 的新聯合品牌交易（按數量加權計算）。

As we said at Investor Day, seven of the top US co-brands are majority of Visa.

正如我們在投資者日上所說，美國最大的七個聯合品牌是 Visa 的多數。

So you look at those numbers, we are very pleased with the business that we have had and the rate of success that we continue to have in the marketplace and our co-brand pipeline is very healthy in fiscal 2014 and beyond as we look ahead.

所以你看看這些數字，我們對我們已經擁有的業務和我們在市場上繼續擁有的成功率感到非常滿意，我們的聯合品牌管道在 2014 財年及以後非常健康，因為我們展望未來。

Let me just change gears for a second and just share with you some facts about our new platform, Everywhere You Want To Be, which is the new integrated campaign that communicates our vision and how our brand is positioned for the future.

讓我稍等一下，與您分享一些關於我們新平台的事實，Everywhere You Want To Be，這是一個新的綜合活動，傳達了我們的願景以及我們的品牌如何為未來定位。

Those of you who have been covering us for awhile may remember we once used the tag line -- Visa, it's everywhere you want to be -- to reflect the growing presence of Visa in merchant locations across the United States.

那些一直在報導我們的人可能還記得我們曾經使用過標語——Visa，它無處不在——來反映 Visa 在美國各地商戶中日益增長的存在。

Today the new global campaign allows us to expand what everywhere means and build upon historical equities of the brand.

今天，新的全球活動使我們能夠擴展無處不在的意義，並建立在品牌的歷史資產之上。

We are bringing this new Visa brand and our mark to life gradually starting with Olympic themed advertising in the U.S. and a rollout to more markets and audiences around the world starting in March.

我們將逐步將這個新的 Visa 品牌和我們的標誌帶入生活，首先是在美國投放奧運主題廣告，並從 3 月開始向全球更多市場和受眾推廣。

So I'm going to conclude just by reaffirming our view here of how excited we are about the future and the opportunity.

因此，我將在這裡重申我們的觀點，即我們對未來和機會感到多麼興奮。

We have talked about the secular opportunity to penetrate cash and check and how healthy that opportunity is across the entire globe.

我們已經討論了滲透現金和支票的長期機會，以及該機會在全球範圍內的健康程度。

We continue to work on innovation, being flexible and adaptive in the world we live in both for our existing customers and continuing to open up the network on the edges to embrace the change that is going on around us.

我們繼續致力於創新，在我們生活的世界中為現有客戶保持靈活和適應性，並繼續在邊緣開放網絡以迎接我們周圍正在發生的變化。

And with that, I am going to open up the floor to questions for Byron and myself.

有了這個，我將向拜倫和我自己提出問題。

(Operator Instructions).

（操作員說明）。

Tim Willi, Wells Fargo.

富國銀行的蒂姆·威利。

Thank you and again appreciate all of the color and commentary you offered.

謝謝你，再次感謝你提供的所有顏色和評論。

Wanted to get your thoughts if you could on -- just where your thoughts around bitcoin, obviously that is sort of the new rage.

如果可以的話，想了解你的想法——就在你對比特幣的想法的地方，顯然這是一種新的風潮。

We get a lot of questions from investors I'm sure you do as well.

我們從投資者那裡收到了很多問題，我相信你也一樣。

But can you just talk about how you think about it, whether it is something that potentially could be a broad consumer application or if it is more of a niche around cross-border business or just how you might think about that and how Visa might interact or support that or not at all?

但是您能否談談您對此的看法，它是否可能成為廣泛的消費者應用程序，或者它是否更像是跨境業務的利基市場，或者您可能如何看待它以及 Visa 可能如何互動或支持或根本不支持？

Thanks.

謝謝。

Sure.

當然。

I guess I would start with it is early days in terms of what bitcoin is and what it will be.

我想我會從早期開始，就比特幣是什麼以及它將是什麼而言。

We are certainly paying attention to it.

我們當然在關注它。

It is very early to understand exactly what all of the implications are for it.

現在要準確了解它的所有含義還為時過早。

We will say when we look at our network and the people that we compete with in terms of what people think of the traditional network, the established network rules we have, the understanding of how things operate, understanding who the participants are, the fact that business that we do has financial institutions on either side of the transaction, the success of our payment system and our primary competitors is that for a reason.

當我們從人們對傳統網絡的看法、我們擁有的既定網絡規則、對事物如何運作的理解、了解參與者是誰的角度來看待我們的網絡和與我們競爭的人時，我們會說我們所做的業務在交易的任何一方都有金融機構，我們的支付系統和我們的主要競爭對手的成功是有原因的。

And there are certainly some interesting things about bitcoin and other things like it but there are also a great deal of complexities.

當然，關於比特幣和其他類似的東西也有一些有趣的事情，但也有很多複雜性。

People talk about things like frictionless and things like that and when you actually dig through it, it is really not the case, it is far more complex than that.

人們談論諸如無摩擦之類的事情，當你真正深入研究它時，事實並非如此，它遠比那復雜。

We feel very comfortable with the business that we have here.

我們對這裡的業務感到非常滿意。

Bob Napoli, William Blair.

鮑勃·那不勒斯，威廉·布萊爾。

Good morning.

早上好。

A question on security.

關於安全的問題。

I guess -- and I am sure that you don't have all the answers on this but if you had -- if EMV had been in place, would it have prevented some of the recent breaches?

我猜——而且我確信您對此沒有所有答案，但如果您有——如果 EMV 已經到位，它會阻止最近的一些違規行為嗎？

And just in line with the trend in security, it seems like there are these dates out there that tend to get pushed back.

與安全趨勢一致，似乎有些日期往往會被推遲。

Do you think that the breach at Target and others is really going to -- do you sense it is going to drive the adoption of EMV and other security faster than it otherwise would have?

您是否認為 Target 和其他公司的違規行為真的會 - 您是否覺得它會比其他情況更快地推動 EMV 和其他安全性的採用？

Are you seeing action taking place that wasn't happening 30 days ago?

您是否看到 30 天前沒有發生的行動？

Well, on the second part of your question I think the answer is yes.

好吧，關於你問題的第二部分，我認為答案是肯定的。

People don't live in a vacuum and when you see the kinds of breaches that have occurred recently, it gets everyone focused on making sure that we are doing all that we can to minimize any potential fraud in the future.

人們不會生活在真空中，當你看到最近發生的各種違規行為時，它會讓每個人都專注於確保我們正在盡我們所能，以盡量減少未來任何潛在的欺詐行為。

And so the dates that we had set out are the dates that we are going to stick with.

因此，我們設定的日期就是我們要堅持的日期。

Again, it requires people to do a lot of work which we understand but we think it is good for the payment system, for the ultimate end-user which means it will ultimately be good for all of us in the process.

同樣，它需要人們做很多我們理解的工作，但我們認為這對支付系統和最終最終用戶都有好處，這意味著它最終對我們所有人都有好處。

On your first piece, remember first of all in terms of what actually has happened with the breaches that we have read about, not all the facts are out yet so it is a little premature for all of us to talk about what would have solved it.

在您的第一篇文章中，首先請記住我們所讀到的違規事件實際發生的情況，並非所有事實都已經公開，所以我們所有人談論什麼可以解決它還為時過早.

I think it is fair to say that as best we can tell some of the breaches that you have read about don't relate to the payment systems at all, they relate to breaches within companies' server environments for some personal information.

我認為公平地說，盡我們所能告訴您所閱讀的一些違規行為根本與支付系統無關，它們與公司服務器環境中某些個人信息的違規行為有關。

So EMV would obviously have nothing to do with that.

所以 EMV 顯然與此無關。

To the extent that there were breaches occurring on the point-of-sale device, it is probable that the account number possibly would have been able to be compromised but the ability to reuse that account number to create a new card to use that card at a physical point-of-sale on a fraudulent basis would not be possible.

如果銷售點設備上發生違規行為，則帳號可能會受到損害，但能夠重用該帳號以創建新卡以在以下時間使用該卡以欺詐為基礎的實體銷售點是不可能的。

Would still be possible to use that account number potentially at card not present which is why it is important that the industry also continue to push forward with tokenization.

仍然可以在不存在卡的情況下使用該帳號，這就是為什麼該行業也繼續推進標記化很重要的原因。

Hopefully that helps.

希望這會有所幫助。

Thank you.

謝謝你。

You're welcome.

別客氣。

Tom McCrohan, Janney Capital Markets.

湯姆麥克羅漢，珍妮資本市場。

Thanks for taking the question.

感謝您提出問題。

Is V.me being positioned as a mobile wallet long term or is it more kind of a tender type for e-commerce transactions, something more like a PayPal?

V.me 是長期定位為移動錢包還是更像是一種電子商務交易的招標類型，更像是 PayPal？

I think of V.me very simply as a way for our customers to have an easy way to make payments online with their general purpose credit card through user name and password.

我認為 V.me 非常簡單，因為我們的客戶可以通過用戶名和密碼輕鬆地使用通用信用卡在線支付。

So people like to ask is it a wallet, is that this, is it that?

所以人們喜歡問它是不是錢包，是這個，是那個？

It is really not that complicated.

真的沒那麼複雜。

It is when you are buying on your computer, your tablet or on your mobile device, right now it is not easy to get from the beginning of the checkout process to the end of the checkout process using our products and V.me is just an easy way to check out using user name and password and not having to enter your account number, the expiration date, shipping address and all that other kind of stuff.

當您在電腦、平板電腦或移動設備上購買時，現在使用我們的產品從結賬流程的開始到結賬流程的結束並不容易，而 V.me 只是一個使用用戶名和密碼進行結帳的簡便方法，無需輸入您的帳號、到期日期、送貨地址和所有其他類型的東西。

Whether it is something called V.me or it is with another solution, we are indifferent we just want our cards to be able to help enable commerce in the digital world online.

無論是名為 V.me 的東西還是其他解決方案，我們都無所謂，我們只是希望我們的卡能夠幫助實現在線數字世界中的商業。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Thanks.

謝謝。

I just had a quick follow-up on the breach and then I had a cross-border question.

我剛剛對違規行為進行了快速跟進，然後我提出了一個跨境問題。

Just on the breach, any risk of indirect impact from consumer confidence changing maybe in terms of usage of card, maybe mix shift to credit or just reissuance risk in general?

就違規而言，消費者信心發生間接影響的任何風險可能是在卡的使用方面，可能是向信貸的混合轉移，或者只是一般的再發行風險？

On cross-border, I know there's a lot of discussion in the market around emerging markets, FX volatility.

在跨境方面，我知道市場上有很多關於新興市場、外匯波動的討論。

Can that have any impact on cross-border activity or profitability?

這會對跨境活動或盈利能力產生任何影響嗎？

What should we be considering there?

我們應該在那裡考慮什麼？

Lastly, cross-border on the World Cup front and with the Olympics, is that big enough to show up in cross-border volumes?

最後，世界杯和奧運會的跨境交易量是否足以在跨境交易量中出現？

Sorry for all the questions.

抱歉有這些問題。

Thanks.

謝謝。

Why don't I start with the first.

我為什麼不從第一個開始。

Consumer confidence in using the cards which we pay very close attention to, continues to still look very, very good.

消費者對使用我們密切關注的卡片的信心仍然看起來非常非常好。

We have actually done our own surveys starting at the time of the breach.

實際上，我們從違規時開始就進行了自己的調查。

One of the reasons why we ran the advertising that we ran to make sure that consumers understand that while again it is unpleasant and not something we want them to go through, they are actually protected.

我們投放廣告的原因之一是為了確保消費者明白，雖然這再次令人不快，而不是我們希望他們經歷的事情，但他們實際上受到了保護。

And in terms of what we have seen in our actual payment results and in these surveys, things continue to look pretty good for us.

就我們在實際支付結果和這些調查中看到的情況而言，情況對我們來說仍然非常好。

On the cross-border front, logic would say that the -- depending on how currencies move, it should have an impact on cross-border.

在跨境方面，邏輯會說 - 取決於貨幣如何移動，它應該對跨境產生影響。

The way it tends to materialize and the way we typically think about it is by quarter and yet what we saw this past quarter despite a strengthening, a broad strengthening of the US dollar, there was actually strong traffic to the United States and strong spend, cross-border spend, from countries where the currencies were somewhat weaker relative to the US dollar and that is counterintuitive to what you would normally think.

它趨於實現的方式以及我們通常認為的方式是按季度計算的，但我們在上個季度看到的情況儘管美元普遍走強，但實際上美國的客流量強勁，支出強勁，跨境支出，來自貨幣相對於美元較弱的國家，這與您通常的想法相反。

As a result, our view more broadly on cross-border is that it is economically driven and that how economic growth globally behaves is more likely to have an impact on our overall cross-border volumes.

因此，我們對跨境的更廣泛看法是，它是由經濟驅動的，全球經濟增長的表現更有可能對我們的整體跨境交易量產生影響。

So if I were to single out an area, emerging markets, there has been a lot of focus on declining values and growth rates in emerging markets.

因此，如果我要挑出一個領域，新興市場，就會有很多關注新興市場的價值下降和增長率。

Those areas still have been vibrant sources of growth for us but we have a close watch on that in the year to come.

這些領域對我們來說仍然是充滿活力的增長源，但我們會在未來一年密切關注這一點。

With regards to World Cup, Brazil has been one of those countries where the currency has weakened which bodes well for incoming traffic to the World Cup this summer in Brazil.

關於世界杯，巴西一直是貨幣貶值的國家之一，這對於今年夏天在巴西舉行的世界杯的傳入流量來說是個好兆頭。

The outbound spend from Brazil is one that will be under pressure largely because the government has -- well for two reasons.

巴西的對外支出將面臨壓力，主要是因為政府有——這有兩個原因。

One, the weakness of the currency.

一，貨幣疲軟。

That is often overpowered by an unflagging desire for Brazilians to travel.

這往往被巴西人對旅行的堅定願望所壓倒。

The government is making it more difficult however by putting on some pretty serious taxes both on the use of credit and debit cards when they are used in cross-border transactions.

然而，政府通過對用於跨境交易的信用卡和借記卡的使用徵收一些相當嚴重的稅，從而使其變得更加困難。

So I would say from a World Cup standpoint, hopefully I would expect most of the Brazilians to stay home for the festivities and that outbound travel is probably never much in the cards.

所以我想說，從世界杯的角度來看，我希望大多數巴西人會留在家裡參加慶祝活動，而出境旅行可能永遠不會太多。

Inbound travel if anything should be aided by the weakness in the currency in Brazil and possibly Argentina will benefit as well as their currency has taken a nosedive of late.

巴西貨幣疲軟可能有助於入境旅行，阿根廷可能會受益，而且他們的貨幣最近暴跌。

Hard to believe that we will see anything in Sochi.

很難相信我們會在索契看到任何東西。

Brian King, Deutsche Bank.

德意志銀行的布萊恩·金。

Good morning.

早上好。

Just two quick questions.

只是兩個簡單的問題。

One I guess, what is behind the slowdown in US debit volumes and any difference between PIN and signature?

我猜想，美國借記卡交易量放緩的原因是什麼，以及 PIN 碼和簽名之間有什麼區別？

Then secondly, I noticed you guys [hide] EMV chip.

其次，我注意到你們 [隱藏] EMV 芯片。

Just your latest thoughts on EMV chip versus EMV chip and PIN and will you promote one versus the other?

只是您對 EMV 芯片與 EMV 芯片和 PIN 的最新想法，您會宣傳其中一種嗎？

On the debit side, I would say hard to read that.

在藉方方面，我會說很難閱讀。

There is pretty tepid growth in personal disposable income which is the primary indicator we look at now that we pretty much lapped the more immediate Durbin effects.

個人可支配收入的增長相當緩慢，這是我們現在看到的主要指標，我們幾乎已經超越了更直接的德賓效應。

Remember debit is disproportionately nondiscretionary.

記住借記是不成比例的非自由裁量權。

So one of the important drivers of debit spend is the growth in jobs which adds to the overall growth in nondiscretionary and debit spend and we are just not seeing much in the way of growth rates there.

因此，借方支出的重要驅動力之一是就業增長，這增加了非自由裁量和借方支出的整體增長，我們只是看不到那裡的增長率。

What we are seeing is declining growth rates there for the US in that regard.

我們看到的是美國在這方面的增長率正在下降。

If we were to take a look at kind of Visa signature versus interlink, I would say the growth rates on the PIN side have been running higher than on the signature side.

如果我們來看看 Visa 簽名與互連，我會說 PIN 方面的增長率一直高於簽名方面。

And as you noticed, we downshifted a bit from where we were in the prior quarter as we begin to move further away from the immediate effects of Durbin and begin to hit a more normalized pattern.

正如您所注意到的，隨著我們開始遠離德賓的直接影響並開始達到更正常化的模式，我們從上一季度的位置有所降低。

Just on the issue of signature versus PIN as we move toward EMV, just remember, this is a country where people are used to signing with their credit card.

就在我們向 EMV 邁進的過程中，關於簽名與 PIN 的問題，請記住，這是一個人們習慣於使用信用卡簽名的國家。

Most cards don't even have a PIN attached to them and it is our point of view -- and I made reference to this in my remarks, we think it is very important that we move towards EMV.

大多數卡片甚至都沒有附上 PIN 碼，這是我們的觀點——我在發言中提到了這一點，我們認為向 EMV 邁進非常重要。

But it is equally important that we don't disturb the growth in commerce that does exist in this country.

但同樣重要的是，我們不要干擾這個國家確實存在的商業增長。

To the extent that we can do things to make that transition as smoothly as possible, that is extremely important.

在某種程度上，我們可以做一些事情來盡可能順利地進行過渡，這非常重要。

So we think there is a future for a meaningful period of time for signature.

因此，我們認為未來會有一段有意義的簽名時間。

Darrin Peller, Barclays.

巴克萊銀行的達林佩勒。

We noticed that the service yield was up sequentially.

我們注意到服務收益率環比上升。

Did anything in pricing or perhaps some lag effects from the (inaudible) drive that?

定價或（聽不清）的一些滯後效應是否推動了這一點？

And then just anything -- is there anything unsustainable around the amount you are now generating in service fees per dollar of payment volume?

然後就是任何事情——您現在每支付一美元的服務費產生的金額有什麼不可持續的嗎？

Just quickly on the topic of pricing, we clearly saw a pretty significant cross-border price change [mass] over the last couple of quarters.

很快，關於定價的話題，我們清楚地看到過去幾個季度跨境價格變化[質量] 相當顯著。

While we know you guys want to be careful and surgical on pricing changes especially in emergings, might there be some similar opportunities soon from Visa?

雖然我們知道你們希望對定價變化特別是在新興市場中保持謹慎和外科手術，但 Visa 是否會很快提供一些類似的機會？

Thanks.

謝謝。

On the service fee side, I would say there is no real call out.

在服務費方面，我想說沒有真正的呼籲。

Remember a lot of our service fee is subject to FX impacts.

請記住，我們的很多服務費都會受到外匯影響。

So if we look at the constant dollar growth in service fees, we are at 13.

因此，如果我們看一下服務費的持續美元增長，我們是 13。

The FX impact is bringing that down to about 10 nominally and service fee growth was around 9 so I would say that is pretty close.

外匯影響名義上將其降至 10 左右，而服務費增長約為 9，所以我認為這非常接近。

I would say no real call out on the yields.

我會說對收益率沒有真正的呼籲。

It is well within the ZIP Code of what we have done within the past three or four quarter.

它完全在我們過去三四個季度所做的郵政編碼範圍內。

So no callouts.

所以沒有標註。

On the pricing question, I would answer it very consistently with what we have been saying is we are not opposed to increasing price, we are not opposed to decreasing price, we are not opposed to keeping price the same as long as there is a reason for all of those things.

關於定價問題，我會非常一致地回答我們一直在說的，我們不反對漲價，我們不反對降價，我們不反對保持價格不變，只要有理由對於所有這些事情。

So I think we have been disciplined.

所以我認為我們受到了紀律處分。

We have been thoughtful and that is what we will continue to do.

我們一直深思熟慮，這就是我們將繼續做的事情。

I guess the last thing I would say is we are more than willing to sacrifice our short-term performance versus other people if it is the right long-term thing to do for our Company and for our industry.

我想我想說的最後一件事是，如果對我們公司和我們的行業來說這是正確的長期事情，我們非常願意犧牲我們與其他人相比的短期業績。

We are very comfortable with what we have done and what we haven't done in pricing.

我們對我們在定價方面所做的和未做的事情感到非常滿意。

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

Thanks, guys.

多謝你們。

So if I heard correctly, I think process transaction growth slowed a little bit in the first three weeks of January, 11% versus the 13% last quarter.

因此，如果我沒聽錯的話，我認為流程交易增長在 1 月的前三週略有放緩，為 11%，而上一季度為 13%。

So I wanted to get a little bit more color there in terms of US versus international trends.

所以我想在美國與國際趨勢方面獲得更多色彩。

Then just quickly switching gears, any thoughts in terms of the implications of the data breaches on MCX's potential strategy?

然後只是快速換檔，關於數據洩露對 MCX 潛在戰略的影響有什麼想法嗎？

I know you guys get a lot of questions around that but to the extent they were looking at private label or a decoupled debit product as a primary funding source in their wallet now the potential for consumers to be more wary about giving their bank account data to a retailer?

我知道你們對此有很多疑問，但在某種程度上，他們將自有品牌或脫鉤的借記產品視為他們錢包中的主要資金來源，現在消費者可能會更加謹慎地將他們的銀行賬戶數據提供給零售商？

Would just appreciate any thoughts you have around that.

會很感激你對此有任何想法。

Thanks.

謝謝。

Let me start with the transaction growth.

讓我從交易增長開始。

Let me break it down US versus international, give it to you for the first quarter and then for January so that you have the detail.

讓我把它分解為美國與國際，第一季度給你，然後一月份給你，這樣你就有了細節。

So as I said on the call, process transaction growth for the first quarter was 13%, US was 9%, and international was 26%; January 21 days, process transaction growth was 11%, 7% for the US, 24% for international.

正如我在電話會議上所說，第一季度的流程交易增長為 13%，美國為 9%，國際為 26%； 1 月 21 日，流程交易增長 11%，美國增長 7%，國際增長 24%。

So a downtick in both.

所以兩者都有下降。

Just to add a touch of color on that because we obviously look at these numbers daily, weekly, we look at all the trends.

只是為了增加一點色彩，因為我們顯然每天、每週都會查看這些數字，我們會查看所有趨勢。

And the one thing that we talk about over the past several months and it really goes back to the beginning of the last quarter is there is a lot of volatility embedded in the numbers.

在過去的幾個月裡，我們談論的一件事實際上可以追溯到上個季度初，那就是數字中嵌入了很多波動性。

Week in, week out, it is very hard to pick up trends and so whether they are positive or negative over a several week period of time, we have been unable to discern anything meaningful than this continued tepid recovery that Byron described.

一周又一周，很難把握趨勢，因此在幾週的時間裡，無論它們是積極的還是消極的，我們都無法辨別出比拜倫描述的這種持續不溫不火的複蘇更有意義的事情。

Then on the second question, I guess I would say what we continue to say, I have talked about this fairly consistently as we think about our competitive position understanding that we are continuing to evolve and change and make sure that we open our network up to those who can direct transactions to us and continue to build value on our network.

然後關於第二個問題，我想我會說我們繼續說的話，當我們考慮我們的競爭地位時，我已經相當一致地談到了這一點，了解我們正在繼續發展和改變，並確保我們開放我們的網絡那些可以直接向我們交易並繼續在我們的網絡上創造價值的人。

Having said all that, safety, security and soundness is the price of entry in payments.

話雖如此，安全、保障和穩健是支付進入的代價。

There is no question about that and people can build whatever they want and the moment that consumers start to get nervous about using their own personal information or payment credentials is the moment that people will start to see effects of that.

毫無疑問，人們可以構建他們想要的任何東西，而當消費者開始對使用自己的個人信息或支付憑證感到緊張時，人們就會開始看到其影響。

So what we and our primary competitors have are these established payment networks, known roles, people understand how they are protected and again which is why we think EMV is important because it takes mag stripe to a new standard and we are pushing beyond EMV towards the next thing.

因此，我們和我們的主要競爭對手擁有的是這些已建立的支付網絡、已知的角色、人們了解他們是如何受到保護的，這也是我們認為 EMV 很重要的原因，因為它將磁條帶入了一個新的標準，我們正在超越 EMV 走向接下來的事情。

So to the extent that other payment methods are not as secure, that is a competitive disadvantage and that is how we think about it.

因此，就其他支付方式不那麼安全而言，這是一個競爭劣勢，這就是我們的想法。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

I had a question on the FX hedging practices going forward.

我對未來的外匯對沖做法有疑問。

How should we think about the relevance of them as currencies move going forward especially if the US dollar were to strengthen more?

隨著貨幣向前發展，尤其是如果美元進一步走強，我們應該如何考慮它們的相關性？

Thank you.

謝謝你。

According to the forwards, the US dollar is strengthening more against the currencies that are most relevant in our portfolio.

根據遠期數據，美元兌我們投資組合中最相關的貨幣走強。

So the forwards aren't as steep as what we were looking at a year ago but none the less to the extent there has been a headwind I would say looking forward, the headwind continues, it is just not as steep as it was when we looked out six, nine months ago.

因此，前鋒並不像我們一年前看到的那麼陡峭，但在某種程度上我想說的是逆風向前看，逆風還在繼續，只是不像我們之前那麼陡峭六、九個月前看過。

We begin hedging a year ahead of time so we hedge 12 months out.

我們提前一年開始對沖，所以我們對沖了 12 個月。

We do rolling hedges so begin 12 months out and then our hedges are largely in place I would say five or six months before the period we actually report.

我們進行滾動套期保值，所以從 12 個月開始，然後我們的套期保值就基本到位，我會說是在我們實際報告的時期之前的五到六個月。

We do economic hedges so we don't hedge everything, for a particular currency, we take revenue, subtract the natural hedge of the expenses we incur in that currency and then we hedge not 100% but a meaningful portion of the remainder and we do that for about 15 currencies.

我們進行經濟對沖，所以我們不會對沖一切大約 15 種貨幣。

The intent is not to speculate but to simply dampen the impact of currencies and so in the way we approach it, it is not possible to put complete hedges in place.

其目的不是投機，而是簡單地抑制貨幣的影響，因此在我們處理它的方式中，不可能進行完全的對沖。

The intent is to put enough in to dampen it within certain predetermined exposures that we calculate.

目的是在我們計算的某些預定暴露範圍內投入足夠的資金來抑制它。

It is a pretty straightforward value at risk analysis.

這是一個非常簡單的風險分析價值。

So when there are large sustained movements, those are going to be reflected in our numbers, they just won't have the amplitude that you would have if we didn't hedge.

因此，當有大的持續波動時，這些將反映在我們的數字中，它們就不會像我們沒有對沖時那樣有幅度。

We have pretty good visibility to this which is why we can give you a three to four quarter look ahead which is our practice from a guidance standpoint.

我們對此有很好的了解，這就是為什麼我們可以為您提供三到四個季度的展望，這是我們從指導角度來看的做法。

Craig Maurer, CLSA

克雷格·毛雷爾，里昂證券

Thanks for taking my questions.

感謝您提出我的問題。

First is for Byron.

首先是拜倫。

If you could discuss the cadence in marketing spend, will the ramp look similar to what we saw during the last Olympic Games though I do know you have two events coming up?

如果您可以討論營銷支出的節奏，坡道看起來是否與我們在上屆奧運會期間看到的相似，儘管我知道您有兩個賽事即將舉行？

Secondly, does host card emulation present a good tool for your tokenization project in the card not present world and would you move quickly toward certification there?

其次，主機卡仿真是否為您在卡不存在世界中的標記化項目提供了一個很好的工具，您會迅速轉向那裡的認證嗎？

Thanks.

謝謝。

Let me just do number two first because the answer is yes.

讓我先做第二個，因為答案是肯定的。

Byron?

拜倫？

On the second one, I don't have a comparison but you should expect a significant increase in marketing spend in Q2 and Q3 and then a meaningful downshift in Q4.

關於第二個，我沒有比較，但你應該預計第二季度和第三季度的營銷支出會顯著增加，然後第四季度會出現有意義的下降。

We have had this combination before and even though the finals of the World Cup are typically in July which is Q4, there is a substantial amount of marketing that occurs prior to the finals in that April, May, June timeframe so that quarter has a substantial component of the World Cup and this quarter is the one that has virtually all of the Winter Olympics spend.

我們之前就有過這種組合，儘管世界杯決賽通常在 7 月，也就是第 4 季度，但在 4 月、5 月、6 月的總決賽之前有大量的營銷活動，因此該季度有大量的營銷活動。世界杯的組成部分，本季度是幾乎所有冬季奧運會支出的季度。

One other callout.

另一個標註。

The spend for Winter Olympics is significant in terms of the quarterly cadence but it is not at the level of spend that you would see for a Summer Olympics.

就季度節奏而言，冬季奧運會的支出很重要，但它並沒有達到夏季奧運會的支出水平。

Let me just reiterate what Byron said in his opening remarks and make sure that we are as clear as we can be.

讓我重申拜倫在開幕詞中所說的話，並確保我們盡可能清楚。

As we look to our fiscal second and third quarter, in the second and third quarter because of what Byron referred to, our revenue growth numbers will not be as robust as we have seen this quarter and in the fourth quarter.

當我們展望第二和第三財季時，由於拜倫所說，在第二和第三季度，我們的收入增長數字不會像我們在本季度和第四季度看到的那樣強勁。

We said that we expect the expense growth to be higher in the second and third quarter because of the marketing numbers that Byron talked about and that obviously then flows through to weaker margins in the second and third quarter.

我們表示，由於拜倫談到的營銷數據，我們預計第二季度和第三季度的費用增長會更高，而這顯然會導致第二季度和第三季度的利潤率下降。

Recovery in the fourth quarter for things that we know are coming which is why we reaffirmed full-year guidance but there will be these variable and lumpy trends as we see the year play itself out.

我們知道，第四季度的複蘇即將到來，這就是我們重申全年指導方針的原因，但隨著我們看到這一年的結束，將會出現這些多變和崎嶇不平的趨勢。

Ken Bruce, Bank of America Merrill Lynch.

美國銀行美林證券的肯布魯斯。

Thank you.

謝謝你。

Good morning.

早上好。

My question is relatively simple, it may not be quite as simple of an answer but I'm hoping to get a little bit of perspective around the process transactions.

我的問題相對簡單，可能沒有那麼簡單的答案，但我希望對流程交易有一點看法。

Just in terms of the percentage that has basically been migrating slowly higher, I am hoping you might be able to dimensionalize what is driving that share increase in terms of process transactions, what are the contributors to that?

僅就基本上緩慢遷移的百分比而言，我希望您能夠維度化是什麼推動了流程交易方面的份額增加，對此有何貢獻？

And maybe what you think is a reasonable high-end for process transactions?

也許您認為流程交易的合理高端？

And then separately if you would provide any color around the merchant relationships that you mentioned in your opening remarks in terms of improving those relationships and what that might entail?

然後單獨地，您是否願意圍繞您在開場白中提到的商家關係提供任何顏色，以改善這些關係以及這可能需要什麼？

I think that is a pretty straightforward, simple question on the process transactions part for sure.

我認為這肯定是關於流程事務部分的一個非常簡單、簡單的問題。

So two dimensions here.

所以這裡有兩個維度。

First of all, when you look at the relative growth rates between US and international, international is growing at a multiple of the US growth rate.

首先，當您查看美國和國際之間的相對增長率時，國際正在以美國增長率的倍數增長。

When you break down international, if you took a snapshot of our portfolio today, international for us is still largely a credit business.

當您分解國際時，如果您今天對我們的投資組合進行快照，那麼國際對我們來說仍然主要是一項信貸業務。

That is what got established first.

這就是最先成立的。

When you look at what is driving the transaction growth, it is very clearly debit and that is the huge opportunity that will drive international transaction growth for years to come.

當您查看推動交易增長的因素時，很明顯是藉方，這是推動未來幾年國際交易增長的巨大機會。

For us debit is still in its infancy internationally relative to the United States.

對我們而言，相對於美國，借記卡在國際上仍處於起步階段。

Another dimension, in the United States, we process nearly 100% of our transactions.

另一方面，在美國，我們處理了近 100% 的交易。

Outside of the United States, we can process anywhere from 90% to 0% and so the opportunity for us to Visa process transactions is still a wide-open field.

在美國以外，我們可以處理從 90% 到 0% 的任何地方，因此我們使用 Visa 處理交易的機會仍然是一個廣闊的領域。

And that by the way is particularly true in debit.

順便說一句，在藉方中尤其如此。

So you will hear us talk a lot more about that in the quarters to come because it is linked so directly to our growth opportunity.

因此，您將在未來幾個季度聽到我們更多地談論這一點，因為它與我們的增長機會直接相關。

On the merchant question, we don't have anything that we want to talk publicly about now with any individual merchant but as I said in the opening remarks, our goal is to provide the kind of value added services for merchants that we have done such a good job of providing to the issuing community for a long period of time and we are in the process of having discussions and when we have specifics to talk about we will talk about them.

關於商戶問題，我們現在不想與任何個別商戶公開談論任何事情，但正如我在開場白中所說，我們的目標是為商戶提供我們所做的那種增值服務長期向發行社區提供良好的工作，我們正在進行討論，當我們有具體要討論的時候，我們會討論它們。

(Operator Instructions).

（操作員說明）。

Smitti Srethapramote, Morgan Stanley.

Smitti Srethapramote，摩根士丹利。

Can you please give us an update on your government relations efforts in the emerging markets to increase the electronification of payments?

您能否向我們介紹一下您在新興市場為提高支付電子化所做的政府關係工作？

I will take a stab at that, Byron, and you can feel free to chime in.

拜倫，我會嘗試一下，你可以隨意插話。

First of all, government relations for us especially when you get outside of the developed world is not a traditional government relations function, meaning it is not a staff function that sits to the side and just goes around and has lobbying type of conversations.

首先，對我們而言，尤其是當您離開發達國家時，政府關係不是傳統的政府關係職能，這意味著它不是一個坐在一邊，只是四處走動並進行遊說式對話的員工職能。

In the emerging markets, government relations is a business for us because the government is our partner in helping electronify the payment systems in these particular markets.

在新興市場，政府關係對我們來說是一項業務，因為政府是我們幫助這些特定市場電子化支付系統的合作夥伴。

Very often when the government leads with trying to move their transactions to the electronic payment systems, that then can help drive the market.

很多時候，當政府帶頭嘗試將交易轉移到電子支付系統時，這有助於推動市場。

That is what we see in places like Rwanda and other places which are really emerging.

這就是我們在盧旺達和其他真正新興的地方看到的情況。

So when we look across the world, we think of the government as a client and a partner to helping build the business which is good for them and the reason why it is good for them is it is ultimately good for all of their participants whether it is the merchants or the individuals and obviously we and our competitors will benefit from that as cash exits society.

因此，當我們放眼全球時，我們將政府視為幫助建立對他們有利的業務的客戶和合作夥伴，而這對他們有利的原因是它最終對所有參與者都有利，無論是是商人或個人，顯然我們和我們的競爭對手將受益於現金退出社會。

If I were to reflect back to when we went public in 2008 and if you were to have asked that -- I don't think anyone would have thought to ask that question but today governments of emerging markets have gotten a lot more interested and pay a lot more attention to electronic forms of payment.

如果我回想一下我們在 2008 年上市的時候，如果你問過這個問題——我認為沒有人會想到問這個問題，但是今天新興市場的政府已經變得更加感興趣並付出了很多更多地關注電子支付方式。

They are interested in it from a very self-serving standpoint in that you can't tax what you can't see but they are also very focused on this as a way of providing, in Charlie's words, a safer more secure and sound financial system for their citizens.

他們從一個非常自私的角度對它感興趣，因為你不能對你看不到的東西征稅，但他們也非常關注這一點，用查理的話來說，這是一種提供更安全、更可靠和健全的金融服務的方式系統為他們的公民。

And so there is a natural tendency to want to regulate and our involvement now is very, very early contact with a broad range of emerging market governments because they can be very well intentioned but also unenlightened with regards to how to think about regulation and what the impacts are.

因此，有一種自然的傾向想要進行監管，我們現在的參與是非常、非常早地與廣泛的新興市場政府進行接觸，因為他們可能是出於好意，但在如何思考監管以及如何看待監管方面也缺乏啟迪。影響是。

And so we have got government relations people stationed all over the world particularly in emerging markets and their role is largely educational so that governments that have a legitimate interest in regulating this part of their monetary system can do so understanding how best to provide safety, security and soundness and to allow the market to operate so that they get the kind of penetration of electronic payments which will grow and be healthy.

因此，我們讓政府關係人員駐紮在世界各地，特別是在新興市場，他們的角色主要是教育，以便在監管其貨幣體系這一部分方面有合法利益的政府可以這樣做，了解如何最好地提供安全、保障和健全性，並允許市場運作，以便他們獲得電子支付的滲透，這將增長和健康。

And we have been exceptionally pleased with the reception of most governments to talking with us and partnering with us to develop their electronic payment systems in a way that is healthy and I think will provide a good foundation for growth to come.

我們對大多數政府接受與我們交談並與我們合作以健康的方式開發他們的電子支付系統感到非常高興，我認為這將為未來的增長奠定良好的基礎。

Glenn Greene, Oppenheimer.

格倫·格林，奧本海默。

Thanks and good morning.

謝謝，早上好。

Just I'll squeak in a couple here.

只是我會在這裡尖叫一對。

As you renewed your Chase deal, I think the implication or you suggested possibly you would pick up some incremental volume.

當您續簽 Chase 交易時，我認為暗示或您建議您可能會獲得一些增量交易量。

I was curious if you started to see that and should we be thinking about that as sort of being reflected in the run rate or sort of something that we expect going forward throughout calendar 2014 as sort of incremental volume.

我很好奇您是否開始看到這一點，我們是否應該將其視為某種反映在運行率中或某種我們期望在整個 2014 年日曆中作為增量數量的東西。

And then just a quick number question in terms of where are you in terms of V.me merchants signed?

然後只是一個簡短的數字問題，就 V.me 商家簽約而言，您在哪裡？

I will take the first one.

我會拿第一個。

On Chase, we do expect to see incremental volume during the course of the year.

在大通方面，我們確實希望在今年內看到交易量增加。

We expect some to begin this quarter, not material and we expect it to build through the course of fiscal year 2014.

我們預計一些將在本季度開始，而不是實質性的，我們預計它將在 2014 財年期間建立。

In our guidance, that incremental is contemplated but it will be more second half weighted clearly than first half.

在我們的指導中，考慮到了增量，但下半年的權重將明顯高於上半年。

Then your question again on V.me merchants?

那麼你的問題又是關於 V.me 商家的問題嗎？

Just a number of signings at this point.

在這一點上只有一些簽約。

I don't have the number, I don't have the updated number here to be honest with you.

我沒有號碼，老實說，我沒有更新的號碼。

I was just wondering do we get a step function increase at some point during this year or is it still sort of gradual test mode kind of figuring it out?

我只是想知道我們在今年的某個時候是否會增加階躍函數，或者它仍然是一種漸進的測試模式嗎？

I think we will be in a position to answer that question in another month or two because we just rolled out the new platform that I described and we will start to see of the effects of it and have a better understanding of what it means for the ramp up.

我認為我們將能夠在一兩個月內回答這個問題，因為我們剛剛推出了我所描述的新平台，我們將開始看到它的影響並更好地理解它對斜坡上升。

Okay, thanks.

好的謝謝。

Chris Brendler, Stifel.

克里斯·布倫德勒，Stifel。

Thanks.

謝謝。

Good morning.

早上好。

Thanks for taking my question.

感謝您提出我的問題。

Actually I have two questions that I probably won't get a lot of detail on so hopefully it won't take too long.

實際上我有兩個問題，我可能不會得到很多細節，所以希望不會花太長時間。

One is Visa Europe, anything you can say additionally about Visa Europe and what potentially that would look like if it could come back to you, any progress there or any update?

一個是Visa Europe，關於Visa Europe，你還能說些什麼，如果它可以回到你身邊，可能會是什麼樣子，那裡有什麼進展或任何更新？

And then similarly on the merchant or the Judge Leon case and the appeal, obviously you can't give us too much there but I was wondering if there was any way you could on a timeline -- it sounded like from that hearing that the timeline could be shorter than I think the original estimates that were somewhere around a year.

然後類似地在商人或 Leon 法官案件和上訴上，顯然你不能在那兒給我們太多，但我想知道你是否有任何方法可以在時間表上 - 從那次聽證會上聽起來，時間表可能比我認為的大約一年的原始估計要短。

Is it possible to hear something from the three-judge appeal panel in the next couple of months?

是否有可能在接下來的幾個月內聽取三名法官上訴小組的意見？

Thanks.

謝謝。

Nothing different to talk about on Visa Europe, otherwise I would have mentioned it in my opening remarks and on timing, we don't know.

關於 Visa Europe 沒什麼可說的，否則我會在開場白和時間上提到它，我們不知道。

In terms of the last question, we got the numbers.

關於最後一個問題，我們得到了數字。

We have over 300 signed and 80 are currently live on the V.me.

我們有 300 多個簽名，目前有 80 個在 V.me 上直播。

Glenn Fodor, Autonomous.

格倫·福多，自治。

Good morning.

早上好。

Thanks for taking my question.

感謝您提出我的問題。

Byron, just wanted to peel back your comments on emerging markets a little bit more.

拜倫，只是想稍微減少你對新興市場的評論。

Can you give us a rough sense of what percent of your volumes come from emerging markets and then within that volume category, can you give us a range of what type of multiples your overall volume growth that this is growing?

您能否大致了解一下您的銷量中有多少百分比來自新興市場，然後在該銷量類別中，您能否告訴我們您的整體銷量增長的倍數類型？

Is it three times as fast or four times?

是快三倍還是四倍？

Thanks.

謝謝。

Good morning, Glenn.

早上好，格倫。

I don't actually have those statistics at my command.

我實際上並沒有掌握這些統計數據。

The emerging markets, I mean these growth rates are midteens and better and --.

新興市場，我的意思是這些增長率是十幾歲甚至更好，而且--。

And depending on the market could be substantially better than that.

並且取決於市場可能會比這更好。

Yes, and could be substantially better.

是的，而且可能會更好。

And these growth rates, remember we have a portfolio so even though some of these have had currency issues in terms of weakening currencies, these growth rates have held pretty well even where there has been weaker currencies.

這些增長率，記住我們有一個投資組合，所以即使其中一些在貨幣貶值方面存在貨幣問題，即使在貨幣貶值的情況下，這些增長率也保持得很好。

Government intervention where they are trying to limit the outbound can have an effect.

他們試圖限制出境的政府乾預可能會產生影響。

You are seeing that in Brazil today, likely to see it in Argentina, Venezuela, countries where there have been more severe locations.

你今天在巴西看到了這種情況，很可能會在阿根廷、委內瑞拉這些地方更嚴重的國家看到。

But the durability of the growing cross-border in emerging markets has been quite resilient.

但新興市場不斷增長的跨境業務的持久性相當有彈性。

Andrew Jeffrey, SunTrust.

安德魯杰弗里，SunTrust。

Good morning.

早上好。

Thanks for sneaking me in here.

謝謝你偷偷帶我進來。

A quick question on the CyberSource transaction growth which decelerated in the first fiscal quarter.

關於第一財季減速的 CyberSource 交易增長的快速問題。

Any commentary just broadly around that and implications or read throughs to overall e-commerce volume?

是否有任何關於這一點的評論以及對整體電子商務量的影響或通讀？

So let me separate the two.

所以讓我把兩者分開。

On e-commerce volume, this was a fantastic holiday spend season for e-commerce and the trend in growth in e-commerce is very, very healthy.

就電子商務量而言，對於電子商務來說，這是一個美妙的假期消費季節，電子商務的增長趨勢非常非常健康。

So the downshift a bit in the growth in CyberSource has nothing to do with the underlying growth in e-commerce.

因此，CyberSource 增長的略微下滑與電子商務的潛在增長無關。

What I would say, the CyberSource established an early significant position as a gateway in what has become a much more competitive space and I think what we are going to find in the next few quarters is that we are just going -- one, we're going to need to up our game and that this space is just going to be more competitively intense than it has been in the past couple of years.

我想說的是，CyberSource 作為門戶在競爭更加激烈的領域中確立了早期的重要地位，我認為我們將在接下來的幾個季度中發現我們正在前進——一個，我們我們需要提升我們的遊戲水平，並且這個領域的競爭將比過去幾年更加激烈。

And that is a direct testament to how attractive the growth prospects are for e-commerce which is the one channel that is particularly suited for electronic payments.

這直接證明了電子商務的增長前景是多麼有吸引力，而電子商務是特別適合電子支付的一個渠道。

With that we want to thank everybody for joining us this morning and as always if you have any follow-up questions, please feel free to give either Victoria or myself a call.

我們要感謝大家今天早上加入我們，如果您有任何後續問題，請隨時給維多利亞或我自己打電話。

Thanks.

謝謝。

Thanks, everyone.

感謝大家。

Thank you.

謝謝你。

This does conclude today's conference call.

這確實結束了今天的電話會議。

Thank you for joining and all participants may disconnect their lines at this time.

感謝您的加入，此時所有參與者都可以斷開他們的線路。