Visa Inc (V) 2014 Q2 法說會逐字稿

Welcome to Visa Inc.'s Fiscal Q2 2014 Earnings conference call.

歡迎參加 Visa Inc. 的 2014 財年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有異議，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, Adrian.

謝謝你，阿德里安。

Good afternoon, everyone, and welcome to Visa Inc.'s Fiscal Second Quarter 2014 Earnings conference call.

大家下午好，歡迎參加 Visa Inc. 的 2014 財年第二季度收益電話會議。

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 on the Investor Relations section of our website at www.investor.visa.com.

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

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

網絡廣播的重播也將在我們的網站上存檔 30 天。

A PowerPoint deck containing 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包含今天評論的財務和統計亮點的 PowerPoint 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 guarantees of future performance, and our actual results could materially differ as the 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 those factors is available in our most recent reports on Forms 10-K and 10-Q, which you can find on the SEC's website and the Investor Relations section of our 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 網站和我們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 in 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.

對於本次電話會議中披露的歷史非 GAAP 或備考相關財務信息，相關的 GAAP 措施和 SEC 條例 G 要求的其他信息可在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。

And 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。

Thanks, Jack.

謝謝，傑克。

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

讓我從我通常的呼籲和觀察開始。

First, turning to revenue.

首先，轉向收入。

As expected and previewed on our call last quarter, revenue growth moderated during the quarter, growing 9% year over year on a constant dollar basis, or 7% nominally, which includes the expected 2 percentage points of FX headwind we have been guiding to since the beginning of the fiscal year.

正如我們在上個季度的電話會議上預期和預測的那樣，本季度收入增長放緩，按固定美元計算同比增長 9%，或名義上增長 7%，其中包括我們自那時以來一直在引導的預期 2 個百分點的外匯逆風財政年度的開始。

As a reminder, the current Q2 is lapping 15% revenue growth in the prior-year quarter, which benefited from a number of favorable one-time adjustments.

提醒一下，當前第二季度的收入比去年同期增長了 15%，這得益於一些有利的一次性調整。

Looking ahead to Q3, we expect nominal revenue growth to be in the mid single-digits, which could be a couple of percentage points below Q2's growth rate.

展望第三季度，我們預計名義收入增長將處於中個位數，可能比第二季度的增長率低幾個百分點。

As signaled on last quarter's call, a softer Q3 growth rate was also anticipated, given continued FX headwinds of 2 percentage points; a 17% revenue comp in the prior-year quarter also driven in part by one-time events; and a moderation in cross-border spend, which we view as short-term.

正如上季度電話會議所暗示的那樣，鑑於持續 2 個百分點的外匯逆風，預計第三季度的增長率也會放緩；上一季度收入佔比為 17%，部分原因是一次性事件；以及跨境支出的放緩，我們認為這是短期的。

After two softer quarters, in fiscal Q4, we expect to see constant dollar revenue growth more reflective of the secular shift, as well as the e-commerce and mobile trends that have driven, and will continue to drive, attractive growth for years to come.

在經歷了兩個疲軟的季度之後，在第四財季，我們預計美元收入的持續增長將更能反映長期轉變，以及已經並將繼續推動未來幾年具有吸引力的增長的電子商務和移動趨勢.

As a footnote to fiscal Q4, we expect very little impact from Chase card conversions, particularly given our quarter lag in reporting of service fees.

作為第四財季的一個腳註，我們預計大通卡轉換的影響很小，特別是考慮到我們在報告服務費方面的季度滯後。

This event will have more impact in FY15.

該事件將在 2015 財年產生更大的影響。

Our guidance for client incentives remains unchanged.

我們對客戶激勵措施的指導保持不變。

Despite delivering first-half client incentives as a percent of gross revenues of 15.8%, we expect incentives to be second-half weighted, and finished the year within the current guidance of 16.5% to 17.5%.

儘管上半年客戶激勵措施佔總收入的百分比為 15.8%，但我們預計激勵措施將在下半年得到加權，並在目前 16.5% 至 17.5% 的指導下完成今年。

On a full fiscal year basis, we now expect our guidance of low double-digit constant dollar net revenue growth to be in the 10% to 11% range, with a negative 2 percentage point impact from FX.

在整個財年的基礎上，我們現在預計我們對兩位數不變美元淨收入增長的指導將在 10% 至 11% 的範圍內，外匯影響為負 2 個百分點。

Now let's turn to payment volume and transaction growth.

現在讓我們轉向支付量和交易增長。

On a constant dollar basis, global payment volume growth was 12%, unchanged from Q1.

按固定美元計算，全球支付量增長 12%，與第一季度持平。

US payment volume growth for Q2 was 8%, also unchanged from Q1.

第二季度美國支付量增長 8%，與第一季度持平。

With a boost from Easter timing and better weather, US payment volume growth for the first 21 days of April rose to 12%.

受復活節時間和天氣好轉的推動，美國 4 月前 21 天的支付量增長升至 12%。

The deceleration in cross-border growth seems to be bottoming out.

跨境增長的減速似乎正在觸底反彈。

Q2 constant-dollar growth was 8%, 4 percentage points down from Q1.

第二季度固定美元增長率為 8%，比第一季度下降 4 個百分點。

But the first 21 days of April registered 7% growth, nearly flat to Q2.

但 4 月的前 21 天錄得 7% 的增長，與第二季度幾乎持平。

Cross-border weakness is pronounced in Latin America, as in Brazil, Argentina, Venezuela, the Canada to US corridor, and Russia.

拉丁美洲的跨境疲軟明顯，如巴西、阿根廷、委內瑞拉、加拿大到美國的走廊和俄羅斯。

Visa process transaction growth was a healthy 11% in Q2, and rose to 14% for the first 21 days in April.

簽證處理交易在第二季度健康增長了 11%，並在 4 月的前 21 天升至 14%。

Taken together, we are seeing a sustained economic recovery, but no signs yet of acceleration.

總之，我們看到經濟持續復甦，但還沒有加速的跡象。

A word on Russia and Ukraine.

關於俄羅斯和烏克蘭的一句話。

We have clearly seen a drop off in cross-border volume, and sanctions are expected to have some impact on volume.

我們已經清楚地看到跨境交易量下降，預計製裁將對交易量產生一些影響。

Our guidance assumes several pennies of EPS impact for the fiscal year.

我們的指導假設本財年每股收益會受到幾美分的影響。

We are fully engaged with all parties involved, and will continue to adjust our outlook as the situation clarifies over time.

我們與所有相關方充分接觸，並將隨著時間的推移隨著情況的明朗而繼續調整我們的前景。

Next call-out relates to our effective tax rate for the period.

下一個標註與我們在此期間的有效稅率有關。

At 22% for the quarter, our rate was positively influenced by the recognition of tax benefits under IRS Section 199, which allows for the deduction of a portion of the income related to US domestically-produced computer software.

本季度的稅率為 22%，受到美國國稅局第 199 條規定的稅收優惠確認的積極影響，該條允許扣除與美國國內生產的計算機軟件相關的部分收入。

As a reminder, successfully employing strategies to manage our tax rate lower has been a consistent component of our earnings guidance since we went public in 2008, and will continue to be in the future.

提醒一下，自 2008 年上市以來，成功採用策略來管理我們的稅率較低一直是我們收益指導的一個組成部分，並且在未來將繼續如此。

The total benefit to the quarter was $218 million, $184 million of which represented prior years, and $17 million of benefit for each of the first two fiscal quarters.

本季度的總收益為 2.18 億美元，其中 1.84 億美元代表往年，前兩個財政季度的收益為 1700 萬美元。

We expect an additional $30 million to $35 million of benefit over the remaining two fiscal quarters, and a continuing benefit in future years.

我們預計在剩餘的兩個財政季度將額外獲得 3000 萬至 3500 萬美元的收益，並在未來幾年繼續獲得收益。

Accordingly, we are adding to our guidance for FY14 a full-year tax rate approaching 30%.

因此，我們在 2014 財年的指引中增加了接近 30% 的全年稅率。

Please note, this rate was contemplated in our full-year EPS guidance for FY14.

請注意，我們在 2014 財年全年每股收益指引中考慮了這一比率。

Last call-out.

最後一次召喚。

We remain bullish on our future growth prospects and fully committed to returning excess cash to our shareholders.

我們仍然看好我們未來的增長前景，並完全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 5.1 million shares during the quarter, at an average price per share of $217 and change, resulting in a total cost of $1.1 billion.

為此，我們在本季度共回購了 510 萬股股票，平均每股價格為 217 美元和變動，導致總成本為 11 億美元。

This leaves an outstanding open-to-buy of $3 billion at the end of March.

這在 3 月底留下了 30 億美元的未完成開放購買。

And as always, we will take advantage of market movements to effectively repurchase at attractive rates.

與往常一樣，我們將利用市場走勢以有吸引力的價格有效回購。

Now let me dive a little deeper into the numbers.

現在讓我深入研究一下這些數字。

As noted earlier, global payment volume growth for the March quarter in constant dollars was 12%.

如前所述，3 月季度的全球支付量增長（以固定美元計算）為 12%。

The US grew 8%, and international grew 16%.

美國增長 8%，國際增長 16%。

Drilling down further for the March quarter, US credit growth was 11%, slightly higher than the 10% in Q1.

進一步深入分析 3 月季度，美國信貸增長率為 11%，略高於第一季度的 10%。

Through April 21, credit improved to 14% growth.

到 4 月 21 日，信貸增長改善至 14%。

US debit was 7% in Q2, flat compared to Q1.

第二季度美國借方為 7%，與第一季度持平。

And through April 21, debit also improved, rising to 11% growth.

到 4 月 21 日，借方也有所改善，增長率達到 11%。

As mentioned earlier, global cross-border volume delivered an 8% constant-dollar growth rate in the March quarter, down from 12% in the December quarter.

如前所述，全球跨境交易量在 3 月季度實現了 8% 的固定美元增長率，低於 12 月季度的 12%。

The US grew 7%, and international grew 8%.

美國增長 7%，國際增長 8%。

Through April 21, cross-border volume on a constant-dollar basis grew 7%, with the US growing 8%, and international registering 7% growth.

截至 4 月 21 日，按固定美元計算的跨境交易量增長 7%，其中美國增長 8%，國際增長 7%。

Transactions processed over Visa's network totaled 15.4 billion in the fiscal second quarter, an 11% increase over the prior-year period.

第二財季通過 Visa 網絡處理的交易總額為 154 億筆，比去年同期增長 11%。

The US grew 7%, while international delivered 23% growth.

美國增長 7%，而國際增長 23%。

Through April 21, process transaction growth rose to 14%.

截至 4 月 21 日，流程交易增長率升至 14%。

Now turning to the income statement.

現在轉向損益表。

Net operating revenue in the quarter was $3.2 billion, a 7% increase year over year, driven primarily by growth in both domestic and international transactions.

本季度淨營業收入為 32 億美元，同比增長 7%，主要受國內和國際交易增長的推動。

And as mentioned earlier, negatively impacted by a 2-percentage-point foreign currency headwind.

如前所述，受到 2 個百分點的外匯逆風的負面影響。

Moving to the individual revenue line items.

轉到各個收入行項目。

Service revenue was $1.5 billion, up 7% over the prior year, and was driven by moderating global payment volume growth.

服務收入為 15 億美元，比上年增長 7%，主要受全球支付量增長放緩的推動。

The difference between the 7% reported revenue growth and the 12% growth in constant dollar payment volume is largely due to 3 percentage points of negative FX.

7% 的報告收入增長與 12% 的固定美元支付量增長之間的差異主要是由於 3 個百分點的負外匯。

Visa's service fees are disproportionately impacted by foreign exchange translation, compared to other revenue lines.

與其他收入線相比，Visa 的服務費受到外匯翻譯的影響不成比例。

Data processing revenue was $1.2 billion, up 7% over the prior year's quarter, based on solid growth rates in Visa process transaction, both in the US and internationally.

數據處理收入為 12 億美元，比上一季度增長 7%，這得益於美國和國際 Visa 處理交易的穩健增長。

The difference between 7% revenue growth and 11% transaction growth in the period was due to one-time FANF accrual reversals in the prior year, in combination with the influence of the fixed fee component associated with the FANF pricing structure that does not grow with transactions.

該期間收入增長 7% 和交易增長 11% 之間的差異是由於上一年的一次性 FANF 應計沖銷，以及與 FANF 定價結構相關的固定費用部分的影響交易。

International transaction revenue was up 5%, to $871 million, reflecting some moderation of growth across the globe that first impacted us at the outset of calendar year 2014.

國際交易收入增長 5%，達到 8.71 億美元，這反映了 2014 年年初首次影響我們的全球增長放緩。

Total operating expenses for the quarter were $1.1 billion, up 2% from the prior year.

本季度總運營費用為 11 億美元，比去年同期增長 2%。

Certain expenses have been rephased to the Q3 and Q4 fiscal quarters.

某些費用已重新分配到第三季度和第四季度財政季度。

And as signaled last quarter, we continue to expect elevated marketing investments in Q3 and Q4 relative to Q1 tied to the 2014 FIFA World Cup event.

正如上個季度所暗示的那樣，我們繼續預計，與 2014 年 FIFA 世界杯相關的第一季度相比，第三季度和第四季度的營銷投資將會增加。

Operating margin, 65% for the second quarter, ahead of our annual guidance of low 60%s, but consistent with our expectations for higher expenses in the fiscal third and fourth quarters.

第二季度的營業利潤率為 65%，高於我們低 60% 的年度指導，但與我們對第三財季和第四財季更高費用的預期一致。

That said, we now expect our full-year operating margin to be in the low to mid 60%s.

也就是說，我們現在預計我們的全年營業利潤率將在 60% 左右。

Capital expenditures were $97 million in the quarter.

本季度的資本支出為 9700 萬美元。

At the end of the March quarter, we had 629 million shares of Class A common stock outstanding on an as-converted basis.

在第三季度末，我們有 6.29 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 634 million.

本季度完全攤薄後流通在外股票的加權平均數為 6.34 億股。

Finally, given our year-to-date results and our outlook for the balance of the year, let me recap our full-year guidance.

最後，鑑於我們年初至今的業績和我們對今年剩餘時間的展望，讓我回顧一下我們的全年指導。

Constant dollar net revenue growth, 10% to 11%, with 2 percentage points of negative FX impact.

不變的美元淨收入增長，10% 至 11%，具有 2 個百分點的負面外匯影響。

Client incentives in the 16.5% to 17.5% range.

客戶獎勵在 16.5% 到 17.5% 範圍內。

Operating margin in the low to mid 60%s.

營業利潤率在中低 60%s。

Tax rate, approaching 30%.

稅率，接近30%。

EPS growth of mid to high teens.

中高青少年的每股收益增長。

Free cash flow of about $5 billion.

自由現金流約為 50 億美元。

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

有了這個，我會把電話轉給查理。

Thanks a lot, Byron.

非常感謝，拜倫。

Good afternoon, everyone.

大家下午好。

Let me start with a couple of comments about the quarter and reiterate some of the things that Byron had said.

讓我從關於本季度的一些評論開始，並重申拜倫所說的一些事情。

First of all, probably most importantly to us as we look at our results, underlying what we see, the business drivers for the most part remained steady from last quarter.

首先，對我們來說可能最重要的是，當我們查看我們的結果時，在我們所看到的基礎上，大部分業務驅動因素與上一季度相比保持穩定。

Specifically, the US spending levels grew consistent with that of the prior quarter, not accelerating or decelerating, but still reasonably strong.

具體而言，美國的支出水平與上一季度持平，沒有加速或減速，但仍相當強勁。

And as Byron had mentioned, April is off to a strong start, which is certainly encouraging for us.

正如拜倫所說，四月開局良好，這對我們來說無疑是令人鼓舞的。

Non-US domestic spending grew to consistent levels as well, and non-US cross-border spending was weaker.

非美國國內支出也增長至穩定水平，非美國跨境支出疲軟。

And as Byron mentioned, it is from very specific corridors, which we can certainly talk more about.

正如拜倫所說，它來自非常具體的走廊，我們當然可以談論更多。

Revenue growth came in where we expected.

收入增長達到了我們的預期。

And as we mentioned, it was impacted by the strong US dollar and these nonrecurring comps from the prior year.

正如我們所提到的，它受到了強勢美元和前一年的這些非經常性補償的影響。

And we expect these effects to be slightly more pronounced in the third quarter.

我們預計這些影響在第三季度會更加明顯。

And looking even beyond the third quarter, we would expect in the fourth quarter to see revenue growth more reflective of the strong payment volumes that continue to underpin our quarterly results.

甚至在第三季度之後，我們預計第四季度的收入增長將更多地反映繼續支撐我們季度業績的強勁支付量。

Let me move now for a second, and just describe what we see in Russia.

讓我先動一動，簡單描述一下我們在俄羅斯看到的情況。

As I am sure you all know, the US government imposed economic sanctions a few weeks ago, which has forced us to take action.

相信大家都知道，美國政府幾週前實施了經濟制裁，這迫使我們採取了行動。

We are complying with US law, as you would expect, which means that two affected banks cannot issue for acquired transactions for Visa.

正如您所料，我們正在遵守美國法律，這意味著兩家受影響的銀行不能為 Visa 的收購交易發行。

These banks represent less than 1% of our volume in Russia.

這些銀行只占我們在俄羅斯交易量的不到 1%。

And you would expect that we would continue to comply with US law, as the sanction situation evolves.

隨著制裁形勢的發展，您會期望我們將繼續遵守美國法律。

As of now, all of Visa's systems are processing normally, and we continue to serve all of our other clients in Russia today.

截至目前，Visa 的所有系統都在正常處理，我們今天繼續為俄羅斯的所有其他客戶提供服務。

Due to US sanctions, the Russian Duma is working on modifications to the current national payment system law.

由於美國的製裁，俄羅斯杜馬正在修改現行的國家支付系統法。

President Putin has directed the Duma to pass a series of changes, which could pass as early as tomorrow.

普京總統已指示杜馬通過一系列改革，最早可能在明天通過。

The proposed modifications are revolving; but as we understand them, could include the following.

擬議的修改是循環的；但據我們了解，可能包括以下內容。

First of all, all domestic data processing would need to be onshore.

首先，所有國內數據處理都需要在岸上進行。

Second, most domestic transaction data would need to remain domiciled within Russia.

其次，大多數國內交易數據需要保留在俄羅斯境內。

Third, a payment network must provide continuity of services in compliance with Russian law.

第三，支付網絡必須提供符合俄羅斯法律的服務連續性。

Fourth, the creation of a settlement center 100% owned by the Central Bank of Russia.

第四，建立俄羅斯中央銀行100%擁有的結算中心。

Fifth, a collateral requirement for foreign payment systems.

第五，外國支付系統的抵押要求。

And lastly, the ability to impose fines on foreign payment system providers.

最後，對外國支付系統提供商處以罰款的能力。

Keep in mind, this is all still fluid.

請記住，這一切仍然是流動的。

And while none of this is certainly helpful for Visa if passed, parts might even cause us to rethink our domestic processing opportunity in Russia.

雖然這些如果通過的話肯定對 Visa 沒有幫助，但部分內容甚至可能讓我們重新考慮我們在俄羅斯的國內處理機會。

But we are hopeful that there is still opportunity for Visa to participate in the growing electronic payments business in Russia.

但我們希望 Visa 仍有機會參與俄羅斯日益增長的電子支付業務。

We will not understand the impact on our business and potential future until the laws and regulations are completed.

在法律法規完成之前，我們不會了解對我們業務和潛在未來的影響。

But we remain committed to finding ways to provide our services, as long as US government and Russian governments allow.

但只要美國政府和俄羅斯政府允許，我們將繼續致力於尋找提供服務的方法。

On the legal and regulatory front, not a lot to talk about this quarter.

在法律和監管方面，本季度沒有太多可談的。

As I am sure you know, in late March, the US Court of Appeals for the DC Court ruled that the Federal Reserve acted properly in its interpretation of Dodd-Frank, a result which we are obviously pleased with.

我相信你知道，3 月下旬，美國華盛頓特區上訴法院裁定美聯儲在其對多德弗蘭克的解釋中採取了適當的行動，我們顯然對這一結果感到滿意。

A quick update on payments security and specifically industry collaboration.

快速更新支付安全，特別是行業合作。

Last quarter I spoke at length about the need for the industry, defined broadly, to work together to create payment standards and improve security.

上個季度，我詳細談到了該行業需要廣泛定義，共同製定支付標準並提高安全性。

We believe there is an opportunity for this collaboration to occur and are encouraged.

我們相信這種合作有機會發生並受到鼓勵。

We and MasterCard have formed a cross-industry working group to accelerate this joint collaboration.

我們和萬事達卡已經成立了一個跨行業的工作組來加速這種聯合合作。

The purpose is to work with a broad group of participants in the payments landscape, not just to move forward to more secure technologies in the short term, but to think in the long term as well.

其目的是與支付領域的廣泛參與者合作，不僅是為了在短期內推進更安全的技術，而且也是為了長遠考慮。

This includes driving EMV adoption.

這包括推動 EMV 的採用。

But it looks to create a clear roadmap for the future of payment security, inclusive of both physical, POS, as well as card-not-present transactions.

但它希望為支付安全的未來創建一個清晰的路線圖，包括物理、POS 以及無卡交易。

The group will have representation of banks of all sizes, credit unions, acquirers, retailers, point-of-sale manufacturers, and industry trade groups.

該小組將代表各種規模的銀行、信用合作社、收單機構、零售商、銷售點製造商和行業貿易集團。

We also look forward to broad network participation so we can be as effective as possible.

我們也期待廣泛的網絡參與，以便我們盡可能有效。

On EMV specifically, First Data STAR Network, FIS's NYCE Network, Discover Financial Services PULSE Network, and other regional network providers have agreed to participate in the common debit solution that Visa introduced last year.

具體而言，在 EMV 方面，First Data STAR Network、FIS 的 NYCE 網絡、Discover Financial Services PULSE 網絡和其他區域網絡提供商已同意參與 Visa 去年推出的通用借記解決方案。

The collaboration between Visa and our partners will help enable the deployment of debit EMV solutions.

Visa 與我們的合作夥伴之間的合作將有助於部署借記 EMV 解決方案。

This is again an example of industry players working together to move payment security forward.

這又是行業參與者共同努力推動支付安全的一個例子。

Let me talk for a second about tokenization.

讓我談談標記化。

The standards, services and technologies we are working on will play an important role not just in security, but in enabling and securing new payment experiences in the online, mobile and face-to-face channels.

我們正在製定的標準、服務和技術將不僅在安全方面發揮重要作用，而且在啟用和保護在線、移動和麵對面渠道中的新支付體驗方面也將發揮重要作用。

We are making progress on our work towards getting it into the marketplace.

我們正在努力將其推向市場。

The token standard that we, MasterCard and American Express jointly wrote and sponsored, has been adopted by EMVCo, the industry standards body, and is currently in a comment period across the other card networks, banks, and security industry groups.

我們、萬事達卡和美國運通共同編寫和讚助的令牌標準已被行業標準機構 EMVCo 採用，目前正處於其他卡網絡、銀行和安全行業組織的評論期。

We will be rolling out our token services capable of associating a limited use visa token, with an underlying card credential, and are working with issuers, processors and acquirers to introduce our first wave of token programs.

我們將推出能夠將有限用途簽證代幣與基礎卡憑證相關聯的代幣服務，並與發卡行、處理商和收單行合作推出我們的第一波代幣計劃。

You will see applications deployed within the next 12 months.

您將看到在未來 12 個月內部署的應用程序。

And these tokens will play a role in our offerings, but also those of select strategic partner engagements ranging from remote online or mobile purchases to proximity mobile interactions.

這些代幣將在我們的產品中發揮作用，但也將在從遠程在線或移動購買到近距離移動交互等精選戰略合作夥伴參與的產品中發揮作用。

We have also talked a great deal about our merchant efforts.

我們還談了很多關於我們的商人努力的事情。

We recently reorganized the Company to strengthen the outreach to our merchant partners.

我們最近對公司進行了重組，以加強與我們的商業合作夥伴的聯繫。

We are lucky to have hired Ramon Martin, a well-respected industry expert in payments, with a great deal of merchant knowledge.

我們很幸運地聘請了 Ramon Martin，他是一位受人尊敬的支付行業專家，他擁有豐富的商業知識。

As an example, he has a history as a member of the Board of Directors of the National and Retail Federation.

例如，他曾擔任全國和零售聯合會董事會成員。

We are excited that he will lead our efforts, relative to our merchant strategy, and help deliver customized products and services, and look forward to discussing more specifics in the future.

我們很高興他將領導我們的工作，與我們的商家戰略相關，並幫助提供定制的產品和服務，並期待在未來討論更多細節。

Let me now just turn for a second, and just talk about small business merchants.

現在讓我轉一下，談談小商人。

We have made changes to our FANF structure, our Fixed Acquirer Network Fee, including modifications that are designed to lower, or in some cases eliminate, FANF on volume from small merchants with less than $15,000 in annual gross Visa sales.

我們對我們的 FANF 結構、我們的固定收單機構網絡費用進行了更改，包括旨在降低或在某些情況下消除年 Visa 總銷售額低於 15,000 美元的小商戶的 FANF 數量的修改。

Most importantly, we believe these changes could serve to expand the Visa acceptance among very small businesses.

最重要的是，我們相信這些變化可能有助於擴大小型企業的簽證接受度。

While eliminating the fees for smaller retailers, we are also making other adjustments to FANF to improve the alignment of these fees, regardless of whether a merchant connects to Visa through an acquirer, a processor, a payment facilitator or other party.

在取消小型零售商的費用的同時，我們還對 FANF 進行了其他調整，以改善這些費用的一致性，無論商家是通過收單機構、處理器、支付服務商還是其他方連接到 Visa。

We have also talked on these calls about rules in the past, and our efforts to simplify our operating regulations.

我們過去也曾在這些電話會議上討論過規則，以及我們為簡化運營法規所做的努力。

On October 1, we will be eliminating close to half of our operating rules.

10 月 1 日，我們將取消近一半的運營規則。

This includes reducing the complexity of our dispute resolution processes.

這包括降低我們爭議解決流程的複雜性。

And while we are making substantial changes now, we continue to get client feedback and will continue to introduce more changes beyond.

雖然我們現在正在做出重大改變，但我們會繼續獲得客戶反饋，並將繼續引入更多改變。

I am going talk for a second about Japan.

我要談一談日本。

I have spoken about two things here in the past, both the opportunity within Japan, but also the importance of growing our processing business globally.

過去我在這裡談到了兩件事，既是日本國內的機會，也是在全球發展我們的加工業務的重要性。

Just a reminder that although Japan is the third largest economy in the world by GDP, the number of payment cards and the market usage is still very low, only 14% of PCE and just 8% on Visa products.

提醒一下，雖然日本是全球第三大經濟體，但其支付卡數量和市場使用率仍然很低，僅佔 PCE 的 14%，Visa 產品僅佔 8%。

Earlier this month, we acquired 100% ownership of GP Net, the joint venture that we founded with seven leading Japanese issuers back in 1995.

本月早些時候，我們收購了 GP Net 的 100% 所有權，這是我們在 1995 年與七家領先的日本發行人成立的合資企業。

As a result of having total control, we now control our domestic transaction processing activities.

由於擁有完全控制權，我們現在控制著我們的國內交易處理活動。

It will allow us to further integrate our processing and product solutions to merchants, acquirers and issuers, something that we are very excited about.

它將使我們能夠進一步將我們的處理和產品解決方案集成到商家、收單機構和發行機構，這是我們非常興奮的事情。

We are also very focused on the debit opportunity in Japan.

我們也非常關注日本的借記機會。

While debit is still considered in its infancy stage, there is a meaningful opportunity for growth, given the large deposit base which exists in the banks from which to grow a debit business.

雖然借方仍處於起步階段，但鑑於銀行中存在大量存款基礎，可以發展借方業務，因此存在有意義的增長機會。

As an example, this quarter we launched Visa debit with Bank of Tokyo Mitsubishi, one of the three mega banks.

例如，本季度我們與三大銀行之一的東京三菱銀行推出了 Visa 借記卡。

Again, just one example of how are working collaboratively with the banks to target a very meaningful opportunity.

同樣，這只是一個如何與銀行合作以瞄準一個非常有意義的機會的例子。

To conclude, let me just make a couple comments looking ahead.

最後，讓我對未來發表一些評論。

First of all, I continue to remain very excited about the opportunity that we have to continue growing the business.

首先，我仍然對我們必須繼續發展業務的機會感到非常興奮。

While the strengthening US dollar and difficult comps from the prior year have affected our reported revenue and will again next quarter, the underlying revenue growth of the business is strong.

雖然美元走強和上一年困難的業績影響了我們報告的收入，並將在下個季度再次影響，但該業務的潛在收入增長強勁。

It will accelerate, as the economic recovery accelerates as well.

隨著經濟復甦的加速，它將加速。

And most importantly, the long-term secular trends and our competitive position remain as strong as ever.

最重要的是，長期的長期趨勢和我們的競爭地位仍然一如既往地強大。

And I am constantly reminded, that there is more cash to disintermediate today than when the Company went public in 2008.

我不斷被提醒，與公司 2008 年上市時相比，今天有更多的現金需要去中介化。

And with that, Byron and I are glad to take your questions.

有了這個，拜倫和我很高興回答你的問題。

(Operator Instructions)

（操作員說明）

Our first question is from Sanjay Sakhrani from KBW.

我們的第一個問題來自 KBW 的 Sanjay Sakhrani。

Sir, your line is open.

先生，您的線路已開通。

Thank you.

謝謝你。

I guess, I just wanted some more context around some of the comments Byron had about the volumes.

我想，我只是想了解一些關於拜倫對這些卷的評論的更多背景信息。

Byron, you talked about cross-border weakness being temporary, and seeing some firmness in the decline.

拜倫，您談到跨境疲軟是暫時的，並且在下降中看到了一些堅定性。

Can you talk about what gives you comfort that we could rebound from here, or at least flatten out?

你能談談是什麼讓你感到安慰，我們可以從這裡反彈，或者至少平復嗎？

And then second, you talked about sustained economic growth, but not accelerating growth.

其次，您談到了持續的經濟增長，而不是加速增長。

Is that simply just by observing the absolute volume statistics?

這僅僅是通過觀察絕對數量統計數據嗎？

Or is there something else you are seeing underneath the covers that lead you to believe that it is more sustained, versus accelerating?

或者你在封面下看到的其他東西讓你相信它更持續，而不是加速？

Thank you.

謝謝你。

So let me start with cross-border.

那麼讓我從跨境開始。

We haven't seen single-digit cross-border growth rates since I would say, 2009.

自 2009 年以來，我們還沒有看到過個位數的跨境增長率。

That was five years ago.

那是五年前。

And given the underlying secular trends in our business, none of those are diminished.

鑑於我們業務的潛在長期趨勢，這些趨勢都沒有減弱。

None of those are going away.

這些都不會消失。

As Charlie said there is more cash disintermediate today, note outside the US in particular, than there was when we went public.

正如查理所說，與我們上市時相比，今天有更多的非中介現金，特別是在美國以外的地區。

From our standpoint, we look at cross-border, the fundamentals are still in place.

從我們的角度來看，我們看跨界，基本面還是有的。

If recovered nicely from 2009.

如果從 2009 年恢復得很好。

We expect to -- so we expect to see the same -- hard to predict when, but -- and it may be a little early to call, given the April results.

我們希望 - 所以我們希望看到同樣的情況 - 很難預測何時，但是 - 鑑於 4 月份的結果，現在打電話可能有點早。

But by given the 4 percentage point drop we saw between the two quarters, and given the fundamentals underpinning this secular shift, our view is we could be reaching a bottoming out.

但考慮到我們在兩個季度之間看到的 4 個百分點的下降，以及支撐這種長期轉變的基本面，我們認為我們可能會觸底反彈。

And in any event looking forward, we would expect this to move north.

無論如何，我們希望這會向北移動。

In terms of the broader economic question of sustained recovery, this is very much anchored in the volume trends we are seeing.

就持續復甦這一更廣泛的經濟問題而言，這在很大程度上取決於我們所看到的數量趨勢。

Recognizing that there is modest, but if not weak job creation in the US At some point that will begin to accelerate, but what we are adding jobs.

認識到美國創造的就業機會不大，但即使不是很弱，在某個時候，這將開始加速，但我們正在增加就業機會。

So the underlying fundamentals that should inform and drive spend are in place.

因此，應該告知和推動支出的基本面已經到位。

They are just in first gear.

他們只是處於第一檔。

And so, that is our take on the environment.

所以，這就是我們對環境的看法。

Charlie, would you like to add?

查理，你要補充嗎？

The only thing that I am going to add, back to the first part of the question on cross-border.

我要補充的唯一一點是關於跨境問題的第一部分。

As Byron and I both pointed out, the corridors that we are seeing the weakness are very, very specific places.

正如拜倫和我都指出的那樣，我們看到的弱點是非常非常具體的地方。

So for instance, when you look at US cardholders traveling abroad that volume -- that -- those growth rates are actually flat quarter-to-quarter, which is obviously a good sign for US and the health of US consumer.

因此，例如，當您查看美國持卡人出國旅行的數量時，這些增長率實際上是按季度持平的，這對美國和美國消費者的健康來說顯然是一個好兆頭。

Again, very, very specific places, and not at all across every single geography.

再一次，非常非常具體的地方，而不是在每個地理區域。

Which would give us more cause for concern.

這會讓我們更加擔心。

Can I ask one more follow-up, if you don't mind?

如果你不介意，我可以再問一個後續嗎？

Embedded in your guidance, is what assumption around the cross-border growth for the rest of the year?

在您的指導中，您對今年剩餘時間的跨境增長有何假設？

No acceleration.

沒有加速。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Our next question is from Tien-Tsin Huang from JPMorgan Chase.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Your line is open.

你的線路是開放的。

Great, thanks.

太謝謝了。

Just first to clarify is revenue revision at the high end of the revenue outlook, is that really just explained by cross-border or is there something else?

首先要澄清的是收入前景高端的收入修正，這真的只是由跨境解釋還是有其他原因？

I just want to clarify.

我只是想澄清一下。

And then just maybe on the Russia front, could you disclose how much it represents in terms of revenue today?

然後也許在俄羅斯方面，您能否透露它在今天的收入方面代表了多少？

And I am curious -- as a bigger picture question, sorry, to build on this.

我很好奇——作為一個更大的問題，對不起，以此為基礎。

But maybe, Charlie, does this Russia situation sort of build this case that maybe more countries are going to consider creating their own domestic schemes, like the one that Putin is talking about?

但也許，查理，俄羅斯的這種情況是否會建立這樣一個案例，也許更多的國家會考慮建立自己的國內計劃，就像普京所說的那樣？

Thanks.

謝謝。

I will tell you what, Tien-Tsin, could you re-ask your first question?

我會告訴你什麼，Tien-Tsin，你能再問你的第一個問題嗎？

I didn't actually understand it.

我其實沒看懂。

Yes, sorry.

是的，對不起。

I am rambling a little bit, Byron Just the first question is simplistic, in a simple way.

我有點漫不經心，拜倫 只是第一個問題很簡單，以一種簡單的方式。

Is the revenue revision in terms of you outlook -- I think you said it was 10% to 13% before, and now we are looking at 10% to 11% if I heard that correctly.

就你的前景而言，收入修正是什麼——我想你之前說的是 10% 到 13%，如果我沒聽錯的話，現在我們正在考慮 10% 到 11%。

Is the difference there just cross-border, or is there something else?

只是跨境的區別，還是有別的？

Yes.

是的。

We would -- it is heavily driven by cross-border.

我們會 - 它主要受跨境驅動。

We would also add that US debit downshifted more than we had anticipated when we constructed the original range.

我們還要補充一點，當我們構建原始範圍時，美國借方的下降幅度超出了我們的預期。

And so, those are the -- I would say those the two primary.

所以，那些是- 我會說這兩個主要的。

Understood.

明白了。

And the Russia stuff?

還有俄羅斯的東西？

And on the Russia, let me answer the first part of the question, which is the revenue part.

關於俄羅斯，讓我回答問題的第一部分，即收入部分。

And then, I will turn it back over to Charlie for the second part.

然後，我將把它交還給查理進行第二部分。

When we said that there were several pennies of impact, you may attribute 100% of that to revenue.

當我們說有幾美分的影響時，您可以將其 100% 歸因於收入。

And we didn't put any expense offset against that.

我們沒有對此進行任何費用抵消。

So it would be the revenue equivalent in this fiscal year heavily weighted -- just looking 90% weighted to fiscal Q's 3 and 4.

因此，這將是本財政年度的收入等值加權 - 僅看 90% 加權到財政 Q 的第 3 和第 4 財政年度。

And the only thing I would just, on that point and going to your last point, Tien-Tsin, is remember, we don't know exactly what our position will be in the marketplace.

我唯一想說的是，在這一點上，直到你的最後一點，Tien-Tsin，記住，我們不知道我們在市場上的確切位置。

So the issues that exist really today relate to domestic processing within Russia.

因此，今天真正存在的問題與俄羅斯國內的加工有關。

We still think, by the way that there is meaningful reasons why the Russian government should want ourselves and the other established networks to participate there.

順便說一句，我們仍然認為俄羅斯政府希望我們自己和其他已建立的網絡參與其中是有有意義的理由的。

And so, we are not assuming that it is in the best interest of them, for us not to want to be there.

因此，我們並不認為這符合他們的最大利益，因為我們不想在那裡。

And away from the domestic business, there is obviously a very big part of our opportunity there is cross-border.

除了國內業務，顯然我們很大一部分機會是跨境。

Which is you know is extremely hard to build a cross border brand and processing assets in a short period of time.

要知道，短時間內打造跨境品牌和加工資產是極其困難的。

So again, we really are still trying to understand ourselves exactly how this could play itself out.

再說一次，我們真的仍在努力了解自己究竟是如何發揮作用的。

But still are hopeful that we still have a meaningful opportunity to continue to participate in the growing electronic payments business in Russia.

但我們仍然希望我們仍有有意義的機會繼續參與俄羅斯不斷增長的電子支付業務。

And then, more broadly last part, on your question on national payment systems.

然後，更廣泛地說，最後一部分，關於你關於國家支付系統的問題。

Certainly this -- the activities within Russia get people thinking about what it means for them.

當然，俄羅斯境內的活動讓人們思考這對他們意味著什麼。

I am not sure how many parts of the world are actually contemplating the types of activities that Russia has taken upon themselves to bring about the sanctions, which certainly should factor into people's minds.

我不確定世界上有多少地方實際上正在考慮俄羅斯為實施制裁而採取的各種活動，這當然應該成為人們的考慮因素。

But as you know, there are national payment schemes in different part of the world that we compete with.

但如您所知，我們與之競爭的世界不同地區都有國家支付計劃。

And we firmly believe that what we have to offer, goes well beyond what a national payment scheme can offer, in terms of the capabilities of out network, our global acceptance, our abilities to be accepted across all channels, fraud screening.

我們堅信，我們所提供的遠遠超出國家支付計劃所能提供的，就網絡外的能力、我們的全球接受度、我們在所有渠道中被接受的能力、欺詐篩查而言。

I mean, we can go on and on with the list.

我的意思是，我們可以繼續列出清單。

And so, we are used to competing.

所以，我們習慣了競爭。

And as long as there is the opportunity to compete, then we feel okay about the prospects.

只要有競爭的機會，我們就會對前景感到滿意。

But certainly, it's an issue.

但可以肯定的是，這是一個問題。

Makes sense.

說得通。

Thank you.

謝謝你。

Next question?

下一個問題？

Our next question is from Bryan Keane of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Hello.

你好。

Just a couple questions.

只是幾個問題。

One, just the down shift in US debit, and then obviously the lower cross-border volume.

一，只是美國借記卡的下降，然後是跨境交易量明顯下降。

Is any of that impacted by a share shift or share loss, or do you think that is all economically driven?

是否受到股份轉移或股份損失的影響，或者你認為這一切都是經濟驅動的？

And secondly, just a clarification on Russia.

其次，只是對俄羅斯的澄清。

Is the couple pennies that you are talking about in earnings hit, is that 100% of Russia going away?

您在收益中談論的幾便士是否受到打擊，俄羅斯是否會 100% 消失？

Or is that just the piece you think is going away, due to the written proposal, the legislation that Charlie highlighted?

或者，由於書面提案，查理強調的立法，這只是你認為正在消失的部分？

Thanks.

謝謝。

On US debit, it is, and we expect it to continue to be a pretty competitive space, without full access to all the other debit spend just yet.

在美國借記卡上，它是，我們預計它將繼續成為一個相當有競爭力的空間，目前還沒有完全訪問所有其他借記卡支出的機會。

Hard to know whether there is any shift going on, but we think that there is -- there has been a downshift in debit spend.

很難知道是否有任何轉變，但我們認為有——借方支出已經下降。

We saw some of it occur right after the Target breach.

我們看到其中一些發生在 Target 違規之後。

And so, this is one where we will just have to see it play out.

因此，這是我們必須看到它發揮作用的地方。

We are very encouraged by the spike that -- post-Easter.

我們對複活節後的飆升感到非常鼓舞。

So I think let's -- we will stay with this question over the next couple of quarters, and get better informed.

所以我認為讓我們 - 在接下來的幾個季度中，我們將繼續討論這個問題，並獲得更好的信息。

Cross-border, we don't think so, in terms of share shift.

就份額轉移而言，我們不這麼認為。

When you revert back to very specific corridors, very specific countries that have regulatory and tax events, namely in Brazil and Argentina, manipulation of exchange rates by the Venezuelan government.

當你回到非常具體的走廊，非常具體的國家，有監管和稅收事件，即在巴西和阿根廷，委內瑞拉政府操縱匯率。

Those things are going to impact everybody, and so we don't think there is a sense of share shift their.

這些事情會影響到每個人，所以我們認為他們不會有一種分享感。

This is just something much more fundamental to cross-border travel and it should impact all.

這對跨境旅行來說更為重要，它應該會影響所有人。

With regards to Russia, a portion of the downshift in revenue growth is very clearly cross-border.

就俄羅斯而言，收入增長下降的一部分非常明顯是跨境的。

In the quarter leading up to the Crimea crisis, we began to see a downshift in Russian travel.

在克里米亞危機爆發前的一個季度，我們開始看到俄羅斯旅行的下滑。

But it was modest deceleration.

但這是適度的減速。

It then dropped quite a bit further after the Crimea crisis unfolded.

在克里米亞危機爆發後，它進一步下降了很多。

This is a level of travel that -- this country generates a level of cross-border travel that if things, quote, return back to normal -- whatever that is in the future -- we could easily see a rebound in Russia -- Russian cross-border.

這是一個旅行水平——這個國家產生了一個跨境旅行水平，如果事情，引用，恢復正常——無論未來是什麼——我們很容易看到俄羅斯的反彈——俄羅斯跨境。

We have got some placeholders in for sanction effects that could be ongoing.

我們有一些佔位符用於可能持續的製裁效果。

But honestly, as Charlie said, it's way too early to call this.

但老實說，正如查理所說，現在說這個還為時過早。

The situation is very much fluid at the moment, and we will keep you updated as we progress.

目前情況非常不穩定，隨著我們的進展，我們會及時通知您。

Charlie, do you want to add?

查理，你要添加嗎？

No, I think that is fine.

不，我認為這很好。

Next question.

下一個問題。

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。

Thanks for taking the question.

感謝您提出問題。

Appreciate all the color on a confusing situation like Russia.

欣賞像俄羅斯這樣令人困惑的局勢中的所有色彩。

But Charlie, turning to an issuer you know very well.

但是查理，求助於你非常熟悉的發行人。

During the quarter, Chase gave a little more color on what they are doing with Chase Net to now.

在本季度，Chase 對他們現在使用 Chase Net 所做的事情進行了更多說明。

We have the largest wallet initiative out there, among the large issuer's.

在大型發行人中，我們擁有最大的錢包計劃。

So just thinking about it, if this initiative takes hold, and other -- and is successful for them, and other large issuers start considering the same strategy, what do you think it means for your efforts with V.me?

所以想想看，如果這一舉措能夠站穩腳跟，以及其他——並且對他們來說是成功的，並且其他大型發行人開始考慮同樣的策略，你認為這對你與 V.me 的努力意味著什麼？

And I am sure this issue comes up in your discussions with large issuers.

我相信這個問題會在您與大型發行人的討論中出現。

Can you shed some light on how they reconcile the thoughts between their own initiatives on wallets and V.me?

你能解釋一下他們如何調和他們自己的錢包倡議和 V.me 之間的想法嗎？

Thanks.

謝謝。

Sure.

當然。

Listen, I can't speak for every issuer, or certainly I can't -- I cannot speak for Chase as well.

聽著，我不能代表每個發行人，或者我當然不能——我也不能代表大通。

But I can tell you from our point of view is we are fairly agnostic, as to whether it's our wallet or someone else's wallet, as long as our cards are appropriately represented on a fair and level playing field.

但我可以從我們的角度告訴你，只要我們的卡片在公平和公平的競爭環境中得到適當的展示，我們是相當不可知論的，無論是我們的錢包還是其他人的錢包。

And in the case of Chase, whether it's our cards or whether it runs over VisaNet or their version of VisaNet, again we view those as our transactions.

就 Chase 而言，無論是我們的卡，還是運行在 VisaNet 或其版本的 VisaNet 上，我們再次將這些視為我們的交易。

So to the extent that other issuers choose to want to go build their own wallets, we will be supportive of that.

因此，如果其他發行人選擇想要建立自己的錢包，我們將對此表示支持。

But that doesn't stop us from continuing to build our wallet capabilities, which I don't like to use the word for wallet.

但這並不能阻止我們繼續構建我們的錢包功能，我不喜歡使用錢包這個詞。

I like to use the word, digital acceptances way to think about what we try to build.

我喜歡用數字接受這個詞來思考我們試圖構建的東西。

So that every bank out there, and can serve its customers properly in digital commerce with digital acceptance.

這樣每家銀行都可以通過數字接受度在數字商務中為客戶提供適當的服務。

So hope that answers your question.

所以希望能回答你的問題。

Next question?

下一個問題？

Our next question is from Daniel Perlin of RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Daniel Perlin。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

So just quickly, I thought I heard you say Charlie, there -- that you are dropping -- on October 1, you are eliminating say 50% of your operating rules.

所以很快，我想我聽到你說查理，在那裡 - 你正在放棄 - 在 10 月 1 日，你正在取消 50% 的運營規則。

Is that -- ?

就是它 - ？

That's correct.

這是正確的。

Okay.

好的。

And so, what I was try to get at, I guess, in that question is, what is it that I guess you're hoping to achieve by simplifying that?

所以，我想，我想在那個問題中，我想你希望通過簡化它來實現什麼？

I know it is a big part of a strategy that you have highlighted in the past.

我知道這是您過去強調的戰略的重要組成部分。

But I am wondering, is that if that hope that it's going to come with incremental volumes, and the retailers are looking to this?

但我想知道，是否希望它會隨著銷量的增加而增加，而零售商正在尋求這一點？

And you have also adjusted the FANF fee for small merchants.

而且你們還調整了小商戶的FANF費用。

So I am just trying to understand from a bigger perspective, what is it that you are hoping to gain by changing half of your operating rules?

所以我只是想從更大的角度來理解，你希望通過改變一半的運營規則來獲得什麼？

That is a pretty significant change.

這是一個相當顯著的變化。

Sure.

當然。

Listen, I think all of these things that you pointed out, in addition to the operating regs, go towards the point of -- I think most people would tell you, whether you were an issuer or merchant or an acquirer, people would say that historically, that we were probably pretty difficult to deal with.

聽著，我認為您指出的所有這些事情，除了運營法規之外，都指向--我想大多數人會告訴您，無論您是發行人、商人還是收單機構，人們都會說從歷史上看，我們可能很難處理。

And we operate in a very competitive world today.

我們在當今競爭非常激烈的世界中運營。

People have choices, both established choices and have the opportunity to think of other -- other ways to process payments.

人們有選擇，既有既定的選擇，也有機會考慮其他——其他方式來處理付款。

And we want people to enjoy doing business with us, and to think that we treat them openly fairly and clearly.

我們希望人們享受與我們開展業務的樂趣，並認為我們以公平和明確的方式對待他們。

And our operating regs, which I have got the version -- they are sitting on my desk, it is 16 -- actually 1,538 pages pre our changes.

還有我們的操作規範，我已經得到了版本——它們就在我的桌子上，它是 16——實際上是我們更改前的 1,538 頁。

Okay?

好的？

And so, imagine trying to be -- you are an issuer or an acquirer and you have got to live by those.

因此，想像一下嘗試成為 - 你是發行人或收購人，你必須以這些為生。

And so, simplification, redundancy, helping people understand what it means to do business with us.

因此，簡化、冗餘，幫助人們理解與我們開展業務的意義。

As well as going out -- and what we have been doing is asking, again issuers, acquirers, merchants what don't you like, and what doesn't make sense?

除了走出去——我們一直在做的就是再次詢問發行人、收單機構、商家甚麼你不喜歡，什麼沒有意義？

And a big part of the feedback that we received was on chargebacks, and the processes that we have put in place, the reporting requirements, documentation, and things like that.

我們收到的大部分反饋是關於拒付、我們已經實施的流程、報告要求、文檔等等。

So we are very committed to continuing to support the integrity of our brand, the integrity of the payment system security, and things that go towards the quality of our network.

因此，我們非常致力於繼續支持我們品牌的完整性、支付系統安全的完整性以及有助於提高我們網絡質量的事情。

But we have to be the kind of place that people say, I understand the rules.

但我們必須成為人們所說的那種地方，我了解規則。

I understand what it means to do business with you, and you don't have a bunch of things buried on page 1,427 that they didn't understand.

我明白與你做生意意味著什麼，而且你沒有一堆他們不理解的東西埋在第 1,427 頁。

That in combination with these other things, again, I think just if I was on the other side, trying to figure out who I would want to do business with, this is the way I would want to be treated.

再一次，結合這些其他事情，我想如果我站在另一邊，試圖弄清楚我想和誰做生意，這就是我想要被對待的方式。

And that is the way we are approaching it.

這就是我們正在接近它的方式。

Got it.

知道了。

Thank you.

謝謝你。

Next question?

下一個問題？

Our next question is from James Friedman of SIG.

我們的下一個問題來自 SIG 的 James Friedman。

Your line is open.

你的線路是開放的。

I wanted to ask you about NACHA, and the prospects for acceleration in ACH, either Charlie or Byron.

我想問你關於 NACHA 以及 ACH 加速的前景，無論是查理還是拜倫。

If you could help us think about the competitive dynamics, in the instance that ACH were to be accelerated, how if at all might impact your business?

如果您可以幫助我們考慮競爭動態，例如 ACH 將被加速，如果有可能會影響您的業務呢？

Sure.

當然。

So I guess, I would start with this, which is -- we, our -- the differences between the established payment networks have, and what ACH is, the differences are huge.

所以我想，我會從這個開始，這是 - 我們，我們 - 已建立的支付網絡之間的差異，以及 ACH 是什麼，差異是巨大的。

It's not just the frequency of settlement.

這不僅僅是結算的頻率。

It's the underlying ease-of-use, it is the ability to integrate within your systems.

它是底層的易用性，它是在您的系統中集成的能力。

It is the data that we have collected, and then enable both issuers acquirers and merchants to use it in a way, which is good for risk purposes.

它是我們收集的數據，然後使發卡行收單方和商家都能夠以某種方式使用它，這有利於風險目的。

Scorings that we developed.

我們開發的評分。

We have a whole series of capabilities that again, we have all developed over 10 years, 20 years, 30 years, 40 years that really is not easily replicable.

我們擁有一整套能力，我們都已經發展了 10 年、20 年、30 年、40 年，這真的不容易複製。

Our view is that certainly the issuers understand the benefits of working with that in this ecosystem.

我們的觀點是，發行人當然明白在這個生態系統中使用它的好處。

They control the customer relationships.

他們控制客戶關係。

And so, we are very confident in the position that we have, and the ability to differ -- differentiate our services versus what ACH can do.

因此，我們對我們所擁有的地位和與眾不同的能力非常有信心——將我們的服務與 ACH 的能力區分開來。

And I think if you look at some of the big players that use ACH, and actually track through ACH and see well, how does it actually impact the customer experience?

而且我認為，如果您查看一些使用 ACH 的大公司，並實際跟踪 ACH 並看得很清楚，它實際上是如何影響客戶體驗的？

It is a terrible experience for the customer, as opposed to a network like ours.

與我們這樣的網絡相比，這對客戶來說是一種糟糕的體驗。

In the environment that we live in today, and the way banks are viewing the importance of their customer relationships, it's just another differentiator that we have.

在我們今天生活的環境中，以及銀行看待客戶關係重要性的方式，這只是我們擁有的另一個差異化因素。

So we love the position that we have relative to ACH.

所以我們喜歡我們相對於 ACH 的位置。

Thank you.

謝謝你。

Next question?

下一個問題？

Our next question is from Don Fandetti of Citigroup.

我們的下一個問題來自花旗集團的 Don Fandetti。

Your line is open.

你的線路是開放的。

Yes, Byron.

是的，拜倫。

Just given the slowdown in cross-border, I was wondering if you could talk a little bit about the relative revenue yield?

剛剛考慮到跨境業務的放緩，我想知道您能否談談相對收入收益率？

My understanding is in the US the yield is pretty high, compared to domestic.

我的理解是，與國內相比，美國的產量相當高。

I mean, is there a difference between let's say, Lat Am and Asia?

我的意思是，比方說，拉丁美洲和亞洲之間有區別嗎？

Can you talk a little bit about that.

你能談談這個嗎。

There are differences, and there are different practices with regards to yields across the globe.

全球範圍內的收益率存在差異，並且有不同的做法。

We typically don't get into that level of detail.

我們通常不會深入到那個級別的細節。

I -- to be a little helpful in this arena, to the extent that there is strong growth by US cardholders, that it is a strong consistent yield from an area of the world that is particularly well-positioned to grow cross-border, because of the strength of the US dollar.

我——在這個領域有點幫助，就美國持卡人的強勁增長而言，這是來自世界上一個特別適合跨境增長的地區的強勁持續收益，因為美元的強勢。

You will note that when we referenced the cross-border weakness before, we called out a specific corridor, it was Canada to the US The US to Canada corridor is doing just fine.

你會注意到，當我們之前提到跨境弱點時，我們提到了一個特定的走廊，它是加拿大到美國，美國到加拿大的走廊做得很好。

And as Charlie said, the outbound travel by US cardholders has remained quite strong.

正如查理所說，美國持卡人的出境游仍然相當強勁。

And so, I will leave the color at that.

所以，我會留下顏色。

Next question?

下一個問題？

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。

Yes, thanks.

對了謝謝。

I wonder, can just you give us an update on what's happening with Cybersource?

我想知道，您能否向我們介紹一下 Cybersource 的最新情況？

There is a little bit of deceleration in volume growth, and V.me findings too.

銷量增長略有放緩，V.me 的調查結果也有所放緩。

Okay.

好的。

I will take the CyberSource.

我將使用 CyberSource。

So there has been some deceleration in the growth of Cybersource.

因此，Cybersource 的增長出現了一些減速。

We contribute that specifically to two large customers or clients that were -- that we lost in FY13, and we are starting to see the impacts of that in 2014.

我們專門為我們在 2013 財年失去的兩個大客戶或客戶做出了貢獻，我們在 2014 年開始看到其影響。

That said, we are very bullish on Cybersource.

也就是說，我們非常看好 Cybersource。

We recognize the issue.

我們認識到這個問題。

We are investing significant sums to upgrade and add to the features of our CyberSource platform, both for large enterprise businesses, as well as for small businesses.

我們正在投入大量資金來升級和增加 CyberSource 平台的功能，無論是針對大型企業還是小型企業。

We are actively adding people to this business.

我們正在積極為這項業務增加人員。

So our enthusiasm remains robust.

因此，我們的熱情依然強勁。

I will caution that it will take several quarters, before we can get this turned around, but we remain very bullish and very confident on the outlook of Cybersource's future with Visa.

我會警告說，這需要幾個季度才能扭轉局面，但我們仍然非常看好 Cybersource 對 Visa 的未來前景充滿信心。

And let me take V.me.

讓我帶上 V.me。

As I think I have talked to on the priors call, we have learned an awful lot since our initial rollout of V.me, and we have altered our approach to really take away all the functionality, other than what I described before as meaningful digital acceptance.

正如我想我在之前的電話會議上談過的那樣，自從我們最初推出 V.me 以來，我們學到了很多東西，並且我們改變了我們的方法，以真正帶走所有功能，除了我之前描述為有意義的數字驗收。

And so, we are getting really excellent feedback from merchants and issuers alike.

因此，我們從商家和發行人那裡得到了非常好的反饋。

We have actually rolled out the first phase of the new platform a few months ago, and we have begun launching it with those merchants.

幾個月前，我們實際上已經推出了新平台的第一階段，並且我們已經開始與這些商家一起推出它。

Is incredibly -- it is hugely more simple for them to actually integrate into their checkout experience, literally days as opposed to months.

令人難以置信 - 他們真正融入他們的結帳體驗要簡單得多，實際上是幾天而不是幾個月。

And the new integrations that we have include Lulu, Lemon, AutoZone, Petco, and The Wine Enthusiast.

我們的新集成包括 Lulu、Lemon、AutoZone、Petco 和 The Wine Enthusiast。

But probably more exciting, those are terrific names, but that we have also executed term sheets or master service agreements, with an additional 38 large merchants, which represent almost $60 billion in adjustable volume, 23 of those merchants are actually in the internet retailer top 100.

但可能更令人興奮的是，這些都是很棒的名字，但我們還簽署了條款清單或主服務協議，另外還有 38 家大型商家，代表了近 600 億美元的可調節量，其中 23 家商家實際上是互聯網零售商的佼佼者100。

So we are going to continuing to press forward.

因此，我們將繼續向前推進。

We have a much better solution in the market, and it's resonating.

我們在市場上有一個更好的解決方案，並且引起了共鳴。

Next question?

下一個問題？

Our next question is from Craig Maurer of CLSA.

我們的下一個問題來自里昂證券的 Craig Maurer。

Your line is open

您的線路已開通

Yes, hello.

是的你好。

Thanks.

謝謝。

A couple things.

幾件事。

Regarding -- just I want to clarify -- so your EPS guidance fully contemplates the tax benefit you received in the quarter.

關於——我想澄清一下——所以你的每股收益指導充分考慮了你在本季度獲得的稅收優惠。

Please clarify that.

請澄清這一點。

And secondly, regarding Russia, should we see the changes to law that you that discussed earlier, specifically related to the basically trapping data and transaction flow and whatnot within Russia.

其次，關於俄羅斯，我們是否應該看到您之前討論的法律變化，特別是與俄羅斯境內的基本陷阱數據和交易流等有關。

Is your current network structure capable of doing that as of tomorrow?

您當前的網絡結構是否能夠在明天做到這一點？

Or because, if I remember correctly, you were in a hub and spoke network, where your data flows back through the states?

或者是因為，如果我沒記錯的話，你是在一個中心輻射型網絡中，你的數據會流回各個州？

Thanks.

謝謝。

Let me take the tax and EPS question first.

讓我先回答稅收和每股收益的問題。

The direct answer to your question is yes.

你的問題的直接答案是肯定的。

The tax benefit that we recorded this quarter was contemplated in our full-year guidance.

我們本季度記錄的稅收優惠在我們的全年指導中得到了考慮。

That said, let me just provide a bit of perspective.

也就是說，讓我提供一點觀點。

When we give guidance, as we did at the beginning of the fiscal year -- so this was back in October, we -- our style is to offer guidance without caveat and without excuse.

當我們提供指導時，就像我們在財政年度開始時所做的那樣——所以這是在 10 月份，我們——我們的風格是提供指導，沒有警告和藉口。

And so, when we give guidance, it is naturally broader and has to take into a number of unknowns, and you make educated judgments on how the year would unfold.

因此，當我們提供指導時，它自然會更廣泛，並且必須考慮到許多未知數，並且您會對這一年的發展做出有根據的判斷。

The rate of economic recovery, unknown.

經濟復甦的速度，未知。

Cross-border impacts, given a stronger US dollar and currency movements, unknown.

鑑於美元和貨幣走強，跨境影響未知。

Cross-border impacts due to global tensions, unknown.

全球緊張局勢造成的跨境影響，未知。

The thing about taxes, is that as you get into a lower -- the range where we currently are operating on taxes, this becomes more initiative driven, as opposed to where your operating throughout the country -- throughout the world.

關於稅收，當你進入一個較低的範圍時——我們目前在稅收方面運作的範圍，這變得更加主動，而不是你在全國范圍內的運作——在世界範圍內。

And so, as these initiatives -- as this one often take several years to research, prepare, before recording.

因此，就像這些舉措一樣——因為這一項通常需要幾年的時間來研究、準備，然後再錄製。

And so, the timing of these is often outside of our immediate control, and therefore unknown with regards to when we can actually take them.

因此，這些時間通常不在我們的直接控制範圍內，因此不知道我們何時可以真正接受它們。

And so, all of these things are contemplated.

因此，所有這些事情都在考慮之中。

We did contemplate including tax.

我們確實考慮過包括稅收。

We also began the year with a range of revenue that was low double-digits constant dollar, which was 10% to 13%.

今年年初，我們的一系列收入也處於兩位數不變的低水平，即 10% 到 13%。

Had be delivered in 12% to 13% constant dollar, as opposed to what we are now seeing given other impacts in other areas of 10% to 11%, then we would have been at the upper end -- certainly at the upper end of our guidance, if not a little above, because more than one factor is playing out in our favor to a greater degree, than we might have contemplated in the beginning.

如果以 12% 到 13% 不變的美元交付，而不是我們現在看到的其他領域的 10% 到 11% 的其他影響，那麼我們將處於高端 - 當然處於高端我們的指導，如果不是一點點的話，因為不止一個因素在更大程度上對我們有利，這超出了我們一開始的預期。

So that's the context.

這就是上下文。

Charlie, Russia?

俄羅斯的查理？

So let me -- just a second, so I am the Russian expert here.

所以讓我- 稍等一下，所以我是這裡的俄羅斯專家。

So on the question again, I just want to reiterate, to be clear, that the law is still evolving.

所以關於這個問題，我只想重申，要明確一點，法律仍在不斷發展。

It -- as it gets read, it does evolve and get -- and there are changes that occur from day-to-day.

它——當它被閱讀時，它確實會進化和獲得——並且每天都會發生變化。

And then once the law is actually passed, there do have to be regulations to coincide with those laws before they get implemented.

然後，一旦法律真正通過，就必須有法規與這些法律相一致，然後才能實施。

So there is some things in the law, which they would be relatively quick implementation.

所以法律中有一些東西，他們會比較快地實施。

There are other things, which I think some of the dates go out until 2016.

還有其他事情，我認為有些日期要到 2016 年。

To answer your specific question, today we do not have the ability in a very quick way to deploy a separate version of VisaNet in a specific country.

為了回答您的具體問題，今天我們無法在特定國家快速部署單獨版本的 VisaNet。

Having said that, we do have instances where we can start to move parts of it, whether authorization is much easier for us to do, than entire clearing and settlement.

話雖如此，我們確實有一些實例可以開始移動其中的一部分，無論授權對我們來說是否比整個清算和結算容易得多。

And is certainly something that we are capable of building, even though it might take a little bit of time.

並且肯定是我們有能力構建的東西，即使它可能需要一點時間。

But also remember -- and I think this is critical -- because you have got very much -- we are caught between the politics of the United States and the politics of Russia.

但也要記住——我認為這很關鍵——因為你已經得到了很多——我們被夾在美國政治和俄羅斯政治之間。

But if you just get down to reality for a second, we have 100 million cards in Russia today.

但是，如果您只關注現實，我們今天在俄羅斯擁有 1 億張卡片。

Okay?

好的？

We have 100 million cards there, and it is not in anyone's best interest inclusive of the Russians, to make those cards not available to their own citizens.

我們在那裡有 1 億張卡片，讓他們自己的公民無法使用這些卡片不符合任何人的最大利益，包括俄羅斯人。

And so, that is why we are hopeful that as the situation unfolds that, the people understand things like that.

因此，這就是為什麼我們希望隨著情況的發展，人們會理解這樣的事情。

And that to the extent that they believe it is important to build a national payment system, it can be done in a way where there is the appropriate transition.

如果他們認為建立一個國家支付系統很重要，那麼可以通過適當過渡的方式來完成。

And we have the ability to figure out whether it makes sense to compete in that marketplace.

我們有能力弄清楚在那個市場上競爭是否有意義。

But there would be unlikely that unless there is some draconian things that are passed, that it wouldn't evolve in a way like that.

但是除非有一些嚴厲的事情通過，否則它不太可能不會以這樣的方式發展。

Just on that point, because I think this is important, looking out concerning the NSA concerns and whatnot.

就在這一點上，因為我認為這很重要，關注 NSA 的擔憂等等。

If they did go ahead and make those changes, have you contemplated the length of time it would take to restructure your network to comply, because this could apply in the future to how China opens up.

如果他們確實進行了這些更改，您是否考慮過重組您的網絡以符合要求所需的時間，因為這可能適用於未來中國的開放方式。

And we know that your biggest competitor is already there with the technology in place.

而且我們知道，您最大的競爭對手已經有了相應的技術。

So if it was a short window given, a conversion could theoretically be done away from you?

因此，如果給定一個短窗口，理論上可以從您那裡完成轉換？

Okay.

好的。

So two different things.

所以是兩種不同的東西。

Number one is, absolutely we have done an awful lot of work, and you can assume that we are preparing, for everything that we should prepare to.

第一是，我們絕對做了很多工作，你可以假設我們正在為我們應該準備的一切做準備。

The second is, I would just caution you, to make the statement that others can comply.

第二個是，我只是提醒你，做出其他人可以遵守的聲明。

Okay.

好的。

Thank you.

謝謝你。

Next question?

下一個問題？

Our next question is from David Togut of Evercore.

我們的下一個問題來自 Evercore 的 David Togut。

Your line is open.

你的線路是開放的。

Thank you very much.

非常感謝。

Can you give us an update on the size of the commercial card as a percentage of total volumes?

你能告訴我們商業卡佔總交易量百分比的最新情況嗎？

And give us also a sense of the growth rate, and whether that has been affected at all, by the issues you brought forward today.

並讓我們了解一下您今天提出的問題的增長率，以及這是否受到了影響。

On the first part of your question, no.

在你問題的第一部分，不。

I -- investor relations could give you an update on that afterwards.

我——投資者關係可以在之後給你一個更新。

Let me just quickly look.

讓我快速看看。

Commercial payment volume growth, we can give you a perspective from the US.

商業支付量的增長，我們可以從美國給你一個視角。

And since, the beginning of the calendar year, it has been low double-digit growth -- very high single to low double-digit growth consistently January, February, March with an uptick in April.

自日曆年開始以來，一直是兩位數的低增長——從一月、二月、三月一直保持很高的單位數到低兩位數的增長，並在 4 月有所回升。

Thank you.

謝謝你。

Next question?

下一個問題？

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。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

I just want to shift gears to margins for a minute.

我只想把檔位調到邊距一分鐘。

The personnel expense came in below our estimates, and you also raised your outlook for margins to the mid-60%s, versus low 60%s previously.

人事費用低於我們的估計，您還將利潤率預期提高至 60% 左右，而之前為 60% 的低水平。

First, is there anything new that is driving the change versus your initial expectation, and can we expect that to really continue off of a new base being mid-60%s now into future years?

首先，與您最初的預期相比，有什麼新的東西推動了這種變化，我們是否可以期望這種情況真的會從現在 60% 左右的新基礎持續到未來幾年？

And then, just a quick housekeeping question, Byron.

然後，只是一個簡單的家務問題，拜倫。

I know you that -- you showed metrics into April 21.

我知道你——你在 4 月 21 日之前展示了指標。

Most of them look like they were expanding or accelerating.

它們中的大多數看起來都在擴張或加速。

Just what impacted Easter actually half, given the timing in April this year versus last year?

考慮到今年 4 月的時間與去年相比，究竟是什麼影響了復活節的一半？

I don't know if you said that on the call before?

不知道你之前有沒有在電話裡這麼說？

Thanks.

謝謝。

We didn't.

我們沒有。

What I said on the call, beginning with the April results is that it is very clear.

我在電話會議上說，從 4 月份的結果開始，很清楚。

I have been in a form of retail for 18 years before coming to Visa.

在加入 Visa 之前，我從事零售業 18 年。

The Easter impact is absolutely a phenomena that exists.

復活節的影響絕對是一種存在的現象。

Typically, you look at the run rate going in, the run rate going out.

通常，您會查看輸入的運行速率和輸出的運行速率。

You compare to the prior year.

您與前一年相比。

We are several weeks away from being able to do that metric.

我們距離實現該指標還有幾週的時間。

But the lift -- part of the lift is certainly due to Easter.

但是升降機——升降機的一部分肯定是由於復活節。

It is also sensible, that part of the lift could well be a return to more normal weather.

這也是明智的，電梯的一部分很可能是恢復更正常的天氣。

It is very hard to isolate specific weather impacts.

很難隔離特定的天氣影響。

But we have done a lot of work around those states in the US for example, that had much more severe weather the normal versus those that didn't.

但是我們已經在美國的那些州做了很多工作，例如，那些天氣比正常情況更惡劣的州比那些沒有的州要嚴重得多。

The growth rates -- there is a clear delta in the growth rates.

增長率——增長率有一個明顯的增量。

Some of it, but not all of it mitigated by eCommerce.

其中一些，但並非全部都被電子商務所緩解。

So as we get back to more normal periods post-Easter, post-weather, I think we will see more normalized growth rate, and one that may very well have some pent-up demand fueling it.

因此，隨著我們在復活節後、天氣後回到更正常的時期，我認為我們將看到更正常化的增長率，而且很可能有一些被壓抑的需求助長了它。

With regards to expenses, the -- at some point predictably, as we continue to invest aggressively in extending our network, the reach of our network, like a Cybersource those -- that investment will come with margins that are not -- that are attractive, or we wouldn't invest, but they are not going to be in the 60%s.

關於費用，在某些時候，可以預見的是，隨著我們繼續積極投資擴展我們的網絡，我們網絡的覆蓋範圍，就像 Cybersource 一樣，這些投資將帶來不具吸引力的利潤，或者我們不會投資，但他們不會在 60%s 中。

We have not reached that inflection point yet.

我們還沒有達到那個拐點。

And so, that's why you saw us on the margin move up the -- from low 60%s to low to mid 60%s.

所以，這就是為什麼你看到我們的利潤率上升 - 從低 60%s 到低到中 60%s。

And with regards to personnel, if you think about it when we went public in 2008, we had 4,000 plus employees.

而在人員方面，如果你想想我們2008年上市的時候，我們有4000多名員工。

Today we have 10,000.

今天我們有 10,000 個。

And so, in the span of a little over five years, we have more than doubled our employee base, and we go in surges.

因此，在五年多一點的時間裡，我們的員工人數增加了一倍多，而且我們的人數激增。

We digest.

我們消化。

We optimize.

我們優化。

We go forward.

我們前進。

We will continue to invest in talent, which is a key driver of our success.

我們將繼續投資於人才，這是我們成功的關鍵驅動力。

And we would expect growth off of the personnel base that you see today, despite the more than doubling of our personnel over the past five years.

儘管我們的人員在過去五年中增加了一倍以上，但我們預計您今天看到的人員基礎會有所增長。

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

阿德里安，在這一點上，我們有時間再問一個問題。

Our final question is from Jennifer Dugan of Sterne Agee.

我們的最後一個問題來自 Sterne Agee 的 Jennifer Dugan。

Thank you.

謝謝你。

Most of my questions have been answered.

我的大部分問題都已得到解答。

But I was wondering, could you give us a little bit more color on the expected fiscal 2015 revenue impact, from the Chase conversion that is going to happen towards the end of the year?

但我想知道，你能否給我們更多關於 2015 財年預期收入影響的信息，從將在年底發生的大通轉換？

At this point, we would it -- we do expect it to have an impact.

在這一點上，我們會這樣做——我們確實希望它會產生影響。

It should not be -- it is a valued and important addition to our business.

它不應該——它是我們業務的一個有價值和重要的補充。

I think to the extent that, we wouldn't give color on that specifically.

我認為在某種程度上，我們不會具體說明這一點。

But we do expect it to start showing up in the first fiscal quarter.

但我們確實預計它會在第一財季開始出現。

And I will just remind the group, some of the conversions are taking place today, and will pick up pace -- are expected to pick up pace as the year unfolds.

我只想提醒大家，今天正在發生一些轉換，並且會加快步伐——預計隨著時間的推移會加快步伐。

But to the extent that, that revenue shows up in service fees, we book our service fees on a one quarter lag.

但是，如果該收入體現在服務費中，我們會延遲四分之一的時間預定服務費。

So any conversions that take place say, in the fourth fiscal quarter, the service fees won't show up until the first fiscal quarter of FY15.

因此，任何發生的轉換都表明，在第四財季，服務費要到 2015 財年第一財季才會出現。

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

有了這個，我們要感謝大家今天加入我們。

If anybody has follow-up questions, feel free to call Investor Relations.

如果有人有後續問題，請隨時致電投資者關係部。

Have a nice evening.

祝你今晚愉快。

Thank you for your participation.

感謝您的參與。

This concludes today's conference, and you may disconnect at this time.

今天的會議到此結束，此時您可以斷開連接。