Visa Inc (V) 2014 Q3 法說會逐字稿

Welcome to Visa Inc.'s fiscal third-quarter 2014 earnings conference call.

歡迎參加 Visa Inc. 的 2014 財年第三季度財報電話會議。

(Operator Instructions)

（操作員說明）

Today's conference is also being recorded.

今天的會議也在錄製中。

If you have any objections you may disconnect at this time, and I'd now like to turn the conference over to your host, Mr. Jack Carsky, Head of Global Investor Relations.

如果您有任何異議，此時您可以斷開連接，我現在想將會議轉交給您的主持人，全球投資者關係主管 Jack Carsky 先生。

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, Charles.

謝謝，查爾斯。

Good afternoon, everybody, and welcome to Visa's earnings conference call today.

大家下午好，歡迎參加今天的 Visa 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 首席執行官 Charlie Scharf 和 Visa 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 power point deck containing financial and statistical highlights of today's commentary was posted to our website prior to this call.

在本次電話會議之前，我們的網站上發布了一個包含今天評論的財務和統計亮點的幻燈片。

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

我還要提醒您，該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 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 those factors is available in our most recent reports on Forms 10-K and -Q, which you can find on the SEC's website -- in the IR 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 -Q 表格的最新報告，您可以在 SEC 網站上找到這些報告——在我們網站的 IR 部分。

For historical non-GAAP or pro forma related financial information disclosed in this call, the related GAAP measures and other information required by Reg G of the SEC are available in the financial and statistical 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 的 Reg G 要求的其他信息可在今天的新聞稿隨附的財務和統計摘要中找到。

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'll 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, we continued to experience solid constant dollar payment volume growth in the low-double-digit range, both in the US and internationally.

首先，無論是在美國還是在國際上，我們的美元支付量都繼續保持在兩位數的低位穩定增長。

That said, we see no signs yet of any acceleration in economic recovery and cross-border volume growth remains soft in the mid-single-digits.

儘管如此，我們還沒有看到任何經濟復甦加速的跡象，跨境交易量增長仍然疲軟在個位數的中位數。

Turning to revenue, as expected and previewed on our call last quarter, revenue growth further moderated, growing 7% year over year on a constant dollar basis, or 5% nominally, which reflects the two percentage points of FX headwind we have experienced since the beginning of the fiscal year.

談到收入，正如我們在上個季度的電話會議上預期和預測的那樣，收入增長進一步放緩，按固定美元計算同比增長 7%，或名義上增長 5%，這反映了自財政年度的開始。

As a reminder, the current Q3 is lapping 17% nominal revenue growth in the prior-year quarter, which benefited from a number of favorable one-time adjustments.

提醒一下，當前第三季度的名義收入比去年同期增長了 17%，這得益於一系列有利的一次性調整。

It is worth noting that the international revenue grew at only 1% this quarter despite cross-border constant dollar volume growth of 7%.

值得注意的是，儘管跨境美元交易量持續增長 7%，但本季度國際收入僅增長 1%。

While unfavorable FX is a partial explanation, the bigger impact is a significant reduction in currency volatility, which has a direct impact on our international revenues.

雖然不利的外匯是部分解釋，但更大的影響是貨幣波動性的顯著降低，這對我們的國際收入有直接影響。

We expect both of these factors reverse over time.

我們預計這兩個因素都會隨著時間的推移而逆轉。

Looking ahead to Q4, we expect a rebound in nominal revenue growth on the order of 2 to 3 percentage points compared to Q3.

展望第四季度，我們預計名義收入增長將較第三季度反彈 2 至 3 個百分點。

This rebound is about two percentage points less than we anticipated at the time of our last earnings call, primarily due to a one percentage point drop in cross-border transaction growth and unusually low levels of volatility across a broad range of currencies.

這一反彈比我們上次財報電話會議時的預期低約兩個百分點，這主要是由於跨境交易增長下降了一個百分點，而且各種貨幣的波動性異常低。

So that means for the full FY14, we now expect revenue growth in the 9% to 10% range on a constant dollar basis with guarded optimism that the moderation in cross-border volume growth has troughed.

因此，這意味著對於整個 2014 財年，我們現在預計收入增長在 9% 至 10% 的範圍內（以固定美元計算），並謹慎樂觀地認為跨境交易量增長放緩已經見底。

After FX impacts, that translates into nominal revenue growth of 7% to 8%.

在外匯影響之後，這意味著名義收入增長 7% 到 8%。

Client incentives for the fiscal third quarter came in lower than we had anticipated at our last earnings call, due primarily to the timing associated with several major deals, which have now been either signed or we expect to sign in the fiscal fourth quarter.

第三財季的客戶激勵低於我們在上次財報電話會議上的預期，這主要是由於與幾項重大交易相關的時間安排，這些交易現在要么已經簽署，要么我們預計將在第四財季簽署。

With this in mind, we are narrowing our full-year guidance for client incentives as a percent of gross revenue to around 17% from the prior range of 16.5% to 17.5%.

考慮到這一點，我們正在將全年客戶激勵措施佔總收入的百分比從之前的 16.5% 到 17.5% 的範圍縮小到 17% 左右。

Let me also point out that mathematically this puts the fourth quarter at north of 19%.

我還要指出，從數學上講，這使第四季度處於 19% 以北。

In terms of EPS, on a FY14 basis, we are narrowing our guidance for diluted earnings per share to be in the 17.5% to 18.5% range.

就每股收益而言，在 FY14 的基礎上，我們將稀釋每股收益的指引收窄至 17.5% 至 18.5% 的範圍內。

Lastly, we remain confident in our future growth prospects and fully committed to returning excess cash to our shareholders.

最後，我們對未來的增長前景充滿信心，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 5.6 million shares during the quarter at an average price per share of $207 and change, resulting in a total cost of $1.2 billion.

為此，我們在本季度以每股 207 美元的平均價格和變動共回購了 560 萬股股票，總成本為 12 億美元。

This leaves an outstanding open to buy of $1.9 billion at the end of June and as always we will take advantage of market movements to repurchase at attractive prices.

這在 6 月底留下了 19 億美元的未償購買空間，我們將一如既往地利用市場走勢以有吸引力的價格回購。

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。

Let me start with what I stated last quarter.

讓我從我上個季度所說的開始。

Though we are seeing a sustained economic recovery, there are no signs yet of acceleration either domestically or internationally.

儘管我們看到經濟持續復甦，但無論是國內還是國際都沒有加速的跡象。

Global payment volume growth for the June quarter in constant dollars was 11%, a 1 percentage point decline from the March quarter.

按固定美元計算，6 月季度全球支付量增長 11%，比 3 月季度下降 1 個百分點。

The US grew 10% and international grew 13%.

美國增長 10%，國際增長 13%。

Drilling down further, for the June quarter, US credit growth was 12%, slightly higher than the 11% in Q2 and through July 21, US credit improved to 14% growth.

進一步深入分析，6 月季度美國信貸增長 12%，略高於第二季度的 11%，截至 7 月 21 日，美國信貸增長至 14%。

US debit was 8% in Q3, a 1 percentage point improvement compared to Q2.

第三季度美國借方為 8%，與第二季度相比提高了 1 個百分點。

Through July 21, US debit is flat at 8% growth.

截至 7 月 21 日，美國借記卡持平，增長率為 8%。

Taken together, US payment volume growth through July 21 was 11%, up 1 percentage point from the Q3 level.

綜合來看，截至 7 月 21 日的美國支付量增長 11%，比第三季度的水平高出 1 個百分點。

Global cross-border volume delivered a 7% constant dollar growth rate in the June quarter, slightly down from 8% in the March quarter.

全球跨境交易量在 6 月季度實現了 7% 的固定美元增長率，略低於 3 月季度的 8%。

US and international both grew at 7%.

美國和國際均增長 7%。

Through July 21, cross-border volume on a constant dollar basis held steady at 7% growth, with the US growing 6% and international registering 7% growth.

截至 7 月 21 日，按固定美元計算的跨境交易量穩定增長 7%，其中美國增長 6%，國際增長 7%。

For the June-ending quarter, the sequential down tic of 1 percentage point in cross-border was broad-based and spread across China, Russia, Ukraine, Venezuela, Argentina, and the Middle East as you might expect, given political tensions and the early onset of Ramadan.

鑑於政治緊張局勢和齋月開始的早。

Speaking of Ramadan, when interpreting the Q4 cross-border trends, keep in mind that the timing of Ramadan in 2014 benefits August at the expense of July.

說到齋月，在解讀 Q4 的跨境趨勢時，請記住 2014 年齋月的時間安排有利於 8 月，而犧牲了 7 月。

Transactions processed over Visa's network totaled $16.7 billion in the fiscal third quarter, an 11% increase over the prior-year period.

第三財季通過 Visa 網絡處理的交易總額為 167 億美元，比去年同期增長 11%。

Same growth rate as Q2.

與第二季度相同的增長率。

The US grew 9%, while international delivered 20% growth.

美國增長 9%，而國際增長 20%。

Through July 21, process transaction growth moderated to a 9% growth rate.

到 7 月 21 日，流程交易增長率放緩至 9%。

The notable drop in July is largely due to the lapping of significant debit wins in Brazil in June 2013, where our debit processing penetration went from 0% to well above 50%.

7 月份的顯著下降主要是由於 2013 年 6 月在巴西取得了重大的借記勝利，我們的借記卡處理滲透率從 0% 上升到遠高於 50%。

Now turning to the income statement, net operating revenue in the quarter was $3.2 billion, a 5% increase year over year, driven primarily by growth in service and data processing globally and, as mentioned earlier, negatively impacted by a 2 percentage point foreign currency headwind.

現在轉向損益表，該季度的淨營業收入為 32 億美元，同比增長 5%，主要受全球服務和數據處理增長的推動，並且如前所述，受到 2 個百分點的外幣負面影響逆風。

Moving to the individual revenue line items, service revenue was $1.4 billion, up 9% over the prior year and was driven by moderating 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%，主要受全球支付量增長放緩的推動。

Data processing revenue was $1.3 billion, up 11% over the prior year's quarter based on solid growth rates in Visa processed transactions both in the US and internationally.

數據處理收入為 13 億美元，比上一季度增長 11%，這得益於美國和國際 Visa 處理交易的穩健增長率。

As highlighted earlier, international transaction revenue was up 1% to $860 million, versus 7% constant dollar volume growth over the prior-year period as a result of a broad range of currencies experiencing volatility, well below the 10-year trend line, in contrast to the year-ago quarter when volatility was near record highs.

如前所述，國際交易收入增長 1% 至 8.6 億美元，而去年同期美元交易量不變增長 7%，原因是廣泛的貨幣經歷了波動，遠低於 10 年趨勢線，與去年同期波動率接近歷史高位的季度形成鮮明對比。

We would expect a return to a more normal volatility pattern in the coming quarters.

我們預計未來幾個季度將恢復到更正常的波動模式。

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

本季度總運營費用為 11 億美元，比上年下降 3%。

Certain expenses have slipped to the fiscal fourth quarter, while some specific personnel and professional fees, though sequentially higher than the prior quarter, were comping off of higher levels of expense in the year-ago period.

某些費用已經下滑到第四財季，而一些特定的人員和專業費用雖然環比高於上一季度，但彌補了去年同期較高的費用水平。

We expect elevated marketing investments in Q4, more comparable to Q2 levels, tied to the FIFA World Cup in combination with significant investments in the support of the recent rollout of Visa Checkout.

我們預計第四季度的營銷投資會增加，與第二季度的水平更相近，這與 FIFA 世界杯相關，並在支持最近推出的 Visa Checkout 方面進行了大量投資。

Operating margin was 64% for the third quarter, in line with our guidance of low- to mid-60%s.

第三季度的營業利潤率為 64%，符合我們的低至中 60% 的指導。

Capital expenditures were $109 million in the quarter.

本季度的資本支出為 1.09 億美元。

At the end of the June quarter, we had 624 million shares of Class A common stock outstanding on an as-converted basis.

截至 6 月季度末，我們有 6.24 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 628 million.

本季度已完全攤薄的流通股加權平均數為 6.28 億股。

Finally, given our year-to-date results and our outlook for the balance of the year, let me recap our 2014 full-year guidance.

最後，鑑於我們年初至今的業績和我們對今年餘下時間的展望，讓我回顧一下我們的 2014 年全年指引。

Constant dollar net revenue growth of 9% to 10% which, when combined with 2 percentage points of negative FX impact, yield nominal revenue growth of 7% to 8%.

固定美元淨收入增長 9% 至 10%，加上 2 個百分點的負面外匯影響，名義收入增長 7% 至 8%。

Client incentives, around 17%.

客戶激勵，約 17%。

Operating margin in the low- to mid-60%s.

營業利潤率在 60% 的中低水平。

Tax rate between 30% and 31%.

稅率在 30% 到 31% 之間。

EPS growth in the 17.5% to 18.5% range and free cash flow of about $5 billion.

每股收益增長 17.5% 至 18.5%，自由現金流約為 50 億美元。

Before I turn the call over to Charlie, let me provide some early perspective on FY15.

在我將電話轉給查理之前，讓我提供一些關於 2015 財年的早期觀點。

In short, we are approaching 2015 bullish on the long term but cautious in the short term.

簡而言之，我們正在接近 2015 年，長期看漲但短期謹慎。

Here is some of the underlying observations and assumptions informing our planning for next year.

以下是我們明年計劃的一些基本觀察和假設。

First, while we expect US and international payment volume growth to remain healthy, we have not yet seen acceleration in global economic growth.

首先，雖然我們預計美國和國際支付量增長將保持健康，但我們尚未看到全球經濟增長加速。

cross-border transactions appear to be troughing in the 6% to 7% growth range on a constant dollar basis.

按固定美元計算，跨境交易似乎在 6% 至 7% 的增長范圍內觸底。

As perspective, we know that these growth rates can recover significantly without notice and that the notable declines in Latin American growth rates lap in January of 2015 and the market decline, related to the Russian-Ukraine crisis will lap in March.

從角度來看，我們知道這些增長率可以在沒有通知的情況下顯著恢復，並且拉丁美洲增長率的顯著下降在 2015 年 1 月結束，與俄羅斯-烏克蘭危機有關的市場下滑將在 3 月結束。

Everything else equal, once these events anniversary, the pick up in cross-border growth could be in the 2 to 3 percentage point range.

在其他條件相同的情況下，一旦這些事件週年紀念，跨境增長的回升可能在 2 到 3 個百分點的範圍內。

As to currency volatility, not sure when this trend reverses.

至於貨幣波動，不確定這種趨勢何時會逆轉。

We only know from a historical perspective, we are overdue for a correction and such shifts in trend can be quick and sizeable.

我們只從歷史的角度知道，我們早就該進行修正了，而這種趨勢的變化可能是快速而巨大的。

Consistent with past strategies, we remain focused on growing revenue through converting more cash volume to electronic payments with a growing emphasis on digital.

與過去的戰略一致，我們仍然專注於通過將更多現金量轉換為電子支付來增加收入，並且越來越重視數字化。

In addition, we expect the successful growth in our client payment volumes both -- for both issuers and merchants to result in higher levels of client incentives as measured by percent of gross revenues.

此外，我們預計我們的客戶支付量的成功增長——對於發行人和商家來說，都會導致更高水平的客戶激勵，以總收入的百分比衡量。

Turning to Russia, while this situation is still very much in flux, we anticipate being a part of a commercial solution that will be implemented in 2015 which will likely result in the loss of about $50 million in domestic Russian processing revenue.

談到俄羅斯，雖然這種情況仍然非常不穩定，但我們預計將成為 2015 年實施的商業解決方案的一部分，這可能會導致俄羅斯國內加工收入損失約 5000 萬美元。

Looking further down the income statement, we see no step function change in our tax rate at this time.

進一步查看損益表，我們看到目前我們的稅率沒有階躍函數變化。

That said, we are working diligently on more fully realizing our opportunities related to foreign tax credits.

也就是說，我們正在努力工作，以更充分地實現與外國稅收抵免相關的機會。

Finally, consistent with past practice, we expect to deploy our excess cash flow in 2015 to service our dividend and to repurchase our shares.

最後，與過去的做法一致，我們預計將在 2015 年部署我們的超額現金流來支付我們的股息並回購我們的股票。

In sum, we remain bullish on the future but recognize that in today's economic environment, we must work through several challenges before we can once again resume more normalized rates of growth.

總而言之，我們仍然看好未來，但認識到在當今的經濟環境下，我們必須克服若干挑戰，才能再次恢復更加正常化的增長率。

As is our practice on the Q4 earnings call, we will provide more color on 2015, and with that, I'll turn the call over to Charlie.

正如我們在第四季度財報電話會議上的做法一樣，我們將在 2015 年提供更多色彩，因此，我將把電話轉給查理。

Thank you very much, Byron.

非常感謝，拜倫。

Byron did cover the financial results in a fair amount of detail, but I just thought I'd just pass on a few quick thoughts.

拜倫確實相當詳細地介紹了財務結果，但我只是想我只是簡單地傳遞一些想法。

First of all, the quarterly results did come in where we expect.

首先，季度業績確實符合我們的預期。

The revenue growth being impacted by the year-over-year comps for the strong US dollar and tepid growth from the cross-border payment volume of these specific geographies was what we expected and we reiterate that we are confident that these headwinds, we do not feel, are permanent.

收入增長受到美元強勢的同比影響以及這些特定地區跨境支付量的溫和增長是我們預期的，我們重申我們相信這些不利因素，我們不會感覺，是永久的。

More importantly for the long term, global payments volume and process transactions remain healthy and strong.

更重要的是，從長遠來看，全球支付量和處理交易保持健康和強勁。

Also, our issuer contract pipeline is very strong, so all-in all we're gratified to be able to deliver 15% earnings per share growth given the environment and what we've discussed.

此外，我們的發行人合同管道非常強大，所以總的來說，鑑於環境和我們所討論的內容，我們很高興能夠實現 15% 的每股收益增長。

Let me turn now for a second and talk about Russia.

現在讓我轉身談談俄羅斯。

As you all know, by reading the newspapers and watching the news, the situation continues to evolve.

眾所周知，通過閱讀報紙和觀看新聞，情況會不斷發展。

The recent additional sanctions have not forced us to curtail business with additional clients and as of today, our domestic and international business continues.

最近的額外制裁併未迫使我們減少與其他客戶的業務，截至今天，我們的國內和國際業務仍在繼續。

This includes completing term sheets and contracts regarding our brand relationships during this quarter with significant Russian clients, which we're gratified about, but we continue to focus on developing a domestic processing solution and we're actively engaged with the Russian government and the Russian banks to develop a commercial solution, which will allow us to continue to serve our Russian clients.

這包括在本季度完成關於我們與重要俄羅斯客戶的品牌關係的條款清單和合同，我們對此感到滿意，但我們繼續專注於開發國內加工解決方案，我們正在積極與俄羅斯政府和俄羅斯銀行開發商業解決方案，這將使我們能夠繼續為俄羅斯客戶提供服務。

Most limiting provisions of the new law go into effect in October and we are working to have a solution implemented by that time.

新法律的大多數限制性條款將於 10 月生效，我們正在努力在那時實施解決方案。

Having said that, and as Byron mentioned, we do expect to lose apportion of our domestic processing revenues over the next year, which will reset our base from which we expect to achieve good growth.

話雖如此，正如拜倫所提到的，我們確實預計明年將失去我們國內加工收入的一部分，這將重置我們預期實現良好增長的基礎。

Now let me turn for a second and talk about what we're seeing in our client activity around the globe.

現在讓我轉身談談我們在全球客戶活動中看到的情況。

We did have a good quarter regarding issuing co-brand contracts.

在發布聯合品牌合同方面，我們確實有一個不錯的季度。

Just a few significant examples, in the US, we renewed our credit card relationships with American Eagle Outfitters and Hyatt Hotels & Resorts.

舉幾個重要的例子，在美國，我們與 American Eagle Outfitters 和 Hyatt Hotels & Resorts 續簽了信用卡關係。

In Canada earlier this month, we launched a new relationship with CIBC for Tim Hortons, which is the largest QSR in Canada.

本月早些時候，我們在加拿大為 Tim Hortons 與 CIBC 建立了新的合作關係，這是加拿大最大的 QSR。

It's a significant co-brand offering and the no-fee rewards base afforded by innovative product features and real-time rewards.

這是一個重要的聯合品牌產品和由創新產品功能和實時獎勵提供的免費獎勵基礎。

It's called the Double Double Visa card.

它被稱為Double Double Visa卡。

It leverages a first of its kind, dual button technology that combines a CIBC Visa credit card for payments with a classic Tim card for rewards.

它利用了首創的雙按鈕技術，將用於支付的 CIBC Visa 信用卡與用於獎勵的經典 Tim 卡相結合。

Cardholders simply press the CIBC Visa button on the front of the card to pay for their every day purchases, anywhere Visa is accepted, or they can choose to press the Tim card button and then use the same card to redeem their Tim cash for their favorite coffee and menu items at Hortons.

持卡人只需按下卡正面的 CIBC Visa 按鈕即可在任何接受 Visa 卡的地方支付日常購物費用，或者他們可以選擇按下 Tim 卡按鈕，然後使用同一張卡將 Tim Cash 兌換成自己喜歡的Hortons 的咖啡和菜單。

The new card also offers the convenience of Visa payWave and security of Chip and PIN technology that consumers in Canada enjoy today.

新卡還提供了加拿大消費者今天享受的 Visa payWave 的便利性以及芯片和 PIN 技術的安全性。

On the issuing side, we also renewed a multi-year agreement with the Royal Bank of Canada, an important and longstanding client of Visa.

在發行方面，我們還與 Visa 的重要長期客戶加拿大皇家銀行續簽了一項多年期協議。

We also signed a number of other significant new multi-year agreements around the globe.

我們還在全球簽署了許多其他重要的新的多年期協議。

In Australia, we will be the exclusive card network for a Woolworths Money's credit card partnership.

在澳大利亞，我們將成為 Woolworths Money 信用卡合作夥伴的獨家信用卡網絡。

Woolworths is Australia's largest retailer.

Woolworths 是澳大利亞最大的零售商。

In China, we renewed our credit partnership deals with China Industrial Bank, China Minsheng Banking Corporation and Shanghai Pudong Development bank.

在中國，我們與中國興業銀行、中國民生銀行和上海浦東發展銀行續簽了信貸合作協議。

In Korea, we signed a new debit partnership agreement with Hana SK and new credit/debit agreement with Woori card.

在韓國，我們與 Hana SK 簽署了新的借記合作協議，並與 Woori 卡簽署了新的信用卡/借記協議。

In Saudi Arabia, the Saudi British bank will convert their debit card portfolio to Visa from a competitor, and Banque Saudi Fransi has renewed their credit, debit and prepaid agreement.

在沙特阿拉伯，這家沙特英國銀行將其借記卡組合從競爭對手那裡轉換為 Visa，而 Banque Saudi Fransi 已續簽了他們的信用卡、借記卡和預付協議。

In the UAE, Visa signed a new credit deal with Mashreq Bank, including an exclusive card for high-network individuals.

在阿聯酋，Visa 與 Mashreq 銀行簽署了一項新的信貸協議，其中包括一張面向高網絡個人的專屬卡。

Turning to cyber source for a second, we've discussed the weaker growth over the past few quarters.

暫時轉向網絡資源，我們已經討論了過去幾個季度的疲軟增長。

Increasing our rate of growth here will take some time.

在這裡提高我們的增長率需要一些時間。

It's one account at a time, and as Byron mentioned we are investing here to rebuild to higher growth rates.

這是一次一個帳戶，正如拜倫所說，我們正在這裡投資以重建更高的增長率。

We recently announced a strategic global partnership with Amadeus, a leading technology provider for the global travel industry.

我們最近宣布與全球旅遊業領先的技術提供商 Amadeus 建立全球戰略合作夥伴關係。

Amadeus's integrated cyber sources fraud management system, Decision Manager, into the Amadeus payment platform, which can help travel organizations globally accept more bookings while identifying potential fraudulent transactions and lowering operational costs.

艾瑪迪斯將網絡來源欺詐管理系統 Decision Manager 集成到艾瑪迪斯支付平台中，可以幫助全球旅遊組織接受更多預訂，同時識別潛在的欺詐交易並降低運營成本。

Turning to payment security for a moment, earlier this year we formed a payment task force and partnership with other networks, merchants, issuers, acquirers and device manufactures.

暫時談到支付安全，今年早些時候，我們成立了一個支付工作組，並與其他網絡、商家、發卡機構、收單機構和設備製造商建立了合作夥伴關係。

We see real collaboration here, which is terrific.

我們在這裡看到了真正的合作，這太棒了。

We continue to work through a common road map for enhanced security in the US.

我們將繼續制定共同的路線圖，以加強美國的安全。

Topics include EMV, tokenization, end-to-end encryption, and coordinated communications.

主題包括 EMV、標記化、端到端加密和協調通信。

The group is working very well together and we would expect the group to have some things to talk about publicly in the near future.

該小組合作得很好，我們希望小組在不久的將來有一些事情可以公開談論。

Let me talk for a few minutes now about our work in digital commerce.

現在讓我談談我們在數字商務方面的工作。

First of all, there's a lot of clutter in the market about whose doing what in the digital payment space.

首先，市場上有很多關於誰在數字支付領域做什麼的混亂。

It can be confusing for sure.

這肯定會令人困惑。

We have a very specific point of view and a set of strategies here.

我們在這裡有一個非常具體的觀點和一套策略。

Simply put, we are keenly focused on achieving the same success in the digital world that we have had in the physical world.

簡而言之，我們非常專注於在數字世界中取得與在物理世界中相同的成功。

This means focusing on tangible activities in the marketplace that help accelerate digital commerce with Visa as a platform partner.

這意味著專注於市場上的有形活動，以幫助以 Visa 作為平台合作夥伴加速數字商務。

As an aside, our card not present volumes today are growing three times as fast as card present, which we feel is still just a traction of the opportunity in this space.

順便說一句，我們今天的無卡交易量的增長速度是有卡交易量的三倍，我們認為這仍然只是這個領域機會的牽引力。

We are focused on two different but related things.

我們專注於兩個不同但相關的事情。

Number one, bringing digital payments to the physical world and number two, enabling digital payments in the connected world.

第一，將數字支付帶入物理世界；第二，在互聯世界中實現數字支付。

To do this, we are materially changing how we do business.

為此，我們正在從根本上改變我們開展業務的方式。

Historically, we would only allow access to our capabilities through issuers and acquirers and for them it wasn't particularly easy.

從歷史上看，我們只允許通過發行人和收購人訪問我們的能力，對他們來說這並不是特別容易。

Today we're simplifying access for our traditional partners, but we're also enabling a much broader set of partners to access thee platforms in ways we have not allowed historically so they can build experiences that use our payment capabilities.

今天，我們正在簡化傳統合作夥伴的訪問，但我們也讓更廣泛的合作夥伴能夠以我們歷史上不允許的方式訪問您的平台，以便他們可以建立使用我們支付功能的體驗。

This includes partners such as merchants, technology companies both big and small, mobile operators, device manufacturers, other payment companies, social networks, and the broader application developer community.

這包括商家、大大小小的技術公司、移動運營商、設備製造商、其他支付公司、社交網絡和更廣泛的應用程序開發者社區等合作夥伴。

Including these partners means exposing web services so they can connect with us.

包括這些合作夥伴意味著公開 Web 服務，以便他們可以與我們聯繫。

To help drive innovation, last week we opened a 100,000 square foot innovation center in San Francisco.

為了幫助推動創新，上週我們在舊金山開設了一個 100,000 平方英尺的創新中心。

This space is all about collaboration.

這個空間是關於協作的。

It's one of the series of physical spaces which we will have which we provide a physical environment where we can sit side by side with partners, traditional and new, big and small, to create experiences using our capabilities.

這是我們將擁有的一系列物理空間之一，我們提供一個物理環境，我們可以在其中與傳統和新的、大大小小的合作夥伴並肩坐著，利用我們的能力創造體驗。

We're also investing in younger companies such as DocuSign and Loop.

我們還在投資 DocuSign 和 Loop 等年輕公司。

As a group, investments like these, and there are more to come, keep us close to innovators in our space.

作為一個整體，像這樣的投資，還有更多的投資，讓我們與我們所在領域的創新者保持密切聯繫。

Being part of the dialogue is important.

成為對話的一部分很重要。

Bear in mind, we aren't looking to pick exclusive winners here, but we do want to enable a series of people who we think can help drive payment electronicification.

請記住，我們並不打算在這裡挑選獨家獲勝者，但我們確實希望能夠讓一系列我們認為可以幫助推動支付電子化的人成為可能。

To support our digital activities, today we announced Visa Digital Solutions.

為了支持我們的數字活動，我們今天宣布推出 Visa 數字解決方案。

This suite of services extends our support for mobile payments to enable retailers, financial institutions and developers to create new ways to pay via mobile devices.

這套服務擴展了我們對移動支付的支持，使零售商、金融機構和開發商能夠通過移動設備創造新的支付方式。

Specifically, we publish specifications and software development kits to make it easier for financial institutions, merchants and developers to create new ways to pay using our products on mobile devices using Visa payWave and QR codes.

具體來說，我們發布規範和軟件開發工具包，讓金融機構、商家和開發商更容易使用我們的產品在移動設備上使用 Visa payWave 和二維碼創建新的支付方式。

We have also published APIs and SDKs to enable merchants and developers to embed simplified payments within their web and mobile sites, as well as the mobile applications using Visa Check Out, which I'll talk a little bit more about in a moment.

我們還發布了 API 和 SDK，使商家和開發人員能夠在他們的網站和移動網站以及使用 Visa Check Out 的移動應用程序中嵌入簡化的支付方式，稍後我將對此進行更多討論。

These services are now available and there will be more coming throughout the year.

這些服務現已推出，全年還將推出更多服務。

The second category is aimed at protecting consumer account information.

第二類旨在保護消費者賬戶信息。

Our new token services are part of this.

我們的新代幣服務就是其中的一部分。

I've mentioned this before, but most people have focused on the security benefits of tokenization and they are real, but with tokens, new players and, importantly, non-traditional payment providers such as developers and merchants can build applications that access payment information in a safe, secure manner not possible before.

我之前提到過這一點，但大多數人都關注令牌化的安全優勢，它們是真實的，但有了令牌，新玩家，更重要的是，非傳統支付提供商（如開發商和商家）可以構建訪問支付信息的應用程序以一種以前不可能的安全、可靠的方式。

This means on digital devises wherever there's an internet connection, regardless of the form factor, including ones that don't exist today, developers will be able to integrate Visa payment capabilities.

這意味著在任何有互聯網連接的數字設備上，無論外形如何，包括今天不存在的設備，開發人員都可以集成 Visa 支付功能。

Merchants, developers and banks will start offering token-based payments in September of this year.

商家、開發商和銀行將於今年 9 月開始提供基於代幣的支付。

We are also launching a more robust developer center in early 2015.

我們還將在 2015 年初推出更強大的開發者中心。

We'll extend the capabilities we exposed to the developer community.

我們將擴展我們向開發者社區公開的功能。

In addition to all of this, we're creating a suite of services to enable banks to issue and manage Visa accounts in secure virtual clouds.

除此之外，我們正在創建一套服務，使銀行能夠在安全的虛擬雲中發行和管理 Visa 賬戶。

This again allows developers to create commerce opportunities to integrate our payments products and capabilities wherever there is an internet connection.

這再次允許開發人員創造商業機會，在任何有互聯網連接的地方集成我們的支付產品和功能。

Last week, we launched Visa Checkout, replacing V.me in the marketplace.

上週，我們推出了 Visa Checkout，取代了市場上的 V.me。

We've learned a lot over the past year and a half through candid conversations with issuers, acquirers and merchants, in addition to consumer research on the topic of digital wallets and digital acceptance.

在過去一年半的時間裡，我們通過與發行人、收單機構和商家的坦誠對話，以及對數字錢包和數字接受度主題的消費者研究，學到了很多東西。

Our goal is simple.

我們的目標很簡單。

We want our clients and their customers to be ale to use our products in the digital world as easily as they can in the physical world.

我們希望我們的客戶和他們的客戶能夠像在現實世界中一樣輕鬆地在數字世界中使用我們的產品。

This means we've designed Visa Checkout to be the Visa card in the digital world.

這意味著我們將 Visa Checkout 設計為數字世界中的 Visa 卡。

It means a simple buying experience for consumers, clear branding for issuers, and simple integration with merchants.

這意味著為消費者提供簡單的購買體驗，為發行人提供清晰的品牌，以及與商家的簡單整合。

It also means preserving the roles in the payments chain as they exist today.

這也意味著保留目前存在的支付鏈中的角色。

Visa Checkout accomplishes all of this.

Visa Checkout 完成了所有這些工作。

For the consumer, they can pay with a user name and password with just a few clicks wherever they see their card and Visa Checkout online.

對於消費者而言，只要在網上看到他們的卡和 Visa Checkout，只需點擊幾下，他們就可以使用用戶名和密碼進行支付。

For the issuer, clear branding throughout the Checkout experience and for the merchant, easy integration of a product, one which will help increase the rate at which sales are consummated online.

對於發行人來說，整個結賬體驗中的品牌清晰，對於商家來說，產品易於集成，這將有助於提高在線銷售的完成率。

As I said, Visa Checkout is simply a Visa card in the digital world.

正如我所說，Visa Checkout 只是數字世界中的一張 Visa 卡。

As I mentioned earlier with this launch, a new mobile software development kit is also available allowing developers to quickly build and implement an in-app check out experience for IOS and Android-based devises.

正如我之前在此次發布中提到的，還提供了一個新的移動軟件開發工具包，允許開發人員快速構建和實施適用於 IOS 和基於 Android 的設備的應用內結賬體驗。

We will drive broad awareness for Visa Checkout through a significant advertising campaign, recently launched in the digital and social channels, and on television later this year.

我們將通過最近在數字和社交渠道以及今年晚些時候在電視上推出的重大廣告活動來提高 Visa Checkout 的廣泛知名度。

The campaign will feature participating merchants and a broad range of consumer offers and promotions.

該活動將以參與的商家和廣泛的消費者優惠和促銷活動為特色。

We're thrilled with our partners who are part of the launch.

我們對參與此次發布的合作夥伴感到非常興奮。

On the financial institution side, they include more than 180 financial institutions and organizations, big and small.

在金融機構方面，它們包括 180 多家大大小小的金融機構和組織。

The list includes US issuers such as Bank of America, BB&T, BBVA Compass, CSCU, which is the card services for credit unions, Chase, Citi, ICBA Bank Card, Navy Federal Credit Union, PNC, Regions, US Bank and Wells Fargo.

該列表包括美國銀行、BB&T、BBVA Compass、CSCU（為信用合作社、大通銀行、花旗銀行、ICBA 銀行卡、海軍聯邦信用合作社、PNC、Regions、美國銀行和富國銀行提供卡服務）等美國發行商。

We're also thrilled to have great merchants as partners in our launch, some of which are the following -- Neiman Marcus, Staples, Pizza Hut, United Airlines, Petco, Wine Enthusiast, Adorama, Joseph A. Bank, Rakuten, Ticketmaster and Live Nation.

我們也很高興能在我們的發布中擁有優秀的商家作為合作夥伴，其中一些是：Neiman Marcus、Staples、必勝客、聯合航空、Petco、Wine Enthusiast、Adorama、Joseph A. Bank、Rakuten、Ticketmaster 和活國。

Over 170 merchants are live in Australia, Canada and the US, representing approximately $20 billion in total addressable payment volume.

澳大利亞、加拿大和美國有 170 多家商戶，總可支付金額約為 200 億美元。

The sales pipeline is also very strong with over 40 merchants at term sheet and/or negotiating master service agreements, representing an additional $37 billion in addressable volume, including some great sizeable brands.

銷售渠道也非常強勁，有超過 40 家商戶在條款清單和/或談判主服務協議，代表額外的 370 億美元的可尋址量，包括一些非常大的品牌。

In summary, our job at Visa is to help grow commerce by providing a platform to integrate what we think is the best payment brand and set of capabilities in the world into new buying experiences, simply and securely.

總而言之，我們在 Visa 的工作是通過提供一個平台，將我們認為是世界上最好的支付品牌和一系列功能集成到新的購買體驗中，簡單而安全，從而幫助發展商業。

These experiences will certainly make it easier to pay by eliminating physical cards over time, but the driver of behavioral change will be the experiences that can now be created on mobile devices that can not be created on plastic, because the mobile device is connected and interactive and these experiences will become the real reason to pay digitally over time.

隨著時間的推移，這些體驗肯定會通過消除實體卡讓支付變得更容易，但行為改變的驅動力將是現在可以在移動設備上創建的體驗，而這些體驗無法在塑料上創建，因為移動設備是連接和交互的隨著時間的推移，這些體驗將成為數字支付的真正原因。

We believe we will start to see these experiences in the near future, and are excited about what they mean for everyone involved in commerce, and will be an important part of our future.

我們相信我們將在不久的將來開始看到這些體驗，並對它們對參與商業的每個人的意義感到興奮，並將成為我們未來的重要組成部分。

We look forward to discussing the specific experiences and their positive impact to Visa over the coming quarters.

我們期待在未來幾個季度討論具體經驗及其對 Visa 的積極影響。

And with that, Operator, I think Byron and I are ready to take questions.

有了這個，接線員，我想拜倫和我已經準備好回答問題了。

(Operator Instructions)

（操作員說明）

Our first question comes from Jason Kupferberg from Jefferies.

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

Your line is now open.

您的線路現已開通。

Thanks, guys.

多謝你們。

Just wanted to ask about the cross-border a little bit more, since obviously that remains a high priority focus area for folks.

只是想多問一些關於跨境的問題，因為顯然這仍然是人們高度優先關注的領域。

Can you give us any commentary whether some of the slowdown has been more on the consumer side relative to the commercial side?

您能否對我們發表任何評論，相對於商業方面，一些放緩是否更多地出現在消費者方面？

And then just any thoughts on the gap between your growth in this metric and that of our biggest competitor at least through the March quarter?

然後，您對至少在 3 月季度的這一指標的增長與我們最大競爭對手的增長之間的差距有何想法？

We don't know what they've done through the June quarter yet, but it just looks like that gap has gotten a little bigger and curious if you have done any market intelligence to get a better understanding of that.

我們還不知道他們在 6 月季度做了什麼，但看起來這個差距已經變得更大了，而且好奇你是否做了任何市場情報來更好地理解這一點。

Is there anything structural we should be thinking about?

有什麼我們應該考慮的結構性問題嗎？

So let me start off with the first part of the question.

所以讓我從問題的第一部分開始。

It's very corridor-specific, so let me just highlight a few of the corridors that we saw the deceleration in cross-border from Q2 to Q3.

這是非常特定於走廊的，所以讓我只強調一些我們看到從第二季度到第三季度跨境減速的走廊。

Many of these will come as no surprise.

其中許多將不足為奇。

Generally from Russia to the European countries; from Argentina, Venezuela to the European countries; the European countries to Ukraine; Russia to Ukraine; to the European countries.

一般從俄羅斯到歐洲國家；從阿根廷、委內瑞拉到歐洲國家；歐洲國家到烏克蘭；俄羅斯至烏克蘭；到歐洲國家。

So from that standpoint, those are the key corridors that move the needle.

所以從這個角度來看，這些是推動針的關鍵通道。

We know that it is pretty broad based and in this case many of these are just situationally specific.

我們知道它的基礎非常廣泛，在這種情況下，其中許多只是具體情況。

With regards to the second part of your question, recognizing that Visa Inc.

關於你問題的第二部分，認識到 Visa Inc.

does not have Europe, we are comfortable that at least half the difference in cross-border growth rates is attributable to Europe and the remainder we have under study.

沒有歐洲，我們很高興跨境增長率的差異至少有一半歸因於歐洲，其餘的我們正在研究中。

We also know, given the ebb and flow of certain portfolio movements, that some of that is country specific and we are very focused on reversing those trends in the coming quarters.

我們也知道，鑑於某些投資組合的波動和流動，其中一些是針對特定國家的，我們非常專注於在未來幾個季度扭轉這些趨勢。

Our next question comes from Sanjay from KBW.

我們的下一個問題來自 KBW 的 Sanjay。

Your line is now open.

您的線路現已開通。

Thank you.

謝謝你。

I guess I had a question on the hedges and the volatility observation, or point.

我想我對對沖和波動率觀察或觀點有疑問。

Could you just talk about what would happen if volatility doesn't come back into the FX market?

您能否談談如果波動性沒有回到外匯市場會發生什麼？

Does that serve as a headwind for a period of time, then?

那麼，這是否會在一段時間內成為逆風？

So let me separate first hedges and volatility, because the two are completely independent of each other.

所以讓我首先將對沖和波動性分開，因為這兩者是完全相互獨立的。

When we speak of hedges, this is simply a -- basically a 12-month program where we try and dampen the fluctuations in FX when we translate net revenue or earnings positions earned in foreign currencies back into our financial statements.

當我們談到對沖時，這只是一個 - 基本上是一個為期 12 個月的計劃，當我們將外幣獲得的淨收入或收益頭寸轉換回我們的財務報表時，我們試圖抑制外匯波動。

It doesn't -- cross-border is impacted, but to a modest degree and these are hedges in the traditional sense, simply put in place to dampen the volatility of naturally occurring changes in currencies relative to the dollar over time.

它沒有 - 跨境受到影響，但在一定程度上受到影響，這些是傳統意義上的對沖，只是為了抑制貨幣相對於美元隨時間自然發生變化的波動性。

The volatility is a different animal.

波動性是另一種動物。

Every year, well if I look back, if we look back over the past year, we will have performed currency translation services for over $150 billion US in value in order to facilitate the settlement of transactions where Visa card is -- whose account is denominated in one currency is used in a country where the currency is different.

每年，如果我回顧一下，如果我們回顧過去的一年，我們將提供價值超過 1500 億美元的貨幣翻譯服務，以促進 Visa 卡所在的交易的結算——其賬戶是計價的in one currency 在貨幣不同的國家/地區使用。

So over the course of the year, as I indicated, we do over $150 billion of those kinds of currency translation services.

因此，正如我所指出的，在這一年中，我們提供了超過 1500 億美元的此類貨幣翻譯服務。

The way -- we earn a very small spread on those transactions.

方式——我們在這些交易中賺取非常小的點差。

The way the spread is calculated it's an algorithm that is based on the actual volatility of a currency in a given day.

計算點差的方式是一種基於貨幣在給定日期的實際波動率的算法。

That volatility is something we've studied over a long period of time.

這種波動性是我們長期研究的東西。

There is, during the course of a year, often quite a bit of volatility, but the amount of volatility tends to revert back to a mean over time.

在一年的時間裡，通常會有相當多的波動，但隨著時間的推移，波動量往往會恢復到平均值。

So we would expect what we're seeing and, as example, if we were to look at the month of June, June had the lowest volatility that we have seen in 15 years.

因此，我們可以預期我們所看到的情況，例如，如果我們查看 6 月份，6 月份的波動性是 15 年來最低的。

So from that standpoint, we view this much more as of the moment, that it should resume back to some sort of normalized volatility levels which has been our experience since we've gone public and that's how we're anticipating this trend for the future.

因此，從這個角度來看，我們目前認為它應該恢復到某種正常化的波動水平，這是我們上市以來的經驗，這就是我們對未來趨勢的預測.

Okay, great.

好，太棒了。

Our next question comes from Jim.

我們的下一個問題來自 Jim。

Jim's from Goldman Sachs.

吉姆來自高盛。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you could elaborate a little bit on your commentary regarding incentives for the FY15.

我想知道您能否詳細說明您對 2015 財年激勵措施的評論。

Specifically, how many of your top 10 issuing clients are expected to come up for renewal next year?

具體來說，您的前 10 名發行客戶中，預計明年將有多少人續約？

So what we would typically do on the Q4 call is give you a sense of the full-year expectation for incentives, so you can expect that on the Q4 call in October.

因此，我們通常會在第四季度電話會議上做的是讓您了解全年對激勵措施的預期，因此您可以在 10 月的第四季度電話會議上期待這一點。

It is our practice to give incentive projections or guidance on a yearly basis, not by quarter and we would characterize our pipeline of deals as, it was healthy this year.

我們的做法是每年而不是按季度提供激勵預測或指導，我們將把我們的交易渠道描述為今年是健康的。

It's a healthy pipeline of renewals next year as well, and the impact -- the expected impact will characterize that in a range and share with you all on the fourth quarter earnings call.

明年這也是一條健康的續約渠道，其影響——預期影響將在一定範圍內體現這一點，並在第四季度財報電話會議上與大家分享。

Our next question comes from Darrin from Barclays.

我們的下一個問題來自巴克萊的 Darrin。

Thanks.

謝謝。

Charlie, just first a higher-level question.

查理，首先是一個更高層次的問題。

You mentioned in your remarks, and I think in the press release, that longer-term you believe Visa should be able to grow in the revenue in the double-digit range.

您在講話中提到，我認為在新聞稿中，您認為從長遠來看，Visa 的收入應該能夠實現兩位數的增長。

Can you just highlight and perhaps rank for us what the key drivers you think would be that would enable the growth to improve, given the higher base from which you're growing now?

鑑於您現在正在增長的更高基礎，您能否突出顯示並可能為我們排名您認為可以促進增長的關鍵驅動因素是什麼？

And then maybe just near term.

然後也許只是近期。

On the near term side, Byron, as a follow-up to that question, I guess what people are trying to figure out is if this higher level of incentives in fourth quarter is actually new business that could drive that part of that acceleration into next year?

在短期方面，拜倫，作為該問題的後續行動，我想人們想要弄清楚的是，第四季度這種更高水平的激勵措施是否真的是新業務，可以推動這部分加速進入下一個季度年？

Thanks, guys.

多謝你們。

Yes, so let me start with this, which is again the way we look at our numbers is we look at what our revenue growth is, excluding the items that we talk about here as headwinds.

是的，所以讓我從這個開始，這也是我們看待數據的方式，我們看看我們的收入增長是多少，不包括我們在這裡談論的逆風項目。

And again, I said this in my remarks, we do believe that these headwinds are not permanent.

再說一次，我在講話中說過，我們確實相信這些逆風不是永久性的。

So if you just look at the headwinds that we've had in the foreign currency translation, in the currency volatility, the impact on the comps year over year and this growth in cross-boarder payments, which, we should point out, can move either way very, very rapidly and we've got amazing data to back that up.

因此，如果您只看一下我們在外幣換算、貨幣波動方面遇到的不利因素、對年復一年的影響以及跨境支付的增長，我們應該指出，這可以改變無論哪種方式都非常非常迅速，我們有驚人的數據來支持這一點。

When you just back out these headwinds, which we do believe are temporary, our growth underlying all of that is still very, very strong, which you can see in the transaction processing growth and the overall payments growth.

當您剛剛擺脫這些我們認為是暫時的逆風時，我們所有這些基礎上的增長仍然非常非常強勁，您可以在交易處理增長和整體支付增長中看到這一點。

So we talk about generating reasonable returns over a period of time, there's the long term, which is effected by the things we're doing in the digital world, we think which is certainly helpful, but then there's this other defined period once we get through these headwinds, and the issue that we have is we don't know exactly when they're going reverse but we are very confident that they will.

所以我們談論在一段時間內產生合理的回報，有一個長期的，它受到我們在數字世界中所做的事情的影響，我們認為這肯定是有幫助的，但是一旦我們得到另一個定義的時期通過這些逆風，我們面臨的問題是我們不知道它們何時會逆轉，但我們非常有信心它們會逆轉。

With regards to the second part of your question, recognizing that a typical contract would last five years, some longer, we enter into contracts with the expectation that they will drive growth over that five year period.

關於您問題的第二部分，我們認識到典型的合同將持續五年，甚至更長，我們簽訂合同時期望它們將在這五年期間推動增長。

How we structure the incentives makes a big difference with regards to what kind of growth we may or may not see in the first year.

我們如何構建激勵措施對於我們在第一年可能會或可能不會看到什麼樣的增長有很大的影響。

As we've talked about over the years, some of the deal renewals entail more meaningful up-front payments that, from a GAAP standpoint, we might have to record more fully in the income statement versus amortize over the term of the contract.

正如我們多年來所討論的那樣，一些交易續簽需要更有意義的預付款，從公認會計原則的角度來看，我們可能必須在損益表中更全面地記錄，而不是在合同期限內攤銷。

So there's a lot that goes into how you structure a deal and then how it's translated on to the books, but since Charlie's comment was based over the -- and we see ourself in the longer term returning to double digit revenue growth, the answer is we would expect these deals to build on a foundation that would drive growth over the term of the period that would enable us to achieve that objective.

因此，您如何構建交易以及如何將其轉化為賬簿有很多內容，但由於查理的評論是基於 - 從長遠來看，我們看到自己將恢復兩位數的收入增長，答案是我們預計這些交易將建立在一個基礎上，該基礎將推動我們實現這一目標的期間內的增長。

Next question, Charles?

下一個問題，查爾斯？

Yes, sir, next question comes from Moshe from Credit Suisse.

是的，先生，下一個問題來自瑞士信貸的 Moshe。

Your line is now open.

您的線路現已開通。

Great, thanks.

太謝謝了。

Charlie, when you talked about tokenization, could you talk about whether that is something that is going to kind of bring in revenues into the system and will those be revenues that go to the networks?

查理，當你談到代幣化時，你能談談這是否會為系統帶來收入，這些收入是否會進入網絡？

Do they share it?

他們分享嗎？

Could you talk a little about those -- or are they just something that's going to be an additional form of security?

你能談談這些嗎？或者它們只是一種額外的安全形式？

Again, I don't think, the answer with this, yes it's an additional form of security for sure.

同樣，我不認為，答案是肯定的，這是一種額外的安全形式。

We think of it as driving more network volume that we otherwise wouldn't be able to get because other people can now participate and embed payments in different applications and experiences out there because it's safe and secure because of the tokens.

我們認為它推動了我們無法獲得的更多網絡容量，因為其他人現在可以參與並將支付嵌入到不同的應用程序和體驗中，因為代幣的存在是安全的。

This isn't a question of getting paid specifically for tokenization.

這不是專門為標記化獲得報酬的問題。

It really is about driving more volume through our issuers for our merchants and ultimately to us as well as part of that.

這實際上是為了通過我們的發行人為我們的商家以及最終為我們以及其中的一部分推動更多的交易量。

Next question please?

請問下一個問題？

Our next question comes from Smitti from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Smitti。

Your line is now open.

您的線路現已開通。

Great, thank you.

太好了謝謝。

Charlie, I just wanted to follow up on a statement you made earlier about your new strategy on the digital front.

查理，我只是想跟進你之前關於你在數字領域的新戰略的聲明。

I thought I heard that you say you allow new ways for parties to access your network directly, so does this mean other potentially merchants and other technology partners will no longer need to connect to your network through a wire?

我想我聽說您說您允許各方以新的方式直接訪問您的網絡，那麼這是否意味著其他潛在的商家和其他技術合作夥伴將不再需要通過電線連接到您的網絡？

And if that's the case, will it settle the transaction?

如果是這樣，它會解決交易嗎？

No, I didn't say that.

不，我沒有那樣說。

What I said was that we are exposing the capabilities so that different parties, including merchants, can embed Visa payments into their experiences, but very importantly, it preserves the role that issuers, acquirers play in the system today.

我所說的是，我們正在公開這些功能，以便包括商家在內的不同方可以將 Visa 支付嵌入到他們的體驗中，但非常重要的是，它保留了發行方、收單方在當今系統中所扮演的角色。

What we're trying to do is, again historically, we've had great relationships with issuers and acquirers, still do, but anyone whose trying to build an experience or an application would have to then go through multiple issuers, multiple acquirers to get that experience to market in a meaningful way.

我們試圖做的是，從歷史上看，我們與發行人和收購人保持著良好的關係，現在仍然如此，但任何試圖建立體驗或應用程序的人都必須通過多個發行人、多個收購人才能獲得以有意義的方式將這種經驗推向市場。

By exposing our capabilities directly to them, it allows more people to be creative relative to helping drive digital commerce in a way that uses our payments as a platform for them but it keeps the flow of information, the flow of data, and the flow of economics the same as it is today in the four-party system.

通過直接向他們展示我們的能力，它可以讓更多的人發揮創造力，以一種將我們的支付作為他們的平台的方式幫助推動數字商務，但它保持信息流、數據流和數據流。經濟學和今天的四黨制一樣。

Thanks for the clarification.

感謝您的澄清。

Next question, please?

請問下一個問題？

Our next question comes from Bryan from Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩。

Your line is now open.

您的線路現已開通。

Yes, hi.

是的，你好。

Just wanted to follow-up, Byron, your comments on 2015.

只是想跟進，拜倫，你對 2015 年的評論。

I didn't hear any comments on the operating margin.

我沒有聽到任何關於營業利潤率的評論。

Do you still expect to get leverage in 2015 on the operating margin?

您是否仍然期望在 2015 年獲得營業利潤率的槓桿作用？

And then secondly, just an update on the Chase migration volume that is expected.

其次，只是預期的 Chase 遷移量的更新。

Are we, a quarter way through, just trying to get a sense of how much we're through and the migrating of that volume.

我們是不是已經完成了四分之一，只是想了解我們經歷了多少以及該卷的遷移。

Thanks so much.

非常感謝。

Before Byron answers the question, everyone asks for that operating margin.

在拜倫回答這個問題之前，每個人都要求提供營業利潤。

You just really, we really have to think about incentives as a meaningful cost of doing business here as well.

您真的，我們真的必須將激勵措施視為在這裡開展業務的有意義的成本。

And the two should be viewed in combination.

兩者應該結合起來看待。

With the exception of our -- what happened to our incentive line after the great recession, that has gradually moved up and in terms of incentives as a percent of gross revenue and in a way that is very similar to dealing back margin.

除了我們的 - 在大衰退之後我們的激勵線發生了什麼，它已經逐漸上升，並且在激勵方面佔總收入的百分比並且以非常類似於處理保證金的方式。

We don't have a combined metric to summarize the two, but the two very much should be linked because incentives are a form of price reduction, or price discount.

我們沒有一個綜合指標來總結這兩者，但兩者非常應該聯繫起來，因為激勵措施是降價或價格折扣的一種形式。

So with regards to margin outlook, as you know, it is our practice when we talk about margins and the outlook for the year to do that on the Q4 call.

因此，關於保證金前景，如您所知，當我們在第四季度電話會議上談論保證金和今年的前景時，我們的做法是這樣做。

And since we as a Company have never solved for margins, margins have been an outcome, it's much -- we're in a much better position to talk about that at the fourth quarter call when we have our plans in place and we're at least a bit better informed about what the economic drivers are leveled to hold in store for us in the coming year.

而且，由於我們作為一家公司從未解決過利潤率問題，因此利潤率是一個結果，這很重要——當我們制定好計劃並且我們正在至少更好地了解未來一年的經濟驅動因素將為我們帶來什麼。

So if we can indulge your patience for three months.

所以，如果我們能放縱你三個月的耐心。

And even beyond the three months, because obviously -- I think what -- the way we think about where we are is, we are not in an environment where it's very easy to predict the next quarter or the quarter after that just given what's going on in the world and these trends that we've seen which affect our revenue numbers materially.

甚至超過三個月，因為顯然 - 我認為 - 我們思考我們所處的位置的方式是，我們所處的環境不是很容易預測下一個季度或之後的季度，只要考慮到發生了什麼在世界範圍內，我們看到的這些趨勢對我們的收入數字產生了重大影響。

Again, as I said before, we feel very confident that the headwinds will dissipate.

同樣，正如我之前所說，我們非常有信心逆風會消散。

We know that at some point the economy will be more helpful across the globe.

我們知道，在某個時候，全球經濟會更有幫助。

What we don't know is the timing and we certainly can't sit here today and tell you what it will be a year from now, and that is still only half way through next year.

我們不知道時機，我們當然不能今天坐在這裡告訴你一年後的情況，而這仍然只是明年的一半。

So as the world evolves and as these issues evolve and we get closer to the time period, it's obviously, by definition, easier for us to talk about it.

因此，隨著世界的發展以及這些問題的發展以及我們越來越接近時代，顯然，根據定義，我們更容易談論它。

Just a quick word on Chase.

簡單介紹一下大通。

The current quarter's results, to the extent that they include any of the conversion, it's not material and we, remembering this will hit the service fee line and we report the service fee line on a one-quarter lag, before we see much impact from the conversion, it will really be for us, the December-ending quarter, which will be the first quarter of the next fiscal year.

本季度的結果，如果它們包括任何轉換，它並不重要，我們記住這將達到服務費線，我們報告服務費線滯後四分之一，在我們看到來自轉換，對我們來說真的是在 12 月底的季度，也就是下一財年的第一季度。

But at the present, no material impact on the quarters results and frankly not a material impact on the Q4 results either.

但目前，對季度業績沒有重大影響，坦率地說，對第四季度業績也沒有重大影響。

Next question, Charles?

下一個問題，查爾斯？

Our next question comes from Tien-tsin from JPMorganChase.

我們的下一個問題來自摩根大通的 Tien-tsin。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thanks.

謝謝。

Just wanted to clarify what's driving the softer revenue outlook for the fourth quarter.

只是想澄清是什麼推動了第四季度的收入前景疲軟。

Just wanted to make sure I caught it correctly.

只是想確保我正確地抓住了它。

It sounds like it's lower cross-border, plus lack of volume acceleration.

聽起來好像是越界越低，加上音量加速不足。

I don't think that it's incentive driven.

我不認為這是激勵驅動的。

Just wanted to clarify that.

只是想澄清一下。

And then the question I wanted to ask was actually on Visa Checkout and the strategy there to get consumers signed up and to use Visa Checkout versus whatever, PayPal or any other visual payment method you can think.

然後我想問的問題實際上是關於 Visa Checkout 以及讓消費者註冊並使用 Visa Checkout 的策略，而不是 PayPal 或您能想到的任何其他視覺支付方式。

Because they get the questions all day today about Apple and other initiatives, so just trying to understand how that play out versus something else.

因為他們今天整天都收到有關 Apple 和其他舉措的問題，所以只是想了解這些問題與其他東西的關係。

Thanks.

謝謝。

Let me take the first part.

讓我講第一部分。

With regards very specifically to the Q4, which is really how we're then going to finish out the year, it compared to where we were on the third-quarter call.

關於第四季度的具體情況，這實際上是我們將如何結束這一年，與我們在第三季度電話會議上的情況相比。

What's different primarily is a down tick in the cross-border, so you have that right, and continued depressed, historically depressed, volatility levels from a currency standpoint.

不同之處主要在於跨境下跌，因此從貨幣的角度來看，您有權利，並且持續低迷，歷史低迷，波動水平。

For those where -- our position has moved a bit more conservative from where we were on the prior-quarter call.

對於那些 - 我們的立場比我們在上一季度電話會議上的立場更加保守。

It doesn't have anything to do with incentives, because what didn't get booked this quarter, our assumption is it will get booked in the current quarter and we're already signing deals to validate that.

它與激勵措施沒有任何關係，因為本季度沒有被預訂的東西，我們的假設是它會在本季度被預訂，我們已經簽署了交易來驗證這一點。

And remember, our incentive guidance was 16.5% to 17.5% and we've narrowed it to about 17%, so we're right down the middle of the fairway.

請記住，我們的激勵指導是 16.5% 到 17.5%，我們已經將其縮小到 17% 左右，所以我們就在球道的中間。

But as we sit here and just think about from this quarter to next quarter, we are not assuming any kind of meaningful change in these headwinds that we've talked about which, again because -- are possible and will happen, we just don't know the timing.

但是當我們坐在這裡思考從本季度到下個季度時，我們並沒有假設我們已經討論過的這些不利因素會發生任何有意義的變化，再次因為 - 可能並且將會發生，我們只是沒有不知道時機。

And just given the math that Byron said, next quarter's incentives will be higher than this quarter's incentives and we talked about that during his remarks.

僅考慮到拜倫所說的數學，下一季度的激勵措施將高於本季度的激勵措施，我們在他的講話中談到了這一點。

And the Visa Checkout question?

還有 Visa Checkout 問題？

If I remember what the exact question was.

如果我記得確切的問題是什麼。

The question -- Tien-tsin, are you still there?

問題——天真，你還在嗎？

Yes, I'm here.

對，我在這。

Just wanted to clarify, Charlie, the strategy to get consumers signed up for Visa Checkout versus all of the other stuff that's out there, PayPal, and I guess Amazon is talking about -- trying to understand how you'll solve the consumer side of the equation?

查理，只是想澄清一下，讓消費者註冊 Visa Checkout 的策略與所有其他的東西，PayPal，我猜亞馬遜正在談論 - 試圖了解你將如何解決消費者方面的問題方程？

And then, I guess if I get a chance here, if you don't mind, there's been -- if you can address Apple and iWallet or whatever the press has been talked about with your partnership there, I think that would be great, and how that would fit with your digital strategy.

然後，我想如果我在這裡有機會，如果你不介意的話，有 - 如果你可以向 Apple 和 iWallet 或任何媒體談論你的合作夥伴關係，我認為那會很棒，以及這將如何適合您的數字戰略。

Thanks.

謝謝。

Sure.

當然。

So, listen.

所以，聽著。

I think on the answer to the first question about, which my word is why Visa Checkout for consumer and how are we going to activate the consumers around the world to use this product as opposed to something else?

我想關於第一個問題的答案，我的話是為什麼 Visa Checkout 面向消費者，我們將如何激活世界各地的消費者使用該產品而不是其他產品？

It's, from our perspective, what's different about this versus the other things that you mentioned are the relationships that we have with banks.

從我們的角度來看，這與您提到的其他事情的不同之處在於我們與銀行的關係。

Right?

正確的？

Again, we've got 2.2 billion cards around the world and then we think about the people who were willing to support this with their names in the press release.

同樣，我們在全球擁有 22 億張卡片，然後我們會考慮那些願意在新聞稿中以他們的名字支持這一點的人。

A bunch of them come to a launch event that we had here.

他們中的一些人參加了我們在這裡舉辦的發布會。

These are amazing names.

這些都是驚人的名字。

These banks talk to their clients regularly and over the next six months you'll start to see banks do different things to enable their customers in a very proactive way to use Visa Checkout.

這些銀行定期與他們的客戶交談，在接下來的六個月中，您將開始看到銀行採取不同的措施，以非常積極主動的方式讓他們的客戶使用 Visa Checkout。

It's one thing for us to sit here and say we're going to go try and do it.

我們坐在這裡說我們要去嘗試去做是一回事。

That would be very, very difficult.

那將是非常非常困難的。

The reason why we're confident that we'll be successful is because we do it in partnership with the banks because it's their clients.

我們之所以相信我們會成功，是因為我們與銀行合作，因為這是他們的客戶。

We provide support.

我們提供支持。

Our marketing and advertising is going do that.

我們的營銷和廣告將這樣做。

Again, we've got really neat stuff in the digital and social channels.

再一次，我們在數字和社交渠道中得到了非常好的東西。

As Byron mentioned in his remarks, we intend to spend a significant amount in marketing, including TV, as we go into the back-to-school season and then again for the leading up to the Christmas season.

正如拜倫在講話中提到的那樣，我們打算在返校季和聖誕節前的營銷活動中投入大量資金，包括電視。

It's going to be hard not to know what Visa Checkout is and why you should have it.

很難不知道 Visa Checkout 是什麼以及為什麼要擁有它。

So we're pretty excited about that.

所以我們對此感到非常興奮。

And Apple, I'm not going to address anything specifically out there, but again, we've said this before, we talked to a whole range of people who historically weren't doing significant things in payments and those that are and we're very excited about some of the things that we're talking to potential partners about.

還有蘋果，我不打算具體解決任何問題，但是，我們之前已經說過，我們與歷史上沒有在支付方面做重要事情的人進行了交談，而我們和那些人都做過。對我們正在與潛在合作夥伴討論的一些事情感到非常興奮。

And again, over the next three months, six months, nine months, we hope some of those things will actually be in the marketplace and you'll be as excited about them as we are.

再一次，在接下來的三個月、六個月、九個月，我們希望其中一些東西會真正進入市場，你會和我們一樣對它們感到興奮。

Next question, Charles?

下一個問題，查爾斯？

Next question comes from Bob from William Blair.

下一個問題來自 William Blair 的 Bob。

Your line is now open.

您的線路現已開通。

Good afternoon.

下午好。

Just wanted to follow-up on a few of the 2015 comments.

只是想跟進 2015 年的一些評論。

We talk a lot -- you talk a lot about currency volatility.

我們談了很多——你談了很多關於貨幣波動的話題。

Can you maybe put some numbers around that?

你能在這周圍加上一些數字嗎？

Is that 1% of revenue effect versus your guidance?

與您的指導相比，這 1% 的收入影響是嗎？

And then in talking about 2015, your tax rate, I was a little, the full-year tax rate for this year, you're expecting it flat?

然後在談到 2015 年，你的稅率，我有點，今年全年的稅率，你期待它持平嗎？

And then you're still getting double-digit payment volume growth as people think about revenue and higher -- is the double-digit payment volume growth, do you still expect to be able to attain that next year?

然後隨著人們考慮收入和更高的收入，您仍然獲得兩位數的支付量增長 - 是兩位數的支付量增長，您是否仍然希望明年能夠實現這一目標？

So let me start off on the currency volatility.

所以讓我從貨幣波動開始。

We don't -- we are not on record with talking about specific amounts that this is, as you can imagine, a part of -- it's pretty fundamental to the Visa global acceptance proposition that we be in a position to perform currency translation services.

我們沒有——我們沒有公開談論具體金額，正如你可以想像的那樣，這是我們能夠提供貨幣翻譯服務的 Visa 全球接受提議的基礎。 .

So this is something that we have done forever, and we do it in a way that actually delivers a pretty attractive card holder proposition.

所以這是我們一直在做的事情，我們這樣做的方式實際上提供了一個非常有吸引力的持卡人提議。

As a part of the disclosures for someone that receives a Visa card, they are told that they are guaranteed a wholesale rate and I'm hard pressed, personally, to think of any other situation where a consumer or card holder would have available to them a wholesale currency translation rate.

作為對收到 Visa 卡的人的披露的一部分，他們被告知他們可以保證批發價格，而且我個人很難想到消費者或持卡人可以提供給他們的任何其他情況批發貨幣換算率。

That's what we do.

這就是我們所做的。

We take a very small spread on that to cover our operations and it's related -- how much the spread is, is related to currency volatility.

我們採取非常小的點差來覆蓋我們的運營，這是相關的——點差是多少，與貨幣波動性有關。

I have talked about that from time to time on currency -- I mean, on earnings calls.

我不時在貨幣上談到這一點——我的意思是，在收益電話會議上。

It rarely has this level of impact, but as we said earlier, we're at levels of currency volatility that we haven't seen in 15 years.

它很少有這種程度的影響，但正如我們之前所說，我們處於 15 年來從未見過的貨幣波動水平。

Tax rate?

稅率？

With the guidance this call, we have given very specific guidance of 30% to 31% and have indicated that next year not to expect any step function rate.

通過這次電話會議的指導，我們給出了 30% 到 31% 的非常具體的指導，並表示明年不會出現任何階躍函數率。

We did have an important tax adjustment last quarter that represented both a catch up and a permanent ongoing reduction in our tax rate.

上個季度我們確實進行了重要的稅收調整，這既代表了追趕，又代表了我們稅率的永久持續降低。

Because there was a catch up, one might naturally wonder whether that impact is something that would be one-time and then the rate might naturally gravitate back up in the following year, hence in my remarks I mentioned that we are hard at work in fully realizing foreign tax credit opportunities.

因為有追趕，自然會懷疑這種影響是否是一次性的，然後速度可能會在第二年自然回升，因此我在講話中提到我們正在全力以赴實現外國稅收抵免機會。

We expect that to help inform the rate for next year and underpin the comment that we don't, at this point, expect any step function change in the rate.

我們希望這有助於為明年的利率提供信息，並支持我們目前不期望利率有任何階躍函數變化的評論。

With regards to double-digit payment volume growth, gosh, we, certainly on a constant dollar basis, this is the level of payment of volume growth that is being produced with pretty anemic growth in economies.

關於兩位數的支付量增長，天哪，我們當然是在不變的美元基礎上，這是隨著經濟體相當乏力的增長而產生的支付量增長水平。

So as we look at the payment volume growth, this is one of those factors that we think, looking forward, have certainly more upside than downside.

因此，當我們觀察支付量的增長時，這是我們認為展望未來肯定有更多好處的因素之一。

One never knows for sure, but one, I think, would agree that the economic growth we've been experiencing over the past several years has been pretty anemic and hopefully nowhere to go but up.

一個人永遠無法確定，但我認為，一個人會同意，我們在過去幾年中經歷的經濟增長相當乏力，希望除了上升無路可走。

Next question, Charles?

下一個問題，查爾斯？

Our next question comes from Craig from CLSA.

我們的下一個問題來自里昂證券的 Craig。

Your line is now open.

您的線路現已開通。

Good evening.

晚上好。

Charlie, I wanted to ask you, theoretically, about the future with technology and changes you're bringing to the online world that are absolutely focused on better security, as you said.

查理，從理論上講，我想問你關於技術的未來以及你為網絡世界帶來的變化，這些變化絕對專注於更好的安全性，正如你所說。

What are your thoughts about the sustainability of card-not-present interchange rate for banks when clearly those rates were predicated on higher fraud levels?

當銀行的無卡兌換率顯然是基於更高的欺詐水平時，您對這些利率的可持續性有何看法？

Listen, I'm not going to talk about what we would be thinking about anything specific on interchange on a going-forward basis.

聽著，我不打算談論我們會在未來的基礎上考慮關於交換的任何具體內容。

What I will remind -- and I know, Craig, we've talked about this but it is a good reminder to everyone, I don't know of a lot of industries out there that price their services for anything other than the value received.

我要提醒的是——我知道，克雷格，我們已經討論過這個問題，但這對每個人來說都是一個很好的提醒，我不知道有很多行業會為他們的服務定價而不是收到的價值.

And the value received from products like ours in the card-not-present world is extraordinary.

在無卡世界中，從我們這樣的產品中獲得的價值是非凡的。

We know the number of businesses that wouldn't exist if it wasn't for our products and if people wanted to go back to a COD world we could certainly try that.

如果沒有我們的產品，我們知道有多少企業將不復存在，如果人們想回到 COD 世界，我們當然可以嘗試。

So as we sit here and continue to improve security and to continue to build payments into peoples applications, all with a point of view of helping them grow, we're going to be making sure we think about looking at both sides of the equation, looking at what goes to the issuing side and the acquiring side, what is fair in terms of value received.

因此，當我們坐在這裡並繼續提高安全性並繼續將支付構建到人們的應用程序中時，所有這些都是為了幫助他們成長，我們將確保我們考慮查看等式的兩面，看看發行方和收購方的收益，就收到的價值而言，什麼是公平的。

And that could possibly evolve over time, but again it's the value equation on both sides.

這可能會隨著時間的推移而發展，但同樣是雙方的價值等式。

Next question, Charles?

下一個問題，查爾斯？

Our next question comes from Chris from Sandler O'Neill.

我們的下一個問題來自 Sandler O'Neill 的 Chris。

Your line is now open.

您的線路現已開通。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Byron, just wanted to explore one thing on your comment about the Chase business not appearing in the numbers in a material way.

拜倫，只是想探討一下您對大通業務的評論中沒有以實質性方式出現在數字中的一件事。

Just looking at the volume from credit that was 12% year on year, US credit, 12% year-on-year growth in the June quarter and you said, I think, 14% through July 21.

看看 6 月季度同比 12% 的信貸量、美國信貸量，同比增長 12%，你說，我認為到 7 月 21 日為 14%。

Does that reflect any of the Chase business or is there some other dynamic going on there?

這是否反映了大通的任何業務，還是那裡有其他一些動態？

It does, but as it relates to conversion, it's really not a material driver of those numbers.

確實如此，但由於它與轉換有關，它實際上並不是這些數字的重要驅動因素。

As the conversion picks up speed later in the year, we would expect to see -- we would expect to see more of an impact but currently, it's not material.

隨著今年晚些時候轉換速度加快，我們預計會看到 - 我們預計會看到更多影響，但目前，這並不重要。

At this point, Charles we have time for one last question.

在這一點上，Charles 我們有時間回答最後一個問題。

Our final question comes from Ken from Merrill Lynch.

我們的最後一個問題來自美林公司的 Ken。

Your line is now open.

您的線路現已開通。

Thanks, good evening.

謝謝，晚上好。

Thank you for all of the color you've given us on the issue around the cross-border.

感謝您在跨境問題上為我們提供的所有顏色。

I'm hoping you might entertain one more question.

我希望你能再提出一個問題。

You had pointed out last quarter that some of these quarters had witnessed slowing volume.

您在上個季度曾指出，其中一些季度的交易量正在放緩。

Obviously there's corridors kind of picked up and that's going to work out as it works out.

顯然，有一些走廊已經被拾起，這會隨著事情的發展而發揮作用。

On the actual foreign exchange volatility side, has this been something that has been, that volatility has been dampening over time and it just became much more acute in the most recent quarter?

在實際的外匯波動方面，這種波動是否已經隨著時間的推移而減弱，並且在最近一個季度變得更加嚴重？

If you look back, what would be kind of the right reference point to think about in terms of what normalized volatility would look like, if you would?

如果你回顧一下，如果你願意的話，什麼是正確的參考點來考慮標準化波動率的樣子？

Honestly we don't have very good explanation.

老實說，我們沒有很好的解釋。

When you look at the patterns of volatility, they are often event specific.

當您查看波動模式時，它們通常是特定於事件的。

During the period where Greece was rumored to be potentially exiting the Euro, there was quite a bit of volatility in the Euro and that cross referenced against quite a few currencies.

在傳聞希臘可能退出歐元期間，歐元出現了相當大的波動，並且與不少貨幣交叉引用。

We thought that we would see some volatility return during the week where a Malaysian airliner was shot down.

我們認為，在一架馬來西亞客機被擊落的那一周，我們會看到一些波動性回歸。

We had an event in Gaza and Portugal was in the news with regards to the civility of its participation in the Euro block.

我們在加沙舉辦了一場活動，葡萄牙在新聞中報導了它參與歐元區的禮貌。

And yet, those type of events which would have historically created volatility, didn't.

然而，那些在歷史上會造成波動的事件卻沒有。

The one common denominator that we've seen over the past several quarters is just an exceptionally strong dollar and our hypothesis is that, that may have something to do with it, but honestly we've done a lot of analysis and looked for a lot of correlations and just haven't been able to find one that offers much in the way of a respectable R-squared.

我們在過去幾個季度看到的一個共同點就是美元異常強勢，我們的假設是，這可能與它有關，但老實說，我們已經做了很多分析並尋找了很多的相關性，只是無法找到一個以可敬的 R 平方方式提供很多功能的相關性。

But as Byron said, what we saw recently are the lowest levels that we've ever in 15 years.

但正如拜倫所說，我們最近看到的是 15 年來的最低水平。

In years.

多年。

So you can defy gravity for awhile, but not forever.

所以你可以暫時對抗地心引力，但不能永遠。

In looking at 15 years worth of data, there are periods of calm that occur regularly during the course of a year and then again looking at that time line of data, these can reverse very, very quickly, often without notice.

在查看 15 年的數據時，會在一年中定期出現平靜的時期，然後再次查看該時間線的數據，這些可能會非常非常迅速地逆轉，通常不會引起注意。

So if past this prolong then it's just a matter of time before we hit an inflection point and it moves back to something more closer to the point.

因此，如果超過這個延長時間，那麼我們到達拐點並回到更接近拐點的地方只是時間問題。

And with that we would like to thank everybody for joining us today and if you have any other follow-up questions, feel free to call myself or Victoria.

因此，我們要感謝大家今天加入我們，如果您有任何其他後續問題，請隨時致電我自己或維多利亞。

Thank you.

謝謝你。

And that concludes today's conference.

今天的會議到此結束。

Thank you all for participating.

謝謝大家的參與。

You may disconnect at this time.

此時您可以斷開連接。

Thank you.

謝謝你。