Visa Inc (V) 2014 Q4 法說會逐字稿

Welcome to Visa Inc.'s fiscal quarter four earnings conference call.

歡迎參加 Visa Inc. 第四財季財報電話會議。

All participants are in a listen-only mode until the question-and-answer session of today's call.

在今天電話的問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

I would now like to turn the conference over to your host, Mr. Jack Carsky, Head of Global Investor Relations.

我現在想將會議轉交給您的主持人，全球投資者關係負責人 Jack Carsky 先生。

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, Charles.

謝謝，查爾斯。

Good after, everyone, and welcome to Visa Inc.'s fiscal fourth-quarter and full-year 2014 earnings conference call.

大家好，歡迎參加 Visa Inc. 的 2014 財年第四季度和全年財報電話會議。

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

今天和我們在一起的是 Visa 的 CEO Charlie Scharf； Visa 的首席財務官 Byron Pollitt。

This call is currently being webcast over the Internet.

該電話目前正在互聯網上進行網絡廣播。

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, as well.

在本次電話會議之前，我們的網站上還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 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 recently reports of Forms 10-K and Q, which you can find on the SEC's website and Investor Relations section of our website.

有關這些因素的更多信息，請參閱我們最近的 10-K 和 Q 表報告，您可以在 SEC 網站和我們網站的投資者關係部分找到這些信息。

For historical non-GAAP or pro-forma-related financial information disclosed in this call, the related GAAP measures and other information required by 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 措施和美國證券交易委員會 Reg G 要求的其他信息，可在今天的新聞稿隨附的財務和統計摘要中找到。

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

也可以通過我們網站的 IR 部分訪問新聞稿。

And with that I'll turn the call over to Brian.

有了這個，我會把電話轉給布賴恩。

Turn it over to who?

交給誰？

I can't believe I said that.

我不敢相信我這麼說。

Byron.

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, as you can see from our earnings press release, we reported the quarter on an adjusted basis, based on the litigation accrual we took in the wake of the $450-million escrow deposit we made in late September.

首先，正如您從我們的收益新聞稿中看到的那樣，我們根據我們在 9 月下旬存入 4.5 億美元託管押金後的訴訟應計費用，在調整後的基礎上報告了該季度。

As a reminder, this litigation provision is covered by a retrospective responsibility plan.

提醒一下，該訴訟條款包含在追溯責任計劃中。

The $450-million additional litigation accrual has been estimated off of recently completed settlements with selected opt-out merchants, representing approximately 3% of the total opt-out merchants based on sales volume, as well as the status of negotiations and discussions with other opt-out merchants.

4.5 億美元的額外訴訟費用估計來自最近完成的與選定退出商家的和解，根據銷量以及與其他選擇退出商家的談判和討論狀態，約佔退出商家總數的 3% - 外商。

Excluding this litigation accrual, we reported adjusted diluted earnings-per-share of $2.18.

不計此訴訟應計費用，我們報告調整後的稀釋後每股收益為 2.18 美元。

In addition, consistent with past practice, the Company's funding of the $450-million litigation escrow deposit had the same effect as the share repurchase.

此外，與以往的做法一致，公司為 4.5 億美元訴訟託管押金提供的資金與股票回購具有相同的效果。

As it reduced the class B share conversion ratio by an amount equivalent to buying back $2.1 million Class A equivalent shares at $215 per share.

因為它將 B 類股票轉換率降低了相當於以每股 215 美元回購 210 萬美元 A 類等值股票的金額。

As a result, at the end of the fiscal year, we had 618 million shares of Class A common stock outstanding on an as-converted basis.

因此，在本財年末，我們有 6.18 億股 A 類普通股在轉換後的基礎上流通。

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

在美國和國際上，我們繼續在兩位數的低位範圍內經歷穩健、穩定的美元支付量增長。

US credit continued to strongly perform, led in large part by Chase portfolio conversions.

美國信貸繼續表現強勁，這在很大程度上得益於大通投資組合的轉換。

That said, looking ahead to FY15, our near-term outlook remains cautious, given the modest pace of economic recovery, the geopolitical situation, Ebola, low currency volatility, and continued FX headwinds from a very strong US dollar.

儘管如此，鑑於經濟復甦步伐緩慢、地緣政治局勢、埃博拉病毒、貨幣波動性低以及美元非常強勁帶來的持續外匯逆風，展望 2015 財年，我們的近期前景仍然謹慎。

Turning to revenue, as expected and previewed on our call last quarter, revenue growth for the fiscal fourth quarter rebounded, growing 10% year over year on a constant-dollar basis, or 9% nominally, which reflects about 1.5 percentage points of FX headwind in the quarter.

談到收入，正如我們在上個季度電話會議上預期和預測的那樣，第四財季的收入增長反彈，按固定美元計算同比增長 10%，或名義上增長 9%，這反映了約 1.5 個百分點的外匯逆風在本季度。

For the full fiscal year, revenue growth was 10% on a constant-dollar basis, and 8% nominally, recognizing close to 2 percentage points of FX headwind for the entire fiscal year.

整個財年，按固定美元計算，收入增長 10%，名義增長 8%，確認了整個財年近 2 個百分點的外匯逆風。

A word on international transaction revenue, revenue growth for the quarter was 4% compared to 9% nominal growth in the cross-border payment volume.

關於國際交易收入，本季度收入增長 4%，而跨境支付量名義增長 9%。

The difference can be explained by the continuation of historically low currency volatility discussed last quarter.

這種差異可以通過上個季度討論的貨幣波動性持續處於歷史低位來解釋。

That said, we saw an uptick in volatility across a basket of currencies in September, which continued into October.

也就是說，我們看到 9 月份一籃子貨幣的波動性上升，並持續到 10 月份。

While we remain cautious in projecting this metric, results in September and October are encouraging.

雖然我們在預測這一指標時仍持謹慎態度，但 9 月和 10 月的結果令人鼓舞。

Client incentives for the fiscal fourth quarter came in at 19.2%, putting us right on target with our full-year guidance of around 17%.

第四財季的客戶激勵率為 19.2%，使我們的全年指導目標達到 17% 左右。

As we telegraphed on last-quarter's call, the elevated level of incentives was the result of key renewals in Canada and CEMEA, which completed in fiscal Q4.

正如我們在上一季度的電話會議上電報的那樣，激勵水平的提高是加拿大和 CEMEA 關鍵更新的結果，這些更新在第四財季完成。

I'll speak to FY15 in a moment.

我稍後會談到 FY15。

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

最後，一如既往，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, in Q4, we committed $1.2 billion to reduce the number of Class-A equivalent shares by $5.7 million at an average price of $213.

為此，在第四季度，我們承諾投入 12 億美元，以平均 213 美元的價格將 A 類等價股數量減少 570 萬美元。

This was accomplished through open-market purchases and as noted earlier, a deposit of $450 million in the Company's litigation escrow account.

這是通過公開市場購買完成的，如前所述，在公司的訴訟託管賬戶中存入 4.5 億美元。

Further, our Board approved in October a new $5-billion share repurchase authorization, that in combination with the $682 million remaining from the prior authorization, gives us $5.7 billion to deploy in the coming quarters.

此外，我們的董事會在 10 月批准了一項新的 50 億美元的股票回購授權，再加上先前授權中剩餘的 6.82 億美元，我們將在未來幾個季度部署 57 億美元。

We also recently announced a 20% increase in our quarterly dividend from $0.40 to $0.48 per share.

我們最近還宣布將季度股息從每股 0.40 美元提高 20% 至 0.48 美元。

This level of increase is consistent with our previously stated objective of a 20% payout of the previous fiscal year's net income, or in this case, adjusted net income.

這一增長水平與我們之前提出的將上一財年淨收入（或在本例中為調整後淨收入）支付 20% 的目標相一致。

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。

Global payment volume growth for the September quarter in constant-dollars was 11%, slightly down from the June quarter.

按固定美元計算，9 月季度全球支付量增長 11%，略低於 6 月季度。

The US grew 10% and international grew 13%.

美國增長 10%，國際增長 13%。

Drilling down further, for the September quarter, US credit was 13%, slightly higher than the 12% in Q3, in part due to Chase conversion activity.

進一步深入分析，9 月季度的美國信貸為 13%，略高於第三季度的 12%，部分原因是大通的轉換活動。

Through October 21, US credit improved to 15% growth.

截至 10 月 21 日，美國信貸增速提高至 15%。

US debit was 7% in Q4, a 1 percentage point down shift compared to Q3.

第四季度美國借方為 7%，與第三季度相比下降了 1 個百分點。

Through October 21, US debit is back up at 8% growth.

到 10 月 21 日，美國借方以 8% 的速度增長。

Taken together, US payment volume growth through October 21 was 11%, up 1 percentage point from the Q4 level.

綜合來看，截至 10 月 21 日，美國的支付量增長了 11%，比第四季度的水平提高了 1 個百分點。

Global cross-border volume delivered a 10% constant-dollar growth rate in the September quarter, up nicely from 7% in the June quarter.

全球跨境交易量在 9 月季度實現了 10% 的固定美元增長率，遠高於 6 月季度的 7%。

The increase was attributable to stronger activity across a broader set of travel corridors, with some effect from the timing of Ramadan.

這一增長歸因於更廣泛的旅行走廊的活動更加活躍，其中一些影響來自齋月的時間。

Notably there was a nice pickup in travel to the EU from the Middle East, China, and Australia; the US grew at 7% and international grew at 11%.

值得注意的是，從中東、中國和澳大利亞前往歐盟的旅行出現了不錯的增長。美國增長 7%，國際增長 11%。

Through October 21, cross-border volume on a constant-dollar basis held steady at 10% growth, with US growth at 6%, and international registering 11% growth.

截至 10 月 21 日，按固定美元計算的跨境交易量穩定增長 10%，美國增長 6%，國際增長 11%。

Underperforming travel corridors include several countries in Latin America, along with Russia and Ukraine.

表現不佳的旅遊走廊包括拉丁美洲的幾個國家，以及俄羅斯和烏克蘭。

Transactions processed over Visa's network totaled $16.9 billion in the fiscal fourth quarter, a 9% increase over the prior year.

第四財季通過 Visa 網絡處理的交易總額為 169 億美元，比去年同期增長 9%。

The US grew 8%, while international delivered 14% growth.

美國增長 8%，而國際增長 14%。

Through October 21, processed transaction growth improved to an 11% growth rate, up 2 percentage points.

截至 10 月 21 日，已處理交易的增長率提高到 11%，提高了 2 個百分點。

The US grew 9%, while international grew 15%.

美國增長 9%，而國際增長 15%。

Now, turning to the income statement, net operating revenue in the quarter was $3.22 billion, a 9% increase year over year, driven primarily by growth in service and data processing globally, and as mentioned earlier, negatively impacted by about 1.5 percentage points of foreign currency headwind.

現在，轉向損益表，該季度的淨營業收入為 32.2 億美元，同比增長 9%，主要受全球服務和數據處理增長的推動，如前所述，受到約 1.5 個百分點的負面影響外匯逆風。

For the full fiscal year, net operating revenue was 8% over the prior year, or growth of 10% on a constant-currency basis.

整個財年，淨營業收入比上年增長 8%，按固定匯率計算增長 10%。

Moving to the individual line items for the fiscal fourth quarter, service revenue was $1.5 billion, up 8% over the prior year, and was driven by moderating global payment volume growth.

轉向第四財季的單個項目，服務收入為 15 億美元，比上年增長 8%，這受到全球支付量增長放緩的推動。

Data processing revenue was $1.3 billion, up 14% 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，比去年同期增長 14%，這得益於 Visa 在美國和國際上處理交易的穩健增長率。

The delta between the quarter's 9% processed transaction growth and the 14% revenue growth was largely due to higher year-over-year growth in US debit fees implemented in 2012.

本季度 9% 的已處理交易增長與 14% 的收入增長之間的差值主要是由於 2012 年實施的美國借記卡費用同比增長較高。

Of the delta, approximately one-quarter was due to lapping a one-time refund of an overpayment in Q4 of the prior year.

在增量中，大約四分之一是由於一次性退還上一年第四季度的多付款項。

The balance is ongoing, as this fee structure stabilizes after having been implemented two years ago.

餘額仍在繼續，因為這種收費結構在兩年前實施後趨於穩定。

As highlighted earlier, international transaction revenue was up 4% to $938 million, versus 10% constant-dollar cross-border volume growth over the prior-year period, as a result of a broad range of currencies experiencing volatility well below the 10-year medium, 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 4% 至 9.38 億美元，而去年同期按固定美元計算的跨境交易量增長 10%，原因是多種貨幣的波動性遠低於 10 年中等，與去年同期波動率接近歷史高位形成鮮明對比。

We are hopeful for a return to a more normalized volatility pattern in the coming quarters.

我們希望在未來幾個季度恢復到更加正常的波動模式。

Turning to other revenue, it showed a slight uptick in the quarter, reflecting a true-up of the Visa Europe licensing fee, some of which was catch up.

談到其他收入，它在本季度略有上升，反映了 Visa Europe 許可費的真實性，其中一些已經趕上。

Initially, the licensing fee was $142.5 million annually.

最初，許可費為每年 1.425 億美元。

The annual rate for FY15 will be around $148 million.

2015 財年的年利率約為 1.48 億美元。

Excluding the litigation provision, total operating expenses for the quarter were $1.2 billion, flat from the prior year.

不計訴訟準備金，本季度總運營費用為 12 億美元，與上年持平。

For the full fiscal year, adjusted operating expenses were also flat to FY13.

在整個財年，調整後的運營費用也與 FY13 持平。

Adjusted operating margin was 62% for the fourth quarter, and 64% for the full fiscal year, both in line with our guidance of low to mid-60s.

第四季度調整後的營業利潤率為 62%，整個財年為 64%，均符合我們對 60 年代中期至 60 年代中期的指導。

Capital expenditures were $227 million in the quarter and $553 million for the full fiscal year.

本季度資本支出為 2.27 億美元，整個財年為 5.53 億美元。

The weighted average number of fully diluted shares outstanding for the quarter totaled $623 million and $631 million for the full fiscal year.

本季度完全攤薄後流通股的加權平均數為 6.23 億美元，整個財年為 6.31 億美元。

Before I speak to specific items of guidance, let me provide some early perspective on how we see the timeline of fiscal full year 2015 playing out.

在我談到具體的指導項目之前，讓我提供一些關於我們如何看待 2015 財年全年時間表的早期觀點。

We approach 2015 bullish on the long term, given the underlying strength in payment volumes and process transactions, and cautious in the short term.

鑑於支付量和處理交易的潛在優勢，我們接近 2015 年長期看漲，短期內持謹慎態度。

Here's 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 volumes are rebounding, as we reported 10% growth in the quarter, but this is still below the low double-digit levels we experienced at this point last year.

跨境交易量正在反彈，因為我們報告本季度增長了 10%，但這仍低於我們去年此時所經歷的低兩位數水平。

And so we remain appropriately conservative in positioning this metric.

所以我們在定位這個指標時保持適當的保守。

As perspective, we know that these growth rates can recover without notice, and that the notable declines in Latin American growth rates lap in January of 2015, and the market declines 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恢復，而拉丁美洲增長率的顯著下降將在 2015 年 1 月結束，與俄羅斯-烏克蘭危機相關的市場下滑將在 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，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, as I said earlier, while we have seen a bounce in September and October, we are not sure how sustainable this is.

至於貨幣波動，正如我之前所說，雖然我們在 9 月和 10 月看到了反彈，但我們不確定這是否可持續。

Turning to a different subject, we will be taking selected pricing actions commencing in April of 2015 on certain US acquirer fees, which will result in higher revenue growth in the second half of our fiscal year.

轉向不同的主題，我們將從 2015 年 4 月開始對某些美國收購方費用採取選定的定價行動，這將導致我們財政年度下半年的收入增長更高。

Given that we have not taken actions in this area in four years, we believe the length of time and the substantial value these cross-border transactions bring to merchants make a modest adjustment appropriate.

鑑於我們已經四年沒有在這方面採取行動，我們認為這些跨境交易給商戶帶來的時間長度和巨大價值做出適度調整是適當的。

In addition, based on recently completed significant client renewals that Charlie will speak to in a moment, as well as the successful growth in client payment volumes for both issuers and merchants, we will see higher levels of client incentives as measured by percent of gross revenues, with the highest percentage levels expected in the first half of the year.

此外，根據最近完成的重大客戶續約，查理將在稍後談到，以及發行人和商家的客戶支付量的成功增長，我們將看到更高水平的客戶激勵，以總收入的百分比衡量，預計在今年上半年的百分比水平最高。

In dollar terms, quarterly incentives in FY15 should be more indicative of the $700-million plus level seen in fiscal Q4.

以美元計算，2015 財年的季度激勵措施應該更能反映第四財季超過 7 億美元的水平。

Finally, consistent with past practice, we expect to deploy our excess cash flow in 2015 to service our recently increased dividend and to continue 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最近增加的股息並繼續回購我們的股票。

To sum up, in terms of guidance for FY15, we are contemplating constant-dollar revenue growth of low double digits, with 2 percentage points of negative foreign currency impact.

綜上所述，在 2015 財年的指引方面，我們正在考慮保持低兩位數的美元收入增長，以及 2 個百分點的負面外匯影響。

Absent any catalysts, we see our constant-currency growth today at the very low end of the double-digit range.

在沒有任何催化劑的情況下，我們今天看到我們的恆定貨幣增長處於兩位數範圍的極低端。

As previously stated, our guidance contemplates several pricing actions to be effective at the beginning of fiscal Q3.

如前所述，我們的指導考慮了在第三財季開始時有效的幾項定價行動。

This means our year-over-year revenue growth rates are expected to be double-digit in the second half and in the mid-single digit range in the first two quarters, as we lap low levels in incentives in the prior year.

這意味著我們的收入同比增長率預計將在下半年達到兩位數，在前兩個季度處於中個位數範圍內，因為我們在上一年的激勵措施水平較低。

Turning to client incentives, as a percentage of gross revenues, we expect it to be in a range of 17.5% to 18.5%.

談到客戶激勵，作為總收入的百分比，我們預計它將在 17.5% 至 18.5% 的範圍內。

Operating margin in the mid-60%s.

營業利潤率在 60% 左右。

Full-year tax rate in the low 30%s.

全年稅率低至 30%s。

On tax, as a reminder, when viewed quarterly on a year-over-year basis, the tax rate in Q2 of FY14 was significantly reduced due to a tax benefit recognized under IRS code Section 199 that included prior years, along with an ongoing benefit.

在稅收方面，提醒一下，當按季度按年查看時，2014 財年第二季度的稅率顯著降低，原因是根據 IRS 代碼第 199 條確認的稅收優惠（包括前幾年）以及持續的優惠.

Turning to earnings per share, on an adjusted basis, mid-teen growth and annual free cash flow in excess of $6 billion.

轉向調整後的每股收益，中期增長和超過 60 億美元的年度自由現金流。

Lastly, and before I hand the call over to Charlie, I wanted to address the topic of cross-border growth.

最後，在我將電話交給查理之前，我想談談跨境增長的話題。

In my conversations with analysts and investors, there have been a number of questions raised regarding our cross-border volume growth rates.

在我與分析師和投資者的對話中，有人提出了許多關於我們的跨境交易量增長率的問題。

In that light, on a one-time basis, we thought it would be useful to provide some incremental perspective, which we have included on page 3 of the appendix of our PowerPoint presentation.

有鑑於此，我們認為一次性提供一些增量視角會很有用，我們已將其包含在 PowerPoint 演示文稿附錄的第 3 頁中。

During our earnings report out each quarter, Visa includes in its operational performance package, it's cross-border volume growth rates on both a nominal and constant basis, excluding Europe.

在我們每個季度的收益報告中，Visa 在其運營績效包中包括了名義和恆定基礎上的跨境交易量增長率，不包括歐洲。

The first two columns show what we have historically reported in the operational performance data pack.

前兩列顯示了我們歷史上在運營績效數據包中報告的內容。

The third column is new and represents a global view of Visa, including Europe on a nominal basis to facilitate competitive comparisons across a common geographic footprint.

第三列是新的，代表了 Visa 的全球視圖，包括名義上的歐洲，以便在共同的地理足跡上進行競爭比較。

The next two columns also include Visa Europe, and present cross-border growth rates, recognizing there are at least two different methods for calculating those growth rates, which can have very different outcomes.

接下來的兩列還包括 Visa Europe，並顯示了跨境增長率，承認至少有兩種不同的方法可以計算這些增長率，這可能會產生非常不同的結果。

When Visa historically measures and reports cross-border growth and constant currency, it uses the year-over-year change in exchange rates for the country currency in which the merchant transaction took place.

當 Visa 歷來衡量和報告跨境增長和固定貨幣時，它會使用發生商戶交易的國家/地區貨幣的匯率同比變化。

Those growth rates are presented in the fourth column, labeled Merchant Current Country.

這些增長率顯示在第四列，標記為 Merchant Current Country。

Alternatively, one could also calculate cross-border growth rates using the currency representing the country in which the issuer resides.

或者，也可以使用代表發行人所在國家的貨幣來計算跨境增長率。

Those cross-border growth rates are presented in the fifth column labeled Issuing Country.

這些跨境增長率顯示在標有發行國家的第五列中。

Of course, other factors can also impact growth rates, such as relative portfolio exposure to different countries and their currencies, the method for selecting FX rates and translating back to the US dollar, and share shifts.

當然，其他因素也會影響增長率，例如投資組合對不同國家及其貨幣的相對敞口、選擇外匯匯率和折算回美元的方法，以及份額變化。

But those are much harder to isolate and quantify.

但這些更難分離和量化。

Recognizing the complexity of this topic, in addition to the one-time slide, we have provided an illustrative example of a cross-border transaction and the effect it can have on growth rates, depending on the underlying methodology employed.

認識到這一主題的複雜性，除了一次性幻燈片之外，我們還提供了一個跨境交易的說明性示例及其對增長率的影響，具體取決於所採用的基本方法。

You will be able to find it on our IR website, located with the other earnings-related materials, and that will be posted at the immediate conclusion of this call.

您可以在我們的 IR 網站上找到它，該網站與其他與收益相關的材料一起出現，並將在本次電話會議結束後立即發布。

We will then be available for follow-up conversations if you would like further explanation.

如果您需要進一步的解釋，我們將可以進行後續對話。

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

有了這個，我會把電話轉給查理。

Thank you very much, Byron, and good afternoon, everyone.

非常感謝拜倫，大家下午好。

First, I thought I'd start with just a couple of brief thoughts on the our fiscal fourth quarter.

首先，我想我會從對我們第四財季的一些簡短想法開始。

As Byron went through, our performance came in pretty much as we would have expected.

正如拜倫所經歷的那樣，我們的表現幾乎符合我們的預期。

Adjusted earnings per share growth this quarter of 17% and 19% for the full year.

本季度調整後每股收益增長17%，全年增長19%。

As we think about it, it's actually gratifying, given the continued subdued economic environment globally and the volatile geopolitical environment, which do affect our business.

考慮到全球持續低迷的經濟環境和動蕩的地緣政治環境，這確實令人欣慰，這確實影響了我們的業務。

It says a great deal about the business itself and the Company that we're lucky to be able to be a part of here.

它充分說明了業務本身和公司，我們很幸運能夠成為這裡的一員。

Revenue growth continued to be constrained by the strong dollar, the low currency volatility compared with historical norms, and cross-border growth below historical levels.

收入增長繼續受到強勢美元、與歷史標準相比貨幣波動性較低以及跨境增長低於歷史水平的限制。

As Byron mentioned, we believe that these items that have constrained our revenue growth are cyclical and can change very quickly.

正如拜倫所說，我們認為限制我們收入增長的這些項目是周期性的，並且可以很快改變。

More importantly, we really spend most of our time looking at the underlying fundamentals of the business, and they continue to perform very well.

更重要的是，我們確實將大部分時間都花在了研究業務的基本面上，並且它們繼續表現良好。

In constant dollars our double-digit payment volume growth with particular strength in the US, in addition to double-digit cross-border payment growth.

除了兩位數的跨境支付增長外，我們在美國的兩位數支付量增長尤其強勁。

Process transaction growth was strong as well, and as Byron mentioned, these trends improved slightly in October through the 21st.

流程交易增長也很強勁，正如拜倫所說，這些趨勢在 10 月到 21 日略有改善。

Beyond our data through the 21st, our ability to see the future is the same as yours, but we're cautious about the global growth as we plan for next year.

除了我們截至 21 日的數據之外，我們對未來的展望能力與您相同，但我們對明年的全球增長持謹慎態度。

Just a couple of comments about capital now.

現在只是一些關於資本的評論。

We've been very consistent as a Company in how we think about capital allocation.

作為一家公司，我們在考慮資本配置方面一直非常一致。

We continue to believe the highest and the best use of our excess capital to is to reinvest it, both organically and through acquisitions to further our growth.

我們仍然相信，我們多餘資本的最高和最佳用途是對其進行再投資，無論是有機地還是通過收購來促進我們的增長。

After that, we believe in growing our dividend as our earnings grow and maintaining a payout ratio of about 20% of our trailing earnings, and we will opportunistically return the rest of our excess capital through share repurchases.

在那之後，我們相信隨著我們收益的增長，我們的股息會增加，並保持我們追踪收益的 20% 左右的派息率，我們將通過股票回購機會性地返還剩餘的多餘資本。

In 2014, we did all of these things, investing both organically in the business, outside investments.

2014 年，我們做了所有這些事情，既有機地投資於業務，也投資於外部投資。

As Byron mentioned, we effectively bought back $4.6 billion of our stock during the year.

正如拜倫所說，我們在這一年實際上回購了 46 億美元的股票。

And as we look forward, we remain committed to continuing our practices.

展望未來，我們將繼續致力於繼續我們的實踐。

Last week, our Board approved a 20%-dividend increase from $0.40 to $0.48 a share per quarter, and they also approved a new $5-billion share repurchase program, in addition to the roughly $680 million remaining from the prior authorization.

上週，我們的董事會批准了將股息從每季度 0.40 美元提高到 0.48 美元的 20%，他們還批准了一項新的 50 億美元的股票回購計劃，此外還有大約 6.8 億美元的先前授權。

Given the opportunities in the payment space, we will continue to look for and prioritize growth opportunities, but our Board's actions should give you an indication of how we feel about our opportunities to grow in the future.

鑑於支付領域的機會，我們將繼續尋找並優先考慮增長機會，但我們董事會的行動應該讓您了解我們對未來增長機會的看法。

Let me talk for a second about Russia.

讓我談談俄羅斯。

Russia continues to move towards its goal of controlling domestic processing.

俄羅斯繼續朝著控制國內加工的目標邁進。

Last Tuesday, President Putin signed modifications to the national payment system law, which positions the Russian Central Bank-owned national payment card system as the preferred domestic payment processor.

上週二，普京總統簽署了對國家支付系統法的修改，該法將俄羅斯中央銀行擁有的國家支付卡系統定位為首選的國內支付處理器。

The law delayed the implementation of the guaranteed deposit from the end of October 2014 to March 31, 2015 to allow for an appropriate transition.

該法將保證存款的實施時間從 2014 年 10 月下旬推遲到 2015 年 3 月 31 日，以便進行適當的過渡。

And when the national payment card system is utilized, there is no guaranteed deposit requirement.

而當使用國家支付卡系統時，沒有保證金要求。

We're working closely with the government and our clients to ensure a smooth transition.

我們正在與政府和我們的客戶密切合作，以確保順利過渡。

We continue to expect to lose a portion of our domestic processing revenues in FY15 of about $50 million.

我們繼續預計 2015 財年將損失部分國內加工收入，約為 5,000 萬美元。

This is likely to grow up to about $70 million on a full-year basis when fully implemented.

全面實施後，全年可能會增長到約 7000 萬美元。

We continue to believe we'll play an important role in Russia.

我們仍然相信我們將在俄羅斯發揮重要作用。

Once this transition occurs and our baseline is reset, we will continue to focus on helping our clients grow both domestically and internationally.

一旦發生這種轉變並且我們的基線被重置，我們將繼續專注於幫助我們的客戶在國內和國際上發展。

And with that, I will talk for a second about our client franchise and just talk about some of our most significant markets, especially some of the things which do create lumpiness in our incentives as we look forward into 2015.

有了這個，我將談一談我們的客戶特許經營權，並談談我們一些最重要的市場，尤其是在我們展望 2015 年時確實會在我們的激勵措施中造成不穩定的一些事情。

First, let me start with Russia.

首先，讓我從俄羅斯開始。

We continue to work with our clients to support their businesses.

我們將繼續與客戶合作以支持他們的業務。

We recently signed multi-year agreements with several Russian banks, including SPURT Bank, by far the largest issuing bank in Russia.

我們最近與幾家俄羅斯銀行簽署了多年協議，其中包括迄今為止俄羅斯最大的發行銀行 SPURT 銀行。

In the United States, we continue to have great success.

在美國，我們繼續取得巨大成功。

We renewed a multi-year credit and debit agreement with the Bank of America, our second largest client globally.

我們與全球第二大客戶美國銀行續簽了一項多年期貸記和借記協議。

To put this into perspective, if BofA were a country, it would be one of the largest in the world for Visa.

從這個角度來看，如果美國銀行是一個國家，它將是世界上最大的 Visa 國家之一。

Our agreement provides the opportunity to grow our share from our prior agreement, and we're thrilled with the relationship we have with the Bank America.

我們的協議提供了從之前的協議中增加我們份額的機會，我們對我們與美國銀行的關係感到興奮。

And remember when we signed our ten-year agreement with JPMorgan Chase, they agreed to move the majority of their non-Visa volume to Visa.

請記住，當我們與摩根大通簽署為期十年的協議時，他們同意將大部分非 Visa 業務轉移到 Visa。

These conversions have begun and are going extremely well.

這些轉換已經開始並且進展順利。

Per Nielsen, total expected volume to convert has been estimated at over $40 billion.

根據 Nielsen，預計轉換的總交易量估計超過 400 億美元。

It's a bit less than 10 million cards overall, and the conversions are expected to be completed by February 2015.

總的卡片數量略少於 1000 萬張，轉換預計將在 2015 年 2 月完成。

In the US credit market, we continue to gain share, and remember, this is the largest driver of our profit in the world.

在美國信貸市場，我們繼續獲得份額，請記住，這是我們在世界上最大的利潤驅動力。

Canada is one of our other large countries.

加拿大是我們其他大國之一。

Over the past two years, we've signed long-term contracts with issuers and partners, representing over 85% of our business, including Scotia, CIBC, RBC, TD, and Aeroplan.

在過去的兩年裡，我們與發行人和合作夥伴簽訂了長期合同，占我們業務的 85% 以上，包括 Scotia、CIBC、RBC、TD 和 Aeroplan。

Visa's Canadian issuers have invested heavily in new rewards programs for Canadian consumers, driving very strong growth, and we benefit from these great partnership that we have.

Visa 的加拿大發行人已在針對加拿大消費者的新獎勵計劃上進行了大量投資，推動了強勁的增長，我們從這些良好的合作夥伴關係中受益。

Brazil is a complicated market for us, given the elections and the recently implemented cross-border taxes, but we continue to grow our relationships there as well.

鑑於選舉和最近實施的跨境稅收，巴西對我們來說是一個複雜的市場，但我們也繼續在那裡發展我們的關係。

We renewed a multi-year credit and debit and commercial agreement with [Kasha], the fifth largest issuer, and we renewed a multi-year credit, debit, and prepaid agreement with Banco de Brasil, our largest issuer in Brazil and the Latin American region.

我們與第五大發行人 [Kasha] 續簽了一項多年期貸記、借記和商業協議，並與我們在巴西和拉丁美洲最大的發行人巴西銀行續簽了一項多年期貸記、借記和預付協議地區。

Just a second on co-brands, which seem to be getting a lot of press these days.

再談一下聯合品牌，這幾天似乎受到了很多媒體的關注。

First, just as a reminder, we think we have the best and we have the largest co-brand platform in the world, with 7 of the top 10 programs exclusively Visa and great partners outside of the US as well.

首先，提醒一下，我們認為我們擁有世界上最好的和最大的聯合品牌平台，前 10 名項目中有 7 個專門為 Visa 和美國以外的優秀合作夥伴。

This quarter, we renewed a multi-year credit agreement with The Gap.

本季度，我們與 The Gap 續簽了一項多年期信貸協議。

We'll continue to be the payment brand and network for The Gap, Banana Republic, and Old Navy co-brand cards, and our partnership with Gap extends beyond the retail-store environment.

我們將繼續成為 The Gap、Banana Republic 和 Old Navy 聯名卡的支付品牌和網絡，我們與 Gap 的合作夥伴關係超越了零售店環境。

Websites for the Gap and its family brands are now offering Visa Checkout as an online payment service.

Gap 及其家族品牌的網站現在提供 Visa Checkout 作為在線支付服務。

In addition to the deals that we've announced today, we've agreed to terms to move a significant consumer credit co-brand from a competitor to Visa.

除了我們今天宣布的交易外，我們還同意將重要的消費信貸聯合品牌從競爭對手轉移到 Visa 的條款。

We look forward to sharing more about this as cardholder plans take shape.

隨著持卡人計劃的形成，我們期待更多地分享這方面的信息。

And we've talked a bunch about bringing new capabilities to market for merchants, and in addition to what we are doing in Visa Checkout, we are continuing to start to roll-out products for the merchants.

我們已經討論了很多關於為商家帶來新功能的市場，除了我們在 Visa Checkout 中所做的事情之外，我們還將繼續開始為商家推出產品。

Last quarter, we forged a proprietary relationship with TrialPay and had a small team from TrialPay join Visa to lead the development of a new product platform designed to help our merchants acquire more customers and sales opportunities.

上個季度，我們與 TrialPay 建立了專有關係，並讓 TrialPay 的一個小團隊加入 Visa，領導新產品平台的開發，旨在幫助我們的商家獲得更多客戶和銷售機會。

TrialPay is one of the leaders in presenting consumers relevant merchant offers during a transaction, and we're using their technology and experience, together with all of the capabilities that exist at Visa, to build a platform that will drive millions of new customers to our merchant clients.

TrialPay 是在交易過程中向消費者展示相關商戶優惠的領導者之一，我們正在利用他們的技術和經驗，以及 Visa 現有的所有功能，構建一個平台，將數百萬新客戶吸引到我們的商戶客戶。

You'll be hearing more about this in the coming months.

在接下來的幾個月中，您將聽到更多關於此的信息。

We rolled out a new product called Visa Transaction Advisors in August.

我們在 8 月推出了一款名為 Visa Transaction Advisors 的新產品。

It's a new solution which helps US-fueled retailers prevent credit and debit fraud at the pump.

這是一種新的解決方案，可幫助美國推動的零售商在加油時防止信用和借記欺詐。

This service enables merchants to use realtime authorization risk scores to identify transactions that can involve lost, stolen, or counterfeit cards.

該服務使商家能夠使用實時授權風險評分來識別可能涉及丟失、被盜或偽造卡的交易。

More than 65 million transactions per month are being reviewed by the service at 25,000 locations across the US.

該服務每月在美國 25,000 個地點審查超過 6500 萬筆交易。

Some merchants have seen a 23% reduction in fraud at participating locations.

一些商家發現參與地點的欺詐行為減少了 23%。

Merchants using the service include top US brands such as Shell and Chevron.

使用該服務的商家包括殼牌和雪佛龍等美國頂級品牌。

These are just the beginning of our focus on directing our capabilities towards merchants.

這些只是我們專注於將我們的能力導向商家的開始。

To say a few words about payment security and US chip cards, at this point, most people understand most of the benefits that we get from moving from magstripe towards chip-enabled cards, but there are also some important un-appreciated benefits, just one I want to highlight.

說幾句支付安全和美國芯片卡，在這一點上，大多數人都了解我們從磁條卡轉向芯片卡所獲得的大部分好處，但也有一些重要的未被重視的好處，只有一個我想強調一下。

The approval rates, and again, this is in the US, of chip cards versus magstripe are 97.9% for chip cards, versus 92% for magstripe on cross-border and 99.2% for chip cards versus 98.4% in domestic transactions.

在美國，芯片卡與磁條卡的批准率分別為 97.9%、跨境磁條卡為 92%、芯片卡為 99.2%、國內交易為 98.4%。

Today only 3.6 million terminals at 55,000 locations accept chip cards.

如今，只有 55,000 個地點的 360 萬個終端接受芯片卡。

19.8 million Visa cards are in circulation, up from 56% -- up 56% from 12.7 million, but still a very small number relative to the total cards that are outstanding.

流通中的 Visa 卡有 1980 萬張，高於 56% - 高於 1270 萬張的 56%，但相對於已發行卡的總數而言，這一數字仍然非常小。

Having said that, we assume most people have read issuers, acquirers, and merchants are working diligently to increase these numbers dramatically.

話雖如此，我們假設大多數人已經閱讀過發行人、收單機構和商家正在努力工作以大幅增加這些數字。

The Payment Security Task Force that we participate on with a series of other people in the industry put out a press release that said that acquirers representing 80% of US purchase volume estimate that at least 40% of US merchant terminals will be chip-enabled by the end of 2015.

我們與許多業內人士共同參與的支付安全工作組發布了一份新聞稿，稱占美國購買量 80% 的收單機構估計至少 40% 的美國商戶終端將支持芯片2015 年底。

The group also reported that nine of the country's largest payment issuers estimated that they would issue more than 575 million chip-enabled cards by the end of 2015.

該組織還報告說，該國最大的九家支付發行商估計，到 2015 年底，它們將發行超過 5.75 億張芯片卡。

There are also estimates that over 90% of cards will be chip-enabled by the end of 2017.

還有估計，到 2017 年底，超過 90% 的卡將支持芯片。

Turn for a second and just talk about our digital efforts, which are a huge focus for us inside the Company.

稍等片刻，談談我們的數字化工作，這是我們在公司內部的一個巨大關注點。

This quarter, you've started to see some tangible progress, as we have begun to introduce new digital solutions into the marketplace.

本季度，隨著我們開始將新的數字解決方案引入市場，您已經開始看到一些切實的進展。

First, a reminder that online purchase transactions for us are 19% of our business today.

首先，提醒一下我們今天的在線購買交易占我們業務的 19%。

And also that in the US, online tablet and mobile purchases are growing at high double-digit to triple-digit rates versus a face-to-face rate of single digits.

此外，在美國，在線平板電腦和移動設備購買量正以兩位數到三位數的高速度增長，而面對面的購買速度僅為個位數。

We are aggressively pursuing this market with the expectation of growing our share.

我們正在積極進軍這個市場，期望擴大我們的份額。

You've seen several things to support this: Visa Checkout, Visa Token Services, Visa Digital Services, and Apple Pay.

您已經看到了支持這一點的幾件事：Visa Checkout、Visa 令牌服務、Visa 數字服務和 Apple Pay。

First, let me talk about Visa Checkout.

首先，讓我談談Visa Checkout。

Remember, this is our solution which enables you to pay online in a very simple, secure way with a username and password.

請記住，這是我們的解決方案，可讓您使用用戶名和密碼以非常簡單、安全的方式在線支付。

It's easy and secure for consumers, and it's a terrific solution for merchants.

這對消費者來說既簡單又安全，對商家來說是一個了不起的解決方案。

It's easy to integrate, and it's been proven that it increases the checkout flow rate for merchants.

它易於集成，並且已被證明可以提高商家的結賬流量。

We continue to make great progress.

我們繼續取得巨大進步。

We've passed 1.9 million registered users, over 200 financial institutions are partnering with us to roll this out to their clients, and merchant reaction has been terrific.

我們的註冊用戶已超過 190 萬，超過 200 家金融機構正在與我們合作向他們的客戶推出這項服務，商家的反應非常好。

Merchants live today include Neiman Marcus, Pizza Hut, Staples, 1-800-Flowers, Ticketmaster, Live Nation, Lululemon, Petco and PopSugar.

今天的商家包括 Neiman Marcus、必勝客、Staples、1-800-Flowers、Ticketmaster、Live Nation、Lululemon、Petco 和 PopSugar。

Other new merchants who are live include The Gap and it's brands, Tory Burch, Gymboree, Crutchfield, and Orbitz.

其他上線的新商家包括 The Gap 及其旗下品牌 Tory Burch、Gymboree、Crutchfield 和 Orbitz。

And more who have signed but have not yet gone live include United, Virgin America, and American Apparel.

更多已簽約但尚未上線的公司包括 United、Virgin America 和 American Apparel。

Hopefully, many of you have seen the advertising, both in traditional media as well as digital and social, with great partners such as Pizza Hut, Neiman Marcus, Newegg, and Staples.

希望你們中的許多人在傳統媒體以及數字和社交媒體上都看到過廣告，這些廣告與必勝客、Neiman Marcus、Newegg 和 Staples 等偉大的合作夥伴一起。

We intend to win, and the love the fact that we're partnering with merchants to drive Visa Checkout as a preferred solution in online commerce.

我們打算贏，並且喜歡我們與商家合作推動 Visa Checkout 成為在線商務的首選解決方案這一事實。

To increase our reach and scale, we also integrated two partners, 3Dcart and ProPay, that provide access to a combined total of over 100,000 merchants.

為了擴大我們的影響力和規模，我們還整合了兩個合作夥伴 3Dcart 和 ProPay，它們提供了對超過 100,000 家商戶的訪問權限。

In addition, our merchant-acquired partners such as First Aid and [tesis] are integrating Visa Checkout for both their core platform and subsidiaries.

此外，First Aid 和 [tesis] 等商家收購的合作夥伴正在為其核心平台和子公司集成 Visa Checkout。

As we evaluate our progress, we're focused on addressable online volume, not the number of merchants, and are very happy with our progress.

在評估我們的進展時，我們關注的是可尋址的在線數量，而不是商家的數量，並且對我們的進展非常滿意。

To date, over $333 billion in live-addressable volume accepts Visa Checkout; another $30 billion has been signed; and we're very confident that these numbers will be much larger as we get to the end of 2015.

迄今為止，超過 3330 億美元的實時可尋址交易量接受 Visa Checkout；又簽署了 300 億美元；我們非常有信心，到 2015 年底，這些數字會更大。

In early September, we announced launch of Visa Token Services.

9 月初，我們宣布推出 Visa 令牌服務。

We've talked about this a bunch, so I won't dwell on it, but it enables all Visa clients to offer their cardholders a secure and easy way to pay for mobile and online transactions.

我們已經討論了很多，所以我不會詳述它，但它使所有 Visa 客戶能夠為他們的持卡人提供一種安全且簡單的方式來支付移動和在線交易。

As well as it enables new forms of payment, which are more secure than exist today.

它還支持新的支付方式，這些方式比現在更安全。

Apple Pay is the first use case in the market, but many more will follow.

Apple Pay 是市場上的第一個用例，但後續還會有更多。

More broadly, we're excited about Apple Pay, but for us as we think about what's going to be coming into the marketplace, it's only the beginning.

更廣泛地說，我們對 Apple Pay 感到興奮，但對我們來說，當我們考慮將要進入市場的東西時，這僅僅是個開始。

We expect a proliferation of exciting mobile and digital solutions leveraging our new capabilities.

我們期望利用我們的新功能，湧現出令人興奮的移動和數字解決方案。

In October we launched our sandbox development and testing environment for Visa Digital Services, as well as updated our SDKs that will enable issuers to begin embedding and new forms of contactless payments in their Android applications.

10 月，我們為 Visa 數字服務推出了沙盒開發和測試環境，並更新了我們的 SDK，使發卡行能夠開始在其 Android 應用程序中嵌入新形式的非接觸式支付。

Eventually, merchants and approved third parties will be able to harness the safety and security of Visa payments to create new proximity payment experiences for their users.

最終，商家和經批准的第三方將能夠利用 Visa 支付的安全性，為其用戶創造新的近距離支付體驗。

These services will be commercially available in the US in January of 2015.

這些服務將於 2015 年 1 月在美國上市。

Clients have already begun integrating to our development environment and are building and testing their applications in advance of our full commercial launch in 2015.

客戶已經開始集成到我們的開發環境中，並在我們 2015 年全面商業發布之前構建和測試他們的應用程序。

And as far as Apple Pay, goes just a couple quick comments: we're excited about our participation.

就 Apple Pay 而言，我們只是簡短地評論一下：我們對我們的參與感到興奮。

We believe it's good for consumers, it's good for merchants, and it's good for our industry.

我們相信這對消費者有好處，對商家有好處，對我們的行業也有好處。

Our focus has been on security, scalability, and inclusiveness.

我們的重點是安全性、可擴展性和包容性。

To the last point, we're working with over 1,000 financial institutions today and hope to see all of our issuers participate.

最後一點，我們今天正在與 1,000 多家金融機構合作，並希望看到我們所有的發行人都參與其中。

On Monday, Tim Cook announced that over 1 million cards had been loaded to iPhone 6s in the first 72 hours.

週一，蒂姆庫克宣布，在最初的 72 小時內，iPhone 6s 已加載超過 100 萬張卡。

Visa represent over 600,000 of those request, early days but very encouraging.

Visa 代表了超過 600,000 個請求，雖然早期但非常令人鼓舞。

And then just a note about for us to be able to deliver all of these differentiated services in the marketplace, we continue to build our engineering and technology capabilities.

然後只是關於我們能夠在市場上提供所有這些差異化服務的說明，我們將繼續建立我們的工程和技術能力。

To that end, we announced that we planned to add 1,000 technologists and engineers in the US.

為此，我們宣布計劃在美國增加 1,000 名技術人員和工程師。

This is in addition to the thousand that we will be hiring into a new facility in India, which will open in 2015.

這是我們將在印度新工廠招聘的數千人的補充，該工廠將於 2015 年開業。

And just to wrap it up before we open it up for questions, let me just say a couple of other things here.

在我們提出問題之前總結一下，讓我在這裡說幾句其他的話。

There's been much talk about disruption in payments and what it means for us.

關於支付中斷及其對我們意味著什麼的討論很多。

Most of the disruptors are great enablers for consumers, merchants, and our industry.

大多數顛覆者都是消費者、商家和我們行業的重要推動者。

Apple is the first great example.

蘋果是第一個很好的例子。

We and our clients can be great enablers of great consumer and merchant experiences.

我們和我們的客戶可以成為出色的消費者和商家體驗的重要推動者。

We bring thousands of banks, millions of customers; and the convenience, security, customer service rewards, and other great features that consumers like.

我們帶來了數千家銀行，數百萬客戶；以及消費者喜歡的便利性、安全性、客戶服務獎勵和其他出色功能。

You'll see many other enablers evolve that we will partner with, and we're doing this all in support of our existing clients.

您會看到我們將與之合作的許多其他推動者不斷發展，我們所做的一切都是為了支持我們現有的客戶。

And as we look to the future, we continue to see great growth opportunities for payments.

展望未來，我們繼續看到支付領域的巨大增長機會。

We have our traditional channels and the traditional ways of doing business, but we sit here today and we see the mobile opportunities in both the developing, the less developed, and the developed world as being great drivers of our mission, P2P, commercial, and our merchant relationships, as all things that we're going to focus on and continue to build our business.

我們擁有傳統的渠道和傳統的經營方式，但我們今天坐在這裡，我們看到發展中國家、欠發達國家和發達國家的移動機會是我們使命、P2P、商業和我們的商人關係，作為我們將關注並繼續建立我們的業務的所有事情。

And with that, operator, I think Byron and I are ready for questions.

有了這個，接線員，我想拜倫和我已經準備好提問了。

(Operator Instructions)

（操作員說明）

Jim Schneider, Goldman Sachs.

吉姆施耐德，高盛。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

With regard to client incentives, you talked about those being first-half weighted in FY15.

關於客戶激勵措施，您談到了 FY15 上半年加權的那些。

Can you talk about how many of your Top 10 issuing clients are renewing this year?

您能否談談您的前 10 名發行客戶中有多少人在今年續訂？

And do you expect all those renewals to happen in the first half of the year, given the front-loading that you talked about earlier?

考慮到您之前談到的前期工作，您是否預計所有這些續約都會在今年上半年發生？

Byron here.

拜倫在這裡。

So of the Top 10, I would say one is scheduled to renew this year.

所以在前 10 名中，我會說有一個計劃在今年更新。

And the front-end loading is really a function of two things, and it's not what you just described.

而且前端加載確實是兩個東西的功能，不是你剛才描述的。

It's really a function of the deals that we most recently completed.

這實際上是我們最近完成的交易的一個功能。

We had a heavy deal flow that came to completion in Q4.

我們在第四季度完成了大量的交易流程。

And then will begin working their way through the FY15.

然後將在 2015 財年開始工作。

But also as we've commented on many times before, incentives can be very lumpy in the way that they unfold.

但正如我們之前多次評論過的，激勵措施的展開方式可能非常混亂。

And so in the way that the deals were executed, we expect a front-end loading of incentives with regards to the P&L.

因此，按照交易執行的方式，我們預計會在前端加載有關損益的激勵措施。

And then the guidance that we have given on a full-year basis fully contemplates the lumpiness, so to speak.

然後，我們提供的全年指導充分考慮了波動性，可以這麼說。

And we expect to deliver full-year incentives somewhere in the 17.5% to 18.5% range.

我們預計將提供 17.5% 至 18.5% 範圍內的全年激勵措施。

Thank you.

謝謝你。

The only thing, this is Charlie, that I would add is that also keep in mind that client contracts sometimes renew off cycle.

唯一要補充的是查理，我要補充的是，還請記住，客戶合同有時會在周期外續訂。

And that's contemplated in our guidance as well.

我們的指導也考慮到了這一點。

Craig Maurer, Autonomous.

克雷格毛雷爾，自治。

Hello, thanks.

你好謝謝。

Two questions.

兩個問題。

First, if you could comment on the apparent announcement out of the Chinese government this morning that they're going to move to open up that market for additional settlement clearing that works for bank cards.

首先，如果您可以評論一下中國政府今天早上宣布的明顯聲明，即他們將開放該市場以進行適用於銀行卡的額外結算清算。

Secondly, a technical question on Apple Pay.

其次，關於 Apple Pay 的技術問題。

We've noticed that American Express is able to provide realtime transaction alerts.

我們注意到美國運通能夠提供實時交易警報。

Whether these are Apple Pay transactions or any other swipe, you're always getting an alert.

無論是 Apple Pay 交易還是任何其他刷卡方式，您都會收到提醒。

On Chase transactions, which you've provided a bespoke version of Visa, they don't seem able to provide this service.

在您提供定製版 Visa 的 Chase 交易中，他們似乎無法提供此服務。

It would seem that Chase is not fulfilling the promise of that transaction that you had entered into with them.

Chase 似乎沒有履行您與他們達成的交易的承諾。

Or am I missing something?

還是我錯過了什麼？

Thanks.

謝謝。

Let me do the second part first.

讓我先做第二部分。

So first of all, just to be clear, when you complete an Apple Pay transaction, there is immediate notification on the device itself that shows you that the transaction has taken place, the dollar amount, and who the merchant is.

因此，首先要明確一點，當您完成 Apple Pay 交易時，設備本身會立即通知您交易已經發生、金額以及商家是誰。

You can then effectively flip the card over and see the running tally of all of your transactions.

然後，您可以有效地將卡翻轉過來，查看所有交易的運行記錄。

So at least from our experience and my personal experience, there's no lack of clarity whether or not you've completed transactions; and it is very realtime.

所以至少從我們的經驗和我個人的經驗來看，你是否完成了交易並不缺乏明確性；它非常實時。

The question about whether people are then providing additional alerts on top of that, first, that you've got to talk to your individual bank about.

關於人們是否會在此基礎上提供額外警報的問題，首先，您必須與您的個人銀行討論。

We offer a service, which we provide to a series of banks out there that do allow for realtime alerts.

我們提供一項服務，我們向一系列允許實時警報的銀行提供該服務。

I can tell you I personally signed up for it.

我可以告訴你我親自註冊了它。

And I get it on as a realtime a basis as you can expect.

正如您所期望的那樣，我將其作為實時基礎。

But different banks choose what they want their consumer experiences to be.

但不同的銀行會選擇他們想要的消費者體驗。

But having said that, again, it exists in real time on the Apple device.

但話雖如此，它還是實時存在於 Apple 設備上。

As far as China goes, there's really not a lot more to talk about than what you've read, which, for those who haven't read it, there was an announcement today that the Chinese government will open up the market to competition in our business.

就中國而言，真的沒有什麼比你讀過的更多的了，對於那些沒有讀過的人來說，今天有一個公告，中國政府將開放市場競爭我們的業務。

We don't know anything specific other than that.

除此之外，我們不知道任何具體的事情。

We obviously welcome it.

我們顯然歡迎它。

And we look forward to seeing the specific details and working with people within China to figure out what we need to do to participate in that marketplace, where we believe we can add a lot of value.

我們期待看到具體的細節，並與中國境內的人們合作，找出我們需要做些什麼來參與這個市場，我們相信我們可以在這個市場上增加很多價值。

Darrin Peller, Barclays.

巴克萊銀行的達林佩勒。

Thanks.

謝謝。

Following a year where revenue growth ended up being a little more challenged than expected, given some of the cross-border trends being slower, it's obviously nice to see the end of the year pickup in those trends.

鑑於一些跨境趨勢放緩，在收入增長最終比預期更具挑戰性的一年之後，很高興看到這些趨勢在年底有所回升。

But following up on the guidance, if you can help us understand the assumptions you're making around a couple of different attributes, including volume growth versus the way it's trending in October.

但是，如果您能幫助我們了解您圍繞幾個不同屬性做出的假設，包括銷量增長與 10 月份的趨勢方式，請遵循該指南。

As well as what part of this is from pricing, just because we're getting a lot of questions on how much pricing could actually impact the overall top-line guidance of low double digits.

以及這其中的哪一部分來自定價，只是因為我們收到了很多關於定價實際上會影響低兩位數的整體頂線指導的問題。

Thanks, guys.

多謝你們。

The headwinds that we had this past year, many of them still continue into this year.

去年我們遇到的不利因素，其中許多仍然持續到今年。

Currency volatility, we didn't actually expect to guide to 2 full percentage points of FX headwind a second year running.

貨幣波動，我們實際上並沒有預期會連續第二年引導 2 個完整百分點的外匯逆風。

But particularly, the strengthening of the US dollar over the past two months has now made that much more likely.

但特別是，過去兩個月美元走強現在更有可能發生這種情況。

We were thrilled to see cross-border beginning to bounce back, but it's too early to call that a trend.

我們很高興看到跨境開始反彈，但現在稱之為趨勢還為時過早。

With regard to volume, it's based on low single-digit, constant-dollar growth in volume gains, low double-digit.

就交易量而言，它是基於低個位數，交易量增長的恆定美元增長，低兩位數。

Double-digit.

兩位數。

And with regard to pricing, it's not our practice to go into the details of pricing.

在定價方面，我們的做法不是深入定價的細節。

But we have guided that it will take place in beginning of Q3.

但我們已經指導它將在第三季度初進行。

So this is very much second-half weighted.

所以這是非常下半年加權的。

And we also indicated in our guidance that with that pricing boost, to be in double-digit revenue growth in the second half of the fiscal year.

我們還在我們的指導中指出，隨著定價的提高，本財年下半年的收入將實現兩位數的增長。

Let me just pick up on that.

讓我來了解一下。

As you've heard from both of us, we know what we know.

正如您從我們倆那裡聽到的那樣，我們知道我們所知道的。

We don't know what we don't know.

我們不知道我們不知道什麼。

But we look at what's going on in the world; and as we plan the Company for next year, we have a cautious point of view of that.

但是我們看看世界上正在發生的事情；在我們計劃明年的公司時，我們對此持謹慎態度。

And so our cautious point of view suggests that we don't plan for very big increases in things driven by what's going on in the outside world.

因此，我們謹慎的觀點表明，我們不計劃因外部世界正在發生的事情而大幅增加事物。

Albeit, we know that they will improve at some point.

儘管如此，我們知道他們會在某個時候得到改善。

We don't know when, but we think it's prudent to plan otherwise.

我們不知道何時，但我們認為謹慎的做法是另作計劃。

Dan Perlin, RBC Capital.

丹·佩林，加拿大皇家銀行資本。

Thanks, good afternoon.

謝謝，下午好。

I wanted to follow back up, Charlie, on your 19% online -- I guess it's volume or revenue.

查理，我想跟進你 19% 的在線業務——我猜是數量或收入。

I need to get clarification on that.

我需要澄清一下。

But the question really is that sounds like that piece of business is growing somewhere around three times faster than what you referred to as the face-to-face business.

但問題實際上是，聽起來這部分業務的增長速度是您所說的面對面業務的三倍左右。

And I'm just wondering if you could give some sort of characteristics around how should we be thinking about revenue yields or all the products that you're going to be able to put around that type of volume.

而且我只是想知道您是否可以就我們應該如何考慮收入收益或您將能夠圍繞這種類型的數量投放的所有產品提供某種特徵。

It sounds like there's more pricing opportunities in the future with those types of transactions than maybe what we've seen on a legacy basis.

聽起來這些類型的交易在未來有更多的定價機會，而不是我們在傳統基礎上看到的。

And just for level setting, Byron, is it $9.07 plus the mid-teens that's the guided number?

Byron，僅針對級別設置，指導數字是 9.07 美元加上十幾歲嗎？

Or are we adjusting for the second-quarter last year benefit?

或者我們是否正在調整去年第二季度的收益？

Thanks.

謝謝。

On the first piece, again, what I referenced in my remarks was really to talk about two different things.

同樣，在第一篇文章中，我在評論中提到的實際上是在談論兩個不同的事情。

Number one is we have a big business in the online world today.

第一是我們今天在網絡世界有一個大生意。

And the way we think about it is we've been remarkably successful in a world where we haven't had great products to compete.

我們的想法是，我們在一個沒有偉大產品可以競爭的世界裡取得了巨大的成功。

We also stand back and we look at the growth.

我們也退後一步，看看增長。

And the growth rates of transactions done online, on tablets and on mobile, are multiples of what's done face-to-face.

在線、平板電腦和移動設備上的交易增長率是面對面交易的數倍。

So we both have a defensive reason to do it but, more importantly, an offensive reason to help that migration and to participate in it.

所以我們都有一個防禦性的理由這樣做，但更重要的是，一個進攻性的理由來幫助遷移並參與其中。

So the things that we're doing from Visa Checkout to Apple Pay to the things that are going to be using our Token Services and our Digital Solutions are all about having the best products in the marketplace to capture where the growth is, which is in the digital channels.

因此，我們正在做的事情，從 Visa Checkout 到 Apple Pay，再到將要使用我們的令牌服務和我們的數字解決方案的事情，都是關於擁有市場上最好的產品來捕捉增長點，即數字頻道。

Relative to what it means for us from a pricing perspective, again, we've been very, very consistent on this.

相對於從定價的角度來看這對我們意味著什麼，我們在這方面一直非常非常一致。

Which is we're not sitting here today thinking about this as an opportunity to capture more price.

這就是我們今天沒有坐在這裡將其視為捕獲更多價格的機會。

We're looking at this as an opportunity, one, to both be where the natural growth is.

我們將此視為一個機會，一個，兩者都成為自然增長的地方。

But, two, to help migrate all those cash transactions, whether they're big-value transactions or small-value transactions, into the electronic space where we will hopefully capture more than our fair share.

但是，第二，幫助將所有這些現金交易（無論是大額交易還是小額交易）遷移到電子空間中，我們希望在電子空間中獲得超過我們應得的份額。

We do have a pricing schedule for our tokenization services.

我們確實為我們的代幣化服務制定了定價時間表。

We've said we're waving those fees for a year.

我們已經說過我們要放棄這些費用一年。

And we're going to see how this all plays itself out.

我們將看到這一切如何發揮作用。

But again, we look at this as this is the future of commerce.

但同樣，我們認為這是商業的未來。

We want to be there.

我們想在那裡。

We see that there'll be more volume in that world than there is for us sitting in the world that we are today.

我們看到，那個世界上的數量將比我們今天坐在這個世界上的數量還要多。

And if we make this up on volume as opposed to price, that's just fine with us.

如果我們根據數量而不是價格來彌補這一點，那對我們來說很好。

If there are pricing opportunities in the future, we won't look the other way.

如果未來有定價機會，我們不會另眼相看。

But that's not our reason to do this.

但這不是我們這樣做的理由。

And to your second question, Dan, the short answer is $9.07.

對於你的第二個問題，丹，簡短的回答是 9.07 美元。

And the perspective is, you were with us at the very beginning when we did our IPO.

從我們的角度來看，當我們進行首次公開募股時，您一開始就和我們在一起。

From the very beginning, part of our investment thesis was that we would manage down the tax rate every single year to the best that we could.

從一開始，我們的部分投資論點就是我們將每年盡可能地降低稅率。

We started out at 41%; we said we'd manage it down to below 34%-35% over about five years.

我們從 41% 開始；我們說我們會在大約五年內將其控制在 34%-35% 以下。

We didn't stop at 5%.

我們並沒有停留在 5%。

We have continued to manage our tax rate.

我們繼續管理我們的稅率。

We have never adjusted or provided any EPS guidance that adjusted for a full-year tax rate, because that's just one of the levers we have to manage the business.

我們從未調整或提供任何針對全年稅率調整的每股收益指導，因為這只是我們管理業務的手段之一。

And we will continue to do so.

我們將繼續這樣做。

So it's mid-teens off of $9.07.

所以它是 9.07 美元的十幾歲。

Excellent.

出色的。

Thank you.

謝謝你。

Don Fandetti, Citigroup.

花旗集團的唐·范德蒂。

Charlie, I was just curious your thoughts on the US market.

查理，我只是好奇你對美國市場的看法。

We're seeing some of your large bank issuers put up some loan growth.

我們看到你們的一些大型銀行發行人提供了一些貸款增長。

Consumer confidence has picked up, but we're not really seeing it in the spend.

消費者信心有所回升，但我們並沒有真正在支出中看到它。

I was curious on your outlook and just wanted to confirm that there's no real improvement baked into guidance in the US.

我對你的前景很好奇，只是想確認美國的指導沒有真正的改進。

Well, again, Byron walked through some of the recent trends.

好吧，拜倫再次介紹了最近的一些趨勢。

Our performance in the US credit market is strong.

我們在美國信貸市場的表現強勁。

But we don't look at it as -- let me say it differently.

但我們不認為它——讓我換一種說法。

It's certainly in a really good performing economy, should look much better than it looks today.

它肯定是在一個表現非常好的經濟體中，看起來應該比現在看起來好多了。

And we've not factored that into our thinking for next year.

我們還沒有考慮到明年的想法。

Okay.

好的。

Thanks.

謝謝。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

Thank you.

謝謝你。

I've got a question on client incentives.

我有一個關於客戶激勵的問題。

Understanding that you had a big renewal in 2015, but how should we think about its trajectory looking ahead to 2016 and 2017?

了解您在 2015 年進行了重大更新，但我們應該如何看待它在 2016 年和 2017 年的發展軌跡？

Are there any other large renewals coming up?

是否還有其他大型續訂即將到來？

And then just one clarification on the assumptions embedded in the guidance.

然後只是對指南中包含的假設進行了澄清。

Currency volatility, as it stands right now, is that a tailwind in 2015?

就目前而言，貨幣波動是否會成為 2015 年的順風車？

And are you assuming no tailwind?

你假設沒有順風嗎？

Thank you.

謝謝你。

With regards to client incentives -- in fact, going all the way back to the IPO -- we have always viewed client incentives on an upward trajectory, recognizing that the typical client contract is five years.

關於客戶激勵——事實上，一直追溯到首次公開募股——我們一直認為客戶激勵呈上升趨勢，認識到典型的客戶合同是五年。

And that when a client contract comes up for renewal, and if they have been successful, as most are, nearly all are, in growing their portfolios, then the level of incentive adjusts to a higher level, recognizing the growth over the previous five years or whatever the term was.

並且當客戶合同更新時，如果他們已經成功，大多數人，幾乎所有，都在增加他們的投資組合，然後激勵水平調整到更高的水平，承認過去五年的增長或任何術語。

And that's the way the business has worked forever.

這就是業務永遠運作的方式。

In addition, client incentives back at the IPO were much more a developed market phenomena.

此外，首次公開募股時的客戶激勵更多地是一種成熟的市場現象。

And as the rest of the international group of countries have grown, we have applied client incentives more regularly to those multi-year contracts.

隨著其他國際國家集團的發展，我們更經常地將客戶激勵措施應用於這些多年期合同。

And so there is a natural and healthy and expected upward trajectory in client incentives, and so that's what you're seeing.

因此，在客戶激勵方面存在自然、健康和預期的上升軌跡，這就是你所看到的。

And it's to the extent that we have one big renewal next year, or this fiscal year, that's not driving it.

就我們明年或本財年的一次大續約而言，這並不是推動它的原因。

What's driving it is what I just described.

驅動它的正是我剛才描述的。

It drives the lumpiness, but not that trajectory.

它驅動了塊狀，但不是那個軌跡。

That's very fair.

這很公平。

It drives the lumpiness but not the upward trajectory.

它推動了塊狀而不是向上的軌跡。

And then I'm sorry, your second question was --

然後我很抱歉，你的第二個問題是——

Currency volatility.

貨幣波動。

Yes, so, on currency volatility --

是的，所以，關於貨幣波動——

Is that a tailwind for 2015, as it stands right now?

就目前而言，這是 2015 年的順風車嗎？

This one, boy, this one is tough.

這一個，男孩，這個很難。

No one saw last year coming.

沒有人看到去年的到來。

It was at historically low levels.

處於歷史低位。

We're quite sobered about how to think about that.

我們對如何思考這個問題非常清醒。

And it would be very consistent for us to say that we have approached currency volatility with a high degree of caution.

我們非常一致地說，我們已經高度謹慎地處理了貨幣波動。

And as Charlie said earlier, we absolutely know what we don't know about how currency volatility will behave in the future.

正如查理之前所說，我們絕對知道我們不知道未來貨幣波動將如何表現。

So as I said before, we were very pleased to see the September and October bounce.

正如我之前所說，我們很高興看到 9 月和 10 月的反彈。

We didn't see it coming, but we're pleased to see it happened.

我們沒有看到它的到來，但我們很高興看到它發生了。

But we remain very cautious in our guidance with regard to the role of volatility in the coming year.

但對於來年波動性的作用，我們仍然非常謹慎。

Chris Brendler, Stifel.

克里斯·布倫德勒，Stifel。

Hello, thanks.

你好謝謝。

Good evening.

晚上好。

I wanted to get a little more color, if I could, Charlie, on the pricing you mentioned in April.

查理，如果可以的話，我想在你四月份提到的定價上增加一點色彩。

I think Byron also was saying about cross-border.

我認為拜倫也談到了跨境。

Is this a similar pricing action to what one of your major competitors did on inbound cross-border?

這是否與您的一個主要競爭對手在入境跨境交易中所做的類似定價行為？

And if it is, does that change your thinking at all on how you wanted to view pricing?

如果是這樣，這是否會改變您對如何查看定價的想法？

And I think we've talked about in the past that this is a situation where you covered drawing a line in the sand and saying we're going to be independent in our pricing decisions and price for value.

而且我認為我們過去曾討論過，在這種情況下，您在沙子上畫了一條線，並說我們將在定價決策和物有所值的價格方面保持獨立。

Give me a little more color on that.

給我更多的顏色。

And then a follow-up, if I could on China UnionPay.

然後跟進，如果我可以在中國銀聯上。

It seemed like the articles are focused more on clearing rather than the entire food chain in the payments business of authorization and settlement.

這些文章似乎更多地關注清算，而不是授權和結算支付業務中的整個食物鏈。

Can you give us a rough idea how much clearing is of total Visa revenues?

您能否大致了解一下 Visa 總收入的清算量是多少？

Thanks.

謝謝。

Why don't we start with the second one?

我們為什麼不從第二個開始呢？

The union pay and clearing?

工會的工資和清算？

Yes.

是的。

Go ahead.

前進。

I don't have the answer.

我沒有答案。

I don't know -- I'm not sure -- again, so the way we charge for our services are we charge service fees and data processing.

我不知道——我不確定——再說一次，我們收取服務費的方式是收取服務費和數據處理費。

And if we process the transaction, then we reap data processing fees.

如果我們處理交易，那麼我們就會獲得數據處理費用。

And that number's on our income statement, and service fees if our brand is on the card.

這個數字在我們的損益表上，如果我們的品牌在卡上，還有服務費。

We can't sit here today and know what China is contemplating when they talk about opening up the marketplace, quite frankly.

坦率地說，我們今天不能坐在這裡，知道中國在談論開放市場時在考慮什麼。

We really have to wait and see what they say, and then understand what it means for us.

我們真的必須等著看他們說什麼，然後才能明白這對我們意味著什麼。

Beyond that we really just don't know any more than you know at this time.

除此之外，我們現在真的不知道比你知道的更多。

Second one on pricing.

第二個關於定價。

Why don't you start on pricing?

為什麼不開始定價？

On pricing, I can say absolutely this was an independent decision.

關於定價，我可以說絕對是一個獨立的決定。

And as I said in my remarks, it has been four years since we have done something in this arena.

正如我在發言中所說，我們已經四年沒有在這個領域有所作為。

Meanwhile, we have continued to invest in the transaction environment related to cross-border and in our domestic markets.

同時，我們繼續投資於與跨境和國內市場相關的交易環境。

And at some point, we crossed the line and say the value created for both our issuers and our merchants warrant a modest change in pricing, which is what we've taken.

在某些時候，我們越界了，說為我們的發行人和我們的商家創造的價值保證了定價的適度變化，這就是我們所採取的。

And we've said very consistently, and I've said it consistently, and Byron's said it consistently, there's no line in the sand any which way.

我們說得非常一致，我一直這麼說，拜倫也一直這麼說，無論哪種方式，沙子裡都沒有界限。

That the decisions are going to stand on their own, and we have to look people in the eye and explain why they make sense for us in the environment that we live in.

這些決定將獨立存在，我們必須直視人們的眼睛，並解釋為什麼他們在我們生活的環境中對我們有意義。

And we've looked at this one for a long time and feel it's the right thing to do.

我們已經研究了很長時間，並認為這是正確的做法。

Great.

偉大的。

Thanks so much for the color.

非常感謝顏色。

Jason Kupferberg, Jefferies & Company.

Jason Kupferberg，傑富瑞公司。

From what you see in your data, are lower gas prices in the US sparking consumers to spend more actively in other verticals?

根據您在數據中看到的情況，美國較低的汽油價格是否會促使消費者更積極地在其他垂直領域消費？

Or are the lower gas prices just a drag on volume without any real offset?

還是較低的汽油價格只是對交易量的拖累而沒有任何真正的抵消？

Because I guess we might have thought that the US volume growth in the September quarter may have accelerated versus June, just given the Chase conversion.

因為我猜我們可能已經認為，僅考慮到 Chase 的轉換，9 月份季度的美國銷量增長可能比 6 月份有所加速。

But it looks like it was pretty steady.

但它看起來很穩定。

So I'm just wondering if there was a dampening effect from lower gas prices or what you are seeing there.

因此，我只是想知道較低的汽油價格是否會產生抑製作用，或者您在那裡看到的情況。

This is a story that is undoubtedly going to unfold a bit.

這是一個毫無疑問將會展開的故事。

There is no question that there is a modest drag that we see in the numbers with the drop in gas prices.

毫無疑問，隨著天然氣價格的下跌，我們在數字中看到了適度的拖累。

It's less than 100 basis points, but it's clear there is a drag.

它不到 100 個基點，但很明顯存在阻力。

You saw debit growth -- which carries a lot of the gasoline transactions -- you saw debit growth dropped to 7% in the September quarter.

你看到借方增長——其中包含大量汽油交易——你看到借方增長在 9 月季度下降到 7%。

You saw it bounce back to 8% through the first 21 days of October.

您看到它在 10 月的前 21 天反彈至 8%。

But the data's still a little unclear whether that is spend that's being redistributed.

但數據仍然有點不清楚這是否是被重新分配的支出。

Or in the prior year, if you may recall, from October 1 through October 16, the government went into a partial shutdown.

或者在前一年，如果你還記得的話，從 10 月 1 日到 10 月 16 日，政府部分關閉。

And arguably, depressed some spending during that period.

可以說，在此期間抑制了一些支出。

And so this particular comp period is not clean.

所以這個特殊的補償期並不干淨。

But the thesis that we punch way above our weight when it comes to gasoline prices, use of cards at the pump, works on the upside; it also can be a drag on the downside.

但是，當談到汽油價格、在加油站使用卡片時，我們超越了我們的體重這一論點，是有好處的；它也可能成為不利因素。

And so then the big question is, how does that money redistribute as it frees up?

那麼最大的問題是，這些錢在釋放時如何重新分配？

And at this point, too early to call.

在這一點上，打電話還為時過早。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

It's Bryan from Deutsche Bank.

是德意志銀行的布萊恩。

Just looking at the data processing revenues growth at 14%, and I think volume at 9%, one of the things that you talked about, Byron, was the higher US debit fees, some pricing that kicked in.

看看數據處理收入增長了 14%，我認為數量增長了 9%，拜倫，你談到的其中一件事是美國借記卡費用較高，一些定價開始起作用。

I want to make sure I understand what that was.

我想確保我明白那是什麼。

Sounded like there was a pricing kick that finally is having an impact in 2012, with three quarters of it still going to have an impact.

聽上去，2012 年終於出現了價格上漲，其中四分之三的價格仍然會產生影響。

I want to make sure I understand what that is.

我想確保我明白那是什麼。

And then, finally, on the pricing in April 2015 you expect, can you quantify that impact and where it will show up in the P&L?

最後，關於您預期的 2015 年 4 月的定價，您能否量化這種影響以及它將在損益表中出現的位置？

Thanks so much.

非常感謝。

With regards to the data-processing fees, to be absolutely clear, there were no pricing actions in this area.

關於數據處理費用，絕對清楚的是，這方面沒有定價行動。

This is about the pricing structure that we implemented back in 2012.

這是關於我們在 2012 年實施的定價結構。

And as you recall, it was a very different pricing structure than the one that we had previous to that point.

正如你所記得的，這是一種與我們之前的定價結構截然不同的定價結構。

And whenever you do that, it's going to take a couple of years to stabilize as you work your way through the full and complete implementation of that structure.

每當你這樣做時，在你完成該結構的全面和完整實施的過程中，都需要幾年時間才能穩定下來。

That's what it is.

就是這樣。

It involves no price increase or no pricing action.

它不涉及價格上漲或定價行動。

And what I referred to earlier in my script has nothing to do with what you're seeing.

我之前在腳本中提到的內容與您所看到的無關。

And further, this stabilizing should have a positive effect in the next couple of quarters, but diminishing.

此外，這種穩定應該在接下來的幾個季度產生積極影響，但會逐漸減弱。

And by the end of the fiscal year should be, in our view, pretty much stabilized.

在我們看來，到本財政年度結束時，應該會基本穩定下來。

With regard to the other, since we're not yet public on the details of the pricing, we will wait for another day to consider addressing that.

關於另一個，由於我們尚未公開定價的細節，我們將等待另一天來考慮解決這個問題。

David Togut, Evercore Partners.

大衛·托古特，Evercore 合作夥伴。

Thanks for taking my question.

感謝您提出我的問題。

Could you address your pricing strategy more broadly over the next two to three years?

您能否在未來兩到三年內更廣泛地解決您的定價策略？

Perhaps gauge your pricing power and to what extent you intend to use it?

也許衡量您的定價能力以及您打算在多大程度上使用它？

Sure.

當然。

I would say there's nothing new in our thinking, which is, first of all, when we think about our ability to grow the Company for the long term, given what the options are, what the opportunities are for us to grow volume, using pricing to get to numbers that we hope to be able to show over a period of time is not something that we rely on.

我想說我們的想法沒有什麼新東西，首先，當我們考慮我們長期發展公司的能力時，考慮到選擇是什麼，我們有什麼機會增加銷量，使用定價獲得我們希望能夠在一段時間內顯示的數字並不是我們所依賴的。

Having said that, we do think we should be paid fairly for what we do.

話雖如此，我們確實認為我們應該為我們所做的事情獲得公平的報酬。

And to the extent that we look at the services that we provide and feel that there's growing value in what we do, that's an opportunity for us to consider raising price.

就我們所提供的服務而言，我們認為我們所做的工作具有不斷增長的價值，這對我們來說是一個考慮提高價格的機會。

We know that people have options.

我們知道人們有選擇。

And so there have to be reasons to be able to do it, whether it's on the issuing side or on the merchant side.

所以必須有理由能夠做到這一點，無論是在發行方還是在商家方。

And as I've said, as I've talked about before, we're spending a lot of time working with the merchant community on providing value for them.

正如我所說的，正如我之前談到的，我們正在花費大量時間與商家社區合作，為他們提供價值。

And as we do that, some of those things will result in things that will help us from a pricing standpoint.

當我們這樣做時，其中一些事情會導致從定價的角度來看對我們有幫助的事情。

Other things support our existing price.

其他東西支持我們現有的價格。

So everything we do will be dealt on an individual basis.

因此，我們所做的一切都將根據個人情況進行處理。

There's no line in the sand in any way we look at it.

在我們看來，沙子裡沒有一條線。

But again, as we come into the year and we think about what the opportunities are, pricing is something that we think is tactical for us and not particularly strategic at this point.

但同樣，當我們進入這一年並考慮機會是什麼時，定價是我們認為對我們來說是戰術性的，在這一點上並不是特別具有戰略意義。

And we have time for one last question.

我們有時間回答最後一個問題。

David Hochstim, Buckingham Research.

David Hochstim，白金漢研究中心。

Thank you.

謝謝你。

I wonder, could you give us an update on what's happening with CyberSource?

我想知道，您能給我們介紹一下 CyberSource 的最新情況嗎？

Still pretty good growth in transactions, but the growth rate continues to slow.

交易量增長仍然相當不錯，但增速繼續放緩。

Yes, I'd be happy to give you an update.

是的，我很樂意為您提供最新信息。

We're not happy with the update.

我們對更新不滿意。

As you've noted, the transaction growth has been slowing.

正如您所指出的，交易增長一直在放緩。

And as we've said on an earlier occasion, we missed an investment cycle.

正如我們之前所說，我們錯過了一個投資週期。

We are now investing significantly to catch up, both in our capabilities and our staff.

我們現在正在大力投資以迎頭趕上我們的能力和員工。

You should expect the anemic growth, so to speak, to continue for at least another couple of quarters.

可以這麼說，你應該預期這種乏力的增長至少會再持續幾個季度。

We expect that will begin to turn around by the end of this fiscal year.

我們預計這種情況將在本財年末開始好轉。

And then just one call out: the measure we give you is transaction growth.

然後只是一個呼籲：我們給你的衡量標準是交易增長。

The transaction growth that we have lost has been among the least revenue-generating of our transactions.

我們失去的交易增長一直是我們交易中創收最少的交易之一。

So the revenue growth side of the equation has held up much better than the deterioration in transaction.

因此，等式的收入增長方面比交易的惡化要好得多。

But that said, we're not happy with the results.

但話雖如此，我們對結果並不滿意。

But we have a very important role for CyberSource to play in our strategies going forward.

但是，CyberSource 在我們未來的戰略中扮演著非常重要的角色。

And we are investing aggressively to bring that back to a much stronger growth rate.

我們正在積極投資，以使其恢復到更強勁的增長率。

And with that, we want 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 give Victoria or myself a call.

如果有人有後續問題，請隨時給維多利亞或我自己打電話。

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。