Visa Inc (V) 2015 Q1 法說會逐字稿

Welcome to Visa Inc's fiscal Q1 2015 earnings conference call.

歡迎參加 Visa Inc 的 2015 財年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

Today's conference is being recorded.

今天的會議正在錄製中。

If you have 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, David.

謝謝，大衛。

Good afternoon, everyone, and welcome to Visa Inc's fiscal first quarter earnings conference call.

大家下午好，歡迎參加 Visa Inc 第一財季財報電話會議。

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

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

This call is currently being webcast over the Internet and is accessible on the Investor Relations section of our website at www.investor.

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

Visa.com.

Visa.com。

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

網絡廣播的重播也將在我們的網站上存檔 30 天。

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

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

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

我還要提醒您，本演示文稿可能包含前瞻性陳述。

These statements aren't guarantees of future performance and our actual results could materially differ as 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 and the Investor Relations section of ours.

有關這些因素的更多信息，請參閱我們最近的 10-K 和 Q 表格報告，您可以在 SEC 網站和我們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, and 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，以及相關的 GAAP 措施和美國證券交易委員會 Reg G 要求的其他信息，請參閱今天新聞稿隨附的財務和統計摘要。

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

此版本也可以通過我們網站的 IR 部分訪問。

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

有了這個，我現在將把電話轉給拜倫。

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 the earnings press release, we announced that our Board of Directors has authorized a 4-for-1 stock split.

首先，正如您從收益新聞稿中看到的那樣，我們宣布我們的董事會已批准 4 比 1 的股票分割。

Each Class A stockholder of record at the close of business on February 13, 2015 will receive three additional shares for every share held on the record date in the form of a 100% stock dividend, and trading will begin on a split-adjusted basis on March 19, 2015.

在 2015 年 2 月 13 日交易結束時，每位在冊的 A 類股東將以 100% 股票股息的形式在記錄日持有的每一股額外獲得三股股票，交易將在拆分調整的基礎上開始2015 年 3 月 19 日。

Due to the structure of the various classes, holders of Class B and C shares will not receive a stock dividend.

由於不同類別的結構，B 類和 C 類股票的持有人將不會獲得股票股息。

Instead, the conversion rate for the Class B and C shares will be adjusted after the stock split so that the Class B and C stockholders will retain the same relative ownership percentages that they had prior to the stock split.

相反，B 類和 C 類股票的轉換率將在股票拆分後進行調整，以便 B 類和 C 類股東保留與股票拆分前相同的相對所有權百分比。

Second call out involves FX.

第二次調用涉及 FX。

Since our last earnings call, the US dollar has continued to strengthen against most of our key currencies.

自我們上次召開財報電話會議以來，美元兌我們的大多數主要貨幣繼續走強。

Based on the December 31 forward exchange rates, we project an incremental 50 basis point negative impact on our full-year revenue growth.

根據 12 月 31 日的遠期匯率，我們預計全年收入增長將增加 50 個基點的負面影響。

Third call out relates to cross-border activity.

第三次呼籲與跨境活動有關。

Cross-border volumes softened 2 percentage points in the December quarter to 8% growth in constant dollars and a further 1 percentage point to 7% through January 21.

跨境交易量在 12 月當季下降 2 個百分點至 8%（按固定美元計算），並在 1 月 21 日之前進一步下降 1 個百分點至 7%。

Once again, FX is an important contributor, as a stronger than anticipated US dollar has led to substantially reduce travel into the US from Europe, Canada, and Latin America, notably Brazil.

外匯再次成為重要貢獻者，因為美元走強導致從歐洲、加拿大和拉丁美洲（尤其是巴西）進入美國的人數大幅減少。

Beyond FX, the severe economic challenges in Russia have also been a notable drag on cross-border results.

除了外匯，俄羅斯嚴峻的經濟挑戰也顯著拖累了跨境業績。

In total, our outlook for cross-border volume-driven revenue growth in FY15 is approximately 0.5 percentage point less than when we began the year.

總體而言，我們對 2015 財年跨境銷量驅動的收入增長前景比年初時低約 0.5 個百分點。

Partially offsetting these headwinds has been a strong rebound in currency volatility versus prior quarters.

與前幾個季度相比，貨幣波動性的強勁反彈部分抵消了這些不利因素。

The improvement has sustained from September through early January and has stepped up even further due to recent Central Bank actions by the Swiss and the Canadians and was further aided by the recent elections in Greece.

這種改善從 9 月一直持續到 1 月初，並且由於瑞士和加拿大人最近的中央銀行行動而進一步加快，最近希臘的選舉也進一步推動了這種改善。

Given the unpredictability of volatility, we will continue to be appropriately conservative in our outlook on how sustainable this is for the balance of the fiscal year.

鑑於波動的不可預測性，我們將繼續對本財年餘下時間的可持續性前景保持適度保守。

For full-year revenue growth, we are maintaining our guidance of low double-digit constant dollar growth with a negative 2 percentage points of foreign exchange impact, but would position expectations at the lower end of that range.

對於全年收入增長，我們維持我們的低兩位數恆定美元增長的指導，對外匯影響負 2 個百分點，但將預期定位在該範圍的低端。

Looking ahead to Q2, we expect this quarter to be impacted the most by FX, as well as by lower gas prices, and to therefore deliver a growth rate lower than originally anticipated, but still in the mid-single-digit range.

展望第二季度，我們預計本季度受外彙和天然氣價格下跌的影響最大，因此增長率低於最初預期，但仍處於中個位數範圍內。

From there, we expect net revenue growth rates to build in Q3, reaching double-digits in Q4.

從那裡開始，我們預計第三季度的淨收入增長率將在第四季度達到兩位數。

We are reaffirming client incentives in a range of 17.5% to 18.5% of gross revenue.

我們重申客戶激勵措施佔總收入的 17.5% 至 18.5%。

While Q1 came in at 17.4%, we expect Q2 to Q4 to run at somewhat higher levels, given the pacing of deal activity for the balance of the year.

雖然第一季度的增長率為 17.4%，但鑑於今年餘下時間的交易活動節奏，我們預計第二季度至第四季度的運行水平會更高。

We are also reaffirming our full-year EPS guidance of mid-teens.

我們還重申了我們對青少年的全年每股收益指導。

That said, remember, when projecting Q2 results, in Q2 of last year, Visa booked a sizable tax benefits, which included both one-time and ongoing tax impacts and we will be lapping an unusually low level of client incentives in the prior year.

也就是說，請記住，在預測第二季度的結果時，去年第二季度，Visa 獲得了可觀的稅收優惠，其中包括一次性和持續的稅收影響，我們將在前一年獲得異常低水平的客戶激勵。

Lastly, we remain committed to returning excess cash to our shareholders.

最後，我們仍然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 3.1 million shares during the December quarter at an average price per share of $259 and change.

為此，我們在 12 月季度以每股 259 美元的平均價格回購了總計 310 萬股股票並進行了調整。

Through January 27, we purchased an additional 2.5 million shares for a total of 5.6 million shares fiscal year-to-date, at an average price of $258, leaving us with an open to buy of $4.2 billion.

截至 1 月 27 日，我們以 258 美元的平均價格購買了 250 萬股，本財年迄今共計 560 萬股，因此我們有 42 億美元的購買空間。

Of note, all share repurchase programs authorized prior to October 2014 have now been completed.

值得注意的是，2014 年 10 月之前授權的所有股票回購計劃現已完成。

Now let's turn to the numbers.

現在讓我們轉向數字。

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

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

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

然後，我將介紹我們第一財季的財務亮點。

Global payment volume growth for the December quarter in constant dollars was 11%.

12 月季度的全球支付量增長（按固定美元計算）為 11%。

The US grew 10% and international grew 13%, both at similar levels to the September ending quarter.

美國增長 10%，國際增長 13%，均處於與 9 月底季度相似的水平。

Drilling down further in the December quarter, US credit grew 14%, a 1 percentage point improvement compared to Q4.

在 12 月當季進一步分析，美國信貸增長 14%，與第 4 季度相比提高了 1 個百分點。

During the quarter, we experienced account conversions and de-conversions, the net effect of which positively impacted credit payment volume by a little more than 2 percentage points.

在本季度，我們經歷了賬戶轉換和反轉換，其淨效應對信貸支付量產生了略高於 2 個百分點的積極影響。

By the end of Q1, the vast majority of account conversions will have taken place.

到第一季度末，絕大多數帳戶轉換都將發生。

Turning to US debit, it grew at 7% in the December quarter, flat to the September quarter.

談到美國的借方，它在 12 月季度增長了 7%，與 9 月季度持平。

More recently, through January 21, US payment volume growth was 9%, while US credit grew 12%, and debit grew 6%.

最近，截至 1 月 21 日，美國支付量增長 9%，而美國信貸增長 12%，借記增長 6%。

In terms of fuel, significantly lower gas prices had a negative 1 percentage point effect on US payment volume growth in the quarter, with a disproportionate impact in December, and with a bigger impact on debit than credit.

在燃料方面，顯著下降的汽油價格對本季度美國支付量增長產生了 1 個百分點的負影響，在 12 月的影響不成比例，對借方的影響大於對貸方的影響。

Global cross-border volume delivered an 8% constant dollar growth rate in the December quarter, down from the 10% rate in the September quarter.

全球跨境交易量在 12 月季度實現了 8% 的固定美元增長率，低於 9 月季度的 10%。

The US grew 4% and international grew 9% in constant dollars.

以不變美元計算，美國增長 4%，國際增長 9%。

Through January 21, cross-border volume on a constant dollar basis grew 7%, with a US growth rate of 6% and an international growth rate of 7%, further decelerating from the December levels.

截至 1 月 21 日，按固定美元計算的跨境交易量增長 7%，其中美國增長率為 6%，國際增長率為 7%，比 12 月的水平進一步減速。

The underperforming travel corridors referenced earlier, in combination with weaker growth in Brazil, Russia, and Ukraine were the primary culprits.

前面提到的表現不佳的旅遊走廊，加上巴西、俄羅斯和烏克蘭的增長疲軟是罪魁禍首。

Travel within Asia remains strong.

亞洲境內的旅行依然強勁。

Transactions processed over Visa's network totaled $17.6 billion in the fiscal first quarter, a 10% increase over the prior-year period.

第一財季通過 Visa 網絡處理的交易總額為 176 億美元，比去年同期增長 10%。

The US grew 9%, while international delivered 14% growth.

美國增長 9%，而國際增長 14%。

Through January 21, processed transaction growth was 10%, with a US growth rate of 9% and an international growth rate of 13%.

截至 1 月 21 日，已處理交易增長率為 10%，其中美國增長率為 9%，國際增長率為 13%。

Now turning to the income statement, net operating revenue in the quarter was $3.4 billion, a 7% increase year-over-year, driven primarily by solid growth globally across all revenue categories, and as mentioned earlier, was negatively impacted by approximately 2 points of foreign currency headwinds.

現在轉向損益表，本季度的淨營業收入為 34 億美元，同比增長 7%，主要受全球所有收入類別的穩健增長推動，如前所述，受到約 2 個百分點的負面影響外匯逆風。

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

轉向單個收入項目，服務收入為 15 億美元，比上年增長 8%，這得益於全球支付量穩健增長。

Data processing revenue was $1.4 billion, up 9% over the prior year's quarter, based on solid growth rates in Visa transactions, both in the US and internationally.

基於美國和國際 Visa 交易的穩健增長率，數據處理收入為 14 億美元，比去年同期增長 9%。

International transaction revenue was up 9% to $970 million, as increased currency volatility countered negative impacts from FX.

由於貨幣波動加劇抵消了外彙的負面影響，國際交易收入增長 9% 至 9.7 億美元。

Total operating expenses for the quarter were $1.1 billion, up 6% from the prior year, primarily related to higher personnel, marketing, and other expenses, which support our growth strategies and product initiatives.

本季度總運營費用為 11 億美元，比上年增長 6%，主要與支持我們的增長戰略和產品計劃的人員、營銷和其他費用增加有關。

Operating margin was 66% for the first quarter, in line with our annual guidance of mid-60%s.

第一季度的營業利潤率為 66%，符合我們 60% 左右的年度指導。

Our effective tax rate was 30.6%, within our guidance range of low 30%s.

我們的有效稅率為 30.6%，在我們低 30%s 的指導範圍內。

Capital expenditures were $104 million in the quarter.

本季度的資本支出為 1.04 億美元。

At the end of the quarter, we had 616 million shares of Class A common stock outstanding on an as-converted basis.

在本季度末，我們有 6.16 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 619 million.

本季度完全攤薄後流通股的加權平均數為 6.19 億股。

Finally, for completeness, our full-year guidance metrics for revenue growth, client incentives, operating margin, tax rate, EPS growth, and free cash flow remain unchanged.

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

With that, I'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 of all, I'm just going to start by telling you, we as a Management team, are quite pleased with our results.

首先，我只想告訴你，作為一個管理團隊，我們對我們的結果非常滿意。

We continue to produce strong and consistent results in the global economic environment, which is providing more headwinds than tailwinds.

我們繼續在全球經濟環境中取得強勁和一致的結果，這帶來的逆風多於順風。

Consumers spend continues at reasonable levels but it is not accelerating and we expect gas prices to continue to be a near-term headwind.

消費者支出繼續保持在合理水平，但並未加速，我們預計汽油價格將繼續成為近期的不利因素。

Geopolitical tensions are playing a more meaningful role in our results, as they have at different times during our past.

地緣政治緊張局勢在我們的結果中發揮著更有意義的作用，就像在我們過去的不同時期一樣。

Having said that, our growth is still strong, and well in excess of consumer spending growth, as the movement from cash to electronic payments continues, regardless of economic and geopolitical events.

話雖如此，我們的增長仍然強勁，遠遠超過消費者支出的增長，因為無論經濟和地緣政治事件如何，從現金向電子支付的轉變仍在繼續。

As most of you probably know, we've put forth a proposal in this year's proxy to amend our Corporate charter that would position us to effect a stock split at an appropriate time and at the discretion of our Board of Directors.

你們中的大多數人可能都知道，我們已經在今年的委託書中提出了一項修改我們公司章程的提案，這將使我們能夠在適當的時間並由我們的董事會酌情決定進行股票分割。

As you can see from the announcement today, the proposal did indeed pass, and our Board of Directors declared a 4-for-1 stock split in the form of a stock dividend.

從今天的公告中可以看出，該提案確實通過了，我們的董事會宣布以股票股息的形式進行 4 比 1 的股票分割。

This action, in addition to our dividend increase and our previously announced share repurchase program, are all indicators of our confidence in our future.

除了我們增加股息和我們之前宣布的股票回購計劃之外，這一行動都是我們對未來充滿信心的指標。

Our long-term outlook continues to be bright, as our investments in digital payments provide growing opportunities for us.

我們的長期前景依然光明，因為我們對數字支付的投資為我們提供了不斷增長的機會。

Let me make a couple of comments now about our first-quarter financial results.

現在讓我對我們的第一季度財務業績發表一些評論。

As Byron said, it was another strong quarter driven by solid underlying payment volumes and processed transactions globally.

正如拜倫所說，這是另一個強勁的季度，由穩固的基礎支付量和全球處理的交易推動。

As expected, operating revenue grew 7% nominally, or 9% on a constant currency basis, while expenses increased 6% and earnings per share registered a healthy 15% growth.

正如預期的那樣，營業收入名義上增長了 7%，或按固定匯率計算增長了 9%，而支出增長了 6%，每股收益實現了 15% 的健康增長。

Global payment volume grew 11%, flat to last quarter and still robust.

全球支付量增長 11%，與上一季度持平且依然強勁。

Solid rates in the US of 10% were bolstered by international at 13%, again, no change from the previous quarter and still robust in spite of everything that is transpiring across the globe.

美國的 10% 的固定利率得到了 13% 的國際支持，與上一季度相比沒有變化，儘管全球發生了一切，但仍然保持強勁。

US growth moderated slightly in the month of January, driven by further declines in gas prices.

受天然氣價格進一步下跌的推動，美國 1 月份的增長略有放緩。

As Byron mentioned, our US results benefited from conversions, as we converted significantly more accounts onto our platform than were converted away from us.

正如拜倫所說，我們在美國的結果受益於轉換，因為我們將更多的賬戶轉換到我們的平台上，而不是從我們那裡轉換出來的。

Let me just cover a few topical items now.

讓我現在只介紹一些熱門話題。

First, a few words about the US holiday spending season.

首先，談談美國的假日消費季節。

The holiday spending season patterns evolved differently than prior years.

假日消費季節模式的演變與往年不同。

Growth was stronger growing into Thanksgiving than we see in the past and it tailed off to the month of December, but a significant driver was the continuing decrease in gasoline prices.

感恩節之前的增長比我們過去看到的要強勁，並且在 12 月份有所放緩，但一個重要的驅動因素是汽油價格的持續下跌。

Having said that, our rate of growth was higher this year than last year, including the decrease in gas prices.

話雖如此，我們今年的增長率高於去年，包括天然氣價格的下降。

We also look at the rate of growth year-over-year excluding conversions and gas prices to gauge the underlying economic environment, and it looks to be about flat.

我們還查看不包括轉換和天然氣價格的同比增長率，以衡量潛在的經濟環境，它看起來基本持平。

On that topic, I want to talk a little bit more about gas for a second.

關於這個話題，我想多談一談天然氣。

First to put the drop in the context, US fuel prices are down approximately 30% since June.

首先將下跌放在背景下，美國燃料價格自 6 月以來下跌了約 30%。

This drop amounts to approximately $60 per month for the average consumer.

對於普通消費者而言，這一下降幅度約為每月 60 美元。

According to our surveys, approximately 50% of the savings consumers are seeing is being saved, 25% is being used to pay down debt, and approximately 25% is being spent in other discretionary categories.

根據我們的調查，消費者看到的大約 50% 的儲蓄用於儲蓄，25% 用於償還債務，大約 25% 用於其他可自由支配的類別。

These categories include grocery, clothing, and restaurants.

這些類別包括雜貨、服裝和餐館。

This is consistent with what we've seen in our own spend data.

這與我們在自己的支出數據中看到的一致。

As we look forward, we would anticipate the savings will accumulate and ultimately we would see more spent in the discretionary categories, including higher ticket items such as home improvement, electronics, and travel and entertainment.

正如我們所期待的那樣，我們預計節省的費用將會累積，最終我們會看到更多的花費在可自由支配的類別中，包括更高票價的項目，如家居裝修、電子產品以及旅行和娛樂。

Third, cross-border volume moderated 8% from 10% in the prior quarter.

第三，跨境交易量從上一季度的 10% 下降 8%。

We see the effect of geopolitical tensions here and the strong dollar and the corridors effected are not surprising, as Byron pointed out.

正如拜倫所指出的，我們在這裡看到了地緣政治緊張局勢的影響，強勢美元和受影響的走廊並不令人驚訝。

Fourth, the rebound in currency volatility is material.

第四，貨幣波動的反彈是實質性的。

It's obviously welcomed and not surprising given what's going on in the world.

鑑於世界上正在發生的事情，這顯然是受歡迎的，也不足為奇。

The moderation in cross-border continued into the current quarter, as has increased currency volatility.

跨境交易放緩持續到本季度，貨幣波動加劇。

On the expense front, we continue to manage expenses judiciously, and while we continue to appropriately invest in all of our long-term initiatives, there are defensive measures we can and will take if needed in the face of any slowing economic scenario.

在費用方面，我們繼續明智地管理費用，雖然我們繼續對所有長期計劃進行適當投資，但面對任何經濟放緩的情況，如果需要，我們可以並且將採取防禦措施。

We're not doing this yet, but we remain prepared.

我們還沒有這樣做，但我們仍然做好準備。

Let me turn my attention now just to say a couple of words about our competitive position.

讓我現在轉移注意力，就我們的競爭地位說幾句話。

We love our competitive position in the marketplace.

我們熱愛我們在市場上的競爭地位。

We are the industry leader but this alone doesn't give us comfort.

我們是行業領導者，但僅此一點並不能讓我們感到安慰。

We know that we're the target for others, traditional and nontraditional.

我們知道我們是其他人的目標，無論是傳統的還是非傳統的。

Thus far, we are comforted by the fact that we continue to maintain our share in an intelligent way for our shareholders.

到目前為止，我們對我們繼續以明智的方式為股東維持我們的股份這一事實感到欣慰。

We are laser-focused on investing to drive cash through electronic payments, partnering with those who will drive commerce in the digital world, and creating platforms to embed ourselves in that digital commerce.

我們專注於投資以通過電子支付增加現金，與那些將推動數字世界商業的人合作，並創建平台以將自己嵌入數字商業中。

Visa Checkout, Visa Token Services, Visa Digital Solutions, and enabling Apple Pay, these are things that we've done so far and there's much more to come.

Visa Checkout、Visa 令牌服務、Visa 數字解決方案和啟用 Apple Pay，這些都是我們迄今為止所做的事情，還有更多的事情要做。

Let me turn now and make a couple of comments and updates regarding the legal and regulatory front.

現在讓我轉身就法律和監管方面發表一些評論和更新。

On the domestic front, we're certainly pleased with the recent outcome of the Supreme Court's decision not to hear the National Association of Convenience Stores' appeal against the Federal Reserve Board.

在國內方面，我們當然對最高法院最近決定不審理全國便利店協會對聯邦儲備委員會的上訴感到高興。

The decision is an important step in bringing clarity to the debit interchange landscape.

該決定是明確借記交換格局的重要一步。

We're hopeful this will encourage all parties to work more closely to address areas of mutual interest.

我們希望這將鼓勵各方更密切地合作，解決共同感興趣的領域。

Speaking more broadly to the merchant litigation, we've made considerable progress in settling the MDL opt-out cases.

從更廣泛的角度談商家訴訟，我們在解決 MDL 選擇退出案件方面取得了相當大的進展。

Through the end of the first quarter, and to date in January, we've paid out approximately $335 million to opt-out merchants.

到第一季度末，到 1 月份為止，我們已經向選擇退出的商家支付了大約 3.35 億美元。

We're optimistic that we will continue to see good progress.

我們樂觀地認為，我們將繼續看到良好的進展。

Additionally, we've had approximately 1,100 requests from smaller retailers to opt back into the class.

此外，我們還收到了大約 1,100 份來自小型零售商的請求，要求他們選擇重新加入該課程。

They will be compensated accordingly under the terms of the Class Agreement.

他們將根據集體協議的條款得到相應的補償。

In Russia, we continue to work with the Central Bank of Russia and the Russian national payment card system to transition our domestic processing to their network.

在俄羅斯，我們繼續與俄羅斯中央銀行和俄羅斯國家支付卡系統合作，將我們的國內處理轉移到他們的網絡。

We continue to estimate the 2015 full-year impact to be $50 million.

我們繼續估計 2015 年全年的影響為 5000 萬美元。

Quick update on Visa Checkout.

Visa Checkout 的快速更新。

As I mentioned last quarter, Visa Checkout saw excellent initial traction in the early fall, which has accelerated during our first fiscal quarter, capped off by the holiday shopping season.

正如我上個季度提到的那樣，Visa Checkout 在初秋初見成效，在我們的第一財季加速增長，受到假日購物季的限制。

This was driven by strong media campaign in conjunction with our NFL sponsorship, as well as individual merchant and media collaboration.

這是由強大的媒體活動與我們的 NFL 贊助以及個別商家和媒體合作推動的。

Thus far, we've conducted 24 co-marketing campaigns with some great merchant partners.

到目前為止，我們已經與一些優秀的商家合作夥伴進行了 24 次聯合營銷活動。

Visa Checkout now has over 240 financial institution partners across the United States, Canada, and Australia, which account for almost 50% of our global e-commerce volume.

Visa Checkout 現在在美國、加拿大和澳大利亞擁有 240 多家金融機構合作夥伴，占我們全球電子商務交易量的近 50%。

Several issuers are also participating in marketing programs, including e-mail and online campaigns.

一些發行人也參與了營銷計劃，包括電子郵件和在線活動。

To date, we have over 3 million registered users and consumers can now use Visa Checkout to shop at over 110 e-commerce retailers, representing over $42 billion in addressable volume.

迄今為止，我們擁有超過 300 萬註冊用戶，消費者現在可以使用 Visa Checkout 在超過 110 家電子商務零售商處購物，潛在交易量超過 420 億美元。

We continue to see good success with Apple Pay and with all involved parties actively promoting the service either independently or in concert with each other.

我們繼續看到 Apple Pay 取得了良好的成功，所有相關方都在積極推動這項服務，無論是獨立還是相互協調。

As Apple reported yesterday, about 750 banks and credit unions have signed on to bring their customers Apple Pay.

正如蘋果昨天報導的那樣，大約 750 家銀行和信用合作社已經簽約為他們的客戶帶來 Apple Pay。

To date, 43 of our issuing partners have enrolled in our tokenization services.

迄今為止，我們的 43 個發行合作夥伴已經註冊了我們的代幣化服務。

These issuers collected collectively represent 75% of our aggregate US payment volume.

收集的這些發行人合計占我們美國總支付量的 75%。

Over 500 of our clients have signed Apple Pay contract and we're actively working with them to enable the service.

我們有超過 500 名客戶簽署了 Apple Pay 合同，我們正在積極與他們合作以啟用該服務。

As importantly, the token technology employed here sets the standard for other digital experiences, and you will see others come to market over the course of the next year.

同樣重要的是，這裡使用的代幣技術為其他數字體驗設定了標準，您將在明年看到其他人進入市場。

As we gauge of the success, I agree with Apple's assessment that it's early days, but the excitement we see is encouraging.

當我們衡量成功時，我同意 Apple 的評估，即現在還處於早期階段，但我們看到的興奮是令人鼓舞的。

It will take some time to build out the NFC acceptance infrastructure for Apple Pay and others.

為 Apple Pay 和其他人構建 NFC 接受基礎設施需要一些時間。

That is happening now and will continue as merchants upgrade their terminals to accept chip-enabled cards.

這種情況現在正在發生，並將隨著商家升級他們的終端以接受芯片卡而繼續下去。

I would also note that few, if any, chip-enabled terminals are shipped that don't also contain NFC functionality.

我還要注意，很少有（如果有的話）支持芯片的終端不包含 NFC 功能。

More specifically on EMV chip cards, we continue to work closely with all industry players and are very optimistic that the adoption of chip cards will continue to accelerate over 2015.

更具體地說，在 EMV 芯片卡方面，我們繼續與所有行業參與者密切合作，並且非常樂觀地認為芯片卡的採用將在 2015 年繼續加速。

Based on the payment security task force [protection] projections, we expect to see well over a 0.5 billion chip cards enabled in consumer's hands by the end of 2015 and roughly one-half of all terminals of surveyed acquirers will be activated by year-end.

根據支付安全工作組 [保護] 的預測，我們預計到 2015 年底將有超過 5 億張芯片卡在消費者手中啟用，大約一半的被調查收單機構的終端將在年底前激活.

We expect that by the end of 2017, roughly 70% of all cards and all terminals will be chip-enabled.

我們預計到 2017 年底，大約 70% 的卡和所有終端都將支持芯片。

Moving on to emerging and evolving technologies like host card emulation, in the fall we launched our sandbox environment for Visa Digital Solutions.

轉向新興和不斷發展的技術，如主機卡仿真，我們在秋季推出了適用於 Visa 數字解決方案的沙盒環境。

We have several clients and partners that have been actively developing new mobile and digital services in our sandbox.

我們有幾個客戶和合作夥伴一直在我們的沙盒中積極開發新的移動和數字服務。

Next week, our Visa Digital Solutions platform will launch and be live in production.

下週，我們的 Visa 數字解決方案平台將啟動並投入生產。

We expect that several of our clients and partners will launch the new services over the coming months.

我們預計我們的一些客戶和合作夥伴將在未來幾個月推出新服務。

Lastly we're putting the finishing touches on several other initiatives that we will be announcing during the upcoming Mobile World Congress meeting in early March, so stay tuned.

最後，我們將在即將於 3 月初舉行的世界移動通信大會上宣布的其他幾項舉措進行最後潤色，敬請期待。

Just to close, we're very pleased with the start to our fiscal year.

剛剛結束，我們對本財年的開始感到非常滿意。

As we indicated last quarter, while we'll expect volume to remain relatively strong, we are expecting revenues to be softer in the first half of the year, including the second quarter, which we expect to be the trough.

正如我們上個季度所指出的那樣，雖然我們預計銷量將保持相對強勁，但我們預計上半年收入將走軟，包括我們預計將成為低谷的第二季度。

The back half of the year should improve as gas prices stabilize and the effect of our previously announced pricing changes become effective.

隨著天然氣價格穩定以及我們先前宣布的定價變化的影響生效，今年下半年應該會有所改善。

It will continue to be a very exciting time in the payments arena, and I fully believe that Visa will continue to be in a leadership position, not only in terms of growing our payment volumes and process transactions, but as importantly, driving new technologies and ways to pay as we work in concert with our issuers, acquirers, merchants, and other parties.

在支付領域，這將繼續是一個非常激動人心的時刻，我完全相信 Visa 將繼續處於領先地位，不僅在增加我們的支付量和處理交易方面，而且更重要的是，推動新技術和我們與發行人、收單機構、商家和其他各方合作時的付款方式。

With that, Byron and I are ready to take your questions.

有了這個，拜倫和我準備好回答你的問題了。

(Operator Instructions)

（操作員說明）

Darrin Peller, Barclays.

巴克萊銀行的達林佩勒。

Nice job on the quarter.

本季度幹得不錯。

Just want to touch first on what you were mentioning around FX volatility levels, as Byron, you mentioned earlier, they clearly have increased.

只想先談談你提到的外匯波動水平，正如你之前提到的拜倫，它們顯然已經增加了。

Just to be clear, you're not including outlook?

為了清楚起見，您不包括前景嗎？

At least you're including -- are you including the levels that we've seen recently and just going forward with that, or are you including lower levels?

至少你包括 - 你是包括我們最近看到的水平並且只是繼續前進，還是你包括更低的水平？

Maybe, can you give us the size and magnitude of what impact it could mean if you were to extrapolate off the current levels of volatility for the rest of the year on your cross-border volume?

也許，如果您要根據今年剩餘時間的當前波動水平對您的跨境交易量進行推斷，您能否告訴我們這可能意味著什麼影響的規模和幅度？

So we have included our forward projection of FX rates, based on the December 31 forwards.

因此，我們根據 12 月 31 日的遠期數據，包括了我們對外匯匯率的遠期預測。

So the numbers that we quoted, the guidance that we have reaffirmed, fully reflect the most current thinking and data we have using the forward exchange rates of December 31.

因此，我們引用的數字，我們重申的指導，充分反映了我們使用 12 月 31 日遠期匯率的最新想法和數據。

With regards to volatility, which is another aspect of FX, the projection assumes some continuation of what we have seen, but we are, as I indicated in my remarks, cautious here with regards to the balance of the year, in that this is an area that is very difficult to forecast.

關於波動性，這是外彙的另一個方面，預測假設我們所看到的會有所延續，但正如我在講話中指出的那樣，我們對今年的餘額持謹慎態度，因為這是一個很難預測的區域。

So, clearly, a good start to the year with regards to volatility.

因此，顯然，在波動性方面，今年是一個良好的開端。

It is trending -- it has performed above the10-year medium, which we referred to, I believe, on our last earnings call, but this is an area that goes up and down.

它是趨勢——它的表現高於我們在上次財報電話會議上提到的 10 年中線，但這是一個上下波動的區域。

So it, unlike FX and its impacts on our translations, which we have projected using the December forwards throughout the year, with volatility, we are forecasting a bit closer in and taking what we believe is a conservative posture in the second half.

因此，與 FX 及其對我們翻譯的影響不同，我們使用 12 月遠期預測全年的波動性，我們預測下半年會更接近並採取我們認為保守的姿態。

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

The strong dollar, obviously, as you highlighted, has had that negative impact on US inbound cross-border travel from some of the key international corridors.

正如您所強調的那樣，強勢美元顯然對美國一些主要國際走廊的入境跨境旅行產生了負面影響。

Just wanted to get your take on whether or not you think the 7% cross-border volume number through the first three weeks of January will prove to be the trough for the year, because I know you do have some easier comparisons coming up in the March and June quarters, in particular.

只是想了解一下您是否認為 1 月前三週 7% 的跨境交易量將被證明是今年的低谷，因為我知道您在尤其是三月和六月季度。

That one's really hard.

那個真的很難

We are projecting off our trending, but the dollar is continuing to strengthen and that strengthening dollar is fundamental to our forecast for the balance of the year in terms of its impact on volume and subsequent impact on revenue.

我們正在預測我們的趨勢，但美元繼續走強，就其對數量的影響和隨後對收入的影響而言，美元走強是我們預測今年餘下時間的基礎。

David Togut, Evercore ISI.

大衛·托古特，Evercore ISI。

Could you provided any clarity you might have, Charlie, on the rules that are governing the opening of China's domestic payments market and when this might be material for Visa?

查理，您能否就中國國內支付市場開放的規則以及這對 Visa 何時重要的規則提供任何明確的說明？

A couple things first.

先說幾件事。

First, I just want to be clear, China is an important market for us today.

首先，我想明確一點，中國是當今我們的一個重要市場。

We don't compete domestically for transactions, but we have very close relationships with banks in China where we issue cards that are used outside of China.

我們不會在國內競爭交易，但我們與中國的銀行有著非常密切的關係，我們發行在中國境外使用的卡。

So to the extent and at the appropriate time when the Chinese marketplace opens, we're not starting from ground zero relative to building relationships within China.

因此，在中國市場開放的適當時間和範圍內，我們並不是從零開始就在中國建立關係。

Relative to the timing of the open, we really, unfortunately, cannot providing additional clarity.

相對於開放的時間，我們真的很遺憾無法提供額外的明確性。

We know what you know, which is that the Chinese government made the statement that they will allow domestic competition, that they are in the process of writing those rules, and my guess is we'll see them when you see them.

我們知道你所知道的，那就是中國政府聲明他們將允許國內競爭，他們正在製定這些規則，我猜當你看到它們時我們會看到它們。

We continue to work with our Chinese partners and meet with the government.

我們將繼續與我們的中國合作夥伴合作，並與政府會面。

But relative to when the market will open, what the rules will look like, and how meaningful it would be, we really don't know.

但相對於什麼時候開市，規則會是什麼樣子，它會有多大意義，我們真的不知道。

I would just remind you all, I know a lot of you know this fact, but when they have opened the market up in other industries, that are industries somewhat like ours, it generally takes a period of time, sometimes quite a significant period of time before it's going to become something significant for the Company.

我只是提醒大家，我知道你們很多人都知道這個事實，但是當他們在其他行業打開市場時，就像我們這樣的行業，通常需要一段時間，有時甚至是相當長的一段時間。在它對公司產生重大影響之前的時間。

Bill Carcache, Nomura Securities.

Bill Carcache，野村證券。

Have you seen any notable difference in the impact of lower gas prices on affluent consumers versus the general population?

您是否看到較低的天然氣價格對富裕消費者與普通人群的影響有任何顯著差異？

Maybe on the comments that you've made about cross-border, could you address whether you're seeing early signs of more US travel abroad, given the strengthening of the US dollar yet?

或許在您對跨境的評論中，您能否說明鑑於美元走強，您是否看到更多美國出境游的早期跡象？

And if so is any of that factored into your outlook?

如果是這樣，您的前景是否會考慮其中的任何因素？

What we see -- let me take the second one first -- what we see for US travel abroad, given the strong dollar, is that it has sustained.

我們所看到的——讓我先來看第二個——鑑於美元走強，我們看到美國出國旅行的情況是持續的。

What we haven't seen is any spike in US travel abroad, which you might hypothesize would happen given the stronger dollar.

我們還沒有看到美國出國旅行的任何飆升，你可能會假設美元走強會發生這種情況。

But what we've seen is a sustaining of healthy growth rates on outbound US travel.

但我們看到的是美國出境游的健康增長率持續保持。

With regards to gas and impact on affluent, as I mentioned in my remarks, gasoline spend is more debit-weighted for us than credit.

關於汽油和對富人的影響，正如我在講話中提到的，汽油支出對我們來說比信貸更受借方加權。

We have seen very little impact on spend at the credit level, which is where you would expect more of the affluent to participate.

我們發現信貸層面的支出受到的影響非常小，您預計會有更多的富人參與其中。

We have seen some impact on debit, which is where you'd expect the less affluent to play in greater numbers.

我們已經看到對借方的一些影響，這是您預計不太富裕的人會在更多的地方玩的地方。

So, as Charlie talked about, there has been a clear, noticeable reduction in debit spend as it relates to gas in the US, a portion of which have been redistributed to other categories, but the bulk of which has been, at least for the moment, based on our surveys, being banked in the savings category.

因此，正如查理所說，美國與天然氣相關的借方支出明顯減少，其中一部分已重新分配到其他類別，但其中大部分已經，至少對於時刻，根據我們的調查，被存入儲蓄類別。

Just keep in mind, though, the average of $60 a month, $60 a month in its own right, doesn't -- it's unlikely that people change their behavior.

但是請記住，平均每月 60 美元，就其本身而言，每月 60 美元不會——人們不太可能改變他們的行為。

If you boil it down to people filling up their tanks once a week, at that point you're down to $15 a week.

如果你把它歸結為人們每週加滿一次油箱，那麼你每週的費用就降到了 15 美元。

How are you going to go spend differently?

你打算如何以不同的方式消費？

So the places that we're seeing it, which I mentioned are the grocery stores, QSRs especially, are the types of places where you would see that kind of additional dollar amount.

所以我們看到的地方，我提到的是雜貨店，特別是 QSR，是你會看到那種額外的美元金額的地方。

But I said from our surveys we know that 50% of it is being saved.

但我說，從我們的調查中我們知道，其中 50% 正在被保存。

That amount of money accumulates.

這筆錢就累積起來了。

People start to see that they have additional money and then over a period of time will potentially by higher ticket items, is what we would anticipate.

人們開始看到他們有額外的錢，然後在一段時間內可能會獲得更高的票價，這是我們所預期的。

Don Fandetti, Citigroup.

花旗集團的唐·范德蒂。

I was wondering if you could talk a little bit on the rollout of tokenization for online and when you think it could also roll out internationally around Apple Pay?

我想知道您是否可以談談在線令牌化的推出，以及何時您認為它也可以圍繞 Apple Pay 在國際上推出？

And then lastly, have you seen increased discussions from other smartphone manufacturers and players post-Apple Pay?

最後，您是否看到其他智能手機製造商和玩家在 Apple Pay 之後的討論有所增加？

Sure.

當然。

On our tokenization efforts, we are very actively working with issuers in other parts of the world and would expect to see some tokenized solutions in the marketplace this calendar year.

在我們的代幣化工作中，我們非常積極地與世界其他地區的發行人合作，並希望在今年的市場上看到一些代幣化的解決方案。

On the topic of other people, whether it's handset manufacturers or others, there is a very, very active dialogue that's going on, that was happening, but the work that Apple has done and winding up in market with their solution, has certainly accelerating people's thinking.

關於其他人的話題，無論是手機製造商還是其他人，都在進行非常非常積極的對話，這種對話正在發生，但蘋果所做的工作以及他們的解決方案在市場上的收槃無疑加速了人們的思維。

We've been very, very clear relative to ourselves, which is we're very excited about what Apple is doing.

我們對自己非常非常清楚，這就是我們對蘋果正在做的事情感到非常興奮。

We think it's a very elegant solution that we are thrilled with our participation in, but we want to enable as many scalable solutions that have wonderful customer interfaces that adhere to the highest security standards.

我們認為這是一個非常優雅的解決方案，我們很高興參與其中，但我們希望啟用盡可能多的可擴展解決方案，這些解決方案具有符合最高安全標準的出色客戶界面。

We would expect to see a series of those in the next couple of quarters come to market.

我們預計在接下來的幾個季度中會看到一系列產品上市。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

I just had one more on FX.

我剛剛在FX上多了一個。

How do the hedges affect next year?

對沖對明年有何影響？

Do they defer some of the impact that we might have seen if you weren't hedged this year into next year?

如果您今年沒有對沖到明年，他們是否會將我們可能看到的一些影響推遲到明年？

Then just one data point question.

然後只有一個數據點問題。

Do we know the sum total of those that are still opt outs in the merchant litigation?

我們是否知道在商戶訴訟中仍選擇退出的總人數？

Thank you.

謝謝你。

With regards to the hedges, the answer is yes.

關於對沖，答案是肯定的。

Beginning with the month of October, which was the beginning of our fiscal year, we start doing 12-month forecasts out and start layering in hedges, 12 months out.

從 10 月份開始，也就是我們財年的開始，我們開始進行 12 個月的預測，並在 12 個月後開始分層對沖。

So this is January, so the hedges we put on this month will be will cover the first -- through the end of January, we will have the hedges in place that will cover the first four months of next year's fiscal year.

所以這是一月份，所以我們這個月的對沖將覆蓋第一個 - 到一月底，我們的對沖將覆蓋明年財政年度的前四個月。

And I say for better or for worse.

我說是好是壞。

If the dollar continues to strengthen, then the hedges will provide benefit, and if it goes the other way, the opposite.

如果美元繼續走強，那麼對沖將提供好處，如果反其道而行之，則相反。

Remember, the objective here is to simply dampen, not eliminate.

請記住，這裡的目標是簡單地抑制，而不是消除。

We are not insulated from FX.

我們沒有與外匯絕緣。

What we are trying to do with the hedges is flatten out somewhat the volatility.

我們試圖用對沖做的是平緩波動性。

I might also add that what we [solve] to in hedges is not revenue.

我還可以補充一點，我們在對沖中 [解決] 的不是收入。

It's actually operating income.

其實就是營業收入。

So we hedge against certain risk tolerance levels by currency against our operating income, which means we use the expenses in other currencies as a natural hedge and then we put on transactional hedges beyond the natural hedge of the expense we incur in the non-US currencies.

因此，我們通過貨幣對我們的營業收入對沖某些風險承受水平，這意味著我們使用其他貨幣的費用作為自然對沖，然後我們在非美國貨幣產生的費用的自然對沖之外進行交易對沖.

Moshe Katri, Cowen.

Moshe Katri，考恩。

Can you talk a bit about tokenization?

你能談談標記化嗎？

Where are we in terms of introducing the service to banks and some of the feedback and then maybe you can talk a bit about how should we think about this looking into next year?

在向銀行介紹服務和一些反饋方面，我們在哪裡？然後也許你可以談談我們應該如何看待明年的這個問題？

Thanks.

謝謝。

Those financial institutions that I referenced in my opening remarks are all using our token services for Apple Pay.

我在開場白中提到的那些金融機構都在使用我們的 Apple Pay 代幣服務。

As I said, we're working with another 500 or so institutions here, currently, to get them involved in Apple Pay and therefore using our tokenization service because that is a prerequisite for participating in Apple Pay.

正如我所說，我們目前正在與這裡的另外 500 多家機構合作，讓他們參與 Apple Pay，因此使用我們的代幣化服務，因為這是參與 Apple Pay 的先決條件。

As I said before, we continue to work with issuers around the world and expect to see more tokenized solutions as time goes on.

正如我之前所說，我們將繼續與世界各地的發行人合作，並希望隨著時間的推移看到更多的代幣化解決方案。

What was the second part of the question?

問題的第二部分是什麼？

There was a second part that I didn't answer to Sanjay's question, so let me just if I could, let me just add that in real quick.

還有第二部分我沒有回答 Sanjay 的問題，所以如果可以的話，讓我快速補充一下。

The question was, I believe, how many opt outs remain in the MDL litigation?

問題是，我相信，在 MDL 訴訟中還有多少選擇退出？

That number we don't have immediately accessible, but to be hopeful here, we think it's better to think about it in terms of the payment volume represented by the opt-outs.

我們無法立即獲得這個數字，但為了在這裡抱有希望，我們認為最好根據選擇退出所代表的支付量來考慮它。

Charlie told you that, to date, we have settled and actually paid out of our escrow, $335 million or so, out of an escrow that was $1.5 billion at the beginning of the fiscal year.

查理告訴你，迄今為止，我們已經結算並實際從我們的代管中支付了 3.35 億美元左右，而在本財年初的代管資金為 15 億美元。

Think of that as settling out a little over 20% of the payment volume represented by the opt-outs before these payments began.

可以將其視為在這些付款開始之前解決了由選擇退出所代表的付款量的 20% 以上。

Bob Napoli, William Blair.

鮑勃·那不勒斯，威廉·布萊爾。

I just wanted to get an update on CyberSource, if I could, and the trends in that business, what you're doing to improve that business, and maybe what competitors are you finding most difficult as far as losing market share?

如果可以的話，我只是想了解 CyberSource 的最新信息，以及該業務的趨勢、您正在採取哪些措施來改善該業務，以及您認為哪些競爭對手在失去市場份額方面最困難？

On CyberSource, we had a good holiday season.

在 CyberSource 上，我們度過了一個愉快的假期。

We grew -- transactions grew at about 16%.

我們增長了——交易量增長了大約 16%。

That's up from 12% in the prior reporting period.

這高於上一報告期的 12%。

Honestly, as we've mentioned on prior calls, we missed an investment cycle, maybe two in this product.

老實說，正如我們在之前的電話會議中提到的那樣，我們錯過了一個投資週期，可能是這個產品的兩個投資週期。

We are rapidly reinvesting, re-platforming to enable much better client service as transactions accelerate in terms of capacity utilization.

隨著交易在產能利用率方面的加速，我們正在迅速進行再投資、重新平台化，以提供更好的客戶服務。

This is a business we are very committed to.

這是我們非常致力於的業務。

It has been an excellent vertical extension of our business model and we remain very vested in bringing the platform to world-class levels again, and to accelerate the growth rates, above which we have, even most recently, been experiencing.

這是我們商業模式的一個極好的垂直延伸，我們仍然非常有信心將平台再次提升到世界級水平，並加快我們甚至最近一直在經歷的增長率。

The only thing -- I could just add a couple things to it.

唯一的——我可以添加一些東西。

Number one is, we think about CyberSource two different ways.

第一，我們以兩種不同的方式考慮 CyberSource。

We think about it as a how is it doing as a standalone business and we think about how is CyberSource helping the rest of Visa?

我們將其視為獨立業務的運作方式，我們會思考 CyberSource 如何幫助 Visa 的其他部門？

As Byron mentioned, on the standalone business, we've been very clear that we did miss an investment cycle here.

正如拜倫所說，在獨立業務方面，我們非常清楚我們確實錯過了一個投資週期。

We have a very clear road map internally that both relates to customer-facing improvements such as time to onboard and things like that, as well as some infrastructure changes that we're making.

我們內部有一個非常清晰的路線圖，既涉及面向客戶的改進，例如入職時間等，以及我們正在進行的一些基礎設施更改。

That's a road map of, call it, a year or so and that's how long it will take us.

這是一個路線圖，稱之為，一年左右，這就是我們需要多長時間。

So we would expect to see some volatility from the existing client base as we go through those changes, but it's the right thing for us for the long-term.

因此，當我們經歷這些變化時，我們預計現有客戶群會出現一些波動，但從長遠來看，這對我們來說是正確的。

Separately from us, and this gets to the overall point for us with CyberSource, CyberSource is an extremely important part of the Company.

與我們不同的是，CyberSource 對我們來說很重要，CyberSource 是公司極其重要的一部分。

When we talk about leveraging merchant relationships, and we talk about wanting to build broader capabilities and things that -- conversations that we're having in the marketplace in order to do that, CyberSource is just a wonderful addition for us to be able to be a partner to either enable those conversations or to be part of those conversations.

當我們談論利用商家關係時，我們談論想要建立更廣泛的能力和事物——為了做到這一點，我們在市場上進行的對話，CyberSource 對我們來說是一個很好的補充合作夥伴可以啟用這些對話或成為這些對話的一部分。

Quite frankly, for us to start from scratch, on merchant relationships is very, very different than to be able to start with a CyberSource inside the Company.

坦率地說，對於我們來說，從零開始，建立商家關係與能夠從公司內部的 CyberSource 開始非常不同。

Jim Schneider, Goldman Sachs.

吉姆施耐德，高盛。

Relative to your commentary on incentives, I believe last time you had talked about incentives being front-half loaded in the first part of the fiscal year, and today you said that you now expect them to be -- to trend upwards as you go through the year.

相對於您對激勵措施的評論，我相信您上次談到激勵措施在本財年的第一部分處於前半部分，而今天您說您現在預計它們會隨著您經歷而呈上升趨勢那一年。

Has something changed in terms of deals pushed out or additional deals signed?

在推出的交易或簽署的額外交易方面有什麼變化嗎？

Maybe give us some color on the cadence of those incentives as you go through the year.

也許在你度過這一年的時候，給我們一些關於這些激勵措施的節奏的顏色。

One of the things we've learned over the past seven years that we have been doing earnings calls is that incentives is very difficult to project quarter-by-quarter.

在過去七年中，我們通過財報電話會議了解到的一件事是，激勵措施很難按季度進行預測。

We've gotten pretty good at projecting it on the full-year basis.

我們已經非常擅長以全年為基礎進行預測。

So, with every passing quarter, we get smarter about the deals that close and the deals that are taking longer to close that we thought might close.

因此，隨著每個季度的過去，我們對完成的交易以及我們認為可能完成的交易需要更長時間才能完成的交易變得更加聰明。

Nothing has occurred that has changed our outlook for the year, but we are reaffirming the lumpiness of incentives and that's really what we're seeing here.

沒有任何事情改變我們對今年的展望，但我們正在重申激勵措施的統一性，而這正是我們在這裡看到的。

We have one quarter in the bag and three to go.

我們有四分之一在袋子裡，還有三個要走。

We're very comfortable with our guidance of 17% (sic -- see slide 13, "17.5%) to 18.5% and we expect the three out quarters to run at a higher rate than what you saw in the recently completed Q1.

我們對 17%（原文如此——見幻燈片 13，“17.5%”）至 18.5% 的指導感到非常滿意，我們預計三個季度的運行速度將高於您在最近完成的第一季度看到的速度。

Smitti Srethapramote, Morgan Stanley.

Smitti Srethapramote，摩根士丹利。

At your analyst day, 1.5 years ago, you estimated that they would be 38 million mobile point-of-sale locations by 2017.

在 1.5 年前的分析師日，您估計到 2017 年它們將成為 3800 萬個移動銷售點位置。

Just wondering if you can give us an update in terms of how things have played out versus your initial expectations?

只是想知道您是否可以就事情的進展與您最初的預期向我們提供最新信息？

Are there any particular geographies where you've seen acceptance increased noticeably due to MPOS?

是否有任何特定地區因 MPOS 的出現而接受度顯著提高？

That's a good question, and I had the number but I don't have it now, in terms of how many MPOS locations there are, but the number is growing extraordinarily quickly.

這是一個很好的問題，我有這個數字，但我現在沒有，就 MPOS 位置的數量而言，但這個數字增長得非常快。

The last number, I'm sorry -- what's that -- Canada, Australia, and other places.

最後一個數字，對不起——那是什麼——加拿大、澳大利亞和其他地方。

The numbers that I saw were, several quarters ago, actually probably it's almost a year ago, we were probably at 5 million, and I believe the number was over 10 million the last time I checked.

我看到的數字是幾個季度前，實際上可能是差不多一年前，我們可能是 500 萬，我相信我上次檢查時這個數字超過了 1000 萬。

So the growth is happening, and in addition to just the MPOS devices out there, usage is what's extraordinarily important.

所以增長正在發生，除了 MPOS 設備之外，使用是非常重要的。

So we can make sure we get you that number and next time we talk publicly, we'll make sure we mentioned it so everyone has it.

所以我們可以確保我們得到你這個號碼，下次我們公開談話時，我們會確保我們提到它，這樣每個人都知道。

Tien-tsin Huang, JPMorgan.

摩根大通，黃天純。

Charlie, it sounds like you said that you can protect the bottom line if the macro deteriorates here.

查理，聽起來你說如果這裡的宏觀惡化，你可以保護底線。

Can you elaborate?

你能詳細說明嗎？

Was that an expense comment?

那是費用評論嗎？

And maybe can you just give us an update on the timing of the CFO search?

也許您能告訴我們有關首席財務官搜索時間的最新信息嗎？

Thanks.

謝謝。

On the first one, my comments are quite simple, which is the economic environment, in terms of what we're seeing with the strengthening dollar, obviously makes our jobs more difficult.

關於第一個，我的評論很簡單，那就是經濟環境，就我們所看到的美元走強而言，顯然使我們的工作更加困難。

The point of what I was trying to say was we are not changing our spending patterns, the projects we have underway, based upon what we're seeing in the world today.

我想說的是，我們並沒有改變我們的支出模式，我們正在進行的項目，基於我們今天在世界上看到的情況。

We're not laying people off, we're not even thinking about doing anything like that.

我們沒有裁員，我們甚至沒有考慮做這樣的事情。

We're continuing to push forward to grow the Company because we think that's the right long-term thing for us to do given the opportunity and we think, as Byron went through, we think we'll continue to perform as a Company.

我們將繼續推動公司的發展，因為我們認為這是我們在有機會的情況下做的正確的長期事情，而且我們認為，隨著拜倫的經歷，我們認為我們將繼續作為一家公司表現。

Having said that, we also just always remind ourselves that, like any Company, you can always tighten up and you can always go through and prioritize and figure out what the most important thing to do is and you really have to do every last thing.

話雖如此，我們也總是提醒自己，就像任何公司一樣，你總是可以收緊，你總是可以通過並確定優先級並弄清楚最重要的事情是什麼，你真的必須做最後一件事。

If we got particularly nervous that what we were seeing in the world would affect us in any kind of meaningful way beyond what we expected, we have the ability to do that and we're not contemplating that.

如果我們特別緊張，我們所看到的世界會以超出我們預期的任何有意義的方式影響我們，我們有能力做到這一點，我們沒有考慮過。

Even if we did that, we would assume we would do it in an intelligent way that still allows us to invest in the right things, so the point is if we had to and we thought it was prudent, we could reduce the expense base of the Company or certainly slow the expense growth, but not something we're contemplating doing right now.

即使我們這樣做了，我們也會假設我們會以一種聰明的方式來做，這仍然允許我們投資於正確的事情，所以關鍵是如果我們必須這樣做並且我們認為這是謹慎的，我們可以減少公司或肯定會減緩費用增長，但不是我們現在正在考慮做的事情。

And on the CFO search, I hope we have something to report shortly on that.

關於首席財務官的搜索，我希望我們能盡快報告一些內容。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Just a couple clarifications.

只是幾個澄清。

Charlie, what's the strategy for rolling out tokenization for browser-based e-commerce?

查理，為基於瀏覽器的電子商務推出標記化的策略是什麼？

I was under the impression this spring you would be rolling something out.

我的印像是今年春天你會推出一些東西。

I'm just curious what the plans are there.

我只是好奇那裡有什麼計劃。

Then secondly, Byron, on FX, just given your comments on some of the hedges and the rolling off of some hedges, should we then start modeling in a couple point impact for FY16?

其次，關於外彙的拜倫，剛剛給出了您對一些對沖和一些對沖滾銷的評論，我們是否應該開始對 2016 財年的幾個點影響進行建模？

Thanks so much.

非常感謝。

On the first piece, in the spring of this year, we will have some tokenized solutions in the marketplace for some browser-enabled solutions.

第一部分，在今年春天，我們將在市場上為一些支持瀏覽器的解決方案提供一些代幣化解決方案。

Okay.

好的。

And on the FX -- Brian, I wish I had a crystal ball, but let me relay the following circumstance, which is the dilemma.

在 FX 上——Brian，我希望我有一個水晶球，但讓我轉述以下情況，這就是兩難境地。

When we gave foreign exchange guidance on the fourth-quarter call, we had a full year of hedges in place.

當我們在第四季度電話會議上提供外匯指導時，我們已經進行了一整年的對沖。

Three months later, we are saying that the interim FX developments have negatively impacted our revenue growth by about 50 basis points.

三個月後，我們說中期外匯發展對我們的收入增長產生了約 50 個基點的負面影響。

So within three months of our last projection of FX, we are off 50 basis points and the year was hedged, so we are not yet ready to talk about FY16.

因此，在我們上次預測外匯後的三個月內，我們下跌了 50 個基點，並且這一年被對沖，所以我們還沒有準備好談論 FY16。

That said, your projection of just how strong -- how much further strengthening the US dollar can achieve, how long it can sustain at this level before the inevitable cycle goes back the other way, is as good a guess as ours will be.

也就是說，您對美元的強勁程度的預測——美元可以進一步走強多少，它可以在這個水平上維持多久，然後不可避免的周期會回到另一個方向，這和我們的猜測一樣好。

In terms of impact, we're using as our best proxy the December 31 forward exchange rates.

就影響而言，我們使用 12 月 31 日的遠期匯率作為我們的最佳代理。

Moshe Orenbuch, Credit Suisse.

Moshe Orenbuch，瑞士信貸。

Could you talk a little bit -- you mentioned during the opening comments about the holiday spending being a little different, debit spending being affected by gasoline.

你能談談 - 你在開幕評論中提到假期支出有點不同，借方支出受到汽油的影響。

Are there trends that you think that will be persisting throughout 2015?

您認為有哪些趨勢會在 2015 年持續存在？

I know we've got some differences in the way tax refunds are going to be paid this year.

我知道我們今年的退稅支付方式有些不同。

Any other things that we should be aware of as we go through 2015, particularly in the US, and keeping that stuff in mind?

在 2015 年，尤其是在美國，我們還應該注意哪些其他事情，並牢記這些事情？

We spend a lot of time tearing apart everything that we can find about the holiday spend numbers.

我們花了很多時間來分解我們能找到的關於假期消費數字的所有信息。

The things I talked about were the most important for us, isolating the conversion so you get a real underlying view of spend.

我談到的事情對我們來說是最重要的，隔離轉換，這樣你就可以獲得真正的潛在支出視圖。

We've talked about the impact of gas and what we would expect to be the ongoing impact of gas.

我們已經討論了天然氣的影響以及我們預計天然氣的持續影響。

The only thing which we didn't cover here, which we spend a lot of time talking about, is e-commerce volume.

我們在這裡沒有涉及的唯一一件事是電子商務量，我們花了很多時間討論。

E-commerce was extraordinarily strong during the holiday season, which is a continuation of what we've seen.

電子商務在假期期間異常強勁，這是我們所看到的延續。

Growth rates of e-commerce were 2 to 3 times what they were in the physical world.

電子商務的增長率是現實世界的 2 到 3 倍。

For us, we like that because cash doesn't work in the online world and so we've got a much higher participation rate in the e-commerce world than we do in the face-to-face world.

對我們來說，我們喜歡這樣，因為現金在網絡世界中不起作用，因此我們在電子商務世界中的參與率比在面對面世界中的參與率高得多。

Other than that, nothing is coming to mind, Moshe.

除此之外，什麼都沒有想到，Moshe。

Craig Maurer, Autonomous.

克雷格毛雷爾，自治。

First, could you give us a little bit of commentary on the impact that pricing changes that we've seen reported by the acquirers will contribute to your guidance on revenue growth?

首先，您能否就收購方報告的定價變化對您對收入增長的指導的影響發表一些評論？

And secondly, we've seen EMVCo produce a draft of 3DS 2.0 based on Visa and MasterCard's work, indicating that you'll be able to take additional authentication metrics into account starting at the beginning of 2016.

其次，我們已經看到 EMVCo 基於 Visa 和 MasterCard 的工作製作了 3DS 2.0 草案，這表明您將能夠從 2016 年初開始考慮額外的身份驗證指標。

Does this also means that we'll get a cardholder present-like interchange tier show up at that time as well?

這是否也意味著我們屆時也會出現類似持卡人禮物的交換層？

Thanks.

謝謝。

Let me take the first one.

讓我拿第一個。

As we described on our fourth-quarter call, we have a number of price adjustments that will take place in the second half, US acquiring card service fees in April, roughly 2 basis points, about 40 basis points on US acquiring ISA again in that April time frame.

正如我們在第四季度電話會議上所描述的那樣，我們將在下半年進行一些價格調整，美國 4 月份的收單服務費大約是 2 個基點，美國再次收購 ISA 大約是 40 個基點。 4 月時間框架。

These get phased in, so no impact in fiscal Q2, a beginning impact in fiscal Q3, full impact in Q4.

這些將分階段實施，因此在第二季度沒有影響，在第三季度開始影響，在第四季度全面影響。

So as you think about modeling it on a fiscal year basis, we would expect our lowest revenue growth rate to be in the upcoming Q2, and then as the price adjustments start to kick in, building in Q3, and then by Q4 having an impact that would bring us to double-digit revenue growth in fiscal Q4.

因此，當您考慮以財政年度為基礎對其進行建模時，我們預計我們的最低收入增長率將出現在即將到來的第二季度，然後隨著價格調整開始生效，在第三季度建立，然後到第四季度產生影響這將使我們在第四財季實現兩位數的收入增長。

Put that all together and we are still reaffirming the guidance we gave in Q4 for the full year, but today, largely because of FX, at the lower end of that range.

綜上所述，我們仍在重申我們在第四季度給出的全年指導，但今天，主要是因為外匯，處於該範圍的下限。

On your second question, I wouldn't relate those two dates, the work we are doing on 3-D secure and re-looking at the rates.

關於您的第二個問題，我不會將這兩個日期聯繫起來，即我們在 3-D 安全和重新查看費率方面所做的工作。

As we said, as with tokenized solutions being in the marketplace, we are constantly looking at what makes sense, constantly looking at the fraud, looking at the value-added, and if it makes sense for us at some point to do something different with interchange rates, we will do it, but right now, we have no specific plans to talk about.

正如我們所說，與市場上的代幣化解決方案一樣，我們一直在尋找有意義的東西，不斷關注欺詐行為，關注增值，以及在某些時候對我們做一些不同的事情是否有意義交換率，我們會做，但現在，我們沒有具體的計劃要談。

Tim Willi, Wells Fargo.

富國銀行的蒂姆·威利。

Charlie, just going back to your comments around the class action and starting to settle with those that opted out, et cetera, any comments you would have just around the tone of collaboration with yourself and the retailers, as we come to the end of this, and just tying that into anything, Byron, we should think about maybe longer-term around rebates and incentives in the mix that would move more towards retailers versus banks, if there's anything we should consider there?

查理，回到你對集體訴訟的評論，並開始與那些選擇退出的人達成和解，等等，當我們結束時，你的任何評論都只是圍繞著與你自己和零售商合作的基調，並且只是將其與任何事情聯繫起來，拜倫，我們應該考慮可能更長期地考慮回扣和激勵措施，這將更多地轉向零售商而不是銀行，如果有什麼我們應該考慮的嗎？

On the first piece, listen, it was -- our relationships with merchants, as we've said, are extraordinarily important to us.

在第一部分，聽著，它是——正如我們所說，我們與商人的關係對我們來說非常重要。

Being able to settle these lawsuits is a good thing.

能夠解決這些訴訟是一件好事。

It puts that conversation behind us and it is an opportunity to talk about things that we can do together.

它將對話拋在腦後，這是一個討論我們可以一起做的事情的機會。

The most obvious thing that I can talk about is Visa Checkout.

我可以談論的最明顯的事情是 Visa Checkout。

The idea of merchants advertising alongside us, promoting something, isn't something that would even have been contemplated a couple years ago.

商家與我們一起做廣告、宣傳某些東西的想法，在幾年前甚至都不會考慮。

They're doing it because -- not because they like us as people, they're doing it because we have a product which they believe is good for them.

他們這樣做是因為 - 不是因為他們喜歡我們這個人，他們這樣做是因為我們擁有他們認為對他們有益的產品。

When you're buying something in the e-commerce space, you put something in the cart to check out, what you want as a retailer is you want someone to actually pay for that.

當您在電子商務領域購買商品時，您將商品放入購物車進行結賬，作為零售商，您想要的是您希望有人實際支付。

For us to be up to bring a solution to market, which has a much higher close rate, which is easy to use, where we can leverage our brand jointly, and ultimately, by the way, bring new customers to them, is something that excites them.

對我們而言，能夠將解決方案推向市場，該解決方案具有更高的關閉率，易於使用，我們可以共同利用我們的品牌，並最終為他們帶來新客戶，這是讓他們興奮。

So those are the kinds of conversations that are very different, that we're able to have today.

所以這些是我們今天能夠進行的非常不同的對話。

Not everyone is in that bucket, but that's the way we're thinking about it.

不是每個人都在那個桶裡，但我們就是這麼想的。

We would like to have that kind of partnership with everyone, and as I said before, that is something that's going to play out over a long period of time.

我們希望與每個人建立這種夥伴關係，正如我之前所說，這將在很長一段時間內發揮作用。

We know we have to prove to merchants that we can show up with solutions that are better for them, as I went through the Visa Checkout.

我們知道我們必須向商家證明我們可以提供對他們更好的解決方案，就像我通過 Visa Checkout 一樣。

As we announced a quarter or two ago with something called Visa Transaction Advisors, where we've now turned our fraud and analytics talents towards helping oil companies reduce fraud at the fuel pumps through risk scoring that we do on a real-time basis for them.

正如我們在一兩個季度前宣布的名為 Visa Transaction Advisors 的那樣，我們現在已經將我們的欺詐和分析人才轉向通過我們為石油公司實時進行的風險評分來幫助石油公司減少燃油泵欺詐.

So, I would describe at it as it's encouraging but it's a long-term discussion where that have to be proof points in the marketplace and you'll start seeing them over a period of time.

因此，我將其描述為令人鼓舞，但這是一個長期討論，必須在市場上成為證據，並且您將在一段時間內開始看到它們。

With regards to incentives, Tim, the main action as it relates to incentives doesn't really today -- it has little to do with MDL and much more to do with Dodd-Frank in debit related to routing.

關於激勵，蒂姆，與激勵相關的主要行動在今天並不真正 - 它與 MDL 幾乎沒有關係，而與路由相關的借方中的 Dodd-Frank 有更多關係。

That said, going forward, as we increasingly introduce new product initiatives, new services, and where we want to accelerate trial and adoption, we're prepared to put some incentives on the table to help prime the pump, and as a way of crafting a smart market entry using the merchants as a launch partner for services that will be good for the network and all its participants.

也就是說，展望未來，隨著我們越來越多地推出新產品計劃、新服務以及我們希望加速試驗和採用的地方，我們準備提出一些激勵措施來幫助啟動泵，並作為一種製作方式使用商家作為對網絡及其所有參與者有益的服務的啟動合作夥伴的智能市場進入。

With that, we have time for one last question.

有了這個，我們有時間回答最後一個問題。

Lisa Ellis, Bernstein.

麗莎·埃利斯，伯恩斯坦。

Charlie, I just wanted to follow up on the point you made on e-commerce.

查理，我只是想跟進你關於電子商務的觀點。

First, could you give an update on the mix of revenue or volume you're seeing through the e-commerce channel and the card mix as well?

首先，您能否提供有關您通過電子商務渠道和卡片組合看到的收入或數量組合的最新信息？

And then second question is about the Fed strategy paper on approving the US payment system that was released on Monday.

然後第二個問題是關於週一發布的關於批准美國支付系統的美聯儲戰略文件。

I'd love just your thoughts on that, the level of involvement or engagement you guys have had with the Fed and how you see it impacting your business?

我很想听聽您對此的看法，你們對美聯儲的參與程度或參與程度，以及您認為它如何影響您的業務？

So on the first don't have a little color.

所以在第一次不要有一點顏色。

We've not released numbers like that, either by product or exactly what the mix is, but obviously, we've given you what the relative growth rates are and so hopefully that's helpful.

我們還沒有按產品或確切的組合發布這樣的數字，但顯然，我們已經為您提供了相對增長率，因此希望這會有所幫助。

On the Fed paper, first of all, we are very actively involved with the Fed as many others are.

在美聯儲的文件中，首先，我們與其他許多人一樣，都非常積極地參與了美聯儲的工作。

We participate in the dialogue that they have, that have had up to this point, leading up to the paper that they just released and our experience has been that they've been extremely inclusive with all partners, seeking input.

我們參與了他們迄今為止的對話，直到他們剛剛發布的論文，我們的經驗是，他們對所有合作夥伴都非常包容，尋求意見。

I would say, in terms of what it means for us, I don't think any of us exactly know and that will play itself out.

我會說，就這對我們意味著什麼而言，我認為我們中的任何人都不完全清楚，這將發揮作用。

What we do know is that we have a network that works extraordinarily well, that provides great value for people that run transactions over it, and a lot of what we do isn't easily duplicated.

我們所知道的是，我們擁有一個運行良好的網絡，它為通過它運行交易的人們提供了巨大的價值，而且我們所做的很多事情都不容易被複製。

It's one thing to say that you're going to build something; it's another thing to actually get it in the marketplace with the ability to put value-added services around it.

說你要建造一些東西是一回事。將其實際投放市場並能夠為其提供增值服務是另一回事。

The people that participate in our network, the four parties, get paid for it or they get benefits from it and they do it because they actually get those things out of it.

參與我們網絡的人，四方，為此獲得報酬，或者他們從中受益，他們這樣做是因為他們實際上從中得到了這些東西。

So there's some very natural reasons why networks like ours and our competitors are attractive in the marketplace out there, whether you are an issuer or whether you are an acceptor of the products.

因此，無論您是發行人還是產品的接受者，像我們和我們的競爭對手這樣的網絡在市場上具有吸引力是有一些非常自然的原因的。

As we've talked about, what we spend our time -- I don't want to underestimate the importance of running the network well, we spend a lot of time making sure that, that's the case.

正如我們已經談到的，我們花費了多少時間——我不想低估良好運行網絡的重要性，我們花了很多時間來確保情況確實如此。

We spend a lot of time on network security.

我們在網絡安全上花費了大量時間。

But we spend even more time building value-added products around it.

但我們花費更多時間圍繞它構建增值產品。

The idea is that you run a transaction over the Visa network and there's more value to you because of either services we provide, whether it's on a risk basis, whether it's things that can help you grow your revenues.

這個想法是，您通過 Visa 網絡進行交易，因為我們提供的任何一種服務，無論是基於風險的服務，還是可以幫助您增加收入的事情，都會為您帶來更多價值。

We're working on a series of things now that you'll start to see in the marketplace.

現在，我們正在研究一系列您將開始在市場上看到的東西。

So again, over a period of time, if people have a choice where to run their transaction over it, we're not going to sit here and say, well we just have a really good network so you should run it over ours.

因此，在一段時間內，如果人們可以選擇在哪裡運行他們的交易，我們不會坐在這裡說，我們只是有一個非常好的網絡，所以你應該在我們的網絡上運行它。

We want to give both merchants, issuers, and consumers ultimately reasons to want to use our network as opposed to any other solution out there.

我們希望最終讓商家、發行人和消費者有理由使用我們的網絡，而不是使用任何其他解決方案。

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 anyone has any follow-up questions, feel free to give Victoria or myself a call.

如果有人有任何後續問題，請隨時給維多利亞或我自己打電話。

Thanks.

謝謝。

Ladies and gentlemen, that does conclude today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。