Visa Inc (V) 2015 Q2 法說會逐字稿

Welcome to Visa Incorporated's fiscal 2Q 2015 earnings conference call.

歡迎參加 Visa Incorporated 2015 財年第二季度財報電話會議。

(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 an objection you may disconnect at this time.

如果您有異議，您可以在此時斷開連接。

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

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

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, Shania.

謝謝，仙妮亞。

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

大家下午好，歡迎參加 Visa Inc 的第二財季財報電話會議。

With us today are Charlie Scharf, Visa's Chief Executive Officer; and Vasant Prabhu, 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 Vasant Prabhu。

This call is currently being webcast over the internet, and is accessible on the investor relations section of our website, at www.investor.visa.com.

該電話會議目前正在互聯網上進行網絡直播，可在我們網站的投資者關係部分訪問，網址為 www.investor.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 the result of a variety of factors.

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

Additional information concerning those factors is available on 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 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 表格報告，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 Regulation G of the SEC, are available in the financial and statistical summary accompanying today's press release.

對於本次電話會議中披露的歷史非 GAAP 或備考相關財務信息，相關的 GAAP 措施和美國證券交易委員會 G 條例要求的其他信息，可在今天的新聞稿隨附的財務和統計摘要中找到。

And with that I will now turn the call over to Vasant.

有了這個，我現在將把電話轉給 Vasant。

Thank you, Jack.

謝謝你，傑克。

In keeping with prior practice let me begin my remarks by highlighting some key call-outs from the quarter.

為了與之前的做法保持一致，讓我首先強調一下本季度的一些關鍵呼籲。

First, we reported a solid quarter of financial results despite a backdrop of continued domestic and international economic cross currents.

首先，儘管在國內和國際經濟持續逆流的背景下，我們報告了穩健的季度財務業績。

Importantly, revenue growth of 8% was a couple of percentage points better than we had expected and telegraphed last quarter.

重要的是，8% 的收入增長比我們上個季度的預期和電報要好幾個百分點。

The up side was driven by lower incentive levels than previously assumed, and a higher currency volatility benefit.

上漲的原因是激勵水平低於先前假設，以及更高的貨幣波動性收益。

Our flat EPS growth for the period year-over-year was a direct result of the favorable tax impact we enjoyed in the second quarter of FY14.

我們在 2014 財年第二季度享受的有利稅收影響的直接結果是每股盈利同比增長持平。

Second, the overall strengthening of the dollar continued to exert pressure on revenue growth.

二是美元整體走強繼續對收入增長構成壓力。

Exchange rate headwinds this quarter reduced reported revenue growth by approximately two and a half percentage points.

本季度的匯率逆風使報告的收入增長減少了大約兩個半百分點。

We expect dollar strengthening, and its associated impacts, to continue for the balance of the year.

我們預計美元走強及其相關影響將持續到今年餘下時間。

Third, for the second consecutive quarter, our client incentive rate came in below expectations.

第三，連續第二個季度，我們的客戶激勵率低於預期。

This was once again due to the timing of certain contractual obligations, as well as moderately lower payouts associated with lower payment volumes in several challenged geographies like Russia and Brazil.

這再次是由於某些合同義務的時間安排，以及與俄羅斯和巴西等幾個具有挑戰性的地區的較低支付量相關的適度較低的支出。

We expect line incentives to be higher in the second half of the year.

我們預計下半年的線路激勵會更高。

Fourth, our effective tax rate was 32% in the second quarter, 10 points higher than Q2 last year, when we recorded an IRS section 199 tax benefit related to multiple years.

第四，第二季度我們的有效稅率為 32%，比去年第二季度高 10 個百分點，當時我們記錄了與多年相關的 IRS 第 199 節稅收優惠。

Our tax rate will fluctuate from quarter-to-quarter this year, as I will discuss later.

我們的稅率將在今年的季度之間波動，我將在稍後討論。

Overall, the underlying drivers of our business remain stable and healthy, as evidenced by payment volumes and transactions growth.

總體而言，我們業務的基本驅動力保持穩定和健康，支付量和交易增長就是證明。

However, the strong dollar impacts us negatively this year not only on currency translation, but also in our cross-border business.

然而，今年強勢美元不僅對我們的貨幣換算產生了負面影響，而且對我們的跨境業務也產生了負面影響。

Despite these headwinds, we are maintaining our outlook for the year in line with guidance previously provided.

儘管存在這些不利因素，我們仍將今年的展望與之前提供的指導保持一致。

There are, however, some significant shifts from quarter-to-quarter, which we want to make sure are clear to you all.

但是，每個季度都有一些重大變化，我們希望確保大家都清楚這一點。

First, on the revenue front, after a better than expected second quarter, we now project the third quarter to represent the low point of growth for the year at 6% to 7% on a nominal basis.

首先，在收入方面，在第二季度好於預期之後，我們現在預計第三季度將代表全年名義增長 6% 至 7% 的低點。

Growth will pick up again and approach double digits in Q4.

增長將在第四季度再次回升並接近兩位數。

The third quarter is expected to be negatively impacted by higher client incentives, some are shifting from the second quarter, the continuing drag from lower gasoline prices, and tougher comparisons in the other revenue line, which benefited last year from revenues associated with our FIFA World Cup sponsorship.

預計第三季度將受到更高的客戶激勵措施的負面影響，其中一些正在從第二季度轉變，汽油價格下跌的持續拖累以及其他收入線的更嚴格的比較，去年受益於與我們的 FIFA World 相關的收入杯賽贊助。

The full benefit of price increases and the smaller incentive drag due in part to the lapping of a deal intensive quarter in FY14 will help Q4 revenue growth.

價格上漲的全部好處和較小的激勵阻力（部分原因是 2014 財年交易密集季度的結束）將有助於第四季度的收入增長。

Second on the expense front, we expect a meaningful step-up in expense growth in the third quarter, as a number of programs including marketing and certain technology initiatives have been phased to the back half of the year.

其次在費用方面，我們預計第三季度的費用增長將顯著加快，因為包括營銷和某些技術計劃在內的多項計劃已分階段推遲到今年下半年。

As always, we will continue to carefully monitor the economic backdrop, and can and will make expense adjustments as necessary.

與往常一樣，我們將繼續密切關注經濟背景，並能夠並且將在必要時進行費用調整。

Our full year expense growth expectations remain unchanged at this time.

我們的全年費用增長預期目前保持不變。

Third, we expect a higher tax rate in the third quarter, followed by a substantially lower tax rate in the fourth quarter.

第三，我們預計第三季度的稅率會更高，隨後第四季度的稅率會大幅降低。

Our estimated tax rate in the third quarter is expected to be as much as 200 basis points higher than the rate in the second quarter.

我們預計第三季度的稅率將比第二季度的稅率高出 200 個基點。

However, as currently anticipated, we expect to take advantage of certain tax benefits as early as the fiscal fourth quarter, which would drive an effective tax rate in the low 20%'s in Q4, and no change to our full year fiscal tax rate expectation of the low 30%'s.

然而，正如目前預期的那樣，我們預計最早在第四財季就可以利用某些稅收優惠，這將推動第四季度的有效稅率處於 20% 的低位，並且我們的全年財政稅率不會發生變化低30%的預期。

When you put this all together, we are now looking at third quarter fully diluted EPS being $0.06 to $0.08 lower than analyst's current expectations.

當你把這一切放在一起時，我們現在看到第三季度完全攤薄後的每股收益比分析師目前的預期低 0.06 美元至 0.08 美元。

For the year, we now expect our fully diluted earnings per share growth to be at the low end of the mid-teens range, in line with current analyst expectations.

今年，我們現在預計我們完全攤薄後的每股收益增長將處於十幾歲左右的低端，符合當前分析師的預期。

Moving on to second quarter business drivers and our financial results, I will start with global payments volume and process transaction trends.

轉到第二季度的業務驅動因素和我們的財務業績，我將從全球支付量和處理交易趨勢開始。

Global payments volume growth for the March quarter in constant dollars was 11%, unchanged from the prior quarter.

以固定美元計算，3 月份季度的全球支付量增長 11%，與上一季度持平。

The US grew 9% and international grew 13%, both at similar levels to the December ending quarter.

美國增長 9%，國際增長 13%，均處於與 12 月底季度相似的水平。

Drilling down further, in the March quarter, US credit grew 12%, a two percentage point moderation compared to the December quarter.

進一步分析，在 3 月季度，美國信貸增長 12%，與 12 月季度相比放緩了 2 個百分點。

The [account] conversion is complete, and consistent with last quarter, contributed approximately 3 percentage points to our overall credit growth in the period.

[賬戶] 轉換已完成，與上一季度一致，為我們在此期間的整體信貸增長貢獻了大約 3 個百分點。

This positive impact will continue for the next two quarters, though at a declining rate before lapping.

這種積極影響將在接下來的兩個季度中持續下去，儘管在過去之前會有所下降。

Lower gasoline prices, the full effect of which hit payments volumes this quarter reduced credit volume growth by two points.

較低的汽油價格，全面影響了本季度的支付量，使信貸量增長減少了兩個百分點。

As such, gasoline prices appear to be the primary driver of the step-down in credit growth.

因此，汽油價格似乎是信貸增長放緩的主要驅動力。

US debit grew at 6% in the March quarter, generally in line with the December quarter.

美國借方在 3 月季度增長 6%，與 12 月季度基本持平。

Lower gasoline prices had an outsized effect on debit growth, reducing it by approximately three percentage points.

較低的汽油價格對借方增長產生了巨大影響，將其降低了大約三個百分點。

In aggregate, lower gasoline prices impacted US payments volumes by a negative three points in the quarter.

總體而言，較低的汽油價格在本季度對美國的支付量造成了負三個百分點的影響。

A portion of the savings from gasoline price declines is being spent in other categories, primarily grocery and restaurant segments.

汽油價格下跌所節省的部分資金用於其他類別，主要是雜貨店和餐館。

This is evident in debit payment volumes, not yet in credit payment volumes.

這在藉方支付量中很明顯，但在貸方支付量中還沒有。

More recently, through April 28th, US payments volume growth was 9%, with US credit growing 12% and debit 6%, essentially unchanged from Q2 trends.

最近，截至 4 月 28 日，美國支付量增長 9%，美國信貸增長 12%，借記增長 6%，與第二季度的趨勢基本持平。

Global cross-border volume delivered an 8% constant volume growth rate in the March quarter, unchanged from the December quarter.

全球跨境交易量在 3 月季度實現了 8% 的恆定交易量增長率，與 12 月季度持平。

The US grew 6%, and international grew 10% in constant dollars.

美國增長 6%，國際增長 10%。

The further strengthening of the US dollar since the beginning of the year continues to have a negative impact on cross-border commerce.

美元自年初以來的進一步走強繼續對跨境貿易產生負面影響。

Forward currency curves imply that the dollar will gain in strength.

遠期貨幣曲線暗示美元將走強。

If this materializes, these cross-border trends are likely to persist, and perhaps worsen.

如果這成為現實，這些跨境趨勢可能會持續下去，甚至可能會惡化。

Through April 28th, cross-border volume on a constant dollar basis grew 9%, with a US growth rate of 6% and an international growth rate of 10% generally in line with the second quarter rate.

截至 4 月 28 日，按固定美元計算的跨境交易量增長 9%，其中美國增長率為 6%，國際增長率為 10%，與第二季度的增長率基本一致。

As you can see, when you adjust for the dollar, the underlying drivers of our business have remained very stable in aggregate.

如您所見，當您根據美元進行調整時，我們業務的基本驅動因素總體上保持非常穩定。

However, the significant currency moves we've experienced this year are impacting cross-border commerce in a variety of ways, with the largest impacts coming from the US dollar.

然而，我們今年經歷的重大貨幣變動正在以多種方式影響跨境貿易，其中最大的影響來自美元。

Overall, cross-border volume growth has remained suppressed from historical levels.

總體而言，跨境交易量增長仍低於歷史水平。

As may be expected, outbound cross-border commerce from weakening currencies like the euro, ruble, and the Canadian dollar has been slowing.

正如所料，歐元、盧布和加元等貨幣疲軟導致的出境跨境貿易一直在放緩。

Hardest hit corridors were Russian card holder spending across Europe and the Middle East, and Canadian and EU card holder spending in the US.

受災最嚴重的渠道是俄羅斯持卡人在歐洲和中東的消費，以及加拿大和歐盟持卡人在美國的消費。

Offsetting this to some extent is accelerating cross-border commerce of the strong currencies, primarily the US dollar.

在一定程度上抵消了這一點，加速了強勢貨幣（主要是美元）的跨境貿易。

In Q2 we saw US card holder spend stepping up in Europe and Latin America.

在第二季度，我們看到美國持卡人在歐洲和拉丁美洲的支出增加。

Chinese travel across the world continues to be robust.

中國人在世界各地的旅行繼續保持強勁勢頭。

And cross-border spend out of Latin America is also picking up, helped by easier year-to-year comparisons.

在更容易的年度比較的幫助下，拉丁美洲的跨境支出也在增加。

Currency shifts will remain a critical variable to watch as the year progresses.

隨著時間的推移，貨幣變化仍將是一個值得關注的關鍵變量。

Any moderation of dollar strength will help our business, and vice versa.

美元走強的任何緩和都將有助於我們的業務，反之亦然。

Any pickup in economies like Europe, Brazil, and Russia would be welcome.

歐洲、巴西和俄羅斯等經濟體的任何回升都將受到歡迎。

Transactions processed over Visa's network totaled 17 billion in the fiscal second quarter, an 11% increase over the prior year period, which was a one point improvement from Q1.

第二財季通過 Visa 網絡處理的交易總額為 170 億筆，比去年同期增長 11%，比第一季度提高了一個百分點。

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

美國增長 9%，而國際增長 14%。

Transaction growth in the US is helped by some spending shift from gas to lower ticket categories of spend like QSR's.

美國的交易增長得益於一些從汽油消費轉向 QSR 等較低票價類別的消費。

Through April 28th process transaction growth was 10%, with a US growth rate of 8% and an international growth rate of 14%.

截至 4 月 28 日，流程交易增長率為 10%，其中美國增長率為 8%，國際增長率為 14%。

CyberSource Transactions grew 14% in the period, as our reboot of the business continues to pay off.

CyberSource Transactions 在此期間增長了 14%，因為我們重新啟動業務繼續獲得回報。

CyberSource will celebrate its five-year anniversary as a part of Visa this year, and we have completed the integration of this business into our global merchant services and solutions functional area.

CyberSource 今年將作為 Visa 的一部分慶祝其成立五週年，我們已完成將這項業務整合到我們的全球商戶服務和解決方案職能領域。

With the integration complete, and since CyberSource transactions do not represent a material component of Visa's business, we will no longer call out this data separately after this quarter.

整合完成後，由於 CyberSource 交易並不代表 Visa 業務的重要組成部分，我們將在本季度之後不再單獨調用這些數據。

Turning now to our Q2 reported financials, net operating revenue in the quarter was $3.4 billion, an 8% increase year-over-year, driven primarily by solid growth globally across all revenue categories, and as mentioned earlier, negatively impacted by approximately two and a half points by the strong US dollar.

現在轉向我們報告的第二季度財務數據，該季度的淨營業收入為 34 億美元，同比增長 8%，主要受全球所有收入類別的穩健增長推動，並且如前所述，受到大約兩個和受強勢美元影響半個點。

Solid global payments growth volume drove service revenue up $1.6 billion, up 8% over the prior year.

穩健的全球支付增長推動服務收入增長 16 億美元，比上年增長 8%。

As I mentioned earlier, underlying payments volume growth in local currencies remains very healthy.

正如我之前提到的，以當地貨幣計算的基本支付量增長仍然非常健康。

Data processing revenue at $1.3 billion was 9% over prior year's quarter, based on continued strong 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 9%，這得益於 Visa 處理交易在美國和國際上的持續強勁增長。

As mentioned, transaction growth in the US was helped by some gasoline related savings being spent on lower ticket size transactions, such as QSR's.

如前所述，美國的交易增長得益於一些與汽油相關的儲蓄用於小額交易（如 QSR）。

International transaction revenue was up 11% to $964 million, with higher currency volatility countering impacts from moderating cross-border payment volumes and currency translation.

國際交易收入增長 11% 至 9.64 億美元，貨幣波動加劇抵消了跨境支付量放緩和貨幣換算帶來的影響。

As we measure our key currencies, volatility was at five-year highs in Q2, meaningfully contributing to international revenues.

當我們衡量我們的主要貨幣時，波動性在第二季度處於五年高位，對國際收入做出了有意義的貢獻。

Total operating expenses for the quarter were $1.1 billion, up 1% from the prior year, with moderate higher personnel, depreciation and G&A costs, offset by lower marketing and network and processing expenses.

本季度總運營費用為 11 億美元，比上年增長 1%，其中人員、折舊和 G&A 成本適度增加，但被營銷、網絡和處理費用降低所抵消。

Higher personnel costs are primarily the result of higher headcount, reflective of our strategy to invest for future growth.

更高的人員成本主要是員工人數增加的結果，這反映了我們為未來增長而投資的戰略。

The uptick in G&A was primarily the result of a loss related to our debit processing business in Asia, which we sold during the period.

G&A 的上升主要是由於我們在亞洲的借記處理業務相關的虧損，我們在此期間出售了該業務。

Higher depreciation was a result of ongoing investments in technology assets and infrastructure to support our digital solutions and core business initiatives.

較高的折舊是由於對技術資產和基礎設施的持續投資，以支持我們的數字解決方案和核心業務計劃。

Offsetting these were lower marking expenses, due to the absence of the winter Olympics and FIFA World Cup spend in the prior year, as well as shifts in current programs to the second half of the fiscal year.

由於前一年沒有冬季奧運會和國際足聯世界杯的支出，以及當前計劃轉移到本財年下半年，抵消了這些費用的是較低的標記費用。

As mentioned earlier, this will result in a step-up in expense growth for the balance of the fiscal year.

如前所述，這將導致本財政年度餘額的費用增長加快。

Our operating margin was 67% for the second quarter, in line with our annual guidance of mid-60%s.

我們第二季度的營業利潤率為 67%，符合我們 60% 左右的年度指導。

Capital expenditures were $98 million in the quarter.

本季度的資本支出為 9800 萬美元。

At the end of the quarter, adjusting for our recent stock split, we had 2.45 billion shares of class A common stock outstanding on an as converted basis.

在本季度末，根據我們最近的股票拆分調整，我們有 24.5 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 2.46 billion.

本季度已完全攤薄的流通股加權平均數為 24.6 億股。

On a split adjusted basis, we repurchased a total of 16.2 million shares during the March quarter, at an average price per share of just under $65 per share.

在拆分調整的基礎上，我們在 3 月季度共回購了 1620 萬股股票，每股平均價格略低於每股 65 美元。

Fiscal year-to-date, we have repurchased 28.6 million shares at a price of just under $65 per share, for a total of $1.9 billion.

本財年迄今，我們以每股略低於 65 美元的價格回購了 2860 萬股股票，總計 19 億美元。

We currently have authorization to buy up to $3.8 billion of stock.

我們目前有權購買高達 38 億美元的股票。

Since the IPO, Visa has add clear capital allocation strategy of investing cash to grow our business organically and through acquisitions as job number one, then returning excess cash to shareholders through stock buy-backs and dividends.

自首次公開募股以來，Visa 添加了明確的資本配置策略，即投資現金以有機地發展我們的業務，並將收購作為第一要務，然後通過股票回購和股息將多餘的現金返還給股東。

Our dividend policy remains unchanged, and our Board recently declared a $0.12 quarterly dividend per split-adjusted share.

我們的股息政策保持不變，我們的董事會最近宣布每股經拆分調整後的季度股息為 0.12 美元。

For the past seven years, Visa has had a consistent approach to stock buybacks with the pace being modulated to some extent from quarter-to-quarter by valuation considerations.

在過去的七年裡，Visa 一直採用一致的股票回購方式，其步伐在一定程度上受到估值因素的影響。

This approach to buybacks will continue, as evidenced by our purchases year-to-date.

正如我們今年迄今為止的購買所證明的那樣，這種回購方式將繼續下去。

This is a growth business that generates significant cash flow and a low base of stock.

這是一項增長業務，可產生大量現金流和低存貨基數。

A systematic buyback using excess cash after capital investments and dividends is a strategy we have been and will remain committed to.

在資本投資和股息之後使用多餘現金進行系統性回購是我們一直並將繼續致力於的策略。

In summary, the underlying drivers of our business remain robust.

總而言之，我們業務的潛在驅動力仍然強勁。

The strong dollar and other large currency moves have created some headwinds this year, as have the sharp decline in gas prices.

美元走強和其他貨幣大幅波動在今年造成了一些不利因素，汽油價格的急劇下跌也是如此。

These are the normal fluctuations one expects in the course of business.

這些是人們在業務過程中預期的正常波動。

The very attractive long-term secular growth trends in our business remain intact.

我們業務中極具吸引力的長期長期增長趨勢保持不變。

Despite the headwinds this year, our results are on track so far, and we are comfortable reaffirming the guidance we provided to you at the start of our FY15.

儘管今年遇到了不利因素，但到目前為止，我們的業績仍步入正軌，我們很樂意重申我們在 2015 財年開始時向您提供的指導。

To conclude, this is my first earnings call as CFO of Visa.

總而言之，這是我作為 Visa 首席財務官的第一次財報電話會議。

I'm delighted to be part of Charlie's team.

我很高興成為查理團隊的一員。

I look forward to meeting with many of you in the coming days and weeks, and with that, I will turn the call over to Charlie.

我期待在接下來的幾天和幾週內與你們中的許多人會面，因此，我將把電話轉給查理。

Thank you very much, Vasant.

非常感謝你，瓦桑特。

An official public welcome from all of us.

來自我們所有人的正式公眾歡迎。

First of all, let me start with commenting that we're very pleased with the quarterly results.

首先，讓我先評論一下我們對季度業績非常滿意。

We think of them as solid and consistent, and certainly gratifying in the face of some of the more challenging economic conditions and geopolitical concerns that we see around the world.

我們認為它們是堅實和一致的，並且在面對我們在世界各地看到的一些更具挑戰性的經濟狀況和地緣政治問題時肯定是令人滿意的。

Net revenue grew 9% nominally.

淨收入名義上增長了 9%。

FX impact hurt growth by two and a half points.

外匯影響對增長造成兩個半點的影響。

Operating income growth of 11%, payments volume increased 11% on a constant dollar basis and cross-border volume growing at 8% on constant dollar basis, are all very solid numbers.

營業收入增長 11%，支付量增長 11%，按固定美元計算，跨境交易量增長 8%，都是非常可靠的數字。

We see very little change in the overall global economy, with some exceptions, and we see more short-term risk than we see up side.

除了一些例外，我們認為全球經濟幾乎沒有變化，而且我們看到的短期風險多於我們看到的上行風險。

Consumer spend in the US specifically continues at reasonable levels but is not accelerating.

美國的消費者支出尤其繼續保持在合理水平，但並未加速。

Gasoline prices continue to negatively impact both credit and debit.

汽油價格繼續對貸方和借方產生負面影響。

Outside the US, we see continued weakness in Russia and Brazil, but we do see strength in China and our Middle East and North Africa region.

在美國以外，我們看到俄羅斯和巴西持續疲軟，但我們確實看到中國以及我們的中東和北非地區的實力。

And the effect of the strong US dollar, as Vasant pointed out, is meaningful.

正如 Vasant 所指出的，強勢美元的影響是有意義的。

We see this through the FX translation impact, but additionally, the benefit of that we see of US spenders outside of the US is outweighed by the negative impact on the non-US spenders spending less in the United States.

我們通過外匯轉換的影響看到了這一點，但此外，我們看到的美國境外美國消費者的好處被非美國消費者在美國支出減少的負面影響所抵消。

Away from the economic growth environment, we continue to feel terrific about our activities to drive growth, which I will talk more about.

遠離經濟增長環境，我們繼續對推動增長的活動感到非常棒，我將對此進行更多討論。

We continue to make excellent progress on our evolving technology initiatives, which include everything we're doing in the digital space, mobile specifically, Visa Checkout, and the work we're doing in our global merchant services and solutions groups.

我們在不斷發展的技術計劃上繼續取得出色進展，其中包括我們在數字領域所做的一切，特別是移動領域、Visa Checkout，以及我們在全球商戶服務和解決方案團隊中所做的工作。

We continue to have a strong flow of significant client wins and renewals.

我們繼續有大量重要的客戶贏得和續訂。

I will speak a little more on several of these points in a moment, but in sum, while we remain appropriately cautious in the short-term, we remain quite bullish on the medium to long term, and continue to believe there are tremendous opportunities for years to come.

稍後我將就其中幾點多說幾句，但總而言之，雖然我們在短期內保持適度謹慎，但我們對中長期仍然相當看好，並繼續認為存在巨大的機會未來幾年。

Let me just amplify some of the comments that Vasant made regarding payment volume for a second.

讓我稍微放大一下 Vasant 關於支付量的一些評論。

First, the negative impact of gasoline on our US payment volume is significant, at three percentage points.

首先，汽油對我們美國支付量的負面影響是顯著的，為三個百分點。

As we said though the initial impact on payment volumes was felt in our first quarter, the full impact did not hit until the second quarter, and so the revenue impact will not be fully felt until our third quarter, because of the quarter lag on service revenues.

正如我們所說，雖然我們在第一季度感受到了對支付量的初步影響，但直到第二季度才全面影響，因此由於服務季度滯後，收入影響要到第三季度才能完全感受到收入。

In an update to our March quarter, Visa Insight Survey, things haven't changed much with consumers.

在我們 3 月份季度 Visa Insight 調查的更新中，消費者的情況並沒有太大變化。

About 30% tell us they're spending more in other categories, up from 25% last quarter.

大約 30% 的人告訴我們，他們在其他類別上的支出高於上一季度的 25%。

The two categories that continue to stand out are the lower ticket categories, groceries and quick service restaurants.

繼續脫穎而出的兩個類別是票價較低的類別、雜貨店和快餐店。

As I said last quarter, the lag time between lower prices and spending we think is about six to nine months, as consumers accumulate enough to feel comfortable making larger purchases.

正如我上個季度所說，我們認為降低價格和支出之間的滯後時間約為 6 到 9 個月，因為消費者積累了足夠的資金，可以放心地進行更大的購買。

Keep in mind, consumer confidence and confidence in sustained lower gas prices will impact their willingness to spend.

請記住，消費者對油價持續走低的信心和信心將影響他們的消費意願。

Cross-border volume remains steady at 8% in the quarter, as we said.

正如我們所說，本季度的跨境交易量穩定在 8%。

And as I have mentioned and Vasant mentioned, the effect of the strong US dollar against certain global currencies is negatively influencing cross-border spend, and ultimately revenue growth.

正如我提到的和 Vasant 提到的，強勢美元對某些全球貨幣的影響正在對跨境支出產生負面影響，並最終影響收入增長。

The US cardholders are spending more outside the US as a result of the stronger dollar, resulting in higher transaction and payment volume growth on a constant dollar basis at international merchants.

由於美元走強，美國持卡人在美國境外的支出增加，導致國際商戶以固定美元為基礎的交易和支付量增長更高。

However, given currency translations and generally lower acquiring fees in foreign countries, that volume is not as lucrative as what we would have enjoyed on an inbound basis.

然而，考慮到貨幣換算和國外一般較低的收購費用，這一數量並不像我們在入境基礎上所享受的那樣有利可圖。

On the other side of the equation, the strengthening of the US dollar has hurt in-bound spend to the US, primarily from the Canadian, European, Brazilian, and Japanese corridors.

另一方面，美元走強損害了對美國的入境支出，主要來自加拿大、歐洲、巴西和日本走廊。

As Vasant mentioned, higher currency volatility has offset some of this.

正如 Vasant 所說，較高的貨幣波動性抵消了部分影響。

Let me just turn now, and talk about some important client activity.

現在讓我轉身，談談一些重要的客戶活動。

Starting with the US, we renewed a multi-year credit issue agreement with US Bank, a great partner and one of our leading issuers, and the fifth largest commercial bank in the United States.

從美國開始，我們與美國銀行續簽了一項多年期信貸發行協議，美國銀行是我們的重要合作夥伴，也是我們的主要發行人之一，也是美國第五大商業銀行。

US bank has been a long time Visa partner, and we lack further to building further upon the exciting things we've done with them, in terms of innovation, new product development, and security.

美國銀行一直是 Visa 的長期合作夥伴，在創新、新產品開發和安全性方面，我們無法在與他們合作的令人興奮的事情上進一步發展。

In the US co-brand space, Best Buy, the world's largest retailer, will convert their consumer credit card portfolio to Visa later this summer.

在美國聯合品牌領域，全球最大的零售商百思買將在今年夏天晚些時候將其消費信用卡組合轉換為 Visa。

We also renewed a multi-year credit agreement with BP.

我們還與 BP 續簽了一項多年期信貸協議。

BP has been a longtime Visa partner, and launched its first co-brand in 2006.

BP 一直是 Visa 的長期合作夥伴，並於 2006 年推出了其第一個聯合品牌。

We're thrilled with our new agreement with Costco.

我們對與 Costco 的新協議感到非常興奮。

We're very pleased to have been selected to replace American Express as the credit card network for its US warehouse clubs and gasoline locations, beginning April 2016.

從 2016 年 4 月開始，我們很高興被選中取代美國運通作為其美國倉庫俱樂部和加油站的信用卡網絡。

A strategic benefit for all Visa issuers and their cardholders.

所有 Visa 發卡機構及其持卡人的戰略利益。

We're also excited to be partnering with Citi on the new Costco Visa co-brand credit card.

我們也很高興能與花旗就新的 Costco Visa 聯名信用卡進行合作。

We view Costco as truly unique opportunity, and very strategic.

我們將 Costco 視為真正獨特的機會，而且非常具有戰略意義。

As I said, it is good for Visa, but an even bigger benefit for all of our clients.

正如我所說，這對 Visa 有好處，但對我們所有的客戶來說都是更大的好處。

They're one of the largest and best retailers in the world.

他們是世界上最大和最好的零售商之一。

The third largest merchant in the US according to the national retail federation, someone who historically did not accept our credit product.

根據全國零售聯合會的統計，美國第三大商家，歷史上不接受我們的信用產品。

And we now have an opportunity to gain acceptance where MasterCard and American Express are not accepted in the credit space.

我們現在有機會在信用卡領域不接受萬事達卡和美國運通卡的地方獲得認可。

We also love that this is a truly long-term acceptant -- (technical difficulties) -- and co-brand partnership.

我們也很高興這是一個真正的長期接受者——（技術困難）——和聯合品牌合作夥伴關係。

For all of our clients and their consumer and business clients, it will be the first time in 16 years they gain access to the tens and tens of billions of dollars of annual credit payments volume that heretofore went to American Express.

對於我們所有的客戶及其消費者和企業客戶而言，這將是他們 16 年來第一次獲得此前流向美國運通的數百億美元的年度信用支付額。

It is a great opportunity to drive incremental usage.

這是推動增量使用的絕佳機會。

It should help all Visa issuers drive their cards towards the top of the wallet, and increase new account and card holder acquisition opportunities.

它應該可以幫助所有 Visa 發卡機構將他們的卡推向錢包的頂端，並增加新賬戶和持卡人的獲取機會。

This was a very competitive process, and there has been much discussion of what drove the outcome here.

這是一個競爭非常激烈的過程，關於是什麼推動了這裡的結果，已經有很多討論。

I don't want to speak for Costco, but let me say that I have not met a retailer that cares more for their clients, their members more.

我不想為 Costco 說話，但讓我說，我還沒有遇到過更關心他們的客戶、他們的會員的零售商。

Going forward, Costco will be entrusting their clients, their members, these precious relationships to Visa.

展望未來，Costco 將把他們的客戶、會員以及這些寶貴的關係委託給 Visa。

If it were me, money wouldn't win the day, the best brand with the best capabilities would win.

如果是我，錢不會贏，最好的品牌有最好的能力會贏。

As I've consistently said price matters, but cannot win the strategic relationship.

正如我一直說的，價格很重要，但不能贏得戰略關係。

So our strategy is not to be the low-cost provider.

所以我們的策略不是成為低成本的供應商。

As I think about what drove the decision here, I look at a series of things, including a view that we're the premier brand for Costco members, the belief that our brand will help Costco grow more than all the others.

當我考慮是什麼推動了這裡的決定時，我會考慮一系列事情，包括認為我們是 Costco 會員的首要品牌，相信我們的品牌將幫助 Costco 比其他所有品牌發展得更多。

Clear, strong brand preference among their members and target market, specifically with the higher growth affluent and millennial holders, which in this case will drive membership and sales growth directly for Costco.

他們的會員和目標市場，特別是增長更快的富裕和千禧一代持有者中明確、強烈的品牌偏好，在這種情況下，這將直接推動 Costco 的會員和銷售增長。

Our broad global acceptance, our superior data and analytics capabilities, and our leadership on innovation.

我們在全球範圍內的廣泛認可、我們卓越的數據和分析能力，以及我們在創新方面的領先地位。

I would also point out that we feel that all the benefits I've outlined, plus what our issuers bring to the table, can create more value than others.

我還要指出，我們認為我所概述的所有好處，加上我們的發行人帶來的好處，可以創造比其他人更多的價值。

Specifically and quite simply, we, our issuing partner, and the co-brand partner can make more and provide greater value to our clients than smaller, closed loop networks.

具體來說，與較小的閉環網絡相比，我們、我們的發行合作夥伴和聯合品牌合作夥伴可以為我們的客戶創造更多價值並提供更大的價值。

As a remainder, the implementation of these agreements is subject to the purchase of the existing co-brand credit portfolio by Citi.

作為其餘部分，這些協議的實施取決於花旗購買現有的聯合品牌信貸組合。

Turning to our business outside the US, let me first start with China.

談到我們在美國以外的業務，讓我先從中國說起。

Before I turn to market opening, which I know is a topic that you all want to hear about, I want to talk for a second about our existing business.

在我轉向市場開放之前，我知道這是大家都想听到的話題，我想先談談我們現有的業務。

It is doing extremely well.

它做得非常好。

We have a significant and fast growing business, with relationships that have been growing and deepening.

我們擁有一項重要且快速增長的業務，我們的關係一直在增長和深化。

We are the market share leader versus non-Chinese providers, and that share has been steady since 2013.

與非中國供應商相比，我們是市場份額的領導者，自 2013 年以來，這一份額一直保持穩定。

We continue to sign contracts and be awarded new issuant business from Chinese Banks.

我們繼續與中資銀行簽訂合同並獲得新的發行業務。

As examples, this quarter we renewed and expanded our agreement with China Civic Bank, one of the largest partners in China.

例如，本季度我們與中國最大的合作夥伴之一中國公民銀行續簽並擴大了我們的協議。

The program will now include issuance of Visa only branded companion cards, in addition to the dual branded program in place.

除了現有的雙品牌計劃外，該計劃現在將包括發行僅 Visa 品牌的伴侶卡。

China Everbright Bank, one of China's largest financial institutions renewed their credit agreement with Vise.

中國最大的金融機構之一中國光大銀行與Vise續簽了信貸協議。

Regarding the market opening news, clearly this is a significant and positive step.

關於市場開盤消息，顯然這是一個重要而積極的步驟。

The facts as we've read them thus far are consistent with our expectations, and we're very excited to see more specifics, which obviously will be important.

到目前為止，我們所閱讀的事實與我們的預期一致，我們很高興看到更多細節，這顯然很重要。

We do intend to apply for a license.

我們確實打算申請許可證。

As I've said, we have a strong business today with great local relationships, which have only become stronger over the past several years.

正如我所說，我們今天擁有強大的業務，與當地的良好關係，在過去幾年中變得更加強大。

We're excited to participate in one of the most important markets in the world.

我們很高興能參與世界上最重要的市場之一。

And for Visa to help in the growth of domestic Chinese marketplace, working with Chinese companies, and the Chinese government.

並讓 Visa 幫助中國國內市場的發展，與中國公司和中國政府合作。

To be clear, we are not pursuing this for the short-term profit opportunity.

需要明確的是，我們不是為了短期獲利機會而追求這一點。

This is a long-term commitment, which will pay off over the long term.

這是一個長期的承諾，從長遠來看會得到回報。

We intend to prove our value as a partner within China, so bringing our value added capabilities to help grow the Chinese economy will come before our revenue and profit growth for quite some time.

我們打算在中國證明我們作為合作夥伴的價值，因此在相當長的一段時間內，將我們的增值能力幫助中國經濟增長將優先於我們的收入和利潤增長。

Regardless of when we start to participate domestically in China, we do not expect this to be a meaningful contributor to our financial results for many years to come.

無論我們何時開始在中國國內參與，我們預計這不會對我們未來多年的財務業績做出有意義的貢獻。

Turning away from China, First-Ran Bank, a large issue in South Africa, and our largest issuer in sub-Saharan Africa, extended their contract with Visa.

遠離中國，南非的大型發行機構 First-Ran Bank 和我們在撒哈拉以南非洲地區最大的發行人延長了與 Visa 的合同。

We also renewed our partnership with Desjardins, the leading financial group in Canada and the fourth largest cooperative financial group in the world.

我們還與加拿大領先的金融集團、世界第四大合作金融集團 Desjardins 續簽了合作夥伴關係。

And lastly Banorte, one of Mexico's oldest and largest national institutions, renewed their credit agreement with Visa.

最後，墨西哥歷史最悠久、規模最大的國家機構之一 Banorte 與 Visa 續簽了信貸協議。

On the other side of the equation, Citibank and [Itau] will be moving their business away from Visa.

另一方面，花旗銀行和 [Itau] 將把他們的業務從 Visa 轉移出去。

In certain regions around the world, we have contacts with Citi which will continue to run for quite some time.

在世界各地的某些地區，我們與花旗的聯繫將持續相當長的一段時間。

In terms of how quickly these conversions commence, and ultimately how long it takes has not been made clear to us, and we will let you know as we learn more.

至於這些轉換開始的速度，以及最終需要多長時間，我們還不清楚，我們會在了解更多信息後通知您。

While losing any business is disappointing to us, we know that we're not going to win everything, as we operate in a very competitive environment.

雖然失去任何業務讓我們感到失望，但我們知道我們不會贏得一切，因為我們在競爭激烈的環境中運營。

We've always been very thoughtful and strategic about choosing for which clients we want to be aggressive in this competitive process, and we feel great about our portfolio of client relationships.

我們一直非常周到和戰略性地選擇我們希望在這個競爭過程中積極進取的客戶，我們對我們的客戶關係組合感到非常滿意。

Importantly to us, we remain disciplined in our approach to negotiations, and the net of these recent wins and losses leaves Visa and our partners in a better strategic position for the long term than would have otherwise been the case.

對我們來說重要的是，我們在談判方法上保持自律，最近的這些勝利和失敗使 Visa 和我們的合作夥伴長期處於比其他情況更好的戰略地位。

A couple of other quick updates on the regulatory and legal fronts.

關於監管和法律方面的其他一些快速更新。

First of all, in Russia, we have been actively working with the national payment card system and central bank to achieve full migration of Russian domestic Visa transactions with minimal disruptions.

首先，在俄羅斯，我們一直在積極與國家支付卡系統和中央銀行合作，以實現俄羅斯國內Visa交易的全面遷移，並將中斷降至最低。

All domestic Visa transactions will continue to be processed in accordance with the national payment system law.

所有國內 Visa 交易將繼續按照國家支付系統法進行處理。

And in the US, on the merchant litigation case, we continue to make good progress in settling the opt-out cases.

在美國，在商戶訴訟案件上，我們在解決選擇退出案件方面繼續取得良好進展。

Fiscal year-to-date, we've paid out $321 million, and additional settlements are progressing nicely.

本財年迄今為止，我們已經支付了 3.21 億美元，其他和解進展順利。

And we continue to lead the world to the world of digital commerce.

我們繼續引領世界走向數字商務世界。

Visa Checkout continues to make great strides.

Visa Checkout 繼續取得長足進步。

We now have 260 financial institution partners, and 140 merchants live globally.

我們現在擁有 260 家金融機構合作夥伴，140 家商戶遍布全球。

To date we have over 4 million registered users, over $46 billion in total addressable volume accepts Visa Checkout.

迄今為止，我們擁有超過 400 萬註冊用戶，總可尋址量超過 460 億美元，接受 Visa Checkout。

And we continue to add merchants, including small and medium size retailers, where our acquiring partners are helping us grow acceptance.

我們繼續增加商家，包括中小型零售商，我們的收單合作夥伴正在幫助我們提高接受度。

We're also deploying Visa Checkout outside of the US.

我們還在美國以外部署 Visa Checkout。

As an example, we launched Visa checkout in China at the end of March, China Merchant Bank is the first institution in China to introduce Visa checkout to its customers.

例如，我們3月底在中國推出Visa checkout，招商銀行是中國第一家向客戶推出Visa checkout的機構。

In the coming months, we're working with other Chinese institutions to deploy checkout.

在接下來的幾個月裡，我們將與其他中國機構合作部署結賬。

In April, we kicked off consumer marketing campaigns in both Australia and Canada, in partnership with some of the biggest merchants in those regions.

4 月，我們與這些地區的一些最大商家合作，在澳大利亞和加拿大開展了消費者營銷活動。

We're on track to be live in a total of 16 markets this year.

今年我們有望在總共 16 個市場上線。

ComScore conducted a study last month to evaluate our progress with merchants since launching Visa Checkout last July.

ComScore 上個月進行了一項研究，以評估自去年 7 月推出 Visa Checkout 以來我們與商家的進展情況。

The findings are very clear.

調查結果非常清楚。

Visa Checkout customers convert to buyers 69% of the time.

Visa Checkout 客戶在 69% 的時間內轉化為買家。

This is 66% higher than conversion rates reported with traditional on-line checkout.

這比傳統在線結賬報告的轉化率高 66%。

The product is doing exactly what we said it would do, solving the on-line friction problem at a rate that's higher than the competitive solutions we surveyed.

該產品正在按照我們所說的那樣做，以高於我們調查的競爭解決方案的速度解決在線摩擦問題。

In the digital solutions space, a few comments.

在數字解決方案領域，有一些評論。

In my time here at Visa, it is amazing the amount of companies that are working and talking about the future of payments in the role, some very young, some very established.

在我在 Visa 的這段時間裡，令人驚訝的是，有很多公司正在工作並談論該職位的支付未來，有些非常年輕，有些非常成熟。

Regardless of tenure, it's clear to me that they fall to two categories.

不管任期如何，我很清楚它們分為兩類。

Those that talk about being innovative, and those that are actually driving innovation in way that truly drives incremental value and can scale.

那些談論創新的人，以及那些真正以真正推動增值並可以擴展的方式推動創新的人。

I'm proud of the work of the Visa team, and proud to be leading the industry into this digital world.

我為 Visa 團隊的工作感到自豪，並為能夠引領行業進入這個數字世界而感到自豪。

When we launched tokenization, we told you it was more than a set of just security standards.

當我們啟動令牌化時，我們告訴過您它不僅僅是一套安全標準。

We said it was a platform to enable new commerce experiences, then came Apple Pay.

我們說它是一個支持新商業體驗的平台，然後是 Apple Pay。

When we participated in the Apple Pay launch, we said it was just the beginning, and there would be more solutions that leverage our digital platforms.

當我們參與 Apple Pay 發佈時，我們表示這只是一個開始，將會有更多利用我們數字平台的解決方案。

Since then, Samsung has announced the new Galaxy S6 payments experience and Google's Android operating system supporting host card emulation.

此後，三星宣布了全新的 Galaxy S6 支付體驗和支持主機卡模擬的谷歌 Android 操作系統。

And we have several clients developing new HCE based applications in our sandbox as we speak.

正如我們所說，我們有幾個客戶在我們的沙箱中開發新的基於 HCE 的應用程序。

As the industry leader, a Visa partnership gives the chance for these experiences to be successful because of our technology, our scale, and our leadership.

作為行業領導者，憑藉我們的技術、規模和領導地位，Visa 合作夥伴關係為這些體驗提供了成功的機會。

Our innovation is not something every consumer sees, but it is the things that we do as a platform that others can build upon, and it is our platform that becomes embedded in all sorts of devices, operating systems, and mobile apps.

我們的創新並不是每個消費者都能看到的，但它是我們作為一個平台所做的事情，其他人可以在此基礎上進行構建，它是我們的平台，嵌入到各種設備、操作系統和移動應用程序中。

Essentially we're enabling our partners to take advantage of one common payment platform and set of standards, but still able to customize their solutions to their specific client needs appropriate to their markets, with their preferred user experiences.

從本質上講，我們使我們的合作夥伴能夠利用一個通用支付平台和一套標準，但仍然能夠根據他們的特定客戶需求定制他們的解決方案，以適應他們的市場，以及他們喜歡的用戶體驗。

Great companies come to Visa first because they know we understand the technology of payments better than anyone else, and we understand the needs of their users.

偉大的公司首先選擇 Visa，因為他們知道我們比任何人都更了解支付技術，而且我們了解他們用戶的需求。

And we continue to build out our capabilities to support our merchant partners.

我們將繼續增強我們的能力以支持我們的商家合作夥伴。

We completed our acquisition of TrialPay this quarter.

我們本季度完成了對 TrialPay 的收購。

It is a platform that we've worked with before, and one that proved its value proposition before we decided to acquire the company.

這是一個我們之前合作過的平台，並且在我們決定收購該公司之前證明了它的價值主張。

Combined with our broader merchant capabilities across Visa Analytics, Loyalty Products, and VisaNet capabilities, this is a platform that we intend to use to help merchants improve their marketing and thereby drive their incremental sales.

結合我們在 Visa Analytics、Loyalty Products 和 VisaNet 功能中更廣泛的商戶能力，我們打算使用這個平台來幫助商戶改進營銷，從而推動他們的增量銷售。

During the last six months, we introduced to the market three new products and solutions specifically designed to help our merchant partners.

在過去六個月中，我們向市場推出了三款專為幫助我們的商業合作夥伴而設計的新產品和解決方案。

First, we created a customer intelligence dashboard, a custom analytic dashboard for merchants to enable them to understand who is shopping with them at the store level.

首先，我們創建了一個客戶智能儀表板，這是一個為商家定制的分析儀表板，使他們能夠了解誰在商店層面與他們一起購物。

We're helping merchants not only understand the sales trends, but also who is shopping, their demographics, where they live, where else they shop, et cetera.

我們幫助商家不僅了解銷售趨勢，還了解誰在購物、他們的人口統計數據、他們住在哪裡、他們在哪裡購物等等。

The platform is helping our gasoline merchants better predict demand, airlines to optimize routes and load factors, and many others to optimize marketing campaigns.

該平台正在幫助我們的汽油商更好地預測需求，幫助航空公司優化航線和載客率，並幫助許多其他人優化營銷活動。

The second solution is a digital marketing measurement product.

第二種解決方案是數字營銷測量產品。

Earlier this year, we launched a new platform which enables our merchant clients to measure their digital market spend with an entirely new level of accuracy.

今年早些時候，我們推出了一個新平台，使我們的商家客戶能夠以全新的準確度衡量他們的數字市場支出。

When a merchant runs a digital campaign, we're able to show them in real time how many of those impressions led to specific sales using a Visa card.

當商家開展數字營銷活動時，我們能夠實時向他們展示這些印像中有多少促成了使用 Visa 卡的特定銷售。

For many years merchants have taken a big leap of faith that clicks led to real sales.

多年來，商家已經大踏步地相信點擊會帶來真正的銷售。

For the first time ever, we're now helping them measure the actual sales.

有史以來第一次，我們現在正在幫助他們衡量實際銷售額。

The final example is a pilot program but one that we're excited about.

最後一個例子是一個試點項目，但我們對此感到很興奮。

It's a platform that actually drives new customers into our client's store.

這是一個實際上將新客戶帶入我們客戶商店的平台。

The platform is powered by Trial Pay, where we place targeted merchant offers on the web and on mobile apps.

該平台由 Trial Pay 提供支持，我們在網絡和移動應用程序上放置有針對性的商家優惠。

For example, you're checking into a flight, you will see an offer to get 500 miles if you shop at Pete's coffee in the next week.

例如，您正在辦理登機手續，如果您在下週在 Pete's 咖啡店購物，您將看到獲得 500 英里的優惠。

When the customer comes in to buy their coffee, they're notified in real time that they've received their bonus -- miles, in this case.

當顧客進來購買他們的咖啡時，他們會實時收到通知，他們已經收到了獎金——在這種情況下是里程。

Also we track the purchases and show the merchant in real time how many of the customers are coming into which specific stores.

此外，我們跟踪購買情況並實時向商家展示有多少客戶進入了哪些特定商店。

Early days, but client interest remains very strong.

早期，但客戶的興趣仍然非常強烈。

As you can see, these are products which we believe over a period of time changes our dialogue with merchants as we help them grow their business.

如您所見，我們相信這些產品會在一段時間內改變我們與商家的對話，因為我們幫助他們發展業務。

So just to wrap up, we're very pleased with our performance for the first half of the fiscal year, especially in light of some of the challenging aspects of the economic environment.

因此，總結一下，我們對本財年上半年的表現感到非常滿意，特別是考慮到經濟環境的一些具有挑戰性的方面。

It continues to be a very exciting time in payments, as you can tell from all the recent announcements.

從最近的所有公告中可以看出，這仍然是一個非常激動人心的支付時刻。

We remain bullish on our future, and we continue to broaden and deepen our work relationships with issuers, acquirers, merchants, governments, and other third parties.

我們仍然看好我們的未來，我們將繼續擴大和深化與發行人、收單機構、商家、政府和其他第三方的工作關係。

With that, Vasant and I will be pleased to take your questions.

有了這個，我和瓦桑特很樂意回答你的問題。

Okay, Shania, we're ready for the Q and A.

好的，Shania，我們準備好了問答環節。

Thank you, sir.

謝謝你，先生。

(Operator Instructions)

（操作員說明）

Our first question is coming from Darrin Peller of Barclays.

我們的第一個問題來自巴克萊的 Darrin Peller。

Your line is open.

你的線路是開放的。

Just trying to square a little more of the discussion on EPS growth being at the low end of the mid-teens guidance range, given your unchanged revenue growth guidance.

鑑於您的收入增長指導不變，只是試圖將關於每股收益增長的討論放在青少年指導範圍的低端。

Was it primarily tax rate assumptions in the second half of the year?

主要是下半年的稅率假設嗎？

Then just to further add to that, are you incorporating further volatility benefits, FX volatility benefits in your outlook and guidance?

那麼進一步補充一下，您是否將進一步的波動性收益、外匯波動性收益納入您的展望和指導？

Because it clearly helped your cross-border revenue growth this quarter.

因為它顯然有助於您本季度的跨境收入增長。

Thanks, guys.

多謝你們。

Darrin, just a couple of things.

達林，只有幾件事。

I think the two things you should take away from what we said was there's a certain amount of moving around going on between the third quarter and the fourth quarter.

我認為您應該從我們所說的內容中帶走兩件事，那就是在第三季度和第四季度之間存在一定程度的變動。

We said that the revenue growth in the third quarter will be the low point of the year in terms of growth, and then it will pick up in the fourth quarter, approaching double digits.

我們說三季度的收入增長將是今年增長的低點，然後四季度會回升，接近兩位數。

So that's one thing.

所以這是一回事。

The second is expense growth will step up a bit in the third quarter.

二是第三季度費用增長將有所加快。

Still in the mid-single digits level for the full year, but step up in the third quarter as some expense is shifting between the first half and the second half in marketing and technology.

全年仍處於中個位數水平，但由於營銷和技術方面的一些費用在上半年和下半年之間轉移，第三季度會有所提高。

And then if you look at our personnel expenses, you should be looking more at what the first quarter level was, and a little bit of growth with some of the initiatives we have underway.

然後，如果您查看我們的人員費用，您應該更多地關注第一季度的水平，以及我們正在進行的一些舉措的一點點增長。

And the last piece that shifts things, mostly between the third and the fourth quarter, was the tax rate.

最後一個改變事情的因素，主要是在第三季度和第四季度之間，是稅率。

The main take away from all this is, as we said, $0.06 to $0.08 shift out of the third quarter.

正如我們所說，這一切的主要收穫是第三季度的 0.06 美元到 0.08 美元的轉移。

For the full year all we're saying is we still feel good about the range we provided, but we're at the lower end of the range.

對於全年，我們所說的是我們仍然對我們提供的範圍感覺良好，但我們處於範圍的低端。

Really in line with where the street is right now.

真的很符合現在的街道。

Your other component of the question was -- currency volatility.

你問題的另一個組成部分是——貨幣波動性。

We did tell you that it was at five-year highs in the second quarter.

我們確實告訴過你，它在第二季度處於五年高位。

So in terms of what we're expecting going forward, as you know, we benefit when there's volatility because FX spreads widen.

因此，就我們對未來的預期而言，如您所知，當出現波動時，我們會受益，因為外匯價差擴大。

It does offset a little bit the translation impact of currencies.

它確實抵消了一點貨幣的轉換影響。

We're not assuming they stay at five-year highs.

我們並不認為它們會保持在五年高點。

We're assuming that there's some amount of regression to the mean, but we're not assuming they go to the kinds of lows we saw last year.

我們假設平均值有一定程度的回歸，但我們並沒有假設它們會達到我們去年看到的那種低點。

So it's anybody's guess really.

所以這真的是任何人的猜測。

So we're just assuming that it's not going to stay at this level, but nor is it going to be as calm as it was last year.

所以我們只是假設它不會保持在這個水平，但也不會像去年那樣平靜。

Next question, please.

下一個問題，請。

Next question is Moshe Orenbuch of Credit Suisse.

下一個問題是瑞士信貸的 Moshe Orenbuch。

Could you talk a little bit about how you will be trying to protect the volume from Costco, together with Citi, from American Express trying to win it back?

你能談談你將如何保護好市多和花旗的銷量，以及美國運通試圖贏回的銷量嗎？

And maybe just as a corollary, talk a little bit about your thoughts about what's going to happen when existing co-brands come up for renewal and the competitive environment, there?

也許只是作為推論，談談你對現有聯合品牌更新和競爭環境會發生什麼的看法，在那裡？

Let me take the second one first.

讓我先拿第二個。

Co-brands are in the market certainly all the time.

聯合品牌當然一直在市場上。

It's been a competitive marketplace.

這是一個競爭激烈的市場。

And all the things that I talked about in terms of the advantages that we think we brought to Costco, we think we can provide to almost all co-brand partners out there.

我談到的所有關於我們認為我們為 Costco 帶來的優勢的事情，我們認為我們可以提供給幾乎所有的聯合品牌合作夥伴。

We are -- in this case, it's certainly helpful to be the incumbent, and the leader in the space.

我們是 - 在這種情況下，成為現任者和該領域的領導者肯定會有所幫助。

We've got deep relationships with the largest co-brand providers, certainly here in the United States and others across the world.

我們與最大的聯合品牌供應商建立了深厚的關係，當然在美國和世界其他地方。

And those relationships, where we believe if you treat the partner properly, you prove to them over a period of time you help them grow, There's got to be a reason for them to want to do something else, other than be with you.

而那些關係，我們相信如果你正確對待伴侶，你會在一段時間內向他們證明你幫助他們成長，除了和你在一起之外，他們一定有理由想做其他事情。

And so we feel very good about our positioning there.

所以我們對我們在那裡的定位感覺非常好。

On the Costco front, I mean -- again, I think when you take a look at what we bring to equation, you can assume that Costco, who's got the most to lose in this, has thought an awful lot about what risks they have and what opportunities they have.

在 Costco 方面，我的意思是 - 再次，我認為當你看看我們帶來了什麼時，你可以假設在這方面損失最大的 Costco 已經考慮了很多關於他們面臨的風險以及他們有什麼機會。

And the reason for them to want to go and take the risk of moving the portfolio is because they think there's more up side doing business with us and Citi in this case.

他們之所以願意冒險轉移投資組合，是因為他們認為在這種情況下與我們和花旗開展業務更有優勢。

And when we think about, and they think about the brand preference that their customers have, as I said in my remarks, the things that specifically the affluent and millennials think about our brand versus the competing brands out there, we're very confident that we'll be able to do a better job for Costco than the incumbent.

正如我在講話中所說，當我們考慮，他們考慮客戶的品牌偏好時，特別是富裕和千禧一代對我們品牌與競爭品牌的看法，我們非常有信心我們將能夠為 Costco 做得比現任者更好。

And that will start day one, as we work extremely closely with Citi and Costco, and that work has begun already.

這將從第一天開始，因為我們與花旗和 Costco 密切合作，而這項工作已經開始。

Congratulations on the big win.

恭喜大勝。

Thank you.

謝謝你。

Next question, please.

下一個問題，請。

Next is Jason Kupferberg of Jefferies.

接下來是傑富瑞的傑森庫普弗伯格。

Thanks, guys.

多謝你們。

So can you just confirm whether or not some of your planned pricing actions for April got implemented as expected?

那麼，您能否確認一下您 4 月份的一些計劃定價行動是否按預期實施？

And then can you also just clarify related to Costco, do the incentives there hit in FY15 or in FY16, when the contract actually begins?

然後你能否也澄清一下與 Costco 相關的問題，那裡的激勵措施是在 FY15 還是 FY16，合同實際開始時生效？

So Costco will be 2016.

所以 Costco 將是 2016 年。

And the pricing is in.

並且定價在。

Just to clarify, the pricing -- there were two changes, both of which happened in April.

只是為了澄清一下，定價 - 有兩個變化，都發生在 4 月。

The first was US acquirer service fees on all credit products, and the second was US acquirer international service assessments.

第一個是美國收單機構對所有信貸產品的服務費，第二個是美國收單機構國際服務評估。

They went in roughly around the same time, but the impacts are somewhat different.

他們大約在同一時間進入，但影響有所不同。

One of them hits a little earlier in terms of impacts on our financials, the other a little later.

其中一個對我們財務的影響要早一點，另一個要晚一點。

So we get the full benefit of the pricing in the fourth quarter.

因此，我們在第四季度獲得了定價的全部好處。

We get a little less of a benefit in the third quarter.

我們在第三季度獲得的收益要少一些。

It's really a small difference, but it's in.

這確實是一個很小的差異，但它在裡面。

Okay.

好的。

Next question, please.

下一個問題，請。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

Thanks.

謝謝。

I guess I have a follow-up question to the Costco.

我想我對 Costco 有一個後續問題。

Charlie, you mentioned it's been competitive in co-brand, but is it from an economic standpoint incrementally more competitive?

查理，你提到它在聯合品牌方面一直很有競爭力，但從經濟角度來看，它是不是越來越有競爭力？

And does that then play out further as you renew some of the other co-brands down the line?

當您續訂其他一些聯合品牌時，這是否會進一步發揮作用？

I guess secondly, how confident are you that Citi will be able to secure the portfolio from American Express?

我想其次，您對花旗能夠從美國運通獲得投資組合有多大信心？

Thanks.

謝謝。

So when you say is it economically more competitive --

所以當你說它在經濟上是否更具競爭力——

Is it getting progressively more -- I mean are the economics materially different than they were before?

是不是越來越多——我的意思是經濟學與以前有很大不同嗎？

Well, first of all -- first let's talk Costco for a second, then we'll talk more broadly about co-brands.

好吧，首先——首先讓我們先談談 Costco，然後我們將更廣泛地討論聯合品牌。

And I tried to make this point clearly.

我試圖清楚地說明這一點。

So, let me just make sure that I'm even clearer on it.

所以，讓我確保我對此更加清楚。

We view Costco as something extremely unique.

我們認為 Costco 是非常獨特的東西。

And so this is an industry where it's amazing, the gossip.

所以這是一個令人驚奇的行業，八卦。

And I don't know whether it's the consultants or what it is, but everyone likes to go around and talk about everything that's happening in terms of pricing and who did what to whom on this.

我不知道是顧問還是它是什麼，但每個人都喜歡四處走動，談論定價方面發生的一切，以及誰對誰做了什麼。

What I would tell you is what we, and my guess is issuers were willing to do for Costco is very specific to a unique opportunity to gain the kind of credit acceptance that we've talked about, and the kind of co-brand that we've talked about, for a partner now that didn't accept our products in the past of this size.

我要告訴你的是我們，我的猜測是發行人願意為 Costco 做的事情是非常具體的，因為這是一個獨特的機會來獲得我們所討論的那種信用接受，以及我們所討論的那種聯合品牌'已經談到，對於一個過去不接受我們這種尺寸產品的合作夥伴。

It is a -- we view it as a unique opportunity to capture that volume.

這是一個 - 我們將其視為捕獲該數量的獨特機會。

And then to use the ability to have that acceptance to grow our products elsewhere, regardless of whether they're co-brand or not co-brand, but obviously the co-brand here will bring with it extraordinary benefits.

然後利用這種接受能力在其他地方發展我們的產品，無論它們是聯合品牌還是非聯合品牌，但顯然這裡的聯合品牌會帶來非凡的好處。

So Costco to us stands on its own, in terms of the way we think economically about what we should be willing to do.

因此，就我們對我們應該願意做什麼的經濟思考方式而言，Costco 對我們來說是獨立的。

In terms of whether the co-brand space is getting more competitive economically, I'm not sure.

至於聯合品牌空間是否在經濟上變得更具競爭力，我不確定。

It's very, very competitive, as is the issuing business.

這是非常非常有競爭力的，發行業務也是如此。

And I think when people lose relationships like this, they need to figure out where they're going to look, and so we assume that they'll continue to be competitive.

而且我認為當人們失去這樣的關係時，他們需要弄清楚他們將往哪裡看，因此我們假設他們將繼續具有競爭力。

As we think about our future and we think about our ability to continue to deliver the kind of growth that I think you are all expecting from us, we factor that into our assumptions along the way.

當我們考慮我們的未來並考慮我們繼續實現我認為你們都期望我們的增長的能力時，我們將其納入我們的假設中。

Okay.

好的。

And just the Citi portfolio?

只有花旗的投資組合？

AMEX's sales to Citi of the existing portfolio.

美國運通向花旗出售現有的投資組合。

Everything that we hear suggests confidence, but we're not a party to it.

我們聽到的一切都暗示著信心，但我們不是它的一方。

Next question, please.

下一個問題，請。

Next is Bill Carcache of Nomura.

接下來是野村的 Bill Carcache。

Thank you.

謝謝你。

Apologies for another Costco question, but was wondering if you could speak to whether any of your issuing bank partners have expressed any sort of concern about the interchange rate at which the Costco volume will be coming over?

為另一個 Costco 問題道歉，但想知道您是否可以談談您的任何發行銀行合作夥伴是否對 Costco 交易量即將到來的交換率表示任何擔憂？

Just in the sense that it could be difficult for them to offer rewards on the Costco spend.

只是從某種意義上說，他們可能很難為 Costco 的消費提供獎勵。

Just curious if you think that could be an issue?

只是好奇您是否認為這可能是一個問題？

Well, I guess I would start with, there were a lot of -- there were more issuers than Citi who wanted to win the co-brand.

好吧，我想我會開始，有很多 - 想要贏得聯合品牌的發行人比花旗還多。

And so whoever certainly was involved in the process understands the competitive dynamic and what would exist.

因此，無論誰肯定參與了這個過程，都了解競爭動態以及將會存在什麼。

And again, I think from our perspective, the conversation is exactly what I've said here.

再說一次，我認為從我們的角度來看，對話正是我在這裡所說的。

It's a unique and strategic opportunity to get access to an extraordinary amount of volume that we and our clients weren't going to have access to.

這是一個獨特的戰略機會，可以獲得我們和我們的客戶無法獲得的大量交易量。

And if you think about if we didn't win, the kind of conversation that we were going to have, and the kind of conversation we would have to have with our issuers and their clients about not being able to participate in the opening of one of potentially the biggest retailers in the world, is not a conversation that we would have relished.

如果你想一想如果我們沒有獲勝，我們將會進行什麼樣的對話，以及我們將不得不與我們的發行人和他們的客戶就無法參與發行人進行的那種對話可能是世界上最大的零售商，這不是我們會津津樂道的對話。

So we feel very good about what we've done here.

所以我們對我們在這裡所做的事情感覺非常好。

When we make decisions that affect our clients, we take them extraordinarily seriously, and understand that they will look at those decisions in the context with everything else that we do for them.

當我們做出影響客戶的決定時，我們會非常認真地對待他們，並理解他們會在考慮我們為他們所做的一切事情的背景下看待這些決定。

And we feel good about what we've -- where we've come out and are confident that it's a benefit for them.

我們對我們所擁有的感覺很好——我們已經出來了，並且相信這對他們來說是有好處的。

Great.

偉大的。

Thank you.

謝謝你。

Next question, please.

下一個問題，請。

Next, Craig Maurer, of Autonomous.

接下來是 Autonomous 的 Craig Maurer。

Question on Brazil, the Itau loss, from what we understand that will be fairly material as a percentage of that business.

據我們了解，關於巴西的問題，Itau 損失佔該業務的百分比將相當重要。

And with [ELO] creeping into the market as well, are you concerned at all about Visa's historic market share in Brazil shrinking significantly?

隨著 [ELO] 也逐漸進入市場，您是否擔心 Visa 在巴西的歷史性市場份額大幅縮水？

And following up on your comment on a Mexican win, do you have any greater visibility on when that market will open for Visa processing?

跟進您對墨西哥獲勝的評論，您是否對該市場何時開放接受簽證處理有更大的了解？

Thanks.

謝謝。

Let me do the first one, and then, Jack, you need to remind me about the second question.

讓我做第一個，然後，傑克，你需要提醒我第二個問題。

So in Brazil, listen, losses are losses.

所以在巴西，聽著，損失就是損失。

You know, I would just make it clear that these types of decisions aren't generally decisions that people make without talking to a series of people.

你知道，我只想說清楚，這些類型的決定通常不是人們在不與一系列人交談的情況下做出的決定。

So we were certainly involved in a series of conversations.

因此，我們當然參與了一系列對話。

And again, everyone makes their decisions in terms of what they're willing to do, and at what price they're willing to do it at.

再一次，每個人都根據他們願意做什麼以及願意以什麼價格做決定。

And when a large issuer says that they're going to move volume away from you, it's going to be hard for us to make that volume up elsewhere.

當一家大型發行人說他們將把交易量從你手中轉移出去時，我們很難在其他地方增加交易量。

And that's a decision that we chose to make to some extent relative to how aggressive we were willing to be relative to pricing.

在某種程度上，這是我們選擇做出的決定，與我們願意相對於定價的積極程度有關。

Because we, as I said in my remarks, it's important for us not just to win volume, not just willing to win incremental revenue, but do it in a way which is smart for us and for the payments industry for the long term.

因為，正如我在講話中所說，重要的是我們不僅要贏得銷量，不僅要贏得增量收入，而且要以對我們和支付行業長期而言明智的方式來做到這一點。

And ELO is -- it is a fact.

ELO 是——這是事實。

It is what it is.

就是這樣。

It's a different kind of network with different kind of capabilities targeted, for the most part, at different types of consumers than we generally target our business.

這是一種不同類型的網絡，具有不同類型的功能，主要針對不同類型的消費者，而不是我們通常針對我們的業務。

And I'll tell you that I feel great about the relationships that we have with the other large issuers in Brazil.

我會告訴你，我對我們與巴西其他大型發行人的關係感覺很好。

And think we have the opportunity to continue taking share from them, albeit that share won't we place what we'll lose from Itau.

並且認為我們有機會繼續從他們那裡獲得份額，儘管這種份額不會讓我們從 Itau 失去我們所失去的東西。

Mexico processing.

墨西哥加工。

Yes, Mexico.

是的，墨西哥。

There's no timetable.

沒有時間表。

We're actively working on some things, there, where we think that we can prove to the issuers that by us processing, it actually becomes a benefit for them, and there's nothing imminent there, but it will evolve over time.

我們正在積極開展一些工作，我們認為我們可以向發行人證明，通過我們的處理，它實際上對他們有利，而且沒有什麼迫在眉睫的事情，但它會隨著時間的推移而發展。

Next question, please.

下一個問題，請。

Next is Dan Perlin, RBC.

接下來是 RBC 的 Dan Perlin。

Thanks.

謝謝。

My question is basically this: The step-up in expense growth occurring at the same time that your incentive fees are kind of suggesting that they're also stepping up -- I guess it's two things.

我的問題基本上是這樣的：費用增長的加快與您的激勵費用同時發生，這表明他們也在加緊 - 我想這是兩件事。

One is, kind of alludes to the fact that you obviously see something on the horizon, maybe it's second half of this year or early into next, and I would like to get some color on that?

一個是，有點暗示你顯然看到了一些東西，也許是今年下半年或明年年初，我想對此有所了解嗎？

Why you had pulled the trigger on both at the same time?

為什麼你同時扣動了兩個扳機？

Secondly, why the incentive fee slip?

其次，為什麼會出現獎勵費滑點？

Why did the client take so long to convert?

為什麼客戶需要這麼長時間才能轉換？

What were those conversations like, and why are they not taking place?

這些對話是什麼樣的，為什麼沒有發生？

Let me do the first one first.

讓我先做第一個。

The first, they are unrelated.

首先，它們是無關的。

There's nothing that we see on the horizon or anything like that.

我們在地平線上看不到任何東西或類似的東西。

As we said, incentives -- I've been here two-and-a-half years, and it seems to me that we talk about this every single quarter, which is we do our best to provide insight.

正如我們所說，激勵措施——我來這裡已經兩年半了，在我看來，我們每個季度都在談論這個問題，我們盡最大努力提供洞察力。

And we certainly do it for our own planning as to what incentives are going to be, quarter by quarter.

我們這樣做當然是為了我們自己的計劃，即按季度製定激勵措施。

But we don't have a lot of control over it.

但是我們對它沒有太多的控制權。

It's hard to -- it's hard to know exactly when negotiations will become finalized, contracts will close, and it changes the level of incentives.

很難——很難確切地知道談判什麼時候會敲定，合同什麼時候會結束，它會改變激勵水平。

So as we've talked about multiple times, it is the full year that we really think about as something that we feel much better about than quarter-to-quarter.

因此，正如我們多次談到的那樣，我們真正認為這一整年是我們感覺比季度到季度要好得多的事情。

And on the one hand, we'd love to have things close sooner.

一方面，我們希望盡快結束。

It's not something we try and delay, but it happens in the normal course of business.

這不是我們試圖拖延的事情，但它發生在正常的業務過程中。

And on the marketing side, there it just relates to some specific things that we're going to be doing in the second half of the year that really relate to the summertime, coming out of the summer into pre-school and then eventually leading into the holiday season.

在營銷方面，它只是與我們將在下半年做的一些具體的事情有關，這些事情真的與夏季有關，從夏季結束進入學前班，然後最終進入假期。

That relates to how we want to time our marketing spend.

這與我們希望如何安排營銷支出有關。

I just want to highlight that we're not changing anything in terms of our full year expectations on expense growth.

我只想強調，就我們對費用增長的全年預期而言，我們沒有改變任何東西。

So there's really no change.

所以真的沒什麼變化。

So it's not like we pulled the trigger to do something different in the third or fourth quarter.

所以這不像我們在第三或第四季度扣動扳機做一些不同的事情。

As Charlie said, there are some marketing programs, particularly as it relates to Visa Checkout, that we think we can get a lot of traction doing in the back-to-school period.

正如查理所說，有一些營銷計劃，尤其是與 Visa Checkout 相關的營銷計劃，我們認為我們可以在返校期間獲得很大的吸引力。

That's money that has been coordinated with merchants and things like that, that this is the best time to spend it.

那是已經與商人協調的錢之類的東西，這是花掉它的最佳時機。

There's some regional marketing programs that are happening in the second half.

下半年有一些區域營銷計劃正在發生。

There's some technology initiatives that are ramping up that may have been a little slower to start than we might have expected earlier, but are ramping up into the year, but it was all expect.

有一些技術計劃正在加速啟動，這些計劃的啟動速度可能比我們之前預期的要慢一些，但正在加速進入今年，但這一切都在意料之中。

And then in terms of the personnel expenses, there's a reasonable predictability in that, it fluctuates from quarter-to-quarter, sometimes there's some noise, small items here and there.

然後在人事費用方面，有一個合理的可預測性，它每個季度都有波動，有時會有一些噪音，小項目到處都是。

But if you look at our first quarter run rate and you assume there's a certain amount of growth with some of the initiatives we have, all in all, I guess the short answer is -- we're not doing anything specific to ramp up the expense growth, and our full year expectation does not change.

但是，如果您查看我們第一季度的運行率，並假設我們的一些舉措有一定程度的增長，總而言之，我想簡短的回答是——我們沒有做任何具體的事情來提高費用增長，我們全年的預期沒有改變。

And as we said in our remarks, if the world changes, we're ready to take a hard look at what remains to be spent and decide whether it needs to be spent.

正如我們在講話中所說，如果世界發生變化，我們準備仔細研究還有哪些需要花費，並決定是否需要花費。

Next question, please.

下一個問題，請。

James Friedman, of Susquehanna.

薩斯奎哈納的詹姆斯弗里德曼。

I wanted to ask about commercial.

我想問一下商業。

Charlie, any perspective about how you are doing on the commercial side?

查理，您對您在商業方面的表現有何看法？

One of your competitors had called out some weakness on the commercial side, at least in North America in the calendar first quarter.

您的一個競爭對手指出了商業方面的一些弱點，至少在日曆第一季度在北美是這樣。

Do you think that you're taking share, and how are you competing in the commercial market?

你認為你在搶占市場份額，你是如何在商業市場上競爭的？

Setting aside the share question, commercial payments growth for us in the second quarter was quite healthy at 10%; it's performing well.

撇開份額問題不談，第二季度我們的商業支付增長相當健康，為 10%；它表現良好。

A lot of interest from non-financial institutions, participants to provide value added services.

很多來自非金融機構的興趣，參與者提供增值服務。

So there's a lot of non-traditional people coming in, like technology providers, healthcare entities, and so on.

所以有很多非傳統的人進來，比如技術提供商、醫療保健實體等等。

I don't know if Charlie --

我不知道查理是否——

The only thing, commercial -- we all talk about commercial, across all of the different people that participate in this business, as one of the great opportunities.

唯一的事情，商業——我們都在談論商業，涉及參與這項業務的所有不同的人，這是一個很好的機會。

I mean, the two really meaningful opportunities that the industry has that are really meaningful, apart from just the business as we know it, is P2P and commercial.

我的意思是，除了我們所知道的業務之外，該行業擁有的兩個真正有意義的機會是 P2P 和商業。

There are large, large sums of money that -- on the commercial space, specifically, we compete in.

在商業領域，特別是我們競爭的領域，有大筆資金。

We've worked really hard on our products, we're doing fine in it.

我們在我們的產品上非常努力，我們做得很好。

I really don't know about share.

我真的不知道分享。

It's hard to know about it.

很難知道。

But I think the 10% growth has the opportunity to be much, much larger.

但我認為 10% 的增長有機會變得更大。

And that's something that we're working through, and hopefully in the coming quarters, we'll have more to talk about specifically about what we're doing there.

這就是我們正在努力解決的問題，希望在接下來的幾個季度中，我們將有更多關於我們在那裡所做的事情的具體討論。

But it's an important business for us today.

但這對我們今天來說是一項重要的業務。

And the question is whether or not we can crack a nut and incrementally move it from the something which is incremental to which is more of a step function.

問題是我們是否可以破解一個堅果並將其從增量的東西逐漸移動到更像是階躍函數的東西。

Thanks, Jamie.

謝謝，傑米。

Next question, please.

下一個問題，請。

Next is Jim Schneider of Goldman Sachs.

接下來是高盛的吉姆施耐德。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

Charlie, relative to the China opportunity, I realize that there's a lot of unwritten rules at this point, and there's a lot of things still in the air.

查理，關於中國的機會，我意識到目前有很多不成文的規定，還有很多事情懸而未決。

But can you maybe talk about your operational readiness from a network perspective to enter China, and what you need to get to a level of full functionality, there, and kind of the game plan on that front?

但是你能不能從網絡的角度談談你進入中國的運營準備情況，以及你需要什麼才能達到一個完整的功能水平，以及在這方面的遊戲計劃？

Yes.

是的。

Again, I would say, this one -- the devil is going to be in the details in terms of the way the rules are written.

再說一次，我要說的是，就規則的編寫方式而言，魔鬼將出現在細節中。

I would say it's been our expectation -- well, let me back up.

我想說這是我們的期望——好吧，讓我支持一下。

What I said in the remarks is that there was -- what has been said has been what we've expected.

我在評論中所說的是——我們所說的是我們所期望的。

And so you should assume that we've been planning for that and working towards that.

因此，您應該假設我們一直在為此計劃並為此努力。

There are different time periods that are laid out in terms of what the state counsel announced, relative to when things would have to be ready.

根據州法律顧問宣布的內容，相對於必須準備就緒的時間，規定了不同的時間段。

And we have teams of people around the Company that are working to be prepared to enter as soon as we possibly can.

我們在公司周圍有一群人正在努力準備盡快進入。

Next question, please.

下一個問題，請。

David Hochstim, of Buckingham.

白金漢的大衛·霍克斯蒂姆。

Hi, thanks.

你好謝謝。

I wonder, could you just go back to the international transaction revenue growth, and help us understand how much of the change really was attributable to -- what the change is attributable to the increase in FX volatility?

我想知道，您能否回到國際交易收入的增長，並幫助我們了解這種變化真正歸因於多少——這種變化歸因於外匯波動性的增加？

Because the gap might be even bigger next quarter, and do you have a currency adjusted growth rate that would help us get back to that?

因為下個季度的差距可能會更大，你是否有一個貨幣調整後的增長率可以幫助我們回到那個狀態？

And I guess also there's mix differences because of changes in cross-border spending?

而且我想由於跨境支出的變化，也存在混合差異？

Yes, I think you should look at -- there's three things going on in that international transactions line.

是的，我認為你應該看看——國際交易線中發生了三件事。

One is, of course, all those transactions are in various currencies, so there's clearly an FX translation impact, which is largely negative.

一個是，當然，所有這些交易都以不同的貨幣進行，因此顯然存在外匯轉換影響，這在很大程度上是負面的。

The second is the things we talked about, which is that strong currency markets have outbound commerce that's improving, but the purchasing power of the currency is greater.

第二個是我們談到的事情，就是強勁的貨幣市場有對外貿易在改善，但貨幣的購買力更大。

So that you don't get the full volume benefit even though transactions are growing, and then in weak currency markets you've got inbound -- you've got declining outbound commerce and a weaker currency.

因此，即使交易量在增長，您也無法獲得全部的交易量收益，然後在疲軟的貨幣市場中，您獲得了入境——您的出境商務正在下降，貨幣疲軟。

The net effect of all this is also negative.

所有這一切的淨影響也是負面的。

Offsetting that, certainly we've benefited from volatility.

抵消這一點，我們當然從波動中受益。

I don't think we really ever publicly quantified those kinds of benefits.

我認為我們從未真正公開量化過這些好處。

They move around.

他們四處走動。

But clearly there's no question that some of the negative impact of the currency translation has been offset by the widening of the spread.

但毫無疑問，貨幣換算的一些負面影響已被利差擴大所抵消。

And the two are uncorrelated.

而且這兩者是不相關的。

You could see the currencies moving the other direction but the volatilities don't have to go along with them.

您可以看到貨幣向另一個方向移動，但波動性不必與它們一起移動。

But we'll keep you posted.

但我們會及時通知您。

As I said in the comments or in the question earlier, we're not assuming that volatilities remain at these highs.

正如我在之前的評論或問題中所說，我們並不認為波動率會保持在這些高位。

We're assuming some moderation in volatilities in the second half of the year.

我們假設下半年的波動性會有所緩和。

We're also not assuming that currency markets will go back to being sort of as calm as they were around this time last year.

我們也不認為貨幣市場會恢復到去年這個時候的平靜狀態。

Right.

正確的。

So if they stayed close to these levels, we could see higher revenue than you have built in?

因此，如果他們保持在這些水平附近，我們會看到比您建立的更高的收入嗎？

Yes, but --

對，但是 -

It depends on what else it affects.

這取決於它還會影響什麼。

Exactly, there are other things.

確切地說，還有其他事情。

As I said, three things going on in that line.

正如我所說，那條線上發生了三件事。

Higher volatilities will help us on that particular dimension.

更高的波動性將幫助我們在那個特定的維度上。

On the other hand, a move in currencies, which affect the translation line and so on.

另一方面，貨幣的變動，會影響平移線等。

There's many things going on in that line.

那條線上發生了很多事情。

Thanks, David.

謝謝，大衛。

Next question.

下一個問題。

Bryan Keane of Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi, guys.

嗨，大家好。

Just wanted to hopefully get some way to quantify the Citi and Itau losses, and is it offset by some of the gains that you've had?

只是希望能找到某種方法來量化 Citi 和 Itau 的損失，它是否被您所獲得的一些收益所抵消？

Just trying to think about future modeling purposes.

只是想考慮未來的建模目的。

And then secondly, on tokenization, my understanding is we'll probably suspend charging for any fees even beyond FY16?

其次，在代幣化方面，我的理解是我們可能會暫停收取任何費用，甚至在 FY16 之後？

Just hoping to get an update on that.

只是希望能得到這方面的更新。

So we don't talk specifically about the volumes of Citi and Itau.

因此，我們不專門討論 Citi 和 Itau 的數量。

As I said in my remarks, not clear to us what the migration looks like.

正如我在講話中所說，我們不清楚遷移是什麼樣的。

So it is hard to be very, very specific other than things like Costco and the other positive developments that we have make us feel very good about how those things all fit together.

因此，除了諸如 Costco 之類的東西以及我們所擁有的其他積極發展讓我們對這些東西如何結合在一起感到非常滿意之外，很難說得非常非常具體。

Tokenization, what's the question?

代幣化，有什麼問題？

Are we going to continue to charge in 2016?

2016年還要繼續收費嗎？

Will we charge?

我們會收費嗎？

So we have the rate card out there.

所以我們有價目表。

We've waived it through 2016, and we're continuing to look at exactly what we think the right way -- I would say what the right long-term way for people to think about tokenization is.

我們已經在 2016 年放棄了它，我們將繼續研究我們認為正確的方式——我想說人們思考代幣化的正確長期方式是什麼。

But to me, the important thing is, no one should expect that to be a monetary driver for us.

但對我來說，重要的是，沒有人應該期望這會成為我們的貨幣驅動力。

And with that, Shania, we have time for one more question.

有了這個，Shania，我們有時間再問一個問題。

Tien-tsin Huang, JPMorgan.

摩根大通，黃天純。

Great, thanks.

太謝謝了。

Just wanted to ask on Europe, with legislation getting closer to being finalized.

只是想問問歐洲，立法越來越接近最終確定。

Does that change the probability of the put in any way?

這會以任何方式改變看跌期權的概率嗎？

What's the latest there Charlie?

查理有什麼最新消息？

And then just on Costco, real quick.

然後就在 Costco 上，真的很快。

Just the exclusive merchant acceptance, how critical is that for Costco, I guess, Visa?

只是獨家商戶接受，我猜這對 Costco 有多重要，Visa？

I know that's driving a lot of the uniqueness to it.

我知道這帶來了很多獨特性。

Thanks.

謝謝。

On the first one, listen, I don't think it changes the probabilities at all from our perspective, because we're not inside their board rooms to understand exactly what they're saying and what their drivers are.

關於第一個，聽著，從我們的角度來看，我認為這根本不會改變概率，因為我們不在他們的董事會會議室裡，無法準確了解他們在說什麼以及他們的司機是什麼。

It's a consistent question that people ask us, in terms of what the probabilities are, and we really don't know because they need the 80% vote.

這是人們問我們的一個一貫問題，就概率而言，我們真的不知道，因為他們需要 80% 的投票。

Until they get the 80%, then it's not going to happen.

除非他們得到 80%，否則這不會發生。

So really don't know, really don't understand what the dynamics are, and again, what really matters is how the blocking group of people feel about it.

所以真的不知道，真的不明白動態是什麼，再一次，真正重要的是阻止人群對它的感受。

So those that don't want to vote for it.

所以那些不想投票的人。

That's something that we're not privy to, because we're not in those boardroom discussions.

這是我們不知道的事情，因為我們不在那些董事會討論中。

But again, to circle back, we work really closely with Visa Europe.

但是，再次回顧一下，我們與 Visa Europe 密切合作。

Example, whole group of people here today, Nicola, the CEO, is here today, as we're working through all the things that we're doing together to do a great job for our global clients, enable them to be as competitive as they can be versus the competition in Europe.

例如，今天在這裡的全體人員，首席執行官尼古拉今天在這裡，因為我們正在共同努力，為我們的全球客戶做得很好，使他們具有競爭力他們可以與歐洲的競爭對手抗衡。

And then the credit acceptance versus MasterCard and American Express, hugely relevant.

然後是信用接受與萬事達卡和美國運通，非常相關。

That's why when you talk about the uniqueness of it, it just doesn't exist for a merchant this size that never accepted our product and now all of a sudden doesn't accept our other major competitors here in the United States.

這就是為什麼當您談論它的獨特性時，對於一個從未接受我們的產品，現在突然不接受我們在美國的其他主要競爭對手的商家來說，它根本就不存在。

As we think about what that means for all of our clients, and for our cardholders, that's certainly factored into our thinking and I'm sure the issuer is thinking in terms of the importance.

當我們考慮這對我們所有的客戶和持卡人意味著什麼時，這肯定是我們考慮的因素，我相信發行人正在考慮重要性。

And what it could mean for -- certainly for our brand.

它可能意味著什麼——當然對我們的品牌而言。

And with that we'd like to thank everybody for joining us today.

藉此，我們要感謝大家今天加入我們。

If anybody has any other questions, feel free to give Investor Relations a call.

如果有人有任何其他問題，請隨時致電投資者關係部。

Thank you.

謝謝你。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。