Visa Inc (V) 2015 Q3 法說會逐字稿

Welcome to Visa Incorporated's fiscal Q3 2015 earnings conference call.

歡迎參加 Visa Incorporated 2015 財年第三季度財報電話會議。

(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, Jamie.

謝謝，傑米。

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

大家下午好，歡迎參加 Visa, Inc. 的第三財季財報電話會議。

With us today our Charlie Scharf, Visa's CEO, and Vasant Prabhu, Visa's CFO.

今天，Visa 首席執行官 Charlie Scharf 和 Visa 首席財務官 Vasant Prabhu 與我們在一起。

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 www.investor.visa.com 的投資者關係部分訪問。

A replay of the webcast will also be archived on our site for 90 days.

網絡廣播的重播也將在我們的網站上存檔 90 天。

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

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

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

我還要提醒您，本演示文稿可能包含前瞻性陳述。

These statements aren't guarantees of future performance, and our actual results could materially differ as the result of a variety of factors.

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

Additional information concerning those factors is available in our most recent reports on forms 10-K and Q, which 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可在我們最近的 10-K 和 Q 表格報告中找到，這些報告可以在 SEC 網站和我們網站的投資者關係部分找到。

For historical non-GAAP or pro forma related financial information disclosed in this call, the related GAAP measures and other information required by Reg G of the SEC are available in the financial and statistical summary accompanying today's press release.

對於本次電話會議中披露的歷史非 GAAP 或備考相關財務信息，相關的 GAAP 措施和 SEC 的 Reg G 要求的其他信息可在今天的新聞稿隨附的財務和統計摘要中找到。

With that, I'll turn the call over to Vasant.

有了這個，我會把電話轉給 Vasant。

Thank you, Jack.

謝謝你，傑克。

We reported another solid quarter of financial results, with strong revenue and earnings growth against an economic backdrop that continues to be uncertain.

我們報告了又一個穩健的季度財務業績，在持續不確定的經濟背景下收入和盈利增長強勁。

Most of our results were in line with our expectations going into the quarter, with a few highlights and exceptions.

我們的大部分業績都符合我們對本季度的預期，但也有一些亮點和例外。

Let me speak to those first.

讓我先談談那些。

First, we recognized a tax benefit of $280 million.

首先，我們確認了 2.8 億美元的稅收優惠。

When we last talked to you in April, we had estimated that this would be a fiscal fourth quarter event, so this is essentially a change in timing.

當我們上次在 4 月與您交談時，我們估計這將是第四財季的事件，所以這本質上是時間上的變化。

This resulted in an effective tax rate of 22% in Q3, and shifted $0.12 of EPS into the third quarter from the fourth.

這導致第三季度的有效稅率為 22%，並將 0.12 美元的每股收益從第四季度轉移到第三季度。

Based on this shift, we now expect our tax rate in the fourth quarter to approximate 34%, and for the full year we are now anticipating a rate between 29% and 30%.

基於這種轉變，我們現在預計第四季度的稅率約為 34%，而我們現在預計全年的稅率在 29% 至 30% 之間。

Second, revenue growth of 12% on a nominal basis was significantly higher than we anticipated, in spite of continuing foreign exchange rate head winds of approximately 3 points in the quarter.

其次，儘管本季度匯率持續逆風約 3 個百分點，但名義收入增長 12% 顯著高於我們的預期。

Revenue growth out-performance was driven by sustained high currency volatility that substantially offset the foreign exchange rate head winds, as well as lower client incentive levels than previously presumed.

收入增長超出業績的原因是持續的高貨幣波動性大大抵消了外匯匯率的不利影響，以及客戶激勵水平低於先前假設的水平。

Third, our expectation for higher client incentive levels in the third quarter did not come to pass, due to lower payment volumes and performance adjustments in specific geographies, as well as the timing and impact of certain issuer deal renewals.

第三，我們對第三季度更高客戶激勵水平的預期沒有實現，原因是特定地區的支付量和業績調整較低，以及某些發行人交易續約的時間和影響。

Some of these client incentives are shifting to the fourth quarter as these deals are signed.

隨著這些交易的簽署，其中一些客戶激勵措施正在轉移到第四季度。

As a result, client incentives will be higher in the fourth quarter, both in dollars and as a percent of gross revenues.

因此，第四季度的客戶激勵措施將更高，無論是美元還是佔總收入的百分比。

Despite this, we now expect client incentives for the full fiscal year at the low end of the 17.5% to 18.5% range.

儘管如此，我們現在預計整個財年的客戶激勵措施將處於 17.5% 至 18.5% 範圍的低端。

Finally, we re-valued the Visa Europe put option, taking $110-million, non-cash non-operating expense.

最後，我們重新評估了 Visa Europe 看跌期權，以 1.1 億美元的非現金非運營費用。

The increase in value of this liability was a result of an increase in estimated Visa Europe adjusted sustainable income.

該負債價值的增加是由於預計 Visa Europe 調整後可持續收入增加所致。

As a reminder, US GAAP requires us to estimate the put option liability each quarter.

提醒一下，美國公認會計原則要求我們每季度估計看跌期權負債。

Moving on to the quarters business drivers and our financial results.

繼續討論季度業務驅動因素和我們的財務業績。

Global payments volume growth in constant dollars for the June quarter continue to be solid at 11%, in line with the March quarter.

6 月季度以固定美元計算的全球支付量增長繼續穩定在 11%，與 3 月季度一致。

The US grew 9% and international grew 14%.

美國增長 9%，國際增長 14%。

In the June quarter US credit grew 12%, flat compared to the March quarter, as the effects of the Chase conversion begin to wane.

由於大通銀行轉換的影響開始減弱，6 月季度美國信貸增長 12%，與 3 月季度持平。

US debit grew at 6% in the June quarter, down about 0.5 points compared to the March quarter.

美國借方在 6 月季度增長 6%，與 3 月季度相比下降約 0.5 個百分點。

Gasoline prices continue to have a significant negative impact, reducing growth in aggregate US payment volumes by approximately 3 percentage points.

汽油價格繼續產生重大負面影響，使美國總支付量的增長減少了約 3 個百分點。

We continue to see the largest share of these savings going to debt repayment and stronger consumer balance sheets.

我們繼續看到這些儲蓄的最大份額用於償還債務和更強大的消費者資產負債表。

International payments volume growth of 14% was powered by China, the Middle East, southeastern Europe, and South Asia.

中國、中東、東南歐和南亞推動了國際支付量增長 14%。

The modest up-tick in growth rates versus last quarter was driven by the initiation of domestic payment volume reporting by a large Chinese bank.

與上一季度相比，增長率小幅上升是由一家大型中資銀行啟動國內支付量報告推動的。

More recently through July 21, US payments volume growth was 10%, with US credit 12%, and debit 8%, not materially different from Q3 trends.

最近到 7 月 21 日，美國支付量增長 10%，美國信貸增長 12%，借記增長 8%，與第三季度的趨勢沒有本質區別。

Global cross-border volumes registered their third consecutive quarter of 8% constant-dollar growth, though the international component declined 1 point to 9% compared to the March quarter.

全球跨境交易量連續第三個季度錄得 8% 的固定美元增長，但國際部分與 3 月季度相比下降 1 個百分點至 9%。

As has been the case all year, out-bound corridors of Russia, Canada, and Brazil remain challenged.

與全年情況一樣，俄羅斯、加拿大和巴西的出境走廊仍然面臨挑戰。

Brazil in particular was hurt both by a weak currency on issuing, and lapping the FIFA World Cup on acquiring.

尤其是巴西因發行貨幣疲軟和收購國際足聯世界杯而受到傷害。

The strong dollar has continued to depress in-bound commerce into the US.

強勢美元繼續抑制進入美國的入境貿易。

As we look ahead to the fourth quarter, we're monitoring travel into South Korea due to the Middle East Respiratory Syndrome virus, also known as MERS, and the impact on out-bound Chinese travel from the recent equity market correction.

展望第四季度，我們正在監測因中東呼吸綜合徵病毒（也稱為 MERS）而進入韓國的旅行，以及近期股市調整對中國出境旅行的影響。

In Venezuela, currency controls have effectively shut down the cross-border business for private banks.

在委內瑞拉，貨幣管制有效地關閉了私人銀行的跨境業務。

The bolivar continues to depreciate, and we have moved to local currency collection.

玻利瓦爾繼續貶值，我們已經轉向收集當地貨幣。

All this will significantly reduced revenues from our Venezuela business for the foreseeable future.

在可預見的未來，所有這些都將大大減少我們委內瑞拉業務的收入。

On the positive front, out-bound US spending remains robust, as well as cross-border trends across the rest of Latin America, Asia-Pacific, and the Middle East.

從積極的方面來看，美國的對外支出以及拉丁美洲其他地區、亞太地區和中東的跨境趨勢依然強勁。

Through July 21, cross-border volume on a constant-dollar basis grew 8%, with a US growth rate of 7%, and an international growth rate of 8%.

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

Transactions processed through our Visa network totaled $18 billion in the fiscal third quarter, an 8% increase over the prior period, but down 3% from the March quarter.

第三財季通過我們的 Visa 網絡處理的交易總額為 180 億美元，比上一季度增長 8%，但比第三季度下降 3%。

The US grew 8%, while international delivered 7% growth.

美國增長 8%，而國際增長 7%。

As most of you know, in Russia we transferred domestic processing to the new national processor NSPK in April.

眾所周知，在俄羅斯，我們在 4 月份將國內加工轉移到了新的國家加工商 NSPK。

This resulted in an aggregate two-point decline in process transaction growth in the June quarter.

這導致 6 月季度的流程交易增長總體下降了兩點。

We expect this drag on process transaction growth to continue for the next three quarters, approaching almost 3 percentage points each quarter.

我們預計這種對流程交易增長的拖累將在接下來的三個季度中持續，每季度接近 3 個百分點。

Through July 21, process transaction growth was 8%, with a US growth rate of 10%, and an international growth rate of 1%.

截至 7 月 21 日，流程交易增長率為 8%，其中美國增長率為 10%，國際增長率為 1%。

The international growth rate, of course, being impacted by Russia.

國際增長率當然受到俄羅斯的影響。

Now to financial results.

現在來看看財務結果。

Net operating revenue in the quarter was $3.5 billion, a 12% year-over-year increase, and was driven by solid results across all revenue line items.

本季度的淨營業收入為 35 億美元，同比增長 12%，這得益於所有收入項目的穩健業績。

Strong global payments volume drove service revenue to $1.6 billion, up 9% over the prior year.

強勁的全球支付量推動服務收入達到 16 億美元，比上一年增長 9%。

The quarter also benefited from previously announced pricing actions.

該季度還受益於先前宣布的定價行動。

Data processing revenue was $1.4 billion, and grew 6% over the 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 14 億美元，比上一季度增長 6%，這得益於 Visa 處理的交易在美國和國際上的持續強勁增長。

While on the subject of data processing revenue, let me call out a dynamic associated with the transition of Russia domestic processing to the NSPK.

在數據處理收入的主題上，讓我指出與俄羅斯國內處理向 NSPK 過渡相關的動態。

While we are no longer processing these domestic transactions, we continue to own the issuer-client relationships.

雖然我們不再處理這些國內交易，但我們繼續擁有發行人與客戶的關係。

For this reason, we will continue to recognize the associated processing revenue in our data processing revenue line.

因此，我們將繼續在我們的數據處理收入線中確認相關的處理收入。

This will be offset by payments to NSPK for the actual processing, which will flow through our network and processing expense line.

這將通過支付給 NSPK 的實際處理費用來抵消，該費用將通過我們的網絡和處理費用線進行。

In short, the revenues stay the same as before, but our expenses will increase.

簡而言之，收入和以前一樣，但我們的支出會增加。

International transaction revenue grew 21% to $1 billion, as the impact from the previously announced pricing actions and higher currency volatility offset soft cross-border volume growth.

國際交易收入增長 21% 至 10 億美元，原因是先前宣布的定價行動和貨幣波動加劇的影響抵消了跨境交易量的疲軟增長。

As expected, total operating expenses for the quarter were up 11% over the prior year.

正如預期的那樣，本季度的總運營費用比去年同期增長了 11%。

Higher personnel costs were the key driver, impacted by above-normal employee incentive accruals, tied to better than expected year-to-date performance.

較高的人員成本是主要驅動因素，受高於正常的員工激勵應計影響，與年初至今的業績好於預期有關。

In terms of the fiscal fourth quarter, we still expect net revenue growth to approach double digits, despite continuing foreign exchange rate head winds, and higher client incentives than we had in the third quarter.

就第四財季而言，我們仍預計淨收入增長將接近兩位數，儘管匯率持續逆風，並且客戶激勵措施高於第三季度。

Expense growth rates will moderate from Q3 levels, with the full-year growth rate coming in as we expected in the mid-single-digit range, which is a couple of points higher than current consensus.

費用增長率將從第三季度開始放緩，全年增長率如我們預期的那樣在中個位數範圍內，比目前的共識高幾個點。

For FY15, we now expect to end with double-digit constant-dollar net revenue growth, and mid-teens adjusted EPS growth.

對於 2015 財年，我們現在預計將以兩位數的固定美元淨收入增長和中期調整後的每股收益增長結束。

We were active in the market in the quarter, repurchasing a total of $15.5 million shares at an average price of just over $68.

我們在本季度活躍於市場，以略高於 68 美元的平均價格回購了總計 1550 萬美元的股票。

Fiscal year to date, we have purchased 44.1 million shares at a price of just under $66 per share for a total of $2.9 billion.

本財年迄今，我們以每股略低於 66 美元的價格購買了 4410 萬股股票，總價為 29 億美元。

We currently have authorization to repurchase up to $2.8 billion of stock.

我們目前有權回購高達 28 億美元的股票。

Finally, some early observations on FY16.

最後，關於 FY16 的一些早期觀察。

As we look ahead, currency volatility could moderate from record levels, reducing the revenue contribution of cross-border transactions.

展望未來，貨幣波動可能會從創紀錄的水平緩和，從而減少跨境交易的收入貢獻。

We will lose the benefit of recent conversions, and absorb the full-year impact of large deal renewals happening in the fourth quarter.

我們將失去最近轉換的好處，並吸收第四季度發生的大宗交易續約對全年的影響。

Also, China start-up costs remain unclear at this time.

此外，目前中國的啟動成本仍不清楚。

On the positive front, we're heartened that despite an uncertain global economic environment, payment volume growth has remained steady and healthy.

在積極方面，我們感到鼓舞的是，儘管全球經濟環境不確定，但支付量增長仍保持穩定和健康。

We hope that as the dollar stabilizes, cross-border growth rates will accelerate.

我們希望隨著美元企穩，跨境增速將加快。

In the US, we will lap the sharp declines in gas prices.

在美國，我們將記錄汽油價格的急劇下跌。

We're working through the details of these and other head winds and tail winds, and how they might impact us next year.

我們正在研究這些和其他逆風和順風的細節，以及它們明年可能對我們產生的影響。

As we always do, we will provide a more comprehensive point of view when talk to you again after the fiscal fourth quarter.

一如既往，我們將在第四財季後再次與您交談時提供更全面的觀點。

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, Vasant.

非常感謝你，瓦桑特。

Good afternoon to everyone, and thank you all for joining us.

大家下午好，感謝大家加入我們。

Let me start by just reiterating how pleased we are with our quarterly results.

讓我首先重申我們對季度業績的滿意程度。

As Vasant mentioned, revenue growth of 12% was better than we anticipated, especially given the FX impact of about negative 3 points.

正如 Vasant 所說，12% 的收入增長好於我們的預期，特別是考慮到大約負 3 個百分點的外匯影響。

Adjusted net income growth was 33%, as our anticipated tax benefit was accelerated to the fiscal third quarter from a previously expected fourth quarter.

調整後的淨收入增長 33%，因為我們預期的稅收優惠從先前預期的第四季度加速到第三財季。

Adjusted earnings per share of $0.74, excluding the revaluation of the Visa Europe put option, and including $0.12 from the tax benefit I just mentioned.

調整後每股收益為 0.74 美元，不包括 Visa Europe 看跌期權的重估，包括我剛才提到的稅收優惠中的 0.12 美元。

Payments volume growth of 11% on a constant-dollar basis, the effect of a strong US dollar and lower gasoline prices continued to negatively impact growth by three points.

按固定美元計算，支付量增長 11%，美元走強和汽油價格下跌的影響繼續對增長產生三個百分點的負面影響。

Processed transactions and cross-border volume both grew at 8%.

已處理的交易量和跨境交易量均增長了 8%。

Overall, our results were especially pleasing given that we continue to see very little change in the overall global economy, with a few exceptions.

總體而言，我們的結果特別令人高興，因為我們仍然看到全球整體經濟幾乎沒有變化，只有少數例外。

We are hopeful, but not counting on an improvement in the US economy; but we see very little improvement with the US consumer in our numbers thus far, if any.

我們充滿希望，但不指望美國經濟會好轉；但到目前為止，我們看到美國消費者的人數幾乎沒有改善，如果有的話。

There are positive signs in employment and housing, and the accumulated savings from lower gas prices should help, but we'll have to wait and see.

就業和住房方面有積極的跡象，天然氣價格下跌帶來的累積儲蓄應該會有所幫助，但我們必須拭目以待。

Internationally, we see continued weakness in Brazil and Russia, but we see strength in southeastern Europe and parts of Asia-Pacific.

在國際上，我們看到巴西和俄羅斯持續疲軟，但我們看到東南歐和亞太地區部分地區表現強勁。

I'd like for a second to just address the topic of Visa Europe for a moment.

我想先談談 Visa Europe 的話題。

As you may have read in our earnings press release and 10-Q filing, we've updated our language regarding the put option valuation, which Vasant just covered.

正如您在我們的收益新聞稿和 10-Q 文件中所讀到的那樣，我們已經更新了有關看跌期權估值的語言，Vasant 剛剛介紹了這一點。

Separately, we announced that we're in discussions with Visa Europe about a potential business combination.

另外，我們宣布我們正在與 Visa Europe 討論潛在的業務合併。

I've said many times that we believe there is compelling logic for both Visa, Inc., and Visa Europe to merge, and is something we would like to pursue.

我多次說過，我們相信 Visa, Inc. 和 Visa Europe 合併的邏輯令人信服，也是我們想要追求的。

This should not be a surprise to anyone.

這對任何人來說都不足為奇。

We are targeting to resolve these discussions quickly, certainly by the end of October, and we'll provide an update during the fourth quarter earnings call, if not sooner.

我們的目標是迅速解決這些討論，肯定是在 10 月底之前，我們將在第四季度財報電話會議上提供更新，如果不是更早的話。

Given these discussions, we may be restricted from buying back our stock.

鑑於這些討論，我們可能會被限制回購我們的股票。

There's also no assurance that any transaction will ultimately be agreed or implemented.

也無法保證任何交易最終都會達成或實施。

At this time there's really nothing more we can add, and won't comment beyond what I've said here, or disclosed in our 10-Q.

目前我們真的沒有什麼可以補充的了，除了我在這裡所說的或在我們的 10-Q 中披露的內容之外，我們不會發表評論。

Rest assured that when there is an update to be made, we'll do so in a public forum.

請放心，當有更新時，我們會在公共論壇上進行更新。

Let me move on now and talk about our business, and let me start with our client-related activity, which I feel great about.

現在讓我繼續談談我們的業務，讓我從與客戶相關的活動開始，我對此感覺很好。

Starting with our issuing co-brands, we renewed our co-brand credit card partnership with Southwest Airlines in the United States.

從發行聯合品牌開始，我們與美國西南航空公司續簽了聯合品牌信用卡合作夥伴關係。

Visa will continue to be the exclusive payment network for Southwest's terrific co-brand credit card.

Visa 將繼續成為西南航空出色的聯合品牌信用卡的獨家支付網絡。

This renewal is an extension of our 15-year-long standing partnership with Southwest Airlines.

此次續約是我們與西南航空公司 15 年長期合作夥伴關係的延伸。

It represents one of our largest and fastest-growing co-brand partnerships in the world.

它代表了我們在世界上最大和發展最快的聯合品牌合作夥伴關係之一。

We renewed an important co-brand partnership with Avios, the loyalty program for British Airways and Iberia, a partnership with Visa covering the United States, Canada, Bermuda, and the Caribbean.

我們與英國航空公司和伊比利亞航空的忠誠度計劃 Avios 續簽了重要的聯合品牌合作夥伴關係，與 Visa 的合作夥伴關係覆蓋美國、加拿大、百慕大和加勒比地區。

AAA extended our longstanding 37-year credit card partnership agreement.

AAA 延長了我們長達 37 年的信用卡合作協議。

We also renewed the credit card portfolio for Wyndham Rewards, the loyalty program for Wyndham Hotel Group, the world's largest hotel company based on number of hotels.

我們還更新了溫德姆獎賞計劃的信用卡組合，這是溫德姆酒店集團的忠誠度計劃，該集團是全球酒店數量最大的酒店公司。

Turning to our business internationally, we renewed our strategic credit partnership with Shinhan Card, the largest issuer in Korea, and Lotte, another top-10 issuer in Korea for debit and credit.

談到我們的國際業務，我們與韓國最大的發卡機構 Shinhan Card 和韓國另一家排名前 10 位的借記卡和信用卡發卡機構 Lotte 續簽了戰略信用合作夥伴關係。

Softbank SB, Japan's third-largest mobile carrier has partnered with Visa to launch a new pre-paid card offering to their 37 million subscribers.

日本第三大移動運營商 Softbank SB 已與 Visa 合作，為其 3700 萬用戶推出新的預付卡產品。

Gazprombank, one of Russia's largest financial institutions, renewed a multi-year debit and credit agreement.

俄羅斯最大的金融機構之一 Gazprombank 續簽了一項多年期借記和貸記協議。

Let me make a couple of comments about China.

讓我對中國發表一些評論。

I don't have very much to add since we last talked about it last quarter, but I want to reiterate a couple of things.

自從我們上個季度上次討論它以來，我沒有太多要補充的東西，但我想重申幾件事。

We continue to move forward with our work to enter the domestic Chinese payments market, and look forward to growing our investment within China.

我們將繼續推進進入中國國內支付市場的工作，並期待增加我們在中國的投資。

Our business model, as you all know, is about partnership with banks, retailers, governments, and technology companies.

眾所周知，我們的商業模式是與銀行、零售商、政府和科技公司合作。

We believe our ability to help them grow will help accelerate broader economic growth within China, both in the cities as well as the rural areas.

我們相信，我們幫助他們成長的能力將有助於加速中國更廣泛的經濟增長，包括城市和農村地區。

We continue to view this as a significant and important opportunity, and one which is very long term in nature.

我們繼續認為這是一個重要而重要的機會，而且是一個非常長期的機會。

Vasant talked a little bit about Russia.

瓦桑特談到了俄羅斯。

Here we completed the full migration of our domestic transaction processing to the NSPK in accordance with the law.

至此，我們依法完成了國內交易處理向NSPK的全面遷移。

As Vasant said, Visa is now only processing cross-border transactions into and out of Russia.

正如 Vasant 所說，Visa 現在只處理進出俄羅斯的跨境交易。

Our work to transform commerce and build out digital payment platforms to support our clients continues.

我們繼續努力改造商業並建立數字支付平台以支持我們的客戶。

First on Visa Checkout, we continue to gain momentum.

首先在 Visa Checkout 上，我們繼續獲得動力。

We have over 270 financial institution partners globally.

我們在全球擁有 270 多家金融機構合作夥伴。

We have over 160,000 merchants who are currently live globally, with over $50 billion in total addressable volume.

我們目前在全球擁有超過 160,000 家商家，總可尋址交易量超過 500 億美元。

New merchant partners include US companies such as Under Armour, Taco Bell, Dunkin' Donuts, Williams-Sonoma, Eddie Bauer, Living Social in Canada, and Starbucks in Australia.

新的商業合作夥伴包括美國公司，如 Under Armour、Taco Bell、Dunkin' Donuts、Williams-Sonoma、Eddie Bauer、加拿大的 Living Social 和澳大利亞的星巴克。

To date we have over 5 million registered users, and we have launched Visa Checkout in 16 markets around the world.

迄今為止，我們擁有超過 500 萬註冊用戶，並且我們已經在全球 16 個市場推出了 Visa Checkout。

New markets include China, Hong Kong, New Zealand, Singapore, Brazil, Colombia, the UAE, and South Africa, to name a few.

新市場包括中國、香港、新西蘭、新加坡、巴西、哥倫比亞、阿聯酋和南非等。

We continue to see great reactions from our merchant clients, and have launched several new global marketing campaigns, including with Dunkin' Donuts, Zulily, and Fandango in the US; and Cineplex theaters and Indigo Books and Music in Canada.

我們繼續看到商家客戶的強烈反應，並推出了幾項新的全球營銷活動，包括在美國的 Dunkin' Donuts、Zulily 和 Fandango；和 Cineplex 劇院以及加拿大的 Indigo Books and Music。

Second, we continue to expand the Visa token service.

其次，我們繼續擴展 Visa 代幣服務。

More than 2,300 financial institutions and banking partners are participating.

超過 2,300 家金融機構和銀行合作夥伴參與其中。

In addition, Apple Pay in the US and Google globally.

此外，美國的 Apple Pay 和全球的 Google。

International expansion of our token service will begin later in the fall within our US, Canada, and Asia-Pacific regions, and allows us to begin tokenizing Visa Checkout.

我們的令牌服務的國際擴展將於秋季晚些時候在我們的美國、加拿大和亞太地區開始，並允許我們開始對 Visa Checkout 進行令牌化。

Third, we continue to build out our capabilities to support our merchant partners.

第三，我們繼續增強我們的能力以支持我們的商業合作夥伴。

We are partnering with Verifone in a way that enables merchants to offer their customers a more streamlined secured purchase experience across digital and face-to-face commerce environments.

我們與 Verifone 合作的方式使商家能夠在數字和麵對面的商務環境中為其客戶提供更簡化的安全購買體驗。

Verifone will connect its point-of-sale gateway to Visa's CyberSource global merchant payment management platform, providing merchants with a single platform to protect customer payment data, mitigate fraud, and integrate digital and off-line payment systems.

Verifone 將把其銷售點網關連接到 Visa 的 CyberSource 全球商戶支付管理平台，為商戶提供單一平台來保護客戶支付數據、減少欺詐以及整合數字和離線支付系統。

Last, but equally important, is payment security.

最後但同樣重要的是支付安全。

Obviously, this is an area which is evolving, and for us we're doing everything we can to differentiate ourself through innovation.

顯然，這是一個不斷發展的領域，對我們來說，我們正在盡我們所能通過創新來區分自己。

Given the current cyber-threat landscape, especially facing merchants, we're committed to developing solutions to help the industry better detect and respond to data breaches.

鑑於當前的網絡威脅形勢，尤其是商家面臨的威脅，我們致力於開發解決方案，幫助行業更好地檢測和響應數據洩露。

We announced a partnership with FireEye to bring the first of its kind cyber-security capabilities to the payments industry, and extend our combined expertise and intelligence to acquirers, merchants, and issuers of all size.

我們宣布與 FireEye 建立合作夥伴關係，將同類網絡安全功能引入支付行業，並將我們的綜合專業知識和情報擴展到各種規模的收單機構、商家和發行人。

The Visa and FireEye community threat intelligence system will bring together threat information from both companies, allowing merchants and Visa clients to easily access our leading knowledge of cyber-attack data to quickly detect and respond to the attacks.

Visa 和 FireEye 社區威脅情報系統將匯集兩家公司的威脅信息，使商家和 Visa 客戶能夠輕鬆訪問我們領先的網絡攻擊數據知識，以快速檢測和響應攻擊。

These new solutions will focus on minimizing risks and vulnerabilities, and detecting and responding to breaches faster.

這些新的解決方案將專注於最大限度地降低風險和漏洞，並更快地檢測和響應違規行為。

On a final note, regarding FIFA and football, for our investors, but also our clients and all of our partners.

最後一點，關於國際足聯和足球，對於我們的投資者，也是我們的客戶和我們所有的合作夥伴。

We view the stewardship of our Company, our brand, and our clients with the utmost importance, and try to hold ourselves to the highest standards.

我們非常重視對公司、品牌和客戶的管理，並努力使自己達到最高標準。

We seek to partner with those who think and act like us.

我們尋求與那些像我們一樣思考和行動的人合作。

I don't believe that FIFA is living up to these standards.

我不相信國際足聯達到了這些標準。

Furthermore, their subsequent responses, in my opinion, are wholly inadequate, and continue to show lack of awareness of the seriousness of the changes which are needed.

此外，在我看來，他們隨後的回應是完全不充分的，並且繼續表現出對所需要改變的嚴重性缺乏認識。

To this end, we believe two things need to happen to ensure credible reform.

為此，我們認為需要做兩件事以確保進行可信的改革。

First, an independent third-party commission, led by one or more impartial leaders is critical to formulate reforms.

首先，由一名或多名公正領導人領導的獨立第三方委員會對於製定改革至關重要。

Second, we believe no meaningful progress can be made under FIFA's existing leadership.

其次，我們認為在國際足聯現有的領導下不會取得有意義的進展。

Football itself is a great sport for which we are proud to be associated, and we want to be proud to be associated with FIFA, and hope and look forward to working with them to that end.

足球本身就是一項偉大的運動，我們為能與國際足聯建立聯繫而感到自豪，我們希望為與國際足聯建立聯繫而感到自豪，並希望並期待與他們合作實現這一目標。

To close, I just want to reiterate that we are pleased with our financial performance to date.

最後，我只想重申，我們對迄今為止的財務表現感到滿意。

Although we will provide full-year 2016 metrics next quarter, we feel good about our business, our performance, and our innovation initiatives, which should drive our success in the future.

儘管我們將在下個季度提供 2016 年全年指標，但我們對我們的業務、業績和創新舉措感覺良好，這將推動我們在未來取得成功。

As a reminder, we have nothing incremental to say about our discussions with Visa Europe.

提醒一下，對於與 Visa Europe 的討論，我們無話可說。

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

有了這個，我和 Vasant 準備好回答你的問題了。

(Operator Instructions)

（操作員說明）

Our first question from David Togut, Evercore ISI.

我們的第一個問題來自 Evercore ISI 的 David Togut。

Sir, your line is now open.

先生，您的線路現已開通。

Thank you, good afternoon.

謝謝，下午好。

How are you?

你好嗎？

Very good, thanks.

非常好謝謝。

Could you talk about your strategic options in Europe in the event that you don't consummate an agreement with Visa Europe.

如果您無法與 Visa Europe 達成協議，您能否談談您在歐洲的戰略選擇。

In particular, have you looked at possibly acquiring some of the domestic payment networks in Europe?

特別是，您是否考慮過收購歐洲的一些國內支付網絡？

Listen, we have and I have talked about this broadly, as well.

聽著，我們有，我也廣泛討論過這個問題。

We have a terrific relationship with Visa Europe today.

今天，我們與 Visa Europe 的關係非常好。

We have been operating in the fashion that we have been operating now since we have gone public.

自上市以來，我們一直以我們現在一直在運營的方式運營。

We work closely together on a day in and day out basis.

我們日復一日地密切合作。

They have responsibility for the business and the brand in Europe, and we do everything we can to enable them, and vice versa.

他們對歐洲的業務和品牌負責，我們竭盡所能為他們提供支持，反之亦然。

That's the relationship that we would see continuing if these conversations didn't move forward.

如果這些對話沒有向前發展，我們會看到這種關係繼續下去。

Thank you.

謝謝你。

Jamie, next question.

傑米，下一個問題。

Our next question comes from Chris Brendler with Stifel.

我們的下一個問題來自 Stifel 的 Chris Brendler。

Thanks, good evening.

謝謝，晚上好。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to talk about the strong growth in cross-border revenue this quarter -- how sustainable that is, and whether or not you see additional opportunities for pricing down the road?

我只想談談本季度跨境收入的強勁增長——這有多可持續，以及您是否看到未來定價的更多機會？

Thanks.

謝謝。

Yes we had, as you saw, good growth in cross-border.

是的，正如你所見，我們在跨境業務方面取得了良好的增長。

It's a few things.

這是幾件事。

We talked about the geographies that are doing well, and some -- we were helped on cross-border revenue growth by two other things, as you know, pricing and also by currency volatility, so we got spread revenues that flow through that line.

我們談到了表現良好的地區，還有一些——我們在跨境收入增長方面得到了另外兩件事的幫助，如你所知，定價和貨幣波動，所以我們得到了通過這條線流動的分散收入。

As we look ahead, I think if the dollar starts to moderate, a big chunk of our business is somewhat depressed right now, which is the commerce into the US.

展望未來，我認為如果美元開始走軟，我們現在的很大一部分業務都會有些蕭條，這就是進入美國的貿易。

Several corridors are soft, like Brazil, which was hurt in a couple of different ways, Russia, et cetera.

有幾條走廊很軟，比如巴西，它以幾種不同的方式受到傷害，俄羅斯等等。

There is hope as we go into next year that with some of those things now lapping and the dollar hopefully stabilizing, that things could ramp up in terms of volume.

隨著我們進入明年，隨著其中一些事情正在發生變化，並且美元有望企穩，我們有希望在交易量方面有所增加。

On the other hand, volatilities may go back to more normal levels and would reduce that line.

另一方面，波動率可能會回到更正常的水平，並會降低該線。

A couple of different trends there, but all in all we feel good about it.

那裡有幾個不同的趨勢，但總而言之，我們對此感覺良好。

Excellent, fantastic result.

出色的，奇妙的結果。

Thank you.

謝謝你。

Next question, Jamie.

下一個問題，傑米。

Our next question comes from Smitti S., Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Smitti S.。

I know it's early days so far, but I was wondering if you could share with us qualitatively if the transactions that you're seeing taking place on Apple Pay and other mobile payment to go systems starting to take share away from cash transactions from consumers who use it, or is it mainly just a basic substitution of classic for mobile at the moment.

我知道到目前為止還處於早期階段，但我想知道如果您在 Apple Pay 和其他移動支付系統上看到的交易開始從消費者的現金交易中奪走份額，您是否可以定性地與我們分享使用它，還是它目前主要只是經典手機的基本替代品。

I honestly don't think we have enough real data yet to talk intelligently about it.

老實說，我認為我們還沒有足夠的真實數據來明智地談論它。

All I can talk about is my own experience, which is I've been using it for both.

我只能談論我自己的經驗，這就是我一直在使用它。

When we have more acceptance, and we start to see more transactions, we'll have a much better feel and we'll make sure we share that.

當我們有更多的接受度，我們開始看到更多的交易時，我們會有更好的感覺，我們會確保我們分享這一點。

Thank you.

謝謝你。

Next question, Jamie?

下一個問題，傑米？

Our next question comes from Lisa Ellis.

我們的下一個問題來自 Lisa Ellis。

Your line is now open.

您的線路現已開通。

Hi, guys.

嗨，大家好。

Can you talk a little bit about your competitive strategy against PayPal now that they are independent, and to what degree you view them as a competitor, and what sort of specific competitive initiatives you have in place?

既然他們是獨立的，您能否談談您與 PayPal 的競爭策略，您在多大程度上將他們視為競爭對手，以及您採取了哪些具體的競爭舉措？

Sure.

當然。

I've talked about our relationship with PayPal in the past.

我過去曾談到我們與 PayPal 的關係。

I'm not sure it changes very dramatically, whether they're owned as part of a broader company or if they're independent.

我不確定它是否會發生巨大變化，無論它們是作為更廣泛公司的一部分擁有還是獨立。

Something like half the transactions that go through eBay wallets are on general purpose cards, of which we are roughly half.

通過 eBay 錢包進行的交易中有一半是在通用卡上進行的，而我們大約是其中的一半。

That's important.

這很重要。

But they also have a very big business that they then use our transactions to mine from, to disintermediate our clients' relationship with us, and the client's relationship with our clients, ultimately which are their banks.

但是他們也有一個非常大的業務，然後他們使用我們的交易來挖掘，去中介我們的客戶與我們的關係，以及客戶與我們客戶的關係，最終是他們的銀行。

That's something which is -- which has to evolve, and is not something that we think is sustainable for the long term.

這是 - 必鬚髮展的東西，而不是我們認為長期可持續的東西。

Our view is when we think about what we have got to do in the market place, we actually don't spend a lot of time thinking about what PayPal is doing or what we're doing any more or less than we look at all the interesting people -- things that people are doing in the world of digital commerce.

我們的觀點是，當我們考慮在市場上必須做的事情時，我們實際上並沒有花很多時間去思考 PayPal 正在做什麼或我們正在做什麼，而不是我們所看到的所有有趣的人——人們在數字商務世界中所做的事情。

What we're focused on is the fact that we're lucky enough to have a platform and have a client base where we're the leader in the payments business globally.

我們關注的是，我們很幸運擁有一個平台並擁有一個客戶群，我們是全球支付業務的領導者。

Commerce is moving to digital platforms.

商業正在轉向數字平台。

Forget about all of our competitors or people who want to compete with us.

忘記我們所有的競爭對手或想與我們競爭的人。

We're doing everything that we can to ensure that we're going to be as successful in the world of digital commerce as we have been face to face.

我們正在盡我們所能確保我們在數字商務世界中像我們面對面一樣取得成功。

To that end, you see our solutions in the market place such as Visa Checkout, which I obviously covered here and I've talked about elsewhere.

為此，您會在市場上看到我們的解決方案，例如 Visa Checkout，我在這裡顯然已經介紹過，並且在其他地方也談到過。

But it also relates to all the other mobile solutions and digital solutions that you've heard us talk about, everything from our token service to the digital enablement program, as well as even more broadly opening up APIs and access, and allowing others to access our services in a way that inserts us as the payments network into experiences that people are building.

但它也與您聽到我們談論的所有其他移動解決方案和數字解決方案有關，從我們的令牌服務到數字支持計劃，以及更廣泛地開放 API 和訪問，並允許其他人訪問我們的服務以一種將我們作為支付網絡的方式插入到人們正在建立的體驗中。

That's what we're focused on, and it's very much focused on the opportunity that exists in the world, and not any one individual company out there.

這就是我們所關注的，它非常關注世界上存在的機會，而不是任何一家單獨的公司。

Terrific, thanks.

太棒了，謝謝。

Our next question comes from Bob Napoli, William Blair.

我們的下一個問題來自 Bob Napoli 和 William Blair。

Your line is now open.

您的線路現已開通。

Thank you.

謝謝你。

I know you said nothing on Visa Europe, but maybe this is something you could answer.

我知道你在 Visa Europe 上什麼也沒說，但也許這是你可以回答的。

When you did change the valuation on the put option, can you tell us what you're looking at, like what information you're looking at to change that?

當你確實改變了看跌期權的估值時，你能告訴我們你在看什麼，比如你在看什麼信息來改變它？

Then I know there was a formula out there -- a put call for buying it.

然後我知道那裡有一個公式——買入它的看跌期權。

Is that -- if a transaction happens, would it be under that previous contract formula?

是這樣嗎——如果發生交易，是否會按照之前的合同公式進行？

Yes, I'll talk about how we go about the put valuation.

是的，我會談談我們如何進行看跌期權估值。

In general, I think we're not commenting anything on the transaction discussions themselves, but we do have to revalue the put every quarter, and it has to be done on the basis of updated information, the most up to date information we have.

總的來說，我認為我們不會對交易討論本身發表任何評論，但我們確實必須每季度重新評估看跌期權，並且必鬚根據更新信息、我們擁有的最新信息來完成。

Based on that -- we did that again this quarter -- and as a result of that we came up with a value that is reflected in our Q. And that is a formula that we have used, I believe, for the entire eight years that the put has been in place.

基於此——我們本季度再次這樣做——因此，我們提出了一個反映在 Q 中的值。我相信，這是我們在整個八年中一直使用的公式看跌期權已經到位。

And it relates to making estimates of what sustainable net income would be and then there's a multiple applied to that, all of which is described in some detail.

它涉及對可持續淨收入的估計，然後有一個倍數適用於此，所有這些都進行了詳細描述。

When you run through that based on the information -- the best information we now have to estimate sustainable net income for Visa Europe, and you look at the multiples you have to apply, methodology being exactly the same as what we've used before, you get to the value we laid out in our 10-Q.

當您根據信息進行分析時 - 我們現在必須估算 Visa Europe 可持續淨收入的最佳信息，然後您查看您必須申請的倍數，方法與我們之前使用的完全相同，你會得到我們在 10-Q 中列出的價值。

That's pretty much all there is to it.

這就是它的全部內容。

There really isn't anything different than we've done before.

真的和我們以前做的沒有什麼不同。

The only thing that I would add to that is that -- as I referenced, we spend a lot of time with Visa Europe because we're connected at the hip.

我唯一要補充的是——正如我所提到的，我們在 Visa Europe 上花了很多時間，因為我們之間的聯繫很緊密。

It's very clear that with their change in leadership over the last year and a half, they have moved to a more commercial model, and increased what they would view as the economic that they are providing for their clients.

很明顯，隨著他們在過去一年半中領導層的變化，他們已經轉向了一種更加商業化的模式，並增加了他們認為為客戶提供的經濟價值。

That translates through to this view of sustainable income that we've been able to observe that Vasant just referenced.

這轉化為我們已經能夠觀察到 Vasant 剛剛提到的這種可持續收入觀點。

Jamie, next question?

傑米，下一個問題？

Craig from Autonomous, your line is now open.

來自 Autonomous 的 Craig，您的線路現已開通。

Craig, are you there?

克雷格，你在嗎？

I'm here.

我在這。

Can you hear me?

你能聽到我嗎？

Hi, Craig.

嗨，克雷格。

We got you.

我們抓到你了。

How are you?

你好嗎？

Okay.

好的。

I have a question on commercial card.

我有一個關於商務卡的問題。

We've been seeing weakening trends across several issuers, including AMEX and USB.

我們已經看到包括 AMEX 和 USB 在內的幾個發行人的趨勢減弱。

I was hoping that you could comment on what you're seeing in that segment?

我希望您能評論您在該部分中看到的內容？

Yes, in general we had a good quarter on the commercial card.

是的，總的來說，我們在商業卡上有一個不錯的季度。

Volume growth in the US for commercial payments -- volume is 10% in the June quarter.

美國商業支付的交易量增長——六月季度的交易量為 10%。

It continues to perform well.

它繼續表現良好。

We renewed several multi-year US and Canadian clients.

我們續簽了幾個多年的美國和加拿大客戶。

There's a lot of interest from non-financial institution participants who want to provide value-added services within the payments and commercial payments industry.

希望在支付和商業支付行業提供增值服務的非金融機構參與者非常感興趣。

These would be things like technology providers or health care entities and B2B programs, entertainment verticals, and so on.

這些將是技術提供商或醫療保健實體和 B2B 計劃、娛樂垂直行業等。

All in all, we feel pretty good.

總而言之，我們感覺還不錯。

The only thing I would add to it is that when we look at the detail behind the numbers, you actually do see a fair amount of divergence based on the type of clients that you have.

我唯一要補充的是，當我們查看數字背後的細節時，您實際上確實會根據您擁有的客戶類型看到相當多的差異。

Clients that are focused on the oil industry, and it's a long list of them, you do see fairly significant weakness, which is to be expected.

專注於石油行業的客戶，他們的名單很長，你確實看到了相當大的弱點，這是意料之中的。

On a portfolio basis, there are other types of businesses that are performing much better.

在投資組合的基礎上，還有其他類型的業務表現要好得多。

Overall, we do get here in the US that 10% number, but a lot more differentiation than at least we've seen recently.

總的來說，我們在美國確實達到了 10% 的數字，但至少比我們最近看到的差異要大得多。

Is virtual card starting to play a big role in commercial payments?

虛擬卡是否開始在商業支付中發揮重要作用？

Honestly, it's still very small, but obviously something we're focused on and growing.

老實說，它仍然很小，但顯然是我們關注和發展的東西。

Thank you.

謝謝你。

Next question, Jamie?

下一個問題，傑米？

Our next question comes from Sanjay Sakhrani, KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Your line is now open.

您的線路現已開通。

Philosophically, I was wondering if you could rehash, Charlie, how you would think about a large M&A transaction and the criteria you would use to assess its value, and go forward with the deal?

從哲學上講，查理，我想知道您是否可以重新討論一下您將如何看待大型併購交易以及您將用來評估其價值並推進交易的標準？

Thanks.

謝謝。

Sure.

當然。

What we've said consistently is first of all we would start with our first preference would be to grow organically.

我們一直在說的是，首先我們會從我們的第一偏好開始，那就是有機地增長。

We've got amazing assets and we've got amazing people here that have built great things without having to rely a lot on acquisitions.

我們擁有驚人的資產，我們在這裡擁有了不起的人才，他們創造了偉大的東西，而不必過多地依賴收購。

That really -- and it genuinely is our first and foremost way that we want to go about building things.

這真的 - 這真的是我們想要構建事物的首要方式。

Having said that, there are certainly times when it makes sense to buy things.

話雖如此，有時候買東西肯定是有意義的。

I always like to point back to the three things that we've done so far as the type of things that we think could continue to make sense.

我總是喜歡回顧我們迄今為止所做的三件事，因為我們認為這些事情可以繼續有意義。

CyberSource was the most significant acquisition that we've done in the payment space, and we're not looking to get outside the payment space.

CyberSource 是我們在支付領域完成的最重要的收購，我們不打算走出支付領域。

Things that we do want to strengthen the benefits that our clients get of running transactions over our core network.

我們所做的事情是想加強我們的客戶在我們的核心網絡上運行交易所獲得的好處。

CyberSource allowed us to broaden the capabilities that we had in the online space.

CyberSource 使我們能夠擴展我們在在線空間中的能力。

In the core of the business, but made tremendous sense for us.

在業務的核心，但對我們來說意義重大。

We then bought a Company called PlaySpan, which at the core of what we from PlaySpan was technology and people.

然後我們收購了一家名為 PlaySpan 的公司，PlaySpan 的核心是技術和人員。

Those people and that technology is what built and powers Visa Checkout today.

正是這些人和技術造就了今天的 Visa Checkout 並為其提供了動力。

It wasn't for the rest of the business at PlaySpan; the rest of it was actually very small.

這不適用於 PlaySpan 的其他業務。它的其餘部分實際上非常小。

Then the Fundamo business, which got us far more engaged and understanding, and brought us some capabilities in the mobile payment space in the emerging markets.

然後是 Fundamo 業務，它讓我們更加投入和理解，並為我們帶來了新興市場移動支付領域的一些能力。

As we look at the type of transactions that we're looking at, what we've said is Europe is a big one that could be on our radar screen because that put exists, and because of this compelling logic.

當我們查看我們正在查看的交易類型時，我們所說的歐洲是一個很大的交易，可能會出現在我們的雷達屏幕上，因為存在看跌期權，並且因為這種令人信服的邏輯。

Beyond that we're mostly focused on smaller things that again would add to the capabilities of the existing network that we have.

除此之外，我們主要關注更小的事情，這些事情會再次增加我們現有網絡的能力。

Is there a specific financial criteria that you would look at?

您是否會考慮特定的財務標準？

No, I think every one of these deals is different.

不，我認為這些交易中的每一項都是不同的。

Take the deals that I just described.

以我剛才描述的交易為例。

You evaluate them differently, including what it would cost you to go build something versus acquiring it, and how much time it would take to get to market, and what that would be.

你對它們進行不同的評估，包括你去建造一個東西和購買它需要多少成本，進入市場需要多少時間，以及那將是什麼。

I did not talk about a fourth company because it's small, but very important that we just acquired called TrialPay, which inserts us into the merchant to merchant offers business.

我沒有談論第四家公司，因為它很小，但非常重要，我們剛剛收購了 TrialPay，它將我們插入到商家到商家提供的業務中。

We bought that because we thought it was important to get in the market sooner, and the time it would take to build it would be much longer than that.

我們之所以買它，是因為我們認為盡快進入市場很重要，而且建造它所需的時間會比這長得多。

Each one of these I think would have a very different rationale, and if it was a big enough transaction that we would talk about the economics, we know we would have to have compelling logic, both strategically and financially for you all.

我認為每一個都有非常不同的理由，如果這是一筆足夠大的交易，我們會談論經濟學，我們知道我們必須有令人信服的邏輯，無論是在戰略上還是在財務上對你們所有人來說都是如此。

Thank you.

謝謝你。

Next question?

下一個問題？

Our next question comes from Darrin Peller, Barclays.

我們的下一個問題來自巴克萊銀行的 Darrin Peller。

(no audio) -- straightforward.

（無音頻）——直截了當。

One question.

一個問題。

It looks like -- I think we saw a shelf was filed.

看起來——我想我們看到一個架子被歸檔了。

Whether or not something happens with Visa Europe, can you remind us again how you think about balance-sheet flexibility or debt leverage possibilities?

無論 Visa Europe 是否發生任何事情，您能否再次提醒我們您如何看待資產負債表靈活性或債務槓桿的可能性？

Really, just in terms of capital structure and use of cash, I think you mentioned there could be restrictions on buy-backs.

真的，就資本結構和現金使用而言，我認為您提到回購可能會受到限制。

Is that included in your guidance for the year?

這包括在您今年的指導中嗎？

Thanks, guys.

多謝你們。

Yes, in terms of a Visa Europe transaction -- if it happens, should it happen, when it happens -- we've always said that we would be viewing that transaction as an opportunity to do two things at one time.

是的，就 Visa Europe 交易而言——如果發生，是否發生，何時發生——我們一直表示，我們會將這筆交易視為一次做兩件事的機會。

Clearly, it's a great transaction in terms of reuniting the Visa family; but beyond that we would also use that as the trigger to put in place a long-term capital structure.

顯然，這對維薩家族的團聚來說是一筆很好的交易；但除此之外，我們還將使用它作為建立長期資本結構的觸發器。

I don't think our views on that have changed much.

我認為我們對此的看法沒有太大變化。

In terms of the second question, Jack, there was another question on that one?

關於第二個問題，傑克，關於那個問題還有另一個問題嗎？

It was around buy-backs, and whether or not --

這是圍繞回購，無論是否——

Oh, on buy-backs, yes.

哦，關於回購，是的。

As you know, there are certain rules under which companies can and cannot buy back stock depending on the information that is either available or not, and how material it is, and all that.

如您所知，公司可以根據某些規則回購股票，也不能根據這些規則回購股票，具體取決於可用或不可用的信息，以及信息的重要性等等。

It is our sense at this point that we might not be able to buy back stock in the quarter, but things can change.

在這一點上，我們認為我們可能無法在本季度回購股票，但情況可能會發生變化。

Is that in your guidance already?

這已經在你的指導中了嗎？

In terms of its impact on our guidance, if we end up not buying back stock for the entire quarter that's what happens.

就其對我們指導的影響而言，如果我們最終沒有在整個季度回購股票，就會發生這種情況。

It will have some modest impact on this year.

對今年的影響不大。

It will certainly have some impact on next year, depending on whether we catch up later on and so on.

明年肯定會有一些影響，就看後面能不能趕上等等。

There's a fair number of variables there.

那裡有很多變量。

It depends on how long we're not buying, and how fast we catch up, all those kinds of things.

這取決於我們不購買多長時間，以及我們趕上的速度，所有這些事情。

For one quarter it's not that significant.

對於四分之一而言，這並不重要。

For one quarter, as you can run the numbers yourselves, it won't be that significant.

四分之一，因為你可以自己計算數字，它不會那麼重要。

But it is certainly different than what we might have expected when we last talked to you.

但這肯定與我們上次與您交談時的預期不同。

You should definitely factor that in.

你絕對應該考慮到這一點。

All right.

好的。

Thanks, guys.

多謝你們。

Our next question comes from Dan Perlin, RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。

Your line is now open.

您的線路現已開通。

I want to revisit a comment you made earlier about -- let's just say competitors who use your information to mine data to ultimately change behavior away from your bank partners.

我想重溫您之前發表的評論——假設競爭對手使用您的信息來挖掘數據以最終改變您的銀行合作夥伴的行為。

I'm wondering would they operating rules that you set forth in VDEP be a means with which to preclude that practice from happening?

我想知道您在 VDEP 中製定的操作規則是否會成為阻止這種做法發生的一種手段？

In VDEP -- VDEP does address the usage of our clients' data.

在 VDEP 中——VDEP 確實解決了我們客戶數據的使用問題。

The answer to the question is absolutely.

這個問題的答案是絕對的。

I think the reality is we sit between a series of people that participate in payment systems.

我認為現實是我們坐在一系列參與支付系統的人之間。

It used to be just the issuers and the acquirers and the merchants.

過去只有發行者、收單者和商家。

Now there are additional parties being introduced to that.

現在有更多的參與方被引入。

We do think it is our responsibility to all of our clients to ensure that data is being used appropriately and the way they want.

我們確實認為，確保數據以他們想要的方式得到適當使用是我們對所有客戶的責任。

That's two ways.

這是兩種方式。

Whether it's issuer data that passes over our network, the issuer should be comfortable with.

無論是通過我們網絡傳遞的發行人數據，發行人都應該感到滿意。

If it's merchant data that happens to pass over our network, the same is true there.

如果碰巧通過我們的網絡傳遞的是商家數據，那也是如此。

VDEP is one means, but it's a broader concept that we do take very seriously.

VDEP 是一種手段，但它是一個更廣泛的概念，我們確實非常重視。

Okay, thank you.

好的謝謝你。

I just want to clarify, if I wasn't clear earlier, that when we talked about our full-year mid-teens, that does envision the possibility that we might not be buyers of our stock in the fourth quarter.

我只是想澄清一下，如果我之前不清楚的話，當我們談論我們全年的青少年時，這確實設想了我們在第四季度可能不會成為我們股票的買家的可能性。

Jamie, next question?

傑米，下一個問題？

Our next questions comes from Jason from Jefferies.

我們的下一個問題來自 Jefferies 的 Jason。

Your line is now open.

您的線路現已開通。

Thanks, guys.

多謝你們。

Just a clarification and a question.

只是一個澄清和一個問題。

Clarification is just on the revenue guidance for the year.

澄清只是關於今年的收入指導。

Is there any minor tweak up here at all?

這裡有什麼小調整嗎？

I know you're still saying low double digits, but I think you had been saying the low end of low double digits previously.

我知道您仍然在說低兩位數，但我認為您之前一直在說低兩位數的低端。

I'm not sure if I heard that same language on today's call.

我不確定我在今天的電話會議中是否聽到了同樣的語言。

Or is the only change in the revenue outlook just the extra half point of currency headwind?

還是收入前景的唯一變化只是貨幣逆風的額外半點？

Yes, we were rounding down to 2% last quarter.

是的，我們在上個季度四捨五入到 2%。

We're rounding up to 2.5%.

我們四捨五入到 2.5%。

The currency effect, as you know, has been growing through the year.

如您所知，貨幣效應在這一年中一直在增長。

I think the only thing we would say is the third quarter came in clearly better than we expected, because currency volatilities were higher.

我認為我們唯一要說的是第三季度的表現明顯好於我們的預期，因為貨幣波動性更高。

The incentive piece moved some into the fourth quarter.

激勵部分移到了第四季度。

I think, as we said earlier, incentive levels both in dollar and rate terms, percent terms, will be higher in the fourth quarter.

我認為，正如我們之前所說，以美元和利率（百分比）計算的激勵水平在第四季度都會更高。

We said last time that we would expect revenue to approach double digits in the fourth quarter, and that is still our best estimate for the fourth quarter.

我們上次說過，我們預計第四季度收入將接近兩位數，這仍然是我們對第四季度的最佳估計。

Okay.

好的。

Then just a clarification is on the incentive adjustments in certain geographies that I think you mentioned is one of the reasons why the incentive line came in lower than expected.

然後只是澄清一下某些地區的激勵調整，我認為你提到的是激勵線低於預期的原因之一。

What exactly was that?

那究竟是什麼？

Did some issuers have to pay back some incentives to Visa?

一些發行人是否必須向 Visa 償還一些激勵措施？

No, it's a couple of situations which varies depending on the geography.

不，這是幾種情況，具體取決於地理位置。

Volumes don't come in as expected, so they don't earn the incentives that we or they might have expected, so it hits you both on the gross revenue line and the net revenue line and on the incentive line.

交易量沒有按預期出現，因此他們沒有獲得我們或他們可能預期的激勵，因此它在總收入線和淨收入線以及激勵線上都會對您產生影響。

Then in a particular few situations there are unique things in contracts that are resolved within the quarter.

然後在特定的少數情況下，在本季度內解決的合同中有一些獨特的事情。

It's also just flat-out timing of when things get signed.

這也只是事情簽署的明確時間。

Remember, when we -- that's a little bit of -- I like to talk about this internally.

請記住，當我們 - 這有點 - 我喜歡在內部談論這個。

We have to do budgets and we give you guidance.

我們必須做預算，我們給你指導。

But we really don't know as we look out in the future what the timing of our clients are going to be, and how different negotiations will actually take place.

但是我們真的不知道，因為我們在未來會看到客戶的時間安排，以及實際會如何進行不同的談判。

When we come to an agreement with a client, it then needs to be documented.

當我們與客戶達成協議時，需要將其記錄在案。

The processes and the timing is usually driven by them.

過程和時間通常由它們驅動。

Very often they need to go through their own approvals.

很多時候，他們需要通過自己的批准。

It's very easy for these things to slip by weeks or even a month, if not more, depending on how far out we're looking.

這些事情很容易滑過幾週甚至一個月，如果不是更多的話，這取決於我們正在尋找多遠。

That's a very natural thing that happens, which is hard for us to predict and hard for us to control.

這是一件很自然的事情，我們很難預測，也很難控制。

Yes, and this quarter we had a few of those -- a few international banks that moved into the fourth quarter, and will get done in the fourth quarter.

是的，本季度我們有一些這樣的 - 一些國際銀行進入第四季度，並將在第四季度完成。

That's the timing issue.

那就是時間問題。

Okay, thank you.

好的謝謝你。

Our next question comes from Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Your line is now open.

您的線路現已開通。

Hi, guys.

嗨，大家好。

Vasant, I just wanted to ask -- can you help us quantify the impact price changes had on the quarter, and maybe what percentage of the price changes have showed up in the third, and do we expect the full impact in the fourth?

Vasant，我只是想問一下——你能幫我們量化價格變化對本季度的影響嗎，也許價格變化在第三季度出現的百分比是多少，我們是否預計第四季度會產生全部影響？

Yes, as we told you last time, there will be some modest additional impact in the fourth quarter.

是的，正如我們上次告訴你的那樣，第四季度會有一些適度的額外影響。

One of the price changes was coming in with a little bit of a lag, so there will be a modest -- it's a small up-tick in price impact.

價格變化之一是有點滯後，所以會有一個適度的——這是價格影響的小幅上升。

But yes, I don't think we specifically quantified the price impact in total; but it hits two lines, the service revenue line and the international line.

但是，是的，我認為我們沒有具體量化總體價格影響。但它觸及兩條線，服務收入線和國際線。

It's those two prices increases we took -- just to remind everybody, it's the increase in the US acquirer service fee on all credit products, which went up by 2 basis points, and the international service assessment fee, which increased 40 bps for transactions in US dollars and 80 for transactions not in US dollars.

這是我們採取的那兩次價格上漲——提醒大家，美國收單機構對所有信貸產品的服務費上漲了 2 個基點，國際服務評估費上漲了 40 個基點。美元和 80 用於非美元交易。

There will be a little more impact in the fourth quarter than there was in the third.

與第三季度相比，第四季度的影響會更大一些。

Okay, helpful.

好的，有幫助。

One quick one.

一快一。

Will the intangibles associated if there is an acquisition of Visa Europe will be amortized, or will it be long-lived?

如果收購 Visa Europe，相關的無形資產會被攤銷，還是會長期存在？

Well, that is getting very far ahead of things right now.

嗯，這已經遠遠領先於現在的事情了。

If there is a transaction, if and when, and once the details are clear, we can talk about all that.

如果有交易，是否以及何時，一旦細節清楚，我們就可以談論所有這些。

All right, super.

好吧，超級。

Thanks, guys.

多謝你們。

Next question?

下一個問題？

Our next question comes from Glenn Greene from Oppenheimer.

我們的下一個問題來自奧本海默的格倫格林。

Your line is now open.

您的線路現已開通。

Thank you.

謝謝你。

I just wanted to go back to the incentives conversation.

我只是想回到激勵對話。

Obviously it was lower than I think most of us thought in the quarter, and it sounded like it was timing.

顯然，它比我認為我們大多數人在本季度的想法要低，而且聽起來像是時機。

Does some of that timing bleed into next year?

有些時間會流到明年嗎？

I don't know, Vasant, if you're trying to call out that incentives as a percentage of gross revenue increase going into FY16?

我不知道，Vasant，您是否試圖將激勵措施作為進入 FY16 總收入增長的百分比來表示？

Just to clarify, did you have incentives meaningful for Costco, or does that happen when the volumes come on?

只是為了澄清一下，你是否有對 Costco 有意義的激勵措施，或者當銷量增加時會發生這種情況？

Yes, I think it's too early to give you any particular point of view on 2016.

是的，我認為現在就 2016 年給你任何特定的觀點還為時過早。

We'll do that when we talk to you in October.

我們會在 10 月份與您交談時這樣做。

We'll also talk about Costco and its impact on 2016 and so on.

我們還將討論 Costco 及其對 2016 年的影響等。

As it stands today, the incentives -- the deals we were thinking we would get done this year are still -- still look like they're going to get done this year.

就目前而言，激勵措施——我們認為今年會完成的交易仍然——看起來仍然會在今年完成。

We'll probably see the full-year impact of them next year, but it doesn't seem like any of them are moving into next year at this point.

明年我們可能會看到它們對全年的影響，但目前看來它們中的任何一個都沒有進入明年。

The only thing I would add is on Costco for a second is Costco is Costco -- the impact to us of Costco is next year for us fiscally.

我唯一要補充的是 Costco 是 Costco 是 Costco —— Costco 對我們的影響是明年對我們的財政影響。

Whether it's incentives, whether it's volume, revenue associated with it, that's when you'll see the impact of Costco.

無論是激勵措施，無論是數量還是與之相關的收入，你都會看到 Costco 的影響。

The other thing I would add is, because we've -- those of you that have been covering us for a long time know this, we do view our incentives going up as a good thing.

我要補充的另一件事是，因為我們已經 - 那些長期報導我們的人都知道這一點，我們確實認為我們的激勵措施上升是一件好事。

Incentives go up when we're driving more business through the system.

當我們通過該系統推動更多業務時，激勵措施就會增加。

That wouldn't be a surprise to us.

這對我們來說並不意外。

Okay, great.

好，太棒了。

Thanks for the clarification.

感謝您的澄清。

Next question, Jamie?

下一個問題，傑米？

Our next question comes from Kevin from Macquarie.

我們的下一個問題來自麥格理的凱文。

Your line is now open.

您的線路現已開通。

Great, thank you.

太好了謝謝。

I wonder, is there any type of sensitivity to think about relative to the FX volatility, in terms of a certain band of volatility, how it impacts the revenue?

我想知道，相對於外匯波動，是否有任何類型的敏感性需要考慮，就一定的波動範圍而言，它如何影響收入？

Obviously, you've seen a nice pick-up.

顯然，你已經看到了一個不錯的選擇。

Not to get 2016 specific, but any band in terms of how it impacts that revenue?

不是具體到 2016 年，而是關於它如何影響收入的任何範圍？

Yes, there's two dimensions here.

是的，這裡有兩個維度。

In this quarter you probably saw both dimensions at play.

在本季度，您可能會看到這兩個維度都在起作用。

One, I believe there's publicly available information on currency volatilities and different metrics you can look at, so at least you can get a relative sense of how currency volatility is doing versus last year or prior quarter, or on a multi-year basis and so on, and it's been high.

一，我相信您可以查看有關貨幣波動率和不同指標的公開信息，因此至少您可以相對了解貨幣波動率與去年或上一季度或多年的情況相比如何開，而且一直很高。

The other thing that also had an impact on this quarter was the year-over-year comparison.

對本季度產生影響的另一件事是同比比較。

This was a quarter where not only were volatilities high in this quarter this year, but they were unusually low, or lower than they've been recently in the third quarter of last year.

這個季度的波動率不僅在今年本季度高，而且異常低，或低於去年第三季度最近的水平。

We benefited from both things, when you look at a year-over-year comparison.

當您查看年度比較時，我們從這兩件事中受益。

But you can look at external data to track some of this.

但是您可以查看外部數據來跟踪其中的一些。

Great.

偉大的。

Next question?

下一個問題？

Next question comes from Ken Bruce of Bank of America Merrill Lynch.

下一個問題來自美銀美林的肯布魯斯。

Your line is now open.

您的線路現已開通。

Thank you.

謝謝你。

Good evening.

晚上好。

My question relates to the co-brand partnerships and just general issuing partnerships.

我的問題與聯合品牌合作夥伴關係和一般發行合作夥伴關係有關。

It really is independent of any one.

它真的獨立於任何人。

But I guess if you could step back and look at there's been a lot of discussion about the increasing competitiveness on some of these deals.

但我想如果你能退後一步，看看有很多關於這些交易中競爭力增加的討論。

I'm hoping you might be willing to share some observations from your position at the table as to how the balance of power, if you will, is shifting -- if there's any clear direction of who's capturing more of the economics, or just how things have evolved over the last couple of years?

我希望你可能願意從你在談判桌的立場上分享一些關於權力平衡如何變化的觀察，如果你願意的話——如果有任何明確的方向來說明誰在獲得更多的經濟利益，或者只是如何在過去的幾年裡事情發生了變化？

Sure.

當然。

Listen, I think it's a -- co-brands are certainly a very competitive part of the business, especially here in the United States.

聽著，我認為這是一個 - 聯合品牌肯定是業務中非常有競爭力的一部分，尤其是在美國。

We've been lucky enough to have a significant number of the large and successful ones.

我們很幸運能夠擁有大量成功的大型企業。

When you're the big incumbent and they come up for renewal, they're always on your mind, and you're very tuned to what's going on in the competitive environment.

當您是大公司並且他們提出更新時，他們總是在您的腦海中，並且您非常了解競爭環境中正在發生的事情。

Just as we talk about on the issuer side, people ask about well, is the issuer side getting more competitive in terms of the way networks think about it?

正如我們在發行人方面談論的那樣，人們問得很好，發行人方面在網絡思考方式方面是否變得更具競爭力？

I think the reality is since we've gone public, there's been an extraordinary amount of competition between us and our competitors on these deals.

我認為現實情況是，自從我們上市以來，我們和我們的競爭對手在這些交易上的競爭非常激烈。

You see that competition embedded in the numbers that we've all been printing for years now.

您會看到，我們多年來一直在打印的數字中嵌入了競爭。

The answer is yes, you see it in the co-brand space.

答案是肯定的，你在聯名領域看到了。

But I also think that the co-brand business and the issuing side of the business, there has been more concentration that has developed.

但我也認為，聯名業務和發行方業務，已經有了更多的集中度。

The other thing, which I think is becoming quite important now, is with the evolving nature of payments and things that are going on, whether it's issuers or co-brands, I think what we wind up seeing is that our clients are making very significant strategic decisions at this point relative to who they want their payments partner to be.

另一件事，我認為現在變得非常重要，是隨著支付性質的演變和正在發生的事情，無論是發行人還是聯合品牌，我認為我們最終看到的是我們的客戶正在變得非常重要此時的戰略決策與他們希望他們的支付合作夥伴成為什麼樣的人有關。

They're not talking about this as a commodity.

他們不是在談論這是一種商品。

They're not talking about just network services is something you need to look at in terms of just what the price is.

他們說的不僅僅是網絡服務，而是您需要根據價格來看待的事情。

They're sitting there saying payments is an important part of my business, whether I'm a co-brand partner, because these are my most important clients; or on the issuing side, where they say payments is core to what I do.

他們坐在那裡說支付是我業務的重要組成部分，無論我是聯合品牌合作夥伴，因為這些是我最重要的客戶；或者在發行方，他們說付款是我工作的核心。

I need someone that's going to help me navigate and be successful in this brave new world of digital commerce and evolving payments that we live in, and I need to pick the very best partner to do that.

我需要有人來幫助我在這個勇敢的數字商務新世界和我們生活的不斷發展的支付領域中取得成功，我需要選擇最好的合作夥伴來做到這一點。

We're thrilled with the success that we've had -- not just with Costco, but Southwest as you've seen, is a terrific partner, and other conversations that we have ongoing.

我們對我們所取得的成功感到興奮——不僅是 Costco，而且正如你所見，西南航空是一個了不起的合作夥伴，以及我們正在進行的其他對話。

The answer is yes, financially they are competitive.

答案是肯定的，它們在財務上具有競爭力。

Again, we've seen that.

再一次，我們已經看到了。

That's to be expected.

這是可以預料的。

But there are two parts to the conversation.

但談話有兩個部分。

Great, thank you.

太好了謝謝。

Next question, Jamie?

下一個問題，傑米？

Our next question comes from James Schneider from Goldman Sachs.

我們的下一個問題來自高盛的詹姆斯施耐德。

Your line is now open.

您的線路現已開通。

Good afternoon, and thanks for taking my question.

下午好，感謝您提出我的問題。

Charlie, I was wondering if you could give us any more color on China in terms of -- and understanding that it's still early days and you have limited visibility -- but do you have any sense in terms of the restrictions you might be subject to when you do eventually enter that market?

查理，我想知道你是否可以就中國的問題給我們更多的色彩 - 並且理解它還處於早期階段並且你的知名度有限 - 但是你對你可能受到的限制有任何意義當你最終進入那個市場？

If not, can you give us any kind of road map for when you expect to see greater clarity on those rules?

如果沒有，您能否為我們提供任何路線圖，以便您希望在這些規則上更加清晰？

On the first piece the answer is no.

在第一部分，答案是否定的。

What has been published is helpful relative to what we need to do in order to do the work to apply for licenses to start establishing the functions that have to reside in China.

相對於我們需要做些什麼來申請許可證以開始建立必須在中國居住的功能，已發布的內容是有幫助的。

Those have been very helpful.

這些都非常有幫助。

Relative to how regulations evolve, and what the actual business would look like in China, that's a ways off.

相對於法規如何演變，以及中國的實際業務會是什麼樣子，這還有很長的路要走。

We do not have a tremendous amount of clarity on that yet.

我們對此還沒有非常清楚的認識。

I'm sorry, what was the second part of the question?

對不起，問題的第二部分是什麼？

The timing for when you get more clarity?

當你變得更清晰的時間？

I don't know.

我不知道。

No one knows.

沒人知道。

We live here in the United States and we know our own system quite well, and we never know what timing looks like in this country.

我們住在美國，我們非常了解我們自己的系統，但我們永遠不知道這個國家的時間安排是什麼樣的。

Listen, I think they -- the Chinese government has been -- the state council issued its decision.

聽著，我認為他們——中國政府一直是——國務院發布了決定。

They've come out with some more information, which is certainly helpful.

他們提供了更多信息，這當然很有幫助。

We -- at this point we've got -- we have plenty of information to do the work that we need to do to be in a position to apply for a license and to do the work.

我們——在這一點上——我們有足夠的信息來做我們需要做的工作，以便能夠申請許可證並完成工作。

Honestly, that's what we're focused on.

老實說，這就是我們所關注的。

There's a lot of work for us to do, both to make the application, but also be in a position to be able to operate, if we're lucky enough to be issued one of those licenses.

我們有很多工作要做，既要提出申請，又要能夠運營，如果我們有幸獲得其中一個許可證的話。

That's what we're focused on.

這就是我們所關注的。

As I've said, when we talk about this being a long-term opportunity, it's for some of these reasons you point out.

正如我所說，當我們談論這是一個長期的機會時，您會指出其中的一些原因。

We don't know exactly what the regulatory climate will ultimately be.

我們不確切知道監管環境最終會是什麼。

We don't know exactly the role we will play until we actually get there.

在我們真正到達那里之前，我們並不確切知道我們將扮演的角色。

But we do believe that there is great value for all the participants in the market place for us to be helpful.

但我們確實相信，對市場上的所有參與者來說，我們提供幫助是很有價值的。

We feel very good about what we can do in the country, and what it means for us in the long-term.

我們對我們在這個國家可以做的事情以及這對我們的長期意義感到非常滿意。

But again, it will likely be long term and not short term.

但同樣，這可能是長期的，而不是短期的。

Thank you.

謝謝你。

Next question, Jamie?

下一個問題，傑米？

Our next question comes from Mr. Huang from JPMorgan.

我們的下一個問題來自摩根大通的黃先生。

Your line is now open.

您的線路現已開通。

Great, thanks.

太謝謝了。

Good quarter here.

這裡的好季度。

I want to ask on the delta from your reported 12% revenue growth and the 6% to 7% you expected.

我想問一下您報告的 12% 的收入增長和您預期的 6% 到 7% 的增量。

Can you break it down for us by component what each driver was, in terms of how big it was?

您能否按組件為我們分解每個驅動程序是什麼，就它的大小而言？

I heard FX volatility, lower incentives.

我聽說外匯波動，較低的激勵措施。

Did pricing stick maybe better than expected -- things like that?

定價是否可能比預期的要好——諸如此類？

No, I would say you got them.

不，我會說你得到了它們。

Volatility is -- normally going into a quarter we don't assume that volatilities will stay at the high levels they were last quarter.

波動率——通常進入一個季度，我們不認為波動率會保持在上個季度的高水平。

We assume things may have settled down a bit, which they actually might in the fourth quarter, given things are settling down in Greece, and settling down in China and places like that.

我們假設事情可能已經穩定了一點，實際上可能在第四季度穩定下來，因為事情正在希臘穩定下來，在中國和類似的地方也穩定下來。

It was the spread revenues from volatility.

這是波動帶來的價差收入。

It was somewhat lower incentives.

這是一些較低的激勵措施。

It was offset by exchange rates.

它被匯率所抵消。

You've got all the factors.

你有所有的因素。

The pricing didn't have an impact relative to what our expectations were.

相對於我們的預期，定價沒有影響。

It was as we expected.

正如我們所料。

I think you've said it.

我想你已經說過了。

Okay.

好的。

Vasant, did you size the FX volatility and how big that was?

Vasant，您是否確定了外匯波動性的大小？有多大？

Also separately on OpEx, were there any one timers that drove up the OpEx, or was that really just personnel?

同樣在 OpEx 上，是否有任何一個計時器推動了 OpEx，或者那真的只是人員？

Thanks for taking the questions.

感謝您提出問題。

Yes on the OpEx, as we said, the year is progressing better than we might have expected, so we made some adjustments as we normally do this time of the year.

是的，正如我們所說，在運營支出方面，這一年的進展比我們預期的要好，所以我們像往常一樣進行了一些調整。

Accruals for incentive compensation, that would probably be the single-biggest item that shows up in the expense growth.

激勵薪酬的應計，這可能是費用增長中顯示的最大項目。

Other than that, the only thing I said in my comments was that we had exchange rate impacts of up to 3 points.

除此之外，我在評論中唯一說的是我們對匯率的影響高達 3 個百分點。

Fortunately, the currency volatilities here are levels that offset a significant portion of that.

幸運的是，這裡的貨幣波動水平抵消了其中很大一部分。

Offset.

抵消。

Okay, bulk of that.

好的，大部分。

Got it.

知道了。

Thanks so much.

非常感謝。

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

傑米，現在我們有時間再問一個問題。

All right.

好的。

Our last question will be coming from David from Buckingham Research.

我們的最後一個問題將來自白金漢研究所的大衛。

Your line is now open.

您的線路現已開通。

Thanks.

謝謝。

I have a two-part question.

我有一個兩部分的問題。

Is there any update on the EU's efforts to regulate in-bound cross-border fees?

歐盟在監管入境跨境費用方面的努力是否有任何更新？

There's no update.

沒有更新。

Okay.

好的。

Part two?

第二部分？

Yes.

是的。

If you could just expand on what you said about US credit payments volume growth, and how much of the deceleration was Chase-conversion related, and what you're seeing in the way of discretionary spending relative to last quarter?

如果您可以擴展您對美國信貸支付量增長的看法，以及與大通轉換相關的減速有多少，以及相對於上一季度您看到的可自由支配支出的方式是什麼？

Really no change whatsoever in terms of what we are seeing.

就我們所看到的而言，真的沒有任何變化。

There's a big impact on debit from the gas pricing, because I think three to one people use debit cards rather than credit cards.

汽油定價對借記卡有很大影響，因為我認為三比一的人使用借記卡而不是信用卡。

Yes, the Chase conversion will continue to moderate, and will mostly be gone, I think, after the next quarter or so.

是的，Chase 的轉換將繼續放緩，而且我認為，在下個季度左右之後，大部分情況下都會消失。

That will mean that our credit payment volumes will reflect whatever the gas impact is.

這意味著我們的信用支付量將反映天然氣的影響。

The gas impact will also begin to moderate as we lap it.

隨著我們一圈，氣體的影響也將開始緩和。

But in terms of how people are deploying their savings from gas, there really hasn't been any change.

但就人們如何利用天然氣儲蓄而言，確實沒有任何變化。

I think Charlie referred to that in his comments.

我認為查理在他的評論中提到了這一點。

The US consumer remains okay, not great.

美國消費者還不錯，不是很好。

Well, thank you all very much for joining us today.

嗯，非常感謝大家今天加入我們。

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

如果有人有任何跟進，請隨時致電投資者關係部。

Thanks, again.

再次感謝。

Thanks, everyone.

感謝大家。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

All participants may disconnect at this time.

此時所有參與者都可以斷開連接。