Visa Inc (V) 2015 Q4 法說會逐字稿

Welcome to Visa's FY15 earnings conference call.

歡迎參加 Visa 2015 財年財報電話會議。

(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 call over to your host, Mr. Jack Carsky, Head of Global Investor Relations.

我現在想將電話轉給您的主持人，全球投資者關係主管傑克卡斯基先生。

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, Dexter.

謝謝，德克斯特。

Good early morning, everyone, and welcome to Visa Inc.'s fourth-quarter and full FY15 earnings conference call and Visa Europe acquisition discussion.

大家早上好，歡迎參加 Visa Inc. 的第四季度和 2015 財年財報電話會議以及 Visa Europe 收購討論。

With us today from London are Charlie Scharf, Visa's Chief Executive Officer, and Nicola Huss, Visa Europe's Chief Executive Officer, while here in California we have Vasant Prabhu, Visa Inc.'s Chief Financial Officer.

Visa 的首席執行官 Charlie Scharf 和 Visa 歐洲的首席執行官 Nicola Huss 今天在倫敦與我們同在，而在加利福尼亞，我們有 Visa Inc. 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 investor.visa.com.

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

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

在接下來的 30 天內，網絡廣播的重播將在我們的網站上存檔。

PowerPoint decks containing the financial and statistical highlights of today's earnings commentary and an overview of the Visa Europe transaction were posted to our website prior to this call.

包含今天收益評論的財務和統計亮點以及 Visa Europe 交易概覽的 PowerPoint 幻燈片已在本次電話會議之前發佈到我們的網站上。

Let me also remind you that these presentations may include forward-looking statements.

我還要提醒您，這些演示文稿可能包括前瞻性陳述。

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

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

Additional information concerning those factors is available in our most recent reports on Form 10-K and 10-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 10-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, to 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 GAAP 措施和 SEC 監管 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 now turn the call over to Charlie.

有了這個，我現在將把電話轉給查理。

Thanks a lot, Jack.

非常感謝，傑克。

And greetings from London.

來自倫敦的問候。

It's great to have Nicola here, as well.

有尼古拉在這裡也很棒。

You'll be hearing from him in just a little bit.

你很快就會收到他的來信。

We certainly appreciate the early hour especially for those on the West Coast this morning.

我們當然非常感謝今天早上在西海岸的人們。

Given our announcement regarding Europe, we thought it was important to do the call as early as possible given the desire to communicate with our clients, employees and partners here in Europe.

鑑於我們關於歐洲的公告，我們認為儘早與我們在歐洲的客戶、員工和合作夥伴溝通的願望很重要。

We're quite excited about our announcements and have a full agenda so we'll try and move through our prepared material quickly, leaving plenty of time for Q&A at the end.

我們對我們的公告感到非常興奮，並且有一個完整的議程，因此我們將嘗試快速瀏覽我們準備好的材料，最後留出足夠的時間進行問答。

We have six topics to talk about this morning.

今天早上我們有六個話題要討論。

First, we reported a solid fourth quarter and strong year end to FY15.

首先，我們報告了穩健的第四季度和強勁的 FY15 年末。

Second, we'll review our outlook for the FY16 year on a standalone basis.

其次，我們將單獨評估我們對 FY16 年的展望。

Third, I have some brief comments on our previously announced dividend increase.

第三，我對我們之前宣布的股息增加有一些簡短的評論。

And, fourth, we announced the acquisition of Visa Europe.

第四，我們宣布收購 Visa Europe。

As you know, we have been clear that this was a transaction that we thought made tremendous sense for both our Company but also for Visa Europe and its members.

如您所知，我們很清楚這是一筆我們認為對我們公司和 Visa Europe 及其成員都非常有意義的交易。

So, we're thrilled to be able to move forward as one Company.

因此，我們很高興能夠作為一家公司向前發展。

And with the Visa Europe acquisition we announced two other items regarding our capital structure.

隨著對 Visa Europe 的收購，我們宣布了關於我們資本結構的另外兩項內容。

First, our Board has approved an increase to our buyback authorization to bring the total available to $7.8 billion.

首先，我們的董事會已批准增加我們的回購授權，使可用總額達到 78 億美元。

And second, we announced that we will implement a new capital structure for the Company.

其次，我們宣布將為公司實施新的資本結構。

We intend to raise $15 billion to $16 billion of debt in conjunction with the Visa Europe announcement.

我們打算在 Visa Europe 公告的同時籌集 150 億至 160 億美元的債務。

But you'll see that we view this as a trigger to implement a more efficient long-term capital structure for the Company.

但您會看到，我們認為這是為公司實施更有效的長期資本結構的觸發因素。

We'll first talk about our earnings results and outlook for 2016, then we'll discuss the Visa Europe acquisition and our capital actions, leaving time for questions.

我們將首先討論我們 2016 年的盈利結果和展望，然後我們將討論 Visa Europe 的收購和我們的資本行動，留出時間提問。

With that I'll turn it back to Vasant.

有了這個，我會把它轉回 Vasant。

Thank you, Charlie.

謝謝你，查理。

As Charlie indicated, we have a lot to talk about on this call.

正如查理指出的那樣，我們在這次電話會議上有很多話要談。

I will only comment briefly on our fourth-quarter and 2015 results and spend most of my time giving you as comprehensive a picture as we can of our outlook for FY16.

我將僅對我們的第四季度和 2015 年業績進行簡要評論，並將大部分時間用於向您提供我們對 FY16 前景的全面了解。

We're pleased to report another strong quarter and full-FY results with solid revenue and earnings growth.

我們很高興地報告另一個強勁的季度和全年業績，收入和盈利增長穩健。

Our high growth in a tepid global environment demonstrates yet again the fundamental resilience of our business model.

我們在不溫不火的全球環境中的高速增長再次證明了我們商業模式的基本彈性。

Results were generally in line with our expectations going into the quarter with a few call-outs.

結果總體上符合我們對本季度的預期，但有一些呼籲。

First, our core metrics remained robust around the globe.

首先，我們的核心指標在全球範圍內保持穩健。

The underlying secular conversion from cash and checks to electronic forms of payment continues at a fast clip, as demonstrated by high domestic payment volume growth rates.

從現金和支票到電子支付方式的潛在長期轉換繼續快速發展，國內支付量的高增長率證明了這一點。

This is obscured by the significant drag caused by the strengthening of the dollar against most major currencies over the course of the year.

這被美元兌大多數主要貨幣在一年中走強所造成的重大拖累所掩蓋。

In the fourth quarter this impact worsened as the dollar strengthened further against key currencies.

在第四季度，隨著美元兌主要貨幣進一步走強，這種影響進一步惡化。

This hurts us not only in currency translation terms but also in slowing cross-border volume growth.

這不僅在貨幣換算方面傷害了我們，而且在減緩跨境交易量增長方面也對我們造成了傷害。

Second, as expected, client incentive levels in the quarter came in at 18.4%, well above the full-year run rate of 17.1%.

其次，正如預期的那樣，本季度的客戶激勵水平為 18.4%，遠高於全年 17.1% 的運行率。

This sets us up well for FY16 payments volume growth.

這讓我們為 2016 財年的支付量增長做好了準備。

Several key renewals as well as a couple of significant wins will drive the incentive rate higher in 2016.

幾項關鍵續約以及幾項重大勝利將推動 2016 年的激勵率更高。

I'll talk more about this when I discuss our outlook for 2016.

當我討論我們對 2016 年的展望時，我會更多地討論這個問題。

Third, expense growth was somewhat higher than we had anticipated due to a legal settlement in Australia and Visa Europe transaction costs.

第三，由於澳大利亞的法律和解以及 Visa Europe 的交易成本，費用增長略高於我們的預期。

This cost us about $0.01 of EPS in the quarter.

這使我們在本季度損失了大約 0.01 美元的每股收益。

Finally, we did not repurchase stock in the quarter, due the Visa Europe conversations that were under way.

最後，由於正在進行的 Visa Europe 對話，我們沒有在本季度回購股票。

For the full year, we repurchased 44.1 million shares at a price of just under $66 per share for a total of $2.9 billion.

全年，我們以略低於每股 66 美元的價格回購了 4410 萬股，總計 29 億美元。

We currently have authorization to repurchase up to $2.8 billion of stock under our prior plan and an incremental $5 billion recently authorized by our Board.

根據我們之前的計劃，我們目前有權回購高達 28 億美元的股票，最近董事會授權增加 50 億美元。

Moving on to the quarter's business drivers and our financial results.

繼續討論本季度的業務驅動因素和我們的財務業績。

Global payments volume growth in constant dollars for the September quarter continued to be strong at 12%.

9 月季度以固定美元計算的全球支付量增長繼續強勁，達到 12%。

US credit grew 10%, moderating 2% compared to the June quarter as a positive effects of the Chase conversion win.

美國信貸增長 10%，與 6 月季度相比放緩 2%，這是大通轉換獲勝的積極影響。

US debit grew at 9%, up 3 points from June.

美國借記卡增長 9%，比 6 月增長 3 個百分點。

Though gasoline prices continued to have a significant negative effect of approximately 2 percentage points, growth in [intellect] volume tied to certain routing wins offset a significant portion of the gas impact.

儘管汽油價格繼續產生大約 2 個百分點的顯著負面影響，但與某些路線獲勝相關的 [智力] 量的增長抵消了汽油影響的很大一部分。

International payments volume, constant dollar growth of 15% was up over the prior quarter, with increases posted in all regions, and more specifically powered by the Middle East, Sub-Sahara and Africa and Mexico.

國際支付量（按美元固定增長 15%）比上一季度有所增長，所有地區都出現增長，尤其是中東、撒哈拉以南地區、非洲和墨西哥。

More recently, through October 28, US payments volume growth was 9%, with US credit growing 9% and debit 10%, a slight down-tick in credit and up-tick in debit versus the fourth quarter.

最近，截至 10 月 28 日，美國支付量增長 9%，美國信貸增長 9%，借方增長 10%，與第四季度相比信貸略有下降，借方略有上升。

Global cross-border volume growth declined to 5% after three consecutive quarters of 8% constant-dollar growth.

在連續三個季度保持 8% 的固定美元增長後，全球跨境交易量增長降至 5%。

As has been the case for several quarters now, the strengthening of the US dollar is negatively impacting key corridors across border commerce.

正如幾個季度以來的情況一樣，美元走強正在對跨境貿易的主要走廊產生負面影響。

Specifically, outbound commerce from Russia, Canada and Brazil have deteriorated further in the past few months.

具體而言，俄羅斯、加拿大和巴西的出境貿易在過去幾個月進一步惡化。

While growth rates were still high in Q4, outbound commerce from China has seen a moderation in trend.

雖然第四季度的增長率仍然很高，但來自中國的出境商務已經出現放緩趨勢。

Inbound commerce into the US continued to drift lower in August and September.

進入美國的入境貿易在 8 月和 9 月繼續下降。

The bright spots are outbound commerce from the US and the Middle East, commerce into Europe has been growing from most regions but as you know we do not benefit as much from it currently.

亮點是來自美國和中東的對外貿易，大多數地區進入歐洲的貿易一直在增長，但如您所知，我們目前並沒有從中受益。

Despite the slowdown in cross-border payment volume growth and the significant negative drag from currency translation, international revenues grew 16% helped by the previously announced pricing actions and continued high-currency volatility.

儘管跨境支付量增長放緩以及貨幣換算帶來的顯著負面拖累，但在先前宣布的定價行動和持續的高貨幣波動的推動下，國際收入增長了 16%。

Overall, growth was impacted relatively equally by pricing and currency volatility.

總體而言，價格和貨幣波動對增長的影響相對相同。

Through October 28 cross-border volume growth on a constant-dollar basis has slowed further to 3%, in line with the August, September trend.

到 10 月 28 日，按固定美元計算的跨境交易量增長進一步放緩至 3%，與 8 月和 9 月的趨勢一致。

Transactions processed over VisaNet totaled $18 billion in the fourth quarter, an 8% increase over the prior-year period, and unchanged from the June quarter.

第四季度通過 VisaNet 處理的交易總額為 180 億美元，比去年同期增長 8%，與 6 月季度持平。

The US delivered 11% growth while international growth was flat.

美國實現了 11% 的增長，而國際增長持平。

International process transaction growth is 13% when you normalize for the transfer of domestic processing in Russia that started at the end of April.

將 4 月底開始的俄羅斯國內加工轉移正常化後，國際加工交易增長為 13%。

Through October 28, Russia's transaction growth was 8% with a US rate of 11% and an international growth rate that remained flat.

截至 10 月 28 日，俄羅斯的交易增長率為 8%，美國為 11%，國際增長率保持平穩。

The international rate of course being impacted by Russia.

國際匯率當然受到俄羅斯的影響。

Overall, we had a strong finish to another solid year of top- and bottom-line growth.

總體而言，我們以強勁的勢頭結束了又一個收入和利潤增長穩健的一年。

Net operating revenue in the quarter was $3.6 billion, a 13% increase year over year in constant dollars or 11% in nominal dollars.

本季度淨營業收入為 36 億美元，按固定美元計算同比增長 13%，按名義美元計算增長 11%。

For the full FY, net operating revenue was up 12% on a constant-currency basis, over 9% in nominal dollars.

在整個財年，淨營業收入按固定貨幣計算增長 12%，名義美元增長超過 9%。

Diluted earnings per share in the quarter was $0.62, a 16% increase in constant dollars, or 14% on a nominal basis over the prior-year's adjusted results.

本季度每股攤薄收益為 0.62 美元，按固定美元計算增長 16%，或比去年調整後的業績名義名義增長 14%。

For the full FY, diluted adjusted earnings per share grew 18% on a constant-currency basis, almost 16% in nominal dollars.

在整個財年，按固定匯率計算，稀釋後的調整後每股收益增長了 18%，名義美元增長了近 16%。

With that I'll move on to our outlook for FY16, starting with payment volumes.

有了這個，我將繼續我們對 FY16 的展望，從支付量開始。

Payment volumes globally have grown around 11% in constant dollars for the past two years.

在過去兩年中，全球支付量以固定美元計算增長了約 11%。

As we look ahead to 2016, we're anticipating an up-tick in growth driven by the US.

展望 2016 年，我們預計美國將推動增長。

Most of this step-up in the US growth rate is expected in the second quarter of FY16 and beyond.

預計美國增長率的大部分提升將在 2016 財年第二季度及以後進行。

The first-quarter trend should be generally in line with what we experienced in the fourth quarter of FY15.

第一季度的趨勢應該與我們在 FY15 第四季度的經歷基本一致。

As we enter the second quarter of FY16, we begin to fully lap the big gas price declines from last year.

隨著我們進入 2016 財年第二季度，我們開始全面應對自去年以來天然氣價格的大幅下跌。

In the second half USAA conversions are expected to start and then late in the FY Costco conversions should commence.

在下半年 USAA 轉換預計將開始，然後在 FY 財年後期 Costco 轉換應該開始。

Offsetting these to some extent will be the end of JPMorgan's conversion gains.

在某種程度上抵消這些將是摩根大通轉換收益的終結。

Outside the US, easier comparisons in our Latin America and EMEA regions as they lap the sharp declines last year in Brazil and Russia should help reported growth rates.

在美國以外，我們的拉丁美洲和歐洲、中東和非洲地區更容易進行比較，因為它們與去年巴西和俄羅斯的急劇下降相比，應該有助於報告增長率。

If all this plays out as we expect, global payments volume growth will accelerate in 2016, ramping as the year progresses and setting it up nicely for 2017.

如果這一切如我們預期的那樣發展，全球支付量增長將在 2016 年加速，隨著時間的推移而增加，並為 2017 年做好準備。

Moving on to the cross-border business, cross-border volumes, as you all know, are dependent on global economic conditions and the relative strength of key currencies, most particularly the US dollar.

轉移到跨境業務，眾所周知，跨境交易量取決於全球經濟狀況和主要貨幣的相對強度，尤其是美元。

In FY15 we experienced sharp declines in outbound cross-border volume growth due to both these factors in key markets like Canada, Australia, Japan, Brazil, and Russia, starting late in the first quarter and worsening as the year progressed.

2015 財年，由於加拿大、澳大利亞、日本、巴西和俄羅斯等主要市場的這兩個因素，我們經歷了出境跨境交易量增長的急劇下降，從第一季度末開始，並隨著時間的推移而惡化。

Our large US inbound business also declined as the dollar gained strength.

隨著美元走強，我們龐大的美國入境業務也有所下降。

And in the fourth quarter Chinese outbound volumes started to soften.

而在第四季度，中國出境游量開始走軟。

Through the first half of FY16, we are not anticipating any meaningful improvement in cross-border growth rates from current levels.

在 2016 財年上半年，我們預計跨境增長率不會比當前水平有任何顯著改善。

As we enter the second half, comparisons are easier, and if the dollar stays stable or weakens, we could see an up-tick in growth.

隨著我們進入下半年，比較變得更容易，如果美元保持穩定或走弱，我們可能會看到增長回升。

Net-net, we expect the cross-border business will remain sluggish in the first half, dollar strength and macroeconomic conditions will determine the second half.

Net-net，我們預計上半年跨境業務仍將低迷，美元走強和宏觀經濟狀況將決定下半年。

On balance, we are planning for improved cross-border growth rates in the second half of FY16.

總的來說，我們計劃在 2016 財年下半年提高跨境增長率。

While cross-border growth slowed in FY15, currency volatility hit new highs as the year progressed, serving as a significant offset.

雖然跨境增長在 2015 財年放緩，但隨著時間的推移，貨幣波動率創下新高，起到了重要的抵消作用。

Year-over-year growth rates were accentuated by the unusually low levels of volatility experienced in the second half of 2014.

2014 年下半年異常低的波動水平加劇了同比增長率。

Speculation about Fed rate increases in the US, the sharp decline in commodity prices, uncertainty about Chinese growth, Greece, et cetera, all contributed to keep currency markets guessing.

對美國美聯儲加息的猜測、大宗商品價格的大幅下跌、中國經濟增長的不確定性、希臘等等，都使貨幣市場保持猜測。

Given the high levels experienced in 2015, it seems very unlikely that volatility will be a tailwind again in 2016.

鑑於 2015 年的高水平，波動性似乎不太可能在 2016 年再次成為順風。

Volatility has moderated in recent weeks and, although uncertainties persist, one might project a reversion to the mean for the year.

最近幾週波動性有所緩和，儘管不確定性仍然存在，但人們可能會預測到今年的均值回歸。

Given all this, we're assuming that currency volatility will be a headwind throughout FY16, and significantly soar as the year progresses when comparisons get a lot tougher.

鑑於這一切，我們假設貨幣波動將在 2016 財年成為逆風，並且隨著時間的推移，當比較變得更加艱難時，貨幣波動將顯著飆升。

Process-transaction growth rates dipped from 10% in the first half to 8% in the second half as we transferred domestic processing to NSPK in Russia.

由於我們將國內加工轉移到俄羅斯的NSPK，加工交易增長率從上半年的10％下降到下半年的8％。

About half of the domestic transactions shifted in Q3 and all domestic transactions in Q4, FY15.

大約一半的國內交易在 2015 財年第三季度轉移，所有國內交易在 2015 財年第四季度轉移。

This will continue to impact reported transaction growth rates through the first three quarters of FY16.

這將繼續影響 2016 財年前三個季度報告的交易增長率。

As we enter the second half, US transaction growth rates will rise as we bring on USAA and then Costco volume.

隨著我們進入下半年，隨著我們帶來 USAA 和 Costco 的交易量，美國的交易增長率將會上升。

Moving to client incentives.

轉向客戶激勵。

In 2015 client incentives came in at 17.1% of gross revenue, below our expected range of 17.5% to 18.5%.

2015 年客戶獎勵佔總收入的 17.1%，低於我們預期的 17.5% 至 18.5% 的範圍。

This was due to volume shortfalls in markets like Russia and Brazil, delays in renewals, and some shift to dollars from incentives to gross-price reductions.

這是由於俄羅斯和巴西等市場的銷量不足、續訂延遲，以及一些從激勵措施轉向降低毛價的美元。

We anticipate a step-up in client incentives in FY16 based on renewals completed to date and renewals anticipated in 2016, as well as the conversion of USAA and Costco.

基於迄今為止完成的續訂和預計在 2016 年續訂，以及 USAA 和 Costco 的轉換，我們預計 2016 財年的客戶激勵措施將有所增加。

Among the significant renewals completed in 2015 were core brands like Southwest and United, Wells Fargo and US Bank in North America, large issuers in Russia, Japan and Latin America.

在 2015 年完成的重大更新中，包括北美的西南航空和聯合航空、富國銀行和美國銀行等核心品牌，以及俄羅斯、日本和拉丁美洲的大型發行人。

USAA related incentives will kick in mid year and Costco later in the year.

USAA 相關的激勵措施將在年中啟動，Costco 將在今年晚些時候啟動。

In 2016, we also expect several large renewals.

2016 年，我們也預計會有幾次大的續約。

Our current expectation is that client incentives as a percent of gross revenue could climb to the middle of the 17.5% to 18.5% range.

我們目前的預期是，客戶激勵佔總收入的百分比可能攀升至 17.5% 至 18.5% 範圍的中間。

The first quarter in particular should see a high level of renewal activity and the largest impact from renewals worldwide.

特別是第一季度應該會看到高水平的續訂活動和全球續訂的最大影響。

The Q1 incentive rate will likely be at the high end of the full-year range or possibly higher.

第一季度的激勵率可能會處於全年範圍的高端或可能更高。

With incentives growing faster than gross revenue, net revenue growth will lag gross-revenue growth.

由於激勵措施的增長速度快於總收入，淨收入增長將落後於總收入增長。

In constant dollars we anticipate FY16 net revenue growth in the high single-digit to low double-digit range.

以固定美元計算，我們預計 2016 財年淨收入增長在高個位數至低兩位數範圍內。

Also, based on all the factors I discussed earlier, the first-quarter growth rate will likely be 2 percentage points lower than the full-year growth rate, with growth picking up as the year progresses.

此外，基於我之前討論的所有因素，第一季度的增長率可能會比全年增長率低 2 個百分點，並且隨著時間的推移增長會有所回升。

As a reminder, our service revenues lapped one quarter from payment volumes, whereas incentives are booked in the quarter in which payment volumes occur.

提醒一下，我們的服務收入是支付量的四分之一，而激勵措施是在支付量發生的季度計入的。

Which brings us to the currency translation impact from the strengthening dollar.

這給我們帶來了美元走強對貨幣換算的影響。

The FY15 impact of exchange rates was a 2.5 percentage point drag on net revenues, higher than we had anticipated at the start of the year.

2015 財年匯率對淨收入的影響拖累了 2.5 個百分點，高於我們年初的預期。

If we look at where the dollar is today and the basket of currencies we are exposed to, the FY16 impact looks to be 3 percentage points.

如果我們看看今天的美元和我們所接觸的一攬子貨幣，2016 財年的影響似乎是 3 個百分點。

The bulk of this impact is in currencies like the ruble, the real, the Venezuela bolivar, the Argentinian peso, and the Canadian and Aussie dollars.

這種影響主要體現在盧布、雷亞爾、委內瑞拉玻利瓦爾、阿根廷比索以及加元和澳元等貨幣上。

On the expense front, we will continue to invest in key growth initiatives such as Visa Checkout, Visa Token Service and other strategic programs, as well as our long-term plan to bring key technology and customer-service activities that are currently outsourced, in-house.

在費用方面，我們將繼續投資於關鍵的增長計劃，例如 Visa Checkout、Visa 令牌服務和其他戰略計劃，以及我們將目前外包的關鍵技術和客戶服務活動的長期計劃， -屋。

Network-related expenses will grow due to the full-year impact of fees paid to NSPK for processing transactions in Russia.

由於向 NSPK 支付的用於在俄羅斯處理交易的費用的全年影響，與網絡相關的費用將增加。

We will start to lap this added expense in Q4, 2016.

我們將在 2016 年第四季度開始計算這筆額外費用。

We will have significant start-up costs to set up domestic operations in China.

我們將有大量的啟動成本來在中國建立國內業務。

We are actively working on being in a position to compete domestically and will submit our application upon release of the final regulation.

我們正在積極努力爭取在國內競爭，並將在最終法規發布後提交我們的申請。

We are presuming China startup expenses will ramp through the year.

我們假設中國的啟動費用將在今年增加。

We are holding the line on cost increases in all overhead functions.

我們堅持所有間接費用職能的成本增加。

In nominal dollars, we expect a step-down in the rate of expense growth in FY16 as a result of all these actions, versus almost 6% growth in FY15.

以名義美元計算，我們預計由於所有這些行動，FY16 的費用增長率將下降，而 FY15 的增長率接近 6%。

Expense growth will run at a high single-digit clip in the first half and substantially lower in the second half.

上半年的費用增長將以個位數的高位運行，而下半年則將大幅下降。

Our tax rate in 2015 came in at an adjusted 29.3%, almost 100 basis points lower than expected due to the favorable resolution of some tax items.

我們 2015 年的稅率調整後為 29.3%，比預期低近 100 個基點，原因是部分稅目得到了有利的解決。

As always, we have various tax initiatives under way.

與往常一樣，我們正在實施各種稅收舉措。

However, we expect our tax rate to normalize in FY16 back to the low 30%s.

然而，我們預計我們的稅率將在 2016 財年恢復到 30%的低位。

In FY15, the lower than expected tax rate added over 1 percentage point to our EPS growth.

2015 財年，低於預期的稅率為我們的每股收益增長增加了 1 個百分點以上。

In FY16, the anticipated increase in the rate could be as much as a 2 point drag on EPS growth.

2016 財年，預期的增長率可能會拖累每股收益增長 2 個百分點。

Now that we've announced the Visa Europe transaction we can resume our stock buyback.

現在我們已經宣布了 Visa Europe 交易，我們可以恢復我們的股票回購。

It is fully our intent to step up the pace of buybacks immediately to make up for buybacks not completed in Q4, FY15.

我們完全打算立即加快回購步伐，以彌補 2015 財年第四季度未完成的回購。

Despite this, our weighted-average share count in 2016 will be higher than it would have been had we been buyers of our stock in the Q4 of 2015.

儘管如此，我們在 2016 年的加權平均股票數量將高於我們在 2015 年第四季度購買我們股票的情況。

When you put this all together, we expect our constant currency EPS growth in FY16 to come in at the low end of the mid-teens range.

綜上所述，我們預計我們在 2016 財年的固定匯率每股收益增長將處於 16 年中期區間的低端。

Without the expected increase in the tax rate, EPS growth rates would be almost 2 percentage points higher.

如果沒有預期的稅率增加，每股收益增長率將高出近 2 個百分點。

Furthermore, the currency translation impact will be higher on earnings than it is on revenue.

此外，貨幣換算對收益的影響將高於對收入的影響。

We project a 4 percentage point drag on EPS growth from exchange rates.

我們預計匯率會拖累每股收益增長 4 個百分點。

This is due to two main reasons.

這是由於兩個主要原因。

First, a larger proportion of our expenses are dollar denominated; and, second, profits relative to revenues are proportionately higher in some of the higher [risk] currencies.

首先，我們大部分的開支是以美元計價的；其次，在某些[風險]較高的貨幣中，利潤相對於收入的比例更高。

The first-quarter EPS growth rate will be significantly lower in the mid-single digits for all the reasons I outlined earlier: our net revenue growth rate in Q1, the [track] a couple of percentage points below the full-year run rate, and an expense growth rate that will run meaningfully higher than the full-year run rate.

由於我之前概述的所有原因，第一季度每股收益增長率將顯著低於中個位數：我們在第一季度的淨收入增長率，[track] 比全年運行率低幾個百分點，費用增長率將顯著高於全年運行率。

The EPS growth rate will step up as the year progresses except in the FY, Q3 when we lapped the large tax benefit last year.

每股收益增長率將隨著時間的推移而加快，但在去年第三季度我們獲得了巨額稅收優惠時除外。

As you can see, there are a variety of factors that will drive our revenue and EPS growth in FY2016.

如您所見，有多種因素將推動我們在 2016 財年的收入和每股收益增長。

The key underlying drivers of our business remain very healthy.

我們業務的主要潛在驅動因素仍然非常健康。

We expect a step-up in payments volume growth, major new accounts and renewals, good expense control resulting in healthy core revenue and earnings growth in constant dollars despite a generally uneven global economy.

儘管全球經濟普遍不平衡，但我們預計支付量增長、主要新賬戶和續訂、良好的費用控制將帶來健康的核心收入和以不變美元計算的收益增長。

We have several significant factors driving down our reported growth rates in FY16 which should moderate with time.

我們有幾個重要因素降低了我們在 2016 財年報告的增長率，這些因素應該會隨著時間的推移而放緩。

These are: a potential regression to the mean for currency volatilities; the continuing strength of the dollar impacting both the cross-border business and creating a currency translation drag; and a return to normalized tax rates.

它們是： 貨幣波動率均值的潛在回歸；美元持續走強影響跨境業務並造成貨幣兌換拖累；並恢復正常稅率。

As the impact of these unfavorable year-over-year comparisons fade, the strong underlying growth momentum of our core business positions us well for robust reported growth in FY17.

隨著這些不利的同比比較的影響逐漸消退，我們核心業務強勁的潛在增長勢頭使我們能夠在 2017 財年實現強勁的報告增長。

We remain as bullish as we've ever been about the long-term secular trends in our business.

我們一如既往地看好我們業務的長期長期趨勢。

As always, we will update our views as the year unfolds and share them with you each quarter.

與往常一樣，隨著時間的推移，我們將更新我們的觀點，並在每個季度與您分享。

This outlook excludes the Visa Europe acquisition.

這一前景不包括對 Visa Europe 的收購。

When I come back, I'll walk through the potential financial impact of Visa Europe on FY16.

回來後，我將介紹 Visa Europe 對 FY16 的潛在財務影響。

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

有了這個，我會把電話轉回給查理。

Thanks very much, Vasant.

非常感謝，瓦桑特。

I'll try and keep my comments brief so we can move on to Europe.

我會盡量保持我的評論簡短，以便我們可以繼續前往歐洲。

First of all, we're very happy with our performance both in the quarter and 2015.

首先，我們對本季度和 2015 年的表現感到非常滿意。

We continue to deliver strong results in a global economic environment which still has more headwinds than tailwinds for us.

我們繼續在全球經濟環境中取得強勁的業績，對我們來說，逆風比順風還多。

Adjusted earnings-per-share growth of 14% in the quarter and 16% for the full year include the continuing negative effects of a series of items, including the translation impact to the strong US dollar, reduced cross-border volume driven by that strong dollar, and continuing drag from lower oil prices.

本季度調整後每股收益增長 14%，全年增長 16%，其中包括一系列項目的持續負面影響，包括對強勢美元的轉換影響、受強勢美元推動的跨境交易量減少美元，以及油價下跌的持續拖累。

Of course, there are positive offsets including strong payment volume, healthy process transaction growth and high-currency volatility.

當然，也有積極的抵消，包括強勁的支付量、健康的流程交易增長和高貨幣波動。

Our strong results in the face of these pluses and minuses speak to the resilience of our business model.

面對這些優點和缺點，我們的強勁業績說明了我們商業模式的彈性。

Regarding what we see across the world, I'll keep it simple and just say that the economic environment has shown little change over the last quarter with some slight deterioration, especially outside of the United States.

關於我們在世界各地看到的情況，我會保持簡單，只是說經濟環境在上個季度幾乎沒有變化，略有惡化，特別是在美國以外的地區。

Having said that, domestic activity is still fairly strong.

話雖如此，國內活動仍然相當強勁。

And while we didn't get much help from an accelerating economic environment, our business still showed continued strong growth.

雖然我們沒有從加速的經濟環境中得到太多幫助，但我們的業務仍然表現出持續強勁的增長。

Our longer-term bullish outlook is intact and, most importantly, the underlying fundamentals of our business continue to deliver.

我們的長期看漲前景完好無損，最重要的是，我們業務的基本面繼續實現。

And these will continue to drive continued growth.

這些將繼續推動持續增長。

We'll discuss capital in much more detail when we review the Europe transaction but I do want to comment on our recent dividend increase.

當我們審查歐洲交易時，我們將更詳細地討論資本，但我確實想評論我們最近的股息增長。

We've discussed our view that the dividend is an important way for us to return capital to our shareholders.

我們已經討論了我們的觀點，即股息是我們向股東返還資本的重要方式。

We've also said that we would hope to consistently grow the dividend as we grow the earnings of the Company.

我們還表示，隨著公司收益的增長，我們希望持續增加股息。

And the recent 17% increase maintains the payout at our stated target range of the low 20%s.

最近 17% 的增長將派息維持在我們規定的低 20% 的目標範圍內。

Most importantly, we feel it's a strong statement that we're increasing our dividend at the same time that we're announcing such a significant transaction.

最重要的是，我們認為這是一個強有力的聲明，即我們在宣佈如此重大的交易的同時增加了股息。

Now let me turn and make some comments about the fundamentals of our business.

現在讓我轉身就我們業務的基本面發表一些評論。

We continue to strengthen our key-client relationships across the world.

我們將繼續加強我們在世界各地的主要客戶關係。

In the United States we're in a great position.

在美國，我們處於有利地位。

Over the course of the year we extended some of our biggest relationships which were up for renewal, including our partnership with Wells Fargo, which we renewed just this quarter.

在這一年中，我們擴展了一些有待續約的最大關係，包括我們與富國銀行的合作關係，我們僅在本季度續約。

We now have partnership agreements in place with five of our top six until at least 2020.

我們現在與前六名中的五名達成合作協議，至少到 2020 年。

Outside of the US we're also in a very strong position.

在美國以外，我們也處於非常有利的地位。

We continue to expand our relationships with clients around the world.

我們繼續擴大與世界各地客戶的關係。

For example, in Australia we signed a new 10-year exclusive partnership with the National Australian Bank.

例如，在澳大利亞，我們與澳大利亞國民銀行簽署了一項為期 10 年的新獨家合作夥伴關係。

While we did have some notable losses this year, we also had successes winning significant new business with Costco and USAA.

雖然我們今年確實有一些顯著的損失，但我們也成功地贏得了 Costco 和 USAA 的重要新業務。

I wanted to make a couple of observations about how we view pricing and share in this context.

我想就我們在這種情況下如何看待定價和份額提出幾點意見。

First of all, and most importantly, we view the big opportunity for us is to drive growth in the marketplace.

首先，也是最重要的，我們認為對我們來說最大的機會是推動市場增長。

And therefore, the most profitable growth is a achieved by electronifying cash and check across the world, expanding participants in the electronic-payments universe, and helping grow commerce more broadly.

因此，最有利可圖的增長是通過將全球現金和支票電子化、擴大電子支付領域的參與者以及幫助更廣泛地發展商業來實現的。

We believe this is how we create real long-term sustainable value.

我們相信這就是我們創造真正長期可持續價值的方式。

If you look at what's driven our revenue growth over the last several years, it's just that.

如果你看看過去幾年推動我們收入增長的因素，就是這樣。

Not taking share from competitors.

不從競爭對手那裡獲取份額。

That's not to say that the market isn't competitive.

這並不是說市場沒有競爭力。

It is.

這是。

And as you know, our competitors are very, very good and we respect them.

如您所知，我們的競爭對手非常非常優秀，我們尊重他們。

And since we've been public you've seen clients make long-term partnership decisions, some of which have benefited us, others of which have benefited others.

自從我們上市以來，您已經看到客戶做出長期的合作決策，其中一些使我們受益，另一些使其他人受益。

There will be situations where clients seek to do more business with us because of our capabilities, products and brand and we will support them.

在某些情況下，客戶會因為我們的能力、產品和品牌而尋求與我們開展更多業務，我們將支持他們。

We'll also defend our share aggressively.

我們還將積極捍衛我們的份額。

We will be competitive with the market but we do not seek to win deals solely on price.

我們將與市場競爭，但我們不尋求僅以價格贏得交易。

We do not view pricing on its own as the best mechanism to grow.

我們不認為定價本身是增長的最佳機制。

So I strongly believe in focusing on long-term value creation and that our future is about growing electronic payments and commerce broadly and ultimately expanding into new or underpenetrated segments.

因此，我堅信專注於長期價值創造，我們的未來是廣泛發展電子支付和商業，並最終擴展到新的或未充分滲透的領域。

Now a few comments on the underlying business.

現在對基礎業務進行一些評論。

Visa Checkout continues to gain momentum.

Visa Checkout 繼續保持增長勢頭。

We now have more than 7 million registered users in 16 countries and over 470 financial-institution partners participating globally.

我們現在在 16 個國家/地區擁有超過 700 萬註冊用戶，全球有超過 470 家金融機構合作夥伴參與其中。

More than 250,000 merchants are currently live globally including 10 of the top 50 eCommerce merchants.

目前全球有超過 250,000 家商家，其中包括前 50 名電子商務商家中的 10 家。

New merchant partners include Kohl's, Best Buy, Shutterfly, Lands' End, Fanatics and Abercrombie & Fitch, to name a few.

新的商家合作夥伴包括 Kohl's、Best Buy、Shutterfly、Lands' End、Fanatics 和 Abercrombie & Fitch 等等。

We also announced that we now have built the ability for issuers and merchants to tokenize Visa Checkout transactions.

我們還宣布，我們現在已經為發行人和商家建立了對 Visa Checkout 交易進行標記的能力。

We expect this to begin in early 2016 as merchants and some issuers complete the work required to enable token acceptance.

我們預計這將在 2016 年初開始，因為商家和一些發行人完成了啟用代幣接受所需的工作。

Many issuers are ready now, but given the rapid approach to holiday season we do not expect merchants to enable token acceptance as they head into their year-end annual system freezes.

許多發行人現在已經準備好了，但鑑於假期即將到來，我們預計商家不會在他們進入年終年度系統凍結時啟用代幣接受。

Second, as you all know, we partnered with Google and Samsung to bring two great new mobile experiences to market.

其次，眾所周知，我們與穀歌和三星合作，將兩種出色的全新移動體驗推向市場。

Android Pay and Samsung Pay both launched their solutions in the US in September and in the upcoming months will roll out their programs internationally.

Android Pay 和 Samsung Pay 均於 9 月在美國推出了他們的解決方案，未來幾個月將在國際上推出他們的計劃。

Third, we continue to build out our technology capabilities to deliver differentiated services in the marketplace.

第三，我們繼續增強我們的技術能力，以在市場上提供差異化服務。

In September we launched Visa Integrated Marketing Solutions, a card marketing platform designed to help small- to medium-sized issuers optimize their marketing efforts.

9 月，我們推出了 Visa Integrated Marketing Solutions，這是一個卡營銷平台，旨在幫助中小型發卡機構優化營銷工作。

It's a service offered by Visa Performance Solutions which provides a range of advisory services to issuers, merchants and acquirers, and is currently available to any Visa issuer in the United States interested in increasing the performance of their Visa consumer credit or debit portfolios.

這是 Visa Performance Solutions 提供的一項服務，為發卡機構、商戶和收單機構提供一系列諮詢服務，目前可供美國任何有興趣提高 Visa 消費信貸或借記卡組合績效的 Visa 發卡機構使用。

And the platform is expected to expand globally in the coming months.

預計該平台將在未來幾個月內擴展到全球。

Last month, CyberSource launched Decision Manager Replay, the industry's first fraud-tuning analytics tool which allows merchants to quickly analyze and adjust their online fraud-management strategies.

上個月，CyberSource 推出了 Decision Manager Replay，這是業界首個欺詐調整分析工具，可讓商家快速分析和調整其在線欺詐管理策略。

Merchants can take a batch of recent transactions and run them through the decision-manager system, re-testing for fraud using more or less stringent risk levels.

商家可以獲取一批最近的交易並通過決策管理系統運行它們，使用或多或少嚴格的風險級別重新測試欺詐行為。

The system can reconfirm which transactions are fraudulent and which ones have been mistakenly flagged for fraud and denied but were in fact valid.

系統可以重新確認哪些交易是欺詐性的，哪些交易被錯誤地標記為欺詐並被拒絕但實際上是有效的。

Looking ahead to FY16, let me just share a couple of thoughts following Vasant's.

展望 FY16，讓我分享一下 Vasant 的想法。

Our guidance for 2016 is reflective of several things.

我們對 2016 年的指導反映了幾件事。

First of all, it excludes the impact of Visa Europe, which will make the second half of our FY more complicated.

首先，它排除了Visa Europe的影響，這將使我們的FY下半年更加複雜。

We will do our best to isolate the impacts for you so you can understand the impacts discretely and evaluate our sustainable performance.

我們將盡最大努力為您隔離影響，以便您可以離散地了解影響並評估我們的可持續績效。

While we cannot predict the future any better than you can, we do have to make assumptions as we plan for the year.

雖然我們無法比您更好地預測未來，但我們確實必須在計劃今年時做出假設。

We have shared these in a fair amount of detail with you in addition to providing the numerical guidance but at some point you need to make your own determinations.

除了提供數字指導外，我們還與您分享了相當多的細節，但在某些時候您需要做出自己的決定。

Having said that, there's some things that I want to emphasize from Vasant's remarks.

話雖如此，我想從瓦桑特的講話中強調一些事情。

The effects of the strong dollar will have an increased negative effect on us in 2016 but there will be a point when the dollar stabilizes and we lap this effect.

強勢美元的影響將在 2016 年對我們產生更大的負面影響，但當美元企穩時，我們會遇到這種影響。

As Vasant said, we are planning for a negative 3 point impact on revenue growth and 4 points on EPS growth in 2016 before we hope to see some improvement.

正如 Vasant 所說，在我們希望看到一些改善之前，我們計劃在 2016 年對收入增長產生 3 個負面影響，對 EPS 增長產生 4 個負面影響。

Cross-border weakness continues but could change quickly you with movements in the dollar and domestic economic growth.

跨境疲軟仍在繼續，但可能會隨著美元走勢和國內經濟增長而迅速改變。

And please pay attention to Vasant's comments on timing.

並請注意 Vasant 對時機的評論。

While we don't usually get as specific as we've done on this call, we do have some line of sight which would suggest that some of the items Vasant spoke about should impact the early part of the year disproportionately, especially Q1.

雖然我們通常不會像我們在這次電話會議上所做的那樣具體，但我們確實有一些看法，這表明 Vasant 談到的一些項目應該會不成比例地影響年初，尤其是第一季度。

Having said that, we always look to our results and ask what has changed about our views on growth beyond the FY.

話雖如此，我們總是關注我們的結果，並詢問我們對財政年度以後增長的看法發生了什麼變化。

We continue to feel great about our opportunity to drive revenue, earnings and EPS growth for our shareholders.

我們繼續為我們為股東推動收入、收益和每股收益增長的機會感到高興。

There's more cash to disintermediate than ever and we have more tools than ever to accomplish.

去中介化的現金比以往任何時候都多，我們有比以往更多的工具來完成。

And with that, let me switch gears and talk a bit about the Visa Europe transaction.

有了這個，讓我換個角度談談 Visa Europe 的交易。

Today, as you've seen, we announced that we and Visa Europe have entered into a definitive agreement for Visa Inc.

今天，如您所見，我們宣布我們和 Visa Europe 已就 Visa Inc. 達成最終協議。

to acquire Visa Europe.

收購 Visa Europe。

We're thrilled about the prospect to bring these two companies together and believe the transaction will benefit all involved.

我們對將這兩家公司合併的前景感到興奮，並相信交易將使所有相關方受益。

I'll give an overview of the transaction starting on page 3 of the prepared presentation if you want to follow along, and Nicola will add some comments.

如果您想繼續閱讀，我將從準備好的演示文稿的第 3 頁開始對交易進行概述，Nicola 將添加一些評論。

After that, Vasant will cover the financial aspects in more detail before we take questions on all the topics covered on the call here.

之後，Vasant 將更詳細地介紹財務方面，然後我們就電話會議中涵蓋的所有主題提出問題。

We will acquire Visa Europe for an upfront consideration of EUR16.5 billion consisting of EUR11.5 billion in cash and EUR5 billion in convertible preferred stock.

我們將以 165 億歐元的前期對價收購 Visa Europe，其中包括 115 億歐元的現金和 50 億歐元的可轉換優先股。

In addition, Visa Europe member owners will potentially receive an earn-out payment of up to EUR4 billion and EUR0.7 billion in interest.

此外，Visa Europe 會員所有者可能會收到高達 40 億歐元的盈利支付和 7 億歐元的利息。

This earn-out will be based on the achievement of net revenue targets during the 16 FY quarters following the close, and provides additional upside to both parties if those agreed targets are met.

該收益將基於收盤後 16 個財季淨收入目標的實現情況，如果達到商定的目標，將為雙方提供額外的收益。

It will be payable following the fourth anniversary of the transaction close.

它將在交易結束四周年之後支付。

We plan to issue between $15 billion and $16 billion in senior unsecured debt to finance the transaction and establish a more efficient long-term capital structure.

我們計劃發行 150 億至 160 億美元的高級無擔保債務，為交易融資並建立更有效的長期資本結構。

We plan to offset the effect of the issuance of preferred stock with increased stock buybacks, and believe our capital structure will still provide us flexibility to pursue future growth opportunities.

我們計劃通過增加股票回購來抵消發行優先股的影響，並相信我們的資本結構仍將為我們提供尋求未來增長機會的靈活性。

And as you know, this is obviously an attractive time to issue debt given the historically low interest rates.

如你所知，鑑於歷史上的低利率，這顯然是一個有吸引力的發債時機。

Our initial leverage will be between 1.4 and 1.5 times gross debt to EBITDA, and we target our long-term leverage at between 1.1 and 1.5 times gross debt to EBITDA.

我們的初始槓桿將在 1.4 至 1.5 倍的總債務與 EBITDA 之間，我們的長期槓桿目標在 1.1 至 1.5 倍的總債務與 EBITDA 之間。

Based on discussions held with the rating agencies, we expect to maintain our current investment credit ratings of A-plus and A1.

根據與評級機構進行的討論，我們預計將維持當前 A+ 和 A1 的投資信用評級。

The transaction has been approved by both Visa Inc.

該交易已獲得 Visa Inc. 兩家公司的批准。

and Visa Europe Boards.

和 Visa 歐洲委員會。

It will result from the exercise of the amended-put option and does not require VI or VE shareholder votes.

它將由行使修正看跌期權產生，不需要 VI 或 VE 股東投票。

It is subject to customary closing conditions and transaction regulatory approvals, and we expect to close in Q3, FY16.

它取決於慣例成交條件和交易監管部門的批准，我們預計將於 2016 財年第三季度完成。

Moving on to page 4, turning to the transaction rationale behind the transaction.

轉到第 4 頁，轉向交易背後的交易理由。

This is obviously strategically important for both of us.

這顯然對我們雙方都具有戰略意義。

We believe the combination will create significant benefits for both European and Visa Inc.

我們相信，此次合併將為 European 和 Visa Inc. 帶來重大利益。

clients.

客戶。

They will benefit as we work every day to earn their business, bringing them the full power of our global platform, innovative products and services, as well as our world-class brand.

當我們每天努力為他們贏得業務時，他們將受益，為他們帶來我們全球平台、創新產品和服務以及我們世界級品牌的全部力量。

The transaction will provide European clients with direct access to our investments in technology, differentiated products and services, capital and talent.

該交易將使歐洲客戶能夠直接獲得我們在技術、差異化產品和服務、資本和人才方面的投資。

We'll also prioritize European needs in the allocation of our resources.

我們還將在資源分配中優先考慮歐洲的需求。

And we believe we can deliver a stronger set of digital capabilities than would be possible without this combination.

我們相信，如果沒有這種組合，我們可以提供更強大的數字能力。

With that, let me turn it over to Nicola for him to add his perspective.

有了這個，讓我把它交給尼古拉，讓他補充他的觀點。

Thank you, Charlie.

謝謝你，查理。

A few comments from European perspective.

來自歐洲的一些評論。

The first one is that the time is right.

第一個是時機成熟。

Payments are increasingly global with more and more powerful competition.

支付越來越全球化，競爭也越來越激烈。

Scale and investment capacity are also increasingly important.

規模和投資能力也越來越重要。

Adding to these dynamics is regulation, which you are all well aware is a key focus for our Company and industry.

除了這些動態之外，還有監管，你們都知道這是我們公司和行業的重點。

We're now seeing the world of payment becoming more global from consumers traveling and shopping across borders to retailers, and of course many of our most important bank issuers and acquirers being more regional or global players.

我們現在看到支付世界變得更加全球化，從跨境旅行和購物的消費者到零售商，當然，我們許多最重要的銀行發行人和收單機構成為更具區域性或全球性的參與者。

We're also seeing the tech giants and mobile companies launching services in the payment space here in Europe.

我們還看到科技巨頭和移動公司在歐洲的支付領域推出服務。

And the relationship between issuers, acquirers and merchants is changing.

發卡行、收單行和商戶之間的關係正在發生變化。

In terms of processing, scale is a critical driver of competitive advantage and becomes even more important in Europe with the mandatory separation of key [main] processing activities.

在加工方面，規模是競爭優勢的關鍵驅動因素，在歐洲，隨著關鍵[主要]加工活動的強制分離，規模變得更加重要。

If I look at it from a customer perspective, Visa Inc.

如果我從客戶的角度來看，Visa Inc.

commitment to continuing to develop the European market is important for our clients.

致力於繼續開發歐洲市場對我們的客戶來說非常重要。

Representing 26% of total combined payment volumes, Europe will be Visa's second largest region.

歐洲佔總支付量的 26%，將成為 Visa 的第二大地區。

Our clients are reassured that there will be an empowered [re-general] of fees with strong regional focus, processing in Europe and potential for investment that will be attractive to European members.

我們的客戶放心，將有強大的區域重點、歐洲處理和對歐洲成員具有吸引力的投資潛力的收費[重新通用]。

From a management perspective now, the focus is on completing the transaction so that we can get on with integration.

現在從管理的角度來看，重點是完成交易，以便我們繼續進行整合。

The signing is an exciting and significant milestone to our uniting the two parts of Visa, but up until completion my message to the team will be that we also need to continue to deliver our strategy and the service that our members and stakeholders value highly.

此次簽約是我們將 Visa 的兩個部分聯合起來的一個激動人心的重要里程碑，但在完成之前，我要向團隊傳達的信息是，我們還需要繼續提供我們的戰略和我們的成員和利益相關者高度重視的服務。

Continuing to deliver puts the business in the best position to benefit from the integration of the two organizations.

繼續交付使企業處於從兩個組織的整合中受益的最佳位置。

Finally, I strongly believe that the uniqueness of this deal lies in the fact that our two Companies already work together and have done so throughout our history.

最後，我堅信這筆交易的獨特之處在於我們兩家公司已經合作，並且在我們的歷史上一直如此。

We share our brand, rules and a number of rational practices, further facilitating our union and rationale to come together.

我們分享我們的品牌、規則和一些合理的做法，進一步促進我們的聯盟和理由走到一起。

Thanks, Nicola.

謝謝，尼古拉。

Let me just make a comments about the perspective from Visa Inc.

讓我就 Visa Inc. 的觀點發表評論。

This transaction does create a truly integrated global leader that will allow us to capitalize on strong growth opportunities in a highly attractive region.

這項交易確實創造了一個真正整合的全球領導者，這將使我們能夠在一個極具吸引力的地區利用強勁的增長機會。

We also expect it will create substantial value through revenue opportunities and cost efficiencies associated with the transaction from a member-owned association to commercial entity and the opportunity to integrate the two businesses.

我們還預計，它將通過與從會員擁有的協會到商業實體的交易相關的收入機會和成本效率以及整合這兩項業務的機會來創造可觀的價值。

We're also confident in our execution capabilities given our experience of transitioning to a commercial model from a member-owned model ourselves.

鑑於我們自己從會員擁有的模式過渡到商業模式的經驗，我們也對我們的執行能力充滿信心。

Also remember, as Nicola pointed out, we're merging two entities that have a close working relationship and share many common products and platforms.

另請記住，正如 Nicola 指出的那樣，我們正在合併兩個具有密切工作關係並共享許多通用產品和平台的實體。

Let me make a few comments about our views on this financially.

讓我對我們在財務方面的看法發表一些評論。

The transaction is financially attractive for both parties with balanced consideration of a mix of cash, stock and earn-out.

考慮到現金、股票和盈利的平衡考慮，該交易對雙方具有財務吸引力。

We expect it to be accretive to our standalone revenue and EPS growth before transition costs beginning in FY17, the first full year of the combination.

我們預計它將增加我們的獨立收入和每股收益增長，而不是從 2017 財年（合併的第一個完整年度）開始的過渡成本。

The preferred shares offer current VE members continuing ownership stake in the Company and also serves to provide liability protection to our Visa Inc.

優先股為當前的 VE 成員提供了公司的持續所有權，也為我們的 Visa Inc. 提供了責任保護。

shareholders in conjunction with the new loss-sharing agreement with key UK banks.

股東連同與英國主要銀行的新損失分擔協議。

The earn-out provides additional upside potential for both parties if net revenue targets are achieved.

如果實現淨收入目標，則盈利為雙方提供額外的上行潛力。

We feel very good about the structure of the transaction since the balance consideration encourages VE's current owners and VI to work together to enhance the long-term value of the business to the benefit of all parties.

我們對交易的結構感覺非常好，因為平衡考慮鼓勵了 VE 的當前所有者和 VI 共同努力，以提高業務的長期價值，以造福各方。

Vasant will go through this in more detail in a few minutes.

Vasant 將在幾分鐘內詳細介紹這一點。

I think in the interest of time I will skip page 5, which you can read on your own, which just talks about why we think it's an attractive growth opportunity, as well as page 6, which is this current snapshot of the Visa European business, as well as page 7 and 8, which show you the complexion of the new combined Visa.

我想為了節省時間，我會跳過第 5 頁，您可以自己閱讀，它只是討論了為什麼我們認為這是一個有吸引力的增長機會，以及第 6 頁，這是 Visa 歐洲業務的當前快照，以及第7頁和第8頁，向您展示了新組合簽證的膚色。

Let me move on and talk about page 9 which are our post-acquisition plans.

讓我繼續討論第 9 頁，這是我們的收購後計劃。

Before I get into the details here, just want to make a comment about our ability to execute.

在我在這裡詳細介紹之前，只想對我們的執行能力發表評論。

We've done this transition before, as I pointed out, when we created Visa Inc.

正如我在創建 Visa Inc 時指出的那樣，我們之前已經完成了這種過渡。

and have a great deal of experience not just knowledge of what's required.

並且擁有豐富的經驗，而不僅僅是對所需內容的了解。

In addition, as I've already said, we also have people on both sides who worked together for a long time and we'll benefit from those strong relationships.

此外，正如我已經說過的，我們雙方都有長期合作的人，我們將從這些牢固的關係中受益。

Since his arrival, Nicola has made significant changes to VE which has resulted in an even closer working relationship between our two Companies.

自上任以來，Nicola 對 VE 做出了重大改變，從而使我們兩家公司之間的工作關係更加密切。

He's also made changes to the business which are consistent with the way we would run the Company going forward.

他還對業務進行了更改，這與我們未來經營公司的方式一致。

He and I spent some time thinking about the integration process and our timeline and approach will put clients first.

他和我花了一些時間思考整合過程，我們的時間表和方法將客戶放在首位。

In short, we know how to do this and we'll pace it properly.

簡而言之，我們知道如何做到這一點，我們會適當地調整它的節奏。

Turning to our integration plans, I want to first recognize the shift in focus that occurs as we transition from a member-owned association to a commercial entity.

談到我們的整合計劃，我想首先認識到當我們從會員擁有的協會轉變為商業實體時所發生的焦點轉移。

The nature of our relationships with clients will evolve and we will be working hard to continue to earn their business.

我們與客戶關係的性質將不斷發展，我們將努力工作以繼續贏得他們的業務。

We think we've got a fantastic platform from which to do that with innovative and differentiated products and services in addition to our world-class brand.

我們認為，除了我們的世界級品牌外，我們還擁有一個出色的平台，可以通過創新和差異化的產品和服務來實現這一目標。

We also plan to maintain a strong European presence, just as we do in our other regions.

我們還計劃保持強大的歐洲影響力，就像我們在其他地區所做的那樣。

We expect to have a local empowered leadership team in Europe led by Nicola, with the European headquarters here in London.

我們希望在歐洲擁有一支由 Nicola 領導的本地授權領導團隊，歐洲總部設在倫敦。

In addition we'll invest in the country resources needed to serve clients effectively.

此外，我們將投資於有效服務客戶所需的國家資源。

We intend to maintain a data center in Europe and will obviously continue to comply with European data privacy regulations.

我們打算在歐洲維持一個數據中心，並且顯然會繼續遵守歐洲數據隱私法規。

Finally, Visa Europe comprises 38 countries and we will ensure that we have country-specific strategies that are responsive to the evolving competitive and regulatory landscape.

最後，Visa Europe 由 38 個國家組成，我們將確保我們擁有針對不斷變化的競爭和監管環境的國家特定戰略。

One of the strategic benefits of the transaction is that we will be able to deliver enhanced digital and mobile capabilities in Europe, so this will be an important focus post close.

該交易的戰略優勢之一是我們將能夠在歐洲提供增強的數字和移動能力，因此這將是交易完成後的一個重要焦點。

Our plan is to provide access to our digital-solutions road map and partners.

我們的計劃是提供對我們的數字解決方案路線圖和合作夥伴的訪問權限。

VE had already announced plans to roll out Visa Checkout and we're already working with them on that in the context of our existing partnership.

VE 已經宣布了推出 Visa Checkout 的計劃，我們已經在我們現有的合作夥伴關係範圍內與他們合作。

We can extend to Europe all we're doing to open our technology platform which will enable collaboration and co-development of innovative payments experience.

我們可以將我們所做的一切延伸到歐洲，以開放我們的技術平台，從而實現創新支付體驗的協作和共同開發。

By combining the two Companies we do expect to get benefits of scale and efficiency, providing access to our infrastructure, products and corporate services to VE.

通過合併這兩家公司，我們確實希望獲得規模和效率的好處，為 VE 提供對我們基礎設施、產品和企業服務的訪問。

We will fully integrate the VI and VE systems which we expect to take three to four years as we work carefully with our clients to do this properly.

我們將全面整合 VI 和 VE 系統，我們預計這需要三到四年的時間，因為我們會與客戶仔細合作，以正確地做到這一點。

On the pricing side, we believe there is an opportunity to expand yields in Europe as we align the economic model with the value we bring and generally evaluate pricing from the perspective of a commercial enterprise rather than a member-owned association.

在定價方面，我們認為有機會擴大歐洲的收益率，因為我們將經濟模型與我們帶來的價值保持一致，並且通常從商業企業而不是會員擁有的協會的角度評估定價。

However, we will be careful to remain competitively priced for our clients.

但是，我們將謹慎地為我們的客戶保持具有競爭力的價格。

It's obviously a very competitive environment, and please remember that it wouldn't be intelligent for us to telegraph our specific plans.

這顯然是一個競爭非常激烈的環境，請記住，我們不明智地傳達我們的具體計劃。

So, we're not going to talk any more about the specifics about pricing and yields.

因此，我們將不再討論有關定價和收益率的細節。

And with that, I'll hand it over to Vasant to go through some additional details about the transaction.

有了這個，我將把它交給 Vasant，以了解有關交易的一些額外細節。

Thank you, Charlie.

謝謝你，查理。

On slide 10 we outline the financial impact of the acquisition on Visa.

在幻燈片 10 中，我們概述了此次收購對 Visa 的財務影響。

Assuming the transaction closes on April 1 next year, 2016 will be a stub year with two quarters of Visa Europe in our numbers.

假設交易於明年 4 月 1 日完成，2016 年將是一個殘存的一年，我們的數字中有四分之二的 Visa 歐洲。

We expect low single-digit percentage point EPS dilution in FY16 before one-time integration costs.

我們預計 2016 財年每股收益稀釋度將低於一次性整合成本之前的個位數百分點。

There are three reasons for this.

這有三個原因。

First, we will be issuing preferred shares, which at the time of issue will, on an as-converted basis, amount to approximately 80 million shares of our Class A shares, or 3.3% of shares outstanding.

首先，我們將發行優先股，在發行時，按照轉換後的基礎，我們的 A 類股約為 8,000 萬股，佔已發行股份的 3.3%。

This creates almost $0.025 of EPS dilution each quarter until we buy back an equivalent amount of Class A shares.

在我們回購等量的 A 類股票之前，這會造成每季度近 0.025 美元的每股收益稀釋。

We will be stepping up our stock purchases over and above our normal course buybacks to offset this dilutive impact.

我們將在正常課程回購的基礎上加大股票購買力度，以抵消這種稀釋影響。

Our plan is to do this through open-market purchases over six quarters post closing.

我們的計劃是在收盤後六個季度通過公開市場購買來做到這一點。

In other words, we expect to have bought back an amount of our Class A shares equal to the preferred shares issued on an as-converted basis in addition to our normal buybacks by the end of 2017.

換言之，除了我們在 2017 年底之前的正常回購之外，我們預計將回購相當於按轉換後發行的優先股的數量的 A 類股票。

As you may expect, the dilutive impact of the shares issued to Visa Europe members will be greatest in the second half of 2016 and taper off through 2017.

如您所料，發行給 Visa Europe 會員的股票的攤薄影響將在 2016 年下半年最大，並在 2017 年逐漸減弱。

Second, we expect to issue $15 billion to $16 billion of debt with maturities from 2 to 30 years.

其次，我們預計將發行 150 億至 160 億美元的債務，期限為 2 至 30 年。

We're putting in place a long-term capital structure.

我們正在建立一個長期的資本結構。

The weighted-average cost of this debt could be around 3% to 3.5%, depending on market conditions.

根據市場情況，該債務的加權平均成本可能在 3% 至 3.5% 左右。

We are working with Visa Europe to prepare the required financial information which will include unaudited pro forma financial statements reflecting the combined entity under US GAAP for FY15.

我們正在與 Visa Europe 合作準備所需的財務信息，其中將包括根據美國公認會計原則反映合併後實體的 2015 財年未經審計的備考財務報表。

Market conditions permitting, we could be in the market in early December.

如果市場條件允許，我們可以在 12 月初上市。

Interest on the debt is expected to cost us $0.03 per share per quarter.

債務利息預計每季度每股成本為 0.03 美元。

This is $0.03 of dilution in the second quarter of FY16, if we have the debt in place three months before we close.

如果我們在關閉前三個月還清債務，這將在 2016 財年第二季度稀釋 0.03 美元。

Third, we're not assuming significant benefits from revenue and cost actions in the second half of 2016.

第三，我們沒有假設 2016 年下半年的收入和成本行動會帶來顯著收益。

We will have some benefits but they will not be material enough to offset the dilution from the stock and debt issued until 2017 and beyond.

我們將獲得一些好處，但它們不足以抵消直到 2017 年及以後發行的股票和債務的稀釋。

As we get to closing, we will refine our estimates and be able to giving you a better sense of the impact on 2016 EPS.

隨著交易接近尾聲，我們將完善我們的估計，讓您更好地了解對 2016 年每股收益的影響。

In FY17 both revenue and cost benefits accruing from the acquisition will start to kick in.

2017 財年，收購帶來的收入和成本收益都將開始發揮作用。

And the dilutive impact of the share issuance will fade away.

股票發行的攤薄影響將逐漸消失。

It is our current projection that Visa Europe will be accretive in FY17, our first full year as a combined entity.

我們目前的預測是，Visa Europe 將在 2017 財年實現增長，這是我們作為合併實體的第一個全年。

2017 accretion is expected to be in the low single-digit percentage points range before integration costs.

在整合成本之前，預計 2017 年的增長將處於低個位數的百分點範圍內。

We will provide non-GAAP numbers that adjust for one-time costs associated with the restructuring of Visa Europe as we integrate it into VISA.

當我們將 Visa Europe 整合到 VISA 中時，我們將提供非 GAAP 數據，這些數據會根據與 Visa Europe 重組相關的一次性成本進行調整。

We are working on purchase accounting and its associated impact on our financial statements.

我們正在研究採購會計及其對我們財務報表的相關影響。

It is our current expectation that the bulk of the purchase price will be allocated to indefinite-lived intangible assets which will not be amortized.

我們目前的預期是，大部分購買價格將分配給不會攤銷的無限期無形資產。

Other than adjusting for one-time integration costs we do not plan at this point to move to cash EPS reporting.

除了調整一次性整合成本外，我們目前不打算轉向現金每股收益報告。

Once again, we will provide more clarity as we get to closing.

再一次，我們將在結束時提供更多的清晰度。

We expect the full integration to take until the end of 2020.

我們預計全面整合將持續到 2020 年底。

As Charlie indicated, net revenue yields are expected to expand as we move to market-based pricing over time, depending on client competitive and regulatory factors.

正如查理指出的那樣，隨著我們逐漸轉向基於市場的定價，淨收入收益率預計會擴大，具體取決於客戶的競爭和監管因素。

On the cost front, the majority of the savings are derived from the technology integration which requires the most time.

在成本方面，大部分節省來自需要最多時間的技術集成。

As such, technology-driven savings will be largely realized after 2017.

因此，技術驅動的節約將在 2017 年之後基本實現。

We will have savings from organizational integration in 2017 and 2018 but we will also be making immediate investments in deploying our additional initiatives and enhancing our client-service model.

我們將在 2017 年和 2018 年從組織整合中節省開支，但我們也將立即投資部署我們的其他舉措和增強我們的客戶服務模式。

We expect all the revenue and cost synergies from the Visa Europe transformation to be realized by 2020.

我們預計 Visa Europe 轉型帶來的所有收入和成本協同效應將在 2020 年實現。

In 2020, we would expect high single-digit percentage point EPS accretion and Visa Europe operating margins to be comparable to Visa Inc.

到 2020 年，我們預計高個位數的每股收益增長和 Visa Europe 的營業利潤率將與 Visa Inc. 相媲美。

margins.

邊距。

In total, we're targeting $200 million in cost savings, or roughly 30% reduction from the current run rate.

總體而言，我們的目標是節省 2 億美元的成本，或比目前的運行速度降低大約 30%。

When we look at the current run rate we exclude the royalty that Visa Europe is currently paying us.

當我們查看當前的運行率時，我們不包括 Visa Europe 目前支付給我們的版稅。

This is included in their reported expenses but, as you know, it is not a cost reduction for the combined entity.

這包含在他們報告的費用中，但如您所知，這並不是合併後實體的成本降低。

We also exclude non-cash depreciation, amortization expenses.

我們還排除了非現金折舊、攤銷費用。

While we reduce costs where we can leverage Visa scale we will also be adding costs as we invest to bring our digital capabilities to our European clients, as well as to enhance the service we offer them at the local-market level.

雖然我們降低了可以利用 Visa 規模的成本，但我們也將增加成本，因為我們投資將我們的數字能力帶給我們的歐洲客戶，並加強我們在當地市場層面為他們提供的服務。

As Charlie indicated, we will continue to operate with London as our regional hub, much as we do today in Singapore, Dubai and Miami for our other international regions.

正如查理所說，我們將繼續以倫敦作為我們的區域樞紐，就像我們今天在新加坡、迪拜和邁阿密為我們其他國際區域所做的那樣。

We will also retain a data center in the EU.

我們還將在歐盟保留一個數據中心。

To fully integrate Visa Europe we will incur $450 million to $500 million in one-time costs over thee to four years.

為全面整合 Visa Europe，我們將在 4 年內一次性產生 4.5 億至 5 億美元的成本。

The bulk of these integration costs will be incurred to compete the technology transition.

這些集成成本的大部分將用於競爭技術轉型。

As I mentioned before, we will specifically identify these costs each quarter and update future estimates as needed until the integration is complete.

正如我之前提到的，我們將在每個季度專門確定這些成本，並根據需要更新未來的估計，直到整合完成。

We will have some one-time cash and non-cash charges coincident with the closing of the transaction.

我們將在交易結束時收取一些一次性現金和非現金費用。

Cash closing costs are estimated at approximately $150 million, which includes stamp duties payable in the UK plus the usual contingent fees paid to bankers, lawyers, et cetera.

現金結算成本估計約為 1.5 億美元，其中包括在英國支付的印花稅以及支付給銀行家、律師等的通常或有費用。

Since the put will cease to exist at closing, we expect to reverse the put liability currently on our books, a one-time, non-cash gain of $255 million.

由於看跌期權將在收盤時不復存在，我們預計將扭轉目前賬面上的看跌期權負債，即一次性非現金收益 2.55 億美元。

Also, under US GAAP, the royalty fee currently paid by Visa Europe is deemed to be below market.

此外，根據美國公認會計原則，Visa Europe 目前支付的特許權使用費被視為低於市場。

At closing, we have to establish the value we are realizing for implicitly paying Visa Europe to end this arrangement.

在交易結束時，我們必須確定隱含支付 Visa Europe 以結束這一安排的價值。

As a result, we expect to record a $1.5 billion to $2 billion non-cash write-off of the purchase price to reflect the settlement of the existing franchise agreement.

因此，我們預計將記錄 15 億至 20 億美元的非現金購買價格沖銷，以反映現有特許經營協議的結算。

Once again, we will have more precise estimates as we get to closing.

再次，當我們接近關閉時，我們將有更精確的估計。

Visa Europe operates as a US taxpayer with a 35% tax rate.

Visa Europe 作為美國納稅人運營，稅率為 35%。

As you know, Visa's effective tax rate is currently below this.

如您所知，Visa 的有效稅率目前低於此。

As such, our blended-tax rate will increase modestly post acquisition.

因此，我們的混合稅率將在收購後適度增加。

As always, we will work on tax planning initiatives to reduce our tax rate over time.

與往常一樣，我們將致力於稅收籌劃舉措，以隨著時間的推移降低我們的稅率。

Moving to slide 11, as we've said for many years we will put in place a long-term capital structure coincident with this acquisition.

轉到幻燈片 11，正如我們多年來所說的那樣，我們將建立一個與此次收購相吻合的長期資本結構。

We intend to issue $15 billion to $16 billion in debt with maturities ranging from 2 to 30 years.

我們打算發行 150 億至 160 億美元的債務，期限為 2 至 30 年。

The size of each tranche will be adjusted based on market conditions.

每批的規模將根據市場情況進行調整。

Our plan is to issue in the US market in US dollars the best execution.

我們的計劃是在美國市場以美元發行最佳執行。

Our gross debt-to-EBITDA ratio could rise to 1.5 times immediately post the acquisition.

收購後，我們的總債務與 EBITDA 比率可能會立即上升至 1.5 倍。

It is our plan to manage our long-term gross debt-to-EBITDA ratio in the 1.1 to 1.5 range.

我們計劃將我們的長期總債務與 EBITDA 比率控制在 1.1 至 1.5 的範圍內。

Based on our conversations with the rating agencies, we expect to maintain our current A-plus, A1 ratings at these leverage levels.

根據我們與評級機構的對話，我們希望將當前的 A+、A1 評級維持在這些槓桿水平。

Of course, our net debt-to-EBITDA ratios will be significantly lower at all times given the cash we hold for settlement as well as any offshore cash.

當然，考慮到我們持有用於結算的現金以及任何離岸現金，我們的淨債務與 EBITDA 的比率在任何時候都將顯著降低。

We could have used offshore cash to fund part of this transaction but have chosen not to do it at this time.

我們本可以使用離岸現金為部分交易提供資金，但此時選擇不這樣做。

Post closing we expect to put in place alternative structures that will allow us to achieve the same goal in the more logical and tax-efficient manner.

交易結束後，我們希望建立替代結構，使我們能夠以更合乎邏輯和節稅的方式實現相同的目標。

As I indicated earlier, we will use proceeds from the debt offering to fund the upfront cash payment to Visa Europe members, as well as to increase stock buybacks through 2017 to offset the preferred stock issued.

正如我之前所指出的，我們將使用發行債券的收益為 Visa 歐洲會員的預付現金提供資金，並在 2017 年之前增加股票回購以抵消已發行的優先股。

The capital structure we will have in place will not only be more efficient but will also not restrict our future flexibility to invest in growing our business organically, to fund appropriate M&A, and to maintain our philosophy of returning excess cash to shareholders through dividends and buybacks.

我們將擁有的資本結構不僅會更有效率，而且不會限制我們未來的靈活性，以投資於有機增長我們的業務，為適當的併購提供資金，並保持我們通過股息和回購將多餘現金返還給股東的理念.

Slide 12 provides a summary of sources and uses of cash.

幻燈片 12 總結了現金的來源和用途。

It's important to note that we expect to have approximately EUR2 billion or $2.3 billion of cash on the Visa Europe balance sheet which will transfer over to us at closing.

值得注意的是，我們預計 Visa 歐洲資產負債表上將有大約 20 億歐元或 23 億美元的現金，這些現金將在交易結束時轉移給我們。

This cash is freely available for settlement or general corporate purposes, as needed.

這筆現金可根據需要免費用於結算或一般公司用途。

As I mentioned earlier, post closing we will work on restructuring some of the new entities to put in place mechanisms that will allow us to use excess cash we have offshore more efficiently.

正如我之前提到的，關閉後，我們將努力重組一些新實體，以建立機制，使我們能夠更有效地使用我們在海外擁有的多餘現金。

In terms of the upfront cash consideration, which is to be paid in euros, we plan to hedge a portion of our euro exposure between now and the close of this transaction.

就將以歐元支付的前期現金對價而言，我們計劃從現在到本次交易結束之間對沖部分歐元風險敞口。

Moving to slide 13, Visa Europe members can realize a total value of up to EUR21.2 billion at the end of four years.

轉到幻燈片 13，Visa Europe 成員在四年結束時可以實現高達 212 億歐元的總價值。

Almost half this value is in the form of the earn-out and preferred shares.

幾乎一半的價值是盈利和優先股的形式。

The earn-out provides additional upside potential to both parties if agreed net-revenue targets are met cumulatively over 16 quarters post closing.

如果在交易結束後的 16 個季度內累計實現商定的淨收入目標，則收益為雙方提供額外的上行潛力。

Preferred shares give Visa Europe members a continuing stake in Visa and the opportunity to benefit from the value we can create in Europe and globally.

優先股讓 Visa 歐洲成員可以繼續持有 Visa 的股份，並有機會從我們在歐洲和全球創造的價值中受益。

The preferred shares also provide a funding source for legal fees and litigation settlements if we have them in the future.

如果我們將來有優先股，優先股還為法律費用和訴訟和解提供資金來源。

As we do in the case of the Class B shares, we will adjust conversion ratios to account for any payments made.

正如我們對 B 類股票所做的那樣，我們將調整轉換比率以反映任何已支付的款項。

There will be two series of preferred stock issued.

將發行兩個系列的優先股。

One to UK and Ireland members, and the second to all other members of Visa Europe who are eligible to receive preferred stock.

一個給英國和愛爾蘭成員，第二個給所有其他有資格獲得優先股的 Visa Europe 成員。

We will have an additional layer of coverage in the UK under a loss-sharing agreement with 11 of the largest UK members to directly fund settlements for domestic claims after certain levels of losses are paid from the UK and Ireland preferred stock.

根據與 11 個最大的英國成員簽訂的損失分擔協議，我們將在英國增加一層承保範圍，在從英國和愛爾蘭的優先股支付一定程度的損失後，直接為國內索賠的和解提供資金。

They will not be any additional indemnities in the UK for domestic claims.

在英國，它們不會成為國內索賠的任何額外賠償。

Outside the UK, the second layer of coverage will come from existing indemnities, which will remain in place.

在英國以外，第二層保險將來自現有的賠償，該賠償將保持不變。

This mechanism is designed to fund legal expenses and settlements, if any, related to interchange in the Visa Europe territory.

該機制旨在為與 Visa Europe 領土內的交換相關的法律費用和和解（如果有）提供資金。

Specifically, potential losses based on domestic and EU rates, up to the value of the preferred shares, are covered 100% by this mechanism, as are 70% of potential losses based on inter-regional rates.

具體而言，該機制 100% 覆蓋基於國內和歐盟利率的潛在損失（最高為優先股價值），以及基於區域間利率的 70% 的潛在損失。

In the UK, as necessary, Visa Inc.

在英國，必要時，Visa Inc.

can rely on additional protection under the LSA for 91% of claims related to domestic interchange.

91% 的與國內交換相關的索賠可以依靠 LSA 的額外保護。

Slide 14 describes how we expect to account for the earn-out and the preferred shares in our financial statements.

幻燈片 14 描述了我們預計如何在財務報表中說明盈利和優先股。

The earn-out will be accounted for as contingent consideration.

收益將作為或有對價入賬。

The fair value of the obligation will be recorded as a liability on our balance sheet at closing based on a probability weighted estimate of the payout.

該義務的公允價值將在收盤時根據支出的概率加權估計在我們的資產負債表上記錄為負債。

Each quarter, we will mark this liability to market based on the revised view of the probability and size of the payout.

每個季度，我們將根據對支付概率和規模的修訂視圖將該負債標記為市場。

This quarterly adjustment will be recorded as non-operating expense or income over the 16 quarter earn-out period post closing.

該季度調整將記錄為關閉後 16 個季度盈利期的營業外費用或收入。

As a reminder, all these amounts will be non-cash until the fourth anniversary post closing.

提醒一下，在交易結束後四周年之前，所有這些金額都將是非現金的。

At this point a cash payment will be made to Visa Europe members up to a maximum of EUR4 billion plus up to an additional EUR700 million of interest depending upon the cumulative net revenue performance of the business over the earn-out period.

此時將向 Visa 歐洲成員支付最高 40 億歐元的現金，外加最高 7 億歐元的額外利息，具體取決於業務在盈利期內的累計淨收入表現。

The preferred shares will be recorded as equity at close based on the value of Class A share equivalents at EUR5 billion, with a small discount to reflect the restrictions around transferability of the shares.

優先股將在收盤時根據 A 類股票等值 50 億歐元的價值記錄為權益，並有小幅折扣以反映有關股票可轉讓性的限制。

If covered litigation payments are made or legal expenses are incurred, the conversion ratio of the preferred shares is reduced with an offset to litigation or professional fee expenses.

如果支付了涵蓋的訴訟費用或產生了法律費用，則優先股的轉換率會降低，以抵消訴訟或專業費用費用。

In addition, we expect to record the two non-cash charges I mentioned earlier.

此外，我們希望記錄我之前提到的兩項非現金費用。

With that, I'll turn this back to Charlie.

有了這個，我會把它轉回給查理。

Thank you, Vasant.

謝謝你，瓦桑特。

In summary, we are delighted to be reuniting the Visa family.

總之，我們很高興能與 Visa 大家庭團聚。

We believe that we've structured this in a way that creates value for both Visa Europe members, our shareholders, and our clients globally.

我們相信，我們以一種為 Visa Europe 成員、我們的股東和我們的全球客戶創造價值的方式構建了這一點。

Before I turn it over to Jack, first I want to thank both the Visa Europe team and the Visa Europe Board.

在我把它交給 Jack 之前，首先我要感謝 Visa Europe 團隊和 Visa Europe Board。

To the Visa Europe team, congratulations on the great Company you built.

Visa Europe 團隊，祝賀你們建立了偉大的公司。

Thank you for all that we've done together to this point.

感謝您到目前為止我們所做的一切。

And we look forward to being your partner as one combined Company.

作為一家合併的公司，我們期待成為您的合作夥伴。

And to the Visa Europe Board, thank you for the energy, patience, detailed work and the way in which you focused in a balanced way on delivering both short- and long-term value to your members.

對於 Visa 歐洲委員會，感謝您的精力、耐心、細緻的工作以及您以平衡的方式專注於為您的會員提供短期和長期價值的方式。

We'll work hard and I'm confident this combination will deliver both short- and long-term benefits to your members.

我們會努力工作，我相信這種組合將為您的會員帶來短期和長期利益。

With that, Jack, we'll turn it back to you.

有了這個，傑克，我們會把它還給你。

Thanks, Charlie.

謝謝，查理。

Dexter, at this time we're ready to start the Q&A session.

德克斯特，此時我們已準備好開始問答環節。

And I would like to just ask all of the folks listening today to limit yourself to a single question so as to provide more folks the opportunity to get on the call.

我想請今天所有在聽的人將自己限制在一個問題上，以便為更多人提供接聽電話的機會。

Dexter?

德克斯特？

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Moshe Orenbuch of Credit Suisse.

我們的第一個問題來自瑞士信貸的 Moshe Orenbuch。

Charlie, I heard you loud and clear that you don't want to talk about pricing.

查理，我清楚地聽到你不想談論定價。

But one of the concerns that's been expressed is that banks, once the check clears, want to leave.

但人們表達的擔憂之一是，一旦支票結清，銀行就想離開。

Obviously you've got the earn-out payment and the preferred.

顯然，您已經獲得了收益和首選。

Could you talk about how you thought about that structure in terms of the long-term partnership with the current banks that make up Visa Europe?

您能否談談您如何看待與目前組成 Visa Europe 的銀行的長期合作關係？

Sure.

當然。

Let me start and Vasant can obviously chime in.

讓我開始吧，Vasant 顯然可以加入。

Listen, I think as both Vasant and I each talked about, we think the structure very much aligns the interests of us doing what makes sense for Visa Inc., as well as doing the right thing on behalf of the former members.

聽著，我認為正如 Vasant 和我各自談到的那樣，我們認為該結構非常符合我們的利益，即為 Visa Inc. 做有意義的事情，以及代表前成員做正確的事情。

And as I you said, we live in a competitive world.

正如我所說，我們生活在一個競爭激烈的世界。

We understand what goes on.

我們了解發生了什麼。

But at the same time, we are going to have to transition from a member-owned structure to one which is different than that.

但與此同時，我們將不得不從會員所有的結構轉變為與此不同的結構。

Again, all I can say is that we're very, very conscious of both sides of the dynamics, which is there's opportunity for us as a combined company.

同樣，我只能說，我們非常非常了解動態的雙方，這對我們作為一家合併後的公司來說是有機會的。

But we also have to do it very intelligently and very carefully in a way that our clients understand and at this point probably expect, given all of the conversations directly that we've had with the Board.

但是，考慮到我們與董事會直接進行的所有對話，我們還必須以我們的客戶理解並且在這一點上可能期望的方式非常聰明和非常謹慎地做到這一點。

Okay.

好的。

Our next question comes from the line of David Togut of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Your line is open.

你的線路是開放的。

Thank you and congratulations.

謝謝和祝賀。

Can you give us a sense of how the $200 million in cost saving will layer in approximately between FY17 and FY20?

您能否告訴我們這 2 億美元的成本節約將如何在 2017 財年和 2020 財年之間疊加？

Sure.

當然。

As I said in the comments, in 2017 mostly we will look at the global platform that Visa Inc.

正如我在評論中所說，2017 年我們主要關注 Visa Inc. 的全球平台。

has and seek to integrate from an organizational standpoint Visa Europe into Visa Inc.

從組織的角度來看，已經並尋求將 Visa Europe 整合到 Visa Inc. 中。

There will be some adjustments in 2017.

2017年會有一些調整。

But then the bulk of the savings, as I mentioned, really come from harmonizing the two technology platforms.

但是，正如我所提到的，大部分節省實際上來自於協調兩個技術平台。

And what we will be doing in 2017 will be working on harmonizing the platforms, and then, as Charlie said, very carefully transitioning over to our new platform.

我們將在 2017 年做的將是協調平台，然後，正如查理所說，非常小心地過渡到我們的新平台。

We will run both platforms for a period of time which is where some of these integration costs come in.

我們將在一段時間內運行這兩個平台，這是其中一些集成成本的來源。

Technology-related savings will kick in mostly in 2018 and beyond, with the bulk of them in place by the end of 2019 and into early 2020.

與技術相關的節省將主要在 2018 年及以後開始，其中大部分將在 2019 年底和 2020 年初到位。

The savings pick up over time, and that is factored into the outlook we've given you.

隨著時間的推移，節省的費用會增加，這已納入我們為您提供的前景中。

We will have accretion next year.

明年我們會有吸積。

When I say next year I mean in FY17.

當我說明年時，我指的是 FY17。

And then we expect that we will be in the high single digit accretion range by the time we're done with all the integration.

然後我們預計，當我們完成所有整合時，我們將處於高個位數的增長范圍內。

Let me just add to that, just a little bit of color around the reason why the conversion takes the amount of time that it takes.

讓我補充一下，只是圍繞轉換需要花費時間的原因進行一點顏色。

What we're not doing is just taking the existing platform we have and asking all of Visa Europe's clients to convert to that.

我們沒有做的只是利用我們現有的平台並要求 Visa Europe 的所有客戶轉換為該平台。

The work that we have to do is to go through very carefully and understand what needs to get billed out in the Visa Inc.

我們必須做的工作是非常仔細地完成並了解需要在 Visa Inc. 中支付的費用。

systems to accommodate everything which is very specific for the European clientele.

系統來適應歐洲客戶非常具體的一切。

We then need to go build and then we need to have a conversion plan in place that works on behalf of clients.

然後我們需要進行構建，然後我們需要製定一個代表客戶工作的轉換計劃。

The other thing I would just also mention in case it wasn't entirely clear, we will almost immediately post the closing make investments to bring our digital capabilities to our European clients, like Visa Checkout, as well as make investments to provide a level of service at a local level and enhance what we have today.

另一件事我還要提一下，以防萬一不完全清楚，我們將幾乎立即發布完成投資，以將我們的數字能力帶給我們的歐洲客戶，例如 Visa Checkout，並進行投資以提供一定程度的在地方一級提供服務，並增強我們今天所擁有的。

So there will be investments happening fairly quickly in the process, too.

所以在這個過程中也會有相當快的投資發生。

Our next question comes from the line of Sanjay Sakhrani of KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

Vasant, I heard you say, I think, that Visa Europe and Visa Inc.

Vasant，我聽到你說，我想，Visa Europe 和 Visa Inc.

margins you're assuming will be equal at some point in time.

您假設的利潤在某個時間點將相等。

Could you just talk about whether or not there might be some deviation in that?

你能談談這是否可能有一些偏差嗎？

I just figure you might be able to extract more synergies from Visa Europe on a combined platform.

我只是認為您可以在一個組合平台上從 Visa Europe 中提取更多協同效應。

Thanks.

謝謝。

I think what you've got is our best sense of things at this point in time.

我認為你所擁有的是我們目前對事物的最佳感覺。

Obviously as one gets into this and we go into years two and three we'll learn more about all the possibilities in terms of both what we can do on the cost side, what we can do on the revenue side, and so on.

顯然，隨著我們進入第二年和第三年，我們將更多地了解所有可能性，包括我們可以在成本方面做什麼，我們可以在收入方面做什麼，等等。

I think this is at this point the best point of view we can offer you.

我認為這是目前我們可以為您提供的最佳觀點。

When you adjust for the royalty that Visa Europe is paying us, when you look at the cost savings we can generate, it gives you a sense of where margins can get to from where they are.

當您調整 Visa Europe 支付給我們的特許權使用費時，當您查看我們可以節省的成本時，它會讓您了解利潤可以從哪裡到達哪裡。

So, we feel good that by the time we're done with the integration Visa Europe margins should be in the Visa Inc.

所以，我們感覺很好，當我們完成整合時，Visa Europe 的利潤應該在 Visa Inc. 中。

range.

範圍。

Our next question comes from the line of Don Fandetti of Citigroup.

我們的下一個問題來自花旗集團的 Don Fandetti。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

Shift gears to the core business.

轉向核心業務。

Charlie, the cross border business obviously is probably one of the highest margin areas of the Company.

查理，跨境業務顯然可能是公司利潤率最高的領域之一。

It continues to be light even after the quarter.

即使在本季度之後，它仍然很輕。

Do you think we've troughed here or is your sense that you could tick a little bit lower?

您認為我們已經跌至此低谷，還是您覺得您可以再低一點？

The easy answer is we really don't know.

簡單的答案是我們真的不知道。

There's been continuing weakness and the early part of this quarter is slightly below where we were running.

持續疲軟，本季度初略低於我們的運行水平。

But that's a call on, as Vasant talked about in his remarks, the strengthening, the weakening of the dollar and broader economic impact.

但正如瓦桑特在講話中所說，這是對美元走強、走弱和更廣泛的經濟影響的呼籲。

I do want to say relative to cross-border, when you think about what we have to offer and what our competitors have to offer, cross-border payments is hugely value added.

我確實想說，相對於跨境支付，當您考慮我們必須提供什麼以及我們的競爭對手必須提供什麼時，跨境支付具有巨大的附加值。

It's something that will experience the kind of volatility that we've seen, given the impact of the dollar on people's ability to spend, but it doesn't change the long-term value that we provide in cross-border.

鑑於美元對人們消費能力的影響，這將經歷我們所看到的那種波動，但這不會改變我們在跨境提供的長期價值。

And we believe that ultimately translates to volume as these things evolve over time and also as we start to lap decreases that we've seen.

我們相信，隨著這些事情隨著時間的推移而演變，並且隨著我們開始減少我們已經看到的單圈，這最終會轉化為交易量。

Our next question comes from the line of James Schneider of Goldman Sachs.

我們的下一個問題來自高盛的詹姆斯施耐德。

Your line is open.

你的線路是開放的。

Good morning.

早上好。

Thanks for taking my question.

感謝您提出我的問題。

Charlie or Nicola, could you maybe comment specifically on whether the agreement includes any terms whereby the owners of Visa Europe re-up for a certain length of time and agree to remain at a certain issuance volume level or card level with Visa Inc?

Charlie 或 Nicola，您能否具體評論一下該協議是否包括任何條款，讓 Visa Europe 的所有者在一定時間內重新啟動並同意與 Visa Inc 保持一定的發行量水平或卡水平？

There are agreements in place in Visa Europe that stay intact and we work commercially beyond that.

Visa Europe 中的協議保持不變，我們在此之外開展商業工作。

Beyond that, you can look at the structure yourself and see what that provides for.

除此之外，您可以自己查看結構，看看它提供了什麼。

Our next question comes from the line of Darrin Peller of Barclays.

我們的下一個問題來自巴克萊的 Darrin Peller。

Your line is open.

你的線路是開放的。

Thanks, guys.

多謝你們。

On the financing side you're bringing on roughly $15 billion to $16 billion unsecured debt versus I think about $12 billion up front needed.

在融資方面，您將帶來大約 150 億至 160 億美元的無擔保債務，而我認為需要大約 120 億美元。

Obviously you're using another $5 billion for preferred.

顯然，您正在使用另外 50 億美元作為首選。

I think you said, you've mentioned in the past, you've had about $5 billion plus foreign cash.

我想你說過，你過去提到過，你有大約 50 億美元外加外國現金。

And I know you mentioned you're not using it now.

我知道你提到你現在沒有使用它。

When you think about all the cash you have there plus $7 billion-plus of free cash flow annually, can you just comment on the increment buyback potential in additional to the $5 billion authorization you mentioned that we could potentially expect to see maybe even above and beyond the preferred?

當您考慮您擁有的所有現金以及每年超過 70 億美元的自由現金流時，您能否評論一下除了您提到的 50 億美元授權之外的增量回購潛力，我們可能期望看到甚至可能高於和超出首選？

As we said earlier, we will borrow more than the cash that is paid out to Visa Europe upfront.

正如我們之前所說，我們將藉入的資金超過預先支付給 Visa Europe 的現金。

We will use that additional cash to step up our pace of buybacks.

我們將使用額外的現金來加快我們的回購步伐。

Our goal is to buy back the equivalent Class A shares to offset the effect of the preferred shares issued over four to six quarters post the closing.

我們的目標是回購等量的 A 類股票，以抵消收盤後四到六個季度發行的優先股的影響。

So, by the end of 2017.

所以，到 2017 年底。

We will have more flexibility in the use of our offshore cash post the closing.

交易結束後，我們將更靈活地使用離岸現金。

We have a variety of plans that we expect to put in place, and as they fall into place we'll talk to you about it.

我們有各種各樣的計劃，我們希望將它們落實到位，當它們落實到位時，我們將與您討論。

The goal would be then to have not only have more freedom to move the offshore cash but also to move it efficiently and with minimal friction cost.

屆時，目標將是不僅有更多的自由來轉移離岸現金，而且還可以有效地轉移它並以最小的摩擦成本。

I should also make sure you remember that we do keep cash available as a backup for our daily settlement process.

我還應該確保您記住，我們確實保留了現金作為日常結算過程的備用。

Some of that offshore cash today is used for that purpose.

今天的一些離岸現金用於此目的。

So shouldn't assume that all that is excess cash.

所以不應該假設所有這些都是多餘的現金。

Our next question comes from the line of Jason Kupferberg of Jefferies.

我們的下一個問題來自 Jefferies 的 Jason Kupferberg。

Your line is now open.

您的線路現已開通。

Hey, guys, I wanted to get a sense of how much revenue synergy is assumed in the FY17 and the FY20 a accretion projections, and just directionally how much of that might be expected to come from improvement in the net revenue yield versus other general sources of top-line synergy likes cross selling.

嘿，伙計們，我想了解在 2017 財年和 2020 財年的增長預測中假設了多少收入協同效應，以及與其他一般來源相比，淨收入收益率的提高可能有多少是定向的頂線協同效應喜歡交叉銷售。

As Charlie said, we don't plan to talk much about specific pricing plans for obvious reasons.

正如查理所說，出於顯而易見的原因，我們不打算過多談論具體的定價計劃。

But as you work through some of what we told you, clearly when you move from an association model you would expect there to be improvement in net revenue yield.

但是，當您仔細研究我們告訴您的一些內容時，很明顯，當您從關聯模型轉移時，您會期望淨收入收益率會有所提高。

How much, how fast, exactly how, I think we've given ourselves the ability to do it in the way that makes the most sense competitively and otherwise.

多少，多快，究竟如何，我認為我們已經讓自己有能力以在競爭和其他方面最有意義的方式來做到這一點。

And there's not a whole lot more about this that we plan to talk about publicly, but you'll see as we go along how things evolve.

我們計劃公開談論的內容並不多，但隨著我們的進展，你會看到事情的發展。

Our next question comes from the line of George Mihalos of Cowen.

我們的下一個問題來自 Cowen 的 George Mihalos。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thanks for taking my question and congrats on the deal, guys.

感謝您提出我的問題，並祝賀這筆交易，伙計們。

I wanted to start off going back to the core business.

我想開始回到核心業務。

How do you guys think about improvements in the net revenue yield given some of the puts and takes around cross border, some large business coming up with Costco and the like, your thoughts about being able to drive that higher over the intermediate term?

考慮到一些跨境看跌期權、一些大型企業與 Costco 等類似的情況，你們如何看待淨收入收益率的提高，以及你對能夠在中期推動這一點更高的想法？

As you saw, we had some pricing last year.

如您所見，我們去年有一些定價。

We'll get the benefit of that pricing in the first half of FY16 also.

我們也將在 2016 財年上半年從該定價中受益。

Clearly the mix of the business, with growth we have happening outside the you US, which is a higher net revenue yield business, the mix of the business improving in terms of e-commerce and so on helps yields.

顯然，業務組合，我們在美國以外發生的增長，這是一個更高的淨收入收益率業務，在電子商務等方面改善業務組合等有助於收益率。

We'll always look for opportunities where we create value to price for that value.

我們將始終尋找創造價值的機會，為該價值定價。

And over the past three or four years you've seen some steady improvements in net revenue yield.

在過去的三四年裡，您已經看到淨收入收益率穩步提高。

So, as Charlie said, fundamentally we like what we see in our business.

所以，正如查理所說，從根本上說，我們喜歡我們在業務中看到的東西。

The underlying trends of the business remain as good as they've ever been.

業務的基本趨勢與以往一樣好。

We have some short-term what we consider to be transient drags on the business on a reported basis from some of the reasons I outlined.

根據我概述的一些原因，我們有一些短期的我們認為是對業務的短暫拖累。

And then we have, as you see happening from time to time in this business, we have some big new wins, some big new renewals happening that have some impact in the early years and early quarters of those renewals and wins.

然後，正如您在這項業務中不時看到的那樣，我們有一些新的重大勝利，一些重大的新續約正在發生，這些續約和勝利的早期和早期季度產生了一些影響。

And I would just add to that, first of all, I obviously agree completely with what Vasant said.

我想補充一點，首先，我顯然完全同意 Vasant 所說的話。

When we talk about the specifics, the way we're thinking about 2016, they are driven by some very discrete and very specific items that don't continue for the long term in this business, as opposed to what we do believe is the strong underlying growth that you'll see, especially as we get to the latter half of 2016 in the domestic business and then ultimately in the cross-border business.

當我們談論細節時，我們對 2016 年的思考方式，它們是由一些非常離散和非常具體的項目驅動的，這些項目在這個業務中不會長期持續，而不是我們認為的強項你會看到潛在的增長，特別是當我們進入 2016 年下半年的國內業務，然後最終在跨境業務中。

And that's really what positions the core business to continue growing.

這確實是核心業務繼續增長的原因。

But what I really do want to just -- it would be remiss if I didn't point out is, with commerce moving to digital platforms, as we're seeing, we have more ways to involve ourselves in that commerce than ever before.

但我真正想要的是——如果我不指出的話，那將是失職，正如我們所看到的，隨著商業轉向數字平台，我們有比以往更多的方式參與到商業中。

And as we stood here when this Company went public and we talked about what we were going to do to attack all of the cash that was still in society, the things that we're talking about now, especially as it relates to mobile, didn't exist to the extent they do today.

當這家公司上市時我們站在這裡，我們談論我們將採取什麼措施來攻擊仍然存在於社會中的所有現金，我們現在談論的事情，尤其是與移動有關的事情，並沒有不存在他們今天的程度。

So, as we think about our ability to tackle and take advantage of disintermediating that cash and continue to provide value-added services along side that, that's not in how we're thinking about 2016 or probably 2017.

因此，當我們考慮我們處理和利用去中介化現金並繼續提供增值服務的能力時，這並不是我們對 2016 年或可能是 2017 年的看法。

But that's what we come to work every day to try and drive and why we feel so good about the long-term growth that still exists in the business.

但這就是我們每天來工作嘗試和推動的原因，也是為什麼我們對業務中仍然存在的長期增長感覺如此良好的原因。

Thank you very much.

非常感謝。

Our next question comes from the line of Craig Maurer of Autonomous.

我們的下一個問題來自 Autonomous 的 Craig Maurer。

Your line is now open.

您的線路現已開通。

Hi.

你好。

Thanks.

謝謝。

Considering the strong appearance of under investment in the Visa Europe platform since the recession, I was hoping for an honest assessment of where you see their capability now versus Visa globally.

考慮到自經濟衰退以來對 Visa Europe 平台投資不足的強烈表現，我希望能夠誠實地評估他們現在與全球 Visa 相比的能力。

And also if you can discuss the intense regulatory scrutiny that this deal's likely to come under, all things considered.

此外，如果您可以討論這筆交易可能會受到的嚴格監管審查，所有事情都考慮在內。

Thanks.

謝謝。

Let me take a shot at the first one and then Vasant you can chime in on the second.

讓我對第一個進行拍攝，然後 Vasant 你可以在第二個中加入。

On the first one, I personally think it's like a gross overstatement to talk about whatever words, Craig, you used to describe Visa Europe's investment since the recession.

在第一個問題上，我個人認為，無論你用什麼詞來形容自經濟衰退以來 Visa Europe 的投資，我都認為這是一種嚴重的誇大其詞。

My view -- again, I've only been here three years and I'll tell you in the three years that I've been here, it was a year into that or so that Nicola joined, we have been working extremely closely together on leveraging our platform at Visa Inc.

我的觀點——再說一次，我才來這里三年，我會告訴你，在我來這裡的三年裡，Nicola 加入已經有一年左右的時間了，我們一直非常密切地合作關於利用我們在 Visa Inc. 的平台。

to help Visa Europe's clients.

幫助 Visa Europe 的客戶。

In addition to that -- and I'm speaking for him, but he can certainly chime in, he's sitting right here -- he's been fairly aggressive about coming in and thinking about running the Company the way you would think about running a for-profit Company.

除此之外——我是為他說話，但他當然可以插話，他就坐在這裡——他非常積極地進入並考慮以你認為經營公司的方式經營公司——利潤公司。

And if those things together result in a lower expense base, so be it.

如果這些東西加在一起導致費用基數降低，那就這樣吧。

That does not mean that they're not investing in the future of the Company.

這並不意味著他們沒有投資於公司的未來。

I actually think just the opposite in a lot of what we're seeing.

實際上，我認為在我們所看到的很多事情中恰恰相反。

Having said that, even with all that he's been able to do as a standalone business, it's a small portion of what we'll be able to deliver as a combined Company both in terms of efficiencies and additional capabilities.

話雖如此，即使他作為一個獨立的企業能夠做的所有事情，這只是我們作為一個合併後的公司能夠在效率和附加能力方面提供的一小部分。

That's a very good answer.

這是一個非常好的答案。

I don't think I have anything specific to add to that.

我不認為我有什麼特別要補充的。

On the regulatory front, obviously we've been in touch with the various authorities.

在監管方面，顯然我們已經與各個當局保持聯繫。

They are aware of what has been under way.

他們知道正在發生的事情。

We have been in touch with them even as we got to this announcement.

即使在我們收到此公告時，我們也一直與他們保持聯繫。

If you look at it from a regulatory standpoint, Visa Europe as part of Visa Inc.

如果從監管的角度來看，Visa Europe 是 Visa Inc. 的一部分。

now, has access to substantially greater financial resources, which makes it a financially much stronger player.

現在，它可以獲得更大的財務資源，這使其成為財務上更強大的參與者。

If there's any concern around settlement risk management, the resources available now are vastly bigger.

如果對結算風險管理有任何擔憂，那麼現在可用的資源要大得多。

If it comes to concerns about cyber security, et cetera, you now have Visa Inc.

如果涉及網絡安全等問題，您現在擁有 Visa Inc.。

and all our capabilities available to Visa Europe on an unfettered basis.

以及我們在不受約束的基礎上向 Visa Europe 提供的所有能力。

So when you look at all that, we think this makes Visa Europe far more stable and stronger from a regulatory standpoint.

所以當你看到這一切時，我們認為從監管的角度來看，這使得 Visa Europe 更加穩定和強大。

We have indicated, as Charlie did, that we will maintain, as we have with all the other Visa businesses, a very large local presence in London, and increase our local presence in many of the other key European markets.

正如查理所做的那樣，我們已經表示，我們將像所有其他 Visa 業務一樣，在倫敦保持非常大的本地業務，並增加我們在許多其他主要歐洲市場的本地業務。

And we will continue to have a data center in the European Union and comply with all the regulatory requirements.

我們將繼續在歐盟擁有數據中心，並遵守所有監管要求。

So we really think that this is a big plus from the standpoint of what regulators care about.

因此，從監管機構關心的角度來看，我們真的認為這是一個很大的優勢。

Let me just add to that for a second.

讓我補充一下。

Just to be really specific for a second, when we look at the specific regular regulatory approvals required there's three antitrust control filings which will take place.

稍微具體一點，當我們查看所需的特定常規監管批准時，將提交三份反壟斷控製文件。

It's the European Commission, the Turkish competition authority and the Jersey Competition Regulatory Authority.

它是歐盟委員會、土耳其競爭管理局和澤西競爭監管局。

And when we think about what this means for competitive reasons, we're very, very confident that we will get through this process in the time frame that we spoke about.

當我們出於競爭原因考慮這意味著什麼時，我們非常非常有信心在我們談到的時間範圍內完成這個過程。

And then what Vasant is talking about goes beyond regulatory approvals required.

Vasant 所說的超出了所需的監管批准範圍。

It goes to the fact that our combined Company and the way we intend to run it is very consistent with what we believe European regulators want out of this Company.

事實是，我們合併後的公司以及我們打算運營它的方式與我們認為歐洲監管機構希望從這家公司得到的非常一致。

Our next question comes from the line of Tom McCrohan of CLSA.

我們的下一個問題來自里昂證券的 Tom McCrohan。

Your line is now open.

您的線路現已開通。

Hi, guys.

嗨，大家好。

Visa Checkout seems to be a pretty significant initiative here in the United States.

Visa Checkout 在美國似乎是一項非常重要的舉措。

I was wondering if you could share with us the conversations, dialogue you're having with the European banks and their willingness to embrace that, as well, in the 38 countries in Europe.

我想知道您是否可以與我們分享您與歐洲銀行的對話、對話以及他們在歐洲 38 個國家接受這一點的意願。

Nicola speaking.

尼古拉說話。

I think we've started the process of talking to our customers about Visa Checkout.

我認為我們已經開始與客戶討論 Visa Checkout 的問題。

And they like the fact that it will be a common approach between what used to be up to now two Visa to different Visa Company.

他們喜歡這樣一個事實，即這將成為過去兩個 Visa 與不同 Visa 公司之間的共同方法。

Having said that, once again, we're very early in the process so we'll see how it goes but I see no reason why they shouldn't like it.

話雖如此，再一次，我們處於這個過程的早期階段，所以我們會看看它是如何進行的，但我認為他們沒有理由不喜歡它。

Let me just add because I think this is second nature to Nicola but for the rest of us it's different than the environment we operate in.

讓我補充一下，因為我認為這是 Nicola 的第二天性，但對我們其他人來說，這與我們所處的環境不同。

When decisions like that are made at Visa Europe, they're made with a great deal of effort from the Visa Europe management team.

在 Visa Europe 做出這樣的決定時，Visa Europe 管理團隊付出了巨大的努力。

But I would describe it as deep involvement from the Board, which includes some of the most significant and a fairly wide representative group of the clients that exist within Visa Europe.

但我將其描述為董事會的深度參與，其中包括 Visa Europe 中一些最重要且具有相當廣泛代表性的客戶群體。

So it's not management on their own making a decision to do something.

所以不是管理層自己決定做某事。

It's done management with the Board that do in fact represent the existing clients.

董事會已經完成了管理，實際上代表了現有客戶。

And there was a lot of scrutiny from the Board on this specific topic.

董事會對該特定主題進行了大量審查。

Our next question comes from the line of Tien-Tsin Huang of JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Your line is open.

你的線路是開放的。

Thank you so much.

太感謝了。

Just want to try and assess how the terms of the earn-out tie with the accretion targets that you set.

只是想嘗試評估收益條款與您設定的增長目標之間的關係。

I heard the revenue targets.

我聽說了收入目標。

How about costs and the timely execution of the synergies of $200 million that you called out?

您提出的 2 億美元協同效應的成本和及時執行情況如何？

Are they stipulated anywhere?

它們在任何地方都有規定嗎？

Again, trying to gauge how visible the synergies are on the cost side.

再次，試圖衡量協同效應在成本方面的可見性。

Thanks.

謝謝。

Tien-Tsin, as we disclosed, the earn-out is linked to net revenue targets.

正如我們所披露的，Tien-Tsin 的盈利與淨收入目標掛鉤。

So cost is not figured into it.

所以不考慮成本。

Net revenue we think, as you all know, reflects significantly value created in this business.

眾所周知，我們認為淨收入反映了該業務創造的顯著價值。

It's also relatively easy to track.

它也相對容易跟踪。

And the whole purpose of the earn-out is that if this business has greater value then both sides benefit from that value.

賺取收益的全部目的是，如果這項業務具有更大的價值，那麼雙方都將從該價值中受益。

Thank you.

謝謝你。

Our next question comes from the line of Smitti Srethapramote of Susquehanna (sic -- "Morgan Stanley").

我們的下一個問題來自 Susquehanna 的 Smitti Srethapramote（原文如此——“摩根士丹利”）。

Your line is open.

你的線路是開放的。

It's Smitti from Morgan Stanley.

是摩根士丹利的 Smitti。

Charlie, I'm just wondering if you could share more details or give us more of an update on the China opportunity, any more granular details on when you could potentially get a license.

查理，我只是想知道您是否可以分享更多詳細信息或向我們提供有關中國機會的更多最新信息，以及有關您何時可能獲得許可證的更詳細的詳細信息。

And, also, can you share with us some of your early thoughts in terms of how you plan to address the issuing and acquiring side over there.

此外，您能否與我們分享您在計劃如何解決那裡的發行和收購方面的一些早期想法。

As far as timing goes, there's really not anything additionally to talk about, otherwise I certainly would have covered it.

就時間而言，真的沒有什麼可說的，否則我肯定會報導的。

We cannot submit our application until the final regulations come out.

在最終法規出台之前，我們無法提交申請。

As best we understand, they're actively being worked on within the Chinese government.

據我們所知，他們正在中國政府內部積極開展工作。

But again, it's up to the Chinese government, not up to us.

但同樣，這取決於中國政府，而不是我們。

Within our Company, you can imagine that we're not sitting around and waiting for that event.

在我們公司內，您可以想像我們並沒有坐等事件發生。

We've got a tremendous amount of work going on inside the Company of people working on both an application, because there are series of models out there for industries which have been opened up to competition.

我們在公司內部有大量工作正在進行，人們在開發這兩種應用程序，因為有一系列針對已開放競爭的行業的模型。

So, we've done a fair amount of work on being prepared for that.

因此，我們已經為此做了大量的準備工作。

As well as there's a fair line of sight relative to what our operating environment will have to look like within China.

此外，對於我們在中國的運營環境必須是什麼樣子，我們有一個公平的視線。

So, we've got a team of people working on being in a position to have that in place in the time frame that's outlined in the licensing process.

因此，我們有一個團隊致力於在許可流程中概述的時間範圍內將其落實到位。

And then we've got our China team working on just what you asked, which is what our strategy is to grow the acquiring side of the business because we've got a very, very big gap between where our cards are accepted and where union pays are in the physical world, as well as the big opportunity that exists in the online space.

然後我們讓我們的中國團隊按照您的要求開展工作，這就是我們發展業務收單方的戰略，因為我們的卡被接受的地方和工會的地方之間存在非常非常大的差距支付是在物理世界中，以及在線空間中存在的巨大機會。

And on the issuing side, as I've pointed out many times, we have fairly deep relationships with Chinese banks, as evidenced by the sizable cross-borer business that we have today.

而在發行方面，正如我多次指出的那樣，我們與中資銀行的關係相當深厚，我們今天擁有的龐大的跨境業務就是明證。

So, our domestic plans are a regular part of the conversations we have with the issuers.

因此，我們的國內計劃是我們與發行人對話的常規部分。

That's a very long way of saying we've got active plans that we're working through but obviously we can't do anything until we're able to submit our application and then see what the Chinese government decides from there.

可以說我們已經制定了積極的計劃，但顯然我們不能做任何事情，直到我們能夠提交申請，然後看看中國政府從那裡做出什麼決定。

Our next question comes from the line of Jamie Friedman of Susquehanna.

我們的下一個問題來自 Susquehanna 的 Jamie Friedman。

Your line is open.

你的線路是開放的。

Hi.

你好。

Thanks.

謝謝。

Nicola, in your prepared remarks you had mentioned that the relationship between issuers, acquirers and networks in Europe are changing.

Nicola，在您準備好的發言中，您提到歐洲的發行人、收購方和網絡之間的關係正在發生變化。

I was wondering if you or Charlie could elaborate on that.

我想知道你或查理是否可以詳細說明這一點。

I know it's an open ended question but your insights would be appreciated.

我知道這是一個開放式問題，但您的見解將不勝感激。

I think one of the points that we'll be changing due to regulation is the relationship with the retailers and therefore with the acquirers.

我認為我們將因監管而改變的一點是與零售商的關係，因此與收購方的關係。

And that's the point I was referring to.

這就是我所指的重點。

Once again, this will come from the new regulation that we have, as you know, in Europe and we will see that happening during next summer.

再一次，這將來自我們在歐洲擁有的新規定，我們將在明年夏天看到這種情況發生。

My last comment maybe would be the fact that from a competition perspective this might open a different approach to retailers.

我最後的評論可能是，從競爭的角度來看，這可能會為零售商帶來不同的方法。

That's what I was referring to.

這就是我所指的。

The only thing I would add is, those of you that have been following us for a while have heard us talk about the efforts that we have under way on the merchant side of our business.

我唯一要補充的是，那些一直關注我們一段時間的人已經聽過我們談論我們在商家方面所做的努力。

And we're very hopeful that the solutions, like what we announced with CyberSource this past quarter, will be all applicable within Europe to help build those relationships and ultimately the acquiring side of the business.

我們非常希望這些解決方案，就像我們在上個季度與 CyberSource 宣布的一樣，將全部適用於歐洲，以幫助建立這些關係並最終幫助業務的收購方。

Our next question comes from the line of Bryan Keane of 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。

Yes, hi, guys.

是的，嗨，伙計們。

Just to follow up on that, how do you guys believe the new European regs will impact Visa Europe?

只是為了跟進，你們認為新的歐洲法規將如何影響 Visa Europe？

Will there be some positives and negatives?

會有一些正面和負面的嗎？

And does it come out neutral or do you guys come out more on the positive end or the negative end?

它是中性的還是你們更多地出現在積極的一面還是消極的一面？

Thanks.

謝謝。

A couple things.

幾件事。

Number one is, relative to the timing of the transaction for us, there's a fair amount of clarity at this point on what the environment looks like.

第一是，相對於我們的交易時間，目前對環境的情況相當清楚。

So, as we think about the way we forecasted the impact on our Company as a combined entity, it takes into account what we believe the pluses and minuses are of the regulatory environment.

因此，當我們考慮我們預測對我們公司作為一個合併實體的影響的方式時，它考慮了我們認為監管環境的利弊。

When you look at things like the separation of scheme and processing, where the final regs haven't been released but there's pretty clear direction where things are going, it's like anything else in life, there are potential pluses and potential minuses.

當您查看諸如方案和處理分離之類的事情時，最終的規則尚未發布，但事情的發展方向非常明確，就像生活中的其他任何事情一樣，存在潛在的優勢和潛在的劣勢。

And what we've got here is the ability to be very proactive about thinking through how we're going to make it a plus for us.

我們在這裡擁有的是能夠非常積極地思考我們將如何使它成為我們的優勢。

And I think that's as much as I want to say at this point.

我想這就是我現在想說的。

Thank you.

謝謝你。

Our next question comes from the line of Ken Bruce of Merrill Lynch.

我們的下一個問題來自美林公司的肯布魯斯。

Your line is now open.

您的線路現已開通。

Charlie, I know you're reluctant to project too much here, but you point out the experience that you've had or Visa's had in terms of converting from a bank association.

查理，我知道你不願意在這裡做太多的計劃，但你指出了你或 Visa 在從銀行協會轉換方面的經驗。

I'm wondering, should we look back to the Visa Inc.

我想知道，我們是否應該回顧一下 Visa Inc.

transition as being a blueprint or a playbook for how you would approach Visa Europe here?

過渡是您如何在這裡接近 Visa Europe 的藍圖或劇本？

Is that helpful at all for us?

這對我們有幫助嗎？

The short answer is, on most things, no, other than what we learned as we went through that in the training that the people at Visa Inc.

簡短的回答是，在大多數事情上，不，除了我們在接受培訓時學到的東西，Visa Inc.

have had on both sides, on being on the Visa Inc.

雙方都有過，在簽證公司。

side, call it the US-based part of the business, as well as the strong contingent of non-US people.

一面，稱其為美國業務的一部分，以及強大的非美國人隊伍。

We've been through it, know how to do it.

我們經歷過，知道該怎麼做。

When we talk about our lack of willingness, or whatever words you use to talk about specifics, I actually think we're being pretty clear here.

當我們談論我們缺乏意願，或者你用什麼詞來談論細節時，我實際上認為我們在這裡很清楚。

What we're not doing is we're not telling you the specifics of what we intend to do on price.

我們沒有做的是我們沒有告訴你我們打算在價格上做些什麼的細節。

And, again, as I said in my prepared remarks, I hope you understand that's the smart thing for us to do as opposed to lay out exactly what you're going to do.

而且，正如我在準備好的評論中所說，我希望你明白這對我們來說是明智的做法，而不是準確地列出你將要做什麼。

By the way, I can't imagine a company in any industry that would think that's a smart thing to do.

順便說一句，我無法想像任何行業的公司會認為這是一件明智的事情。

What we've done in lieu of that is we've given you what we think the expense synergies are.

取而代之的是，我們為您提供了我們認為的費用協同效應。

We've laid out what we think our capital actions will be.

我們已經列出了我們認為我們的資本行動將是什麼。

So, you can get to your own point of view on what that means for our share count.

因此，您可以就這對我們的份額計數意味著什麼提出自己的觀點。

And we've given you what we think will happen all in all relative to EPS accretion at different points of the transaction.

我們已經為您提供了我們認為與交易不同點的 EPS 增長相關的全部情況。

So, if you have all that, you should be able to do the revenue number.

所以，如果你有這一切，你應該能夠做收入數字。

And behind that is what we believe we'll do overall in pricing.

這背後是我們相信我們將在定價方面做的事情。

Again, what we're trying to do is be fair and transparent for this transaction because it is a different kind of transaction, starting from a different place in a different environment, both competitively and from a regulatory perspective.

同樣，我們試圖做的是讓這筆交易公平和透明，因為它是一種不同類型的交易，從不同環境的不同地點開始，無論是從競爭角度還是從監管角度來看。

So, the case is built specific for this transaction but we're trying to create that balance of being as transparent as we can while not giving away anything competitively.

因此，該案例是專門為該交易而構建的，但我們正在努力創造一種平衡，既要盡可能透明，又不競爭性地放棄任何東西。

Thank you very much.

非常感謝。

Our next question comes from the line of Lisa Ellis of Bernstein.

我們的下一個問題來自 Bernstein 的 Lisa Ellis。

Your line is now open.

您的線路現已開通。

Hey, guys, taking a step back from the details of the transaction, when you look out to 2020 and beyond, what effect do you think your Visa Europe acquisition as well as the regulatory changes in Europe will have on the underlying secular dynamics in Europe -- meaning adoption of card, adoption of digital, mix of credit and debit.

嘿，伙計們，從交易細節退一步，當你展望 2020 年及以後，你認為你的 Visa Europe 收購以及歐洲的監管變化將對歐洲潛在的長期動態產生什麼影響-- 意思是卡的採用、數字的採用、信用卡和借記卡的混合。

There's some sharp differences between some areas of Europe and much of the rest of the world.

歐洲的某些地區與世界其他大部分地區之間存在一些顯著差異。

Listen, there are.

聽著，有。

Broadly speaking, what I'd say is -- and I know you all know this -- but any time there is stronger competition, there's an ability to drive greater results.

從廣義上講，我想說的是——我知道你們都知道這一點——但只要競爭更加激烈，就有能力取得更大的成果。

That means that because we are able to bring the capabilities that we have today, and that we're able to continue to develop based specifically upon the European needs, that will allow us, we believe, to drive deeper penetration than Visa Europe would have been able to do on its own just because of the resource constraints that they had.

這意味著，因為我們能夠帶來我們今天擁有的能力，並且我們能夠繼續根據歐洲需求進行專門開發，我們相信，這將使我們能夠推動比 Visa Europe 更深入的滲透僅僅因為他們擁有的資源限制，他們能夠自己做。

As we become stronger here, our competitors will become stronger here, as we've seen in other parts of the world.

當我們在這裡變得更強大時，我們的競爭對手也會在這裡變得更強大，正如我們在世界其他地方所看到的那樣。

I know you all spent a lot of time comparing us to our competitors.

我知道你們都花了很多時間將我們與競爭對手進行比較。

We do as well because we want to learn and because we compete with them every day.

我們也做得很好，因為我們想學習，因為我們每天都在與他們競爭。

But the reality is the stronger we each become, the stronger we make the other.

但現實是我們每個人變得越強大，我們就會使對方變得越強大。

And you see that as being evidenced in the swiftness that we move in the marketplace and the types of things that we are doing.

您會看到，我們在市場上的迅速行動以及我們正在做的事情的類型證明了這一點。

If you look at the types of things that we're doing as a company or MasterCard is doing as a company, I don't believe that those things would have been in market if we were continuing on as associations.

如果你看看我們作為一家公司或萬事達卡作為一家公司正在做的事情的類型，我認為如果我們繼續作為協會，這些事情就不會出現在市場上。

So, we do think that we will bring more competition to this market.

所以，我們確實認為我們會給這個市場帶來更多的競爭。

The competitors will respond knowing that there's more competition.

知道有更多競爭的競爭對手會做出回應。

But our belief is there's still a tremendous amount of opportunity to electronify payments in the marketplace and we've got a greater ability to do that as a combined entity.

但我們的信念是，市場上的支付電子化仍有大量機會，作為一個聯合實體，我們有更大的能力做到這一點。

The only other thing I would point out is, despite all the troubles that Europe has had economically in the past five years, you've seen from Visa Europe's reported numbers on payment volumes, there's been very healthy payment volume growth through that entire time frame.

我唯一要指出的另一件事是，儘管歐洲在過去五年中在經濟上遇到了所有麻煩，但您從 Visa Europe 報告的支付量數字中可以看出，在整個時間範圍內，支付量的增長非常健康.

And there still is a very large opportunity, as Charlie said, in Europe in 38 countries that will now be part of Visa Inc.

正如查理所說，在歐洲仍有一個非常大的機會，現在將在 38 個國家成為 Visa Inc. 的一部分。

to disintermediate cash and checks.

去中介化現金和支票。

So, we're very excited about that kind of opportunity that was previously not available to Visa Inc.

因此，我們對 Visa Inc. 以前無法獲得的那種機會感到非常興奮。

shareholders.

股東。

Thank you very much.

非常感謝。

And the last question is coming from Jason Deleeuw of Piper Jaffray.

最後一個問題來自 Piper Jaffray 的 Jason Deleeuw。

Your line is now open.

您的線路現已開通。

Yes, thank you.

是的，謝謝。

I want to ask a question on Chase pay and the announcement with MCX.

我想問一個關於 Chase pay 和 MCX 公告的問題。

Does that agreement change Visa's interaction with Chase or just the general payments transaction at all?

該協議是否會改變 Visa 與 Chase 的互動，或者只是改變一般支付交易？

And are you hearing from any other large issuers that are now more interested in an arrangement like ChaseNet?

您是否收到任何其他現在對像 ChaseNet 這樣的安排更感興趣的大型發行人的消息？

Whatever they've announced doesn't change anything with any contractual agreement that we have with Chase.

無論他們宣布什麼，都不會改變我們與 Chase 簽訂的任何合同協議。

Whatever they've done with MCX is something that they've done.

他們對 MCX 所做的一切都是他們所做的。

I would say that, as we've said before, we have very active dialogue with our clients, both here in the US and abroad -- not here, I'm not in the US right now -- but in the US and abroad of what the potential benefits of that structure are and whether that's something they're interested in.

我想說的是，正如我們之前所說，我們與我們的客戶進行了非常積極的對話，無論是在美國還是在國外——不是在這裡，我現在不在美國——而是在美國和國外該結構的潛在好處是什麼以及他們是否對此感興趣。

And to date there has not been a lot of appetite.

迄今為止，人們的胃口並不大。

Whether that changes or not we'll see.

這是否會改變，我們將拭目以待。

We are very, very focused on solutions that make it easier for all Visa card holders to pay for things, any way, whether it's physical point of sale or in the digital space.

我們非常非常專注於讓所有 Visa 卡持有人更容易以任何方式支付費用的解決方案，無論是實體銷售點還是數字空間。

And we will be aggressive in helping all of our clients to compete on that level playing field, every single one of them, regardless of what any one individual issuer does.

我們將積極幫助我們所有的客戶在這個公平的競爭環境中競爭，每一位客戶，無論任何一個發行人做什麼。

Thanks, Charlie.

謝謝，查理。

With that, ladies and gentlemen, thank you very much for your patience today.

女士們，先生們，非常感謝你們今天的耐心等待。

We know it was a very long call.

我們知道這是一個很長的電話。

We thank you all for joining us.

我們感謝大家加入我們。

On the off chance that anybody actually has more questions, Victoria and I are around all day to take them.

如果有人真的有更多問題，維多利亞和我會整天都在回答他們。

Thank you again.

再次感謝你。

And that concludes today's conference.

今天的會議到此結束。

Thank you all for participating.

謝謝大家的參與。

You may now disconnect.

您現在可以斷開連接。