Visa Inc (V) 2016 Q1 法說會逐字稿

Welcome to Visa's fiscal Q1 2016 earnings conference call.

歡迎參加 Visa 2016 財年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

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

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

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, Sam.

謝謝，山姆。

Good afternoon, everyone, and welcome to Visa, Inc.'s fiscal first-quarter earnings conference call With us today are Charlie Scharf, Visa's Chief Executive Officer; and Vasant Prabhu, Visa's Chief Financial Officer.

大家下午好，歡迎參加 Visa, Inc. 的第一財季財報電話會議。Visa 的首席執行官 Charlie Scharf 今天與我們見面； Visa 的首席財務官 Vasant Prabhu。

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

該電話會議目前正在互聯網上進行網絡直播，可在我們網站 www.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 90 days.

網絡廣播的重播將在我們的網站上存檔 90 天。

A PowerPoint deck containing the financial and statistical highlights of today's call have been posted to our IR website, as well.

包含今天電話會議的財務和統計亮點的 PowerPoint 幻燈片也已發佈到我們的 IR 網站上。

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

我還要提醒您，本演示文稿可能包含前瞻性陳述。

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

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

Additional information concerning those factors is available in our most recent reports on Forms 10-K and Q, which you can find on the SEC's website and the Investor Relations section of our website.

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

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

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

With that.

接著就，隨即。

I'll turn the call over to Charlie.

我會把電話轉給查理。

Thank you, Jack.

謝謝你，傑克。

I'm going to start with a series of comments, both about the quarter and a little bit about what we're seeing in the world.

我將從一系列評論開始，既有關於本季度的評論，也有關於我們在世界上看到的一些評論。

Then I will pass it over to Vasant before we take questions.

然後在我們提問之前，我會把它交給 Vasant。

First a few comments about the overall results.

首先對總體結果發表一些評論。

We continue to be pleased with the performance of the Company, given the ongoing macro-economic head winds that we have discussed before.

鑑於我們之前討論過的持續的宏觀經濟逆風，我們繼續對公司的表現感到滿意。

Operating revenue grew 5% nominally, or 8% on a constant-currency basis, reflecting a negative 3-percentage-point impact from FX.

營業收入名義上增長 5%，或按固定匯率計算增長 8%，反映出外匯對 3 個百分點的負面影響。

Adjusted diluted earnings per share grew 10%.

調整後的稀釋後每股收益增長了 10%。

Volume growth continued at a healthy pace, growing 11.5% in constant dollars, only down slightly from September's12% growth.

銷量繼續以健康的速度增長，按固定美元計算增長 11.5%，僅比 9 月份的 12% 增長略有下降。

US payments volume growth was essentially flat, at about 10%.

美國支付量增長基本持平，約為 10%。

Again, healthy growth.

再次，健康成長。

International payments, volume growth was 14%, down 1 point from last quarter, but we continue to see weakness in cross-border volume.

國際支付，交易量增長 14%，比上季度下降 1 個百分點，但我們繼續看到跨境交易量疲軟。

US outbound spend is strong, but it is offset by continued weakness from Canada, Brazil, and Russia.

美國的出境支出強勁，但被加拿大、巴西和俄羅斯的持續疲軟所抵消。

More recently, we're seeing increasing weakness in the Middle East and China.

最近，我們看到中東和中國日益疲軟。

We do see some areas of strength, such as Mexico, Japan, and New Zealand, but they are obviously smaller markets for us.

我們確實看到了一些優勢領域，例如墨西哥、日本和新西蘭，但它們顯然對我們來說是較小的市場。

Now a couple of words about the US holiday season.

現在談談美國的假期。

Overall, consumer spending by our Visa cardholders during the season was similar to last year, but spending patterns are changing.

總體而言，本季度 Visa 持卡人的消費支出與去年相似，但消費模式正在發生變化。

E-commerce continues to grow at a much higher rate than the spending at physical stores.

電子商務繼續以遠高於實體店支出的速度增長。

We saw mid-teens e-commerce growth during the holiday period, versus mid-single-digits growth in the physical world.

我們在假期期間看到了青少年電子商務的增長，而實體世界的增長則為中個位數。

More than 25% of all spending on Visa cards during November and December was online, up from less than 20% just three years ago.

在 11 月和 12 月期間，超過 25% 的 Visa 卡消費是在網上進行的，而三年前這一比例還不到 20%。

Also, the pattern of spending during the holidays has changed.

此外，假期期間的消費模式也發生了變化。

While Black Friday and Cyber Monday remain important shopping days, less spending is consolidated on these two days in recent years, and more people delayed their spending to later in the season this year.

雖然黑色星期五和網絡星期一仍然是重要的購物日，但近年來這兩天的消費減少了，更多的人將消費推遲到今年的季末。

We move on and say couple of words about Visa Europe.

我們繼續說幾句話關於 Visa Europe。

We're making very good progress.

我們正在取得非常好的進展。

We continue to work towards a projected second calendar quarter closing.

我們將繼續努力實現預計的第二個日曆季度收盤。

We have received two of three required regulatory approvals, with the third one that's required from the European commission.

我們已經收到了三個所需的監管批准中的兩個，第三個是歐盟委員會要求的。

Vasant will discuss it, but we feel very good about the execution of our $16-billion debt financing.

Vasant 將對此進行討論，但我們對 160 億美元債務融資的執行感到非常滿意。

Most importantly, we feel as good about the transaction today as the day we made our announcement.

最重要的是，我們今天對交易的感覺與我們宣布的那一天一樣好。

We've had great interactions with our Visa European colleagues.

我們與 Visa 歐洲的同事進行了很好的互動。

We've had a series of very positive conversations with European financial institutions, and we remain confident that we are creating value and are focused on execution at this point.

我們已經與歐洲金融機構進行了一系列非常積極的對話，我們仍然相信我們正在創造價值，並在這一點上專注於執行。

Move on to China now.

現在轉戰中國。

We continue to work towards the ability to make a formal application.

我們將繼續努力實現正式申請的能力。

We are waiting for final regulations to be released.

我們正在等待最終法規的發布。

We have a clear path to have a compliant operating environment so we can compete domestically if we are awarded a license.

我們有一條清晰的途徑來擁有合規的運營環境，因此如果我們獲得許可，我們就可以在國內競爭。

I was in China last week and participated in the signing of two MOUs.

上週我在中國，參與了兩份諒解備忘錄的簽署。

They involve Visa working with two Chinese groups on driving financial inclusion as a means to support poverty alleviation.

其中包括 Visa 與兩個中國團體合作推動金融包容性，以支持扶貧。

The strategic partnership and programs we announced underscore our long-term commitment to China, and to fulfilling the Chinese government's goal of reducing poverty and promoting inclusive finance.

我們宣布的戰略夥伴關係和項目強調了我們對中國的長期承諾，以及實現中國政府減少貧困和促進普惠金融的目標。

We also continue to collaborate with government institutions, industry organizations, and NGOs to support the global goals of alleviating poverty, promoting transparency, and fostering inclusive social and economic development.

我們還繼續與政府機構、行業組織和非政府組織合作，支持減輕貧困、提高透明度和促進包容性社會和經濟發展的全球目標。

As we work through our plans for entry into the domestic Chinese market place, we continue to feel good about our ability to help expand the rate of growth of the Chinese economy, and increase the Chinese banks' ability to compete domestically, especially in the e-commerce space.

在我們完成進入中國國內市場的計劃的過程中，我們繼續對自己有能力幫助擴大中國經濟的增長率以及提高中資銀行在國內競爭的能力感到滿意，尤其是在電子商務領域。 -商業空間。

Talk for a second about some client activity.

談談一些客戶活動。

In the United States, we expanded our relationship with Fidelity and US Bank, where we are now the exclusive payment network for their co-brand card.

在美國，我們擴大了與 Fidelity 和 US Bank 的關係，我們現在是他們聯合品牌卡的獨家支付網絡。

Card members can earn cash back with the Fidelity Rewards Visa Signature card and the Fidelity Investments 529 College Rewards Visa Signature card.

卡會員可以使用 Fidelity Rewards Visa Signature 卡和 Fidelity Investments 529 College Rewards Visa Signature 卡賺取現金返還。

The new cards in the program will be issued with chip technology for security, and give access to the payment industry's leading digital wallets, including Apple Pay, Samsung Pay, and Android Pay.

該計劃中的新卡將採用芯片技術以確保安全，並可以訪問支付行業領先的數字錢包，包括 Apple Pay、Samsung Pay 和 Android Pay。

Visa and Walmart announced an acceptance agreement with Sam's Club.

Visa和沃爾瑪宣布與山姆會員店達成接受協議。

Beginning next Monday, more than 650 Sam's Club's across the United States and Puerto Rico will begin accepting Visa credit cards in store.

從下週一開始，美國和波多黎各的 650 多家山姆會員店將開始在店內接受 Visa 信用卡。

Walmart.com and SamsClub.com will also begin supporting Visa Checkout this year.

Walmart.com 和 SamsClub.com 今年也將開始支持 Visa Checkout。

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

我們還將繼續擴大與世界各地客戶的關係。

Just a few notable highlights.

只是一些值得注意的亮點。

We've seen very strong renewal activity across the world, in places such as New Zealand, India, China, and Latin America.

我們在新西蘭、印度、中國和拉丁美洲等地看到了世界各地非常強勁的更新活動。

Some names include A&Z in New Zealand, ICICI, Bank of China, and the Agricultural Bank of China.

一些名稱包括新西蘭的 A&Z、ICICI、中國銀行和中國農業銀行。

In Latin America, we renewed a multi-year credit, debit, and commercial agreement with BBBA, one of the largest issuers within our Latin American region.

在拉丁美洲，我們與拉丁美洲地區最大的發行人之一 BBBA 續簽了一項多年期信用、借記和商業協議。

The deal covers seven markets, including Chile, Peru, Venezuela, Uruguay, Paraguay, Argentina, and Colombia.

該交易涵蓋七個市場，包括智利、秘魯、委內瑞拉、烏拉圭、巴拉圭、阿根廷和哥倫比亞。

We renewed a multi-year credit and debit agreement with Bradesco, another one of our largest issuers in Latin America.

我們與另一家拉丁美洲最大的發行人 Bradesco 續簽了一項多年期貸記和借記協議。

Say a few words about Visa Checkout.

說幾句話關於 Visa Checkout。

We continue to be encouraged by the growth that we see since it was launched 18 seconds ago.

自 18 秒前推出以來，我們看到的增長繼續令我們感到鼓舞。

We have more than 10 million registered users in 16 countries, and over 600 financial institution partners participating globally.

我們在 16 個國家擁有超過 1000 萬註冊用戶，全球有超過 600 家金融機構合作夥伴參與其中。

More than 250,000 merchants, including some of our largest global retailers, have signed on to accept Visa Checkout, representing $100 billion in addressable volume.

超過 250,000 家商戶（包括我們的一些最大的全球零售商）已簽約接受 Visa Checkout，這代表著 1000 億美元的潛在交易量。

Starbucks, Walgreens, NFL Shop, HSN, and Match are among the new merchants taking advantage of Visa Checkout's ability to deliver seamless digital payments.

星巴克、Walgreens、NFL Shop、HSN 和 Match 是利用 Visa Checkout 提供無縫數字支付能力的新商家之一。

As I mentioned earlier, Walmart.com and SamsClub.com will also begin supporting it this year.

正如我之前提到的，Walmart.com 和 SamsClub.com 今年也將開始支持它。

Our confidence in Visa Checkout is based upon independent research that supports the notion that it makes commerce easier for consumers, and ultimately results in increased sales for merchants.

我們對 Visa Checkout 的信心建立在獨立研究的基礎上，該研究支持這樣一種觀念，即它使消費者的商業活動更容易，並最終為商家帶來更多的銷售額。

According to new independent research from comScore, Visa Checkout significantly increases sales conversion.

根據 comScore 的最新獨立研究，Visa Checkout 顯著提高了銷售轉化率。

Visa Checkout customers completed 86% of transactions, compared to 73% for PayPal Express Checkout, and 57% for the traditional merchant check out.

Visa Checkout 客戶完成了 86% 的交易，而 PayPal Express Checkout 為 73%，傳統商家結賬為 57%。

Visa Checkout customers are more active online shoppers in general, completing 30% more transactions per person than the overall population of online shoppers.

一般來說，Visa Checkout 客戶是更活躍的在線購物者，每人完成的交易量比在線購物者的總人數多 30%。

95% of Visa Checkout customers say sign-up was easy, and 96% feel secure making purchases with Visa Checkout.

95% 的 Visa Checkout 客戶表示註冊很容易，96% 的客戶認為使用 Visa Checkout 購物很安全。

We recently launched a new platform called Visa Commerce Network, built on the trial pay platform which we acquired in 2015.

我們最近推出了一個名為 Visa Commerce Network 的新平台，該平台建立在我們於 2015 年收購的試用支付平台之上。

Visa Commerce Network enables our merchants to deliver targeted discounts and benefits to Visa cardholders in order to acquire new customers and increase sales.

Visa Commerce Network 使我們的商戶能夠為 Visa 持卡人提供有針對性的折扣和優惠，從而獲得新客戶並增加銷售額。

Visa cardholders receive these benefits seamlessly by simply using their Visa card to make purchases.

Visa 持卡人只需使用 Visa 卡進行購物，即可無縫享受這些優惠。

No coupons or codes are required.

不需要優惠券或代碼。

To date, more than a dozen leading merchants, including Dunkin' Donuts, Regal Entertainment Group, Shake Shack, and others have successfully used Visa Commerce Network.

迄今為止，包括 Dunkin' Donuts、Regal Entertainment Group、Shake Shack 等在內的十多家領先商家已成功使用 Visa Commerce Network。

We recently entered into a partnership with Uber.

我們最近與優步建立了合作夥伴關係。

Uber riders have started receiving discounted rides when they use their Visa card at certain local retailers.

優步乘客在某些當地零售商處使用 Visa 卡時已開始享受打折乘車服務。

Say a couple of words about the migration to EMV in the United States.

說幾句關於在美國遷移到 EMV 的問題。

We reached an important milestone on October 1, which was the official kick-off to chip in the US.

我們在 10 月 1 日達到了一個重要的里程碑，這是芯片在美國的正式啟動。

We're optimistic about the progress and momentum we're seeing, as banks issue more cards, merchants activate chip terminals, and consumers increasingly make secure chip transactions.

隨著銀行發行更多卡、商家激活芯片終端以及消費者越來越多地進行安全的芯片交易，我們對我們所看到的進展和勢頭感到樂觀。

Already there are more Visa chip cards issued in the US than in any other country in the world.

美國發行的 Visa 芯片卡數量已經超過世界上任何其他國家。

More than 200 million Visa chip cards were issued as of December 2015: 43% of all credit cards, representing 72% of purchase volume; 21% of all debit cards, representing 45% of purchase volume.

截至 2015 年 12 月，已發行超過 2 億張 Visa 芯片卡：佔所有信用卡的 43%，佔購買量的 72%；佔所有借記卡的 21%，佔購買量的 45%。

Over 750,000 merchant locations have enabled EMV, representing 17% of the total face-to-face locations in the US.

超過 750,000 個商家位置啟用了 EMV，占美國面對面位置總數的 17%。

Based on our recent client surveys, we expect 50% of locations to be enabled by the end of this year.

根據我們最近的客戶調查，我們預計到今年年底將啟用 50% 的地點。

While we know we have a long way to go over the next few years to reach the critical mass of adoption that we desire, we feel very good about the progress to date.

雖然我們知道在接下來的幾年中要達到我們希望的臨界採用率還有很長的路要走，但我們對迄今為止的進展感到非常滿意。

Now before I turn it over to Vasant, just a few comments about the environment.

現在，在我把它交給 Vasant 之前，我只是對環境進行一些評論。

It's clearly a mixed bag, but certainly creating some short-term pressures for us.

這顯然是喜憂參半，但肯定會給我們帶來一些短期壓力。

The head winds we discussed last quarter continue, and are probably slightly worse, with little relief in sight in the short term.

我們上個季度討論的逆風仍在繼續，而且可能會稍微更糟，短期內幾乎看不到緩解的跡象。

As a reminder, they are the translation impact of the strong US dollar, reduced cross-border volume driven by the strong dollar, continuing drag from lower oil prices.

提醒一下，它們是美元走強的翻譯影響、美元走強推動的跨境交易量減少、油價下跌的持續拖累。

While we are believers in China for the long term, the domestic volatility is creating increased head winds for us.

雖然我們長期相信中國，但國內的波動正在給我們帶來更大的阻力。

These head winds are muting our growth today, both through the translation effects, as well as reduced business volumes, and will likely continue for the foreseeable future; but our ability to grow over the long term will be driven by our continued strong underlying payment volume growth.

這些不利因素正在抑制我們今天的增長，無論是通過翻譯效應還是業務量減少，並且在可預見的未來可能會持續下去；但我們的長期增長能力將受到我們持續強勁的基礎支付量增長的推動。

Our mindset is that we have to be cautious in the short term due to the head winds, but the long-term fundamentals of our business volume growth remains strong.

我們的心態是，由於逆風，我們必須在短期內保持謹慎，但我們業務量增長的長期基本面仍然強勁。

As I've said before, our business volumes can change quickly.

正如我之前所說，我們的業務量可能會迅速變化。

With changes in the US dollar and domestic consumer confidence around the world, it's just hard to predict the timing.

隨著美元和全球國內消費者信心的變化，很難預測時機。

Vasant will cover it in more detail, but even though there's been much talk over the past few weeks of a slow-down in the US, our business volumes in January have been strong.

Vasant 將更詳細地介紹它，但儘管過去幾周有很多關於美國經濟放緩的討論，但我們 1 月份的業務量一直很強勁。

Given all of this, our results are reasonably good, which speaks to the strength of our business model, our brand, our people, but do not reflect the long-term value of the franchise.

鑑於所有這些，我們的結果相當不錯，這說明了我們的商業模式、品牌、員工的實力，但不能反映特許經營的長期價值。

But the pressures we have seen will likely continue for the seeable future before abating.

但我們所看到的壓力可能會在可見的未來持續下去，然後才會減弱。

Now over to Vasant.

現在轉到瓦桑特。

Thanks, Charlie.

謝謝，查理。

In a turbulent and uncertain global environment, we're pleased to report that our business performed well in the first quarter, with results modestly ahead of our expectations.

在動盪和不確定的全球環境中，我們很高興地報告，我們的業務在第一季度表現良好，業績略高於我們的預期。

A few highlights.

幾個亮點。

Net operating revenues increased 8% in constant dollars.

以固定美元計算的淨營業收入增長了 8%。

The exchange rate drag was 3 percentage points, both in line with expectations.

匯率拖累3個百分點，均符合預期。

Weaker-than-anticipated cross-border revenue was offset by lower-than-expected client incentives.

低於預期的跨境收入被低於預期的客戶激勵所抵消。

Client incentives were lower due to softer volumes in international markets and some deal delays.

由於國際市場交易量疲軟和一些交易延遲，客戶激勵降低。

Expenses only grew 2%, well below the high-single-digit rate we had indicated.

費用僅增長 2%，遠低於我們所指出的高個位數增長率。

We have focused hard on prioritizing and phasing our spending programs, given the uncertain macro-economic environment.

鑑於不確定的宏觀經濟環境，我們一直致力於確定支出計劃的優先順序和分階段進行。

As the year progresses, we will continue to look at opportunities to moderate expense growth while ensuring critical initiatives are adequately funded.

隨著時間的推移，我們將繼續尋找減緩開支增長的機會，同時確保為關鍵舉措提供充足的資金。

We marked down the value of the Visa Europe put from $255 million to $0 since the VE Board, Visa Europe Board, amended the put in connection with our proposed acquisition.

我們將 Visa Europe 的價值從 2.55 億美元下調至 0 美元，因為 VE 董事會、Visa Europe Board 修改了與我們提議的收購相關的看跌期權。

We are required to revalue the put each quarter.

我們需要每季度重新評估看跌期權。

We're still awaiting regulatory clearance, but expect to close the transaction in line with the transaction agreement, leading us to lower the value of the put.

我們仍在等待監管批准，但預計將按照交易協議完成交易，從而導致我們降低看跌期權的價值。

This non-cash, non-operating gain added $0.10 to our reported earning.

這種非現金、非經營性收益為我們報告的收益增加了 0.10 美元。

As a reminder, should the deal not close, the put will be reinstated in its un-amended form, and we will need to value this liability based on all available information at that point.

提醒一下，如果交易沒有完成，看跌期權將以未修改的形式恢復，我們需要根據當時所有可用信息來評估這一責任。

In December we issued $16 billion in debt, with maturities ranging from 2 to 30 years.

12 月，我們發行了 160 億美元的債務，期限從 2 年到 30 年不等。

The weighted average interest rate was 3.08%, with a weighted average maturity of 13.1 years.

加權平均利率為 3.08%，加權平均期限為 13.1 年。

This was the low end of the 3% to 3.5% interest rate range we indicated last year.

這是我們去年指出的 3% 至 3.5% 利率範圍的低端。

We are pleased with this outcome.

我們對這個結果感到高興。

We will of course use the proceeds to fund the up-front cash consideration for the Visa Europe acquisition, as well as to step up stock buy-backs over the next five to six quarters, to offset the dilutive impact of preferred stock that will be issued to VE members.

我們當然會使用所得款項來支付收購 Visa Europe 的前期現金對價，並在未來五到六個季度加大股票回購力度，以抵消優先股的稀釋影響發給 VE 會員。

With a debt structure now in place, we will have interest expenses of $125 million each quarter, almost $0.04 per share.

現在有了債務結構，我們每個季度的利息支出將達到 1.25 億美元，接近每股 0.04 美元。

In the first quarter, we recorded interest expense of $24 million.

在第一季度，我們記錄了 2400 萬美元的利息支出。

We will incur the full $125 million interest expense in the second quarter, with no offsetting benefit from Visa Europe operating income.

我們將在第二季度承擔全部 1.25 億美元的利息支出，而 Visa Europe 的營業收入不會產生抵消性收益。

Finally, we repurchased 25.7 million shares during the quarter at an average price of $78.52 per share, for a total of $2 billion.

最後，我們在本季度以每股 78.52 美元的平均價格回購了 2570 萬股，總計 20 億美元。

As we had indicated, we stepped up the pace of our buy-backs to make up for stock not purchased in the fourth quarter last year, due to the impending Visa Europe transaction.

正如我們所指出的，由於即將進行的 Visa Europe 交易，我們加快了回購步伐以彌補去年第四季度未購買的股票。

At the end of the quarter, we had remaining authorization of $5.8 billion for stock repurchases.

在本季度末，我們還有 58 億美元的股票回購授權。

We have continued to be buyers of our stock in January under our 10(b)(5) program.

根據我們的 10(b)(5) 計劃，我們在 1 月份繼續購買我們的股票。

Moving on to the quarter's business drivers.

繼續討論本季度的業務驅動因素。

Global payment volume growth in constant dollars for the December quarter continue to be strong at 11%.

12 月季度以固定美元計算的全球支付量增長繼續強勁，達到 11%。

US credit grew 9%, moderating 1 percentage point compared to the September quarter, as the positive effects of the Chase conversion have lapsed.

美國信貸增長 9%，與 9 月季度相比放緩 1 個百分點，因為大通轉換的積極影響已經消失。

US debit grew 10%, up 1 percentage point, benefiting from some interlinked gains.

美國借方增長 10%，上升 1 個百分點，受益於一些相互關聯的收益。

Adjusted for conversion, and the impact of gas prices, underlying growth in US payment volumes for both debit and credit has stayed very stable over the past several quarters.

根據轉換和汽油價格的影響進行調整後，美國借記卡和信用卡支付量的基本增長在過去幾個季度保持非常穩定。

In the quarter, the gas price drag was around 1 percentage point on credit, and 2 percentage points on debit.

本季度，天然氣價格拖累信貸約為 1 個百分點，借方為 2 個百分點。

In December, we lapsed the inflection point for gas price declines, which should help reported growth rates going forward, although gas prices will remain a modest drag, since pricing is still below last year.

12 月，我們超過了天然氣價格下跌的拐點，這應該有助於報告的未來增長率，儘管天然氣價格仍將是適度的拖累，因為價格仍低於去年。

This is already evident in January US aggregate payment volume numbers, which show a modest up-tick of one percentage point to 11% through January 21.

這在 1 月份美國總支付量數據中已經很明顯，截至 1 月 21 日，該數據顯示溫和上升一個百分點至 11%。

To date, macroeconomic weakness is not evident in US consumer spending, but this could change as the year progresses.

迄今為止，美國消費者支出的宏觀經濟疲軟並不明顯，但隨著時間的推移，這種情況可能會發生變化。

International payment volume constant-dollar growth of 14% was down 1 percentage point from the prior quarter.

國際支付量按美元計算增長14%，比上一季度回落1個百分點。

While 14% is a healthy level of growth, we have seen a step down in growth rate in Brazil, Russia, and the Middle East, as a result of the oil price collapse and weakness in commodity markets.

雖然 14% 是一個健康的增長水平，但由於油價暴跌和大宗商品市場疲軟，我們看到巴西、俄羅斯和中東的增長率有所下降。

Growth has remained strong across Mexico and other parts of Latin America, as well as parts of Asia, like India.

墨西哥和拉丁美洲其他地區以及亞洲部分地區（如印度）的增長保持強勁。

Of course, the impact of the strong dollar on international payment volumes has been significant, with growth flat in nominal terms.

當然，強勢美元對國際支付量的影響是顯著的，名義增長持平。

Cross-border volumes have been slowing for several quarters now.

跨境交易量已經連續幾個季度放緩。

Cross-border growth continued to decelerate, dropping to 4% in the December quarter, from 5% in the prior quarter.

跨境增長繼續減速，從上一季度的 5% 降至 12 月季度的 4%。

In the past quarter, we saw a sharp slow-down in out-bound commerce from China and the Middle East, and the strong dollar continues to hurt commerce into the US.

在上個季度，我們看到中國和中東的出境貿易急劇放緩，而強勢美元繼續損害進入美國的貿易。

You might recall that we had expected cross-border trends to remain weak in the first half, and had hoped for some improvement in the second half of our fiscal year, as comparisons became easier and/or the dollar stabilized.

您可能還記得，我們曾預計上半年跨境趨勢將保持疲軟，並希望在我們的財政年度下半年有所改善，因為比較變得更容易和/或美元企穩。

Given recent trends, that appears less likely, due to the deceleration from oil-linked and China-linked economies.

鑑於最近的趨勢，由於與石油和中國相關的經濟體減速，這似乎不太可能。

Through January 21, cross-border volume growth in constant dollars is running at 5%.

截至 1 月 21 日，以固定美元計算的跨境交易量增長率為 5%。

On the positive front, in-bound commerce into Europe remains the strongest corridor, though this has also slowed, due to China and the Middle East.

從積極的方面來看，進入歐洲的入境貿易仍然是最強勁的走廊，儘管由於中國和中東的影響，這種情況也有所放緩。

Post the closing of the Visa Europe transaction, we will begin to benefit from growth of commerce into Europe.

在 Visa Europe 交易完成後，我們將開始受益於進入歐洲的商業增長。

Transactions processed over VisaNet total $19 billion in the first quarter, an 8% increase over the prior period, and unchanged from the September quarter.

第一季度通過 VisaNet 處理的交易總額為 190 億美元，比上一季度增長 8%，與 9 月季度持平。

The US delivered 11% growth, and international growth was flat, both unchanged from the prior quarter.

美國增長 11%，國際增長持平，均與上一季度持平。

As a reminder, the international growth rate is negatively impacted by the transfer of domestic processing in Russia that started at the end of April.

提醒一下，國際增長率受到 4 月底開始的俄羅斯國內加工轉移的負面影響。

Through January 21, processed transaction growth was 8%, with a US rate of 11%, and flat international growth.

截至 1 月 21 日，已處理交易增長率為 8%，美國增長率為 11%，國際增長率持平。

Turning to our financial results.

轉向我們的財務業績。

Service revenues grew 7%, in excess of nominal payment volume growth of 4%, helped by the pricing actions we took last year.

在我們去年採取的定價行動的幫助下，服務收入增長了 7%，超過了 4% 的名義支付量增長。

Data processing revenues also grew 7%.

數據處理收入也增長了 7%。

Both were in line with our expectations.

兩者都符合我們的預期。

International revenue growth dropped to 6%, from 16% in the prior quarter.

國際收入增長率從上一季度的 16% 降至 6%。

Currency volatility moderated substantially in the quarter, reverting to the long-term mean.

本季度貨幣波動性大幅放緩，回歸長期均值。

This drives most of the decline in the reported rate of growth.

這導致了報告的增長率下降的大部分。

The impact of the pricing actions we took last year was largely offset by the significant negative impact from exchange rates.

我們去年採取的定價行動的影響在很大程度上被匯率的重大負面影響所抵消。

While this sharp decline in the growth rate of international revenues was mostly expected, cross-border volumes were weaker, as I mentioned earlier, due to China and the Middle East.

雖然國際收入增長率的急劇下降在很大程度上是意料之中的，但正如我之前提到的，由於中國和中東，跨境交易量較弱。

Exchange rates and revenues from currency volatility will continue to be a drag on reported international revenue growth through the year.

匯率和貨幣波動帶來的收入將繼續拖累全年報告的國際收入增長。

Other revenues were down 3%, primarily as a result of lower license fees generated outside the US due to slowing payment volume growth.

其他收入下降 3%，主要是由於支付量增長放緩導緻美國以外地區的許可費用下降。

As it became clear that the global economy was going to experience a period of turbulence and uncertainty, we focused hard on prioritizing and phasing our spending plans for the year.

隨著全球經濟顯然將經歷一段動盪和不確定的時期，我們將重點放在優先考慮和分階段製定今年的支出計劃。

As such, we were able to limit our expense growth to 2%.

因此，我們能夠將費用增長限制在 2%。

We held the line on personnel costs and professional fees.

我們堅持人事費用和專業費用。

Marketing programs have been re-prioritized, and phased in the context of the uncertain revenue outlook for the year.

在今年收入前景不確定的情況下，營銷計劃已重新確定優先級並分階段進行。

Network and processing expenses grew, due to the NSB cash transition in Russia.

由於俄羅斯的 NSB 現金過渡，網絡和處理費用有所增長。

Reported G&A expenses were up, driven by a variety of factors, including exchange rate adjustments and cost of product enhancements.

受匯率調整和產品改進成本等多種因素的推動，報告的 G&A 費用有所增加。

Our adjusted effective tax rate was 29.3%, modestly lower than our full-year expectation of low 30%s.

我們調整後的有效稅率為 29.3%，略低於我們全年預期的低 30%。

This was largely due to the recognition of certain benefits earlier than we had anticipated.

這主要是由於我們比我們預期的更早地認識到了某些好處。

Our full-year tax rate projection remains unchanged.

我們的全年稅率預測保持不變。

Looking ahead to the second quarter, service and transaction processing revenue trends remain unchanged.

展望第二季度，服務和交易處理收入趨勢保持不變。

International revenues remain weak.

國際收入仍然疲軟。

Currency volatilities are high going into the quarter, but could revert to the mean, as they did last quarter, and we will lap high volatilities from last year.

進入本季度的貨幣波動率很高，但可能會像上個季度一樣恢復到平均水平，我們將延續去年的高波動率。

The exchange rate drag remains approximately 3 percentage points.

匯率拖累仍約為 3 個百分點。

Net-net, mid-single-digit nominal revenue growth appears likely to be sustained.

淨淨額、中個位數的名義收入增長似乎可能會持續。

Expense growth rate will step up to the mid-single-digit range, with increases in personnel costs, and the growth in network and processing expenses due to Russia.

費用增長率將上升至中個位數範圍，人員成本增加，以及俄羅斯帶來的網絡和處理費用的增長。

One big change between the two quarters, which is important to note, is interest expense.

值得注意的是，兩個季度之間的一個重大變化是利息支出。

We will have a full quarter's interest expense starting in the second quarter of $125 million, almost $0.04 per share.

從第二季度開始，我們整個季度的利息支出將達到 1.25 億美元，接近每股 0.04 美元。

We want to make sure you all incorporate this into your models going forward.

我們希望確保你們都將其納入未來的模型中。

As we look ahead to the second half of the year, our primary concern is the economic weakness in international markets, and the risk that will impact the US.

展望下半年，我們主要關注的是國際市場的經濟疲軟，以及影響美國的風險。

As you may recall from our commentary last quarter, our outlook assumed some second-half acceleration in US growth, and higher cross-border growth due to easier comparisons.

您可能還記得我們上個季度的評論，我們的展望假設下半年美國增長會加速，並且由於比較容易實現更高的跨境增長。

Current trends create some uncertainty around our revenue outlook for the year.

目前的趨勢給我們今年的收入前景帶來了一些不確定性。

As the year progresses, we will continue to look at opportunities to moderate expense growth, while ensuring critical initiatives are adequately funded.

隨著時間的推移，我們將繼續尋找減緩開支增長的機會，同時確保為關鍵舉措提供充足的資金。

At this point, there is not much more we can tell you about the back half.

在這一點上，關於後半部分，我們可以告訴你的不多了。

In terms of Visa Europe, we do not have any financial updates at this time.

在 Visa Europe 方面，我們目前沒有任何財務更新。

As a reminder, our outlook for the full year excludes Visa Europe.

提醒一下，我們對全年的展望不包括 Visa Europe。

Assuming things proceed as planned, we will provide more detail on our second-half expectations, inclusive of Visa Europe, we talk to you again at the end of April.

假設事情按計劃進行，我們將提供更多關於下半年預期的細節，包括 Visa Europe，我們將在 4 月底再次與您交談。

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

有了這個，我會把它轉回給傑克。

Thanks, Vasant.

謝謝，瓦桑特。

Sam, at this point we're ready to start Q&A.

山姆，此時我們已準備好開始問答。

I'd just to remind everybody if they could please keep their questions to a single question, and then queue back up so that more folks are able to get up on the call.

我只想提醒大家，如果他們可以將他們的問題保留在一個問題上，然後排隊等候，以便更多人能夠接聽電話。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Bob Napoli, William Blair.

鮑勃·那不勒斯，威廉·布萊爾。

Thank you, and good afternoon.

謝謝，下午好。

A question just on the competitive intensity of the industry, and any changes you may be seeing.

一個關於行業競爭強度的問題，以及您可能看到的任何變化。

Certainly, the credit card industry broadly at the margin continues to seem to get somewhat more competitive.

當然，廣泛處於邊緣的信用卡行業似乎繼續變得更具競爭力。

You also have some regulatory challenges around the world.

您還面臨世界各地的一些監管挑戰。

Historically, this hasn't really been able to penetrate its way through to Visa and MasterCard revenue yields.

從歷史上看，這並沒有真正滲透到 Visa 和萬事達卡的收入收益中。

I was wondering if you could give any update, given the competitive changes on the issuer side, and the regulatory changes, if there is anything for us to be concerned about on the revenue yield for the business?

鑑於發行人方面的競爭變化和監管變化，我想知道您是否可以提供任何更新，如果我們對業務的收入收益率有什麼需要擔心的？

Well, I think the business is competitive.

嗯，我認為這個業務是有競爭力的。

I always remind everyone that it's been -- our business has been competitive since the day we went public.

我總是提醒大家，從我們上市的那一天起，我們的業務就一直具有競爭力。

We and MasterCard evolved our structures roughly the same period of time.

我們和萬事達卡的結構發展大致相同。

We compete in the market place every single day.

我們每天都在市場上競爭。

That has been a very consistent way of doing business.

這是一種非常一致的經商方式。

Domestically across the world there are local networks that we compete with.

在世界範圍內，我們與本地網絡競爭。

There are emerging global competitors, such as Chinese Union Bank in the traditional space, as well as a series of people in the e-comm space, whose names you know that we continue to compete with.

有新興的全球競爭對手，例如傳統領域的中國聯合銀行，以及電子商務領域的一系列人，您知道他們的名字，我們繼續與之競爭。

I think when we think about what we have at Visa in the quality of the network, the safety, the security, the global acceptance, and now the capabilities that we have built in the world of digital commerce, and the value-added services, we feel terrific about our ability to continue to compete.

我認為，當我們考慮 Visa 在網絡質量、安全性、保障性、全球接受度，以及現在我們在數字商務世界中建立的能力和增值服務時，我們對我們繼續競爭的能力感到非常高興。

We're very clear that we know that we have to continue to add value to transactions that run over our network in order to sustain the kind of margins that make this such an attractive business.

我們非常清楚，我們知道我們必須繼續為通過我們網絡運行的交易增加價值，以維持使這項業務如此有吸引力的利潤率。

We think that there are a couple of us, with us leading the pack, who are uniquely qualified to do that.

我們認為我們當中有幾個人，我們是領頭羊，他們是唯一有資格做到這一點的人。

Those these, I think, are very consistent with where they were last quarter, last year, and a couple of years ago.

我認為，這些與上個季度、去年和幾年前的情況非常一致。

Next question?

下一個問題？

Dan Perlin, RBC Capital Markets.

丹·珀林，加拿大皇家銀行資本市場。

The question I have is as you think about serving all these incremental constituencies, much more merchant-direct and centric, and then also much more consumer-direct and centric.

我的問題是，當您考慮為所有這些增量選民服務時，更多的是直接以商家為中心，以消費者為中心，然後也更以消費者為中心。

I'm wondering how you are prioritizing your expenses when you think about throttling back on projects, and what we should be mindful of?

我想知道，當您考慮限制項目時，您是如何優先考慮支出的，我們應該注意什麼？

As I look back on your expense lines, maybe back in -- when we were coming out of the last recession, your actually marketing dollars as an absolute dollar almost at absolute levels.

當我回顧您的支出線時，也許回過頭來-當我們擺脫上一次經濟衰退時，您的實際營銷美元作為絕對美元幾乎處於絕對水平。

I don't know that you pull that back more.

我不知道你把它拉回來了。

I'm just wondering where you throttle back?

我只是想知道你在哪裡節流？

Thanks.

謝謝。

Yes, let me take a stab at it, and then Vasant, you can add anything you want to add.

是的，讓我試一下，然後是 Vasant，你可以添加任何你想添加的東西。

First of all, I want to be really clear for a second.

首先，我想明確一下。

We are not building a business which is consumer-direct, and we're not building a business which is merchant-direct.

我們不是在建立一個消費者直接的業務，我們也不是建立一個商家直接的業務。

There are occasional times when we will do something directly with the consumer or directly with the merchant, but it's in a way that supports the four-party model, in a way we believe is ultimately good for issuers and acquirers.

有時我們會直接與消費者或商家直接做某事，但這是支持四方模式的方式，我們認為這種方式最終對發行人和收單機構有利。

We're just acting as the facilitator.

我們只是充當促進者。

We still very much believe that the model that we have is an amazing model, and we continue to -- most of what we do to work through those people.

我們仍然非常相信我們擁有的模型是一個了不起的模型，我們將繼續——我們所做的大部分工作都是通過這些人來完成的。

The fact is we are a consumer brand, and we have a role that we've got to play there.

事實上，我們是一個消費品牌，我們必須在那裡發揮作用。

When it comes to the comments on expenses, what you should take away is that nothing that we have done when it comes to re-phasing, delaying, or reducing any of the expense dollars that we contemplated, in our minds relate to anything which is going to help build the business for the future.

當談到對費用的評論時，你應該帶走的是，在我們考慮的重新定階段、延遲或減少任何費用方面，我們沒有做任何事情，在我們看來，這與任何將幫助建立未來的業務。

If you asked us are we as efficient as we should be, are we spending every last dollar wisely across the place, the answer is no, and the answer is still no today.

如果您問我們是否有應有的效率，我們是否明智地在各地花費每一美元，答案是否定的，而今天的答案仍然是否定的。

What this environment does is it gives us the ability to take a harder look at where we are not as efficient as we should be, and attack those dollars.

這種環境的作用是讓我們能夠更仔細地審視我們沒有達到應有的效率，並攻擊這些資金。

We've not cut back on anything that relates to building our digital business, the APIs and SDKs that are part of the developer center, the things that we are doing on behalf of merchants, the things that we're doing on behalf of the issuers to build our consulting services.

我們沒有削減任何與建立我們的數字業務、開發者中心的 API 和 SDK、我們代表商家所做的事情、我們代表發行人建立我們的諮詢服務。

We're still very committed to building that.

我們仍然非常致力於建立它。

As we think about what this environment does is, it's just creating extra focus for us.

當我們考慮這個環境的作用時，它只是為我們創造了額外的焦點。

We certainly don't think that the slow-down that we're seeing that's affecting the business is something that changes the business model for the long term.

我們當然不認為我們看到的影響業務的放緩會長期改變業務模式。

We're not going to change the things that we think really build the business for the long term, as we sit here.

當我們坐在這裡時，我們不會改變我們認為真正建立長期業務的事情。

The only other things I would add is we've said that the expense growth rate will be back in the mid-single digits in the second quarter.

我要補充的唯一其他事情是，我們已經說過第二季度的費用增長率將回到中個位數。

As Charlie said, there's nothing we've done to date that does anything in terms of either the funding or the pacing of critical initiatives, whether that's Visa Checkout, Visa Direct, (inaudible - accent) service, all the critical initiatives.

正如查理所說，到目前為止，無論是 Visa Checkout、Visa Direct、（聽不清 - 重音）服務，還是所有關鍵舉措，我們都沒有在資金或關鍵舉措的節奏方面做任何事情。

Times like these are a good opportunity to take a hard look at is every dollar well spent, prioritize once again.

像這樣的時代是一個很好的機會來認真審視每一美元是否物有所值，再次優先考慮。

We took some time to do that in the first quarter.

我們在第一季度花了一些時間來做到這一點。

In the second quarter the expense growth rate will be back in the mid-single digits.

第二季度費用增長率將回到中個位數。

We'll keep monitoring the external situation.

我們將繼續關注外部情況。

Next question, Sam?

下一個問題，山姆？

Chris Brendler, Stifel.

克里斯·布倫德勒，Stifel。

Hi, thanks.

你好謝謝。

Good afternoon.

下午好。

I wanted to ask another question on the competitive environment, and get your updated thoughts on PayPal, in particular.

我想問另一個關於競爭環境的問題，特別是想了解您對 PayPal 的最新看法。

It seems like they have been a good supporter of online volumes, and a lot of transactions are funded by cards.

似乎他們一直是在線交易量的良好支持者，並且很多交易都是由卡資助的。

The [venlo] opportunity seems a little bit different from a [discrimination]threat.

[venlo] 機會似乎與 [discrimination] 威脅有點不同。

I just wanted to hear your thoughts on that particular threat.

我只是想听聽你對那個特定威脅的看法。

Also, when it comes to Braintree and the in-app development and the potential for discrimination risk there, is there a competitive response from Visa to some of the technology that they have been able to over in that kind of stuff.

此外，當談到 Braintree 和應用內開發以及潛在的歧視風險時，Visa 對他們已經能夠在這類東西中克服的某些技術是否有競爭反應。

Is that an area you can potentially expand into becoming a competitor when it comes to online in-app purchases?

當涉及到在線應用內購買時，您是否可以擴展成為競爭對手的領域？

Thanks.

謝謝。

Yes, let me do the first one first.

是的，讓我先做第一個。

I'm not going to talk about any specific company.

我不會談論任何具體的公司。

What I will say is that we love partnering with people that we think are good for the payment system, and preserve our clients' roles and our role in the ecosystem.

我要說的是，我們喜歡與我們認為對支付系統有益的人合作，並保留我們客戶的角色和我們在生態系統中的角色。

There are many examples around the world of people that we partner with in order to do that.

為了做到這一點，我們與世界各地的許多人合作。

There are also some examples of people that don't do that.

也有一些人不這樣做的例子。

People that generate business for us in the short term, whose business model is built around disintermediating us eventually and our clients, is not something that we like, not something that we support, and not something that we're just going to sit idly by and watch.

在短期內為我們創造業務的人，他們的商業模式是建立在最終使我們和我們的客戶去中介化的基礎上，不是我們喜歡的東西，不是我們支持的東西，也不是我們會坐視不管的東西並觀看。

Our first preference is to figure out how to work differently with those people.

我們的首要任務是弄清楚如何以不同的方式與這些人合作。

Those are the active conversations that we're engaged in.

這些是我們正在進行的積極對話。

If we can't get to a productive conclusion, there are a lot of things at our disposal that we can do, which we have not done, which will enable us, we believe, to compete in a very clear and very direct way, in a way that's a level playing field for everyone.

如果我們無法得出富有成效的結論，我們可以做很多事情，但我們沒有做過，我們相信，這將使我們能夠以非常清晰和非常直接的方式競爭，在某種程度上，這對每個人來說都是一個公平的競爭環境。

Our first preference is to figure out how to partner with people, but if that doesn't work out, then we will compete directly with them.

我們的首要選擇是弄清楚如何與人們合作，但如果這不起作用，那麼我們將直接與他們競爭。

That will evolve in the near future.

這將在不久的將來發展。

More to come on that.

更多內容。

In the second question was around more specific Chris.

第二個問題是圍繞更具體的克里斯。

I guess the question was, there are people like Braintree out there who services help enable mobile commerce, and what our response to that.

我想問題是，那裡有像 Braintree 這樣的人，他們的服務有助於實現移動商務，以及我們對此的回應。

The second question was around more specific Stripe, Sanjay -- I mean Chris?

第二個問題是關於更具體的 Stripe，Sanjay——我是說 Chris？

I guess the question was there are people like Braintree out there whose services help enable mobile commerce, and what's our response to that.

我想問題是有像 Braintree 這樣的人，他們的服務有助於實現移動商務，我們對此有何回應。

On this one our response is multiple, on multiple fronts.

在這一點上，我們的反應是多方面的。

First of all, we have a great business in CyberSource, where we also own a business called Authorize.net that deals with smaller merchants and helps enable smaller merchants to accept online payments.

首先，我們在 CyberSource 擁有出色的業務，我們還擁有一家名為 Authorize.net 的業務，該業務與較小的商家打交道，並幫助較小的商家接受在線支付。

That business is focused both in the browser space, but also in the mobile space.

該業務既專注於瀏覽器領域，也專注於移動領域。

We've just made a series of changes internally with some leadership changes that we're very excited about, to help re-energized the business there and to be in a position to compete.

我們剛剛在內部進行了一系列變化，其中一些領導層發生了變化，我們對此感到非常興奮，以幫助重新激發那裡的業務並處於競爭地位。

We also made an investment in Stripe and work very closely with them.

我們還對 Stripe 進行了投資，並與他們密切合作。

We think they are just extremely talented people who are almost solely focused on the mobile space, and enabling mobile commerce in a way that's very friendly to us.

我們認為他們只是非常有才華的人，他們幾乎完全專注於移動領域，並以對我們非常友好的方式實現移動商務。

We're excited to continue to help them build their business globally.

我們很高興能繼續幫助他們在全球範圍內建立業務。

Next question, Sam?

下一個問題，山姆？

Mosh Orenbuch, Credit Suisse.

Mosh Orenbuch，瑞士信貸。

Great.

偉大的。

Could you talk a little bit about -- you mentioned a couple of very large merchants that are going to be deploying Visa Checkout this year.

您能否談一談——您提到了一些今年將部署 Visa Checkout 的大型商家。

Can you talk a little bit about what the sales and implementation cycle might be, and how to think about the progression, perhaps over the next couple of years in that?

你能談談銷售和實施週期可能是什麼，以及如何考慮進展，也許在接下來的幾年裡？

It seems like it's pretty important from a competitive standpoint?

從競爭的角度來看，這似乎很重要？

Yes, the sales cycle -- I mean honestly the sales cycle varies dramatically with the priorities that the individual merchants have.

是的，銷售週期——老實說，銷售週期隨著各個商家的優先級而顯著變化。

Obviously the more continuing success that we have changes that sales cycle, as well.

顯然，我們取得的持續成功也會改變銷售週期。

When we're able to quote the kind of numbers that we're able to quote on comScore for what it actually does to merchant sites, and the merchants themselves can actually share those experiences, nothing is -- nothing changes the sales discussion more than that.

當我們能夠引用我們能夠在 comScore 上引用的那種數字來說明它對商家網站的實際作用，並且商家自己可以實際分享這些經驗時，沒有什麼比這更能改變銷售討論了那。

I think it's fair to say when we first started these discussions it could be six to nine months in terms of a calling process, if not longer.

我認為公平地說，當我們第一次開始這些討論時，就電話流程而言可能需要六到九個月，如果不是更長的話。

I will tell you I saw a note today on the way down here that we got an incoming call from a sizeable merchant, which was very surprising to me, saying that they would like to implement Visa Checkout.

我會告訴你，我今天在下樓的路上看到一張紙條，我們接到一個大商家的來電，這讓我很驚訝，說他們想實施 Visa Checkout。

It really is -- the game is changing, but we also -- in our minds, we know -- this is merchant by merchant.

確實是 - 遊戲正在改變，但我們也 - 在我們的腦海中，我們知道 - 這是一個商人一個商人。

It's a long-term build.

這是一個長期的構建。

We just have to continue to show the kinds of progress that we're seeing with these -- both the numbers of merchants and the size of merchants.

我們只需要繼續展示我們在這些方面看到的進展——包括商家的數量和商家的規模。

The implementation piece, I forgot what it was, but it's dramatically quicker and easier for a merchant to implement.

實施部分，我忘記了它是什麼，但是對於商家來說實施起來更快更容易。

If they can fit us into their queue, it's literally weeks at this point, as opposed to when we had the first incarnation, it was multiple months.

如果他們可以讓我們加入他們的隊列，那麼在這一點上實際上是幾週，而不是我們第一次化身時，那是幾個月。

The real issue is just making sure they understand why it's good for them, and having a merchant decide that it's a priority for them, and that's what we're starting to see.

真正的問題是確保他們理解為什麼這對他們有好處，並讓商家決定這對他們來說是優先事項，這就是我們開始看到的。

Next question?

下一個問題？

Jason Kupferberg, Jefferies.

傑森庫普弗伯格，傑富瑞。

Thanks, guys.

多謝你們。

This quarter clearly seems to support the view that Visa can really protect the bottom line with cost controls, and more or less any macro climate; but obviously the tone is getting understandably more cautious regarding the volume outlook.

本季度顯然支持這樣的觀點，即 Visa 可以通過成本控制以及或多或少的宏觀氣候來真正保護底線；但顯然，對於數量前景，語氣變得更加謹慎是可以理解的。

I understand you're not changing your FY16 revenue guidance, but just curious whether or not the lower end now feels more likely than it did at the last earnings call.

我了解您不會更改 2016 財年的收入指引，只是想知道現在的低端是否比上次財報電話會議更有可能。

Then just very quickly, any metrics on Visa Checkout volume you can share?

然後很快，您可以分享有關 Visa Checkout 數量的任何指標嗎？

I'll just jump in on your first question.

我會直接回答你的第一個問題。

The thing to point out is, if you look at international payment volumes as we had in our comments, in constant dollars they were actually up 14%.

需要指出的是，如果您像我們在評論中所說的那樣查看國際支付量，以不變美元計算，它們實際上增長了 14%。

It's still incredibly healthy growth.

它仍然是令人難以置信的健康增長。

Then in nominal terms it comes down to 0%.

然後在名義上它下降到0％。

You can see what a huge impact exchange rates have had.

你可以看到匯率的巨大影響。

US payment volumes, both credit and debit, if you just for conversion and GAAP, have been remarkably stable.

如果您只考慮轉換和 GAAP，美國的信用卡和借記卡支付量一直非常穩定。

That's what makes us optimistic about the long term.

這就是讓我們對長期持樂觀態度的原因。

In the short run, as Charlie said, there's two issues.

正如查理所說，在短期內，有兩個問題。

The strong dollar is hurting commerce into the US, which is a very sizable business for us, and has been a big drag now for multiple years.

強勢美元正在損害進入美國的商業，這對我們來說是一項非常龐大的業務，並且多年來一直是一個很大的拖累。

The dollar also affects translation.

美元也會影響翻譯。

You saw that from 14% constant-dollar growth to 0%.

你看到了從 14% 的固定美元增長到 0%。

It's huge.

它超大。

Then cross-border trends clearly are being hurt by both the strong dollar, as well as what's happening in commodity markets, China, et cetera.

然後跨境趨勢顯然受到美元走強以及大宗商品市場、中國等正在發生的事情的傷害。

We see all these as not really reflecting the long-term trends in our business.

我們認為所有這些都不能真正反映我們業務的長期趨勢。

We really don't want to change anything in terms of our long-term profile of investment.

就我們的長期投資狀況而言，我們真的不想改變任何事情。

But we are also mindful of the fact that the next few quarters we will face the same pressures.

但我們也注意到，未來幾個季度我們將面臨同樣的壓力。

All we're really doing is being prudent and prioritizing, but not fundamentally changing anything in our investment posture.

我們真正在做的只是審慎和優先考慮，但不會從根本上改變我們的投資態勢。

The next question was on Visa Checkout numbers.

下一個問題是關於 Visa Checkout 號碼的。

I think you provided some in your comments.

我認為您在評論中提供了一些內容。

Yes, but we actually don't provide the volumes.

是的，但我們實際上不提供卷。

Next question, please?

請問下一個問題？

Eric Wasserstrom, Guggenheim Securities.

Eric Wasserstrom，古根海姆證券公司。

Thanks very much.

非常感謝。

Charlie, my question is also on an element of the competitive environment, which is we've seen Visa now maybe partnership in new ways with some of the banks in order to win portfolios that were -- and co-brand relationships that were up for RFP.

查理，我的問題也是關於競爭環境的一個因素，我們現在已經看到 Visa 可能以新的方式與一些銀行建立合作夥伴關係，以贏得曾經的投資組合和聯合品牌關係徵求建議書。

Of course, there is the evolving relationship with JPMorgan and what they're doing there on Chase Pay.

當然，與摩根大通的關係以及他們在 Chase Pay 上所做的事情也在不斷發展。

I wonder, is there something occurring now between Visa and the banks in terms of the kind of relationship that banks are seeking to have with you in the United States.

我想知道，就銀行在美國尋求與您建立的那種關係而言，Visa 和銀行之間是否正在發生一些事情。

That's different than in the past, because it seems like the stance is a little more aggressive in response to some of the dynamics that are making growth so hard to come by in the states?

這與過去不同，因為對於一些使各州難以實現增長的動態，這種立場似乎更具侵略性？

I think it's a good question.

我認為這是一個很好的問題。

I think it's -- there are a couple of different things going on.

我認為是——有幾件不同的事情正在發生。

I think first of all, part of what you're seeing in the evolving relationships that banks have with the networks -- not just in the US but around the world -- is as the years passed, since we've transitioned from association to public Company, networks are sorting out their -- I'm sorry, banks are sorting out their point of views on networks, and what they want those relationships to look like.

我認為首先，您在銀行與網絡之間不斷發展的關係中所看到的一部分——不僅在美國，而且在世界各地——隨著時間的流逝，因為我們已經從協會過渡到上市公司，網絡正在整理他們的——對不起，銀行正在整理他們對網絡的看法，以及他們希望這些關係是什麼樣子。

What you start to see now is at the same time payments evolving very rapidly, driven mostly by digital, but by -- but I think also as importantly, the payments businesses broadly, including the debit card business and the credit card businesses, are now very much a part of what a band does and the way they think about their entire relationships, as opposed to five, six, seven, eight years ago, we were transitioning from the majority of the business being done on the credit side by standalone companies, to all of a sudden being integrated into a bank but still being run separately.

你現在開始看到的是支付發展非常迅速，主要由數字驅動，但我認為同樣重要的是，支付業務，包括借記卡業務和信用卡業務，現在很大程度上是樂隊所做的事情的一部分，以及他們對整個關係的看法，與五、六、七、八年前相比，我們正在從獨立公司在信貸方面完成的大部分業務轉型，突然被整合到一家銀行，但仍然分開運行。

As the combine these businesses and really run them as an integrated business, they are now thinking about how they need to have a partnership with a payment network, which is much more strategic, as opposed to just a third-party provider of services.

隨著這些業務的結合併真正將它們作為一個綜合業務運營，他們現在正在考慮如何與支付網絡建立合作夥伴關係，這比第三方服務提供商更具戰略意義。

What you're seeing is, you're seeing longer-term contracts, whether it's people used to do one- and two-year contracts; now you've seen us do three, five, seven, and 10, in some cases.

你看到的是，你看到的是更長期的合同，無論是人們過去簽訂一年還是兩年的合同；現在你已經看到我們在某些情況下做了三、五、七和十。

That's because it's a -- it is a different kind of relationship.

那是因為這是一種不同的關係。

I think the other thing that's going on in the market place is you start to see, especially here in the United States, banks have become very good at understanding the different segments, the different opportunities that they have to use payment products to serve their clients.

我認為市場上發生的另一件事是你開始看到，尤其是在美國，銀行已經非常善於理解不同的細分市場，他們必須使用支付產品來服務客戶的不同機會.

They're able to compete with the likes of other names out there that they didn't necessarily focus on before, and are having great success in that.

他們能夠與他們以前不一定關注的其他名字競爭，並且在這方面取得了巨大的成功。

When you have success, it gives you confidence to go get more aggressive, and some of these co-brands and some of these other things that you see.

當你取得成功時，它會讓你有信心變得更加積極進取，其中一些聯合品牌和你看到的其他一些東西。

What we want to do is to be the payment partner of choice; to be the one that helps them think strategically, as well as to be the best actual provider of network services; and you're seeing people make choices relative to who their network partner is.

我們要做的是成為首選的支付合作夥伴；成為幫助他們進行戰略思考的人，以及成為網絡服務的最佳實際提供者；你會看到人們根據他們的網絡合作夥伴是誰做出選擇。

What that means for the aggressiveness in the market place is it's a more competitive market place.

這對市場的進取性意味著它是一個更具競爭力的市場。

Again, to me that's something -- we've seen it increasing over a period of time.

再一次，對我來說，這很重要——我們已經看到它在一段時間內增加了。

It's because there are people, there are more people that have better abilities in the payment space today than there were three years ago, five years ago, or 10 years ago.

這是因為今天有人，比三年前、五年前或十年前在支付領域有更好能力的人更多。

Next question, please?

請問下一個問題？

Jim Schneider, Goldman Sachs.

吉姆施耐德，高盛。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if I could ask a question about the US consumer trends that you're seeing.

我想知道是否可以就您所看到的美國消費趨勢提出問題。

Clearly, it sounds like from the data you've seen so far, you're not seeing any material down-tick in the US consumer though you're watching it very closely.

顯然，從您目前看到的數據來看，儘管您正在密切關注，但您並沒有看到美國消費者的任何實質性下降。

Can you talk about any underlying stats you're looking at?

您能談談您正在查看的任何潛在統計數據嗎？

Almost a year ago you talked about the speculation about lower gas prices driving increased saving and banking of that savings.

大約一年前，您談到了關於較低的天然氣價格推動儲蓄增加和儲蓄存入銀行的猜測。

I'm wondering if you're seeing any evidence of increasing discretionary spend.

我想知道您是否看到任何增加可自由支配支出的證據。

Then this is a clarification relative to the one point of acceleration you mentioned so far year to date.

那麼這是對你今年迄今為止提到的一點加速的澄清。

If I stripped out the effect of lower gas prices, would you still be seeing the same consistent underlying trends, or the one point of acceleration?

如果我剔除較低汽油價格的影響，您是否仍然會看到相同的一致基本趨勢，還是加速的一點？

Thank you.

謝謝你。

I think what we're seeing is a very stable US consumer environment.

我認為我們看到的是一個非常穩定的美國消費環境。

If you look at multiple quarters all the way through last year, and into this year, and you adjust for, as we said, conversions and gas prices, it's been very stable -- certainly question marks about whether there's benefits from gas prices floating into.

如果您查看從去年到今年的多個季度，並根據我們所說的轉換率和汽油價格進行調整，那麼它非常穩定——當然是關於汽油價格浮動是否有好處的問號.

We've seen a little bit of that on the debit side.

我們已經在藉方看到了一點。

We said that earlier.

我們之前說過。

Yes, there is a small benefit, as you look at January, from the impact of gas prices declining; but gas prices are still below where they were last year.

是的，正如您在 1 月份看到的那樣，天然氣價格下跌的影響帶來了一點好處；但汽油價格仍低於去年的水平。

We had a 2-percentage-point impact on debit, 1% on credit.

我們對借方產生了 2 個百分點的影響，對貸方產生了 1% 的影響。

That will moderate, but it won't go away completely.

這會緩和，但不會完全消失。

Most of it we would ascribe to that.

我們將其中大部分歸因於這一點。

I wouldn't read too much into three weeks of January.

一月份的三個星期我不會讀太多。

We then had some awful weather in the last few weeks -- last few days, and that definitely will affect some of the commerce.

在過去的幾周里，我們遇到了一些糟糕的天氣——最後幾天，這肯定會影響一些商業活動。

Overall, I don't think there's a whole lot more we have to add than what Charlie gave you in terms of holiday spend, the shift to commerce channels.

總體而言，我認為在假期支出、向商業渠道的轉變方面，我們沒有比查理給你的要多得多。

I don't know if there's anything else you could add?

不知道你還有什麼可以補充的嗎？

No, I think that's it.

不，我想就是這樣。

Okay, next question.

好的，下一個問題。

Darrin Peller, Barclays.

巴克萊銀行的達林佩勒。

Thanks, guys.

多謝你們。

Look, I just want to follow up on guidance.

看，我只是想跟進指導。

Since your guidance was provided last quarter, we've had further deterioration on some macro areas.

自上個季度提供您的指導以來，我們在一些宏觀領域進一步惡化。

You mentioned gas prices in definitely some of the emerging oil-based economies.

您肯定提到了一些新興石油經濟體的天然氣價格。

But again, you maintain your guidance for now and did pretty well in the quarter.

但同樣，你現在保持你的指導，並且在本季度做得很好。

As of now, do you include similar trends on the slower areas like Brazil, Russia, Middle East, as persisting at these similar rates throughout the year?

截至目前，您是否包括巴西、俄羅斯、中東等較慢地區的類似趨勢，因為全年都以這些類似的速度持續存在？

Then what, if anything, would you say has been a surprise to the up side since last quarter on revenue that might offset the slower macro -- maybe it was cross-border versus the 3% rate?

那麼，如果有的話，您會說自上個季度以來收入可能會抵消宏觀經濟放緩帶來的驚喜——也許是跨境與 3% 的利率？

If you could just give us more color on that?

如果你能給我們更多的顏色呢？

Thanks, guys.

多謝你們。

Yes, listen.

是的，聽著。

This whole concept of guidance is -- it's a very strange thing, right?

整個指導概念是——這是一件非常奇怪的事情，對吧？

Because you're asking us what we think our volumes will be next quarter, the quarter after that and the quarter after that.

因為您是在問我們，我們認為下個季度、之後的季度和之後的季度我們的銷量會是多少。

We know a little more than you know, not a whole lot more.

我們知道的比你知道的多一點，而不是更多。

Asking people to give precision in terms of what's going to happen effectively to the dollar consumer confidence and things like that, we really don't know.

要求人們準確說明將有效影響美元消費者信心之類的事情，我們真的不知道。

What we try and do is be as transparent as we can about what we do know.

我們嘗試和做的是盡可能透明地了解我們所知道的。

We recognize that it's hard sometimes to figure out what a trend is; and it's hard to know what the triggers will be to either see an up-tick or a down-tick.

我們認識到有時很難弄清楚趨勢是什麼。很難知道看到上漲或下跌的觸發因素是什麼。

We've tried to be very clear in our remarks that we are not changing guidance, but if we don't see improvement, then the guidance will come under pressure.

我們試圖在我們的評論中非常清楚地表明我們不會改變指導，但如果我們沒有看到改進，那麼指導將面臨壓力。

Yes, I think if you want to know what could offset, we told you that we saw some additional factors that would cause a deceleration in cross-border trends.

是的，我想如果你想知道什麼可以抵消，我們告訴你我們看到了一些額外的因素會導致跨境趨勢減速。

That was really two main things.

那真的是兩個主要的事情。

It was travel out of China, and it was travel out of oil-linked economies.

這是從中國出發，從與石油相關的經濟體出發。

What could cause -- what is the most significant variable that could cause [chain] trends to change in a positive way?

什麼可能導致 - 可能導致[鏈]趨勢以積極方式變化的最重要變量是什麼？

Do we know it's going to happen?

我們知道它會發生嗎？

We don't; but it's the dollar.

我們沒有；但它是美元。

If the dollar begins to show some signs of weakness, clearly it has a big impact on our business -- not immediately, but over time on two fronts, one the translation impact, which you can all estimate.

如果美元開始出現一些疲軟跡象，顯然它會對我們的業務產生重大影響——不是立即，而是隨著時間的推移在兩個方面，一個是翻譯影響，你們都可以估計。

But then there is the other impact which will play out over time, which is in commerce into the US, which is a big part of our business.

但隨著時間的推移，還有其他影響將發揮作用，那就是進入美國的商業活動，這是我們業務的重要組成部分。

Then in the second half, certainly Europe will be part of Visa.

然後在下半年，歐洲肯定會成為 Visa 的一部分。

The travel into Europe has been better than travel into other geographies.

去歐洲旅行比去其他地區旅行要好。

Hopefully that will help us.

希望這會幫助我們。

Some of that, we knew going into the year and giving you some of our perspective, we incorporated some of that.

其中一些，我們知道進入這一年並為您提供一些我們的觀點，我們納入了其中的一些。

Just to give you a little sense, we were looking earlier in detail at cross-border spend.

只是為了給你一點感覺，我們早些時候詳細研究了跨境支出。

If you look at -- look over a much longer period of time.

如果你看——看更長的時間。

You go back to when our cross-border growth was in the low-double digits, versus where it is today, and say where is -- what's the biggest effect, almost something like 75% or 80% of that effect is the reduction, is from sales wired in the US.

你回到我們的跨境增長處於低兩位數的時候，與今天的情況相比，然後說在哪裡 - 最大的影響是什麼，幾乎 75% 或 80% 的影響是減少，來自美國的有線銷售。

It's the drop in spending of non-US cardholders in the United States.

這是非美國持卡人在美國的消費下降。

It's a very dramatic, very clear, very specific item, predominantly driven by the dollar -- not totally, but predominantly driven by the dollar.

這是一個非常引人注目、非常明確、非常具體的項目，主要受美元驅動——不完全是，但主要受美元驅動。

It moves quickly on the way down, and at some point it could quickly change the other way, as well.

它在下降的過程中快速移動，並且在某些時候它也可以快速改變另一種方式。

We just don't know when.

我們只是不知道什麼時候。

Next question, Sam?

下一個問題，山姆？

Ken Bruce, Bank of America.

美國銀行肯布魯斯。

Thanks, good afternoon.

謝謝，下午好。

My questions really relate to some earlier comments.

我的問題確實與之前的一些評論有關。

I recognize that you have some expenses that you can manage.

我知道您有一些可以管理的費用。

I was wondering if you might be able to provide some sense as to what you would -- how we should be thinking about what would be core spending or core investments in the expenses, versus maybe some of those areas that you talked about in terms of gaining more efficiency, so we can have an understanding as to how much leverage you have from that standpoint?

我想知道你是否能夠提供一些關於你會做什麼的意義——我們應該如何考慮核心支出或核心投資，而不是你談到的一些領域獲得更高的效率，所以我們可以從這個角度了解您有多少槓桿作用？

Second question, and this is granular, but are you seeing any changes in activity within the US in those areas that are particularly known for high energy, or high exposure to gas and oil in particular?

第二個問題，這是細化的，但是您是否看到美國在那些以高能源或特別是高接觸天然氣和石油而聞名的地區的活動有任何變化？

Thank you.

謝謝你。

I think you can see some of this from things that we might put out through our economics group, but there is clearly -- you can see the subdued activity in oil-related states.

我認為您可以從我們可能通過我們的經濟小組發布的內容中看到其中的一些內容，但很明顯 - 您可以看到與石油相關的國家的活動低迷。

The west is doing better in aggregate than other parts of the country.

總體而言，西部的表現優於該國其他地區。

But other than that, I don't think there's anything we would tell you that is not available from other sources of data that you see.

但除此之外，我認為我們不會告訴您任何您看到的其他數據來源無法提供的信息。

The other question was on the cost side.

另一個問題是在成本方面。

What we said earlier was costs related to technology initiatives that are critical to product development for the future, cyber-security, those have a long-term -- we have long-term perspective on that, and there really is no change in our posture on those things.

我們之前所說的是與對未來產品開發至關重要的技術計劃相關的成本，網絡安全，這些都是長期的——我們對此有長期的看法，我們的立場確實沒有改變在那些事情上。

It's on the margin where we can tighten the belt on things that may be somewhat more discretionary, and you could do them later or you could do them now.

它處於邊緣，我們可以在可能更具自由裁量權的事情上勒緊腰帶，您可以稍後再做，也可以現在做。

There comes a point where you certainly don't want to cut below certain levels, so we're being very prudent.

有一點你肯定不想低於某些水平，所以我們非常謹慎。

We see many of these as transient and cyclical kinds of things, with some strong underlying trends.

我們將其中許多視為短暫和周期性的事物，具有一些強大的潛在趨勢。

We see no reason to change our posture and our long-term investment outlook.

我們認為沒有理由改變我們的姿態和我們的長期投資前景。

The only thing I would add is that we're going through the initial discussions with our colleagues at Visa Europe.

我唯一要補充的是，我們正在與 Visa Europe 的同事進行初步討論。

Obviously after we close the transaction, we will go through a full-fledged integration.

顯然，在我們完成交易後，我們將進行一次全面的整合。

That is an opportunity to help us focus on efficiency in general.

這是一個幫助我們總體上關注效率的機會。

To repeat what we said is that we still are believers that the underlying trends in the business are extraordinarily strong, that there are places that commerce is moving to, and we're building the appropriate solutions that will enable us to be as successful in the digital world as been in the physical world, and we're very committed to continue to invest in that space.

重複我們所說的是，我們仍然相信商業的潛在趨勢非常強大，商業正在向某些地方轉移，我們正在構建適當的解決方案，使我們能夠在數字世界與物理世界一樣，我們非常致力於繼續投資該領域。

But remember, we are a very young for-profit Company.

但請記住，我們是一家非常年輕的營利性公司。

It wasn't that long that we were an association.

我們成為一個協會的時間並不長。

Opportunities to focus internally and to get smart about where you're spending your dollars to ensure that they're going towards the future and towards client-driven things is a good thing.

有機會專注於內部並明智地了解您將錢花在哪里以確保他們走向未來並走向客戶驅動的事情是一件好事。

That's our focus as we talk about the allocation of our resources.

這是我們談論資源分配時的重點。

Next question, Sam?

下一個問題，山姆？

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

Thank you.

謝謝你。

I have a question on the share buy-back and the dilution offset to the preferred issuance.

我對股票回購和優先發行的稀釋抵消有疑問。

Understanding the markets are volatile, but is there anything that precludes you from maybe having a little bit of a shorter time horizon in repurchasing those shares?

了解市場是不穩定的，但是有什麼東西可以阻止你在回購這些股票時可能會有一些更短的時間範圍？

One data point question.

一個數據點問題。

I'm sorry if you guys have disclosed this before, but do we have a specific number on how much of your volume is travel that's coming out of China into other countries?

很抱歉，如果你們之前披露過這一點，但我們是否有具體數字說明你們從中國到其他國家的旅行量有多少？

Thank you.

謝謝你。

I believe on the second question, no, we don't provide that.

我相信第二個問題，不，我們不提供。

In terms of buy-backs, if you calibrate our buy-backs, as you know, our buy-backs have always been more programmatic than opportunistic.

在回購方面，如果您校准我們的回購，如您所知，我們的回購一直是程序化而非機會主義。

But within a programmatic buy-back, you've seen us calibrate up or down depending on market conditions, and our assessments of valuation and so on.

但是在程序化回購中，您已經看到我們根據市場狀況以及我們對估值的評估等進行向上或向下校準。

Yes, there are opportunities to speed it up if we want to.

是的，如果我們願意，有機會加快速度。

But I think our best expectation remains what we told you earlier, which is that our goal is to buy back or offset the dilution caused by the issuance of the preferred stock by the end of FY17.

但我認為我們最好的期望仍然是我們之前告訴你的，即我們的目標是在 FY17 年底之前回購或抵消發行優先股造成的稀釋。

The pace in which we do that, whether it's more in some quarters, less in others, I'm sure will calibrate as each quarter comes by.

我們這樣做的速度，無論是在某些方面更多，在其他方面更少，我肯定會隨著每個季度的到來而調整。

The only thing I'll say is, to add on that is, we -- I guess I'll say it this way.

我唯一要說的是，補充一點，我們——我想我會這樣說。

If you look at our actions on the debt offering, we issued the debt in December, well ahead of what we expect to be the closing date, because we looked at what we thought the right long-term economic decision was, as opposed to what the negative effect would be this quarter and next quarter.

如果你看看我們在債券發行方面的行動，我們在 12 月發行了債券，遠遠早於我們預期的截止日期，因為我們著眼於我們認為正確的長期經濟決策是什麼，而不是什麼負面影響將是本季度和下一季度。

When it comes to buy-backs, it's the same economic discussion.

在回購方面，同樣是經濟討論。

Obviously depending on the size, depending on how much you want to accelerate, there are different costs to do those things, and we think about that in terms of what the right thing for us to do is.

顯然，取決於規模，取決於你想要加速多少，做這些事情會有不同的成本，我們會根據我們應該做的正確事情來考慮這一點。

Next question, please?

請問下一個問題？

Craig Maurer, Autonomous.

克雷格毛雷爾，自治。

Hi, thanks.

你好謝謝。

Two questions.

兩個問題。

First, just Vasant, should we expect the incentives that were pushed out due to deal delays to show up in the fiscal second quarter?

首先，Vasant，我們是否應該期望由於交易延遲而推出的激勵措施會在第二財季出現？

Will they be spread out more through the year?

它們會在一年中分散得更多嗎？

Secondly, Charlie, Visa Checkout, we've been noticing a lot of incentives being pushed through the channel for consumers to sign up and use the offering.

其次，查理，Visa Checkout，我們注意到許多激勵措施正在通過渠道推動消費者註冊和使用該產品。

I was wondering if you could comment at all regarding potential share gains against competitors in the digital wallet space, if there's any anecdotal evidence of that yet?

我想知道你是否可以就數字錢包領域競爭對手的潛在份額收益發表評論，如果有任何軼事證據嗎？

Thanks.

謝謝。

On planned incentives, as I mentioned in my comments, some of the reasons they were lower than we expected, they were in the middle of the range rather than the high end of the range, so it was a small difference.

關於計劃的激勵措施，正如我在評論中提到的那樣，它們的一些原因低於我們的預期，它們處於範圍的中間而不是范圍的高端，因此差異很小。

Partly it was volumes, because our international volumes were lower, and so you get a reduction in incentive payments as a result of lower volumes.

部分原因是交易量，因為我們的國際交易量較低，因此您會因交易量減少而減少獎勵金。

It is only partly because of delays.

部分原因是延誤。

Some of those, yes, they will move into the second quarter.

其中一些，是的，他們將進入第二季度。

You should expect that second-quarter client incentive range will not look a whole lot different than the first quarter.

您應該期望第二季度的客戶激勵範圍看起來與第一季度沒有太大不同。

But these are small shifts, these are not big shifts.

但這些都是小轉變，不是大轉變。

I tuned out after the first question was the second question?

第一個問題是第二個問題後我調出來了？

Visa Checkout.

簽證結賬。

Visa Checkout.

簽證結賬。

Anecdotally, do we know if we're gaining share over other checkout-type solutions?

有趣的是，我們是否知道我們是否比其他結帳類型的解決方案獲得了份額？

I don't know the answer to that, to be honest.

老實說，我不知道答案。

With that, we'll go to the next question.

有了這個，我們將進入下一個問題。

Bryan Keane, Deutsche bank.

德意志銀行的布萊恩·基恩。

Thanks, I just wanted to ask again about the revenue sensitivity.

謝謝，我只是想再次詢問收入敏感性。

If cross-border doesn't accelerate in the US, doesn't accelerate in the second half 2016 as is in the guidance, let's just say the cross-border stays at this depressed level along with the US staying more of the same, are we talking about potentially than the revenue guidance for the full fiscal year 2016 has to come in, and you would protect the bottom line through other cost cuts?

如果跨境在美國沒有加速，2016 年下半年沒有像指引中那樣加速，那麼我們只是說跨境保持在這個低迷的水平，而美國保持不變，是我們談論的可能是 2016 財年整個財政年度的收入指導必須進來，您會通過其他成本削減來保護底線嗎？

Just want to make sure I know the sensitivity of what happens if we stay in more of the same environment?

只是想確保我知道如果我們留在更多相同的環境中會發生什麼？

Thanks.

謝謝。

Yes, I think you could probably run those numbers as well as we can.

是的，我認為您可能會盡可能地運行這些數字。

Cross-border, the international revenues are roughly 20% of our revenue base.

跨境，國際收入大約占我們收入基礎的 20%。

They're about 6% now.

他們現在大約是 6%。

Maybe there was an expectation that it would be somewhat better in the second half as we lap easier comparisons.

也許有人期望下半場會好一些，因為我們比較容易進行比較。

You can look at if it stays at these levels -- we wouldn't do anything that wouldn't -- would be wrong for the long term in our business.

你可以看看它是否保持在這些水平——我們不會做任何不會做的事情——從長遠來看，這對我們的業務來說是錯誤的。

As we said, we will continue to look at creating and prioritizing expenses while investing in things that matter.

正如我們所說，我們將繼續著眼於在投資重要事物的同時創造費用並確定費用的優先順序。

I don't think we're suggesting that we can offset all revenue shortfalls that might emerge.

我不認為我們建議我們可以抵消所有可能出現的收入短缺。

It's too early, really, to tell you how the second half might shape.

真的，現在告訴你下半年的走勢還為時過早。

As you know, when we get to the second half, the comparisons do get somewhat easier.

如您所知，當我們進入下半場時，比較確實會變得容易一些。

We'll have to see how that plays out.

我們將不得不看看結果如何。

We'll have to see what the dollar is doing at that point.

我們將不得不看看美元在這一點上的表現。

Lots of unknowns.

很多未知數。

We've given you our best sense of the next quarter.

我們已經為您提供了對下一季度的最佳了解。

It looks to be very similar to what we saw in the first quarter.

它看起來與我們在第一季度看到的非常相似。

That's about as good as --

這差不多 -

The only thing I would add is -- to your point, Vasant, we tried -- we feel like we've got a much better line of sight obviously to the next quarter, so we tried to be as clear as we can there.

我唯一要補充的是——就你的觀點而言，瓦桑特，我們已經試過了——我們覺得到下個季度我們的視線明顯要好得多，所以我們盡量做到清楚。

As we get to the end of the next quarter, by that point we should have a much more definitive point of view on what the year looks like, as well as the impact of what Visa Europe will be at that point in time.

隨著我們到下個季度末，到那時，我們應該對今年的情況以及 Visa Europe 屆時將產生的影響有更明確的看法。

At this point in time for one last question.

在這個時間點上最後一個問題。

Tien-tsin Huang, JPMorgan.

摩根大通，黃天純。

Great.

偉大的。

Thanks for fitting me in.

謝謝你讓我適應。

Good job on the expenses here.

在這裡的費用做得很好。

I just wanted to ask about some of the deal wins, and if there's any update on the timing.

我只是想詢問一些交易的勝利，以及是否有任何關於時間的更新。

I'm curious if your outlook already contemplates USAA, and I guess Costco and some of those things coming on?

我很好奇你的前景是否已經考慮到 USAA，我猜 Costco 和其中一些事情會發生？

Thanks.

謝謝。

Yes, there is no update on those things.

是的，這些事情沒有更新。

They are all proceeding on plan, and they were in our guidance.

他們都在按計劃進行，並且在我們的指導下。

With that, we would like to thank everybody for joining us today.

有了這個，我們要感謝大家今天加入我們。

If you have any additional questions, please feel free to give either myself or Victoria a call.

如果您有任何其他問題，請隨時給我自己或 Victoria 打電話。

Take care.

小心。

Thank you, speakers.

謝謝各位發言者。

This does conclude today's conference.

今天的會議到此結束。

Thank you for joining.

感謝您的加入。

All parties may disconnect at this time.

此時所有各方都可以斷開連接。