Visa Inc (V) 2016 Q2 法說會逐字稿

Welcome to Visa's second-quarter FY16 earnings conference call.

歡迎參加 Visa 2016 財年第二季度財報電話會議。

(Operator Instructions)

（操作員說明）

Today's conference is being recorded.

今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

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

我現在想將會議轉交給全球投資者關係主管 Jack Carsky 先生。

Thank you, Mr. Carsky, you may begin.

謝謝你，卡斯基先生，你可以開始了。

Thanks, Sam.

謝謝，山姆。

Welcome to Visa Inc's fiscal second quarter earnings conference call.

歡迎參加 Visa Inc 第二財季財報電話會議。

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

今天與我們在一起的是 Visa 的首席執行官 Charlie Scharf 和 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 of our website at www.investor.

該電話會議目前正在互聯網上進行網絡直播，可通過我們網站 www.investor 的投資者關係訪問。

Visa.com.

Visa.com。

The 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.

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

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

我還要提醒一下，本演示文稿可能包含前瞻性陳述。

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

這些陳述不是對未來業績的保證，由於各種因素，我們的實際結果可能存在重大差異。

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報告。

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

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

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

有了這個，我會把電話轉給 Vasant。

Actually, Jack, it's Charlie, I'm going to start.

實際上，傑克，我是查理，我要開始了。

I'm sorry.

對不起。

On the call, appreciate it, though.

不過，在通話中，感謝它。

Good afternoon, everyone.

大家下午好。

Thank you for joining us.

感謝您加入我們。

There are a series of things that I'm going to cover, before I do hand it over to Vasant.

在我將其交給 Vasant 之前，我將介紹一系列內容。

I'm going to talk a little bit about our second-quarter results at a high level.

我將在高水平上談一談我們第二季度的業績。

We'll make some comments about the press release we put out about Visa Europe, some general business updates, and then some further comments on how we see the year playing out from here.

我們將對我們發布的關於 Visa Europe 的新聞稿、一些一般性的業務更新發表一些評論，然後對我們如何看待從這裡開始的這一年發表一些進一步的評論。

So first, let me start with our overall results.

首先，讓我從我們的總體結果開始。

We reported earnings per share of $0.71, but this includes a one-time gain on currency, forward contracts used to mitigate some of the foreign exchange risk associated with the cash portion of the VE purchase.

我們報告的每股收益為 0.71 美元，但這包括貨幣遠期合約的一次性收益，用於減輕與購買 VE 的現金部分相關的一些外匯風險。

Vasant will cover that in a little bit more detail in his remarks.

Vasant 將在他的講話中更詳細地介紹這一點。

If you exclude that gain, adjusted earnings per share of $0.68 grew 7% on a nominal basis, and 12% on a constant dollar basis.

如果排除該收益，則調整後每股收益 0.68 美元名義增長 7%，按固定美元計算增長 12%。

If you remember, we raised $16 billion in long-term debt in December of last year in anticipation of the VE acquisition, and we absorbed $125 million in interest expense during this quarter, a $0.03 drag on our EPS growth for the quarter.

如果你還記得的話，我們在去年 12 月為 VE 收購籌集了 160 億美元的長期債務，我們在本季度吸收了 1.25 億美元的利息費用，拖累了我們本季度的每股收益增長 0.03 美元。

This negatively impacted our EPS growth rate in the quarter by 5 points.

這對我們本季度的每股收益增長率產生了 5 個百分點的負面影響。

After we close the VE transaction, we will obviously have VE operating income to offset this expense.

在我們完成 VE 交易後，我們顯然會有 VE 營業收入來抵消這筆費用。

As we talk about the quarter, you're going to hear some themes which will sound very much the same as those we discussed on our last earnings call.

當我們談論本季度時，您將聽到一些聽起來與我們在上次財報電話會議上討論的主題非常相似的主題。

Reasonable underlying domestic growth, offset by some headwinds.

合理的潛在國內增長，被一些不利因素所抵消。

Our results, adjusting for the leap year, were very consistent with the prior quarter, and our growth continues to be subdued by the strength of the dollar on both translation and cross-border business volumes, continued low oil prices, and weakness in China, oil-based economies, and Brazil.

我們調整閏年的結果與上一季度非常一致，我們的增長繼續受到美元在翻譯和跨境業務量方面的強勢、持續低油價以及中國疲軟的抑制，以石油為基礎的經濟體和巴西。

But importantly, the US consumer remains strong.

但重要的是，美國消費者依然強勁。

Operating revenue grew 6% nominally or 9% on a constant currency basis, reflecting a negative 3 percentage point impact from FX.

營業收入名義上增長 6%，或按固定匯率計算增長 9%，反映出外匯對 3 個百分點的負面影響。

Adjusting for the leap year, growth was basically the same as the prior quarter.

經閏年調整後，增速與上一季度基本持平。

Overall payments volume, cross-border volume growth and processed transaction growth were consistent with last quarter, excluding the 1 percentage point growth benefit from the leap year.

扣除閏年帶來的 1 個百分點的增長，整體支付量、跨境量增長和已處理交易增長與上一季度持平。

Cross-border continues at extremely low levels.

跨境繼續處於極低水平。

Reported US payments volume growth was 11%.

報告的美國支付量增長了 11%。

International payments volume growth was 14%.

國際支付量增長14%。

Cross-border volume growth was 5%.

跨境交易量增長5%。

Processed transactions grew 9%.

處理的交易增長了 9%。

And more recently in April, through the 14th, so recognize this is a short period of time, we're seeing similar trends with US payments volume growth at 10%, cross-border volume growth of 5%, and processed transactions growth of 8%.

最近在 4 月，直到 14 日，所以認識到這是很短的一段時間，我們看到類似的趨勢，美國支付量增長 10%，跨境交易量增長 5%，處理交易增長 8 %。

The bottom line is we continue to see reasonable growth rates, but well below what we can produce in more favorable macroeconomic environment.

底線是我們繼續看到合理的增長率，但遠低於我們在更有利的宏觀經濟環境下所能生產的水平。

We issued a press release today regarding the Visa Europe transaction.

我們今天發布了有關 Visa 歐洲交易的新聞稿。

As we discussed the transaction with the European Commission, we received feedback from them regarding the earn-out.

當我們與歐盟委員會討論交易時，我們收到了他們關於收益的反饋。

Based on that feedback, we and Visa Europe have reached a preliminary agreement to eliminate the entire earn-out.

根據該反饋，我們和 Visa Europe 達成了一項初步協議，以取消全部收益。

Instead of an earn-out, we will pay an additional EUR750 million at closing, and EUR1 billion plus 4% interest, payable on the third anniversary of the closing, for a total consideration of EUR1.750 billion plus interest.

我們將在交割時額外支付 7.5 億歐元，以及在交割三週年時支付 10 億歐元外加 4% 的利息，而不是盈利，總對價為 17.5 億歐元外加利息。

The transaction remains subject to negotiation of definitive document, and approval of the European Commission.

該交易仍有待最終文件的談判和歐盟委員會的批准。

It's possible that we could close the transaction towards the end of the quarter, but it could slip past the end of our third fiscal quarter.

我們有可能在本季度末完成交易，但它可能會在我們第三財季末結束。

We think this is a good outcome for both parties.

我們認為這對雙方來說都是一個好的結果。

We've had many months now to work with the VE team up close, and feel terrific about our future together, and we obviously know more now than we knew when we have first agreed to the deal.

我們已經有好幾個月的時間與 VE 團隊密切合作，並且對我們共同的未來感到非常高興，而且我們現在知道的顯然比我們第一次同意交易時所知道的要多。

Transition planning is well underway, and we have great confidence in our ability to execute this well.

過渡計劃正在順利進行，我們對自己執行此計劃的能力充滿信心。

Given the delay in closing, we won't be providing more detailed information on this call, but the basic thesis still stands: Low single digit accretion in the first full year, growing to high single digits by 2020.

鑑於關閉的延遲，我們不會提供有關此次電話會議的更多詳細信息，但基本論點仍然存在：第一年的低個位數增長，到 2020 年增長到高個位數。

These numbers exclude transition costs.

這些數字不包括過渡成本。

Next quarter, we will provide more detail on what to expect after we close.

下個季度，我們將提供更多關於關閉後預期的詳細信息。

A couple words on China, there's no real update regarding the timing regarding of our ability to apply for a domestic license, but we have been making preparations to both make our application, as well as be in a position to compete domestically.

關於中國的幾句話，關於我們申請國內執照的時間沒有真正的更新，但我們一直在做準備，既要申請，又要能夠在國內競爭。

China continues to be a very important market for us.

中國對我們來說仍然是一個非常重要的市場。

We're committed to having a broader business in China that we will build over long term, and we continue to invest locally in the country.

我們致力於在中國建立更廣泛的業務，我們將長期建立，我們將繼續在該國進行本地投資。

We announced several important partnerships this past quarter, which are great representations of our commitment to create local Chinese partnerships.

我們在上個季度宣布了幾個重要的合作夥伴關係，這很好地體現了我們致力於建立中國本土合作夥伴關係的承諾。

First, we signed an MOU with China Union Pay, where we both agreed to collaborate on payment security, innovation, and financial inclusion.

首先，我們與中國銀聯簽署了諒解備忘錄，雙方同意在支付安全、創新和普惠金融方面開展合作。

We're excited to work in partnership with CUP to lead the industry forward.

我們很高興能與 CUP 合作，引領行業向前發展。

The agreement provides an important platform for the two of us to work together, to strengthen and create new value for the bank card ecosystem, benefiting consumers, merchants, financial institutions and technology partners.

該協議為我們雙方合作提供了一個重要平台，為銀行卡生態系統加強和創造新價值，使消費者、商戶、金融機構和技術合作夥伴受益。

We've also been active committing Visa resources to support the Chinese government's efforts to reduce poverty and promote inclusive finance.

我們還積極投入Visa資源，支持中國政府減貧和促進普惠金融的努力。

We announced a partnership with the China Foundation For Development of Financial Education, and the China Foundation For Poverty Alleviation, to help support progress against these goals.

我們宣布與中國金融教育發展基金會和中國扶貧基金會建立合作夥伴關係，以幫助支持實現這些目標。

And at the end of March, we signed a cooperation plan with the China National Tourism Administration, establishing Visa as a strategic partner of the US China tourism year.

3月底，我們與中國國家旅遊局簽署合作計劃，將Visa確立為美中旅遊年戰略合作夥伴。

This collaboration between CNTA, the US Department of Commerce and Visa will result in a year-long series of events designed to enhance tourism, trade cooperation and cultural understanding between China and the United States.

CNTA、美國商務部和 Visa 之間的合作將促成為期一年的系列活動，旨在加強中美之間的旅遊、貿易合作和文化了解。

On to some updates on client activity, in the United States, Navy Federal Credit Union, the world's largest credit union, and one of our most important clients in the US, renewed a multi-year credit and debit agreement with Visa.

關於客戶活動的一些更新，在美國，世界上最大的信用合作社以及我們在美國最重要的客戶之一海軍聯邦信用合作社與 Visa 續簽了一項多年期的貸記和借記協議。

We're very proud of this association with this great institution.

我們為與這個偉大機構的合作感到非常自豪。

Beginning June 20, Visa cards will be exclusively accepted at Costco US and Puerto Rico warehouse location and fuel stations.

從 6 月 20 日開始，Visa 卡將在 Costco 美國和波多黎各的倉庫位置和加油站獨家接受。

And we continue to expand our relationships with clients across the globe, Banco de Brazil, the oldest and largest bank in South America, renewed a multi-year credit agreement, and in India SBI Card, the State Bank of India's credit card venture, renewed a multi-year credit card agreement as well.

我們繼續擴大與全球客戶的關係，南美歷史最悠久、規模最大的銀行巴西銀行續簽了一項多年期信貸協議，而在印度，印度國家銀行的信用卡業務 SBI Card 也續簽了還有一份多年期信用卡協議。

We continue to be encouraged by the growth we see with Visa Checkout.

我們繼續對 Visa Checkout 的增長感到鼓舞。

We have nearly 12 million registered users in 16 countries, with over 675 financial institution partners participating globally.

我們在 16 個國家擁有近 1200 萬註冊用戶，全球有超過 675 家金融機構合作夥伴參與其中。

Later this year, Visa Checkout will be available to merchants and consumers in six additional markets, including France, India, Ireland, Poland, Spain, and the United Kingdom.

今年晚些時候，Visa Checkout 將面向另外六個市場的商家和消費者提供，包括法國、印度、愛爾蘭、波蘭、西班牙和英國。

More than 250,000 merchants, including some of the largest global retailers, have signed on to accept Visa Checkout, representing $113 billion in addressable volume.

超過 250,000 家商戶（包括一些全球最大的零售商）已簽約接受 Visa Checkout，可處理規模達 1130 億美元。

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

總體而言，Visa Checkout 客戶也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%。

In February, we launched the Visa developer platform, an open platform that provides access to hundreds of Visa APIs and software development kits, for some of Visa's most popular payment products and capabilities.

2 月，我們推出了 Visa 開發者平台，這是一個開放平台，為 Visa 的一些最受歡迎的支付產品和功能提供數百個 Visa API 和軟件開發工具包的訪問權限。

It's still very early days, but we've had strong interest early on in the Visa developer platform, with thousands of new users building and testing new applications in our sandbox.

現在還處於早期階段，但我們很早就對 Visa 開發者平台產生了濃厚的興趣，成千上萬的新用戶正在我們的沙盒中構建和測試新應用程序。

We have a small number of clients in or near production launch on the platform, and we expect to see more soon.

我們有少量客戶正在或接近平台上投入生產，我們希望很快能看到更多。

Let me just give you a simple example of how the platform changes the way we work with our clients.

讓我舉一個簡單的例子，說明該平台如何改變我們與客戶合作的方式。

Earlier this year one of our largest clients outside the US sent a small team to our office in San Francisco with an idea.

今年早些時候，我們在美國以外的最大客戶之一派了一個小團隊到我們位於舊金山的辦公室提出一個想法。

They wanted to give their card holders complete control over when and where their cards worked, via their mobile app.

他們希望通過他們的移動應用程序讓持卡人完全控制他們的卡在何時何地工作。

The ability to turn their Visa card on or off for certain types of merchants or transactions.

為某些類型的商家或交易打開或關閉 Visa 卡的能力。

Working with our team and our new APIs, they designed, built, and launched a working prototype in three days, and were ready to be in market in a few weeks.

他們與我們的團隊和我們的新 API 合作，在三天內設計、構建和發布了一個工作原型，並準備在幾週內投放市場。

Before Visa developer platform, this would have taken months.

在 Visa 開發者平台之前，這需要幾個月的時間。

Move on, talk about EMV for a second.

繼續，談談EMV。

Six months out from the official kickoff to chip in the US, we continue on the journey of moving from mag stripe to chip.

從美國正式啟動芯片到芯片的六個月後，我們繼續從磁條到芯片的旅程。

More than 265 million Visa chip cards were issued as of March of 2016, making the US the largest chip card market in the world, and larger than the UK and Brazil combined.

截至 2016 年 3 月，Visa 芯片卡已發行超過 2.65 億張，使美國成為全球最大的芯片卡市場，規模超過英國和巴西的總和。

47% of credit cards and 30% of debit cards have a chip on them today, more than 1 million merchants now have chip-enabled terminals, roughly 20% of all merchants.

如今，47% 的信用卡和 30% 的借記卡上都有芯片，現在有超過 100 萬商戶擁有芯片終端，約佔所有商戶的 20%。

Based on client surveys, we expect 50% of merchant locations will be enabled with EMV by the end of calendar year 2016.

根據客戶調查，我們預計到 2016 年年底將有 50% 的商戶位置啟用 EMV。

One of the main pain points in moving to chip is the additional time it takes to complete a transaction, due to the time the card spends in the terminal.

遷移到芯片的主要痛點之一是完成交易所需的額外時間，這是由於卡在終端中花費的時間。

Earlier this week, Visa announced the launch of Quick Chip for EMV.

本週早些時候，Visa 宣布推出適用於 EMV 的 Quick Chip。

The upgrade streamlines the processing of a chip card transaction to enable customers to dip and remove their EMV chip card from the terminal, without waiting for the transaction to be finalized, allowing the consumer to put away their card in typically two seconds or less.

升級簡化了芯片卡交易的處理流程，使客戶能夠從終端中取出並取出他們的 EMV 芯片卡，而無需等待交易完成，從而使消費者通常可以在兩秒或更短的時間內收起他們的卡。

The enhancement requires only a simple software update to the merchant's card terminal, or point-of-sale system.

增強功能只需要對商家的卡終端或銷售點系統進行簡單的軟件更新。

Quick Chip is available free of charge to payment processors, acquiring banks, and other networks to offer to merchants.

Quick Chip 可免費提供給支付處理商、收單銀行和其他網絡以提供給商家。

Several merchant processors and vendors plan to offer Quick Chip to their merchant clients in the coming months, including TSYS, Ingenico, Verifone, Equinox and B2.

一些商戶處理商和供應商計劃在未來幾個月向他們的商戶客戶提供 Quick Chip，包括 TSYS、Ingenico、Verifone、Equinox 和 B2。

Before I turn the call back to Vasant, I want to say a few words about the back half of the year, and our guidance.

在我將電話轉回 Vasant 之前，我想對下半年和我們的指導說幾句話。

Vasant will walk through the specifics of the changes in our guidance, but a few quick comments.

Vasant 將詳細介紹我們指南中更改的具體內容，但有一些簡短的評論。

We've not seen improvement in the global economic environment.

我們還沒有看到全球經濟環境有所改善。

Relative strength of currency pairs is still unfavorable for us, and the price of oil has remained at low levels.

貨幣對的相對強勢仍然對我們不利，油價一直處於低位。

As we discussed last quarter on our earnings call, our guidance assumed that these things would improve.

正如我們在上個季度的財報電話會議上討論的那樣，我們的指導假設這些事情會有所改善。

Since we're now in the third quarter, we're far less comfortable that volumes will meaningfully change, so we're officially reducing some pieces of our guidance, especially the third quarter.

由於我們現在處於第三季度，我們對銷量會發生有意義的變化感到非常不舒服，因此我們正式減少了我們的一些指導，尤其是第三季度。

We could be wrong.

我們可能是錯的。

We don't know what the global economy will look like beyond tomorrow.

我們不知道明天之後的全球經濟會是什麼樣子。

It could improve, and when things improve, we will be the beneficiaries, but as of today, with a few exceptions, our business volume growth is not accelerating or decelerating, but we're obviously still seeing meaningful growth.

它可能會改善，當情況改善時，我們將成為受益者，但截至今天，除了少數例外，我們的業務量增長沒有加速或減速，但我們顯然仍然看到了有意義的增長。

We do know that there will be a turn at some point for the better.

我們確實知道在某個時候會有轉機。

We just don't know when.

我們只是不知道什麼時候。

So our mindset continues to be cautious in the short term due to the headwinds discussed earlier, but the long term fundamentals of our business model remain strong, and our focus is on accelerating global electronic payments.

因此，由於前面討論的不利因素，我們的心態在短期內繼續保持謹慎，但我們商業模式的長期基本面仍然強勁，我們的重點是加速全球電子支付。

Globally, an estimated 43% of all consumer payments today are still made with cash, which leaves us an enormous opportunity, in addition to the growth that we see due to regular economic growth through PCE.

在全球範圍內，今天估計有 43% 的消費者支付仍然是用現金支付的，這給我們留下了巨大的機會，除了我們看到的通過 PCE 實現的正常經濟增長帶來的增長。

Last week, Visa published a white paper, located on our website, discussing the opportunities to accelerate the growth of global acceptance, and I encourage you to take a look at that paper.

上週，Visa 在我們的網站上發布了一份白皮書，討論了加速全球接受度增長的機會，我鼓勵您查看該白皮書。

It's why we feel good about the work we've done.

這就是為什麼我們對我們所做的工作感覺良好。

There's still great opportunity in front of us.

我們面前還有很大的機會。

With that, I will turn it over to Vasant.

有了這個，我會把它交給 Vasant。

Thank you, Charlie.

謝謝你，查理。

Much like our first fiscal quarter the global macroeconomic environment remained uncertain, but our business performed well.

與我們的第一財季一樣，全球宏觀經濟環境仍然不確定，但我們的業務表現良好。

A few points to highlight.

有幾點要強調。

First, net revenues grew 9% in constant dollars, with an expected 3 point drag from the strong dollar.

首先，以不變美元計算的淨收入增長了 9%，預計強勢美元會拖累 3 個百分點。

Nominal revenue grew 6%.

名義收入增長6%。

The 1 point step up in the growth rate relative to the first quarter was mostly due to the leap year effect.

增速較一季度提高 1 個百分點，主要是閏年效應。

Cross-border business was once again very weak, but in line with the first quarter's growth rate.

跨境業務再次非常疲軟，但與第一季度的增長率一致。

The deceleration of outbound commerce from China continues.

中國出境貿易繼續減速。

Cross-border commerce out of commodity-based economies remained anemic.

以商品為基礎的經濟體的跨境貿易仍然疲軟。

This has added to the negative effects of the strong dollar, especially on our large inbound US business.

這增加了強勢美元的負面影響，尤其是對我們龐大的美國入境業務。

However, currency volatilities were higher than the first quarter, offsetting some cross-border weakness.

然而，貨幣波動率高於第一季度，抵消了一些跨境疲軟。

Through the first six months, we managed our expense growth to 4% in nominal terms, well below the high single digit rate we had planned in the first half.

在前六個月，我們將名義費用增長率控制在 4%，遠低於我們在上半年計劃的高個位數增長率。

We have continued to hold the line on expenses, while funding all our key growth initiatives, such as Visa Checkout, Visa Token Service, Visa Developer Platform and others.

我們繼續控制開支，同時為我們所有的關鍵增長計劃提供資金，例如 Visa Checkout、Visa 令牌服務、Visa 開發者平台等。

During the quarter, we entered into currency forward contracts to mitigate the exchange rate risk associated with the up front cash payments for Visa Europe.

在本季度，我們簽訂了貨幣遠期合約，以減輕與 Visa Europe 預付現金相關的匯率風險。

as these contracts do not qualify for hedge accounting, they are marked-to-market with gains or losses recorded in non-operating income.

由於這些合同不符合套期會計的條件，它們按市值計價，收益或損失計入營業外收入。

We recorded $116 million gain, which we have excluded from our reported EPS, as a non-GAAP adjustment.

我們記錄了 1.16 億美元的收益，我們已將其從我們報告的每股收益中排除，作為非公認會計準則調整。

These contracts are expiring in late April.

這些合同將於 4 月下旬到期。

When it became apparent that the Visa Europe transaction would not close before then, we entered into fully offsetting contracts at the end of March, locking in this gain.

當 Visa Europe 交易顯然不會在那之前完成時，我們在 3 月底簽訂了完全抵消合同，鎖定了這一收益。

Coincidentally, this gain is almost equal to our interest expense in the quarter.

巧合的是，這一收益幾乎等於我們本季度的利息支出。

Lastly, we repurchased 24.2 million shares during the quarter, at an average price of $72.23 per share, for a total of $1.8 billion.

最後，我們在本季度以每股 72.23 美元的平均價格回購了 2420 萬股，總計 18 億美元。

Year-to-date, we have bought back 49.9 million shares at an average price of $75.47, for $3.8 billion.

年初至今，我們以 38 億美元的平均價格回購了 4990 萬股股票，平均價格為 75.47 美元。

At the end of the quarter, we had remaining stock buyback authorization of $4 billion.

在本季度末，我們獲得了 40 億美元的剩餘股票回購授權。

Now, a quick review of the quarter's business drivers.

現在，快速回顧一下本季度的業務驅動因素。

Note that all growth rates are about a point higher, due to the leap year effect.

請注意，由於閏年效應，所有增長率都高出大約一個點。

Global Payments volume in constant dollars grew 12%, despite considerable uncertainty and turbulence in the global economy, Payments volume growth globally has been remarkably stable.

儘管全球經濟存在相當大的不確定性和動盪，但以固定美元計算的全球支付量增長了 12%，但全球支付量的增長一直非常穩定。

US payments volume grew 11%, with both credit and debit growing at the same rate.

美國支付量增長 11%，信用卡和借記卡以相同的速度增長。

Accounting for conversions and the leap day, US payments volume growth was slightly lower than the first quarter.

考慮到轉換和閏日，美國支付量增長略低於第一季度。

International payments volume grew 14% in constant dollars, consistent with the last quarter.

以固定美元計算的國際支付量增長了 14%，與上一季度一致。

Once again, the impact of the strong dollar reduced nominal growth in international payments volume to a paltry 4%.

強勢美元的影響再次將國際支付量的名義增長率降低至微不足道的 4%。

Cross-border volumes grew 5% in constant dollars, and were flat in nominal dollars.

跨境交易量以固定美元計算增長 5%，以名義美元計算持平。

When you factor in the leap year, the trend was unchanged from the first quarter.

當您考慮閏年時，趨勢與第一季度相比沒有變化。

Cross-border growth rates in constant dollars have decelerated from 9% in FY14 to 17% last year, down to 4% so far this year.

以固定美元計算的跨境增長率已從 2014 財年的 9% 降至去年的 17%，今年迄今已降至 4%。

As we mentioned on our call last quarter, the first leg down was driven by the strong dollar, and then starting in September last year, growth decelerated sharply due to China and the commodity price collapse.

正如我們在上個季度的電話會議中提到的，美元走強推動了首輪下跌，然後從去年 9 月開始，由於中國和大宗商品價格暴跌，增長急劇減速。

Cross-border commerce outbound from China has dropped from growth rates above 40% a year ago to single-digit levels in the second quarter.

中國跨境商務出境增速從一年前的40%以上下降到第二季度的個位數水平。

Commodity-based economies across Latin America, the Middle East, and Africa have also experienced sharp declines.

拉丁美洲、中東和非洲的大宗商品經濟體也經歷了急劇下滑。

This has hit a large US cross-border acquiring business hard.

這對美國一家大型跨境收單業務造成了沉重打擊。

Commerce into Europe has been strong, though we do not benefit fully from it yet.

進入歐洲的商業一直很強勁，儘管我們還沒有完全從中受益。

More recently, we have seen commerce outbound from Europe into the US pick up.

最近，我們看到從歐洲到美國的出口貿易有所回升。

Processed transactions totaled $18.5 billion in the quarter, up 9%.

本季度處理的交易總額為 185 億美元，增長 9%。

Both US and international growth, at 12% and 1% respectively, was stable.

美國和國際的增長率分別為 12% 和 1%，保持穩定。

Processed transaction growth rates will step up in the back half of the year, as they begin to lap last year's transfer of domestic processing in Russia to NSBK.

處理交易的增長率將在今年下半年加快，因為它們開始覆蓋去年俄羅斯國內處理向 NSBK 的轉移。

Service revenues grew 8%, in excess of nominal payments volume growth of 5%.

服務收入增長 8%，超過名義支付量增長 5%。

The pricing we took last year contributed 3 points to the growth rate.

我們去年採用的定價為增長率貢獻了 3 個百分點。

Next quarter, we will lap the price increases, and this 3 point tailwind will no longer help us.

下個季度，我們將繼續漲價，這 3 點的順風將不再幫助我們。

Payment processing revenues grew 10%, in line with processed transactions.

支付處理收入增長了 10%，與已處理的交易一致。

International revenues grew 8%.

國際收入增長 8%。

Constant dollar cross-border volume growth of 5% was almost entirely offset by the currency translation drag.

5% 的恆定美元跨境交易量增長幾乎完全被貨幣換算拖累所抵消。

The year-over-year increase was largely driven by the pricing actions from last year.

同比增長主要是由去年的定價行動推動的。

Currency volatilities were high in the quarter, but only contributed modestly to growth as we are now beginning to lap high volatilities from last year.

本季度的貨幣波動率很高，但對增長的貢獻不大，因為我們現在開始與去年相比出現高波動率。

Next quarter, our reported international revenue growth rates will no longer benefit from the price increases, and as I mentioned, currency volatilities were unusually high in the second half of 2015.

下個季度，我們報告的國際收入增長率將不再受益於價格上漲，正如我所提到的，2015 年下半年貨幣波動異常高。

As such, going forward, reported international revenue growth will depend on the interplay between volume growth and the currency translation drag.

因此，展望未來，報告的國際收入增長將取決於銷量增長和貨幣換算拖累之間的相互作用。

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

其他收入下降 3%，主要是由於支付量放緩導緻美國以外地區產生的許可費減少。

Incentives were generally in line with our expectations, at the midpoint of our guidance range.

激勵措施總體上符合我們的預期，處於我們指導範圍的中點。

Higher US incentives, due to acceleration of deals into the quarter, were offset by lower incentives outside the US, due to lower volumes.

由於交易加速進入本季度，美國更高的激勵措施被美國以外地區因交易量減少而降低的激勵措施所抵消。

With expense growth in the mid-single digits, a tax rate of 30.1%, EPS of $0.68 after adjusting for the gain from our currency forward contracts grew by 12% in constant dollars, and by a healthy 17% when you account for the interest on the debt we issued to finance the Visa Europe acquisition.

隨著費用增長中個位數，稅率為 30.1%，調整我們的貨幣遠期合約收益後的每股收益為 0.68 美元，按固定美元計算增長了 12%，如果考慮到利息，則增長了 17%。關於我們為收購 Visa Europe 而發行的債務。

With that let me turn to our outlook for the fiscal third quarter and the balance of the year, which excludes the impact from Visa Europe.

有了這個，讓我轉向我們對第三財季和今年剩餘時間的展望，其中不包括 Visa Europe 的影響。

We now expect net revenue growth in FY16 to come in at 7% to 8% in constant dollars, a couple of points below our expectations from last October.

我們現在預計 FY16 的淨收入增長將在 7% 至 8% 之間，以固定美元計算，比我們去年 10 月的預期低幾個點。

This was driven by three factors:

這是由三個因素驅動的：

First no improvement in cross-border volume growth from current levels.

首先，與當前水平相比，跨境交易量增長沒有改善。

Second, somewhat weaker domestic payment volumes, due to gas prices, as well as weakness in large commodity-based economies like Brazil.

其次，由於天然氣價格以及巴西等大型商品經濟體的疲軟，國內支付量有所下降。

Third, client incentives likely to come in at the high end of our 17.5% to 18.5% range.

第三，客戶激勵可能會出現在我們 17.5% 至 18.5% 範圍的高端。

In October last year, as we told you on our call, we had hoped that cross-border trends would improve, as we lapped the weakening of the dollar in the second half of FY15.

去年 10 月，正如我們在電話會議上告訴您的那樣，我們曾希望跨境趨勢會有所改善，因為我們在 2015 財年下半年經歷了美元的疲軟。

However, cross-border growth dropped from the 8% range to the 4% range in the past six to nine months, as outbound commerce from China and commodity economies slowed sharply.

然而，由於中國和大宗商品經濟體的對外貿易急劇放緩，跨境增長在過去六至九個月內從 8% 降至 4%。

This trend continues.

這種趨勢仍在繼續。

As such, we're assuming little improvement in the cross-border growth rate in the second half.

因此，我們假設下半年跨境增長率幾乎沒有改善。

Recent weakness in the dollar should help over time, but it is too early to tell.

隨著時間的推移，美元近期的疲軟應該會有所幫助，但現在下結論還為時過早。

We are now lapped the sharp gas declines from last year.

我們現在已經了解了去年天然氣的急劇下降。

Last October, we had hoped that this would provide a tailwind for US domestic volumes in the second half of FY16.

去年 10 月，我們曾希望這將為 FY16 下半年的美國國內銷量提供順風。

This has not happened, as gas prices remain below the lows of last year.

這並沒有發生，因為天然氣價格仍低於去年的低點。

Given the recent failure of OPEC to agree on production caps, low gas prices could persist.

鑑於歐佩克最近未能就產量上限達成一致，低油價可能會持續下去。

As such, we are resuming that US payment volume growth will not improve from current trends in the second half.

因此，我們認為美國的支付量增長不會比下半年的當前趨勢有所改善。

In addition, payments volumes remains soft in large commodity economies, like Brazil and the Middle East.

此外，巴西和中東等大型商品經濟體的支付量仍然疲軟。

Client incentives are projected to come in at the high end of our guidance range.

預計客戶激勵措施將出現在我們指導範圍的高端。

In the first half, client incentives were around 18% of gross revenue.

上半年，客戶獎勵約佔總收入的 18%。

In the second half, they are likely to run at around 19%.

下半年，他們可能會以19%左右的速度運行。

Significant renewals and conversions are driving this trend, particularly in the US.

重大的更新和轉換正在推動這一趨勢，尤其是在美國。

Costco and USAA add more than 50 basis points to incentives, as a percent of gross revenue in the second half.

Costco 和 USAA 將激勵措施增加了 50 多個基點，佔下半年總收入的百分比。

A few other factors to highlight.

需要強調的其他一些因素。

These are not new but will impact reported revenue growth numbers in the second half.

這些並不新鮮，但會影響下半年報告的收入增長數字。

As I mentioned earlier, we will no longer benefit from the uplift in our growth rate we got from the price increases last year.

正如我之前提到的，我們將不再受益於去年價格上漲帶來的增長率提升。

We will lap the currency volatility peaks of the second half of 2015.

我們將跨越 2015 年下半年的貨幣波動高峰。

There have been some delays in the rollout of USAA and Costco conversions.

USAA 和 Costco 轉換的推出出現了一些延遲。

Given the quarter lag in reporting service revenues, these Costco and USAA conversions are a drag on net revenues in the second half of 2016.

鑑於報告服務收入的季度滯後，Costco 和 USAA 的這些轉換拖累了 2016 年下半年的淨收入。

In other words, incentives expensed exceeded revenue recognized.

換言之，支出的激勵措施超過了確認的收入。

This will, of course, not be the case in FY17.

當然，2017 財年不會出現這種情況。

On the positive front, if the recent weakness in the dollar continues, the currency translation drag of 3 points could moderate.

從積極的方面來看，如果近期美元繼續走弱，3 個點的貨幣轉換阻力可能會有所緩和。

Given softer than expected revenues, we will continue to hold the line on expenses, funding key strategic and growth programs while maintaining or reducing costs in other areas.

鑑於收入低於預期，我們將繼續控制支出，為關鍵戰略和增長計劃提供資金，同時維持或降低其他領域的成本。

As we had indicated previously, expense growth will be lower in the second half, relative to the first half rate.

正如我們之前所指出的，與上半年相比，下半年的費用增長率將較低。

We expect a modestly lower tax rate of about 30% versus the low 30s, which should also help mitigate impact on net income.

我們預計與 30 多歲的低稅率相比，稅率會適度降低約 30%，這也應該有助於減輕對淨收入的影響。

As we look at the fiscal third quarter, net revenue growth in nominal terms could come in as low as 2% to 3%.

當我們查看第三財季時，名義淨收入增長可能低至 2% 至 3%。

In addition to the factors I just mentioned, we will lap an unusually low quarter for incentives in Q3 last year.

除了我剛才提到的因素外，我們將在去年第三季度的激勵措施中度過一個異常低的季度。

Incentives were 16% of gross growth revenues due to deal delays, versus an anticipated 19% this year.

由於交易延遲，激勵措施佔總收入增長的 16%，而今年的預期為 19%。

As we have told you before, incentive shifts from quarter to quarter can impact year-over-year comparisons.

正如我們之前告訴過您的，激勵措施從一個季度到另一個季度的變化可能會影響同比比較。

Nominal net revenue growth should revert back to the first-half growth rate in Q4.

名義淨收入增長應該會在第四季度恢復到上半年的增長率。

With a lower revenue growth range, and including interest expense from the $16 billion in debt we issued last December, we now expect constant currency EPS growth in the low double digits.

由於收入增長幅度較低，包括我們去年 12 月發行的 160 億美元債務的利息支出，我們現在預計固定匯率每股收益增長將保持在兩位數的低位。

Interest expense will cost us over $0.09 this year or almost 4 points of EPS growth.

今年的利息費用將使我們損失超過 0.09 美元，或每股收益增長近 4 個百分點。

If you account for the interest expense, it puts constant currency EPS growth at the low end of the mid-teens range.

如果您考慮到利息費用，它將固定貨幣每股收益增長置於青少年範圍的低端。

The currency translation drag is approximately 4 points.

貨幣換算阻力約為 4 個點。

in term of the impact of Visa Europe, for modeling purposes, we think it is best to assume the transaction does not close in our fiscal third quarter.

就 Visa Europe 的影響而言，出於建模目的，我們認為最好假設該交易不會在我們的第三財季完成。

As such, we will have interest expense in the third quarter, but no operating income from Visa Europe to offset it.

因此，我們將在第三季度產生利息費用，但沒有來自 Visa Europe 的營業收入來抵消它。

Should we close on the acquisition sooner, we will, of course, break out the impact.

如果我們更早完成收購，我們當然會打破影響。

If Visa Europe is in our numbers for the full fourth quarter, in rough terms, it will offset interest costs in the quarter.

如果 Visa Europe 出現在我們整個第四季度的數據中，粗略地說，它將抵消該季度的利息成本。

There will, of course, be a variety of non-recurring transaction-related costs, which we will also break out.

當然，會有各種與交易相關的非經常性成本，我們也將對其進行細分。

We hope to give you a more precise perspective when we have talk again in July.

我們希望在 7 月再次談話時給您一個更準確的觀點。

As we look ahead to 2017, we remain optimistic that revenue growth rates will step up from current levels.

展望 2017 年，我們仍然樂觀地認為收入增長率將從目前的水平上升。

We will begin to see the impact of Costco and USAA conversions kick in, and hopefully we will see some recovery in the cross-border business and gas prices, helped by a weakening dollar.

我們將開始看到 Costco 和 USAA 轉換的影響，並希望我們會看到跨境業務和天然氣價格在美元疲軟的幫助下有所復甦。

Nominal dollar growth could also tick up as the dollar drag abates.

隨著美元拖累減弱，名義美元增長也可能上升。

Visa Europe will provide additional ballast, driving EPS growth back to levels you expect us to deliver.

Visa Europe 將提供額外的鎮流器，推動 EPS 增長回到您期望我們提供的水平。

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。

I got to write that down.

我得把它寫下來。

Sam, at this point, we are ready to start taking questions.

山姆，此時，我們已經準備好開始提問了。

(Operator Instructions)

（操作員說明）

And our first question is from Moshe Orenbuch with Credit Suisse.

我們的第一個問題來自瑞士信貸的 Moshe Orenbuch。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

It sounds, Vasant, like you're saying the revenue weakness comes from the rebound that you were hoping for, not really happening.

聽起來，Vasant，就像你在說收入疲軟來自你所希望的反彈，而不是真正發生。

I'm wondering, can you talk a little bit, you mentioned the tax rate, but it seems like, even including the interest expense that the impact on net income is actually fairly nominal.

我想知道，你能不能稍微談談，你提到了稅率，但看起來，即使包括利息費用，對淨收入的影響實際上也是相當名義上的。

Are there other things going on, and can you talk a little bit about what you're doing to preserve or protect net income?

是否還有其他事情發生，您能否談談您為保留或保護淨收入所做的工作？

As we've been doing most of this year, we are holding the line on expenses.

正如我們今年大部分時間所做的那樣，我們一直在控制開支。

I think when we talked to you last October, we had indicated that the expense growth would run, I think in the high single digits in the first half, and then moderate in the second half.

我想當我們去年 10 月與您交談時，我們已經表示費用增長將會運行，我認為上半年會以高個位數增長，然後下半年會溫和。

It has, as you can see, run below that in the first half, and we said that the rate will be even lower in the second half.

正如你所看到的，它在上半年低於這個水平，我們說下半年這個利率會更低。

So clearly we are trying to mitigate some of the revenue softness with expense management.

很明顯，我們正試圖通過費用管理來緩解一些收入疲軟。

And then the tax rate is modestly lower than we might have expected last year.

然後稅率略低於我們去年的預期。

So those two things are mitigating the impact on EPS, but not completely.

因此，這兩件事正在減輕對 EPS 的影響，但並非完全如此。

But other than that, really those are the main pluses and minuses.

但除此之外，這些確實是主要的優點和缺點。

Charlie, anything you would add?

查理，你有什麼要補充的嗎？

No.

不。

Next question?

下一個問題？

Yes.

是的。

Our next question is from Jason Kupferberg with 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。

Two quick ones related to Europe.

兩個快速的與歐洲有關。

First, any other regulatory impediments that you anticipate, now that you took care of the earn-out?

首先，既然您已經解決了盈利問題，您預計會遇到任何其他監管障礙嗎？

And how much would you expect Visa Europe to drive acceleration in the cross-border volume, given all the intraEuropean travel?

考慮到所有歐洲內部的旅行，您預計 Visa Europe 會在多大程度上推動跨境交易量的加速？

I think you had given some pro forma data on that a couple years ago.

我想你在幾年前已經提供了一些備考數據。

I don't know if the relative figures would have changed, but any thoughts there?

我不知道相對數字是否會改變，但有什麼想法嗎？

I'll take the first one.

我會拿第一個。

So we have to obviously go back and get approval for this transaction, but as I had said in my remarks, we had gotten feedback.

所以我們顯然必須回去並獲得這筆交易的批准，但正如我在評論中所說，我們已經得到了反饋。

It's specifically related to the earn-out, and so what we've crafted eliminates the earn-out in its entirety.

它與收益特別相關，因此我們精心設計的內容完全消除了收益。

So as with all regulatory approvals, we need to go through the process, but we would not have struck a deal that we didn't think could be approved.

因此，與所有監管批准一樣，我們需要完成這個過程，但我們不會達成我們認為無法獲得批准的交易。

On the cross-border question, if you go back three or four quarters and look at cross-border inbound outbound, one of the strongest markets for inbound travel and inbound commerce has been Europe.

關於跨境問題，如果你回溯三四個季度，看看跨境入境出境，入境旅遊和入境商務最強勁的市場之一是歐洲。

So had we had Europe in our earlier numbers, early cross-border numbers would have looked better.

因此，如果我們早期的數字中有歐洲，早期的跨境數字會看起來更好。

What it's going to look like next year, of course, that's a different issue and we'll talk about it in the next few quarters as we discuss Europe.

當然，明年會是什麼樣子，這是一個不同的問題，我們將在接下來的幾個季度討論歐洲時討論它。

But yes cross-border inbound into Europe has been a strong business.

但是，是的，跨境入境歐洲一直是一項強大的業務。

Next question?

下一個問題？

Thank you.

謝謝你。

Our next question is with Sanjay Sakhrani with KBW.

我們的下一個問題是關於 KBW 的 Sanjay Sakhrani。

Your line is now open.

您的線路現已開通。

Thank you.

謝謝你。

I just want to make sure, there's no other contingencies outside of the EC approval, is there, to close this deal?

我只是想確定一下，除了 EC 批准之外沒有其他意外情況，是否可以完成這筆交易？

And secondly, understanding it's a competitive market today, was there any concern that the removal of the earn-out loosens the ties that the banks might have in the future to Visa Inc?

其次，了解當今競爭激烈的市場，是否擔心取消盈利會削弱銀行未來與 Visa Inc 的聯繫？

Thanks.

謝謝。

Listen, on the second one, I think as I said in my remarks, we've had a fair amount of time to work with the Visa Europe team to understand their relationships with their clients, and I would just say that we would not have agreed to a deal that we didn't think was an appropriate price to pay, relative to the value that we were getting.

聽著，在第二個問題上，我認為正如我在講話中所說，我們有相當長的時間與 Visa Europe 團隊合作，以了解他們與客戶的關係，我只想說我們不會同意了一項我們認為相對於我們獲得的價值而言不合適的交易價格。

Our view is when you actually look at what the earn-out was versus where we are today, we're confident in the value that we'll be getting, and we will get the appropriate returns.

我們的觀點是，當您實際查看收益與我們今天的情況時，我們對我們將獲得的價值充滿信心，並且我們將獲得適當的回報。

And on the first question of --

關於第一個問題——

Regulatory.

監管。

Regulatory approval, we will -- there were three that we initially needed to approve, Turkey, Jersey, and the European Commission, and we will revisit the first two to ensure, and we will go through the process with the European Commission.

監管部門的批准，我們將——我們最初需要批准三個，土耳其、澤西島和歐盟委員會，我們將重新審查前兩個以確保，我們將與歐盟委員會一起完成這個過程。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

your next question is from James Schneider with Goldman Sachs.

您的下一個問題來自高盛的 James Schneider。

Your line is open.

你的線路是開放的。

As you think about the Visa European integration process, can you give us an update on the process you're going to go through, in terms of identifying synergies?

當您考慮 Visa 歐洲一體化流程時，您能否向我們介紹一下您將要經歷的流程，以識別協同效應？

and can you maybe talk about any synergies that you might look for in Visa Inc, in addition to those in Visa Europe?

除了 Visa Europe 之外，您能否談談您可能在 Visa Inc 中尋找的任何協同效應？

Yes.

是的。

Let me start and then Vasant can chime in.

讓我開始，然後 Vasant 可以插話。

The work that we've had underway, and keep in mind, just to be perfectly clear, as we have done our work since the announcement of the initial transaction, all the work that we've been doing is pure planning.

我們正在進行的工作，請記住，只是為了非常清楚，自從宣布初始交易以來我們已經完成了我們的工作，我們一直在做的所有工作都是純粹的計劃。

They continue to run their business.

他們繼續經營他們的業務。

We continue to run our business, but we've been working very closely together, to understand what the best way to organize and run the Company is on a going forward basis.

我們繼續經營我們的業務，但我們一直密切合作，以了解組織和運營公司的最佳方式是在未來的基礎上。

So we've gotten to the point where we have pretty clear plans, area by area, across the Company, of what the expense base of an integrated Company would look like, what time frames would look like to get there.

因此，我們已經到了這樣的地步，即我們在整個公司範圍內逐個地區製定了非常明確的計劃，綜合公司的費用基礎是什麼樣的，實現這一目標的時間框架是什麼樣的。

We have some more process to go through, and we've got some specific processes we've got to go through within Europe, to ensure that we do this properly, but when we first announced the transaction, we had done the work with some information, but not the kind of information that we have had access to since the transaction was announced.

我們還有一些流程要通過，我們在歐洲內部也有一些特定流程需要通過，以確保我們正確地做到這一點，但是當我們第一次宣布交易時，我們已經完成了一些工作信息，但不是自交易宣布以來我們可以訪問的那種信息。

So as I said, we feel very comfortable that we have a better understanding of what those expense synergies will look like, and over what time we will get them, in addition to have a deep understanding of what it will take operationally, and feel very good about our ability to get it done.

因此，正如我所說，我們感到非常自在，我們對這些費用協同效應的情況有了更好的了解，以及我們將在多長時間內獲得它們，此外還深入了解了運營所需的內容，並且感覺非常我們有能力完成它。

I think everything we told you then as to what we can do, we feel very good about, have much clearer line of sight on precisely how we would do it, and overall time frame.

我認為我們當時告訴你的關於我們能做什麼的一切，我們感覺非常好，對我們將如何做以及總體時間框架有更清晰的視野。

And to answer the other question you asked, would we look at costs comprehensively, and say, what is the opportunity when you combine the two, both within Visa Inc and Visa Europe?

為了回答您提出的另一個問題，我們是否會全面考慮成本，並說，當您在 Visa Inc 和 Visa Europe 內將兩者結合起來時，機會是什麼？

Yes, we would absolutely do it that way across the functions.

是的，我們絕對會在所有功能中這樣做。

Yes, and just to be very specific, there are some things where we look at what's being done in Europe.

是的，而且非常具體地，我們在一些事情上著眼於歐洲正在做的事情。

We ask the question, are they doing it better and more efficiently than we're doing it elsewhere in the Visa Inc franchise?

我們問一個問題，他們是否比我們在 Visa Inc 特許經營權的其他地方做得更好、更有效率？

And if that's the case, which it is in some cases, that can survive, and we'll get the synergies within VI.

如果是這樣的話，在某些情況下，它可以存活下來，我們將在 VI 中獲得協同效應。

That's right.

這是正確的。

Thank you.

謝謝你。

Next question, please.

下一個問題，請。

Our next question is from Bryan Keane with 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。

Just wanted to make sure.

只是想確定一下。

Last quarter you warned that if there wasn't a pickup on the economy front, we're likely to see potentially a change in guidance.

上個季度你警告說，如果經濟方面沒有好轉，我們可能會看到指導方針的潛在變化。

So not a real surprise here, but what I want to make sure is, is this all cyclical, or is there any share loss that you're seeing that's causing the change in guidance?

所以這並不令人驚訝，但我想確定的是，這一切都是周期性的，還是你看到的任何股票損失導致了指引的變化？

And then secondly, we picked up some news that you could be increasing your US acquirer fee on signature debit on July 1, 2016.

其次，我們收到了一些消息，稱您可能會在 2016 年 7 月 1 日增加您的美國收單方簽名借記費。

Just want to see if that has any impact on the model, and if that's correct?

只是想看看這是否對模型有任何影響，是否正確？

Thanks.

謝謝。

Let me do the first one first.

讓我先做第一個。

To answer the question, everything that we're seeing and everything that we've talked about, we absolutely believe is cyclical, doesn't relate to share in any way, shape or form, and we feel very good about the maintenance of the share that we have across the world.

為了回答這個問題，我們所看到的一切和我們談論的一切，我們絕對相信是周期性的，與任何方式、形式或形式的分享無關，我們對維護分享我們在世界各地擁有的。

And you're right.

你是對的。

I'm glad you pointed it out, because we tried to be as transparent as we could on last quarter's earnings call, where we said listen, it's the first quarter.

我很高興你指出了這一點，因為我們試圖在上個季度的財報電話會議上盡可能透明，我們說聽著，這是第一季度。

It's very early.

現在很早。

We don't know what volumes will be two, three quarters out from now, but our assumptions are that in order to make those guidance numbers, there needs to be an improvement, and things haven't deteriorated, but things haven't improved.

我們不知道從現在起二、三季度後的銷量會是多少，但我們的假設是，為了獲得這些指導數字，需要有所改進，情況沒有惡化，但情況沒有改善.

So that's playing out exactly, not the way we would want, but given what's happened, the way we'd expect.

所以這正是我們想要的方式，而不是我們想要的方式，但考慮到發生的事情，我們期望的方式。

And so obviously, if things got better, then that would change as well, but we just don't see that, and so it's not something at this point, given that we're already in the third quarter, we think is prudent to think about

很明顯，如果情況好轉，那麼情況也會改變，但我們只是看不到這一點，所以目前還不是這樣，鑑於我們已經進入第三季度，我們認為謹慎的做法是想一想

In terms of the US acquired debit price increase of 2 basis points, yes, we have informed people about it.

關於美國獲得的借記卡價格上漲 2 個基點，是的，我們已經通知了人們。

They will begin to see the increase in July, but as you know, we record these things on a quarter lag.

他們將在 7 月開始看到增長，但如您所知，我們以四分之一的滯後時間記錄這些事情。

So there's no benefit from the price increase in this year's revenues.

因此，今年收入的價格上漲沒有任何好處。

Also, just so that you're clear on it, this is not in order of magnitude terms anywhere close to the price increase we took last fiscal year.

此外，為了讓您清楚，這與我們上一財年的價格上漲幅度不相近。

So the impacts are more modest.

所以影響比較小。

It's clearly helpful, and of course, we provide some level of remediation in the early months.

這顯然很有幫助，當然，我們會在最初幾個月提供一定程度的補救。

So you should make sure that some of that is factored in, as you think about all this.

因此，當您考慮所有這些時，您應該確保將其中一些因素考慮在內。

Thanks, Bryan.

謝謝，布萊恩。

Next question?

下一個問題？

Our next question is from Darrin Peller with Barclays.

我們的下一個問題來自巴克萊的 Darrin Peller。

Your line is now open.

您的線路現已開通。

So I just want to clarify.

所以我只想澄清一下。

It sound like despite the run rate for the first half of about 8.5% constant currency, lower growth in the third quarter is the timing of incentives, and sounds like a little bit of a delay in timing on Costco and USAA.

聽起來儘管上半年的運行率約為 8.5% 不變貨幣，但第三季度的較低增長是激勵措施的時機，聽起來像是 Costco 和 USAA 的時機有點延遲。

Just any reason for the slower implementation of those, and is the timings for those deals now around the fiscal fourth quarter, or early next year?

只是因為這些交易的實施速度較慢，這些交易的時間安排現在是在第四財季左右還是明年年初？

And then just a quick followup on the incentive size.

然後只是對激勵規模的快速跟進。

I guess when we go forward, have those been in line with the timing of incentives in the third quarter, would your incentive run rate still be in the mid-point of the range?

我想當我們繼續前進時，這些是否與第三季度的激勵時間一致，您的激勵運行率是否仍處於該範圍的中點？

Is that really what we should expect going forward?

這真的是我們應該期待的嗎？

Thanks.

謝謝。

Well, on the first one, it's hard to pinpoint it, and the implementation of the Costco arrangement is, in a lot of respects, out of our hands.

嗯，在第一個方面，很難確定，Costco 安排的實施在很多方面都不受我們控制。

Remember they had an agreement that they had to unwind.

請記住，他們有一個協議，他們必須放鬆。

there's a lot of work that Citi the issuer and Costco are working, as well as us.

發行人花旗和 Costco 以及我們都在做很多工作。

And so given the complexity of unwinding an old agreement and moving forward on a new agreement, is just complex.

因此，鑑於解除舊協議並推進新協議的複雜性，這只是複雜的。

And in USAA's business there's nothing specific, other than I think it's them just wanting to do it in a time frame which brings about the least amount of potential issues for their members, which we respect.

在 USAA 的業務中，沒有什麼特別的，除了我認為他們只是想在一個時間框架內為他們的成員帶來最少的潛在問題，這是我們尊重的。

Yes.

是的。

On the level of incentives, we are in the range we told you, coming into the year.

在激勵水平上，我們在我們告訴你的範圍內，進入這一年。

We are in the high end of the range.

我們處於該範圍的高端。

And the reason for that is, we've had a significant number of renewals around the world and in the US, and of course, we've had a couple of big conversions.

其原因是，我們在全球和美國進行了大量續訂，當然，我們也進行了幾次重大轉換。

That's all in our view good news in that we are renewing important contracts, and we have some significant new business.

在我們看來，這都是好消息，因為我們正在續簽重要合同，並且我們有一些重要的新業務。

As I mentioned in the comments, the benefits from the conversions for sure are not showing up this year, and will show up next year, but, some of these, as we've told you before, there are timing moves from one quarter to another, and there's no question that the incentives are running at the higher end of the range, because these renewals have mostly all now fallen into place.

正如我在評論中提到的那樣，轉換帶來的好處肯定不會在今年出現，並且會在明年出現，但是，正如我們之前告訴過你的那樣，其中一些好處是從一個季度到一個季度另一個，毫無疑問，激勵措施在範圍的高端運行，因為這些續約現在大部分都已經到位。

Thanks, Darrin.

謝謝，達林。

Next question, please?

請問下一個問題？

I'm sorry.

對不起。

I want to say I think to that point, that the reality is, these are important renewals.

我想說的是，我認為，現實情況是，這些都是重要的更新。

These are very big clients, and the new wins we've talked extensively about.

這些都是非常大的客戶，我們已經廣泛討論了新的勝利。

So we can -- when we talk about it, in terms of how it impacts the numbers, if you sit back a second and to the question earlier about share, we feel really, really good about what our client franchise looks like, for sure, across the globe.

所以我們可以 - 當我們談論它時，就它如何影響數字而言，如果你坐等一下，然後再回答前面關於份額的問題，我們肯定對我們的客戶特許經營權的樣子感到非常非常好， 在全球範圍內。

Next question, please?

請問下一個問題？

Next question is from Andrew Jeffrey with SunTrust.

下一個問題來自 SunTrust 的 Andrew Jeffrey。

Your line is now open.

您的線路現已開通。

Charlie, I wonder if you could maybe opine a little bit on mobile payments adoption, mobile wallet adoption in particular.

查理，我想知道您是否可以就移動支付的採用，特別是移動錢包的採用發表一點看法。

It seems like some of the big banks indicated recently that it remains quite low, and maybe a little disappointing.

似乎一些大銀行最近表示它仍然很低，也許有點令人失望。

Are there any implications longer term for Visa's volume around mobile one way or the other, and how do you think about initiatives that Visa might undertake to accelerate mobile adoption, which might benefit the secular shift?

從長遠來看，Visa 的移動業務量是否會以某種方式或另一種方式產生影響？您如何看待 Visa 可能採取的加速移動採用的舉措，這可能有利於長期轉變？

Sure.

當然。

I think, it's interesting.

我想，這很有趣。

I think we are doing as much as we can as an entity, to insert ourselves in a way which benefits all of our clients and their clients, into helping digitize payments in all forms of commerce.

我認為我們作為一個實體正在盡我們所能，以一種有利於我們所有客戶及其客戶的方式參與進來，幫助所有形式的商業支付數字化。

And that's how we think about it.

這就是我們的想法。

We don't necessarily think about that we want to drive business from cards to e-com to M-com or anything like that.

我們不一定會考慮我們想要推動業務從卡片到電子商務再到 M-com 或類似的東西。

Anyone who tries to drive something towards what they think is good for them, generally hasn't been particularly successful.

任何試圖把事情推向他們認為對他們有益的事情的人，通常都不是特別成功。

What we want to insure is that we continue to have the best solutions to pay in the physical world, that we've got the best solutions to pay in the e-com world, and the best solutions to pay in the M commerce world.

我們要確保的是，我們將繼續擁有物理世界中最好的支付解決方案，我們擁有電子商務世界中最好的支付解決方案，以及移動商務世界中最好的支付解決方案。

So if you look at the things we've done all across that spectrum, whether it's the things that you see, or I mean such as Visa Checkout, some of the things that we've done with third-party players, whether it's Google, Samsung or Apple, or whether it's things that you don't necessarily see like tokenization, these are all aimed at ensuring that we are a preferred payment option in all of those different mediums.

因此，如果您查看我們在整個範圍內所做的事情，無論是您看到的事情，或者我的意思是諸如 Visa Checkout 之類的事情，我們與第三方玩家（無論是谷歌）所做的一些事情、三星或蘋果，或者無論是你不一定看到的標記化，這些都是為了確保我們在所有這些不同的媒介中都是首選的支付選項。

And quite frankly, the consumers and the merchants are going to be the one to drive the adoption of these different forms of payment, and so we're there to support them.

坦率地說，消費者和商家將成為推動採用這些不同支付方式的人，所以我們在那裡支持他們。

We're there to be their partner.

我們在那裡成為他們的合作夥伴。

We're there to provide options.

我們在那裡提供選擇。

So the work we did on tokenization enabled a lot of the things that you're seeing out there, but we don't prefer one versus the other.

因此，我們在標記化方面所做的工作實現了您所看到的很多東西，但我們不喜歡其中一種。

We just have to ensure we're doing everything we can to be inserted into all forms of commerce, in a way which is friendly for our issuers and acquirers.

我們只需要確保我們正在盡我們所能融入所有形式的商業，以一種對我們的發行人和收購人友好的方式。

Thanks, Andrew.

謝謝，安德魯。

Next question, Sam?

下一個問題，山姆？

Our next question is from Matthew Howlett with UBS.

我們的下一個問題來自瑞銀的 Matthew Howlett。

Your line is now open.

您的線路現已開通。

Just to follow-up on the cross-border, what is a normalized run rate?

只是為了跟進跨界，什麼是標準化運行率？

Maybe, to first start off, what you're seeing in terms of what quarter is it.

也許，首先，您所看到的是哪個季度。

Looks like the Asian region is coming up a little slower.

看起來亞洲地區的發展速度要慢一些。

What do we expect is a normalized run rate, and what should we expect long term?

我們期望的是標準化的運行率，我們應該期待什麼長期？

Well, I mean if you go back in time, as you know, double-digit run rates are very common, and then starting about eight quarters ago, you started to see some slowdown, mostly with the strong dollar, and that brought the run rate down to the single digits, and ran at about 8%, 9% in constant dollar terms for a while.

好吧，我的意思是如果你回到過去，你知道，兩位數的運行率很常見，然後從大約八個季度前開始，你開始看到一些放緩，主要是因為美元走強，這帶來了運行利率下降到個位數，並在一段時間內以恆定美元計算在 8% 和 9% 左右。

And then in October or so last year, we saw that sharp decline to 4%, and it stayed there.

然後在去年 10 月左右，我們看到急劇下降到 4%，並且一直保持在那裡。

The biggest drivers are significant declines coming out of China, and that has not changed.

最大的驅動因素是來自中國的顯著下降，這一點並沒有改變。

In other words, the second derivative on that is still negative.

換句話說，它的二階導數仍然是負數。

It is continuing to decelerate, though still positive.

它繼續減速，但仍然是積極的。

Canada, a major source of business for us in the US, has been declining for several years now, gone from a growth rate to meaningful negative levels.

加拿大是我們在美國的主要業務來源，幾年來一直在下降，從增長率變為有意義的負水平。

Then we saw a significant change in trend in the past few months, coming out of all the commodity economies, whether those are the African economies or the Middle East, big declines in those areas.

然後我們看到過去幾個月的趨勢發生了顯著變化，所有大宗商品經濟體，無論是非洲經濟體還是中東經濟體，這些地區都出現大幅下滑。

And then layer on top of that our specific large economies like Brazil, which for a while was a major source of outbound business to the US and elsewhere, and other economies like Russia, which you saw really slow, go down significantly last year.

此外，我們特定的大型經濟體，如巴西，有一段時間是美國和其他地方對外業務的主要來源，而俄羅斯等其他經濟體，你看到的速度真的很慢，去年大幅下降。

So you've got three things going on at the same time which may not happen often.

所以你有三件事同時發生，這可能不會經常發生。

One is a strong dollar, which hurts the largest part of our cross-border business, which is the acquired business into the US.

一個是強勢美元，這損害了我們跨境業務的最大部分，即被收購的進入美國的業務。

Second is a significant growth engine called China slowing down.

其次是一個重要的增長引擎，稱為中國放緩。

And third is, large chunks of the global economy having trouble like Brazil, like Russia for a variety of different reasons.

第三，全球經濟的很大一部分因各種不同的原因而陷入困境，比如巴西，比如俄羅斯。

So you've got all three things happening at the same time right now.

所以你現在同時發生了這三件事。

Just in terms of how it plays out mathematically is, remember to the extent that the dollar strengthens, we start to see less spending as goods are no longer as attractive to buy on a cross-border basis.

就數學上的表現而言，請記住，隨著美元走強，我們開始看到支出減少，因為商品不再具有跨境購買的吸引力。

So you're going from growth to shrinkage.

所以你正在從增長走向萎縮。

So on a percentage change basis, it's significant.

因此，在百分比變化的基礎上，這很重要。

So the first effect will be at some point these things get lapped, assuming that it doesn't continue to get worse, and that normal business grows at a reasonable level, and then if there is any kind of weakening of the dollar, then you start to see the spending patterns shift back to what they were, and that changes the growth dynamic significantly.

因此，第一個影響將是在某個時候這些事情被重疊，假設它不會繼續變得更糟，並且正常的業務增長在一個合理的水平，然後如果美元出現任何形式的疲軟，那麼你開始看到支出模式轉變回原來的樣子，這顯著改變了增長動力。

Next question, Sam.

下一個問題，山姆。

Yes.

是的。

Our next question is from Jamie Friedman with Susquehanna Financial.

我們的下一個問題來自 Susquehanna Financial 的 Jamie Friedman。

Your line is now open.

您的線路現已開通。

Charlie, do you have any updates on your conversations, negotiations, with the aggregators that you had shared some perspective on last quarter?

查理，你對上個季度與聚合商的對話、談判有什麼更新嗎？

I don't.

我不。

I don't.

我不。

I think what I said is what I and we continue to feel, and if there's anything more to talk about, we'll let you know.

我認為我所說的是我和我們繼續感受到的，如果還有什麼要談的，我們會讓你知道的。

Next question, Sam.

下一個問題，山姆。

Yes.

是的。

our next question is from Lisa Ellis with Bernstein.

我們的下一個問題來自 Lisa Ellis 和 Bernstein。

Your line is now open.

您的線路現已開通。

Hi, Charlie.

嗨，查理。

Can you give an update, a little more color on Visa Checkout?

您能否在 Visa Checkout 上提供更新，多一點顏色？

How many of your large issuers do you have now auto enrolling in Visa Checkout, and are you seeing a notable uptick in adoption, as a result of that?

您現在有多少大型發行人自動註冊 Visa Checkout，您是否看到採用率顯著上升，因此？

And then similarly, on the acquirer side, do you have any acquirer partners that are sort of actively now helping you promote Visa Checkout with the merchants?

同樣，在收單方方面，您是否有任何收單合作夥伴正在積極幫助您向商家推廣 Visa Checkout？

Like at some point here, should we be seeing more of a steep acceleration in adoption?

就像這裡的某個時候，我們是否應該看到更多的採用急劇加速？

Yes.

是的。

Listen, I think to the last question first, I think it's, when we think about what the adoption curves look like, we're not looking for anything that looks exponential necessarily at this point.

聽著，我首先想到最後一個問題，我認為當我們考慮採用曲線的樣子時，我們並不是在尋找任何看起來必然呈指數增長的東西。

In fact, what we want to see is, we want to insure that there is continued growth on both sides of the equation.

事實上，我們希望看到的是，我們希望確保等式兩邊都有持續增長。

So not just the increase in the user base, but the increase in the merchant locations as well.

因此，不僅僅是用戶群的增加，還有商家位置的增加。

And any time, if those growth rates get way out of line, then we live somewhat in fear of one side of the network getting ahead of the other.

並且任何時候，如果這些增長率超出預期，那麼我們就會在某種程度上生活在對網絡的一方領先於另一方的恐懼中。

So we have Bank of America, who is very actively promoting Visa Checkout.

所以我們有美國銀行，它非常積極地推廣 Visa Checkout。

That has just begun, so it's hard to draw any conclusions to what it means, but we love what they're doing.

這才剛剛開始，所以很難對這意味著什麼下結論，但我們喜歡他們正在做的事情。

It is very simple, it's very creative, and we're excited about it.

它非常簡單，非常有創意，我們對此感到興奮。

Beyond that, we're very focused on growing the merchant side, and the reality of the merchant side, Lisa is, it really is merchant by merchant.

除此之外，我們非常專注於發展商家方面，而商家方面的現實，麗莎是，它真的是一個商家一個商家。

And so we can certainly -- we've done everything that we can to make it a simple integration for merchants, but the conversation really is not even necessarily -- it's not the typical conversation that either we or an acquirer have with the merchant, where we're talking about acceptance, we're talking about an Assistant Treasurer.

所以我們當然可以——我們已經盡了一切努力使它成為商家的簡單集成，但對話實際上甚至不一定——這不是我們或收單機構與商家的典型對話，在我們談論接受的地方，我們正在談論助理財務主管。

The conversations of Visa Checkout are much more about the marketing areas.

Visa Checkout 的對話更多地是關於營銷領域。

And so that is where we are focused on, is getting the conversation to a different level with merchants, and we're focused on the top merchants, not necessarily the number of merchants, or the size of merchants.

這就是我們關注的地方，將與商家的對話提升到不同的水平，我們關注的是頂級商家，不一定是商家的數量或商家的規模。

Thanks, Lisa.

謝謝，麗莎。

Next question, please?

請問下一個問題？

Yes.

是的。

Our next question is from Tien-tsin Huang with JPMorgan.

我們的下一個問題來自摩根大通的 Tien-tsin Huang。

Your line is now open.

您的線路現已開通。

A couple questions.

幾個問題。

The Costco card has pretty attractive rewards.

Costco 卡的獎勵非常誘人。

I'm curious, has that changed the incentive equation for Visa in any way, meaning your role in funding these rewards?

我很好奇，這是否以任何方式改變了 Visa 的激勵方程式，意味著您在資助這些獎勵方面的作用？

and I want to ask a Visa Europe question just as part of the new deal giving up the earn-outs.

我想問一個 Visa Europe 問題，作為放棄收益的新交易的一部分。

do you get to then extend contracts with the major issuers from Visa Europe?

您是否可以與 Visa Europe 的主要發行人續簽合同？

Just curious what the give and take is, beyond what you discussed.

只是好奇什麼是給予和索取，超出你所討論的範圍。

Thanks.

謝謝。

Sure.

當然。

The first question was?

第一個問題是？

Are we doing anything different with Costco because of the rewards available?

由於可獲得的獎勵，我們與 Costco 有什麼不同嗎？

No, no.

不，不。

I mean our deal with Costco is our deal with Costco, and their deal with Citi is their deal with Citi, and so we love the product that's out there, and even more broadly, we love Visa acceptance at Costco for all of our issuers.

我的意思是我們與 Costco 的交易就是我們與 Costco 的交易，他們與 Citi 的交易就是他們與 Citi 的交易，因此我們喜歡現有的產品，更廣泛地說，我們喜歡 Costco 為我們所有的發行人接受 Visa。

And on the second item, the answer is no.

而在第二個項目上，答案是否定的。

There's nothing special that goes along with contract renewals or anything like that, relative to the additional amount that we're paying.

與我們支付的額外金額相比，續約或類似的事情並沒有什麼特別之處。

But I guess the way I would think about this is, we certainly, when we entered into the earn-out, wind up with a point of view of what we think we could pay, based upon the results could pan out.

但我想我會考慮的方式是，當我們進入盈利模式時，我們當然會根據結果可能會得出一個我們認為我們可以支付的觀點。

And as I've said earlier, we've had the opportunity to be able to have a deeper level of understanding of what that could actually be, as well as to have an understanding of what the relationships between Visa Europe and its client base are.

正如我之前所說，我們有機會能夠更深入地了解實際情況，以及了解 Visa Europe 與其客戶群之間的關係。 .

I don't know how to say it other than I think we feel very good about the deal that we've struck, just as I'm sure their members feel very good on a risk-adjusted basis.

我不知道該怎麼說，除了我認為我們對我們達成的交易感覺非常好，就像我確信他們的成員在風險調整的基礎上感覺非常好一樣。

They're getting more guaranteed of cash and so these two things meet at a place where you get a transaction done.

他們越來越有保證現金，所以這兩件事在你完成交易的地方相遇。

Yes.

是的。

Everything we've seen and heard indicates that the current members and the current big issuers and customers of Visa Europe actually see Visa Europe as being part of Visa Inc, and one Visa as a big plus.

我們所看到和聽到的一切都表明，Visa Europe 的現有成員和當前的大發行人和客戶實際上將 Visa Europe 視為 Visa Inc 的一部分，而 Visa 是一大優勢。

Makes Visa Europe much more attractive from their standpoint, with all the capabilities that we are bringing.

從他們的角度來看，借助我們帶來的所有功能，使 Visa Europe 更具吸引力。

And in any case, we have always assumed that we were going to work with every one of these issuers to move the relationship from a member relationship to a commercial relationship, and those conversations will clearly be the important things we do with them, as soon as they're able to.

無論如何，我們一直假設我們將與這些發行人中的每一個合作，將關係從成員關係轉變為商業關係，這些對話顯然將是我們與他們一起做的重要事情，盡快盡他們所能。

I guess I would just pile on a bit and say, if there's a belief that banks have continued to do business with Visa Europe solely because of its ownership structure, that's a very risky thought process to go down.

我想我只想說一點，如果有人認為銀行繼續與 Visa Europe 開展業務僅僅是因為它的所有權結構，那麼這是一個非常冒險的思考過程。

As we all know, the payments business is extraordinarily important for financial institutions, and as we pointed out on these calls many times, these are financial decisions about the network that they're choosing, but they're also far greater strategic alliances that they're thinking through.

眾所周知，支付業務對金融機構來說非常重要，正如我們在這些電話中多次指出的那樣，這些是他們選擇的網絡的財務決策，但它們也是比他們更大的戰略聯盟'正在考慮。

And what we bring is just a tremendous amount more to the banks in terms of capabilities.

就能力而言，我們給銀行帶來的只是更多。

So the relationships that Visa Europe has are very, very strong, and what we have is additive to that.

因此，Visa Europe 的關係非常、非常牢固，而我們所擁有的就是對它的補充。

So we feel very, very good about our ability to compete in an open marketplace with others for the banks' business.

因此，我們對自己在開放市場中與其他人爭奪銀行業務的能力感到非常非常滿意。

Thanks, Tien-tsin.

謝謝，天真。

Next question, Sam?

下一個問題，山姆？

Our next question is from Bob Napoli with William Blair.

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

Your line is now open.

您的線路現已開通。

Vasant, you had mentioned I think just on the Costco incentives, and the high end of the range for client incentives for the back half of this year, as we think about 2017, I think you said that we would expect Visa to deliver earnings like investors are accustomed to, and I was wondering for some color on that.

Vasant，您曾提到我認為僅針對 Costco 的激勵措施，以及今年下半年客戶激勵範圍的高端，就像我們考慮 2017 年一樣，我認為您說我們預計 Visa 將提供類似的收益投資者已經習慣了，我想知道一些顏色。

And then is the Costco and USAA, are there portions of the fees that are one-time very large fees, such that we shouldn't expect the high end of the range longer, that type of a range longer term, or would that be -- should we think of the higher incentive range longer term?

然後是 Costco 和 USAA，是否有部分費用是一次性非常大的費用，因此我們不應該期望範圍的高端更長，那種範圍更長，或者那會是——我們是否應該長期考慮更高的激勵範圍？

Yes.

是的。

In terms -- there were several questions there.

就術語而言 - 那裡有幾個問題。

Hopefully I remember them all.

希望我記得他們所有人。

In terms of the Costco business, all I was saying was that it wouldn't have an impact on 2017.

就 Costco 業務而言，我只是說它不會對 2017 年產生影響。

I'm forgetting all the questions.

我忘記了所有的問題。

There were several questions there.

那裡有幾個問題。

Jack, can you help me?

傑克，你能幫幫我嗎？

The first piece was the return to earnings you would expect.

第一部分是您期望的收益回報。

Oh, right.

啊對。

You made some reference to earnings.

你提到了收入。

I just want to make sure we were just making sure people understood that this year we had two big things going on that hopefully we won't have to deal with next year.

我只是想確保我們只是確保人們理解今年我們有兩件大事發生，希望明年我們不必處理。

One is we have this interest expense, which clearly did not have offsetting operating income in the time frame that we expected, and that was a meaningful drag on our earnings this year, and clearly once the Visa Europe deal closes, we will have the offset level.

一是我們有這筆利息費用，顯然沒有在我們預期的時間範圍內抵消營業收入，這對我們今年的收益造成了重大拖累，顯然一旦 Visa Europe 交易完成，我們將獲得抵消等級。

That was the intent of the debt issuance.

這就是發債的目的。

That was clearly almost a 4 point drag on growth, and we just want to make sure people are a conveyor of that.

這顯然對增長造成了幾乎 4 個百分點的拖累，我們只是想確保人們是這方面的傳遞者。

Second, we have seen, the headwinds that we talked about coming into the year.

其次，我們已經看到了我們談到的今年的不利因素。

We are hopeful that they will moderate as we go into next year.

我們希望他們會在我們進入明年時有所緩和。

And then third, the conversions that we believe will add some additional ballast, so to speak, to revenues, really aren't helping, in fact, are a drag this year because of this lag issue.

第三，我們認為轉換會增加一些額外的鎮流器，可以說是收入，實際上並沒有幫助，事實上，由於這個滯後問題，今年是拖累。

So all I was doing was pointing to those things.

所以我所做的只是指向那些東西。

We'll talk about next year at the appropriate time and give you our best sense of next year.

我們將在適當的時候談論明年，並為您提供明年的最佳感覺。

I think we were just highlighting some of the elements of this year that were fairly unique.

我認為我們只是強調了今年相當獨特的一些元素。

Thanks, Bob.

謝謝，鮑勃。

Next question, please?

請問下一個問題？

Our next question is from Chris Donat with Sandler O'Neill.

我們的下一個問題來自 Chris Donat 和 Sandler O'Neill。

The line is now open.

該線路現已開通。

I'm curious, with the software solution you have announced for the EMV chips in the United States.

我很好奇，你們為美國的 EMV 芯片宣布的軟件解決方案。

Do you an opportunity to roll out the same software solution across the other markets that already have EMV, and would you do this for free, or would you charge for it?

您是否有機會在已經擁有 EMV 的其他市場推出相同的軟件解決方案？您會免費這樣做，還是收費？

Is there some potential revenue upside associated with it?

是否有一些與之相關的潛在收入增長？

No.

不。

First of all, on the second one, this isn't about revenue at all.

首先，在第二個方面，這根本與收入無關。

This is about just improving the customer experience.

這只是為了改善客戶體驗。

And remember, around the rest of the world, I'd say two things.

請記住，在世界其他地方，我想說兩件事。

EMV is working.

EMV 正在工作。

It's well accepted, and so we're addressing a very specific concern here as we go through this transition.

它已被廣泛接受，因此我們在此過渡期間正在解決一個非常具體的問題。

And then the second thing is, in some of the major markets across the world, there's a very high degree of contactless.

然後第二件事是，在世界上的一些主要市場中，非接觸式的程度非常高。

That's the card with the chip in it that can be used on a contactless basis, which are very, very fast transactions.

那是帶有芯片的卡，可以在非接觸式基礎上使用，這是非常非常快速的交易。

And so we continue to promote that as well, and we don't have the issue outside the US that we have in the US, as we go through this transition.

所以我們也繼續推動這一點，在我們經歷這個過渡時，我們在美國以外沒有我們在美國遇到的問題。

Next question, Sam?

下一個問題，山姆？

Our next question is from Don Fandetti with 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。

Charlie, so you've won two sizeable deals with USAA and Costco.

查理，所以你贏得了 USAA 和 Costco 的兩筆大筆交易。

Just curious if there were any other large portfolios or conversions out there that you were looking at?

只是好奇您是否正在查看其他任何大型投資組合或轉換？

And secondarily, it sounds like you're upbeat on the US consumer, but the volumes did slow a little bit.

其次，聽起來你對美國消費者持樂觀態度，但銷量確實有所放緩。

Wanted to get your sense there

想在那裡得到你的感覺

So let me -- on the first one, and I talked about this a little bit.

所以讓我——關於第一個，我談了一點。

When it comes to our position, especially in the US, where certainly a lot of these big co-brands are, we love the position that we have.

當談到我們的位置時，尤其是在美國，肯定有很多這樣的大型聯合品牌，我們喜歡我們所擁有的位置。

We aren't looking to gain share by being very, very active at targeting, or anything like that.

我們不希望通過非常非常積極地定位或類似的方式來獲得份額。

Costco is very unique.

Costco 非常獨特。

That was Costco looking to initially think about whether or not they wanted to change their issuer and their network, and I've spoken about USAA, about how that actually came about.

那是 Costco 最初希望考慮他們是否想要改變他們的發行人和他們的網絡，我已經談到了 USAA，關於這實際上是如何發生的。

So what we're most focused on in the US is continuing to do a great job and retain the great business that we have on the issuing co-brand side.

因此，我們在美國最關注的是繼續做好工作並保留我們在發行聯合品牌方面擁有的出色業務。

The second part of your question around the US consumer, I think it's important to point out that I think perhaps to everybody's surprise gas prices today are actually lower than the lows reached last year, and in the second quarter, the gas drag was almost as bad as it was last year.

關於美國消費者問題的第二部分，我認為重要的是要指出，我認為今天的汽油價格實際上可能低於去年的低點，而在第二季度，汽油阻力幾乎是和去年一樣糟糕。

It was at least a point on growth in the second quarter, and if it stays at these levels, gas is still a drag on US payment volumes, almost, not as bad as last year, but quite high.

這至少是第二季度增長的一個點，如果它保持在這些水平，天然氣仍然是美國支付量的拖累，幾乎沒有去年那麼糟糕，但相當高。

So that's another thing that I guess most people might have expected coming in, that you would get to see some kind of a tailwind.

所以這是我猜大多數人可能已經預料到的另一件事，你會看到某種順風。

It isn't there.

它不在那裡。

It's anybody's guess, though, where gas prices go.

不過，汽油價格的去向是任何人的猜測。

Yes.

是的。

But I think when you look at relatively stable growth in the US consumer spend, plus you talk to the banks about increased savings rates, you just draw the conclusion that the US consumer is in very, very good shape.

但我認為，當你看到美國消費者支出相對穩定的增長，再加上你與銀行談論儲蓄率提高時，你只會得出這樣的結論，即美國消費者的狀況非常非常好。

We can debate about the reasons why spend isn't accelerating, but it certainly, I would say, feels better than some of the stuff that we've heard, and the fact that savings increased at the right point, when there's confidence, we feel pretty good that spend will move to higher levels.

我們可以就支出沒有加速的原因進行辯論，但我會說，它肯定比我們聽到的一些東西感覺更好，而且儲蓄在正確的時候增加的事實，當有信心時，我們感覺還不錯，消費會上升到更高的水平。

So if that happens, if the dollar versus currency changes, and all of a sudden our big cross-border business changes, these are things back to one of the original questions, these are cyclical things that are out of our control.

因此，如果發生這種情況，如果美元兌貨幣發生變化，突然我們的大型跨境業務發生變化，這些都是回到最初的問題之一，這些是我們無法控制的周期性事情。

So when we look at underlying numbers of transactions and we look at how we're doing on share, the numbers are still very, very strong, and that's what's going to drive the business in the long term, once we move in and out of these different cyclical trends that we have.

因此，當我們查看潛在交易數量並查看我們在份額方面的表現時，這些數字仍然非常非常強勁，這將是長期推動業務發展的因素，一旦我們進出我們擁有的這些不同的周期性趨勢。

Just one other thing to add, as Charlie said, the underlying transaction trends are very good, and on the margin, even setting aside gas, a stronger dollar is mildly deflationary, as you know, which pays through into payment volumes.

正如查理所說，還有一件事要補充，基本交易趨勢非常好，而且在保證金方面，即使撇開汽油，如你所知，美元走強也會帶來輕微的通貨緊縮，這會影響支付量。

Sam, with that, we have time for one last question.

山姆，有了這個，我們有時間回答最後一個問題。

And our last question is from George Mihalos with Cowen.

我們的最後一個問題來自 George Mihalos 和 Cowen。

Your line is now open.

您的線路現已開通。

Just I'll ask a mobile payments question, and that would be, Charlie, any updated thoughts on the potential longer term to monetize tokenization, and maybe bring us up to speed with conversations you're having with issuers about them running their own token vaults?

只是我會問一個移動支付問題，查理，關於將令牌化貨幣化的潛在長期的任何最新想法，也許會讓我們加快與發行人就他們運行自己的令牌進行的對話金庫？

Would appreciate any color there.

會欣賞那裡的任何顏色。

We've been very, very consistent.

我們一直非常非常一致。

We're not looking to monetize tokenization.

我們不希望通過代幣化獲利。

Tokenization is -- it is a great enabler of different experiences that are out there.

代幣化是——它是不同體驗的偉大推動者。

We think we're a logical place for the tokenization to take place, but we don't have to be the only place that tokenization is done.

我們認為我們是進行標記化的合乎邏輯的地方，但我們不必是唯一完成標記化的地方。

So there's some that would like to do more work themselves, create the infrastructure to do that, and we're working with people to ensure that people have that ability.

所以有些人想自己做更多的工作，創建基礎設施來做到這一點，我們正在與人們合作以確保人們擁有這種能力。

But like most things, we have to compete because, we recall the right place with the right set of capabilities, the way that they trust more so than other places.

但像大多數事情一樣，我們必須競爭，因為我們記得具有正確能力的正確位置，他們比其他地方更信任的方式。

And so for us, it's a service, it's an enabler, but not something that we're looking to charge for.

所以對我們來說，它是一項服務，是一個推動者，但不是我們想要收費的東西。

And with that we want to thank everybody for joining today.

藉此，我們要感謝大家今天的加入。

If you have any followup calls, feel free to give Victoria or myself a call.

如果您有任何後續電話，請隨時給維多利亞或我自己打電話。

Thank you.

謝謝你。

Thank you, speakers, and this does conclude today's conference.

謝謝各位發言者，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。