Visa Inc (V) 2016 Q3 法說會逐字稿

Welcome to Visa's fiscal third quarter 2016 earnings conference call.

歡迎參加 Visa 2016 財年第三季度財報電話會議。

All participants are in a listen-only mode until the question-and-answer session.

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

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

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

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, Carrie.

謝謝，嘉莉。

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

大家下午好，歡迎參加 Visa Inc. 的第三財季財報電話會議。

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

今天與我們同在的還有 Visa 的首席執行官 Charlie Scharf； Visa 的首席財務官 Vasant Prabhu。

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

該電話會議目前正在互聯網上進行網絡直播，可在我們網站的投資者關係網站 www.investor.visa.com 上訪問。

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.

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 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。

Finally, for historical non-GAAP or pro forma related financial information disclosed in this call, the related GAAP measures and any other information required by Regulation G of the SEC are available in the Financial and Statistical Summary accompanying today's press release.

最後，對於本次電話會議中披露的歷史非 GAAP 或備考相關財務信息，相關的 GAAP 措施和 SEC 條例 G 要求的任何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, I'll turn the call over to Charlie.

有了這個，我會把電話轉給查理。

Thank you very much, Jack, and good afternoon, everyone.

非常感謝杰克，大家下午好。

Thanks for taking the time.

感謝您抽出寶貴的時間。

There's a series of topics that I'm going to discuss today.

我今天要討論一系列主題。

Talk a little bit about third-quarter results, a few comments about our European acquisition, going to talk about litigation, going to make some comments about the agreement we signed with PayPal today.

談談第三季度的業績，談談我們在歐洲的收購，談談訴訟，談談我們今天與 PayPal 簽署的協議。

I have a series of business updates that I'm going to walk through, and then just a few sentences on the future before I turn it over to Vasant.

我有一系列的業務更新，我要介紹一下，然後在我把它交給 Vasant 之前就未來的幾句話。

First of all, with the closing of our Visa Europe acquisition, as you can see if you look through the numbers, the quarter is somewhat complicated.

首先，隨著我們完成對 Visa Europe 的收購，您可以從數據中看出，本季度有些複雜。

But we tried to be as clear as we can in explaining the results.

但我們試圖盡可能清楚地解釋結果。

I want to start by saying that we're pleased with our continued consistent and predictable results in the face of an unchanged economic environment and increased geopolitical risks.

首先我想說的是，面對經濟環境不變和地緣政治風險增加，我們對我們持續一致和可預測的結果感到滿意。

To that point, the consumer has remained remarkably steadfast in the face of significant global instability.

在這一點上，面對嚴重的全球不穩定，消費者仍然非常堅定。

Getting on to the results, we reported GAAP EPS of $0.17 per share, and adjusted EPS of $0.69 per share.

談到結果，我們報告的 GAAP 每股收益為 0.17 美元，調整後的每股收益為 0.69 美元。

This includes several special items related to the acquisition of Visa Europe.

這包括與收購 Visa Europe 相關的幾個特殊項目。

Vasant will discuss in further detail, but we view these as non-recurring items, and are not a reflection of business performance.

Vasant 將進一步詳細討論，但我們將這些視為非經常性項目，並不反映業務績效。

On an adjusted basis, net operating revenue grew 3% nominally, or 6% on a constant-currency basis, reflecting a continued negative 3 percentage point impact from FX, and in line with expectations we discussed last quarter.

經調整後，淨營業收入名義增長 3%，或按固定匯率計算增長 6%，反映出外匯對 3 個百分點的持續負面影響，符合我們上個季度討論的預期。

Our growth continues to be subdued by similar themes we have previously spoken about, such as the strength of the US dollar on translation and cross-border volumes, continued low oil prices, and weakness in China and oil-based economies.

我們的增長繼續受到我們之前談到的類似主題的抑制，例如美元在翻譯和跨境交易量方面的強勢、持續的低油價以及中國和石油經濟體的疲軟。

However, US spend remained steady, as does other domestic spend.

然而，美國的支出保持穩定，其他國內支出也是如此。

Overall, payments volume, cross-border volume growth, and processed transaction growth was similar to last quarter.

總體而言，支付量、跨境量增長和處理的交易增長與上一季度相似。

The following numbers do not include Europe.

以下數字不包括歐洲。

US payments volume growth was 10%, basically unchanged from last quarter after adjusting for leap year.

美國支付量增長10%，經閏年調整後與上季度基本持平。

International payments volume growth was 11%, down from 14% last quarter, driven almost entirely by lower domestic transactions in China that yield very little revenue.

國際支付量增長 11%，低於上一季度的 14%，這幾乎完全是由於中國國內交易量減少而產生的收入很少。

Cross-border volume growth was 5% unchanged.

跨境交易量增長保持 5% 不變。

Processed transaction growth was 10%, an acceleration of 1 point, due to lapping of Russia's [NSPCA] migration.

由於俄羅斯 [NSPCA] 遷移的影響，已處理的交易增長了 10%，加速了 1 個百分點。

More recently, though, through July 14, US payment volume growth was 11%.

不過，最近到 7 月 14 日，美國的支付量增長了 11%。

US credit grew 18%, driven almost entirely by the positive impact of Costco and USAA.

美國信貸增長 18%，這幾乎完全是由 Costco 和 USAA 的積極影響推動的。

Debit growth, on the other hand, moderated considerably, falling from 8% in fiscal Q3 to 3% through July 14.

另一方面，借方增長大幅放緩，從第三財季的 8% 降至 7 月 14 日的 3%。

The decline was driven primarily by Interlink.

下降主要是由 Interlink 推動的。

About 1/3 of the decline is due to the lapping of very high growth at one of our large issuers who added Interlink to their cards last year, and the remainder is due to dynamic routing decisions.

大約 1/3 的下降是由於我們的一家大型發行商去年在其卡中添加了 Interlink 的高速增長，其餘的則是由於動態路由決策。

The decline due to the lapping will continue for another three quarters, while the remainder is volatile as merchants and acquirers make routing decisions dynamically.

由於重疊導致的下降將持續另外三個季度，而其餘的則不穩定，因為商家和收單機構會動態地做出路由決策。

Cross-border growth through July 14 is up 156%, but that's inclusive of Europe in the July 14 period.

截至 7 月 14 日的跨境增長增長了 156%，但這包括 7 月 14 日期間的歐洲。

For comparability, if you include Europe in both periods, through July 14 growth is 12%, versus 8% in the third quarter.

為進行比較，如果將兩個時期的歐洲都包括在內，截至 7 月 14 日的增長率為 12%，而第三季度為 8%。

The increase is driven by the timing of Ramadan, and improvements that we see in the US and Asia.

這一增長是由齋月的時間以及我們在美國和亞洲看到的改善推動的。

Processed transactions rose 42% including Europe.

包括歐洲在內的已處理交易增長了 42%。

If you include Europe in both periods, then processed transactions are flat at 11%.

如果您在兩個時期都包括歐洲，則已處理的交易量持平於 11%。

Moving on to Europe, just a couple comments.

繼續歐洲，只是一些評論。

We're very happy to have closed the acquisition on June 21.

我們很高興在 6 月 21 日完成了收購。

We are well into the integration process.

我們很好地進入了整合過程。

We have a Management team in place which provides a great deal of consistency.

我們有一個管理團隊，可以提供很大的一致性。

We've developed an integrated Management approach, and the teams are working extremely well together.

我們開發了一種綜合管理方法，並且團隊合作得非常好。

We hosted 500 clients the week after the close in Europe, where we showcased the benefits of a combined Visa to those clients.

我們在歐洲收盤後的一周接待了 500 名客戶，在那裡我們向這些客戶展示了聯合簽證的好處。

We've implemented an integrated approach to global and multi-region clients.

我們為全球和多地區客戶實施了一種綜合方法。

We're working through product and digital road maps, ensuring Europe is appropriately prioritized within Visa.

我們正在研究產品和數字路線圖，以確保歐洲在 Visa 中得到適當的優先考慮。

Regarding Brexit, just make a couple of comments.

關於英國退歐，請發表一些評論。

First of all, with Brexit or without Brexit, it does not change our long-term view that the strategic rationale for putting these two companies together makes extraordinary sense.

首先，無論有無英國退歐，都不會改變我們的長期觀點，即將這兩家公司合併的戰略理由非常有意義。

Also want to just remind people that they had a put.

還想提醒人們他們有一個看跌期權。

In that scenario, a negotiated transaction is a far better approach than having someone exercise a put at a time which is out of your control.

在這種情況下，協商交易比讓某人在您無法控制的時間執行看跌期權要好得多。

Certainly in the short term, currency weakness and reduced economic growth are factors.

當然，在短期內，貨幣疲軟和經濟增長放緩是因素。

We haven't seen much impact yet, but time will tell.

我們還沒有看到太大的影響，但時間會證明一切。

We still feel good about our ability to deliver the accretion that we discussed, and Vasant will review that in more detail in his comments.

我們仍然對我們提供所討論的增長的能力感到滿意，Vasant 將在他的評論中更詳細地審查這一點。

Let me quickly touch on legal matters now.

現在讓我快速談談法律問題。

The recent decision by the Second Circuit Court of Appeals to reverse the approval of our multi-district litigation class settlement is certainly disappointing.

第二巡迴上訴法院最近決定撤銷對我們的多區訴訟集體和解的批准，這當然令人失望。

These cases were originally filed in 2005, and we continued to believe that the settlement was fair and reasonable for all stakeholders.

這些案件最初是在 2005 年提起的，我們仍然認為和解對所有利益相關者來說是公平合理的。

However, the appeals court found that there were conflicts of interest between the two merchant settlement classes, a class that would have received money for alleged past damages, and a class that would receive the benefit of certain changes to our network rules going forward.

但是，上訴法院發現，兩個商家和解類別之間存在利益衝突，一個類別將因所謂的過去損害賠償而獲得金錢，另一個類別將受益於我們未來網絡規則的某些變化。

The court concluded that the conflict of interest between these classes meant that the classes were inadequately represented for purposes of settlement.

法院得出的結論是，這些類別之間的利益衝突意味著這些類別的代表不足以解決和解的目的。

It will take some time for the impact of this ruling to be determined, and there may be further appeals.

這一裁決的影響尚需一段時間才能確定，可能還會有進一步的上訴。

Meanwhile, Visa continues to honor the terms of the class settlement agreement, which remains in effect, and did not terminate automatically because of the court's ruling.

與此同時，Visa 繼續遵守集體和解協議的條款，該協議仍然有效，並且沒有因為法院的裁決而自動終止。

For example, Visa has not reversed its rule change permitting US merchants to surcharge credit transactions.

例如，Visa 並未撤銷其允許美國商家對信用交易收取附加費的規則變更。

The funds that Visa paid pursuant to the class settlement remain in court-supervised escrow accounts.

Visa 根據集體和解支付的資金仍保留在法院監督的託管賬戶中。

If the Court of Appeals decision remains after any further appeals, the matter will resume in the lower federal court, where we will defend the case, and in time likely make a renewed effort to settle with the merchant classes.

如果上訴法院的裁決在任何進一步上訴後仍然存在，則此事將在下級聯邦法院繼續審理，我們將在該法院為案件辯護，並可能及時重新努力與商人階級達成和解。

It is too early to speculate what shape that might take.

現在推測可能採取的形式還為時過早。

However, I note that the US retrospective responsibility plan continues to provide protection against monetary claims in the class litigation.

但是，我注意到美國追溯責任計劃繼續為集體訴訟中的金錢索賠提供保護。

As you know, a number of merchants have opted out of the class and filed their own complaints, and we're continuing to defend those claims which have not yet already been settled.

如您所知，許多商家選擇退出課程並提出了自己的投訴，我們將繼續為尚未解決的索賠進行辯護。

The district court has set a status conference on August 11, where we hope to obtain further clarity about next steps in both the class action and opt-out cases.

地區法院已於 8 月 11 日召開狀態會議，我們希望在會上進一步明確集體訴訟和選擇退出案件的後續步驟。

But this will likely go on for some time.

但這可能會持續一段時間。

Finally, I should note that all the individual settlements we've entered into with opt-out merchants remain in effect despite the court's ruling, and regardless of the direction of any further appeals.

最後，我應該指出，儘管法院作出裁決，並且無論任何進一步上訴的方向如何，我們與選擇退出商家達成的所有個人和解仍然有效。

The only exception is our settlement with Walmart, which was contingent upon the class settlement being affirmed.

唯一的例外是我們與沃爾瑪的和解，這取決於確認集體和解。

Its status will be determined after we have a final non-appealable decision in the class settlement.

其狀態將在我們在集體和解中做出最終的不可上訴決定後確定。

Let me move on and talk about PayPal now.

現在讓我繼續討論 PayPal。

Earlier we announced a new strategic partnership with PayPal.

早些時候，我們宣布與 PayPal 建立新的戰略合作夥伴關係。

The partnership will result in significantly improved payment experiences for Visa card holders in the PayPal and Venmo wallets.

該合作夥伴關係將顯著改善 PayPal 和 Venmo 錢包中 Visa 卡持有人的支付體驗。

The partnership is designed to deliver significant benefits for Visa's issuing financial institutions, including a significantly better experience for their customers, more spending volume on their credit and debit cards, lower operational costs, and improved security.

該合作夥伴關係旨在為 Visa 的發卡金融機構帶來顯著利益，包括為其客戶提供顯著改善的體驗、增加信用卡和借記卡的消費量、降低運營成本以及提高安全性。

Merchants will also benefit from improved customer experiences, efficiency and security, which together should help drive increased sales.

商家還將受益於改善的客戶體驗、效率和安全性，這將有助於推動銷售增長。

The details include the following.

詳細內容包括以下內容。

First of all, enhanced consumer choice and improved experience for Visa card holders.

首先，增加了消費者的選擇，改善了 Visa 卡持有人的體驗。

PayPal will make it easier for new and existing customers to choose to pay with their Visa cards, and ensure a more seamless experience.

PayPal 將使新老客戶更容易選擇使用他們的 Visa 卡付款，並確保更無縫的體驗。

Visa cards will be presented as a clear and equal payment option during enrollment and subsequent payments, with an easy ability for consumers to set as their preferred payment method.

在註冊和後續付款期間，Visa 卡將作為一種明確且平等的付款方式提供，消費者可以輕鬆地將其設置為首選付款方式。

Visa digital card images will be incorporated into payment flows.

Visa 數字卡圖像將被納入支付流程。

Paypal will not encourage Visa card holders to link to a bank account via ACH.

Paypal 不會鼓勵 Visa 卡持有人通過 ACH 鏈接到銀行賬戶。

Paypal will also support and work with issuers to identify consumers who choose to migrate existing ACH payment flows to their Visa cards.

Paypal 還將支持並與發卡機構合作，以確定選擇將現有 ACH 支付流程遷移到 Visa 卡的消費者。

Consumers will also be able to instantly withdraw and move money from their PayPal and Venmo accounts to their bank account via their Visa debit cards leveraging Visa Direct, providing experience that offers speed, security, and convenience.

消費者還可以利用 Visa Direct 的 Visa 借記卡，從他們的 PayPal 和 Venmo 賬戶立即取款並將資金轉移到他們的銀行賬戶，從而提供速度、安全和便利的體驗。

An important aspect of our agreement is enhanced data quality.

我們協議的一個重要方面是提高數據質量。

PayPal will ensure that the data provided to issuers and their cardholders for Visa-funded transactions will be consistent with the information that is received with traditional Visa card transactions.

PayPal 將確保提供給發卡行及其持卡人的 Visa 資助交易數據與通過傳統 Visa 卡交易收到的信息一致。

This will ensure a better consumer experience, reduced cardholder confusion, ensure proper application of rewards, and reduce costly and time-consuming disputes.

這將確保更好的消費者體驗，減少持卡人的困惑，確保獎勵的正確應用，並減少代價高昂且耗時的糾紛。

PayPal will join the Visa digital enablement program, what we refer to as VDEP, to enable them to expand their point of sale acceptance.

PayPal 將加入我們稱為 VDEP 的 Visa 數字支持計劃，以使他們能夠擴大其銷售點的接受度。

This is a commercial framework for Visa partners to access our token services and other digital capabilities in the United States.

這是 Visa 合作夥伴在美國訪問我們的代幣服務和其他數字功能的商業框架。

Consistent with VDEP, issuers will be able to choose whether to participate or not.

與 VDEP 一致，發行人將能夠選擇是否參與。

The agreement affords PayPal certain economic incentives, including Visa incentives for increased volume, and greater long-term Visa fee certainty.

該協議為 PayPal 提供了某些經濟激勵措施，包括增加交易量的 Visa 激勵措施，以及更大的長期 Visa 費用確定性。

Importantly, Visa issuers will have a 12-month period of exclusivity for promoting their cards that are within PayPal's wallets.

重要的是，Visa 發行人將有 12 個月的獨家銷售期來推廣他們在 PayPal 錢包中的卡。

The partnership puts PayPal and Visa on a new, constructive path forward, and provides a framework for our companies to work together collaboratively.

此次合作使 PayPal 和 Visa 走上了一條新的、建設性的前進道路，並為我們的公司合作提供了一個框架。

A couple of notes about some client activity.

關於一些客戶活動的一些註釋。

We're pleased to announce that we renewed a multi-year agreement with TD in the United States and Canada for continued Visa credit and debit issuance.

我們很高興地宣布，我們與 TD 在美國和加拿大續簽了一項多年期協議，以繼續發放 Visa 信用卡和借記卡。

Regions Bank, a long-time Visa client, renewed a multi-year credit and debit agreement.

Visa 的長期客戶 Regions Bank 續簽了一項多年期貸記和借記協議。

Chevron, one of the world's leading energy companies, renewed a multi-year credit co-brand with Visa.

雪佛龍是世界領先的能源公司之一，與 Visa 續簽了多年的信用聯合品牌。

As I'm sure you know, on June 20, Visa credit cards became exclusively accepted at Costco US and Puerto Rico warehouse locations and fuel stations, and the new Costco Anywhere Visa card by Citi launched.

相信大家都知道，6 月 20 日，Visa 信用卡在 Costco 美國和波多黎各的倉庫和加油站獨家接受，Citi 推出了新的 Costco Anywhere Visa 卡。

This has been a long, complex process, but we're very encouraged by the results so far.

這是一個漫長而復雜的過程，但我們對迄今為止的結果感到非常鼓舞。

Outside of North America, Home Plus, the second largest retailer in South Korea, with branch and home delivery services, renewed a multi-year co-brand program across multiple issuers supporting PayWave.

在北美以外，擁有分店和送貨上門服務的韓國第二大零售商 Home Plus 與多個支持 PayWave 的發行人續簽了一項多年聯合品牌計劃。

In Taiwan, we renewed a multi-year credit co-brand agreement with Taishin Bank, one of the largest co-brand programs in the market.

在台灣，我們與台新銀行續簽了一項多年期信貸聯合品牌協議，這是市場上最大的聯合品牌計劃之一。

In Indonesia, we renewed a multi-year debit agreement with Mandiri, who is the largest state-owned bank in the country.

在印度尼西亞，我們與該國最大的國有銀行 Mandiri 續簽了一項多年期借記協議。

Moving on to EMV in the US.

轉到美國的 EMV。

Nine months out from the official kickoff to chip in the US, we continue on the journey from mag-stripe to chip, and the US is now the largest chip market in the world.

從美國正式啟動芯片到芯片的九個月，我們繼續從磁條到芯片的旅程，美國現在是世界上最大的芯片市場。

More than 326 million Visa chip cards were issued as of June 2016, making the US, as I said, the largest in the world, and larger than the UK and Brazil combined.

截至 2016 年 6 月，已發行超過 3.26 億張 Visa 芯片卡，正如我所說，美國成為世界上最大的國家，比英國和巴西的總和還要大。

58% of credit cards and 37% of debit cards have a chip on them today.

如今，58% 的信用卡和 37% 的借記卡上都有芯片。

More than 1.3 million merchants now have chip-enabled terminals, or roughly 28% of all merchant locations.

現在有超過 130 萬商戶擁有支持芯片的終端，約佔所有商戶位置的 28%。

Based on client surveys, we expect 75% of credit cards, 55% of debit cards, representing 96% and 73% of volume respectively, and roughly 45% to 50% of merchant locations will be enabled with EMV by the end of calendar 2016.

根據客戶調查，我們預計到 2016 年年底，75% 的信用卡、55% 的借記卡（分別佔交易量的 96% 和 73%）以及大約 45% 到 50% 的商戶地點將啟用 EMV .

Having said all of this, this is a huge effort and we're doing a series of things to help make this process move more quickly and more smoothly.

說了這麼多，這是一項巨大的努力，我們正在做一系列事情來幫助這個過程更快、更順利地進行。

To that end, Visa announced a series of initiatives to help accelerate EMV chip migration for merchants.

為此，Visa 宣布了一系列舉措，以幫助加快商家的 EMV 芯片遷移。

We've streamlined our testing requirements.

我們簡化了我們的測試要求。

We amended and simplified the terminal certification process.

我們修改並簡化了終端認證流程。

We committed to investing further resources and technical expertise in a manner that can reduce time frames by as much as 50%.

我們承諾以能夠將時間框架縮短多達 50% 的方式投入更多資源和技術專長。

We are also making policy changes to help limit exposure to counterfeit fraud liability for merchants who are not yet chip ready.

我們還在進行政策更改，以幫助限制尚未準備好芯片的商家面臨的假冒欺詐責任。

Do want to say a few things about our relationship with US merchants.

想談談我們與美國商人的關係。

We continue to invest in people, products, and solutions to help our merchant clients grow their business and reduce their cost.

我們將繼續投資於人員、產品和解決方案，以幫助我們的商家客戶發展業務並降低成本。

We made good progress on this front with many of our merchant clients, though it's early days, and this a long-term commitment on our part.

我們在這方面與我們的許多商家客戶取得了良好的進展，儘管現在還處於早期階段，這是我們的長期承諾。

You have read, surely, about some of the disputes we have with some merchants.

您肯定已經閱讀過我們與一些商人的一些爭議。

We are committed to doing everything reasonable to resolve these issues, and we're committed to continue strengthening our relationship with all merchants.

我們致力於盡一切可能解決這些問題，並致力於繼續加強與所有商家的關係。

As we continue to expand Visa Checkout around the world, we're constantly working to perfect the user experience and to deliver on our promise to make paying with Visa in the digital world as easy as it's been to pay in the physical world for more than 50 years.

隨著我們繼續在全球範圍內擴展 Visa Checkout，我們不斷努力完善用戶體驗，並兌現我們的承諾，讓在數字世界中使用 Visa 支付就像在現實世界中支付一樣簡單50 年。

We've rolled out the new Visa Checkout experience to all of our merchants globally.

我們已向全球所有商家推出了全新的 Visa Checkout 體驗。

Working with dozens of our top US merchants, we updated the Checkout experience to simplify the sign-up process for consumers to enroll, add cards, and manage their information with more fluid interactions and smart auto-fill capabilities.

我們與數十家美國頂級商家合作，更新了 Checkout 體驗，通過更流暢的交互和智能自動填充功能，簡化了消費者註冊、添加卡和管理信息的註冊流程。

We also have begun to roll out an interactive Checkout button, allowing customers to enter their password right into the Checkout button, and confirm Checkout with a single tap.

我們還開始推出交互式結帳按鈕，允許客戶直接在結帳按鈕中輸入密碼，然後單擊確認結帳。

Most of these features will be automatically available, which means merchants do not have to make any adjustments to their existing online checkout processes or payment systems.

其中大部分功能將自動可用，這意味著商家無需對其現有的在線結賬流程或支付系統進行任何調整。

As we head into the Rio Olympics, we used the global sponsor platform to highlight Visa Checkout and its merchants, including Best Buy and United Airlines, with whom we've created Olympic-themed ads that you'll likely see on TV in the US in the coming weeks.

當我們進入里約奧運會時，我們使用全球贊助商平台來突出 Visa Checkout 及其商家，包括百思買和聯合航空公司，我們與他們一起製作了您可能會在美國電視上看到的奧運主題廣告在接下來的幾週內。

As we continue to look forward and drive new technologies in the payment space, as you know, we opened an innovation center in our San Francisco headquarters, which has served as a destination for clients, partners, and developers to see our new payments technologies, and work along side us and our experts, and jointly create the next generation of payment and commerce applications.

如您所知，隨著我們繼續期待和推動支付領域的新技術，我們在舊金山總部開設了一個創新中心，作為客戶、合作夥伴和開發人員了解我們新支付技術的目的地，與我們和我們的專家一起工作，共同創建下一代支付和商業應用程序。

We've had great success, and we've committed to expand the number of facilities so we can be closer to our clients.

我們取得了巨大的成功，我們致力於擴大設施的數量，以便更貼近客戶。

To that end, in April we opened our Singapore Innovation Center; in May we opened one in Dubai; and in June we opened one in Miami, all of which will serve our clients, partners, and developers in that region, and act as a hub to jointly create the next generation of payment commerce applications.

為此，我們在四月開設了新加坡創新中心；五月，我們在迪拜開了一家； 6 月，我們在邁阿密開設了一家，所有這些都將為我們在該地區的客戶、合作夥伴和開發人員提供服務，並充當共同創建下一代支付商務應用程序的樞紐。

Accessible to both local and global clients, all these innovation centers will provide our partners with access to Visa APIs and software development kits available through our Visa Developer Platform.

本地和全球客戶均可訪問，所有這些創新中心將為我們的合作夥伴提供通過我們的 Visa 開發者平台獲得的 Visa API 和軟件開發工具包的訪問權限。

We also have an Innovation Center in London, and have plans to open others in 2017.

我們還在倫敦設有創新中心，併計劃在 2017 年開設其他創新中心。

We announced yesterday that we'll be opening a new facility in Palo Alto later this year.

我們昨天宣布，我們將在今年晚些時候在帕洛阿爾托開設一家新工廠。

The office will house work that we do around data, business intelligence, technology research, and merchant solutions.

該辦公室將容納我們圍繞數據、商業智能、技術研究和商家解決方案所做的工作。

We decided to open this facility following on the great success that we've seen with our San Francisco and Bangalore facilities.

繼舊金山和班加羅爾設施取得巨大成功後，我們決定開設該設施。

We found that the combination of location, physical design, and co-worker co-location concentration are critical in our quest to continue to lead and innovate.

我們發現，位置、物理設計和同事集中度的結合對於我們繼續領導和創新的追求至關重要。

All of these new locations provide opportunities to draw talent from communities that have concentrations of skills different from each other, and allows Visa to benefit from the diversity of people and ideas in these very different communities.

所有這些新地點都提供了從技能集中度各不相同的社區吸引人才的機會，並使 Visa 能夠從這些截然不同的社區中的人員和想法的多樣性中受益。

We announced a new $5 billion share re-purchase program.

我們宣布了一項新的 50 億美元股票回購計劃。

This brings the total available for share re-purchases to $7.3 billion.

這使可用於股票回購的總額達到 73 億美元。

This is a reflection of our confidence in our business, our commitment to offset the dilution from the preferred stock issued to Visa Europe members, and our continuing commitment to return excess capital to shareholders.

這反映了我們對業務的信心，我們承諾抵消向 Visa 歐洲成員發行的優先股的稀釋，以及我們繼續承諾向股東返還多餘資本。

Before I turn the call over to Vasant, just a few words about the future.

在我將電話轉給 Vasant 之前，請簡單介紹一下未來。

You can see that we provided full-year guidance on a GAAP and an adjusted GAAP basis, as required.

您可以看到，我們根據需要提供了 GAAP 和調整後的 GAAP 基礎上的全年指導。

We've tried to give you a clear indication of the impact of Europe in the fourth quarter.

我們試圖讓您清楚地了解歐洲在第四季度的影響。

On an adjusted basis, and without the impact of Europe, we reaffirmed all of our 2016 guidance metrics.

在調整的基礎上，在沒有歐洲影響的情況下，我們重申了我們 2016 年的所有指導指標。

You will hear from Vasant, but we're still confident in our ability to achieve the accretion from the European transaction we shared at the time of the announcement.

你會聽到 Vasant 的消息，但我們仍然有信心實現我們在宣佈時分享的歐洲交易的增長。

Looking ahead, we expect next quarter's results to improve modestly, similar to first half of the year's results.

展望未來，我們預計下一季度的業績將適度改善，與今年上半年的業績相似。

We'll provide more commentary on 2017 in October, but our underlying business is strong, and with the lapping effect of several items, based on what we know today and assuming similar consumer spending patterns, we feel good about our ability to produce stronger revenue and earnings growth.

我們將在 10 月提供更多關於 2017 年的評論，但我們的基礎業務很強勁，並且由於多個項目的重疊效應，基於我們今天所知道的並假設類似的消費者支出模式，我們對我們產生更強勁收入的能力感到滿意和盈利增長。

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

有了這個，我會把電話轉給 Vasant。

Thank you, Charlie.

謝謝你，查理。

In a world that's turbulent, both from a macroeconomic and geopolitical standpoint, our business remains steady and resilient.

從宏觀經濟和地緣政治的角度來看，在一個動蕩的世界中，我們的業務保持穩定和彈性。

A few points to note.

有幾點需要注意。

Net revenues grew 6% in constant dollars, and 3% in nominal dollars, at the high end of the range we had given you.

淨收入按固定美元計算增長 6%，按名義美元計算增長 3%，處於我們給您的範圍的高端。

Key business trends, payments volumes, processed transactions, and cross-border transactions remain stable.

主要業務趨勢、支付量、已處理交易和跨境交易保持穩定。

Currency volatility stayed high, especially post the Brexit vote.

貨幣波動性居高不下，尤其是在英國退歐公投後。

As expected, client incentives are almost 19% of gross revenue.

正如預期的那樣，客戶獎勵幾乎佔總收入的 19%。

Once again we had good expense management.

我們再次進行了良好的費用管理。

Expenses declined 7% in the quarter on an adjusted basis, and are flat year to date versus 2015.

經調整後，本季度的費用下降了 7%，與 2015 年相比今年迄今持平。

Lower personnel and marketing costs contributed to lower than projected expenses in the quarter.

較低的人員和營銷成本導致本季度的支出低於預期。

Non-GAAP EPS in Q3 was $0.69, after you adjust for our GAAP EPS of $0.17 for four significant Visa-Europe-related non-recurring items.

第三季度非公認會計原則每股收益為 0.69 美元，在您調整了我們的 GAAP 每股收益 0.17 美元後，四個重要的與 Visa-Europe 相關的非經常性項目。

First, a $1.9 billion loss related to the settlement of the Visa Europe framework agreement as part of our acquisition of Visa Europe.

首先，與作為我們收購 Visa Europe 的一部分的 Visa Europe 框架協議的結算相關的 19 億美元損失。

Second, a $92 million stamp duty paid to the UK Treasury recorded in general and administrative expenses.

其次，支付給英國財政部的 9200 萬美元印花稅記錄在一般和行政費用中。

Third, $60 million in transaction-related expenses recorded in professional fees.

第三，6000 萬美元的交易相關費用記錄在專業費用中。

Fourth, a net gain of $103 million, as we accumulated euros leading up to the closing of the transaction, which is recorded in non-operating income.

第四，淨收益 1.03 億美元，因為我們在交易結束前積累了歐元，這記錄在營業外收入中。

You might recall we had a similar gain of $116 million last quarter, which we also excluded from our reported EPS as a non-GAAP adjustment.

您可能還記得我們在上個季度獲得了 1.16 億美元的類似收益，我們也將其作為非 GAAP 調整排除在我們報告的每股收益之外。

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。

Global payments volume in constant dollars grew 10%, roughly in line with the prior quarter, when you adjust for the leap day.

當您針對閏日進行調整時，以固定美元計算的全球支付量增長了 10%，與上一季度大致持平。

US payments volume picked up modestly, adjusted for the leap day, as we start to benefit from USAA and Costco conversions, which helped credit growth to exceed debit growth in the US.

隨著我們開始受益於 USAA 和 Costco 的轉換，美國的支付量適度回升，並針對閏日進行了調整，這有助於美國的信貸增長超過借方增長。

International payment volume growth of 11% ticked down modestly.

國際支付量增長 11% 小幅回落。

The strong dollar continued to weigh on international payment volumes.

強勢美元繼續對國際支付量構成壓力。

Nominal growth was 5%.

名義增長率為5%。

Despite Brexit, an oil price collapse, commodity market weakness, a slow-down in China, terrorism and other destabilizing forces, payment volumes have remained stable for most of this year.

儘管英國脫歐、油價暴跌、大宗商品市場疲軟、中國經濟放緩、恐怖主義和其他不穩定因素，但今年大部分時間支付量保持穩定。

Cross-border volumes grew 5% in constant dollars, a modest step-up from a leap-day-adjusted second quarter.

跨境交易量按固定美元計算增長 5%，較經閏日調整後的第二季度略有增長。

As the strengthening trend in the dollar has moderated, we have seen a reduction in the rate of decline in our large US acquired business, and in outbound commerce from Canada.

隨著美元走強的趨勢有所緩和，我們看到我們在美國收購的大型業務以及來自加拿大的對外貿易的下降速度有所放緩。

However, this improvement is largely offset by a continuing slow-down of outbound commerce from China, down from 50% growth rates in Q3 last year, to barely positive right now.

然而，這種改善在很大程度上被中國出境商務的持續放緩所抵消，從去年第三季度的 50% 增長率降至目前的勉強正數。

Cross-border commerce from oil and commodity-based economies remains sluggish.

石油和大宗商品經濟體的跨境貿易依然低迷。

Processed transactions totaled $19.8 billion in the quarter, up 10%.

本季度處理的交易總額為 198 億美元，增長 10%。

US growth was 11%, and international growth was 7%.

美國增長 11%，國際增長 7%。

As expected, international processed transaction growth rates are stepping up as we lap the transfer of domestic processing to NSBK in Russia.

正如預期的那樣，隨著我們將國內加工轉移到俄羅斯的 NSBK，國際加工交易的增長率正在加快。

As you know, these numbers are not inclusive of Visa Europe.

如您所知，這些數字不包括 Visa Europe。

In our operational package this quarter, we have included a schedule that provides you with a five-quarter history of the European geographies' payment volume and transaction statistics.

在本季度我們的業務包中，我們包含了一個時間表，為您提供歐洲地區支付量和交易統計數據的五個季度歷史。

If we add these to our Q3 metrics, both to this year and last, constant-dollar global payment volume growth would be 9%; cross-border volume constant growth calculated based on merchant currencies -- merchant country currencies, would be 8%; and processed transaction growth would be 11%.

如果我們將這些添加到我們的第三季度指標中，無論是今年還是去年，全球支付量不變的增長將是 9%；以商戶貨幣——商戶國家貨幣計算的跨境交易量持續增長為8%；處理的交易增長率為 11%。

Of course starting next quarter we will incorporate Europe as a new region in our operational performance data package.

當然，從下個季度開始，我們會將歐洲作為一個新地區納入我們的運營績效數據包。

Moving on to our financial metrics, service revenues grew 6%, roughly in line with nominal payments volume growth.

繼續我們的財務指標，服務收入增長了 6%，與名義支付量增長大致一致。

The reduction in the growth rate from the last quarter was anticipated, as we lapped pricing increases from last year.

由於我們超過了去年的價格上漲，因此預計上一季度的增長率會有所下降。

Data processing revenue grew 10%, in line with processed transaction growth.

數據處理收入增長 10%，與處理的交易增長一致。

International revenues grew 4%, generally in line with volume growth, as we lapped our price increases, and the drag of the strong dollar moderates.

國際收入增長 4%，大體上與銷量增長一致，因為我們已經結束了價格上漲，並且強勢美元的拖累有所緩和。

Fortunately, currency volatility stayed high, and comparable to the highs reached last year.

幸運的是，貨幣波動率居高不下，與去年的高點相當。

Post the Brexit vote, volatilities reached levels we have not experienced in recent years.

在英國脫歐公投後，波動率達到了我們近年來從未經歷過的水平。

Incentives were in line with our expectations.

激勵措施符合我們的預期。

As we indicated, the significant year-over-year increase was driven by an unusually low level of incentives in the third quarter of 2015.

正如我們所指出的，2015 年第三季度異常低的激勵水平推動了顯著的同比增長。

Incentives as a percentage of gross revenues approached 19%, and will tick up further in Q4 as Costco incentives kick in.

激勵措施佔總收入的比例接近 19%，隨著 Costco 激勵措施的實施，第四季度將進一步上升。

This will bring full-year client incentives as a percent of gross revenues to around 18.5%, the high end of the 17.5% to 18.5% range that we had provided you.

這將使全年客戶激勵佔總收入的百分比達到 18.5% 左右，這是我們為您提供的 17.5% 至 18.5% 範圍的高端。

With expense growth down 7% and a tax rate of 30.4%, our run rate EPS was $0.69, after making the four Visa-Europe-related adjustments I described.

在進行了我描述的四項與 Visa-Europe 相關的調整後，隨著費用增長下降 7% 和稅率為 30.4%，我們的運行率每股收益為 0.69 美元。

As a reminder, there is no Visa Europe revenue, expense, or income in our Q3 numbers.

提醒一下，我們的第三季度數據中沒有 Visa Europe 的收入、費用或收入。

Had we included Visa Europe results for the nine days we owned it in the quarter, it would have added a de minimis $12 million to our net income.

如果我們將我們在本季度擁有它的 9 天的 Visa Europe 業績包括在內，它將為我們的淨收入增加 1200 萬美元。

Some Visa Europe related considerations.

一些與 Visa Europe 相關的注意事項。

The European leadership team is in place, as Charlie said, and running the business.

正如查理所說，歐洲領導團隊已經到位，並且正在運營業務。

The business is performing as expected, and integration activities have commenced.

業務按預期運行，整合活動已經開始。

The employee consultation process, which is required by law before any restructuring of operations, is under way in the UK.

在任何業務重組之前，法律要求的員工諮詢程序正在英國進行。

The technology harmonization program has also been launched.

技術協調計劃也已啟動。

We are moving fast to bring Visa's global capabilities to European customers, including Visa Checkout, Visa Token Service, Visa Direct, as well as our consulting resources.

我們正在迅速採取行動，將 Visa 的全球能力帶給歐洲客戶，包括 Visa Checkout、Visa 令牌服務、Visa Direct 以及我們的諮詢資源。

Significant customer relationships have already been renewed, and others are in process.

重要的客戶關係已經更新，其他客戶關係也在進行中。

We believe our customers are excited by what a global Visa can offer them.

我們相信，我們的客戶對全球 Visa 能為他們提供的服務感到興奮。

Visa Europe members have been informed that rebates will be terminated at the end of September 2016.

Visa Europe 會員已獲悉，返利將於 2016 年 9 月結束。

We are working with our customers to transition to commercial relationships with competitive client incentive programs, as we have elsewhere in the world.

正如我們在世界其他地方所做的那樣，我們正在與客戶合作，通過具有競爭力的客戶激勵計劃過渡到商業關係。

This will be a multi-year process, but the early results have been positive.

這將是一個多年的過程，但早期的結果是積極的。

The longer-term impact of Brexit on Visa Europe's business is too early to determine.

英國退歐對 Visa Europe 業務的長期影響還為時過早。

The immediate impact has been on exchange rates.

直接影響是匯率。

The weaker pound and euro will hurt revenues as reported in dollars.

英鎊和歐元疲軟將損害以美元報告的收入。

However, a significant portion of Visa Europe's expenses are currently denominated in pounds, which offsets the negative revenue impact.

然而，Visa Europe 的很大一部分費用目前以英鎊計價，這抵消了負面的收入影響。

Given the relative values of the pound and the euro at this point, the net impact of Visa Europe earnings as reported in dollars is roughly neutral right now.

鑑於此時英鎊和歐元的相對價值，以美元報告的 Visa Europe 收益的淨影響目前大致是中性的。

Brexit has also introduced significant uncertainty, which is never good for business sentiment.

英國脫歐也帶來了很大的不確定性，這對商業情緒不利。

Most economic prognosticators are expecting an economic slow-down in Europe.

大多數經濟預測者預計歐洲經濟將放緩。

Beyond this, it is too early to know what the broader and longer-term implications of Brexit are for our businesses.

除此之外，現在要知道英國退歐對我們的業務有什麼更廣泛和更長期的影響還為時過早。

Assuming exchange rates stay where they are today and there are no major economic dislocations as a result of Brexit, we expect Visa Europe earnings to offset interest expense from debt in the fourth quarter of FY16, as we told you last quarter.

假設匯率保持在今天的水平，並且英國脫歐沒有導致重大的經濟混亂，我們預計 Visa Europe 的收益將抵消 2016 財年第四季度的債務利息支出，正如我們上個季度告訴您的那樣。

Visa Europe is expected to add 2% to 3% to EPS accretion in FY17, in line with the low-single-digit accretion we had anticipated.

Visa Europe 預計 2017 財年每股收益增長 2% 至 3%，與我們預期的低個位數增長一致。

Our accretion estimate assumes the current tax structure stays in place through FY17.

我們的增值估計假設當前的稅收結構在 2017 財年保持不變。

Under this structure, Visa Europe is a US taxpayer.

在這種結構下，Visa Europe 是美國的納稅人。

This tax structure is favorable from a cash tax standpoint.

從現金稅的角度來看，這種稅收結構是有利的。

However, the current tax structure results in a high reported or book tax rate for Visa Europe's earnings.

然而，當前的稅收結構導致 Visa Europe 收入的報告或賬面稅率較高。

This will add approximately 1 percentage point to Visa's reported tax rate in FY17.

這將使 Visa 在 2017 財年報告的稅率增加約 1 個百分點。

As always, we will be working on plans to improve both our cash and reported tax rates over time.

與往常一樣，我們將製定計劃，隨著時間的推移提高我們的現金和報告的稅率。

Visa Europe has over $2 billion of cash on its balance sheet.

Visa Europe 的資產負債表上有超過 20 億美元的現金。

Based on discussions with our regulator in the UK, we will leave this cash within the Visa Europe legal entity.

根據與我們在英國的監管機構的討論，我們將把這筆現金留在 Visa 歐洲法人實體中。

As a result of this action and due to the higher up-front cash consideration after we eliminated the earn-out provision, we will issue additional debt later this year to fund stock buy-backs to offset dilution from preferred stock issued in the transaction.

由於這一行動，並且由於我們在取消盈利撥備後較高的前期現金對價，我們將在今年晚些時候發行額外債務，為股票回購提供資金，以抵消交易中發行的優先股的稀釋。

Our current plan is to issue at least $2 billion in debt before the end of this calendar year.

我們目前的計劃是在今年年底之前發行至少 20 億美元的債務。

As we indicated, we plan to offset the dilutive impact of the preferred shares issued by buying stock in excess of our normal buy-back program.

正如我們所指出的，我們計劃通過購買超出我們正常回購計劃的股票來抵消優先股的稀釋影響。

We have been buying stock back as a stepped-up base for the past two quarters in anticipation of the closing of the transaction.

在過去兩個季度中，我們一直在回購股票作為加強的基礎，以期完成交易。

We plan to continue buying at this pace until we've bought back sufficient stock to offset the impact of the shares issued.

我們計劃繼續以這種速度購買，直到我們回購足夠的股票來抵消已發行股票的影響。

We expect that we will be done by the end of the first quarter of FY18.

我們預計我們將在 2018 財年第一季度末完成。

In the third quarter, we recognized a $1.9 billion loss related to the Visa Europe framework agreement.

第三季度，我們確認了與 Visa Europe 框架協議相關的 19 億美元損失。

Under US GAAP as part of our accounting for the Visa Europe acquisition, we are required to assess all pre-existing contractual relationships between Visa Europe and Visa.

根據美國公認會計原則，作為我們對 Visa Europe 收購的會計處理的一部分，我們需要評估 Visa Europe 和 Visa 之間所有預先存在的合同關係。

If the terms of those agreements are determined to not be at fair value at the time of the close, a portion of the purchase price paid in the transaction is deemed to relate to the effective settlement of these arrangements between the parties.

如果這些協議的條款在交割時被確定為非公允價值，則在交易中支付的部分購買價格被視為與雙方之間這些安排的有效結算有關。

The Visa Europe framework agreement was established in October 2007 between Visa and Visa Europe as part of our 2007 reorganization.

作為我們 2007 年重組的一部分，Visa Europe 框架協議於 2007 年 10 月在 Visa 和 Visa Europe 之間建立。

This agreement provides Visa Europe with a perpetual exclusive right to operate the Visa business in the European Union in exchange for a license fee paid to Visa.

該協議為 Visa Europe 提供了在歐盟經營 Visa 業務的永久獨家權利，以換取向 Visa 支付的許可費。

Under the terms of the framework agreement, the license fee paid by Visa Europe has increased modestly since 2007.

根據框架協議的條款，Visa Europe 支付的許可費自 2007 年以來略有增加。

However, the value of the Visa Europe business has increased at a greater rate.

然而，Visa Europe 業務的價值以更快的速度增長。

As such, Management concluded that the terms of the framework agreement were not at fair value as determined under US GAAP at the time of the close.

因此，管理層得出結論，框架協議的條款在交割時並非按照美國公認會計原則確定的公允價值。

We estimated the value of settling the framework agreement at $1.9 billion.

我們估計達成框架協議的價值為 19 億美元。

The size of this settlement value is driven by the fact that the agreement was perpetual in nature, and would have continued indefinitely had the acquisition not occurred.

該結算價值的大小是由該協議本質上是永久性的事實驅動的，並且如果沒有發生收購，該協議將無限期地持續下去。

Under US GAAP, $1.9 billion of total consideration transferred to VE in the transaction is immediately charged to the income statement as a one-time, non-recurring operating expense representing the cost of settling this arrangement.

根據美國公認會計原則，在交易中轉移給 VE 的 19 億美元總對價將作為一次性、非經常性運營費用立即計入損益表，代表解決這一安排的成本。

Had this arrangement not existed, or its terms been at fair value, this amount would have been allocated to net assets acquired.

如果該安排不存在，或其條款以公允價值計算，則該金額將分配至所收購的淨資產。

This would have resulted in $1.9 billion additional goodwill recorded in the transaction.

這將導致在交易中記錄 19 億美元的額外商譽。

Our third-quarter balance sheet includes Visa Europe.

我們第三季度的資產負債表包括 Visa Europe。

In a few days we'll be filing our 10-Q, which will provide considerable detail on all aspects of the accounting for the Visa Europe transaction, allocation of the purchase price to net tangible assets and liabilities and to intangible assets and goodwill, as well as the impact of Visa Europe on cash and working capital balances.

幾天后，我們將提交我們的 10-Q，其中將提供有關 Visa Europe 交易會計的各個方面的大量詳細信息，將購買價格分配給淨有形資產和負債以及無形資產和商譽，作為以及 Visa Europe 對現金和營運資金餘額的影響。

We would of course be happy to answer any questions you have after you review the 10-Q.

在您查看 10-Q 後，我們當然很樂意回答您的任何問題。

Moving to our outlook for the fourth quarter and the impact of Visa Europe, we expect nominal net revenue growth in Q4 for the legacy Visa business not including Visa Europe of around 5% to 6%, in line with the first-half trends.

轉向我們對第四季度的展望和 Visa Europe 的影響，我們預計不包括 Visa Europe 在內的傳統 Visa 業務第四季度名義淨收入增長約為 5% 至 6%，與上半年趨勢一致。

Q3 growth rates were depressed by unfavorable year-over-year comparisons on client incentives, which will normalize.

第三季度增長率因客戶激勵措施的不利同比比較而受到抑制，這將正常化。

We're also projecting a modest up-tick in cross-border growth rates, as dollar strength moderates and we lap the slow-down from last year.

我們還預計跨境增長率將適度上升，因為美元走強緩和，並且我們從去年開始放緩。

Visa Europe will add 13 to 14 points to fourth quarter net revenue growth.

Visa Europe 將使第四季度的淨收入增長增加 13 至 14 個百分點。

We expect 2% to 3% expense growth for legacy Visa in Q4 from Rio-related marketing and higher technology project spend.

我們預計第四季度遺留 Visa 的費用將增長 2% 至 3%，主要來自 Rio 相關營銷和更高技術項目的支出。

Visa Europe will add as much as 15 to 16 points to expense growth.

Visa Europe 將增加多達 15 到 16 個點的費用增長。

As I mentioned earlier, and in line with what we told you last quarter, Visa Europe income should offset debt interest expense in the fourth quarter.

正如我之前提到的，並且與我們上個季度所說的一致，Visa Europe 的收入應該可以抵消第四季度的債務利息支出。

For the year, our key guidance metrics for legacy Visa remain largely unchanged.

今年，我們對舊版 Visa 的關鍵指導指標基本保持不變。

Visa Europe will add 3 to 4 points of growth to both revenue and expenses.

Visa Europe 將為收入和支出增加 3 到 4 個增長點。

The concentration process is under way in Europe.

歐洲正在進行集中過程。

We're also looking at adjustments to our global cost base as we integrate Europe.

隨著我們整合歐洲，我們也在考慮調整我們的全球成本基礎。

Assuming our plans are finalized, we expect to take a restructuring charge in the fourth quarter to re-size our global cost structure as a result of the Visa Europe acquisition.

假設我們的計劃最終確定，我們預計將在第四季度進行重組，以重新調整我們的全球成本結構，因為收購 Visa Europe。

As we've said previously, the technology integration will happen later.

正如我們之前所說，技術集成將在以後發生。

We will regularly update you on progress.

我們會定期向您更新進展。

A quick word on FY17.

關於 FY17 的簡短介紹。

As we normally do, we will provide our comprehensive perspective on 2017 when we talk to you in late October.

像往常一樣，我們將在 10 月下旬與您交談時提供我們對 2017 年的全面看法。

As we look ahead, we feel good about our business and what Visa Europe will add to it.

展望未來，我們對我們的業務以及 Visa Europe 將為其添加的功能感到滿意。

There are as always tail winds and head winds.

一如既往地有順風和逆風。

In the tail winds column, payments volume uplift from USAA and Costco, two significant drags look likely to ease gas prices and the dollar translation impact.

在順風欄中，USAA 和 Costco 的支付量增加，兩個顯著的拖累看起來可能會緩解汽油價格和美元匯率的影響。

Cross-border growth could improve as dollar strength moderates; and last but not least, accretion from Visa Europe.

隨著美元走強放緩，跨境增長可能會有所改善；最後但並非最不重要的一點是來自 Visa Europe 的增長。

In the head winds column, continuing global uncertainty, both economic and geopolitical, the impact of Brexit on Europe, China slow-down, and market-entry costs.

在逆風專欄中，全球經濟和地緣政治的持續不確定性、英國退歐對歐洲的影響、中國經濟放緩和市場進入成本。

On balance, we anticipate 2017 will be a year with healthy top- and bottom-line growth for Visa.

總的來說，我們預計 2017 年將是 Visa 收入和利潤健康增長的一年。

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

有了這個，我會把它轉回給傑克。

Thank you, Vasant.

謝謝你，瓦桑特。

Operator, at this time we are ready to take questions.

接線員，此時我們已準備好接受提問。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our first question is from Mr. Tom McCrohan of CLSA.

我們的第一個問題來自里昂證券的 Tom McCrohan 先生。

Your line is now open.

您的線路現已開通。

Hi, thank you.

嗨，謝謝你。

A question on the PayPal agreement.

關於 PayPal 協議的問題。

One of the aspects of the agreement seems to be focused on having Visa being more of the default payment option, funding option, on the PayPal account.

該協議的一個方面似乎集中在讓 Visa 更多地成為 PayPal 賬戶上的默認支付選項、資金選項。

Today, what is Visa's share as a default funding option for PayPal accounts?

今天，作為 PayPal 賬戶的默認資金選項，Visa 的份額是多少？

Where do you believe this new agreement is going to move that share?

您認為這項新協議會將這一份額轉移到哪裡？

What happens at the end of the 12-month period, exclusivity period, if Visa doesn't get the share that you expect it to get as a result of your negotiations?

在 12 個月的排他期結束時，如果 Visa 沒有獲得您期望它通過談判獲得的份額，會發生什麼？

Thanks.

謝謝。

Let me do a couple things, and Jack can chime in here, too.

讓我做幾件事，傑克也可以在這裡插話。

Relative to what we make up of a PayPal wallet, you really have to ask PayPal that question.

相對於我們組成的 PayPal 錢包，你真的必須問 PayPal 這個問題。

We know what we know.

我們知道我們所知道的。

We have some general thoughts, but they really can be the ones and should be the ones.

我們有一些普遍的想法，但它們確實可以並且應該是那些。

Generally, what we've always thought is that roughly half the transactions that run you through PayPal run through a network, and we're roughly half or so of that, split between credit and debit.

一般來說，我們一直認為通過 PayPal 進行的交易中大約有一半是通過網絡進行的，而我們大約是其中的一半左右，分為信用卡和借記卡。

Those are -- I would call those gross approximations and directional.

這些是 - 我稱之為粗略近似和方向性。

You really need to talk to them.

你真的需要和他們談談。

Relative to what happens in terms of the flows, again, if you go you through what I said, what we really are interested in doing is to ensure that Visa cards are on a level playing field.

相對於流量方面發生的情況，再次，如果你仔細閱讀我所說的，我們真正感興趣的是確保 Visa 卡處於公平的競爭環境中。

If they're on a level playing field, we feel great about our ability to increase the amount of volume that run over Visa cards, and ultimately benefit our clients.

如果他們處於公平的競爭環境中，我們對我們能夠增加通過 Visa 卡運行的交易量並最終使我們的客戶受益的能力感到非常滿意。

What the agreement does is it enables that to occur.

協議所做的是它使這種情況發生。

There's a period of time where we will work actively together and exclusively to move volume from ACH back on to Visa cards, if that's what the client wants to do.

有一段時間我們將積極合作，專門將交易量從 ACH 轉移到 Visa 卡上，如果這是客戶想要做的。

To the extent that happens, net-net that's a financial plus for us.

在這種情況下，net-net 對我們來說是一個財務優勢。

As part of this agreement, as we've said, there are incentives that we will pay, Visa incentives that we will pay to PayPal.

正如我們所說，作為該協議的一部分，我們將支付一些獎勵，我們將支付給 PayPal 的 Visa 獎勵。

If those numbers aren't reached, then the incentives don't get paid.

如果沒有達到這些數字，那麼獎勵就不會得到支付。

The last thing I do want to say is partnership agreements work when there's alignment for everyone.

我想說的最後一件事是，當每個人都保持一致時，合作協議就可以發揮作用。

We've had extensive conversations over a long period of time with PayPal, with our issuers, and other members of the payments community.

長期以來，我們與 PayPal、我們的發行人以及支付社區的其他成員進行了廣泛的對話。

What we've tried to do here is to come up with something that really does work for everyone.

我們在這裡嘗試做的是想出一些真正對每個人都有效的東西。

Where we could sit here and say this is all about driving growth in the electronic payments universe.

我們可以坐在這裡說這一切都是為了推動電子支付領域的增長。

Because we're creating better customer experiences, where they're allowed to use products that they want to use, where they get all the benefits of those products are, get a seamless experience through PayPal, these products become a better alternative to cash and check, and other alternatives out there.

因為我們正在創造更好的客戶體驗，他們被允許使用他們想使用的產品，他們獲得這些產品的所有好處，通過 PayPal 獲得無縫體驗，這些產品成為現金和檢查，以及其他替代方案。

The way we see it, we've given ourselves an opportunity to grow.

在我們看來，我們給了自己一個成長的機會。

We've given PayPal an opportunity to grow.

我們為 PayPal 提供了成長的機會。

Most importantly, we've given from our perspective as Visa, our clients an ability, an opportunity to grow, and provide a better experience for their consumers.

最重要的是，從 Visa 的角度來看，我們為客戶提供了能力、成長機會，並為他們的消費者提供了更好的體驗。

Thanks, Tom.

謝謝，湯姆。

Operator, next question?

接線員，下一個問題？

Our next question is from David Togut of Evercore ISI.

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

Your line is now open.

您的線路現已開通。

Thanks, and congratulations on completing the Visa Europe acquisition.

謝謝，並祝賀您完成對 Visa Europe 的收購。

Now that you own Visa Europe, can you update us on your thoughts with respect to the pricing opportunity there to move Visa Europe's prices over time closer to MasterCard's which are currently at a significant premium?

既然您擁有 Visa Europe，您能否向我們介紹您對定價機會的看法，以便隨著時間的推移使 Visa Europe 的價格更接近目前處於顯著溢價的萬事達卡的價格？

Yes, I don't think there's much that we're going to add that we haven't said before on that.

是的，我不認為我們要補充很多我們之前沒有說過的東西。

In the process of moving to a commercial enterprise, we obviously know what the market is.

在轉向商業企業的過程中，我們顯然知道市場是什麼。

But we're also keenly aware that pricing should be reflective of value that's added.

但我們也敏銳地意識到定價應該反映增加的價值。

I think that's a conversation that we'll have directly with our clients, and when it's appropriate, we'll talk more broadly about it.

我認為這是我們將直接與客戶進行的對話，在適當的時候，我們會更廣泛地討論它。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Our next question is from Jason Kupferberg of Jefferies.

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

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thanks, guys.

多謝你們。

Maybe just a quick clarification, and then a question.

也許只是一個快速的澄清，然後是一個問題。

Are you still expecting high-single-digit EPS accretion from Visa Europe in FY20?

您是否仍期待 Visa Europe 在 2020 財年實現高個位數的每股收益增長？

Then my question just on the PayPal agreement, it looks like it's US only.

然後我的問題只是關於 PayPal 協議，看起來它只針對美國。

Is there still something potentially in the works for non-US, as well?

是否還有一些潛在的非美國作品？

On PayPal, it is US only.

在 PayPal 上，它僅適用於美國。

I think we're each in the position where we'd like to turn our attention outside the US.

我認為我們每個人都處於我們希望將注意力轉移到美國以外的位置。

But we wanted to get the US done first.

但我們想先搞定美國。

On the Visa Europe accretion, no, there's no change in our expectations for the long term.

關於 Visa Europe 的增加，不，我們對長期的期望沒有變化。

Perfect, thank you.

完美，謝謝。

Thanks, Jason.

謝謝，傑森。

Next question, please, operator?

請問下一個問題，接線員？

Our next question is from Darrin Peller of 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。

Thanks, guys.

多謝你們。

Thanks for the update.

感謝更新。

Just want to go back to the timing you mentioned before around tail winds.

只是想回到你之前提到的順風時間。

You mentioned a number of renewals also around large clients in your remarks.

您在講話中還提到了一些圍繞大客戶的續約。

Incentives and rebates broadly were thought to be timed for the Costco and USAA deals, I think early, followed by then revenue coming on the next couple of quarters.

我認為早期的激勵和回扣被廣泛認為是針對 Costco 和 USAA 交易的時機，然後是接下來幾個季度的收入。

Can you just provide us an update with the timing on those, as the incentives are now flowing through.

您能否向我們提供有關這些時間的最新信息，因為激勵措施正在通過。

Should we get the revenue off that in the next few quarters?

我們應該在接下來的幾個季度中從中獲得收入嗎？

Also, other types of incentives coming with those renewals.

此外，這些續訂還會帶來其他類型的激勵措施。

Is there going to be any type of spike on that going forward?

未來會不會出現任何類型的峰值？

Thanks guys.

多謝你們。

Yes, I guess you were referring to the head winds and tail winds comments I had made.

是的，我猜你指的是我所做的逆風和順風評論。

Yes, there was no -- there was nothing there about renewals as it relates to next year.

是的，沒有——沒有關於明年的續約。

There is a normal course of renewals that we would do in the course of the year.

我們將在一年中進行正常的續訂過程。

In terms of incentives kicking in, as I mentioned, Costco incentives will definitely kick in meaningfully in the fourth quarter, with a quarter lag.

正如我所提到的，在激勵措施方面，Costco 的激勵措施肯定會在第四季度有意義地發揮作用，但滯後四分之一。

As you know, service revenues kick in a quarter later.

如您所知，服務收入會在一個季度後出現。

You will see in our gross revenues an up-tick in the rate of growth, both from USAA and Costco.

您將在我們的總收入中看到 USAA 和 Costco 的增長率都在上升。

Of course, there will be an up-tick also on the incentive line.

當然，激勵線上也會出現上漲。

The net of all that, we'll talk about all that as we talk more comprehensively about 2017.

綜上所述，我們將在更全面地討論 2017 年時討論所有這些。

Other than that, I don't think there was anything else I said that you were talking about.

除此之外，我不認為我所說的其他任何事情都是你在談論的。

That pretty much explains the comments on 2017.

這幾乎解釋了 2017 年的評論。

Next question, please?

請問下一個問題？

Thank you.

謝謝你。

Our next question is from Dan Perlin of RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。

Your line is now open.

您的線路現已開通。

Thanks.

謝謝。

I just had a question on the PayPal Visa agreement.

我剛剛對 PayPal Visa 協議有疑問。

The participation now in VDEP, I just want to be clear, that does now qualify them for a different interchange tier which would be lower.

現在參與 VDEP，我只是想清楚一點，這確實使他們有資格獲得不同的交換等級，該等級會更低。

Then the incentive fee that you're talking about, just so I'm clear, that's coming out of your -- that would come out of your contra revenue?

然後是你所說的激勵費，我很清楚，這是來自你的 - 來自你的對沖收入？

Do we need to be contemplating that more significantly in 2017?

我們是否需要在 2017 年更加重視這一點？

I just want to be -- so VDEP, a couple of things on VDEP.

我只是想成為-- VDEP，VDEP 上有幾件事。

What we've done is we have agreed with PayPal that they will have the ability to access Visa tokens.

我們所做的是我們已經與 PayPal 達成一致，他們將能夠訪問 Visa 令牌。

But in order to do that, they have to work with the financial institutions, and they have to agree to provide those tokens.

但為了做到這一點，他們必須與金融機構合作，並且他們必須同意提供這些代幣。

What we've done is think of it like we've enabled PayPal to have those discussions directly with the issuers, and that's up to the issuers to determine whether or not they would like to do that.

我們所做的就是讓 PayPal 能夠直接與發行人進行這些討論，這取決於發行人是否願意這樣做。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Our next question is from Moshe Katri of Sterne Agee.

我們的下一個問題來自 Sterne Agee 的 Moshe Katri。

Your line is now open.

您的線路現已開通。

Thanks.

謝謝。

Just going back to Visa Europe, your large competitor is talking about opportunities for them to gain some share in Europe.

回到 Visa Europe，您的大競爭對手正在談論他們在歐洲獲得一些份額的機會。

Maybe you can give us some color on any sort of potential churn that you're seeing in that business, and what are we doing to kind of protect that down the road?

也許您可以就您在該業務中看到的任何類型的潛在客戶流失給我們一些顏色，我們正在採取哪些措施來保護這種情況？

Thanks.

謝謝。

Listen, there are a lot of people that do a lot of talking out there, and that's fine.

聽著，有很多人在外面大談特談，這很好。

We spend a lot of time talking to our clients and working actively with them on delivering value day in and day out, and letting the results speak for themselves.

我們花費大量時間與客戶交談，並與他們積極合作，日復一日地創造價值，並讓結果不言自明。

I would say that from the moment that we've announced the transaction, I think we're extremely comfortable with the renewal activity that's taken place in Europe.

我想說的是，從我們宣布交易的那一刻起，我認為我們對在歐洲進行的更新活動感到非常滿意。

The team in Europe, I would tell you, has -- our team in Europe -- has delivered everything that they said they would deliver to us.

我會告訴你，歐洲的團隊——我們在歐洲的團隊——已經交付了他們所說的將交付給我們的一切。

That has continued in the period after the close.

在收盤後的這段時間裡，這種情況一直在持續。

Our conversations with clients, I feel, are exactly what we want them to be, which is they are very excited about having the opportunity to get access to the capabilities that the global Visa can bring, which Visa Europe was not able to bring.

我覺得，我們與客戶的對話正是我們希望他們成為的樣子，他們對有機會獲得全球 Visa 可以帶來的能力感到非常興奮，而 Visa Europe 無法帶來這些能力。

There are a lot of things that they liked about Visa Europe that encouraged them to do business with Visa Europe over a long period of time with those relationships, and we bring additional capabilities.

他們喜歡 Visa Europe 的很多方面都鼓勵他們在很長一段時間內通過這些關係與 Visa Europe 開展業務，而我們帶來了額外的能力。

I look at the environment and say listen, everywhere we compete across the world, you have to show up with better products day in and day out, and that's what we're able to do in Europe.

我看著環境說聽著，我們在世界各地競爭的任何地方，你都必須日復一日地展示更好的產品，這就是我們在歐洲能夠做到的。

Until I see anything different than what we've seen, I'm going to continue to feel great about where we are.

在我看到任何與我們所看到的不同的東西之前，我將繼續對我們所處的位置感覺良好。

Helpful, thanks.

有幫助，謝謝。

Thanks, Moshe.

謝謝，摩西。

Next question, please, operator.

下一個問題，請接線員。

Next question is from Chris Brendler of Stifel.

下一個問題來自 Stifel 的 Chris Brendler。

Your line is now open.

您的線路現已開通。

Hi, thanks.

你好謝謝。

Good afternoon.

下午好。

I want to ask a question on your comments around Interlink and dynamic routing.

我想就您對互連鏈接和動態路由的評論提出一個問題。

Can you refresh our memory, to what extent the landscape has changed recently, what's causing the increased dynamic routing?

您能否刷新我們的記憶，最近景觀發生了怎樣的變化，是什麼導致了動態路由的增加？

My sense is there's some merchants who are using chip cards to take advantage of not just routing on PIN, but also routing on signature.

我的感覺是有些商家使用芯片卡不僅可以利用 PIN 路由，還可以利用簽名路由。

Wanted to see if you could potentially also discuss any legals aspects of the Kroger lawsuit as it relates to forcing consumers to choose PIN.

想看看您是否還可以討論克羅格訴訟的任何法律方面，因為它與強迫消費者選擇 PIN 相關。

Thank you.

謝謝你。

Well, I'm not going to talk about anything regarding any ongoing litigation that we have, which I think is what you'd expect.

好吧，我不會談論任何關於我們正在進行的訴訟的事情，我認為這是你所期望的。

But I'd say the following things.

但我想說的是以下幾點。

I think as we go through the conversion to EMV, there are just -- there are a lot of moving pieces, especially in the debit world.

我認為當我們完成向 EMV 的轉換時，有很多變化的部分，尤其是在藉記卡領域。

With terminals having to be reprogrammed, new terminals out there, multiple applications embedded on chips and things like that, and merchants turning on PIN pads at different times from times when they've actually turned on the EMV reader.

終端必須重新編程，出現新的終端，芯片上嵌入了多個應用程序等，以及商家打開 PIN 鍵盤的時間與他們實際打開 EMV 閱讀器的時間不同。

There's a lot of movement between signature and PIN which is somewhat different than he we would have seen in a steady-state environment, and that will play itself out.

簽名和 PIN 之間有很多變化，這與我們在穩態環境中看到的有所不同，並且會自行發揮作用。

That's not a plus or a minus, there's just movement there, and that's just the reality of what happens during a conversion like this.

這不是一個優點或一個缺點，那裡只是運動，這就是在這樣的轉換過程中發生的現實。

What we see is ultimately, we just want our consumers to have the ability to use the cards.

我們最終看到的是，我們只是希望我們的消費者能夠使用這些卡。

Merchants have whatever abilities that Durbin has given them.

商人擁有德賓賦予他們的任何能力。

We've -- and they've had those capabilities ever since Durbin was passed.

自從杜賓被通過以來，我們已經——而且他們已經擁有了這些能力。

A big part of that is they have the ability to choose the routing preference.

其中很大一部分是他們能夠選擇路由首選項。

As we've seen since Durbin came into place, quarter by quarter there's just a whole series of things that impact where a merchant wants to route to.

正如我們自德賓成立以來所看到的那樣，每季度都會有一系列影響商家想要前往的地方的事情。

People give them incentives, who's incentives they think they're going to hit or not hit, help them decide where they want to route to and route away from.

人們給他們獎勵，他們認為他們會打擊或不打擊的獎勵，幫助他們決定他們想去哪里和離開哪裡。

The Interlink volumes that we see, and we look at it regularly, are very volatile.

我們看到並且我們定期查看的 Interlink 數量非常不穩定。

Keep in mind that the numbers that I talked about, which had that decrease, they're two weeks.

請記住，我談到的減少的數字是兩週。

Someone can make a change in a routing table.

有人可以更改路由表。

We can see a very big impact.

我們可以看到非常大的影響。

That can also change two or three weeks from now, based upon what we do relative to incentives and things like that.

根據我們在激勵措施等方面所做的工作，這也可能在兩到三週後發生變化。

That is the way the business works, and I think that's the way Durbin intended -- the Durbin Amendment intended it to work.

這就是商業運作的方式，我認為這就是德賓的意圖——德賓修正案旨在讓它發揮作用。

Next question, operator?

下一個問題，接線員？

Thank you.

謝謝你。

Our next question is from Bill Carcache of Nomura.

我們的下一個問題來自野村的 Bill Carcache。

Your line is now open.

您的線路現已開通。

Thank you.

謝謝你。

Charlie, I wanted to follow up on your comment about Visa issuers having -- I believe you said 12 months of exclusivity to promote their brands on PayPal.

查理，我想跟進你關於 Visa 發行人的評論——我相信你說過 12 個月的獨家經營權，以在 PayPal 上推廣他們的品牌。

Do you have a sense for what would lead issuers to want to take advantage of that period of exclusivity?

您是否知道什麼會導致發行人想要利用那段排他期？

Do you expect -- you touched on this earlier, but maybe a different way of asking the question is do you expect that the partnership agreement's going to drive a little bit more of a shift in the mix of PayPal volumes funded by Visa products?

您是否期望 - 您之前曾提到過這一點，但也許另一種提問方式是，您是否期望合作協議會推動由 Visa 產品資助的 PayPal 交易量組合發生更多變化？

Yes, listen, the way I'd put it is I think -- first of all, it's completely up to the issuers on whether or not they want to proactively work with ourselves and/or PayPal.

是的，聽我說，我認為——首先，發行人是否願意主動與我們自己和/或 PayPal 合作完全取決於發行人。

Again, we're not telling any issuer they have to do anything.

同樣，我們沒有告訴任何發行人他們必須做任何事情。

But what we've heard consistently from issuers -- and I certainly experienced it when I was at one -- is that ACH is a really bad thing.

但是我們一直從發行人那裡聽到的——我在我剛出生的時候肯定經歷過——是 ACH 是一件非常糟糕的事情。

You're dis-intermediated.

你是非中介的。

It's a bad customer experience.

這是一個糟糕的客戶體驗。

They don't understand the process to dispute things.

他們不了解爭論事情的過程。

Call centers don't understand information and things like that.

呼叫中心不了解信息之類的東西。

Given a choice, you'd rather have a transaction run over a Visa debit or credit product rather than ACH.

如果可以選擇，您寧願通過 Visa 借記卡或信用卡產品而不是 ACH 進行交易。

I would assume that most issuers would choose to want to actively engage to try and move those transactions on to cards, which quite frankly consumers know, love, understand, and are very comfortable with how those products work.

我假設大多數發行人會選擇積極參與嘗試將這些交易轉移到卡上，坦率地說，消費者知道、喜愛、理解並且對這些產品的工作方式非常滿意。

During this period of time, PayPal wants to work actively with us, because to the extent that consumers want to do this -- again, I can't speak for them, but consumer choice is an important part of the discussion in the press release.

在這段時間裡，PayPal希望與我們積極合作，因為消費者想要這樣做的程度——再說一次，我不能代表他們說話，但消費者的選擇是新聞稿中討論的重要部分.

That's what this actually provides.

這就是它實際提供的。

Again, the way we look at just as the network, the way we look at what we've done in this agreement is we've taken -- we've tried to work with PayPal in partnership to take away the things that discourage people from working together, and take away the things that create bad customer experiences.

再一次，我們看待網絡的方式，我們看待我們在本協議中所做的事情的方式是我們已經採取的——我們試圖與 PayPal 合作，消除阻礙人們的事情一起工作，並消除造成不良客戶體驗的因素。

When you do that in anything, hopefully you wind up with a position where people actually work together.

當你在任何事情上這樣做時，希望你最終得到一個人們真正一起工作的職位。

If you don't even just get back to -- it should produce a higher level of growth coming from some place else.

如果你甚至不只是回到 - 它應該會產生來自其他地方的更高水平的增長。

Whether that comes from other networks, cash, check, any alternatives out there, we don't know.

我們不知道這是否來自其他網絡、現金、支票，以及其他任何替代品。

That's what this agreement is.

這就是這個協議。

It's about taking those bad things out, providing a better consumer experience, and then the consumers will ultimately choose what they want to use.

就是把那些不好的東西拿出來，提供更好的消費者體驗，然後消費者最終會選擇他們想要使用的東西。

Again, as I said, we feel very comfortable that we'll do quite well in an environment like that, as our clients will.

同樣，正如我所說，我們感到非常自在，我們會在這樣的環境中做得很好，就像我們的客戶一樣。

Thanks, Bill.

謝謝，比爾。

Operator, next question?

接線員，下一個問題？

Next question is from Don Fandetti of Citigroup.

下一個問題來自花旗集團的 Don Fandetti。

Yes.

是的。

Charlie, MasterCard's buying VocaLink.

查理，萬事達卡收購 VocaLink。

I was curious if that has any incremental impact to you.

我很好奇這是否對你有任何增量影響。

Obviously, you dominate debit in UK.

顯然，您在英國的借記卡中占主導地位。

I wanted to get your thoughts there.

我想了解你的想法。

Also, related to that, any early views on PSD2, and what that might mean to your debit volumes.

此外，與此相關的是，關於 PSD2 的任何早期觀點，以及這可能對您的借記量意味著什麼。

Yes, listen, obviously they just announced it this morning, so it's very early.

是的，聽著，顯然他們今天早上才宣布，所以現在很早。

I would say, and I honestly haven't had a chance to read what they've actually written, but I'll just say a couple of things.

我想說，老實說，我還沒有機會閱讀他們實際寫的東西，但我只想說幾件事。

I think the same goes true for PSD2, which is we as a network are successful not because we offer extremely-low-priced commodity services with very little value-add.

我認為 PSD2 也是如此，我們作為一個網絡是成功的，並不是因為我們提供了極低附加值的商品服務。

It's the exact opposite of that.

恰恰相反。

The ability for us to have grown the business that we've grown around the world is all about delivering value-added services, whether it's fraud protection, risk scoring, work on marketing, all those things, that's ultimately why people choose networks.

我們在全球範圍內發展業務的能力就是提供增值服務，無論是欺詐保護、風險評分、營銷工作，所有這些都是人們選擇網絡的最終原因。

As I've said, that's something that we need to deliver both -- not just to issuers, but ultimately to merchants, either directly or through the acquiring community.

正如我所說，這是我們需要同時提供的東西 - 不僅是發卡機構，而且最終是直接或通過收單社區提供給商家。

To the extent that we do that, whoever we compete with, because remember, we've competed -- we competed with PayPal, which has had another way of doing business here; and in the physical world we've done quite well, and felt very comfortable with our ability to compete in the online world as we've developed these solutions.

就我們這樣做的程度而言，無論我們與誰競爭，因為請記住，我們已經競爭了——我們與 PayPal 競爭，後者在這裡有另一種開展業務的方式；在物理世界中，我們做得很好，並且對我們在開發這些解決方案時在網絡世界中競爭的能力感到非常自在。

For us, it's about creating that value, delivering on innovation.

對我們來說，這是關於創造價值，提供創新。

I wouldn't underestimate the work that we have done at Visa on fast funds, push payments, and things that we're doing both in developed parts of the world and emerging parts of the world.

我不會低估我們在 Visa 在快速資金、推送支付以及我們在世界發達地區和世界新興地區所做的事情方面所做的工作。

Regardless of who buys what out there, those are activities that we had under way because there's tremendous opportunity.

不管誰在外面買什麼，這些都是我們正在進行的活動，因為那裡有巨大的機會。

I think those are the things that will allow us to compete not just with an acquisition out there, but the types of people that will be able to insert themselves into the payment flow because of PSD2.

我認為這些東西將使我們不僅可以通過收購進行競爭，而且可以通過 PSD2 將自己插入支付流程的類型的人。

Thanks, Don.

謝謝，唐。

Operator, next question?

接線員，下一個問題？

Next question is from Lisa Ellis of Bernstein.

下一個問題來自 Bernstein 的 Lisa Ellis。

Your line is you now open.

你的線路是你現在打開的。

Hi.

你好。

Good afternoon, guys.

下午好，伙計們。

It looks like Visa Europe's volume growth decelerated again this quarter and has -- on top of I think a deceleration last quarter.

看起來 Visa Europe 的銷量增長在本季度再次減速，而且我認為上個季度出現減速。

Can you just talk about, now that you've seen under the hood a bit, what's been driving the deceleration in their volume growth, and how you expect that to look going forward, both now that you own the asset, as well as in the wake of the regulatory changes in Europe?

您能否談談，既然您已經了解了一些幕後情況，是什麼推動了他們的銷量增長減速，以及您對未來的預期如何，無論是現在您擁有資產，還是在歐洲監管變化之後？

Thanks.

謝謝。

Yes, Lisa.

是的，麗莎。

Visa Europe's growth has generally tracked well with what we had anticipated.

Visa Europe 的增長總體上符合我們的預期。

The business is performing pretty much exactly as we expected, if not a little better.

該業務的表現幾乎與我們預期的完全一樣，如果不是更好的話。

We've seen some -- it's very early to assess the impact of Brexit.

我們已經看到了一些——現在評估英國退歐的影響還為時過早。

We haven't seen much change.

我們沒有看到太大的變化。

We've seen only the exchange-rate impacts, which I talked to you about earlier.

我們只看到了匯率的影響，我之前和你談過。

We've seen some modest impacts on the cross-border business, as you would expect.

正如您所料，我們已經看到對跨境業務的一些適度影響。

In-bound commerce into Europe and the UK in particular is picking up as a result of the exchange-rate moves most likely, especially from Asia.

由於最有可能的匯率變動，尤其是來自亞洲的匯率變動，進入歐洲和英國的入境貿易正在回升。

Outbound from the UK is relatively stable in transaction terms; but as you would expect, when the currency moves there is an impact on the ticket itself.

英國出境交易相對穩定；但正如您所料，當貨幣變動時，會對票本身產生影響。

But other than that, the business is performing almost exactly in line with expectations.

但除此之外，該業務的表現幾乎完全符合預期。

Operator, next question, please?

接線員，請問下一個問題？

Next question is from Sanjay Sakhrani of KBW.

下一個問題來自 KBW 的 Sanjay Sakhrani。

Your line is now open.

您的線路現已開通。

Thank you, good evening.

謝謝，晚上好。

Quick question on PayPal again.

再次在 PayPal 上快速提問。

Is it safe to assume that you guys had conversations with the banks, and that they were involved in the framework of a potential deal with them?

可以假設你們與銀行進行了對話，並且他們參與了與他們潛在交易的框架嗎？

Then maybe my follow-up related is if the issuer tokens aren't used by the banks or applied by the banks, does that change the economic incentives part of the agreement?

那麼也許我的後續相關問題是，如果發行人代幣未被銀行使用或未被銀行應用，這是否會改變協議的經濟激勵部分？

Thanks.

謝謝。

On the second question, no.

關於第二個問題，沒有。

On the first question, listen, I just -- we have -- like any business, we have clients and we talk to them.

關於第一個問題，聽著，我只是 - 我們有 - 就像任何企業一樣，我們有客戶並且我們與他們交談。

Our clients have been very vocal, not in private to us, but publicly about what they've liked and what they haven't liked about the interactions historically with PayPal, as I have been.

我們的客戶一直非常直言不諱，不是私下告訴我們，而是公開談論他們喜歡和不喜歡歷史上與 PayPal 的互動的地方，就像我一樣。

When asked, I've been very clear about what it is we don't like about PayPal, and I've also been very clear that we think they've developed some great capabilities, have enormous respect for what they've created.

當被問到時，我很清楚我們不喜歡 PayPal 的哪些方面，而且我也很清楚我們認為他們已經開發了一些很棒的功能，非常尊重他們創造的東西。

If we could fix the bad things, we'd be very excited about working together.

如果我們能解決壞事，我們會很高興能一起工作。

The things that we went about from our standpoint wanting to change are exactly those things.

從我們想要改變的角度來看，我們所做的事情正是這些事情。

I don't think anyone should be -- I'd be surprised if anyone here is surprised about what those things are.

我認為任何人都不應該——如果這裡有人對這些東西感到驚訝，我會感到驚訝。

There were some things that were important to PayPal.

有些事情對 PayPal 很重要。

But as I said, ultimately this is about taking the roadblocks out and creating the opportunity for people to work together.

但正如我所說，最終這是為了消除障礙並為人們創造合作的機會。

Again, we're not putting anyone in a position where they have to.

同樣，我們不會讓任何人處於他們必須這樣做的位置。

Thanks, Sanjay.

謝謝，桑傑。

Next question, operator?

下一個問題，接線員？

Next question is from Bryan Keane of Deutsche Bank.

下一個問題來自德意志銀行的 Bryan Keane。

Your line is now open.

您的線路現已開通。

Hi, guys.

嗨，大家好。

Just two questions.

就兩個問題。

First on looking at one of the head winds, it was market entry cost.

首先看一個不利因素，它是市場進入成本。

I'm assuming that's China.

我猜那是中國。

In June, China announced their rules for the networks to enter the market.

6 月，中國宣布了網絡進入市場的規則。

I'm curious, have you guys submitted your application yet, and the next steps in China?

我很好奇，你們已經提交了申請，以及在中國的下一步行動嗎？

Secondly, Vasant, what has Visa Europe been growing at constant currency, and what is your expectation in the fourth-quarter guidance for Visa Europe constant-currency year-over-year growth in 4Q?

其次，Vasant，Visa Europe 在固定匯率下的增長情況如何，您對 Visa Europe 在第四季度固定匯率下的同比增長有何預期？

Thanks.

謝謝。

On China, I would say the clarity that we need to finalize all the information, and submit all the pieces is still coming together.

關於中國，我想說的是，我們需要最終確定所有信息並提交所有部分的明確性仍然存在。

We have submitted pieces of what's required; but there are also some new things that have come forth that we're working through that relate to national security reviews that are going to be necessary, as well as encryption standards, which was something that was new that was added.

我們已經提交了所需的部分；但也有一些新的東西出現，我們正在努力解決這些問題，這些新東西與必要的國家安全審查以及加密標準有關，這是新添加的東西。

These are active conversations take we're having with the Chinese government.

這些是我們與中國政府進行的積極對話。

We continue to do all of our planning so that when we do have clarity, we'll be able to submit everything that we need to.

我們將繼續進行所有計劃，以便當我們明確時，我們將能夠提交我們需要的所有內容。

In terms of Visa Europe's growth, if you look, there's a schedule in our operational data package -- I think it's on page 6 -- that gives you some historical data on Visa Europe's performance.

關於 Visa Europe 的增長，如果你看一下，我們的運營數據包中有一個時間表——我認為它在第 6 頁——它為你提供了有關 Visa Europe 表現的一些歷史數據。

If you're talking about volume, payment volume, over the past -- let's say the last quarter, constant-dollar payment volume growth was 6.6%.

如果你談論的是過去的交易量、支付量——假設上個季度，固定美元支付量增長了 6.6%。

Then over the last year, constant-dollar payment volume growth was a little over 7%.

然後在去年，固定美元支付量增長略高於 7%。

It's been fairly stable, if you look at the numbers for the past several quarters, swings up and down a bit along the way.

如果您查看過去幾個季度的數字，它相當穩定，在此過程中會上下波動。

We're not expecting anything different.

我們並不期待有什麼不同。

We're clearly monitoring the impact of Brexit to see if there's any impact.

我們正在明確監測英國退歐的影響，看看是否有任何影響。

It's really not evident at this point.

在這一點上真的不明顯。

It's minor.

這是次要的。

We'll have to keep watching it.

我們將不得不繼續關注它。

But as far as related to the fourth quarter, we're not assuming any change in trend.

但就第四季度而言，我們不假設趨勢有任何變化。

In terms of its specific impact on us, you see that in the guidance we provided, where we told you that the revenue impact of Visa Europe on the quarter, if you go to the table we have, was 13 to 14 points of additional dollar revenue growth that would be added to our reported numbers because of Visa Europe -- 3 to 4 points of additional revenue growth on the full-year basis.

就其對我們的具體影響而言，您可以在我們提供的指導中看到，我們告訴您，Visa Europe 對本季度的收入影響（如果您查看我們的表格）是 13 到 14 個額外的美元由於 Visa Europe，收入增長將被添加到我們報告的數字中——全年額外收入增長 3 到 4 個百分點。

As far as the income impact, we told you last quarter, and we're reiterating that, that Visa Europe's income will offset the debt interest we had.

至於收入影響，我們上個季度告訴過你，我們重申，Visa Europe 的收入將抵消我們的債務利息。

Essentially it will make up for the debt interest in the quarter.

從本質上講，它將彌補本季度的債務利息。

That's pretty much it.

差不多就是這樣。

Thanks, Bryan.

謝謝，布萊恩。

Operator, next question?

接線員，下一個問題？

Next question is from Craig Maurer of Autonomous.

下一個問題來自 Autonomous 的 Craig Maurer。

Your line is now open.

您的線路現已開通。

Yes, hi.

是的，你好。

Thanks, and congratulations for closing Visa Europe.

謝謝，並祝賀您關閉 Visa Europe。

I did have a quick question on the PayPal release.

我確實有一個關於 PayPal 版本的快速問題。

I was hoping you could explain how the VDEP portion works and tokenization, how that will enable brick-and-mortar point of sale should an issuer opt in.

我希望你能解釋 VDEP 部分的工作原理和標記化，如果發行人選擇加入，這將如何啟用實體銷售點。

Are you basically saying that PayPal will have the opportunity to wrap a Visa token within the PayPal wallet and then pass it through to a merchant like an Apple Pay would for Visa card acceptance?

您基本上是說 PayPal 將有機會將 Visa 令牌包裝在 PayPal 錢包中，然後將其傳遞給像 Apple Pay 那樣接受 Visa 卡的商家？

Yes.

是的。

Okay, so this in no way is enabling Visa to wrap any other type of funding mechanism in a larger Visa tokens for acceptance?

好的，所以這絕不會讓 Visa 將任何其他類型的融資機制包裝在更大的 Visa 代幣中以供接受？

I'm not sure I understand what you're asking, but what you described is exactly what's contemplated.

我不確定我是否理解您的要求，但您所描述的正是預期的內容。

We will -- to the extent that PayPal chooses to create an experience at the physical point of sale, if they can get the issuer to agree, just as an Apple Pay or a Samsung Pay or Android Pay, there can be a token provisioned to a device, and it will be -- the transaction will take place as these other wallet transactions use tokens.

我們將——在 PayPal 選擇在實體銷售點創建體驗的範圍內，如果他們能夠讓發行人同意，就像 Apple Pay、Samsung Pay 或 Android Pay 一樣，可以提供一個令牌來一個設備，它將是——交易將在這些其他錢包交易使用代幣時發生。

Right, so this would need to be a bespoke agreement between PayPal and an issuer.

是的，所以這需要是 PayPal 和發行人之間的定制協議。

Okay, I understand.

好，我懂了。

Thank you.

謝謝你。

Thanks, Craig.

謝謝，克雷格。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

Thank you.

謝謝你。

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

我們的下一個問題來自摩根大通的Tien-tsin Huang。

Your line is now open.

您的線路現已開通。

Great, thanks.

太謝謝了。

Thanks, Jack.

謝謝，傑克。

Kudos for getting this PayPal deal done.

感謝您完成這項 PayPal 交易。

I was curious, Charlie, you said I think at our conference that PayPal can't be friend and foe.

我很好奇，查理，你說我認為在我們的會議上，貝寶不能是朋友和敵人。

I was wondering, does this deal mean PayPal is now 100% friend to Visa.

我想知道，這筆交易是否意味著 PayPal 現在是 Visa 100% 的朋友。

Are there outs or end-term dates in the agreement to call out?

協議中是否有終止日期或終止日期？

Also, does the deal change in any way your Visa Checkout strategy?

此外，這筆交易是否會以任何方式改變您的 Visa Checkout 策略？

Thanks.

謝謝。

The answer is it's a long-term agreement.

答案是長期協議。

We feel like we've addressed everything that we wanted to address, and it was a great conversation.

我們覺得我們已經解決了我們想要解決的所有問題，這是一次很棒的對話。

We were both trying to get -- again, as I said earlier, what we both wanted to get to was a point that PayPal, ourselves, and the issuers would look at it and say it's something that makes sense for all of us to of work together.

我們都試圖得到 - 再次，正如我之前所說，我們都想要得到的是 PayPal、我們自己和發行人會看到它並說這對我們所有人來說都是有意義的一起工作。

That's based upon the fact that we're providing a better experience and the opportunities are greater than ever for consumers and merchants.

這是基於這樣一個事實，即我們正在提供更好的體驗，並且為消費者和商家提供的機會比以往任何時候都大。

Having everyone aligned is what we were after, and that's what we think we've done here.

讓每個人都保持一致是我們所追求的，這就是我們認為我們在這裡所做的。

We feel very good that we're in a position, as I said, where this is a framework where we can work happily together, hopefully for a very long period of time, because it's going to drive more growth.

正如我所說，我們感到非常高興，因為這是一個我們可以愉快地一起工作的框架，希望在很長一段時間內，因為它將推動更多的增長。

That's what it's all about.

那就是關於它的一切。

It does not change our Visa Checkout strategy.

它不會改變我們的 Visa Checkout 策略。

Here, too, I've been very consistent in saying that one of the things that we don't know is we don't know ultimately what experiences are going to win at the point of sale, either online or at the physical point of sale.

在這裡，我也一直非常一致地說，我們不知道的一件事是，我們不知道最終在銷售點會贏得什麼樣的體驗，無論是在線還是實體店。銷售。

Given the fact that we are the global acceptance mark that's recognized more than any in the world, that's something where we should have a solution that leverages that acceptance, and allows consumers to pay quickly and easily and securely in a manner that they're accustomed.

鑑於我們是全球認可度最高的標誌，因此我們應該有一個解決方案來利用這種認可度，並允許消費者以他們習慣的方式快速、輕鬆、安全地付款.

That's what Visa Checkout's designed to be.

這就是 Visa Checkout 的設計初衷。

But there are other payment solutions out there.

但是還有其他支付解決方案。

We've talked about a bunch of them on this call, as is PayPal.

我們在這次電話會議上討論了其中的一些，PayPal 也是如此。

What we want to do is ensure that if we're working together under principles that we're happy with, which is what we've achieved here, and what we have in the other ones that we support, then we want to enable multiple experiences.

我們想要做的是確保如果我們在我們滿意的原則下一起工作，這是我們在這裡取得的成就，以及我們在我們支持的其他原則中所擁有的，那麼我們希望啟用多個經驗。

Ultimately, consumers and merchants will choose which will win in the market place.

最終，消費者和商家將選擇哪個將在市場上獲勝。

We're happy with the progress that we're making in Visa Checkout.

我們對 Visa Checkout 取得的進展感到滿意。

We're glad we're doing it.

我們很高興我們正在這樣做。

Ultimately, what we're going to look at for success is how Visa usage is doing in the physical point of world online and in mobile -- secondarily where it's coming from.

最終，我們要著眼於成功的是，Visa 的使用在網絡和移動世界的物理點上的表現如何——其次是它的來源。

Ultimately, that will help us make resource allocation decisions.

最終，這將幫助我們做出資源分配決策。

But we want to be the enabler.

但我們想成為推動者。

We want the volume.

我們想要音量。

We're doing lots of different things, and Visa Checkout is one of those things, but it's not the only thing.

我們正在做很多不同的事情，Visa Checkout 就是其中之一，但它不是唯一的事情。

Thank you, Tien-tsin, and thank you all for joining us today.

謝謝你，Tien-tsin，謝謝大家今天加入我們。

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

如果有人有任何後續問題，請隨時致電投資者關係部。

Thanks everyone.

感謝大家。

Thank you, and that concludes today's conference.

謝謝大家，今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。