Visa Inc (V) 2016 Q4 法說會逐字稿

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

歡迎參加 Visa 2016 財年第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

Today's conference is being recorded. If you have any objections you may disconnect at this time. I would now like to turn the conference over to your host, Mr. Jack Carsky, Head of Global Investor Relations. Mr. Carsky, you may begin.

今天的會議正在錄製中。如果您有任何異議，您可以在此時斷開連接。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。卡斯基先生，您可以開始了。

Thank you, Laura. Good afternoon, everyone, and welcome to Visa Inc.'s 2016 fiscal fourth-quarter and full fiscal year earnings conference call. Joining us today are Charlie Scharf, Visa's Chief Executive Officer, and Vasant Prabhu, Visa's Chief Financial Officer.

謝謝你，勞拉。大家下午好，歡迎參加 Visa Inc. 2016 財年第四季度和全年財報電話會議。今天加入我們的有 Visa 首席執行官 Charlie Scharf 和 Visa 首席財務官 Vasant Prabhu。

This call is currently being webcast over the internet and is accessible on the investor relations section of our website at www.investor.visa.com. A replay of the webcast will be archived on our site for 90 days. A PowerPoint deck containing the financial and statistical highlights of today's call have been posted to our IR website as well.

該電話會議目前正在互聯網上進行網絡直播，可在我們網站 www.investor.visa.com 的投資者關係部分訪問。網絡廣播的重播將在我們的網站上存檔 90 天。包含今天電話會議的財務和統計亮點的 PowerPoint 幻燈片也已發佈到我們的 IR 網站上。

Let me also remind you that this presentation may include forward-looking statements. These statements aren't guarantees of future performance and our actual results could materially differ as the result of a variety of factors. Additional information concerning those factors is available and our most recent reports on forms 10-K and 10-Q, which you can find on the SEC's website and the investor relations section of Visa's website.

我還要提醒您，本演示文稿可能包含前瞻性陳述。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。您可以在 SEC 網站和 Visa 網站的投資者關係部分找到有關這些因素的更多信息以及我們最近的 10-K 和 10-Q 表格報告。

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

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

Thanks very much, Jack, and good afternoon, everyone. Thanks for taking the time to join us. Let me start with a few comments about our fiscal fourth-quarter financial results.

非常感謝，傑克，大家下午好。感謝您抽出寶貴時間加入我們。讓我首先對我們的第四財季財務業績發表一些評論。

First of all, as you can see with the inclusion of Visa Europe, the quarter and our thoughts on next year will be somewhat complicated but we will do our best to provide clarity on what's driving our results, both in my remarks, but probably more importantly, in Vasant's remarks as he goes through the detail. Overall, we feel very good about the solid financial results in the fourth quarter. Results were better than our expectations.

首先，正如您所看到的，隨著 Visa Europe 的加入，本季度和我們對明年的想法會有些複雜，但我們將盡最大努力在我的評論中闡明推動我們業績的因素，但可能更多重要的是，在 Vasant 講述細節時的評論中。總體而言，我們對第四季度穩健的財務業績感到非常滿意。結果好於我們的預期。

GAAP EPS of $0.79 included two special items, the $110 million charge for severance costs and $88 million non-cash and non-recurring gain for the re-measurement of a deferred tax liability related to the acquisition of Visa Europe. Excluding these items, fourth quarter adjusted GAAP EPS was $0.78 per share, an increase of 27%. Net operating revenue grew 19% this quarter, including the full-quarter of Visa Europe and a continued negative three percentage point impact from FX. While growth continues to be subdued by some of the same items we've spoken about previously, we're starting to see improvements as we expected and our business model, as you've seen, continues to be resilient.

0.79 美元的公認會計原則每股收益包括兩個特殊項目，1.1 億美元的遣散費費用和 8800 萬美元的非現金和非經常性收益，用於重新計量與收購 Visa Europe 相關的遞延稅項負債。不計這些項目，第四季度調整後的 GAAP 每股收益為 0.78 美元，增長 27%。本季度淨營業收入增長了 19%，其中包括 Visa Europe 的整個季度以及外匯帶來的持續三個百分點的負面影響。雖然增長繼續受到我們之前談到的一些相同項目的抑制，但我們開始看到我們預期的改進，並且我們的商業模式，如您所見，繼續具有彈性。

I would be remiss if I didn't mention last weeks 18% dividend increase to $0.165 per quarter. We continue to be consistent in returning excess capital to our shareholders.

如果我沒有提到上週股息增加 18% 至每季度 0.165 美元，那我將是失職。我們將繼續向股東返還多餘的資本。

We turn now and talk for a couple minutes about payments volume. US payments volume growth was 11% in the fourth quarter, up one percentage point from Q3. US credit payments volume improved to 19% from 11% in the June quarter, primarily driven by the positive impact of Costco and USAA. US debit payments volume grew at 3%, down from 9% in the quarter. The lower growth was primarily driven by Interlink, and remember the impact to revenue of this is minimal.

我們現在轉身就支付量討論幾分鐘。第四季度美國支付量增長 11%，比第三季度上升 1 個百分點。美國信貸支付量從 6 月季度的 11% 提高到 19%，主要是受 Costco 和 USAA 的積極影響。美國借記卡支付量增長 3%，低於本季度的 9%。較低的增長主要是由 Interlink 推動的，記住這對收入的影響很小。

International payments constant-dollar volume growth ex-Europe was 9%. Cross-border volume growth accelerated to 10% when normalized for Europe, up from 9% in the third quarter. Process transaction growth was 12% and accelerated one point from the third quarter when normalized for Europe as well.

除歐洲外，國際支付固定美元交易量增長率為 9%。在歐洲正常化後，跨境交易量增長加速至 10%，高於第三季度的 9%。流程交易增長率為 12%，比歐洲正常化時的第三季度增長了 1 個百分點。

More recently, through October 21, US payment volume growth was 12%, up one percentage point from the fourth quarter. US credit grew 20%, up one point from the September quarter. US debit grew 5%, an improvement from the 3% in the fiscal Q4. Cross-border growth in constant dollars is 11% when normalized for Europe and process transactions was 12% when normalized for Europe.

最近，截至 10 月 21 日，美國的支付量增長了 12%，比第四季度增長了 1 個百分點。美國信貸增長 20%，比 9 月季度增長 1 個百分點。美國借記卡增長 5%，高於第四財季的 3%。在歐洲標準化時，按固定美元計算的跨境增長為 11%，在歐洲標準化時，處理交易為 12%。

Just a few comments about Europe. The integration itself is going extremely well. We just couldn't be happier with the interaction between the two Companies and we are well under way to putting all of the functions together and operating seamlessly as one global entity.

只是對歐洲的一些評論。集成本身進行得非常好。我們對兩家公司之間的互動非常滿意，我們正在將所有職能整合在一起並作為一個全球實體無縫運營。

Importantly, renewal activity continues to be very strong. We've signed multi-year debit agreements with RBS and Lloyds Banking Group and multi-year credit and debit agreements with Barclays and Nationwide. We have very good engagement with clients on our product and our digital road map, including Visa Checkout which is being rolled out as we speak.

重要的是，更新活動繼續非常強勁。我們與 RBS 和 Lloyds Banking Group 簽署了多年期借記協議，並與 Barclays 和 Nationwide 簽署了多年期貸記和借記協議。我們與客戶就我們的產品和數字路線圖進行了很好的互動，包括我們發言時正在推出的 Visa Checkout。

Vasant will discuss in more detail how we're doing financially, but things are playing out as we would have expected so far and around the rest of the globe client activity continues to remain very strong. To name just a few, we renewed a multi-year debit and credit partnership to BBVA Bancomer Mexico. We renewed our credit partnership with China Merchants Bank and China CITIC Bank and in Russia we renewed multi-year credit partnerships with Alfa Bank and VTB 24.

Vasant 將更詳細地討論我們在財務上的表現，但事情正在按照我們迄今為止的預期進行，全球其他地區的客戶活動繼續保持強勁。僅舉幾例，我們與 BBVA Bancomer Mexico 續簽了多年的借記和貸記合作夥伴關係。我們與招商銀行和中信銀行續簽了信用合作夥伴關係，在俄羅斯，我們與阿爾法銀行和 VTB 24 續簽了多年信用合作夥伴關係。

We turn to talk for a couple minutes about Visa Checkout. We ended FY16 with over 15 million consumer accounts in 21 countries and over 1,400 financial institution partners across the globe participating. More than 300,000 merchants, including some of the largest global retailers, have signed on to accept Visa Checkout, representing $162 billion in addressable volume.

我們轉身就 Visa Checkout 聊了幾分鐘。 2016 財年結束時，我們在 21 個國家擁有超過 1500 萬個消費者賬戶，全球有超過 1,400 家金融機構合作夥伴參與其中。超過 300,000 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 1620 億美元。

In October, we rolled out a redesigned Visa Checkout experience to all global merchants. This new experience makes it easier for consumers to sign up and complete purchases on mobile devices. We also announced earlier today, that we're opening the Visa Checkout platform to clients and partners, allowing them to integrate their digital wallets into Visa Checkout for streamlined authentication and check out.

10 月，我們向所有全球商戶推出了重新設計的 Visa Checkout 體驗。這種新體驗使消費者更容易在移動設備上註冊和完成購買。我們今天早些時候還宣布，我們將向客戶和合作夥伴開放 Visa Checkout 平台，允許他們將其數字錢包集成到 Visa Checkout 中，以簡化身份驗證和結賬。

Leading Visa financial institutions and partners, such as Google's Android Pay, will take advantage of the new open platform by offering Visa Checkout to their customers for online purchases. Issuers, digital wallets and payment app providers can access a streamlined set of APIs to easily integrate Visa Checkout open platform and immediately begin to offer payments to their customers shopping online on their mobile devices. For example, an online shopper who uses a digital wallet from a participating Visa issuer or Android Pay would simply click the Visa Checkout button on a merchants check out page and authenticate their identity through biometrics to complete a purchase. We move on to another topic.

領先的 Visa 金融機構和合作夥伴，例如 Google 的 Android Pay，將通過向客戶提供 Visa Checkout 進行在線購物來利用新的開放平台。發卡機構、數字錢包和支付應用程序提供商可以訪問一組簡化的 API，以輕鬆集成 Visa Checkout 開放平台，並立即開始向在其移動設備上在線購物的客戶提供支付服務。例如，使用參與 Visa 發行商或 Android Pay 的數字錢包的在線購物者只需點擊商家結帳頁面上的 Visa Checkout 按鈕，並通過生物識別驗證其身份即可完成購買。我們繼續討論另一個話題。

We continue to vest in new products and services to help our merchant clients. In September, we announced Visa Advertising Solutions, a new suite of products specifically built to help merchants reach new customers and understand if their digital advertising efforts are influencing consumer purchases, purchasing decisions online and in store.

我們繼續投資新產品和服務，以幫助我們的商家客戶。 9 月，我們發布了 Visa 廣告解決方案，這是一套新產品，專門用於幫助商家接觸新客戶並了解他們的數字廣告工作是否正在影響消費者的購買、在線和實體店購買決策。

Visa Ad Measurement and Visa Audiences are products that integrate with ad tech platforms, like Oracle Data Cloud, allowing Visa's merchants to easily access valuable insights when executing a digital ad campaign. Top quick service restaurants and retail merchants, such as Banana Republic, have used Visa Ad Measurement reports to understand sales impact and optimize their marketing campaigns. Visa Advertising Solutions are available to merchants through leading digital platforms such as Facebook, Google, Twitter, Pinterest and over 200 other media networks.

Visa Ad Measurement 和 Visa Audiences 是與 Oracle 數據云等廣告技術平台集成的產品，使 Visa 的商家在執行數字廣告活動時能夠輕鬆獲得有價值的見解。 Banana Republic 等頂級快餐店和零售商已使用 Visa 廣告衡量報告來了解銷售影響並優化其營銷活動。 Visa 廣告解決方案可通過 Facebook、Google、Twitter、Pinterest 和 200 多個其他媒體網絡等領先的數字平台向商家提供。

We've spoken about this before but I do want to highlight the success that we're seeing in our global network of Innovation Centers. In addition to One Market Street in San Francisco, we've opened innovation centers in Singapore in April, Dubai in May, Miami in June, and plans to launch one in New York in January, as well as London and Sao Paolo. In 2016 alone, we held over 600 client engagements globally with over 200 clients participating. These range from tours and demos to multi-day hackathons and in depth co-creation sessions. These are forums where we can demonstrate where we think payments are going in each geography but our goal is to develop realtime solutions with clients that they can implement very quickly.

我們之前已經談到過這一點，但我確實想強調我們在全球創新中心網絡中看到的成功。除了舊金山的 One Market Street，我們還於 4 月在新加坡、5 月在迪拜、6 月在邁阿密開設了創新中心，併計劃在 1 月在紐約以及倫敦和聖保羅開設創新中心。僅在 2016 年，我們就在全球範圍內舉辦了 600 多場客戶活動，有 200 多家客戶參與其中。這些範圍從旅遊和演示到多日黑客馬拉松和深入的共同創造會議。在這些論壇中，我們可以展示我們認為每個地區的付款方式，但我們的目標是與客戶一起開發可以快速實施的實時解決方案。

Past payments continues to be an important opportunity around the world and we're having good success working with clients and partners to capture the opportunity using our Visa direct push-payment product platform. Annual Visa Direct PV exceeds $29 billion globally for the period ending September 2016, and annual US Visa Direct volumes topped 5 billion for the first time ending September 2016. Growth exceeds 250% from the same period last year. Globally, nearly 3 billion Visa cards are enabled to receive push payments. We're working with key partners including EWS, FIS, Fiserv, Jack Henry, Stripe, Ingo Money, Square and Green Dot.

過去的付款仍然是世界各地的一個重要機會，我們與客戶和合作夥伴合作，利用我們的 Visa 直接推送支付產品平台抓住了這個機會，取得了巨大的成功。截至 2016 年 9 月，全球年度 Visa Direct PV 超過 290 億美元，截至 2016 年 9 月，年度美國 Visa Direct 交易量首次超過 50 億美元。同比增長超過 250%。在全球範圍內，近 30 億張 Visa 卡可以接收推送付款。我們正在與主要合作夥伴合作，包括 EWS、FIS、Fiserv、Jack Henry、Stripe、Ingo Money、Square 和 Green Dot。

I also want to talk for a minute about how we're using push payments to electronify payments in developing economies. We recently launched a new service called mVisa in India, Kenya and Rwanda, and we plan to expand to several other markets around the world during 2017. mVisa allows a consumer to transfer money to a merchant in realtime with nothing more than their mobile phone and merchants are able to start accepting Visa transactions immediately without any additional hardware. We've seen early success in several different categories, including small micro-merchants, local transportation, such as taxi, and bill payment. You'll likely hear much more in the future about these efforts.

我還想談一談我們如何在發展中經濟體使用推送支付實現電子支付。我們最近在印度、肯尼亞和盧旺達推出了一項名為 mVisa 的新服務，併計劃在 2017 年擴展到全球其他幾個市場。mVisa 允許消費者通過手機和手機實時向商家轉賬。商家無需任何額外硬件即可立即開始接受 Visa 交易。我們已經在幾個不同的類別中看到了早期的成功，包括小型微商、本地交通（如出租車）和賬單支付。將來您可能會聽到更多有關這些努力的信息。

Tokenization continues to be a very important part of insuring safe and secure mobile payment solutions. We recently announced new specifications that allow certified third parties to connect directly to our token service and become token service providers. These TSPs will be able to provide a range of services for Visa tokens, including new account provisioning and life cycle management. By expanding access to the Visa token service to new partners, Visa issuers will be able to more quickly and easily offer secure digital payment services across a wide range of devices.

令牌化仍然是確保安全可靠的移動支付解決方案的一個非常重要的部分。我們最近發布了新規範，允許經過認證的第三方直接連接到我們的代幣服務並成為代幣服務提供商。這些 TSP 將能夠為 Visa 代幣提供一系列服務，包括新賬戶配置和生命週期管理。通過向新合作夥伴擴展對 Visa 令牌服務的訪問權限，Visa 發行人將能夠更快速、更輕鬆地在各種設備上提供安全的數字支付服務。

I'll let Vasant talk in detail about our outlook for 2017, but just a few comments from me. We entered 2017 certainly with fewer headwinds as we did entering 2016 and we do have some tail winds. On the negative side, the global economy is not improving, geopolitical tensions are high, the US election is a wild card and we continue to watch the impact of Brexit. But Costco and USAA meaningfully improved volumes, with USAA being an important contributor to revenues in the US, while Costco far less so. Cross-border volumes are both lapping decreases and have improved and we will have a full-year benefit from Europe, which as I said, is performing as expected.

我會讓 Vasant 詳細談談我們對 2017 年的展望，但我只是發表一些評論。與進入 2016 年一樣，我們進入 2017 年的逆風肯定更少，而且我們確實有一些順風。不利的一面是，全球經濟沒有改善，地緣政治緊張局勢高漲，美國大選是一張外卡，我們繼續關注英國退歐的影響。但 Costco 和 USAA 顯著提高了銷量，USAA 是美國收入的重要貢獻者，而 Costco 遠沒有那麼重要。跨境交易量既減少又有所改善，我們將從歐洲獲得全年收益，正如我所說，歐洲的表現符合預期。

Since this is my last call I do want to make just a few closing comments. I'm so proud to have been associated with Visa, its clients, its partners and its employees. I hope you feel that this is a different Company than four years ago and that the things we've done have positioned the Company well for the future. We focused our work on providing payments leadership and a platform which will enable our clients, all clients, to grow their franchises.

由於這是我的最後一次電話會議，我只想發表一些結束評論。我很自豪能夠與 Visa、其客戶、合作夥伴和員工建立聯繫。我希望您覺得這與四年前的公司不同，我們所做的事情使公司為未來做好了準備。我們的工作重點是提供支付領導力和平台，使我們的客戶，所有客戶，都能發展他們的特許經營權。

The competition is strong and the canvas is still being painted as the industry evolves, but our position is strong and our assets are exceptional. And always keep in mind, as we think about what's going on around the world and we look at the risks and opportunity, this is a very global business. The competitive issues are different geography-by-geography but opportunities exist around the world for us to grow our share. While there's always risk, and many are trying to figure out how to advantage themselves as commerce moves to digital platforms, there's more opportunity globally than ever before for Visa. Vasant?

競爭很激烈，隨著行業的發展，畫布仍在繪製中，但我們的地位很強大，我們的資產也很出色。並且始終牢記，當我們考慮世界各地正在發生的事情並觀察風險和機遇時，這是一項非常全球化的業務。競爭問題因地域而異，但世界各地都有機會讓我們擴大份額。雖然風險總是存在，而且隨著商業向數字平台轉移，許多人都在試圖弄清楚如何利用自己的優勢，但 Visa 在全球範圍內擁有比以往任何時候都多的機會。瓦桑特？

Thank you, Charlie. For the full quarter of Visa Europe in our numbers for the first time we had a strong finish for FY16. On a GAAP basis, fiscal fourth-quarter revenues were up 19%, operating income up 15% and EPS up 28%.

謝謝你，查理。在我們的數據中，Visa Europe 的整個季度中，我們第一次在 2016 財年取得了強勁的成績。按公認會計原則計算，第四財季收入增長 19%，營業收入增長 15%，每股收益增長 28%。

We closed FY16 with full-year revenues of $15 billion, net income of $6 billion and EPS at $2.48. On an adjusted basis, operating income for the fourth quarter was up 20% and EPS was up 27%. Net income for the full year was $6.9 billion and EPS was $2.84.

我們以 150 億美元的全年收入、60 億美元的淨收入和 2.48 美元的每股收益結束了 FY16。經調整後，第四季度營業收入增長 20%，每股收益增長 27%。全年淨收入為 69 億美元，每股收益為 2.84 美元。

For the remainder of my comments I will be referring to adjusted results. A few points to note. First, payment volumes on a constant-dollar basis continued to grow at double-digit rates globally. The secular shift away from cash continues at a fast clip around the world. Credit growth out stripped debit growth, helped by Costco and USAA.

對於我的其餘評論，我將參考調整後的結果。有幾點需要注意。首先，以固定美元為基礎的支付量在全球範圍內繼續以兩位數的速度增長。世界各地繼續快速擺脫現金的長期轉變。在 Costco 和 USAA 的幫助下，信貸增長超過了借方增長。

Second, cross-border constant-dollar volume growth recovered to double-digit levels. The dollar has stabilized, helping our large US acquired business. In addition, oil price stability and a nascent recovery in Emerging Markets has helped outbound commerce across most regions. Only Europe slowed, due to general economic weakness as well as the impact of the Brexit vote on the euro and the pound. Easier year-over-year comparisons are also helping.

二是跨境定額交易量增速恢復至兩位數水平。美元已經企穩，幫助我們在美國收購的大型業務。此外，油價穩定和新興市場的初步復甦有助於大多數地區的對外貿易。由於整體經濟疲軟以及英國退歐公投對歐元和英鎊的影響，只有歐洲放緩。更輕鬆的年度比較也有幫助。

Third, we had two special items in the quarter that largely offset each other. We took a charge for severance costs associated with actions we are implementing across Visa, including the reductions we are planning to make at Visa Europe. The consultation process is under way in Europe and we expect it will be completed before the end of 2016, after which we will begin to implement the agreed-upon plan. As we integrate Europe into the rest of Visa, we have taken the opportunity, as we told you we would, to look at our global cost structure and will make some adjustments. Offsetting this charge was a non-recurring, non-cash tax benefit from the reduction in the UK corporate tax rate, which reduced our UK deferred tax liability.

第三，我們在本季度有兩個特別項目在很大程度上相互抵消。我們收取了與我們在 Visa 中實施的行動相關的遣散費，包括我們計劃在 Visa Europe 進行的削減。磋商進程正在歐洲進行，我們預計將在 2016 年底之前完成，之後我們將開始實施商定的計劃。當我們將歐洲整合到 Visa 的其他地區時，我們已經抓住機會，正如我們告訴您的那樣，我們會審視我們的全球成本結構並將進行一些調整。抵消這項費用的是英國公司稅率降低帶來的非經常性、非現金稅收優惠，這減少了我們在英國的遞延所得稅負債。

Finally, as you know we issued preferred shares for the Visa Europe acquisition. We also bought back 20.5 million shares in the fourth quarter for $1.66 billion. We ended the quarter with a weighted average share count of 2.44 billion, up 54 million from Q3. For the full year, FY16, we bought back 92 million shares for $7.1 billion at an average price of $77.13. This is approximately $2 billion higher than what a normal course buyback would have been last year. The additional buyback reflects our intent to offset the dilutive impact of the preferred shares issued and will continue into early FY18, as we previously indicated.

最後，如您所知，我們為 Visa Europe 的收購發行了優先股。我們還在第四季度以 16.6 億美元回購了 2050 萬股股票。我們在本季度末的加權平均股數為 24.4 億股，比第三季度增加了 5400 萬股。在 2016 財年全年，我們以 71 億美元回購了 9200 萬股股票，平均價格為 77.13 美元。這比去年正常的課程回購高出約 20 億美元。正如我們之前所指出的，額外的回購反映了我們抵消已發行優先股的攤薄影響的意圖，並將持續到 2018 財年初。

I'll quickly review business drivers and financial results for the quarter and FY16 then spend most of my time on our outlook for FY17. At least for this quarter, we will highlight the impact of adding in Visa Europe where it is helpful to better understand our results. US payment volumes grew 11% in Q4 as US credit grew 19%, helped by USAA and Costco volumes. US debit grew 3% due to lapping a significant new account win in our Interlink business in Q4 last year and the impact of pin-debit routing this quarter.

我將快速回顧本季度和 FY16 的業務驅動因素和財務業績，然後將大部分時間花在我們對 FY17 的展望上。至少在本季度，我們將強調加入 Visa Europe 的影響，這有助於更好地了解我們的結果。由於美國信貸增長 19%，美國第四季度的支付量增長了 11%，這得益於 USAA 和 Costco 的交易量。由於去年第四季度我們的 Interlink 業務取得了重大的新賬戶勝利，以及本季度 pin 借記路由的影響，美國借記卡增長了 3%。

Adjusted for Interlink volumes, the US debit growth trend was unchanged from the prior quarter. As merchants make routing decisions based on incentive deals in place with various networks, we expect there will continue to be volatility in our Interlink growth rates. However, given the relative size of this business, the impact on our total revenues will be minimal.

經 Interlink 交易量調整後，美國借記卡增長趨勢與上一季度持平。由於商家根據與各種網絡達成的激勵交易做出路由決策，我們預計我們的 Interlink 增長率將繼續波動。然而，鑑於該業務的相對規模，對我們總收入的影響將微乎其微。

International payment volumes, ex-europe, grew 9% in constant dollars. The tick down from the prior quarter trend was largely due to the lapping effect of a large Chinese bank that started including previously unreported domestic volumes in Q3 last year. Ex-china, growth rates remain strong in Asia as well as Latin America. The Middle East and Russia were stable but Sub-Saharan Africa was a soft spot.

除歐洲外的國際支付量按固定美元計算增長了 9%。與上一季度趨勢相比的下降主要是由於一家大型中資銀行的重疊效應，該銀行在去年第三季度開始包括以前未報告的國內交易量。除中國外，亞洲和拉丁美洲的增長率保持強勁。中東和俄羅斯穩定，但撒哈拉以南非洲地區是一個軟肋。

In Europe, new regulations that went into effect in June no longer require issuers of co-badged cards to report domestic volumes we do not process. This will distort year-over-year comparisons throughout FY17. Excluding Europe, cross-border constant-dollar growth rates stepped up to 10% in Q4. This is the first time we have reported double-digit cross-border volume growth since Q4 FY14. The weakening dollar is driving a recovery in our large US acquired business as well as outbound commerce from Canada. Cross-border growth in North America climbed to 9%, a rate of growth we have not seen since the end of 2013.

在歐洲，於 6 月生效的新法規不再要求聯名卡的發行商報告我們未處理的國內交易量。這將扭曲整個 2017 財年的同比比較。除歐洲外，第四季度跨境固定美元增長率升至 10%。這是我們自 2014 財年第四季度以來首次報告兩位數的跨境交易量增長。美元疲軟正在推動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複蘇。北美的跨境增長率攀升至 9%，這是自 2013 年底以來我們從未見過的增長率。

Internationally, cross-border growth rates stepped up across all geographies, helped by stabilizing oil prices and recovering Emerging Markets. Cross-border growth rates in China have stabilized in the mid single-digits. The only region ticking down in growth was Europe, as the weak pound post-Brexit has hurt outbound commerce from the UK.

在國際上，在油價穩定和新興市場復甦的幫助下，所有地區的跨境增長率都加快了。中國跨境增速穩定在個位數中部。唯一增長放緩的地區是歐洲，因為英國脫歐後英鎊疲軟損害了英國的對外貿易。

Excluding Europe, transactions processed over VisaNet grew 11%. The small step up from the prior quarter was due to the NSBK effect in Russia. As you know, our reported transactions growth was hurt in the past five quarters as we transitioned processing to NSBK starting in the third quarter of FY15.

不包括歐洲，通過 VisaNet 處理的交易增長了 11%。較上一季度的小幅增長是由於俄羅斯的 NSBK 效應。如您所知，我們報告的交易增長在過去五個季度受到損害，因為我們從 FY15 的第三季度開始將處理過渡到 NSBK。

Transactions processed in Europe grew 15%, in line with the previous quarter. Net revenues grew 19% in Q4, 6% excluding the impact of Europe. Expenses grew 18%, 5% excluding Europe.

在歐洲處理的交易增長了 15%，與上一季度持平。第四季度淨收入增長 19%，不包括歐洲的影響為 6%。費用增長 18%，不包括歐洲，增長 5%。

We finished the year with adjusted EPS of $2.84. If you exclude the impact of the Visa Europe acquisition, which is interest expense from the debt issued with shares issued, as well as Europe's income and other one-time items, our EPS grew 10% in nominal dollars and 14% in constant dollars. We were able to deliver this growth despite a soft revenue picture caused by the strong dollar, the oil and commodity price collapse impacting many regions, as well as a slowdown in China. We were able to hold FY16 expense growth to 1% ex-Europe, while continuing to invest heavily in all our critical long-term initiatives such as Visa Checkout, Visa Token Service, Visa Developer Platform, our Innovation Centers, our marketing around the Rio Olympics and other programs.

我們以 2.84 美元的調整後每股收益結束了這一年。如果排除收購 Visa Europe 的影響，即發行股票的債務利息支出，以及歐洲的收入和其他一次性項目，我們的每股收益以名義美元計算增長 10%，以固定美元計算增長 14%。儘管美元走強、石油和大宗商品價格暴跌影響許多地區以及中國經濟放緩導致收入疲軟，但我們仍能實現這一增長。我們能夠將 2016 財年除歐洲以外的費用增長保持在 1%，同時繼續大力投資於我們所有關鍵的長期計劃，例如 Visa Checkout、Visa 令牌服務、Visa 開發者平台、我們的創新中心、我們在里約熱內盧的營銷奧運會和其他項目。

We enter FY17 with some tail winds. Costco and USAA conversions are now well under way as you saw from our Q4 payment volumes. Cross-border growth rates have recovered as the dollar stabilizes and we have easier year-over-year comparisons. Two significant drags from prior years eased. The translation impact of the strong dollar and gas price declines. We begin to benefit from the Visa Europe acquisition with yield improvements, cost reductions and EPS accretion.

我們進入 2017 財年時順風順水。從我們的第四季度付款量可以看出，Costco 和 USAA 的轉換工作正在順利進行。隨著美元企穩，跨境增長率已經恢復，我們可以更輕鬆地進行同比比較。前幾年的兩個顯著拖累有所緩解。強勢美元和天然氣價格下跌的轉換影響。我們開始從收購 Visa Europe 中受益，提高產量、降低成本和增加每股收益。

Balancing these tail winds are some headwinds. Economic weakness in Europe and Brexit uncertainty hurting both domestic and cross border volumes. A global economy that remains generally sluggish. A potential decline in Treasury revenues as volatilities subside from the extraordinary high levels we have experienced in the past two years. And finally, a step up in client incentives as we bring on Costco and other major renewals as well as folding in Europe. We'll review how all these factors drive our outlook for 2017, starting with payments volumes.

平衡這些順風是一些逆風。歐洲經濟疲軟和英國退歐的不確定性損害了國內和跨境交易量。全球經濟普遍低迷。隨著波動性從我們過去兩年經歷的異常高水平消退，國庫收入可能會下降。最後，隨著我們在歐洲推出 Costco 和其他重大更新以及折疊服務，客戶激勵措施將有所增加。我們將回顧所有這些因素如何推動我們對 2017 年的展望，從支付量開始。

USAA and Costco will drive payments volume growth in the US. However, we expect international payments volume growth to slow down modestly due to weakness in Europe and China. Reported European payment volume numbers will be distorted by the change in co-badged volume reporting. If no co-badged volume is included, reported European payment volumes could be down 15% to 20%, dragging the reported global payments growth down by as much as seven to eight percentage points, with a larger impact in the first three quarters.

USAA 和 Costco 將推動美國的支付量增長。然而，由於歐洲和中國的疲軟，我們預計國際支付量增長將溫和放緩。報告的歐洲支付量數字將因聯合標記量報告的變化而失真。如果不包括聯合標記的交易量，報告的歐洲支付量可能下降 15% 至 20%，拖累報告的全球支付增長多達 7 至 8 個百分點，前三個季度的影響更大。

As you saw in Q4, cross-border volumes are recovering, helped by easier comparisons, the stabilizing dollar and oil prices, as well as improving emerging market economies. In Europe, cross-border growth rates have been trending down through FY16 and we anticipate that this will continue as the pound remains weak and economies across Europe struggle. Inbound commerce into the US will likely grow after two consecutive years of decline. Outbound commerce is expected to recover in the Middle East, Africa and Latin America. In Asia, Chinese cross-border growth appear to have stabilized.

正如您在第四季度所看到的，跨境交易量正在復蘇，這得益於比較容易、美元和油價穩定以及新興市場經濟體的改善。在歐洲，跨境增長率在 2016 財年一直呈下降趨勢，我們預計這種趨勢將持續，因為英鎊仍然疲軟，整個歐洲的經濟都在掙扎。在連續兩年下降之後，進入美國的入境商務可能會增長。預計中東、非洲和拉丁美洲的出境貿易將復蘇。在亞洲，中國的跨境增長似乎已經企穩。

The recovery in cross-border growth may be offset to some degree by a decline in currency volatilities and the revenue we derive from it. Currency volatilities have been extraordinarily high for the past couple of years, well above long-term averages. At some point there will be a reversion to the mean or even an overcorrection in the other direction like we saw in 2014.

跨境增長的複蘇可能會在一定程度上被貨幣波動率的下降和我們從中獲得的收入所抵消。過去幾年，貨幣波動率異常高，遠高於長期平均水平。在某個時候，會像我們在 2014 年看到的那樣，回歸均值，甚至向另一個方向過度修正。

For purposes of our outlook, we're resuming what we did last year. A reversion to the mean in FY17, but as they say, it will be what it will be. With the NSBK transition behind us in Russia, debit gains in Brazil, Costco and USAA volumes in the US, we expect process transactions growth to tick up in FY17, ex-Europe. European process transaction growth rates will slow down as we lap the rapid acceleration of [contact mix] transactions in the UK in FY16.

出於我們展望的目的，我們正在恢復我們去年所做的事情。在 2017 財年回歸均值，但正如他們所說，它會是這樣。隨著俄羅斯的 NSBK 過渡、巴西的借方增長、美國的 Costco 和 USAA 交易量的增長，我們預計 2017 財年（除歐洲外）的流程交易增長將加快。隨著我們在 2016 財年英國 [聯繫人組合] 交易的快速加速，歐洲流程交易增長率將放緩。

We finished FY16 with client incentives as a percent of gross revenues approaching 19% in the second half. Our outlook anticipates a range of 20.5% to 21.5% in FY17, a 1.5 to 2.5 points increase. There are several factors driving this increase. About half of the year-over-year increase is driven by the inclusion of Visa Europe for the full year and the impact of eliminating rebates and replacing them with performance-based client incentives.

我們在 2016 財年結束時，客戶激勵措施佔總收入的百分比在下半年接近 19%。我們的展望預計 FY17 的增長幅度為 20.5% 至 21.5%，增加 1.5 至 2.5 個百分點。有幾個因素推動了這種增長。同比增長的大約一半是由於全年加入 Visa Europe 以及取消回扣並以基於績效的客戶激勵措施取而代之的影響。

In our filings of Visa Europe numbers for the first three quarters of FY16 that you have seen, US GAAP accounting requires that rebates are netted from gross revenues. When we eliminated rebates at the end of September, it has the effect of increasing Visa Europe's gross FY17 revenues and, in parallel, Visa Europe's FY17 client incentives as we replace these rebates with appropriate, market-competitive incentives. The net effect of this change in the European pricing structure, and the overall level of client incentives in Europe, accounts for about half the increase, from 19% in Q4 to the range we provided for FY17.

在我們提交的 2016 財年前三個季度的 Visa Europe 數據中，美國 GAAP 會計要求回扣從總收入中扣除。當我們在 9 月底取消回扣時，它會增加 Visa Europe 的 FY17 總收入，同時增加 Visa Europe 的 FY17 客戶激勵措施，因為我們用適當的、具有市場競爭力的激勵措施來代替這些回扣。歐洲定價結構的這種變化以及歐洲客戶激勵的整體水平的淨影響約佔增長的一半，從第四季度的 19% 到我們為 2017 財年提供的範圍。

The other half of the year-over-year step up in client incentives as a percent of gross revenues is driven by a full year of Costco incentives and the impact of several large renewals completed in FY16, particularly in Asia. When you put all this together, we expect constant dollar net revenue growth in the high teens in FY17, moderated to the 16% to 18% range in nominal dollars by an estimated 1 point to1.5 point exchange rate impact.

客戶激勵措施佔總收入的百分比同比增長的另一半是由全年的 Costco 激勵措施以及 2016 財年完成的幾項大型續訂的影響推動的，尤其是在亞洲。綜上所述，我們預計 2017 財年美元淨收入將保持不變，名義美元增長幅度為 16% 至 18%，估計受到 1 點至 1.5 點的匯率影響。

This currency translation impact may be larger than you are anticipating based on dollar spot rates or forward curves. Let me explain why this is the case. It has to do with our longstanding practice of layering on monthly hedges, no different than what most global companies do. This approach to hedging is not seeking to make directional bets on currencies but rather to dampen the effect of changes in the trend of the dollar. When the dollar strengthens, these hedges delay the cost and when the dollar weakens they delay the benefit, essentially mitigating volatility.

這種貨幣換算影響可能比您根據美元即期匯率或遠期曲線預期的要大。讓我解釋一下為什麼會這樣。這與我們長期以來對每月對沖進行分層的做法有關，這與大多數全球公司的做法沒有什麼不同。這種對沖方法不是尋求對貨幣進行定向押注，而是抑制美元趨勢變化的影響。當美元走強時，這些對沖會延遲成本，而當美元走弱時，它們會延遲收益，從本質上緩解波動。

In FY16, the hedges helped in the first half and then as the dollar started to weaken they hurt in the second half. This will continue into FY17. The hedges in place will be a drag in the first half. If the dollar stabilizes as currency forwards are suggesting, they will be neutral in the second half. The total exchange rate drag on net revenues could be 2 points to 2.5 points in the first quarter, comparable to Q4 FY16 moderating through the year to half a point in Q4 FY17.

2016 財年上半年，對沖有所幫助，然後隨著美元開始走弱，它們在下半年受到傷害。這將持續到 FY17。到位的對沖將成為上半年的拖累。如果美元如遠期貨幣所暗示的那樣企穩，那麼下半年它們將保持中性。第一季度對淨收入的總匯率拖累可能為 2 個百分點至 2.5 個百分點，與 2016 財年第四季度相比，全年放緩至 2017 財年第四季度的半個百分點。

On the expense front, we will continue to invest as aggressively as we need to on all our key growth initiatives, including the global expansion of Visa Checkout, Visa Token Service and Visa Innovation Centers. We will continue to build on our Visa developer platform, our data and analytics capabilities, loyalty and offers, mVisa and other key programs. In parallel, as we have done in F17, we will look to gain efficiencies in other parts of our business by enhancing productivity and adding capabilities in lower-cost locations. Excluding Europe, we expect expense growth to return to the mid single-digit range in FY17.

在費用方面，我們將繼續根據需要積極投資於我們所有的關鍵增長計劃，包括 Visa Checkout、Visa 令牌服務和 Visa 創新中心的全球擴張。我們將繼續在我們的 Visa 開發者平台、我們的數據和分析能力、忠誠度和優惠、mVisa 和其他關鍵計劃的基礎上進行建設。與此同時，正如我們在 F17 中所做的那樣，我們將尋求通過提高生產力和在低成本地點增加能力來提高我們業務的其他部分的效率。不包括歐洲，我們預計 2017 財年費用增長將恢復到中個位數範圍。

In terms of the expense base in Europe, after the consultation process is completed, we will implement our plan. While this will reduce costs in some areas, we will be investing in Europe to rollout Visa Checkout and our other digital services, as well as adding to our sales and marketing resources, to bring all the benefits of global Visa to our European clients as fast as we can.

在歐洲的費用基數方面，在諮詢過程完成後，我們將實施我們的計劃。雖然這將降低某些領域的成本，但我們將在歐洲投資推出 Visa Checkout 和我們的其他數字服務，並增加我們的銷售和營銷資源，以便盡快為我們的歐洲客戶帶來全球 Visa 的所有好處我們可以。

We will also incur approximately $80 million in Visa Europe integration costs in FY17. These are costs to harmonize the two technology platforms. Our technology teams are in the process of aligning authorization clearance and settlement systems, upgrading network compute and storage infrastructure, implementing next generation information security systems, preparing to move to common end-user and corporate platforms.

我們還將在 2017 財年產生約 8000 萬美元的 Visa 歐洲整合成本。這些是協調兩個技術平台的成本。我們的技術團隊正在調整授權許可和結算系統，升級網絡計算和存儲基礎設施，實施下一代信息安全系統，準備轉向通用最終用戶和企業平台。

As you may recall, we had indicated that the technology integration would not be completed until late 2019, early 2020. We had estimated total integration costs in the $450 million to $500 million range over this time frame. While these are not recurring costs, we will incur these costs for the next three years until we complete the full integration of Visa Europe.

您可能還記得，我們曾表示技術集成要到 2019 年底、2020 年初才能完成。我們估計在此時間範圍內的總集成成本在 4.5 億美元到 5 億美元之間。雖然這些不是經常性費用，但我們將在未來三年內承擔這些費用，直到我們完成與 Visa Europe 的完全整合。

We will call these costs out as we have in our outlook, however we do not plan to adjust these costs from our GAAP numbers when we report each quarter. Of course, these integration costs will not be incurred once the technology integration is complete. Also as we have indicated, additional cost savings will be realized when we combine the technology platform.

我們將按照我們在展望中的要求將這些成本剔除，但是我們不打算在每個季度報告時根據我們的 GAAP 數據調整這些成本。當然，一旦技術集成完成，這些集成成本就不會產生。此外，正如我們所指出的，當我們結合技術平台時，將實現額外的成本節約。

It is important to highlight one item that we need to adjust for as you consolidate Visa Europe into Visa Inc. Prior to the acquisition, as you all know, there were intercompany charges that flowed between Visa Europe and Visa Inc. These were expenses for Visa Europe and revenues for Visa Inc.

重要的是要強調在您將 Visa Europe 合併到 Visa Inc 時我們需要調整的一項。眾所周知，在收購之前，Visa Europe 和 Visa Inc 之間存在公司間費用。這些是 Visa 的費用Visa Inc. 的歐洲和收入

The largest item was the Visa Europe license fee. The other major charge was for network processing services provided by Visa Inc. For the first three quarters of FY16, these intercompany charges amounted to $191 million. Two-thirds were recognized as other revenues in the Visa Inc. income statement and the remainder in data processing revenues. At Visa Europe, one-third of the expense hit the network and processing line and most of the rest was in G&A, with a small amount in personnel.

最大的項目是 Visa Europe 許可費。另一項主要費用是 Visa Inc. 提供的網絡處理服務。在 2016 財年前三個季度，這些公司間費用為 1.91 億美元。三分之二在 Visa Inc. 損益表中確認為其他收入，其餘收入在數據處理收入中確認。在 Visa Europe，三分之一的費用用於網絡和處理線，其餘大部分用於 G&A，還有少量人員。

Post the acquisition, these intercompany revenues and expenses completely offset one another and are eliminated in consolidation. Therefore none of these revenues and expense amounts are included in the reported fourth-quarter numbers or will be included going forward. If you do not adjust for these changes, your FY16 baseline for Visa Europe operating expenses would be overstated by $191 million, as would your FY16 baseline for Visa Inc. revenues.

收購後，這些公司間收入和費用完全相互抵消，並在合併中抵消。因此，這些收入和費用金額均未包含在報告的第四季度數字中，也不會包含在未來的數據中。如果您不針對這些變化進行調整，您的 Visa 歐洲運營費用基準將被誇大 1.91 億美元，Visa Inc. 收入的 2016 財年基準也會被誇大。

In terms of costs related to China market entry, the timing remains uncertain. We assumed we would be much further along at this point when we talked to you last year. It is our intent to move very fast to set up our processing infrastructure once we have greater clarity from the PBOC around timeliness for their decision on granting licenses. At this point it is difficult to know for sure what cost related to China market entry will be incurred in FY17. We have made some assumptions in our outlook and will update you as we learn more.

就進入中國市場的相關成本而言，時間仍然不確定。去年與您交談時，我們認為在這一點上我們會走得更遠。一旦我們從中國人民銀行那裡獲得了關於他們授予許可決定的及時性的更清晰的信息，我們的意圖是非常迅速地建立我們的處理基礎設施。在這一點上，很難確切知道2017財年進入中國市場的相關成本會是多少。我們在展望中做出了一些假設，並會在我們了解更多信息時為您更新。

Moving on to interest and taxes. Interest expense will increase almost 40% in FY17 from a full year of interest on the $16 billion in debt issued in December, 2015, as well as the $2 billion in debt we plan to issue before the end of this calendar year, market conditions permitting. Our FY17 tax rate will increase due to Visa Europe. As you know, under the current structure Visa Europe is a US taxpayer. The current stack structure affords us some cash tax benefits but has the effect of increasing our book or GAAP tax rate due to restrictions on the credits we can take on taxes we pay in the UK. As we had indicated previously, this structure increases our reported tax rate by 100 basis points to the low 30%s range.

繼續討論利息和稅收。在市場條件允許的情況下，與 2015 年 12 月發行的 160 億美元債務以及我們計劃在本日曆年年底之前發行的 20 億美元債務的全年利息相比，2017 財年的利息支出將增加近 40% .由於 Visa Europe，我們 2017 財年的稅率將增加。如您所知，在目前的結構下，Visa Europe 是美國納稅人。當前的堆棧結構為我們提供了一些現金稅收優惠，但由於限制了我們可以在英國繳納的稅款獲得的抵免，因此會增加我們的賬面或 GAAP 稅率。正如我們之前所指出的，這種結構將我們報告的稅率提高了 100 個基點，達到了 30% 的低水平。

As you estimate our FY17 EPS, it's important to remember that we issued 79 million preferred shares as part of the consideration for Visa Europe. These shares are now included in our fully diluted share count, which is up 54 million net of buybacks completed in the fourth quarter. We have ramped up our buyback program to offset the dilutive impact of the shares issued. In FY17, our buyback pace in dollars should be roughly at the same level as FY16. At this pace, by the end of 2017, we would have bought back almost $5 billion more than our normal course buyback or offset almost 80% of stock issued. We will maintain the stepped-up pace of buybacks until we complete this program in early FY18.

當您估計我們的 2017 財年每股收益時，重要的是要記住，我們發行了 7900 萬股優先股作為 Visa Europe 對價的一部分。這些股票現在包含在我們完全稀釋的股票數量中，在第四季度完成的回購淨額中增加了 5400 萬股。我們已經加大了回購計劃的力度，以抵消已發行股票的稀釋影響。 2017 財年，我們的美元回購步伐應該與 2016 財年大致相同。按照這個速度，到 2017 年底，我們將回購比正常課程回購多近 50 億美元或抵消近 80% 的已發行股票。我們將保持加快回購步伐，直到我們在 2018 財年初完成該計劃。

With a full year of interest expense as well as $2 billion more in debt with a higher GAAP tax rate and with additional shares outstanding, our EPS growth rate in FY17 will be lower than net revenue growth. In nominal terms, our outlook anticipates mid-teens EPS growth from an adjusted FY16 baseline of $2.84. This includes a 1.5 point to two point drag from exchange rates, mostly due to the impact of hedging described earlier. As with revenues, the drag from exchange rates will be higher in the first half, comparable to fourth-quarter 2016 levels in Q1 and moderating through the year.

由於全年的利息支出以及 20 億美元的債務以及更高的 GAAP 稅率和額外的流通股，我們在 2017 財年的每股收益增長率將低於淨收入增長率。按名義價值計算，我們的展望預計每股收益將在 2016 財年調整後的 2.84 美元基礎上增長。這包括匯率拖累 1.5 點到 2 點，這主要是由於前面描述的對沖的影響。與收入一樣，匯率對上半年的拖累將更大，與 2016 年第一季度第四季度的水平相當，並在全年有所緩和。

Our EPS outlook assumes EPS accretion from Visa Europe will be in the 2% to 3% range in FY17, as expected. The accretive impact of Visa Europe is greater in the second and third quarters, when we had interest expense last year from debt issued for the transactions but no income from Visa Europe until the fourth quarter. Also benefits from our cost reduction actions start being realized in the second quarter. Visa Europe is tracking well relative to our expectations and we remain confident that accretion will climb to the high single-digit range by 2020, once we've implemented all our plans to improve yield and lower costs.

我們的每股收益展望假設如預期一樣，Visa Europe 的每股收益增長將在 2017 財年在 2% 至 3% 的範圍內。 Visa Europe 的增值影響在第二和第三季度更大，去年我們為交易發行的債務產生了利息支出，但直到第四季度才從 Visa Europe 獲得收入。我們降低成本行動的好處也將在第二季度開始實現。 Visa Europe 的跟踪與我們的預期相比表現良好，我們仍然相信，一旦我們實施了所有提高收益和降低成本的計劃，增長將在 2020 年攀升至高個位數範圍。

In summary, we feel good about FY17. The Visa Europe integration is proceeding well and delivering as expected. Payment volume momentum remains robust globally. Transactions growth remains healthy. Cross border volumes are recovering as the dollar stabilizes and comparisons become easier. Gas prices and exchange rate drags are easing.

總而言之，我們對 FY17 感覺良好。 Visa Europe 的整合進展順利，並按預期交付。全球支付量勢頭依然強勁。交易增長保持健康。隨著美元企穩和比較變得更容易，跨境交易量正在恢復。天然氣價格和匯率拖累正在緩解。

As always, there are risks to watch. The global economy remains sluggish, especially in Europe. Cross-border business in Europe is slowing. Currency volatilities could moderate. Balancing these factors, our FY17 outlook anticipates 16% to 18% net revenue growth and mid-teens EPS growth in nominal dollars.

與往常一樣，有風險值得關注。全球經濟依然低迷，尤其是在歐洲。歐洲的跨境業務正在放緩。貨幣波動可能會緩和。平衡這些因素，我們的 2017 財年展望預計淨收入增長 16% 至 18%，名義美元每股收益增長 16% 至 18%。

As always, we'll update our views as the year unfolds and share them with you each quarter. With that I'll turn the call back to Jack.

與往常一樣，隨著時間的推移，我們將更新我們的觀點，並在每個季度與您分享。有了這個，我會把電話轉回傑克。

Thanks, Vasant. Laura, at this time we're ready to start taking questions.

謝謝，瓦桑特。勞拉，此時我們已準備好開始提問。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our first question is from Tien-tsin Huang from JPMorgan.

我們的第一個問題來自摩根大通的 Tien-tsin Huang。

Hi. Thanks for all of the details and they're lot to go through here. I wanted to ask on revenue growth contribution from Visa Europe, assumed in FY17. What's being assumed there?

你好。感謝您提供所有詳細信息，他們在這裡有很多事情要做。我想問一下 Visa Europe 對收入增長的貢獻，假設在 2017 財年。那裡假設了什麼？

And what's the Visa Europe yield assumption, as well? Do you need yields to rise in order to hit guidance? Thank you. And best wishes to you, Charlie.

Visa Europe 的收益率假設是什麼？您是否需要提高收益率才能達到指導？謝謝你。祝你好運，查理。

Yes, Tien-tsin, going through your questions. If you look at next year, I think we've tried to give you as much as we can, in terms of what we see in terms of trends. So clearly from a growth rate standpoint, you have a sense of what growth in Europe has been this year.

是的，Tien-tsin，正在回答你的問題。如果您看一下明年，我認為我們已經盡力為您提供盡可能多的信息，就我們所看到的趨勢而言。很明顯，從增長率的角度來看，你對今年歐洲的增長情況有所了解。

We are seeing, as you saw through the year, some slowdown in the cross-border growth rate but seeing some slowdown in the payment volume growth rate. But overall, it will be a decent year of growth in Europe, though not as high as we are seeing in other parts of the world or in the US. So that's Europe growth. In terms of yields, yes. Yields are assumed to improve.

正如您全年所見，我們看到跨境增長率有所放緩，但支付量增長率有所放緩。但總體而言，這將是歐洲增長不錯的一年，儘管沒有我們在世界其他地區或美國看到的那麼高。這就是歐洲的增長。就產量而言，是的。假設產量會提高。

Some of that we anticipate will happen from some of the actions we are in the process of implementing, like what we told you, the elimination of rebates and the replacements with client incentives and other actions we're doing. So you will see yields improve but as we look ahead, Visa Europe will be an integral part of Visa and you will start see the impact of Visa Europe in the aggregate numbers we report and what happens to our yields from the new baseline you have in yields, and so on.

我們預計其中一些將發生在我們正在實施的一些行動中，比如我們告訴你的，取消回扣和用客戶激勵措施替代我們正在做的其他行動。因此，您會看到收益率有所提高，但展望未來，Visa Europe 將成為 Visa 不可分割的一部分，您將開始看到 Visa Europe 在我們報告的總數中的影響，以及我們在新基準中的收益率會發生什麼變化產量等等。

So hopefully that helps. We try to give you as much detail as we can on what the current trend is and it will help you figure out what Europe is contributing as you look ahead.

所以希望這會有所幫助。我們會盡力為您提供有關當前趨勢的詳細信息，它將幫助您了解歐洲在展望未來時所做的貢獻。

Our next is from Jim Schneider from Goldman Sachs.

我們的下一位來自高盛的 Jim Schneider。

Good afternoon. Thanks for taking my question. Best wishes to you, Charlie. I was wondering if you could just frame, besides all of the details, at the highest level when you think about the guidance for 2017 that you offered, whether when you think about that versus last year, whether you think it's more or less conservative than last year in terms of your overall approach?

下午好。感謝您提出我的問題。向你致以最良好的祝愿，查理。我想知道，除了所有細節之外，當您考慮您提供的 2017 年指導時，您是否可以在最高級別上框架，無論您考慮與去年相比，您是否認為它或多或少比保守去年你的整體方法是什麼？

And can you talk about what's the biggest factor about Visa Europe, outside of the consumer trends, that could drive that either to the positive or negative side? Whether it be client renewals or anything else?

您能否談談在消費趨勢之外，Visa Europe 最大的因素是什麼？無論是客戶續訂還是其他？

Why don't I do the first and I'll let Vasant do the second. You should expect the answer for us to be that we -- that in both years we try and be as accurate as we can. And obviously there's a tremendous amount of assumptions that go into this. I've said this time and time again, right? Which is you all put all this weight on what we're telling you 2017 will be and what we try and make clear is, there's a series of things that we know and there's a series of things we don't know.

為什麼我不做第一個，讓 Vasant 做第二個。你應該期待我們的答案是我們——在這兩年裡，我們都在努力做到盡可能準確。顯然有大量的假設。我一遍又一遍地說過，對吧？你們都把所有這些重量放在我們告訴你的 2017 年將會是什麼，我們試圖澄清的是，有一系列我們知道的事情，還有一系列我們不知道的事情。

And the series of things we don't know, but where we are making assumptions, we try and lay those out for you. And quite frankly, you have got to make your own determination whether you think those are aggressive or conservative. But I'll tell you, it's certainly not in any of our bones and hasn't been any part of Visa's bones since it went public, to be on the aggressive side.

還有一系列我們不知道的事情，但是在我們做出假設的地方，我們會嘗試為您列出這些假設。坦率地說，無論您認為這些是激進的還是保守的，您都必須做出自己的決定。但我會告訴你，它肯定不在我們的骨子裡，而且自 Visa 上市以來，它也沒有成為它骨子裡的任何一部分，處於激進的一面。

Just to reiterate what we are expecting, and again I think we try to give you as actual a point of view as we can. Our revenue growth, if you adjust for the exchange rate drag, which perhaps you may not have anticipated without thinking about the hedging implications and you might have seen the hedging implications in our second half results.

只是重申我們的期望，我認為我們會盡力為您提供真實的觀點。我們的收入增長，如果您調整匯率拖累，您可能在沒有考慮對沖影響的情況下沒有預料到，您可能已經在我們的下半年業績中看到了對沖影響。

Our currency impact essentially stayed flat through the year, mostly because hedging helped in the first half and hurt a bit in the second half. And all it does really is delay the impact of the moves in the dollar. But if you adjust for the hedging impact, what you're seeing is high-teens revenue growth, net revenue growth. And what you're seeing is mid-teens plus 1.5 points to 2 points EPS growth. It's not that different than perhaps what you might have expected of us going into the year. Visa Europe is tracking as we expected. We feel very good about it.

我們的貨幣影響全年基本持平，主要是因為對沖在上半年有所幫助，而在下半年受到了一點影響。它所做的只是延遲美元走勢的影響。但是，如果您針對對沖影響進行調整，您會看到十幾歲的收入增長，淨收入增長。你所看到的是十幾歲的中期加上 1.5 點到 2 點的每股收益增長。這可能與您對我們進入這一年的預期沒有什麼不同。 Visa Europe 正在按照我們的預期進行跟踪。我們對此感覺非常好。

What could surprise one way or another, we laid out all of the factors and clearly, the cross-border trends are heartening. And hopefully if the dollar stays on this track, which is either stable or further weakening that will be good for us. I think currency forwards are now expecting more of a flattening of the dollar which is sort of what we have assumed. In terms of the currency volatility front, that's a little bit of anybody's guess. We did tell you what we are assuming.

我們列出了所有因素，顯然，跨境趨勢令人振奮。希望如果美元保持在穩定或進一步走弱的軌道上，這將對我們有利。我認為貨幣遠期現在預計美元會進一步趨於平緩，這在某種程度上是我們所假設的。就貨幣波動方面而言，這是任何人的猜測。我們確實告訴過你我們的假設。

But overall, if there is going to be anything on the plus or minus side, we have assumed that the European trends have softened through the year and we have assumed that those trends will continue into next year. Hopefully, European economies will do better than that and if that does, it will be great.

但總體而言，如果有任何積極或消極的一面，我們假設歐洲趨勢在這一年中已經走軟，我們假設這些趨勢將持續到明年。希望歐洲經濟體能做得比這更好，如果確實如此，那就太好了。

Thank you our next question is from Sanjay Sakhrani from KBW.

謝謝，我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Thanks. Just maybe on the incentives, obviously, they're going up a decent amount. Is some of it because you've had better success than you thought in resigning some of these banks? And maybe, Vasant, you could just talk about how we should consider the trajectory after 2017, given this back drop? Thanks.

謝謝。可能只是在激勵措施上，很明顯，他們正在增加一個可觀的數量。部分原因是因為你在辭去其中一些銀行時取得了比你想像的更好的成功嗎？ Vasant，也許你可以談談我們應該如何考慮 2017 年之後的軌跡，考慮到這種回落？謝謝。

Yes, I think, obviously, we will talk more about all that as we get into the latter part of 2017, when we talk about 2018. But trajectory-wise, I wouldn't assume significant changes. Visa Europe is now part of the numbers and that explains, as we told you earlier, about half the delta. And there's also this impact we get when we pull back the rebates. It has the effect of raising gross revenues and incentives at the same time. So Visa Europe lands up at a place where their incentives as a percent of gross revenue are certainly driving the new level.

是的，我認為，很明顯，當我們進入 2017 年下半年時，當我們談論 2018 年時，我們將更多地談論所有這些。但就軌跡而言，我不會假設會有重大變化。 Visa Europe 現在是數字的一部分，正如我們之前告訴您的那樣，這解釋了大約一半的三角洲。當我們撤回回扣時，我們也會受到這種影響。它具有同時提高總收入和激勵措施的效果。因此，Visa Europe 的激勵措施佔總收入的百分比肯定會推動新的水平。

Beyond that, yes. We have Costco coming in for a full year, that certainly adds to it. And we had some significant renewals in particular Asian geographies. So this -- you should assume that this is a level that is about where we should see it stay but we'll update you as we get through this year.

除此之外，是的。我們有 Costco 進入整整一年，這肯定會增加它。我們在特別是亞洲地區進行了一些重大更新。所以這個 - 你應該假設這是一個我們應該看到它保持的水平，但我們會在今年結束時更新你。

Thank you. Our next question is from Jamie Friedman from Susquehanna.

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

Yes. This may be more of a housekeeping question Vasant, but historically, looking at page 13 from third-quarter slides, you used to give constant dollar growth and then adjust for the foreign exchange. Now you're giving a nominal dollar growth and then calling out the foreign exchange. I'm just wondering what, philosophically, is the adjustment because it's kind of an important change in the messaging.

是的。這可能更像是一個管家問題 Vasant，但從歷史上看，從第三季度的幻燈片中查看第 13 頁，您過去常常給出恆定的美元增長，然後根據外匯進行調整。現在你給出名義上的美元增長，然後調用外匯。我只是想知道從哲學上講，調整是什麼，因為它是消息傳遞中的一種重要變化。

Yes, I think you're reading too much into it. As general rule, we've gone through all our releases and we try to lead with what is the GAAP number and follow with what's the adjusted number.

是的，我認為你讀得太多了。作為一般規則，我們已經完成了所有版本，我們嘗試以 GAAP 數字為首，然後以調整後的數字為首。

So you've seen us do that almost everywhere and you should not read too much into it really. And also the currency impact certainly is moderating but I wouldn't say that's the reason it follows rather than leads. It has more to do with wanting to lead with GAAP numbers wherever we can.

所以你已經看到我們幾乎在所有地方都這樣做了，你真的不應該過多地閱讀它。而且貨幣影響當然正在緩和，但我不會說這是它跟隨而不是領先的原因。它更多地與希望盡可能以 GAAP 數字領先有關。

Thank you. Our next question is from Bryan Keane from Deutsche Bank.

謝謝你。我們的下一個問題來自德意志銀行的 Bryan Keane。

Hi guys. Just on the quarter, you guys had said that the results were better than expected. Just not exactly clear what drove the better than expected results?

嗨，大家好。就在這個季度，你們說結果好於預期。只是不清楚是什麼推動了比預期更好的結果？

If you could maybe highlight some things that drove better than what you guys anticipated? And then on Visa Europe, I know it was 13 points to 14 points of contribution to revenue in the fourth quarter, at least that was the guidance. I'm just not sure -- clear what that contribution will be for FY17 in that same manner? Thanks.

如果你可以突出一些比你們預期的更好的事情？然後在 Visa Europe 上，我知道第四季度對收入的貢獻是 13 點到 14 點，至少這是指導。我只是不確定——以同樣的方式明確 2017 財年的貢獻是多少？謝謝。

Yes, in the fourth quarter I'd say on the margin, revenue was a little better but expenses were better and the tax rate was a little bit better. So in aggregate, it was a little better than we expected. As far as next year goes -- and now Visa Europe is integral part of our business.

是的，在第四季度，我想說的是，收入稍微好一點，但支出更好，稅率也稍微好一點。所以總的來說，它比我們預期的要好一些。就明年而言——現在 Visa Europe 已成為我們業務不可分割的一部分。

We do not separate out our regions so you would we would report everything on an aggregated basis and not separate out Visa Europe. It becomes more and more integrated in and it's best to look at it on an aggregated basis. But we've given you enough so that you'll get a good sense of what Visa Europe contributed and, as you model next year, it will give you a good sense of what Visa Europe will contribute to next year.

我們不會將我們的地區分開，因此我們會匯總報告所有內容，而不是將 Visa Europe 分開。它變得越來越集成，最好在匯總的基礎上查看它。但是我們已經為您提供了足夠多的信息，以便您對 Visa Europe 的貢獻有一個很好的了解，並且在您明年建模時，它會讓您很好地了解 Visa Europe 將在明年做出哪些貢獻。

Our next question is from Tom McCrohan from CLSA.

我們的下一個問題來自里昂證券的 Tom McCrohan。

Could you just give us a progress of the number of Visa European banks that you still need to finalize in terms of moving them to an incentive structure? Thanks.

您能否告訴我們在將它們轉移到激勵結構方面仍需要最終確定的 Visa 歐洲銀行數量的進展情況？謝謝。

Yes, it's an active process. It's well under way. We are happy with progress. There's a well-choreographed process which talks to a large number of issuers, so I don't know if there's much more than that we would say at this point.

是的，這是一個積極的過程。進展順利。我們對進步感到高興。有一個精心編排的流程與大量發行人進行對話，所以我不知道在這一點上是否還有更多內容。

Thank you. Our next question is from Craig Maurer from Autonomous.

謝謝你。我們的下一個問題來自 Autonomous 的 Craig Maurer。

Yes. Hi, thanks. While it sounds like China is trailing expectations in terms of when you can get up and running, could you comment on Mexico and when you think Mexico could be accretive to numbers? Thanks.

是的。你好謝謝。雖然聽起來中國在您何時可以啟動和運行方面落後於預期，但您能否評論墨西哥以及您認為墨西哥何時可以增加數字？謝謝。

Let me just start with China for a second. I've said this I think over and over and over again and so this will be the last chance I'll get to say it, which is China is a very important opportunity for us. It's something that we spend a lot of time on and we take very seriously, but it's a long term opportunity and long term is not measured in months or single-digits numbers of years. So the work, and our thought process that we have going on with China, does not demand that we're allowed market entry at any specific date.

讓我先從中國開始。我已經說了一遍又一遍，所以這將是我說這句話的最後機會，中國對我們來說是一個非常重要的機會。這是我們花費大量時間並且非常重視的事情，但這是一個長期的機會，長期不是以月或個位數的年數來衡量的。因此，我們與中國進行的工作以及我們的思考過程並不要求我們在任何特定日期被允許進入市場。

We've said we're committed for the long term. We don't expect it to be a meaningfully different contributor to the revenue growth or the profits of the Company in the shorter period of time because there's a lot that's out of our control.

我們已經說過我們致力於長期。我們預計它不會在較短的時間內對公司的收入增長或利潤產生有意義的不同貢獻，因為有很多事情是我們無法控制的。

And so as we sit here today, as we think about our forecasting over the next bunch of years, we don't rely on China when we think about the opportunities for us to continue to grow the Company. At some point we do believe that they will pan out, but again, that's a longer term opportunity rather than a shorter term opportunity.

因此，當我們今天坐在這裡，當我們考慮對未來幾年的預測時，當我們考慮繼續發展公司的機會時，我們不會依賴中國。在某些時候，我們確實相信它們會成功，但同樣，這是一個長期機會，而不是短期機會。

And there's really not much to say about Mexico. That is an ongoing discussion we are having and over time, if there are new developments -- .

關於墨西哥，真的沒什麼好說的。這是我們正在進行的討論，隨著時間的推移，如果有新的發展——。

I'm not sure what the question is on Mexico.

我不確定墨西哥的問題是什麼。

I presume about processing transactions.

我假設關於處理交易。

So that one is client-by-client and we have some good discussions going on where it's up to us to talk about the benefits that clients get when we process transactions and when there's something to talk about, relative to movement in the marketplace, I'm sure, Vasant will do it.

因此，這是一個逐個客戶的問題，我們正在進行一些很好的討論，由我們來討論客戶在我們處理交易時獲得的好處，以及當有一些事情要討論時，相對於市場的變化，我'我敢肯定，瓦桑特會做到的。

Thank you. Our next question is from Jason Kupferberg from Jefferies.

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

Yes. Hey, guys. So just on cross-border, it was great to see us get back to double-digit growth organic and I know there's a bunch of moving parts for FY17 in that regard, but are you expecting double-digit growth to continue through 2017 as part of your guidance? And then just a quick housekeeping separate from that. Can you tell us what percent of your European volumes are from UK?

是的。大家好。所以就跨境而言，很高興看到我們恢復到兩位數的有機增長，我知道在這方面，2017 財年有很多變化，但您是否預計兩位數的增長將持續到 2017 年你的指導？然後只是一個與此分開的快速家務。你能告訴我們你的歐洲銷量中有多少來自英國嗎？

What percent of our European volumes are from the UK? Yes, if I remember right, I think that it was, from a revenue standpoint, we've told you that revenues from the UK were a little above 10%. So that gives you a rough idea. In terms of the cross-border business, what we saw in the fourth quarter, as you mentioned, was a nice recovery in the US acquired business.

我們歐洲銷量的百分之幾來自英國？是的，如果我沒記錯的話，我認為從收入的角度來看，我們告訴過你來自英國的收入略高於 10%。所以這給了你一個粗略的想法。在跨境業務方面，正如您所說，我們在第四季度看到的是美國收購業務的良好復甦。

We also saw quite a bit of growth in the acquired business in the UK from the weakness of the pound. We saw improvement in the acquired business in places like Mexico, mostly benefiting from the US. Those are some of the big growth spots.

由於英鎊疲軟，我們還看到在英國收購的業務有相當大的增長。我們看到墨西哥等地的收購業務有所改善，主要受益於美國。這些是一些大的增長點。

The good news though was from an issuing standpoint, we saw growth in a lot of places. We saw growth coming out of Brazil, a lot of out of Russia, out of many of the commodity- and oil-based economies; Middle East and parts of Asia also improving and China beginning to stabilize. So our expectation going forward is not for a significant change from these trends. You should assume -- we are hoping that these trends stay roughly about the same.

好消息是從發行的角度來看，我們在很多地方看到了增長。我們看到增長來自巴西，很多來自俄羅斯，來自許多以商品和石油為基礎的經濟體；中東和亞洲部分地區也在改善，中國開始穩定。因此，我們對未來的期望並不是從這些趨勢中發生重大變化。您應該假設——我們希望這些趨勢大致保持不變。

Thank you. Our next question is from Glenn Greene from Oppenheimer.

謝謝你。我們的下一個問題來自奧本海默的格倫格林。

Glenn? If you're talking you're on mute. Glenn?

格倫？如果你在說話，你就處於靜音狀態。格倫？

Yes, can you hear me?

是的，你能聽到我的聲音嗎？

Yes, there we go.

是的，我們走了。

Okay, sorry about that. A couple of number clarifications, maybe for Vasant. First one, could you give us what the constant currency volume growth in Europe was? And then of the -- the question would be also of the percentage of European transactions that are processed, meaning included in the Visa process transactions? And then if I heard right I just want to clarify that you're expecting mid-teen decline in Europe volume because of the co-badging issue?

好的，對此感到抱歉。一些數字說明，也許是針對 Vasant。第一個，你能告訴我們歐洲的恆定貨幣量增長是多少嗎？然後 - 問題還在於處理的歐洲交易的百分比，這意味著包含在 Visa 處理交易中嗎？然後，如果我沒聽錯，我只是想澄清一下，由於共同標記問題，您預計歐洲銷量會出現中期下降？

Yes, let me talk a little bit about that. I think we reported this. We heard most people reported their co-badge volumes in the fourth quarter. So the fourth quarter number ended up being the relatively untainted by lack of reporting and I think the payment volumes, if I remember right, was somewhere in the 6% range. So as you can see they are lower than what we see in other parts of the world, in terms of growth rates.

是的，讓我談談這個。我想我們報告了這一點。我們聽說大多數人在第四季度報告了他們的聯合徽章數量。因此，第四季度的數字最終由於缺乏報告而相對不受污染，我認為支付量，如果我沒記錯的話，在 6% 的範圍內。因此，正如您所看到的，就增長率而言，它們低於我們在世界其他地區看到的水平。

As we look at next year, the issue on co-badge volumes is that there are a certain number of issuers that have co-badge cards with us who are no longer required to report their co-badge volumes and transactions, we do not process. The biggest impact is in France and there's some impact in some Scandinavian countries. If they don't all report, which is what we expect, we expect that they will all not report, then payment volumes will decline next year, we said, as much as 15% to 20%. So remember if it's plus 6% and minus 20%, it's a delta of almost 25% or 26%.

正如我們明年所看到的，關於聯合徽章數量的問題是，有一定數量的發行人與我們擁有聯合徽章卡，他們不再需要報告他們的聯合徽章數量和交易，我們不處理.最大的影響在法國，在一些斯堪的納維亞國家也有一些影響。如果他們不都報告，這是我們的預期，我們預計他們都不會報告，那麼明年的支付量將下降，我們說，多達 15% 到 20%。所以請記住，如果它是正 6% 和負 20%，它的增量幾乎是 25% 或 26%。

Plus as you know, in the first three quarters, Visa Europe, payment volumes will show up as all-incremental to our payment volumes and we'll have this impact on it. So you will see a fair amount of distortion in payment volume reporting as a result of this.

此外，如您所知，在前三個季度，Visa Europe 的支付量將顯示為我們的支付量的全部增量，我們將對它產生影響。因此，您會在支付量報告中看到相當多的失真。

Now the lack of payment volume reporting and its revenue impacts, we've factored into our outlook. So that is all factored into what we told you our revenue picture is next year. Where the payment volumes will look odd, although we report by region, so at least you'll be able to see what it is by region and be able to look at how everybody else is doing and Europe will just look odd.

現在，由於缺乏支付量報告及其對收入的影響，我們已將其納入展望。所以這一切都被考慮到我們告訴你我們明年的收入情況。儘管我們按地區報告，但支付量看起來很奇怪，所以至少你可以按地區看到它是什麼，並且能夠看到其他人的情況，而歐洲看起來很奇怪。

Thank you. Our next question is from Lisa Ellis from Bernstein.

謝謝你。我們的下一個問題來自 Bernstein 的 Lisa Ellis。

Hi, Charlie. As you're closing out your tenure with Visa, unfortunately for all of us, could you just do a brief kind of look-back over some of the major pieces of Visa strategy over your tenure? Particularly around the merchant side, just putting that in context of your announcement around the Visa Ad Measurement capabilities?

嗨，查理。在您即將結束與 Visa 的任期之際，不幸的是，對我們所有人來說，您能否簡單回顧一下您任期內的一些主要 Visa 戰略？特別是在商家方面，只是將其放在您關於 Visa 廣告衡量功能的公告中？

And then also on the B2B side with the call outs related to Visa Direct and then recent announcement with Chain around B2B connect and just how you see the progress in some of those major pieces of your strategy over the last couple of years?

然後在 B2B 方面，與 Visa Direct 相關的呼聲，以及最近發布的關於 B2B 連接的 Chain 的公告，以及您如何看待過去幾年您的一些主要戰略部分的進展？

Yes, listen. First of all, and I really do believe this, which is, and I said this when we did the call last week, which is you all know as well as I do that companies like this are not dependent on any one person right? There are 13,000 other people here that are going to continue doing what they've done the day after I go. And with a leader like Al, I would assume will do it as well if not better. And so as we think about what we've done over the past four years, or even what this Company has done since its gone public, its based upon what an entire Management Team has done.

是的，聽著。首先，我真的相信這一點，也就是說，上週我們打電話時我說過，你們都和我一樣都知道，像這樣的公司不依賴任何人，對吧？在我離開的第二天，這裡還有 13,000 人將繼續做他們所做的事情。對於像 Al 這樣的領導者，我認為如果不是更好的話，我也會這樣做。因此，當我們考慮過去四年我們所做的事情，甚至這家公司自上市以來所做的事情時，它基於整個管理團隊所做的事情。

I think that, what I feel very good about when I think about the things that we've done, I think you brought up the work on -- that we have really, I would describe it as we have really begun to do with merchants, is an important part of the way we think about what we do. We are not trying to do work for merchants in lieu of any other client or any other partner, but just recognizing that everyone participates in the payments value chain should get access to the capabilities that we have.

我認為，當我想到我們所做的事情時，我感覺非常好，我認為你提出了這項工作——我們真的，我會描述它，因為我們真的開始與商人一起做，是我們思考我們所做事情的重要組成部分。我們不是試圖代替任何其他客戶或任何其他合作夥伴為商家工作，而是認識到參與支付價值鏈的每個人都應該獲得我們擁有的能力。

And so, someone asked me last week if I were them, how would they evaluate how we're doing at making progress with merchants. And my answer was, I would look to see that we're continuing quarter-after-quarter, year-after-year to introduce solutions in the marketplace which help merchants grow their business and then try and drive some kind of understanding of what the adoption looks like for those products.

因此，上周有人問我，如果我是他們，他們會如何評估我們在與商家取得進展方面的表現。我的回答是，我希望看到我們會逐季、年復一年地在市場上引入解決方案，幫助商家發展業務，然後嘗試推動對什麼是採用看起來像那些產品。

And don't be confused by a couple of merchants that are always going to be unhappy and that are always going to be doing things in the marketplace. The merchant world is very fragmented across the world. We've got some very, very strong relationships and we've got a bunch of relationships where those merchants are sitting there very eager to work with us on the solutions that we're developing.

不要被幾個總是不開心並且總是在市場上做事的商人弄糊塗了。世界各地的商人世界非常分散。我們有一些非常非常牢固的關係，我們有很多關係，這些商家坐在那裡非常渴望與我們合作開發我們正在開發的解決方案。

And then I think, because I don't want to take up the whole call with a question, I do think just -- when I think about the way we thought about innovation here and the way we thought about our work in digital commerce, we've just -- the whole organization has just made tremendous progress. We don't talk about -- let me say it differently, we don't use the word innovation around here anymore because it becomes part of the way people think about doing their business.

然後我想，因為我不想用一個問題來接聽整個電話，我確實認為 - 當我想到我們在這裡思考創新的方式以及我們對數字商務工作的思考方式時，我們剛剛——整個組織剛剛取得了巨大的進步。我們不談論——讓我換種說法，我們不再在這裡使用創新這個詞，因為它成為人們思考開展業務的方式的一部分。

We're rooted in supporting our client base and supporting the four-party model, but we are very focused on being as successful and having our clients be successful in the digital world. And whether it's the work of the dev center, the APIs, that we've made available, all of the things that we've done that position us well in the world of digital commerce, including Visa Checkout, those are all part of those things. So everything we do is about continuing to be strong in the physical world but recognizing that we needed to think very differently in the digital world.

我們植根於支持我們的客戶群和支持四方模式，但我們非常專注於同樣成功並讓我們的客戶在數字世界中取得成功。無論是開發中心的工作，我們提供的 API，我們所做的所有事情都使我們在數字商務世界中處於有利地位，包括 Visa Checkout，這些都是其中的一部分事物。因此，我們所做的一切都是為了在物理世界中繼續保持強大，但要認識到我們需要在數字世界中以不同的方式思考。

There's a tremendous amount more to do so I don't want to -- I don't think about this as if we've done it and it's time for me to move on. I think we've done an awful lot but I'm confident that those activities and the way people think is the way the organization thinks.

還有很多事情要做，所以我不想——我不認為我們已經完成了，現在是我繼續前進的時候了。我認為我們已經做了很多，但我相信這些活動和人們的思維方式就是組織的思維方式。

Thank you. Our next question is from Darrin Peller from Barclays.

謝謝你。我們的下一個問題來自巴克萊的 Darrin Peller。

Thanks, guys. Just a quick follow up on incentives. I know you ran it about 18.9% in Q4, guidance around 21% at the mid-point. I guess I thought you already included or you were at a run rate of including Costco and USAA incentives already, along with Visa Europe. The vast majority of it was already the run rate in the past quarter.

多謝你們。只是對激勵措施的快速跟進。我知道你在第四季度運行了大約 18.9%，指導值在中點大約 21%。我想我以為你已經包括了，或者你已經以包括 Costco 和 USAA 激勵措施以及 Visa Europe 的運行速度。其中絕大多數已經是上個季度的運行率。

And then quickly on expenses, you're saying single-digit growth. I know you just did, again did low single-digit growth in the year, seem to have been able to accomplish all your investment needs under that rate. If you could just explain why we need to reaccelerate? Thanks, guys.

然後很快就支出，你說的是個位數的增長。我知道你剛剛做到了，今年又出現了低個位數的增長，似乎已經能夠在這個速度下完成你所有的投資需求。如果你能解釋一下為什麼我們需要重新加速？多謝你們。

Yes, I think mid single-digits has been our historic -- and by the way that's the expense growth for, let's call it core-Visa ex-europe, the expense base you've been used to looking at. And if you look at the history, we've typically run mid single-digits. We are continuing to invest in all the programs you want to invest in.

是的，我認為中個位數一直是我們的歷史 - 順便說一下，這就是費用增長，讓我們稱之為核心 - Visa ex-europe，您習慣於查看的費用基礎。如果您查看歷史記錄，我們通常會運行中個位數。我們將繼續投資於您想要投資的所有項目。

What we did this year was to prioritize around all of the other things. As we look at next year, the run rate returns to what has been more of a long-term trend. Our level of investment remains as steady as it has been and we'll continue to drive productivity. Some of the charge we took is a reflection of that. So that was in terms of the expense growth rate, so it really is a return back to what has been a very long-term trend and to level of investment we need to keep the business focused on all of the right things. The other part of the question I may have forgotten?

我們今年所做的是優先考慮所有其他事情。當我們展望明年時，運行率將回歸到更長期的趨勢。我們的投資水平與以往一樣穩定，我們將繼續提高生產力。我們採取的一些指控反映了這一點。所以這是就費用增長率而言，所以這確實是對一個非常長期的趨勢和投資水平的回報，我們需要讓業務專注於所有正確的事情。我可能忘記了問題的另一部分？

Incentives.

激勵措施。

On incentives, we didn't have the impact of Visa Europe in the fourth quarter to the extent that you have it next year because in the fourth quarter the rebates were still in place. We eliminated the rebates only as of the end of September. And then also, quarter-by-quarter impacts with the Visa Europe brand, a relatively higher level of incentives in the first half of the year, somewhat lower in the second half if you look to the filings we had done. So the full impact of Europe was really not as visible in the fourth quarter because the rebate to client incentive shift was not in place in the fourth quarter.

在激勵方面，我們在第四季度沒有像明年那樣受到 Visa Europe 的影響，因為在第四季度，回扣仍然存在。我們直到 9 月底才取消了回扣。此外，Visa Europe 品牌的逐季度影響，上半年的激勵水平相對較高，如果您查看我們提交的文件，下半年的激勵水平會有所降低。因此，歐洲的全面影響在第四季度實際上並沒有那麼明顯，因為在第四季度沒有向客戶激勵轉變的回扣到位。

Costco, yes. We had some of the incentives in this year but clearly it's a full year of Costco so you'll see the full impact. Plus There's a whole bunch of renewals I talked about that really start flowing into next year. Mostly the ones we did in Asia. So it's all these altogether.

好市多，是的。今年我們有一些激勵措施，但顯然這是 Costco 的一整年，所以你會看到全部影響。另外，我談到了一大堆續約，真正開始流入明年。主要是我們在亞洲做的那些。所以這就是所有這些。

Thank you. Our next question is from Andrew Jeffrey from SunTrust.

謝謝你。我們的下一個問題來自 SunTrust 的 Andrew Jeffrey。

Thanks. Appreciate you taking the call. Charlie, its been a pleasure. Bit of a big picture question. I know you've touched on it recently with your block chain announcement.

謝謝。感謝您接聽電話。查理，很高興。有點大圖的問題。我知道你最近在你的區塊鏈公告中提到了它。

But this is a big market. Your primary competitor has made a pretty aggressive move into B2B and hedged bets a little bit with the VocaLink acquisition. I wonder if you can just think about the way that a market evolves in your mind, ACH versus cards, and what the tradeoffs might be and what the opportunity is for Visa?

但這是一個很大的市場。您的主要競爭對手已經在 B2B 領域大舉進軍，並通過收購 VocaLink 進行了一些對沖。我想知道您是否可以考慮一下市場在您的腦海中演變的方式，ACH 與卡，以及可能的權衡是什麼以及 Visa 的機會是什麼？

Sure. Listen, I think what's important is that there is this, I'll describe it as really a government-sponsored, whether it's official or not, push towards faster payments. And so when I think about ACH, and we think about what's going on, I think that is the predominant driver because certainly the ACH system here, and others around the world, haven't been able to provide the same kind of -- the level of service as you get from other products or other networks.

當然。聽著，我認為重要的是有這個，我將其描述為真正的政府贊助，無論它是否是官方的，推動更快的支付。因此，當我想到 ACH，我們考慮正在發生的事情時，我認為這是主要驅動因素，因為這裡的 ACH 系統以及世界各地的其他系統肯定無法提供相同的——從其他產品或其他網絡獲得的服務水平。

And so when we think about what it means for us, we know the capabilities that we have. When we think about what we've done and the way we've positioned ourselves with Visa Direct and getting access on a push-payments basis to three billion cards across the world, we feel really good about the position that we have with those capabilities.

因此，當我們考慮這對我們意味著什麼時，我們就知道我們擁有的能力。當我們思考我們所做的事情以及我們使用 Visa Direct 定位自己的方式以及通過推送支付方式訪問全球 30 億張卡時，我們對我們在這些能力方面的地位感到非常滿意.

It doesn't mean that, that's all we're thinking about and all that we're doing and you've seen us do some work in, as you've mentioned, in the block chain space. Thinking more about where are payments inefficient? And for what we do in our traditional consumer to business world, that's not a problem that needs to get solved today, in terms of what block chain can do. But certainly in the commercial space, it's a very, very inefficient market and there are opportunities to use different technologies to bring some efficiency there.

這並不意味著，這就是我們正在考慮的所有事情以及我們正在做的所有事情，您已經看到我們在區塊鏈領域做了一些工作，正如您所提到的。更多地思考支付效率低下的地方？對於我們在傳統的消費者到商業世界中所做的事情，就區塊鏈可以做什麼而言，這不是今天需要解決的問題。但可以肯定的是，在商業領域，這是一個非常非常低效的市場，並且有機會使用不同的技術來提高效率。

So the things that we're doing, they are around doing things to improve something that exists. And for the core business of what we do today between consumers and merchants and it will be through consumers-to-consumers. In terms of using our push payment capabilities, it's leveraging the core assets we have that work really well, that have access to these three billion cards across the world.

所以我們正在做的事情，他們是圍繞做事情來改進現有的東西。對於我們今天在消費者和商家之間所做的核心業務，它將通過消費者對消費者進行。在使用我們的推送支付功能方面，它利用了我們擁有的運行良好的核心資產，可以訪問全球這 30 億張卡。

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

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

Good afternoon and thanks for taking my question. Vasant, just wanted to look one more time at the incentive as a percent of gross revenue. In the past few years Visa's given us this range as basically with 100 basis points, just like you've done today.

下午好，感謝您提出我的問題。 Vasant，只是想再看一次激勵措施佔總收入的百分比。在過去的幾年裡，Visa 給我們的這個範圍基本上是 100 個基點，就像你今天所做的那樣。

I'm just trying to make sure that I understand, does this reflect that there's confidence there? And what are the swing factors in that range between 20.5% and 21.5%? Is it mostly Europe or do you got a lot of puts and takes in renewals?

我只是想確保我理解，這是否反映了那裡有信心？在 20.5% 到 21.5% 之間的波動因子是多少？主要是歐洲還是你有很多續約和接受？

No, as always, you give a range because there's some things you know. The things you know are the deals that have already been done and what their impact might be based on the assumptions you're making on the revenue side. And if the revenues play out as you expect, then you get the incentives coming in as you expect.

不，和往常一樣，你給出一個範圍是因為有些事情你知道。您知道的事情是已經完成的交易以及它們的影響可能基於您在收入方面所做的假設。如果收入按您的預期發揮，那麼您就會得到預期的激勵。

The variability comes from things that are potential renewals during the year or things you have to do along the way because something happens that you didn't expect. So those would be the things that take you to one end of the range or the other.

可變性來自一年中可能續約的事情，或者您在此過程中必須做的事情，因為發生了您沒有預料到的事情。因此，這些將帶您到達範圍的一端或另一端。

And also just keep in mind, our incentive deals aren't generally structured as a percentage of gross revenues. Every deal is structured differently. Sometimes there are tiers, sometimes things are based on volumes, they are based on lots of different things.

還要記住，我們的激勵交易通常不是按總收入的百分比來安排的。每筆交易的結構都不同。有時有層次，有時事物基於數量，它們基於許多不同的事物。

So we make a bunch of assumptions as to what we think will play out by client in a year and it doesn't always play out that way by client. So a range really is the right way to think about it. And I just think the to-be-continued 100 basis point range is because we know a bunch of it has been signed and it's just a question of how those [bonds] play out. But we do, as Vasant said, we'll sign some new deals throughout the year that will impact those numbers and we make assumptions on what that looks like.

因此，我們對我們認為客戶會在一年內發揮的作用做出一系列假設，而客戶並不總是以這種方式發揮作用。因此，範圍確實是思考它的正確方法。而且我只是認為將繼續保持 100 個基點的範圍是因為我們知道其中已經簽署了一堆，而這只是這些 [債券] 如何發揮作用的問題。但是，正如 Vasant 所說，我們會在全年簽署一些新協議，這些協議會影響這些數字，我們會對這些數字做出假設。

And as we've said before, there's a lot of focus on incentives and trying to predict them from one quarter to another and in the end what really counts is net revenue. Net revenue is what we essentially keep and take to the bank. And it's net revenue growth that counts.

正如我們之前所說，人們非常關注激勵措施，並試圖從一個季度預測到另一個季度，最終真正重要的是淨收入。淨收入基本上是我們保留並帶入銀行的。重要的是淨收入增長。

And there's always going to be some noise in the tradeoff between gross revenues and incentives and there could be shifts from one quarter to another, depending on when renewals happen. The number to focus on is net revenues and we would keep saying that.

在總收入和激勵措施之間的權衡總是會有一些噪音，並且可能會從一個季度轉移到另一個季度，這取決於續約發生的時間。要關注的數字是淨收入，我們會一直這麼說。

Thank you. Our next question is from Don Fandetti from Citigroup.

謝謝你。我們的下一個問題來自花旗集團的 Don Fandetti。

Yes, Vasant, now that you've closed on Visa Europe, I was just curious on your confidence level for the consolidation of the processing systems? And if there's any kind of scenario where that could happen a little bit earlier and drive some earlier acceleration at the synergies?

是的，Vasant，既然您已經關閉了 Visa Europe，我只是想知道您對整合處理系統的信心水平嗎？如果有任何一種情況可能會更早發生並推動協同效應的更早加速？

Yes, so far we feel very good about everything going on, and Charlie might want to add some more things, but we feel very good about how the integration is proceeding. So really no surprises on that front and good progress and pretty much have achieved all the things we wanted to achieve at this stage of the game. The technology integration is also off to a good start. As we told you, that is a multi-year integration.

是的，到目前為止，我們對正在發生的一切都感覺很好，Charlie 可能想要添加更多的東西，但是我們對整合的進展感覺很好。所以在這方面真的沒有什麼驚喜，進展順利，幾乎已經實現了我們在遊戲這個階段想要實現的所有目標。技術整合也有了一個良好的開端。正如我們告訴你的那樣，這是一個多年的整合。

It's too early to tell you that it will be finished sooner but our goal is to get it done as fast as we can. The gating variable there is to minimize any impact on clients, so we will pace it to ensure that the -- this is as easy for clients as we can make it. So we won't rush it if it has -- if it's going to have a negative impact on clients. So that will be the biggest gating variable in the end. I don't know, Charlie if you want to -- ?

現在告訴你它會盡快完成還為時過早，但我們的目標是盡快完成它。那裡的門控變量是為了盡量減少對客戶的任何影響，因此我們將調整它以確保 - 這對客戶來說盡可能容易。因此，如果它有 - 如果它會對客戶產生負面影響，我們不會急於求成。所以這最終將是最大的門控變量。我不知道，查理，如果你想——？

One thing I'd add is, I personally have enormous confidence in the work that the technology teams on both sides of the Atlantic are doing. We know how to do these integrations. And remember what these integrations are is -- this is really, in many cases, what we are doing is we're taking the systems that we have at VI, we're looking at what capabilities need to be built into our systems to accommodate Europe's clients and building them out just as we always do on an ongoing basis into the VI systems and do it in a way where everything works as anticipated.

我要補充的一件事是，我個人對大西洋兩岸的技術團隊所做的工作充滿信心。我們知道如何進行這些集成。記住這些集成是什麼——實際上，在很多情況下，我們正在做的是我們正在使用我們在 VI 擁有的系統，我們正在研究需要在我們的系統中構建哪些功能以適應歐洲的客戶，並像我們一直做的那樣將他們構建到 VI 系統中，並以一切都按預期工作的方式進行。

So, our team is extraordinarily professional and I personally just have every level of confidence that they will do that well. And to the timing question, I think this is one where, someone asked the question about -- before about on guidance aggressive or conservative. This is one -- we've been very clear about this, which is we could do this quicker.

所以，我們的團隊非常專業，我個人完全有信心他們會做得很好。對於時間問題，我認為這是一個問題，有人問過 - 之前關於指導激進或保守的問題。這是一個 - 我們已經非常清楚這一點，我們可以更快地做到這一點。

It's not a question of us doing the work to build out those additional capabilities. That will be done relative quickly -- relatively quickly. I'm sorry. The real question is, what's the appropriate pace to complete these conversions along with our clients? And what we've said is that we don't intend to rush that.

這不是我們努力構建這些額外能力的問題。這將相對較快地完成——相對較快。對不起。真正的問題是，與我們的客戶一起完成這些轉換的適當速度是多少？我們已經說過，我們不打算倉促行事。

This is the type of thing that we have to do in a way that fits in with things that work for clients and I think that's just a smart way. I think you'd want us to think about it that way. We'll get plenty of benefits in the next couple years from Europe and there'll be plenty more beyond that, that we should do this the right way.

這是我們必須以適合為客戶工作的方式做的事情，我認為這只是一種聰明的方式。我想你會希望我們這樣想。在接下來的幾年裡，我們將從歐洲獲得很多好處，除此之外還會有很多好處，我們應該以正確的方式做到這一點。

With that, Laura, we have time for one last question.

有了這個，勞拉，我們有時間回答最後一個問題。

Thank you. Our last question is from Chris Brendler from Stifel Nicolaus.

謝謝你。我們的最後一個問題來自 Stifel Nicolaus 的 Chris Brendler。

Hi. Thanks. Thanks for squeezing me in and best of luck, Charlie. I'm really sorry to see you go. Just wanted ask a question on EMV, [you've been at it] a little over a year and do you feel like -- it's a little bit of a messy process in some ways, but do you feel like we've gotten to a point where EMV is gaining traction?

你好。謝謝。謝謝你把我擠進去，祝你好運，查理。看到你走我真的很抱歉。只是想問一個關於 EMV 的問題，[你已經做了一年多]，你是否覺得 - 在某些方面有點混亂，但你覺得我們已經做到了嗎？ EMV 正在獲得牽引力的地方？

And if you could have any color commentary on the role changes relative to chargebacks and the $25 limit and how much that's improved the merchant experience with EMV? That would be helpful. Thank you.

如果您可以對與退款和 25 美元限制相關的角色變化有任何色彩評論，以及這在多大程度上改善了商家使用 EMV 的體驗？那會很有幫助。謝謝你。

Listen, I don't have a lot more to say from what we said on EMV. Just to make it -- give you the update on the numbers in terms of almost 65% of the credit cards and 45% of the debit cards. 1.6 million merchants, which is 40% are accepting them. I think this is a lot of work for sure. It's progressing along a time frame which is faster than we've seen in any other part of the world when they have moved from mag stripe to chip.

聽著，從我們在 EMV 上所說的話，我沒有更多要說的了。只是為了做到這一點 - 為您提供近 65% 的信用卡和 45% 的借記卡的數字更新。 160 萬商家，其中 40% 正在接受它們。我認為這肯定是很多工作。當他們從磁條轉移到芯片時，它的發展速度比我們在世界任何其他地方看到的都要快。

We said this last quarter, the quarter before, this is -- today it's the largest chip card market in the world, even though we still have a long way to go. And we -- and you can just -- you see the meaningful impacts on the reduction in fraud when chip-on-chip exists. So there's no question that, as difficult as it is, that it's the right thing to do.

我們在上個季度，上個季度說過，這是 - 今天它是世界上最大的芯片卡市場，儘管我們還有很長的路要走。我們——而且你可以——看到芯片對芯片存在時對減少欺詐的有意義的影響。因此，儘管困難重重，但毫無疑問這是正確的做法。

And it will just take a period of time as these tails continue to complete the conversions. And while we continue to complete the EMV rollouts in the US, I can assure you that we are working really diligently, as are -- well I will say we're doing this in partnership with everyone, including acquirers, issuers, merchants, everyone in the ecosystem, to think through what's next, which is certainly looking at the online world, but also continuing to look at encryption and new ways of authentication in the physical world.

隨著這些尾巴繼續完成轉換，只需要一段時間。在我們繼續在美國完成 EMV 推廣的同時，我可以向您保證，我們正在非常努力地工作，我會說我們正在與每個人合作，包括收單機構、發行人、商家，每個人在生態系統中，思考下一步是什麼，這肯定是著眼於網絡世界，但也繼續著眼於物理世界中的加密和新的身份驗證方式。

And with that, we want to thank you all for joining us today and if you have any follow-up questions feel free to call investor relations.

因此，我們要感謝大家今天加入我們，如果您有任何後續問題，請隨時致電投資者關係部。

Thanks, everyone.

感謝大家。

That concludes today's conference. Thank you all for participating. You may now disconnect.

今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。