Visa Inc (V) 2017 Q1 法說會逐字稿

Welcome to Visa's first-quarter FY17 earnings conference call.

歡迎參加 Visa 2017 財年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

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

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

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, May.

謝謝，梅。

Good afternoon, everyone, and welcome to Visa, Inc.'s first quarter FY17 earnings conference call.

大家下午好，歡迎參加 Visa, Inc. 2017 財年第一季度財報電話會議。

Joining us today are Al Kelly, Visa's Chief Executive Officer; and Vasant Prabhu, Visa's Chief Financial Officer.

今天加入我們的是 Visa 的首席執行官 Al Kelly； Visa 的首席財務官 Vasant Prabhu。

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

該電話目前正在互聯網上進行網絡直播，可在我們網站 Investor.visa.com 的投資者關係部分訪問。

A replay of the webcast will be archived on our site for 90 days.

網絡廣播的重播將在我們的網站上存檔 90 天。

The PowerPoints that contain the financial and statistical highlights of today's call have been posted to our IR website, as well.

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

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

我還要提醒您，本演示文稿可能包含前瞻性陳述。

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

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

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

有關這些因素的更多信息，請參閱我們關於 10-K 和 Q 表的最新報告，您可以在 SEC 網站和 Visa 網站的 IR 部分找到這些報告。

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

對於本次電話會議中披露的歷史非 GAAP 或備考相關財務信息，相關的 GAAP 措施和 SEC 的 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。

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

有了這個，我會把電話轉給 Al。

Jack, thank you and good afternoon, or good evening to everyone, and thank you for joining us today.

傑克，謝謝大家，下午好，或者大家晚上好，感謝您今天加入我們。

Let me start by saying how excited I am to be with all of you.

首先讓我說我很高興能和你們所有人在一起。

I just completed my first quarter at Visa, and passed my two-month mark as the Chief Executive Officer.

我剛剛完成了在 Visa 的第一季度，並通過了我擔任首席執行官的兩個月大關。

I think as many of you know, I've been a Board member since early 2014, so I've been involved in the business, and was a party in approving the Company's strategy and priorities.

我想你們很多人都知道，我自 2014 年初以來一直是董事會成員，所以我一直參與這項業務，並且是批准公司戰略和優先事項的一方。

I also understand the majority of the opportunities and challenges around the world.

我也了解世界各地的大多數機遇和挑戰。

My objective from day one has been to make this CEO transition at Visa seamless for our clients, our partners, our employees, and our shareholders.

從第一天開始，我的目標就是為我們的客戶、合作夥伴、員工和股東順利完成 Visa 的 CEO 過渡。

I have no big plans to change our strategy in the short term, but as a key player in a dynamic payments ecosystem, we certainly have to be prepared as necessary to adapt are thinking as facts and circumstances change.

我沒有在短期內改變我們戰略的大計劃，但作為動態支付生態系統中的關鍵參與者，我們當然必須做好必要的準備，以適應現實和環境變化的思維方式。

Over the last couple of months, I've spent the majority of my time traveling to meet our valued clients, regulatory personnel, and talented employees.

在過去的幾個月裡，我大部分時間都在旅行，與我們尊貴的客戶、監管人員和才華橫溢的員工會面。

During this time, I've met with or talked to over 50 clients.

在此期間，我與 50 多個客戶會面或交談過。

I've also visited with regulators or government officials in nine countries, and visited 12 of our global offices.

我還拜訪了九個國家的監管機構或政府官員，並拜訪了我們的 12 個全球辦事處。

I have to say it's been exhilarating and enjoyable.

我不得不說這令人振奮和愉快。

It has also reinforced my belief in our great global brand and the first-class group of clients we have globally.

這也加強了我對我們偉大的全球品牌和我們在全球擁有的一流客戶群的信念。

Let me begin by sharing a few early observations since I joined the Visa team; then I'll highlight the business momentum we saw in the quarter, and close with some thoughts around our strategic pillars as we move forward.

讓我先分享一些我加入 Visa 團隊以來的早期觀察；然後我將重點介紹我們在本季度看到的業務勢頭，並在我們前進的過程中圍繞我們的戰略支柱提出一些想法。

First, I would say we have a fantastic leadership team.

首先，我想說我們有一個出色的領導團隊。

I thoroughly enjoy spending time with them, and working with them on a day-in and day-out basis.

我非常喜歡與他們共度時光，並日復一日地與他們一起工作。

I will also tell you that we have a talented group of employees, after visiting with a number of them in our offices around the globe.

我還將告訴您，在訪問了我們在全球各地的辦公室中的一些員工之後，我們擁有一群才華橫溢的員工。

We need to continue to foster a healthy culture that tracks, retains, and develops the best talent to maintain this high level of Company performance.

我們需要繼續培養一種健康的文化，以跟踪、留住和培養最優秀的人才，以保持公司高水平的業績。

Second, we certainly have strong relationships with our issuer clients, our acquirer clients, and the merchant community of clients, and we're constantly looking for ways to build upon those.

其次，我們當然與我們的發行人客戶、我們的收單機構客戶以及商戶客戶社區建立了牢固的關係，並且我們一直在尋找以此為基礎的方法。

It's been very valuable to for me to hear their perspectives on Visa, and how we can be a better partner in addressing our business needs going forward.

聽聽他們對 Visa 的看法，以及我們如何成為更好的合作夥伴來滿足我們未來的業務需求，對我來說非常有價值。

We need to identify areas where we can remove friction from the process in enabling digital payments as we pursue partnerships.

在我們尋求合作夥伴關係時，我們需要確定可以消除數字支付過程中摩擦的領域。

At the same time, we recognize that this industry is very competitive, and the regulatory environment continues to evolve in many markets around the world.

同時，我們認識到這個行業競爭非常激烈，全球許多市場的監管環境也在不斷演變。

Third, we're in a growth industry, and there's a huge opportunity in front of us.

第三，我們處於一個成長型行業，擺在我們面前的是一個巨大的機會。

The global opportunity to digitize cash and check is enormous.

將現金和支票數字化的全球機會是巨大的。

We have a vibrant core business in developed regions, with even more growth opportunities in the international and emerging markets with low penetration rates.

我們在發達地區擁有充滿活力的核心業務，在滲透率較低的國際和新興市場擁有更多增長機會。

Governments in emerging middle classes are leading the way to digitize more payments in developing countries, while e-commerce is displacing cash and check in developed countries.

新興中產階級政府正在引領發展中國家更多支付的數字化，而電子商務正在取代發達國家的現金和支票。

Through our focus on technological innovation and partnership development, Visa is well-positioned for sustained growth going forward.

通過我們對技術創新和合作夥伴關係發展的關注，Visa 為未來的持續增長做好了充分準備。

As a market leader in payments technology, we're enabling new forms of digital commerce, and supporting the new businesses in mobile payments, the Internet of Things, data security, and the sharing economy.

作為支付技術的市場領導者，我們正在支持新形式的數字商務，並支持移動支付、物聯網、數據安全和共享經濟領域的新業務。

Our global network connects over 16,000 financial institutions to over 44 million merchants, with strong commercial partnerships built over many years, and a brand that's recognized by consumers for acceptance, security, and convenience.

我們的全球網絡將超過 16,000 家金融機構與超過 4,400 萬商戶聯繫起來，多年來建立了強大的商業合作夥伴關係，並且該品牌因接受度、安全性和便利性而受到消費者的認可。

I'm gratified to see the business strength and fundamentals that I knew as a board member continue to be realized in our financial results.

我很高興看到我作為董事會成員所了解的業務實力和基本面繼續在我們的財務業績中得到體現。

With that, let me highlight some of these now.

有了這個，讓我現在強調其中的一些。

In the fiscal quarter just ended, we saw healthy overall growth in terms of payment volume, cross-border commerce, transactions, revenue, and earnings leverage, as the business performed better than our internal expectations.

在剛剛結束的財政季度，我們看到支付量、跨境商務、交易、收入和盈利槓桿的整體健康增長，因為業務表現好於我們的內部預期。

We grew net revenue by 25% and adjusted EPS by 23% versus prior year's adjusted results.

與去年的調整後業績相比，我們的淨收入增長了 25%，調整後的每股收益增長了 23%。

Transaction growth, strong cross-border activity, higher currency volatility, and client incentive delays all contributed to our revenue out-performance.

交易增長、強勁的跨境活動、更高的貨幣波動性和客戶激勵延遲都導致我們的收入表現出色。

This is the second full quarter with Visa Europe in the results, which makes it a little more complicated, but Vasant will take time later to cover the financial results in greater detail.

這是 Visa Europe 在結果中的第二個完整季度，這使得它有點複雜，但 Vasant 將需要時間來更詳細地涵蓋財務結果。

Our operational metrics are improving, and we're on track to meet our financial goals.

我們的運營指標正在改善，我們正在實現我們的財務目標。

In terms of co-brand partnerships, issuer renewals, and other competitive deals, they are a normal course of business, and as usual, we have had very good success in the last quarter.

在聯合品牌合作、發行人續約和其他競爭性交易方面，它們是正常的業務過程，而且像往常一樣，我們在上個季度取得了非常好的成功。

We have a lot of momentum in the business, and have exciting days ahead of us.

我們在業務上有很大的發展勢頭，並且我們將迎來激動人心的日子。

We're executing on our 2017 operating plan, and I'm pleased with the progress to date.

我們正在執行 2017 年的運營計劃，我對迄今為止的進展感到滿意。

When I look out longer term, we remain committed to our strategy and the six guiding pillars, three of which I look at as foundational, and three of which are keys to grow.

從長遠來看，我們仍然致力於我們的戰略和六個指導支柱，我認為其中三個是基礎，其中三個是增長的關鍵。

The foundational elements of our strategy are first and foremost to retain and attract the best people.

我們戰略的基本要素首先是留住和吸引最優秀的人才。

In my mind and based on my experience, success starts there.

在我看來，根據我的經驗，成功從那裡開始。

Winning teams and organizations have the best people, so we need to build upon the solid foundation and high-performing culture we have here at Visa.

獲勝的團隊和組織擁有最優秀的人才，因此我們需要在 Visa 的堅實基礎和高績效文化的基礎上再接再厲。

We continue to strive to be an employer of choice, where we can constantly attract the best talent, develop our people, and recognize their achievements, as we are clearly doing excellent and wonderful things here.

我們繼續努力成為首選雇主，在這裡我們可以不斷吸引最優秀的人才，發展我們的員工，並認可他們的成就，因為我們顯然在這裡做得非常出色。

Second is transforming technology.

二是改造技術。

We want to constantly be on the leading edge and push the pace of innovation.

我們希望不斷處於領先地位，推動創新步伐。

As part of extending our network and enabling easier access, we're pushing toward open access software for our clients and partners.

作為擴展我們的網絡和實現更輕鬆訪問的一部分，我們正在為我們的客戶和合作夥伴推動開放訪問軟件。

We're providing an open platform for developers to access our APIs to quickly launch new products and experiences.

我們正在為開發人員提供一個開放平台，以訪問我們的 API 以快速推出新產品和體驗。

We're adding technical resources in many locations around the world, and also building a European innovation center in the UK, that will open at the end of this month.

我們正在世界各地增加技術資源，並在英國建立歐洲創新中心，該中心將於本月底開放。

The third foundational element is championing security.

第三個基本要素是倡導安全。

It is an imperative that there is a high level of trust in the payments ecosystem, and we are committed to be an industry leader when it comes to security.

對支付生態系統有高度的信任是當務之急，我們致力於成為安全方面的行業領導者。

One way we're doing that's through tokenization.

我們這樣做的一種方法是通過標記化。

We continue to make excellent progress with the Visa Token Service, which is now live in 27 countries, and more than 1,300 financial institution partners are participating globally.

我們繼續在 Visa 令牌服務方面取得出色進展，該服務現已在 27 個國家/地區推出，全球有 1,300 多家金融機構合作夥伴參與其中。

We've enabled launches of many financial institutions' wallets, as well as the various pays in several additional countries in this past quarter.

在過去的這個季度，我們已經啟動了許多金融機構的錢包，以及在其他幾個國家/地區的各種支付。

Now let me turn to the three growth elements of the strategy, the first being expanding access to our network and services globally.

現在讓我談談該戰略的三個增長要素，第一個是在全球範圍內擴大對我們網絡和服務的訪問。

Expanding and providing access to our network drives value for our clients and partners, consumers, merchants, and governments.

擴展和提供對我們網絡的訪問為我們的客戶和合作夥伴、消費者、商家和政府創造價值。

Around the world, we're developing, supporting new products and methods of acceptance.

在世界各地，我們正在開發、支持新產品和接受方法。

We're recognizing local market conditions.

我們正在認識到當地的市場狀況。

Through these efforts, we have provided payment accounts to countless number of people who previously didn't have access to the formal financial system.

通過這些努力，我們為無數以前無法使用正規金融系統的人提供了支付賬戶。

Second growth element of our strategy is deepening partnerships.

我們戰略的第二個增長要素是深化夥伴關係。

Partnerships are critical in the payments world, and we strive to be the best possible partner we can be to enable growth opportunities for all parties in the ecosystem.

合作夥伴關係在支付領域至關重要，我們努力成為最好的合作夥伴，為生態系統中的各方提供增長機會。

We need to continue to build close relationships with our issuing partners; likewise it is very important that we work hard and demonstrate a commitment to our acquirers and the merchant community in each market, and find ways to deliver additional value there.

我們需要繼續與我們的發行合作夥伴建立密切的關係；同樣重要的是，我們努力工作並向每個市場的收單機構和商戶社區展示承諾，並找到在那裡創造附加價值的方法。

Being a trusted partner is a key to our business success, so we always want to look to strengthen these relationships, and we will continue to do just that.

成為值得信賴的合作夥伴是我們業務成功的關鍵，因此我們一直希望加強這些關係，我們將繼續這樣做。

The third element is digital expansion.

第三個要素是數字化擴張。

E-commerce enabled by mobile and other form factors is a significant opportunity, and we are definitely investing behind it.

移動和其他形式因素支持的電子商務是一個重要的機會，我們肯定會在其背後進行投資。

As payments move from the physical to digital world, we're leading the way in developing solutions for our clients, our partners, and consumers.

隨著支付從物理世界轉移到數字世界，我們在為客戶、合作夥伴和消費者開發解決方案方面處於領先地位。

One great example of this is Visa Checkout.

Visa Checkout 就是一個很好的例子。

We now have over 18 million consumer accounts in 23 countries, and over 1,500 financial institutional partners participating around the world.

我們現在在 23 個國家擁有超過 1800 萬個消費者賬戶，在全球擁有超過 1,500 家金融機構合作夥伴。

More than 300,000 online merchants have signed on to accept Visa Checkout, representing $173 billion in addressable volume.

超過 300,000 家在線商戶已簽約接受 Visa Checkout，相當於 1730 億美元的可尋址交易量。

Another key area for Visa is the acceleration of international markets.

Visa的另一個關鍵領域是國際市場的加速發展。

The integration of Visa Europe is tracking well.

Visa Europe 的整合進展順利。

It's still in the early innings, but we're encouraged by the progress, and see meaningful growth opportunities.

它仍處於早期階段，但我們對進展感到鼓舞，並看到了有意義的增長機會。

During the quarter, we continued our focus on local market priorities, along side client engagement.

在本季度，我們繼續關注本地市場優先事項以及客戶參與。

The vast majority of our payments volume in Europe remains under contract.

我們在歐洲的大部分付款量仍處於合同狀態。

The European market continues to represent a large opportunity to displace cash, and we are accelerating digital innovation in Europe by continuing to roll out our token service in several markets, as well as supporting many digital wallets.

歐洲市場繼續代表著取代現金的巨大機會，我們正在通過繼續在多個市場推出我們的代幣服務以及支持許多數字錢包來加速歐洲的數字創新。

A number of people have asked about the China market opportunity.

許多人詢問了中國市場的機會。

Visa remains committed to China for the long term, and we want to deepen our partnerships with our clients and partners to advance economic growth.

Visa 長期致力於中國，我們希望加深與客戶和合作夥伴的合作夥伴關係，以促進經濟增長。

We look forward to the opportunity to formally submit our license application; however, we're still awaiting additional clarifications for the government before we can apply.

我們期待有機會正式提交我們的許可申請；但是，在我們申請之前，我們仍在等待政府的進一步澄清。

It's our intent to move very quickly to set up our processing infrastructure, once we have greater clarity from the PBOC around the timelines for their decision in granting licenses.

一旦我們從中國人民銀行那裡獲得關於他們決定授予許可的時間表的更清晰的信息，我們的意圖是迅速採取行動建立我們的處理基礎設施。

The move to a more cash-less economy in India also represents a large opportunity.

印度轉向無現金經濟也代表了一個巨大的機會。

Concurrent with other measures, the new government has implement measures to incent merchants and consumers to move to digital payments.

在採取其他措施的同時，新政府還採取措施鼓勵商家和消費者轉向數字支付。

These new measures include capped POS terminal charges, no PLS import tax and duties.

這些新措施包括 POS 終端收費上限、無 PLS 進口稅和關稅。

In the last quarter, we've seen a nearly 75% increase in payments volume in India, and more than twice the number of processed transactions.

在上個季度，我們看到印度的支付量增長了近 75%，處理的交易數量增加了一倍多。

We're working with a number of key stakeholders to sustain the momentum, to drive digital payments in the Indian economy.

我們正在與一些主要利益相關者合作，以維持這一勢頭，推動印度經濟中的數字支付。

Examples include working with issuers to raise awareness and drive debit activation.

示例包括與發行人合作以提高認識並推動借記卡激活。

We're also working with acquirers and merchants on digital acceptance solutions like mVisa to rapidly expand acceptance, and with key government bodies to facilitate longer-term ecosystem growth.

我們還與收單機構和商家合作開發 mVisa 等數字接受解決方案，以迅速擴大接受度，並與主要政府機構合作以促進生態系統的長期發展。

It is early days, but we are excited about the opportunity to expand electronic payments to consumers.

現在還為時尚早，但我們很高興有機會將電子支付擴展到消費者。

Let me now share some thoughts on managing our capital and delivering shareholder value.

現在讓我分享一些關於管理我們的資本和實現股東價值的想法。

Our number one priority with capital is to identify and find ways to grow our business.

我們在資本方面的第一要務是確定並找到發展我們業務的方法。

This can be - this can come organically or through acquisitions.

這可以是——這可以是有機的，也可以是通過收購來的。

One example of the latter is the acquisition of Cardinal Commerce, which closed yesterday.

後者的一個例子是對昨天結束的 Cardinal Commerce 的收購。

This acquisition helps our clients and merchant partners accelerate digital payments and commerce by improving online payment security.

此次收購有助於我們的客戶和商家合作夥伴通過提高在線支付安全性來加速數字支付和商業。

It builds on our strength in the sector, and augments issuer services and our cyber-source capabilities.

它建立在我們在該領域的實力的基礎上，並增強了發行人服務和我們的網絡資源能力。

In this dynamic payments ecosystem, we need to invest to drive future growth, and maintain our market-leading position.

在這個充滿活力的支付生態系統中，我們需要投資以推動未來的增長，並保持我們的市場領先地位。

Second, we will continue to deliver value by returning excess cash to our shareholders.

其次，我們將繼續通過向股東返還多餘現金來創造價值。

In this last fiscal quarter, we returned nearly $2.2 billion, consisting of $1.8 billion through share repurchases and nearly $400 million through dividends.

在上一財季，我們返還了近 22 億美元，其中包括 18 億美元的股票回購和近 4 億美元的股息。

As we've stated before, we have accelerated our share repurchases to offset the equity dilution from the Visa Europe acquisition.

正如我們之前所說，我們加快了股票回購，以抵消收購 Visa Europe 帶來的股權稀釋。

We will continue to be prudent as we think about ways of managing and allocating our capital.

在考慮管理和分配資本的方式時，我們將繼續保持謹慎。

Lastly, we plan to maintain a healthy dialogue and good relationships with our investor community.

最後，我們計劃與我們的投資者社區保持健康的對話和良好的關係。

I hope to meet and spend time with many of you as we move through the year.

我希望在我們度過這一年的過程中與你們中的許多人見面並共度時光。

To that end, we are in the planning stages to hold an Investor Day in June, so we will come back to you shortly once the dates and locations are confirmed.

為此，我們正在計劃在 6 月舉辦投資者日，因此一旦日期和地點確定，我們將盡快回复您。

As we begin this new year, I'm excited about the many opportunities ahead.

在我們開始新的一年之際，我對未來的許多機會感到興奮。

We're off to a really good start in our fiscal first quarter.

我們在第一財季的開局非常好。

I feel great about the future of Visa.

我對 Visa 的未來感覺很好。

With that, let me turn it over to Vasant to cover some of the financial details.

有了這個，讓我把它交給 Vasant 來介紹一些財務細節。

Thank you, Al.

謝謝你，阿爾。

FY17 is off to a strong start.

2017 財年開局良好。

First-quarter revenue and EPS exceeded our expectations, driven by accelerating fundamentals, which more than offset the drag from exchange rate shift.

在基本面加速的推動下，第一季度收入和每股收益超出了我們的預期，這完全抵消了匯率變動的拖累。

On a GAAP basis, fiscal first quarter net revenues were up 25%, and EPS up 7%.

按公認會計原則計算，第一財季淨收入增長 25%，每股收益增長 7%。

Net income for the first quarter was $2.1 billion, and EPS $0.86 per diluted share.

第一季度淨收入為 21 億美元，每股攤薄收益為 0.86 美元。

Adjusting for the $255 million non-cash gain in last year's first quarter from the write-off of the Visa Europe book liability, EPS was up 23%.

對去年第一季度因核銷 Visa Europe 賬面負債而產生的 2.55 億美元非現金收益進行調整後，每股收益增長了 23%。

Exchange rate shifts versus the prior year negatively affected both net revenue and EPS growth by approximately 3 percentage points.

與上一年相比，匯率變動對淨收入和每股收益增長產生了約 3 個百分點的負面影響。

There were four key drivers of our Q1 out-performance.

我們第一季度的表現有四個關鍵驅動因素。

First, constant-dollar payment volume growth stepped up between 1% to 2% percentage points in most geographies.

首先，在大多數地區，固定美元支付量增長加快了 1% 至 2% 個百分點。

Second, normalized for the impact of Visa Europe, the cross-border recovery accelerated by two percentage points globally, from 10% to 12%.

其次，考慮到 Visa Europe 的影響，跨境復甦在全球範圍內加快了兩個百分點，從 10% 提高到 12%。

Once again, the acceleration was broad-based.

再一次，加速是廣泛的。

Third, normalized for the impact of Visa Europe, process transaction growth picked up by one point, from 12% to 13%, driven significantly by India, as well as the US.

第三，考慮到 Visa Europe 的影響，流程交易增長從 12% 上升到 13%，增長了 1 個百分點，這主要受印度和美國的推動。

Fourth, timing of client incentives and delays in expenses added almost $0.03 to our Q1 results.

第四，客戶獎勵的時間安排和費用延遲為我們的第一季度業績增加了近 0.03 美元。

Strong business fundamentals more than offset the negative impact of a strengthening US dollar and a weakening euro.

強勁的商業基本面抵消了美元走強和歐元走弱的負面影響。

The balance between strong business fundamentals and unfavorable exchange rate shift will drive our results as we look ahead to the rest of FY17.

在我們展望 2017 財年剩餘時間時，強勁的業務基本面和不利的匯率轉變之間的平衡將推動我們的業績。

A couple of other points to note before I get into the details of our Q1 results, and our outlook for the year.

在我詳細介紹我們的第一季度業績和今年的展望之前，還有幾點需要注意。

We did not issue $2 billion in debt as we had planned.

我們沒有按計劃發行 20 億美元的債務。

We did issue $567 million in commercial paper to fund our stock buy-back and operating cash needs.

我們確實發行了 5.67 億美元的商業票據來滿足我們的股票回購和運營現金需求。

We have over $8 billion of offshore cash, which could be repatriated if it can be done tax efficiently.

我們有超過 80 億美元的離岸現金，如果可以有效地納稅，這些現金可以匯回。

We will wait to see what the new administration's plans for permitting cash repatriation are before we issue longer-term debt.

在我們發行長期債務之前，我們將等著看新政府允許現金匯回的計劃是什麼。

In parallel, we continue to work on other strategies to bring cash back to the US.

與此同時，我們繼續致力於將現金帶回美國的其他策略。

Until there's clarity on this front, we plan to issue commercial paper or short-term debt to fund our buy-back and other on-shore cash needs.

在這方面明確之前，我們計劃發行商業票據或短期債務，以滿足我們的回購和其他在岸現金需求。

We bought back $22.3 million shares of Class A common stock at an average price of $79.77, or $1.8 billion in the first quarter.

我們在第一季度以平均 79.77 美元或 18 億美元的價格回購了 2230 萬美元的 A 類普通股。

We have $3.9 billion remaining in our stock buy-back authorization.

我們的股票回購授權中剩餘 39 億美元。

Moving now to a review of our key business drivers in the first quarter.

現在回顧一下我們第一季度的主要業務驅動因素。

US payments volumes grew 12.4% in Q1, as credit grew 20.2%, helped by Costco and USAA.

在 Costco 和 USAA 的幫助下，美國第一季度的支付量增長了 12.4%，而信貸增長了 20.2%。

US debit grew 4.6%, helped by USAA debit conversion, but hurt by Interlink volumes.

美國借記卡增長 4.6%，這得益於 USAA 借記卡轉換，但受到 Interlink 交易量的影響。

Interlink volumes were down due to lapping a significant win in the fourth quarter of FY15, as well as PIN debit routing choices by acquirers and merchants.

由於 FY15 第四季度取得重大勝利，以及收單機構和商戶選擇 PIN 借記卡路由，Interlink 交易量有所下降。

Excluding Interlink volumes, the US debit growth rate stepped up by 3 points, due to USAA and rising gas prices.

由於 USAA 和汽油價格上漲，不包括 Interlink 交易量，美國借記卡增長率提高了 3 個百分點。

Gas prices added approximately 1 point to both credit and debit payment volume growth in the US.

天然氣價格為美國的信用卡和借記卡支付量增長增加了大約 1 個百分點。

As reported, Q1 international payment volumes grew 70.5% in constant dollars.

據報導，第一季度國際支付量以固定美元計算增長了 70.5%。

The step-down in the growth rate from the last quarter is the result of the exclusion of co-badge volumes in Europe.

與上一季度相比，增長率下降是由於排除了歐洲的聯合徽章交易量。

As you know, effective June 9, 2016, Article 8 of the EU Interchange Fee Regulation states that payment networks cannot impose reporting requirements or the obligation to pay fees on payment transaction where their payment brand is present but their network is not used.

如您所知，自 2016 年 6 月 9 日起，歐盟交換費用條例第 8 條規定，支付網絡不能對存在支付品牌但未使用其網絡的支付交易施加報告要求或支付費用的義務。

Prior to this regulation, Visa collected a small service fee in a few countries, particularly France, on domestic payment transactions where Visa cards are co-badged with the domestic network.

在此規定之前，Visa 在一些國家（尤其是法國）對 Visa 卡與國內網絡聯合標記的國內支付交易收取少量服務費。

France and Europe continue to report co-badge volume through the quarter ended September 2016.

截至 2016 年 9 月的季度，法國和歐洲繼續報告聯合徽章數量。

However, effective the December 2016 quarter, Visa co-badge volumes in Europe are no longer included in our reported payment volumes.

然而，自 2016 年 12 月季度起，歐洲的 Visa 聯合徽章交易量不再包含在我們報告的支付量中。

Item 2 in our operational performance data package will help you adjust for this change.

我們的運營績效數據包中的第 2 項將幫助您適應這一變化。

As you can see, excluding co-badge volumes, European payment volume growth stepped up from 7% last quarter to 9%.

如您所見，不包括聯合徽章交易量，歐洲支付交易量增長從上一季度的 7% 上升至 9%。

There was strength across Europe, and especially in the UK.

整個歐洲都有實力，尤其是在英國。

Payment volume growth rate in Asia was up 1.6 percentage points, driven by India, Japan, and Australia.

在印度、日本和澳大利亞的推動下，亞洲的支付量增長率上升了 1.6 個百分點。

Our SEMEA region growth rate was higher by over 3 points, helped by the Middle East and some improvement in Africa.

在中東和非洲有所改善的幫助下，我們的 SEMEA 地區增長率高出 3 個百分點以上。

The only region with a slow-down in growth was Latin America, pulled down by continuing weakness in Brazil.

唯一增長放緩的地區是拉丁美洲，受巴西持續疲軟的拖累。

Adding in Europe to last year's payment volumes and adjusting for co-badge volumes -- in other words, on a comparable and normalized basis -- constant-dollar global payment volume growth accelerated by 1.5 percentage points in Q1, versus the last year -- versus the last quarter.

將歐洲添加到去年的支付量並調整聯合徽章量 - 換句話說，在可比和標準化的基礎上 - 與去年相比，第一季度固定美元全球支付量增長加速了 1.5 個百分點 -與上一季度相比。

On a reported basis, cross-border volumes grew 140%, driven by the inclusion of Visa Europe.

據報導，在 Visa Europe 的加入推動下，跨境交易量增長了 140%。

On a comparable and normalized basis, constant-dollar cross-border growth globally was 12%, up 2 points from the last quarter.

在可比和標準化的基礎上，全球不變美元跨境增長為 12%，比上一季度上升 2 個百分點。

This information is provided in item three of our operational performance data package.

此信息在我們的運營績效數據包的第三項中提供。

US cross-border growth in constant dollars hit double digits for the first time since the first quarter of 2014.

美國以固定美元計算的跨境增長自 2014 年第一季度以來首次達到兩位數。

The strong dollar drove robust out-bound commerce from the US, especially into Mexico, Canada, and the UK.

強勢美元推動了來自美國的強勁對外貿易，尤其是進入墨西哥、加拿大和英國。

Our large US acquired business was stable, benefiting from commerce in from Canada and parts of Latin America.

我們在美國收購的大型業務穩定，受益於來自加拿大和拉丁美洲部分地區的貿易。

The weak pound is driving significant in-bound commerce into the UK from all parts of the globe.

疲軟的英鎊正在推動來自全球各地的大量入境貿易進入英國。

Euro zone cross-border growth rates remain healthy, helped by a weakening euro.

在歐元走弱的幫助下，歐元區跨境增長率保持健康。

Cross-border commerce was strong across most of Asia, especially out-bound from Australia and Southeast Asia.

亞洲大部分地區的跨境貿易都很強勁，尤其是來自澳大利亞和東南亞的跨境貿易。

Other high-growth corridors were out-bound commerce from Russia and eastern Europe.

其他高增長走廊是來自俄羅斯和東歐的對外貿易。

Overall, the cross-border business was an important contributor to our Q1 out-performance.

總體而言，跨境業務是我們第一季度表現優異的重要貢獻者。

On a reported basis, global process transactions grew 44%, driven by the inclusion of Visa Europe.

據報導，在 Visa Europe 的加入推動下，全球流程交易增長了 44%。

On a comparable and normalized basis, global process transactions grew 13%, up 1 point from the last quarter.

在可比和標準化的基礎上，全球流程交易增長了 13%，比上一季度增長了 1 個百分點。

US process transactions grew 11% due to Costco and USAA.

由於 Costco 和 USAA，美國流程交易增長了 11%。

De-monetization in India drove the increase in international process transaction growth.

印度的去貨幣化推動了國際流程交易的增長。

European process transactions were stable.

歐洲流程交易穩定。

Through January 28, US payment volumes are up almost 13% in constant dollars.

截至 1 月 28 日，美國的支付量按固定美元計算增長了近 13%。

Normalized for Visa Europe, constant-dollar cross-border volumes grew 13%, and process transaction growth was 14%.

Visa Europe 標準化後，固定美元跨境交易量增長 13%，流程交易增長 14%。

As you can see, first-quarter growth trends remain intact so far in Q2.

如您所見，到目前為止，第一季度的增長趨勢在第二季度保持不變。

A quick review of Q1 financial results.

快速回顧第一季度的財務業績。

Service revenues grew 17%.

服務收入增長 17%。

Service revenue growth was helped by the announced price increase on US-acquired debit card service fees, offset by negative currency translation impact.

服務收入增長得益於宣布的美國借記卡服務費價格上漲，但被負面的貨幣換算影響所抵消。

Service revenue growth is lower than payment volume growth we reported in the September quarter, reflecting the fact that service revenue yields are substantially lower in Europe than in the legacy Visa business.

服務收入增長低於我們在 9 月季度報告的支付量增長，反映出歐洲的服務收入收益率遠低於傳統 Visa 業務。

Data processing revenues grew 28%.

數據處理收入增長了 28%。

Once again, transaction revenue growth is lower than processed transaction growth, reflecting the lower yield on European process transactions relative to the legacy Visa business.

再一次，交易收入增長低於處理交易增長，反映出歐洲處理交易相對於傳統 Visa 業務的收益率較低。

India demonetization doubled transaction volumes, but did not contribute much to revenues in Q1.

印度廢鈔令交易量翻了一番，但對第一季度的收入貢獻不大。

As you may be aware, in response to a request from the Indian government, Visa voluntarily charged no fees for processing through December 31, 2016.

如您所知，應印度政府的要求，Visa 自願在 2016 年 12 月 31 日之前不收取任何處理費用。

International revenue grew 44%.

國際收入增長 44%。

This is up from the September quarter growth rate, driven by cross-border volume acceleration, higher than average currency volatility, offset by an unfavorable exchange rate impact.

這高於 9 月季度的增長率，受跨境交易量加速推動，高於平均貨幣波動，但被不利的匯率影響所抵消。

Other revenues grew 2%.

其他收入增長 2%。

Other revenues no longer include Visa Europe license fees.

其他收入不再包括 Visa Europe 許可費。

Client incentives came in well below our guidance range of 20.5% to 21.5%.

客戶激勵遠低於我們 20.5% 至 21.5% 的指導範圍。

This is all due to timing of deals being done in the US, Asia, and Europe.

這完全是由於在美國、亞洲和歐洲進行交易的時機。

Many of these renewals will be executed in the second quarter, shifting these client incentive payments from the first quarter into the second quarter.

其中許多續約將在第二季度執行，將這些客戶激勵付款從第一季度轉移到第二季度。

Lower client incentives due to delayed deals added approximately $0.02 to our EPS in Q1.

由於延遲交易導致的客戶激勵減少，我們在第一季度的每股收益增加了約 0.02 美元。

Expenses grew 16%, due to the inclusion of Visa Europe.

由於包含 Visa Europe，費用增長了 16%。

There were some shifts in marketing and technology spending to upcoming quarters.

未來幾個季度的營銷和技術支出發生了一些變化。

In addition, as Europe completed the consultation process, new hiring, growth projects, and integration activities were modestly delayed.

此外，隨著歐洲完成諮詢過程，新的招聘、增長項目和整合活動被適度推遲。

Delayed expenses added $0.01 to the first-quarter EPS.

延遲支出為第一季度每股收益增加了 0.01 美元。

These expenses will be incurred through the balance of the year.

這些費用將在當年的餘額中產生。

Our tax rate was 30.5%, driving EPS of $0.86, up 23% on an adjusted basis.

我們的稅率為 30.5%，推動每股收益為 0.86 美元，調整後增長 23%。

As we look ahead, two significant counter-valing trends will drive our results.

展望未來，兩個重要的反估值趨勢將推動我們的業績。

Strong business momentum, especially cross-border growth, is a tail wind.

強勁的業務發展勢頭，尤其是跨境增長，是一股順風。

The strengthening of the dollar and the weakening of the euro are head winds.

美元走強和歐元走弱是逆風。

The cross-border recovery is broad-based, and accelerated in the first quarter.

跨境復甦基礎廣泛，一季度加速。

We hope this will be sustained.

我們希望這將持續下去。

This is a higher-yielding revenue stream, which improves our revenue mix.

這是一個更高收益的收入來源，可以改善我們的收入組合。

Continued strength of the dollar is a risk to monitor.

美元持續走強是一個需要監控的風險。

Treasury volatility staying about long-term averages, as it did in the first quarter, will also help.

與第一季度一樣，美國國債波動率保持在長期平均水平也將有所幫助。

The broad acceleration in payment volumes globally is another reason for optimism.

全球支付量的廣泛加速是樂觀的另一個原因。

The counter-trend is exchange rates.

反趨勢是匯率。

Based on spot rates and the forward curve, the dollar has strengthened around 4% versus our major currencies since September.

根據即期匯率和遠期曲線，自 9 月以來，美元兌我們的主要貨幣上漲了 4% 左右。

The stronger dollar is a stiffer head wind than we expected.

美元走強是比我們預期的更大的逆風。

Our hedging program will offset some of the negative impact.

我們的對沖計劃將抵消一些負面影響。

The euro has weakened almost 5% versus the dollar since September.

自 9 月以來，歐元兌美元已貶值近 5%。

Since we did not own Visa Europe until late June, we are not hedged on our euro exposure.

由於我們直到 6 月底才擁有 Visa Europe，因此我們沒有對我們的歐元敞口進行對沖。

In addition, the euro is now a functional currency for us, and we can only do economic hedges, which could add volatility rather than dampen it.

此外，歐元現在對我們來說是一種功能貨幣，我們只能做經濟對沖，這可能會增加而不是抑制波動。

As such, we may choose to stay un-hedged on our euro exposure.

因此，我們可能會選擇不對我們的歐元敞口進行對沖。

The weakening of the euro will hurt Europe results as reported in dollars more than we expected last September.

正如我們去年 9 月所預期的那樣，歐元的疲軟對歐洲業績的影響將超過我們的預期。

This trend, counter-trend of favorable business fundamentals and unfavorable exchange rate shifts, drive our FY17 outlook.

這一趨勢、有利的商業基本面和不利的匯率變化的反趨勢推動了我們對 2017 財年的展望。

For the second quarter, where resuming payment volume momentum will be sustained, the strong dollar could cause some moderation in cross-border growth.

第二季度支付量恢復勢頭將持續，強勢美元可能會導致跨境增長有所放緩。

Client incentive spend will step up with the deals that are shifting into the second quarter from the first quarter.

客戶激勵支出將隨著從第一季度轉移到第二季度的交易而增加。

We expect client incentives as a percentage of gross revenues to be well within our guidance range of 20.5% to 21.5%.

我們預計客戶激勵佔總收入的百分比將在我們 20.5% 至 21.5% 的指導範圍內。

Expense growth rates are expected to be higher than the first quarter, as we ramp up spending in Europe, and delayed initiatives in technology and marketing move into the second quarter.

隨著我們增加在歐洲的支出，以及推遲到第二季度的技術和營銷計劃，預計費用增長率將高於第一季度。

For the full year FY17, we are reaffirming the ranges we previously provided for nominal revenue and EPS growth.

對於 2017 財年全年，我們重申之前為名義收入和每股收益增長提供的範圍。

We expect that stronger business fundamentals will offset stiffer currency head winds.

我們預計，更強勁的商業基本面將抵消更嚴峻的貨幣逆風。

We have increased the likely currently translation drag on our reported revenue and EPS growth rate by 1 point versus prior estimates.

與之前的估計相比，我們已將我們報告的收入和每股收益增長率的當前可能的轉換拖累增加了 1 個百分點。

While client incentives were lower than expected in the first quarter, we expect client incentive as a percentage of gross revenues to be very much in the 20.5% to 21.5% range for the year.

雖然第一季度的客戶激勵低於預期，但我們預計客戶激勵佔總收入的百分比將在 20.5% 至 21.5% 的範圍內。

Other elements of our outlook for the year, operating margins and tax rates, remain unchanged.

我們今年展望的其他要素、營業利潤率和稅率保持不變。

We continue to work on tax and repatriation strategies related to the Visa Europe acquisition, as we've told you before.

正如我們之前告訴您的，我們將繼續致力於與 Visa Europe 收購相關的稅收和遣返戰略。

If and when we are able to execute a tax reorganization, we will let you know what its impact will be on future tax rates, and cash debt management plans.

如果我們能夠執行稅務重組，我們將讓您知道它對未來稅率和現金債務管理計劃的影響。

Visa Europe revenue and operating income are tracking well, despite the negative impact of the weaker euro.

儘管歐元疲軟帶來負面影響，Visa Europe 的收入和營業收入仍保持良好勢頭。

Integration plans are modestly behind schedule, due to a longer consultation process.

由於協商過程較長，整合計劃略微落後於計劃。

With the employee consultation process now complete, the reorganization is being executed.

隨著員工諮詢過程現已完成，重組正在執行中。

Technology integration planning is on track.

技術整合規劃步入正軌。

Discussions continue with clients to ensure that our pricing stays competitive post the elimination of rebates, as well as to extend existing contracts.

繼續與客戶進行討論，以確保我們的定價在取消回扣後保持競爭力，並延長現有合同。

Even as this process is under way, it is important to note that the vast majority of our volume in Europe remains under contract.

即使這個過程正在進行中，重要的是要注意我們在歐洲的絕大多數交易量仍處於合同狀態。

In summary, FY17 is off to a good start.

總之，2017 財年開局良好。

Strong business fundamentals are helping overcome unfavorable exchange rates.

強勁的商業基本面正在幫助克服不利的匯率。

We hope this trend will continue through the year.

我們希望這一趨勢將持續到今年。

With that, I will turn this back to Jack.

有了這個，我會把它轉回給傑克。

Thanks, Vasant.

謝謝，瓦桑特。

At this time, May, we're ready to take questions.

在這個時候，五月，我們準備好回答問題了。

Thank you.

謝謝你。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Bob Napoli.

鮑勃那不勒斯。

Thank you very much.

非常感謝。

Al, congratulations on a very nice quarter.

艾爾，祝賀你度過了一個非常愉快的季度。

You really have accelerated momentum since you have become CEO, so congratulations on that.

自從你成為 CEO 以來，你的勢頭真的加速了，所以恭喜你。

Team effort, but thank you, Bob.

團隊努力，但謝謝你，鮑勃。

The question is on client incentives.

問題在於客戶激勵。

The change in client incentives from last year to this year, what percentage of that is from the integration from the Visa Europe acquisition versus other items, like Costco or just general business conditions?

從去年到今年，客戶激勵措施的變化，其中有多少百分比來自 Visa Europe 收購與其他項目（如 Costco 或一般商業條件）的整合？

And do you expect as we look to FY18, 2019 to see that percentage continue to increase?

當我們展望 2019 財年時，您是否預計該百分比會繼續增加？

As we said on our call last quarter, we said it was roughly half due to Europe, and some of it is how the accounting works when you remove rebates and replace them with [client] incentive.

正如我們在上個季度的電話會議上所說，我們說大約有一半來自歐洲，其中一些是當您取消回扣並用 [客戶] 激勵取而代之時會計的運作方式。

And the rest was driven by Costco USAA and also renewals that we expect this year.

其餘的則由 Costco USAA 以及我們預計今年的續訂推動。

So, nothing has changed much on those fronts.

因此，在這些方面沒有發生太大變化。

As far as the longer-term outlook?

至於長期前景？

The trend into 2018.

2018年的趨勢。

Sorry.

對不起。

I think it's too early to talk about that.

我認為現在談論這個還為時過早。

We will certainly get into all that as we get to later in the year and talk about next year.

我們肯定會在今年晚些時候討論所有這些並談論明年。

As you know, we are tracking below our range in the first quarter, so you should (inaudible) with that and it will catch up in future quarters this year.

如您所知，我們在第一季度跟踪低於我們的範圍，因此您應該（聽不清）這一點，它將在今年的未來幾個季度趕上。

Thank you very much.

非常感謝。

Thanks, Bob.

謝謝，鮑勃。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

Thanks.

謝謝。

I was wondering if we get more color on where you guys are with the pricing initiatives in Europe, for the year.

我想知道我們是否會在今年的歐洲定價計劃中獲得更多關於你們在哪裡的信息。

You know, they are moving ahead with plans we had, and some of it, as we told you before, we don't plan to announce them per se in calls like these.

你知道，他們正在推進我們的計劃，其中一些，正如我們之前告訴你的，我們不打算在這樣的電話中宣布它們本身。

Certainly, in the market in Europe people are well aware of what we have done.

當然，在歐洲市場上，人們很清楚我們所做的一切。

As we said in our comments, we are engaged with all our clients and issuers and acquirers in Europe on all these issues, they're ongoing discussions.

正如我們在評論中所說，我們正在與歐洲的所有客戶、發行人和收購人就所有這些問題進行接觸，他們正在進行討論。

We're happy with how things are going.

我們對事情的進展感到滿意。

And as far as that is concerned, we are very much on track in terms of everything we wanted to do.

就這一點而言，我們在我們想做的每一件事上都非常順利。

Jason Kupferberg from Jefferies.

傑富瑞的傑森·庫普弗伯格。

Thanks, guys.

多謝你們。

Just in light of the longer consultation period in Europe and a little bit of the delay in the integration, is 2% to 3% EPS accretion from Visa Europe still the right number?

僅考慮到歐洲較長的諮詢期和一點點整合的延遲，Visa Europe 2% 到 3% 的每股收益增長仍然是正確的數字嗎？

I think that's certainly what we're continuing to target, Jason.

我認為這肯定是我們繼續瞄準的目標，傑森。

George Mihalos from Cowen.

來自考恩的喬治·米哈洛斯。

Great, thanks.

太謝謝了。

Nice to see the encouraging trends pretty much across the globe.

很高興在全球範圍內看到令人鼓舞的趨勢。

Curious within the US market and others, I know there's a number of deals that are still ramping up.

對美國市場和其他市場感到好奇，我知道有許多交易仍在增加。

On an apples-to-apples basis, are you seeing an acceleration on the part of your issuers in trying to push more credit products and maybe the volume you're seeing again on a same-store sales basis ex Costco and USAA?

在蘋果對蘋果的基礎上，您是否看到您的發行人在嘗試推出更多信貸產品方面的加速，以及您在 Costco 和 USAA 前的同店銷售基礎上再次看到的銷量？

Given the continued amount of attention reward products are getting, we're certainly seeing that our issuers are very focused on the credit card segment, for sure.

鑑於獎勵產品的持續關注量，我們肯定會看到我們的發行人非常關注信用卡領域。

[General] credit growth rates when you normalize for all things that are, as you said, adds to our business, the underlying growth trend is higher in credit than debit and is roughly stable quarter over quarter.

[一般] 信貸增長率當你正常化所有事情時，正如你所說，增加了我們的業務，信貸的基本增長趨勢高於借方，並且季度環比大致穩定。

Craig Maurer with Autonomous Research.

自主研究的克雷格·毛雷爾。

Yes, hi, thanks.

是的，你好，謝謝。

I was hoping with all the noise in the numbers, you could help us see through to some level of organic growth for the European franchise.

我希望通過數字中的所有噪音，您可以幫助我們看到歐洲特許經營權的某種程度的有機增長。

Thanks.

謝謝。

We've tried to do our best to give you the business drivers, so if you go to our operational performance package, what you will see is that European payment volumes grew two points faster than they did last quarter.

我們已盡力為您提供業務驅動力，因此，如果您查看我們的運營績效包，您會看到歐洲支付量的增長速度比上一季度快了兩個百分點。

So, it was 7% growth last quarter, 9% this quarter, and that is item 2 in the operational performance data, so you can see that.

因此，上個季度增長 7%，本季度增長 9%，這是運營績效數據中的第 2 項，所以你可以看到。

And then in the commentary we talked about cross-border been quite strong in Europe.

然後在評論中，我們談到了跨界在歐洲非常強大。

We are seeing a huge amount of inbound commerce into the UK, certainly helped by the pound.

我們看到大量入境貿易進入英國，這當然得益於英鎊。

Generally speaking, cross-border across Europe is quite strong.

總體而言，跨歐洲的跨境是相當強勁的。

Helped by the weakening euro, Europe is definitely a beneficiary of a lot of inbound commerce.

在歐元疲軟的幫助下，歐洲無疑是大量入境貿易的受益者。

And then in terms of transactions, I think you heard us say in our comments that transaction growth rates in Europe were stable.

然後在交易方面，我想你聽到我們在評論中說歐洲的交易增長率是穩定的。

We're moving very well in terms of all the other actions you want to take in Europe, as it relates to cost and so on.

我們在您想在歐洲採取的所有其他行動方面進展順利，因為它與成本等有關。

So, all in all, as Al said earlier, we feel very good about both Europe's financial performance and also the accretion that we anticipated this year.

因此，總而言之，正如 Al 之前所說，我們對歐洲的財務表現以及我們今年預期的增長感到非常滿意。

We are on track to do as well as or better than we had assumed we would this year.

我們有望在今年做得和我們預期的一樣好或更好。

Thanks.

謝謝。

Darrin Peller from Barclays.

來自巴克萊的達林佩勒。

Thanks, guys.

多謝你們。

Just a little bit of a followup on that, and then on the incentive side again.

只是對此進行一點跟進，然後再次在激勵方面。

First, can you help us understand, is there a way that you can tell us what the pro forma growth revenue growth rate would've been had you owned Visa Europe this time last year?

首先，您能否幫助我們了解一下，如果您去年這個時候擁有 Visa Europe，您是否可以告訴我們預計收入增長率會是多少？

And then part of your guidance obviously some seems predicated on, as you said, Vasant, incentives being notably higher than the run rate in both fourth quarter and now the first quarter was the same as a percentage of gross.

然後，您的部分指導顯然是基於，正如您所說，Vasant，激勵措施明顯高於第四季度的運行率，現在第一季度與總收入的百分比相同。

You had USAA and Costco both in there.

那裡有 USAA 和 Costco。

I know a lot of the European banks were done already.

我知道很多歐洲銀行已經完成了。

Why would it increase that level?

為什麼會提高這個水平？

Thanks again, guys.

再次感謝各位。

There were a couple of deals that we thought would close in the first quarter that have just drifted into the second quarter.

我們認為有幾筆交易會在第一季度完成，但剛剛進入第二季度。

And a couple of them are big deals outside of the United States.

其中一些是美國以外的大宗交易。

And so, we have pretty good insight to what the second quarter is going to look like, based on the fact that these deals are either have closed or were at the very last level of red-lining the deal.

因此，基於這些交易要么已經完成，要么處於交易紅線的最後階段，我們對第二季度的情況有了很好的了解。

We have pretty good insight.

我們有很好的洞察力。

So, I think the guidance that you heard from Vasant is good guidance.

所以，我認為你從 Vasant 那裡聽到的指導是很好的指導。

In terms of the first part of your question, we are not in a position to start getting into a lot of the detail on Visa Europe individually, and I think we are very excited to have moved to a one-Visa concept that is quickly as we possibly can.

就您問題的第一部分而言，我們無法單獨開始深入了解歐洲簽證的很多細節，我認為我們很高興能夠迅速轉向單一簽證概念我們可能可以。

We are going to be happy to able to talk about it on a total global company basis.

我們將很高興能夠在整個全球公司的基礎上談論它。

It doesn't make a whole lot of sense to divide up the reports, the financial reports into this is Visa Europe's performance separately.

將報告分開並沒有太大意義，將財務報告分開是Visa Europe的表現。

We try to help you as much as we could in the business drivers to give you a feel for how Europe is performing and how the business is actually performing on an organic basis if you adjust for Europe.

我們會盡力在業務驅動方面為您提供幫助，讓您了解歐洲的表現以及業務在有機基礎上的實際表現（如果您針對歐洲進行調整）。

And then I think the other question you asked was why would we expect incentives to be higher this year than the fourth-quarter of last year.

然後我認為你問的另一個問題是，為什麼我們預計今年的激勵措施會高於去年第四季度。

It's a variety of reasons, some of which we walked through on the call last time.

原因有很多種，我們上次在電話會議上討論了其中一些原因。

Some of it has to do with all the accounting for the rebates worked, post the acquisition of Visa Europe.

其中一些與收購 Visa Europe 後的所有回扣會計工作有關。

It's Visa Europe coming into our numbers, it is Costco and USAA being in there for the full year, and it's some of these renewals that we were anticipating this year that Al mentioned.

是 Visa Europe 進入我們的數字，Costco 和 USAA 全年都在那裡，Al 提到的是我們今年期待的一些續訂。

So, what we told you is what we still expect.

所以，我們告訴你的是我們仍然期待的。

And that's why we indicated that what you saw in the first quarter was a result of some delays, but the overall full-year expectation for client incentives does not change.

這就是為什麼我們表示您在第一季度看到的是一些延遲的結果，但對客戶激勵措施的整體全年預期沒有改變。

Tien-tsin Huang from JPMorgan.

摩根大通的黃天純。

Hi, thank you.

嗨，謝謝你。

I will ask on the debit routing modification that caught a lot of news when it was announced in December.

我將詢問在 12 月宣佈時引起很多新聞的借記路由修改。

With you taking up guidance here, does it seem to be a big issue from a P&L standpoint?

您在這裡接受指導，從損益的角度來看，這似乎是一個大問題嗎？

Just curious if you can comment on how impactful that modification or clarification has been or could be to your P&L.

只是想知道您是否可以評論修改或澄清對您的損益表的影響或可能產生的影響。

Thanks.

謝謝。

Per the request of the FTC, we made the clarification, but I think that for the most part, we were acting in the appropriate fashion.

根據 FTC 的要求，我們做出了澄清，但我認為在大多數情況下，我們以適當的方式行事。

But we have seen very little impact of any meaningful level on the business, whatsoever.

但無論如何，我們看到任何有意義的水平對業務的影響都非常小。

Dan Perlin, RBC Capital Markets.

丹·珀林，加拿大皇家銀行資本市場。

Hi, quick question on India.

嗨，關於印度的快速問題。

You talked about significantly increasing transactions, but not driving much revenue, and part of that was a function of the Indian government asking you guys to keep prices subdued for a little period of time.

你談到了顯著增加交易，但沒有帶來多少收入，其中部分原因是印度政府要求你們在一段時間內保持價格低迷。

I'm wondering, as you think about the guidance that you just gave us, are you assuming more normalized pricing in that horizon?

我想知道，當您考慮剛剛給我們的指導時，您是否假設在那個範圍內定價更加標準化？

If not, when would you expect that to somewhat normalize in your opinion?

如果沒有，您認為什麼時候會正常化？

I think we are assuming some pricing in that model.

我認為我們假設該模型有一些定價。

I don't think we are -- I would say, being fairly conservative in what we expect to be able to gain in terms of revenue.

我不認為我們 - 我會說，在我們期望能夠在收入方面獲得的收益方面相當保守。

This is, I think for us, very importantly and strategically, this is a build opportunity that the government really has put out there in front of us.

我認為，對我們來說，這是非常重要且具有戰略意義的，這是政府真正擺在我們面前的建設機會。

And so, in my mind, at this point, I am much more focused on capitalizing on this opportunity and investing heavily behind driving both awareness for consumers and incentive for merchants to get signed up.

因此，在我看來，在這一點上，我更專注於利用這個機會，並大力投資於提高消費者的意識和激勵商家註冊的動機。

There's only a very fractional amount of the merchant community in India that is enabled today to be able to accept electronic or digitized payments.

今天，印度只有極少數的商家社區能夠接受電子或數字化支付。

And we want to try to get that number up as much as we possibly can.

我們想盡可能地提高這個數字。

I think when you consider the economics of the investments we'll make in India, plus a fairly conservative pricing, it's certainly not going to be a market in this fiscal year that is going to drive a lot of profit for us.

我認為，當您考慮我們將在印度進行的投資的經濟性以及相當保守的定價時，本財年它肯定不會成為一個能為我們帶來大量利潤的市場。

But I think it's a great year for us to make sure that we do everything we can in one of the two largest-population countries in the world to get as good a position as we can to help us over the next decade.

但我認為，對於我們來說，這是一個偉大的一年，可以確保我們在世界上兩個人口最多的國家之一中盡我們所能，以便在未來十年獲得盡可能好的位置來幫助我們。

Thank you.

謝謝你。

Ken Bruce, Bank of America Merrill Lynch.

美國銀行美林證券的肯布魯斯。

Thanks, good afternoon.

謝謝，下午好。

My question also relates to Europe.

我的問題也與歐洲有關。

I'm hoping you might be able or willing to compare and contrast the go-to-market strategy with the issuers, and how -- what you are doing or what you plan to do in Europe differs from the US.

我希望您能夠或願意將上市策略與發行人進行比較和對比，以及您在歐洲所做的或計劃做的與美國有何不同。

You pointed out that you've got a very incentive-driven market here in the US, and you are able, you've been very successful in terms of using the interchange framework here to drive a lot of issuer wins.

您指出，在美國，您有一個非常受激勵驅動的市場，而且您能夠，在使用這裡的交換框架來推動許多發行人獲勝方面非常成功。

Can you maybe help us understand how you are attacking Europe differently?

您能否幫助我們了解您如何以不同的方式攻擊歐洲？

I think, Ken, Europe is almost a number of different segments in and of itself.

我認為，Ken，歐洲本身幾乎就是許多不同的細分市場。

Europe for us right now is hugely dominated by the UK, where we have most of the debit market taken up.

對我們來說，歐洲目前主要由英國主導，我們佔據了大部分借記卡市場。

Then there is four or five other markets across the EU where we have a reasonable amount of business.

然後，我們在歐盟還有四五個其他市場有合理的業務量。

And then there's a number of big economies, certainly Germany being one example, where it's still a heavy cash society, where I think we've got a lot of opportunity, in the medium to longer term, to see more of commerce digitized or in some form of electronic form.

還有一些大型經濟體，當然德國就是一個例子，它仍然是一個沉重的現金社會，我認為從中長期來看，我們有很多機會看到更多的商業數字化或某種形式的電子表格。

Europe is also different than the United dates in terms of processing.

在處理方面，歐洲也不同於美國日期。

Where there are in certain markets domestic processing schemes, and we've got a strategy to try to win more processing volume in Europe, as well.

在某些市場有國內加工計劃的地方，我們也制定了一項策略，試圖在歐洲贏得更多加工量。

So, we are engaging I would say, hopefully, what I believe to be a thoughtful segmented approach with different issuers, and different acquirers on a country-by-country basis, because each of these countries is different.

因此，我們正在參與，我希望我認為這是一種深思熟慮的分段方法，針對不同的發行人和不同的收購者在逐個國家的基礎上進行，因為每個國家都是不同的。

And having spent most of my life as an issuer, on the issuing side of the business, I know full well that the issuing business is really a local consumer business, and you've got to figure out the right strategy on a market-by-market basis.

在我作為發行人的大部分時間裡，在業務的發行方面，我非常清楚發行業務實際上是本地消費者業務，您必須在市場上找出正確的策略-- -市場基礎。

We are not going to have a pan-European strategy, it's really going to be a market-by-market strategy within Europe.

我們不會制定泛歐戰略，它實際上將是歐洲內部的逐個市場戰略。

Lisa Ellis from Bernstein.

來自伯恩斯坦的麗莎·埃利斯。

Hi, good afternoon.

你好，下午好。

Al, I just wanted to ask you if you wouldn't mind commenting on two areas that you did not explicitly mention in the strategy that you laid out.

艾爾，我只是想問您是否介意評論您在製定的戰略中未明確提及的兩個領域。

One is Visa's expansion into adjacent markets, like remittance or potentially into B2B, and what your plans are there.

一是 Visa 向鄰近市場的擴張，例如匯款或潛在的 B2B，以及您的計劃。

And then secondly, when you mentioned partnerships you did not call out the big tech firms, like Apple, PayPal, Alipay, et cetera.

其次，當你提到合作夥伴關係時，你並沒有提到蘋果、PayPal、支付寶等大型科技公司。

I'm curious if you have a comment there.

我很好奇你是否有意見。

Thanks.

謝謝。

On the latter, Lisa, I think I maybe shorthanded it, but I did say that we are working with all the pays.

關於後者，麗莎，我想我可能是人手不足，但我確實說過我們正在處理所有的薪水。

And so, it's all of those pays.

所以，這就是所有這些付出。

And we are at different stages of relationship with all of them, but obviously they're increasingly important payment people in the payments ecosystem as mobile devices become an important form factor in the digital world.

我們與他們所有人都處於不同的關係階段，但顯然隨著移動設備成為數字世界的重要形式因素，他們在支付生態系統中越來越重要。

So, absolutely, we are working with them.

所以，絕對地，我們正在與他們合作。

Look, I think there is a lot of vectors for growth for Visa.

看，我認為 Visa 有很多增長途徑。

And the whole commercial space and disbursements of different kinds and business-to-business kinds of payments are very much on our radar screen.

整個商業空間和不同種類的支付以及企業對企業的支付方式都在我們的雷達屏幕上。

We have a group of people headed by a very senior person who is dedicated to this space now.

我們有一群人，由一位非常資深的人領導，他現在致力於這個領域。

We are not as strong a player as we would like to be, but we are staffed up and spending a lot of time on this issue.

我們並沒有像我們希望的那樣強大，但我們有足夠的人員並在這個問題上花費了很多時間。

And it's something that we do want to get a stronger position in the whole commercial and B2B space.

我們確實希望在整個商業和 B2B 領域獲得更強大的地位。

Moshe Katri from Wedbush Securities.

來自 Wedbush Securities 的 Moshe Katri。

Thanks for taking my question.

感謝您提出我的問題。

Can we get an update on the PayPal agreement in terms of where we are, and in that context, going back to Visa Europe, have we seen any change in issuer attrition while you are renewing your book there?

我們能否就我們所處的位置獲取有關 PayPal 協議的最新信息，在這種情況下，回到 Visa Europe，當您在那裡續訂書籍時，我們是否看到發行人流失有任何變化？

Thanks a lot.

非常感謝。

In terms of the latter question first, I think either in mine or Vasant's remarks, we talk about the fact that a lot of our issuer volume in Visa Europe is under contract.

關於後一個問題，我認為無論是在我的還是 Vasant 的評論中，我們都談到了這樣一個事實，即我們在 Visa Europe 的很多發行人數量都已簽訂合同。

So, we actually bought Visa Europe at a time where we've got a pretty good book of business that is going to be with us for a while.

因此，我們實際上是在我們擁有一本非常好的業務手冊的時候購買了 Visa Europe，這將與我們在一起一段時間。

That said, as I said in my remarks, I am very much a client-focused person, we're going to work hard with every single one of our clients in Europe as well as around the world; but we do have a lot of good long-term relationships locked up.

也就是說，正如我在講話中所說，我是一個非常以客戶為中心的人，我們將與歐洲和世界各地的每一位客戶一起努力工作；但我們確實有很多良好的長期關係被鎖定。

In terms of PayPal, I'd say that everything is progressing as planned.

就 PayPal 而言，我想說一切都在按計劃進行。

Our issuer clients who are very important to us, obviously, are engaged with PayPal and they are working to migrate customers off of ACH back onto their cards.

顯然，對我們非常重要的發卡行客戶正在與 PayPal 合作，他們正在努力將客戶從 ACH 遷移回他們的卡上。

PayPal has been executing marketing campaigns, changes in their user experience to make it much easier for Visa card holders to pay with their Visa card and to make it their default payment option.

PayPal 一直在執行營銷活動，改變他們的用戶體驗，讓 Visa 卡持有人更容易使用他們的 Visa 卡付款，並將其作為默認支付選項。

Wasserstrom from Guggenheim Securities.

古根海姆證券公司的 Wasserstrom。

Thanks very much.

非常感謝。

My question, Vasant, is just on the use of CP and short-term debt rather than the debt issuance that you had planned.

Vasant，我的問題只是關於 CP 和短期債務的使用，而不是你計劃的債務發行。

What motivated that decision, [briefly] given that the rate environment presumably would be pretty good still for term debt?

考慮到利率環境對定期債務來說可能仍然相當不錯，是什麼推動了這一決定？

The fact is that we have offshore cash, and let's say we issued $2 billion of long-term debt and were able to repatriate somewhere [in the region] of $8 billion of offshore cash, either because there is a change in the rules that allows it to happen tax efficiently, or because we are able to as part of our -- some thoughts and ideas we have on the reorganization in Europe, been able to repatriate cash.

事實是我們有離岸現金，假設我們發行了 20 億美元的長期債務，並且能夠將 80 億美元的離岸現金匯回 [在該地區] 的某個地方，或者是因為規則發生了變化，允許它可以有效地稅收，或者因為我們能夠作為我們的一部分 - 我們對歐洲重組的一些想法和想法，能夠匯回現金。

We would have more cash than we need to keep for settlement guarantees and all that.

我們將擁有比我們需要保留更多的現金來進行結算擔保和所有其他事情。

And that excess cash is available.

並且可以使用多餘的現金。

So, that is the reason to wait a bit, and see whether we want to use our own cash rather than lock in more long-term debt.

所以，這就是等待的原因，看看我們是否想使用自己的現金而不是鎖定更多的長期債務。

This is something we monitor on a regular basis, and if there any changes on that front, we will certainly let you know.

這是我們定期監控的事情，如果這方面有任何變化，我們一定會通知您。

Bryan Keane from Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi, just want to ask, in the US debit market you talked about some headwinds due to the PIN debit routing choices.

嗨，只是想問一下，在美國借記卡市場，您談到了由於 PIN 借記卡路由選擇而帶來的一些不利因素。

Is that a shift from Interlink to other EFT networks?

這是從 Interlink 到其他 EFT 網絡的轉變嗎？

Or are you guys seeing or think you are going to see a switch in the market towards more pin versus signature?

或者你們是否看到或認為你會看到市場轉向更多的 pin 與簽名？

And quickly secondly, on cross-border volume, what are you guys expecting exactly in the guidance, continue at these elevated levels or to fall back down?

其次，關於跨境交易量，你們在指引中究竟期待什麼，繼續保持在這些高位還是回落？

Thanks.

謝謝。

On the first question, what we talked about was really that our signature debit business actually stepped up in growth rates by 3 points this quarter.

在第一個問題上，我們真正談論的是，我們的標誌性借記業務在本季度實際上增長了 3 個百分點。

That's driven a lot by USAA.

這很大程度上是由 USAA 推動的。

All we were referring to was switch-away from our PIN debit volume, which would be Interlink volume.

我們所指的只是切換我們的 PIN 借記量，這將是 Interlink 量。

Some of it is because either the Interlink volume declined this quarter as it did last quarter, some of it we told you was because we were lapping a significant win from the fourth-quarter of 2015.

部分原因是本季度的 Interlink 銷量與上一季度一樣下降，部分原因是我們告訴您，我們在 2015 年第四季度取得了重大勝利。

And then some of it was because volume moved to other PIN debit networks, so it is all around volume away from our PIN debit network, or hard comparisons for our PIN debit volumes, versus prior years.

然後其中一些是因為交易量轉移到了其他 PIN 借記網絡，所以它與我們的 PIN 借記網絡的交易量相差無幾，或者我們的 PIN 借記卡交易量與前幾年的硬比較。

So, that was the answer on that one.

所以，這就是那個答案。

What was the other question?

另一個問題是什麼？

Cross-border volume.

跨境量。

I think as I said in my comments, the first 28 months, cross-border volume is certainly holding up.

我認為正如我在評論中所說，前 28 個月，跨境交易量肯定會保持穩定。

The first 28 days of January, cross-border volumes growth was certainly holding up.

1 月的前 28 天，跨境交易量的增長肯定保持穩定。

But the dollar has strengthened, so our go-forward assumptions assume that a cross-border growth rate is healthy, but perhaps a little bit of a moderation in the rate of growth than what we saw in the first quarter.

但美元已經走強，因此我們的前瞻性假設假設跨境增長率是健康的，但增長率可能比我們在第一季度看到的略有放緩。

So, we will wait and see.

所以，我們將拭目以待。

Jason Deleeuw, Piper Jaffray.

傑森·德萊烏，派珀·杰弗瑞。

Thanks.

謝謝。

I was hoping to get an update on Visa Checkout, what some of the current investments are right now on the consumer merchant side.

我希望獲得有關 Visa Checkout 的最新信息，即當前在消費者商家方面的一些投資。

What is the longer-term vision for Visa Checkout, and how does that fit in with the partnerships with the other pays?

Visa Checkout 的長期願景是什麼，它與其他支付方式的合作關係如何？

Thank you.

謝謝你。

We think of Visa Checkout as a platform, and it's all part of us trying to make sure that we are a leader in terms of bringing potential solutions to the market.

我們將 Visa Checkout 視為一個平台，努力確保我們在為市場帶來潛在解決方案方面處於領先地位。

Because we feel very good about the fact that we now are up to $18 million users signed up for Visa Checkout.

因為我們對現在有高達 1800 萬美元的用戶註冊 Visa Checkout 感到非常高興。

It happens to also be a very active base of customers in terms of usage of Visa Checkout.

就 Visa Checkout 的使用而言，它恰好也是一個非常活躍的客戶群。

We are facilitating more of our issuer clients to put their products side by side embedded within Visa Checkout.

我們正在幫助更多的發卡行客戶將他們的產品並排嵌入到 Visa Checkout 中。

And at this stage, the pays are out there obviously doing their thing, as well.

在這個階段，薪水顯然也在做他們的事情。

And we are going to continue to work with them.

我們將繼續與他們合作。

I think it's too early to tell how all of this is going to shake out.

我認為現在說這一切將如何擺脫還為時過早。

My personal view is that there are too many wallets out there, consumers are not going to ultimately want to have 50 wallets, and we are not necessarily anxious to be in the wallets business, per se.

我個人的觀點是，錢包太多了，消費者最終不會想要擁有 50 個錢包，我們也不一定急於從事錢包業務。

But we are anxious to be -- to take advantage of us being a trusted acceptance mark in the payments eco space, and want to be able to make sure that we are taking a leading position in establishing Visa as a trusted mark, and as an important partners to our issuers, in terms of them trying to establish as much volume as they can get in the digital space.

但我們渴望成為——利用我們成為支付生態領域值得信賴的接受標誌，並希望能夠確保我們在將 Visa 確立為值得信賴的標誌方面處於領先地位，並作為發行人的重要合作夥伴，因為他們試圖在數字領域建立盡可能多的數量。

Jim Schneider, Goldman Sachs.

吉姆施耐德，高盛。

Good afternoon, thanks for taking my question.

下午好，感謝您提出我的問題。

Wondering if you could maybe comment on the impact broadly that you expect from the Trump administration and other congressional policies.

想知道您是否可以廣泛評論您對特朗普政府和其他國會政策的預期影響。

Both in terms of tax policy, regulatory impacts, or other impacts, and maybe talk about some of the largest positive or largest potentially negative things you can see in the future.

無論是在稅收政策、監管影響還是其他影響方面，都可能會談論您將來可以看到的一些最大的積極因素或最大的潛在消極因素。

Jim, I think it's too early to tell.

吉姆，我認為現在說還為時過早。

We are barely two weeks into this presidency.

我們就任總統還不到兩週。

And while the president has been active with executive orders, I think as things start to settle down and we get into more specific policies, and his cabinet is confirmed and in place, and the legislature gets going, I think it remains to be seen what happens.

雖然總統一直積極執行行政命令，但我認為隨著事情開始穩定下來，我們制定更具體的政策，他的內閣得到確認並就位，立法機關開始運作，我認為還有待觀察發生。

I will tell you this, that we have a world-class group of government relations people, we are already fully engaged as much as we can in the relevant conversations in Washington.

我要告訴你的是，我們擁有世界級的政府關係人員團隊，我們已經盡可能多地參與到華盛頓的相關對話中。

But I think there are things that relate to trade, relate to taxes, all of which could play into our business, but I honestly think it's too early to start to speculate.

但我認為有些事情與貿易有關，與稅收有關，所有這些都可能對我們的業務產生影響，但老實說，我認為現在開始推測還為時過早。

And we're certainly not building anything into our plans, positively or negatively for that matter, related to any policies that might come out.

我們當然不會在我們的計劃中加入任何與可能出台的政策相關的東西，無論是積極的還是消極的。

But I can assure you that we are watching it very closely.

但我可以向你保證，我們正在密切關注它。

Thanks, Jim.

謝謝，吉姆。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Thank you very much.

非常感謝。

Wanted to follow up on that.

想跟進這件事。

You talked about having visited with a lot of customers, as well as government officials, et cetera, around the world since you've taken on the CEO role.

自從您擔任首席執行官一職以來，您談到了訪問了世界各地的許多客戶以及政府官員等。

Can you talk and summarize a little bit what the particular regulators are asking from Visa, and what their objectives are, and how Visa can help fulfill those?

您能否談談和總結一下特定監管機構對 Visa 的要求，他們的目標是什麼，以及 Visa 如何幫助實現這些目標？

And I guess what has happened in India creates an interesting lens through which to view that, so, maybe you can elaborate a little bit on some of those relations, et cetera.

我猜印度發生的事情創造了一個有趣的視角來觀察它，所以，也許你可以詳細說明其中一些關係，等等。

Thanks.

謝謝。

I have talked to regulators in both very developed markets, as well as regulators in developing and emerging markets, and I think that the content and tenor of the conversations is a bit different, depending upon who you talk to.

我已經與非常發達市場的監管機構以及發展中和新興市場的監管機構進行了交談，我認為對話的內容和基調會有所不同，具體取決於您與誰交談。

There are governments around the world who very much are seeking a close partnership with us.

世界各地的政府都非常希望與我們建立密切的伙伴關係。

Their desirous of learning how they can be helped in moving to a much more of a cashless society.

他們渴望了解如何幫助他們進入一個更加無現金的社會。

How they can get many more of the people in their countries actually engaged in a financial system, how there could be greater financial literacy.

他們如何讓本國更多的人真正參與金融體系，如何提高金融知識。

And so, in those particular cases, I would say that we are trying to take a very active role, and in some cases a very proactive role, in helping shape how the government thinks about what steps they ought to take.

因此，在這些特定情況下，我想說我們正試圖發揮非常積極的作用，在某些情況下是非常積極的作用，幫助塑造政府如何看待他們應該採取的步驟。

Including, by the way, in some cases working with governments to have them be a role model by making sure that they are moving away from paper in favor of a digitized world.

順便說一句，包括在某些情況下與政府合作，通過確保他們擺脫紙質而轉向數字化世界，讓他們成為榜樣。

So, for example, in Egypt instead of vouchers being handed out, giving people prepaid cards so that they can in fact begin to start to have an experience with plastic.

因此，例如，在埃及，不是發放代金券，而是給人們預付卡，這樣他們實際上就可以開始體驗塑料製品了。

And what that does is it automatically start setting up and incenting a whole merchant network to get built out as these people have to have a place to go to be able to spend their money that is on these prepaid cards.

它的作用是自動開始建立並激勵整個商戶網絡進行建設，因為這些人必須有一個地方可以去消費這些預付卡上的錢。

And merchants in this particular example, who are involved in food and beverage, for instance, want to be able to get their fair share of that volume.

例如，在這個特定示例中，涉及食品和飲料的商家希望能夠在該交易量中獲得公平的份額。

So they are very quickly incented to get to a point where they can accept plastic and be signed up as a merchant.

因此，他們很快就被激勵到可以接受塑料並註冊為商人的地步。

In more developed countries, there are countries where the ship has sailed, and they've made decision on interchange, as an example.

在較發達的國家，有些國家的船已經航行了，他們已經做出了交換的決定，例如。

Probably Australia and Europe being two real examples there, where I think now it's just a matter of what does that mean and how does that play out for issuers and consumers in those markets?

可能澳大利亞和歐洲是那裡的兩個真實例子，我認為現在只是這意味著什麼以及這對這些市場的發行人和消費者有何影響？

I think there are countries that I've talked to, where there is pressure on both sides of, say, the finance ministers in countries where some of the merchant coalitions want to see lower interchange.

我認為有些國家與我交談過，雙方都有壓力，例如，一些商業聯盟希望看到較低交流的國家的財政部長。

But in markets, for example, where reward propositions are big on plastic, or on whatever form of payment vehicle it is, the consumer is going to get hurt in terms of those programs if interchange is lowered, because it's a two-sided market.

但是，例如，在塑料或任何形式的支付工具上的獎勵主張很大的市場中，如果降低交換率，消費者將在這些計劃方面受到傷害，因為這是一個雙向市場。

The economics sector, there's only so much economics and people do what they'll have to do to make sure that they stay economically viable.

經濟部門，只有這麼多的經濟和人們做他們必須做的事情來確保他們在經濟上保持活力。

So, I think there are a number of markets where, truthfully, the government is trying to stay out of it and let the free market system takeover.

所以，我認為有許多市場，說實話，政府正試圖置身事外，讓自由市場體系接管。

And I think in general, there is markets where the regulators are taking a very active role, and in other cases, I think, a much more passive role.

我認為總的來說，有些市場的監管者扮演著非常積極的角色，而在其他情況下，我認為，扮演著更加被動的角色。

Again, often quite different, depending on the specific country we are talking about.

同樣，根據我們所談論的特定國家/地區，通常會大不相同。

Thanks, James.

謝謝，詹姆斯。

We have time for one more question.

我們有時間再問一個問題。

Tom McCrohan from CLSA.

里昂證券的湯姆麥克羅漢。

Hi, thanks for squeezing me in.

嗨，謝謝你擠我。

You've covered so much ground on the call, I will ask a simple question.

您在電話會議中介紹了很多內容，我將問一個簡單的問題。

Total integration cost of $450 million to $500 million over the next three years, any change to that?

未來三年的總整合成本為 4.5 億至 5 億美元，有什麼變化嗎？

We said it was $80 million this year, we will wait and see how things go, and give you any updates as we get towards the end of the year on future outlook.

我們說今年是 8000 萬美元，我們將拭目以待，並在接近年底時向您提供有關未來前景的任何更新。

But at this point, really, we wouldn't say anything different about the future.

但在這一點上，真的，我們不會對未來說任何不同的東西。

We expect that we will spend the $80 million we thought we would spend this year.

我們預計我們將花費我們認為今年會花費的 8000 萬美元。

Thank you.

謝謝你。

Thanks, Tom, and thank you all for joining us today.

謝謝，湯姆，謝謝大家今天加入我們。

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

如果有人有任何後續問題，請隨時致電投資者關係部。

And when we have a set date for our June investor day, we will put that out in the public domain.

當我們為 6 月的投資者日確定日期時，我們會將其發佈到公共領域。

Thank you, all.

謝謝你們。

Thank you.

謝謝你。

This concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。