Visa Inc (V) 2017 Q2 法說會逐字稿

Welcome to Visa's Fiscal Second Quarter 2017 Earning Conference Call.

歡迎參加 Visa 2017 財年第二季度收益電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員說明）今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

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

我現在想將電話轉給您的主持人，全球投資者關係主管傑克卡斯基先生。

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, Christine.

謝謝，克里斯汀。

Good afternoon, everyone, and welcome to Visa Inc.'s Fiscal Second Quarter 2017 Earnings Conference Call.

大家下午好，歡迎參加 Visa Inc. 的 2017 財年第二季度收益電話會議。

Joining us today are Al Kelly, Visa's CEO; 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 www.investor.visa.com.

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

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

網絡廣播的重播將在我們的網站上存檔 90 天。

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

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

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

我還要提醒您，該演示文稿可能包含前瞻性陳述。

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

這些陳述不是對未來業績的保證，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 Investor Relations section of Visa's website.

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

For historical non-GAAP or pro forma-related financial information disclosed in this call, 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 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。

And 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 to everyone, and thanks for joining us today.

傑克，謝謝大家，大家下午好，感謝今天加入我們。

We're halfway through our fiscal year for 2017, and we're quite pleased with the strong business results that continued into the second quarter.

我們的 2017 財年已經過半，我們對持續到第二季度的強勁業務業績感到非常滿意。

Similar to Q1, our business momentum was broad based with solid payment volume growth, a double-digit increase in cross-border revenue and healthy operating metrics from all of the regions.

與第一季度類似，我們的業務發展勢頭強勁，支付量增長穩健，跨境收入實現兩位數增長，所有地區的運營指標都健康。

Despite geopolitical uncertainty, our business continues to deliver sustained growth as we displace cash and capitalize on the opportunities in front of us.

儘管存在地緣政治不確定性，但隨著我們取代現金並利用我們面前的機會，我們的業務繼續實現持續增長。

We're performing well against our operating plan and our strategic priorities for the year.

我們在今年的運營計劃和戰略重點方面表現良好。

I am excited to see a high level of business execution continuing into this fiscal second quarter where we saw a robust growth in payments volume, cross-border business and processed transactions.

我很高興看到高水平的業務執行持續到本財年第二季度，我們看到支付量、跨境業務和已處理交易的強勁增長。

This growth, combined with client incentive delays, led to better-than-expected financial performance.

這種增長，加上客戶激勵延遲，導致財務業績好於預期。

We grew net revenue by 23% and adjusted EPS by 27% versus prior year's results.

與去年的業績相比，我們的淨收入增長了 23%，調整後的每股收益增長了 27%。

We also reorganized some of our legal entities, including Visa Europe and created the Visa Foundation with an initial charitable contribution.

我們還重組了我們的一些法人實體，包括 Visa Europe，並通過最初的慈善捐款創建了 Visa 基金會。

This provides us an opportunity as a company to expand our charitable giving and our philanthropic activity.

作為一家公司，這為我們提供了擴大慈善捐贈和慈善活動的機會。

Vasant will go into this in a greater detail to highlight some of the normalized comparisons and also discuss the impact of the reorganization and the charitable contribution.

Vasant 將更詳細地介紹這一點，以突出一些標準化比較，並討論重組的影響和慈善捐款。

We continue to work closely with our valued clients around the world.

我們將繼續與世界各地尊貴的客戶密切合作。

While I do not plan to talk about renewals on every call, this was a particularly active quarter.

雖然我不打算在每次通話時都談論續訂，但這是一個特別活躍的季度。

So I do want to highlight some notable agreements.

所以我想強調一些值得注意的協議。

In North America, we renewed a multiyear credit, debit and commercial and prepaid partnership with PNC Financial Services Group.

在北美，我們與 PNC 金融服務集團續簽了多年的信用、借記、商業和預付合作夥伴關係。

We also renewed a multiyear debit agreement with Citizens Bank and multiyear credit and debit agreements with First National Bank of Omaha.

我們還與公民銀行續簽了多年期借記協議，並與奧馬哈第一國民銀行續簽了多年期貸記和借記協議。

And on the co-brand side, we renewed an important credit card relationship with Hyatt Hotels and Resorts.

在聯合品牌方面，我們與凱悅酒店及度假村續簽了重要的信用卡關係。

In Asia Pacific, we signed a 10-year exclusive partnership with ANZ Bank in both Australia and New Zealand.

在亞太地區，我們與澳新銀行在澳大利亞和新西蘭簽署了為期 10 年的獨家合作夥伴關係。

We also signed a commercial credit partnership with Citibank covering multiple markets in Asia Pacific.

我們還與花旗銀行簽署了涵蓋亞太地區多個市場的商業信貸合作夥伴關係。

In Taiwan, we signed a multiyear credit and debit agreement with CTBC Bank Taiwan.

在台灣，我們與中國信託銀行台灣簽署了一項多年期貸記和借記協議。

In our Latin America region, Banco Popular de Puerto Rico, the largest bank and credit card issuer in Puerto Rico, renewed a multiyear credit and debit partnership.

在我們的拉丁美洲地區，波多黎各最大的銀行和信用卡發行商 Banco Popular de Puerto Rico 續簽了多年的信用和借記卡合作夥伴關係。

In Europe, we signed a pan-Nordic debit renewal with Nordea Bank and a commercial and consumer card renewal with BNP Paribas Group in France.

在歐洲，我們與北歐銀行簽署了泛北歐借記卡續簽協議，並與法國巴黎銀行集團簽署了商業和消費卡續簽協議。

In addition to our renewals, we signed a number of key partnerships.

除了續約之外，我們還簽署了一些重要的合作夥伴關係。

We announced the IBM Watson partnership to help support payments in the Internet of Things and encourage the usage of tokenization.

我們宣布與 IBM Watson 建立合作夥伴關係，以幫助支持物聯網支付並鼓勵使用標記化。

As a leading network, it is part of our role to look forward and anticipate.

作為領先的網絡，我們的職責之一是向前看和期待。

To that end and where applicable, we want to ensure an on ramp for payments integration in the Internet of Things.

為此，在適用的情況下，我們希望確保在物聯網中進行支付集成。

This collaboration brings the point-of-sale everywhere Visa is accepted by allowing businesses to quickly introduce secure experiences for any connected device.

這種合作通過允許企業快速為任何連接設備引入安全體驗，將銷售點帶到所有接受 Visa 的地方。

We also executed the PayPal partnership in Asia Pacific, which is similar to our partnership in the United States.

我們還在亞太地區執行了 PayPal 合作夥伴關係，這與我們在美國的合作夥伴關係類似。

This partnership helps ensure transaction data sharing and provides consumer choice for an improved consumer experience.

這種夥伴關係有助於確保交易數據共享，並為改善消費者體驗提供消費者選擇。

More recently, we announced the launch of an enhanced transaction data capability for Amazon Business customers in the United States.

最近，我們宣佈為美國的 Amazon Business 客戶推出增強的交易數據功能。

This enables participating issuers to provide their U.S. commercial account holders a comprehensive view of their Amazon Business purchases, including full line item details on purchases made with their Visa Commercial card that integrate with popular reconciliation tools.

這使參與的發行人能夠向其美國商業賬戶持有人提供其亞馬遜商業購買的全面視圖，包括使用與流行的對帳工具集成的 Visa 商業卡進行的購買的完整訂單項詳細信息。

Our digital expansion efforts showed great progress in Q2.

我們的數字化擴張工作在第二季度取得了長足的進步。

Visa Checkout is sustaining tremendous growth, reaching more than 20 million enrolled accounts.

Visa Checkout 保持著巨大的增長，註冊賬戶已超過 2000 萬。

Additional brand merchants are adopting Visa Checkout to improve their online shopping experience, and the growing list of over 300,000 merchants now includes Alaska Airlines, Avis, Marriott and Walmart amongst others.

其他品牌商戶正在採用 Visa Checkout 來改善他們的在線購物體驗，現在有超過 300,000 家商戶不斷增長，其中包括阿拉斯加航空公司、安飛士、萬豪和沃爾瑪等。

And our push payments product set, Visa Direct and mVisa are continuing to expand globally in various markets.

我們的推送支付產品系列 Visa Direct 和 mVisa 正在全球各個市場繼續擴張。

This past quarter, I continued to spend a lot of time with clients, partners and government officials.

上個季度，我繼續與客戶、合作夥伴和政府官員打交道。

Combined with my travel in my first few weeks, I've had an opportunity now to visit most of our top markets, and I plan to get to additional markets in the coming weeks and months.

結合我最初幾週的旅行，我現在有機會參觀了我們大部分的頂級市場，我計劃在接下來的幾周和幾個月內去更多的市場。

During almost all the visits, I balanced my time between meetings with investors, employees, clients, both issuer and merchant clients, and government officials.

在幾乎所有的訪問中，我平衡了與投資者、員工、客戶、發行人和商家客戶以及政府官員會面的時間。

I thought it might be helpful to share a few overall and a few specific impressions from these meetings.

我認為分享這些會議的一些總體印象和一些具體印象可能會有所幫助。

In terms of overall impressions, the Visa brand and our reputation with our clients is very good.

就整體印象而言，Visa 品牌和我們在客戶中的聲譽非常好。

Clients appreciate the association with our people and our incredible brand.

客戶欣賞與我們的員工和我們令人難以置信的品牌的聯繫。

Regulation is present almost everywhere, although it clearly differs from market to market.

監管幾乎無處不在，儘管它明顯因市場而異。

I validated what I already knew, that the payment space is a local business driven by history, traditions and local regulations.

我驗證了我已經知道的事實，即支付空間是由歷史、傳統和當地法規驅動的本地業務。

The state of innovation, issuer relationships and acceptance penetration are specific to each individual country, so you must be local to win in the payment space.

創新狀態、發行人關係和接受滲透率因每個國家/地區而異，因此您必須在當地才能在支付領域取勝。

And my final observation is that opportunity abounds around the world.

我最後的觀察是，世界各地都有機會。

More specifically, let me highlight some of our ongoing efforts in a number of countries.

更具體地說，讓我強調我們在一些國家正在進行的一些努力。

In Russia, we have a very good presence and enjoy terrific relationships with an impressive set of bank partners, both state owned as well as private.

在俄羅斯，我們有很好的影響力，並與令人印象深刻的銀行合作夥伴建立了良好的關係，包括國有和私人銀行。

As a developed economy, Russia is growing domestically and in outbound travel, which contributes significantly to our cross-border business growth.

作為一個發達經濟體，俄羅斯在國內和出境旅遊方面都在增長，這對我們的跨境業務增長做出了重大貢獻。

While Russia has a domestic processor in NSPK and a domestic scheme in Mir, the government understands the value of other networks, and we are working well with the government's central bank as well as our issuer partners.

雖然俄羅斯在 NSPK 有一個國內處理器，在 Mir 有一個國內計劃，但政府了解其他網絡的價值，我們正在與政府的中央銀行以及我們的發行夥伴合作良好。

Russia is also building excitement for the upcoming Confederations Cup this year and the FIFA World Cup in 2018, which represent opportunities for growth in this market.

俄羅斯也在為即將到來的今年聯合會杯和 2018 年國際足聯世界杯而興奮，這代表了這個市場的增長機會。

China, as I've said before, is a long-term opportunity.

正如我之前所說，中國是一個長期的機遇。

It's an important market, and we will be patient.

這是一個重要的市場，我們會耐心等待。

I recently enjoyed meeting a number of key influential people during my trip to Beijing.

最近，我很高興在北京之行中結識了許多有影響力的重要人物。

They were very helpful.

他們非常有幫助。

That said, it will take time to apply for and pass the various review steps before we obtain a domestic license.

也就是說，在我們獲得國內許可證之前，申請並通過各種審查步驟需要時間。

We are working on a path forward, which I discussed with key people, and we received helpful feedback.

我們正在製定一條前進的道路，我與關鍵人物進行了討論，我們收到了有用的反饋。

Beyond the pursuit of a domestic license, the phasing out of the dual-branded cards has begun to impact us in terms of payment volume and revenue, and we expect to feel this impact a bit more as we look ahead.

除了追求國內牌照之外，雙品牌卡的逐步淘汰已經開始對我們的支付量和收入產生影響，我們預計在展望未來時會更多地感受到這種影響。

Turning to Japan, I'm very excited about the opportunities.

談到日本，我對這些機會感到非常興奮。

Japan today is a huge cash society with a large number of credit cards but a small number of debit cards.

今天的日本是一個龐大的現金社會，信用卡數量多，借記卡數量少。

I had a chance to meet with over 30 clients, and the enthusiasm was very high.

我有機會會見了30多個客戶，熱情很高。

I really believe that Japan will take off over the next few years, driven by a positive and active government in terms of driving payments to be more electronic or digital, growth in contactless and the emergence of e-commerce.

我真的相信，在積極和積極的政府推動下，在推動支付更加電子化或數字化、非接觸式增長和電子商務的出現方面，日本將在未來幾年起飛。

The Olympics in 2020 will be a great showcase for digital progress as the games are largely going to be in and around the city of Tokyo.

2020 年的奧運會將是數字化進步的絕佳展示，因為奧運會主要在東京市內及周邊地區舉行。

In India, we're working with partners and government agencies to expand our presence.

在印度，我們正在與合作夥伴和政府機構合作，以擴大我們的影響力。

Post-demonetization in November, domestic processed transactions continues to grow significantly and was up well over 100% this past quarter.

在 11 月去貨幣化之後，國內處理的交易繼續顯著增長，在上個季度增長了 100% 以上。

Today, cash availability has largely returned to normal levels.

今天，可用現金已基本恢復到正常水平。

Our transactions primarily come from domestic debit in low-ticket, nondiscretionary categories as we're driving debit awareness.

我們的交易主要來自低票價、非自主類別的國內借記，因為我們正在提高借記意識。

We are also scaling up physical and digital acceptance through bank partnerships and new product introductions.

我們還通過銀行合作夥伴關係和新產品推出來擴大實體和數字接受度。

Points of acceptance have increased 50% in the 5 months since demonetization and is now above 2 million.

自取消貨幣化以來的 5 個月內，接受點增加了 50%，現在已超過 200 萬。

Looking at the European business.

著眼於歐洲業務。

We're gratified with the overall performance.

我們對整體表現感到滿意。

Our acquisition of Visa Europe has provided our business with a truly global presence as we operate as One Visa worldwide.

我們對 Visa Europe 的收購為我們的業務提供了真正的全球影響力，因為我們在全球範圍內作為 One Visa 運營。

While we still have a lot of work ahead of us, we're pleased with the business integration progress to date.

雖然我們還有很多工作要做，但我們對迄今為止的業務整合進展感到滿意。

We are in active discussions with our clients as we migrate to new commercial frameworks with incentive structures.

隨著我們遷移到具有激勵結構的新商業框架，我們正在與客戶進行積極的討論。

The vast majority of payments volume continues to be under contract.

絕大多數的支付量繼續按照合同進行。

We're also in the process of building a strong and stable European leadership team.

我們還在建立強大而穩定的歐洲領導團隊。

Following the recent resignation of Visa Europe's CEO, Nicolas Huss, Bill Sheedy has taken on the Interim CEO role as of April 1. Bill is a 25-year veteran of Visa and is well known to the European team given his role in the acquisition and early integration.

在 Visa Europe 首席執行官 Nicolas Huss 最近辭職後，Bill Sheedy 自 4 月 1 日起擔任臨時首席執行官一職。Bill 在 Visa 工作了 25 年，因其在收購和早期整合。

Bill provides invaluable leadership and business continuity as we integrate the European operations and while the formal search process is underway.

在我們整合歐洲業務以及正在進行正式的搜索過程時，Bill 提供了寶貴的領導力和業務連續性。

We continue to work with our clients and partners to deliver on our innovation agenda in Europe and create new products, services and business opportunities.

我們將繼續與我們的客戶和合作夥伴合作，以實現我們在歐洲的創新議程，並創造新的產品、服務和商業機會。

This past quarter, we led a number of successful contactless transit launches in the U.K. and Italy, and Visa Token Service continues to expand with recent Android Pay launches in Poland and Ireland.

上個季度，我們在英國和意大利成功推出了多項非接觸式交通服務，Visa 令牌服務隨著最近在波蘭和愛爾蘭推出的 Android Pay 服務繼續擴展。

In February, we launched the Visa Innovation Center in London and saw strong client engagement with over 50 client sessions held on site to date and a significant pipeline of demand ahead of us.

2 月，我們在倫敦啟動了 Visa 創新中心，迄今為止在現場舉行了 50 多次客戶會議，客戶參與度很高，我們面前還有大量需求。

We maintained our strong record of accomplishment of delivering value to our shareholders through a disciplined capital allocation plan.

我們通過嚴格的資本分配計劃保持了為股東創造價值的良好記錄。

We continue to make investments in our core business.

我們繼續對我們的核心業務進行投資。

We invested in our merchant service offerings by completing the CardinalCommerce transaction in February.

我們在 2 月份完成了 CardinalCommerce 交易，從而投資了我們的商家服務產品。

The 3-D Secure 2.0 standard and detection provides greater fraud protection and will increase approval authorizations in a channel that has historically had high or a higher level of denials.

3-D Secure 2.0 標準和檢測提供了更大的欺詐保護，並將增加歷史上拒絕率較高或更高的渠道的批准授權。

In fiscal Q2, we delivered on our commitment to driving shareholder value as we returned over $2 billion of capital to shareholders consisting of $1.7 billion of share repurchases and nearly $400 million through dividends.

在第二財季，我們兌現了推動股東價值的承諾，向股東返還了超過 20 億美元的資本，其中包括 17 億美元的股票回購和近 4 億美元的股息。

We continue to accelerate our share buyback activity to offset the equity dilution from the Visa Europe transaction.

我們繼續加快股票回購活動，以抵消 Visa Europe 交易造成的股權稀釋。

Lastly at Tuesday's board meeting, we received approval to increase our share buyback authorization by $5 billion, resulting in a total purchase authorization of $7.2 billion.

最後在周二的董事會會議上，我們獲得批准將我們的股票回購授權增加 50 億美元，從而使總購買授權達到 72 億美元。

As we move to the second half of our fiscal year, we feel good about the momentum in the business and look forward to the future ahead.

隨著我們進入本財年的下半年，我們對業務的發展勢頭感到滿意，並對未來的未來充滿期待。

I've enjoyed the opportunity to meet with many of our shareholders over the past months, and I hope to meet more of you in the coming months.

在過去的幾個月裡，我很高興有機會與我們的許多股東會面，我希望在接下來的幾個月裡能見到更多的人。

As a reminder, our Investor Day will be held on June 22 in San Francisco, so I hope you will be able to join us.

提醒一下，我們的投資者日將於 6 月 22 日在舊金山舉行，所以我希望你能加入我們。

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。

The strong growth trends we started the year with continued through the second quarter.

我們年初的強勁增長趨勢持續到第二季度。

Second quarter net revenue and EPS once again exceeded our expectations.

第二季度淨收入和每股收益再次超出我們的預期。

On a GAAP basis, fiscal second quarter net revenues were up 23%.

按公認會計原則計算，第二財季淨收入增長了 23%。

EPS, including special items related to the reorganization of Visa Europe, was $0.18.

包括與 Visa Europe 重組相關的特殊項目在內的每股收益為 0.18 美元。

Excluding these special items, adjusted net income for the quarter was $2.1 billion and EPS, $0.86.

不包括這些特殊項目，本季度調整後的淨收入為 21 億美元，每股收益為 0.86 美元。

Adjusting last year's results for a gain related to currency forward contracts, EPS was up 27%.

調整去年與貨幣遠期合約相關的收益後，每股收益增長了 27%。

Exchange rate shifts versus the prior year negatively impacted net revenue growth by approximately 2.5 percentage points and EPS growth by approximately 4 percentage points.

與上年相比，匯率變動對淨收入增長產生了約 2.5 個百分點的負面影響，每股收益增長約 4 個百分點。

A few key points: Adjusted for the extra day in February last year, global growth rates and payment volumes, processed transactions and cross-border volumes remain robust and generally in line with first quarter trends.

幾個關鍵點：根據去年 2 月的額外一天進行調整，全球增長率和支付量、已處理的交易量和跨境交易量保持強勁，總體上符合第一季度的趨勢。

Once again, timing of client incentives added almost $0.03 to our second quarter results as some deal renewals are pushed out into the second half.

再次，客戶激勵的時機為我們的第二季度業績增加了近 0.03 美元，因為一些交易續訂被推遲到下半年。

We completed our legal entity reorganization of Visa Europe and other Visa subsidiaries to align our global corporate structure to the geographic jurisdictions in which we have business operations.

我們完成了對 Visa Europe 和其他 Visa 子公司的法人實體重組，以使我們的全球公司結構與我們開展業務的地理管轄區保持一致。

This reduced our reported tax rate to 28.6% after adjusting for 2 nonrecurring special items.

在調整了 2 個非經常性特殊項目後，這將我們報告的稅率降低至 28.6%。

Finally, we bought back 19.1 million shares of Class A common stock in the second quarter at an average price of $88.51 for $1.7 billion.

最後，我們在第二季度以 17 億美元的平均價格 88.51 美元回購了 1910 萬股 A 類普通股。

In the first half of fiscal 2017, we bought back 41.4 million shares for $3.5 billion at an average price of $83.81.

2017 財年上半年，我們以 83.81 美元的平均價格以 35 億美元的價格回購了 4140 萬股股票。

Our board has authorized a new $5 billion share repurchase program, increasing funds available for stock buybacks to $7.2 billion.

我們的董事會已授權一項新的 50 億美元股票回購計劃，將可用於股票回購的資金增加到 72 億美元。

Before I discuss our second quarter results and outlook for the year, some more details on the Visa Europe reorganization and its impact.

在我討論我們的第二季度業績和今年的展望之前，請先了解有關 Visa Europe 重組及其影響的更多細節。

We are pleased to have completed a reorganization of Visa Europe and other subsidiaries.

我們很高興完成了對 Visa Europe 和其他子公司的重組。

This has several implications.

這有幾個含義。

First, our adjusted tax rate in the second quarter was lower at 28.6%.

首先，我們第二季度的調整後稅率較低，為 28.6%。

As a result, our full year adjusted tax rate will now be approximately 50 basis points lower than prior expectations.

因此，我們全年調整後的稅率現在將比之前的預期低約 50 個基點。

Next year, with a full year benefit from the new structure, we will have a further reduction of approximately 100 basis points in our tax rate.

明年，隨著全年受益於新結構，我們的稅率將進一步降低約 100 個基點。

Second, following this reorganization, we returned a net $1.3 billion of cash held by our foreign subsidiaries to the U.S. This transaction did not constitute a return of undistributed earnings and, as such, was not subject to U.S. taxes.

其次，在此次重組之後，我們將我們的外國子公司持有的 13 億美元現金淨返還給了美國。該交易不構成未分配收益的返還，因此無需繳納美國稅款。

This return of cash precludes the need for us to issue any debt until later this calendar year, when the first tranche from our December 2015 debt issuance matures.

這種現金回報排除了我們在本日曆年晚些時候發行任何債務的需要，屆時我們 2015 年 12 月債券發行的第一批到期。

We have the ability to return more cash held by our foreign subsidiaries, and will update you as and when we do it.

我們有能力返還我們的外國子公司持有的更多現金，並會在我們這樣做時向您更新。

Third, associated with this reorganization, the newly formed Visa Foundation received all Visa Inc.

第三，與此次重組相關的是，新成立的 Visa 基金會接收了 Visa Inc. 的全部股份。

shares which were previously held by Visa Europe and recorded as treasury stock.

Visa Europe之前持有並記為庫存股的股份。

The reorganization provided us with an opportunity to achieve this goal in a tax-efficient manner.

重組為我們提供了以節稅方式實現這一目標的機會。

The charitable donation, which totaled $192 million, was recorded in general and administrative expenses.

慈善捐款總額為 1.92 億元，計入一般及行政開支。

There was an associated $17 million reduction in income tax provisions reflecting the tax benefit of the contribution.

所得稅撥備減少了 1700 萬美元，反映了捐款的稅收優惠。

Both these items are nonrecurring and, as such, were treated as special items.

這兩個項目都是非經常性項目，因此被視為特殊項目。

Fourth, as a result of this reorganization, we eliminated deferred tax balances originally recorded when we acquired Visa Europe in June 2016.

第四，由於此次重組，我們消除了最初在 2016 年 6 月收購 Visa Europe 時記錄的遞延稅款餘額。

As required by U.S. GAAP, we recorded these balances as part of purchase accounting for the acquisition to accrue for potential tax liabilities or assets if we ever sold Visa Europe.

根據美國公認會計原則的要求，我們將這些餘額記錄為購買會計的一部分，以便在我們出售 Visa Europe 時為潛在的稅收負債或資產累積。

The applicable taxes are dependent on the geographic jurisdictions applicable to Visa Europe.

適用稅費取決於適用於 Visa Europe 的地理管轄區。

In the reorganization, we changed our corporate structure.

在重組中，我們改變了公司結構。

It was therefore necessary to adjust associated deferred tax balances accordingly.

因此，有必要相應地調整相關的遞延所得稅餘額。

This onetime adjustment has no cash consequences as no tax was actually triggered by the reorganization.

這一一次性調整不會產生現金後果，因為重組實際上並未引發任何稅收。

As such, this approximately $1.5 billion deferred tax adjustment was also treated as a special item.

因此，這約 15 億美元的遞延稅項調整也被視為特殊項目。

Our press release provides you with the schedule that adjusts GAAP net income and EPS for these special items.

我們的新聞稿為您提供了調整這些特殊項目的 GAAP 淨收入和每股收益的時間表。

Moving now to a review of our key business drivers in the first quarter (sic) [ second quarter ]. U.S. payments volumes grew 12% with credit growing 21% and debit 3%.

現在回顧一下我們在第一季度（原文如此）[第二季度]的主要業務驅動因素。美國支付量增長 12%，信貸增長 21%，借記增長 3%。

Adjusting for the extra day in February 2016 would add over 1 percentage point to these growth rates.

調整 2016 年 2 月的額外一天將使這些增長率增加 1 個百分點以上。

Even after you adjust for Costco and USAA, credit growth has remained strong, especially spending on travel.

即使根據 Costco 和 USAA 進行調整，信貸增長仍然強勁，尤其是旅行支出。

Excluding Interlink, debit grew 7%, in line with the prior quarter when normalized for the leap day.

扣除 Interlink 後，借方增長 7%，與閏日標準化後的上一季度持平。

Reported Interlink growth rates continue to be impacted by the lapping of a significant win in the fourth quarter of fiscal 2015 as well as PIN debit routing choices by acquirers and merchants.

報告的 Interlink 增長率繼續受到 2015 財年第四季度的重大勝利以及收單機構和商家選擇的 PIN 借記卡路由選擇的影響。

Gas prices added approximately 0.5 point to payment volume growth in the U.S.

天然氣價格為美國的支付量增長增加了約 0.5 個百分點。

As reported, international payment volumes grew 68% in constant dollars.

據報導，以固定美元計算的國際支付量增長了 68%。

In addition to the leap day effect from 2016, international payment volumes are also impacted by the shift in Easter from fiscal Q2 last year to Q3 this year.

除了 2016 年的閏日效應外，國際支付量也受到復活節從去年第二季度到今年第三季度的轉變的影響。

On a comparable and normalized basis, robust payment volume growth continued across the globe.

在可比較和標準化的基礎上，全球支付量繼續強勁增長。

Growth picked up in Latin America and remained strong in the CEMEA region.

拉丁美洲增長回升，CEMEA 地區保持強勁增長。

Asia sustained double-digit payment volume growth rates excluding China.

除中國外，亞洲的支付量保持兩位數增長。

Payment volume growth in China slowed as a result of a decline in dual-branded card volumes as well as loan restrictions lowering real estate transaction volumes.

由於雙品牌卡交易量下降以及貸款限制降低了房地產交易量，中國的支付量增長放緩。

In Europe, excluding co-badge volume in all periods, growth was steady at 9% despite the leap year and Easter shift impacts.

在歐洲，不包括所有時期的聯合徽章數量，儘管有閏年和復活節轉移的影響，但增長率穩定在 9%。

On a reported basis, cross-border volumes grew 132% on a constant dollar basis driven by the inclusion of Europe.

據報導，在歐洲的加入推動下，以固定美元計算的跨境交易量增長了 132%。

Adding Europe to prior results, constant dollar cross-border growth globally was up 11%.

將歐洲添加到之前的結果中，全球持續美元跨境增長增長了 11%。

In the last week of March, we experienced settlement delays in Europe due to a technical issue.

在 3 月的最後一周，由於技術問題，我們在歐洲經歷了結算延遲。

This caused some volume, mostly international volume, which would normally have settled in March to be settled in the first week of April.

這導致一些交易量，主要是國際交易量，通常在 3 月結算的交易量在 4 月的第一周結算。

This reduced second quarter European and normalized global cross-border growth rates by 1 percentage point, respectively.

這使第二季度歐洲和正常化的全球跨境增長率分別降低了 1 個百分點。

Impact on cross-border revenues was de minimis.

對跨境收入的影響微乎其微。

Strong cross-border growth trends adjusted for the leap year have sustained through the second quarter, helped by the relative stability of the dollar and the euro.

受閏年調整的強勁跨境增長趨勢持續到第二季度，這得益於美元和歐元的相對穩定。

Once again, the strong dollar drove robust outbound commerce from the U.S. into Canada, Mexico and the U.K. Our U.S.-acquired business improved, helped by an acceleration of commerce in from Canada and Brazil.

強勢美元再次推動了從美國到加拿大、墨西哥和英國的強勁對外貿易。在加拿大和巴西的貿易加速推動下，我們在美國收購的業務有所改善。

As a result, U.S. cross-border volume growth remained in the double digits and was a percentage point higher than the first quarter rate.

因此，美國跨境交易量增長保持在兩位數，比第一季度高出一個百分點。

Across other geographies, the U.K. continues to benefit from the weak pound, which is driving significance on inbound commerce.

在其他地區，英國繼續受益於英鎊疲軟，這對入境貿易具有重要意義。

Outbound commerce from Russia accelerated, especially into Europe.

來自俄羅斯的對外貿易加速，尤其是進入歐洲。

Outbound commerce from the Middle East continues to weaken, but commerce from sub-Saharan Africa is picking up steam.

來自中東的出境貿易繼續疲軟，但來自撒哈拉以南非洲的貿易正在回暖。

Cross-border commerce across Latin America was strong.

拉丁美洲的跨境貿易強勁。

Adjusted for the settlement delay, cross-border growth was steady across Europe.

調整結算延遲後，整個歐洲的跨境增長穩定。

As reported, processed transactions grew 42% due to the inclusion of Europe.

據報導，由於歐洲的加入，已處理的交易增長了 42%。

On a comparable basis, which includes Europe in prior year's results, global processed transactions grew 12%.

在可比基礎上（包括上一年業績中的歐洲），全球處理交易增長了 12%。

Adjusting for the leap year impact, processed transaction growth rates were stable.

調整閏年影響後，處理的交易增長率保持穩定。

U.S. growth rates were modestly lower, primarily due to Interlink.

美國的增長率略有下降，主要是由於 Interlink。

International growth rates stepped up due to India and some new business in Europe.

由於印度和歐洲的一些新業務，國際增長率加快。

Even as cash available in India has returned to normal, transaction growth rates in excess of 100% have sustained through the second quarter.

儘管印度的可用現金已恢復正常，但超過 100% 的交易增長率一直持續到第二季度。

Through April 14, U.S. payments volumes are up almost 15%.

截至 4 月 14 日，美國的支付量增長了近 15%。

Normalized for Visa Europe, constant dollar cross-border volumes grew 13% and processed transaction growth was almost 17%.

Visa Europe 標準化後，美元跨境交易量增長了 13%，處理的交易量增長了近 17%。

A word of caution: 2 weeks do not make a trend and the first half of -- then the first half of April is impacted by the shift in Easter.

提醒一句：2 週不會形成趨勢，上半月——那麼 4 月上半月會受到復活節變化的影響。

A quick review of our fiscal second quarter financial results.

快速回顧我們第二財季的財務業績。

Service revenue grew 17% in line with first quarter growth rates.

服務收入增長 17%，與第一季度的增長率一致。

Service revenue growth was helped by previously announced price increases offset by the negative currency translation impact.

服務收入增長得益於先前宣布的價格上漲被負面貨幣換算影響所抵消。

Data processing revenues grew 25%.

數據處理收入增長了 25%。

International revenues grew 41% impacted by lower revenues from currency volatility.

受貨幣波動導致收入下降的影響，國際收入增長了 41%。

Currency volatility declined through the quarter and is currently below the long-term mean.

貨幣波動性在本季度有所下降，目前低於長期均值。

Once again, client incentives came in well below our expectations.

再次，客戶激勵遠低於我們的預期。

As I mentioned earlier, lower-than-expected client incentives added $0.03 to our second quarter EPS.

正如我之前提到的，低於預期的客戶激勵措施為我們的第二季度每股收益增加了 0.03 美元。

Many significant renewals were completed in the quarter as Al described, which will drive incentives higher going forward.

正如 Al 所描述的那樣，本季度完成了許多重要的續約，這將推動未來的激勵措施更高。

Several important renewals have shifted to the second half.

幾個重要的續約已經轉移到了下半年。

In Europe, we continue to work with clients to reset our terms post removal of rebates.

在歐洲，我們將繼續與客戶合作，在取消回扣後重新設置我們的條款。

We are comfortable with progress, but given the large volume of contracts that have to be modified, this will extend into the second half.

我們對進展感到滿意，但鑑於必須修改大量合同，這將延續到下半年。

In the U.S., a couple of renewals we had previously estimated might be done by now will likely be second half events, mostly driven by client timetables.

在美國，我們之前估計現在可能會完成的幾次續訂可能是下半年的事件，主要由客戶時間表驅動。

Expenses grew 24% after adjusting for the Visa Foundation contribution, which is recorded in G&A.

在調整了記錄在 G&A 中的 Visa 基金會捐款後，費用增長了 24%。

As expected, expense growth ramped up from the first quarter level and will continue to ramp as we step up marketing and technology spend as well as Europe integration costs.

正如預期的那樣，費用增長從第一季度的水平開始上升，並將隨著我們加大營銷和技術支出以及歐洲整合成本而繼續上升。

Personnel expenses were impacted by above-normal employee incentive accruals tied to better-than-expected year-to-date performance and several employee benefit-related costs that are seasonally higher in the second quarter.

人事費用受到高於正常的員工激勵應計的影響，這與年初至今的業績好於預期以及第二季度季節性較高的一些員工福利相關成本有關。

Our tax rate adjusted for special items was 28.6% as a result of the completion of the Visa Europe reorganization driving EPS of $0.86, up 27% on an adjusted basis.

由於 Visa Europe 重組的完成，我們針對特殊項目調整的稅率為 28.6%，推動每股收益為 0.86 美元，調整後增長 27%。

Looking ahead to the second half of fiscal year 2017.

展望2017財年下半年。

As you have seen, the key drivers of our results, payment volumes, processed transactions and cross-border volumes, continued to grow at healthy rates all through the first half.

如您所見，我們業績的關鍵驅動因素，即支付量、已處理的交易和跨境交易量，在整個上半年繼續以健康的速度增長。

The main headwinds this year have been the strong dollar and the weak euro.

今年的主要不利因素是強勢美元和弱勢歐元。

Fortunately, the dollar and the euro were relatively stable last quarter, and this headwind has not become stiffer.

幸運的是，美元和歐元上個季度相對穩定，這種逆風並沒有變得更加強烈。

A couple of trends are worse than we had expected last quarter and bear watching.

一些趨勢比我們上個季度的預期更糟糕，值得關注。

Currency volatility is tracking below the long-term mean and well below last year's levels.

貨幣波動率低於長期均值，遠低於去年水平。

Volumes on Chinese dual-brand cards are declining as cards expire and are not reissued.

隨著卡到期且不再補發，中國雙品牌卡的交易量正在下降。

For the second half, we are assuming payments volume and cross-border growth momentum will be sustained.

下半年，我們假設支付量和跨境增長勢頭將持續。

Client incentive spend is expected to ramp up with the renewals we just completed and deals that are shifting into the second half.

隨著我們剛剛完成的續訂和進入下半年的交易，預計客戶激勵支出將增加。

Expenses will also step up above second quarter levels as we spend more on marketing and technology initiatives as well as Europe integration.

隨著我們在營銷和技術計劃以及歐洲一體化方面的支出增加，費用也將超過第二季度的水平。

Based on first half results and current trends, we're updating several components of our full year fiscal '17 outlook.

根據上半年業績和當前趨勢，我們正在更新我們 17 財年全年展望的幾個組成部分。

We now expect nominal net revenue growth to come in at the high end of our outlook range of 16% to 18%, with client incentives as a percent of gross revenue at the low end of the 20.5% to 21.5% range.

我們現在預計名義淨收入增長將在我們展望範圍的高端達到 16% 至 18%，客戶激勵佔總收入的百分比在 20.5% 至 21.5% 範圍的低端。

There is no change in margin expectations in the mid-60s.

60 年代中期的利潤率預期沒有變化。

As a result of our Visa Europe reorganization, our tax rate, after adjusting for special items, is expected to be 50 bps or basis points better at approximately 30%.

由於我們的 Visa Europe 重組，我們的稅率在針對特殊項目進行調整後，預計將提高 50 個基點或基點，約為 30%。

Nominal adjusted EPS growth, also adjusted for special items, is now projected to be at the high end of the mid-teens range.

名義調整後的每股收益增長，也針對特殊項目進行了調整，現在預計將處於青少年區間的高端。

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

有了這個，我會把它轉回給傑克。

Thanks, Vasant.

謝謝，瓦桑特。

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

克里斯汀，這個時候，我們準備好回答問題了。

(Operator Instructions) And our first question comes from Bob Napoli from William Blair.

（操作員說明）我們的第一個問題來自 William Blair 的 Bob Napoli。

So this is the second quarter in a row where the company has materially exceeded expectations.

因此，這是該公司連續第二個季度大幅超出預期。

What is -- I mean, there's a lot going on.

什麼是 - 我的意思是，發生了很多事情。

What are the main surprises to Visa on the outperformance?

Visa 表現出色的主要驚喜是什麼？

Is it Visa Europe is a lot more accretive than what you thought?

是不是 Visa Europe 比你想像的要增值得多？

Is it a somewhat better economy, more market share?

它是一個更好的經濟，更多的市場份額嗎？

What is driving the upside surprises?

是什麼推動了上行驚喜？

Bob, it's Al.

鮑勃，是艾爾。

I would say, number one, it's fairly healthy economies around the world where just you don't in every quarter get fortunate where, when you look across the globe, you see fairly robust growth.

我想說，第一，世界各地的經濟都相當健康，只是你不會在每個季度都很幸運，當你放眼全球時，你會看到相當強勁的增長。

And that's what we had seen.

這就是我們所看到的。

I think I said in the first quarter that we saw that with the exception of Brazil.

我想我在第一季度說過，除了巴西之外，我們看到了這一點。

Brazil was not terrific but better in the second quarter.

巴西在第二季度的表現並不出色，但表現更好。

I think the second thing is the fact that we saw more of the client incentives that we expected to happen in the second quarter are going to move to later in the year.

我認為第二件事是我們看到更多我們預計在第二季度發生的客戶激勵措施將轉移到今年晚些時候。

So those would be the 2 things I'd point out.

所以這就是我要指出的兩件事。

And then, of course, cross-border growth has continued to stay very robust.

然後，當然，跨境增長繼續保持非常強勁。

As you saw, we've had now 3 quarters in a row where cross border has been in the double-digit range.

正如你所看到的，我們現在已經連續 3 個季度跨境達到兩位數。

Especially strong has been U.S. cross border, both issued and the acquired holding up pretty well.

尤其強勁的是美國跨境交易，無論是發行還是收購都表現良好。

And that, as you know, is a good business for us.

如您所知，這對我們來說是一筆好生意。

So again, echoing Al, it's the strength of global economies.

因此，再次呼應 Al，這是全球經濟的力量。

Next question is from Ramsey El-Assal from Jefferies.

下一個問題來自 Jefferies 的 Ramsey El-Assal。

The lower 2017 incentives guidance, you mentioned is pushing forward some renewals that you thought were going to happen earlier in the year.

你提到的較低的 2017 年激勵指導正在推動一些你認為會在今年早些時候發生的更新。

Is there an implication that then you're pushing out into '18 things that would have occurred in '17 because you're taking down the total '17 number?

有沒有暗示你正在推進 18 年的事情，因為你要取消 17 年的總數？

And then I guess, just do you have any greater clarity on the potential effects of those FASB rule changes on revenue recognition coming into effect next year, how it might impact this incentive line?

然後我想，您是否更清楚地了解這些 FASB 規則變更對明年生效的收入確認的潛在影響，它可能如何影響這條激勵線？

Well, first, on the first point, we do our best to try to estimate these client incentives.

好吧，首先，在第一點上，我們盡最大努力估計這些客戶激勵措施。

We're, in essence, having to estimate 3 different things: One is the timing of when deals are going to happen; number two, what are going to be the terms of those deals once they're finally negotiated; and then number three, what are -- once those deals start taking place, what is the actual volume performance going to be.

從本質上講，我們必須估計 3 個不同的事情：一個是交易發生的時間；另一個是交易發生的時間；第二，一旦最終談判達成，這些交易的條款將是什麼；然後是第三，什麼是 - 一旦這些交易開始發生，實際的成交量表現將是什麼。

So we -- it's relatively tricky stuff.

所以我們 - 這是相對棘手的事情。

That said, I think not only did we see some of the renewals we expected to happen in Q2 dip into Q -- into the second half of the year.

話雖如此，我認為我們不僅看到我們預計在第二季度發生的一些續訂進入 Q - 進入今年下半年。

The other point is the one that Vasant made in his prepared remarks about the rebates being replaced by incentives in Europe.

另一點是 Vasant 在他準備好的評論中所說的，即歐洲的回扣被激勵措施所取代。

It's just there's a lot of accounts, and it's just simply taking us longer to get through all of the various work, getting to the clients, getting them negotiated, getting them through lawyers on both sides, et cetera, just plain and simple, taking longer than we thought.

只是有很多賬戶，只是我們需要更長的時間來完成所有各種工作，接觸客戶，讓他們談判，讓他們通過雙方的律師等等，簡單明了，採取比我們想像的要長。

I'll let Vasant deal with the FASB question.

我會讓 Vasant 處理 FASB 的問題。

Yes.

是的。

On the FASB side, yes, there are new revenue recognition standards.

在 FASB 方面，是的，有新的收入確認標準。

I think you've heard us say that there's no real economic impact from it.

我想你已經聽到我們說它沒有真正的經濟影響。

We are working to clarify how those standards would apply to us.

我們正在努力澄清這些標準將如何適用於我們。

We are working through what the impact on us might be.

我們正在研究可能對我們產生的影響。

There are 2 possible places in which there could be changes in the reporting: one is what is classified under client incentives versus what is classified under expenses; and then how certain kinds of payments are amortized on client incentive contracts.

報告中有兩個可能發生變化的地方：一個是歸類為客戶激勵的內容與歸類為費用的內容；然後是如何在客戶激勵合同中攤銷某些類型的付款。

Once again, as we go through that and we get clarity from the SEC and FASB on a couple of open items, we'll be able to do all the work and give you some sense of it.

再一次，當我們經歷這些並且我們從 SEC 和 FASB 獲得關於幾個未決項目的明確性時，我們將能夠完成所有工作並讓您有所了解。

But at this stage, that's where things stand.

但在這個階段，事情就是這樣。

And our next question is from Lisa Ellis from Bernstein.

我們的下一個問題來自 Bernstein 的 Lisa Ellis。

Can you comment a bit on your view on the impact of the PSD2 regulations in Europe and more broadly, the regulatory environment in Europe?

您能否評論一下您對歐洲 PSD2 法規的影響以及更廣泛地說歐洲監管環境的看法？

Well, Lisa, I think it's a little early to tell how exactly the PSD2 is going to play out.

好吧，麗莎，我認為現在說 PSD2 將如何發揮作用還為時過早。

We're obviously engaged in talking to the regulators, talking to our clients and obviously, having our own internal discussions about how things could play out.

我們顯然正在與監管機構交談，與我們的客戶交談，顯然，我們自己就事情如何發展進行了內部討論。

We've been working with the regulators to make sure that the authentication process is done in a -- with some pragmatic elements on it in terms of where you need -- where you can use normal kind of risk authorization tools and techniques versus having 2 different forms of authentication.

我們一直在與監管機構合作，以確保身份驗證過程是在一個 - 在你需要的地方有一些務實的元素 - 你可以使用普通類型的風險授權工具和技術而不是擁有 2不同形式的認證。

But where exactly it plays out, it's too early -- I think it's a little too early to tell.

但它到底在哪裡發揮作用，現在還為時過早——我認為現在說還為時過早。

As it relates to the balance of regulation in Europe, we're continuing to make sure that we're complying properly with the breakup of scheme and processor.

由於它關係到歐洲的監管平衡，我們將繼續確保我們正確遵守計劃和處理器的拆分。

It's -- being perfectly blunt about it, it's a bit of a cultural challenge in that we're being forced to kind -- to separate people and organizations that were accustomed for years to working together.

坦率地說，這是一種文化挑戰，因為我們被迫善待——將多年來習慣於一起工作的人和組織分開。

But we're obviously doing everything that we need to do to make sure we comply.

但我們顯然正在做我們需要做的一切來確保我們遵守。

And then broader regulation around the world, we're tracking very carefully.

然後是世界各地更廣泛的監管，我們正在非常仔細地跟踪。

Probably the most relevant recent news came out of Argentina where they have regulated interchange effective now at a 200 bps for credit, 100 bps for debit, but it will slide down over the next 5 years and land at 130 on credit and 60 on debit.

最相關的最新消息可能來自阿根廷，他們現在對交換進行了有效的監管，信貸利率為 200 bps，借方利率為 100 bps，但未來 5 年將下滑，貸方利率為 130，借方利率為 60。

Terrific.

了不起。

And if you don't mind me asking just the same question but for India.

如果你不介意我問同樣的問題，只是針對印度。

Can you give a little more color on exactly what's going on the ground in India, decisions being made with the government, with the central bank, et cetera, around how the payment system is going to evolve there?

您能否就印度的實際情況提供更多的色彩，與政府、中央銀行等就支付系統將如何發展做出的決定？

Well, we would have expected sometime over the last couple of weeks to have gotten clarity.

好吧，我們本來預計在過去幾週的某個時候會變得清晰。

There was supposed to be clarity no later than the end of March on kind of the next chapter of regulation or guidance in terms of how things would have to go forward, and there hasn't been.

應該不遲於 3 月底就事情如何發展的下一章監管或指導做出明確規定，但目前還沒有。

And we've been told that it will be delayed likely into early May.

我們被告知，它可能會推遲到五月初。

So we're right now continuing to make sure that we put as much emphasis as we can on growing the number of acceptance points throughout India, both kind of in traditional POS as well as using mVisa and QR codes.

因此，我們現在繼續確保我們盡可能重視增加整個印度的接受點數量，包括傳統 POS 以及使用 mVisa 和 QR 碼。

And we've made tremendous progress with merchant acceptance points up 50% in the country from November 8 until the end of the quarter.

我們取得了巨大的進步，從 11 月 8 日到本季度末，該國的商家接受點增加了 50%。

And it's still obviously very small compared to what it could be and will be relative to the population of India, but it certainly is a very healthy start from where we were in November.

與印度人口相比，它顯然仍然非常小，但從我們 11 月的情況來看，這肯定是一個非常健康的開始。

So we'll know more in May, but we're operating now under the pricing that exists out there, which is 75, 40 and 30 basis points depending upon the size of the transaction.

因此，我們將在 5 月份了解更多信息，但我們現在的定價是現有的，根據交易規模分別為 75、40 和 30 個基點。

And our next question is from David Togut from Evercore.

我們的下一個問題來自 Evercore 的 David Togut。

How do your revenue growth expectations for Visa Europe compare now versus the time you acquired the business at the end of June?

與您在 6 月底收購該業務時相比，您對 Visa Europe 的收入增長預期如何？

And in particular, are there any countries you're more or less optimistic about from a growth standpoint?

特別是，從增長的角度來看，您對哪些國家或多或少持樂觀態度？

Well, I mean, as we've told you before, I mean, we're very happy with how Visa Europe has come along post the closing of the acquisition in June.

嗯，我的意思是，正如我們之前告訴過你的那樣，我的意思是，我們對 Visa Europe 在 6 月份完成收購後的表現非常滿意。

In general, it's tracking at or above our expectations, whether it's revenue or accretion.

總的來說，無論是收入還是增長，它的跟踪都達到或高於我們的預期。

Cross-border business certainly has been strong in Europe.

歐洲的跨境業務無疑一直很強勁。

Payment volumes have been somewhat higher than where they were around the time when we closed on the acquisition.

支付量略高於我們完成收購時的水平。

Our yields have been heading in the right direction.

我們的收益率一直在朝著正確的方向發展。

Most of the expense actions relating to the consultation process are completed.

與諮詢過程有關的大部分費用行動都已完成。

We are now working on the technology integration.

我們現在正致力於技術集成。

So on all fronts, Visa Europe is performing pretty much at or above our expectations.

因此，在所有方面，Visa Europe 的表現都達到或超過了我們的預期。

On the second part of your question, where there's pockets of good potential, we're -- our largest markets are the U.K. and France.

關於你問題的第二部分，哪裡有很大的潛力，我們是——我們最大的市場是英國和法國。

And I think we look at Germany, Italy, the Nordic countries and Spain, where we have a pretty good business already, as all -- they'd be places I would -- I'd highlight as where we think there's specific potential.

我認為我們看看德國、意大利、北歐國家和西班牙，我們已經在這些國家擁有了相當不錯的業務——它們都是我想要的地方——我會強調我們認為有特定潛力的地方。

But I think we feel very good about the potential in many markets across the continent.

但我認為我們對整個非洲大陸許多市場的潛力感到非常滿意。

And our next question is from Andrew Jeffrey from SunTrust.

我們的下一個問題來自 SunTrust 的 Andrew Jeffrey。

Actually, as a follow-up on David's question with regard to Europe, Al, could you elaborate a little bit on the timing of some of the yield and expense initiatives in Europe?

實際上，作為 David 關於歐洲問題的後續行動，Al，您能否詳細說明歐洲一些收益和費用計劃的時間安排？

It sounds like we're going to start to see maybe even a little more of an impact in the second half of '17 and ostensibly into 2018.

聽起來我們將開始看到 17 年下半年甚至到 2018 年可能會產生更多影響。

So I'm just wondering if we could get order of magnitude maybe.

所以我只是想知道我們是否可以達到數量級。

Well, I think on the expense side, we're about 2/3 of the way through what we want to do.

好吧，我認為在費用方面，我們已經完成了我們想做的事情的 2/3。

On the revenue side, we're probably a little bit behind where we had hoped to be.

在收入方面，我們可能有點落後於我們希望達到的水平。

It's just taking a bit longer than we had hoped to kind of work our way through the deals that have to be reconstituted.

這只是比我們希望的要花更長的時間來完成必須重組的交易。

So I -- our -- we've got some very good momentum going now.

所以我——我們的——我們現在有一些非常好的勢頭。

So I'm certainly hoping that the pace is going to pick up here in the third quarter and into the fourth quarter.

所以我當然希望第三季度和第四季度的步伐會加快。

But obviously, if we bring on a good amount of those deals in Q3 and Q4, it's going to create a good run rate for us going into fiscal '18.

但顯然，如果我們在第三季度和第四季度進行大量此類交易，它將為我們進入 18 財年創造良好的運行率。

On the expense side, I mean, the next set of actions is all around the technology integration.

在費用方面，我的意思是，下一組行動都是圍繞技術集成展開的。

So the first thing that has to happen is the technology platforms have to be harmonized, and then we can act on what we do with the technology infrastructure.

因此，首先必須協調技術平台，然後我們才能對技術基礎設施採取行動。

And that would be, as we told you, a couple of years out.

正如我們告訴你的那樣，那將是幾年後的事情。

And on the client incentive side, as we get these new deals done, certainly, that is one of the reasons why we expect a higher rate of client incentives in the second half as this pipeline of rebate and client incentive adjustments make their way through and get done.

在客戶激勵方面，隨著我們完成這些新交易，這當然是我們預計下半年客戶激勵率更高的原因之一，因為回扣和客戶激勵調整的管道正在通過和完成。

And our next question is from Darrin Peller from Barclays.

我們的下一個問題來自巴克萊的 Darrin Peller。

Look, with personnel growth still a little higher than we thought, you still had strong margins, I think, trending at about 68% for the first half.

看，由於人員增長仍然比我們想像的要高一點，我認為你的利潤率仍然很高，上半年趨勢約為 68%。

So just first, what would drive the margin to the low end of 60% range to, I guess, average out in the mid-60s for the year?

所以首先，是什麼將利潤率推至 60% 範圍的低端，我猜，今年的平均水平在 60 年代中期？

And then, Al, can you just tell us how you conceptually think about the company's margin plans?

然後，Al，你能告訴我們你在概念上是如何看待公司的利潤計劃的嗎？

I guess, I know guidance is for mid-60s.

我想，我知道指導是針對 60 年代中期的。

But just again, as a CEO now, should we assume your strategy is to let operating leverage pass through up and above 70% over the years to come?

但再說一遍，作為現在的 CEO，我們是否應該假設您的策略是讓運營槓桿在未來幾年內超過 70%？

Or is there a different approach?

還是有不同的方法？

Well, I think that I'll answer the second half of your question first, and then I'll let Vasant tackle the first part of your question.

好吧，我想我會先回答你問題的後半部分，然後我會讓 Vasant 解決你問題的第一部分。

Look, we're going to -- my view is that to the degree that we have good opportunities to invest in future growth, whether that's organic or acquisitions, we're going to do that.

看，我們將 - 我的觀點是，只要我們有很好的機會投資於未來的增長，無論是有機的還是收購，我們都會這樣做。

And that's going to be the first use of capital always for us.

這將是我們第一次使用資本。

And from my vantage point, if that means that, for a period, we're investing a little bit of our margin to promote growth because we think we've got an abundance of good ideas, we're going to go ahead and do that.

從我的角度來看，如果這意味著，在一段時間內，我們會投入一點利潤來促進增長，因為我們認為我們有很多好主意，我們會繼續前進並做那。

That said, it is a high-leverage business, and the next 1,000, 10,000 transactions don't really add much cost until we reach a point we got to hang another server up in our data center and we've got a cost associated with that.

也就是說，這是一項高槓桿業務，接下來的 1,000、10,000 筆交易並不會真正增加太多成本，直到我們不得不在我們的數據中心掛起另一台服務器並且我們有相關的成本那。

We have very strong operating leverage in the business.

我們在業務中擁有非常強大的經營槓桿。

And so to the degree that revenue continues to grow, the reality is that -- and the revenue has grown higher than our expenses because of our leverage, the margin would naturally run up.

因此，在收入繼續增長的情況下，現實情況是——由於我們的槓桿作用，收入增長高於我們的支出，利潤率自然會上升。

But that doesn't mean we're just going to sit by idly and have that happen.

但這並不意味著我們會袖手旁觀，讓這種情況發生。

What ends up happening is going to be a result of decisions we make relative to the investment opportunities that are presented in front of us from around the world.

最終發生的事情將是我們做出的與世界各地呈現在我們面前的投資機會相關的決定的結果。

In terms of a question on near-term margins, your first question, just a few things I just want to point out that I had in the prepared remarks.

關於近期利潤的問題，你的第一個問題，我只想指出我在準備好的評論中提到的幾件事。

One is that you saw that our expense is ramping, and that ramp is partially in personnel expenses but also, as we get to the second half, there is going to be a further ramp in our marketing and our technology based on some programs that are second half based.

一個是您看到我們的費用正在增加，並且部分是人員費用，而且隨著我們進入下半年，我們的營銷和技術將進一步增加，這些計劃基於一些計劃下半場為主。

In addition to that, the Visa Europe integration costs are also ramping.

除此之外，Visa Europe 的整合成本也在攀升。

So there's a set of costs that are ramping in the second half.

因此，下半年會有一系列成本上升。

And then the second item is client incentives have been lower than we expected.

然後第二項是客戶激勵低於我們的預期。

We still believe that they will be in the range we gave you earlier, although more likely in the low end of the range, which is higher than where they had been in the first half.

我們仍然相信它們會在我們之前給你的範圍內，儘管更有可能在範圍的低端，這比他們在上半年的水平要高。

So when you put that all together, it gives you a sense of where margins are likely to be in the second half.

因此，當您將所有這些放在一起時，它會讓您了解下半年的利潤率可能在哪裡。

Next question is from Sanjay Sakhrani from KBW.

下一個問題來自 KBW 的 Sanjay Sakhrani。

I just had a follow-up question on some of the emerging market discussions.

我剛剛對一些新興市場討論提出了後續問題。

Al, you mentioned your China visit and how the road might be a little bit more complicated to get the licensing.

艾爾，你提到了你的中國之行，以及獲得許可的道路可能會有點複雜。

Could you just talk a little bit more about the time line you're expecting and whether or not there's other opportunities in that market to work with some of the players that are proliferating?

您能否多談談您所期待的時間線，以及該市場是否還有其他機會與一些正在激增的玩家合作？

And maybe just on India, just what the monetization opportunity is?

也許只是在印度，貨幣化機會是什麼？

Well, on China, I'm not going to talk about what we think might be the best path forward.

好吧，關於中國，我不打算談論我們認為可能是最好的前進道路。

It just became very clear to me, as I talked to government officials, that even if at this moment we had our ducks completely in a row and knew exactly how we wanted to proceed in terms of filing for domestic license, it's just it's a very complicated review process.

當我與政府官員交談時，我變得非常清楚，即使此時我們的鴨子完全排成一排，並且確切地知道我們想在申請國內許可證方面如何進行，但這只是一個非常複雜的審核過程。

And in fact, not all of the necessary steps are actually memorialized.

事實上，並非所有必要的步驟都被實際記錄下來。

One of the things that I found out is that hopefully the Chinese government, by the end of the second quarter, is going to publish a set of more clarifying rules about international entities and what it would be -- what would be required to submit for a license.

我發現的一件事是，希望中國政府能在第二季度末發布一套更明確的規則，關於國際實體及其內容——需要提交什麼許可證。

So this is -- Sanjay, as I think has been communicated in the past, this is a long-term play, but I think we have to be patient because it's -- this isn't a country of 13 million or 130 million people.

所以這是 - 桑傑，我認為過去已經傳達過，這是一場長期的比賽，但我認為我們必須要有耐心，因為它 - 這不是一個擁有 1300 萬或 1.3 億人口的國家.

It's almost 1.4 billion people, and it's simply going to take time.

幾乎有 14 億人，這只是需要時間。

I think in the short to medium term, the reality is that the insistence -- what's an increasing insistence on the part of the government for issuers to move away from these dual co-badge cards is, in fact, going to impact us on a negative way.

我認為在中短期內，現實情況是，政府越來越堅持要求發行人放棄這些雙重聯合徽章卡，事實上，這將對我們產生影響消極的方式。

It will impact us more meaningfully in purchase volume, but we'll -- and we're going to see some impact on revenue.

它會對我們的購買量產生更有意義的影響，但我們會——而且我們會看到對收入的一些影響。

That said, we still expect many of our partners are continuing to -- in -- as renewals come up, instead of obviously renewing with a dual-badge card, they're renewing with a CUP card and a Visa card to facilitate international travel.

話雖如此，我們仍然希望我們的許多合作夥伴會繼續 - 在 - 隨著更新的到來，而不是顯然用雙徽章卡更新，他們正在用 CUP 卡和 Visa 卡更新以促進國際旅行.

So we still believe that cross-border traffic from Chinese citizens traveling outside of China will continue to be quite good.

所以我們仍然認為，中國公民出境的跨境流量將繼續保持良好狀態。

Turning to India.

轉向印度。

Again, I think this is a longer-term play, but it's a longer-term play that right now has got some real wind at its back.

再一次，我認為這是一場長期的比賽，但這是一場長期的比賽，現在已經有了一些真正的風向。

And we're investing and we've made it clear to our folks on the ground in India that we're behind them and we'll invest what's necessary to take advantage of the wind at our backs right now.

我們正在投資，我們已經向我們在印度的當地人明確表示，我們支持他們，我們將投入必要的資金來利用我們背後的風。

In terms of how big this is, I think there's a number of things we're going to have to watch.

就這有多大而言，我認為我們必須注意很多事情。

We'll have to see where the actual pricing actually nets out when we get the final words from the regulators so that it's -- make sure it's attractive enough.

當我們從監管機構那裡得到最終決定時，我們將不得不看看實際定價的實際淨值，以確保它足夠有吸引力。

We'll have to see that the -- how the government in India continues or doesn't continue to have this sustained push behind the efforts here.

我們將不得不看到——印度政府如何繼續或不繼續推動這裡的努力。

But right now and until circumstances dictate that we should do otherwise, we're full steam ahead in trying to drive coverage, build awareness relative to mVisa and our app and trying to drive as many through marketing, drive as many Indian citizens into this world of using their mobile phone to transact for the purchases at least of their everyday goods and items.

但現在，直到情況要求我們不應該這樣做，我們正全力以赴，努力擴大覆蓋範圍，建立對 mVisa 和我們的應用程序的認識，並試圖通過營銷推動盡可能多的印度公民，將盡可能多的印度公民帶入這個世界使用他們的手機至少購買他們的日常用品和物品進行交易。

And our next question is from George Mihalos from Cowen.

我們的下一個問題來自 Cowen 的 George Mihalos。

Just wanted to build off of the last question as it pertains to China and, Al and Vasant, your comments around monitoring some of the China co-badge cards.

只是想在最後一個問題的基礎上再接再厲，因為它與中國有關，Al 和 Vasant，您對監控一些中國聯合徽章卡的評論。

Can you size for us what the potential impact could be maybe in terms of volume, for example, of something that could be at risk?

您能否為我們確定潛在的影響可能在數量方面，例如，可能存在風險的東西？

And then second question, Vasant, I just want to make sure on the tax rate, I'm thinking about it correctly.

然後是第二個問題，Vasant，我只是想確定稅率，我的想法是正確的。

For '17, you're talking about a 30% tax rate going to is it 29% in '18?

對於 17 年，您說的是 30% 的稅率到 18 年是 29% 嗎？

I'll take the tax rate.

我拿稅率。

I'm sure Al will add something on the cross-border side in China.

我相信艾爾會在中國的跨境方面添加一些東西。

On the tax rate, I did say that we get a part-year benefit from the reorganization we did in Europe, which is about 50 basis points this year, and we will get an additional 100 basis points on top of that next year, with a full year benefit of what we did.

關於稅率，我確實說過，我們從歐洲的重組中獲得了部分年度收益，今年約為 50 個基點，明年我們將在此基礎上再獲得 100 個基點，其中我們所做的一整年的收益。

As it relates to the dual-branded cards in China, we have incorporated that in our sort of thinking as we look ahead to the second half of the year.

由於它與中國的雙品牌卡有關，我們在展望下半年時已將其納入我們的思考中。

It is just something to be monitored.

這只是需要監控的東西。

It is not that easy to predict, but we are seeing that the payment volume on these cards is declining as they come up for renewal and they're being renewed with, as Al said, the single currency cards, which do then pick up some of the cross-border volume.

這並不容易預測，但我們看到這些卡上的支付量正在下降，因為它們需要更新，並且正如 Al 所說，它們正在用單一貨幣卡進行更新，然後確實會增加一些跨境交易量。

I don't know, Al, if you wanted to add anything.

我不知道，Al，如果你想添加任何東西。

No, the only thing I'd add is that it is difficult to tell.

不，我唯一要補充的是很難說。

I mean, the banks have been somewhat resistant to make this change, which has been a good thing for us.

我的意思是，銀行對做出這種改變有些抵觸，這對我們來說是件好事。

It's just that there's been a big -- a bit of a push on them more recently, and I heard that from a number of Chinese bank executives when I was over there.

只是最近有一個很大的——有點推動他們，當我在那裡時，我從一些中國銀行的高管那裡聽說過。

But how quickly it moves is hard to tell.

但很難說它移動的速度有多快。

It's also just hard to tell what will happen with single dual -- single Visa card issuance as a -- in essence, a companion card to a China UnionPay card and what, if any, impact that has on the cross-border volume which is, in many ways, for us right now the more important volume.

也很難說單雙 - 單 Visa 卡發行作為 - 本質上是中國銀聯卡的配套卡，以及對跨境交易量有什麼影響（如果有的話） ，在很多方面，對我們現在來說更重要的一卷。

And our next question is from Tien-tsin Huang of JPMorgan.

我們的下一個問題來自摩根大通的Tien-tsin Huang。

Just a clarification and a question.

只是一個澄清和一個問題。

Just on the client incentives, is the guidance revision all timing related?

就客戶激勵而言，指導修訂是否都與時間有關？

Are terms perhaps better than expected?

條款是否可能比預期的要好？

And then my other question was just on the reported U.S. debit volume.

然後我的另一個問題是關於報告的美國借記金額。

I think it shows 3%.

我認為它顯示3％。

Sounded like you said steady 7% adjusting for Interlink.

聽起來你說的穩定 7% 調整為 Interlink。

Just curious what's the outlook here.

只是好奇這裡的前景如何。

I know it's really complicated.

我知道這真的很複雜。

Just trying to better understand what we could expect or see on the volume front and perhaps on revenue, too, with U.S. debit.

只是想更好地了解我們在交易量方面的預期或看到的情況，也許還包括美國借方的收入。

I'll take U.S. debit real quick.

我會很快用美國借記卡。

The adjustment, as you know, the leap year has an impact on it, and so that's one factor.

調整，如你所知，閏年對其有影響，所以這是一個因素。

Interlink, we have that lapping effect from something we -- a significant win we had in the fourth quarter of '15.

Interlink，我們從我們的某件事中獲得了這種重疊效應——我們在 15 年第四季度取得了重大勝利。

That continues for, I guess, another couple of quarters.

我猜，這種情況還會持續幾個季度。

In addition to that, we had a few -- a certain amount of volume going away from us, so that was an additional factor.

除此之外，我們還有一些 - 一定數量的交易量正在遠離我們，所以這是一個額外的因素。

And then there was a small impact from some effects in February around delayed tax refunds going to people.

然後，二月份的一些影響對延遲退稅給人們造成了一些影響。

So debit was, in general, a little softer this quarter than credit was.

因此，總體而言，本季度借記卡比貸記卡要軟一些。

There's an ongoing shift from credit to debit in general in the U.S. market.

總體而言，美國市場正在從信用卡轉向借記卡。

That's been going on for a while.

這已經持續了一段時間。

So it's a range of factors, but other than that, things are pretty stable in the debit market.

所以這是一系列因素，但除此之外，借記卡市場的情況相當穩定。

And as it relates to incentives, I would say that it's primarily timing because most of the impact is on deals that are not done yet.

由於它與激勵措施有關，我想說這主要是時機，因為大部分影響都在尚未完成的交易上。

So the terms are still not fully set, and obviously, the volumes haven't started to take hold.

所以條款還沒有完全確定，顯然，交易量還沒有開始佔據上風。

So it truly is kind of the $0.03 of impact of timing that Vasant referenced in his remarks.

所以這確實是 Vasant 在他的評論中提到的 0.03 美元的時間影響。

Next is from Craig Maurer of Autonomous.

接下來是來自 Autonomous 的 Craig Maurer。

I'm sorry to go back to it, but I just want a clarification on the China co-badged card piece.

很抱歉回到它，但我只是想澄清一下中國聯合徽章的卡片。

As I understood it, a co-badged card, when it was used domestically, was picked up by CUP and when used in cross border, it was picked up by Visa.

據我了解，co-badged卡，在國內使用時，被銀聯提取，在跨境使用時，被Visa提取。

So in terms of the volume lost, are you saying that UnionPay is capturing some share from you in cross-border volume once the cards are reissued separately, and that's why you're seeing the slowdown in purchase volume?

那麼就損失量而言，您是說銀聯卡在單獨補發後在跨境交易量中佔您的份額，這就是您看到購買量放緩的原因嗎？

And the second question is now that we're about 6 months in, have you seen material success in your initiatives with PayPal to move ACH over to Visa cards?

第二個問題是，現在我們已經進行了大約 6 個月，您是否看到您在使用 PayPal 將 ACH 轉移到 Visa 卡的舉措中取得了實質性的成功？

So a dual-branded card can be used within China and can be used outside China.

所以雙品牌卡可以在中國境內使用，也可以在境外使用。

It's CUP that processes the transaction in China.

在中國處理交易的是銀聯。

It's Visa that processes transaction outside China.

處理中國境外交易的是Visa。

When we lose a dual-branded card, if the cross border -- if the new CUP card that's issued is used outside China, then we would lose the transaction.

當我們丟失一張雙品牌卡時，如果跨境-如果新發行的銀聯卡在中國境外使用，那麼我們將失去交易。

But we've been working rather hard with our issuers to have them issue the so-called single currency card, which, as Al described, is a companion card, which we would like Chinese travelers to use when they leave China.

但我們一直在與我們的發卡機構合作，讓他們發行所謂的單一貨幣卡，正如艾爾所說，這是一張伴侶卡，我們希望中國遊客在離開中國時使用它。

And if they do that, then we pick up that cross-border transaction, too, but it's hard to know how much of that will stay with us.

如果他們這樣做，那麼我們也會接受跨境交易，但很難知道其中有多少會留在我們身邊。

As it relates to the domestic volumes, there's a small amount of revenue we make on the domestic volume.

由於它與國內銷量有關，因此我們在國內銷量上獲得了少量收入。

So when we lose that domestic volume, when the cards no longer are dual branded and usable within China, we lose a small amount of revenue.

因此，當我們失去國內銷量時，當這些卡不再是雙品牌且在中國無法使用時，我們會損失少量收入。

And on PayPal?

在貝寶上？

I'm sorry, what was the question on PayPal?

抱歉，關於 PayPal 的問題是什麼？

If you've seen material success in the 6 months since signing the deal in moving volume from ACH onto Visa cards.

如果您在簽署協議後的 6 個月內看到了將交易量從 ACH 轉移到 Visa 卡的重大成功。

Definitely.

確實。

I mean, we -- we're -- they lived up to the spirit of what we want.

我的意思是，我們——我們——他們辜負了我們想要的精神。

And it's a process that we're going through.

這是我們正在經歷的一個過程。

But we feel good about the early days, and it's a ramp over time, and we'll see.

但我們對早期的感覺很好，隨著時間的推移，這是一個斜坡，我們會看到的。

But we feel good that we're ramping in the right direction.

但我們感覺很好，我們正在朝著正確的方向前進。

Next question is from Bryan Keane from Deutsche Bank.

下一個問題來自德意志銀行的 Bryan Keane。

Just a couple of clarifications.

只是一些澄清。

Just on the personnel costs, they were up a lot.

光是人事費，就漲了不少。

I think it was up 33%.

我認為上漲了 33%。

That was up after -- up more than the 14% in the first quarter.

之後有所上升——超過第一季度的 14%。

But I just want to make sure I understand exactly what that was.

但我只是想確保我完全理解那是什麼。

It sounded like maybe it was employee bonus accruals due to good performance.

聽起來可能是由於表現良好而應計員工獎金。

That's still a significantly higher number.

這仍然是一個高得多的數字。

So trying to figure out that number, what it was.

所以試圖弄清楚那個數字，它是什麼。

And then does that continue at that rate going forward?

然後這種情況會繼續以這種速度前進嗎？

And then just on a clarification on the second point, on client incentives, does the pushout impact fiscal '18?

然後只是澄清第二點，關於客戶激勵措施，推出是否會影響 '18 財年？

Or is it just the pushout that impacts second half '17?

還是只是影響 17 年下半年的推出？

I'll take the personnel costs and the other one, too.

我會承擔人事費和其他費用。

On the personnel costs, yes, client -- I mean, incentive accruals were higher based on performance, and there's a certain amount of catch-up you have to do when you make adjustments for the entire first half.

關於人事成本，是的，客戶——我的意思是，基於績效的激勵應計更高，當你對整個上半年進行調整時，你必須做一定的追趕。

So that's a big component of it.

所以這是它的一個重要組成部分。

There's always some pluses and minuses there.

那裡總是有一些優點和缺點。

Certain FICA-related costs start hitting you in the first calendar quarter of every year.

某些與 FICA 相關的費用會在每年的第一個日曆季度開始影響您。

Of course, our first -- our second fiscal quarter is the first calendar quarter.

當然，我們的第一個 - 我們的第二個財政季度是第一個日曆季度。

So there's an element of seasonality as well as an increase in some of those costs.

因此，存在季節性因素以及其中一些成本的增加。

So it's one big item, which is incentive accruals and a variety of other smaller items.

所以這是一個大項目，即應計獎勵和其他各種較小的項目。

But in general, we have told you that our costs will ramp through the year as certain costs pick up through the year.

但總的來說，我們已經告訴過您，隨著某些成本在全年中增加，我們的成本將在全年增加。

And some of that is built into what you saw in the second quarter, and some of that will continue.

其中一些是你在第二季度看到的，其中一些將繼續存在。

And incentive accruals will stay higher through the back half of the year, too, based on what our performance has been, assuming it stays at levels we've had.

根據我們的表現，假設它保持在我們的水平，在今年下半年，激勵應計也將保持較高水平。

Your other question -- the other question was...

你的另一個問題——另一個問題是……

That was just client incentives.

那隻是客戶激勵措施。

Just client incentives (inaudible) .

只是客戶獎勵（聽不清）。

The move to '18?

搬到'18？

Look, it's too early to tell.

看，現在說還為時過早。

You make assumptions on what's going to happen, and clearly, some things are already looking like they'll be in '18, which we have factored into our thinking.

您對將要發生的事情做出假設，很明顯，有些事情已經看起來像是 18 年的情況，我們已經將其納入我們的思考中。

But it could move -- could more move to '18?

但它可以移動——可以更多地移動到 18 年嗎？

It's too early to tell.

現在說還為時過早。

Next is from Glenn -- next question is from Glenn Greene of Oppenheimer.

下一個來自格倫——下一個問題來自奧本海默的格倫格林。

Just 2 questions quickly.

很快就2個問題。

Maybe for Vasant.

也許對於瓦桑特。

I know you've talked about the recontracting of the Europe deals, and that was part of the reason for the timing of the incentives.

我知道你談到了歐洲交易的重新簽約，這也是激勵措施時機的部分原因。

But more broadly, can you tell us sort of what proportion of the European volumes have been contracted or remain to be recontracted?

但更廣泛地說，您能告訴我們歐洲數量有多大比例已經簽約或仍有待重新簽約？

And then another question that's not the same.

然後是另一個不一樣的問題。

But on pricing, how much of a pricing benefit did you recognize or see directionally in the quarter of that 25% of gross revenue?

但在定價方面，您在總收入的 25% 的季度中認識到或直接看到了多少定價優勢？

And did you see a full quarter impact to that pricing?

您是否看到該定價對整個季度的影響？

Yes.

是的。

I don't know if your second question is also about Europe.

我不知道你的第二個問題是否也是關於歐洲的。

But as you've said -- as we've said, I mean, we indicated a while ago that we don't really talk about pricing actions we've taken in any particular market.

但正如你所說 - 正如我們所說，我的意思是，我們前段時間表示我們並沒有真正談論我們在任何特定市場採取的定價行動。

We sometimes talk about U.S. pricing actions because they're fairly visible to everyone.

我們有時會談論美國的定價行為，因為它們對每個人都很明顯。

So we really -- and -- but those of you who've talked to people in Europe will get a sense of what is going on in that market.

所以我們真的 - 並且 - 但是你們中那些與歐洲人交談過的人會了解這個市場的情況。

So from a pricing standpoint, there have been some actions taken and our yields are, we think, headed in the direction that we expected to have them go.

因此，從定價的角度來看，我們採取了一些行動，我們認為我們的收益率正朝著我們預期的方向發展。

So that was as it relates to pricing.

這與定價有關。

In terms of the process of replacing rebates with incentives, as we've said several times, there are contracts in place, and these volumes are under contract.

在以激勵取代回扣的過程方面，正如我們多次說過的那樣，有合同到位，這些數量正在合同中。

What we're trying to do is to make sure that these contracts are commercially competitive in a world where the issuers with whom these contracts have been done prior to the sale of Visa Europe, when they were owners of Visa Europe, are still competitive because when they were owners, they got a payment called rebates, which was more of an ownership payment.

我們正在努力做的是確保這些合同在一個世界上具有商業競爭力，在這個世界中，在出售 Visa Europe 之前與這些合同簽訂的發行人仍然具有競爭力，當時他們是 Visa Europe 的所有者，因為當他們成為所有者時，他們得到了一種稱為回扣的付款，這更像是一種所有權付款。

As those payments go away, we want to make sure that these are commercial arrangements from a pricing standpoint and remain competitive so that when they come up for renewal, we have competitive pricing.

隨著這些付款的消失，我們希望確保從定價的角度來看這些是商業安排並保持競爭力，以便在它們更新時，我們有競爭力的定價。

So the contracts are in place.

所以合同已經到位。

It's really the commercial terms that are being modified.

真正被修改的是商業條款。

Yes.

是的。

That's really what I was asking.

這真的是我要問的。

I was just trying -- where are you in that, moving all these arrangements to commercial arrangements?

我只是在嘗試——你在哪裡，將所有這些安排轉移到商業安排？

I think that we're in process.

我認為我們正在進行中。

We're -- I think I said earlier, we're a little bit further behind than we thought we might be, but it just simply to go -- get to each of these clients, have the discussions, they're usually multiple discussions, and then getting it lawyered up, et cetera, just is taking a little bit longer than we thought.

我們 - 我想我之前說過，我們比我們想像的要落後一點，但它只是簡單地去 - 接觸這些客戶中的每一個，進行討論，他們通常是多個討論，然後將其提交律師，等等，只是比我們想像的要長一點。

And so we still have a good amount of work ahead of ourselves in the second half of the year.

因此，下半年我們仍有大量工作要做。

And that's why there's the impact that we talked about on client incentives timing being as kind of what our estimate is of $0.03.

這就是為什麼我們談到對客戶激勵時機的影響就像我們估計的 0.03 美元一樣。

And our last question is from Chris Donat from Sandler O'Neill.

我們的最後一個問題來自 Sandler O'Neill 的 Chris Donat。

Vasant, at the risk of annoying you with one more question on incentives and thinking about 2018, is the safest place to start with our assumptions for what 2018 incentive ratio will be the midpoint of the 2017 guidance?

Vasant，冒著再問一個關於激勵和思考 2018 年的問題讓您煩惱的風險，是從我們假設 2018 年激勵比率將是 2017 年指導的中點開始的最安全的地方嗎？

Because it was more like 19% for the first half of the fiscal year.

因為在本財年上半年，它更像是 19%。

It looks like it'd be like 23% for the back half.

看起來後半部分應該是 23%。

And I know it's impossible to predict it accurately.

而且我知道準確預測是不可能的。

We don't know all the terms, but anyway, I'm just thinking is the midpoint of a full year for this year a reasonable place to start for next year?

我們不知道所有條款，但無論如何，我只是想今年全年的中點是明年開始的合理起點嗎？

Well, it's too early for us to give you anything precise about next year.

嗯，我們現在給你關於明年的任何確切信息還為時過早。

As you know, these things are best talked about in ranges.

如您所知，最好在範圍內談論這些事情。

But we've given you our best sense of what the range is likely to be this year.

但是我們已經讓您對今年的範圍可能有最好的了解。

And I believe Jack has told me that the ranges we've given in the past, while one quarter or another, we may be below the range, perhaps one of these quarters will be above the range.

而且我相信傑克告訴我，我們過去給出的範圍，而四分之一或另一個，我們可能低於範圍，也許其中一個季度將高於範圍。

We generally end up being in the range for the year, and that's our best sense of where the current range is for client incentives as a percent of gross revenues.

我們通常最終會在今年的範圍內，這是我們對當前範圍內的客戶激勵佔總收入百分比的最佳理解。

Beyond that, it's too early to talk about '18.

除此之外，現在談論 18 年還為時過早。

We can tell you more about it as we get closer to the end of the year.

隨著我們接近年底，我們可以告訴你更多關於它的信息。

Thanks, Chris.

謝謝，克里斯。

Thank you all for joining us today.

感謝大家今天加入我們。

If anybody has additional follow-up questions, feel free to give myself or Joon or Victoria a call.

如果有人有其他後續問題，請隨時給我自己或 Joon 或 Victoria 打電話。

Thanks again for joining.

再次感謝您的加入。

And that 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 now disconnect.

您現在可以斷開連接。