Visa Inc (V) 2017 Q3 法說會逐字稿

Welcome to Visa's Fiscal Third Quarter 2017 Earnings Conference Call.

歡迎參加 Visa 2017 財年第三季度收益電話會議。

(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。

We'd now like to turn the conference over to your host to Mr. Jack Carsky, Head of Global Investor Relations.

我們現在想將會議轉交給全球投資者關係主管 Jack Carsky 先生主持。

Mr. Carsky, you may begin.

卡斯基先生，您可以開始了。

Thanks, Jenny.

謝謝，珍妮。

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

大家下午好，歡迎參加 Visa Inc. 的 2017 財年第三季度收益電話會議。

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 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。

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

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

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

我還要提醒您，本演示文稿可能包含前瞻性陳述。

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

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

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

有關這些因素的更多信息，請參閱我們最近的 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, 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 Reg G 要求的其他信息可在今天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.

傑克，謝謝。

Good afternoon to everybody, and thanks for joining us today.

大家下午好，感謝您今天加入我們。

We had another strong quarter of business results.

我們又取得了強勁的季度業績。

Much like the first half of our fiscal year, we saw consistently solid trends in our operating metrics with very good growth in payments volume, processed transactions and cross-border revenue.

與本財年上半年一樣，我們的運營指標呈現持續穩健的趨勢，支付量、處理的交易和跨境收入增長非常好。

Our global business benefited from an overall healthy economy as payments volume grew in every major region.

隨著每個主要地區的支付量增長，我們的全球業務受益於整體健康的經濟。

In the United States, we saw strong consumer confidence continued to drive spending growth.

在美國，我們看到強勁的消費者信心繼續推動支出增長。

After 3 quarters here at Visa, I'm quite pleased with our business progress and our high level of execution.

在 Visa 工作了 3 個季度後，我對我們的業務進展和高水平的執行感到非常滿意。

It's a real testament to our talented and dedicated employees around the world who are creating a strong culture focused on leadership development, operational excellence and driving results.

這是對我們在世界各地才華橫溢、敬業的員工的真實證明，他們正在創造一種專注於領導力發展、卓越運營和推動成果的強大文化。

As I move to the highlights of the quarter, I do want to thank everybody for joining us at our recent Investor Day, both in person and via the webcast.

當我轉向本季度的亮點時，我要感謝大家參加我們最近的投資者日，無論是親自還是通過網絡直播。

As a leadership team, we enjoyed the opportunity to meet and spend time with our shareholders and the financial community.

作為一個領導團隊，我們很高興有機會與我們的股東和金融界會面並共度時光。

We hope that you found the information and discussions to be useful.

我們希望您發現這些信息和討論是有用的。

We're pleased to have received quite positive and helpful feedback from the event.

我們很高興從這次活動中收到了非常積極和有益的反饋。

Given the fact that we did provide a significant amount of information just a couple of weeks ago, my prepared remarks today will be relatively brief.

鑑於我們在幾週前確實提供了大量信息，因此我今天準備的發言將相對簡短。

In Q3, our business continued to perform well against our operating plan and our strategic priorities for the year.

在第三季度，我們的業務繼續在我們的運營計劃和年度戰略重點方面表現良好。

We saw healthy growth in our key metrics for payments, volume and processed transactions.

我們看到支付、交易量和已處理交易的關鍵指標健康增長。

Payment volume was solid across all 5 regions.

所有 5 個地區的支付量都很穩定。

Growth was particularly strong in India, the United States, Russia, Mexico and Australia.

印度、美國、俄羅斯、墨西哥和澳大利亞的增長尤為強勁。

China payments volume growth remained low in the quarter driven by the dual currency, dual badged card runoff, but I should note that China's cross-border volumes growth continued to be strong.

在雙幣雙證卡流失的推動下，本季度中國支付量增長仍然很低，但我應該注意到，中國的跨境交易量增長繼續強勁。

This was reflective of the overall trend as cross-border growth was robust around the globe.

這反映了全球跨境增長強勁的整體趨勢。

In addition to China, Latin America, the U.S, Japan, Russia and parts of Europe were among the areas of real strength.

除中國外，拉丁美洲、美國、日本、俄羅斯和歐洲部分地區是真正實力雄厚的地區。

Looking closer at processed transactions, growth was driven by Asia Pacific, Europe and the North America regions.

仔細觀察已處理的交易，增長是由亞太地區、歐洲和北美地區推動的。

Client incentives came in lower than expected, primarily driven by timing delays and variances relative to our European clients.

客戶獎勵低於預期，主要是由於與我們的歐洲客戶相關的時間延遲和差異。

This translated to financial performance ahead of our expectations for the quarter as we grew both net revenue and EPS by 26% versus last year's comparable results.

這轉化為超出我們對本季度預期的財務業績，因為我們的淨收入和每股收益與去年的可比結果相比增長了 26%。

Vasant will go into greater financial detail and cover some of the normalized comparisons to last year.

Vasant 將詳細介紹財務細節，並涵蓋與去年的一些標準化比較。

As we mentioned during Investor Day, the integration of our European business is progressing well and is on track.

正如我們在投資者日期間所提到的，我們歐洲業務的整合進展順利，並且正在走上正軌。

More specific to the technology side of the integration, we're focused on migrating the European systems to our global authorization clearing and settlement systems as well as deploying our global data platform and other corporate systems into Europe.

更具體到集成的技術方面，我們專注於將歐洲系統遷移到我們的全球授權清算和結算系統，以及將我們的全球數據平台和其他公司係統部署到歐洲。

We are well underway in that effort, and we have just completed the upgrade of our U.K. data centers on schedule.

我們在這方面的工作進展順利，我們剛剛按時完成了英國數據中心的升級。

We expect that client migrations to the new systems will begin by the end of full year '18.

我們預計客戶遷移到新系統將在 18 年全年結束時開始。

In moving our European clients to VisaNet, we can provide enhanced network capabilities, greater scale, resilience and additional levels of cybersecurity that will benefit our clients and certainly be more efficient in the long term.

在將我們的歐洲客戶轉移到 VisaNet 時，我們可以提供增強的網絡功能、更大的規模、彈性和額外的網絡安全級別，這將使我們的客戶受益，並且從長遠來看肯定會更加高效。

We are also making significant progress in strengthening our partnerships in building digital capabilities to drive growth.

我們還在加強我們在建立數字能力以推動增長方面的合作夥伴關係方面取得了重大進展。

Earlier this week, we extended our partnership with PayPal to include Europe.

本週早些時候，我們將與 PayPal 的合作夥伴關係擴展至歐洲。

We were already collaborating with them in the United States and Asia Pacific to provide a better online experience, and this now extends the benefits to European consumers and businesses.

我們已經在美國和亞太地區與他們合作，以提供更好的在線體驗，現在這將惠及歐洲消費者和企業。

Additionally, they are joining the Visa network of clients, financial institutions and will be able to offer Visa accounts in Europe, enabling consumers and businesses to use their PayPal funds to spend wherever Visa is accepted.

此外，他們正在加入由客戶、金融機構組成的 Visa 網絡，並將能夠在歐洲提供 Visa 賬戶，使消費者和企業能夠使用他們的 PayPal 資金在任何接受 Visa 的地方消費。

The partnership makes it easier for financial institutions to offer their Visa account holders the ability to check out anywhere PayPal is accepted online by offering greater consumer choice.

通過提供更多的消費者選擇，該合作夥伴關係使金融機構能夠更輕鬆地為其 Visa 賬戶持有人提供在線接受 PayPal 的任何地方進行結賬的能力。

We also announced a strategic investment and planned partnership with Klarna, one of Europe's leading payment providers.

我們還宣布與歐洲領先的支付提供商之一 Klarna 進行戰略投資併計劃建立合作夥伴關係。

Our planned investment is part of a global strategy to open up our ecosystem and support a broad range of new partners who are helping to redefine and enhance the purchase experience for consumers online and in mobile environments.

我們計劃的投資是開放我們的生態系統並支持廣泛的新合作夥伴的全球戰略的一部分，這些合作夥伴正在幫助重新定義和增強消費者在線和移動環境中的購買體驗。

Klarna develops products that address changing consumer preferences, giving them the flexibility and seamless experience that they expect and hope for when shopping online.

Klarna 開發的產品能夠滿足不斷變化的消費者偏好，為他們提供在線購物時所期望和希望的靈活性和無縫體驗。

In June, we signed 13 new partners to participate in our token service provider program in all major regions.

6 月，我們簽署了 13 個新的合作夥伴，參與我們在所有主要地區的代幣服務提供商計劃。

With the expected increase in digital payments embedded in a growing number of devices, we continue to build out a global network of partners to offer secure, digital payment token services in creating a more secure commerce platform.

隨著越來越多的設備嵌入數字支付的預期增加，我們將繼續建立全球合作夥伴網絡，以提供安全的數字支付令牌服務，以創建更安全的商務平台。

We launched the Visa Ready program for business solutions.

我們為商業解決方案啟動了 Visa Ready 計劃。

This is a strategic framework and certification program to help technology companies that integrate with our B2B payment services to ensure that they meet standards and are market ready.

這是一個戰略框架和認證計劃，旨在幫助與我們的 B2B 支付服務集成的技術公司確保它們符合標準並為市場做好準備。

Five initial partners in the U.S. have become Visa Ready as this program will help accelerate growth and enable new use cases for B2B payments.

美國的五個初始合作夥伴已成為 Visa Ready，因為該計劃將有助於加速增長並為 B2B 支付提供新的用例。

Turning to the international markets.

轉向國際市場。

Let me first make a couple of comments on China.

我先對中國說兩句。

Yesterday, we filed an application with The People's Bank of China in order to participate in the China domestic market as a bankcard clearing institution.

昨天，我們向中國人民銀行提出申請，作為銀行卡清算機構參與中國國內市場。

China is one of the world's fastest growing payments markets and is leading the way in payments innovation.

中國是世界上增長最快的支付市場之一，在支付創新方面處於領先地位。

Our commitment to this market is long term.

我們對這個市場的承諾是長期的。

We look forward to bringing our capabilities to the industry by stepping up our engagement with all the ecosystem partners through open and constructive collaboration aiming to create added value, introduce innovative products as well as reliable and safe payment experiences for Chinese consumers.

我們期待通過開放和建設性的合作，加強與所有生態系統合作夥伴的合作，為行業帶來我們的能力，旨在為中國消費者創造附加值、推出創新產品以及可靠和安全的支付體驗。

We expect that the PBOC will consider our application in line with the publicly released measures and guidelines for [PCCI] applicants.

我們預計中國人民銀行將根據公開發布的針對 [PCCI] 申請人的措施和指南來考慮我們的申請。

India represents a large opportunity, and we provided some thoughts during Investor Day on how we're approaching the market.

印度代表著一個巨大的機會，我們在投資者日期間就我們如何進入市場提供了一些想法。

We are seeing steady progress with digital payments despite the recent remonetization of cash.

儘管最近出現了現金再貨幣化，但我們看到數字支付取得了穩步進展。

Currency in circulation is stabilizing as remonetization comes to an end.

隨著再貨幣化的結束，流通中的貨幣正在企穩。

The transition to the digital economy has been broad based across several categories, including everyday spend and suggests wide societal participation.

向數字經濟的過渡涉及多個類別，包括日常支出，並表明廣泛的社會參與。

This past quarter, we saw payments volume increase over 80% and processed transactions more than double versus last year.

上個季度，我們看到支付量增長了 80% 以上，處理的交易量比去年增加了一倍多。

In a couple of weeks, I'll be in India for the first time since joining Visa, and I look forward to seeing firsthand the opportunity that we have in meeting with local partners, officials and our teammates in India.

幾週後，我將在加入 Visa 後第一次來到印度，我期待親眼看到我們與當地合作夥伴、官員和我們在印度的隊友會面的機會。

Once again, we delivered on our commitment to drive value for our shareholders in the quarter, in maintaining a prudent capital allocation plan.

我們再次兌現了在本季度為股東創造價值的承諾，維持審慎的資本分配計劃。

We invested and supported the growth in our core business through capital spending and expenses.

我們通過資本支出和支出投資並支持核心業務的增長。

In fiscal Q3, we returned approximately $2.1 billion of capital to shareholders consisting of $1.7 billion of share repurchases and nearly $400 million through dividends.

在第三財季，我們向股東返還了大約 21 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。

In closing, we continue to see strong momentum in the business, and we're excited about the long-term growth prospects of Visa.

最後，我們繼續看到業務的強勁勢頭，我們對 Visa 的長期增長前景感到興奮。

As we highlighted during Investor Day, there is a significant opportunity to displace cash and check of $17 trillion in front of us.

正如我們在投資者日期間強調的那樣，有一個重要的機會可以取代我們面前的 17 萬億美元現金和支票。

We will continue to focus on partnering strategically in driving digital innovation to substantially grow our business into the future.

我們將繼續專注於在推動數字創新方面進行戰略合作，以在未來大幅發展我們的業務。

With that, let me now turn the call over to Vasant for some more on the financials.

有了這個，現在讓我把電話轉給 Vasant，了解更多關於財務的信息。

Thank you, Al.

謝謝你，阿爾。

Business momentum stayed strong globally throughout third quarter.

第三季度全球業務勢頭保持強勁。

Net revenue and EPS once again exceeded our expectations.

淨收入和每股收益再次超出我們的預期。

Fiscal third quarter net revenue of $4.6 million was up 26%.

第三財季淨收入為 460 萬美元，增長 26%。

Net income for the quarter was $2.1 billion or $0.86 per share.

本季度的淨收入為 21 億美元或每股 0.86 美元。

Adjusting last year's results for several special items related to the acquisition of Visa Europe, both net income and EPS were up 26%.

調整去年與收購 Visa Europe 相關的幾個特殊項目的結果後，淨收入和每股收益均增長了 26%。

Exchange rate shifts versus the prior year negatively impacted net revenue growth by approximately 1.5 percentage points and EPS by approximately 2 percentage points.

與上年相比，匯率變化對淨收入增長產生了約 1.5 個百分點的負面影響，對每股收益產生了約 2 個百分點的負面影響。

A few points to note.

有幾點需要注意。

Global growth rates in payment volumes, processed transactions and cross-border volumes remained strong and stable.

全球支付量、已處理交易和跨境交易量的增長率保持強勁和穩定。

Exchange rate headwinds moderated though currency volatilities remained below the long-term mean.

儘管貨幣波動率仍低於長期均值，但匯率逆風有所緩和。

Timing of client incentives added almost $0.02 to third quarter results due to delays primarily in Europe.

由於主要在歐洲的延誤，客戶激勵的時機為第三季度的業績增加了近 0.02 美元。

More on this later.

稍後再談。

We bought back 17.8 million shares of Class A common stock for $1.7 billion in the third quarter at an average price of $93.82.

我們在第三季度以 93.82 美元的平均價格以 17 億美元的價格回購了 1780 萬股 A 類普通股。

Year-to-date in fiscal 2017, we've bought back 59.2 million shares of Class A common stock at an average price of $86.82 per share.

2017 財年年初至今，我們以每股 86.82 美元的平均價格回購了 5920 萬股 A 類普通股。

A quick review of our key business drivers in the third quarter.

快速回顧我們第三季度的主要業務驅動因素。

U.S. payment volumes grew 12% with credit growing 19% and debit 5%.

美國支付量增長 12%，其中信貸增長 19%，借記增長 5%。

The slowdown in credit growth from the prior quarter reflects the start of Costco and USAA credit conversion in the third quarter of fiscal '16.

與上一季度相比，信貸增長放緩反映了 Costco 和 USAA 在 16 財年第三季度開始進行信貸轉換。

Excluding Interlink, debit grew 9%.

不包括 Interlink，借方增長了 9%。

Declining gas prices negatively impacted payment volume by 0.5 point.

天然氣價格下跌對支付量產生負面影響 0.5 個百分點。

Adjusted for conversion and gas prices, underlying credit and debit growth rates have been stable all year.

經轉換和汽油價格調整後，基礎信貸和借方增長率全年保持穩定。

As reported, international payment volumes grew 72% in constant dollars.

據報導，以固定美元計算的國際支付量增長了 72%。

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。

Asia sustained double-digit growth rates, excluding China.

亞洲保持兩位數的增長率，不包括中國。

Domestic payments volume growth in China was impacted by the decline in active dual-branded cards.

中國國內支付量增長受到活躍雙品牌卡下降的影響。

Strong growth was sustained across CEMEA and Latin America.

CEMEA 和拉丁美洲持續強勁增長。

Brazil ticked up modestly.

巴西小幅上漲。

In Europe, excluding co-badge payment volumes, growth was 9% with strength across most markets.

在歐洲，不包括聯合徽章支付量，大多數市場的增長率為 9%。

On a constant dollar basis, cross-border volumes grew 147%, driven by the inclusion of Europe.

以固定美元計算，在歐洲的加入推動下，跨境交易量增長了 147%。

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

將歐洲添加到上一年的業績中，美元跨境持續增長超過 11%。

Through the quarter, the dollar weakened and the pound strengthened moderately.

整個季度，美元走弱，英鎊溫和走強。

Despite these shifts, outbound commerce from the U.S. and inbound commerce into the U.K. remained very strong.

儘管發生了這些變化，來自美國的出境貿易和進入英國的入境貿易仍然非常強勁。

U.S. cross-border growth accelerated in the third quarter, largely driven by outbound commerce.

美國第三季度跨境增長加速，主要受對外貿易推動。

Across international markets, particularly strong corridors were inbound into Canada, Japan and Australia and outbound from Latin America, the Middle East, South and Southeast Asia.

在國際市場上，特別強勁的走廊進入加拿大、日本和澳大利亞，並從拉丁美洲、中東、南亞和東南亞流出。

Reported cross-border volume growth rates were negatively impacted by over 3 percentage points by an e-commerce payments platform shifting acquiring of U.K. cardholder volumes to the U.K. from another EU location.

報告的跨境交易量增長率受到超過 3 個百分點的負面影響，原因是電子商務支付平台將英國持卡人交易量從另一個歐盟地點轉移到英國。

While this shift impacted our reported cross-border growth rates, it has a minor effect on revenues since this is an intra-EU move the platform made to optimize the European business.

雖然這種轉變影響了我們報告的跨境增長率，但它對收入的影響很小，因為這是該平台為優化歐洲業務而在歐盟內部採取的舉措。

As reported, processed transactions grew 44% 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 44%。

On a comparable and normalized basis, which includes Europe in prior year results, global processed transactions grew 13%.

在可比和標準化的基礎上，包括上一年結果中的歐洲，全球處理交易增長了 13%。

U.S. growth rates were stable.

美國的增長率保持穩定。

International growth rates were helped by India and some new business in Europe.

印度和歐洲的一些新業務促進了國際增長率。

India processed transaction growth stayed about 100%.

印度處理的交易增長保持在 100% 左右。

To July 14, U.S. payment volumes are up 10%.

截至 7 月 14 日，美國的支付量增長了 10%。

Global constant dollar cross-border volumes grew 12%.

全球固定美元跨境交易量增長了 12%。

Processed transaction growth was 14%.

已處理的交易增長率為 14%。

A brief review of fiscal third quarter financial results.

簡要回顧第三財季財務業績。

With strong momentum in the key business drivers and helped by some moderation in exchange rate headwinds, growth rates on all key revenue lines stepped up in Q3.

由於主要業務驅動力的強勁勢頭以及匯率逆風有所緩和，所有主要收入線的增長率在第三季度都有所提高。

Service revenues grew 19%.

服務收入增長 19%。

Data processing revenues grew 29%.

數據處理收入增長了 29%。

International revenues grew 45% even as currency volatility stayed below the long-term mean.

即使貨幣波動率低於長期平均水平，國際收入仍增長了 45%。

As I mentioned earlier, client incentives came in lower than expected and added almost $0.02 to the third quarter EPS.

正如我之前提到的，客戶激勵措施低於預期，為第三季度每股收益增加了近 0.02 美元。

This was primarily due to delays in Europe.

這主要是由於歐洲的延誤。

We are making good progress in resetting our commercial terms for key clients post removal of rebates.

在取消回扣後，我們在為主要客戶重置商業條款方面取得了良好進展。

We are pushing hard to get most of the deals we wanted done before the end of this fiscal year.

我們正在努力爭取在本財政年度結束前完成大部分我們希望完成的交易。

Our current expectation is we will get 75% to 80% of the way there by September.

我們目前的預期是到 9 月我們將達到 75% 到 80% 的目標。

At this point, we expect the remaining 20% to 25% to shift into fiscal 2018, largely due to client preferences and timetables.

在這一點上，我們預計剩餘的 20% 至 25% 將轉移到 2018 財年，主要是由於客戶偏好和時間表。

This shift in Europe is the primary reason why we now expect client incentives as a percent of gross revenues to come in below the low end of our original outlook range of 20.5% to 21.5%.

歐洲的這種轉變是我們現在預計客戶激勵措施佔總收入的百分比低於我們最初預期範圍 20.5% 至 21.5% 的低端的主要原因。

After adjusting for various special items in last year's results, expenses grew 31%.

調整去年業績各項特殊項目後，費用增長31%。

As expected, expense growth ramped up from the first half levels as we stepped up technology as well as Europe integration spending.

正如預期的那樣，隨著我們加大技術和歐洲整合支出的力度，費用增長從上半年的水平上升。

Our tax rate was 29.3%, driven by the geographic mix of our global earnings and the benefits of the legal entity reorganization we completed last quarter.

我們的稅率為 29.3%，這得益於我們全球收益的地域組合以及我們上個季度完成的法人實體重組的好處。

As we look ahead to the fourth quarter, it's important to remind you of 3 events that occurred in June 2016, which will significantly impact our reported growth rates on key metrics going forward.

在我們展望第四季度時，重要的是要提醒您 2016 年 6 月發生的 3 件事，這將顯著影響我們報告的未來關鍵指標的增長率。

First and foremost and the most important is the closing of the Visa Europe transaction.

首先也是最重要的是完成 Visa Europe 交易。

Starting with the fourth quarter, reported growth rates will include Visa Europe in all prior year numbers.

從第四季度開始，報告的增長率將包括往年所有數據中的 Visa Europe。

Second is the Costco conversion.

其次是Costco的轉換。

Starting in the fourth quarter of fiscal '17, our U.S. credit growth rates will include Costco in prior year numbers.

從 17 財年第四季度開始，我們的美國信貸增長率將包括 Costco 上一年的數據。

In addition, the USAA credit conversion was completed in September, and the debit conversion was finished by October last year.

此外，USAA的貸方轉換於去年9月完成，借方轉換於去年10月完成。

Third is the 2016 Brexit vote followed by sharp declines in the pound and later, the euro.

第三是 2016 年英國脫歐公投，隨後英鎊大幅下跌，隨後歐元大幅下跌。

This will reduce the exchange rate drag we have experienced so far this year.

這將減少我們今年迄今所經歷的匯率拖累。

This also drove the sharp increase of cross-border commerce into the U.K.

這也推動了進入英國的跨境貿易急劇增加。

Also of note, in -- the fourth quarter of fiscal year '16 was the first time cross-border growth rates globally hit double digits in almost 3 years.

另外值得注意的是，16 財年第四季度是近 3 年來全球跨境增長率首次達到兩位數。

Starting in the fourth quarter, we will begin to lap the global cross-border recovery.

從第四季度開始，我們將開始踏上全球跨境復甦的步伐。

We have factored all this into our updated outlook for the year.

我們已將所有這些因素納入我們更新的年度展望。

We are raising nominal net revenue growth expectations for the year to approximately 20%.

我們將今年名義淨收入增長預期提高至約 20%。

This is a result of the strong growth we have reported to date, lower client incentives at 20% to 20.5% of gross revenues and moderation in the exchange rate drag to approximately 2 percentage points.

這是由於我們迄今為止報告的強勁增長、佔總收入的 20% 至 20.5% 的客戶激勵降低以及匯率拖累至約 2 個百分點。

With higher revenue growth, we are also raising our nominal adjusted EPS growth outlook to approximately 20% with a 2.5 percentage point exchange rate drag.

隨著收入增長的加快，我們還將名義調整後每股收益增長前景提高至約 20%，匯率拖累 2.5 個百分點。

Included in this outlook is a reduction in European integration cost to $60 million.

這一前景包括將歐洲一體化成本降低至 6000 萬美元。

Margin and tax rate expectation remain unchanged.

利潤率和稅率預期保持不變。

Finally, a couple of updates on cash and debt.

最後，關於現金和債務的一些更新。

We return more cash to the U.S. in the third quarter.

我們在第三季度向美國返還了更多現金。

Year-to-date, we have returned approximately $4 billion back to the U.S. As you know, in December 2016, we issued $16 billion of debt.

年初至今，我們已向美國返還了大約 40 億美元。如您所知，2016 年 12 月，我們發行了 160 億美元的債務。

The first tranche of this debt, $1.7 billion, matures in December this year.

這筆債務的第一期為 17 億美元，將於今年 12 月到期。

Between Labor Day and December, we plan to access debt markets to refinance maturing debt and an additional amount to fund the completion of stock buybacks that neutralize the impact of stock issued in connection with the Visa Europe acquisition.

在勞動節和 12 月期間，我們計劃進入債務市場，為到期債務再融資，並為完成股票回購提供資金，以抵消與 Visa Europe 收購相關的發行股票的影響。

Before I finish, I have one more topic.

在我結束之前，我還有一個話題。

A couple of weeks back, Jack informed me of his intention to retire at the end of this year.

幾週前，傑克告訴我他打算在今年年底退休。

On behalf of Visa's management, I want to thank Jack for his decade of contributions to Visa.

我謹代表 Visa 管理層感謝 Jack 十年來對 Visa 的貢獻。

As most of you know, Jack was Visa's first IR leader as a public company.

眾所周知，Jack 是 Visa 作為上市公司的第一位 IR 負責人。

Jack built our Investor Relations department from the ground up, establishing and nurturing relationships with all of you over the years, and he has been a key advocate for Visa.

Jack 從頭開始建立我們的投資者關係部門，多年來與大家建立和培養關係，他一直是 Visa 的主要倡導者。

We all wish Jack the best in his future endeavors, which he tells me may include running the town chairlift in Park City next winter.

我們都希望傑克在未來的努力中一切順利，他告訴我這可能包括明年冬天在帕克城運行鎮上的纜車。

Not surprisingly, he's picked November 30 as his last day.

毫不奇怪，他選擇了 11 月 30 日作為他的最後一天。

I guess he does not want to miss a single day of skiing.

我猜他不想錯過滑雪的一天。

With that, let me turn this back to Jack.

有了這個，讓我把這個轉回傑克。

Thanks, Vasant.

謝謝，瓦桑特。

And before we start the Q&A, let me just add to Vasant's very nice comments there.

在我們開始問答之前，讓我在這裡補充一下 Vasant 的非常好的評論。

It's been a real honor and privilege working for this organization and the people in it for the last 10 years, but it's always good to go out on top.

在過去的 10 年裡，為這個組織和其中的人們工作是一種真正的榮譽和特權，但能夠脫穎而出總是件好事。

I've known a lot of you for as few as 10 years and some of you for as many as 20.

我認識你們中的很多人只有 10 年，而你們中的一些人則長達 20 年。

And it's been a great ride, and I've really enjoyed the interactions with each and every one of you.

這是一次很棒的旅程，我真的很享受與你們每一個人的互動。

And so with that, Jenny, we are ready for questions.

所以，珍妮，我們準備好提問了。

(Operator Instructions) First question comes from Bob Napoli from William Blair.

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

Jack, I knew that Visa stock has gone up too much and you're too rich, so it's not a big surprise here.

傑克，我知道 Visa 的股票漲得太多了，而你又太富有了，所以這並不奇怪。

So I hope to take the ski lift that you'll be running.

所以我希望乘坐你將要運行的滑雪纜車。

I'll let you on it.

我會讓你做的。

He does need a tip.

他確實需要小費。

No, it's great.

不，這很棒。

Congratulations.

恭喜。

But just I guess, I mean, the numbers have been very good.

但我只是想，我的意思是，這些數字非常好。

Obviously, through Investor Day, I think the company seemed pretty upbeat.

顯然，通過投資者日，我認為該公司似乎相當樂觀。

I just wondered if there's a way that as you look at your numbers, if you can split out the growth and tell has there been an acceleration in the secular shift away from cash and checks to electronic payments?

我只是想知道，當您查看您的數據時，是否有一種方法可以拆分增長並判斷從現金和支票向電子支付的長期轉變是否加速了？

I know there's a lot going on with market share and Costco and different things.

我知道市場份額和 Costco 以及不同的事情發生了很多變化。

But I just wondered if you look at that, if there's a way -- if you think there's been some acceleration in secular trends.

但我只是想知道你是否考慮過這一點，是否有辦法——如果你認為長期趨勢有所加速。

Yes.

是的。

If you -- I think as I said in my comments, if you take out the conversions and adjust for gas prices and volatile things like that, the underlying trend of credit growth in the U.S. for the last 3 quarters has been very steady and stable in the high single digits.

如果你——我認為正如我在評論中所說的那樣，如果你去掉轉換並調整汽油價格和類似的波動因素，那麼過去 3 個季度美國信貸增長的基本趨勢一直非常穩定和穩定在高個位數。

And debit growth has also been very steady and stable.

借方的增長也非常穩定。

If you look at our payment volumes through the first 3 quarters of this year, again, strong and stable.

如果您查看我們今年前 3 個季度的支付量，我們會再次發現，強勁且穩定。

We've been converting cash to digital at a pretty hefty clip for the past 5 years, and I would say there's no -- there's really no change in that trend.

在過去的 5 年裡，我們一直在以相當大的速度將現金轉換為數字貨幣，我想說沒有——這種趨勢真的沒有變化。

Global economies recovering have clearly helped us this year.

今年全球經濟復甦明顯幫助了我們。

So if you remember on Investor Day, we talked about PCE penetration and PCE growth.

因此，如果您還記得在投資者日，我們談到了 PCE 滲透率和 PCE 增長。

The PCE growth component certainly has been helpful.

PCE 增長部分當然是有幫助的。

And then the last thing, of course, is the recovery on the cross-border side.

最後當然是跨境方面的複蘇。

And, Al, I don't know if you want to add.

還有，Al，我不知道你是否想添加。

Yes, I think the other aspect -- all of what Vasant said is obviously correct.

是的，我認為另一方面——Vasant 所說的一切顯然都是正確的。

But I think that while we've seen a real adoption of digital, we're still in the early innings.

但我認為，雖然我們已經看到了數字化的真正採用，但我們仍處於早期階段。

And I think that, as we pointed out on Investor Day, when we get into e- and m-commerce, we neutralize our largest competitor, which is cash, and I think that's going to continue to be a real engine of growth for us as we look ahead.

而且我認為，正如我們在投資者日指出的那樣，當我們進入電子商務和移動商務時，我們會抵消我們最大的競爭對手，即現金，我認為這將繼續成為我們真正的增長引擎我們向前看。

Our next question comes from the line of Moshe Katri from Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Moshe Katri。

So another quarter of very strong results internationally.

因此，在國際上又取得了非常強勁的四分之一。

It seems that Visa Europe has been exceeding at least our expectations almost every quarter since the transaction kind of took place.

自交易發生以來，Visa Europe 似乎幾乎每個季度都至少超出了我們的預期。

Is there any way to kind of get us some color in terms of where you're seeing the upside coming from versus original expectations?

有什麼方法可以讓我們了解您看到的上行空間與最初的預期相比有什麼不同？

And then on top of that, I think you've indicated that the yield from renewing some of that book of business has been better than expected.

最重要的是，我認為您已經表示，更新該業務手冊的收益比預期的要好。

Maybe some more color on that as well.

也許還有更多的顏色。

I think we've been very pleased with Europe on any number of fronts and especially given the fact that there's been a fair amount of disruption for the people who work in that business between the integration as well as the regulatory requirement to split scheme and processing in the marketplace.

我認為我們在許多方面都對歐洲感到非常滿意，特別是考慮到在整合以及拆分方案和處理的監管要求之間，從事該業務的人員受到了相當大的干擾在市場上。

Our employees have remained incredibly resilient.

我們的員工一直保持著令人難以置信的彈性。

And I think, in general, the European economy is -- has been frankly better than we thought.

而且我認為，總的來說，歐洲經濟 - 坦率地說比我們想像的要好。

As you know, where -- our largest presence by quite a large measure is in the U.K., and the U.K. has held up well and as Vasant said in his remarks, benefited -- has benefited from the lower value of the pound driving lots of inbound traffic into the U.K. That certainly has helped.

如你所知，我們最大的業務在很大程度上是在英國，而英國一直保持良好，正如 Vasant 在他的講話中所說，受益於 - 受益於英鎊貶值，推動了許多進入英國的入境流量肯定有所幫助。

And when we look around the rest of Europe, our largest presences are in France and Spain, which have also held up well.

當我們環顧歐洲其他地區時，我們最大的業務是在法國和西班牙，這兩個國家也表現良好。

And then we're seeing countries like the Nordics continue to do well.

然後我們看到像北歐這樣的國家繼續表現良好。

In terms of the yield side of it, we're still working our way through redoing of these contracts.

就收益方面而言，我們仍在努力通過重做這些合同。

As both of us alluded to in our remarks, it's just a bit more of a slog to get there than we might have thought or hoped in the first place.

正如我們倆在評論中提到的那樣，到達那裡比我們最初可能想像或希望的要艱難一些。

But we are making good progress, and I think we'll continue to make good progress as we proceed through into the fourth quarter.

但我們正在取得良好進展，我認為隨著我們進入第四季度，我們將繼續取得良好進展。

And to the degree that we've got good incentives built in place and we're getting good volume growth, all boats rise, which is a good thing for everybody.

如果我們建立了良好的激勵措施並且我們正在獲得良好的銷量增長，所有船隻都會上升，這對每個人來說都是一件好事。

And Vasant indicated -- pointed to some new business in Europe.

Vasant 指出——指出了歐洲的一些新業務。

Is that -- is there anything substantial there?

那是——那裡有什麼實質性的東西嗎？

No.

不。

I said that on the processed transaction side, yes, we've been seeing for a couple of quarters that we had some gains in Europe on the processed transaction side.

我說過，在處理交易方面，是的，我們已經看到幾個季度以來我們在歐洲處理交易方面取得了一些進展。

But overall, as Al said, I mean, we're very pleased with the way the -- the vast majority of our business in Europe is under contract, and we have been, for a certain portion of that, working with clients to reset commercial terms once rebates went away.

但總的來說，正如艾爾所說，我的意思是，我們對我們在歐洲的絕大多數業務都簽訂合同的方式感到非常滿意，而且我們一直在與客戶合作，在其中的某個部分進行重置一旦回扣消失，商業條款。

And that's gone well.

這進展順利。

Longer than we would have liked, but it's going well.

比我們希望的要長，但進展順利。

So on all fronts, Europe has done, as we've said before, equal to or better than we expected and from an accretion standpoint, certainly has been performing better than we expected.

因此，正如我們之前所說，在所有方面，歐洲的表現都等於或好於我們的預期，而且從增長的角度來看，歐洲的表現肯定比我們預期的要好。

And we'll give you a little more about that once we're through with the year and can give you a full sense of the year.

一旦我們完成了這一年，我們會給你更多關於這一點的信息，並且可以讓你對這一年有一個完整的認識。

Our next question comes from the line of Jim Schneider, Goldman Sachs.

我們的下一個問題來自高盛的 Jim Schneider。

Good luck to you, Jack, in your future endeavors.

祝你好運，傑克，在你未來的努力中。

I guess, my question really comes down to the cross border.

我想，我的問題真的歸結為跨境。

Obviously, the volume was holding in there, but at least by our calculations, it looks like the cross-border yield improved somewhat.

顯然，交易量保持在那裡，但至少根據我們的計算，跨境收益率似乎有所改善。

So can you maybe give us a sense of whether that's correct?

那麼您能否讓我們了解一下這是否正確？

And if so, what drove it?

如果是這樣，是什麼推動了它？

Was it regional mix?

是區域混合嗎？

Was there some pricing impact?

有一些定價影響嗎？

Or was it one of the wins you just referred to?

還是您剛才提到的勝利之一？

No, I don't think you should conclude that there was an improvement in yield necessarily.

不，我認為您不應該得出結論認為產量必然會有所提高。

I mean, clearly, from quarter-to-quarter, there are some changes in mix and so on.

我的意思是，很明顯，從一個季度到另一個季度，組合等方面都有一些變化。

Some of it could be as you see the exchange rate headwinds moderating a bit, certainly that helps our reported cross-border dollar numbers.

其中一些可能是因為您看到匯率逆風有所緩和，這當然有助於我們報告的跨境美元數據。

But there was nothing -- there was no real change that would drive a big change in yields in the cross-border business.

但是沒有什麼——沒有真正的變化會推動跨境業務的收益率發生巨大變化。

And maybe you could also just kind of address the incentive levels, and you talked about being almost 80% of the way there by the time you finish this fiscal year.

也許你也可以解決激勵水平，你談到到本財年結束時，已經完成了將近 80% 的目標。

Can you maybe just address directionally where those incentive levels would go in terms of normalizing as we head into '18?

當我們進入 18 年時，您能否直接解決這些激勵水平在正常化方面的發展方向？

Yes.

是的。

We'll talk about that when we talk about '18.

當我們談論 18 年時，我們會談到這一點。

We're not -- I mean, if your question was what's the likely range of incentives as a percent of gross revenues and all that next year, I think we can get into all that when we talk about '18.

我們不是——我的意思是，如果你的問題是激勵措施可能佔總收入的百分比以及明年的所有情況，我認為當我們談論 18 年時，我們可以了解所有這些。

So it's a little too early to talk about all that right now.

所以現在談論所有這些還為時過早。

I think all we were signaling was that there is going to be some shift in Europe of incentives from what we thought we would get done this year into next year.

我認為我們發出的所有信號是，歐洲的激勵措施將從我們認為今年會完成的事情轉變為明年。

And I want to emphasize that it's driven more by client preferences and timetables and their desires to do things on a certain timetable than ours, and we're adapting to their requirements.

我想強調的是，與我們相比，它更多地是由客戶偏好和時間表以及他們在特定時間表上做事的願望驅動的，我們正在適應他們的要求。

Our next question comes from the line of Tien-tsin Huang from JP Morgan.

我們的下一個問題來自摩根大通的Tien-tsin Huang。

Jack, congrats my friend.

傑克，祝賀我的朋友。

It's been fun.

這很有趣。

I guess a question I don't want to ask -- trying to think which one to ask.

我想一個我不想問的問題——試著想問哪個問題。

Okay, so the -- maybe it was just the change in guidance.

好的，所以 - 也許這只是指導的變化。

Can you just walk us through the change in guidance?

你能引導我們完成指導的變化嗎？

How much of it is incentives versus some other factors?

與其他一些因素相比，其中有多少是激勵措施？

And the change to the incentive outlook, is that all timing?

激勵前景的改變，是時候了嗎？

Or do you anticipate paying a little bit less than what you previously forecast?

還是您預計支付的費用會比您之前預測的少一點？

There's a little bit of, let's call it, better-than-expected execution, a little bit of it in Europe, but you should think of it as almost all timing and almost all Europe.

有一點，讓我們稱之為，好於預期的執行，在歐洲有一點，但你應該把它看作幾乎所有的時機和幾乎所有的歐洲。

So that's one contributor.

所以這是一個貢獻者。

The 3 factors that went into sort of the change in the outlook is the performance we've had to date, some moderation in the exchange rate headwind, some reduction in the original expectation on incentives.

影響前景變化的三個因素是我們迄今為止的表現，匯率逆風有所緩和，最初對激勵措施的預期有所降低。

And on the EPS side, it reflects the benefits we're getting from the tax rate we now have, which we talked about last quarter as well as the revenue being stronger than we had thought at the beginning of the year.

在每股收益方面，它反映了我們從現在的稅率中獲得的好處，我們在上個季度談到了這一點，以及收入比我們年初想像的要強。

So there's no -- there's nothing unusual other than the actual results and the trends we're seeing.

所以沒有——除了我們看到的實際結果和趨勢之外，沒有什麼不尋常的。

Our next question comes from Ramsey El-Assal from Jefferies.

我們的下一個問題來自 Jefferies 的 Ramsey El-Assal。

Congratulations, Jack.

祝賀你，傑克。

We're going to miss your special sense of humor.

我們會想念你特別的幽默感。

I was -- I had a follow-up question also on incentives, kind of building on Tien-tsin's question, which is simply that as we sort of -- as incentives, the expected levels kind of get pushed out, does it increase the chance of sort of incremental volatility in outline?

我是 - 我還有一個關於激勵的後續問題，有點建立在 Tien-tsin 的問題的基礎上，這只是因為我們有點 - 作為激勵，預期水平有點被推出，它是否會增加總體上出現某種增量波動的可能性？

Will be there be a quarter coming up where we get a sort of a snap back there and it catches folks by surprise?

會不會有一個季度即將到來，我們會在那裡得到一種快照，讓人們大吃一驚？

Or should you -- does this sort of push-out imply kind of a gradual slope?

或者你應該——這種推出是否意味著一種漸進的坡度？

Again, I'd just remind anybody that this -- there are at least 3 factors that go into this that make this somewhat difficult to predict, and I think we've shown how difficult it is to predict because we haven't hit the number in the last couple of quarters.

再次，我想提醒任何人，這 - 至少有 3 個因素導致這有點難以預測，我認為我們已經展示了預測的難度，因為我們還沒有達到最近幾個季度的數字。

But it's the -- when is the deal going to actually come to pass?

但這是——交易什麼時候才能真正通過？

What are going to be the terms of the deal as you actually get into the last bits of negotiation?

當您真正進入談判的最後階段時，交易的條款將是什麼？

And then what actually volumes are you going to get against those negotiated terms?

然後，您將根據這些談判條款獲得多少實際數量？

So the reality is, in this particular case, it's just that the period of time to get through over 100 client contracts has just taken longer than we thought.

所以現實情況是，在這種特殊情況下，只是完成 100 多個客戶合同的時間比我們想像的要長。

I don't think we want to get into predicting business or forecasting business and what it will look like quarter-by-quarter.

我不認為我們想進入預測業務或預測業務以及它會是什麼樣子一個季度一個季度。

But I think this is just simply a matter of a process that we have to get through, and as Vasant said, we're hoping to get through about 80% of it by the end of the fiscal year.

但我認為這只是我們必須完成的一個過程，正如 Vasant 所說，我們希望在本財年末完成大約 80% 的工作。

And as we've told you before, I mean, it's not something we think should be focused on to the extent it is on a quarter-by-quarter basis.

正如我們之前告訴過你的，我的意思是，這不是我們認為應該按季度進行關注的事情。

And as you know, we explicitly don't try to get deals done based on quarterly timetables and so on.

如您所知，我們明確不會嘗試根據季度時間表等來完成交易。

So the short answer to your question is, is there a snapback kind of thing?

所以對你的問題的簡短回答是，是否有回彈之類的東西？

No.

不。

But is there likely to be a quarter where incentives run higher than we might have expected?

但是，是否有可能有一個季度的激勵措施超出我們的預期？

Of course, I mean, just as they've run lower than we expected in some quarters, in some quarters, they could run higher than we expected.

當然，我的意思是，正如它們在某些季度的運行低於我們的預期一樣，在某些季度，它們的運行可能高於我們的預期。

But there isn't any snapback kind of reason that you should expect.

但是沒有任何你應該期待的回彈原因。

We typically look ahead and give you our best sense of what might get done in the quarter, the quarter coming up.

我們通常會展望未來，讓您對本季度可能完成的工作有最好的了解，即將到來的季度。

Our next question comes from Darrin Peller from Barclays.

我們的下一個問題來自巴克萊的 Darrin Peller。

Just, first of all, Jack, congrats again.

只是，首先，傑克，再次恭喜。

We'll catch up soon, but we're going to miss you obviously.

我們很快就會趕上來，但我們顯然會想念你。

Just on higher level now, if you can just touch again, I mean, on the pricing environment a bit more.

現在就在更高的水平上，如果你能再次接觸，我的意思是，定價環境多一點。

Again, you've commented on yields coming in better in Europe since the deal, and we've seen a number of years where obviously incentives and rebates have been higher both as a percentage of gross revenues on a year-over-year basis.

再一次，你評論了自交易以來歐洲的收益率有所改善，我們已經看到很多年的激勵和回扣明顯高於總收入的百分比。

It feels like at some point on the gross yield side, it's going higher, but the rebate side is keeping up pace.

感覺就像在總收益率方面的某個時候，它會更高，但回扣方面正在跟上步伐。

To some extent that would -- you would see a bit of a divergence between the 2. I mean is there anything you can comment on conceptually and what you're seeing in your conversations with clients?

在某種程度上，您會看到兩者之間存在一些差異。我的意思是，您有什麼可以在概念上評論的內容以及您在與客戶的對話中看到的內容嗎？

Has there been more of a realization that the value add you guys provide has reached a level where pricing is at a point where we don't need to keep providing higher and higher incentives and rebates, this is about the right point?

是否有更多人意識到你們提供的附加值已經達到了定價水平，我們不需要繼續提供越來越高的激勵和回扣，這是正確的點嗎？

Just a little more color on that would be great.

再多一點顏色就好了。

And then just a quick comment on Q4.

然後只是對第四季度的快速評論。

I know you're saying some of the European stuff is pushed, and there's been a lot of questions on incentives.

我知道你在說一些歐洲的東西是被推動的，而且有很多關於激勵的問題。

But it looks like calculating what you're guiding would be about a $200 million sequential increase in your incentive and rebate line, which is kind of a lot.

但看起來你所指導的計算將是你的激勵和回扣線連續增加大約 2 億美元，這有點多。

I mean, it's just hard to envision why that would all be in 1 quarter unless there's -- I think someone else has other things going on.

我的意思是，很難想像為什麼這一切都會在 1 個季度內完成，除非有——我認為其他人還有其他事情要做。

So that's really just the follow-up question.

所以這實際上只是後續問題。

On the first question, Darrin, we -- when you look at the overall numbers, it's a result of hundreds of deals around the world, and they all take on different flavors.

關於第一個問題，Darrin，我們 - 當您查看總體數字時，這是全球數百筆交易的結果，它們都有不同的風格。

I think, in general, people -- many of our clients, and a testament to that is the longevity of many of our relationships that are very deep and have lasted decades, that people value plenty of aspects of what Visa brings to the table from our global scale to our risk and fraud prevention tools to our brand, et cetera.

我認為，總的來說，人們——我們的許多客戶，證明了這一點的是我們的許多非常深厚且持續了數十年的關係，人們重視 Visa 帶來的許多方面我們的全球規模，我們的風險和欺詐預防工具，我們的品牌等等。

That said, all that stuff is valued when it comes to negotiations.

也就是說，在談判中，所有這些東西都是有價值的。

People negotiate hard as do we and you end up -- everybody ends up compromising, and you end up in a certain place.

人們努力談判，我們和你最終也一樣——每個人最終都會妥協，而你最終會在某個地方結束。

But I think I haven't seen, nor as I've talked to clients around the world, any view that the value that we're bringing to the table is any less than it's been.

但我想我還沒有看到，也沒有在我與世界各地的客戶交談過的情況下，有任何觀點認為我們帶來的價值比以往任何時候都要低。

In fact, I think as we move into a digital world and we continue to try to be a leader in terms of thinking about digital tools and solutions, that I think that many issuers, particularly when you get beyond the very top issuers, who also had their funds and wherewithal to be investing in some of these kinds of capabilities, that are -- what we bring to the table is very valued.

事實上，我認為隨著我們進入數字世界並且我們繼續努力成為思考數字工具和解決方案方面的領導者，我認為許多發行人，特別是當你超越頂級發行人時，他們也有他們的資金和資金來投資其中一些能力，那就是——我們帶來的東西是非常有價值的。

Vasant, do you want to add to that and to (inaudible)?

Vasant，你想補充一下嗎（聽不清）？

The only thing was that there's a specific question on why client incentives, if you derive the fourth quarter, might look the way they do.

唯一的問題是，如果您得出第四季度的數據，為什麼客戶激勵措施可能看起來像他們所做的那樣，這是一個具體的問題。

I would say a couple of things.

我想說幾件事。

There is the fiscal fourth quarter effect to some degree in that.

這在某種程度上存在第四財季效應。

We have been talking to people, especially in Europe, for several months now in -- and it's back and forth on finalizing agreements and the documentation and so on.

幾個月來，我們一直在與人們交談，尤其是在歐洲，就最終確定協議和文件等問題來回討論。

And there's a fair amount of that, that is happening in the fourth quarter.

並且有相當數量的，這發生在第四季度。

And as we get it done in the fourth quarter, since these discussions have been underway for a few months, as happens in many cases, the incentives you pay reflect when the deal was either agreed to or initially discussed.

當我們在第四季度完成時，由於這些討論已經進行了幾個月，就像在許多情況下發生的那樣，您支付的激勵措施反映了交易達成或最初討論的時間。

So there's an element of retroactiveness to it, all of which is captured in the incentives you would probably recognize in the fourth quarter.

因此，它具有追溯性，所有這些都包含在您可能會在第四季度認識到的激勵措施中。

So it's some elements of all that, that flow into it.

所以它是所有這一切的一些元素，流入它。

And then as Al said, I mean, we have a fairly rigorous process, and we do the best we can to give you the best sense.

然後正如 Al 所說，我的意思是，我們有一個相當嚴格的流程，我們盡最大努力給你最好的感覺。

But in the end, we won't sign a deal because a quarterly deadline is approaching, but we'll do our very best to get done everything we are setting out to do right now.

但最終，我們不會簽署協議，因為季度截止日期快到了，但我們會盡最大努力完成我們現在打算做的所有事情。

Our next question comes from the line of Craig Maurer from Autonomous.

我們的下一個問題來自 Autonomous 的 Craig Maurer。

Jack, it's been a pleasure over the better part of 15 years.

傑克，在 15 年的大部分時間裡，我很高興。

Hopefully, we can meet up in Tahoe one day.

希望有一天我們能在太浩見面。

Regarding the business, can you first comment on what your success rate has been in Asia, in China specifically in converting dual-brand cards into a single-brand companion card for cross border?

關於業務，您能否先談談您在亞洲，特別是在中國將雙品牌卡轉換為單品牌伴侶卡以進行跨境的成功率？

And secondly, was there any benefit in service fees from the restructuring of contracts around the breakup of scheme and processing in Europe?

其次，圍繞歐洲計劃和處理的合同重組，服務費是否有任何好處？

On service fees in Europe, really, sort of it's the breakup of scheme and processing.

關於歐洲的服務費，真的，有點像計劃和處理的分解。

We'll see over time what the impact is.

隨著時間的推移，我們會看到影響是什麼。

But in the short run, it really has no impact on the fee structure that was in place.

但從短期來看，它確實對現有的收費結構沒有影響。

But it'll evolve over time, I'm sure.

但我敢肯定，它會隨著時間的推移而發展。

In China...

在中國...

We -- I think -- well, in China, we have, I think -- we have 55 banks, and 42 of them only issue the single-branded card.

我們——我認為——嗯，在中國，我認為——我們有 55 家銀行，其中 42 家只發行單品牌卡。

The remaining 14, 13 do the dual branded.

其餘14、13做雙品牌。

It's -- we've had some success, frankly, not as good as we would like it to be, and it's going to continue to be a real focus of ours and something that, given the importance of the cross-border volume from China, is something that we're working closely with the banks on.

這是 - 坦率地說，我們取得了一些成功，並沒有我們希望的那麼好，而且考慮到來自中國的跨境交易量的重要性，它將繼續成為我們真正關注的焦點。 ，是我們正在與銀行密切合作的事情。

I plan on being in -- I'm going to be in India and China in 3 weeks, and it definitely is something that I will be talking to both our team there as well as our Chinese clients.

我計劃參加——我將在 3 週後前往印度和中國，這絕對是我將與我們在那裡的團隊以及我們的中國客戶交談的事情。

Yes.

是的。

Just in terms of the trend in that business over the last couple of quarters, we highlighted the issue last quarter.

就過去幾個季度該業務的趨勢而言，我們在上個季度強調了這個問題。

Wanted you to know, as we said earlier, that if you adjust for China, Asia was growing double digits.

想讓你知道，正如我們之前所說，如果你根據中國進行調整，亞洲正在以兩位數的速度增長。

The domestic dual-branded card volumes in China were relatively stable quarter-to-quarter, so we didn't see a sequential decline.

中國國內雙品牌卡數量環比相對穩定，因此我們沒有看到環比下降。

And the cross-border business coming out of China, as Al said in his comments, has been strong and stable.

正如阿爾在評論中所說，來自中國的跨境業務一直強勁而穩定。

How it all plays out in the next few months, we'll have to wait and see.

在接下來的幾個月裡，這一切會如何發展，我們將不得不拭目以待。

Our next question comes from the line of Sanjay Sakhrani, KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Congratulations, Jack.

祝賀你，傑克。

It's bittersweet.

這是苦樂參半。

I guess I have another question on incentives and specific to Europe, sort of the commercialization of the contracts there.

我想我還有一個關於激勵措施的問題，具體到歐洲，有點像那裡的合同商業化。

Understanding there's some -- the timing-related impacts that are causing lower incentives this year, are there any specific pricing impacts as well that happen in conjunction with the commercialization of those contracts?

了解有一些 - 與時間相關的影響導致今年的激勵降低，這些合同的商業化是否還會發生任何具體的定價影響？

Or should we expect those to sort of happen at the same time?

還是我們應該期望這些會同時發生？

We've made -- in the year that we have owned Visa Europe, we have made a few pricing changes, and there are a number of pricing changes that we're continuing to look at in addition to obviously the commercialization of -- as you said, of the contracts do away with rebates and put incentives in place.

我們已經 - 在我們擁有 Visa Europe 的那一年，我們進行了一些定價變化，除了明顯的商業化之外，我們還在繼續關註一些定價變化 - 作為你說，合同取消了回扣並採取了激勵措施。

But do those happen at the same time at points?

但是這些是否同時發生在點上？

Like when you renew them and put in new incentive agreements, does that come with a revised price schedule?

就像當你更新它們並簽訂新的激勵協議時，這是否伴隨著修改後的價格表？

So the price schedule, as you know, we have our price schedule, and then the incentives then are tailored by clients.

所以價格表，如你所知，我們有我們的價格表，然後激勵措施是由客戶定制的。

So when we make price adjustments, we make them for the system as a whole typically.

因此，當我們進行價格調整時，我們通常會為整個系統進行調整。

And then the commercial -- the commercialization of some of these contracts is something we do client by client.

然後是商業 - 其中一些合同的商業化是我們逐個客戶做的事情。

And just to emphasize, I mean, the vast majority of our business in Europe has been and remains under contract.

只是為了強調，我的意思是，我們在歐洲的絕大多數業務已經並且仍然處於合同狀態。

This is something we're doing ourselves proactively to adjust some of the terms in the contracts to make them more commercial in a world where rebates no longer existed.

這是我們自己主動做的事情，以調整合同中的一些條款，使它們在不再存在回扣的世界中更具商業性。

But the pricing itself is -- that's related to our normal, of course, what we call our rack rates or list prices or whatever you want to call it.

但是定價本身是 - 當然，這與我們的正常價格有關，我們稱之為貨架價格或標價或您想要的任何名稱。

Our next question comes from Dan Perlin from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。

And, Jack, I can only say one thing, jealous but congratulations.

而且，傑克，我只能說一件事，嫉妒但祝賀。

Well deserved, I'm sure.

當之無愧，我敢肯定。

A lot was said at the Analyst Day around Visa Direct, and I wanted to just kind of hone in on the partnership you have now with PayPal, this collaboration you guys are doing.

在分析師日圍繞 Visa Direct 說了很多話，我想談談你們現在與 PayPal 的合作關係，你們正在做的這種合作。

I guess one is are those cards -- the debit cards that are going to be issued, are you going to actually route those through Visa Direct?

我想其中一個是那些卡——即將發行的借記卡，你真的要通過 Visa Direct 路由這些卡嗎？

And then secondly, do you think that, that partnership will help insulate you guys from some of the risk associated with PSD2?

其次，您認為這種夥伴關係將有助於使你們免受與 PSD2 相關的一些風險嗎？

Well, first of all, we're very pleased to extend our -- the deals that we have with PayPal in North America and Asia into Europe.

嗯，首先，我們很高興將我們與 PayPal 在北美和亞洲的交易擴展到歐洲。

And particularly the fact that we're offering full consumer choice and obviously, as part of the deal is the ability to use Visa Direct to push PayPal account balance to bank accounts.

特別是我們提供完整的消費者選擇這一事實，顯然，作為交易的一部分，我們可以使用 Visa Direct 將 PayPal 賬戶餘額推送到銀行賬戶。

And it's a fairly extensive deal because there's also an enablement of Visa Checkout relative to the Braintree gateway.

這是一個相當廣泛的交易，因為相對於 Braintree 網關，還啟用了 Visa Checkout。

And in Europe in particular, given the fact that PayPal has a banking license, we're obviously licensing them as a full-fledged issuer where they'll issue PayPal debit cards in Europe.

尤其是在歐洲，鑑於 PayPal 擁有銀行牌照這一事實，我們顯然將他們作為成熟的發卡行授權，他們將在歐洲發行 PayPal 借記卡。

So it's an extensive agreement that absolutely covers Visa Direct, but it also covers the very important aspects of the prior deals centered around full consumer choice as well as them working closely with us in enabling Visa Checkout as well.

因此，這是一個廣泛的協議，絕對涵蓋 Visa Direct，但它也涵蓋了先前交易的非常重要的方面，這些交易以完整的消費者選擇為中心，以及他們與我們密切合作以啟用 Visa Checkout。

And do you think that helps in that partnership to protect you guys from PSD2 as that regulation rolls in on '18?

你認為這有助於保護你們免受 PSD2 的影響，因為該法規在 18 年推出？

I think that everywhere that we can further embed a Visa card into the payment stream and build the loyalty of the consumer certainly helps us.

我認為，我們可以在任何地方進一步將 Visa 卡嵌入到支付流中並建立消費者的忠誠度，這無疑對我們有幫助。

I mean, I think that, at the end of the day, PSD2 is going to generate a requirement that everybody focuses really hard on consumers and trying to make sure that they're providing the best possible consumer value propositions and the best possible consumer experiences.

我的意思是，我認為，歸根結底，PSD2 將產生一個要求，即每個人都非常關註消費者，並努力確保他們提供最佳的消費者價值主張和最佳的消費者體驗.

So to the degree that we can help further solidify the relationship that our issuers have with their customers, all that -- that can only go to help fortify the issuers against PSD2 and the competition that could come from these -- their accounts having to be opened.

因此，在某種程度上，我們可以幫助進一步鞏固我們的發行人與其客戶之間的關係，所有這一切——只能幫助發行人對抗 PSD2 和可能來自這些的競爭——他們的賬戶必須是打開。

Our next question comes from the line of Bryan Keane from Deutsche.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Wanted to just ask what percentage of the European contracts are done today.

想問一下今天完成的歐洲合同的百分比。

I know you said 75% to 80% is the goal for the end of the year, but just looking for a mark for today.

我知道你說 75% 到 80% 是今年年底的目標，但只是為今天尋找一個標記。

And then secondly, at the time of the Visa Europe acquisition, I think the deal was to be EPS accretive in low single digits for fiscal year '17 and then high single-digit percentage points range by fiscal year '20.

其次，在收購 Visa Europe 時，我認為這筆交易將在 17 財年實現低個位數的每股收益增長，然後在 20 財年實現高個位數百分點範圍的增長。

There's been a lot of moving pieces here.

這裡有很多動人的部分。

I'm just looking for an update now on if those goals all stand.

我現在只是在尋找有關這些目標是否都成立的更新。

Well, to question #1, Bryan, and I'll let Vasant answer question #2, we don't want to get into a daily tally sheet on this.

好吧，對於問題 #1，Bryan，我會讓 Vasant 回答問題 #2，我們不想進入關於此問題的每日統計表。

Again, I -- so we're not -- I'm probably going to disappoint by not quantifying exactly where we are, but I think you can assume that we're somewhere below 80% but above a fairly decent number since that we're confident in being able to say we think we can get to 80% by the end of the fourth quarter.

再說一次，我——所以我們不是——我可能會因為沒有準確量化我們所處的位置而感到失望，但我認為你可以假設我們低於 80%，但高於一個相當不錯的數字，因為我們'有信心能夠說我們認為我們可以在第四季度末達到 80%。

But we don't really want to get into setting a precedent of providing that kind of update.

但我們真的不想開創提供這種更新的先例。

Vasant, in terms of accretion?

Vasant，在吸積方面？

Yes.

是的。

In terms of accretion, as you all know, volumes -- European economies have been stronger than we expected, so our volumes, as you've seen, have been running better than we might have expected at the beginning of the year or when we did the acquisition model that valued Visa Europe.

眾所周知，在增長方面，歐洲經濟比我們預期的要強勁，所以正如你們所見，我們的交易量一直比我們在年初或我們預期時的預期要好做了看重Visa Europe的收購模式。

Certainly, the weak pound and the weak euro have helped the cross-border business.

當然，疲軟的英鎊和疲軟的歐元幫助了跨境業務。

Frankly, the weak pound has caused a massive amount of cross border into the U.K. In addition to that, you know that we have taken some pricing, and our yields have run a little better than we expected.

坦率地說，疲軟的英鎊已經導致大量跨境進入英國。除此之外，您知道我們已經採取了一些定價措施，我們的收益率比我們預期的要好一些。

And so far, things are going well in terms of renewals and retaining contracts and business and so on.

到目前為止，在續約、保留合同和業務等方面進展順利。

So when you put it all together, clearly, Visa Europe is doing better than we expected this year, and accretion is running ahead of the low single digits we had told you.

因此，當你把所有這些放在一起時，很明顯，Visa Europe 今年的表現比我們預期的要好，增長速度超過了我們告訴你的低個位數。

But the year isn't over yet, so we'll wait until the end of the year and give you an update in October as to where the accretion was in the first year and whether we have a different perspective on the longer-term outlook on accretion.

但是這一年還沒有結束，所以我們會等到年底，並在 10 月份向您提供有關第一年的增長情況以及我們對長期前景是否有不同看法的最新信息關於吸積。

But it's early days, and things are going well.

但現在還為時尚早，一切進展順利。

Congrats, Jack, as well.

恭喜，傑克，以及。

Thanks, Bryan.

謝謝，布萊恩。

Our next question comes from the line of James Faucette, Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

This is Vasu Govil in for James.

這是詹姆斯的瓦蘇戈維爾。

And, Jack, congratulations.

還有，傑克，祝賀你。

Thank you.

謝謝你。

Just quick question.

只是快速的問題。

One -- first one to Vasant.

一個——第一個給 Vasant。

You talked about -- you sort of mentioned the cross-border volumes will kind of lap the double-digit growth rate next quarter, so just want to get a sense for what's baked into guidance.

你談到了 - 你有點提到跨境交易量將在下個季度達到兩位數的增長率，所以只是想了解一下指導中的內容。

Are we assuming that this double-digit growth rate is sustainable?

我們是否假設這種兩位數的增長率是可持續的？

Or do you think that it could decelerate back into the sort of high single-digit range?

或者你認為它會減速回到高個位數的範圍嗎？

And then a question for Al on India.

然後是關於印度的 Al 的問題。

Visa is clearly benefiting from the government push towards noncash form of payments there.

Visa 顯然受益於政府推動的非現金支付方式。

But there are also local mobile wallet players that seem to be making a big push, and they're fast gaining traction.

但也有一些本地移動錢包玩家似乎正在大力推動，而且他們正在迅速獲得關注。

So can you just talk about the competitive dynamic and potential for India -- the Indian market to kind of leapfrog card payments and go straight to mobile?

那麼，您能否談談印度的競爭動態和潛力——印度市場跨越式卡支付並直接進入移動領域？

And how is Visa positioned on the ground to sort of preserve and grow their share within electronic payments in India?

Visa 如何在印度的電子支付領域保持和擴大其份額？

So on the cross-border growth rates real quick, we like what we see on the cross-border trends.

因此，跨境增長率非常快，我們喜歡我們看到的跨境趨勢。

We've seen the pound strengthen a bit, but that didn't change the strength of the cross-border business into the U.K. We saw the dollar weaken a bit, but that didn't seem to change the trend so far of cross-border business outside going -- leaving the U.S. So overall, the cross-border business seems to have pretty good momentum.

我們看到英鎊有點走強，但這並沒有改變跨境業務進入英國的實力。我們看到美元有點走弱，但這似乎並沒有改變迄今為止跨境業務的趨勢。邊境業務走出去——離開美國 所以總的來說，跨境業務似乎有很好的勢頭。

And yes, the comparisons get tougher, but we feel pretty optimistic about it.

是的，比較變得更加艱難，但我們對此感到非常樂觀。

So we're going to see how it goes.

所以我們將看看它是如何進行的。

When you lap big increases, of course, you have to -- it's a little harder to forecast, but we like what we see a lot.

當然，當你的單圈大幅增加時，你必須——這有點難以預測，但我們非常喜歡我們所看到的。

In terms of India, it's such an exciting market, and there's a lot going on obviously.

就印度而言，這是一個如此令人興奮的市場，而且顯然還有很多事情要做。

Because it's an exciting market and a lot's going on, there's a number of players trying to get into the market.

因為這是一個令人興奮的市場並且正在發生很多事情，所以有許多參與者試圖進入這個市場。

We've been there for a long time.

我們已經在那裡很久了。

We believe that as we think about growing our network and, in particular, merchant acceptance, that we have to have different plans in emerging market versus a developed market.

我們相信，當我們考慮發展我們的網絡，特別是商戶接受度時，我們必須在新興市場與發達市場製定不同的計劃。

And in the case of India, we clearly have to have a way that's low cost, low hassle, low friction to enable merchants to sign up.

就印度而言，我們顯然必須採用一種低成本、低麻煩、低摩擦的方式來讓商家註冊。

And that is why we initially went with a QR code and now have worked closely with some of our network colleagues on an interoperable QR code that works with our mVisa application and allows a quick and easy and low-hassle setup for merchants and a relatively easy experience for the India consumer.

這就是為什麼我們最初使用 QR 碼，現在與我們的一些網絡同事密切合作，開發可與我們的 mVisa 應用程序一起使用的可互操作的 QR 碼，為商家提供快速、簡單和低麻煩的設置，並且相對容易印度消費者的經驗。

It is very, very early in the payments maturation curve for India.

印度的支付成熟曲線非常非常早。

There is years of -- to still play out here, and we're going to do everything we can to take advantage of our heritage and tradition, our brand, our different product sets, our security, the globality of our network as well as our digital tools to make sure that we're winning at least our fair share, if not more of the business in India as it grows, recognizing clearly that we've got competitors that go beyond the -- just the traditional players that we've competed with over the last number of decades.

有很多年 - 仍然在這裡發揮作用，我們將盡我們所能利用我們的傳統和傳統、我們的品牌、我們不同的產品系列、我們的安全性、我們網絡的全球性以及我們的數字工具，以確保我們至少贏得我們公平的份額，如果不是更多的話，因為它在印度的業務增長，清楚地認識到我們的競爭對手超越了我們 - 只是我們的傳統參與者在過去的幾十年裡，我們一直在競爭。

Our next question comes from the line of Paulo Ribeiro from BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Paulo Ribeiro。

When you talk about the impact on expenses from tech investing, could you give us some color on where you're investing?

當您談到技術投資對費用的影響時，您能否給我們一些關於您在哪裡投資的顏色？

I assume part of it is China.

我認為其中一部分是中國。

And where else in terms of either geography or products have you guys focused your dollars on?

就地理或產品而言，你們還把錢花在了哪些地方？

I'm sorry, you're talking about technology?

不好意思，你說的是技術？

Yes, your -- because you guys mentioned that is what's driving expenses, technology and Visa Europe integration.

是的，你的——因為你們提到這是推動費用、技術和 Visa Europe 整合的原因。

What is in technology?

什麼是技術？

Where are you spending the money in terms of (inaudible)?

就（聽不清）而言，你把錢花在了哪裡？

Well, I'll start, and Vasant can add to what I have to say.

好吧，我開始吧，Vasant 可以補充我要說的內容。

Clearly, China is one where we've stated a number of times that we're investing ahead of the process of being able to actually operate there, not knowing exactly when that will be.

顯然，在中國，我們已經多次表示，我們在能夠在那裡實際運營之前進行投資，但不知道確切的時間。

I would say the other categories that come immediately to mind are open VisaNet.

我會說立即想到的其他類別是開放的 VisaNet。

We talked a bit about that in Investor Day that we're looking -- we've begun the process of building a more open architecture and a more modulized version of VisaNet to meet the needs that we have going forward and allow us to have the flexibility to actually, where necessary, put processing right in a country without it being a big deal, where a data center can be in a small closet as opposed to a large facility that has to have all of the accompanying electronics and cooling and et cetera.

我們在投資者日談到了我們正在尋找的一點——我們已經開始構建更開放的架構和更模塊化的 VisaNet 版本，以滿足我們未來的需求，並讓我們擁有實際上，在必要時，可以靈活地將處理權放在一個國家，而這並不是什麼大不了的事，數據中心可以放在一個小櫃子裡，而不是一個必須擁有所有隨附電子設備和冷卻裝置等的大型設施.

Clearly, digital and all of the digital tools that we're building is an area that we're spending a lot of time and effort on.

顯然，我們正在構建的數字和所有數字工具是我們花費大量時間和精力的領域。

Research, we opened up a -- I think we talked about this at some point in the past, that in February, we opened up a new facility in Palo Alto focused on research, and we're doing a whole number of things around looking at applications of blockchain and artificial intelligence and different other ways to build our data and our analytics capabilities.

研究，我們開設了一個 -- 我想我們在過去的某個時候討論過這個問題，2 月份，我們在帕洛阿爾托開設了一個新設施，專注於研究，我們正在圍繞尋找做很多事情在區塊鍊和人工智能的應用以及構建我們的數據和分析能力的不同其他方式方面。

And I guess the fifth category I would say would be security and cybersecurity.

我想我要說的第五類是安全和網絡安全。

Given how important security and trust in the payments ecosystem is, we continue to look at every possible offering that's out there related to physical and cybersecurity and make sure that we're being leading edge and investing appropriately to make sure that given the role that we play in the ecosystem that we're doing everything we possibly can to help make sure that transactions, as they're flowing through the system and transactions as -- when they're at rest, are all protected to the maximum degree possible.

鑑於支付生態系統中的安全性和信任度是多麼重要，我們將繼續研究與物理和網絡安全相關的每一種可能的產品，並確保我們處於領先地位並進行適當的投資，以確保在我們所扮演的角色在生態系統中發揮作用，我們正在盡我們所能來幫助確保交易，因為它們正在流經系統和交易 - 當它們處於靜止狀態時，都得到最大程度的保護。

So those would be the things I would say.

所以這些就是我要說的。

Would you add anything, Vasant?

瓦桑特，你會補充什麼嗎？

Yes, I think the other things -- Al went through, I think, a very comprehensive list.

是的，我認為其他事情-- 我認為，Al 經歷了一個非常全面的清單。

I mean, a few other things just to highlight would be: continued investment in the Visa Developer platform; investments in now rolling out Visa Checkout and Visa Token Service and mVisa around the world; a big push on mVisa in places like India and parts of Africa, investments in our innovation centers.

我的意思是，需要強調的其他幾件事是：繼續投資 Visa Developer 平台；投資現在在全球推出 Visa Checkout 和 Visa 令牌服務以及 mVisa；在印度和非洲部分地區等地大力推動 mVisa，投資我們的創新中心。

You heard about the London innovation center and how significant it's become, investments in co-development around our innovation centers with our clients.

您聽說過倫敦創新中心及其重要性，即圍繞我們的創新中心與客戶共同開發的投資。

So that's a -- there's a lot of areas where the things we have developed are now in the process of being deployed.

所以這是一個 - 我們開發的東西現在正在部署的很多領域。

Great.

偉大的。

Just a quick clarification.

只是一個快速的澄清。

PayPal, the rollout of the PayPal partnerships around the world, they're not a big investment.

PayPal，在全球範圍內推出 PayPal 合作夥伴關係，它們並不是一項大投資。

They are not in that number then of the spending?

他們是不是在那個數字上的消費呢？

There's a little bit of work there, but the essence is those agreements are not a major workload for us.

那裡有一些工作，但本質是這些協議對我們來說不是主要工作量。

It's more a matter of -- actually, more change actually on the part of PayPal than it is on part of us.

這更多的是——實際上，PayPal 方面的變化比我們自己的變化要多。

And they've been -- and I'd add that they've been a really terrific partner.

他們一直——我要補充一點，他們是一個非常了不起的合作夥伴。

Our next question comes from the line of Lisa Ellis, Bernstein.

我們的下一個問題來自伯恩斯坦的 Lisa Ellis。

Jack, you'll be missed; one final congrats from me.

傑克，你會被想念的；我最後祝賀你。

Visa Checkout-related question for me.

我的 Visa Checkout 相關問題。

One, do you have any updated stats to give us on Visa Checkout?

一，您有任何更新的統計數據可以提供給我們 Visa Checkout 嗎？

And then a little bit of a more strategic question.

然後是一個更具戰略意義的問題。

You continue to kind of fight head to head with Visa Checkout with these more staged wallets around the world, whether that's with PayPal or with Alipay are now some of the models inside of Amazon.

您將繼續與 Visa Checkout 與世界各地更多分階段的錢包進行正面交鋒，無論是使用 PayPal 還是使用支付寶，現在都是亞馬遜內部的一些模型。

Would you contemplate adding more of that capability within Visa Checkout, meaning via prepaid vehicle, the ability to keep a stored balanced or Visa Direct, using Visa Direct to be able to enable P2P?

您是否考慮在 Visa Checkout 中添加更多此類功能，即通過預付費工具、保持存儲餘額的能力或 Visa Direct，使用 Visa Direct 來啟用 P2P？

And why or why not?

為什麼或為什麼不呢？

Lisa, the -- in answer to your first question, we're nearing 23 million users who have signed -- actually signed up for Visa Checkout.

麗莎，在回答你的第一個問題時，我們有近 2300 萬用戶已經註冊了——實際上已經註冊了 Visa Checkout。

I think we've talked a little bit about this.

我想我們已經談了一點。

The whole wallet thing is a bit of a mixed bag of activity around the industry and I think not necessarily the most user-friendly thing for consumers because there are so many options.

整個錢包的事情在整個行業中有點混雜，我認為對消費者來說不一定是最用戶友好的事情，因為有很多選擇。

We think of Visa Checkout more as a platform than we necessarily think about it as a wallet and -- but that said, strategically, I think anything that supports the 4-party model, that makes sense in terms of integration or capability, we're going to be open to look at as we go forward because, ultimately, we want to be part of a solution of coming up with a smaller number of easy, convenient and wallets that have their type of functionality that consumers would want and expect and hope that help brings some of what I think is a bit of confusion around wallets and checkout in the e-commerce world, bring a bit more order to it over time.

我們將 Visa Checkout 視為一個平台，而不是我們必須將其視為一個錢包，而且——但從戰略上講，我認為任何支持 4 方模型的東西，在集成或功能方面都是有意義的，我們'在我們前進的過程中，我們將保持開放的態度，因為最終，我們希望成為解決方案的一部分，推出數量較少的簡單、方便和錢包，這些錢包具有消費者想要和期望的功能類型，並且希望幫助帶來一些我認為在電子商務世界中錢包和結賬方面的一些困惑，隨著時間的推移帶來更多的秩序。

And thank you all for joining us today.

感謝大家今天加入我們。

If anybody has any follow-up, feel free to call myself, Joon or Victoria.

如果有人有任何跟進，請隨時打電話給我自己，Joon 或 Victoria。

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。