Visa Inc (V) 2017 Q4 法說會逐字稿

Welcome to Visa's Fiscal Fourth Quarter 2017 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Visa 2017 財年第四季度財報電話會議。 （操作員說明）今天的會議正在錄製中。如果您有任何異議，您可以在此時斷開連接。

May I now turn the conference over to your host, Mr. Jack Carsky, Head of Investor Relations. Mr. Carsky, you may now begin.

現在請允許我將會議轉交給您的主持人，投資者關係主管 Jack Carsky 先生。卡斯基先生，您現在可以開始了。

Thanks, Kevin. Good morning, everyone, and welcome to Visa Inc.'s Fiscal Fourth Quarter 2017 and Full Year Earnings Conference Call. Joining us today are Al Kelly, Visa's Chief Executive Officer; Vasant Prabhu, Visa's Chief Financial Officer; and Joon Huh of our IR team.

謝謝，凱文。大家早上好，歡迎參加 Visa Inc. 2017 財年第四季度和全年收益電話會議。今天加入我們的是 Visa 的首席執行官 Al Kelly； Visa首席財務官Vasant Prabhu；和我們 IR 團隊的 Joon Huh。

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

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

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

我還要提醒您，本演示文稿可能包含前瞻性陳述。這些陳述不是對未來業績的保證，我們的實際結果可能會因各種因素而產生重大差異。有關這些因素的更多信息，請參閱我們關於 10-K 和 10-Q 表格的最新報告，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 other 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 或其他與備考相關的財務信息，相關的 GAAP 措施和美國證券交易委員會 Reg G 要求的其他信息可在今天新聞稿隨附的財務和統計摘要中找到。

And with that and for the final time for me, I will now turn the call over to Al.

有了這個，也是我最後一次，我現在將把電話轉給 Al。

Jack, thank you very much, and good morning to everybody. We're actually conducting this call from our New York City office, which gives us an opportunity to do a morning call, but I do appreciate everybody joining us early in the day, and obviously very early in the day if you're on the West Coast.

傑克，非常感謝你，大家早上好。我們實際上是從我們的紐約市辦公室撥打這個電話，這讓我們有機會打個早安電話，但我非常感謝大家在當天早些時候加入我們，如果你在當天很早就加入我們西海岸。

I'm pleased to say that we had another very solid quarter of business performance resulting in a strong finish to our fiscal 2017. We saw our broad-based business momentum carry into the fourth quarter as we outperformed our expectations. Similar to prior quarters, we saw healthy cross-border growth globally despite lapping what was a strong double-digit quarter last year. We saw a good domestic growth in multiple countries, including India, Russia and Australia. In the United States, our domestic business proved to be resilient despite concerns about slowing retail sales data over the past quarter.

我很高興地說，我們又取得了一個非常穩健的季度業績，為我們的 2017 財年帶來了強勁的業績。我們看到我們基礎廣泛的業務勢頭延續到第四季度，因為我們的表現超出了我們的預期。與前幾個季度類似，儘管去年季度實現了強勁的兩位數增長，但我們在全球範圍內看到了健康的跨境增長。我們在多個國家看到了良好的國內增長，包括印度、俄羅斯和澳大利亞。在美國，儘管人們擔心過去一個季度的零售數據放緩，但我們的國內業務證明是有彈性的。

And although payments volume slowed in the U.S. due to expected lapping of notable partnerships, we did see healthy payments volume growth across all the regions, with total growth in constant dollars of 10%. Processed transactions sustained a solid growth rate of 13% globally. And we had a high level of contract and renewal activity in the quarter, driving client incentives to 21.7% of gross revenue, the highest percentage for the year. All of this led to a strong fourth quarter of financial results as we delivered net revenue growth of 14% and adjusted EPS growth of 15%.

儘管由於預期建立重要的合作夥伴關係，美國的支付量有所放緩，但我們確實看到所有地區的支付量都在健康增長，以固定美元計算的總增長為 10%。已處理的交易在全球範圍內保持了 13% 的穩健增長率。我們在本季度的合同和續約活動水平很高，將客戶激勵措施推高至總收入的 21.7%，是今年以來的最高百分比。所有這些都導致了強勁的第四季度財務業績，因為我們實現了 14% 的淨收入增長和 15% 的調整後每股收益增長。

After I'm finished with my remarks, Vasant will go into greater financial detail on some of the comparisons and provide more background on the numbers.

在我的發言結束後，Vasant 將對一些比較進行更詳細的財務細節，並提供有關這些數字的更多背景信息。

Now let me take a few minutes to cover business highlights as we had a particularly active quarter in terms of partnerships and announcements. We completed 2 significant partnerships in Russia and our CEMEA region. We signed a multiyear partnership renewal covering a full portfolio with Sberbank, the largest bank in the region. And we renewed a multiyear credit and debit partnership agreement with Alpha Bank. In Asia, we executed a multiyear credit deal with Industrial and Commercial Bank of China. In Europe, we continue to make good progress with our clients. This quarter, we reached our goal and resolved approximately 75% of contracts moving from rebates to commercial incentives. We expect the remaining 25% of contracts to shift into the first half of FY '18.

現在讓我花幾分鐘時間介紹一下業務亮點，因為我們在合作夥伴關係和公告方面有一個特別活躍的季度。我們在俄羅斯和我們的 CEMEA 地區完成了 2 個重要的合作夥伴關係。我們與該地區最大的銀行 Sberbank 簽署了一項涵蓋全部投資組合的多年期合作夥伴關係續約。我們與 Alpha Bank 續簽了多年的貸記和借記合作協議。在亞洲，我們與中國工商銀行簽訂了一項多年期信貸協議。在歐洲，我們繼續與客戶取得良好進展。本季度，我們實現了目標，解決了大約 75% 的合同從回扣轉向商業激勵。我們預計剩餘 25% 的合同將轉移到 18 財年上半年。

On the digital product side, we launched our new mobile solution mVisa in Kenya and Nigeria, and we've been working hard to bring merchants and consumers onto that platform. We announced the global partnership with Marqeta, an innovative card-issuing platform designed to drive new commercial and consumer payments experiences. In July, we extended our strategic partnership with PayPal to Europe to accelerate the adoption of secure and convenient online, in-app and in-store payments across Europe.

在數字產品方面，我們在肯尼亞和尼日利亞推出了新的移動解決方案 mVisa，我們一直在努力將商家和消費者帶入該平台。我們宣布與 Marqeta 建立全球合作夥伴關係，Marqeta 是一個創新的發卡平台，旨在推動新的商業和消費者支付體驗。 7 月，我們將與 PayPal 的戰略合作夥伴關係擴展到歐洲，以加速在歐洲採用安全便捷的在線、應用內和店內支付。

In August, we launched a national rollout of Visa local offers with Uber. This allows riders to earn Uber credit for making purchases using their Visa credit card at a number of local participating merchants. We also announced partnerships with Fitbit and Garmin to enable digital payments through their wearable devices as mobile connectivity increases. And our push payments product, Visa Direct, continued to perform very well as we saw accelerating volumes with over 75% year-over-year growth, driven by North America and the CEMEA regions.

8 月，我們與優步一起在全國推出了 Visa 本地優惠。這使乘客可以在許多當地參與的商家處使用他們的 Visa 信用卡進行購物，從而獲得優步積分。我們還宣布與 Fitbit 和 Garmin 建立合作夥伴關係，隨著移動連接的增加，通過他們的可穿戴設備實現數字支付。我們的推送支付產品 Visa Direct 繼續表現出色，在北美和 CEMEA 地區的推動下，我們看到交易量同比增長超過 75%。

This month, we announced our partnership with Billtrust to help streamline the reconciliation of B2B payments. We also made a strategic investment in Billtrust to help support its efforts to grow the important B2B segment. And most recently, we announced Visa ID Intelligence, which is a platform that allows issuers, users -- I'm sorry, issuers, acquirers and merchants to quickly adopt emergent authentication technologies and to create more and convenient ways which are secure for consumers to shop, pay and bank on their devices.

本月，我們宣布與 Billtrust 建立合作夥伴關係，以幫助簡化 B2B 支付的對賬。我們還對 Billtrust 進行了戰略投資，以幫助支持其發展重要的 B2B 細分市場的努力。最近，我們發布了 Visa ID Intelligence，這是一個允許發卡機構、用戶（對不起，發卡機構、收單機構和商家）快速採用新興身份驗證技術的平台，並為消費者創造更多、更方便的安全方式在他們的設備上購物、付款和銀行。

So as you can see, we had a lot of exciting activity this past quarter. Now I'd like to look back over the last year, which was my first year at Visa, and I'm gratified with our ability to execute our operating plan guided by our strategic pillars. As a result, we have delivered excellent financial results every quarter this year.

如您所見，上個季度我們開展了許多激動人心的活動。現在我想回顧過去的一年，那是我在 Visa 的第一年，我對我們在戰略支柱指導下執行運營計劃的能力感到滿意。因此，我們今年每個季度都取得了出色的財務業績。

In terms of the drivers of growth, I'd highlight the following: first, Visa has a strong and experienced set of issuer clients who have worked hard internally and with us to drive payment volume growth. We have a real and committed focus on client engagement around the world. New partnerships like USAA and Costco were obviously big contributors in the first 3 quarters of the year. Economic growth around the world has been strong, which has driven increased e-commerce in more developed countries. And a combination of new solutions and positively activist governments has helped drive growth in less-developed countries. The good economies around the world also spurred healthy levels of travel, which helped grow our important cross-border business where we saw healthy results in each of our 5 regions.

關於增長的驅動因素，我要強調以下幾點：首先，Visa 擁有一批強大且經驗豐富的發行人客戶，他們在內部與我們一起努力推動支付量的增長。我們真正專注於世界各地的客戶參與。 USAA 和 Costco 等新的合作夥伴顯然是今年前三個季度的主要貢獻者。世界各地的經濟增長強勁，這推動了較發達國家電子商務的增長。新的解決方案和積極激進的政府相結合，幫助推動了欠發達國家的增長。世界各地良好的經濟也刺激了健康的旅行水平，這有助於發展我們重要的跨境業務，我們在 5 個地區的每一個地區都看到了健康的結果。

New solutions like mVisa, which I mentioned, for less-developed markets; and digital solutions like Visa Checkout, Visa Direct and Visa Token Services in developed countries, are starting to take hold, although I would say it is still early innings. Our growth has been robust despite exchange rate headwinds for most of the year, and these headwinds appear to be abating as we go into next year.

我提到的針對欠發達市場的新解決方案，例如 mVisa；發達國家的 Visa Checkout、Visa Direct 和 Visa Token Services 等數字解決方案開始佔據上風，儘管我想說這仍處於早期階段。儘管今年大部分時間都面臨匯率逆風，但我們的增長一直很強勁，而且隨著我們進入明年，這些逆風似乎正在減弱。

And then the addition of Europe to the Visa lineup has been a real catalyst for growth in 2017. And speaking of Europe, over the past year, I've been asked repeatedly how the Europe integration is going. So let me take a few minutes to give you some thoughts on this question, and I'll do so by briefly addressing Europe in terms of partnerships, revenue, expenses, people, regulation and technology.

然後將歐洲加入 Visa 陣容是 2017 年增長的真正催化劑。談到歐洲，在過去的一年裡，我被反復問到歐洲一體化進展如何。因此，讓我花幾分鐘時間就這個問題給大家一些想法，我將通過在合作夥伴、收入、支出、人員、監管和技術方面簡要介紹歐洲。

The overall headline is that we are pleased with the progress and running well ahead of where we thought we would be. We worked hard to bring the best of Visa Inc. from around the world to Visa Europe. At a recent client event, I said that the acquisition brought Visa -- brought Europe to Visa and the world to Europe. In terms of partnerships, our clients in Europe are eager to bring our global innovations to Europe as fast as possible. We have more to do for sure, but we've had many senior leadership reach outs to our key clients and established an innovation center in London over the past 6 to 9 months.

總體標題是，我們對進展感到滿意，並且遠遠超出了我們的預期。我們努力將世界各地最好的 Visa Inc. 帶到 Visa 歐洲。在最近的一次客戶活動中，我說收購帶來了 Visa——將歐洲帶到了 Visa，將世界帶到了歐洲。在合作夥伴關係方面，我們在歐洲的客戶渴望盡快將我們的全球創新成果帶到歐洲。當然，我們還有更多工作要做，但在過去的 6 到 9 個月裡，我們已經讓許多高級領導層接觸了我們的主要客戶，並在倫敦建立了一個創新中心。

We have already brought a number of our digital solutions to Europe as well as some of our strategic partnerships. We held a large European client event in Barcelona about a month ago, and the feedback from clients relative to the integration and Visa, in general, was very good.

我們已經將我們的一些數字解決方案以及我們的一些戰略合作夥伴帶到了歐洲。大約一個月前，我們在巴塞羅那舉辦了一次大型歐洲客戶活動，客戶對整合和 Visa 的反饋總體上非常好。

In terms of revenue, we have worked hard to commercialize the business by selectively introducing new pricing and moving from rebates to incentives. And again, more to do, but we are off to an excellent start. In terms of expenses, we moved faster than anticipated, rationalizing our expense base to take out redundancies.

在收入方面，我們通過有選擇地引入新定價和從回扣轉向激勵，努力將業務商業化。再一次，還有更多工作要做，但我們有了一個良好的開端。在費用方面，我們的行動速度快於預期，合理化了我們的費用基礎以消除裁員。

In terms of people, we appreciate much of the Europe leadership team. The CEO, who steered the acquisition, left in early 2017. And I asked a Visa veteran, Bill Sheedy, to take a multi-month temporary assignment as the Head of Europe. And Bill did a simply wonderful job driving the organization through the integration and all the associated changes. Bill created a team that looks more like our other regional teams around the world by elevating some Europe talent, importing Visa people from other geographies into Europe and hiring some terrific new people from the outside.

在人員方面，我們非常感謝歐洲領導團隊。領導此次收購的首席執行官於 2017 年初離職。我請 Visa 資深人士比爾·希迪 (Bill Sheedy) 擔任歐洲負責人為期數月的臨時任務。比爾在推動組織完成整合和所有相關變化方面做得非常出色。 Bill 通過提拔一些歐洲人才、將其他地區的 Visa 人才引進歐洲並從外部招聘一些優秀的新人，創建了一個看起來更像我們在世界各地的其他區域團隊的團隊。

And speaking of new people from the outside, about 4 weeks ago, Charlotte Hogg took over as our regional leader for Europe. Charlotte comes with experience at the Bank of England where she was the COO, Santander U.K., Experian, Discover, Morgan Stanley and McKinsey. Charlotte has hit the ground running, and I'm confident that she'll be an outstanding leader of Europe. And Charlotte will be able to continue to lean on Bill, who will remain in Europe for the next month or so.

談到來自外部的新人，大約 4 週前，夏洛特·霍格 (Charlotte Hogg) 接任了我們的歐洲區域負責人。 Charlotte 曾在英格蘭銀行、桑坦德英國、Experian、Discover、摩根士丹利和麥肯錫擔任首席運營官。夏洛特已經起步，我相信她會成為歐洲傑出的領袖。夏洛特將能夠繼續依靠比爾，他將在下個月左右留在歐洲。

In terms of regulation, we certainly recognize that there is more regulatory activity in Europe than the other regions. Our strategy has been to engage actively with regulators with whom we desire to build high-quality relationships and with our clients to make sure we shape win-win outcomes wherever possible.

在監管方面，我們當然認識到歐洲的監管活動多於其他地區。我們的策略是積極與我們希望與他們建立高質量關係的監管機構以及與我們的客戶合作，以確保我們盡可能塑造雙贏的結果。

Finally, relative to technology, we are on or slightly ahead of schedule. The migration of the technology platform is a key priority for us, and we have focused much time and attention on it. Our objective is a smooth transition for our European clients to a global technology platform that will open up a wider set of solutions and products.

最後，相對於技術，我們正在或稍微領先於計劃。技術平台的遷移對我們來說是一個關鍵的優先事項，我們已經投入了大量的時間和精力。我們的目標是讓我們的歐洲客戶順利過渡到一個全球技術平台，該平台將開闢更廣泛的解決方案和產品。

So 5 quarters in, revenues are tracking above projections, expenses are below with a lower effective tax rate. EPS accretion in FY '17 was in the mid-single digits, and the momentum is good as we enter 2018. So as we begin fiscal '18, I'm excited about the many opportunities in front of us. 2018 will mark the end of the first decade of Visa as a public company and the commencement of the second decade.

因此，在 5 個季度內，收入高於預期，支出低於預期，有效稅率較低。 17 財年的每股收益增長處於中個位數，進入 2018 年時勢頭良好。因此，當我們開始 18 財年時，我對擺在我們面前的許多機會感到興奮。 2018 年將標誌著 Visa 作為上市公司的第一個十年的結束和第二個十年的開始。

Relative to 2018, let me offer a few thoughts. The fundamentals will continue to matter a lot, so we will be focused on lifting our game, our client engagement across the world. We will also continue on a journey that I began on the day I joined Visa, which is to build a world-class organization in terms of talent and leadership. We have put a number of building blocks in place in the last 12 months to drive improvements in all areas of the talent continuum. And we have significantly dialed up the emphasis on leadership and the expectations that I have of the leaders at Visa.

相對於 2018 年，讓我提供一些想法。基本面將繼續發揮重要作用，因此我們將專注於提升我們的遊戲，提升我們在全球的客戶參與度。我們還將繼續我從加入 Visa 那天開始的旅程，即在人才和領導力方面建立一個世界級的組織。在過去的 12 個月中，我們已經建立了許多構建模塊，以推動人才連續體各個領域的改進。我們已經大大提高了對領導力的重視以及我對 Visa 領導者的期望。

When we talk about fundamentals, cybersecurity is critical, and we will continue to invest to make our technology environment and the payments ecosystem as safe as possible. We are mid-process toward a goal of empowering our regional and country management teams in a greater way. We want to push more decision-making closer to the markets and our clients. We do so because while we are a global company, we know that the consumer businesses around the world are indeed local in nature and, therefore, different.

當我們談論基本面時，網絡安全至關重要，我們將繼續投資以使我們的技術環境和支付生態系統盡可能安全。我們正朝著以更大方式授權我們的區域和國家管理團隊的目標邁進。我們希望讓更多的決策更貼近市場和我們的客戶。我們這樣做是因為雖然我們是一家全球性公司，但我們知道世界各地的消費者業務在本質上確實是本地的，因此是不同的。

In doing so, we will ensure that there is appropriate level of staging, oversight and accountability. We will invest against initiatives that are consistent with the 7 pillars of our strategy. We outlined many of our growth strategies at our Investor Day in June. In FY '18, we will continue to invest aggressively in a set of focused priorities. Our areas of focus include driving greater and faster adoption of our digital solutions, expanding Visa Direct, extending acceptance around the world, driving cross-border growth and advancing open VisaNet.

在此過程中，我們將確保有適當水平的分期、監督和問責制。我們將針對符合我們戰略七大支柱的舉措進行投資。我們在 6 月的投資者日概述了我們的許多增長戰略。在 18 財年，我們將繼續積極投資於一系列重點優先事項。我們的重點領域包括推動更多、更快地採用我們的數字解決方案、擴大 Visa Direct、擴大全球接受度、推動跨境增長和推進開放的 VisaNet。

Relative to Europe, we have developed a strategy that is consistent with our global direction but customized to the specifics of Europe. We are bullish on Europe and think there's a good deal of upside. We see tremendous diversity across the markets with countries that have large cash-based economies, balanced by others that have moved to near-cashless economies. In fact, immediately following this call, I'm headed to London for 2 days of strategy and action planning meetings with the Europe leadership team.

相對於歐洲，我們制定了與我們的全球方向一致但針對歐洲具體情況定制的戰略。我們看好歐洲，並認為有很大的上漲空間。我們看到市場存在巨大的多樣性，這些國家擁有大量以現金為基礎的經濟體，而其他國家則已轉向近乎無現金的經濟體。事實上，在這個電話之後，我立即前往倫敦，與歐洲領導團隊進行為期 2 天的戰略和行動計劃會議。

As we look ahead to the next decade, disciplined capital allocation remains critical with the following prioritization: first, our top priority is to invest at healthy levels to drive robust organic growth in our core businesses; second, we will explore selective acquisitions that bolster our capabilities and enhance the value we can offer to our partner banks, acquirers and merchants; third, we will return excess cash to you, our shareholders, through dividends and buybacks. In FY '17, we returned $8.5 billion to shareholders in the form of share repurchases and dividends. In FY '18, with a higher dividend payout recently authorized by the Visa Board of Directors and stock buybacks in excess of $7 billion, we expect to return over 7 -- sorry, over $9 billion to shareholders even as we invest at healthy levels in our business.

展望下一個十年，嚴格的資本配置仍然至關重要，其優先事項如下：首先，我們的首要任務是在健康水平上進行投資，以推動我們核心業務的強勁有機增長；其次，我們將探索選擇性收購，以增強我們的能力並提高我們可以為合作銀行、收單機構和商戶提供的價值；第三，我們將通過股息和回購將多餘的現金返還給您，我們的股東。在 17 財年，我們以股票回購和股息的形式向股東返還了 85 億美元。在 18 財年，隨著 Visa 董事會最近批准的更高股息支付和超過 70 億美元的股票回購，我們預計將向股東回報超過 7 - 抱歉，即使我們以健康的水平投資於 90 億美元我們的業務。

In closing, our expectation is that 2018 is only the first year of a multiyear plan that ensures our second decade continues to deliver superior shareholder value through long-term sustainable growth, much as we did through the first decade.

最後，我們的預期是，2018 年只是確保我們的第二個十年通過長期可持續增長繼續為股東創造卓越價值的多年計劃的第一年，就像我們在第一個十年所做的那樣。

With that, let me turn it over to my partner, Vasant Prabhu.

有了這個，讓我把它交給我的搭檔 Vasant Prabhu。

Thank you, Al, and good morning to all. We had a strong finish to fiscal year 2017. On a GAAP basis, fiscal fourth quarter net revenues and EPS were both up 14%. As a reminder, this is the first quarter where we have Visa Europe included in our reported numbers in the prior year.

謝謝你，Al，大家早上好。我們在 2017 財年取得了強勁的業績。按公認會計原則計算，第四財季淨收入和每股收益均增長 14%。提醒一下，這是我們在上一年報告的數字中包含 Visa Europe 的第一季度。

We closed fiscal '17 with full year net revenues of $18.4 billion, up 22%. Net income on a GAAP basis was $6.7 billion, and EPS was $2.80. On an adjusted basis, net income for the full year was $8.3 billion, up 21%. And EPS was $3.48, up 22%. All in all, a strong growth year which exceeded our expectations, especially in Europe, which contributed with mid-single-digit EPS accretion.

我們在 17 財年結束時全年淨收入為 184 億美元，增長 22%。按公認會計原則計算的淨收入為 67 億美元，每股收益為 2.80 美元。經調整後，全年淨收入為 83 億美元，增長 21%。每股收益為 3.48 美元，增長 22%。總而言之，這是一個超出我們預期的強勁增長年，尤其是在歐洲，這促成了中個位數的每股收益增長。

Europe net revenues were ahead of our acquisition model projections, and operating expenses were below projections, with a lower effective tax rate post the legal entity reorganization we completed earlier this year.

歐洲的淨收入高於我們的收購模型預測，運營費用低於預期，在我們今年早些時候完成的法人實體重組後有效稅率較低。

A few other points to note. Payment volumes on a constant-dollar basis, excluding Europe co-badge volumes, continued to grow at double-digit rates globally. In the U.S., the step down in growth rate reflects the lapping of Costco and USAA conversions in 2016. As a reminder, Costco started accepting Visa credit cards in store on June 20, 2016, and the first co-brand cards were issued. USAA credit conversion was completed in September 2016. USAA debit conversion completed by October 2016.

還有幾點需要注意。不包括歐洲聯合徽章交易量的固定美元支付量在全球範圍內繼續以兩位數的速度增長。在美國，增長率的下降反映了 2016 年 Costco 和 USAA 轉換的重疊。提醒一下，Costco 於 2016 年 6 月 20 日開始在商店接受 Visa 信用卡，並發行了第一張聯名卡。 USAA 貸方轉換於 2016 年 9 月完成。USAA 借方轉換於 2016 年 10 月完成。

Strong cross-border constant dollar growth was sustained in the double digits. However, the weakening of the dollar, particularly relative to the euro and the pound, is starting to have an impact on the mix of cross-border business. Most notably, outbound commerce from the U.S. is slowing down as is inbound commerce into Europe, especially to the U.K. There is some improvement in outbound commerce from Europe, but no meaningful pickup yet in inbound commerce into the U.S. These shifts will need to be monitored.

美元跨境持續強勁增長，保持兩位數。然而，美元貶值，特別是相對於歐元和英鎊的貶值，開始對跨境業務的組合產生影響。最值得注意的是，來自美國的出境貿易正在放緩，進入歐洲的入境貿易也在放緩，尤其是對英國的入境貿易。來自歐洲的出境貿易有所改善，但進入美國的入境貿易還沒有有意義的回升。需要監測這些變化.

Natural disasters have impacted our business. In Houston and Florida, it appears that business has largely returned to normal after some significant dislocations around the hurricanes. However, the effects of the hurricanes in the Caribbean and the Mexico City earthquake are ongoing. Travel into and out of these locations continues to be below trend.

自然災害影響了我們的業務。在休斯敦和佛羅里達州，在颶風造成一些重大混亂之後，業務似乎已基本恢復正常。然而，加勒比地區的颶風和墨西哥城地震的影響仍在持續。進出這些地點的旅行繼續低於趨勢。

As expected, we had a very active quarter on the contract renewal front. In Europe, we were able to achieve our goal of getting approximately 75% of the contract conversions from rebates to commercial incentives that we had set out to do resolved in fiscal year '17. Approximately 25% are shifting into the first half of fiscal '18, largely driven by client timetables.

正如預期的那樣，我們在合同續簽方面有一個非常活躍的季度。在歐洲，我們能夠實現將大約 75% 的合同轉換從回扣轉換為商業激勵的目標，這是我們計劃在 17 財年解決的問題。大約 25% 的公司將進入 18 財年上半年，主要受客戶時間表的推動。

We also had several significant renewals in China and Russia. As a result, client incentives as a percent of gross revenues were 21.7% in the fourth quarter, well ahead of the full year run rate of 19.9%. The approximately 25% of contract conversions that are shifting to fiscal '18 in Europe reduced our incentives as a percent of gross revenues by 50 basis points in fiscal year '17 and will add almost 50 basis points in fiscal year '18. This shift, which amounts to around $0.03 of EPS, added 1 percentage point to our EPS growth in fiscal year '17 and will reduce fiscal year '18 EPS growth by almost 1 percentage point.

我們還在中國和俄羅斯進行了幾次重大更新。因此，第四季度客戶激勵佔總收入的百分比為 21.7%，遠高於全年 19.9% 的運行率。在歐洲，大約 25% 的合同轉換正在轉向 '18 財年，這使我們的激勵措施在 '17 財年佔總收入的百分比降低了 50 個基點，並將在 '18 財年增加近 50 個基點。這一轉變相當於每股收益約 0.03 美元，為我們在 17 財年的每股收益增長增加了 1 個百分點，並將使 18 財年的每股收益增長減少近 1 個百分點。

We repurchased 16.9 million shares of Visa stock in the fourth quarter for $1.7 billion at an average price of $102.54. In fiscal '17, we repurchased a total of 76.1 million shares for $6.9 billion at an average price of $90.31. We also paid $1.6 billion in dividends, and our board has authorized an increase of 18% in our quarterly dividend to $0.195 per share.

我們在第四季度以 17 億美元的價格回購了 1690 萬股 Visa 股票，平均價格為 102.54 美元。在 17 財年，我們以 90.31 美元的平均價格以 69 億美元的價格回購了總計 7610 萬股股票。我們還支付了 16 億美元的股息，我們的董事會已授權將季度股息提高 18% 至每股 0.195 美元。

Finally, on September 11, we issued $2.5 billion of fixed rate notes with maturities ranging from 5 to 30 years, with a weighted average interest rate of 2.78% and weighted average maturity of 14 years. On October 11, we redeemed $1.75 billion of our December 27 (sic) [2017] notes.

最後，在 9 月 11 日，我們發行了 25 億美元的固定利率票據，期限從 5 年到 30 年不等，加權平均利率為 2.78%，加權平均期限為 14 年。 10 月 11 日，我們贖回了 17.5 億美元的 12 月 27 日（原文如此）[2017] 票據。

A quick review of the quarter's business drivers and our financial results. U.S. payments volumes grew 9% as credit grew 10% and debit grew 8%. As I mentioned earlier, the step down in these growth rates was driven by the lapping of Costco and USAA conversions last year.

快速回顧本季度的業務驅動因素和我們的財務業績。隨著信貸增長 10% 和借記增長 8%，美國的支付量增長了 9%。正如我之前提到的，這些增長率的下降是由於去年 Costco 和 USAA 轉換的重疊。

Adjusted for the impact of conversions, underlying credit growth rates have been stable in the high single digits for the past 4 quarters. Adjusted for Interlink, the U.S. debit growth trend was also stable. Reported debit growth ticked up from the prior quarter due to Interlink where we are now lapping a routing loss last year.

根據轉換的影響進行調整後，過去 4 個季度的基本信貸增長率一直穩定在高個位數。對 Interlink 進行調整後，美國借方的增長趨勢也很穩定。報告的借方增長較上一季度有所上升，原因是我們現在正在經歷去年路由損失的 Interlink。

International payments volumes in constant dollars grew 10%, excluding Europe co-badge volumes in all periods. Growth trends remain stable and robust around the globe.

以固定美元計價的國際支付量增長了 10%，不包括所有時期的歐洲聯合徽章交易量。全球增長趨勢保持穩定和強勁。

Global cross-border volume grew 10%. It's important to note that cross-border growth hit double digits, normalized for Europe in Q4 2016 for the first time after several weak quarters. The cross-border growth rates held up in the fourth quarter despite tougher comparisons.

全球跨境交易量增長 10%。值得注意的是，跨境增長達到兩位數，在經歷了幾個疲軟的季度之後，歐洲在 2016 年第四季度首次正常化。儘管進行了更嚴格的比較，但第四季度的跨境增長率保持不變。

U.S. cross-border growth is slowing as the dollar weakens as well as some impact from lapping the Costco and USAA conversions. Cross-border growth in Mexico and the Caribbean was impacted by the earthquake and hurricanes.

隨著美元疲軟以及因 Costco 和 USAA 轉換而產生的一些影響，美國的跨境增長正在放緩。墨西哥和加勒比地區的跨境增長受到地震和颶風的影響。

On the other hand, outbound commerce picked up a bit from Europe as the euro and the pound has strengthened. Other currency shifts of the Russian ruble, the Japanese yen, the Brazilian real, Aussie and Canadian dollars are also changing the mix of our cross-border business, which will need to be closely monitored.

另一方面，隨著歐元和英鎊走強，歐洲的對外貿易略有回升。俄羅斯盧布、日元、巴西雷亞爾、澳元和加元的其他貨幣變動也在改變我們跨境業務的組合，需要密切關注。

Transactions processed over VisaNet grew 13%, in line with the prior quarter when normalized for Europe. Through October 21, U.S. payments volumes growth was 8.7%, with U.S. credit growing 9.9% and debit 7.4%. Cross-border volume on a constant-dollar basis was up 7.4%. Processed transactions grew 12.6%.

通過 VisaNet 處理的交易增長了 13%，與歐洲正常化後的上一季度持平。截至 10 月 21 日，美國支付量增長 8.7%，美國信貸增長 9.9%，借記增長 7.4%。按固定美元計算的跨境交易量增長了 7.4%。處理的交易增長了 12.6%。

Net revenues in Q4 grew 14%. While we have Europe in our prior year reported numbers, it is important to note that rebates in Europe continue to be paid through the end of fiscal 2016. Exchange rate shifts helped reported Q4 net revenue growth by less than 50 basis points.

第四季度的淨收入增長了 14%。雖然我們在上一年報告的數據中有歐洲，但重要的是要注意歐洲的回扣將繼續支付到 2016 財年末。匯率變化幫助報告的第四季度淨收入增長不到 50 個基點。

Operating expenses were flat to last year, which included severance costs related to the acquisition of Visa Europe and our global restructuring. Adjusted to exclude these special items, operating expenses in Q4 grew 8%, largely driven by personnel costs and expenses related to projects that were delayed into the fourth quarter, particularly in Europe. Personnel costs were higher as hiring picked up post our restructuring in Europe and globally at the end of fiscal year '16.

運營費用與去年持平，其中包括與收購 Visa Europe 和我們的全球重組相關的遣散費。排除這些特殊項目後，第四季度的運營費用增長了 8%，這主要是由於與推遲到第四季度的項目相關的人員成本和費用，特別是在歐洲。由於在 16 財年末我們在歐洲和全球範圍內進行重組後招聘增加，人員成本較高。

We also incurred higher incentive accruals as performance exceeded our expectations. Professional fees ramped up in the second half around Europe technology integration as well as other key technology development programs.

由於業績超出了我們的預期，我們還獲得了更高的應計激勵。下半年圍繞歐洲技術整合以及其他關鍵技術開發計劃的專業費用增加。

Our Q4 tax rate was 31%. EPS was $0.90, up 14%. Exchange rate shifts helped reported Q4 EPS growth by almost 1 percentage point.

我們第四季度的稅率為 31%。每股收益為 0.90 美元，增長 14%。匯率變動幫助報告的第四季度每股收益增長了近 1 個百分點。

For the full year of fiscal '17, net revenues were up 18 -- net revenues were $18.4 billion, up 22%, with an approximately 1.5 percentage point negative currency impact. Full year adjusted EPS was $3.48, also up 22%, with a currency headwind of over 2 percentage points.

在 17 財年全年，淨收入增長了 18 - 淨收入為 184 億美元，增長 22%，負面貨幣影響約為 1.5 個百分點。全年調整後每股收益為 3.48 美元，也增長 22%，貨幣逆風超過 2 個百分點。

With that, I will move to our outlook for fiscal 2018. The many significant events of fiscal '17 will have a meaningful impact on year-over-year growth comparisons in fiscal '18. A few points to highlight before I get into the details.

有了這個，我將轉向我們對 2018 財年的展望。'17 財年的許多重大事件將對 '18 財年的同比增長比較產生有意義的影響。在我進入細節之前要強調幾點。

First, unlike fiscal year 2017, fiscal year 2018 will lap a full year of Europe in our reported numbers. While the fourth quarter of fiscal '17 included Europe in both years, the ending of rebates to Visa Europe members did not go into effect until the first quarter of fiscal '17. So the first quarter of apples-to-apples revenue growth comparisons for Europe is Q1 FY '18.

首先，與 2017 財年不同，在我們報告的數字中，2018 財年將超過歐洲的一整年。雖然 17 財年的第四季度在這兩年都包括歐洲，但對 Visa 歐洲會員的退稅的結束直到 17 財年的第一季度才生效。因此，歐洲第一季度的蘋果對蘋果收入增長比較是 18 財年第一季度。

Second, in Q1 FY '18, we get close to an apples-to-apples growth comparison for Costco and in Q2 FY '18 for USAA.

其次，在 18 財年第一季度，我們接近了 Costco 和 18 財年第二季度 USAA 的蘋果對蘋果的增長比較。

Third, the India demonetization impact started in -- sorry, in November 2016. As you know, this led to a more than doubling of our India payment volume and processed transactions. We begin to lap this in the latter part of Q1 '18.

第三，印度非貨幣化影響始於 2016 年 11 月——抱歉，如您所知，這導致我們在印度的支付量和處理的交易量增加了一倍多。我們在 18 年第一季度的後半部分開始討論這個問題。

Fourth, as we indicated, through the first half of fiscal '17, there were delays in Europe converting contracts to replace rebates with appropriate commercial incentive terms. As such, our client incentives were significantly lower than we had anticipated in the first half of fiscal '17. As I mentioned earlier, approximately 75% of these contract conversions were resolved by the end of fiscal '17, and the remainder will be done primarily in the first half of fiscal '18. As a result, client incentives in the first half of '18 will be significantly higher than fiscal year '17, with incentive growth moderating in Q4 '18.

第四，正如我們所指出的，在 17 財年上半年，歐洲轉換合同以用適當的商業激勵條款取代回扣的工作出現了延誤。因此，我們的客戶激勵措施明顯低於我們在 17 財年上半年的預期。正如我之前提到的，大約 75% 的合同轉換在 17 財年末得到解決，其餘的將主要在 18 財年上半年完成。因此，18 年上半年的客戶激勵將顯著高於 17 財年，激勵增長在 18 年第四季度放緩。

Finally, our U.S. price increases went into effect in the first quarter of fiscal '17, and our international price increases went into effect mostly in the second quarter of '17. We will lap these price increases in the first half of '18. Fiscal '18 price increases are smaller in scope and will go into effect in the second half of the year.

最後，我們的美國價格上漲在 17 財年第一季度生效，我們的國際價格上漲主要在 17 財年第二季度生效。我們將在 18 年上半年完成這些價格上漲。 18財年價格上漲幅度較小，將於下半年生效。

All these factors have been incorporated into our outlook for fiscal '18. They will also impact the quarterly cadence of net revenue and EPS growth.

所有這些因素都已納入我們對 18 財年的展望。它們還將影響淨收入和每股收益增長的季度節奏。

Let me now get into some of the details, starting with payment volumes. Payment volumes globally have grown around 10% in constant dollars for the past 2 years, normalized for Europe. Thanks to Costco and USAA, U.S. payment volume growth stepped up to the double-digit range in fiscal '17 and will tick down to the high single digits in fiscal '18 as we lap both conversions. International payment volume growth, as reported, will now reflect Europe in both years. We have been providing payment volume growth rates normalized for Europe in our data pack each quarter.

現在讓我談談一些細節，從支付量開始。過去 2 年，全球支付量按固定美元計算增長了 10% 左右，歐洲已正常化。多虧了 Costco 和 USAA，美國的支付量增長在 17 財年達到了兩位數的範圍，並將在 18 財年下降到高個位數，因為我們完成了兩次轉換。據報導，國際支付量的增長現在將反映這兩年的歐洲。我們在每個季度的數據包中都提供了針對歐洲標準化的支付量增長率。

Excluding Europe co-badge volume, normalized constant dollar international payment volume growth rates were almost 10% in fiscal '17. We anticipate some moderation in these growth rates in '18 due to the dual-brand runoff in China and the demonetization impact in India. Global second half growth rates are expected to be better than the first half, helped by some smaller conversions in the U.S., the ramping of Visa Direct volume and lapping the decline in China dual-brand volumes in fiscal '17. Overall, for fiscal year '18, our outlook anticipates high single-digit constant dollar payment volume growth rates globally.

不包括歐洲聯合徽章交易量，標準化不變的美元國際支付交易量增長率在 17 財年接近 10%。由於中國的雙品牌流失和印度的非貨幣化影響，我們預計 18 年這些增長率會有所放緩。全球下半年的增長率預計將好於上半年，這得益於美國的一些較小的轉換、Visa Direct 銷量的增加以及中國雙品牌銷量在 17 財年的下降。總體而言，對於 '18 財年，我們的展望預計全球將有高個位數的固定美元支付量增長率。

Moving on to the cross-border business. Cross-border volumes, as you all know, are dependent on global economic conditions and the relative strength of key currencies, in particular, the U.S. dollar, the euro and the pound. Through the first 3 quarters of fiscal '17, the strong dollar, weak euro and pound dynamic led to very strong outbound commerce from the U.S. and high inbound commerce into Europe, especially the U.K. In the fourth quarter, these trends started to change as the dollar weakened, especially versus the euro and the pound. Assuming these trends continue, we anticipate a slowdown in U.S. outbound commerce, with a step-up in growth of commerce coming into the U.S. and vice versa in Europe and the U.K. We're assuming this trend is accentuated through the year if dollar weakness continues.

轉向跨境業務。眾所周知，跨境交易量取決於全球經濟狀況和主要貨幣的相對強勢，特別是美元、歐元和英鎊。在 17 財年的前 3 個季度，強勢美元、疲軟的歐元和英鎊的走勢導緻美國的出境貿易非常強勁，而歐洲（尤其是英國）的入境貿易也很高。在第四季度，這些趨勢開始發生變化，因為美元走弱，尤其是兌歐元和英鎊。假設這些趨勢繼續下去，我們預計美國出境貿易將放緩，進入美國的貿易增長將加快，歐洲和英國反之亦然。我們假設如果美元持續疲軟，這一趨勢將在全年加劇.

Overall, our outlook anticipates high cross-border growth is sustained in fiscal year '18 with a change in mix, as described. International revenue growth rates are expected to be higher in the second half when some pricing actions go into effect. The other variable that impacts our international revenues is currency volatility. After high volatility in the first quarter of fiscal '17 post the Brexit surprise, currency volatility has been subdued through most of '17. Currency volatility has been running below the long-term mean. For purposes of our outlook, we are assuming that volatility stay at these levels through fiscal year '18.

總體而言，如前所述，我們的展望預計 18 財年的跨境高增長將持續，組合發生變化。當一些定價措施生效時，預計下半年國際收入增長率將更高。影響我們國際收入的另一個變量是貨幣波動。在英國退歐意外後 17 財年第一季度的高波動性之後，貨幣波動性在 17 年的大部分時間裡一直受到抑制。貨幣波動率一直低於長期均值。出於我們展望的目的，我們假設波動性在 18 財年保持在這些水平。

Normalized to include Europe for the full year, we had healthy double-digit process transaction growth in fiscal year '17, helped by the Costco, USAA conversions in the U.S., the impact of India demonetization and the processing win in Europe in the year. We expect a small step down in growth rate in fiscal '18 as we lap these items. We anticipate, however, that transaction growth will remain in the double digits, with generally steady growth through the year. Data processing revenue growth rates are also expected to be higher in the second half, helped by some pricing actions that go into effect.

標準化為包括歐洲全年，我們在 17 財年實現了兩位數的健康流程交易增長，這得益於 Costco、美國 USAA 的轉換、印度廢鈔令的影響以及當年在歐洲的處理勝利。我們預計 18 財年的增長率會在我們處理這些項目時小幅下降。但是，我們預計交易增長將保持在兩位數，全年總體穩定增長。在一些生效的定價行動的幫助下，預計下半年數據處理收入增長率也將更高。

On the client incentive front, we ended the year with incentives in the fourth quarter as a percent of gross revenues at 21.7%. Our outlook for fiscal '18 is a range of 21.5% to 22.5%. Client incentives in the first half of '17 averaged 18.8%, well below our expectations going into the year, primarily due to the delays in Europe. In the third quarter, this climbed to 20% as Europe contract activity picked up steam, finishing at 21.7% in Q4, which included several significant renewals in Russia and China.

在客戶激勵方面，我們在第四季度結束時的激勵佔總收入的 21.7%。我們對 18 財年的展望為 21.5% 至 22.5%。 17 年上半年的客戶激勵平均為 18.8%，遠低於我們對今年的預期，主要是由於歐洲的延誤。第三季度，隨著歐洲合同活動的回暖，這一比例攀升至 20%，第四季度達到 21.7%，其中包括俄羅斯和中國的幾項重大續約。

With all the renewal activity in the second half of '17, client incentive growth will be substantially higher in the first half of fiscal '18, moderating significantly by the fourth quarter. This will be further compounded by 2 major renewals we currently anticipate will be completed in the second quarter of fiscal '18 as well as the completion of Europe rebate-to-incentive contract conversions, which have shifted into the first half of '18. The Europe rebate-to-incentive contract conversion that shifted from fiscal '17 to fiscal '18 lowered FY '17 incentives as a percent of gross revenues by 50 basis points and correspondingly increased fiscal '18 incentives as a percent of gross revenues by almost 50 basis points.

隨著 17 年下半年的所有更新活動，客戶激勵增長將在 18 財年上半年大幅提高，到第四季度顯著放緩。我們目前預計將在 18 財年第二季度完成的 2 次重大續約以及已轉移到 18 年上半年的歐洲回扣到激勵合同轉換的完成將進一步加劇這種情況。從 '17 財年到 '18 財年的歐洲回扣到激勵合同轉換將 17 財年的激勵措施佔總收入的百分比降低了 50 個基點，並相應地將 '18 財年的激勵措施佔總收入的百分比提高了近 50 個基點基點。

When you put this all together, our outlook is for high single-digit nominal net revenue growth in fiscal 2018, which includes the currency translation tailwind of between 50 to 100 basis points. Net revenue growth in the first half is anticipated to be a couple of points below the full year run rate and in the double digits in the second half. Net revenue growth is expected to be highest in the fourth quarter and lowest in the second quarter. This is a result of all the factors I just went through.

綜上所述，我們的前景是 2018 財年名義淨收入實現高個位數增長，其中包括 50 至 100 個基點的貨幣換算順風。上半年的淨收入增長預計將比全年運行率低幾個百分點，下半年將達到兩位數。預計第四季度淨收入增長最高，第二季度最低。這是我剛剛經歷的所有因素的結果。

In terms of currency translation tailwind of 50 to 100 basis points, the dollar is not weakening across all currencies. We're benefiting from dollar weakness most significantly versus the euro. As a reminder, since the euro is a functional currency, we do not hedge our exposure to the euro. Relative to the pound, weakness of the dollar hurts revenues, but this is largely offset by the expenses we have denominated in pound. The dollar is also weaker versus other important currencies like the Canadian and Australian dollars. As you know, we hedge some of our exposure to these currencies, which offset losses when they weaken and vice versa.

就 50 至 100 個基點的貨幣換算順風而言，美元並未在所有貨幣中走弱。我們從美元兌歐元的疲軟中受益最為顯著。提醒一下，由於歐元是一種功能貨幣，我們不會對沖我們的歐元敞口。相對於英鎊，美元疲軟會損害收入，但這在很大程度上被我們以英鎊計價的費用所抵消。美元兌加元和澳元等其他重要貨幣也較弱。如您所知，我們對沖這些貨幣的部分風險敞口，以在貨幣貶值時抵消損失，反之亦然。

The dollar, however, remains strong or continues to strengthen versus the yen and a broad range of emerging market currencies like the Argentinian peso. We are unhedged on many of these emerging market currencies since they cannot be economically hedged. The net impact of all this is the 50 to 100 basis point impact we currently estimate based on spot rates and forward curves. As always, currencies will fluctuate.

然而，美元兌日元和阿根廷比索等多種新興市場貨幣仍保持強勢或繼續走強。我們沒有對這些新興市場貨幣中的許多貨幣進行對沖，因為它們無法進行經濟對沖。所有這一切的淨影響是我們目前根據即期利率和遠期曲線估計的 50 到 100 個基點的影響。與往常一樣，貨幣會波動。

On the expense front, we are investing in a set of key initiatives that I'll describe. We're partially funding these investments by shifting resources from lower priority areas as well as from savings we derive from better purchasing and other efficiency programs. In aggregate, fiscal '18 operating expense growth adjusted for special items in fiscal year 2017 is projected to be in the mid-single-digit range.

在費用方面，我們正在投資一系列我將描述的關鍵舉措。我們通過從較低優先級領域轉移資源以及我們從更好的採購和其他效率計劃中獲得的節省來為這些投資提供部分資金。總體而言，2017 財年針對特殊項目調整後的 18 財年營業費用增長預計將在中個位數範圍內。

Included in our expenses is another $60 million in nonrecurring cost related to the technology integration of Visa Europe. In fiscal '18, we expect to start migrating clients to the global Visa technology platform. We have also included expenses related to getting our processing infrastructure up and running in China. Of course, it remains difficult to predict exactly what the timing will be on incurring these China expenses.

我們的費用中還包括另外 6000 萬美元與 Visa Europe 技術整合相關的非經常性成本。在 18 財年，我們預計將開始將客戶遷移到全球 Visa 技術平台。我們還包括了與在中國啟動和運行我們的處理基礎設施相關的費用。當然，仍然很難準確預測這些中國費用的發生時間。

Expense growth cadence through the year will also not be uniform. Adjusted expense growth will be in the high single digits in the first half and the low single digits in the second half due to various factors. Coming out of our organization restructuring at Visa Europe and globally in the fourth quarter of fiscal '16, personnel expenses were low in the first quarter of '17 and ramped up through the year.

全年的費用增長節奏也將不一致。受各種因素影響，調整後費用增速上半年為高個位數，下半年為低個位數。由於我們在 16 財年第四季度在 Visa Europe 和全球範圍內進行了組織重組，人員費用在 17 財年第一季度處於低位，並在全年有所增加。

In addition, bonus accrual stepped up through the year as it became apparent that business performance was exceeding our expectations. We have the Winter Olympics in the second quarter, which will result in higher marketing expenses versus Q2 last year. The Europe integration cost is also first half loaded as we complete the technology platform harmonization and start client migration.

此外，由於業務表現明顯超出我們的預期，全年應計獎金有所增加。我們將在第二季度舉辦冬奧會，這將導致營銷費用高於去年第二季度。隨著我們完成技術平台協調並開始客戶遷移，歐洲整合成本也被加載。

Finally, many of our investment initiatives ramped up through the second half of fiscal '17, and spend rates on these initiatives will be higher in the first half of fiscal '18 than they were in the first half of last year. The adjusted expense growth rate is expected to be highest in the first quarter and the lowest in the fourth quarter of fiscal '18.

最後，我們的許多投資計劃在 17 財年下半年都在增加，在 18 財年上半年，這些計劃的支出率將高於去年上半年。調整後的費用增長率預計將在 18 財年第一季度最高，在第四季度最低。

Our adjusted tax rate in 2017 was almost 30%, helped by the party of benefits from the legal entity reorganization we completed midyear. Our outlook projects a 100 basis points reduction in our tax rate for fiscal '18 since we will get the full year benefit of the tax reorganization. This tax rate outlook does not include any impact from possible tax reform.

我們在 2017 年調整後的稅率接近 30%，這得益於我們在年中完成的法人實體重組的受益方。我們的展望預計 18 財年的稅率將降低 100 個基點，因為我們將獲得稅收重組的全年收益。該稅率前景不包括可能的稅收改革的任何影響。

Putting all these components together, our outlook is for EPS growth at the high end of mid-teens on an adjusted non-GAAP nominal dollar basis. This includes 1 to 1.5 points of positive foreign currency translation impact.

將所有這些組成部分放在一起，我們的前景是在調整後的非公認會計原則名義美元基礎上，每股收益增長在 10 歲左右。這包括 1 到 1.5 個點的積極外幣折算影響。

As mentioned earlier, the underspend on client incentives in Europe, with some renewal shifting into FY '18, added approximately 1 percentage point to EPS growth in fiscal '17 and will reduce EPS growth by almost 1 percentage point in fiscal '18.

如前所述，歐洲對客戶激勵措施的支出不足，部分更新轉移到 18 財年，使 17 財年每股收益增長約 1 個百分點，並將在 18 財年將每股收益增長減少近 1 個百分點。

With net revenue and operating expense growth rates fluctuating from quarter-to-quarter, EPS growth rates will, too. The EPS growth rate based on all these assumptions will be lowest in the second quarter, below the low end of the mid-teens range and at the highest level for the year in the fourth quarter, well above the mid-teens range. In the first and third quarters, we anticipate mid-teens EPS growth.

隨著淨收入和運營費用增長率逐季波動，每股收益增長率也會有所波動。基於所有這些假設的每股收益增長率將在第二季度最低，低於青少年區間的低端，並在第四季度達到全年最高水平，遠高於青少年區間。在第一季度和第三季度，我們預計每股收益將增長到十幾歲。

We know all this quarterly fluctuation does not make it easy for you to build your models. We wanted to give you as much color as we could. And we'll, of course, update our outlook each quarter, as we normally do, as well as provide a point of view on the upcoming quarter.

我們知道所有這些季度波動並不能讓您輕鬆構建模型。我們想給你盡可能多的顏色。當然，我們會像往常一樣在每個季度更新我們的展望，並提供對下一季度的看法。

For the first quarter of fiscal '18, our outlook is for net revenue growth a couple of points below the full year rate, high single-digit operating expense growth and mid-teens adjusted EPS growth.

對於 18 財年第一季度，我們的前景是淨收入增長低於全年增長率幾個百分點，高個位數的運營費用增長和青少年調整後的每股收益增長。

Moving on to capital, cash flow, dividends and buybacks. Capital spending in fiscal '18 is likely to be around $800 million. This includes capital associated with the Europe technology integration, capital to set up processing operations in China and spending on hardware to support growth as well as capitalization of software from our technology development projects.

繼續討論資本、現金流、股息和回購。 18 財年的資本支出可能在 8 億美元左右。這包括與歐洲技術整合相關的資本、在中國建立加工業務的資本、支持增長的硬件支出以及我們技術開發項目的軟件資本化。

Based on our earnings outlook and capital spending, free cash flow from operations is anticipated to be in excess of $9 billion. Most of this free cash flow will be returned to shareholders in the form of dividends and buybacks.

根據我們的盈利前景和資本支出，來自運營的自由現金流預計將超過 90 億美元。大部分自由現金流將以股息和回購的形式返還給股東。

The Visa Board has authorized an 18% increase in our quarterly dividend to $0.195 for the first quarter of fiscal '18. In line with our stated dividend policy, this puts our payout ratio in the 20% to 25% range. We anticipate buying back over $7 billion of Visa stock during fiscal '18. As you know, we have been buying stock in excess of our normal buybacks from free cash flow since the Visa Europe acquisition to neutralize the impact from stock issued to Visa Europe members. In fiscal '18, we will complete this aspect of our buyback program.

Visa 委員會已授權將 18 財年第一季度的季度股息提高 18% 至 0.195 美元。根據我們規定的股息政策，這使我們的派息率在 20% 至 25% 之間。我們預計在 18 財年回購超過 70 億美元的 Visa 股票。如您所知，自 Visa Europe 收購以來，我們一直在從自由現金流中購買超過正常回購的股票，以抵消發行給 Visa Europe 成員的股票的影響。在 18 財年，我們將完成回購計劃的這方面。

As I mentioned earlier, we issued $2.5 billion in debt in 3 tranches with a weighted average maturity of 14 years. After redeeming our December 2017, 2-year notes, gross debt now stands at $16.75 billion. Our gross debt-to-EBITDA ratio is in the 1.2 to 1.5 range we are targeting, but toward the lower end of the range as EBITDA has grown. Since we stretched out maturities and added some indebtedness, interest expense will increase 10% in fiscal '18.

正如我之前提到的，我們分三批發行了 25 億美元的債務，加權平均期限為 14 年。在贖回我們 2017 年 12 月的 2 年期票據後，總債務現在為 167.5 億美元。我們的總債務與 EBITDA 比率在我們的目標範圍內 1.2 至 1.5 範圍內，但隨著 EBITDA 的增長，接近該範圍的下限。由於我們延長了期限並增加了一些債務，因此 18 財年的利息費用將增加 10%。

After we completed our legal entity reorganization, we have returned a net $5 billion in offshore cash to the U.S.. At the end of September, total cash on hand stood at 1 point -- including marketable securities, stood at $15.3 billion. This includes cash from the September debt issue. We used $1.5 billion of this cash in October to redeem all of our 2-year notes.

在我們完成法人實體重組後，我們已向美國返還了淨 50 億美元的離岸現金。截至 9 月底，手頭現金總額為 1 個百分點——包括有價證券在內，為 153 億美元。這包括來自 9 月債券發行的現金。我們在 10 月份用這筆現金中的 15 億美元贖回了我們所有的 2 年期票據。

We're monitoring developments on the tax reform front as we develop strategies to return more cash back to the U.S. We will adopt the new revenue recognition standard on October 1, 2018, the beginning of our fiscal 2019. If applied to fiscal '17 reported results, the impact of the new standard would have been immaterial. The impact to future years is partially dependent on the terms of new incentive deals executed going forward and will therefore vary. We will continue to assess the impact of the new standard throughout fiscal '18 and provide you an update if we believe that the application of the new standard to new deals in aggregate could have a more significant impact on reported results. As a reminder, the new accounting standard has no impact on cash flows or the economic value of our business.

隨著我們制定將更多現金返還給美國的戰略，我們正在監測稅收改革方面的進展。我們將在 2018 年 10 月 1 日，即我們 2019 財年開始時採用新的收入確認標準。如果適用於 '17 財年報告結果，新標準的影響將是微不足道的。對未來幾年的影響部分取決於未來執行的新激勵交易的條款，因此會有所不同。我們將在整個 18 財年繼續評估新標準的影響，如果我們認為將新標準應用於新交易總體可能會對報告的結果產生更顯著的影響，我們將向您提供更新。提醒一下，新會計準則對現金流或我們業務的經濟價值沒有影響。

In summary, the power of the Visa business model, enhanced by the acquisition of Visa Europe, delivered 22% net revenue and adjusted EPS growth in fiscal year 2017. Europe contributed with mid-single-digit EPS accretion. At the end of the first year post-acquisition, Visa Europe is well ahead of our revenue projection, below our cost projection, with a lower effective tax rate. If we achieve the goals we have for Europe in fiscal year 2018, cumulative EPS accretion will be in the high single digits, and operating margins will be at or [above] Visa Inc. margins. We're poised to deliver another year of the robust revenue and earnings growth you have come to expect from Visa, while continuing to invest in our business at healthy levels to sustain this growth into the future.

總之，通過收購 Visa Europe 增強了 Visa 商業模式的力量，在 2017 財年實現了 22% 的淨收入和調整後的每股收益增長。歐洲貢獻了中個位數的每股收益增長。在收購後的第一年年底，Visa Europe 遠超我們的收入預測，低於我們的成本預測，有效稅率較低。如果我們在 2018 財年實現歐洲的目標，累計每股收益增長將達到高個位數，營業利潤率將達到或高於 Visa Inc. 的利潤率。我們準備好實現您對 Visa 所期望的強勁收入和收益增長的又一年，同時繼續以健康的水平投資於我們的業務，以在未來保持這種增長。

And with that, we're ready to take questions, Kevin.

有了這個，我們準備好回答問題了，凱文。

(Operator Instructions) Our first question comes from Sanjay Sakhrani from KBW.

（操作員說明）我們的第一個問題來自 KBW 的 Sanjay Sakhrani。

I appreciate all the color on 2018, Vasant. I was just wondering if you could talk about what your expectations are for Visa Europe's accretion in 2018. And when we think about sort of where the surprises could be, it sounded like in 2017, it was on the expenses. Should we assume, like in 2018, it can be more on the pricing side?

我很欣賞 2018 年的所有色彩，Vasant。我只是想知道您是否可以談談您對 Visa Europe 在 2018 年增長的期望。當我們考慮可能出現的驚喜時，聽起來像是在 2017 年，是關於費用的。我們是否應該假設，就像 2018 年一樣，它可以更多地體現在定價方面？

Yes. As I mentioned, it was sort of mid-single-digit accretion in '17 and cumulatively getting to the high single digits. So you could say once again, it adds probably low single-digits accretion in '18, so generally in that ballpark. So as you know, that's ahead of where we expected to be at this stage. No, I would say, as Al said, too, that '17 performance was driven as much by revenue as expenses. So the revenue picture has been strong in Europe for 2 reasons: the local economies there have been strong; and cross-border was particularly strong in Europe in '17 because of the weak pound and the euro, a lot of cross-border into the U.K. especially. And as we look at '18, the economic situation in Europe, at least as we look at it, still looks very strong at a local level. And the cross-border business is holding up. So it's going to be, again, I think revenue being a major driver of it. I don't know, Al, if you have something else.

是的。正如我所提到的，這是 17 年中個位數的增長，並且累積達到高個位數。所以你可以再說一次，它在 18 年可能增加了低個位數的增長，所以通常在那個球場上。如您所知，這超出了我們現階段的預期。不，我會說，正如 Al 所說，17 年的業績受收入和支出的推動一樣多。因此，歐洲的收入狀況強勁有兩個原因：當地經濟強勁；由於英鎊和歐元疲軟，17 年歐洲的跨境業務尤其強勁，尤其是大量跨境進入英國。當我們回顧 18 年時，歐洲的經濟形勢，至少在我們看來，在地方層面上看起來仍然非常強勁。跨境業務正在保持。因此，我認為收入將再次成為它的主要驅動力。我不知道，艾爾，如果你還有別的事。

No, I think that's fair. I think, as I said, we're bullish on Europe, and I think it's a combination of what we're getting done on the revenue side and the expense side.

不，我認為這是公平的。我認為，正如我所說，我們看好歐洲，我認為這是我們在收入方面和支出方面所做工作的結合。

And of course, we got the legal entity reorganization done, which meant that the effective tax rate on our European earnings is lower than what we might have expected immediately post the transaction.

當然，我們完成了法人實體重組，這意味著我們歐洲收入的有效稅率低於我們在交易後可能立即預期的稅率。

Our next question comes from Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Just wanted to follow up on that. The high single-digit EPS accretion by '18, that will be 2 years earlier than the original plan. I think it was for high single digits by fiscal year '20. Just thinking about going forward into '19 and '20, is there some upside now to the original guidance on EPS accretion in Europe now that we're ahead of plan and there's probably more to do in the out-years?

只是想跟進。到 18 年實現高個位數每股收益增長，這將比原計劃提前 2 年。我認為這是 20 財年的高個位數。只是考慮進入 19 年和 20 年，既然我們超前於計劃並且未來幾年可能還有更多工作要做，那麼歐洲 EPS 增長的原始指導現在是否有一些上升空間？

Bryan, I think we're, at this point, laser beam focused on '18 and trying to take this one step at a time. I think we feel very good about where we ended '17. We feel very good about where we think we're going to head in '18. And hopefully, there's a trend there. But right now, we're focused on '18 and getting to that next step in terms of the value that Europe is delivering to the entire Visa enterprise.

布萊恩，我認為我們在這一點上，激光束專注於 18 年，並試圖一次邁出這一步。我認為我們對 17 年結束的地方感覺非常好。我們對 18 年的發展方向感到非常滿意。希望那裡有一種趨勢。但現在，我們專注於 18 年，並在歐洲為整個 Visa 企業帶來的價值方面邁向下一步。

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。

So I had a question on the high-60s margin guidance for '18. I appreciate all the expense color you guys gave. Historically, that's been a mid-60s number. And the question really is, is the business model at a kind of pivot point, whereby you really just can't kind of outrun the incremental margin anymore with really the pace of investment? Or is this just kind of a one-off where we're going to be running in the high 60s?

所以我對 18 年的 60 年代高利潤率指導有疑問。我感謝你們提供的所有費用顏色。從歷史上看，這是一個 60 年代中期的數字。真正的問題是，商業模式是否處於一種轉折點，在這種情況下，你真的不能再以真正的投資速度超過增量利潤了嗎？或者這只是一種一次性的，我們將在 60 多歲的時候跑步？

Yes. I think as we've always said, we don't have margins as an objective. We focus on driving volumes. Clearly, the focus is on converting cash, driving volumes, driving revenues. As long as revenues are growing in the high single digits and with the appropriate level of investment, given the nature of our cost structure, expenses are growing in the mid-single digits, you're going to get margin improvement. And margins are not an objective. It's really -- it's an outcome.

是的。我認為正如我們一直所說的那樣，我們沒有將利潤作為目標。我們專注於推動銷量。顯然，重點是轉換現金、增加銷量、增加收入。只要收入以高個位數增長並且在適當的投資水平下，鑑於我們成本結構的性質，費用以中個位數增長，您將獲得利潤率改善。利潤不是目標。這真的是——這是一個結果。

I think the only other dynamic I'd remind you of, Dan, is that we're seeing, based on the actions we're taking, fairly good margin expansion in Europe, which is now a part of the overall mix of the margin number for all of Visa. But other than that, I would agree totally with Vasant's comment, which is we're going to invest at the level that makes sense and we feel good about, and margins is an outcome, not a goal.

我想我要提醒你的唯一其他動態，丹，是我們看到，根據我們正在採取的行動，歐洲的利潤率擴張相當不錯，現在這是利潤率整體組合的一部分所有簽證的號碼。但除此之外，我完全同意 Vasant 的評論，即我們將在合理且我們感覺良好的水平上進行投資，而利潤率是結果，而不是目標。

Our next question comes from Don Fandetti from Wells Fargo.

我們的下一個問題來自富國銀行的 Don Fandetti。

Al, sort of a longer-term question. If you look around the world at what's going on with Alipay and real-time payments, at some point, do you get worried that there could be some leakage to the secular opportunity? Or do you feel like that is something that's premature in terms of worrying about?

艾爾，有點長期的問題。如果你環顧世界各地，看看支付寶和實時支付的情況，在某個時候，你是否會擔心世俗機會可能會流失？還是您覺得擔心這種事情還為時過早？

Well, Don, I think a good characteristic of any CEO is to be a bit paranoid. And we -- while we just talked about very, very strong results in FY '17, I could tell you that we are really laser-focused on the future and the fact that there are disruptive forces in the marketplace. I think that, as it relates to real-time payments, I think we feel like we've got a very good tool in our toolbox in terms of Visa Direct. And as I said in my remarks, we saw our volume on Visa Direct rise 75% year-over-year. The likes of Alipay and WeChat have done a phenomenal job in China and have started to migrate to other geographies. And you can rest assured that it is something that we pay a tremendous amount of attention to. And we're going to do everything we can to make sure that we remain a key player at the focal point of the payments ecosystem.

嗯，唐，我認為任何 CEO 的一個優點就是有點偏執。我們——雖然我們剛剛談到了 17 財年非常非常強勁的結果，但我可以告訴你，我們真的非常關注未來以及市場上存在顛覆性力量的事實。我認為，由於它與實時支付有關，我認為我們覺得我們的工具箱中有一個非常好的工具，就 Visa Direct 而言。正如我在講話中所說，我們看到 Visa Direct 的交易量同比增長 75%。支付寶和微信等公司在中國做得非常出色，並開始向其他地區遷移。您可以放心，這是我們非常關注的事情。我們將盡一切努力確保我們仍然是支付生態系統焦點的關鍵參與者。

Our next question comes from Jason Kupferberg from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Jason Kupferberg。

Just wanted to ask, on cross-border, can you walk us through the reconciling items in Q4 between volume growth and revenue growth? At least in our model, the big revenue upside was on cross-border. And then just any thoughts or comments around the intra-quarter cross-border volume slowdown through October 21. I know it's only a few weeks of data, but any call-outs there?

只是想問一下，在跨境方面，您能否帶我們了解一下第四季度銷量增長和收入增長之間的調節項目？至少在我們的模型中，最大的收入增長來自跨境。然後是關於截至 10 月 21 日的季度內跨境交易量放緩的任何想法或評論。我知道這只是幾週的數據，但那裡有任何呼籲嗎？

Yes. I'm not exactly sure what you're referring to. As far as the volume and revenue growth aspects for the fourth quarter, there was nothing unusual in the fourth quarter. It was a pretty steady growth quarter. There should not be anything unusual there, unless I'm not fully understanding your question. As far as it relates to the first 3 weeks of October, we've said over and over again in the past that 3 weeks don't make a trend. Having said that, why is the number 7.4%? There's a little bit of shift in what are these intra-Europe cross-border volumes that accounts for probably 1.5 points or so of the difference from last quarter. Intra-Europe, sometimes, acquirers and merchants can shift where they acquire the volume, and that can cause something that was considered an intra-Europe transaction to a domestic transaction. It doesn't have as much of a revenue impact, but we do see that within the EU. The other factors are really driven more by a strengthening dollar causing some slowdowns from -- in, as I said in my comments, on outbound commerce from the U.S. and some limited impact from what's happening in the Caribbean and Mexico. But again, there's a lot going on in cross-border with these currency shifts, and we'll just have to wait and see. We feel pretty good about it.

是的。我不確定你指的是什麼。就第四季度的銷量和收入增長而言，第四季度並無異常。這是一個相當穩定的增長季度。那裡不應該有任何異常，除非我不完全理解你的問題。就 10 月的前 3 周而言，我們在過去反复說過 3 週不會成為趨勢。話雖如此，為什麼這個數字是 7.4%？這些歐洲內部跨境交易量發生了一些變化，可能佔上一季度差異的 1.5 個百分點左右。在歐洲內部，有時，收單方和商家可以轉移他們獲取交易量的地方，這可能會導致被視為歐洲內部交易的事情變為國內交易。它不會對收入產生太大影響，但我們確實在歐盟內部看到了這一點。其他因素實際上更多是由美元走強導致一些放緩——正如我在評論中所說，來自美國的對外貿易以及加勒比和墨西哥正在發生的事情的一些有限影響。但同樣，這些貨幣轉移在跨境發生了很多事情，我們只能拭目以待。我們對此感覺很好。

The only thing I'd add is again, small impact there, but it's the lapping of some of the U.S. conversions.

我唯一要補充的是，那裡的影響很小，但它是一些美國轉換的重疊。

Our next question comes from Lisa Ellis from Bernstein.

我們的下一個問題來自 Bernstein 的 Lisa Ellis。

Al, just a question about Europe. You gave pretty bullish commentary on the outlook for Europe and, in particular, highlighting the disparity across countries there with card penetration or digital payment penetration. But that is the region also where there's prevalence of, in some countries, of these bank transfer-based networks that have gotten a lot of traction. Can you walk through your view on how debit goes head to head versus these networks? Like what's the difference in functionality? What's the difference in the value proposition to the merchant, to the issuer, et cetera?

艾爾，只是一個關於歐洲的問題。你對歐洲的前景給出了相當樂觀的評論，特別是強調了那裡不同國家在信用卡普及率或數字支付普及率方面的差異。但在該地區，在某些國家/地區，這些基於銀行轉賬的網絡已經得到了很大的關注。您能否談談您對借記卡與這些網絡的正面交鋒的看法？比如功能上有什麼區別？對商家、發行人等的價值主張有何不同？

Lisa, thank you for the question. This is actually -- I think I mentioned I'm heading to London right after this call, and this is actually something that's on our agenda to discuss. The issue you raised is real. I think that in the case of Europe, as a reminder, the bulk of our business or a large percentage of our business is in the U.K. And as we actually look to penetrate further into the continent, we're going to have to make sure that we have strong offerings in credit as well as debit. And we, by the way, tend to be even further behind in credit in some markets than we are in the case of debit. And we're going to have to make sure that our value propositions are differentiated in certain ways to make sure that we are indeed a player. But there's no question that these country-based networks are something we're going to have to contend with.

麗莎，謝謝你的問題。這實際上是——我想我提到我在這次電話會議後馬上要去倫敦，這實際上是我們議程上要討論的事情。你提出的問題是真實的。我認為就歐洲而言，提醒一下，我們的大部分業務或大部分業務都在英國。當我們實際上希望進一步滲透到歐洲大陸時，我們將不得不確保我們在信用卡和借記卡方面都有強大的產品。順便說一句，在某些市場上，我們在信貸方面往往比在藉方方面落後得更遠。我們必須確保我們的價值主張在某些方面有所區別，以確保我們確實是一個參與者。但毫無疑問，這些基於國家/地區的網絡是我們必須應對的。

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。

Kind of a 2-part question. But first, I mean, I understand you have more tough compares in '18, including higher incentives as a catch-up. But fourth quarter did show some of that increase in incentives already, obviously, and yet you're able to do 14% growth. So just, is the other factors like pricing enough for the difference down to high single digits in guide? And then just a longer-term part of the question is, I guess, incentives are guided up again. If we took out the idea of a catch-up, I mean, again, bigger picture is, should investors expect a more normalized growth in incentives after '18 just based on pricing environment seeming to be somewhat stable in the overall markets? So just bigger-picture comments on incentives growth after the catch-up.

一種兩部分的問題。但首先，我的意思是，我知道你在 18 年會有更艱難的比較，包括更高的激勵措施作為追趕。但顯然，第四季度確實顯示了一些激勵措施的增加，但你能夠實現 14% 的增長。那麼，其他因素（如定價）是否足以將差異降至指南中的高個位數？然後問題的一個長期部分是，我想，激勵措施再次被引導。如果我們提出追趕的想法，我的意思是，再一次，更大的圖景是，投資者是否應該僅僅基於整個市場的定價環境似乎有點穩定，就預期 18 年後激勵措施的增長會更加正常化？因此，追趕後的激勵增長只是更宏觀的評論。

Well, in the case of the first question, the guidance we're giving is our best assessment of where we see the business in -- going at this point in time for 2018 with all of the various information that we have at our hands. In terms of the client incentives question, Vasant?

好吧，在第一個問題的情況下，我們提供的指導是我們對業務所處位置的最佳評估——在 2018 年的這個時間點，我們掌握了所有各種信息。關於客戶激勵問題，Vasant?

Yes. I mean, on the first part of your question, which is your revenue growth was 14% despite incentives being 21.7%. I just want to make sure you heard what I said about the fact that in the fourth quarter of '17, while we were lapping Europe in '16, the rebates were still in place in the fourth quarter of '16. So while it's not apples-to-apples yet for Europe on the revenue front because the rebates stopped being paid in the first quarter of fiscal '17, so you really only have -- you have to get to the first quarter of '17 where you're comparing Europe 1 year to the other in a real apples-to-apples way. That's number one. Number two, we went through some of the Costco, USAA comparatives. So there are a couple of factors that make the fourth quarter that we just had have things in it that are not going to be like what you've seen in the first quarter and beyond next year. As it relates to incentives, yes, some of it is the shift. But as you know, we just went through, in Europe, a large number of what we call contract conversions from rebates to incentives. All those now flow through the incentive line next year. So clearly, that's a factor. And then we had, as you heard, several large renewals this year. That flows through. And we don't really want to comment on what happens in '19 and beyond. But as Al said, I mean, we've given you the best picture we can of what to expect in '18.

是的。我的意思是，在您問題的第一部分，儘管激勵措施為 21.7%，但您的收入增長為 14%。我只是想確保您聽到我所說的事實，即在 17 年第四季度，當我們在 16 年環遊歐洲時，回扣在 16 年第四季度仍然存在。因此，雖然歐洲在收入方面還不是蘋果對蘋果，因為回扣在 17 財年第一季度停止支付，所以你真的只有 - 你必須到 17 年第一季度您正在以真正的蘋果對蘋果的方式比較歐洲 1 年。那是第一名。第二，我們瀏覽了一些 Costco，USAA 的比較。因此，有幾個因素使我們剛剛擁有的第四季度的事情不會像您在第一季度及明年以後看到的那樣。由於它與激勵措施有關，是的，其中一些是轉變。但如你所知，我們剛剛在歐洲經歷了大量我們稱之為從回扣到激勵的合同轉換。所有這些現在都通過明年的激勵線。很明顯，這是一個因素。然後，正如你所聽到的，今年我們進行了幾次大型續訂。那流過。而且我們真的不想評論 19 年及以後發生的事情。但正如艾爾所說，我的意思是，我們已經為您提供了我們所能期待的 18 年最好的畫面。

Our next question comes from Jim Schneider from Goldman Sachs.

我們的下一個問題來自高盛的 Jim Schneider。

I was wondering if you could maybe touch on the data processing line. That line has consistently done better than we expected. And I think on the last call, Vasant, you referred to the fact that you had picked up some specific wins. Can you maybe just kind of frame that line and the expectations for 2018 and beyond in terms of where you might be thinking of market share, in what regions, and if Europe is specifically a possibility for further share gains there?

我想知道你是否可以觸及數據處理線。這條線一直比我們預期的要好。我認為在最後一次通話中，Vasant，你提到了你已經獲得了一些具體勝利的事實。您能否就您可能考慮的市場份額、在哪些地區以及歐洲是否特別有可能在該地區進一步增加份額等方面製定這條線以及對 2018 年及以後的預期？

Yes. I wouldn't emphasize share gains per se. Yes, we had a gain in Europe, which did help the growth rate in that line. But data processing has been a very healthy business. It's a great business, as I think Al mentioned. We would like to increase processing around the world. It is -- it has been growing in that 13% range all year, while clearly having Costco and USAA come in, in the U.S. helped that, too. As we look ahead, we said we'd see a little bit of a step-down because of these lapping effects, but still healthy double-digit growth. Beyond that, there really wasn't anything remarkable there. It's just a good, strong, fast-growth business.

是的。我不會強調分享收益本身。是的，我們在歐洲獲得了收益，這確實有助於該線的增長率。但數據處理一直是一項非常健康的業務。正如我認為 Al 提到的那樣，這是一項偉大的業務。我們希望在世界範圍內增加處理。它是 - 它全年都在 13% 的範圍內增長，而美國的 Costco 和 USAA 顯然也幫助了這一點。展望未來，我們說由於這些重疊效應，我們會看到一些下降，但仍然保持兩位數的健康增長。除此之外，那裡真的沒有什麼了不起的。這只是一個良好、強大、快速增長的業務。

Our next question comes from James Faucette.

我們的下一個問題來自 James Faucette。

(inaudible) with regulators in Europe has been...

（聽不清）與歐洲的監管機構已經...

I'm sorry, could you -- we -- you just came in. We missed the first part of the question. Can you start again?

對不起，你能不能——我們——你剛進來。我們錯過了問題的第一部分。你能重新開始嗎？

Oh, yes, sure. This is James Faucette, Morgan Stanley. Al, it's a question for you. You mentioned in your prepared comments that your engagement with regulators perhaps is most active in Europe. And I'm wondering if you can just give a little bit of color as to what you view as the objectives of the regulators in Europe and the pieces that Visa can have that can help address the things that regulators are looking at. And I guess, as part of that, just give an update as to what you're seeing with your partner says with PSD2, et cetera.

哦，是的，當然。這是摩根士丹利的詹姆斯·福塞特。阿爾，這是你的問題。您在準備好的評論中提到，您與監管機構的接觸可能在歐洲最為活躍。我想知道您是否可以就您認為歐洲監管機構的目標以及 Visa 可以擁有的有助於解決監管機構正在關注的問題的部分提供一點顏色。我想，作為其中的一部分，只需更新您與您的合作夥伴看到的關於 PSD2 等的內容。

So I think there's a number of objectives that the regulators have. They're looking for -- to protect the privacy of consumers. They're looking to make sure that transactions are as secure as they possibly can be. They're looking to create and foster more innovation and allowing FinTechs to get into the stream a bit more, and that's facilitating the idea of opening up access to bank accounts around Europe as defined in PSD2. So I think that the -- what the regulators are trying to accomplish is relatively clear. I think where it all lands and what the various use cases that might develop is probably less clear. We focus on a couple of things. One is making sure that we are having good open dialogue with the regulators so that they understand our point of views and have clarity around what exists that's good in the payments ecosystem and how the payments ecosystem is evolving. Secondly, we're working closely with our clients, particularly issuers and acquirers around Europe, to understand what are some of the implications and what are -- and frankly, what are potentially some of the opportunities, making sure that we help them as they try to meet the authentication hurdles that the regulators want people to achieve as well as understanding the implications of PSD2 and open access to accounts and what that might mean. And I think we have found ourselves having excellent dialogue with clients throughout Europe, and it's something that we'll be continuing to focus on. I actually will meet with regulators tomorrow when I'm in London.

所以我認為監管機構有許多目標。他們正在尋找——保護消費者的隱私。他們希望確保交易盡可能安全。他們正在尋求創造和促進更多創新，並允許金融科技更多地進入這一領域，這促進了在 PSD2 中定義的歐洲各地銀行賬戶開放訪問的想法。所以我認為 - 監管機構試圖實現的目標相對明確。我認為這一切都落在哪里以及可能發展的各種用例可能不太清楚。我們專注於幾件事。一是確保我們與監管機構進行良好的公開對話，以便他們了解我們的觀點，並清楚地了解支付生態系統中存在的好處以及支付生態系統的發展方式。其次，我們正在與我們的客戶，尤其是歐洲各地的發行人和收購方密切合作，以了解其中的一些影響以及哪些是潛在的機會——坦率地說，我們正在幫助他們，因為他們嘗試滿足監管機構希望人們實現的身份驗證障礙，並了解 PSD2 的含義和對帳戶的開放訪問以及這可能意味著什麼。而且我認為我們發現自己與整個歐洲的客戶進行了出色的對話，這是我們將繼續關注的事情。實際上，我明天將在倫敦與監管機構會面。

And with that, we'd like to thank you all for joining us today. If anybody has follow-up questions, please feel free to call myself or Joon. Thanks again. Have a great day.

有了這個，我們要感謝大家今天加入我們。如果有人有後續問題，請隨時給我自己或 Joon 打電話。再次感謝。祝你有美好的一天。

And that concludes today's conference. Thank you all for your participation. You may disconnect at this time.

今天的會議到此結束。謝謝大家的參與。此時您可以斷開連接。