Visa Inc (V) 2018 Q1 法說會逐字稿

Welcome to Visa's Fiscal First Quarter 2018 Earnings Conference Call.

歡迎參加 Visa 2018 財年第一季度收益電話會議。

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

（操作員說明）今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

I would now like to turn the conference over to your host, Mr. Joon Huh, Vice President of Investor Relations.

我現在想將會議轉交給您的主持人，投資者關係副總裁 Joon Huh 先生。

Mr. Huh, you may now begin.

哈先生，您現在可以開始了。

Thanks, Athena.

謝謝，雅典娜。

Good afternoon, everyone, and welcome to Visa Inc.'s Fiscal First Quarter 2018 Earnings Conference Call.

大家下午好，歡迎參加 Visa Inc. 的 2018 財年第一季度收益電話會議。

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。

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

包含今天電話會議的財務和統計亮點的幻燈片已發佈到我們的投資者關係網站。

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 are not 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 Form 10-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-Q 表格報告，您可以在 SEC 網站和 Visa 網站的投資者關係部分找到該報告。

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, let me turn the call over to Al.

有了這個，讓我把電話轉給 Al。

Joon, thank you, and good afternoon to everybody, and thanks for joining us today.

Joon，謝謝大家，大家下午好，感謝今天加入我們。

As always, Vasant and I are going to make some relatively brief comments on our results, and then we'll open it up to whatever questions you have on your minds.

與往常一樣，Vasant 和我將對我們的結果發表一些相對簡短的評論，然後我們將向您提出任何問題。

We're off to a solid start in our fiscal year, and I'm pleased with our company's performance this past quarter.

我們的財年開局良好，我對公司上個季度的表現感到滿意。

Our performance was driven by healthy economies around the world, growth in acceptance and the continued rise in E&M commerce, especially in developed countries.

我們的業績受到全球健康經濟、接受度增長和機電貿易持續增長的推動，尤其是在發達國家。

U.S. tax reform certainly has and will continue to impact our business in positive ways.

美國稅制改革肯定已經並將繼續以積極的方式影響我們的業務。

We have made a few initial decisions about our investments as a direct result of the lower corporate tax rate, and we will continue to talk about and analyze additional incremental spending options to bolster our talent, our business and the communities in which we work, all with the goal of fulfilling our corporate mission of helping individuals, businesses and economies thrive.

由於公司稅率降低，我們已經就我們的投資做出了一些初步決定，我們將繼續討論和分析額外的增量支出選擇，以支持我們的人才、我們的業務和我們工作的社區，所有這些以實現我們幫助個人、企業和經濟繁榮發展的企業使命為目標。

Looking at our business drivers.

看看我們的業務驅動力。

Payments volume grew 10% on a constant dollar basis as we saw healthy growth around the globe.

由於我們看到全球健康增長，支付量按固定美元計算增長了 10%。

The Central Europe, Middle East region led the way with 19% growth, driven by the Gulf countries of the Middle East.

在中東海灣國家的推動下，中歐、中東地區以 19% 的增長遙遙領先。

Latin America was up 14% with particular strength coming from Argentina.

拉丁美洲增長了 14%，其中阿根廷尤為強勁。

Canada grew 11%, up 4% sequentially, resulting from higher gas prices and increased spending in retail and telecom.

加拿大增長 11%，環比增長 4%，原因是汽油價格上漲以及零售和電信支出增加。

In the United States, payments volume grew 10%, driven by increases in consumer credit and holiday spending, which I'll spend a few minutes on a bit later.

在美國，支付量增長了 10%，這是由消費信貸和假日支出的增長推動的，我稍後會花幾分鐘討論。

Europe maintained a solid growth rate of 9% with strength coming from Turkey and Southeast Europe, and Asia Pacific grew 8% as we saw improved volumes from Australia and Taiwan.

歐洲保持了 9% 的穩健增長率，土耳其和東南歐的增長勢頭強勁，亞太地區增長 8%，因為我們看到澳大利亞和台灣的銷量有所增加。

And although we're partially lapping the demonetization in India, total processed transactions continued to grow at a double-digit rate of 12%.

儘管我們在印度部分地進行了非貨幣化，但處理的總交易量繼續以 12% 的兩位數速度增長。

Turning to the financial metrics.

轉向財務指標。

Net revenue grew 9%, driven in part by a strong holiday season and accelerating e-commerce growth.

淨收入增長 9%，部分原因是假期旺季和電子商務增長加快。

We saw good momentum in our cross-border business with revenue growth of 12% and constant dollar volume growth of 9%.

我們的跨境業務發展勢頭良好，收入增長 12%，固定美元交易量增長 9%。

Despite the lapping of Brexit and a stronger currency dynamic, the European cross-border business performed better than we expected.

儘管英國脫歐和貨幣動力強勁，但歐洲跨境業務的表現好於我們的預期。

In the United States, we saw a sequential increase in cross-border growth, resulting from increased inbound activity as the dollar remained relatively weak throughout the quarter.

在美國，我們看到跨境增長連續增長，原因是入境活動增加，因為美元在整個季度仍然相對疲軟。

And the weak dollar trend has continued into the first few weeks of this quarter.

美元疲軟的趨勢一直持續到本季度的前幾週。

Client incentives were 21.4% of gross revenue, roughly in line with the prior quarter.

客戶獎勵佔總收入的 21.4%，與上一季度大致持平。

And as we discussed in the last call, we're making significant investments in our business initiatives and our strategic priorities, leading to increased expense levels in the quarter.

正如我們在上次電話會議中所討論的那樣，我們正在對我們的業務計劃和戰略重點進行重大投資，從而導致本季度的費用水平增加。

And with the new U.S. tax reform in place, a portion of the benefit is reflected in our first -- fiscal first quarter results.

隨著美國新稅制改革的實施，部分收益反映在我們的第一財季業績中。

This all led to adjusted EPS growth of 26%, which includes the benefit from tax reform.

這一切導致調整後每股收益增長 26%，其中包括稅收改革帶來的好處。

Vasant will go into greater detail on the impact of tax reform and provide more background on the numbers.

Vasant 將更詳細地介紹稅制改革的影響，並提供有關這些數字的更多背景信息。

Now let me provide some more color on the subject of U.S. holiday spending.

現在讓我就美國假期支出的主題提供更多色彩。

The 2017 holiday season was stronger than the prior year as both consumer credit and debit grew at higher levels.

2017 年的假日季節比上一年更強勁，因為消費信貸和借記卡都以更高的水平增長。

Growth was driven by better performance in retail and entertainment, which includes movies, gaming, fitness, sporting goods, recreational activities.

增長是由零售和娛樂領域的更好表現推動的，其中包括電影、遊戲、健身、體育用品和娛樂活動。

Additionally, higher gas prices contributed to some of the growth.

此外，較高的天然氣價格促成了部分增長。

Both offline and online volume had higher growth rates than the prior year with online growing approximately 4x faster than offline.

線下和線上交易量的增長率均高於去年，線上增長速度比線下快約 4 倍。

During the holiday season, e-commerce continued to gain share, jumping to over 30% of the U.S. -- consumer U.S. holiday volume.

在假期期間，電子商務繼續獲得份額，躍升至美國消費者假期交易量的 30% 以上。

E-commerce growth was strong across a number of categories but was most significantly strengthened by retail performance.

多個類別的電子商務增長強勁，但零售表現最為顯著。

Interestingly, the retail spending was stronger earlier in the holiday season.

有趣的是，零售支出在假日季早些時候更為強勁。

The couple of weeks prior to Thanksgiving and Thanksgiving week were quite a bit stronger than the growth we saw in the prior year.

感恩節前幾周和感恩節週的增長比我們在前一年看到的增長要強得多。

Beyond the U.S., when we look at some of the other markets and their holiday seasons, growth was better than last year in Brazil, Australia and Canada and was essentially flat in the United Kingdom.

在美國之外，當我們查看其他一些市場及其假期時，巴西、澳大利亞和加拿大的增長好於去年，而英國則基本持平。

Turning to our business activity.

轉向我們的業務活動。

We had another busy quarter for announcements.

我們有另一個繁忙的季度公告。

We are very pleased to expand our global leadership position in the co-brand arena with the launches of the Starbucks and Uber programs.

我們很高興通過推出星巴克和優步計劃來擴大我們在聯合品牌領域的全球領導地位。

Additionally, we renewed our strong and long-term partnership with Marriott.

此外，我們與萬豪續簽了牢固的長期合作夥伴關係。

Additionally, we had a good pipeline of renewals across the world.

此外，我們在全球範圍內擁有良好的續訂渠道。

We also advanced our digital products.

我們還改進了我們的數字產品。

Most notably, we announced a partnership with Facebook in October as they joined our Visa Digital enablement program to use our Token Service to accelerate payment services on their digital properties.

最值得注意的是，我們在 10 月宣布與 Facebook 建立合作夥伴關係，因為他們加入了我們的 Visa 數字支持計劃，以使用我們的令牌服務來加速其數字資產的支付服務。

With this partnership, Visa cards used on Facebook Messenger will now be tokenized, and therefore, the account numbers are not exposed.

通過這種合作關係，Facebook Messenger 上使用的 Visa 卡現在將被標記化，因此不會暴露帳號。

This partnership furthers our efforts to encrypt and devalue payment information in the payments ecosystem.

這種夥伴關係進一步推動了我們在支付生態系統中加密和貶值支付信息的努力。

Additionally, this partnership advances our efforts to enable and develop new digital commerce experiences as consumers spend more time in messaging environments like Facebook's.

此外，隨著消費者在 Facebook 等消息傳遞環境中花費更多時間，這種合作夥伴關係推動了我們在啟用和開發新的數字商務體驗方面的努力。

In November, we launched Visa Direct in Europe, which provides real time push payment solutions for person-to-person, business-to-business and business-to-consumer applications, leveraging our global network.

11 月，我們在歐洲推出 Visa Direct，利用我們的全球網絡，為個人對個人、企業對企業和企業對消費者的應用程序提供實時推送支付解決方案。

The advantage of Visa Direct is that it utilizes our existing network connections, rules, operations and key controls that are built into the network such as transaction limits and sanctions screening.

Visa Direct 的優勢在於它利用了我們現有的網絡連接、規則、操作和網絡中內置的關鍵控制，例如交易限制和製裁篩選。

Because of this technical and operational leverage, the time and cost of implementation is lower than many alternative options.

由於這種技術和運營槓桿作用，實施的時間和成本低於許多替代方案。

As we stated previously, we believe that Visa Direct is a key product to enable fast payments across Europe.

正如我們之前所說，我們認為 Visa Direct 是在歐洲實現快速支付的關鍵產品。

More recently, we initiated a small pilot for new biometric cards for contactless payments, which provides an alternative to PIN or signature authentication.

最近，我們為非接觸式支付的新型生物識別卡啟動了一個小型試點，它提供了 PIN 或簽名認證的替代方案。

This is the first commercial pilot to test an on-card biometric for contactless payments.

這是第一個為非接觸式支付測試卡上生物識別技術的商業試點。

We're committed to ensuring secure, fast and convenient payments at the point-of-sale.

我們致力於確保在銷售點進行安全、快速和方便的支付。

And core to delivering on this commitment is to continually evolve the marketplace in terms of dynamic authentication methods such as EMV chip and in the case of these pilots, investing in emerging capabilities that leverage biometrics.

兌現這一承諾的核心是在動態身份驗證方法（如 EMV 芯片）方面不斷發展市場，就這些試點而言，投資於利用生物識別技術的新興能力。

As we stated before, we always want to make strategic investments that will drive long-term growth for our business.

正如我們之前所說，我們始終希望進行能夠推動我們業務長期增長的戰略投資。

With that objective, we're making investments in the area of contactless transactions and authentication methods as this is the natural evolution following the adoption of EMV infrastructure.

帶著這個目標，我們正在非接觸式交易和身份驗證方法領域進行投資，因為這是採用 EMV 基礎設施後的自然演變。

Consumer research and internal data have shown that there's a strong interest for contactless payments as it creates a faster and more convenient experience at the point-of-sale.

消費者研究和內部數據表明，人們對非接觸式支付產生了濃厚的興趣，因為它在銷售點創造了更快、更方便的體驗。

We've seen significant adoption in markets like Australia, U.K. and Canada, and we hope to increase adoption in other markets.

我們已經看到澳大利亞、英國和加拿大等市場的大量採用，我們希望增加在其他市場的採用。

We're especially excited about the U.S. market given the build-out of the EMV infrastructure that will allow us to move the market forward and towards contactless transactions.

鑑於 EMV 基礎設施的建設將使我們能夠推動市場向前發展並實現非接觸式交易，我們對美國市場感到特別興奮。

Echoing my earlier remarks, the recent tax reform will create benefits and opportunities for our business.

呼應我之前的言論，最近的稅制改革將為我們的業務創造利益和機會。

We're exploring a range of options, and we're prioritizing long-term sustainable investments versus onetime actions.

我們正在探索一系列選擇，我們優先考慮長期可持續投資而不是一次性行動。

One of the areas we're most focused on is our employees and talent development as this is the foundation of our business.

我們最關注的領域之一是我們的員工和人才發展，因為這是我們業務的基礎。

As the first step, we enhanced our benefits for U.S.-based employees and increased our company contribution to the U.S. 401(k) program given the importance of retirement planning.

作為第一步，鑑於退休計劃的重要性，我們提高了美國員工的福利，並增加了公司對美國 401(k) 計劃的貢獻。

This allows U.S. employees to enjoy a sustained benefit consistent with the ongoing contribution that they make every day to build our business for our clients, partners and shareholders.

這使美國員工能夠享受與他們每天為我們的客戶、合作夥伴和股東建立業務所做的持續貢獻相一致的持續利益。

Additionally, we're exploring other global benefits and investments for our business around the world.

此外，我們正在為我們在世界各地的業務探索其他全球利益和投資。

Throughout the year, we'll continue to make strategic investments in our people and in the areas of digital products, technology operations and merchant solutions as we position the company for long-term sustainable growth.

全年，我們將繼續對我們的員工以及數字產品、技術運營和商業解決方案領域進行戰略投資，因為我們將公司定位為長期可持續增長。

Additionally, in light of tax reform, the board increased the quarterly cash dividend to $0.21 per share.

此外，鑑於稅收改革，董事會將季度現金股息提高至每股 0.21 美元。

Ultimately, using funds to grow our business organically, however, is the top objective for our capital allocation here at Visa.

然而，最終，利用資金有機地發展我們的業務是我們在 Visa 進行資本配置的首要目標。

Last year, we evolved our global social impact strategy and announced the formation of the Visa Foundation.

去年，我們制定了全球社會影響戰略，並宣布成立 Visa 基金會。

Funds available through the foundation will help drive real progress across the world with a primary focus on helping micro and small enterprises thrive through access, growth and resilience.

通過該基金會獲得的資金將有助於推動世界各地的真正進步，其主要重點是幫助微型和小型企業通過獲取、增長和復原力而蓬勃發展。

I'm pleased to say that the foundation made an inaugural grant from -- this past quarter to the Woman's World Banking.

我很高興地說，該基金會在上個季度向婦女世界銀行提供了首筆贈款。

This grant will help support the millions of women-led small and micro enterprises, which are underserved financially around the world.

這筆贈款將幫助支持數以百萬計的女性領導的小微企業，這些企業在全球範圍內資金不足。

Let me spend a few minutes on the international front.

讓我在國際戰線上花幾分鐘時間。

In Europe, we are making good progress on our ongoing integration efforts and identifying areas for growth.

在歐洲，我們在正在進行的整合工作和確定增長領域方面取得了良好進展。

We're working closely with our clients as we've now resolved over 80% of the contracts moving to commercial incentives.

我們正在與我們的客戶密切合作，因為我們現在已經解決了超過 80% 的合同轉向商業激勵。

In terms of the technical integration, we expect the VisaNet migration to begin this quarter and continue throughout 2018.

在技術集成方面，我們預計 VisaNet 遷移將從本季度開始，並持續到 2018 年。

We have planned carefully with our clients to ensure the highest standards of preparation and testing for the months leading up to the migration with regular updates with the business leaders to ensure a smooth and stable migration.

我們與客戶進行了仔細計劃，以確保在遷移前幾個月的準備和測試達到最高標準，並定期與業務負責人進行更新，以確保順利和穩定的遷移。

Once the migration is completed, we'll be able to deliver new products, services and capabilities to the region, bringing the best of our global capability to our European clients.

遷移完成後，我們將能夠向該地區提供新的產品、服務和能力，將我們最好的全球能力帶給我們的歐洲客戶。

As I mentioned on the last call, I was going to spend additional time with the European leadership team in planning and strategy meetings this past quarter.

正如我在上次電話會議中提到的那樣，我將在上個季度與歐洲領導團隊一起參加計劃和戰略會議。

Having spent 3 of the last 6 weeks in Europe reinforced my belief that there is still meaningful growth opportunities in the region.

過去 6 周中有 3 週在歐洲度過，這讓我更加堅信該地區仍有有意義的增長機會。

Few remarks about India.

關於印度的評論很少。

We have a market-leading position in debit and credit with significant share in both categories.

我們在藉記和貸記方面處於市場領先地位，在這兩個類別中均佔有重要份額。

After partially lapping the impact of demonetization, we saw domestic payments volume grow over 20% and processed transactions grow 12% in the past quarter.

在部分考慮了去貨幣化的影響後，我們看到國內支付量增長超過 20%，處理的交易在上個季度增長了 12%。

We continue to engage with the regulators, the government and our clients to ensure sustainability of the economics.

我們繼續與監管機構、政府和我們的客戶合作，以確保經濟的可持續性。

And we are investing and partnering with issuers, acquirers and the government to grow electronic payments.

我們正在投資並與發行方、收購方和政府合作，以發展電子支付。

We have crossed 3 million acceptance points and are working to scale up contactless and Bharat QR usage and acceptance points.

我們已經超過 300 萬個接受點，並正在努力擴大非接觸式和 Bharat QR 的使用和接受點。

As we look at our capital allocation plan, our top priority, as I said earlier, continues to be investing for the future growth of our business to deliver shareholder value.

正如我之前所說，當我們審視我們的資本分配計劃時，我們的首要任務是繼續投資於我們業務的未來增長，以創造股東價值。

In addition, though, we remain committed to returning capital to our shareholders.

此外，儘管如此，我們仍然致力於向股東返還資本。

In fiscal Q1, we returned $2.2 billion of capital consisting of $1.7 billion in share repurchases and nearly $460 million in dividends.

在第一財季，我們返還了 22 億美元的資本，其中包括 17 億美元的股票回購和近 4.6 億美元的股息。

As I stated on our last call, we expect to return over $9 billion of capital to shareholders this fiscal year.

正如我在上次電話會議上所說，我們預計本財年將向股東返還超過 90 億美元的資本。

I already talked about the dividend increase to $0.21 per share.

我已經談到股息增加到每股 0.21 美元。

The board on Tuesday also authorized an additional $7.5 billion share repurchase program, resulting in a current authorization level of $9.1 billion.

董事會周二還批准了一項額外的 75 億美元股票回購計劃，目前授權水平為 91 億美元。

In closing, we're off to a solid start to our fiscal year.

最後，我們的財政年度有了一個良好的開端。

I'm pleased with our consistent business execution and excited about the many growth prospects ahead.

我對我們一貫的業務執行感到滿意，並對未來的許多增長前景感到興奮。

And with that, let me turn it over to Vasant, who will cover some of the financial details.

有了這個，讓我把它交給 Vasant，他將介紹一些財務細節。

Thank you, Al.

謝謝你，阿爾。

We had a solid start to fiscal year '18 with GAAP EPS growth of 25% and adjusted EPS growth of 26%.

我們在 18 財年取得了良好的開端，GAAP 每股收益增長了 25%，調整後的每股收益增長了 26%。

Implementation of the Tax Cuts and Jobs Act added approximately 9 percentage points to this adjusted growth rate, which I will discuss in more detail in a few minutes.

《減稅和就業法案》的實施使這一調整後的增長率增加了大約 9 個百分點，我將在幾分鐘內詳細討論。

Excluding the impact of U.S. tax reform, EPS growth was 17%.

剔除美國稅制改革的影響，每股收益增長 17%。

Net revenue growth was 9%.

淨收入增長9%。

Growth of key business drivers, payments volume, cross-border volume and processed transactions remain strong and stable across the globe.

全球主要業務驅動因素、支付量、跨境交易量和已處理交易的增長保持強勁和穩定。

As a reminder, several significant factors have a meaningful impact on year-over-year revenue growth comparisons this quarter.

提醒一下，幾個重要因素對本季度的同比收入增長比較產生了有意義的影響。

First and by far the most significant factor, rebates to Visa Europe members ended beginning in the first quarter of fiscal year '17.

首先也是迄今為止最重要的因素，Visa Europe 會員的回扣從 17 財年第一季度開始結束。

So this was the first quarter of apples-to-apples revenue growth comparisons for Europe.

因此，這是歐洲第一季度的蘋果對蘋果收入增長比較。

This affects reported service fees, data processing and international revenue.

這會影響報告的服務費、數據處理和國際收入。

We are also at apples-to-apples growth comparisons for Costco and USAA credit.

我們還對 Costco 和 USAA 信貸的蘋果對蘋果的增長進行了比較。

The India demonetization impact started in November 2016, so we partially lapped that in Q1.

印度廢除貨幣的影響始於 2016 年 11 月，因此我們在第一季度部分覆蓋了這一影響。

And finally, fiscal year '18 price increases, which are smaller in scope than fiscal year '17 increases, will go into effect in the second half of the year.

最後，18 財年的價格上漲幅度小於 17 財年的漲幅，將於下半年生效。

In fiscal year '17, our U.S. price increase went into effect in the first quarter, and international increases went into effect mostly in the second quarter.

在 17 財年，我們的美國價格上漲在第一季度生效，而國際價格上漲主要在第二季度生效。

A few other items of note.

其他一些注意事項。

We bought back 15.5 million shares of class A common stock at an average price of $110.67 or $1.72 billion this quarter.

我們本季度以 110.67 美元或 17.2 億美元的平均價格回購了 1550 萬股 A 類普通股。

Our board has authorized a new $7.5 billion share repurchase program.

我們的董事會已批准一項新的 75 億美元的股票回購計劃。

Including this additional authorization, we now have $9.1 billion available for share repurchases.

包括這項額外授權，我們現在有 91 億美元可用於股票回購。

In addition, our board has increased the quarterly dividend to $0.21 per share, an almost 8% increase, commensurate with the higher earnings potential of the company post tax reform.

此外，我們的董事會已將季度股息提高至每股 0.21 美元，增幅近 8%，與公司稅改後更高的盈利潛力相稱。

This is in addition to the 18% increase in the dividend last quarter.

這是上個季度股息增加 18% 的補充。

Finally in October 2017, we used the proceeds from our September debt offering to redeem the $1.75 billion of senior notes scheduled to mature in December 2017.

最終在 2017 年 10 月，我們利用 9 月債券發行的收益贖回了計劃於 2017 年 12 月到期的 17.5 億美元優先票據。

A quick review of the key business drivers in the fiscal first quarter.

快速回顧第一財季的主要業務驅動因素。

Payments volume on a constant dollar basis grew 10%.

按固定美元計算的支付量增長了 10%。

Even with growth from Costco and USAA credit on an apples-to-apples basis, U.S. growth accelerated 1 point, increasing from 9% in the fourth quarter to 10% in the first quarter.

即使 Costco 和 USAA 信貸按蘋果對蘋果的比例增長，美國的增長也加快了 1 個百分點，從第四季度的 9% 增加到第一季度的 10%。

This reflects solid underlying growth from a strong holiday season, particularly in the credit business.

這反映了強勁的假日季節帶來的穩健的潛在增長，特別是在信貸業務方面。

Credit was up 11%.

信貸增長了 11%。

Debit was up 8%.

借記卡增長了 8%。

Adjusted for conversion, underlying growth rates for both credit and debit stepped up.

經轉換調整後，貸方和借方的基本增長率均有所上升。

As Al described, we saw higher growth in consumer payments volume this holiday season, driven by acceleration in retail and entertainment spending, especially online as well as rising gas prices.

正如 Al 所描述的，在零售和娛樂支出（尤其是在線）的加速以及汽油價格上漲的推動下，我們看到這個假日季節的消費者支付量增長更快。

International payments volume growth in constant dollars was stable at 10%.

以固定美元計算的國際支付量增長穩定在 10%。

Growth rates stepped up in Canada, Australia, across Latin America and the Middle East.

加拿大、澳大利亞、拉丁美洲和中東地區的增長率加快。

The rate of decline in Chinese dual-branded card volume slowed.

中國雙品牌卡數量下降速度放緩。

This was offset to some extent by the impact of lapping India demonetization.

這在一定程度上被印度廢除貨幣化的影響所抵消。

Cross-border volume on a constant dollar basis grew 9%.

按固定美元計算的跨境交易量增長了 9%。

This is 1 point lower than the fourth quarter of fiscal '17, primarily due to the drag from an e-commerce payments platform shifting acquiring of U.K. cardholder volumes to the U.K. from another EU location.

這比 17 財年第四季度低 1 個百分點，這主要是由於電子商務支付平台將英國持卡人的交易量從另一個歐盟地點轉移到英國的拖累。

The total impact of this shift, which we first mentioned in July, is a greater than 3-point reduction in our reported cross-border constant dollar growth rate.

我們在 7 月首次提到的這種轉變的總體影響是，我們報告的跨境美元固定增長率下降了 3 個多點。

This shift has only a minor effect on revenue since it is an intra-EU move the platform made to optimize its European business.

這種轉變對收入的影響很小，因為這是該平台為優化其歐洲業務而在歐盟內部採取的舉措。

U.S. outbound spend also slowed moderately as the dollar weakened.

隨著美元走軟，美國的對外支出也溫和放緩。

As we expected, growth of inbound commerce into the U.S. picked up at the weakening dollar.

正如我們預期的那樣，進入美國的入境貿易增長在美元疲軟的情況下有所回升。

Inbound commerce into Europe remained robust, but growth slowed as we lapped the weakening of both the pound and euro after the Brexit vote.

進入歐洲的入境貿易依然強勁，但隨著英國脫歐公投後英鎊和歐元走弱，增長放緩。

Growth in outbound spend from the Caribbean has returned to more typical levels after the hurricanes.

颶風過後，加勒比地區的出境消費增長已恢復到更為典型的水平。

However, inbound spend remains weak as travelers choose other destinations while many of the islands recover.

然而，隨著遊客選擇其他目的地，而許多島嶼正在復蘇，入境消費仍然疲軟。

Processed transaction growth of 12% is down 1 percentage point versus last quarter, largely driven by partially lapping India demonetization.

處理的交易增長率為 12%，與上一季度相比下降了 1 個百分點，這在很大程度上是由於印度貨幣化的部分原因。

Through January 28, constant dollar U.S. payments volume growth was 9%, U.S. credit growing 10% and debit, 8%.

截至 1 月 28 日，美元固定美元支付量增長 9%，美國信貸增長 10%，借記增長 8%。

Cross-border volume on a constant dollar basis was up 11%.

按固定美元計算的跨境交易量增長了 11%。

Processed transactions grew 11%.

已處理的交易增長了 11%。

A brief review of fiscal first quarter financial results.

對第一財季財務業績的簡要回顧。

Net revenue grew 9%.

淨收入增長 9%。

As I mentioned earlier, net revenue growth deceleration versus the prior quarter is driven by several significant factors, particularly the removal of European rebates.

正如我之前提到的，與上一季度相比，淨收入增長放緩是由幾個重要因素驅動的，尤其是歐洲退稅的取消。

Exchange rate shifts helped Q1 net revenue growth by around 1 point.

匯率變動幫助第一季度淨收入增長約 1 個百分點。

Incentives as a percent of gross revenues of 21.4% are at the lower end of our outlook range this quarter but up 2.5 percentage points from last year as Europe contract conversions and other renewals during in the second half of fiscal year '17 impact us in fiscal year '18.

激勵措施佔總收入的 21.4% 處於我們本季度展望範圍的低端，但由於 17 財年下半年的歐洲合同轉換和其他續約對我們的財政產生影響，因此比去年增加了 2.5 個百分點18 年。

We expect to see an uptick in incentives as a percentage of gross revenues in the remaining quarters based on the timing of renewals.

根據續約時間，我們預計剩餘季度的激勵措施佔總收入的百分比會上升。

We're on track to complete the conversion of contracts in Europe from rebates to incentives by the end of the second quarter.

我們有望在第二季度末完成歐洲合同從回扣到激勵的轉換。

Operating expenses grew 13%, primarily driven by personnel costs.

營運開支增長 13%，主要受人力成本推動。

As a reminder, personnel expenses were low in the first quarter of fiscal year '17 and ramped up through the year.

提醒一下，人事費用在 17 財年第一季度很低，並且在全年都在增加。

We have some expenses that are first-half loaded, including the Winter Olympics in the second quarter as well as Europe integration costs as we complete the technology platform harmonization and start client migrations.

我們有一些上半年的費用，包括第二季度的冬奧會以及我們完成技術平台協調和開始客戶遷移時的歐洲整合成本。

Our spend rate on investment initiatives is higher than the first half of fiscal year '18 than they were during the first half last year since we wrapped up -- ramped up many of these investments during the second half of fiscal year '17.

自我們結束以來，我們在投資計劃上的支出率高於 18 財年上半年，高於去年上半年——在 17 財年下半年增加了許多此類投資。

In addition, the first quarter of fiscal year '18 operating expenses were higher than we expected due to some timing shifts and some non-recurring items.

此外，由於一些時間變化和一些非經常性項目，18 財年第一季度的運營費用高於我們的預期。

Non-operating expenses were lower than expected due to higher interest income on our cash balances as well as a gain on the sale of an investment.

由於我們現金餘額的利息收入增加以及出售投資的收益，營業外支出低於預期。

Our tax rate for the quarter on a GAAP basis was 22.1%.

根據公認會計原則，我們本季度的稅率為 22.1%。

This included 2 special items related to the implementation of U.S. tax reform.

其中包括與美國稅制改革實施有關的兩項特別事項。

First, we had a $1.13 billion onetime noncash tax benefit from remeasuring our net deferred tax liabilities based on the new corporate tax rate.

首先，通過根據新的公司稅率重新衡量我們的淨遞延所得稅負債，我們獲得了 11.3 億美元的一次性非現金稅收優惠。

Second, we had an offsetting $1.15 billion charge related to the transition tax.

其次，我們有與過渡稅相關的 11.5 億美元的抵消費用。

In moving to the new territorial system, the tax act requires a transition tax on previously untaxed deferred foreign income.

在轉向新的領土製度時，稅法要求對以前未徵稅的遞延外國收入徵收過渡稅。

This tax, which is payable over 8 years, is 15.5% on the amounts held in cash and cash equivalents and 8% on the remaining noncash amount.

該稅款應在 8 年內繳納，對持有的現金和現金等價物金額徵收 15.5%，對剩餘的非現金金額徵收 8%。

These 2 items are estimated based on the information available to us at this time and may be adjusted over the year as we analyze additional information and guidance.

這兩項是根據我們目前可獲得的信息估計的，並且可能會在我們分析其他信息和指導時在一年內進行調整。

Adjusted to exclude these 2 items, our effective tax rate was 21.7%.

排除這兩項後，我們的有效稅率為 21.7%。

Both the GAAP and adjusted tax rates was 6 percentage points lower because of the lower corporate tax rate.

由於較低的公司稅率，GAAP 和調整後的稅率均降低了 6 個百分點。

Implementation of the tax act added $0.07 to our GAAP EPS and $0.08 to our adjusted EPS in the first quarter.

稅法的實施使我們的 GAAP 每股收益增加了 0.07 美元，第一季度調整後的每股收益增加了 0.08 美元。

This translates to 9 percentage points of additional EPS growth.

這意味著每股收益增加了 9 個百分點。

Exchange rate shifts added 1 point to reported EPS growth.

匯率變動為報告的每股收益增長增加了 1 個百分點。

With that, I'll move to our updated outlook.

有了這個，我將轉向我們更新的展望。

We are revising our fiscal year '18 outlook for the impact of U.S. tax reform.

我們正在修改 18 財年對美國稅制改革影響的展望。

Let me briefly start with what is not changing.

讓我簡要地從不變的內容開始。

Annual net revenue growth is still expected to be in the high single digits on a nominal dollar basis.

按名義美元計算，年度淨收入增長預計仍將保持在高個位數。

This includes a 0.5 to 1 percentage point of positive foreign currency impact.

這包括 0.5 到 1 個百分點的積極外匯影響。

The impact of the U.S. dollar strengthening relative to the Japanese yen, the Brazilian real and the Mexican peso is offset by the impact of the U.S. dollar weakening relative to the euro and the pound.

美元相對於日元、巴西雷亞爾和墨西哥比索走強的影響被美元相對於歐元和英鎊走弱的影響所抵消。

The quarterly cadence of revenue growth remains unchanged versus our prior expectations.

與我們之前的預期相比，收入增長的季度節奏保持不變。

Our outlook for the fiscal second quarter net revenue growth remains a couple of points below the full year rate.

我們對第二財季淨收入增長的展望仍比全年增長率低幾個百分點。

We also reiterate our outlook for client incentives as a percent of gross revenues in the 21.5% to 22.5% range and annual operating margin in the high 60s.

我們還重申我們對客戶激勵措施的展望，即佔總收入的百分比在 21.5% 至 22.5% 範圍內，年營業利潤率在 60 年代高位。

Now to what is changing.

現在來看看正在發生的變化。

Our GAAP and effective tax rate is expected to be 6 points lower or approximately 23% for fiscal year '18.

在 18 財年，我們的 GAAP 和有效稅率預計將降低 6 個百分點或約 23%。

This is driven by the reduction of the U.S. federal tax rate on our U.S. taxable income from 35% to 21%.

這是由於美國聯邦對我們的美國應稅收入的稅率從 35% 降低到 21% 推動的。

This benefit from the reduction in the federal tax rate is partially offset by deductions that are no longer available and the lower benefit for state taxes paid.

聯邦稅率降低帶來的好處部分被不再可用的扣除額和支付的州稅的較低好處所抵消。

The 6 percentage point reduction of our fiscal year '18 tax rate represents 3/4 of the U.S. -- of the lower U.S. federal tax rate starting January 1, 2018, through the end of our fiscal year in September.

從 2018 年 1 月 1 日開始，到 9 月財政年度結束，我們的 18 財年稅率降低了 6 個百分點，占美國聯邦稅率的 3/4。

The annualized reduction in our tax rate is 8 percentage points.

我們的稅率年化降幅為 8 個百分點。

As such, we will have another 2-point reduction in our overall tax rate in fiscal year '19.

因此，我們將在 19 財年的總體稅率再降低 2 個百分點。

The tax reduction will be partially offset by new provisions of the Tax Cuts and Jobs Act that go into effect in 2019 such as the repeal of section 199 deduction, the 13.1% floor on global intangible low tax income as well as the base erosion and anti-abuse tax.

減稅將被 2019 年生效的《減稅和就業法案》的新規定部分抵消，例如廢除第 199 條扣除、全球無形低稅收收入的 13.1% 下限以及稅基侵蝕和反-濫用稅收。

We'll be doing the work to assess the impact of these provisions over the next few months and update you as we have better estimates.

我們將在接下來的幾個月內評估這些規定的影響，並在我們有更好的估計時更新您。

At this point, we expect an additional 1 to 2 percentage point reduction in our fiscal year '19 tax rate over and above the 6 percentage point benefit we'll realize in fiscal year '18 as a result of U.S. tax reform.

在這一點上，我們預計我們的 19 財年稅率將在 18 財年由於美國稅收改革而實現的 6 個百分點的收益之上再降低 1 到 2 個百分點。

We plan to reinvest approximately 1 percentage point of pretax earnings in our business and our people.

我們計劃將大約 1 個百分點的稅前收益再投資於我們的業務和員工。

Al mentioned the change we made to our 401(k) matching contributions to U.S. employees.

Al 提到了我們對美國員工的 401(k) 配套捐款所做的更改。

We're evaluating additional investments with a focus on actions that will drive long-term sustainable revenue growth.

我們正在評估額外的投資，重點關注能夠推動長期可持續收入增長的行動。

We anticipate that this additional investment will increase our operating expense growth in fiscal year '18 by approximately 2 percentage points to the high end of mid-single digits adjusted for special items in fiscal year '17.

我們預計，這項額外投資將使我們在 18 財年的運營費用增長大約 2 個百分點，達到 17 財年特殊項目調整後的中個位數的高端。

We are still expecting operation -- operating expense growth to be higher in the first half and lower during the second half for all of the reasons we discussed previously.

由於我們之前討論的所有原因，我們仍然預計運營 - 上半年運營費用增長會更高，下半年會更低。

Double-digit growth in operating expenses is expected to continue into the second fiscal quarter.

預計運營費用的兩位數增長將持續到第二財季。

The impact of these changes on our EPS outlook for fiscal year '18 is approximately 9 to 10 points.

這些變化對我們 18 財年每股收益前景的影響約為 9 到 10 個百分點。

We now expect EPS growth to be at the high end of the mid-20s range on an adjusted non-GAAP nominal dollar basis.

我們現在預計，在調整後的非公認會計原則名義美元基礎上，每股收益增長將處於 20 年代中期範圍的高端。

This still includes 1 to 1.5 points of positive foreign currency translation impact.

這仍然包括 1 到 1.5 個點的積極外幣折算影響。

We project adjusted free cash flow to be approximately $10 billion, up $900 million from what we estimated last quarter.

我們預計調整後的自由現金流約為 100 億美元，比我們上一季度的估計增加了 9 億美元。

This is largely driven by U.S. tax reform.

這主要是由美國稅制改革推動的。

Our quarterly dividend at $0.21 is 27% higher than our fiscal year '17 quarterly dividend.

我們的季度股息為 0.21 美元，比我們 17 財年的季度股息高出 27%。

We have over $9 billion available for stock buybacks.

我們有超過 90 億美元可用於股票回購。

We continue to anticipate buying back over $7 billion of Visa stock during fiscal year '18.

我們繼續預計在 18 財年回購超過 70 億美元的 Visa 股票。

We ended the quarter with a global cash on hand, including marketable securities, of $14.1 billion, of which $6.3 billion is currently offshore.

在本季度末，我們手頭有 141 億美元的全球現金，包括有價證券，其中 63 億美元目前在境外。

During the quarter, we returned $1.8 billion of non-U.

在本季度，我們退回了 18 億美元的非美國資金。

S. cash back to the U.S. We are working on additional actions to further reduce our offshore cash in fiscal year 2018.

將現金返還給美國 我們正在採取更多行動，以在 2018 財年進一步減少我們的離岸現金。

As a reminder, we will adopt the new revenue recognition standard on October 1, 2018, the beginning of our fiscal 2019.

提醒一下，我們將在 2018 年 10 月 1 日，即 2019 財年開始時採用新的收入確認標準。

If applied to the first quarter fiscal year '18 reported results, the impact of the new standard would have been small.

如果應用於 '18 財年第一季度報告的結果，新標準的影響將很小。

The impact to fiscal year '19 is partially dependent on the terms of new incentive deals executed and will therefore vary.

對 '19 財年的影響部分取決於執行的新激勵交易的條款，因此會有所不同。

We will continue to assess the impact of the new standard throughout fiscal year '18 and provide an update if we believe that the application of the new standard to new deals in aggregate will have a more significant impact on reported results.

我們將在整個 18 財年繼續評估新標準的影響，如果我們認為新標準對新交易的總體應用將對報告的結果產生更顯著的影響，我們將提供更新。

As reminder, the new accounting standard has no impact on cash flows or the economic value of our business.

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, fiscal year 2018 is off to a strong start, underpinned by a healthy global economic environment.

總之，在健康的全球經濟環境的支持下，2018 財年開局良好。

The shift away from cash to digital forms of payments remains a powerful secular trend.

從現金支付向數字支付形式的轉變仍然是一個強大的長期趨勢。

Europe performance and integration plans remain on track.

歐洲的業績和整合計劃仍在進行中。

Our outlook for operating performance remains unchanged.

我們對經營業績的展望保持不變。

Tax reform in the U.S. will add 9 to 10 points to EPS growth after the additional investments we're planning.

在我們計劃進行額外投資後，美國的稅制改革將使每股收益增長 9 到 10 個百分點。

We remain committed to our stated capital allocation strategies.

我們仍然致力於我們既定的資本配置策略。

Our board has raised the quarterly dividend again this quarter to reflect the higher earnings potential of Visa post tax reform, and we have of over $9 billion in authorization to fund our stock buyback plans.

我們的董事會在本季度再次提高了季度股息，以反映 Visa 稅後改革帶來的更高盈利潛力，我們擁有超過 90 億美元的授權來資助我們的股票回購計劃。

With that, I will turn this back to Joon.

有了這個，我會把這個轉回給 Joon。

And with that, Athena, we are ready to take questions.

有了這個，雅典娜，我們準備好回答問題了。

(Operator Instructions) Our first question will be from the line of Tien-tsin Huang of JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的Tien-tsin Huang。

I thought I'd ask on U.S. debit.

我想我會問美國借記卡。

It looks like growth has settled in pretty nicely actually around 8% the last 2 quarters.

看起來增長在過去兩個季度已經穩定在 8% 左右。

Is this a good clean rate to assume for U.S. debit as we look ahead?

在我們展望未來時，這對美國借方來說是一個很好的清潔率嗎？

And I also wanted to -- I've been meaning to ask you guys since your decision to no longer require a signature at checkout in the U.S., what's the opportunity there?

而且我還想 - 自從你們決定在美國結賬時不再需要簽名以來，我一直想問你們，那裡有什麼機會？

How does this change the dynamic of PIN versus signature and all that good stuff?

這如何改變 PIN 與簽名的動態以及所有這些好東西？

Any thoughts there would be helpful.

那裡的任何想法都會有所幫助。

Tien-tsin, thanks for your question.

天真，謝謝你的提問。

So in the first question, obviously, we're not going to forecast ahead, but U.S. debit has been performing quite well.

因此，在第一個問題中，顯然，我們不會提前預測，但美國借記卡的表現相當不錯。

And as I said in my remarks, debit as well as credit looked very good in the holiday season.

正如我在講話中所說，在假期期間，借記卡和貸記卡看起來都非常好。

In terms of your second question, the reality is that the vast majority of transactions in the United States didn't require a signature anyway because of the number -- especially in debit because of the requirements of not having to take signature for under $25 or under $50 for a transaction.

關於你的第二個問題，現實情況是，美國的絕大多數交易都不需要簽名，因為數量的原因——尤其是在藉記卡中，因為要求在 25 美元以下或低於 50 美元的交易。

Our decision, which we took a very thoughtful approach to, ended up being at least a little bit different than our competitors where we said that we're going to move to no signature where somebody is set up for EMV.

我們的決定，我們採取了非常深思熟慮的方法，最終與我們的競爭對手相比至少有點不同，我們說我們將轉向無簽名，即有人為 EMV 設置。

We actually think we need to be -- continue to encourage adoption of EMV for security reasons and therefore made the requirement that it's no signature as long as your merchant is EMV-enabled.

實際上，我們認為我們需要——出於安全原因繼續鼓勵採用 EMV，因此只要您的商家啟用了 EMV，就要求它不是簽名。

And we continue to believe that we've got a good road map for debit, but I would say these things are unrelated largely, and the reality is that we think we made a good decision for consumers.

我們仍然相信我們有一個很好的借記路線圖，但我想說這些事情在很大程度上是不相關的，而現實是我們認為我們為消費者做出了一個很好的決定。

I'd also add that I still think there's a place for signature in a number of cases.

我還要補充一點，我仍然認為在許多情況下都有簽名的地方。

High-ticket items, I think, as we've done a lot of consumer research, consumers want to be able to validate and merchants want to be able to validate that transaction.

我認為，高價商品，因為我們已經做了很多消費者研究，消費者希望能夠驗證，商家希望能夠驗證該交易。

Also, consumers and -- in situations like tipping situations where they're adding to the base amount also prefer to be able to continue to use a signature.

此外，消費者和 - 在他們增加基本金額的小費情況下，他們也更喜歡能夠繼續使用簽名。

So while there's no signature required, we do expect that a number of merchants in specific situations will continue to request the signature for consumers and consumers will want to provide that signature.

因此，雖然不需要簽名，但我們確實希望一些特定情況下的商家會繼續為消費者請求籤名，而消費者會希望提供該簽名。

Next question will be from the line of David Togut of Evercore.

下一個問題來自 Evercore 的 David Togut。

Could you update us on your strategy to expand Visa Europe into some of the higher-growth markets where you're less well represented, for example, Nordics, Italy and Germany?

您能否向我們介紹一下您將 Visa Europe 擴展到一些您較少代表的高增長市場的戰略，例如北歐、意大利和德國？

Well, as I said in my remarks, I've been over there 3 of the last 6 weeks.

好吧，正如我在講話中所說，過去 6 周中我去過那裡 3 週。

And I think that we have largely built out our leadership team and are very far along on the strategy for Europe.

而且我認為我們已經在很大程度上建立了我們的領導團隊，並且在歐洲戰略上走得很遠。

And you're absolutely right, David.

你是絕對正確的，大衛。

If you look at our business in Europe, obviously, we have a very strong position in the U.K., in France.

如果你看看我們在歐洲的業務，很明顯，我們在英國和法國擁有非常強大的地位。

We have a good position in Spain, but there are 34 other markets in Europe, at least as we establish how -- the way we establish Europe.

我們在西班牙擁有良好的地位，但歐洲還有 34 個其他市場，至少在我們建立方式時——我們建立歐洲的方式。

And there's a lot of opportunity in the markets.

市場上有很多機會。

You mentioned plus Italy, plus Germany, and we're in the midst of actually staffing up in a number of markets in terms of personnel.

你提到了意大利和德國，我們實際上正在為一些市場招聘人員。

One of my objectives is to have -- ultimately have less people in the regional hub in London and more people out in the markets where the action is.

我的目標之一是——最終在倫敦的區域中心減少人，在行動所在的市場有更多的人。

But between bringing our digital products into Europe, Visa Direct, Visa Token Services as well as adding personnel and building our relationship with issuers -- Charlotte Hogg, our new European CEO, has spent a tremendous amount of time in the 4 months she's been with the company out talking to our clients throughout Europe.

但在將我們的數字產品引入歐洲、Visa Direct、Visa 令牌服務以及增加人員和建立我們與發行人的關係之間——我們的新歐洲首席執行官夏洛特·霍格 (Charlotte Hogg) 在她工作的 4 個月中花費了大量時間該公司與我們在歐洲的客戶進行了交談。

So I actually absolutely believe that Europe, particularly on the continent, represents great opportunity for us.

所以我實際上絕對相信歐洲，特別是在歐洲大陸，對我們來說代表著巨大的機會。

And we're at the beginnings of what will be a journey to build our business to a much stronger position on the continent.

我們正處於將我們的業務建立在非洲大陸更強大地位的旅程的開端。

Just as a quick follow-up, you mentioned launching Visa Direct in Europe.

作為快速跟進，您提到在歐洲推出 Visa Direct。

Can you talk about your broader strategy for PSD2?

您能談談您對 PSD2 的更廣泛戰略嗎？

At Analyst Day, you mentioned keeping your options open, potentially buying a PSP.

在分析師日，您提到保持您的選擇權，可能會購買 PSP。

I'd be curious what your thoughts are currently.

我很好奇你現在的想法是什麼。

Well, I think as we said then, and I think we've been consistent, look, PSD2 is kind of a long-term play, and I think it's going to take a while to see how it's actually going to play out.

嗯，我認為正如我們當時所說，我認為我們一直保持一致，看，PSD2 是一種長期的遊戲，我認為需要一段時間才能看到它實際上會如何發揮作用。

We actually take think we're pretty well positioned as it relates to PSD2 coming into Europe.

實際上，我們認為我們在 PSD2 進入歐洲方面處於有利地位。

The strong customer authentication is going to require and put a premium on risk and authorization capabilities, which is a strong point of ours.

強大的客戶身份驗證將需要並重視風險和授權能力，這是我們的強項。

The whole ability to have third parties access accounts, I think, puts a premium on an outstanding payment experience, and that's something that we pride ourselves in working closely with our issuers.

我認為，讓第三方訪問賬戶的整體能力對出色的支付體驗非常重要，這是我們為與發行人密切合作而感到自豪的事情。

And there's probably new consumer experiences that will emerge as a result of the PSD2 legislation.

PSD2 立法可能會帶來新的消費者體驗。

And I think again, we feel like we're well positioned to work with our issuer partners on it.

我再次認為，我們覺得我們已經準備好與我們的發行人合作夥伴合作。

So I think this is going to be a very slow build over time, but I think we feel like we're well positioned as it relates to this regulation going into place in Europe.

所以我認為隨著時間的推移，這將是一個非常緩慢的構建，但我認為我們覺得我們處於有利位置，因為它與歐洲實施的這項法規有關。

Next question will be from the line of Darrin Peller of Barclays.

下一個問題將來自巴克萊的 Darrin Peller。

Just starting off, I mean it looks like there's around $1 billion benefit from tax reform that you can see over the course of a year just based on the tax rates you're giving us now.

剛開始，我的意思是，根據您現在提供給我們的稅率，您可以在一年中看到大約 10 億美元的稅收改革收益。

I know you talked about some specific items like retirement contributions and investments in growth.

我知道你談到了一些具體的項目，比如退休金和增長投資。

I guess a little more specifics on breaking down that dollar amount in terms of your expectation on categories along with the sustainability beyond this year.

我想根據您對類別的期望以及今年以後的可持續性來細分該美元金額的更多細節。

And then, Al, just when you think about market share here, I'd just love to hear your thoughts on if there's a good pipeline of things up for grabs.

然後，艾爾，當你想到這裡的市場份額時，我很想听聽你對是否有很好的東西可供爭奪的想法。

I mean, just looking at one of your biggest competitors, the growth profile and some of their volume metrics were still a little higher.

我的意思是，看看你最大的競爭對手之一，增長概況和他們的一些數量指標仍然略高一些。

I'm just curious if there's anything that you see happening.

我只是好奇你是否看到發生了什麼。

Or is it just timing factors?

還是只是時間因素？

On the 2 questions, I can take the tax one, and then Al, I'm sure, will talk about the second question.

關於這兩個問題，我可以回答第一個問題，然後我確定 Al 會討論第二個問題。

On the tax one, yes, just to sort of go through it again, the full benefit of the reduction in the U.S. federal tax rate from 35 to 21 on an annualized basis is 8 points.

在稅收方面，是的，只是為了再次考慮一下，美國聯邦稅率從 35 年降至 21 年的全部好處是 8 個百分點。

We get 6 points this year because we're getting 3/4 of benefit.

今年我們得到 6 分，因為我們得到了 3/4 的收益。

We'll get 2 points from the corporate tax reduction next year.

明年的企業稅減免我們會得到2分。

We're just being a little cautious on the 2 points because there's additional provisions that go in next year that we, along with others, are looking for more guidance on.

我們只是在這兩點上有點謹慎，因為明年會有額外的規定，我們和其他人正在尋找更多的指導。

We have an initial point of view on it, but we're assuming it will change through the year.

我們對此有一個初步的看法，但我們假設它會在一年中發生變化。

As you know, when you translate that, that is $1 billion after-tax benefit to us in lower cash taxes as a result of that.

如你所知，當你翻譯這一點時，這對我們來說是 10 億美元的稅後收益，因此可以降低現金稅。

There are 2 things -- we can talk about 4 sort of things around how we want to deploy the cash.

有兩件事——我們可以圍繞我們想要如何部署現金談論四件事。

One, you already heard us say that we've already made some decisions that we'll reinvest about 1 point of that reduction in taxes, meaning 1 point of our pretax income in our business in operating expenses, some of which you already heard about, things we're doing for employees, others in terms of adding to some of the investment programs that are already under way as well as some new initiatives.

一，你已經聽到我們說我們已經做出了一些決定，我們將把減稅的 1 個百分點進行再投資，這意味著我們業務中稅前收入的 1 個百分點用於運營費用，其中一些你已經聽說過，我們正在為員工做的事情，還有一些事情是為了增加一些已經在進行的投資計劃以及一些新的舉措。

That will cause our expenses to grow a little bit more than we had originally anticipated.

這將導致我們的費用增長比我們最初預期的要多一點。

Our expenses are essentially on track for the year versus prior outlook.

與之前的展望相比，我們今年的支出基本處於正軌。

There's a deliberate strategy increasing it by 2 points as a result of tax reform.

由於稅收改革，有一個深思熟慮的策略將其提高 2 個百分點。

The second dimension is commensurate with the higher earnings potential of the company.

第二個維度與公司較高的盈利潛力相稱。

We are stepping up the dividend.

我們正在增加股息。

We already have a healthy buyback program with over $7 billion this year.

我們今年已經有一個健康的回購計劃，價值超過 70 億美元。

This was reflecting the fact that we were buying back some of the stock issued to Visa Europe owners.

這反映了我們正在回購一些發給 Visa Europe 所有者的股票這一事實。

Once we get past the $7 billion mark, if we need to do more, we will evaluate it at that point.

一旦我們超過 70 億美元大關，如果我們需要做更多，我們將在那時進行評估。

And then finally, in terms of M&A and investments, as Al said, our priority is to invest in our business, our organic growth.

最後，在併購和投資方面，正如 Al 所說，我們的首要任務是投資於我們的業務，即我們的有機增長。

The fact that tax rates are lower certainly improves the ROI you can get on investments and the same on M&A.

稅率較低的事實肯定會提高您在投資和併購中獲得的投資回報率。

But we were not cash constrained before, so we're not going to change our posture other than the fact that lower taxes make investments more attractive.

但我們以前沒有現金受限，所以我們不會改變我們的立場，除了降低稅收使投資更具吸引力之外。

So I'm going to turn it back to Al if he wants to add to this, and I'm sure he's going to talk about the other question.

因此，如果 Al 想對此進行補充，我將把它轉回給 Al，我相信他會談論另一個問題。

No, look, we're not the type of company that can deploy capital organically extraordinarily quickly, but we've got a whole set of key investment areas that are driven off of our strategic pillars.

不，看，我們不是那種可以非常快速地有機地部署資本的公司，但我們擁有一整套不受我們戰略支柱驅動的關鍵投資領域。

And we're going to continue to focus on those things, whether it's security and the ecosystem, driving contactless, expanding access, digital expansion.

我們將繼續關注這些事情，無論是安全和生態系統、推動非接觸式、擴大訪問、數字擴張。

Those will be the areas we focus on.

這些將是我們關注的領域。

Darrin, in relationship to your second question on market share, I would say this.

達林，關於你關於市場份額的第二個問題，我會這樣說。

In my mind, there's tremendous opportunity to grow in the medium and long term.

在我看來，從中長期來看，有巨大的發展機會。

And I think the opportunity is more -- bigger in just growing the market, bringing more people into the payments mainstream, expanding access, displacing cash and check.

而且我認為機會更多——更大的只是擴大市場，將更多人帶入支付主流，擴大訪問範圍，取代現金和支票。

I think we've had a very good quarter.

我認為我們有一個非常好的季度。

MasterCard had an excellent quarter.

萬事達卡有一個出色的季度。

To me, this isn't a quarter-by-quarter contest.

對我來說，這不是一場逐季的比賽。

We're driven and focused on sustained long-term growth for our investors over time.

隨著時間的推移，我們受到驅動並專注於為我們的投資者提供持續的長期增長。

And I'd also point out that I think looking at quarter-by-quarter comparisons could be really tricky.

我還要指出，我認為逐季度比較可能非常棘手。

There's a whole bunch of factors that are different between us and some of our competitors.

我們和我們的一些競爭對手之間有很多不同的因素。

There's business mix differences.

存在業務組合差異。

There's lapping dynamics.

有研磨動態。

There's timing issues.

有時間問題。

There's wins and renewals and conversions.

有勝利、更新和轉換。

And frankly, there's differential impact of exchange rates.

坦率地說，匯率有不同的影響。

So I look at it and say I think the medium- to long-term opportunities are terrific.

所以我看著它並說我認為中長期機會非常好。

I think our fundamentals are very good, and we feel good about the long-term prospects of the business.

我認為我們的基本面非常好，我們對業務的長期前景感覺良好。

Next question will be from the line of Jim Schneider of Goldman Sachs.

下一個問題將來自高盛的 Jim Schneider。

Maybe going back to the Europe topic for a second.

也許回到歐洲話題一秒鐘。

If you think about your market share position within Europe across both debit and credit, Al, can you maybe opine on where you see opportunities to improve that position in terms of individual countries?

如果您考慮一下您在歐洲的借記卡和貸記卡市場份額地位，Al，您能否就您在各個國家/地區看到改善該地位的機會發表意見？

And then as you think longer term, do you think that could come at the expense of local processors or more your traditional peers?

然後從長遠來看，您認為這會以犧牲本地處理器或更多傳統同行為代價嗎？

Well, Jim, at this stage, I'm reluctant to get into -- for competitive reasons, get into specific places that we might focus on because there's quite a few places we could go.

好吧，吉姆，在這個階段，我不願意進入——出於競爭原因，進入我們可能關注的特定領域，因為我們可以去的地方很多。

And we haven't even 100% finalized our plans, but we are quite far along.

我們甚至還沒有 100% 完成我們的計劃，但我們已經走得很遠了。

Obviously, I think that there's a number of places as I look at it.

顯然，我認為在我看來有很多地方。

One is there's markets where frankly, the biggest competitor is cash.

一個是坦率地說，最大的競爭對手是現金的市場。

And the top of mind there is Germany, which remains an enormously cash-driven society and frankly, a very fragmented banking environment and infrastructure.

最重要的是德國，它仍然是一個以現金為主導的社會，坦率地說，它的銀行環境和基礎設施非常分散。

So I think in some cases, it's figuring out how to really drive people away from cash, and I think e-commerce becomes a stimulant for training people that using their credit card is a good, safe way to transact.

所以我認為在某些情況下，它正在弄清楚如何真正讓人們遠離現金，而且我認為電子商務成為培訓人們使用信用卡是一種良好、安全的交易方式的興奮劑。

In some cases, it will be looking to compete heavily with our more traditional competitors.

在某些情況下，它將尋求與我們更傳統的競爭對手展開激烈競爭。

And thirdly, obviously, there's a number of domestic processors and in some cases, schemes throughout Europe that also are competitors that we will be targeting.

第三，顯然，有許多國內處理器，在某些情況下，整個歐洲的計劃也是我們將瞄準的競爭對手。

So I don't think it's any one specific area.

所以我不認為這是任何一個特定領域。

I think if we want to be successful in growing, particularly on the continent, we can't leave any stone unturned, and we'll be trying to pull volume from any number of those areas.

我認為，如果我們想在增長方面取得成功，尤其是在非洲大陸，我們不能不遺餘力，我們將努力從這些領域中的任意數量拉動銷量。

And in terms of focus, I think over time, as we get a little bit clearer in our plans, I think we'll get a bit more specific.

在重點方面，我認為隨著時間的推移，隨著我們的計劃變得更加清晰，我認為我們會變得更加具體。

But right now at this early stage, I'd rather not start pinpointing exactly where we're headed.

但現在在這個早期階段，我寧願不開始準確指出我們的前進方向。

Next question will be from the line of Sanjay Sakhrani of KBW.

下一個問題將來自 KBW 的 Sanjay Sakhrani。

Maybe staying on Europe, can we just talk about how you guys are plotting out additional synergies from Visa Europe and maybe where we are on pricing and expense initiatives?

也許留在歐洲，我們能否談談你們如何策劃與 Visa Europe 的額外協同效應，以及我們在定價和費用計劃方面的進展情況？

Well, we're largely through kind of that Phase 1. I'd say -- when I say largely, 90-plus percent through on any kind of general expense rationalization.

好吧，我們基本上已經完成了那種第一階段。我會說 - 當我說大部分時，90% 以上是通過任何類型的一般費用合理化。

In terms of the expense side, the next big step is this technology migration.

在費用方面，下一個大的步驟是這種技術遷移。

And we're starting with the clearing and settlement processes.

我們從清算和結算流程開始。

And beginning this quarter, maybe as soon as a couple of weeks from now, we'll begin -- we feel like we've gone through the thorough testing that we need to do internally.

從本季度開始，也許最快幾週後，我們就會開始——我們覺得我們已經完成了我們需要在內部進行的徹底測試。

And we'll begin that migration and then over time, as we get into the latter half of the year, start turning towards the migration of the authorization processing and being able to then decommission some of the systems that Europe chose.

我們將開始遷移，然後隨著時間的推移，隨著我們進入下半年，開始轉向授權處理的遷移，然後能夠停用歐洲選擇的一些系統。

Then I think that will help us, number one, reduce cost; and number two, it puts everybody around the world on the same Visa platform; and number three, the VisaNet platform just simply has more capabilities than the current authorization, clearing and settlement system that's used in Europe today.

然後我認為這將幫助我們，第一，降低成本；第二，它將世界各地的每個人都放在同一個 Visa 平台上；第三，VisaNet 平台只是比目前在歐洲使用的授權、清算和結算系統具有更多的功能。

In terms of the revenue side, I can't remember whether I or Vasant commented on it or both of us that we're 3 quarters plus 80%, coming on 85% of the way through the contract renegotiations where we're moving to much more commercial terms, moving to incentives versus a rebate structure.

在收入方面，我不記得我或 Vasant 是否評論過，或者我們倆都評論過，我們是 3 個季度加上 80%，在我們即將進行的合同重新談判中完成了 85%更多的商業條款，轉向激勵而不是回扣結構。

And I think it's our expectation that we'll get through almost all of this.

我認為我們的期望是我們將完成幾乎所有這些。

There might be a few laggards but get through all of this by the end of this second quarter.

可能會有一些落後者，但在第二季度末完成所有這些。

Yes, in terms of pricing, I think we told you earlier that there is pricing.

是的，在定價方面，我想我們之前告訴過你，有定價。

But this year, the pricing goes into effect in the second half, and then we'll evaluate further pricing actions in the future.

但今年，定價將在下半年生效，然後我們將評估未來的進一步定價行動。

Next question will be from the line of Ramsey El-Assal of Jefferies and Company.

下一個問題將來自 Jefferies and Company 的 Ramsey El-Assal。

Total processed transaction growth was really healthy this quarter despite India demonetization last year.

儘管去年印度取消了貨幣政策，但本季度的總處理交易增長確實很健康。

Can you give us your view on whether the progress made in India in terms of just the general electronification of payments is kind of a permanent inflection point in that market?

您能否就印度在支付的一般電子化方面取得的進展是否是該市場的一個永久轉折點發表您的看法？

Or do you see the market reverting to cash usage over time?

或者您是否看到市場隨著時間的推移恢復到現金使用？

There seems to be some media reports sending some kind of conflicting signals there.

似乎有一些媒體報導在那裡發出了某種相互矛盾的信號。

Thanks, Ramsey.

謝謝，拉姆齊。

Look, if I were to use a baseball analogy, we're still in the first or maybe the beginning of the second inning in India.

看，如果我用棒球類比，我們仍然處於印度的第一局或第二局的開始。

There's just a long way to go.

只有很長的路要走。

I read some of the same reports, but I think we have hit an inflection point.

我讀過一些相同的報告，但我認為我們已經達到了一個轉折點。

I mean, we've seen a huge increase in acceptance points and volume over the course of the last, I guess, now 14 months.

我的意思是，在過去的 14 個月裡，我們已經看到接受點和數量的巨大增加。

The government is very bullishly behind this.

政府對此非常看好。

And while we're through the demonetization period, there's a little bit more of the cash back in circulation.

雖然我們正處於非貨幣化時期，但仍有更多的現金在流通。

I think that the government is very desirous of having the efficiencies of more electronic/digital transactions as well as ideally getting past the point where they get rid of the gray economy in India and have more transparency from a tax perspective.

我認為政府非常希望提高電子/數字交易的效率，並在理想情況下擺脫印度的灰色經濟並從稅收角度提高透明度。

So my view, Ramsey, and obviously, I know what I know, which isn't everything.

所以我的觀點，拉姆齊，很明顯，我知道我所知道的，這並不是一切。

And I think it is an inflection point, but while I say it's an inflection point, sometimes it's just that we're well into the maturation curve of this.

我認為這是一個拐點，雖然我說這是一個拐點，但有時只是我們已經進入了成熟曲線。

While it's an inflection point there, there's a long, long way to go.

雖然這是一個拐點，但還有很長很長的路要走。

3 million merchants and the type of volume that we're at as much as the growth rates are very attractive is very small compared to where India will ultimately be.

300 萬商戶，而我們的增長速度非常有吸引力，與印度最終的規模相比，我們的交易量非常小。

Yes, and just in terms of metrics that would point to your question about is this permanent, yes, there's a lot more cash in the economy because cash is back to normal.

是的，就指向您的問題的指標而言，這是永久性的，是的，經濟中有更多的現金，因為現金已恢復正常。

But as Al said, I mean, the number of acceptance points has doubled.

但正如 Al 所說，我的意思是，接受點的數量翻了一番。

And people are not pulling back, the government or the banks or all of us are still pressing hard on building acceptance.

人們並沒有退縮，政府或銀行或我們所有人仍在努力提高接受度。

There are more people using cards.

用卡的人越來越多。

That's a measurable metric.

這是一個可衡量的指標。

And then there's more people using cards with a higher frequency, and that's a measurable metric.

然後有更多人使用頻率更高的卡片，這是一個可衡量的指標。

And the real test will be once we fully lap the demonetization, what is still the growth rate.

真正的考驗將是，一旦我們完全取消貨幣化，增長率仍然是多少。

I will tell you more next quarter.

下個季度我會告訴你更多。

Next question will be from the line off Tom McCrohan of Mizuho.

下一個問題將來自瑞穗的湯姆麥克羅漢。

Yes, actually, I also had a question on India and the terminalization of that market.

是的，實際上，我還有一個關於印度和該市場終端化的問題。

Al, can you give us a little sense of how much of the tax-related savings might go into helping terminalize that market?

艾爾，你能告訴我們有多少與稅收相關的儲蓄可能會用於幫助這個市場終端化嗎？

Thanks, Tom.

謝謝，湯姆。

I don't know that -- first of all, money has become fungible, but we're already investing fairly heavily in India.

我不知道——首先，金錢已經變得可以替代了，但我們已經在印度進行了相當大的投資。

It's one of the markets -- as I look around the world, it's one of our largest markets in terms of deployment of people, and I'm talking about people in the market.

這是市場之一——當我環顧世界時，它是我們在人員部署方面最大的市場之一，我說的是市場上的人。

I'm not counting the 950 people we have at the technology center in Bangalore, and we were planning to grow our India presence in our plan before tax reform.

我沒有計算我們在班加羅爾技術中心的 950 人，我們計劃在稅收改革之前在我們的計劃中擴大我們在印度的業務。

Look, we've turned back to all of our regional leaders, and Vasant and I have been asking people to tell us where they potentially could put money to work in a very smart way that's going to drive growth against the type of areas that we're already investing in.

看，我們已經轉向我們所有的地區領導人，我和 Vasant 一直在要求人們告訴我們，他們可以在哪些地方以一種非常聰明的方式投入資金，這將推動我們所關注的領域類型的增長。 '已經在投資。

And in India, certainly, one of the main areas of growth is building out acceptance, which might, in some cases, be physical terminals.

當然，在印度，增長的主要領域之一是擴大接受度，在某些情況下，這可能是實體終端。

In many cases, it will be continued use of -- rolling out QR technology and mVisa apps for consumers.

在許多情況下，它將繼續使用——為消費者推出 QR 技術和 mVisa 應用程序。

So I think it's safe to assume that India is going to continue to be an area that we're going to look to invest in, and it's highly possible but decision not made for sure that as a result of tax reform, we might put a bit more money into that market.

因此，我認為可以安全地假設印度將繼續成為我們將尋求投資的領域，這是很有可能的，但並未確定由於稅收改革，我們可能會投入更多的錢進入那個市場。

Next question will be from the line of Chris Brendler of Buckingham.

下一個問題將來自白金漢的克里斯布倫德勒。

(technical difficulty)

（技術難度）

Athena, I think we have a bad connection.

雅典娜，我認為我們的關係不好。

Can we move to the next question?

我們可以轉到下一個問題嗎？

Next question will be from the line of James Faucette of Morgan Stanley.

下一個問題來自摩根士丹利的 James Faucette。

Great.

偉大的。

Just a couple of questions.

只是幾個問題。

First, I wanted to dig in really quickly, Vasant.

首先，我想盡快深入了解，Vasant。

Can you just talk about cross-border and how you're thinking about that getting to your expectations, especially since that seemed to decelerate maybe a little bit, at least if I'm doing the arithmetic right?

您能否談談跨境以及您如何考慮達到您的期望，特別是因為這似乎減速了一點，至少如果我做的算術正確的話？

And then more broadly for both Vasant and Al, I think it was mentioned at the Analyst Meeting a couple of quarters back that you thought that there could be acceleration in Visa's business over the medium term, in part driven by increasing B2B opportunities.

然後更廣泛地說，對於 Vasant 和 Al，我認為在幾個季度前的分析師會議上提到，你認為 Visa 的業務在中期內可能會加速，部分原因是 B2B 機會的增加。

I'm wondering looking out at that medium to long run, where we should be looking for those B2B opportunities to emerge.

我想知道從中長期來看，我們應該尋找那些出現的 B2B 機會。

And what are some of the things that we should be tracking, I guess, similar to the way we're trying to track acceptance in places like India, et cetera?

我想，我們應該跟踪哪些事情，類似於我們試圖跟踪印度等地的接受度？

What kinds of things should we be looking at in B2B to look for that potential acceleration?

我們應該在 B2B 中考慮什麼樣的事情來尋找潛在的加速？

So on cross-border, just a couple of things to point out.

因此，在跨境方面，只需指出幾件事。

There is, in fact, an improvement in the rate in January, and we think that will sustain based on everything we're seeing.

事實上，一月份的比率有所提高，我們認為這將基於我們所看到的一切而持續下去。

One item that is affecting our reported numbers is this shift in Europe.

影響我們報告數字的一個因素是歐洲的這種轉變。

Included in our cross-border numbers, as it is for others, too, is intra-European cross-border volume, that is cross-border business within the EU.

在我們的跨境數據中，與其他數據一樣，包括歐洲內部的跨境交易量，即歐盟內部的跨境業務。

That's different than typical cross-border volume but does get included in the cross-border volume.

這與典型的跨境交易量不同，但確實包含在跨境交易量中。

And you do have people moving, acquiring within Europe.

而且確實有人在歐洲搬家、收購。

And so when a fairly large account decides to acquire in the U.K. from a non-U.

因此，當一個相當大的客戶決定在英國從非美國客戶那裡進行收購時。

K. location, it's a sizable move in the reported numbers with modest revenue impact.

K. 位置，在報告的數字中這是一個相當大的變化，對收入的影響不大。

So if you add that back, I mean, the real underlying growth rate was quite a bit higher than the reported growth rate.

所以如果你把它加回來，我的意思是，實際的潛在增長率比報告的增長率要高很多。

In terms of trends that help that, as we said before, one of the best things that can happen to our cross-border business, in some respects, is a weaker dollar.

正如我們之前所說，就有助於實現這一目標的趨勢而言，在某些方面，我們的跨境業務可能發生的最好的事情之一就是美元疲軟。

We have a large U.S. acquired business.

我們有一個大型的美國收購業務。

The good news is we did see the growth rate in that business step up, but it was from very low levels.

好消息是我們確實看到該業務的增長率有所提高，但它是從非常低的水平開始的。

So our U.S. acquired business, which is a very attractive business, is growing faster than it was and will most likely continue to grow faster, but it's still growing less than the overall growth rate of the cross-border business.

因此，我們在美國收購的業務，這是一個非常有吸引力的業務，增長速度比以往更快，而且很可能會繼續保持更快的增長速度，但它的增長速度仍然低於跨境業務的整體增長率。

So if there's one variable that could accelerate cross-border growth further, it would be the U.S. acquired business growing faster and going back to double-digit levels like it has been in the past.

因此，如果有一個變量可以進一步加速跨境增長，那就是美國收購的業務增長更快，並像過去一樣回到兩位數的水平。

Beyond that, we'll have to watch what happens as European currencies strengthen.

除此之外，我們將不得不觀察隨著歐洲貨幣走強會發生什麼。

Clearly, it will help the acquiring business in Europe as this becomes more attractive for people -- or rather the issuing business coming out of Europe as it becomes attractive for Europeans who travel out.

顯然，這將有助於歐洲的收單業務，因為這對人們更具吸引力——或者更確切地說，來自歐洲的發行業務對外出旅行的歐洲人具有吸引力。

So those are a couple of trends that are worth watching.

因此，這些是值得關注的幾個趨勢。

And James, on the question about B2B, it really is a large opportunity.

詹姆斯，關於 B2B 的問題，這確實是一個很大的機會。

We are focused on it.

我們專注於它。

We have a senior person and a keen focus on B2B.

我們有一位資深人士，非常專注於 B2B。

We think that through the use of Visa Direct, we can meet the needs of a lot of the small- and medium-sized merchants and using things like single-use virtual cards in larger verticals like health care and travel.

我們認為，通過使用 Visa Direct，我們可以滿足很多中小型商戶的需求，並在醫療保健和旅遊等更大的垂直領域使用一次性虛擬卡等東西。

That said, you raised a good question around how we can give you guys a bit more insight into our progress.

也就是說，你提出了一個很好的問題，即我們如何讓你們更深入地了解我們的進展。

But let me take that away and maybe next quarter or at some point later this year, we'll try to give a little bit more insight in terms of things to watch there and how you can evaluate the progress we're making along the way.

但是讓我把它拿走，也許在下個季度或今年晚些時候的某個時候，我們將嘗試提供一些關於那裡值得關注的事情以及如何評估我們在此過程中取得的進展的更多見解.

Next question will be from the line of Jason Kupferberg of Bank of America.

下一個問題將來自美國銀行的 Jason Kupferberg。

So I think you mentioned, Al, that during holiday season in the U.S., e-comm was about 30% of volume.

所以我想你提到過，艾爾，在美國的假日季節，電子商務約佔交易量的 30%。

Can you give us some broader e-comm metrics globally?

你能給我們一些更廣泛的全球電子商務指標嗎？

What percentage of global volume?

佔全球銷量的百分比是多少？

How fast is it growing?

它的增長速度有多快？

And then just was curious to get your quick take on the contactless initiatives in the U.S. What's the issuer response so far?

然後只是想快速了解美國的非接觸式計劃。到目前為止，發行人的反應是什麼？

Because it sounds like that would create some new expense for them, so I just wanted to get your perspective there.

因為這聽起來會給他們帶來一些新的開支，所以我只是想了解你的觀點。

Well, on the first question, Jason, I don't think we're prepared to start giving a breakdown on a country-by-country basis on e-commerce versus card present type of growth.

好吧，關於第一個問題，傑森，我認為我們還沒有準備好開始逐個國家地細分電子商務與卡本類型的增長。

I think in developed countries, the trends that I talked about in the U.S. are similar in some of the developed countries.

我認為在發達國家，我在美國談到的趨勢在一些發達國家是相似的。

Obviously, in less developed countries, the mix and the dynamics between the 2 are different.

顯然，在欠發達國家，兩者之間的混合和動態是不同的。

In terms of contactless, look, I think in the United States, again, the plumbing is in place to go.

在非接觸式方面，我認為在美國，管道再次到位。

We think by the end of the year, 50% of the terminals in the U.S. will be contactless-enabled.

我們認為到今年年底，美國 50% 的終端將啟用非接觸式功能。

All terminal -- virtually every terminal being shipped now is contactless-enabled.

所有終端——現在幾乎每一個正在發貨的終端都是非接觸式的。

And I think the U.S. issuers are getting excited about the prospects of the customer experience associated with contactless.

而且我認為美國發行人對與非接觸式相關的客戶體驗的前景感到興奮。

And I would expect that you're not going to see a massive off-cycle replacement of cards with NFC -- that are NFC-enabled.

而且我希望你不會看到使用 NFC 的卡的大規模非週期替換——這些卡是支持 NFC 的。

But I think that you will start to see issuers, as they go through their normal card renewal cycles and as they replace cards that are lost or stolen, et cetera, that more of those will be replaced with cards that are NFC-enabled.

但我認為你會開始看到發卡機構，隨著他們正常的卡片更新周期，以及替換丟失或被盜的卡片等等，更多的卡片將被支持 NFC 的卡片所取代。

So I think this is a multiyear journey.

所以我認為這是一個多年的旅程。

But again, there'll be an inflection point at some point where it will really take off as we reach a certain level of scale.

但同樣，當我們達到一定的規模水平時，它會在某個時候真正起飛。

And clearly, we're not there yet, but I think we're poised to begin the journey.

很明顯，我們還沒有到那裡，但我認為我們已經準備好開始旅程了。

Our last question is from Bryan Keane of Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Bryan Keane。

Just want to ask about the operating margins.

只想問一下營業利潤率。

They were down, I think, 1 point year-over-year, and it looks about 1 point short of where Street was estimating.

我認為，它們同比下降了 1 個百分點，看起來比 Street 估計的低 1 個百分點。

So just want to think about personnel and G&A costs, which are up a lot.

因此，只想考慮人員和 G&A 成本，這些成本上升了很多。

Does that continue throughout the year?

這種情況會持續一整年嗎？

And how much did you take advantage of just lower tax reform in the quarter to maybe crank up the expenses, which caused a little bit lower margin?

您在本季度利用了多少稅收改革來提高費用，從而導致利潤率下降一點？

And then just a follow-up on Visa Europe.

然後只是對 Visa Europe 的跟進。

The technology migration going on, will that have a positive benefit to margins in fiscal year '19 as a result of that?

正在進行的技術遷移是否會對 19 財年的利潤率產生積極影響？

I'm just trying to figure out about how much.

我只是想弄清楚多少錢。

Yes, on the expense side, you might recall when we talked to you last quarter about outlook, we had indicated that you should expect expense growth to be higher in the first half than the second half.

是的，在費用方面，您可能還記得我們上個季度與您討論前景時，我們曾表示您應該預計上半年的費用增長將高於下半年。

A lot of it has to do with year-over-year comparisons.

其中很大一部分與年度比較有關。

Personnel expenses are unusually low in the first quarter of last year for a variety of reasons.

由於多種原因，去年第一季度的人事費用異常低。

I won't go into all of them.

我不會全部介紹。

Some of it had to do with the consultation process that is under way in Europe.

其中一些與歐洲正在進行的協商進程有關。

Some had to do with the fact we had also done the global restructuring coming into the quarter.

有些與我們在本季度進行的全球重組有關。

So personnel expenses were off to a fairly slow start.

因此，人事費用開局相當緩慢。

And if you looked at our personnel expenses last year, they climbed through the year.

如果你看看我們去年的人事費用，他們全年都在攀升。

So this rate of growth in personnel expenses, you should not see continue beyond the first half.

所以這種人事費用的增長速度，應該不會超過上半年。

So there are year-over-year comparisons.

因此，有逐年比較。

On the G&A side, as I said, there were some non-recurring items and some shifts in expenses that make that number higher than it normally would have been.

正如我所說，在 G&A 方面，有一些非經常性項目和一些費用變化使這個數字高於正常水平。

So we did have a number of expenses in the quarter that were of a non-recurring or timing variety.

因此，我們在本季度確實有一些非經常性或時間性支出。

But our original outlook for expenses remains unchanged versus what we told you.

但與我們告訴您的相比，我們最初的支出前景保持不變。

We have deliberately chosen to reinvest an additional 2 points in expenses as a result of tax reform.

由於稅制改革，我們特意選擇將額外的 2 個點再投資於支出。

I wouldn't say a lot of that was in this quarter.

我不會說很多是在這個季度。

It was more what we expected based on comparisons plus some of these non-recurring and timing-related things.

基於比較加上一些非經常性和時間相關的事情，這更多的是我們所期望的。

And on the second question, Bryan, I think we have to see how the -- we haven't even begun the migration.

關於第二個問題，Bryan，我認為我們必須看看——我們甚至還沒有開始遷移。

As I said, we begin this quarter.

正如我所說，我們從本季度開始。

I think we're going to have to see how long it takes.

我認為我們將不得不看看需要多長時間。

We're going to be measured and deliberate and careful about it.

我們將對其進行衡量、深思熟慮和謹慎。

We will get some benefit from it financially once we're all the way there.

一旦我們一路走到那裡，我們將從經濟上獲得一些好處。

But I think in terms of timing, it's a little bit too early to say.

但我認為就時間而言，現在說還為時過早。

And I think in terms of dimensioning it, I'm not actually sure we have dimensioned it.

而且我認為就尺寸而言，我實際上不確定我們是否已經確定了尺寸。

It's all part of having this transaction continue to be accretive at a level above what we thought it would be when we made the acquisition in the first place.

這一切都是讓這筆交易在我們最初進行收購時的預期水平之上繼續增值的一部分。

And with that, we'd like to thank you all for joining us today.

有了這個，我們要感謝大家今天加入我們。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝你。

And that concludes today's conference.

今天的會議到此結束。

Thank you for joining everyone.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連接。