Visa Inc (V) 2018 Q3 法說會逐字稿

Welcome to the Visa Fiscal Third Quarter 2018 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 2018 財年第三季度收益電話會議。 （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。

I would now like to turn the conference over to your host, Mr. Mike Milotich, Senior Vice President of Investor Relations. Mr. Milotich, you may now begin.

我現在想將會議轉交給您的主持人，投資者關係高級副總裁 Mike Milotich 先生。米洛蒂奇先生，您現在可以開始了。

Thank you, Katie. Good afternoon, everyone, and welcome to Visa's Fiscal Third Quarter 2018 Earnings Call. Joining us today are Al Kelly, Visa's Chief Executive Officer; and Vasant Prabhu, Visa's Chief Financial Officer.

謝謝你，凱蒂。大家下午好，歡迎參加 Visa 的 2018 年第三季度財報電話會議。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 being webcast on the Investor Relations section of our website at www.investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted to our IR website.

本次電話會議正在我們網站 www.investor.visa.com 的投資者關係部分進行網絡直播。重播將在我們的網站上存檔 30 天。包含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 includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many 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 our website. For historical non-GAAP financial information disclosed in this call, the related GAAP measures and reconciliation are available in today's earnings release.

我還要提醒您，本演示文稿包含前瞻性陳述。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許多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 網站和我們網站的投資者關係部分找到這些信息。對於本次電話會議中披露的歷史非公認會計原則財務信息，相關的公認會計原則措施和對賬可在今天的收益發布中獲得。

And with that, let me turn the call over to Al.

有了這個，讓我把電話轉給 Al。

Mike, thank you, and good afternoon to everybody and thanks for joining us today. We are very pleased with our third quarter results. Revenue growth was 15% as all of our key economic drivers remained strong. The healthy global economic fundamentals we've seen in the past few quarters have largely continued. Payments volume growth on a constant dollar basis of 11% accelerated modestly versus the prior quarter fueled by faster growth in almost every region and higher credit growth.

邁克，謝謝大家，大家下午好，感謝今天加入我們。我們對第三季度的業績感到非常滿意。由於我們所有的主要經濟驅動因素保持強勁，收入增長了 15%。我們在過去幾個季度看到的健康的全球經濟基本面在很大程度上仍在繼續。在幾乎每個地區的更快增長和更高的信貸增長推動下，支付量以 11% 的固定美元計算與上一季度相比略有加速增長。

Cross-border growth on a constant dollar basis of 10% decelerated by 1 percentage point versus the prior quarter largely due to the stronger dollar. Processed transaction growth was consistent with the last quarter at 12%. Expense growth adjusted for the U.S. litigation provision increase was 14% as we continue to invest in talent and deploying new capabilities in markets around the world.

按固定美元計算的跨境增長 10%，較上一季度下降 1 個百分點，主要是由於美元走強。已處理的交易增長與上一季度一致，為 12%。隨著我們繼續投資人才並在全球市場部署新能力，美國訴訟準備金增長調整後的費用增長為 14%。

Adjusted EPS growth was 39%. We also returned approximately $2.2 billion of capital to shareholders this quarter, consisting of almost $1.8 billion of share repurchases and nearly $500 million through dividends. Vasant will take you through our results and our full year outlook in more detail when I complete my remarks.

調整後每股收益增長 39%。本季度我們還向股東返還了約 22 億美元的資本，其中包括近 18 億美元的股票回購和近 5 億美元的股息。當我完成我的發言時，Vasant 將向您詳細介紹我們的業績和全年展望。

Regarding the U.S. interchange multi-district litigation, or the MDL, provision increase of $600 million this quarter, we continue to make progress in resolving this litigation and have reached an agreement in principle with the class seeking monetary damages. That agreement is subject to negotiation of a full written agreement, and those negotiations are ongoing. Discussions with the class seeking injunctive relief are also ongoing. We will make an announcement related to any agreement if and when any settlement agreement is finalized.

關於本季度美國互通多區訴訟或 MDL 增加 6 億美元的撥備，我們在解決該訴訟方面繼續取得進展，並已與尋求金錢賠償的集體原則上達成協議。該協議需要就完整的書面協議進行談判，並且這些談判正在進行中。與尋求禁令救濟的班級的討論也在進行中。如果任何和解協議最終確定，我們將發布與任何協議相關的公告。

Now let me share our updates from around the world, starting with Europe. We continue to be very pleased with our performance in Europe and feel there is substantial runway for growth moving forward as the integration nears completion. We see significant opportunity over time across 3 broad tracks: the acceleration of payments volume growth, country-specific opportunities and increasing yield.

現在讓我分享我們來自世界各地的最新消息，從歐洲開始。我們繼續對我們在歐洲的表現感到非常滿意，並且隨著整合接近完成，我們認為有很大的增長空間。隨著時間的推移，我們在 3 個廣泛的軌道上看到了巨大的機會：支付量增長的加速、特定國家/地區的機會和收益的增加。

First, we can accelerate our volume growth by displacing cash in key markets and increasing our share of domestic transactions. Cash still accounts for a sizable share of consumer spend in several of Europe's largest economies, such as approximately 60% in Spain, Italy and Poland. Nine markets in Europe have an active or a large domestic card scheme where we feel we have competitive advantages based on our innovative investments and digital capabilities.

首先，我們可以通過在主要市場轉移現金和增加我們在國內交易中的份額來加速我們的交易量增長。在歐洲幾個最大的經濟體中，現金仍然佔消費者支出的相當大份額，例如西班牙、意大利和波蘭的大約 60%。歐洲的九個市場有一個活躍的或大型的國內卡計劃，我們認為基於我們的創新投資和數字能力，我們具有競爭優勢。

We're also enabling fast funds for Visa Direct, driving contact with payments and working more closely with FinTech on new and innovative offerings. This quarter, we announced the FinTech fast-track access program to accelerate speed to market by on-boarding FinTech with Visa in 4 weeks. We also launched $100 million European investment program to support the FinTech ecosystem, building upon investments we've already made in companies like Klarna and solarisBank.

我們還為 Visa Direct 提供快速資金，推動與支付的聯繫，並與 FinTech 就新的創新產品進行更密切的合作。本季度，我們宣布了 FinTech 快速通道計劃，通過在 4 週內通過 Visa 加入 FinTech 來加快上市速度。我們還啟動了 1 億美元的歐洲投資計劃，以支持金融科技生態系統，建立在我們已經對 Klarna 和 solarisBank 等公司進行的投資的基礎上。

Second, there are opportunities to gain share in specific markets within Europe as our current business is relatively concentrated. We plan to target faster-growing markets and markets where we have lower share with investments in talent to support clients, innovative product solutions and enhanced marketing.

其次，由於我們目前的業務相對集中，因此有機會在歐洲的特定市場獲得份額。我們計劃瞄準增長較快的市場和我們在人才方面的投資份額較低的市場，以支持客戶、創新產品解決方案和增強營銷。

Finally, there's opportunity to increase yields in Europe. First, we are focusing more on higher-yielding consumer and commercial credit volumes. Prior to our acquisition, Visa Europe as an association was very debit-centric and did not focus much on credit. Second, driving client adoption of value-added solutions, leveraging our global VisaNet platform capabilities particularly our risk products, processing and services relevant in a PSD2 environment. Thirdly, we continue to see pricing opportunities in Europe.

最後，歐洲有機會提高產量。首先，我們更加關注收益更高的消費和商業信貸量。在我們收購之前，Visa Europe 作為一個協會非常以藉記卡為中心，並不太關注信貸。其次，推動客戶採用增值解決方案，利用我們的全球 VisaNet 平台能力，特別是我們與 PSD2 環境相關的風險產品、處理和服務。第三，我們繼續看到歐洲的定價機會。

As we get closer to the end of the Europe technical integration work and the transition of our existing clients to incentive contracts, we are shifting our focus to these growth opportunities. I will talk more about the technical migration in a moment, but I'd be remiss not to mention the partial disruption of our European processing experienced on June 1.

隨著我們接近歐洲技術整合工作的結束以及我們現有客戶向激勵合同的過渡，我們正在將重點轉移到這些增長機會上。稍後我將更多地討論技術遷移，但我會疏忽，更不用說我們在 6 月 1 日經歷的歐洲處理部分中斷。

We at Visa hold ourselves to very high standards. So any impact on our processing for any period of time is unacceptable, and we take it very seriously. That said, let me clarify a few points. It was not an outage and, in fact, approximately 95% of unique transactions attempted over the 10-hour period were completed successfully. The partial service disruption was on Visa Europe's legacy processing platform, and it was completely unrelated to the migration. Our global VisaNet platform was not affected. If you'd like more details, I'd direct you to our letter to the U.K. Parliament's Treasury Select Committee, which is posted on their website.

Visa 堅持非常高的標準。因此，任何時期對我們處理的任何影響都是不可接受的，我們非常重視。話雖如此，讓我澄清幾點。這不是中斷，事實上，在 10 小時內嘗試的大約 95% 的唯一事務成功完成。部分服務中斷發生在 Visa Europe 的遺留處理平台上，與遷移完全無關。我們的全球 VisaNet 平台沒有受到影響。如果您想了解更多詳細信息，請參閱我們致英國議會財政部特別委員會的信，該信已發佈在他們的網站上。

Now let me say a few words about the technology migration. We are very happy with the progress made to date. As you know, we completed the clearing and settlement migration in March, and the authorizations migration began in April. We now have over 50% of our processing volume migrated for authorizations, which includes a number of our largest European clients. We remain on track to complete the technical migration by the end of the calendar year.

現在讓我談談技術遷移。我們對迄今為止取得的進展感到非常高興。如您所知，我們在 3 月完成了清算和結算遷移，並在 4 月開始了授權遷移。我們現在有超過 50% 的處理量為授權而遷移，其中包括我們一些最大的歐洲客戶。我們仍有望在日曆年年底前完成技術遷移。

To wrap up on Europe, the financial performance of the deal continues to exceed expectations. Vasant will get into more detail, but double-digit accretion we now expect in fiscal year 2018 is 2 years ahead of our original acquisition expectations.

總結歐洲，該交易的財務表現繼續超出預期。 Vasant 將詳細介紹，但我們現在預計 2018 財年的兩位數增長比我們最初的收購預期提前了 2 年。

Moving on from Europe. Let me shift to other markets around the world, starting in Asia. In India, we continue to be the market leader with payments volume growth well over 20% this quarter. We recently announced revised debit pricing to address regulator-driven changes in debit economics as the market evolves, particularly on transactions under INR 2,000, an equivalent of roughly USD 30. We expect incremental volume to largely offset this price reduction over time.

從歐洲出發。讓我從亞洲開始轉向全球其他市場。在印度，我們繼續成為本季度支付量增長超過 20% 的市場領導者。我們最近宣布修訂借方定價，以應對監管機構驅動的借方經濟變化，尤其是在 2,000 盧比（約合 30 美元）以下的交易中。我們預計隨著時間的推移，增量交易量將在很大程度上抵消這種降價。

We are also engaged with the Indian regulator to find possible solutions to best address their data localization concerns. So far, this is a very productive dialogue and we will keep you updated as our requirements are finalized.

我們還與印度監管機構合作，尋找可能的解決方案，以最好地解決他們的數據本地化問題。到目前為止，這是一次非常富有成效的對話，隨著我們的要求最終確定，我們會及時通知您。

In Thailand, our local debit network is now live. We are now 1 of 3 debit networks operating in the country, the other 2 being regional operators. Visa is the only network to offer a unified, single-brand acceptance both in Thailand and globally, bringing a consistent end user experience to the customers there.

在泰國，我們的本地借記網絡現已上線。我們現在是該國運營的 3 個借記網絡中的 1 個，另外 2 個是區域運營商。 Visa 是唯一在泰國和全球範圍內提供統一的單一品牌接受的網絡，為那裡的客戶帶來一致的最終用戶體驗。

The launch of our domestic network enables Visa to fully participate in the domestic payment market and continually drive digital payment innovations for consumers and businesses while also fostering a financially inclusive ecosystem in Thailand.

我們國內網絡的推出使 Visa 能夠充分參與國內支付市場，不斷推動消費者和企業的數字支付創新，同時在泰國培育一個普惠金融的生態系統。

In Australia, we've seen impressive payment volume growth of about 20% in the last few quarters relative to the market average growth of 7%. This is a direct result of successful portfolio migrations tied to significant, long-term, exclusive contracts struck with existing clients as well as our continued growth momentum in both debit and contactless. Over 93% of all face-to-face transactions are now contactless in Australia.

在澳大利亞，我們看到過去幾個季度的支付量增長了約 20%，而市場平均增長率為 7%。這是與現有客戶簽訂的重要、長期、獨家合同相關的成功投資組合遷移的直接結果，以及我們在藉記卡和非接觸式方面的持續增長勢頭。現在，澳大利亞 93% 以上的面對面交易都是非接觸式的。

In Taiwan, more than 2 million Visa co-branded credit cards with Costco Taiwan and Cathay United Bank had been issued to date, which makes us the largest co-brand in the market.

在台灣，迄今為止已發行超過 200 萬張 Visa 與台灣 Costco 和國泰聯合銀行的聯名信用卡，這使我們成為市場上最大的聯名信用卡。

Let me also share a few quick highlights in other regions. CEMEA is at the center of our Visa on Mobile, formerly known as mVisa, efforts. We are live and gaining traction in a number of markets, including launches in Ukraine and Kazakhstan. And in Kenya, PesaPal, a leading payments facilitator in East Africa providing merchants online and face-to-face payment processing, integrated Visa on Mobile into its payments processing platform and it will be making it available to more than 21,000 businesses for online and in-store payments.

讓我也分享一些其他地區的快速亮點。 CEMEA 是我們的 Visa on Mobile（以前稱為 mVisa）工作的中心。我們在多個市場活躍並獲得關注，包括在烏克蘭和哈薩克斯坦的發布。在肯尼亞，為商家提供在線和麵對面支付處理的東非領先支付服務商 PesaPal 將 Visa on Mobile 集成到其支付處理平台中，它將為超過 21,000 家企業提供在線和在線支付服務。 - 商店付款。

To help support these small merchants grow their businesses, Visa's also rolling out a digital micro-lending partnership with Branch to provide preferential loan terms to qualified Visa merchants who accept Visa on Mobile QR codes. Branch is a machine learning-powered provider of mobile financial services to emerging markets and has the second most downloaded app in Kenya.

為幫助支持這些小商戶發展業務，Visa 還與 Branch 推出數字小額貸款合作夥伴關係，為接受移動二維碼 Visa 的合格 Visa 商戶提供優惠貸款條款。 Branch 是一家以機器學習為動力的新興市場移動金融服務提供商，在肯尼亞擁有第二大下載量的應用程序。

In Latin America, we made a strategic investment in YellowPepper, a mobile payments pioneer in the region, to help accelerate innovation in digital payment technology. The initial focus will be growing tokenized payment opportunities, increasing access to our APIs, expanding the usage of push payments via user direct. Together, we're already working with more than 70 clients in the region.

在拉丁美洲，我們對該地區的移動支付先驅 YellowPepper 進行了戰略投資，以幫助加速數字支付技術的創新。最初的重點將是增加代幣化支付機會，增加對我們 API 的訪問，通過用戶直接擴展推送支付的使用。我們已經與該地區的 70 多家客戶合作。

In terms of advancements with Visa Direct, Visa Direct continues to grow rapidly fueled by geographic expansion, the enablement of new use cases and repeat customer usage. Volume has more than doubled in the past year and is beginning to have an impact on our overall debit volume growth, particularly in the United States. The Visa Direct platform could deliver transactions to our 2 billion Visa Debit cards globally, has cross-border capabilities and has already sent transactions to more than 150 countries this fiscal year.

在 Visa Direct 的進步方面，Visa Direct 在地域擴張、新用例的啟用和重複客戶使用的推動下繼續快速增長。過去一年，交易量翻了一番多，並開始對我們的整體借記交易量增長產生影響，尤其是在美國。 Visa Direct 平台可以向我們在全球範圍內的 20 億張 Visa 借記卡提供交易，具有跨境能力，本財年已向 150 多個國家/地區發送交易。

More than 1 billion of those debit cards across almost 70 countries are enabled for fast funds. We are continuing to work with issuers around the world to upgrade the transaction speed to fast funds. Unlike many other real-time payment options, merchants and acquirers that already use our platform can now utilize global fast funds without an additional -- any additional steps once they're enabled as an issuer.

近 70 個國家/地區的超過 10 億張借記卡支持快速資金。我們將繼續與世界各地的發行人合作，將交易速度升級為快速資金。與許多其他實時支付選項不同，已經使用我們平台的商家和收單機構現在可以使用全球快速資金，而無需任何額外的步驟——一旦他們被啟用為發行人，則無需任何額外步驟。

There are 3 partnerships related to Visa Direct that I want to highlight. One, we're partnering with MoneyGram, the second-largest money transfer provider in the world, to deliver domestic and cross-border remittances utilizing debit credentials to receive funds. Cross-border remittances is a large attractive market that currently has a lot of friction for people receiving funds.

我想強調與 Visa Direct 相關的 3 個合作夥伴關係。一，我們正在與世界第二大匯款提供商速匯金合作，利用借記憑證接收資金，提供國內和跨境匯款。跨境匯款是一個極具吸引力的市場，目前對於收款人來說存在很多摩擦。

Second, we're partnering with Postmates, a logistics company that operates a network of couriers who deliver goods locally, to enable instant payouts to the delivery couriers in their fleet.

其次，我們正在與 Postmates 合作，後者是一家物流公司，運營著一個在當地交付貨物的快遞員網絡，以實現向其車隊中的快遞員即時付款。

Third, OnDeck launched a new instant funding feature for lines of credit for small businesses. Once a business registers their Visa Debit card, they can make a drawdown and receive their money transfer in seconds, any time, day or night. Given that cash flow management is a critical issue for small businesses, the flexibility to receive funds when the bank is closed is very valuable.

第三，OnDeck 為小企業的信貸額度推出了一項新的即時融資功能。一旦企業註冊了他們的 Visa 借記卡，他們就可以在幾秒鐘內提取資金並在幾秒鐘內收到他們的匯款，無論白天還是晚上。鑑於現金流管理對小企業來說是一個關鍵問題，因此在銀行關閉時接收資金的靈活性非常有價值。

Not only is Visa Direct effective at capturing new payment flows, but it also stimulates our core business by increased spend per card. Based on a recent study of debit card users in the U.S., after receiving their first Visa Direct payment, they exhibit a continued level of incremental spend. And that transaction lift was consistent for debit users with all levels of engagement, ranging from previously infrequent debit users to very active debit users.

Visa Direct 不僅能有效捕捉新的支付流，而且還能通過增加每張卡的支出來刺激我們的核心業務。根據最近對美國借記卡用戶的一項研究，在收到他們的第一筆 Visa Direct 付款後，他們表現出持續增加的支出水平。這種交易提升對於所有參與度的借記用戶來說都是一致的，從以前不經常使用的借記用戶到非常活躍的借記用戶。

Let me shift to B2B. We're investing in existing solutions while also expanding into new payment flows. B2B payments through existing solutions represent over 11% of Visa's payment volume and are growing at a faster rate than Visa overall. With the approximately $20 trillion market sizing for existing solutions, we see significant growth opportunity for virtual cards and Visa Direct in particular. Virtual cards are increasingly important way in which businesses transact with each other. We are now partnering with WEX, a leading commercial card issuer serving the travel, insurance and media industries, among others. This arrangement allows WEX and their corporate payment customers to use a Visa virtual card to enable global B2B payments.

讓我轉向B2B。我們正在投資現有的解決方案，同時也在擴展新的支付流程。通過現有解決方案進行的 B2B 支付佔 Visa 支付量的 11% 以上，並且以比 Visa 整體更快的速度增長。鑑於現有解決方案的市場規模約為 20 萬億美元，我們看到了虛擬卡，尤其是 Visa Direct 的巨大增長機會。虛擬卡越來越成為企業相互交易的重要方式。我們現在正與服務於旅遊、保險和媒體等行業的領先商業卡發行商 WEX 合作。這種安排允許 WEX 及其企業支付客戶使用 Visa 虛擬卡來實現全球 B2B 支付。

Additionally, the Fraedom integration is going well and response from our issuers has been very positive. We're in advanced discussions to utilize Fraedom more broadly with issuers in North America, Europe and Asia.

此外，Fraedom 的整合進展順利，發行人的反應非常積極。我們正在與北美、歐洲和亞洲的發行人進行深入討論，以更廣泛地利用 Fraedom。

Lastly, we continue to expand our B2B offerings to new payment flows. While this is a very large market opportunity, well beyond the size of what is currently addressable with existing solutions, it is complex and heterogeneous and therefore, will take time to fully capture the benefit.

最後，我們繼續將 B2B 產品擴展到新的支付流程。雖然這是一個非常大的市場機會，遠遠超出現有解決方案目前可解決的規模，但它是複雜且異構的，因此需要時間才能充分發揮其優勢。

We are starting by focusing on high-value, cross-border transactions which we view to be one of the largest single pain points in B2B payments today. We're addressing this with our B2B contact solution -- B2B Connect solution, excuse me. We are now in pilot and are on track to expand the availability of B2B Connect in the first half of calendar year 2019.

我們首先關注高價值的跨境交易，我們認為這是當今 B2B 支付中最大的單一痛點之一。我們正在使用我們的 B2B 聯繫解決方案來解決這個問題——B2B Connect 解決方案，對不起。我們現在處於試點階段，並有望在 2019 日曆年上半年擴大 B2B Connect 的可用性。

We continue to make great progress in contactless, a quick update. Global contactless penetration of domestic face-to-face transactions that run over our network was up approximately 2 percentage points since last quarter, with 18 countries increasing at least 5 percentage points in the last 3 months. There are now 10 countries where over 2/3 of their domestic face-to-face transactions are contactless and over 30 countries that are at least 1/3 contactless. And those 30-plus countries, which excludes the United States, represent 70% of the non-U.S. Visa domestic face-to-face transactions in Q3.

我們繼續在非接觸式快速更新方面取得巨大進展。自上一季度以來，通過我們網絡運行的國內面對面交易的全球非接觸式滲透率上升了約 2 個百分點，其中 18 個國家/地區在過去 3 個月中至少增加了 5 個百分點。現在有10個國家超過2/3的國內面對面交易是非接觸式的，超過30個國家至少有1/3是非接觸式的。而這 30 多個國家（不包括美國）佔第三季度非美國簽證國內面對面交易的 70%。

Transit continues to be a strong driver of contactless adoption around the globe. Announcements in the past quarter include both TransLink in Vancouver and Azienda Trasporti in Milan having enabled contactless payments at the transit gate. Metr?Rio, Rio's largest transit operator with 240 million annual riders, announced that they will begin accepting contactless payments at the transit gate with the initial launch scheduled for later this summer. Mumbai announced that its integrated ticketing system, which is used by 14 different transit agencies in and around the city that collectively carry 11 million people every day, will begin accepting contactless payments soon. And finally, in the U.S., the New Jersey TRANSIT agency announced that they would be joining New York's MTA and Boston's MBTA in enabling contactless payments at the gate.

公交仍然是全球非接觸式採用的強大推動力。上個季度的公告包括溫哥華的 TransLink 和米蘭的 Azienda Trasporti 都在過境口啟用了非接觸式支付。里約熱內盧最大的公交運營商 Metr?Rio 每年有 2.4 億乘客，宣布他們將開始在公交門口接受非接觸式支付，最初計劃於今年夏天晚些時候推出。孟買宣布，其綜合票務系統將很快開始接受非接觸式支付，該系統由該市內外的 14 個不同的交通機構使用，每天總共運送 1100 萬人。最後，在美國，新澤西 TRANSIT 機構宣布，他們將加入紐約的 MTA 和波士頓的 MBTA，在門口實現非接觸式支付。

A quick update on Visa Digital Commerce Program, often now referred to as the common button. Visa continues to be very positive as we talk with more ecosystem participants including merchants, acquirers, gateways, issuers and digital platforms.

Visa 數字商務計劃的快速更新，現在通常稱為通用按鈕。隨著我們與更多的生態系統參與者（包括商家、收單機構、網關、發行機構和數字平台）進行交流，Visa 繼續保持非常積極的態度。

EMVco continues to make progress on 3 major work streams. First is the definition of the secure remote commerce mark, which will be used in merchant shopping and customer-facing applications to indicate to consumers which merchants and cards are enabled for secure remote commerce; second, user experience standards that define the checkout flow; and thirdly, technical specifications for ecosystem participants so that everyone can begin coding.

EMVco 繼續在 3 個主要工作流上取得進展。首先是安全遠程商務標誌的定義，該標誌將用於商戶購物和麵向客戶的應用程序，以向消費者指示哪些商戶和卡啟用了安全遠程商務；第二，定義結賬流程的用戶體驗標準；第三，生態系統參與者的技術規範，以便每個人都可以開始編碼。

We expect the detailed technical specifications to be published by the fall of this year, followed by the user experience and branding spec later this year, maybe into early next year. We continue to work as quickly as possible with EMVco to get the standards right, but we don't expect the migrations of Visa Checkout will happen before the middle of next calendar year.

我們預計詳細的技術規範將在今年秋季發布，隨後是用戶體驗和品牌規範，可能會在今年晚些時候發布，可能會在明年初發布。我們將繼續盡快與 EMVco 合作以製定正確的標準，但我們預計 Visa Checkout 的遷移不會發生在明年年中之前。

The FIFA World Cup in Russia was an overwhelming success for Visa over the past 2 months. The client and consumer experiences provide a unique opportunity to showcase Visa's innovative -- innovation and connect both clients and consumers to the evolving portfolio of Visa's offerings. Over 500 bank and merchant partners across 103 markets in 24 languages utilized the Visa sponsorship to support their local strategies. The Visa brand was very visible, canvassing the field boards for over 7 hours on broadcasts during the 64 matches of the World Cup, which is estimated to have exceeded 3 billion unique viewers. Excluding those field boards, Visa had well over $5 billion -- 5 billion digital impressions over the course of the tournament in 48 countries. The World Cup is on track to be the most viewed sporting event ever on digital platforms, setting streaming records in major markets including China, France, the United Kingdom and the United States.

在過去的兩個月裡，Visa 在俄羅斯舉行的 FIFA 世界杯取得了壓倒性的成功。客戶和消費者體驗提供了一個獨特的機會來展示 Visa 的創新——創新，並將客戶和消費者與不斷發展的 Visa 產品組合聯繫起來。來自 103 個市場、24 種語言的 500 多家銀行和商戶合作夥伴利用 Visa 贊助來支持他們的本地戰略。 Visa 品牌非常顯眼，在世界杯的 64 場比賽中，在廣播中拉票超過 7 個小時，估計有超過 30 億的獨立觀眾。不包括這些現場委員會，Visa 在 48 個國家/地區的錦標賽期間擁有超過 50 億美元的數字印象——50 億次數字印象。世界杯有望成為數字平台上觀看次數最多的體育賽事，在中國、法國、英國和美國等主要市場創造流媒體記錄。

Finally, a few closing comments. We're now almost 1/3 of the way through our fiscal fourth quarter and it's shaping up to be another strong year for Visa. We're currently in the midst of many strategic discussions that will inform where we invest over the next couple of years, which obviously will flow into our fiscal 2019 budgeting and investment program. We are focused on sustaining our strong business momentum as we close out fiscal year 2019 and on October 1 launch into 2019.

最後，幾點結束評論。我們現在已經接近第四財季的 1/3，這將成為 Visa 又一個強勁的一年。我們目前正在進行許多戰略討論，這些討論將告知我們未來幾年的投資方向，這顯然將納入我們 2019 財年的預算和投資計劃。隨著我們結束 2019 財年並於 10 月 1 日進入 2019 年，我們專注於維持強勁的業務勢頭。

With that, let me turn it over to Vasant.

有了這個，讓我把它交給 Vasant。

Thank you, Al. We're very pleased to report another strong quarter with net revenue growth increasing to 15% driven by continued momentum across all 3 of our business drivers. As reported on a GAAP basis, EPS grew 16%. This includes a special item which I will describe in more detail in a moment. Adjusted to exclude this special item, EPS grew 39%, which includes a 10 percentage point benefit from the impact of U.S. tax reform. Exchange rate shifts versus the prior year positively impacted net revenue growth by approximately 1.5 percentage points and EPS growth by approximately 3 percentage points.

謝謝你，阿爾。我們很高興地報告又一個強勁的季度，在我們所有 3 個業務驅動因素的持續增長推動下，淨收入增長增至 15%。根據公認會計原則報告，每股收益增長了 16%。這包括一個特殊項目，稍後我將更詳細地描述。剔除這一特殊項目後，每股收益增長了 39%，其中包括美國稅制改革帶來的 10 個百分點的收益。與上年相比，匯率變化對淨收入增長約 1.5 個百分點和每股收益增長約 3 個百分點產生了積極影響。

A few points to note. As we recently disclosed, based on progress in settlement discussions in the U.S. interchange multi-district litigation, we recorded a $600 million litigation provision and related tax benefit of $137 million in the third quarter. This special item is included in our reported GAAP result with operating expense growth of 53% and EPS growth of 16%. Excluding this special item, adjusted operating expense growth is 14% and adjusted EPS growth is 39%.

有幾點需要注意。正如我們最近披露的那樣，根據美國互換多區訴訟的和解討論的進展，我們在第三季度記錄了 6 億美元的訴訟準備金和 1.37 億美元的相關稅收優惠。這一特殊項目包含在我們報告的 GAAP 結果中，營業費用增長 53%，每股收益增長 16%。剔除這一特殊項目，調整後的營業費用增長為 14%，調整後的每股收益增長為 39%。

Related to this, on June 28, we deposited an additional $600 million into the litigation escrow under the term of the U.S. retrospective responsibility plan. Funding of the escrow triggers a conversion rate adjustment of class B common stock to shares of class A common stock, which has the same effect on EPS as repurchasing $600 million of class A common stock.

與此相關的是，6 月 28 日，我們根據美國追溯責任計劃的條款向訴訟託管額外存入了 6 億美元。託管資金會觸發 B 類普通股到 A 類普通股的轉換率調整，這對每股收益的影響與回購 6 億美元的 A 類普通股相同。

Growth across business drivers continued at double digits. Payments volume and processed transactions growth remains strong and steady at 11% and 12%, respectively, with cross-border volume growth decelerating to 10%, primarily due to a stronger dollar. Client incentives were lower than expected due to some contract signing delays as well as lower-than-forecast incentive levels. Contract signing delays added [$0.01 to $0.02] to Q3 results. We expect higher client incentives in the fourth quarter due to these signing delays.

各業務驅動因素的增長繼續保持兩位數。支付量和已處理交易的增長分別保持強勁和穩定在 11% 和 12%，跨境交易量增長放緩至 10%，主要是由於美元走強。由於一些合同簽署延遲以及低於預期的激勵水平，客戶激勵低於預期。合同簽署延遲使第三季度業績增加 [0.01 美元至 0.02 美元]。由於這些簽約延遲，我們預計第四季度的客戶激勵會更高。

Our tax rate benefited this quarter from the successful resolution of a tax audit. This is a nonrecurring benefit of 2.9 percentage points in our GAAP tax rate and 2.4 percentage points in our adjusted tax rate this quarter.

本季度我們的稅率得益於稅務審計的成功解決。這是我們的 GAAP 稅率 2.9 個百分點和本季度調整後稅率 2.4 個百分點的非經常性收益。

We bought back 13.6 million shares of class A common stock at an average price of $128.80 or $1.8 billion this quarter. Year-to-date buybacks totaled 46 million shares at an average price of $119.60 or $5.5 billion. This leaves $5.8 billion available for share repurchases as of June 30.

我們本季度以 128.80 美元或 18 億美元的平均價格回購了 1360 萬股 A 類普通股。年初至今的回購總額為 4600 萬股，平均價格為 119.60 美元或 55 億美元。截至 6 月 30 日，剩餘 58 億美元可用於股票回購。

Including the impact of the conversion rate adjustment of class B shares to shares of class A common stock related to the $600 million deposited into the litigation escrow account, our effective year-to-date buyback totaled $6.1 billion.

包括與存入訴訟託管賬戶的 6 億美元相關的 B 類股票轉換為 A 類普通股股票的轉換率調整的影響，我們年初至今的有效回購總額為 61 億美元。

Moving now to a review of key business drivers in the third quarter. Payments volume on a constant dollar basis grew 11% again this quarter. U.S. payments volume growth accelerated from 10% to 11% due to strong debit spending and commercial volume growth. U.S. consumer debit growth accelerated fueled by positive macroeconomic conditions, Visa Direct and rising gas prices. Commercial volume has been accelerating steadily in the past 3 quarters with gains across small business credit, large and middle-market programs.

現在開始回顧第三季度的主要業務驅動因素。本季度，按固定美元計算的支付量再次增長了 11%。由於強勁的借記卡支出和商業交易量增長，美國支付交易量增長從 10% 加速至 11%。在積極的宏觀經濟條件、Visa Direct 和汽油價格上漲的推動下，美國消費者藉記卡增長加速。在過去的三個季度中，商業交易量一直在穩步增長，小企業信貸、大型和中型市場項目都有所增長。

International payments volume also grew 11% on a constant dollar basis. Growth stepped up across Asia driven by China, India and Korea; and in Latin America driven by Brazil. Growth across the Middle East and North Africa accelerated. Growth in Europe remains healthy. A strong dollar reduced the currency translation tailwind, especially in Latin America and Europe. As reported, constant dollar cross-border volume growth decelerated 1 percentage point from 11% in Q2 to 10% in Q3. As a reminder, both Q2 and Q3 of fiscal year '18 are impacted by lapping a settlement delay in Europe last year. This contributed 1 percentage point to cross-border growth in the second quarter and reduced growth by the same amount in the third quarter.

按固定美元計算，國際支付量也增長了 11%。在中國、印度和韓國的推動下，整個亞洲的增長都加快了；在巴西的帶動下，在拉丁美洲。中東和北非的增長加速。歐洲的增長依然健康。強勢美元減少了貨幣換算的順風，尤其是在拉丁美洲和歐洲。據報導，美元跨境交易量增長從第二季度的 11% 下降 1 個百分點至第三季度的 10%。提醒一下，18 財年的第二季度和第三季度都受到去年歐洲結算延遲的影響。這為第二季度的跨境增長貢獻了 1 個百分點，並在第三季度減少了相同數量的增長。

In addition, we have fully lapped the drag from an e-commerce payments platform shifting acquiring of U.K. cardholder volumes to the U.K. from another EU location. This reduced cross-border growth by over 2 percentage points in the second quarter and did not have an impact on the third quarter's growth. The impact of each of these items on net revenue was de minimis.

此外，我們已經完全克服了電子商務支付平台將英國持卡人數量從另一個歐盟地點的收購轉移到英國的拖累。這使第二季度的跨境增長減少了2個百分點以上，對第三季度的增長沒有影響。這些項目中的每一項對淨收入的影響都是微乎其微的。

Both U.S. and Europe outbound commerce growth are down from their peaks but continue at double digits. Inbound commerce into the U.S. remained at double-digit growth rates, but decelerated with the strengthening of the U.S. dollar. Europe inbound commerce growth also slowed but remained at double-digit levels adjusted for the settlement impact. Inbound commerce into Russia accelerated with the FIFA World Cup. Mexico and the Caribbean benefited from the continued recovery in tourism.

美國和歐洲的出境商務增長均低於峰值，但仍保持兩位數。進入美國的入境貿易保持兩位數的增長率，但隨著美元走強而減速。歐洲入境貿易增長也放緩，但根據結算影響調整後仍保持在兩位數水平。隨著國際足聯世界杯，進入俄羅斯的入境貿易加速。墨西哥和加勒比地區受益於旅遊業的持續復甦。

Cross-border growth was also strong across the Middle East and North Africa. The sharp weakening of currencies relative to the dollar significantly slowed outbound commerce into Latin America. Processed transactions grew a healthy 12% for the third quarter in a row. Through July 21, U.S. payments volumes are up 11%, constant dollar cross-border volumes also grew 11% and processed transactions grew 13%.

中東和北非的跨境增長也很強勁。貨幣相對於美元的急劇貶值顯著減緩了進入拉丁美洲的對外貿易。已處理的交易連續第三季度增長了 12%。截至 7 月 21 日，美國的支付量增長了 11%，固定美元跨境交易量也增長了 11%，處理的交易量增長了 13%。

Turning to financial results. Net revenue growth accelerated to 15%. Service revenue grew 13%. Data processing revenues were up 19%. International revenue increased 16%. Data processing and international revenue benefited from pricing which went into effect this quarter. The currency translation benefit was lower this quarter versus the second quarter due to a stronger dollar.

轉向財務結果。淨收入增長加速至 15%。服務收入增長 13%。數據處理收入增長了 19%。國際收入增長 16%。數據處理和國際收入受益於本季度生效的定價。由於美元走強，本季度的貨幣換算收益低於第二季度。

While client incentives as a percent of gross revenue increased from 20.3% in Q2 to 20.8% in Q3, they were lower than we expected again this quarter. This was driven by lower-than-forecast incentive as well as some contract signing delays. These delayed contract signings are expected to shift into the fourth quarter. As compared with the third quarter of fiscal year '17, client incentives were up 20% as many of the contract conversions in Europe were completed during the fourth quarter of fiscal '17.

雖然客戶激勵佔總收入的百分比從第二季度的 20.3% 增加到第三季度的 20.8%，但本季度再次低於我們的預期。這是由於低於預期的激勵措施以及一些合同簽署延遲所致。這些延遲的合同簽署預計將轉移到第四季度。與 17 財年第三季度相比，客戶激勵增加了 20%，因為歐洲的許多合同轉換是在 17 財年第四季度完成的。

As reported on a GAAP basis, operating expenses grew 53%. Adjusted to exclude the special item related to the MDL provision, operating expenses grew 14%, primarily driven by personnel costs and marketing. Headcount was still ramping up in the third quarter of the last fiscal year following our global restructuring. This year-over-year increase reflects continued investment in personnel focus on our key growth initiatives.

根據公認會計原則報告，運營費用增長了 53%。經調整以排除與 MDL 條款相關的特殊項目，運營費用增長 14%，主要受人力成本和營銷的推動。在我們進行全球重組後，上一財年第三季度的員工人數仍在增加。這一同比增長反映了對專注於我們關鍵增長計劃的人員的持續投資。

Similar to the second quarter, this quarter also reflects the increase in our 401(k) matching contribution for U.S. employees and higher employee incentive accruals tied to better-than-expected year-to-date performance. Marketing investment was higher than last year due to spending around the FIFA World Cup in Russia. Finally, exchange rate shifts added 1 percentage point to expense growth.

與第二季度類似，本季度也反映了我們對美國員工的 401(k) 匹配貢獻的增加以及與年初至今表現好於預期相關的員工激勵應計增加。由於俄羅斯世界杯期間的支出，營銷投資高於去年。最後，匯率變動使費用增長增加了 1 個百分點。

Non-operating expense was 34% lower than the third quarter of fiscal year '17 driven by 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，營業外支出比 17 財年第三季度低 34%。

Our GAAP effective tax rate for the quarter was 17.2%. Excluding the $137 million tax benefit related to the MDL litigation provision, our adjusted effective tax rate was 18.2%. This includes a 6 percentage point reduction related to U.S. tax reform and the 2.4 percentage point benefit from a nonrecurring audit settlement.

我們本季度的 GAAP 有效稅率為 17.2%。不包括與 MDL 訴訟條款相關的 1.37 億美元稅收優惠，我們調整後的有效稅率為 18.2%。這包括與美國稅制改革相關的 6 個百分點的降低以及非經常性審計結算帶來的 2.4 個百分點的收益。

Europe continues to exceed our financial expectations once again this year and relative to the original acquisition model. We now expect accretion from the Visa Europe acquisition to be at double-digit levels in fiscal year '18. This exceeds our original acquisition expectations and is 2 years ahead of schedule.

相對於最初的收購模式，歐洲今年再次超出我們的財務預期。我們現在預計 Visa Europe 收購的增長將在 18 財年達到兩位數的水平。這超出了我們最初的收購預期，比計劃提前了 2 年。

The integration phase is nearing completion, also well ahead of schedule. As Al indicated, the complex process of converting clients to commercial agreements is complete, and the technology integration is on track for completion by the end of this calendar year. With the integration phase complete, we are entering growth phase. We have many attractive opportunities for growth across Europe, as Al described.

整合階段即將完成，也大大提前完成。正如 Al 所指出的，將客戶轉換為商業協議的複雜過程已經完成，技術集成有望在今年年底前完成。隨著整合階段的完成，我們正在進入成長階段。正如 Al 所描述的，我們在整個歐洲有許多有吸引力的增長機會。

With that, our outlook for fiscal year 2018. There is no change to our outlook for net revenue growth, operating expense growth and operating margin. As a reminder, we expect net revenue growth to be in the low double digits on a nominal dollar basis, including approximately 1 percentage point of positive foreign currency impact. Given that the weakening of the dollar accelerated starting in the fourth quarter of fiscal '17, the exchange rate tailwind moderates in the fourth quarter of this fiscal year. At current exchange rates, the currency translation impact on the fourth quarter net revenue is neutral.

有了這個，我們對 2018 財年的展望。我們對淨收入增長、營業費用增長和營業利潤率的展望沒有變化。提醒一下，我們預計按名義美元計算的淨收入增長將處於兩位數的低位，包括大約 1 個百分點的積極外匯影響。鑑於美元從 17 財年第四季度開始加速走弱，匯率順風在本財年第四季度放緩。按當前匯率計算，貨幣換算對第四季度淨收入的影響是中性的。

We expect to be at the low end of the 21.5% to 22% range for incentives as a percent of gross revenue. In the fourth quarter, client incentives are expected to be above the range due to the delayed contract signings.

我們預計激勵措施佔總收入的百分比將處於 21.5% 至 22% 範圍的低端。在第四季度，由於合同簽署延遲，預計客戶激勵將高於該範圍。

As we discussed last quarter, full year operating expense growth is forecast to be in the low double digits, adjusted for special items in both fiscal '17 and fiscal '18. Since investments ramped during the fourth quarter of 2017, we expect expense growth to moderate to the mid-single-digit range in the fourth quarter.

正如我們上個季度所討論的那樣，全年運營費用增長預計將處於兩位數的低位，並針對 17 財年和 18 財年的特殊項目進行了調整。由於 2017 年第四季度投資增加，我們預計第四季度費用增長將放緩至中個位數範圍。

Our adjusted tax rate, including the impact of U.S. tax reform, is expected to be between 20.5% and 21.5%. This lower range reflects the tax rate realized year-to-date and includes nonrecurring benefits from our tax initiative of 1 to 1.5 percentage points this year. We also had a 6-point reduction from U.S. tax reform. In fiscal year '19, we will lose the nonrecurring tax benefit but gain 1 to 2 points from a full year of the new U.S. federal tax rate.

我們調整後的稅率，包括美國稅制改革的影響，預計在 20.5% 至 21.5% 之間。這個較低的範圍反映了年初至今實現的稅率，並包括我們今年稅收舉措帶來的 1 至 1.5 個百分點的非經常性收益。我們還從美國稅制改革中減少了 6 個百分點。在 '19 財年，我們將失去非經常性稅收優惠，但從全年的新美國聯邦稅率中獲得 1 到 2 個百分點。

On a GAAP nominal dollar basis, we expect EPS growth in the high 50s. On an adjusted non-GAAP nominal dollar basis, we are increasing our EPS growth outlook from the high 20s to the low 30s. This includes 1.5 percentage points of positive foreign currency impact and 9 to 10 percentage point benefit from the impact of U.S. tax reform.

在 GAAP 名義美元基礎上，我們預計每股收益將在 50 年代高點增長。在調整後的非公認會計原則名義美元基礎上，我們將每股收益增長前景從 20 年代的高位上調至 30 年代的低位。這包括 1.5 個百分點的積極外匯影響和 9 至 10 個百分點的美國稅制改革影響。

As a reminder, we will adopt the new revenue recognition standard at the beginning of fiscal year 2019. If applied to fiscal year '18 reported results, we expect the impact of the new standard would be a reduction in reported net revenue growth of approximately 50 to 60 basis points. This impact is partially dependent on the terms of new incentive deals executed in the fourth quarter and going forward and therefore will vary.

提醒一下，我們將在 2019 財年年初採用新的收入確認標準。如果應用於 '18 財年報告的結果，我們預計新標準的影響將是報告的淨收入增長減少約 50至 60 個基點。這種影響部分取決於第四季度和未來執行的新激勵交易的條款，因此會有所不同。

At this point, we estimate that the application of the new revenue standard may be a modest headwind in fiscal year '19 and approximately 50 to 60 basis points reduction in reported net revenue growth. We will continue to assess the impact on fiscal year '19, and we'll provide an update when we discuss our outlook in October. As a reminder, the new accounting standard has no impact on cash flows or the economic value of our business.

在這一點上，我們估計新收入標準的應用在 19 財年可能是一個溫和的逆風，並且報告的淨收入增長減少了大約 50 到 60 個基點。我們將繼續評估對 '19 財年的影響，並在 10 月份討論展望時提供更新。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, business trends remained strong globally. Revenue growth has continued to accelerate. Bolstered by successful tax initiative and U.S. tax reform, our fiscal year '18 outlook anticipates adjusted EPS growth in the low 30% range. This will result in adjusted EPS being up over 60% since the end of fiscal year 2016.

總之，全球業務趨勢依然強勁。收入增長繼續加速。在成功的稅收倡議和美國稅收改革的支持下，我們的 18 財年展望預計調整後的每股收益增長將在 30% 的低位範圍內。這將導致調整後的每股收益自 2016 財年末以來增長 60% 以上。

The Europe acquisition continues to track ahead of expectations, driving double-digit accretion by the end of the second year, well ahead of schedule. As Al described, we're making good progress on a broad range of initiatives that are laying the groundwork to sustain high levels of secular growth into the future.

在歐洲的收購繼續超出預期，到第二年年底實現兩位數的增長，遠超預期。正如 Al 所描述的，我們在一系列廣泛的舉措上取得了良好進展，這些舉措為在未來維持高水平的長期增長奠定了基礎。

With that, I'll turn the call back to Mike.

有了這個，我會把電話轉回給邁克。

Thank you. And with that, Katie, we are ready to take questions.

謝謝你。有了這個，凱蒂，我們準備好回答問題了。

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

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

Al, you talked about increasing the yield part of the upside in Europe from those 3 sources. Could you maybe dimensionalize the runway versus where we are today? And then just a clarification, Vasant, on the data processing revenue pricing change. Did that happen at the early part of this quarter? And was it a specific region? Or was it across the board?

艾爾，你談到從這三個來源增加歐洲上漲的收益率部分。您能否將跑道與我們今天的位置進行對比？然後，Vasant 澄清一下數據處理收入定價的變化。這是否發生在本季度初？它是一個特定的地區嗎？或者是全面的？

Sanjay, we, as I think you know, typically don't get into the specifics on pricing. But I would just remind you that Visa Europe, until recently, operated as an association and therefore had different motivations. So we have said before that we think that there is some real pricing opportunity as we look at Europe over the next number of years. And we started to take some of that pricing and we'll continue to over time.

桑傑，我想你知道，我們通常不會深入了解定價的細節。但我只想提醒您，Visa Europe 直到最近還作為一個協會運作，因此有不同的動機。因此，我們之前已經說過，我們認為在未來幾年內我們會看到歐洲存在一些真正的定價機會。我們開始採取一些定價，並且隨著時間的推移我們將繼續這樣做。

On the data processing side, yes, we did indicate to you when we provided our outlook for this fiscal year that the pricing this fiscal year would be in the second half of the year. So most of the price increases around the world were effective April 1, and that's why you're seeing some of the impact starting this quarter. And we generally don't get into which region we took pricing in or how much and so on, as you know.

在數據處理方面，是的，我們在提供本財年展望時確實向您表明，本財年的定價將在下半年。因此，世界各地的大部分價格上漲都在 4 月 1 日生效，這就是為什麼你會從本季度開始看到一些影響。如您所知，我們通常不會進入我們定價的地區或價格等。

Our next question comes from Harshita Rawat with Bernstein.

我們的下一個問題來自 Harshita Rawat 和 Bernstein。

Al and Vasant, I want to ask a question about India, which, in many ways, has become the next place to watch in payments. And as you know, there's a lot happening on the ground with local players, Internet giants and government-backed schemes. So my question for you is what's your strategy to gain traction in this extremely competitive market, especially versus some very nimble local players and also local schemes which have certain advantages?

Al 和 Vasant，我想問一個關於印度的問題，在很多方面，印度已經成為下一個支付關注的地方。如您所知，當地參與者、互聯網巨頭和政府支持的計劃在當地發生了很多事情。所以我問你的問題是，在這個競爭異常激烈的市場中，你的策略是什麼，尤其是與一些非常靈活的本地參與者以及具有一定優勢的本地計劃相比？

Well, thank you for giving us the opportunity to talk about India. I mean, we're very pleased with what's happening in India. The cash disbursement opportunity is great. I'd remind everybody that we are the market leader in India. We're well positioned. We have a greater than 50% share in India. We're continuing to grow at very healthy clips in '18, and that's growing over very, very high growth in the prior year of '17. Our total focus is on growth, and the enablers of that are driving acceptance and driving innovation in the market. We're scaling QR code acceptance. We're partnering with issuers on driving awareness and usage, and we're working with issuers on things like tokenization, contactless and scan and pay. There's no question that India is a market where there is a number of competitors who have come into the space, but it is also a market that is in the very, very early stages of its maturation in payments. And we believe that having been in India now for over 30 years and our various capabilities, that we are well positioned to get more than our fair share of growth as India matures over the next years and frankly, decade plus. So we feel very good about it.

嗯，謝謝你讓我們有機會談論印度。我的意思是，我們對印度正在發生的事情感到非常滿意。現金支付的機會很大。我要提醒大家，我們是印度的市場領導者。我們的位置很好。我們在印度擁有超過 50% 的份額。我們在 18 年繼續以非常健康的速度增長，而且在 17 年的前一年增長非常非常高。我們的全部重點是增長，而增長的推動力正在推動市場的接受和推動創新。我們正在擴大 QR 碼的接受度。我們正在與發行人合作提高認知度和使用率，我們正在與發行人合作開展代幣化、非接觸式以及掃描和支付等方面的工作。毫無疑問，印度是一個有許多競爭對手進入該領域的市場，但它也是一個處於支付成熟期的非常非常早期的市場。而且我們相信，現在已經在印度工作了 30 多年，我們的各種能力，隨著印度在未來幾年（坦率地說，十年以上）的成熟，我們有能力獲得超過我們公平份額的增長。所以我們對此感覺很好。

Yes, a few other things to add in terms of the competitors. Clearly, with some of the players now becoming payment banks, it changes the nature of the relationship we can have with them. Payment banks can do issuance of debit cards and prepaid cards, but they're not allowed to issue credit cards, but they can use debit and prepaid. And a lot of people don't like to load wallets if they can just use a debit or prepaid card; far more convenient. So it's not -- you shouldn't be surprised to see partnerships emerge with people that you might have thought of as competitors because there's mutual benefit in that. There's also the opportunity to have acquiring licenses granted to some of the payment banks, which opens up a large amount of acceptance that has been built over time in a proprietary kind of way. Similarly, with some of the other entrants, what everybody is doing is essentially creating the pay electronically habit, which is good for all of us. The rising tide lifts all boats. So there's generally benefit, as you can see, that our business is also growing at a very healthy clip. So all in all, I mean, as Al said, it's very early days, and there'll be a variety of new partnerships formed. We are talking to a whole range of players, and we would say you should stay tuned and as things develop.

是的，就競爭對手而言，還有一些其他的事情要補充。顯然，隨著一些參與者現在成為支付銀行，它改變了我們可以與他們建立的關係的性質。支付銀行可以發行借記卡和預付卡，但不能發行信用卡，但可以使用借記卡和預付卡。如果只能使用借記卡或預付卡，很多人不喜歡加載錢包；方便得多。所以它不是 - 你不應該驚訝地看到與你可能認為是競爭對手的人建立合作夥伴關係，因為這可以互惠互利。還有機會向一些支付銀行授予收購許可證，這開闢了隨著時間的推移以專有方式建立的大量接受。同樣，對於其他一些參賽者，每個人所做的基本上都是建立電子支付的習慣，這對我們所有人都有好處。漲潮掀起所有船隻。因此，正如您所看到的，我們的業務也在以非常健康的速度增長，這通常是有好處的。所以總而言之，我的意思是，正如 Al 所說，現在還處於早期階段，將會形成各種新的合作夥伴關係。我們正在與各種各樣的玩家交談，我們會說你應該繼續關注，隨著事情的發展。

Our next question comes from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Solid results. Just wanted to ask about the incentives. I guess one of the comments about incentives coming in lower than expected was a lower forecast. So just trying to figure if that was lower volume coming from clients or was there something in the forecast that's changed when we think about it going forward? And in the fourth quarter, does that become the -- kind of the high-water mark in kind of looking at it seasonally for incentives typically, so we should see as a percentage of revenue -- of gross revenue that the incentives in the fourth quarter becomes kind of the highest percentage and then it kind of drops from there?

紮實的結果。只是想問一下激勵措施。我想關於激勵措施低於預期的評論之一是預測較低。因此，只是想弄清楚這是否是來自客戶的交易量較低，或者當我們考慮未來時預測中是否有某些變化？並且在第四季度，這是否會成為 - 一種高水位線，通常是季節性地看待激勵措施，所以我們應該將其視為收入的百分比 - 總收入的百分比，即第四季度的激勵措施季度成為最高百分比，然後從那裡下降？

So 2 different questions. So on the first one, yes, the incentives coming in lower, a piece of it was clearly real reductions in incentives, i.e., incentives being lower than we expected. And that was because the incentives spend was not at levels -- we make a bunch of assumptions when we do these things as to what we might need to do from an incentives standpoint. And in this case, that was a real reduction from what we expected. And therefore, we are saying for the full year, for example, we now expect incentives as a percent of gross revenues to actually be at the low end of the range that we gave you. Last quarter, we narrowed the range. This quarter we're saying it will get to the low end of the range because incentives are actually coming in lower than we had forecast when we gave you our outlook last year. So that's a real reduction; it's not a delay. In terms of the fourth quarter, the high-watermark, last year, the fourth quarter number was the high-watermark because we were doing this big conversion from rebates to incentives in Europe. And just based on historical trends in Europe, a lot of the deals were done towards the end of our fiscal year, and so they were high in the fourth quarter. This year again, we will probably have incentives being higher as a percent of gross revenue in the fourth quarter. I don't think you should view that as some kind of seasonality. It's just a reflection of what happened in the past couple of years and just bad timing was for renewal of certain deals and exactly what was going on in Europe and so on. So I don't think you should carry that forward as sort of a thing -- something that would happen every year.

所以2個不同的問題。因此，在第一個方面，是的，激勵措施降低了，其中一部分顯然是激勵措施的實際減少，即激勵措施低於我們的預期。那是因為激勵支出沒有達到水平——當我們做這些事情時，我們會做出一堆假設，從激勵的角度來看我們可能需要做什麼。在這種情況下，這與我們的預期相比確實有所減少。因此，我們說全年，例如，我們現在預計激勵措施佔總收入的百分比實際上處於我們給您的範圍的低端。上個季度，我們縮小了範圍。本季度我們說它將達到該範圍的低端，因為激勵措施實際上低於我們去年向您提供展望時的預測。所以這是一個真正的減少；這不是延遲。就第四季度的高水位線而言，去年第四季度的數字是高水位線，因為我們正在歐洲進行從回扣到激勵的大轉換。僅根據歐洲的歷史趨勢，很多交易都是在我們財政年度末完成的，所以在第四季度它們很高。今年再次，我們可能會在第四季度獲得更高的激勵措施佔總收入的百分比。我認為您不應該將其視為某種季節性。這只是對過去幾年發生的事情的反映，而某些交易的續籤時機不佳，以及歐洲正在發生的事情等等。所以我認為你不應該把它作為一種事情來推進——每年都會發生的事情。

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

我們的下一個問題來自 RBC Capital Markets 的 Dan Perlin。

So I just had a question on this pivot to growth for you guys in Europe and in particular, around some of the market share commentary, Al, you mentioned. Can you give us a flavor or at least some idea about what you're thinking in terms of target markets? And do those markets look more debit-centric, credit-centric? Should we be concerned about what that could do to yields as you start to make that pivot? And are there any real large, sizable buckets that we could start thinking through in terms of investment as you make that pivot?

所以我剛剛對你們在歐洲的增長重心提出了一個問題，特別是圍繞一些市場份額評論，Al，你提到的。你能告訴我們你在目標市場方面的想法嗎？這些市場是否看起來更以藉記卡為中心、以信用為中心？我們是否應該擔心當你開始轉向時這會對收益率產生什麼影響？當你做出這個支點時，我們是否可以開始考慮投資方面的任何真正的大的、相當大的桶？

Well, Dan, I'd say a couple of things. I don't want to necessarily give away our -- many, many details of our specific strategies. But look, our business in -- the business that we bought in Europe is obviously very concentrated in the U.K. and a few other markets, and it's 37 markets as we look at it in Europe. It's also largely what we inherited and so actually, a debit business. And so I think as we look at pivoting now off of the integration work that has been really dominating a lot of time and management attention over the last 2 years to really look at growth, I think that looking at other markets beyond the U.K. and France and Spain and markets like the Nordics, markets like Germany, markets like Italy and looking at moving beyond debit to credit are very high on our list. I think additionally, we think there's the possibility to pick up some processing capabilities where -- pick up some processing where our capabilities might be better and richer than some of the offerings in the markets around Europe today. I think as we think about some of our capabilities that we'll be able to deliver once we're fully migrated over to VisaNet and our ability to introduce the capabilities that exist on VisaNet, ranging from risk capabilities to fraud capabilities to tokenization, et cetera, I think there's a great opportunity in the continent of Europe in various pockets to pick up volume. So those are -- that's where I would say that we're looking at, at putting our investments, Dan.

嗯，丹，我想說幾件事。我不想一定要洩露我們的——很多很多我們具體戰略的細節。但是看，我們在歐洲的業務——我們在歐洲購買的業務顯然非常集中在英國和其他幾個市場，當我們在歐洲看到它時，它是 37 個市場。它在很大程度上也是我們繼承的，因此實際上是一項借記業務。所以我認為，當我們現在考慮從過去兩年中真正佔據大量時間和管理層注意力的整合工作轉向真正關注增長時，我認為看看英國和法國以外的其他市場西班牙和北歐等市場、德國等市場、意大利等市場以及考慮從借方轉向貸方的市場在我們的名單上非常重要。另外，我認為，我們認為有可能獲得一些處理能力——在我們的能力可能比當今歐洲市場上的一些產品更好和更豐富的地方獲得一些處理能力。我認為，當我們考慮完全遷移到 VisaNet 後我們將能夠提供的一些功能以及我們引入 VisaNet 上現有功能的能力時，從風險能力到欺詐能力再到標記化等等等，我認為在歐洲大陸的各個方面都有很大的機會來增加交易量。所以這些是 - 我會說我們正在關注，在投入我們的投資，丹。

Our next question comes from Tien-tsin Huang with JPMorgan.

我們的下一個問題來自摩根大通的Tien-tsin Huang。

Glad to see the revenue acceleration here. I wanted to ask on Europe, just kind of a follow-on to Dan's question. Just now that you're ahead of schedule, 2 years ahead of schedule, has your total synergy expectation changed at all for Visa Europe? And is there anything to consider with Brexit and some other factors? I know there's some market review of a card-acquiring business. I know that's not directly impactful to you. But anything we should consider today on Europe?

很高興看到這裡的收入加速。我想問關於歐洲的問題，只是丹問題的後續問題。就在您提前了 2 年之後，您對 Visa Europe 的總體協同效應預期是否發生了變化？英國脫歐和其他一些因素有什麼需要考慮的嗎？我知道有一些關於卡片獲取業務的市場評論。我知道這對你沒有直接影響。但是我們今天應該考慮歐洲的什麼？

Well, I'll let Vasant comment on the accretion. Tien-tsin, we've looked at Brexit from any number of ways and it's still unsure exactly where -- I mean, how it's going to play out. As we all know, the politics in the U.K. right now is maybe not quite as interesting as the politics in the U.S., but it's awfully close. And how that's going to play out, who knows. But our view is that we don't see a lot of impact on our business from Brexit. We'll continue to look at it. We looked at it a number of times in depth, but we don't really see anything that concerns us there. Vasant, do you want to comment on the accretion?

好吧，我會讓 Vasant 對吸積發表評論。 Tien-tsin，我們已經從許多方面審視了英國退歐，但仍然不確定具體在哪裡——我的意思是，它將如何發展。眾所周知，現在英國的政治可能不像美國的政治那麼有趣，但已經非常接近了。以及這將如何發揮作用，誰知道呢。但我們的觀點是，我們認為英國退歐不會對我們的業務產生太大影響。我們將繼續研究它。我們深入研究了很多次，但我們並沒有真正看到任何與我們有關的東西。 Vasant，你想對吸積發表評論嗎？

On the accretion side, as I indicated in the comments, we are at double digits right now. So that's higher than what we thought we would achieve over a period of time. I think we said high single digits over a 4-year time frame. So it's higher than what we expected, and it is faster. Some of it is driven by things we -- we were fairly conservative when we did the acquisition modeling. Certainly, we've had better outcomes on pricing. Overall, volume growth has been stronger than we expected. In addition to that, we were able to do the tax restructuring, and that created some real value. We've generally achieved all the other benefits we talked from a growth standpoint. So on all those fronts, things have performed better than we expected, and these are all very sustainable and will continue for sure. And as Al said, we see additional opportunity for yield improvement, and we will have some additional cost savings as we finish the technology integration. But as with everything else, once you get into a business, you realize what other opportunities you have. So clearly, we'll be investing in some of the growth opportunities that Al talked about. We are clearly going to be beefing up, as Al has said before, resources that are more in-market rather than based at our hub in London, and we'll be increasing our investment in driving some of the growth initiatives that Al mentioned. So things do change, but we did want to sort of give you a clean look at what our accretion was at the end of year 2 when it's still possible to cleanly look at what the business could have been without Visa Europe and is with Visa Europe. As we go further down the road, it gets muddier because things change. A lot of things change. But right now, at least it's clean enough to give you a point of view.

正如我在評論中指出的那樣，在吸積方面，我們現在處於兩位數。所以這比我們認為我們會在一段時間內實現的要高。我想我們說的是 4 年時間框架內的高個位數。所以它比我們預期的要高，而且速度更快。其中一些是由我們驅動的——我們在進行收購建模時相當保守。當然，我們在定價方面取得了更好的成果。總體而言，銷量增長強於我們的預期。除此之外，我們能夠進行稅收重組，這創造了一些真正的價值。從增長的角度來看，我們通常已經實現了我們談到的所有其他好處。因此，在所有這些方面，事情的表現都比我們預期的要好，而且這些都是非常可持續的，並且肯定會繼續下去。正如 Al 所說，我們看到了提高良率的額外機會，並且隨著我們完成技術集成，我們將節省一些額外的成本。但與其他一切一樣，一旦你進入一家企業，你就會意識到你還有哪些其他機會。很明顯，我們將投資於 Al 談到的一些增長機會。正如艾爾之前所說，我們顯然將加強市場資源，而不是基於我們在倫敦的中心，我們將增加投資以推動艾爾提到的一些增長計劃。所以事情確實發生了變化，但我們確實想讓您清楚地了解我們在第 2 年年底的增長情況，那時我們仍然可以清楚地了解沒有 Visa Europe 和 Visa Europe 的業務情況.隨著我們走得更遠，事情變得更加混亂，因為事情發生了變化。很多事情都變了。但是現在，至少它足夠乾淨，可以給你一個觀點。

Our next question comes from Lisa Ellis with MoffettNathanson.

我們的下一個問題來自 Lisa Ellis 和 MoffettNathanson。

I have a question about Visa Direct and the applicability of Visa Direct for consumer bill pay given how large a component of e-commerce consumer bill pay is, and also it's been a primary use case for competitive networks like Fast ACH, et cetera. You didn't mention in your comments about Visa Direct any specific partnerships related to bill pay. So I would love just some color on what the hurdles are to using Visa Direct for like online bill pay. And do you see that use case emerging and potentially diminishing the competitive threat from Fast ACH?

鑑於電子商務消費者賬單支付的組成部分有多大，我有一個關於 Visa Direct 和 Visa Direct 對消費者賬單支付的適用性的問題，而且它也是 Fast ACH 等競爭性網絡的主要用例。您在關於 Visa Direct 的評論中沒有提到任何與賬單支付相關的特定合作夥伴關係。因此，我希望了解一下使用 Visa Direct 進行在線賬單支付的障礙。您是否看到該用例正在出現並可能削弱 Fast ACH 的競爭威脅？

Well, it's very much a very important use case of Visa Direct. I think the only reason Al didn't mention it is because he was talking about some of the newer use cases. There are 4 core use cases that are driving Visa Direct volumes today. Certainly, P2P, you're all familiar with that, that's a big one. Disbursements, we've talked a lot about that, disbursements of all kinds: health care, the gig economy and so on. Bill pay is a third and really important use case. That's well underway. We're enabling a variety of bill pay merchants right now through Visa Direct. And then the fourth is faster payments to merchants. These are things like services that acquirers are offering merchants where they can get money faster than waiting for the normal settlement schedule. So those are 4 use cases that are driving Visa Direct as we speak. What we were talking about was some of the newer use cases that are being enabled in the future.

嗯，這是 Visa Direct 的一個非常重要的用例。我認為 Al 沒有提及它的唯一原因是因為他在談論一些較新的用例。目前有 4 個核心用例推動了 Visa Direct 的銷量。當然，P2P，大家都熟悉，那是一個很大的。支出，我們已經談了很多，各種支出：醫療保健、零工經濟等等。賬單支付是第三個非常重要的用例。這正在順利進行。我們現在正在通過 Visa Direct 啟用各種賬單支付商家。然後第四是更快地向商家付款。這些是收單機構向商家提供的服務，他們可以比等待正常的結算時間表更快地獲得資金。因此，正如我們所說，這些是推動 Visa Direct 的 4 個用例。我們談論的是未來將啟用的一些較新的用例。

Our next question comes from Dave Koning with Baird.

我們的下一個問題來自與 Baird 的 Dave Koning。

So I guess just on the international revenue, a really nice driver has been just how the growth has been mid to high teens despite constant currency cross-border volume only growing like 10%, 11% or so. I'm wondering, is that gap sustainable with pricing and mix? Or with FX coming in a little bit, should those 2 kind of converge a little and grow more in line with each other?

因此，我想僅就國際收入而言，一個非常好的驅動因素是儘管貨幣跨境交易量僅增長了 10%、11% 左右，但增長一直是中高水平。我想知道，定價和組合的這種差距是否可持續？或者隨著 FX 的出現，這 2 種是否應該收斂一點，彼此更加一致？

Well, I'd say a couple of things and Vasant can add. As I look at our business, Dave, over the next number of years, a lot of our -- the bulk of our growth is going to come overseas, and it's something we're putting a lot of time and attention to. And I personally spend a lot of my personal time overseas. And so I think we're going to continue to see us invest in these markets. The cash opportunity -- cash displacement opportunity is great. Some of the things, we were just talking about Visa Direct and some of the use cases, the geographic expansion of Visa Direct into a number of these markets is going to be extremely helpful in driving volume as well as some of the capabilities that we'll continue to introduce in these markets that might be a little bit further along, in some cases, in the U.S. So it's going to continue to be -- our aim is for it to continue to be a real source of growth. Vasant, do you want to add anything?

好吧，我想說幾件事，Vasant 可以補充。戴夫，當我審視我們的業務時，在接下來的幾年中，我們的大部分增長將來自海外，這是我們投入大量時間和精力的事情。我個人在海外度過了很多個人時間。所以我認為我們將繼續看到我們投資這些市場。現金機會——現金置換機會很大。有些事情，我們只是在談論 Visa Direct 和一些用例，Visa Direct 在這些市場中的地理擴張將非常有助於推動銷量以及我們的一些功能。將繼續在這些市場推出，在某些情況下，在美國可能會更進一步。所以它將繼續——我們的目標是讓它繼續成為真正的增長來源。 Vasant，你想補充什麼嗎？

Yes, jumping to the question on the delta between the revenue growth and the constant dollar volume growth, yes, it's a little harder for you from the outside to understand the drivers of that difference. And there are 3 broad areas that can cause a difference: one, as you pointed out, is FX, and that's clearly helped in the last few quarters and it helped more last quarter than it did this quarter. As you know, the dollar strengthened, so the FX benefit was greater last quarter on the international revenue than it is this quarter, but it was still a benefit. The second is mix. So I wouldn't underestimate the importance of mix. Which corridors are growing does matter. Some corridors are higher-yielding than others. For example, our cross-border volume growth includes what we call intra-EU cross-border volume. Intra-EU cross-border volume, as you know, does not have economics very different than domestic cross -- domestic volume within the EU. And therefore, when that grows faster than, let's say, the rest of the cross-border business, that can be a drag and vice versa. So mix is a factor, which is harder for you to see from the outside. And the third is, of course, pricing, and this quarter, we had some benefit from pricing. So there's 3 different factors, and they have a -- they interplay with each other. You're right. As we get into fourth quarter, as the FX benefit moderates a bit, that won't help as much just as it helped less in the third quarter. But then there are the other factors to consider, too, like pricing and mix.

是的，跳到關於收入增長和不變的美元交易量增長之間的增量的問題，是的，你從外部理解這種差異的驅動因素有點困難。有 3 個廣泛的領域可能會造成差異：正如您所指出的，一個是外匯，這在過去幾個季度顯然有所幫助，並且上個季度的幫助比本季度更大。如您所知，美元走強，因此上個季度對國際收入的外匯收益大於本季度，但它仍然是一個收益。二是混合。所以我不會低估混合的重要性。哪些走廊正在增長確實很重要。一些走廊的收益高於其他走廊。例如，我們的跨境交易量增長包括我們所說的歐盟內部跨境交易量。如您所知，歐盟內部跨境交易量與國內跨境交易量（歐盟內部交易量）在經濟學上沒有太大區別。因此，當它的增長速度超過其他跨境業務時，這可能是一種拖累，反之亦然。所以混合是一個因素，你很難從外面看到。第三個當然是定價，本季度，我們從定價中獲得了一些好處。所以有 3 個不同的因素，它們有一個 - 它們相互影響。你是對的。隨著我們進入第四季度，隨著外匯收益略有緩和，這不會像第三季度的幫助那麼大。但是還有其他因素需要考慮，比如定價和組合。

Our next question comes from Darrin Peller with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

So I mean you're trending better than the first quarters, few quarters. So other than higher incentives, just to be clear, is there anything else limiting your ability on the top line to raise? I think it's just incentives, to be clear. And then Al, I mean, cross-border seems to be trending better than last year, obviously, in the double digits again. I just want to hone in for a moment on the sustainability on that kind of trend in your mind just given e-comm is a higher percentage mix now and if that should hold up in your view, and then if incentives as a percentage of that could be -- basically, incentives as a percentage of revenue should be lower with cross-border being stronger.

所以我的意思是你的趨勢比第一季度更好，幾個季度。所以除了更高的激勵措施，只是要明確一點，還有什麼限制你在頂線上加薪的能力嗎？我認為這只是激勵措施，要清楚。然後 Al，我的意思是，跨境似乎比去年趨勢更好，顯然，再次達到兩位數。我只是想在你的腦海中磨練一下這種趨勢的可持續性，因為現在電子商務的比例更高，如果你認為這應該堅持下去，那麼激勵措施是否佔其中的百分比可能 - 基本上，隨著跨境業務的加強，激勵措施佔收入的百分比應該更低。

Well, to take the second part of your question, I think that -- so I don't want to be in the predicting business, but I will tell you this: that we want to be making sure that cross-border is growing as healthy a level as it possibly can and e-commerce is, in fact, an enabler to that. I think as long as -- and, in addition to that, as long as the economies of the world stay strong and we're seeing people feel comfortable about traveling, that's certainly also going to greatly contribute to cross-border continuing to grow. It's an area of real emphasis for us and a real emphasis for the work we do with our issuers. So it's an area of great focus, and we expect it to hold up.

好吧，回答你問題的第二部分，我認為——所以我不想從事預測業務，但我會告訴你：我們希望確保跨境業務增長盡可能保持健康水平，而電子商務實際上是實現這一目標的推動力。我認為，只要——而且除此之外，只要世界經濟保持強勁，我們看到人們對旅行感到自在，這肯定也會極大地促進跨境業務的持續增長。這是我們真正重視的領域，也是我們與發行人合作的真正重點。所以這是一個非常關注的領域，我們希望它能夠堅持下去。

So on your other question about the revenue growth trajectory, I'll just repeat 2 things that I mentioned when I -- in my earlier remarks. One was in the fourth quarter -- in the third quarter, we had a FX exchange rate tailwind of 1.5 percentage points. So it added 1.5 points to our net revenue growth. If you just take today's exchange rates and given that the dollar really started to weaken in the fourth quarter of last year, the FX impact on net revenue growth is close to neutral. So you do have that one change. And then the other one you pointed out was incentives as a percent of gross revenue were 20.8% in Q3 and we said would be higher in the fourth quarter. So there are 2 factors that are different in the fourth quarter as we sit here today in terms of impacting the net revenue growth rate -- the reported net revenue growth rate.

所以關於你關於收入增長軌蹟的另一個問題，我將重複我在之前的評論中提到的兩件事。一個是在第四季度——在第三季度，我們的外匯匯率順風為 1.5 個百分點。因此，它為我們的淨收入增長增加了 1.5 個百分點。如果只考慮今天的匯率，並且考慮到美元在去年第四季度確實開始走弱，那麼外匯對淨收入增長的影響接近中性。所以你確實有那個改變。然後你指出的另一個是激勵措施，因為第三季度總收入的百分比為 20.8%，我們說第四季度會更高。因此，就影響淨收入增長率而言，第四季度有兩個不同的因素 - 報告的淨收入增長率。

Our next question comes from Jim Schneider with Goldman Sachs.

我們的下一個問題來自高盛的 Jim Schneider。

Al, relative to some of the comments you made before about the various applications of Visa Direct all the way from remittance, P2P, bill pay and direct deposit for merchants, et cetera, as you project forward over the next few years, can you give us any kind of sense about, say, 4 or 5 years out how big a piece of revenue or percentage of total company revenue those various opportunities could be collectively for you at that point?

艾爾，相對於你之前關於 Visa Direct 的各種應用的一些評論，從匯款、P2P、賬單支付和商戶直接存款等，隨著你未來幾年的計劃，你能給我們有什麼感覺，比如說，在 4 年或 5 年之後，這些各種機會在那時對您來說有多大的收入或占公司總收入的百分比？

Jim, we're not going to make forecasts 3 or 5 years out on anything. I would say this though, that obviously, we've been talking about Visa Direct for a little over a year, 1.5 years now. We're actually starting to meaningfully see it in our numbers. You're continuing to hear us talk about it in bullish terms. I think it's important to emphasize that this is an operational capability that exists today. It's global. It's a capability that's attracting partners to us to try to talk about different use cases. Visa Direct is running on our VisaNet platform and therefore has all the associated speed, security and scale that's associated with it. And VisaNet has the capability to provide a bunch of services that a lot of other real-time payment networks don't, including things like dispute resolution, chargebacks, risk and fraud tools. So when I look at the opportunity, what excites me about Visa Direct is, a, it's grounded in our core VisaNet platform, but it has multiple tentacles for growth, both geographic growth as well as growth in use cases and its -- and segments. It's a capability that supports P2P. It supports B2C. It supports government to consumers. It supports small business to small business. So I think when you look at it as a capability that cuts across ability to grow via segments, grow via geography, grow via use case, it certainly is something, Jim, that we're excited about and will continue to -- and will continue to invest against.

吉姆，我們不會對 3 或 5 年後的任何事情做出預測。不過我想說的是，很明顯，我們談論 Visa Direct 已經一年多了，現在已經 1.5 年了。我們實際上開始在我們的數字中有意義地看到它。您將繼續聽到我們以看漲的方式談論它。我認為重要的是要強調這是當今存在的一種操作能力。它是全球性的。這是一種吸引合作夥伴與我們討論不同用例的能力。 Visa Direct 在我們的 VisaNet 平台上運行，因此具有與之相關的所有相關速度、安全性和規模。 VisaNet 有能力提供許多其他實時支付網絡沒有的一系列服務，包括爭議解決、退款、風險和欺詐工具等。因此，當我看到這個機會時，Visa Direct 讓我興奮的是，它基於我們的核心 VisaNet 平台，但它有多個增長觸角，包括地理增長以及用例及其 - 和細分市場的增長.這是一種支持 P2P 的能力。它支持B2C。它支持政府對消費者。它支持小型企業到小型企業。因此，我認為，當您將其視為一種跨越通過細分增長、通過地理增長、通過用例增長的能力的能力時，吉姆，這當然是我們感到興奮的事情，並將繼續 - 並且將會繼續投資反對。

Our final question today comes from James Faucette with Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的 James Faucette。

I just wanted to quickly go back to a question that Tien-tsin asked a few minutes ago and specifically on the U.K. review of some of the acquiring businesses. In that review, it looked like they also said they may be looking at scheme fees, et cetera. Just wondering if you can help give a little light as to what you think they may be looking at and kind of your discussions with that regulatory body as far as you've had them.

我只是想快速回到 Tien-tsin 幾分鐘前提出的一個問題，特別是關於英國對一些收購業務的審查。在那次審查中，他們似乎還說他們可能正在考慮計劃費用等。只是想知道您是否可以幫助說明您認為他們可能正在查看的內容以及您與該監管機構進行的討論，就您而言。

So James, this is very early. It's not unusual at all for the regulators in the U.K. to be looking at any and all aspects of payments. This particular piece is focused on acquirers; it's not focused on Visa. And I think it's safe to say that we will be watching it closely, certainly providing whatever support we need to provide to acquirers as they address any queries from the PSR in the U.K. But at the moment, again, this is just very early days and there's really nothing to report and there's no real clarity about what, if anything, they're specifically looking at. Sometimes, these things open as just simple queries as to wanting to get information. And other times, they result in action, and sometimes they result in inaction. And we'll just have to watch this and see how it plays out, James.

詹姆斯，現在還為時過早。對於英國的監管機構來說，關注支付的所有方面並不少見。這篇特別的文章專注於收購者；它不專注於簽證。我認為可以肯定地說我們將密切關注它，當然會為收購方提供我們需要提供的任何支持，因為他們會解決來自英國 PSR 的任何疑問。真的沒有什麼可報告的，也沒有真正清楚他們具體關注的是什麼（如果有的話）。有時，這些事情只是簡單的查詢，比如想要獲取信息。有時，它們會導致行動，有時會導致不作為。詹姆斯，我們只需要看看這個，看看結果如何。

And with that, we'd like to thank you for joining us today. If you have additional questions, please feel free to call or e-mail. Thanks, again, and have a great evening.

有了這個，我們要感謝你今天加入我們。如果您還有其他問題，請隨時致電或發送電子郵件。再次感謝，祝您有個愉快的夜晚。

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

今天的會議到此結束。感謝您的參與。此時您可以斷開連接。