Visa Inc (V) 2018 Q4 法說會逐字稿

Welcome to the Visa Fiscal Fourth Quarter and Full Year 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 財年第四季度和全年收益電話會議。 （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.

謝謝你，凱蒂。

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

大家下午好，歡迎參加 Visa 的 2018 財年第四季度和全年財報電話會議。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 on 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在我們的投資者關係網站上。

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. The historical non-GAAP financial information disclosed on 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。本次電話會議上披露的歷史非公認會計原則財務信息、相關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, everyone, and thanks for joining us today.

邁克，謝謝大家，大家下午好，感謝今天加入我們。

Our performance remained strong in fiscal fourth quarter. Revenue growth was 12% as all our key business drivers remained robust despite the stronger dollar. Payments volume growth on a constant dollar basis of 11% was right in line with last quarter, with strength in the U.S. offsetting a slowdown in dual-branded card volume in China.

我們在第四財季的表現依然強勁。收入增長 12%，儘管美元走強，但我們所有的主要業務驅動因素依然強勁。按固定美元計算的支付量增長 11% 與上一季度一致，美國的強勢抵消了中國雙品牌卡交易量的放緩。

Excluding China, our payment volume growth would have modestly accelerated versus the last quarter. Cross-border on a constant dollar basis was 10%, same as the prior quarter. Processed transaction growth was consistent with last quarter at 12%. Expense growth adjusted for a donation of available-for-sale investment securities to the Visa Foundation was 12%, primarily driven by personnel-related investments.

不包括中國，我們的支付量增長將比上一季度小幅加速。跨境按固定美元計算為 10%，與上一季度相同。已處理的交易增長與上一季度一致，為 12%。向 Visa 基金會捐贈可供出售的投資證券調整後的支出增長為 12%，主要由與人事相關的投資推動。

Adjusted EPS growth was 34%. We also returned approximately $2.1 billion of capital to shareholders in the quarter, consisting of $1.6 billion of share repurchases and $500 million through dividends.

調整後每股收益增長 34%。我們還在本季度向股東返還了大約 21 億美元的資本，其中包括 16 億美元的股票回購和 5 億美元的股息。

Looking back on this entire fiscal year of 2018, our global-leading network, connecting issuers and merchants got stronger on a number of dimensions. The number of cards, including virtual cards, increased by about 80 million to 3.3 billion. Total Visa volumes surpassed a record $11 trillion, driven by 182 billion transactions or an average of 500 million transactions every single day during fiscal 2018.

回顧整個 2018 財年，我們全球領先的網絡、連接發卡機構和商戶的網絡在多個方面都變得更加強大。包括虛擬卡在內的卡數量增加了約8000萬張，達到33億張。在 2018 財年的 1820 億筆交易或平均每天 5 億筆交易的推動下，Visa 總交易量超過了創紀錄的 11 萬億美元。

Payments volume totaled over $8.2 trillion, increasing by almost $900 billion year-over-year. Our payment volume growth was strong across the globe, with double-digit growth in constant dollars in all regions, except Europe, which grew at 9.2%. And with our payments volume growing twice as fast as global PCE, Visa's penetration of global purchase, PCE increased by 0.5 point to over 16% this year.

支付總額超過 8.2 萬億美元，同比增長近 9000 億美元。我們在全球的支付量增長強勁，除歐洲外，所有地區的固定美元均實現兩位數增長，增長 9.2%。隨著我們的支付量增長速度是全球 PCE 的兩倍，Visa 在全球購買中的滲透率，今年 PCE 增長了 0.5 個百分點至 16% 以上。

Transactions processed totaled $124 billion, up 12%, lifting our processing penetration by 1 point globally.

處理的交易總額為 1240 億美元，增長 12%，使我們在全球的處理滲透率提高了 1 個百分點。

A very important part of measuring the health of our network is found in the activity and results relative to merchants and issuers. In 2018, merchant locations increased by 7 million or 15%, reaching a total of 54 million locations globally. And relative to issuers, deal activity picked up in Q4, particularly in Europe, where we completed the shift to commercial client contracts.

衡量我們網絡健康狀況的一個非常重要的部分是與商家和發行人相關的活動和結果。 2018 年，商戶網點增加了 700 萬個或 15%，全球共達到 5400 萬個網點。相對於發行人，交易活動在第四季度有所回升，特別是在歐洲，我們完成了向商業客戶合同的轉變。

Beyond Europe, during the full year, we completed new agreements, with clients driving roughly 15% of our total payments volume.

在歐洲以外，全年我們完成了新的協議，客戶推動了我們總支付量的大約 15%。

By the way, in fiscal 2019, we're expecting more deal activity with new agreements for clients who drive roughly 20% of our global payments volume, including Europe. The fact that 20% of our volume is up for renewal is not surprising given that our typical contract length is 5 years.

順便說一句，在 2019 財年，我們預計新協議的交易活動會更多，這些客戶為我們的全球支付量（包括歐洲）貢獻了大約 20% 的客戶。鑑於我們的典型合同期限為 5 年，我們 20% 的交易量需要續約這一事實並不令人意外。

Now, let me talk about how we've expanded our breadth and reach in 2018, which has set us up well for the future. I will share a few highlights from across the globe and then provide insights into how we are driving growth in our digital solutions, accelerating adoption of our acceptance technology and expanding into new key segments.

現在，讓我談談我們如何在 2018 年擴大我們的廣度和影響力，這為我們的未來做好了準備。我將分享來自全球的一些亮點，然後提供有關我們如何推動數字解決方案增長、加速採用我們的驗收技術以及擴展到新的關鍵領域的見解。

So let me start with some regional highlights, starting in Europe. The technical migration to our global VisaNet platform was completed in late September, with the authorizations component finished following the clearing and settlement migration which completed in the first quarter.

因此，讓我從一些地區亮點開始，從歐洲開始。向我們全球 VisaNet 平台的技術遷移已於 9 月下旬完成，授權組件在第一季度完成的清算和結算遷移之後完成。

Our European clients now have access to all our global capability. In fact, more than 60 clients are already utilizing at least one of our advanced risk services, having just completed the migration. This was a very large effort that required sustained vigilance on our part to ensure there was no disruption to our clients. So we really couldn't be happier about the execution, and we're now moving forward with 1 global platform.

我們的歐洲客戶現在可以使用我們所有的全球能力。事實上，剛剛完成遷移的 60 多家客戶已經在使用我們的至少一項高級風險服務。這是一項非常大的工作，需要我們保持警惕，以確保不會對我們的客戶造成乾擾。所以我們真的對執行感到非常高興，我們現在正在推進 1 個全球平台。

Our European clients also now enjoy the highest level of security and protection from our global cybersecurity systems and processes. In fact, earlier today, we inaugurated a Cyber Fusion Center in London, making it our second fusion center globally.

我們的歐洲客戶現在也享受到我們全球網絡安全系統和流程的最高級別的安全和保護。事實上，今天早些時候，我們在倫敦開設了一個網絡融合中心，使其成為我們在全球的第二個融合中心。

The conversion of European client contracts to commercial incentives is now officially complete as we signed the last remaining deals during the quarter after agreeing to terms earlier in the year. We are very pleased with the outcome of this effort as there was a lot of risk in opening well over 100 client contracts in such a short period of time. As we have said previously, the amount of business we retained was better than we expected at the time of the acquisition.

歐洲客戶合同向商業激勵的轉換現已正式完成，因為我們在今年早些時候同意條款後在本季度簽署了最後剩餘的交易。我們對這項工作的結果感到非常滿意，因為在如此短的時間內開立超過 100 份客戶合同存在很大風險。正如我們之前所說，我們保留的業務量比我們在收購時的預期要好。

As we get past the integration, one of our priorities in Europe is gaining momentum with FinTechs by moving faster, being more flexible and establishing an investment fund to provide financial support. This quarter, we're beginning to have more success with FinTechs, both in terms of signings but also agreements still to be contracted. We signed agreements this quarter with Revolut, Jaja in the U.K., Solaris (sic) [solarisBank] in Germany and G2A in Central Eastern Europe.

隨著我們完成整合，我們在歐洲的一項優先事項是通過更快、更靈活並建立投資基金來提供金融支持，從而在金融科技方面獲得動力。本季度，我們開始在金融科技方面取得更大的成功，無論是在簽約方面，還是在仍有待簽約的協議方面。本季度，我們與 Revolut、英國的 Jaja、德國的 Solaris (sic) [solarisBank] 和中東歐的 G2A 簽署了協議。

Let me now move to Asia-Pacific, where Q4 was an active quarter for deal renewals and wins across the region. A few examples include NTUC Fairprice co-brand, which is Singapore's largest supermarket chain; The Mall Group co-brand, one of Thailand's largest retailers; and the AirAsia co-brand in Malaysia.

現在讓我談談亞太地區，那裡的第四季度是整個地區交易續籤和獲勝的活躍季度。一些例子包括新加坡最大的連鎖超市 NTUC Fairprice 聯合品牌； The Mall Group 聯合品牌，泰國最大的零售商之一；和亞航在馬來西亞的聯合品牌。

In New Zealand, Kiwibank selected Visa as its long-term exclusive partner for all its payment products, which brings us to 4 of the top 5 issuers now exclusive long-term Visa partners in that market.

在新西蘭，Kiwibank 選擇 Visa 作為其所有支付產品的長期獨家合作夥伴，這將我們帶到了該市場目前獨家長期 Visa 合作夥伴的前 5 名發行商中的 4 家。

In China, we renewed the dual-brand card relationship with China Construction Bank and CITIC Bank as well as we won the new prepaid deal with Ctrip.

在中國，我們與中國建設銀行和中信銀行續簽了雙品牌卡關係，並與攜程贏得了新的預付交易。

Building a new debit business in Japan continues to be one of our top priorities for the region given the size of the opportunity. We now have over 8 million debit cards in the Japanese market, up over 40% since last year across 23 different issuers.

鑑於機會的規模，在日本建立新的借記業務仍然是我們在該地區的首要任務之一。我們現在在日本市場擁有超過 800 萬張借記卡，比去年增加了 40% 以上，來自 23 個不同的發卡行。

In India, we renewed deals with many of the leading banks in the market, including the State Bank of India, HDFC, ICICI, Axis Bank and Kotak Mahindra, and we are confident that these deals contribute to further strengthening of our market leadership position across debit and credit products.

在印度，我們與市場上的許多領先銀行續簽了交易，包括印度國家銀行、HDFC、ICICI、Axis Bank 和 Kotak Mahindra，我們相信這些交易有助於進一步加強我們在整個市場的領導地位借記和貸記產品。

Regarding the India data localization mandate, over the last 6 months, Visa has been working towards implementing a solution to comply with the RBI's requirements. As of October 15, we are storing data locally, where we can also facilitate the RBI's requirement of access to Indian cardholder payment transaction data. We have submitted a detailed status update and action plan to the RBI, including how we will re-architect our existing global processing systems to fully comply with the data-only-in-India requirement. Our technology teams are working virtually around-the-clock to complete our solution with minimal impact to our clients and our cardholders.

關於印度數據本地化任務，在過去 6 個月中，Visa 一直在努力實施符合 RBI 要求的解決方案。截至 10 月 15 日，我們將數據存儲在本地，我們還可以在其中促進 RBI 訪問印度持卡人支付交易數據的要求。我們已向 RBI 提交了一份詳細的狀態更新和行動計劃，包括我們將如何重新構建我們現有的全球處理系統以完全符合印度數據的要求。我們的技術團隊幾乎全天候工作以完成我們的解決方案，同時對我們的客戶和持卡人的影響最小。

In Latin America, we also had several co-brand wins, including Decolar in Brazil, which is the largest online travel agency in Latin America with an affluent customer base. Also in Brazil, we signed 10-year agreements with Bradesco, one of our largest issuers in the market; and CREDZ, a processor and local private-label brand that will convert about 1 million cards to Visa contactless.

在拉丁美洲，我們還贏得了多個聯合品牌，包括巴西的 Decolar，這是拉丁美洲最大的在線旅行社，擁有豐富的客戶群。同樣在巴西，我們與市場上最大的發行商之一 Bradesco 簽署了 10 年期協議；和 CREDZ，一個處理器和本地自有品牌品牌，將把大約 100 萬張卡轉換為 Visa 非接觸式。

In Argentina, one of our largest markets in Latin America, we will begin processing 100% of our domestic transactions in January of 2019. This enables us to provide all of the value-added services, cyber capabilities and network reliability to our clients, in addition to future innovations that we will add to our global platform.

在阿根廷，我們在拉丁美洲最大的市場之一，我們將於 2019 年 1 月開始處理 100% 的國內交易。這使我們能夠為客戶提供所有增值服務、網絡功能和網絡可靠性，在除了我們將添加到我們的全球平台的未來創新。

Adding all of Argentina to VisaNet will increase our processing penetration of domestic transactions in Latin America by more than 10 percentage points.

將整個阿根廷加入 VisaNet 將使我們在拉丁美洲國內交易的處理滲透率提高 10 個百分點以上。

And finally, one quick but important point on CEMEA, airline co-brands are important portfolios in the Middle East to capture the travel of the most affluent customers. This quarter, we had a number of wins, including Emirates in the UAE and Saudi Arabia, as well as the HBL Qatar Airways portfolio in Pakistan.

最後，關於 CEMEA 的一個快速但重要的一點是，航空公司聯合品牌是中東地區吸引最富裕客戶旅行的重要投資組合。本季度，我們取得了多項勝利，包括阿聯酋航空在阿聯酋和沙特阿拉伯的業務，以及 HBL 卡塔爾航空公司在巴基斯坦的投資組合。

Now, let me turn away from the regional updates to give some insights as to how we're driving growth in our network using our digital solutions. Let me start with Visa Direct, which is one of the key ways we're capturing new incremental payment flows.

現在，讓我從區域更新轉向一些關於我們如何使用我們的數字解決方案推動網絡增長的見解。讓我從 Visa Direct 開始，這是我們捕獲新的增量支付流的關鍵方式之一。

Global growth continues to be over 100% this quarter, fueled by increased activities by end users as well as continued expansion of our reach and our scale. Our 2 billion-plus Visa debit credentials globally enabled us to execute Visa Direct transactions in more than 150 countries this fiscal year. What is also important to note is that the speed of funds within our total reach is very important, with payment originators automatically leveraged when issuers move their credentials to fast funds. We are quickly increasing the number of issuers moving to real time, adding Spain and Ireland this quarter, for a total of over 70 countries who are fast funds enabled.

本季度全球增長繼續超過 100%，這得益於最終用戶活動的增加以及我們的業務範圍和規模的持續擴大。我們在全球擁有超過 20 億個 Visa 借記憑證，使我們能夠在本財年在 150 多個國家/地區執行 Visa Direct 交易。還需要注意的是，在我們的總範圍內的資金速度非常重要，當發行人將其憑證轉移到快速資金時，支付發起人會自動槓桿化。我們正在迅速增加實時發行人的數量，本季度增加了西班牙和愛爾蘭，共有 70 多個國家/地區啟用了快速基金。

In the U.K., Barclays moved to fast funds, allowing participating Barclays cardholders in Visa Direct program access to money real time.

在英國，巴克萊銀行轉向快速資金，允許參與 Visa Direct 計劃的巴克萊銀行持卡人實時獲得資金。

In our goal to expand our reach, we will continue to look for opportunities to access accounts not directly linked to a Visa credential. To that end, our most recent expansion is with our plus interbank ATM network, which is leveraged by many non-Visa bank-issued ATM cards.

為了擴大我們的覆蓋範圍，我們將繼續尋找機會訪問與 Visa 憑證沒有直接關聯的賬戶。為此，我們最近的擴展是我們的 plus 銀行間 ATM 網絡，該網絡被許多非 Visa 銀行發行的 ATM 卡所利用。

TD Bank Canada was the first bank to enable its Plus debit credentials to receive Visa Direct deposits on non-Visa credentials. This is a great first step. As other Canadian issuers enable this expanded reach, we can serve most of the Canadian bank population of consumers and small businesses.

加拿大道明銀行是第一家啟用其 Plus 借記憑證以通過非 Visa 憑證接收 Visa Direct 存款的銀行。這是偉大的第一步。由於其他加拿大發行人能夠擴大覆蓋範圍，我們可以為加拿大銀行中的大多數消費者和小企業提供服務。

We are then building upon Visa Direct's unique reach by rapidly scaling solutions through use case expansion and large platform enablement. We continue to deepen our penetration of existing verticals, including property and casualty insurance, where our clients enhance their customers' experiences. This category represents $330 billion in claims payments, approximately 45% of which are by check today in the United States. This past quarter, we signed new partnerships with a couple of insurance companies to enable more real-time disbursements to their customers.

然後，我們通過用例擴展和大型平台支持快速擴展解決方案，從而建立 Visa Direct 的獨特影響力。我們繼續深化對現有垂直領域的滲透，包括財產和意外傷害保險，我們的客戶在這些領域提升客戶體驗。這一類別代表了 3300 億美元的索賠支付，其中約 45% 今天在美國通過支票支付。上個季度，我們與幾家保險公司簽署了新的合作夥伴關係，以便向他們的客戶提供更多實時付款。

There are also many use cases that support the gig economy. For example, we've partnered with PayActiv, one of the largest gig economy earned-wage access providers, to incorporate Visa Direct as a real-time payroll option. Given the growth in the number of workers participating in the gig economy, we believe this is a big opportunity as many employees in the gig economy want access to their wages as they are earned.

還有許多支持零工經濟的用例。例如，我們與最大的零工經濟體之一的工資訪問提供商 PayActiv 合作，將 Visa Direct 納入實時工資單選項。鑑於參與零工經濟的工人數量的增長，我們認為這是一個巨大的機會，因為零工經濟中的許多員工希望獲得他們的工資。

Visa Direct's distribution model also scales quickly in partnership with platform providers around the world. As you probably know, Visa Direct is powering many of the B2B -- P2P solutions globally. And another new example is Samsung's recent launch of P2P payments in partnership with VTB Bank in Russia, providing a seamless customer experience for making payments as well as sending and receiving money.

Visa Direct 的分銷模式還與世界各地的平台提供商合作迅速擴展。您可能知道，Visa Direct 正在為全球的許多 B2B - P2P 解決方案提供支持。另一個新的例子是三星最近與俄羅斯的 VTB 銀行合作推出了 P2P 支付，為付款以及匯款和收款提供無縫的客戶體驗。

Another example of platform partners is in India, where -- with Paytm and PhonePe, both leading mobile payment apps who have activated credit card bill payments on the Visa Direct platform, enabling over 100 million mobile app customers.

平台合作夥伴的另一個例子是在印度，Paytm 和 PhonePe 這兩個領先的移動支付應用程序都在 Visa Direct 平台上激活了信用卡賬單支付，為超過 1 億移動應用程序客戶提供支持。

We recently announced the commercial expansion of the Visa Token Service for 20 credential-on-file token requesters, which we believe is a significant step in further securing customer payments in the digital channel.

我們最近宣佈為 20 個憑證存檔令牌請求者提供 Visa 令牌服務的商業擴展，我們認為這是進一步確保數字渠道中的客戶付款安全的重要一步。

These leading acquirer gateway and technology partners include Adyen, Braintree, PayPal, CyberSource, Elavon, Square, Stripe and Worldpay, just to name a few. And they will tokenize credential-on-file digital payments on behalf of their merchant and payment clients.

這些領先的收單方網關和技術合作夥伴包括 Adyen、Braintree、PayPal、CyberSource、Elavon、Square、Stripe 和 Worldpay，僅舉幾例。他們將代表他們的商家和支付客戶將憑證上的數字支付標記化。

In addition to reducing fraud risk by not exposing cardholders' more sensitive account information, we're focused on improving card-not-present authorization rates that frankly continue to be too low. Visa Tokens also allow issuers around the world to push dynamic updates on lost, stolen or expired credentials to enable a frictionless merchant and customer experience. So Visa now has over 60 global token requesters across 40 markets on our token platform.

除了通過不暴露持卡人更敏感的賬戶信息來降低欺詐風險外，我們還專注於提高坦率地說仍然太低的無卡授權率。 Visa 代幣還允許世界各地的發行人推送有關丟失、被盜或過期憑證的動態更新，以實現無摩擦的商家和客戶體驗。因此，Visa 現在在我們的代幣平台上擁有跨越 40 個市場的 60 多個全球代幣請求者。

Last week, a significant milestone was reached for secure remote commerce after EMVco published a draft of the technical specifications. This now enables the ecosystem to begin building to the standard while also allowing merchants and issuers a feedback period before the final specifications are published in about 2 months' time. The specifications for branding and the user experience are still expected to be published in early 2019. We, again, are working closely with partners such as Adyen, Braintree, CyberSource, Stripe and Worldpay to activate the ecosystem for the initial launch of secure remote commerce in mid- to late 2019.

上週，在 EMVco 發布了技術規範草案後，安全遠程商務達到了一個重要的里程碑。現在，這使生態系統能夠開始按照標準構建，同時還允許商家和發行人在大約 2 個月後發布最終規範之前有一個反饋期。品牌和用戶體驗的規範預計仍將在 2019 年初發布。我們再次與 Adyen、Braintree、CyberSource、Stripe 和 Worldpay 等合作夥伴密切合作，以激活生態系統，以初步啟動安全遠程商務2019 年中後期。

Now, a few quick updates on the adoption of our acceptance technologies, including contactless and scan-to-pay.

現在，我們對採用我們的接受技術（包括非接觸式和掃描支付）進行了一些快速更新。

Let me start with contactless or tap-and-pay adoption, which continues to grow rapidly as it is a better consumer and merchant experience than paying with a dip, swipe or scan. One in 4 domestic face-to-face transactions that run over our network globally are now contactless. If you exclude the United States, domestic contactless penetration is over 40%, which is up over 12 percentage points in the last year and up almost 4 points versus the last quarter. More than 20 countries have increased their domestic contactless penetration by more than 20 points since last year, led by Russia, which is up 38 points to over 50%. During the FIFA World Cup, contactless payments accounted for 45% of all Visa purchases across the 11 host cities in Russia.

讓我從非接觸式或點擊支付的採用開始，它繼續快速增長，因為它比通過蘸、刷卡或掃描支付更好的消費者和商家體驗。現在，通過我們的全球網絡進行的國內面對面交易中有四分之一是非接觸式的。如果不包括美國，國內非接觸式普及率超過 40%，比去年增長了 12 個百分點以上，比上一季度增長了近 4 個百分點。自去年以來，以俄羅斯為首的 20 多個國家的國內非接觸式普及率提高了 20 多個百分點，增長了 38 個百分點，達到 50% 以上。在 FIFA 世界杯期間，非接觸式支付佔俄羅斯 11 個主辦城市所有 Visa 購買的 45%。

The U.S. market is poised for significant contactless growth over the coming year. There are a few facts to note. Number one, on the acceptance side, in the past 3 months, several of the largest merchants have enabled contactless in their stores, including 7-Eleven, CVS Pharmacy stores and Costco. Over 70 of the top 100 merchants by transaction now accept contactless, an increase of more than 20 in the past year. Additionally, over half of all face-to-face transactions now occur at a contactless-enabled merchant, up from over a little bit of around 1/3 of all merchants a year ago.

美國市場有望在未來一年實現顯著的非接觸式增長。有幾個事實需要注意。第一，在接受方面，在過去的 3 個月裡，幾家最大的商家在他們的商店中啟用了非接觸式，包括 7-11、CVS 藥房和 Costco。交易量排名前 100 位的商戶中有 70 多家現在接受非接觸式服務，比去年增加了 20 多家。此外，現在超過一半的面對面交易發生在支持非接觸式的商家，而一年前這一比例約為所有商家的 1/3。

On the issuing side, several of our largest clients will begin issuing contactless cards over the next few quarters. We expect that there will be over 100 million Visa contactless cards issued in the United States by the end of 2019.

在發行方面，我們幾個最大的客戶將在未來幾個季度開始發行非接觸式卡。我們預計到 2019 年底，美國將發行超過 1 億張 Visa 非接觸式卡。

Costco is a good example of the potential impact when both the issuing and acceptance come together, since the Citi Costco co-brand card is contactless enabled. Over half of in-store payments at Costco on their co-brand card are now paid with a tap after Costco enabled contactless payments just in mid-August of this year.

Costco 是一個很好的例子，說明發行和接受同時發生時的潛在影響，因為 Citi Costco 聯名卡是非接觸式的。就在今年 8 月中旬 Costco 啟用了非接觸式支付之後，現在 Costco 超過一半的聯名卡店內付款都是通過水龍頭支付的。

Establishing scan-to-pay acceptance and cardholder usage is progressing very well. As we discussed in prior quarters, India is our largest market, where we now have over 700,000 scan-to-pay acceptance points. But we're also seeing momentum in a number of markets in the CEMEA region.

建立掃描支付接受和持卡人使用進展非常順利。正如我們在前幾個季度所討論的，印度是我們最大的市場，我們現在擁有超過 700,000 個掃描支付接受點。但我們也看到了 CEMEA 地區多個市場的發展勢頭。

In Tanzania this quarter, we signed a deal with Halotel, a leading mobile network operator, to put Visa credentials into their mobile phone wallets. We also launched scan-to-pay in Pakistan with HBL, the country's largest issuer and acquirer, with 50,000 consumers being enabled in the first few days. And they have plans to make the solution available to almost 1 million customers and thousands of merchants in the coming months. In Kazakhstan, we partnered with a leading mobile network operator to introduce cashless ticketing in 3,000 public transport buses across 4 cities.

本季度在坦桑尼亞，我們與領先的移動網絡運營商 Halotel 簽署了一項協議，將 Visa 憑證放入他們的手機錢包中。我們還與巴基斯坦最大的發行人和收單機構 HBL 合作，在巴基斯坦推出了掃描支付服務，在最初幾天內啟用了 50,000 名消費者。他們計劃在未來幾個月內向近 100 萬客戶和數千名商家提供該解決方案。在哈薩克斯坦，我們與領先的移動網絡運營商合作，在 4 個城市的 3,000 輛公共交通巴士中引入無現金售票。

Lastly, we continue to expand into new segments, and B2B is our top priority. Specifically, we continue to innovate and grow our B2B payment offerings across both core card solutions and expanding to new payment flows.

最後，我們繼續拓展新的細分市場，B2B 是我們的首要任務。具體來說，我們將繼續創新和發展我們的 B2B 支付產品，包括核心卡解決方案和擴展到新的支付流程。

In terms of core card solutions, we remain the global leader, but there still is tremendous opportunity for growth. Our B2B payments volume was $950 billion or over 11% of our total payments volume this fiscal year, and the growth has been accelerating into the mid-teens in the past 2 quarters.

在核心卡解決方案方面，我們仍然是全球領先者，但仍有巨大的增長機會。本財年我們的 B2B 支付額為 9500 億美元，占我們總支付額的 11% 以上，並且在過去兩個季度中一直在加速增長到十幾歲。

Let me also share 3 examples of new payment flow opportunities we're capitalizing on in the B2B space.

讓我也分享 3 個我們在 B2B 領域利用的新支付流機會的例子。

One, we continue to expand our virtual card business, including a partnership with Nexus to enable their clients who are typically real estate property managers to pay suppliers more quickly, safely and conveniently, by using Visa virtual cards.

第一，我們繼續擴展我們的虛擬卡業務，包括與 Nexus 建立合作夥伴關係，以使他們的客戶（通常是房地產經理）能夠使用 Visa 虛擬卡更快、安全、方便地向供應商付款。

In Russia, we signed a new partnership agreement with Sberbank to support their growth in the small business and enterprise segments and maintain their leadership position in B2B in Russia. This is an example of partners seeing the value in differentiating to small businesses rather than just offering them a consumer card option.

在俄羅斯，我們與 Sberbank 簽署了一項新的合作協議，以支持其在小型企業和企業領域的發展，並保持其在俄羅斯 B2B 領域的領先地位。這是合作夥伴看到差異化小企業的價值的一個例子，而不僅僅是為他們提供消費卡選項。

We continue to enhance and scale our B2B Connect solution. In addition to Visa virtual cards being a payment option offered to Bottomline's clients, we've extended our partnership with Bottomline to enable B2B Connect as a payment option for large-ticket, cross-border payables.

我們將繼續增強和擴展我們的 B2B Connect 解決方案。除了 Visa 虛擬卡作為提供給 Bottomline 客戶的支付選項外，我們還擴展了與 Bottomline 的合作夥伴關係，以使 B2B Connect 成為大額跨境應付款的支付選項。

We're also launching a digital identity solution that tokenizes an organization's sensitive business information such as bank account numbers, giving them a unique identifier that could be utilized for their B2B Connect transactions.

我們還推出了一種數字身份解決方案，可對組織的敏感業務信息（如銀行帳號）進行標記，為他們提供可用於 B2B Connect 交易的唯一標識符。

There were 2 other notable events in the quarter. The first, we reached a settlement with the damages class on the U.S. MDL lawsuit in September and have submitted it to the court for preliminary approval, which we expect to take a few months. There will be a period for merchants to opt out or object, but assuming the court assesses the settlement to be fair and reasonable, we expect formal approval to take place -- for it to take at least a year to be in place. This settlement does not resolve the injunctive relief class claims, taking modifications to network rules. We are certainly pleased to be making progress, but it's hard to say when the MDL litigation will actually conclude.

本季度還有 2 項其他值得注意的事件。首先，我們在 9 月與美國 MDL 訴訟的損害賠償類別達成和解，並已將其提交法院進行初步批准，我們預計需要幾個月的時間。商家將有一段時間選擇退出或反對，但假設法院評估和解是公平合理的，我們預計會獲得正式批准——至少需要一年時間。該和解並未解決禁令救濟類索賠，而是對網絡規則進行了修改。我們當然很高興取得進展，但很難說 MDL 訴訟何時真正結束。

For more than 30 years, Visa has been a proud sponsor of the Olympic games, and this quarter, we renewed our partnership through the 2032 games, which includes the upcoming venues of Tokyo, Beijing, Paris and Los Angeles. The Olympic Games provides an unparalleled opportunity to promote the Visa brand at a regional and global level, while also facilitating partnerships and joint business initiatives with clients that come to life through co-branding and/or client usage of Olympic IP. The world's largest sporting event also provides a unique platform for showcasing product innovation and launching new business initiatives.

30 多年來，Visa 一直是奧運會的驕傲贊助商，本季度，我們通過 2032 年奧運會延續了我們的合作夥伴關係，其中包括即將在東京、北京、巴黎和洛杉磯舉辦的比賽。奧運會為在區域和全球層面推廣 Visa 品牌提供了無與倫比的機會，同時也促進了與客戶的合作夥伴關係和聯合業務計劃，這些計劃通過聯合品牌和/或客戶使用奧林匹克 IP 來實現。世界上最大的體育賽事還為展示產品創新和推出新的商業計劃提供了一個獨特的平台。

Fiscal 2018 was a great year where we delivered strong business driver and financial performance while also advancing key initiatives that will drive future growth such as Visa Direct, B2B, contactless and digital solutions. We also successfully concluded the major aspects of the Visa Europe integration with the completion of the platform migration and the shift to commercial client contracts.

2018 財年是偉大的一年，我們實現了強勁的業務驅動力和財務業績，同時還推進了將推動未來增長的關鍵舉措，例如 Visa Direct、B2B、非接觸式和數字解決方案。我們還成功完成了 Visa Europe 整合的主要方面，完成了平台遷移和向商業客戶合同的轉變。

However, fiscal 2018 is behind us now and we are totally focused on 2019. Our financial outlook for fiscal 2019 includes annual net revenue growth of low double digits on a nominal basis, with approximately 1 percentage point of negative foreign currency impact and a de minimis impact from the new revenue accounting standard. And we look for mid-teens earnings per share growth on a non-GAAP nominal dollar basis, also including approximately 1 percentage point of negative foreign currency impact.

然而，2018 財年已經過去，我們完全專注於 2019 年。我們對 2019 財年的財務展望包括名義上的低兩位數年度淨收入增長，大約 1 個百分點的負面外匯影響和微不足道的影響新收入會計準則的影響。我們在非 GAAP 名義美元基礎上尋找十幾歲以下的每股收益增長，還包括大約 1 個百分點的負面外匯影響。

To share more of our -- details on our results and more on our 2019 outlook, I'll now turn it over to Vasant.

為了分享更多關於我們業績的細節和更多關於我們 2019 年展望的信息，我現在將把它交給 Vasant。

Thank you, Al, and good morning, everyone -- good afternoon, everyone.

謝謝你，Al，大家早上好——大家下午好。

We had a strong finish to fiscal year 2018. On a GAAP basis, fiscal fourth quarter net revenues were up 12%, and EPS was up 37%. Adjusted to exclude a special item, EPS grew 34%, which includes a 10 percentage point benefit from the impact of U.S. tax reform. Exchange rate shifts versus the prior year were a drag on net revenue growth of almost 50 basis points, an EPS growth of approximately 1 percentage point.

我們在 2018 財年取得了強勁的業績。按公認會計原則計算，第四財季淨收入增長 12%，每股收益增長 37%。排除特殊項目後，每股收益增長 34%，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，匯率變化拖累了近 50 個基點的淨收入增長，每股收益增長約 1 個百分點。

Full year net revenues of $20.6 billion were up 12%. Net income on a GAAP basis was $10.3 billion, and EPS was $4.42.

全年淨收入為 206 億美元，增長 12%。按公認會計原則計算的淨收入為 103 億美元，每股收益為 4.42 美元。

On an adjusted basis, net income for the full year was $10.7 billion, up 29%, and EPS was $4.61, up 32%. The adjustments for each quarter are described in our earnings release.

經調整後，全年淨利潤為 107 億美元，增長 29%，每股收益為 4.61 美元，增長 32%。我們的收益發布中描述了每個季度的調整。

On a full year basis, U.S. tax reform contributed 10 percentage points to net income and EPS growth. For the full year, exchange rate shifts added 1 percentage point to net revenue growth and 1.5 percentage points to EPS growth.

從全年來看，美國稅制改革為淨收入和每股收益增長貢獻了 10 個百分點。全年，匯率變動為淨收入增長增加了 1 個百分點，為每股收益增長增加了 1.5 個百分點。

A few other points to note. In the fourth quarter, we donated available-for-sale investment securities to the Visa Foundation. Our adjusted results exclude this special item, which is $195 million of noncash G&A expense as well as the realized gain in non-operating income/expense and the tax benefit associated with the charitable contribution.

還有幾點需要注意。在第四季度，我們向 Visa Foundation 捐贈了可供出售的投資證券。我們調整後的結果不包括這一特殊項目，即 1.95 億美元的非現金 G&A 費用以及已實現的非營業收入/費用收益以及與慈善捐款相關的稅收優惠。

Growth remained steady across business drivers but little changed relative to the third quarter. On a constant dollar basis, payments volume grew 11%, and processed transactions grew 12%. Cross-border volume grew 10%.

各業務驅動因素的增長保持穩定，但與第三季度相比變化不大。按固定美元計算，支付量增長了 11%，處理的交易增長了 12%。跨境交易量增長 10%。

As a reminder, Q3 cross-border volume growth of 10% was reduced by 1 percentage point due to a lasting settlement delay in Europe last year. As the dollar strengthened, cross-border growth decelerated through the fourth quarter in some corridors, particularly commerce inbound to the U.S.

提醒一下，由於去年歐洲的持續結算延遲，第三季度 10% 的跨境交易量增長減少了 1 個百分點。隨著美元走強，第四季度某些走廊的跨境增長放緩，尤其是進入美國的商業。

As the dollar rolls, the currency translation impact on net revenue growth swung from the 150 basis point tailwind we enjoyed in the third quarter turn almost 50 basis point headwind in the fourth quarter, contributing a 200 basis point slowdown in reported net revenue growth trend.

隨著美元的滾動，貨幣換算對淨收入增長的影響從我們在第三季度享受的 150 個基點的順風轉變為第四季度近 50 個基點的逆風，導致報告的淨收入增長趨勢放緩了 200 個基點。

In addition to a strong dollar, this significant shift was driven by a sharp, weakening in many emerging market currencies, in particular, the Argentinian peso, the Turkish lira and the Brazilian real.

除了強勢美元之外，這一重大轉變還受到許多新興市場貨幣大幅貶值的推動，特別是阿根廷比索、土耳其里拉和巴西雷亞爾。

For the full year, exchange rates increased net revenue growth by approximately 100 basis points. However, based on current exchange rates and the forward curve, the currency translation impact is expected to be 100 basis point headwind in fiscal year 2019.

全年，匯率使淨收入增長約 100 個基點。然而，根據當前匯率和遠期曲線，預計 2019 財年的貨幣換算影響將是 100 個基點的逆風。

At the end of the second full year of our ownership of Visa Europe, results are tracking well ahead of our acquisition model. Cumulative EPS accretion is over 10%, 2 years ahead of expectations. We have also completed the 2 most significant and complex aspects of the integration, the technology platform migration and the restructuring of major client contracts to competitive commercial terms.

在我們擁有 Visa Europe 的第二個完整年末，業績遠遠領先於我們的收購模式。累計每股收益增長超過 10%，比預期提前 2 年。我們還完成了整合、技術平台遷移和將主要客戶合同重組為具有競爭力的商業條款的兩個最重要和最複雜的方面。

In Q4, we repurchased 11.5 million shares of Visa stock for $1.6 billion at an average price of $142.84. For the full year, we repurchased a total of 57.5 million shares for $7.2 billion at an average price of $124.25.

第四季度，我們以 16 億美元的價格回購了 1150 萬股 Visa 股票，平均價格為 142.84 美元。全年，我們以 124.25 美元的平均價格，以 72 億美元的價格回購了總計 5750 萬股股票。

In addition, in June 2018, we funded the litigation escrow account with an additional $600 million. As a reminder, funding of the escrow triggers a conversion rate adjustment of class B common stock to shares of class A common stock, which has a same effect on EPS as repurchasing $600 million of class A common stock.

此外，在 2018 年 6 月，我們向訴訟託管賬戶追加了 6 億美元的資金。提醒一下，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。

In fiscal year 2018, we paid $1.9 billion in dividends. Our board has authorized an increase of 19% in our quarterly dividend to $0.25 per share per quarter.

在 2018 財年，我們支付了 19 億美元的股息。我們的董事會已授權將我們的季度股息增加 19% 至每季度每股 0.25 美元。

Moving on to the quarter's business drivers and our financial results. I'll keep my comments on fiscal year 2018 brief and spend most of my time on our outlook for fiscal year 2019.

繼續討論本季度的業務驅動因素和我們的財務業績。我將對 2018 財年的評論保持簡短，並將大部分時間花在我們對 2019 財年的展望上。

Payments volume momentum continued with 11% growth in the third quarter for the third quarter in a row. U.S. payment volume grew 12%, fueled by 12% debit growth. Debit growth was driven by Visa Direct as well as robust consumer spending across most retail categories.

支付量繼續保持第三季度增長 11% 的勢頭，連續第三季度增長。在藉方增長 12% 的推動下，美國的支付量增長了 12%。 Visa Direct 以及大多數零售類別的強勁消費者支出推動了借記卡增長。

International payment volumes in constant dollars grew 11% with 1 point of deceleration primarily due to the runoff of dual-brand portfolios in China. In addition, acceleration in India and Southern Europe was offset by slower growth in the U.K. and Australia.

以固定美元計算的國際支付量增長 11%，減速 1 個百分點，主要是由於中國雙品牌投資組合的流失。此外，印度和南歐的增長被英國和澳大利亞的增長放緩所抵消。

Global cross-border volumes grew 10% on a constant dollar basis. Inbound commerce to the U.S. slowed with the strengthening of the U.S. dollar, falling to mid-single digits after 2 quarters of double-digit growth. Cross-border commerce growth in Europe remains strong and stable. Outbound commerce from the U.S. accelerated, while growth in outbound commerce from Canada, Latin America and China slowed.

以固定美元計算，全球跨境交易量增長了 10%。隨著美元走強，對美國的入境貿易放緩，在連續兩個季度實現兩位數增長後降至中個位數。歐洲的跨境貿易增長保持強勁和穩定。來自美國的出境商務加速，而來自加拿大、拉丁美洲和中國的出境商務增長放緩。

Transactions processed over VisaNet grew 12%, in line with the prior 3 quarters. Through October 21, U.S. payments volume growth was 11%, with U.S. credit growing 11% and debit, 12%. Cross-border volume on a constant dollar basis was up 11%, and processed transactions grew 12%.

通過 VisaNet 處理的交易增長了 12%，與前三個季度持平。截至 10 月 21 日，美國支付量增長 11%，美國信貸增長 11%，借記增長 12%。按固定美元計算的跨境交易量增長了 11%，處理的交易量增長了 12%。

Net revenues in the fourth quarter grew 12%. Data processing revenue benefited from the pricing which went into effect in the third quarter, growing 16%. International revenue grew 10% with benefits from Q3 pricing actions offset by the impact of shifting exchange rates and lower currency volatility.

第四季度的淨收入增長了 12%。數據處理收入受益於第三季度生效的定價，增長了 16%。國際收入增長 10%，第三季度定價行動的收益被匯率變動和貨幣波動性降低的影響所抵消。

Service revenues grew 10%. As a reminder, service revenues are recognized with a 1 quarter lag and reflects third quarter exchange rates.

服務收入增長 10%。提醒一下，服務收入的確認滯後 1 個季度，並反映了第三季度的匯率。

Other revenues grew 13%.

其他收入增長 13%。

Client incentives stepped up from 20.8% of gross revenue in the third quarter to 21.7% as we signed several large deals. However, client incentives were lower than we had anticipated due to some contract signing delays. This delay was due to complex deals where the terms were agreed, but multiple contracts needed to be finalized and signed in order to recognize the incentives. As a reminder, Q4 last year was a very active quarter of contract renewals in Europe, China and Russia. As a result, year-over-year growth in client incentives is lower this quarter than in prior quarters of fiscal year '18.

隨著我們簽署了幾筆大宗交易，客戶激勵措施從第三季度佔總收入的 20.8% 上升到 21.7%。然而，由於一些合同簽署延遲，客戶激勵低於我們的預期。這種延遲是由於商定了條款的複雜交易，但需要敲定和簽署多份合同才能確認激勵措施。提醒一下，去年第四季度是歐洲、中國和俄羅斯合同續簽非常活躍的一個季度。因此，本季度客戶激勵的同比增長低於 18 財年的前幾個季度。

Moving to expenses. GAAP operating expenses were up 23%. Adjusted to exclude the special item previously noted, operating expenses in the fourth quarter grew 12%, largely driven by personnel costs. As we have mentioned in prior quarters, personnel increases are driven by higher headcount dedicated to our investment initiatives as well as higher incentive compensation resulting from our operating performance in fiscal year 2018. Also, as you know, we increased our contribution to employee 401(k) plans in the U.S. and acquired Fraedom earlier this year.

轉移到費用上。 GAAP 運營費用增長了 23%。剔除前面提到的特殊項目後，第四季度的運營費用增長了 12%，主要受人事成本的推動。正如我們在前幾個季度提到的那樣，人員增加是由致力於我們投資計劃的員工人數增加以及我們在 2018 財年的經營業績帶來的更高激勵薪酬推動的。此外，如您所知，我們增加了對員工 401 的貢獻（ k) 在美國計劃並於今年早些時候收購了 Fraedom。

In addition, we recorded a severance charge in the fourth quarter for adjustments we are making in various parts of our global organization structure.

此外，我們在第四季度為我們在全球組織結構的各個部分進行的調整記錄了遣散費。

Expense growth in other categories was higher than our prior outlook as we made additional marketing investments primarily around the very successful FIFA World Cup finals in Russia and also had several nonrecurring items in the quarter, including a litigation settlement.

其他類別的費用增長高於我們之前的預期，因為我們主要圍繞俄羅斯非常成功的 FIFA 世界杯決賽進行了額外的營銷投資，並且在本季度還有一些非經常性項目，包括訴訟和解。

Our fourth quarter tax rate was 19.6% on a GAAP basis and 21%, adjusted to exclude the tax benefit associated with our contribution to the Visa Foundation.

根據公認會計原則，我們第四季度的稅率為 19.6%，調整後為 21%，以排除與我們對 Visa 基金會的捐款相關的稅收優惠。

Adjusted EPS was $1.21, up 34%. Exchange rate shifts reduced reported Q4 EPS growth by almost 1 percentage point.

調整後每股收益為 1.21 美元，增長 34%。匯率變動使報告的第四季度每股收益增長減少了近 1 個百分點。

For the full year fiscal 2018, net revenues were $20.6 billion, up 12%, including approximately 1 percentage point positive currency impact. Full year adjusted EPS was $4.61, up 32% with a currency tailwind of approximately 1.5 percentage points. As mentioned, U.S. tax reform contributed 10 percentage points to EPS growth.

2018 財年全年淨收入為 206 億美元，增長 12%，其中包括約 1 個百分點的積極貨幣影響。全年調整後每股收益為 4.61 美元，增長 32%，貨幣順風約為 1.5 個百分點。如前所述，美國稅制改革為每股收益增長貢獻了 10 個百分點。

With that, I'll move to our outlook for fiscal 2019. Overall, our net revenue outlook for fiscal year 2019 assumes current trends and key business drivers remain largely intact through the year, with the currency translation impact shifting from a tailwind to a headwind. Double-digit payment volume growth is assumed to continue in most parts of the world. In North America, growth rates are expected to slow down in the second half as we lap strong debit growth in fiscal year '18 as well as the higher gas prices. International payments volume growth is forecast to stay strong and stable. Share gains in several markets are offset by slowing dual-brand issuance in China.

有了這個，我將轉向我們對 2019 財年的展望。總體而言，我們對 2019 財年的淨收入展望假設當前趨勢和關鍵業務驅動因素全年基本保持不變，貨幣換算影響從順風轉變為逆風.假設世界大部分地區將繼續保持兩位數的支付量增長。在北美，隨著我們在 18 財年強勁的借方增長以及較高的天然氣價格，預計下半年的增長率將放緩。預計國際支付量增長將保持強勁和穩定。多個市場的股票收益被中國雙品牌發行放緩所抵消。

As always, cross-border growth is harder to forecast as we look 4 quarters out. Exchange rates, geopolitical factors and macroeconomic shifts will drive variability.

與往常一樣，隨著我們展望 4 個季度，跨境增長更難預測。匯率、地緣政治因素和宏觀經濟變化將推動波動。

Assuming current exchange rate expectations and no significant changes on other fronts, our outlook forecasts a continuation of double-digit growth rates. There is an expectation that the dollar will weaken in the second half, driving an improvement in cross-border commerce inbound to the U.S.

假設當前的匯率預期和其他方面沒有重大變化，我們的展望預測兩位數的增長率將持續。預計下半年美元將走弱，推動入境美國的跨境貿易改善。

Pricing actions which become effective in the third quarter of fiscal '19 will also help drive second-half international revenue growth rates higher than the first half.

在 19 財年第三季度生效的定價措施也將有助於推動下半年的國際收入增長率高於上半年。

Process transaction growth remained stable and healthy throughout fiscal '18. Our outlook assumes that steady growth will continue through fiscal year '19. Data processing revenue growth rates are expected to be higher during the first half due to the pricing actions in fiscal year '18, with a dip in Q3 as we lap these actions.

在整個 18 財年，流程交易增長保持穩定和健康。我們的展望假設穩定增長將持續到 19 財年。由於 18 財年的定價行動，預計上半年數據處理收入增長率會更高，隨著我們採取這些行動，第三季度會有所下降。

On the client incentive front, we ended the year with incentives in the fourth quarter as a percent of gross revenues at 21.7%. Our outlook for fiscal '19 is a range of 22% to 23%. The step-up in incentives as a percent of gross revenue is driven by the full year impact of renewals and new deals signed in fiscal '18 as well as the renewals and new deals that we anticipate signing in fiscal year '19.

在客戶激勵方面，我們在第四季度結束時的激勵佔總收入的 21.7%。我們對 19 財年的展望為 22% 至 23%。激勵措施佔總收入百分比的提高是由 18 財年簽署的續約和新交易以及我們預計在 19 財年簽署的續約和新交易的全年影響推動的。

Globally, we have a large number of renewals. As Al indicated, around 20% of our global payments volume is slated for this coming fiscal year.

在全球範圍內，我們有大量的續訂。正如 Al 指出的那樣，我們全球約 20% 的支付量將用於下一個財年。

Based on our current expectation for the timing of client renewals, incentive growth rates are expected to be higher in the second and third quarters of fiscal '19 and lower than the full year growth trend in the first and fourth quarters. We will, of course, provide updates as the year progresses. As you know, we make our best estimate for the terms and timing of renewals for the upcoming year, but client-specific considerations will determine actual outcomes.

根據我們目前對客戶續訂時間的預期，預計 19 財年第二和第三季度的激勵增長率將高於第一和第四季度的全年增長趨勢。當然，隨著時間的推移，我們會提供更新。如您所知，我們對來年的續訂條款和時間做出了最佳估計，但具體客戶的考慮將決定實際結果。

In terms of the currency translation impact, based on current rates and forward expectations, we project a 100 basis point net revenue headwind for fiscal '19. This drag will be greater in the second and third quarters as we lap the tailwinds we enjoyed in fiscal year '18. And if forward curves are to be believed, the drag will be the lowest in the fourth quarter of fiscal '19.

就貨幣換算影響而言，根據當前匯率和遠期預期，我們預計 19 財年的淨收入逆風為 100 個基點。隨著我們在 18 財年享受順風，第二季度和第三季度的阻力將更大。如果可以相信遠期曲線，那麼阻力將是 19 財年第四季度的最低值。

When you put all this together, our outlook is for low double-digit nominal net revenue growth in fiscal year 2019. We currently anticipate the impact of the new accounting standard on net revenue to be de minimis.

綜上所述，我們預計 2019 財年名義淨收入將出現兩位數的低增長。我們目前預計新會計準則對淨收入的影響將微乎其微。

If you incorporate what I just walked through, it becomes evident that the cadence of net revenue growth is not steady through the year. The highest growth for the year is likely in the fourth quarter and the lowest growth rate in the second quarter.

如果你把我剛剛介紹的內容結合起來，很明顯，全年淨收入增長的節奏並不穩定。今年的最高增長可能在第四季度，而最低的增長率可能在第二季度。

In the second quarter, net revenue growth could be in the high single digits, impacted by higher incentive growth, a larger exchange rate drag, as well as lapping higher currency volatility in the second quarter of fiscal '18. The fourth quarter benefits from fiscal year '19 pricing actions as well as a lower drag from both incentive and exchange rates.

在第二季度，受激勵增長、匯率拖累以及 18 財年第二季度貨幣波動性上升的影響，淨收入增長可能達到高個位數。第四季度受益於 19 財年的定價行動以及激勵和匯率的較低阻力。

On the expense front, we continue to invest in our business, partially funding these investments by shifting resources from low-priority areas and from savings we derive from better purchasing as well as other efficiency programs.

在費用方面，我們繼續投資於我們的業務，通過從低優先級領域轉移資源以及我們從更好的採購和其他效率計劃中獲得的節省來為這些投資提供部分資金。

In aggregate, fiscal year '19 operating expense growth adjusted for special items in fiscal year 2018 is projected to be in the mid- to high single-digit range. This includes approximately 1.5 to 2 percentage points of additional reported expenses from adopting the new accounting standard.

總體而言，2018 財年針對特殊項目調整後的 19 財年營業費用增長預計將在中高個位數範圍內。這包括因採用新會計準則而增加的大約 1.5 至 2 個百分點的額外報告費用。

Expense growth cadence through the year will also fluctuate. Adjusted expense growth will be in the double digits in the first quarter, in line with recent trends, and then step down to mid-single digits for the remainder of the year.

全年的費用增長節奏也將波動。調整後的費用增長將在第一季度達到兩位數，與最近的趨勢一致，然後在今年剩餘時間降至中個位數。

In fiscal year '18, expenses were lower in the first quarter for several reasons. Personnel expenses ramped up through the year as we added resources to drive our investment initiatives. Incentive compensation accruals also stepped up through the year, in line with our operating performance. Also, the additional 401(k) contribution and Fraedom expenses started in the second quarter of fiscal '18.

在 18 財年，由於多種原因，第一季度的費用較低。隨著我們增加資源來推動我們的投資計劃，人事費用在全年增加。與我們的經營業績一致，激勵薪酬應計在這一年也有所增加。此外，額外的 401(k) 捐款和 Fraedom 費用始於 18 財年第二季度。

We had higher marketing expenses in the second to the fourth quarter of fiscal '18 related to the Winter Olympics and the FIFA World Cup finals. In fiscal year '19, marketing expenses is expected to be higher in the first quarter.

我們在 18 財年第二至第四季度與冬季奧運會和 FIFA 世界杯決賽相關的營銷費用較高。在 19 財年，預計第一季度的營銷費用會更高。

Network and processing growth rates were elevated during the second half of fiscal year '18 as we ramped parallel Europe technology systems. This will continue into the first half of fiscal '19, and will be lower in the second half as we complete the shutdown of the legacy Visa Europe platform.

在 18 財年下半年，隨著我們增加並行歐洲技術系統，網絡和處理增長率有所提高。這將持續到 19 財年上半年，隨著我們完成舊版 Visa Europe 平台的關閉，下半年將降低。

Based on all of these factors, the adjusted expense growth rate is expected to be highest in the first quarter and lowest in the fourth quarter of fiscal '19.

基於所有這些因素，調整後的費用增長率預計將在 19 財年第一季度最高，在第四季度最低。

Some color on how the adoption of the new accounting standard, ASC 606, will impact our reported fiscal year '19 P&L. Based on our assessment of existing contracts through September 30, 2018, we will re-amortize some upfront payments that we expensed in prior years. This increases client incentives and reduces reported net revenues.

關於採用新會計準則 ASC 606 將如何影響我們報告的 '19 財年損益表的一些色彩。根據我們對截至 2018 年 9 月 30 日的現有合同的評估，我們將重新攤銷我們在前幾年支出的一些預付款。這增加了客戶激勵並減少了報告的淨收入。

Offsetting this reduction is an increase to gross revenues related to certain programs like market development funds, almost all on the other revenues line.

抵消這一減少的是與某些項目（如市場開發基金）相關的總收入的增加，幾乎所有這些項目都在其他收入線上。

Operating expenses related to market development funds will increase by the same amount, almost all in the marketing expense line, with no net impact on operating earnings.

與市場開發資金相關的運營費用將增加相同的數額，幾乎都在營銷費用項目中，對運營收益沒有淨影響。

Other effects that we have estimated are the amortization of upfront payments we might make for fiscal year '19 renewals and new deals, which would have been expensed immediately under the old rule, which reduces client incentives.

我們估計的其他影響是我們可能為 19 財年續訂和新交易支付的預付款攤銷，根據舊規則，這些費用將立即支出，這會減少客戶的激勵。

Finally, there's some client marketing expenses that we recorded in the incentives line and no longer in marketing expenses.

最後，我們在激勵項目中記錄了一些客戶營銷費用，不再記錄在營銷費用中。

Our best estimate of the net of all this is a de minimis impact on net revenues, higher other revenues, offset by higher client incentives, and a 1.5 to 2 point increase in operating expenses, almost all on the marketing expense line.

我們對所有這些淨額的最佳估計是對淨收入的影響微乎其微，其他收入增加，被更高的客戶激勵所抵消，運營費用增加 1.5 到 2 個百分點，幾乎都在營銷費用線上。

As we have said many times before, this has no impact on the cash flow or economic value of our business. As required, we will report each quarter what the impact of ASC 606 was on our income statement.

正如我們之前多次說過的，這對我們業務的現金流或經濟價值沒有影響。根據需要，我們將在每個季度報告 ASC 606 對我們損益表的影響。

Our adjusted tax rate for 2018 was 20%. This includes 3 quarters of the impact of a lower statutory tax rate as a result of U.S. tax reform. Our FY '18 tax rate also benefited from an audit settlement and the successful resolution of several state tax initiatives we have been working on for many years. Resolution of these items resulted in recording some benefits related to prior years which will not recur. These nonrecurring benefits lowered our tax rate in fiscal '18 by 1.5 to 2 points.

我們 2018 年的調整後稅率為 20%。這包括美國稅制改革導致法定稅率降低的四分之三。我們 18 財年的稅率也受益於審計和解以及我們多年來一直在努力的若干州稅收舉措的成功解決。這些項目的解決導致記錄了與前幾年相關的一些收益，這些收益不會再發生。這些非經常性福利將我們在 18 財年的稅率降低了 1.5 到 2 個百分點。

In fiscal year '19, we will have a full year of the lower U.S. corporate tax rate, but awaiting final guidance from the Department of Treasury for the new provisions that go into effect in 2019 also known as the GILTI and FDII rules.

在 '19 財年，我們將有一個較低的美國公司稅率全年，但正在等待財政部對 2019 年生效的新規定（也稱為 GILTI 和 FDII 規則）的最終指導。

In fiscal year '19, our tax rate will be lower by 1.5 to 2 points from a full year of the lower U.S. corporate tax rate and our best estimate for the impact of the new provisions. This will offset the loss of nonrecurring benefits that were included in our fiscal year '18 results. Hence, our outlook projects a fiscal year '19 tax rate in the 20% to 25% -- 20.5% range.

在 '19 財年，我們的稅率將比美國較低的公司稅率和我們對新規定影響的最佳估計的全年降低 1.5 到 2 個百分點。這將抵消我們 18 財年業績中包含的非經常性福利的損失。因此，我們的展望預計 19 財年的稅率在 20% 至 25% - 20.5% 範圍內。

Putting all these components together, our outlook is phenomenal EPS growth in the mid-teens on an adjusted non-GAAP nominal dollar basis. This includes approximately 1 point of negative foreign currency translation impact. With net revenue and operating expense growth rates fluctuating from quarter-to-quarter, EPS growth rates will too. EPS growth rate, based on a combination of these assumptions, will be in the low teens range in the second and third quarters and well about the mid-teens level in the fourth quarter.

將所有這些組成部分放在一起，我們的前景是，在調整後的非公認會計原則名義美元基礎上，每股收益將在十幾歲左右出現驚人的增長。這包括大約 1 個點的負面外幣折算影響。隨著淨收入和運營費用增長率逐季波動，每股收益增長率也會有所波動。基於這些假設的組合，每股收益增長率將在第二和第三季度處於十幾歲以下的範圍內，而在第四季度則接近十幾歲的中期水平。

For the first quarter of fiscal 2019, our outlook is phenomenal net revenue growth in the low double digits, double-digit operating expense growth in line with recent trends, and mid-teens adjusted EPS growth.

對於 2019 財年第一季度，我們的展望是低兩位數的驚人淨收入增長、符合近期趨勢的兩位數運營費用增長以及調整後的中期每股收益增長。

As always, there are risks to monitor. Exchange rate shifts, of course; the possibility of a hard Brexit; economic dislocations like we had in Argentina and Turkey; geopolitical changes like trade wars, et cetera. As we normally do, we will update our outlook when we talk to you each quarter.

與往常一樣，存在需要監控的風險。當然是匯率變動；硬脫歐的可能性；像我們在阿根廷和土耳其那樣的經濟混亂；地緣政治變化，如貿易戰等。像往常一樣，我們將在每個季度與您交談時更新我們的展望。

Moving on to capital cash flow dividends and buybacks. Capital spending in fiscal '19 is likely to be around $800 million. This includes capital associated with hardware to support growth, resiliency and cybersecurity and upgrade of our data center in the U.K., investments in other facilities as well as capitalization of software from our technology development projects.

繼續進行資本現金流紅利和回購。 19 財年的資本支出可能約為 8 億美元。這包括與硬件相關的資本，以支持我們在英國的數據中心的增長、彈性和網絡安全以及升級，對其他設施的投資以及我們技術開發項目的軟件資本化。

Based on our earnings outlook and capital spending plans, free cash flow from operations is anticipated to be in excess of $13 billion. Most of this free cash flow will be returned to shareholders in the form of dividends and buybacks.

根據我們的盈利前景和資本支出計劃，來自運營的自由現金流預計將超過 130 億美元。大部分自由現金流將以股息和回購的形式返還給股東。

In fiscal '19, we anticipate returning at least $11 billion to shareholders in dividends and stock buybacks. The Visa board has authorized a 19% increase in our quarterly dividend to $0.25 for the first quarter of fiscal '19, in line with our dividend policy. This puts our payout ratio in the 20% to 25% range.

在 19 財年，我們預計至少向股東返還 110 億美元的股息和股票回購。根據我們的股息政策，Visa 董事會已授權將 19 財年第一季度的季度股息提高 19% 至 0.25 美元。這使我們的派息率在 20% 到 25% 之間。

In fiscal '18, we completed additional buybacks to neutralize the impact from stock issued to Visa Europe owners as part of the acquisition. In fiscal year '19, we anticipate buying back at least $8.5 billion of Visa stock.

在 18 財年，我們完成了額外的回購，以抵消作為收購的一部分發行給 Visa Europe 所有者的股票的影響。在 19 財年，我們預計至少回購 85 億美元的 Visa 股票。

As a reminder, we will hit the 3-year anniversary of the Visa Europe acquisition in June 2019. In June, we will be making a cash payment of a little over EUR 1.1 billion to the former owners of Visa Europe as per the terms of our acquisition agreement.

提醒一下，我們將於 2019 年 6 月迎來 Visa Europe 收購 3 週年紀念日。6 月，我們將根據以下條款向 Visa Europe 的前所有者支付略高於 11 億歐元的現金。我們的收購協議。

We should also point out that as interest rates have risen, we are earning more investment income from our cash balances, which offsets some of our interest expense. Both interest income and expense are recorded in non-operating income/expense.

我們還應該指出，隨著利率的上升，我們從現金餘額中獲得了更多的投資收入，這抵消了我們的部分利息支出。利息收入和費用均計入營業外收入/費用。

In summary, as Al described with facts and figures, the Visa system continues to expand and thrive in a fast-changing payments landscape. As evidenced by our growth in fiscal year '18, the opportunity to digitize cash in new and different ways has never been better. With a tailwind of strong global economies and robust consumer spending, enhanced by the growth strategies that Al outlined, we look forward once again delivering on the revenue and earnings growth you have come to expect from us.

總之，正如 Al 用事實和數據所描述的那樣，Visa 系統在快速變化的支付環境中繼續擴展和繁榮。正如我們在 18 財年的增長所證明的那樣，以新的和不同的方式將現金數字化的機會從未如此美好。憑藉強勁的全球經濟和強勁的消費者支出，再加上 Al 概述的增長戰略，我們期待再次實現您對我們的期望的收入和盈利增長。

With that, I'll turn it back to Mike.

有了這個，我會把它轉回給邁克。

Katie, we're willing to run 10 minutes long so we have more time for questions.

凱蒂，我們願意跑 10 分鐘，這樣我們就有更多時間提問。

So with that, we're ready to get started with questions.

因此，我們已經準備好開始提問。

(Operator Instructions) Our first question today comes from Craig Maurer with Autonomous Research.

（操作員說明）我們今天的第一個問題來自 Autonomous Research 的 Craig Maurer。

Two questions. First, what gives you confidence that the U.S. dollar will start to retreat in the back half of the year next year to put that in guidance? And secondly, can you talk about yields on Visa Direct and push payments as we hear a lot of fast growth in that area going on globally from all networks?

兩個問題。首先，是什麼讓你有信心美元將在明年下半年開始回落以將其納入指導？其次，您能否談談 Visa Direct 的收益和推動支付，因為我們聽到全球所有網絡都在該領域快速增長？

Craig, it's Al, I'll take the second question and I'll let Vasant take the first. We initially guided to Visa Direct heavily in the P2P space, where frankly, there's not a lot of economics, or yields there tend to be less than we would get on kind of normal Visa transactions. But as we move into some of these new use cases, we are and expect to get yields that are similar to what we get in the kind of typical pull transactions that we do today. Let me ask Vasant to talk about this, what our view is on the retreating U.S. dollar in the back end of the year.

Craig，我是 Al，我會回答第二個問題，我會讓 Vasant 回答第一個問題。我們最初在 P2P 領域大力引導 Visa Direct，坦率地說，那裡的經濟性並不高，或者收益往往低於我們在正常 Visa 交易中獲得的收益。但是，當我們進入其中一些新用例時，我們正在並且期望獲得與我們今天所做的典型拉動交易中所獲得的收益相似的收益。讓我請Vasant談談這個，我們對年底美元回落的看法。

Yes, I don't think our crystal ball is any better than anybody else's, and so we don't really try to predict those things. We just look at forward curves and make some assumptions based on that. But the thing that happens if, in fact, the dollar begins to weaken, let's say, in the second half, it will help us in certain corridors, and it will hurt us in other corridors, and there's a net effect of that. So even if it doesn't happen as we might -- as might be projected by forward curves, there are sort of normal balancing effects in the business. So it's not a one-way bet in a sense. So if the dollar weakens, clearly, we benefit from a translation standpoint, but we've given you sort of our best guess of about 100 basis points of impact to net revenue. On the cross-border side, we would benefit with the inbound corridor to the U.S., but on the other hand, we will benefit -- we'll be hurt -- we'll benefit on other parts of the world from the dollar weakening. So there's a lot of offsetting factors.

是的，我不認為我們的水晶球比其他人的更好，所以我們並沒有真正嘗試預測這些事情。我們只看前向曲線並在此基礎上做出一些假設。但是，如果實際上美元開始走弱，比如說，在下半年，它會在某些走廊上幫助我們，在其他走廊上傷害我們，就會產生淨效應。因此，即使它沒有像我們可能發生的那樣發生——正如前向曲線所預測的那樣，業務中也存在某種正常的平衡效應。所以從某種意義上說，這不是單向的賭注。因此，如果美元走軟，顯然，我們會從換算的角度受益，但我們已經為您提供了對淨收入影響約 100 個基點的最佳猜測。在跨境方面，我們將受益於通往美國的入境走廊，但另一方面，我們將受益——我們會受到傷害——我們將從美元疲軟中受益於世界其他地區.所以有很多抵消因素。

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。

You covered a lot of ground in the prepared remarks. It's useful. I wanted to ask on the revenue outlook, you're calling for a low double-digit for fiscal '19. This time last year, you guided to high-single-digit growth, I believe, and you landed at 12. So I'm curious why you're more optimistic this year versus last year. Is your visibility perhaps a little bit better? Is there a different level of conservatism maybe that you're baking in? Just curious to compare where you stand this year in the outlook versus this time last year.

您在準備好的評論中涵蓋了很多內容。這很有用。我想問一下收入前景，您要求 19 財年實現低兩位數。去年的這個時候，我相信你引導了高個位數的增長，並且你達到了 12 歲。所以我很好奇為什麼你今年比去年更樂觀。你的能見度可能好一點嗎？也許你正在接受不同程度的保守主義？只是想比較一下你今年與去年這個時候的前景。

Sure, Tien-tsin. Yes, as we normally do, we give you sort of our best sense of the upcoming year based on the facts we have available at this point in time. And if you looked at where we were at the end of last year, clearly, the strength of the U.S. consumer, in particular, ended up being stronger than we expected. As you saw, our debit growth was mid-single digits for quite a few quarters leading up to the year. And then starting in the second fiscal quarter of '18, we jumped into the double digits and have stayed there. So there were various elements of the business that clearly changed their growth trajectory after we gave you sort of the outlook for the year. So you could say that things happened that were stronger than we expected. The global economy was stronger than we expected. In the second quarter and the third quarter, in particular, the exchange rate tailwinds were stronger than we might have expected when we went into the year. So these things happen, and we update you as we learn them. As we look ahead, again, we're doing the same thing. We're giving you the best sense we have of the business as we enter the year and, therefore, we gave you as much color as we did as to what our assumptions are. Obviously, we'll update you as the year progresses. I know some people try to read into what we say. Things like, "Oh, they're being conservative. They want to leave room to raise it in the future and all that." And as we've told you all along, I mean, we give you our best sense at any point in time. We're not trying to be overly conservative or otherwise, and this is our best sense as we stand today.

沒錯，天津。是的，正如我們通常所做的那樣，我們會根據我們目前掌握的事實，為您提供對即將到來的一年的最佳感覺。如果你看看去年年底的情況，很明顯，美國消費者的實力最終比我們預期的要強。如您所見，我們的借方增長在今年之前的幾個季度中都是中個位數。然後從 18 年第二財季開始，我們躍升至兩位數並一直保持在那裡。因此，在我們為您提供了今年的展望之後，業務的各種要素明顯改變了它們的增長軌跡。所以你可以說發生的事情比我們預期的要強烈。全球經濟強於我們的預期。特別是在第二季度和第三季度，匯率順風比我們進入今年時的預期要強。所以這些事情發生了，我們會在學習時更新您。當我們展望未來時，我們再次做同樣的事情。當我們進入這一年時，我們正在為您提供我們對業務的最佳了解，因此，我們為您提供了與我們所做的假設一樣多的顏色。顯然，隨著時間的推移，我們會為您更新。我知道有些人試圖讀懂我們所說的話。諸如“哦，他們很保守。他們想留出空間在未來提高它等等。”正如我們一直告訴你的那樣，我的意思是，我們在任何時候都會給你最好的感覺。我們並不想過於保守或以其他方式，這是我們今天所站的最好的感覺。

Our next question comes from Don Fandetti with Wells Fargo.

我們的下一個問題來自富國銀行的 Don Fandetti。

Al, so it's pretty interesting to see double-digit revenue growth coming again this year for a company that's a $300 billion market cap. I mean, as you look out over the intermediate term and you think about revenue growth, the model, do you still see the same secular contribution coming through as payments move away from cash? Because sometimes it's hard for us to sort of see when we might be at a tipping point given a lot of new technologies and payment initiatives coming in.

艾爾，所以對於一家市值為 3000 億美元的公司來說，今年再次實現兩位數的收入增長是非常有趣的。我的意思是，當你著眼於中期並考慮收入增長、模型時，你是否仍然看到隨著支付遠離現金而產生同樣的長期貢獻？因為有時我們很難看出我們什麼時候可能會因為許多新技術和支付計劃的出現而處於臨界點。

Don, as you might guess, I'm not going to give a long-term forecast on revenue. We just kind of explained how we got to the number for just this year, and there's assumptions in that. That said, I'm quite confident in the business over a long period of time. And we've got lots of different vectors on which I think we can continue to grow this business, whether it's by penetrating new payment flows, penetrating new segments, penetrating new geographies, bringing more of the unbanked around the world into the mainstream financial system. I think some of these capabilities that we are developing in terms of things like Visa Direct, some of the technologies that I think are enabling a better user experience at the actual moment when a user uses the card, whether that's contactless or QR, and hopefully, in 2019, the big change in e-commerce as we move to the secure remote commerce. So I think that there are just so -- a good number of growth vectors in this business that give me a good deal of confidence in our ability to continue to grow our volumes. And as we grow our volumes, obviously, revenues should come along. And so I remain confident about the future of Visa in terms of the volumes we can deliver.

唐，正如您可能猜到的那樣，我不會對收入進行長期預測。我們只是解釋了我們是如何獲得今年的數字的，其中有一些假設。也就是說，我在很長一段時間內對這項業務充滿信心。我們有很多不同的載體，我認為我們可以繼續發展這項業務，無論是通過滲透新的支付流程、滲透新的細分市場、滲透新的地域，將世界各地更多沒有銀行賬戶的人帶入主流金融體系.我認為我們正在開發其中的一些功能，比如 Visa Direct，我認為一些技術可以在用戶使用卡片的實際時刻實現更好的用戶體驗，無論是非接觸式還是 QR，並且希望，在 2019 年，隨著我們轉向安全的遠程商務，電子商務發生了巨大變化。因此，我認為這個業務中存在大量增長向量，這讓我對我們繼續增長銷量的能力充滿信心。隨著我們銷量的增長，顯然，收入應該隨之而來。因此，就我們可以交付的數量而言，我對 Visa 的未來充滿信心。

And just adding to that, I mean, we've historically talked a lot about, you might call our traditional payment flows, which is the B2C -- B2B business -- I'm sorry, the consumer-to-merchant business, C2B. And as you know, we believe there's a lot of opportunity there to continue to digitize cash and increase PCE penetration. But increasingly, as Al said, it's these new payment flows, as we call them, that are enabled by things like Visa Direct, which would be P2P and disbursements, which is B2C, that we're getting increasingly excited about. And then, of course, Visa Direct also enables many elements of B2B and G2C, government to consumer. And then B2B remains a huge opportunity. We are already close to $1 trillion in payment volume there, and we would like to see it grow much faster than, let's call it, our core consumer to C2B business.

再補充一點，我的意思是，我們在歷史上已經談了很多，你可以稱之為我們的傳統支付流程，即 B2C——B2B 業務——對不起，消費者對商家的業務，C2B .如您所知，我們相信有很多機會可以繼續將現金數字化並提高 PCE 滲透率。但正如 Al 所說，正是這些新的支付流程，正如我們所說的那樣，是由諸如 P2P 的 Visa Direct 和 B2C 的支付之類的東西實現的，我們越來越興奮。然後，當然，Visa Direct 還支持 B2B 和 G2C 的許多元素，政府對消費者。然後 B2B 仍然是一個巨大的機會。我們在那裡的支付量已經接近 1 萬億美元，我們希望看到它的增長速度比我們的 C2B 業務的核心消費者增長得更快。

Our next question comes from Harshita Rawat.

我們的下一個問題來自 Harshita Rawat。

I want to ask about emerging markets. There appears to be a lot happening on the ground in some of these markets with government involvement, new domestic schemes and, in certain instances, almost a new Fast ACH and API infrastructure. So my question for you is, how should we think about your ability to quickly adapt in these very rapidly evolving markets? And is there anything you need to do on the pricing partnerships or technology front?

我想問一下新興市場。在政府參與、新的國內計劃以及在某些情況下，幾乎新的 Fast ACH 和 API 基礎設施的參與下，其中一些市場似乎發生了很多事情。所以我的問題是，我們應該如何考慮您在這些快速發展的市場中快速適應的能力？在定價合作夥伴關係或技術方面，您需要做些什麼嗎？

Well, Harshita, many of these emerging markets, which are -- where there's clearly lots of dynamics, as you talked about, Visa's been on the ground in these markets for, in many cases, multiple decades, and we've got experienced teams in those markets. And I think if I put China aside, where we actually still don't have a domestic license, but we look at some of the countries in Asia, some of the countries in South America, some of the countries in Africa, we, I think, have had a market leadership position and we, I think, will continue to look to forge both good partnerships with people where it makes sense. The reality is the payments ecosystem is hugely about partnerships already. And I think as I look forward, there will be even more partnerships as some of the FinTechs really take hold and provide various value-added services. We are committed to VisaNet. We think it's the best network in the world in addition to being the biggest in the world. We continue to invest in it in big ways, and we'll continue to invest in it. That said, we are very pragmatic people. And to the degree that there are other rails that Visa transactions might -- or Visa credentials might be used on, where we can do something in partnership, where perhaps there's various value-added services we might be able to still provide even if a transaction isn't running on our rails, we'll be committed to do that. So I think that we are going down multiple paths where we're both trying to continue to strengthen the assets we have today, starting with our network, but also the investment in lots of capabilities we're doing. But we're also going to be smart about partnering where partnering makes sense. We're committed to try to be in the middle of as many payment flows as possible. And if we can control -- if we can have the full control of that payment flow, great. If, in some cases, we're participating in it as a partial player, that's also fine as well. So I think that we are well positioned. If you look at India as one case study, that's a market we've been in for 35 years. We've got a big team on the ground there. And we continue to be the market leader, even though there's lots of activity going on there in terms of both government intervention, as you talk about, as well as new players that are emerging.

嗯，Harshita，許多新興市場，正如你所說，顯然有很多動態，在許多情況下，Visa 已經在這些市場上紮根了幾十年，而且我們擁有經驗豐富的團隊在那些市場。我想如果我把中國放在一邊，我們實際上仍然沒有國內許可證，但我們看看亞洲的一些國家，南美洲的一些國家，非洲的一些國家，我們，我認為，已經擁有市場領導地位，我認為，我們將繼續尋求與有意義的人建立良好的合作夥伴關係。現實情況是，支付生態系統已經非常關注合作夥伴關係。我認為，隨著一些金融科技公司真正站穩腳跟並提供各種增值服務，將會有更多的合作夥伴關係。我們致力於 VisaNet。我們認為它是世界上最大的網絡，也是世界上最好的網絡。我們將繼續大舉投資它，我們將繼續投資它。也就是說，我們是非常務實的人。並且在某種程度上，Visa 交易可能會在其他軌道上使用——或者可能會使用 Visa 憑證，我們可以在其中合作做某事，即使交易，我們可能仍然可以提供各種增值服務沒有在我們的軌道上運行，我們將致力於做到這一點。所以我認為我們正在走多條道路，我們都在努力繼續加強我們今天擁有的資產，從我們的網絡開始，同時也在我們正在做的許多能力上進行投資。但我們也將聰明地在合作有意義的情況下合作。我們致力於盡可能多地參與支付流程。如果我們能夠控制——如果我們能夠完全控制支付流程，那就太好了。如果在某些情況下，我們作為部分玩家參與其中，那也很好。所以我認為我們的定位很好。如果您將印度視為一個案例研究，那是我們已經進入了 35 年的市場。我們在那裡有一支龐大的團隊。我們繼續成為市場領導者，儘管在政府乾預方面正在進行大量活動，正如你所說的，以及正在出現的新參與者。

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。

Look, I know there's some pricing initiatives in the company, and you touched on the anniversary of some in '19. But maybe you could just help us understand from a cadence standpoint what kind of benefit we could have through the year. And then, Al, just higher level, I mean, between Europe and other areas, do you see similar pricing opportunities in '19 and '20 that you saw in '18? I mean, especially on the back of Europe front-end integration being done now, do you have some room there?

聽著，我知道公司有一些定價舉措，你談到了 19 年一些定價舉措的周年紀念日。但也許你可以幫助我們從節奏的角度了解我們在這一年中可以獲得什麼樣的好處。然後，Al，只是更高的水平，我的意思是，在歐洲和其他地區之間，您在 19 年和 20 年看到的定價機會是否與您在 18 年看到的類似？我的意思是，尤其是在歐洲前端集成正在完成的背景下，你那裡還有空間嗎？

So Darrin, I'd say 2 things. One is, both Vasant and I have been clear about what we see in terms of pricing in Europe. The second thing I'd say is that we have had a long-standing policy of not getting involved for many reasons, including competitive reasons, in forecasting specific pricing actions that we would take and where we would take them geographically and in terms of on the network. And I think we're going to revert back to not commenting on specific pricing plans on a going-forward basis. But obviously, that said, we recognize that it's an important lever.

所以達林，我想說兩件事。一是，我和 Vasant 都清楚我們在歐洲的定價方面所看到的情況。我要說的第二件事是，我們有一項長期的政策，即出於多種原因（包括競爭原因）不參與預測我們將採取的具體定價行動，以及我們將在地理上和在哪些方面採取這些行動。網絡。而且我認為我們將恢復到不評論未來的具體定價計劃。但顯然，話雖如此，我們認識到這是一個重要的槓桿。

Yes. And our plans for '19 include pricing. There's carry-over pricing from '18 that flows into the first half of '19. And as I've said in the comments earlier, we have some pricing coming in, in '19. And so order of magnitude, across the whole business, there's about similar kinds of pricing between the 2 years.

是的。我們 19 年的計劃包括定價。 18 年的結轉定價流入 19 年上半年。正如我之前在評論中所說，我們在 19 年會有一些定價。因此，在整個業務中，兩年之間的定價大致相同。

Our next question comes from Lisa Ellis with MoffettNathanson.

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

My question is about Visa Direct. I'd like to see the strong metrics there year-on-year. Can you give an idea of -- so you highlighted use cases associated with P2P, disbursements, some B2B use cases. Can you give a sense for is there a pathway and what does it look like to using Visa Direct for things like bill pay or even more traditional merchant transactions, particularly in geographies where there is incumbent Fast ACH networks where that type of push payment is already heavily in use for those types of transactions? Is that a focus area? And can you give a sense for what that time line or that pathway looks like?

我的問題是關於 Visa Direct 的。我希望看到年復一年的強勁指標。您能否給出一個想法——所以您強調了與 P2P、支出、一些 B2B 用例相關的用例。您能否了解一下是否有途徑，以及將 Visa Direct 用於賬單支付甚至更傳統的商戶交易之類的事情會是什麼樣子，特別是在現有快速 ACH 網絡已經存在的地區大量用於這些類型的交易？那是重點領域嗎？你能大致了解那個時間線或路徑是什麼樣的嗎？

So we already do, Lisa, have some bill pay use cases that are happening in different geographies around the world. And again, our view is that by reversing the typical way that our network works, that we have lots of opportunity and lots of different use cases. And we've got a dedicated team that's spending a lot of time thinking about bill pay, P2P, disbursements and faster payments to merchants. I think those are kind of the 4 primary businesses that at the moment that we can see ourselves playing in, in terms of Visa Direct. And specifically, on bill pay, we -- I know both in Singapore and in India, we have use cases going on right now.

所以我們已經做到了，麗莎，有一些賬單支付用例正在世界各地發生。同樣，我們的觀點是，通過扭轉我們網絡的典型工作方式，我們有很多機會和很多不同的用例。我們有一個專門的團隊，他們花費大量時間考慮賬單支付、P2P、支付和更快地向商家付款。我認為就 Visa Direct 而言，這些是目前我們可以看到自己參與其中的 4 種主要業務。具體來說，在賬單支付方面，我們——我知道在新加坡和印度，我們現在都有用例。

Our next question comes from James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

I just wanted to ask a point of clarification first on -- you mentioned that there's 20% of your total volume that's up for renewal in 2018. You touched on its impact on incentives. But as a general rule, how does that compare to previous years? Or at least what has it been in the last few years by comparison just to contextualize a little bit? And then Al, I wanted to follow-up on the questions related to new technologies and partnerships. When you look at some of the plans that you've rolled out like the recent announcement of B2B Connect, et cetera, how close are you working with your partners to visualize and then push development on new initiatives? And I'm wondering how much is like being pulled from them as -- from your partners as they look for opportunities. I'm just trying to get a sense as to how receptive the market may be in some of these new initiatives.

我只是想先澄清一點——您提到您的總交易量中有 20% 需要在 2018 年續訂。您談到了它對激勵措施的影響。但作為一般規則，這與往年相比如何？或者至少在過去幾年裡發生了什麼比較只是為了稍微背景化？然後 Al，我想跟進與新技術和合作夥伴關係相關的問題。當您查看您推出的一些計劃（例如最近宣布的 B2B Connect 等）時，您與合作夥伴的合作有多密切，以可視化並推動新計劃的開發？我想知道在他們尋找機會時從他們那裡被拉出來有多少感覺。我只是想了解市場對其中一些新舉措的接受程度。

I'll take the first one, and Al, I think, is going to answer the second one. In terms of the renewal kind of tempo, FY '17 -- fiscal year '17 and '18 was heavy in Europe, as Al -- as we've been saying, we opened up 100 contracts -- more than 100 contracts and redid them. And you saw that in some of the client incentive movements. '16, '17 and '18 in the rest of the world were somewhat lower than the 20% pace. So 20%, inclusive of Europe, is probably more of a -- a little higher than the last couple of years on a global basis, but '15 was a bigger year from a renewal standpoint. So that gives you some flavor for it. I mean, on average, contracts run from 3 to 7 years, typically. And so it's about -- 5 years is a decent estimate. The 20% is getting more to par for the course.

我會選擇第一個，我想 Al 會回答第二個。就更新的節奏而言，17 財年——17 財年和 18 財年在歐洲是沉重的，正如我們一直在說的那樣，我們開立了 100 份合同——超過 100 份合同並重做了他們。你在一些客戶激勵運動中看到了這一點。 '16、'17 和 '18 在世界其他地區的增長速度略低於 20%。因此，包括歐洲在內的 20% 在全球範圍內可能比過去幾年略高，但從更新的角度來看，15 年是更大的一年。所以這會給你一些味道。我的意思是，平均而言，合同通常為 3 到 7 年。所以它大約是 - 5 年是一個不錯的估計。 20％的課程越來越多。

James, on the second question related to new technologies. First of all, I'd say that we try to be very client- and end consumer/business owner-centric in all we do. We don't just try to come up with capabilities and technologies for the sake of having them. We want and are only interested in creating capabilities and products that we think solve a particular problem or fill a particular need in the payment ecosystem. That said, there are cases where we are sometimes being pushed by our clients to move faster, and there are cases where we're pushing or pulling our clients along, asking them to come along more quickly. Kind of -- and by the way, for the same capability, the same product, we can have each of those cases at different clients. So we can have some clients who are -- we have to pull along and some who are pushing for us to move faster. So constant communication and an open stream of dialogue is critical in these cases. And we try to sit with clients, particularly our biggest clients, and give them a sense of what's in our product pipeline, what are we thinking about over the next year or 2, so that they have some transparency into what we're thinking. Because often we need them to come along because often, one of the things that is on the critical path of progress is them opening up their tech queues and making sure that they're doing whatever changes they need to make -- to accommodate some capability or product that we're putting into the marketplace.

詹姆斯，關於與新技術有關的第二個問題。首先，我想說的是，我們所做的一切都以客戶和最終消費者/企業主為中心。我們不只是為了擁有它們而嘗試提出能力和技術。我們想要並且只對創建我們認為可以解決特定問題或滿足支付生態系統特定需求的功能和產品感興趣。也就是說，在某些情況下，我們有時會被客戶推動更快地行動，而在某些情況下，我們會推動或拉動客戶，要求他們更快地行動。有點 - 順便說一句，對於相同的功能，相同的產品，我們可以在不同的客戶處擁有這些案例中的每一個。因此，我們可以有一些客戶——我們必須順勢而為，而一些客戶正在推動我們加快步伐。因此，在這些情況下，持續的溝通和開放的對話至關重要。我們嘗試與客戶坐下來，尤其是我們最大的客戶，讓他們了解我們的產品線，我們在未來一兩年的想法，以便他們對我們的想法有一定的透明度。因為我們經常需要他們一起來，因為通常，在關鍵的進步道路上的一件事是他們打開他們的技術隊列並確保他們正在做他們需要做的任何改變——以適應一些能力或我們正在投放市場的產品。

Our next question comes from Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Quick question on the China dual-card spending volumes. I was under the impression that the conversion to 2 cards had stopped. Is that not the case anymore because you guys mentioned that weakness? And then secondly, on these tokenization partnerships, I guess, when we think about what the longer-term or even intermediate-term benefits are, are there specific pilots that you'll launch around those partnerships or any economic benefits?

關於中國雙卡消費量的快速問題。我的印像是轉換為 2 卡已經停止。是不是因為你們提到了那個弱點而不再是這種情況？其次，關於這些代幣化合作夥伴關係，我想，當我們考慮長期甚至中期利益是什麼時，您是否會圍繞這些合作夥伴關係或任何經濟利益開展具體的試點？

On the first question, Sanjay, there are definitely a good number of our Chinese bank partners -- I don't know how many. We have 55, I think, 56 China bank issuer partners, and a good number of them are still issuing dual-badge cards. So yes, that's still happening. On the tokenization partnerships, look, this is something we're very committed to. We have always taken a lead in trying to make sure the payment ecosystem is as secure as it possibly can be. And getting to a point where payment credentials are codified in a different way using tokens versus the actual card number, we believe, is critical for the infrastructure. My personal belief, by getting these large token requesters on board now and getting to the point where we have 60 very strong token requesters in 40 markets around the world, is going to start triggering some key merchants to start moving to tokenization -- tokenizing their card-on-file PANs from today. And I think, like everything in life, that this is one of those things that if we can build some momentum, which I think we can, that it will really start to take off. But clearly, like everything, again, you need some tipping point where the momentum really starts to take off and you move from kind of pushing an initiative uphill to watching it roll downhill. And I think in the case of tokenization, we're probably still trying to push it up the hill a little bit, but I feel like we're close to the top of the hill, and we'll start seeing it roll down the hill as key merchants get enabled by these token requesters that we've recently signed.

關於第一個問題，桑傑，我們的中國銀行合作夥伴肯定有很多——我不知道有多少。我們有 55 家，我想，56 家中國銀行的發卡行合作夥伴，其中相當一部分仍在發行雙證卡。所以是的，這仍在發生。關於代幣化合作夥伴關係，看，這是我們非常致力於的事情。我們一直在努力確保支付生態系統盡可能安全。我們認為，使用令牌與實際卡號以不同的方式編碼支付憑證對於基礎設施至關重要。我個人認為，通過現在讓這些大型代幣請求者加入並達到我們在全球 40 個市場擁有 60 個非常強大的代幣請求者的程度，將開始觸發一些關鍵商家開始轉向代幣化——將他們的代幣化從今天開始的卡存檔 PAN。而且我認為，就像生活中的一切一樣，這是其中之一，如果我們能夠建立一些動力，我認為我們可以，它就會真正開始起飛。但很明顯，就像所有事情一樣，你需要一個臨界點，在這個臨界點，勢頭真正開始起飛，你從推動主動上坡轉變為看著它滾下坡。而且我認為在代幣化的情況下，我們可能仍在嘗試將其推向山頂，但我覺得我們已經接近山頂，我們將開始看到它滾下山，因為我們最近簽署的這些令牌請求者啟用了關鍵商家。

Our final question today comes from Moshe Orenbuch with Cr?dit Suisse.

我們今天的最後一個問題來自 Moshe Orenbuch 和 Cr?dit Suisse。

Most of my questions actually have been asked and answered, but Al, maybe you could just elaborate a little bit on the last point. And what are the types of transactions that you wouldn't see getting -- running over the network today because of that -- not having that tokenization partnership? And how would you see that developing over the next year or 2?

我的大部分問題實際上已經被問及並得到了回答，但是 Al，也許你可以稍微詳細說明最後一點。什麼類型的交易是你看不到的——因此在今天的網絡上運行——沒有這種標記化合作夥伴關係？您如何看待未來一兩年的發展？

I think that -- I think they're 2 unrelated things. I mean, they're -- look, as big and as broad and as large as our network is, we're not connected to every single bank account around the world. And so I think that there could be cases, certainly, as it relates to the movement in certain markets towards real-time payments, where we're doing something in partnership with another set of rails. I think as we do that, one of the things we will bring to the party, among many capabilities that we uniquely have on our network, will be tokens. But there will be other capabilities that we'd bring along as well, including the fact that we're global, including the fact that we have rules that handle things like disputes and chargebacks, including the fact that we've got a great array of risk and fraud tools that we can bring to the party. So that's how I think about it, Moshe.

我認為——我認為它們是兩件不相關的事情。我的意思是，他們是——看起來，和我們的網絡一樣大、一樣廣泛和一樣大，我們並沒有連接到世界各地的每一個銀行賬戶。因此，我認為肯定會有一些案例，因為它與某些市場向實時支付的趨勢有關，我們正在與另一套軌道合作做一些事情。我認為當我們這樣做時，我們將為聚會帶來的東西之一，在我們網絡上獨特的許多功能中，將是代幣。但是我們也會帶來其他能力，包括我們是全球性的，包括我們有處理爭議和退款等問題的規則，包括我們有一個很好的數組的事實我們可以為聚會帶來的風險和欺詐工具。這就是我的想法，Moshe。

We'd like to -- so I think that's it. We'd like to thank you for joining us today. If you have any additional questions, please feel free to call or e-mail our Investor Relations team.

我們想——所以我想就是這樣。我們要感謝您今天加入我們。如果您有任何其他問題，請隨時致電或發送電子郵件給我們的投資者關係團隊。

Thanks, again, and have a great day.

再次感謝，祝您有美好的一天。

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。