Visa Inc (V) 2019 Q1 法說會逐字稿

Welcome to the Visa Fiscal First Quarter 2019 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 2019 財年第一季度收益電話會議。 （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 First Quarter 2019 Earnings Call. Joining us today are Al Kelly, Visa's Chief Executive Officer; and Vasant Prabhu, Visa's Chief Financial Officer. 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 have been posted on our IR website.

謝謝你，凱蒂。大家下午好，歡迎參加 Visa 的 2019 年第一季度財報電話會議。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。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.

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。

For historical non-GAAP financial information disclosed in this call, the related GAAP measures and reconciliation are available in today's earnings release.

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。

Thank you, Mike, and good afternoon to everybody, and thanks for joining us today.

謝謝你，邁克，大家下午好，感謝今天加入我們。

Let me start with the financial results before sharing some key highlights from the quarter. The company continued to perform well in the fiscal first quarter with approximately 50 billion transactions on the Visa network driving $2.9 trillion in total volume. Revenue growth was 13%, and our key business drivers remained strong. Payments volume growth was 11% on a constant dollar basis. But please note that we modified our definition of payments volume this quarter to include all Visa Direct use cases involving a Visa payment credential. For your convenience, the historic growth rates have also been updated, and Vasant will touch on this in a little bit more detail.

在分享本季度的一些關鍵亮點之前，讓我先從財務業績開始。該公司在第一財季繼續表現良好，在 Visa 網絡上進行了約 500 億筆交易，總交易量達到 2.9 萬億美元。收入增長 13%，我們的主要業務驅動力依然強勁。按固定美元計算，支付量增長 11%。但請注意，我們在本季度修改了對支付量的定義，以包括所有涉及 Visa 支付憑證的 Visa Direct 用例。為方便起見，歷史增長率也已更新，Vasant 將更詳細地介紹這一點。

Cross-border growth on a constant dollar basis was 7%, slowing 3 percentage points from last quarter. Adjusting for the cryptocurrency purchases last year and a major e-commerce platform localizing volume within Europe, growth slowed just 1 point. Cross-border is an area we're watching closely. Cross-border volumes slowed through the quarter and into January, and Vasant will provide a little more color on these trends.

按固定美元計算的跨境增長為 7%，比上季度放緩 3 個百分點。調整去年的加密貨幣購買和歐洲主要電子商務平台的本地化交易量，增長僅放緩了 1 個百分點。跨境是我們密切關注的領域。跨境交易量在本季度和 1 月放緩，Vasant 將為這些趨勢提供更多色彩。

Processed transaction growth was 11%, down 1 percentage point from last quarter. Expense growth was 17%, primarily driven by personnel and marketing-related expenses, and EPS growth was 21%.

處理交易增長11%，比上季度下降1個百分點。費用增長 17%，主要受人事和營銷相關費用的推動，每股收益增長 21%。

Let me briefly comment on holiday spending, starting in the United States. Adjusting for Visa-specific factors, spending during the holiday season in the United States was relatively strong. We saw about the same growth we did last year, which was a strong year. Stronger debit spend growth was offset by weaker credit performance, which slowed later in the holiday season. Retail growth was in line with last year, fueled mostly by e-commerce. E-commerce continues to grow more than 3x faster than non-e-commerce. However, e-commerce growth did decelerate moderately versus last year. E-commerce drove approximately 1/3 of consumer spending, up 2 percentage points versus last year.

讓我簡要評論一下從美國開始的假期消費。調整簽證特定因素後，美國假期期間的支出相對強勁。我們看到了與去年大致相同的增長，這是強勁的一年。更強勁的借方支出增長被疲弱的信貸表現所抵消，信貸表現在假期後期放緩。零售增長與去年持平，主要受電子商務推動。電子商務繼續以比非電子商務快 3 倍的速度增長。然而，與去年相比，電子商務增長確實溫和減速。電子商務推動了大約 1/3 的消費者支出，比去年增加了 2 個百分點。

In terms of key days for sales, Black Friday was the largest shopping day, boosted by almost half of the spend via e-commerce. Black Friday was the third largest e-commerce shopping day in the holiday season. Cyber Monday remains the largest e-mail -- e-commerce shopping day, and was the seventh largest shopping day overall in the holiday season.

就銷售的關鍵日子而言，黑色星期五是最大的購物日，近一半的支出來自電子商務。黑色星期五是假日季節第三大電子商務購物日。網絡星期一仍然是最大的電子郵件 - 電子商務購物日，並且是假日季節的第七大購物日。

To give you a brief sense of the holiday season in other major markets, Brazil and Australia saw a slightly stronger growth than last year. Canada's growth was similar to last year and the growth in the U.K. slowed slightly.

為了讓您簡要了解其他主要市場的假日季節，巴西和澳大利亞的增長略高於去年。加拿大的增長與去年相似，英國的增長略有放緩。

Reflecting on the quarter as well as the first few weeks of January, economic uncertainty related to the U.S. government shutdown, Brexit, big equity market swings and the trade dispute with China are starting to have an impact on consumer sentiment. I was glad to see the reopening of the U.S. government last Friday after 35 days. It's critical that a deal gets done out at -- done in this 3-week period as I fear a second shutdown would have a further negative impact on consumer confidence and, in turn, on the U.S. economy.

回顧本季度以及 1 月份的前幾週，與美國政府關閉、英國退歐、股市大幅波動以及與中國的貿易爭端相關的經濟不確定性開始對消費者信心產生影響。我很高興看到美國政府在 35 天后於上週五重新開放。在這 3 週內完成交易至關重要，因為我擔心第二次停工會對消費者信心產生進一步的負面影響，進而對美國經濟產生負面影響。

Despite all the uncertainty across the globe and the recent cross-border slowdown, our business performed well this quarter, and we remain confident in our business performance over the medium to long term. A cornerstone of our long-term strategy is to deepen current client relationships and expand into new partnerships. In fact, our performance is fueled by partnerships, whether it be our traditional financial institutions, FinTechs, commercial players, new payment flow partnerships or our sponsorship partners. As a B2B company with a great consumer brand, it is these partnerships that enable our continued growth, and we're honored that companies find value in the services Visa offers.

儘管全球範圍內存在所有不確定性以及最近的跨境經濟放緩，但我們本季度的業務表現良好，我們對中長期的業務表現仍然充滿信心。我們長期戰略的基石是深化當前的客戶關係並拓展新的合作夥伴關係。事實上，我們的業績受到合作夥伴的推動，無論是我們的傳統金融機構、金融科技、商業參與者、新的支付流程合作夥伴還是我們的讚助合作夥伴。作為一家擁有出色消費品牌的 B2B 公司，正是這些合作夥伴關係使我們得以持續發展，我們很榮幸公司能在 Visa 提供的服務中找到價值。

So let me start by sharing a number of client partnership deals executed this quarter that highlight Visa as the preferred partner across traditional clients, co-brands and FinTechs. Let me begin with the traditional brand deals.

因此，讓我首先分享本季度執行的一些客戶合作交易，這些交易突出表明 Visa 是傳統客戶、聯合品牌和金融科技公司的首選合作夥伴。讓我從傳統的品牌交易開始。

In Mexico, we signed a 5-year renewal with BBVA Bancomer, strengthening our strategic partnership with the largest bank in Latin America outside of Brazil. In India, we continue to lead the credit card market. During the quarter, we renewed deals with SBI cards and ICICI, 2 of India's largest credit issuers. In Australia, Visa will be the exclusive scheme for credit and debit card portfolios across St. George, Bank of Melbourne and Bank of South Australia, which are all banks within the Westpac Group.

在墨西哥，我們與 BBVA Bancomer 簽署了為期 5 年的續約協議，加強了我們與巴西以外拉丁美洲最大銀行的戰略合作夥伴關係。在印度，我們繼續引領信用卡市場。在本季度，我們與印度最大的兩家信用發行機構 SBI 卡和 ICICI 續簽了交易。在澳大利亞，Visa 將成為 St. George、墨爾本銀行和南澳大利亞銀行的信用卡和借記卡組合的獨家計劃，這些銀行都是西太平洋銀行集團內的銀行。

Another great representation of partnerships in payments is demonstrated through our co-brand partnerships. Co-brand partnerships bring together our merchants' brands and loyalty assets and combine them with our payment network and our issuer partner assets. Across these types of partnerships, we had several wins in the quarter.

通過我們的聯合品牌合作夥伴關係展示了支付合作夥伴關係的另一個重要代表。品牌合作夥伴關係將我們的商家品牌和忠誠度資產整合在一起，並將它們與我們的支付網絡和發行商合作夥伴資產相結合。在這些類型的合作夥伴關係中，我們在本季度取得了多項勝利。

We executed a long-term partnership with Air Canada, which is the largest co-brand portfolio in Canada. In Mexico, Costco converted their private-label card program to be 100% Visa. Visa won the co-brand partnership with Amazon in India, which is expected to be one of the largest credit card portfolios in the country as it matures in the next 3 -- next few years. Lastly, in Japan, we announced the LINE Pay co-brand card deal, which significantly expands the payment options for LINE Pay users. For those who may not be familiar, LINE is one of Asia's leading messaging platforms and social networks.

我們與加拿大最大的聯合品牌組合加拿大航空公司建立了長期合作夥伴關係。在墨西哥，Costco 將他們的自有品牌卡計劃轉換為 100% Visa。 Visa 贏得了與亞馬遜在印度的聯合品牌合作夥伴關係，預計它將成為該國最大的信用卡組合之一，因為它在未來 3 年 - 未來幾年內成熟。最後，在日本，我們宣布了 LINE Pay 聯名卡交易，這顯著擴展了 LINE Pay 用戶的支付選擇。對於那些可能不熟悉的人來說，LINE 是亞洲領先的消息傳遞平台和社交網絡之一。

Beyond co-brands, we continue to strengthen our acceptance footprint with our traditional acquiring and processing partnerships. Across India, we continue to work with local acquirers to expand access and strengthen consumer demand for electronic payment. To that end, we surpassed 1 million contactless acceptance points in the quarter, and we now have 950,000 QR acceptance points. In China, we executed a 3-year deal with Mckayla, one of China's leading integrated financial services platform to open up acceptance in 7 million merchant locations.

除了聯合品牌之外，我們還通過傳統的收購和處理合作夥伴關係繼續加強我們的接受足跡。在整個印度，我們繼續與當地收單機構合作，以擴大准入並加強消費者對電子支付的需求。為此，我們在本季度超過了 100 萬個非接觸式接受點，我們現在擁有 950,000 個 QR 接受點。在中國，我們與中國領先的綜合金融服務平台之一 Mckayla 簽訂了一項為期 3 年的協議，在 700 萬個商戶中開放接受。

In terms of processing, we work in close collaboration with various players in the Argentine payments ecosystem -- Argentina payments ecosystem to complete the processing transition to VisaNet earlier this month. And in fact, on January 25, Visa began processing 100% of our Argentine transactions, enabling us to better serve clients with our products and our value-added services.

在處理方面，我們與阿根廷支付生態系統（阿根廷支付生態系統）中的各個參與者密切合作，以在本月初完成向 VisaNet 的處理過渡。事實上，從 1 月 25 日起，Visa 開始處理我們 100% 的阿根廷交易，使我們能夠更好地為客戶提供我們的產品和增值服務。

Moving to new partnerships. FinTechs continue to be key enablers around the world in helping to expand access to electronic payments, open new acceptance, drive new payment flows and create new ways to pay and be paid. Visa is increasing its reach and scope to address FinTech needs, both partly directly with FinTech as well as platforms that service them.

轉向新的合作夥伴關係。金融科技在幫助擴大電子支付渠道、開闢新的接受渠道、推動新的支付流程以及創造新的支付和被支付方式方面，繼續成為世界各地的關鍵推動者。 Visa 正在擴大其覆蓋面和範圍以滿足金融科技的需求，部分是直接通過金融科技以及為其提供服務的平台。

In Turkey, we're partnering with Turkcell and their FinTech subsidiary, Paycell, to expand access to digital payment services by offering a Visa card integrated with their mobile wallet, which will provide financial services such as money transfer, utility bill payments and acceptance at the point-of-sale. The service is targeted at addressing the 40% of the Turkish population that is under-banked, with the goal of reaching 10 million Paycell Visa cards in 3 years.

在土耳其，我們正在與 Turkcell 及其金融科技子公司 Paycell 合作，通過提供與其移動錢包集成的 Visa 卡來擴大對數字支付服務的訪問，該卡將在銷售點。該服務旨在解決 40% 的土耳其人口缺乏銀行服務，目標是在 3 年內達到 1000 萬張 Paycell Visa 卡。

In Singapore, InstaReM, a digital cross-border payments company powering local payments in over 55 countries, will begin leveraging Visa's credentials for business and consumers by creating innovative products in payroll, travel and cross-border payments.

在新加坡，為超過 55 個國家的本地支付提供支持的數字跨境支付公司 InstaReM 將開始通過在工資單、旅行和跨境支付方面創造創新產品，為企業和消費者利用 Visa 的信譽。

In Africa, Flutterwave will leverage a suite of Visa capabilities, including digital prepaid card issuance, mobile payments, processing in Visa Direct to service both mobile money and bank clients. While Flutterwave had processed 100 million transactions across its 50 banking partners in Africa, it plans to grow across the continent, reaching those who don't currently utilize electronic payments. Also in Africa, Visa has partnered with GTP, a prepaid processor and program manager focused on prepaid issuing in over 30 African countries. This partnership will enable faster time-to-market for FinTechs and wallets.

在非洲，Flutterwave 將利用一系列 Visa 功能，包括數字預付卡發行、移動支付、Visa Direct 處理，為移動貨幣和銀行客戶提供服務。雖然 Flutterwave 已在其位於非洲的 50 個銀行合作夥伴中處理了 1 億筆交易，但它計劃在整個非洲大陸發展，覆蓋目前不使用電子支付的人。同樣在非洲，Visa 與 GTP 合作，後者是一家預付費處理器和項目經理，專注於在 30 多個非洲國家/地區進行預付費發行。這種合作夥伴關係將加快金融科技和錢包的上市時間。

Visa continues to also invest and partner to innovate and grow our B2B payment offerings across both core card and new payment flow solutions. In November, we announced our collaboration with Billtrust on their bill payment network designed to streamline the delivery of B2B payments to suppliers. The business payment network will provide financial institutions and corporate buyers with the ability to deliver digital payments directly to the suppliers' acceptance platforms. This collaboration reflects our increased focus on B2B accounts receivable and on improving the overall supplier experience when accepting B2B payments.

Visa 還繼續投資和合作，在核心卡和新的支付流程解決方案中創新和發展我們的 B2B 支付產品。 11 月，我們宣布與 Billtrust 就其賬單支付網絡展開合作，旨在簡化向供應商提供 B2B 支付。商業支付網絡將為金融機構和企業買家提供直接向供應商接受平台提供數字支付的能力。此次合作反映了我們更加關注 B2B 應收賬款以及在接受 B2B 付款時改善整體供應商體驗。

We're also continuing to expand our commercial card relationships globally. In Europe, Ixaris moves to shift their business to Visa and expand a range of virtual travel payment product it offers to online travel aggregators, global distribution systems and other participants of the travel industry. Ixaris is a leading technology provider for online travel agency solutions in Europe, and we're working with them on expanding their solution set into multiple regions.

我們還將繼續在全球範圍內擴展我們的商業卡關係。在歐洲，Ixaris 將業務轉移到 Visa，並將其提供的一系列虛擬旅遊支付產品擴展到在線旅遊聚合商、全球分銷系統和旅遊行業的其他參與者。 Ixaris 是歐洲領先的在線旅行社解決方案技術提供商，我們正在與他們合作，將他們的解決方案擴展到多個地區。

We also renewed our Citi commercial card partnerships by 7 years in Europe and 5 years in Central Europe, Middle East and Africa. In Brazil, Itau announced the launch of the Visa Infinite corporate card, Visa's premier and premium commercial product. Itau is targeting top-tier executive clients who need a business solution with expanded benefits that are more in line with their corporate travel habits.

我們還將花旗在歐洲的商業卡合作夥伴關係延長了 7 年，在中歐、中東和非洲延長了 5 年。在巴西，Itau 宣布推出 Visa Infinite 公司卡，這是 Visa 的首要和優質商業產品。 Itau 的目標客戶是需要更符合其商務旅行習慣的擴展福利的業務解決方案的頂級高管客戶。

In previous quarters, we provided an update on tap-to-pay, and we continue to see strong momentum with global contactless penetration of domestic face-to-face transactions. We've been constantly increasing, but we saw -- and we continue to see a 2-point improvement quarter-over-quarter and an 8-point improvement year-over-year in the first quarter of '19. Excluding the U.S., 44% of domestic face-to-face transactions that run over our network are now tap-to-pay. In the United States, our partners are beginning to establish the foundation that will drive adoption and usage in the coming quarters. U.S. financial institutions are starting to issue more tap-to-pay cards. Chase, our largest issuer, plans to be issuing tap-to-pay cards in all credit and debit portfolios by the end of 2019. Additionally, Wells Fargo and Bank of America will start issuing tap-to-pay cards this year. Wells Fargo will start in the upcoming months, and Bank of America will begin in the summer. For merchant acceptance, Target enabled tap-to-pay this month, and Hy-Vee, a large grocer in the Midwest, also enabled tap-to-pay.

在前幾個季度，我們提供了點擊支付的最新信息，我們繼續看到國內面對面交易在全球非接觸式滲透方面的強勁勢頭。我們一直在不斷增加，但我們看到了——在 19 年第一季度，我們繼續看到環比改善 2 點，同比改善 8 點。除美國外，在我們網絡上運行的 44% 的國內面對面交易現在都是點擊支付。在美國，我們的合作夥伴開始奠定基礎，以推動未來幾個季度的採用和使用。美國金融機構開始發行更多的點擊支付卡。我們最大的發行商 Chase 計劃在 2019 年底之前在所有信用卡和借記卡組合中發行 Tap-to-pay 卡。此外，富國銀行和美國銀行將在今年開始發行 Tap-to-pay 卡。富國銀行將在未來幾個月內啟動，美國銀行將在夏季啟動。對於商家的接受度，Target 本月啟用了點擊支付，中西部的大型雜貨店 Hy-Vee 也啟用了點擊支付。

Visa Direct continues to expand use cases, geographies and usage by leveraging scale partners. Transaction count growth continues to be over 100%. Increasingly, large acquirers are seeing the value of offering Visa Direct. Notably, Visa has teamed up with Cielo, the largest acquirer in Latin America based in Brazil to start implementing real-time disbursement capabilities to the Brazilian market. Once completed, they will be among the first to offer domestic origination.

Visa Direct 通過利用規模合作夥伴，繼續擴大用例、地域和使用範圍。交易數量增長繼續超過 100%。越來越多的大型收購方看到了提供 Visa Direct 的價值。值得注意的是，Visa 已與總部位於巴西的拉丁美洲最大的收單機構 Cielo 合作，開始在巴西市場實施實時支付功能。一旦完成，他們將成為首批提供國內原創產品的公司之一。

And in Asia Pacific, RYDE, a regional ridesharing app in Singapore, started to offer driver disbursements facilitated through Stripe's instant payouts feature. In emerging markets, push payments allow consumers to use their enabled mobile applications to push money to a business account, conveniently using an alias, for example, a QR or a phone number for the payments of goods and services.

在亞太地區，新加坡的區域拼車應用 RYDE 開始通過 Stripe 的即時支付功能提供司機支付服務。在新興市場，推送支付允許消費者使用他們啟用的移動應用程序將資金推送到企業賬戶，方便地使用別名，例如二維碼或電話號碼來支付商品和服務。

Scan to pay, Visa's QR-based payment solution, launched in Cambodia in December. The launch was done in conjunction with 5 of the leading banks in the country of Cambodia. Scan to pay also went live in Ghana, with the commercial launch planned for Tanzania this quarter. These launches showcase that scan to pay is expanding into emerging markets of all sizes and regions.

掃描支付是 Visa 基於二維碼的支付解決方案，於 12 月在柬埔寨推出。此次發布是與柬埔寨國家的 5 家領先銀行聯合完成的。 Scan to pay 也在加納上線，本季度計劃在坦桑尼亞進行商業發布。這些發布表明掃描支付正在擴展到各種規模和地區的新興市場。

In terms of partnerships promoting our brand, we signed several partnerships to ensure our consumer brand remains healthy and top of mind. To that end, yesterday, we announced an extension of our 25-year relationship with the NFL by 6 years through the 2025 season. Our NFL sponsorship allows us to have tremendous reach to showcase our payment innovation across the United States for the benefit of our partners.

在推廣我們品牌的合作夥伴關係方面，我們簽署了多個合作夥伴關係，以確保我們的消費品牌保持健康和備受關注。為此，昨天，我們宣布將與 NFL 的 25 年合作關係延長 6 年，直至 2025 賽季。我們的 NFL 贊助使我們能夠在美國各地展示我們的支付創新，以造福我們的合作夥伴。

This quarter, we also announced 2 new soccer partnerships, the Union of European Football Associations women's football competitions through 2025 and the Confederation of African Football, Total Africa Cup of Nations tournament, in 2019 and 2021. Similar to our other partnerships, we will leverage these partnerships to promote acceptance and showcase payments experiences at the tournament venues. And we will be able to share these right with our clients.

本季度，我們還宣布了 2 個新的足球合作夥伴關係，即 2025 年歐洲足球協會聯盟女子足球比賽和 2019 年和 2021 年非洲足球聯合會、非洲國家杯錦標賽。與我們的其他合作夥伴關係類似，我們將利用這些合作夥伴關係旨在促進比賽場地的接受和展示支付體驗。我們將能夠與我們的客戶分享這些權利。

Before closing, I'd like to briefly comment on a potential M&A deal in China and an update on U.S. merchant litigation. Visa made an all-cash proposal to acquire Earthport in December 2018. As you're likely aware, Mastercard made an offer late last week that was a bit higher, and we're considering our option. And a further announcement will be made in due course. Given that this transaction is governed by the U.K. Takeover Code, we will not be able to take any questions on Earthport or the potential transaction.

在結束之前，我想簡要評論一下在中國的潛在併購交易以及美國商人訴訟的最新情況。 Visa 在 2018 年 12 月提出了收購 Earthport 的全現金提議。您可能知道，萬事達卡上週晚些時候提出了更高的報價，我們正在考慮我們的選擇。並將在適當時候發布進一步的公告。鑑於此交易受英國收購守則的約束，我們將無法就 Earthport 或潛在交易提出任何問題。

Relative to China, we filed Visa's domestic license application with The People's Bank of China last year, and we continue to work closely with the Chinese regulators and government to understand how to best proceed through the application process. We realize there's been some recent market developments. But at this point, we can't comment on the structure of our China entity or potential partnership given the sensitivity of the process.

相對於中國，我們去年向中國人民銀行提交了 Visa 的國內許可申請，我們將繼續與中國監管機構和政府密切合作，以了解如何最好地完成申請流程。我們意識到最近有一些市場發展。但在這一點上，鑑於過程的敏感性，我們無法評論我們中國實體或潛在合作夥伴的結構。

In the U.S. merchant interchange litigation, we're pleased to share that last week, the District Court granted preliminary approval of the damages class settlement. In terms of what happens from here, U.S. merchants will receive legal notice of the settlement and an opportunity to opt out. And the court scheduled a final approval hearing for November.

在美國商人交換訴訟中，我們很高興地分享上週，地方法院初步批准了損害賠償集體和解。就從這裡發生的事情而言，美國商人將收到有關和解的法律通知，並有機會選擇退出。法院安排在 11 月舉行最終批准聽證會。

In summary, we had a strong first quarter financially. It's important that the geopolitical challenges begin to get addressed so we don't experience further erosion in consumer confidence that could impact cross-border spending as it has in recent weeks. That said, we have a very good business, and we're committed to our strategy, continuing to invest in important growth initiatives. Through key sponsorships, we'll maintain our focus on strengthening our consumer brand. And together with strong partners, we continue to drive new payment flows as well as expand electronic payment in the traditional consumer-to-merchant purchases.

總而言之，我們在財務上的第一季度表現強勁。重要的是，地緣政治挑戰開始得到解決，這樣我們就不會像最近幾週那樣經歷可能影響跨境支出的消費者信心進一步下降。也就是說，我們的業務非常好，我們致力於我們的戰略，繼續投資於重要的增長計劃。通過關鍵贊助，我們將繼續專注於加強我們的消費者品牌。與強大的合作夥伴一起，我們將繼續推動新的支付流程，並在傳統的消費者對商家的購買中擴大電子支付。

To share a bit more detail on Q1 results, I'll turn it over to Vasant.

為了分享更多關於第一季度業績的細節，我將把它交給 Vasant。

Thank you, Al. We made a strong start to our fiscal year 2019 with EPS growth of 21% and net revenue growth of 13%. Exchange rate shifts with Australia were a drag on net revenue and EPS growth of approximately 50 basis points. A few points to note: as Visa's business continues to evolve beyond purchases at merchants, we have updated our definition of reported payments volume to account for all new payment flows carrying the Visa brand. To date, we had included funding or full payment volume related to Visa Direct but not disbursement or push payment volume. Our payments volume now includes all Visa Direct disbursement volume. Where a transaction is processed straight through, i.e., it includes both a pull and a push in quick succession, the payments volume is only counted once. All prior periods have been adjusted to reflect the updated definition. This change added a little over 0.5 percentage point to reported payments volume growth in constant dollars this quarter. There is a schedule in the operational performance data that shows the impact from this change on current and prior periods.

謝謝你，阿爾。我們在 2019 財年開局強勁，每股收益增長 21%，淨收入增長 13%。與澳大利亞的匯率變化拖累了淨收入和每股收益增長約 50 個基點。需要注意的幾點：隨著 Visa 的業務不斷發展，超越了商戶購買，我們更新了我們對報告支付量的定義，以考慮所有帶有 Visa 品牌的新支付流。迄今為止，我們已包括與 Visa Direct 相關的資金或全額支付量，但未包括支付或推送支付量。我們的支付量現在包括所有 Visa Direct 支付量。如果交易是直接處理的，即它包括快速連續的拉動和推動，則支付量只計算一次。所有以前的期間都已調整以反映更新的定義。這一變化使本季度以固定美元計算的報告支付量增長略高於 0.5 個百分點。運營績效數據中有一個時間表，顯示了這種變化對當前和前期的影響。

While growth rates slowed modestly from the prior quarter, payments volume and processed transactions continue to grow at double-digit levels globally in the first quarter of fiscal 2019. Cross-border growth rates, however, dipped to 7%. Lapping the spike in cryptocurrency purchases last year contributed 1 percentage point to the slowdown. The remaining 2 percentage point slowdown was within Europe or in intra-Europe cross-border transactions. These intra-Europe transactions have yields comparable to domestic transaction rather than a typical cross-border transaction, hence, a small revenue impact. One point of the intra-Europe slowdown reflected general weakness across the EU. The other point was due to a Pan-European e-commerce platform reorienting acquiring across countries, converting transactions from cross-border to domestic, again, with minimal revenue impact to Visa. The cross-border growth trend slowed significantly in December, and this has continued into January, which I will talk about more in a few minutes.

雖然增長率較上一季度略有放緩，但 2019 財年第一季度全球支付量和已處理交易繼續以兩位數的水平增長。然而，跨境增長率下降至 7%。去年加密貨幣購買量的飆升對經濟放緩貢獻了 1 個百分點。其餘 2 個百分點的放緩發生在歐洲內部或歐洲內部的跨境交易中。這些歐洲內部交易的收益與國內交易相當，而不是典型的跨境交易，因此對收入的影響很小。歐洲內部放緩的一點反映了整個歐盟的普遍疲軟。另一點是由於泛歐電子商務平台重新定位跨國收單，再次將交易從跨境轉向國內，對 Visa 的收入影響最小。 12 月跨境增長趨勢明顯放緩，並一直持續到 1 月，我將在幾分鐘內詳細討論。

Net revenue growth at 13% was very strong helped by lower-than-expected client incentives. Deal timing moved some client incentives to the second quarter, shifting the equivalent to $0.01 in EPS between quarters. The new revenue accounting standard, ASC 606, added approximately 1 percentage point to Q1 reported net revenue growth. The ASC 606 impact was larger this quarter than expected due to the timing of deals and client activities. The ASC 606 impact was partially offset by exchange rates, which were a 50 basis point drag.

由於低於預期的客戶激勵措施，淨收入增長 13% 非常強勁。交易時機將一些客戶激勵措施移至第二季度，在兩個季度之間轉移了相當於 0.01 美元的每股收益。新的收入會計準則 ASC 606 使第一季度報告的淨收入增長增加了約 1 個百分點。由於交易和客戶活動的時間安排，本季度 ASC 606 的影響大於預期。 ASC 606 的影響被拖累 50 個基點的匯率部分抵消。

As expected, expense growth was in the mid-teens. ASC 606 added almost 2.5 percentage points to expense growth. Exchange rate impacts on some balance sheet item added another point. Expense growth rate will moderate in future quarters, and we still expect full year expenses to grow in the mid to high single digits on an adjusted basis.

正如預期的那樣，費用增長在十幾歲左右。 ASC 606 為支出增長增加了近 2.5 個百分點。匯率對某些資產負債表項目的影響又增加了一點。未來幾個季度的費用增長率將放緩，我們仍預計全年費用在調整後將以中高個位數增長。

During the quarter, the U.S. Treasury issued guidance on how to apply new provisions of tax reform that go into effect this year. Applying these GILTI and FDII provisions resulted in a lower-than-expected tax rate this quarter. We bought 16.9 million of class A common stock at an average price of $137.82 for $2.3 billion in the first fiscal quarter. Our board has authorized a new $8.5 billion share repurchase program. Including this additional authorization, we currently have $9.8 billion available for share repurchases. Including our quarterly dividend of $0.25 per share, we returned approximately $2.9 billion of capital to shareholders in the quarter.

在本季度，美國財政部發布了有關如何應用今年生效的新稅改規定的指南。應用這些 GILTI 和 FDII 條款導致本季度的稅率低於預期。我們在第一財季以 23 億美元的平均價格以 137.82 美元的價格購買了 1690 萬股 A 類普通股。我們的董事會已批准一項新的 85 億美元的股票回購計劃。包括這項額外授權，我們目前有 98 億美元可用於股票回購。包括我們每股 0.25 美元的季度股息，我們在本季度向股東返還了大約 29 億美元的資本。

Moving now to a review of the key business drivers in the first fiscal quarter. Payments volume on a constant dollar basis grew 11%. As I mentioned earlier, the inclusion of disbursement or push payment volume added a little over 0.5 percentage point to reported growth. This reflects solid underlying growth globally, particularly in the debit business.

現在開始回顧第一財季的主要業務驅動因素。按固定美元計算的支付量增長了 11%。正如我之前提到的，包括支付或推送支付量為報告的增長增加了 0.5 個百分點多一點。這反映了全球穩健的潛在增長，尤其是在藉記業務方面。

Credit was up 9%, debit was up 13% in constant dollars. Latin America, CEMEA and Asia Pacific, ex China, all had stronger growth versus the last quarter. Europe and Canada slowed moderately, while U.S. growth decelerated by almost 2 percentage points. Total U.S. growth was almost 11%. Growth remained strong in debit at 13%. Debit growth was consistent with the last quarter, both including and excluding Visa Direct disbursement volume. However, credit growth of around 9% slowed almost 3 percentage points versus last quarter. Credit growth slowed approximately 1 percentage point due to conversion, in particular, Cabela's, which started this quarter. Lower fuel prices contributed about 0.5 point to the credit slowdown. The remaining credit deceleration was across multiple categories, particularly in travel and home improvement. Credit growth was particularly soft in the second half of December.

以固定美元計算，信貸增長了 9%，借方增長了 13%。與上一季度相比，拉丁美洲、CEMEA 和亞太地區（不包括中國）都有更強勁的增長。歐洲和加拿大溫和放緩，而美國增長放緩近 2 個百分點。美國的總增長率接近 11%。借方的增長依然強勁，為 13%。借方增長與上一季度一致，包括和不包括 Visa Direct 支付量。然而，約 9% 的信貸增長較上一季度放緩了近 3 個百分點。由於轉換，特別是從本季度開始的 Cabela's，信貸增長放緩了約 1 個百分點。較低的燃料價格對信貸放緩貢獻了約 0.5 個百分點。剩餘的信貸減速涉及多個類別，特別是在旅行和家居裝修方面。 12 月下半月的信貸增長尤其疲軟。

International payments volume growth in constant dollars was stable at 11%. Growth rate stepped up in Brazil, Japan, across most of CEMEA and in many parts of Europe. This was offset by slower growth in Australia as we lack wins, as well as the Middle East, U.K. and France. The rate of decline in Chinese dual-branded card volume was consistent with last quarter.

以固定美元計算的國際支付量增長穩定在 11%。巴西、日本、CEMEA 大部分地區和歐洲許多地區的增長率都在加快。這被澳大利亞的增長放緩所抵消，因為我們缺乏勝利，以及中東、英國和法國。中國雙品牌卡數量的下降幅度與上一季度一致。

Cross-border volume on a constant dollar basis grew 7% and slowed through the quarter. This is 3 percentage points lower than last quarter, primarily due to the drag from lapping the spike in cryptocurrency purchases last year as well as intra-Europe volume. Again, the intra-Europe slowdown has only a minor effect on revenue. Excluding these 2 items, U.S. outbound spend accelerated as the dollar strengthened. Outbound spend also accelerated in Japan and the Middle East but decelerated in Canada and Russia as the currencies weakened.

按固定美元計算的跨境交易量增長了 7%，並在整個季度放緩。這比上一季度低 3 個百分點，主要是由於去年加密貨幣購買量激增以及歐洲內部交易量的拖累。同樣，歐洲內部經濟放緩對收入的影響很小。不包括這兩項，美國的對外支出隨著美元走強而加速。日本和中東的出境支出也在加速，但隨著貨幣貶值，加拿大和俄羅斯的出境支出放緩。

Inbound commerce into the U.S. slowed into the low single digits with the strengthening dollar. Inbound commerce into Europe remained strong and consistent with the last quarter. Growth in inbound spend to the Caribbean accelerated as we lap depressed growth last year due to the hurricanes, which caused travelers to choose other destinations.

隨著美元走強，進入美國的入境貿易放緩至低個位數。進入歐洲的入境貿易依然強勁，與上一季度保持一致。去年由於颶風導致遊客選擇其他目的地，導致加勒比地區的入境消費增長放緩。

Process transaction growth of 11% is down 1 percentage point versus last year, mostly driven by the U.S. Growth in the U.S. slowed in line with credit volume. Growth slowed in Brazil as we lack processing wins, which is partially offset by the processing gains in Argentina. Growth also slowed in the U.K., consistent with the slowing spend growth, given the high levels of uncertainty as we approach the Brexit date in late March.

流程交易增長 11%，比去年下降 1 個百分點，主要是受美國的推動。美國的增長與信貸量同步放緩。巴西的增長放緩，因為我們缺乏加工優勢，這部分被阿根廷的加工收益所抵消。英國的增長也放緩，與支出增長放緩一致，因為我們在 3 月下旬接近英國退歐日期時存在高度不確定性。

A quick review of first quarter financial results. Net revenue grew 13%. As I mentioned earlier, net revenue growth benefited from delays in client deals. Exchange rate shifts lowered Q1 net revenue growth by 0.5 percentage point, which was offset by a 1-point benefit from the adoption of ASC 606.

快速回顧第一季度的財務業績。淨收入增長 13%。正如我之前提到的，淨收入增長得益於客戶交易的延遲。匯率變化使第一季度的淨收入增長降低了 0.5 個百分點，這被採用 ASC 606 帶來的 1 個百分點的收益所抵消。

Service revenue grew 9%, in line with nominal payments volume growth last quarter. Data processing revenues were up 15% as we continue to benefit from pricing changes made last year. International revenue increased 11%, benefiting from lapping low currency volatility last year. Also, as I described earlier, some of the cross-border deceleration in the first quarter was driven by slowing intra-Europe volumes, which have only a small impact on international revenues. Other revenue grew 30%, primarily driven by the adoption of ASC 606 but also helped by increased client adoption of some of our value-added services.

服務收入增長 9%，與上季度名義支付量增長一致。由於我們繼續受益於去年的定價變化，數據處理收入增長了 15%。國際收入增長 11%，受益於去年的低匯率波動。此外，正如我之前所描述的，第一季度的一些跨境減速是由歐洲內部交易量放緩推動的，這對國際收入的影響很小。其他收入增長了 30%，這主要得益於 ASC 606 的採用，但也得益於客戶更多地採用我們的一些增值服務。

Incentives as a percent of gross revenues at 20.9% are lower than our outlook range this quarter but in line with last year. Incentives were lower than we expected primarily due to deal delays but also due to lower volumes in some parts of the world. We expect to see an uptick in incentives as a percent of gross revenues in the remaining quarters based on timing of deals.

激勵措施佔總收入的 20.9% 低於我們本季度的展望範圍，但與去年持平。激勵措施低於我們的預期，主要是由於交易延遲，但也由於世界某些地區的交易量減少。根據交易時間，我們預計剩餘季度的激勵措施佔總收入的百分比會上升。

Operating expenses grew 17%, primarily driven by personnel and marketing costs. Personnel expenses were lower in the first quarter of last year as we ramped up investments through the year. In addition, we increased our 401(k) match in the U.S., and acquired Fraedom in the second quarter last year.

運營費用增長 17%，主要受人力和營銷成本的推動。由於我們全年加大投資力度，去年第一季度的人事費用有所下降。此外，我們增加了在美國的 401(k) 匹配，並在去年第二季度收購了 Fraedom。

Marketing expenses grew 24%, of which approximately 13 percentage points is related to ASC 606. Marketing growth is lapping low first quarter spend in fiscal year '18, leading up to the Olympics and the FIFA World Cup. As I mentioned earlier, exchange rate impacts on some balance sheet items contributed 1 percentage point to expense growth, and ASC 606 adoption added almost 2.5 points.

營銷費用增長了 24%，其中大約 13 個百分點與 ASC 606 相關。營銷增長在 18 財年第一季度支出較低，導致奧運會和 FIFA 世界杯。正如我之前提到的，匯率對某些資產負債表項目的影響為費用增長貢獻了 1 個百分點，而 ASC 606 的採用增加了近 2.5 個百分點。

Nonoperating expenses were lower than expected due to higher interest income on our cash balances. In addition, in the quarter, we entered into forward contracts, swapping some of our U.S. dollar debt to euro-denominated debt, reducing interest expense. The euro forward contracts are a liability, partially offsetting foreign currency exposure from our euro-denominated assets. Our tax rate for the quarter was lower than expected at 18%. During the quarter, the U.S. Treasury Department provided more clarity on the application of tax reform rules related to FDII and GILTI, which go into effect this year. This lowers our first quarter tax rate by more than 1 point.

由於我們現金餘額的利息收入增加，營業外支出低於預期。此外，在本季度，我們簽訂了遠期合約，將我們的部分美元債務換成歐元計價的債務，降低了利息費用。歐元遠期合約是一項負債，部分抵消了我們以歐元計價的資產的外匯風險。我們本季度的稅率為 18%，低於預期。本季度，美國財政部對今年生效的與 FDII 和 GILTI 相關的稅收改革規則的應用提供了更加明確的說明。這使我們的第一季度稅率降低了 1 個百分點以上。

With that, a few perspectives about the second quarter and the rest of fiscal year 2019. First, let me share growth in our business for the first 3 weeks of this quarter. Through January 21, U.S. payments volume growth was 10%, with U.S. credit growing 8% and debit, 12%. Processed transactions grew 12%. U.S. credit payment volume growth has recovered from the dip we saw in the second half of December. Cross-border volume on a constant dollar basis grew 2%, which is similar to the trends we saw in December. Adjusted for the cryptocurrency spike and the impact of the EU e-commerce platform shifting intra-Europe transactions to domestic, cross-border growth was around 6%, again, in line with the December trend.

有了這個，關於第二季度和 2019 財年剩餘時間的一些觀點。首先，讓我分享一下本季度前 3 週我們業務的增長情況。截至 1 月 21 日，美國支付量增長 10%，美國信貸增長 8%，借記增長 12%。已處理的交易增長了 12%。美國信貸支付量增長已從 12 月下半月的下滑中恢復。按固定美元計算的跨境交易量增長了 2%，這與我們在 12 月看到的趨勢相似。根據加密貨幣飆升和歐盟電子商務平台將歐洲內部交易轉移到國內的影響進行調整，跨境增長再次達到 6% 左右，與 12 月的趨勢一致。

What are some of the factors driving this cross-border slowdown? In the U.S., the inbound commerce growth rate is now negative. As the dollar strengthened in mid-2018, inbound commerce to the U.S. started to slow, and this has continued. Commerce from Canada, Latin America, China, Australia and Europe, excluding the U.K., has been particularly soft. Outbound commerce, on the other hand, continues to be very robust, helped, of course, by the strengthening dollar. Internationally, corridors that slowed significantly through December and January include outbound commerce from Canada, Mexico and Argentina, most parts of Asia, excluding Japan, Russia and Sub-Saharan Africa. Commerce in the Brazil slowed sharply as did commerce into China. Growth within the EU is slowing as well as parts of the Middle East.

推動跨境經濟放緩的因素有哪些？在美國，入境商務增長率現在是負數。隨著美元在 2018 年年中走強，對美國的入境貿易開始放緩，而且這種情況還在繼續。加拿大、拉丁美洲、中國、澳大利亞和歐洲（不包括英國）的貿易尤其疲軟。另一方面，出境貿易繼續非常強勁，這當然得益於美元走強。在國際上，到 12 月和 1 月顯著放緩的走廊包括來自加拿大、墨西哥和阿根廷以及亞洲大部分地區（不包括日本、俄羅斯和撒哈拉以南非洲）的出境貿易。巴西的貿易急劇放緩，進入中國的貿易也是如此。歐盟內部以及中東部分地區的增長正在放緩。

In terms of the causes of the slowdown, exchange rate and a period of reduced cross-border activity appear to be the primary drivers. As always, there are some unique factors in specific corridors. It is too early to determine if this slowing trend will continue, stabilize or turn around. For the moment, we are assuming the January cross-border growth rates will persist through the second quarter and possibly beyond. The impact of the cryptocurrency spike will stay through the second quarter, the impact of the EU platform shifting intra-Europe transactions to domestic will continue, but it has a minor revenue impact.

就放緩的原因而言，匯率和一段時間的跨境活動減少似乎是主要驅動因素。與往常一樣，特定走廊中存在一些獨特的因素。現在判斷這種放緩趨勢是否會持續、穩定或好轉還為時過早。目前，我們假設 1 月份的跨境增長率將持續到第二季度甚至更久。加密貨幣飆升的影響將持續到第二季度，歐盟平台將歐洲內部交易轉移到國內的影響將繼續存在，但對收入的影響較小。

In October, when we provided our outlook for fiscal 2019, we had indicated that the cadence of net revenue growth would not be steady through the year. While our outlook for the year was for low double-digit net revenue growth, we anticipated high single-digit net revenue growth in the middle quarters with the lowest growth in the second quarter. This was driven by a variety of factors that impact year-over-year comparisons like exchange rate shifts, client incentive growth and currency volatility trends.

10 月，當我們提供 2019 財年展望時，我們曾表示，全年淨收入增長的節奏不會穩定。雖然我們對今年的預期是低兩位數的淨收入增長，但我們預計中間季度的淨收入將出現高個位數增長，而第二季度的增長最低。這是由影響同比比較的各種因素驅動的，例如匯率變化、客戶激勵增長和貨幣波動趨勢。

The second quarter of fiscal year 2018 benefited from a sharp weakening of the dollar, resulting in an exchange rate tailwind of approximately 1.5 percentage points and 11% cross-border growth. In the second quarter of fiscal year 2019, we expect exchange rates to be a 1 percentage point drag, a 2.5-point swing year-over-year.

2018財年第二季度受益於美元大幅走弱，帶來約1.5個百分點的匯率順風和11%的跨境增長。在 2019 財年第二季度，我們預計匯率將拖累 1 個百分點，同比波動 2.5 個百分點。

The cross-border growth rate is in the low single digits through the first 3 weeks of January. As I mentioned earlier, some incentives have shifted into Q2 from Q1 due to deal delays. In addition, the positive net revenue impact from adopting ASC 606 will be much lower in the second quarter than it was in the first.

到 1 月的前 3 週，跨境增長率處於低個位數。正如我之前提到的，由於交易延遲，一些激勵措施已從第一季度轉移到第二季度。此外，採用 ASC 606 對淨收入的積極影響在第二季度將遠低於第一季度。

Based on current exchange rates, recent cross-border trends and the other factors I just mentioned, Q2 net revenue growth is likely to be at least a point lower than we had expected in October. Some caution is called for given that -- given the many unresolved issues that are coming to a head in the second quarter: continued uncertainty over how the standoff between the President and Congress is resolved over the next 3 weeks, the upcoming deadlines with China-U.S. tariffs on March 1, and Brexit on March 29. There could be some volatility as we navigate through these complex issues and the uncertainty that it creates for businesses and consumers.

根據當前的匯率、近期的跨境趨勢和我剛才提到的其他因素，第二季度的淨收入增長可能至少比我們 10 月份的預期低一個點。鑑於第二季度許多懸而未決的問題即將浮出水面，因此需要謹慎行事：在接下來的 3 週內，總統與國會之間的僵局如何解決仍存在不確定性，與中國的最後期限即將到來——我們。 3 月 1 日的關稅和 3 月 29 日的英國退歐。當我們處理這些複雜的問題以及它給企業和消費者帶來的不確定性時，可能會出現一些波動。

We are maintaining our outlook for the full fiscal year at this point. We think it's too early to definitively conclude that a change in outlook is called for. We do think the next several months could provide more clarity, since many of the significant issues that have weighed on the markets for the past few weeks and months are coming to a head. We hope, as I'm sure you all do, that these uncertainties are largely resolved by the time we talk to you again in April.

目前，我們維持對整個財年的展望。我們認為，現在下結論認為需要改變前景還為時過早。我們確實認為未來幾個月可能會提供更多的明確性，因為過去幾周和幾個月對市場造成壓力的許多重大問題即將浮出水面。我們希望，正如我相信你們所有人一樣，這些不確定性在我們 4 月再次與你們交談時基本得到解決。

We've had a strong start to the year with 13% net revenue growth and 21% EPS growth. As we have in the past, we'll look to pull all the levers we have available to deliver on the commitments we made to you.

我們今年開局強勁，淨收入增長 13%，每股收益增長 21%。正如我們過去所做的那樣，我們將竭盡全力履行我們對您做出的承諾。

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

有了這個，我會把它轉回給邁克。

Thank you, Vasant. We're ready to take questions, Katie.

謝謝你，瓦桑特。我們準備好回答問題了，凱蒂。

(Operator Instructions) Our first question comes from David Togut with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 David Togut。

Appreciate all the helpful call-outs. Could you give us some sense of what some of the positive factors might be for the rest of the year with respect to cross-border? You've definitely called out all the risk factors, what could be possibly in the plus column?

感謝所有有用的呼籲。您能否讓我們了解今年餘下時間在跨境方面可能會出現哪些積極因素？您肯定已經列出了所有風險因素，加號欄中可能包含什麼？

I think -- David, it's Al. Thank you for the question. Look, as we look at domestic volumes around the world in the last quarter, they actually were quite good. Three of our regions had double-digit growth. And if you exclude China from Asia Pacific, it also grew double digits. And Canada and Europe were about 8.5% growth. And domestic volume is seemly holding up quite well. Even in the U.S. where we saw some slowdown in face-to-face retail and gas at the back end of the quarter, categories like restaurant and QR continued to hold at very healthy levels. So I think that our -- we -- as Vasant said in his remarks, we're not exactly sure what the dynamic is with cross-border and whether -- and we, frankly, don't have enough of a trend line to really draw any conclusions. But we do you think that underlying economics were pretty good, especially when you look at domestic performance. But we do think that people have been spooked a bit by all of the different geopolitical factors that we discussed. When you look at 2 of the largest economies in the world, the U.S. and the U.K., suffering through a shutdown and Brexit, that's got to have -- and it's for an ongoing period of time, it's got to have some impact on how people think about their travel outside of their domestic country.

我想——大衛，是艾爾。感謝你的提問。看，當我們查看上一季度世界各地的國內銷量時，它們實際上相當不錯。我們的三個地區實現了兩位數的增長。如果將中國排除在亞太地區之外，它也增長了兩位數。而加拿大和歐洲則分別增長了大約 8.5%。國內銷量似乎保持得很好。即使在美國，我們在本季度末看到面對面零售和天然氣業務有所放緩，但餐廳和二維碼等類別繼續保持在非常健康的水平。因此，我認為我們的 - 我們 - 正如 Vasant 在他的講話中所說，我們不確定跨境的動態以及是否 - 坦率地說，我們沒有足夠的趨勢線來真的得出任何結論。但我們是否認為基礎經濟學相當不錯，尤其是當您查看國內表現時。但我們確實認為，我們討論過的所有不同的地緣政治因素讓人們有些害怕。當你看看世界上最大的兩個經濟體美國和英國，它們正遭受停工和英國退歐的痛苦，這是必然的——而且在持續的一段時間內，它必須對人們的生活方式產生一些影響想想他們在本國以外的旅行。

Yes. I mean the other factor, clearly, as we've always said, exchange rates matter a lot. And clearly, some stabilization or even a weakening of the dollar would be a meaningful tailwind. You saw that last year. We had a weakening trend going into our second fiscal quarter, and we had a sizable impact on our cross-border growth rates. So it's a combination of, we think, some of the uncertainties that are all coming to a head in the next few weeks. And at least recent trends in the dollar could be helpful as we look ahead. So we'll wait and see.

是的。我指的是另一個因素，顯然，正如我們一直所說的那樣，匯率很重要。顯然，美元的某種穩定甚至疲軟將是一個有意義的順風。你去年就看到了。進入第二財季，我們的趨勢減弱，我們對跨境增長率產生了相當大的影響。因此，我們認為，這是未來幾週即將出現的一些不確定性的綜合。至少在我們展望未來時，美元的近期趨勢可能會有所幫助。所以我們拭目以待。

Our next question comes from Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I guess I got 2 questions on cross-border. One, the gap between the international revenues and the volume growth widened. Could you just call out what specifically that was and whether or not it sustains itself over the next few quarters?

我想我有 2 個關於跨境的問題。一是國際收入與銷量增長的差距拉大。你能否說出具體是什麼以及它在接下來的幾個季度中是否能維持下去？

And then, secondly, as far as cross-border volume trends, has that ever shown to be an indicator of like global macroeconomic trends? I mean what kind of leading indicator has that been by the data that you've seen?

其次，就跨境交易量趨勢而言，這是否曾被證明是全球宏觀經濟趨勢的指標？我的意思是你看到的數據是什麼樣的領先指標？

In terms of the 11% growth in international revenues relative to the cross-border volumes you saw, it all depends on which corridor's cross-border trends are -- where are the strong corridors and the weaker corridors. As we said in the comments, some of that slowdown, 2 points of it, was all intra-Europe. And in some cases, it was linked to sort of an e-commerce platform reorienting acquiring that while it affects the reported volumes, in that intra-Europe transactions are considered cross-border for reporting purposes, the way the economics work from a revenue standpoint doesn't really change very much, so those are relatively benign changes that don't have a revenue impact. That's one part of the reason. The other is, if you look at currency volatility last year in the first quarter versus this year, we did have relatively low volatility last year relative to this year, and that helped a bit in the first quarter. Volatility was higher in the second quarter last year, so it won't help as much in the second quarter. But those are some of the factors.

就您所看到的相對於跨境交易量而言，國際收入增長 11% 而言，這完全取決於哪個走廊的跨境趨勢——強勢走廊和弱勢走廊在哪裡。正如我們在評論中所說，其中一些放緩，其中 2 個百分點，都是歐洲內部的。並且在某些情況下，它與某種電子商務平台相關聯並沒有真正改變太多，所以這些都是相對良性的變化，不會對收入產生影響。這是部分原因。另一個是，如果你看一下去年第一季度與今年的貨幣波動率，我們去年的波動率確實相對於今年相對較低，這在第一季度有所幫助。去年第二季度的波動性較高，因此對第二季度的幫助不大。但這些都是一些因素。

Actually, there's a third factor which is, we said in our remarks that we saw the decline happen through the quarter. So they're -- at the beginning parts of the quarter, we saw a performance that was more similar to what we had been seeing in the prior quarter. So what we're calling out was a trend that we started seeing towards the back end of the quarter and now into the first 3 weeks of January.

實際上，還有第三個因素，我們在評論中說，我們看到整個季度都出現了下降。所以他們 - 在本季度的開始部分，我們看到的表現與我們在上一季度看到的更相似。因此，我們所呼籲的是我們在本季度末開始看到的趨勢，現在一直到 1 月的前 3 週。

And there was a second question...

還有第二個問題……

About being a lead -- is cross-border a leading indicator?

關於成為領先者——跨境是領先指標嗎？

Yes. As Al said, I mean the domestic volumes are quite robust as you saw, and even the 3 weeks in the U.S., after what was some softening in the second half of December, recovered to -- if you adjust for conversions and gas prices, very much to where they were in the third -- in the first quarter. So there's no evidence in the domestic volumes of broader economic weakness. It is strictly, right now, in the cross-border trend. So I'm not sure we would be able to tell you that it is a leading indicator of anything other than perhaps uncertainty about certain more recent events that Al referred to.

是的。正如 Al 所說，我的意思是，正如你所看到的，國內銷量相當強勁，即使是美國的 3 週，在 12 月下半月有所放緩之後，也恢復到 - 如果你調整轉換和汽油價格，非常接近他們在第三季度的表現——在第一季度。因此，國內沒有證據表明更廣泛的經濟疲軟。嚴格來說，現在是跨界趨勢。因此，我不確定我們是否能夠告訴您，除了可能對 Al 提到的某些較近期事件的不確定性之外，它是其他任何事情的領先指標。

Our next question comes from Jason Kupferberg with Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

This is Ryan Cary on for Jason. I wanted to ask about how you are thinking about U.S. credit volume growth going forward. It sounds like growth moderated towards the end of the quarter. And while it seemed to recover a little bit through the first 3 weeks of January, it seems to still be a little bit below recent levels. Is there anything in particular to how you're kind of thinking about it going forward for the rest of the quarter, maybe even beyond?

這是傑森的瑞恩卡里。我想問一下您如何看待美國未來的信貸增長。聽起來增長在本季度末有所放緩。雖然它似乎在 1 月的前 3 周有所恢復，但似乎仍略低於近期水平。您對本季度剩餘時間（甚至更遠）的未來有什麼特別的想法嗎？

Yes, the Cabela's conversion started to happen in the latter part of the first fiscal quarter. So if it looks lower than it does, it -- you have to adjust it for conversions, which will impact the full quarter in the second quarter. If you adjust for conversions and you adjust for gas prices -- or you leave gas prices in because the effect is roughly the same as it was in the first fiscal quarter, we are pretty close to where we were running in the first fiscal quarter. So in that sense, the small reduction you see in the growth rate for the first 3 weeks is more linked to the impact of the conversions.

是的，Cabela 的轉型開始於第一財季的後期。因此，如果它看起來低於實際值，那麼您必須針對轉換進行調整，這將影響第二季度的整個季度。如果您調整轉換並調整汽油價格 - 或者您保留汽油價格，因為效果與第一財季大致相同，我們非常接近第一財季的運行情況。因此，從這個意義上說，您在前 3 週看到的增長率小幅下降與轉化的影響更相關。

Our next question comes from Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

I got disconnected for a second, hope this wasn't asked. Just on the -- given what you talked -- and thanks for all that detail around the changes in consumer confidence -- I'm just curious with the defensiveness of the business. Can you maybe update us on the ability for Visa, and your willingness maybe, to protect the bottom line if macro does take a turn for the worse? I know the business has changed, your investments have changed, et cetera, I just wanted to revisit that, if you could comment on it.

我斷線了一秒鐘，希望這不是被問到的。就在 - 鑑於你所說的 - 並感謝有關消費者信心變化的所有細節 - 我只是對企業的防禦性感到好奇。您能否向我們介紹 Visa 的能力，以及您是否願意在宏觀形勢惡化時保護底線？我知道業務發生了變化，你的投資也發生了變化，等等，我只是想重新審視一下，如果你能發表評論的話。

Well, we -- thank you for the question. We will continue to do all we need to do to make sure that we are delivering for both -- for investors, both in the year and the out-year. So that will certainly mean being very, very careful about -- as appropriate and as we see whether this is a trend or it's not a trend or it reverses, we don't know, but we'd certainly do some belt tightening. But it would be a balancing act because it is important that we continue to invest in areas where we think we're going to get sustained, good performance in the out-year. So we absolutely will look at all of our investments and all of our expense lines to make sure that we're buttoning down the hatches where we need to. And I think if you go back historically and you look at some past periods, we demonstrated our ability to do just that.

好吧，我們-- 謝謝你的問題。我們將繼續做我們需要做的一切，以確保我們在今年和明年都為投資者提供服務。因此，這肯定意味著要非常非常小心——在適當的情況下，當我們看到這是一種趨勢，或者它不是一種趨勢，或者它逆轉時，我們不知道，但我們肯定會勒緊褲腰帶。但這將是一種平衡行為，因為重要的是我們繼續投資於我們認為我們將在明年獲得持續良好表現的領域。因此，我們絕對會查看我們所有的投資和所有費用項目，以確保我們在需要的地方關閉艙口。而且我認為，如果您回顧歷史並回顧過去的一些時期，我們就證明了我們這樣做的能力。

Our next question comes from Harshita Rawat with Bernstein.

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

My question is in B2B. So with the last year or so, you appeared to have accelerated your partnerships and investments in the space with the Billtrust, the Bottomline partnerships, B2B Connect rollout. And your Virtual Card business appears to be growing very nicely. So my question is what has changed in the marketplace and your approach to B2B in the last few years to trigger your investments in this space? And my follow-up to that is, has this led to the rethink of your strategy in buy versus build to go after this enormous market?

我的問題是在 B2B 中。因此，在過去一年左右的時間裡，您似乎通過 Billtrust、Bottomline 合作夥伴關係、B2B Connect 推出加速了您在該領域的合作夥伴關係和投資。您的虛擬卡業務似乎發展得非常好。所以我的問題是，在過去的幾年裡，市場發生了哪些變化以及您對 B2B 的態度，從而觸發了您對該領域的投資？我的後續行動是，這是否導致您重新考慮購買與構建以追求這個巨大市場的策略？

Well, I think what really more happened is that we made a concerted effort, probably starting 18 months or so ago, maybe a little bit longer than that, to really double down and invest in B2B and really run it as a business unit. We have a head of B2B as of 18-or-so months ago that reports to Ryan McInerney, our President. We've actually built an entire team focused on it. We're fully cognizant in thinking about the 3 different segments that exist within B2B: small businesses, midsized businesses and large multinationals. As you know, in this space, it is not homogeneous. Each industry vertical is different with different needs, and we're increasingly conscious of that. We are certainly looking to build more partnerships. And I think that related to your question around build versus buy, I think we are in the mode of we're very committed to this business, and we will look at every opportunity to both build capabilities and products that we think our clients would value and that would help digitize more payments and move them away from cash and check and wire transfers, but we'll also be both opportunistic as well as proactive, where necessary, in looking at potential acquisitions.

好吧，我認為真正發生的更多是我們齊心協力，可能從大約 18 個月前開始，可能比這更長一點，真正加倍投資 B2B 並真正將其作為一個業務部門運營。大約 18 個月前，我們有一個 B2B 負責人，向我們的總裁 Ryan McInerney 匯報。我們實際上已經建立了一個專注於它的整個團隊。我們充分認識到 B2B 中存在的 3 個不同部分：小型企業、中型企業和大型跨國公司。如您所知，在這個空間中，它不是同質的。每個垂直行業都有不同的需求，我們越來越意識到這一點。我們當然希望建立更多的伙伴關係。我認為與您關於構建與購買的問題有關，我認為我們處於非常致力於這項業務的模式，我們將尋找每一個機會來構建我們認為客戶會重視的能力和產品這將有助於數字化更多的支付，並將它們從現金、支票和電匯中轉移出去，但我們也會在必要時採取機會主義和積極主動的態度來尋找潛在的收購。

Yes. And as you know, I mean the new capabilities that Visa Direct has offered us that apply to the B2B space. There are new capabilities that B2B Connect offers us that we apply in the B2B space. And then, as Al said, some important partnerships in the last few months has also added to our capabilities. So it's a continuous focus that we've had for a few years. But as technologies evolve, our capabilities have expanded.

是的。如您所知，我指的是 Visa Direct 為我們提供的適用於 B2B 領域的新功能。 B2B Connect 為我們提供了一些我們在 B2B 領域應用的新功能。然後，正如 Al 所說，過去幾個月的一些重要合作夥伴關係也增加了我們的能力。所以這是我們幾年來一直關注的焦點。但隨著技術的發展，我們的能力也在擴大。

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 Visa Direct-related question. I mean the growth rate there of over 100% is pretty extraordinary within Visa world. And I think we were looking at U.S. debit volume growth has now sequentially accelerated for 5 straight quarters, which I think is heavily Visa Direct-driven. So just a more sort of strategic or positioning question, can you sort of compare and contrast the functionality of Visa Direct versus Fast ACH, meaning in which ways is Visa Direct better or different? And what's prohibiting Visa Direct from being applied into use cases like bill pay or payroll or electronic checks that are heavily ACH today?

我有一個與 Visa Direct 相關的問題。我的意思是，超過 100% 的增長率在 Visa 世界中是相當驚人的。我認為我們正在關注美國的借記卡數量增長現在已經連續五個季度加速增長，我認為這在很大程度上是由 Visa Direct 驅動的。所以只是一個更具戰略性或定位性的問題，您能否比較一下 Visa Direct 與 Fast ACH 的功能，這意味著 Visa Direct 在哪些方面更好或不同？是什麼阻止了 Visa Direct 應用於如今大量使用 ACH 的賬單支付或工資單或電子支票等用例？

So Lisa, thank you. Visa Direct has definitely been a contributor to debit growth in the U.S. and even outside the U.S. Look, it is not exactly the same as a real-time payments types of capabilities with probably 2 gaps, one is around the ability to reach all bank accounts in the world, and the second is kind of the packet of information that it travels with it. But Visa Direct is operational today. It can deliver both domestic and cross-border transactions to the 2 billion Visa Debit cards around the world, and many of those are enabled for fast funds. It's global. It's enabled in over 70 countries. And we -- last I knew, we've said Visa Direct -- we sent funds through Visa Direct over 150 countries. Things like ACH are market-specific, so somebody would have to string together a group of countries via partnerships or acquisitions, which certainly be both tricky and time-consuming. Visa Direct runs on -- as a part of VisaNet, so it has the -- it has the leverage of all of our AML/KYC types of capabilities as well as our cybersecurity types of capabilities, that we're able to leverage all of that. So I think that Visa Direct is a great example of our strategy to continue to improve and use VisaNet, our core authorization process -- authorization clearing and settlement system. But that doesn't mean that as warranted, we will be looking to get involved in adding value and playing in the real-time payments space as well.

所以麗莎，謝謝。 Visa Direct 無疑是美國乃至美國以外借記卡增長的貢獻者。看，它與實時支付類型的功能不完全相同，可能有兩個差距，一個是圍繞所有銀行賬戶的能力在世界上，第二個是它隨身攜帶的信息包。但 Visa Direct 現已投入使用。它可以為全球 20 億張 Visa 借記卡提供國內和跨境交易，其中許多可用於快速資金。它是全球性的。它已在 70 多個國家/地區啟用。我們——我最後一次知道，我們說的是 Visa Direct——我們通過 Visa Direct 向 150 多個國家/地區發送了資金。 ACH 之類的東西是針對特定市場的，因此必須有人通過合作或收購將一組國家串聯在一起，這當然既棘手又耗時。 Visa Direct 運行在 - 作為 VisaNet 的一部分，因此它具有 - 它利用我們所有的 AML/KYC 類型的功能以及我們的網絡安全類型的功能，我們能夠利用所有那。所以我認為 Visa Direct 是我們繼續改進和使用 VisaNet 戰略的一個很好的例子，VisaNet 是我們的核心授權流程——授權清算和結算系統。但這並不意味著我們將尋求參與增加價值並參與實時支付領域。

Our next question comes from Mike Del Grosso with Jefferies.

我們的下一個問題來自 Jefferies 的 Mike Del Grosso。

Similar to the previous color, on Visa Direct, can you comment on some of the growth drivers and use cases within that? Is it still P2P that's the predominant use case? Or are you starting to see uptake in health care and disbursements, et cetera?

與之前的顏色類似，在 Visa Direct 上，您能否評論其中的一些增長動力和用例？ P2P 仍然是主要的用例嗎？或者您是否開始看到醫療保健和支出等方面的吸收？

So as a reminder, at least as of the moment, there's a number of use cases: P2P is one, disbursement is another, Bill Pay is another and payments to merchants is the fourth. I think as we initially got into it and powered things like Venmo and Square Cash and Zelle and other P2P platforms around the world, P2P was the first scale use case of Visa Direct. But increasingly, especially in this gig economy, there's a lot of applications that have been developed to facilitate end-of-shift, end-of-day, end-of-week kind of real-time payments to the people working in the gig economy. We're certainly seeing some growth in Bill Pay. And we've got our whole sales force out looking for other use cases and signing other partnerships. So I think that as we continue on, you're going to have a wider arrange -- array, I should say, of use cases that are contributing significant levels of growth to Visa Direct, and we're continuing -- we're already seeing that expansion and the growing of the breadth of use cases for the product.

所以提醒一下，至少目前有很多用例：P2P 是一個，支付是另一個，Bill Pay 是另一個，向商家付款是第四個。我認為，當我們最初涉足並為 Venmo、Square Cash 和 Zelle 以及世界各地的其他 P2P 平台提供支持時，P2P 是 Visa Direct 的第一個規模化用例。但越來越多，特別是在這種零工經濟中，已經開發了許多應用程序來促進輪班結束、一天結束、一周結束的實時支付給在零工中工作的人經濟。我們當然看到了 Bill Pay 的一些增長。我們已經讓我們的整個銷售團隊尋找其他用例並簽署其他合作夥伴關係。所以我認為，隨著我們繼續進行，您將有更廣泛的安排——我應該說，一系列為 Visa Direct 帶來顯著增長的用例，我們正在繼續——我們正在已經看到了這種擴展和產品用例範圍的擴大。

Our next question comes from Dave Koning with Baird.

我們的下一個問題來自與 Baird 的 Dave Koning。

Just 2 quick things. I guess cross-border, the slowdown in the last, I guess, few weeks and last quarter, was that more travel-related? Or was that more e-comm? And then the second question was the ASC 606 impact in the other revenue segment.

只需 2 件快速的事情。我猜是跨境，我猜是最近幾周和上個季度的放緩，這與旅行有關嗎？還是更多的電子商務？然後第二個問題是 ASC 606 對其他收入部分的影響。

Yes. The ASC 606 impact in total was about a point on revenue growth, and the biggest chunk of it would be in the other revenue line. That's where most of it should show up and then some of it on the incentive line. So it's mostly between the other revenue line and the incentive line. So the higher other revenues due to this and somewhat lower incentives because they're reclassified due to this. And that explains most of it.

是的。 ASC 606 對收入增長的總體影響大約是一個點，其中最大的一部分將是其他收入線。那是大部分應該出現的地方，然後是激勵線上的一些。所以它主要在其他收入線和激勵線之間。因此，由於此原因，其他收入較高，而激勵措施則較低，因為它們因此被重新分類。這解釋了大部分。

In terms of the cross-border growth, we gave you a fair amount of color in the comments. And by and large, it's across both segments but perhaps a little more on the face-to-face segment than in the card-not-present segment. But other than that, it's along the lines of the things we described.

在跨界增長方面，我們在評論中給了你相當多的色彩。總的來說，它跨越兩個部分，但在面對面部分中可能比在無卡部分中多一點。但除此之外，它與我們描述的事情大致相同。

Our next question comes from Craig Maurer with Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Craig Maurer。

Two quick questions. First, could you comment on corporate card or business spend? Is that -- can be a leading indicator for the consumer economy?

兩個快速的問題。首先，您能否評論一下公司卡或業務支出？那——可以成為消費經濟的領先指標嗎？

And secondly, what was the -- what is the specific capability you're targeting by going after Earthport? Just to understand what might or might not come Visa's way, depending on actions you take.

其次，什麼是 - 你通過 Earthport 瞄準的具體能力是什麼？只是為了了解 Visa 可能會或可能不會發生什麼，這取決於您採取的行動。

Craig, on the latter, as I said, given that we're governed by the U.K. Takeover Code, we're just not able to respond to any questions having anything to do with Earthport at this point in time.

克雷格，關於後者，正如我所說，鑑於我們受英國收購守則的約束，我們目前無法回答與 Earthport 有任何關係的任何問題。

And in terms of corporate card spend, at least through the first fiscal quarter, there were no indications in the corporate card spend to suggest a change in trend.

就公司卡支出而言，至少在第一財季，公司卡支出沒有跡象表明趨勢發生了變化。

Our next question comes from Bob Napoli with William Blair.

我們的下一個問題來自 Bob Napoli 和 William Blair。

Question on -- just on cross-border and I guess the trends there, and the battle, I guess, over your M&A, the offer to acquire Earthport and your competitor going after the same. What is -- are you seeing -- do you expect to see more market-share shifts in cross-border? And are the stakes being raised from a technology perspective? What are you going after? What do you need to really build that business and make that a consistent growth business? It's an obviously very profitable business for you.

關於跨境的問題，我猜那裡的趨勢，以及關於你的併購、收購 Earthport 的提議和你的競爭對手的戰鬥。什麼是——你看到了——你期望看到更多的跨境市場份額變化嗎？是否從技術角度提高了賭注？你在追求什麼？您需要什麼才能真正建立該業務並使其成為持續增長的業務？對您來說，這顯然是一項非常有利可圖的業務。

Bob, I may answer this kind of more of a strategic level. The cross-border is important to us. We look at any and all partnerships and any and all technologies that would -- where we can add value and participate in the movement of funds from one geography to another geography. So in short, I would -- it'd be safe to say that we certainly wouldn't leave any rock unturned. And -- but that said, I -- we were doing that in Q1 of '18. We're going to do it in Q1 of '19. We're going to do it going forward. We did it in the last quarter. That's unrelated to this very recent trend that we've seen in terms of cross-border performance. So we're not going to do anything differently because of what we're seeing. In terms of attacking and being permitted to cross-border, nothing's going to change, because we saw the slowdown, just as if it accelerated there's nothing we would change. We would be continuing to be very, very focused on it.

鮑勃，我可能會回答這種更多的戰略層面。跨境對我們很重要。我們著眼於任何和所有合作夥伴關係以及任何和所有技術，我們可以在這些技術中增加價值並參與資金從一個地區到另一個地區的流動。簡而言之，我會 - 可以肯定地說，我們當然不會不遺餘力。而且 - 但就是說，我 - 我們在 18 年第一季度就這樣做了。我們將在 19 年第一季度做到這一點。我們將繼續這樣做。我們在上個季度做到了。這與我們最近在跨境表現方面看到的趨勢無關。所以我們不會因為我們所看到的而做任何不同的事情。在進攻和被允許跨界方面，什麼都不會改變，因為我們看到了放緩，就好像它加速了，我們什麼都不會改變。我們將繼續非常非常專注於它。

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。

To Vasant, on the '19 guidance for rev growth, I guess what's the most sort of important factor you're looking at? Is it the cross-border? I mean, your overall volumes were relatively solid. And are you -- do you have a little bit of wiggle room? How close are you? Can you just dig in a bit on that?

對於 Vasant，關於 19 年的轉速增長指南，我猜您正在考慮的最重要的因素是什麼？是跨界嗎？我的意思是，你們的整體銷量相對穩定。你——你有一點迴旋的餘地嗎？你有多近？你能深入研究一下嗎？

I don't think there's much more we would add to what we said in the comments. We have started the year with 13% revenue growth. That growth is better than we might have expected. Yes, we've seen some cross-border slowdown in the last few weeks. It is -- as we said in the comments, it's too early to tell whether this trend is going to moderate or turn around. Fundamentally, all of the dimensions of the business really are tracking as we expected. When you look at payment volumes, transaction growth, et cetera, there really wasn't any meaningful change in trend. So based on all that, we, as we said in the comments, don't see any reason to adjust our full year outlook at this stage of the game. The one change has been in one particular area, and it's too early to know what happens there.

我不認為我們會在評論中添加更多內容。今年年初，我們的收入增長了 13%。這種增長比我們預期的要好。是的，我們在過去幾週看到了一些跨境放緩。這是 - 正如我們在評論中所說，現在判斷這種趨勢是否會緩和或好轉還為時過早。從根本上說，業務的所有維度都在按照我們的預期進行跟踪。當您查看支付量、交易增長等時，趨勢確實沒有任何有意義的變化。因此，基於所有這些，正如我們在評論中所說，我們認為沒有任何理由在遊戲的這個階段調整我們的全年展望。一個變化發生在一個特定領域，現在知道那裡發生了什麼還為時過早。

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。

Just a little more clarification on the spread between revenue growth and the volume growth in cross-border. I know you touched a bit on Europe being a contribution to that. I think you said that was a couple of hundred basis points. Was there other variables on maybe pricing or anything else? And then just thinking about keeping that gap bridged going through the year, assuming cross-border were to stay in the range it is now on the revenue side, is that sustainable? And then, actually, just quickly on e-comm contribution to cross-border today versus where it's been in the past.

稍微澄清一下收入增長與跨境交易量增長之間的差異。我知道你談到了歐洲對此的貢獻。我想你說那是幾百個基點。定價或其他方面是否還有其他變量？然後只是考慮在這一年中縮小差距，假設跨境保持在現在在收入方面的範圍內，這是可持續的嗎？然後，實際上，與過去相比，今天的電子商務對跨境的貢獻很快。

Yes, in terms of the delta, they will move from quarter-to-quarter between volume and revenue growth. In terms of pricing, we told you what kind of pricing we're doing this year, and most of the pricing will become effective in the second half of the year. So yes, it could -- it will impact the international revenue line to some extent, and that will have an impact in terms of the delta between volume growth reported and revenue growth reported. On the margin levels of volatility, differences between 1 year to another could have some impact. The biggest impact really is which corridor is the most affected, which ones are strong, which ones are weak. And all those factors are going to, whether there's a delta between volume growth and -- and, of course, exchange rates, of course, big factor, you've seen periods where that gap has really widened one way or another depending on exchange rates. So of all the factors I mentioned, exchange rates is probably the most significant variable that drives the difference between volume growth and revenue growth on the international revenue line.

是的，就增量而言，它們將在數量和收入增長之間逐季變化。在定價方面，我們告訴大家今年我們在做什麼樣的定價，大部分定價將在下半年生效。所以是的，它可以——它會在一定程度上影響國際收入線，這將對報告的銷量增長和報告的收入增長之間的差異產生影響。在波動的保證金水平上，一年與另一年之間的差異可能會產生一些影響。最大的影響確實是哪個走廊受影響最大，哪些強，哪些弱。所有這些因素都會發生變化，無論交易量增長與——當然還有匯率，當然，這是一個重要因素，你已經看到了這種差距確實以某種方式擴大的時期，具體取決於匯率率。因此，在我提到的所有因素中，匯率可能是推動國際收入線上銷量增長和收入增長之間差異的最重要變量。

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

我們今天的下一個問題來自摩根士丹利的 James Faucette。

I wanted to ask a higher-level question, and that's around ongoing investment in FinTech by some of the market participants from China, et cetera. Have you seen any change or potential disruption around the world in some of the places that Alipay and Tencent and others are investing as they try to also get into the payments area outside of China? I know we've heard about investments in places like India and Latin America, et cetera, and so I'm wondering if you're seeing any change in your opportunity set or competitive environment from that perspective.

我想問一個更高層次的問題，那就是一些來自中國等市場參與者對金融科技的持續投資。在支付寶、騰訊和其他公司試圖進入中國以外的支付領域時，您是否看到世界各地的一些變化或潛在的顛覆？我知道我們聽說過在印度和拉丁美洲等地進行投資，所以我想知道您是否從這個角度看到您的機會集或競爭環境有任何變化。

Thanks, James. It's -- I think outside of China, I think it's still early days to comment. And in fact, as you probably know, there's been a lot of changes inside of China that both Alipay and WeChat are having to deal with in terms of the PBOC, putting much more restrictions on them, forcing processing through a local Chinese switch. They're, in fact, making them hold more capital related to the balances in the staged wallet. So they're putting some changes on the yields they can offer on the mutual funds. So there's a whole bunch of changes that I think they might be somewhat preoccupied with in terms of what -- or how to deal with from a change perspective in China itself. So that said, I still expect them to continue to look to grow outside of China, mostly in Asia. I'll tell you that our business in India was up over 30 points in the last quarter, and we're continuing to -- we continue to be the market leader in India. We're continuing to grow acceptance points, as you heard in my remarks, we saw -- renewed 2 deals with 2 of the very large banks in India. So certainly, we're very pleased with the fact that our business is still moving along and growing at a very healthy pace in one of the markets that at least prevailing wisdom is that it's a target for play -- for FinTech players like Alipay and WeChat.

謝謝，詹姆斯。這是——我認為在中國以外，我認為現在發表評論還為時尚早。事實上，正如你可能知道的那樣，支付寶和微信在中國國內發生了很多變化，中國人民銀行不得不應對這些變化，對它們施加了更多的限制，迫使通過當地的中國交換機進行處理。事實上，他們讓他們持有更多與分階段錢包餘額相關的資本。因此，他們正在對可以提供的共同基金收益率進行一些更改。因此，我認為從中國本身的變化角度來看，他們可能會在某種程度上專注於什麼 - 或如何應對一大堆變化。話雖如此，我仍然希望他們繼續尋求在中國以外的地區發展，主要是在亞洲。我會告訴你，我們在印度的業務在上個季度增長了 30 多點，而且我們將繼續——我們繼續成為印度的市場領導者。正如您在我的講話中聽到的那樣，我們正在繼續提高接受點，我們看到 - 與印度的 2 家超大型銀行續簽了 2 筆交易。因此，當然，我們很高興我們的業務仍在一個市場中以非常健康的速度發展並增長，至少普遍的看法是它是一個目標市場——對於支付寶和金融科技公司這樣的參與者來說微信。

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 our Investor Relations team. 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給我們的投資者關係團隊。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。