Visa Inc (V) 2019 Q2 法說會逐字稿

Welcome to the Visa Fiscal Second Quarter 2019 Earnings Conference Call.

歡迎參加 Visa 2019 財年第二季度收益電話會議。

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

（操作員說明）今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給您的主持人，投資者關係高級副總裁 Mike Milotich 先生。

Mr. Milotich, you may begin.

米洛蒂奇先生，您可以開始了。

Thanks, Jordan.

謝謝，喬丹。

Good afternoon, everyone, and welcome to Visa's Fiscal Second Quarter 2019 Earnings Call.

大家下午好，歡迎參加 Visa 2019 財年第二季度財報電話會議。

Joining us today are Al Kelly, Visa's Chief Executive Officer; and Vasant Prabhu, Visa's Chief Financial Officer.

今天加入我們的是 Visa 的首席執行官 Al Kelly； Visa 的首席財務官 Vasant Prabhu。

This call is being webcast on the Investor Relations section of our website at www.investor.visa.com.

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。

A replay will be archived on our site for 30 days.

重播將在我們的網站上存檔 30 天。

A slide deck containing financial and statistical highlights has been posted on our IR website.

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.

我還要提醒您，本演示文稿包含前瞻性陳述。

These statements are not guarantees of future performance, and our actual results could differ materially as a result of many factors.

這些陳述不是對未來業績的保證，我們的實際結果可能會因許多因素而產生重大差異。

Additional information concerning those factors is available on 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.

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報告。

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。

Mike, thank you.

邁克，謝謝。

And good afternoon, everyone, and thanks for joining us today.

大家下午好，感謝您今天加入我們。

First, a few highlights related to our financial results as Vasant will go into much more detail later.

首先，與我們的財務業績相關的一些亮點，因為 Vasant 將在稍後進行更詳細的介紹。

The company continued to perform well in the second fiscal quarter with approximately 47 billion transactions on the Visa network driving $2.8 trillion in total volume.

該公司在第二財季繼續表現良好，Visa 網絡上的交易量約為 470 億筆，總交易量達到 2.8 萬億美元。

Revenue growth was over 8%, slowing versus last quarter as expected due to 1.5 points of FX drag, lapping high currency volatility last year and slower cross-border growth.

收入增長超過 8%，與上一季度相比有所放緩，原因是外匯拖累了 1.5 個百分點、去年貨幣波動性高以及跨境增長放緩。

This was in line with our expectations.

這符合我們的預期。

Payment volume growth was 8% on a constant dollar basis.

按固定美元計算，支付量增長 8%。

However, growth was 10%, excluding China and the impact of processing days and U.S. credit conversions.

但是，不包括中國以及處理天數和美國信用轉換的影響，增長率為 10%。

Growth in the U.S., the U.K. and China drove most of the growth difference versus last quarter.

美國、英國和中國的增長推動了與上一季度相比的大部分增長差異。

As you saw in the numbers reported by the U.S. banks over the last 2 weeks, processing days and the shift of Easter impacted the numbers.

正如您在過去兩周美國銀行報告的數字中看到的那樣，處理天數和復活節的變化影響了這些數字。

That said, volume growth in many markets around the world was still quite attractive.

儘管如此，全球許多市場的銷量增長仍然相當有吸引力。

Growth in our CEMEA region was 22%, and Latin America grew 14%.

我們的 CEMEA 地區增長 22%，拉丁美洲增長 14%。

Also subregions like India, Southeast Asia, Central Europe and Eastern Europe all were growing at mid-teens or better.

此外，印度、東南亞、中歐和東歐等次區域的增長速度都在十幾歲左右或更高。

Processed transaction growth was 11%, consistent with last quarter.

已處理交易增長 11%，與上一季度一致。

Growth remained strong in our large tap-to-pay markets such as Australia, Canada and the U.K.

在澳大利亞、加拿大和英國等大型點擊支付市場，增長依然強勁。

Cross-border growth on a constant dollar basis was 4%, slowing 3 percentage points from last quarter.

按固定美元計算的跨境增長為 4%，比上一季度放緩 3 個百分點。

Adjusting for the e-commerce platform reorienting acquiring within Europe for cross-border to domestic and cryptocurrency purchases last year, growth was 6%, and growth improved moderately throughout the quarter.

考慮到去年電子商務平台將歐洲境內的收單重新定位為跨境到國內和加密貨幣購買，增長率為 6%，並且整個季度的增長適度改善。

Expense growth was 7%, slowing to the mid-single digits as expected.

費用增長 7%，如預期放緩至中個位數。

Growth was primarily driven by personnel-related additions focused on critical business-building initiatives.

增長主要是由專注於關鍵業務建設計劃的人員相關增加推動的。

EPS growth was 17%.

每股收益增長 17%。

When we look year-to-date, we've had strong performance, posting 11% growth in revenue and 19% growth in EPS for the first half of the year.

年初至今，我們表現強勁，上半年收入增長 11%，每股收益增長 19%。

We remain focused on investing in multiple growth opportunities, including strategies that both grow the overall pie for payments and funds transfer as well as enhance our capabilities to ensure we continue to be the preferred partner in payments.

我們仍然專注於投資多種增長機會，包括既擴大支付和資金轉移的整體蛋糕的戰略，又增強我們的能力以確保我們繼續成為支付領域的首選合作夥伴。

Examples include: the embedding of Visa credentials into more transaction flows including those with new partners in the B2B space, P2P, fintech, digital bank and wallet space; growing the reach of our digital offerings such as a tokenization and CyberSource; and growing our capabilities in areas like risk management, fraud prevention, loyalty and data products.

示例包括：將 Visa 憑證嵌入到更多交易流中，包括在 B2B 領域、P2P、金融科技、數字銀行和錢包領域的新合作夥伴；擴大我們的數字產品的覆蓋範圍，例如代幣化和 CyberSource；提高我們在風險管理、欺詐預防、忠誠度和數據產品等領域的能力。

Combining these solutions with one of the most recognized and strongest brands in the world is compelling for both existing and new partners.

將這些解決方案與世界上最知名和最強大的品牌之一相結合對於現有和新的合作夥伴來說都是有吸引力的。

We continue to see tremendous long-term growth opportunity in many markets including Continental Europe, Africa, South America, Japan, Mexico and many parts of Asia.

我們繼續在包括歐洲大陸、非洲、南美、日本、墨西哥和亞洲許多地區在內的許多市場看到巨大的長期增長機會。

Additionally, we continue expanding our footprint in both mature and emerging markets, and we remain committed to growing access and acceptance until every business and every device in the world is enabled to send and receive funds via the Visa network.

此外，我們將繼續擴大在成熟市場和新興市場的足跡，我們將繼續致力於增加訪問和接受度，直到世界上的每家企業和每台設備都能夠通過 Visa 網絡發送和接收資金。

With that as backdrop, let me provide a few examples of the progress we made this last quarter.

在此背景下，讓我舉幾個例子說明我們上個季度取得的進展。

Let me start with Visa Direct where we continue to integrate Visa Direct into key verticals to enable new and enhanced existing business models, including in the cross-border remittance and P2P space, which represents a $6 trillion to $7 trillion market opportunity.

讓我從 Visa Direct 開始，我們繼續將 Visa Direct 整合到關鍵垂直領域，以支持新的和增強的現有業務模式，包括跨境匯款和 P2P 領域，這代表著 6 萬億至 7 萬億美元的市場機會。

We believe that Visa Direct provides capabilities superior to competing solutions including pre-authorization, real-time payment capability available 24/7, sending money to bank accounts as well as reloadable prepaid and credit credentials, and scale to serve more than 150 countries with one systems integration including cross-border capabilities.

我們相信，Visa Direct 提供優於競爭解決方案的功能，包括預授權、24/7 實時支付能力、向銀行賬戶匯款以及可重新加載的預付和信用憑證，並通過一個服務擴展到 150 多個國家/地區。系統集成，包括跨境能力。

These capabilities are enabled without consumers and businesses needing to share their bank account information with third parties for payments.

這些功能無需消費者和企業與第三方共享其銀行賬戶信息以進行支付即可啟用。

For remittances, Visa Direct is one of the only cross-border networks that has embedded AML and KYC controls framework and also provides real-time in-flight sanction -- screening information, and clients value this assistance with their compliance efforts.

對於匯款，Visa Direct 是僅有的嵌入 AML 和 KYC 控制框架並提供實時飛行中製裁 - 篩選信息的跨境網絡之一，客戶在合規工作中重視這種幫助。

We partnered with Remitly, a digital remittance company that transfers over 6 billion in annualized volume in fast-growing regions, including Africa, Asia, Central Europe and South America.

我們與 Remitly 合作，後者是一家數字彙款公司，在非洲、亞洲、中歐和南美等快速增長的地區每年轉賬超過 60 億筆。

Remitly and Visa plan to provide customers with more optionality through the ability to seamlessly send cross-border money transfers to recipients with a Visa credential.

Remitly 和 Visa 計劃通過向具有 Visa 憑證的收款人無縫發送跨境匯款的能力，為客戶提供更多選擇。

Similarly, we partnered with a company called EMQ, a leading cross-border settlement network in Asia Pacific, to offer cross-border remittances across the region.

同樣，我們與一家名為 EMQ 的公司合作，該公司是亞太地區領先的跨境結算網絡，在該地區提供跨境匯款服務。

On the P2P opportunity, Apple launched Visa Direct with Apple Pay cash P2P service in the United States as part of their latest iOS release which enables their user base to load funds, send money and instantly withdraw funds using a Visa debit credential.

在 P2P 機會上，Apple 在美國推出了帶有 Apple Pay 現金 P2P 服務的 Visa Direct，作為其最新 iOS 版本的一部分，使他們的用戶群能夠使用 Visa 借記憑證加載資金、匯款和立即提取資金。

Apple's offering is the first U.S. deployment of a tokenized Visa Direct solution, and Visa Direct now powers 7 of the major mobile P2P programs in the United States.

Apple 的產品是美國首次部署代幣化 Visa Direct 解決方案，而 Visa Direct 現在為美國 7 個主要的移動 P2P 程序提供支持。

We also partnered with PayPal to expand withdrawal cash-out capabilities from the PayPal wallet in Canada.

我們還與 PayPal 合作，在加拿大擴展了 PayPal 錢包的提款提現功能。

Another key area we're expanding our reach is in the B2B payment offerings across both core card and new payment flow solutions.

我們正在擴大業務範圍的另一個關鍵領域是跨核心卡和新支付流程解決方案的 B2B 支付產品。

Within our core card business, we continue to partner with established and emerging players to expand the usage of our solutions including virtual cards.

在我們的核心卡業務中，我們繼續與老牌和新興參與者合作，以擴大我們的解決方案的使用範圍，包括虛擬卡。

For example, we are excited to have signed a deal with Sabre, a leading technology provider in the global travel industry operating in 160 countries, to enable virtual card payments in their B2B travel platform.

例如，我們很高興與在 160 個國家/地區運營的全球旅遊行業領先的技術提供商 Sabre 簽署協議，在其 B2B 旅遊平台中啟用虛擬卡支付。

Additionally, we have partnered with [Divi] in enabling an emerging fintech that previously worked with a competitor to enable accounts payable automation and controls for small businesses in North America again through the use of Visa virtual cards.

此外，我們還與 [Divi] 合作，支持一項新興的金融科技，該金融科技此前曾與競爭對手合作，通過使用 Visa 虛擬卡再次為北美的小企業實現應付賬款自動化和控制。

In new B2B payment flows, we're gearing up to launch B2B Connect in the coming weeks which is our cross-border supplier payments platform designed to simplify international B2B transactions through the use of a distributed ledger.

在新的 B2B 支付流程中，我們正準備在未來幾週推出 B2B Connect，這是我們的跨境供應商支付平台，旨在通過使用分佈式賬本簡化國際 B2B 交易。

FIS, a leading processor, has now signed up as a distribution partner, joining previously announced partners including Bottomline.

領先的處理器 FIS 現在已簽約成為分銷合作夥伴，加入之前宣布的合作夥伴，包括 Bottomline。

Now let me turn and provide an update on a few regions where we see long-term growth, and that would be Europe and India.

現在讓我轉而提供一些我們認為長期增長的地區的最新情況，那就是歐洲和印度。

In Europe, we see good momentum as we execute our growth plans.

在歐洲，我們在執行增長計劃時看到了良好的勢頭。

As you know, we are well ahead of our financial projections.

如您所知，我們遠遠超出了我們的財務預測。

We continue to believe that Europe represents an excellent long-term growth opportunity for Visa, and we've already made a series of changes that we believe position us to take advantage of these opportunities.

我們仍然相信歐洲為 Visa 提供了一個極好的長期增長機會，我們已經做出了一系列改變，我們相信這些改變使我們能夠利用這些機會。

In Europe today, our business is heavily concentrated in the U.K. and Ireland which represent only 17% of personal consumption in Europe but a significantly higher portion of Visa's payment volume today.

在今天的歐洲，我們的業務主要集中在英國和愛爾蘭，它們僅佔歐洲個人消費的 17%，但在 Visa 的支付量中所佔的比例要高得多。

And there are 12 other markets in Europe with over 200 billion in consumption expenditures.

歐洲還有 12 個其他市場的消費支出超過 2000 億美元。

Of these markets, we're well positioned in some and have plenty of room to grow in others.

在這些市場中，我們在某些市場處於有利地位，在其他市場也有很大的發展空間。

In terms of the changes we made, it starts with people.

就我們所做的改變而言，它始於人。

Almost all of the leadership team is new since the acquisition of Visa Europe.

自收購 Visa Europe 以來，幾乎所有的領導團隊都是新人。

As I've said in a number of occasions, payments is a local business, and to that end, we have increased the number of customer-facing employees in the market by 70% since the acquisition.

正如我在很多場合所說的那樣，支付是一項本地業務，為此，自收購以來，我們已將市場上面向客戶的員工數量增加了 70%。

With Visanet in place, we continue to increase adoption of our risk capabilities including risk scoring services, customer alerts and spending controls.

隨著 Visanet 的到位，我們將繼續提高對風險能力的採用，包括風險評分服務、客戶警報和支出控制。

And we are working closely with our clients to develop new authentication solutions that we think will make us a preferred partner to meet PSD2 authentication requirements without introducing new friction.

我們正在與客戶密切合作，開發新的身份驗證解決方案，我們認為這將使我們成為滿足 PSD2 身份驗證要求的首選合作夥伴，而不會引入新的摩擦。

And we expect to have pilots in market in the summer months.

我們預計在夏季的幾個月裡會有試點。

We're also rapidly growing our fintech program, signing 4 fintechs this quarter including Coinbase in the U.K., which enables cardholders to spend their cryptocurrency at any Visa-accepting merchant using a Visa credential linked to their crypto account.

我們還在快速發展我們的金融科技計劃，本季度簽署了 4 家金融科技公司，包括英國的 Coinbase，這使持卡人能夠使用與其加密賬戶相關聯的 Visa 憑證在任何接受 Visa 的商家處使用他們的加密貨幣。

As you all know, this is a long-cycle business with long-term contracts.

眾所周知，這是一項具有長期合同的長周期業務。

As such, there'll be a lag until the results of our actions become evident, but I feel very good about the progress thus far.

因此，在我們的行動結果變得明顯之前會有延遲，但我對迄今為止的進展感覺非常好。

Now turning to India, we continue to focus on growing credentials and acceptance in-store and online for both consumers and businesses.

現在轉向印度，我們繼續專注於提高消費者和企業在店內和在線上的信譽和接受度。

On the credentials side, Visa continues to be the market leader in both credit and debit payment volume.

在憑證方面，Visa 在信用卡和借記卡支付量方面繼續保持市場領先地位。

We have further reinforced our leadership in credit and gained share in the calendar year 2018.

我們進一步鞏固了我們在信貸領域的領先地位，並在 2018 日曆年獲得了份額。

The total acceptance points in India have expanded to over 4.5 billion including over 1 million QR points as of February 2019.

截至 2019 年 2 月，印度的接受點總數已擴大到超過 45 億個，其中包括超過 100 萬個 QR 點。

A few new developments to share.

分享一些新的進展。

We are working with Paytm Payments Bank to offer our debit credential solutions to enhance their offerings to their rapidly expanding customer base.

我們正在與 Paytm 支付銀行合作，提供我們的借記憑證解決方案，以增強他們為快速擴大的客戶群提供的服務。

Paytm Payments Bank is also a new Visa acquirer and has launched contactless point-of-sale terminals for merchants who are new to card acceptance.

Paytm Payments Bank 也是一家新的 Visa 收單機構，並為剛開始接受卡的商家推出了非接觸式銷售點終端。

Paytm plans to significantly grow into the POS acceptance infrastructure in the next few years which will certainly help power our growth in the market.

Paytm 計劃在未來幾年顯著發展到 POS 接受基礎設施，這必將有助於推動我們在市場上的增長。

We are also working on several new digital solutions for the market.

我們還在為市場開發幾種新的數字解決方案。

We recently received the RBI's approval for our tokenization solution.

我們最近收到了 RBI 對我們的代幣化解決方案的批准。

This will enable us to use our token solutions with global partners operating in India.

這將使我們能夠與在印度運營的全球合作夥伴一起使用我們的代幣解決方案。

We recently launched Visa Checkout, a faster checkout experience in the 2-factor authenticated mandated market.

我們最近推出了 Visa Checkout，這是一種在 2 因素認證強制市場中更快的結賬體驗。

The Visa Checkout merchants are being set up in a way that makes for a smooth migration to secure remote commerce once it's available.

Visa Checkout 商戶的設置方式可以確保在遠程商務可用時順利遷移以保護遠程商務。

India is a market where we're also piloting a network-based solution for installments on Visa debit.

印度是一個市場，我們也在試行基於網絡的 Visa 借記分期付款解決方案。

And finally, we're excited about the opportunities driven by our partnership and investment and build-outs.

最後，我們對我們的合作夥伴關係、投資和擴建所帶來的機會感到興奮。

Together, we will look to address e-commerce friction caused by 2-factor authentication through accelerated adoption of Visa Digital products like Visa Checkout in the near term.

我們將共同尋求通過在短期內加速採用 Visa 數字產品（如 Visa Checkout）來解決由 2 因素身份驗證引起的電子商務摩擦。

We're also exploring innovative solutions including noncard payments and value-added services such as loyalty and installments.

我們還在探索創新解決方案，包括非卡支付和增值服務，如忠誠度和分期付款。

I'd like to now briefly touch on the expansion of our tokenization capabilities and reach in India and P2P with Apple.

現在我想簡要談談我們的代幣化能力的擴展以及在印度和 P2P 與 Apple 的合作。

Let me expand on our tokenization efforts.

讓我擴展我們的代幣化工作。

We have enabled tokenization in 100 markets that cover over 90% of our global payments volume.

我們已經在 100 個市場啟用了代幣化，覆蓋了我們全球支付量的 90% 以上。

With so much activity, there are a number of proven benefits to clients using tokens.

有瞭如此多的活動，使用代幣的客戶有許多經證實的好處。

We have seen increased security, a couple of percentage points higher authorization rates, and better conversion on payment transactions.

我們看到安全性提高，授權率提高了幾個百分點，支付交易的轉化率更高。

Additionally, our card-on-file API allows issuers to make consumers aware of their tokenized Visa credentials and where they're stored on file, offering consumers much better visibility and control.

此外，我們的 Card-on-file API 允許發卡機構讓消費者了解他們的代幣化 Visa 憑證以及它們存儲在哪裡，從而為消費者提供更好的可見性和控制力。

And several large clients around the globe have enabled this service.

全球的幾家大客戶都啟用了這項服務。

In terms of secure remote commerce, we will expand tokenization as we roll out the standard later this year in an effort to improve security and reduce friction from digital payments.

在安全遠程商務方面，我們將在今年晚些時候推出該標準時擴大標記化，以提高安全性並減少數字支付的摩擦。

We expect to begin migrating Visa Checkout to the standard before the end of the summer, starting in the United States.

我們預計將在夏季結束前從美國開始將 Visa Checkout 遷移到標準。

The digital capabilities that we've been enabling over the past several years are recognized by our clients.

我們在過去幾年中一直在啟用的數字功能得到了客戶的認可。

In this quarter, we signed a long-term deal with Scotiabank in Mexico where we are dramatically increasing our share of their business.

在本季度，我們與墨西哥豐業銀行簽署了一項長期協議，我們正在大幅增加我們在他們的業務中的份額。

This agreement centers around enabling new innovative payment technologies for Scotiabank Mexico's portfolio to improve the cardholders' experience while improving security and reliability.

該協議的核心是為 Scotiabank Mexico 的投資組合啟用新的創新支付技術，以改善持卡人的體驗，同時提高安全性和可靠性。

Similarly, we signed a new partnership agreement with HSBC, covering a combination of consumer and commercial payment portfolios in 27 countries across the globe.

同樣，我們與匯豐銀行簽署了一項新的合作協議，涵蓋全球 27 個國家的消費者和商業支付組合。

This agreement gives HSBC access to Visa's value-added services including the Visa consulting and analytics global team, and a number of portfolio-enhancing projects are already underway.

該協議使匯豐銀行能夠使用 Visa 的增值服務，包括 Visa 諮詢和分析全球團隊，並且許多投資組合增強項目已經在進行中。

In Africa and Latin America, we partnered with Branch, the most downloaded financial app in Africa, with 3 million users.

在非洲和拉丁美洲，我們與擁有 300 萬用戶的非洲下載量最大的金融應用程序 Branch 合作。

Branch extends microloans and disperses them into mobile money for cash-out by recipients.

分行擴展小額貸款並將其分散到移動貨幣中，供收款人兌現。

With the funds being pushed to a Visa credential that sits on the phone, consumers will be able to shop online or in-store or cash out funds at an ATM.

隨著資金被推送到手機上的 Visa 憑證，消費者將能夠在網上或店內購物或在 ATM 上兌現資金。

As before, I'd like to provide a brief update on tap to pay, which is now 48% of domestic face-to-face transactions that run over our network, excluding the United States.

和以前一樣，我想簡要介紹一下點擊支付的最新情況，現在我們網絡上的國內面對面交易占到了 48%，不包括美國。

This is in line with the increases of a few points we have seen quarter-over-quarter for some time.

這與我們在一段時間內看到的季度環比增長的幾個點是一致的。

In the last year, almost 50 countries have seen a 10-point-or-greater increase in tap-to-pay penetration of all domestic face-to-face transactions.

去年，近 50 個國家/地區的所有國內面對面交易的點擊支付滲透率增加了 10 個百分點或更多。

And as you know, tap to pay has proven it can displace cash at a more rapid rate.

如您所知，點擊支付已證明它可以以更快的速度取代現金。

And one of the most effective ways to accelerate the shift from cash to card is to enable acceptance in every day spend categories.

加速從現金向信用卡轉變的最有效方法之一是讓人們接受日常消費類別。

To this end, over the last year alone, Visa has launched tap-to-pay transit solutions in 20 cities across 12 countries with more than 150 projects under way.

為此，僅在去年一年，Visa 就在 12 個國家/地區的 20 個城市推出了輕觸支付交通解決方案，正在進行的項目超過 150 個。

In London, where tap to pay has been live for over 4 years, we have found that cardholders that tap to ride at transit had a meaningful lift in overall card usage versus nontransit users.

在倫敦，觸碰支付已經存在了 4 年多，我們發現在公交上觸碰支付的持卡人與非公交用戶相比，總體卡使用量顯著提升。

Before I close, let me briefly comment on a potential M&A deal and China.

在結束之前，讓我簡要評論一下潛在的併購交易和中國。

We are awaiting the final regulatory approval for the acquisition of Earthport, and we hope to close this quarter.

我們正在等待收購 Earthport 的最終監管批准，我們希望在本季度結束。

Given 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.

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。

In China, we continue active dialogue with regulators and government to understand how to best move forward in the application process, but we have nothing new to share.

在中國，我們繼續與監管機構和政府進行積極對話，以了解如何在申請過程中最好地推進，但我們沒有什麼新東西可以分享。

In the meantime, we continue to expand our business in China, including our recent co-brand win with Carrefour, the third-largest supermarket in China.

與此同時，我們繼續擴大在中國的業務，包括我們最近與中國第三大超市家樂福的聯合品牌。

In summary, we had a solid financial quarter and continue to deliver meaningful progress against strategic initiatives that will drive our future growth.

總之，我們有一個穩健的財務季度，並繼續在推動我們未來增長的戰略舉措方面取得有意義的進展。

We continue to strive to be the preferred partner by embedding Visa credentials and new payment -- and new transactional flows, growing the reach of our digital capabilities and adding value to our clients through new innovative solutions.

我們將繼續努力成為首選合作夥伴，通過嵌入 Visa 憑證和新的支付 - 以及新的交易流程，擴大我們的數字能力範圍，並通過新的創新解決方案為我們的客戶增加價值。

To share a little bit more on our second quarter results, let me turn it over to Vasant.

為了更多地分享我們第二季度的業績，讓我把它交給 Vasant。

Thank you, Al.

謝謝你，阿爾。

Despite some revenue and exchange rate headwinds, we delivered strong EPS growth of 17% in the second quarter.

儘管存在一些收入和匯率不利因素，但我們在第二季度實現了 17% 的強勁每股收益增長。

Net revenue grew a little over 8%, as expected.

正如預期的那樣，淨收入增長了略高於 8%。

Exchange rate shifts versus prior year were a drag on net revenue and EPS growth of approximately 1.5 points.

與上年相比的匯率變化拖累了淨收入和每股收益增長約 1.5 個百分點。

Through the first half of fiscal year 2019 net revenue was up 11% and EPS up 19%.

到 2019 財年上半年，淨收入增長 11%，每股收益增長 19%。

A few highlights.

幾個亮點。

Key business driver growth, payments volume, processed transactions and cross-border volume was generally in line with our expectations.

主要業務驅動增長、支付量、已處理交易和跨境交易量總體上符合我們的預期。

The slowdown in payments volume growth to 8% was driven by 4 major factors: fewer processing days in the U.S., general weakness in the U.K. economy, continued runoff of dual-branded cards in China, and the shift in the timing of Easter negatively impacted several key markets.

支付量增長放緩至 8% 是由 4 個主要因素推動的：美國的處理天數減少、英國經濟普遍疲軟、中國雙品牌卡的持續流失以及復活節時間的變化產生了負面影響幾個關鍵市場。

Processed transaction growth remained consistent with the last quarter at 11%.

已處理的交易增長與上一季度保持一致，為 11%。

Adjusted for lapping the spike in cryptocurrency purchases last year and the e-commerce platform reorienting acquiring within the EU, constant dollar cross-border growth was 6%, in line with our expectations.

考慮到去年加密貨幣購買量的飆升和電子商務平台在歐盟內部重新定位收購，美元跨境持續增長為 6%，符合我們的預期。

The cross-border growth trend has stabilized, moderately improving through the quarter.

跨境增長趨勢已經企穩，整個季度適度改善。

Net revenue growth was a little over 8%.

淨收入增長率略高於 8%。

As we had indicated last October, fiscal second quarter growth was impacted by 2 significant headwinds: exchange rates and the lapping of high currency volatility in the second quarter of last year.

正如我們去年 10 月所指出的那樣，第二財季的增長受到兩個重大不利因素的影響：匯率和去年第二季度高匯率波動的影響。

The drag from both exchange rate and currency volatility was actually higher than we had expected.

匯率和貨幣波動的拖累實際上比我們預期的要高。

Adjusted for these factors, net revenue growth was in the low double digits.

經這些因素調整後，淨收入增長處於兩位數的低位。

Client incentives were better than expected due to lower incentives from some deals and programs than we had estimated, low volumes in some markets, and some deal delays.

由於某些交易和計劃的激勵低於我們的估計、某些市場的交易量低以及某些交易延遲，客戶激勵好於預期。

Delayed deals will now get done in the second half.

延遲的交易現在將在下半年完成。

Per the new accounting rules adopted in October, we are required to mark -- investments to market each quarter.

根據 10 月份通過的新會計規則，我們必須在每個季度對投資進行標記。

Several private companies in which we have strategic investments had funding rounds or transactions this quarter that established a higher valuation.

我們在其中進行戰略投資的幾家私營公司本季度的融資輪次或交易確立了更高的估值。

As such, we recorded investment gains of $84 million in nonoperating income.

因此，我們在營業外收入中記錄了 8400 萬美元的投資收益。

We purchased 14 million shares of Class A common stock at an average price of $145.40 for $2 billion in the second fiscal quarter.

我們在第二財季以 20 億美元的平均價格以 145.40 美元的價格購買了 1400 萬股 A 類普通股。

Including our quarterly dividend of $0.25 per share, we returned approximately $2.6 billion of capital to shareholders in the quarter.

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 26 億美元的資本。

Turning now to our key business drivers.

現在轉向我們的主要業務驅動因素。

Payments volume on a constant dollar basis grew 8%.

按固定美元計算的支付量增長了 8%。

Credit was up 7%.

信貸增長了 7%。

Debit was up 10%.

借記卡增長了 10%。

Growth remained strong in most parts of the world, with CEMEA growing 22%; Latin America 14%; Asia Pacific, excluding China, growing 10%; and Europe, excluding the U.K., growing 11%.

世界大部分地區的增長依然強勁，CEMEA 增長了 22%；拉丁美洲 14%；亞太地區，不包括中國，增長 10%；和歐洲（不包括英國）增長 11%。

U.S. payments volume growth was 8%, about 2.5 points lower than last quarter.

美國支付量增長 8%，比上一季度低約 2.5 個百分點。

Approximately 1.5 points of the slowdown is driven by fewer processing days this quarter versus the prior quarter as well as the timing of Easter.

大約 1.5 個百分點的放緩是由於本季度的處理天數少於上一季度以及復活節的時間。

Lower fuel prices contributed about 0.5 point.

較低的燃料價格貢獻了大約 0.5 個百分點。

Another 0.5 point was driven by the lapping effects of tax reform, i.e., low withholdings last year and lower or delayed refunds this year which mostly impacted debit.

另一個 0.5 個百分點是由稅制改革的重疊效應推動的，即去年的預扣稅較低和今年的退稅減少或延遲，這主要影響了借方。

However, growth remained strong in debit at 10%, helped by Visa Direct.

然而，在 Visa Direct 的幫助下，借方的增長依然強勁，達到 10%。

Credit grew 6% due to a full quarter impact from the Cabela's conversion which started in the middle of the first quarter.

由於第一季度中期開始的 Cabela 轉換對整個季度的影響，信貸增長了 6%。

International payments volume growth in constant dollars was 9%.

以固定美元計算的國際支付量增長為 9%。

Growth in CEMEA remains robust at 22%, with strong growth across Russia, the Middle East and Africa.

中東、中東和非洲地區的增長保持強勁，達到 22%，俄羅斯、中東和非洲的增長強勁。

Latin America growth remained healthy.

拉丁美洲的增長保持健康。

The timing of Easter negatively impacted several markets, and Caribbean growth ticked down as it lapped the post-hurricane reconstruction spike last year

復活節的時機對幾個市場產生了負面影響，加勒比地區的增長因去年颶風後重建高峰而放緩

While growth in the U.K. slowed 2 points this quarter due to weak economic conditions, the rest of Europe grew 11%, with particular strength in Central and Eastern Europe.

儘管由於經濟狀況疲軟，本季度英國的增長放緩了 2 個百分點，但歐洲其他地區增長了 11%，其中中歐和東歐尤為強勁。

Asia Pacific growth, excluding China, was 10% and slowed about 2 points versus last quarter in part due to lapping wins in Australia and New Zealand.

亞太地區（不包括中國）的增長率為 10%，與上一季度相比放緩了約 2 個百分點，部分原因是澳大利亞和新西蘭的單圈勝利。

China continues to be impacted by the runoff of dual-branded card volumes.

中國繼續受到雙品牌卡數量流失的影響。

Processed transaction growth of 11% is in line with the last quarter.

已處理交易增長 11%，與上一季度持平。

Growth in the U.S. slowed with volumes.

美國的增長隨著銷量而放緩。

This was offset by the processing gains in Argentina, which were at their full run rate by mid-January.

這被阿根廷的處理收益所抵消，該收益在 1 月中旬達到了全速運行。

Growth is also accelerating in markets where contactless penetration is rising such as the U.K. and Canada.

英國和加拿大等非接觸式普及率正在上升的市場也在加速增長。

As expected, based on the trends we shared with you in January, cross-border volume on a constant dollar basis grew 4%, or 6% adjusted for lapping the spike in cryptocurrency purchases last year and the e-commerce platform reorienting acquiring within the EU.

正如預期的那樣，根據我們在 1 月份與您分享的趨勢，按固定美元計算的跨境交易量增長了 4%，或根據去年加密貨幣購買量的飆升和電子商務平台調整收購方向的調整後增長了 6%。歐盟。

Growth improved moderately each month through the quarter.

在整個季度中，每個月的增長都適度改善。

The cross-border slowdown is largely driven by sluggish outbound commerce from countries whose currencies have materially weakened on a year-over-year basis.

跨境經濟放緩主要是由於貨幣同比大幅貶值國家的對外貿易不景氣所致。

The Argentinian peso is down 49%.

阿根廷比索下跌 49%。

The Russian ruble and the Brazilian real are both down 14%.

俄羅斯盧布和巴西雷亞爾均下跌 14%。

The Aussie dollar, down 9%.

澳元下跌 9%。

The euro, down 8%, and the pound, down 7%.

歐元下跌 8%，英鎊下跌 7%。

Canadian dollar is down 5%.

加元下跌 5%。

This has significantly impacted our largest corridor, U.S. inbound commerce growth, which remains roughly flat.

這對我們最大的走廊美國入境商務增長產生了重大影響，該增長基本持平。

We're also lapping benefits from the Winter Olympics in Korea last year.

我們還從去年的韓國冬季奧運會中受益。

Outbound commerce growth remains strong out of the U.S., the Middle East and Southeast Asia.

美國、中東和東南亞的出境商務增長依然強勁。

Inbound commerce growth remains robust through to the U.K. and across Europe as well as into Canada, Mexico and Australia.

英國和整個歐洲以及加拿大、墨西哥和澳大利亞的入境商務增長依然強勁。

A quick review of the first quarter financial results.

快速回顧第一季度的財務業績。

Net revenue grew 8% -- over 8%, in line with our expectation.

淨收入增長 8%——超過 8%，符合我們的預期。

Growth was over 10%, excluding the 1.5 percentage point headwind from exchange rate shifts and the drag from lapping high currency volatility last year.

增長超過 10%，不包括匯率變化帶來的 1.5 個百分點的逆風以及去年貨幣高波動的拖累。

The adoption of ASC 606 lifted revenue by 0.8 percentage points.

ASC 606 的採用使收入提高了 0.8 個百分點。

Service revenue grew 7%, in line with nominal payments volume growth last quarter.

服務收入增長 7%，與上季度名義支付量增長一致。

Data processing revenues were up 14% as we continued to benefit from pricing changes made last April.

由於我們繼續受益於去年 4 月的定價變化，數據處理收入增長了 14%。

International revenue increased 3%.

國際收入增長 3%。

Significant headwinds from exchange rates and currency volatility were partially offset by our fiscal year '18 pricing action and a favorable mix, i.e., slower growth in intra-EU volumes.

我們在 18 財年的定價行動和有利的組合（即歐盟內部交易量增長放緩）部分抵消了匯率和貨幣波動帶來的重大不利因素。

Other revenues grew 42% driven by the adoption of ASC 606 and increased client adoption of some of our value-added services.

其他收入增長了 42%，這得益於 ASC 606 的採用以及我們的一些增值服務的客戶採用率增加。

Incentives as a percentage of gross revenues were 21.2% -- at 21.2% are lower than our outlook range this quarter, but 1 point higher than last year.

激勵措施佔總收入的百分比為 21.2%——21.2% 低於我們本季度的展望範圍，但比去年高 1 個百分點。

Incentives were lower than we expected due to lower-than-estimated incentives for some deals and programs, some delays and also due to lower volumes in some parts of the world.

由於某些交易和計劃的激勵措施低於預期、一些延誤以及世界某些地區的交易量較低，激勵措施低於我們的預期。

We expect to see an uptick in incentives as a percent of gross revenues in the remaining quarters based on the current pipeline and timing of deals.

根據當前的管道和交易時間，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 7% primarily driven by personnel costs and litigation provision, partially offset by lower marketing.

營業費用增長 7%，主要受人事成本和訴訟準備金的推動，但部分被較低的營銷費用所抵消。

Personnel expenses grew 8% driven by investments to support our key growth initiatives.

在支持我們關鍵增長計劃的投資的推動下，人事費用增長了 8%。

We had a litigation provision of $22 million this quarter related to matters in the U.S. and Europe.

本季度我們有 2200 萬美元的訴訟準備金與美國和歐洲的事務有關。

Marketing expenses were 8% lower than last year as we lapped the 2018 Olympics, partially offset by increased expenses related to ASC 606.

隨著 2018 年奧運會的結束，營銷費用比去年下降了 8%，部分被與 ASC 606 相關的費用增加所抵消。

The adoption of ASC 606 added 2.8 points to our overall expense growth.

採用 ASC 606 為我們的整體支出增長增加了 2.8 個百分點。

What has traditionally been nonoperating expense swung to nonoperating income this quarter driven by 3 factors.

在三個因素的推動下，本季度傳統上的營業外支出轉變為營業外收入。

The first and largest factor is that several private companies in which we have strategic investments had funding rounds with transactions this quarter that established a higher valuation, triggering the recording of investment gains of $84 million.

第一個也是最大的因素是，我們擁有戰略投資的幾家私營公司在本季度進行了幾輪融資，這些交易確立了更高的估值，從而記錄了 8400 萬美元的投資收益。

This is a nonrecurring benefit, of course.

當然，這是一個非經常性的好處。

Second, interest expense was lower due to forward contracts we entered into that swapped some of our U.S. dollar debt to euro-denominated debt, both fixed and variable rates.

其次，由於我們簽訂的遠期合同將我們的部分美元債務換成以歐元計價的債務，包括固定利率和浮動利率，利息費用較低。

These swap agreements effectively convert a portion of our U.S. dollar-denominated fixed-rate payments into euro-denominated fixed and floating-rate payments, hedging some of our euro asset exposure and balancing our interest rate exposure, while at the same reducing our interest expenses due to lower borrowing costs in Europe.

這些掉期協議有效地將我們以美元計價的固定利率付款的一部分轉換為以歐元計價的固定和浮動利率付款，對沖我們的一些歐元資產敞口並平衡我們的利率敞口，同時減少我們的利息支出由於歐洲的借貸成本較低。

This benefit will recur adjusted by exchange rate and interest rate differentials between the U.S. and Europe.

這種好處將根據美國和歐洲之間的匯率和利率差異進行調整。

And finally, interest income on our cash balances increased due to higher interest rates.

最後，由於利率上升，我們現金餘額的利息收入增加了。

This benefit will also recur and is tied to movement in interest rates.

這種好處也將再次出現，並與利率變動有關。

Our tax rate for the quarter was lower than expected at 19% due to better-than-expected application of tax reform rules on foreign income related to FDII and GILTI, G-I-L-T-I.

由於與 FDII 和 GILTI、G-I-L-T-I 相關的外國收入稅制改革規則的應用好於預期，我們本季度的稅率為 19%，低於預期。

We expect our tax rate to be higher in the second half of the year.

我們預計下半年的稅率會更高。

Moving now to our outlook for the third quarter and the rest of fiscal year 2019.

現在轉到我們對第三季度和 2019 財年剩餘時間的展望。

First, let me share our business driver growth for the first 3 weeks of the third quarter.

首先，讓我分享第三季度前三週的業務驅動增長。

Through April 21, U.S. payments volume growth was 12% with U.S. credit growing 10% and debit 13%.

截至 4 月 21 日，美國支付量增長 12%，美國信貸增長 10%，借記增長 13%。

Processed transactions grew 15%.

已處理的交易增長了 15%。

Cross-border volume on a constant dollar basis grew 7%, or 9%, excluding intra-Europe cross-border transactions.

不包括歐洲內部的跨境交易，按固定美元計算的跨境交易量增長了 7% 或 9%。

All metrics are benefiting, to some degree, from the timing of Easter and are not indicative of our expectations for the full quarter.

所有指標都在某種程度上受益於復活節的時機，並不代表我們對整個季度的預期。

Our outlook for the second half assumes stable growth trends across our key business drivers, in line with what we experienced in the second quarter with a couple of adjustments: payments volume growth adjusted for the processing days impact in the second quarter, a small increase in the cross-border growth rate based on the improvement in monthly trends through the second quarter.

我們對下半年的展望假設我們的主要業務驅動因素保持穩定的增長趨勢，這與我們在第二季度經歷的一些調整一致：支付量增長根據第二季度的處理天數影響進行調整，支付量增長小幅增長基於第二季度每月趨勢改善的跨境增長率。

As has been the case all year, the net revenue growth cadence from quarter to quarter will be impacted by year-over-year comparative impacts from exchange rates, currency volatility, pricing and incentives.

與全年的情況一樣，每季度的淨收入增長節奏將受到匯率、貨幣波動、定價和激勵措施的同比比較影響的影響。

In the third quarter, the exchange rate drag is expected to be the highest for the year at 200 basis points on net revenues and 300 basis points on EPS.

第三季度，匯率拖累預計將達到年內最高水平，淨收入為 200 個基點，每股收益為 300 個基點。

Currency volatility will likely remain a significant headwind.

貨幣波動可能仍將是一個重大不利因素。

We lapped fiscal year '19 pricing actions and have a partial year benefit -- and have a partial quarter benefit of fiscal year '19 pricing actions.

我們採用了 19 財年的定價行動，並獲得了部分年度收益 - 並獲得了 19 財年定價行動的部分季度收益。

Client incentives growth will be higher than the first half in the 22% to 23% range as a percentage of gross revenues.

客戶激勵增長佔總收入的百分比將高於上半年的 22% 至 23%。

When you put all this together, we expect third quarter net revenue growth to be similar to moderately better than the second quarter.

當你把所有這些放在一起時，我們預計第三季度的淨收入增長將與第二季度相似或略好。

Third quarter expense growth will be in line with the second quarter.

第三季度費用增長將與第二季度一致。

In the fourth quarter, based on current exchange rates, the currency translation drag eases to 100 basis point on net revenue and 150 basis points on EPS.

在第四季度，基於當前匯率，貨幣換算拖累減少至淨收入 100 個基點和每股收益 150 個基點。

We have a full quarter of benefit from the fiscal year '19 pricing actions.

我們從 19 財年的定價行動中獲得了整整一個季度的收益。

We also lap higher client incentives levels from last year.

與去年相比，我們還提高了客戶激勵水平。

All of this is expected to drive net revenue growth back up to the low double-digit range.

預計所有這些都將推動淨收入增長回升至兩位數的低位。

Expenses in the fourth quarter are expected to grow at the lowest rate for the year.

預計第四季度的費用將以年內最低的速度增長。

We're updating a few components of our full year -- fiscal year 2019 outlook.

我們正在更新我們全年的一些組成部分——2019 財年展望。

Client incentives as a percent of gross revenue will be in the 22% to 23% range for the second half of the year, but given results to date, we expect to be at the low end of the 22% to 23% for the full year.

今年下半年，客戶激勵佔總收入的百分比將在 22% 至 23% 範圍內，但鑑於迄今為止的結果，我們預計全年將處於 22% 至 23% 的低端年。

We now expect our effective tax rate for the year to be approximately 20%.

我們現在預計我們今年的有效稅率約為 20%。

Net revenue growth expectations remain unchanged at the low double digits on a nominal basis, as do expense growth expectations in the mid-single digits.

名義淨收入增長預期保持在兩位數的低位不變，費用增長預期保持在中個位數。

We are raising our EPS growth expectation to the high end of mid-teens on an adjusted non-GAAP nominal dollar basis, and the low 20s on a GAAP nominal dollar basis.

在調整後的非公認會計原則名義美元基礎上，我們將每股收益增長預期提高到十幾歲的高端，在美國通用會計準則名義美元基礎上提高到 20 多歲的低點。

The exchange rate drag on net revenue growth for the year will be over 100 basis points and almost 150 basis points on EPS.

匯率對今年淨收入增長的拖累將超過 100 個基點，每股收益將接近 150 個基點。

We had a strong first half of the year with 11% net revenue growth and 19% EPS growth despite higher-than-expected exchange rate headwinds and some slowdown in cross-border volume growth.

儘管匯率逆風高於預期且跨境交易量增長有所放緩，但我們上半年表現強勁，淨收入增長 11%，每股收益增長 19%。

The first half demonstrates yet again the earnings power of our business model.

上半年再次展示了我們商業模式的盈利能力。

We remain focused on driving growth in our core payments business while investing to develop new payment flows to sustain robust volume, revenue and profit growth well into the future.

我們仍然專注於推動核心支付業務的增長，同時投資開發新的支付流程，以在未來保持強勁的數量、收入和利潤增長。

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

有了這個，我會把它轉回給邁克。

We're ready to take questions, Jordan.

我們準備好回答問題了，喬丹。

(Operator Instructions) Our first question comes from Jamie Friedman from Susquehanna.

（操作員說明）我們的第一個問題來自 Susquehanna 的 Jamie Friedman。

We appreciate the incremental disclosures, Al, especially about Europe and India.

我們感謝增量披露，Al，尤其是關於歐洲和印度的披露。

I guess I'll ask my question about Europe.

我想我會問我關於歐洲的問題。

That was really helpful, that 17% observation.

這真的很有幫助，那 17% 的觀察。

I guess my question is are you closer to the beginning or middle or end of the pricing journey in Europe?

我想我的問題是你離歐洲定價之旅的開始、中間還是結束更近了？

Maybe if you could help us characterize that and update that, that would be helpful.

也許如果你能幫助我們描述並更新它，那會很有幫助。

Thanks, Jamie.

謝謝，傑米。

I don't really want to get caught up in this game of where we are in pricing.

我真的不想捲入這場我們定價的遊戲中。

Pricing is something we look at in the business on a continual basis, and we will continue to do that around the globe and in Europe.

定價是我們在業務中持續關注的問題，我們將繼續在全球和歐洲這樣做。

And it is a lever that we're well aware of and we'll continue to pull as we think the value that we deliver is commensurate with that.

這是我們很清楚的一個槓桿，我們將繼續拉動，因為我們認為我們提供的價值與之相稱。

Our next question comes from Lisa Ellis from MoffettNathanson.

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

Al, I was hoping to ask you about the Japan market actually, not one that you did a deep dive into, but it's another one where there's a government imperative to drive up digital adoption.

艾爾，我實際上是想問你日本市場的情況，不是你深入研究的市場，而是另一個政府必須推動數字化採用的市場。

It's large, it's underpenetrated, et cetera, and you've got kind of -- you guys with your partnership with LINE there but also players like Alipay active.

它很大，滲透不足，等等，而且你已經有了——你們與 LINE 有合作關係，但也有像支付寶這樣的玩家活躍。

Can you just talk and comment on the competitive dynamics in that market, particularly around the use of like card-funded wallets versus stored-balance wallets, QR codes versus tap and pay, et cetera?

您能否談談和評論該市場的競爭動態，特別是圍繞卡資金錢包與餘額錢包的使用、二維碼與觸碰付款等的使用？

Thanks, Lisa.

謝謝，麗莎。

Well, Japan is obviously a very exciting market and one where we are investing fairly heavily given the fact that we're now, I guess 15, 16, 17 months from the Tokyo Olympics.

好吧，日本顯然是一個非常令人興奮的市場，鑑於我們現在距離東京奧運會還有 15、16 和 17 個月的時間，我們在這個市場上進行了相當大的投資。

And the government has -- is using the Olympics as a platform to attempt to make sure that payments continue to grow, and in fact driving more payments to digital and away for cash.

政府已經 - 正在利用奧運會作為一個平台，試圖確保支付繼續增長，實際上推動更多的數字支付和現金支付。

We are working with both the traditional banks and acquirers as well as new entrants there to try to embed ourselves into as many of the payment flows as we possibly can.

我們正在與傳統銀行和收單機構以及那裡的新進入者合作，試圖盡可能多地融入支付流程。

We just did a deal with SMCC, one of the big acquirers there where we're integrating CyberSource to help with -- to build their capability that they offer to merchants relative to e-commerce and trying to improve reporting and reduce fraud.

我們剛剛與 SMCC 達成了交易，SMCC 是我們正在整合 CyberSource 以提供幫助的大型收購方之一——建立他們為商家提供的與電子商務相關的能力，並努力改善報告並減少欺詐。

So it is -- while it was not a market I called out, it is certainly a market that we see a lot of potential in between now and the Olympic Games next July and August.

所以它是——雖然這不是我提到的市場，但我們確實看到了從現在到明年 7 月和 8 月奧運會之間的巨大潛力的市場。

But we also see Japan as a market that has an awful lot of downstream capability as well.

但我們也將日本視為一個擁有大量下游能力的市場。

Our next question comes from Moshe Orenbuch from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

Al, when you talked about Europe, you mentioned kind of very heavy concentration in a couple of markets and then other markets where you've got opportunity.

艾爾，當你談到歐洲時，你提到了對幾個市場的高度集中，然後是你有機會的其他市場。

Just talk a little bit about the plans to how address that.

簡單談談如何解決這個問題的計劃。

And are there countries or parts of Europe that seem more -- where that's going to be more conducive?

有沒有看起來更多的國家或歐洲部分——哪裡更有利於？

Can you just talk about that little bit?

你能談談那一點嗎？

Thanks, Moshe.

謝謝，摩西。

I don't want to give away kind of specific plans by market.

我不想按市場給出具體的計劃。

But I think that when we look at Europe, there's certainly a focus on trying to see where we can win a little bit more processing.

但我認為，當我們看歐洲時，肯定會關注我們可以在哪裡贏得更多處理。

In Europe, we're well established in the debit space, less well established in the credit space.

在歐洲，我們在藉方領域已經很成熟，在貸方領域不太成熟。

So that's certainly an area of concentration for us.

所以這當然是我們關注的一個領域。

Fintechs are very prevalent in Europe.

金融科技在歐洲非常普遍。

And Europe was in fact the first of the markets that we announced that we were going to get much more aggressive relative to fintechs.

事實上，歐洲是我們宣布將比金融科技更具侵略性的第一個市場。

Europe is a place that we're spending a lot of time thinking talking about transit.

歐洲是一個我們花了很多時間思考過境的地方。

I mentioned transit in my remarks.

我在發言中提到過中轉。

I'm a huge believer, and we're investing heavily behind transit where -- and as you know, there's a very established rail and bus system throughout Europe, where transit -- when people are commuting, they're using their product 10 times a week and that really builds the habit of using the card.

我是一個堅定的信徒，我們在交通方面投入巨資——正如你所知，整個歐洲都有非常成熟的鐵路和公共汽車系統，在那裡交通——當人們通勤時，他們會使用他們的產品 10每週一次，這確實建立了使用卡的習慣。

So we're continuing to try to make sure that we're focusing on transit in several markets.

因此，我們將繼續努力確保我們專注於幾個市場的運輸。

I mentioned PSD2.

我提到了PSD2。

And we're going to be coming out with a number of pilots of different capabilities to help issuers throughout Europe who are kind of struggling with getting ready for meeting the requirements of PSD2.

我們將推出一些具有不同能力的試點項目，以幫助整個歐洲正在努力準備滿足 PSD2 要求的發行人。

And we want to help them with capabilities to make that a bit easier for them.

我們希望幫助他們提供能力，使他們更容易做到這一點。

And then I would say Europe's a market where we're pushing hard on Visa Direct.

然後我會說歐洲是我們正在大力推動 Visa Direct 的市場。

And we see a lot of opportunity to build Visa Direct throughout Europe, particularly in some of the markets that are more inclined to move from -- to digital.

我們看到了在整個歐洲建立 Visa Direct 的很多機會，特別是在一些更傾向於從數字化轉型的市場中。

Europe's a mixed bag.

歐洲好壞參半。

You've got some countries that are still very, very heavily cash and then you've got some countries that are -- really have adapted digital.

有些國家的現金仍然非常非常多，然後有些國家確實已經適應了數字化。

So those would be a number of the things, Moshe, that I would highlight as things that we're focused on in trying to drive volume -- drive business and more volume in Europe.

因此，Moshe，這些將是一些事情，我會強調我們在努力推動銷量方面的重點——推動歐洲的業務和更多銷量。

Our next question comes from Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

I wanted to just ask about -- on the incentives, I see that incentives are coming in the little bit lower, and I know there's been some deal delays.

我想問一下 - 關於激勵措施，我看到激勵措施正在降低一點，而且我知道有一些交易延遲。

Just trying to figure out -- I saw the guidance overall, a little bit lower, but just trying to figure out the latest update on incentives and how to think about modeling it going forward.

只是想弄清楚——我看到了總體指導，有點低，但只是想弄清楚激勵措施的最新更新以及如何考慮對其進行建模。

Well, I'll say a couple of things, Bryan, and then Vasant can add.

好吧，布萊恩，我會說幾件事，然後 Vasant 可以補充一下。

First of all, there are some big renewals that have -- already did occur in the first half of the year.

首先，今年上半年已經發生了一些大的更新。

BBVA, Air Canada, Citi's commercial business, Tinkoff in Russia, HSBC, SBI and ICICI in India, and then I talked about Scotiabank in Mexico.

BBVA、加拿大航空、花旗的商業業務、俄羅斯的 Tinkoff、印度的匯豐銀行、SBI 和 ICICI，然後我談到了墨西哥的豐業銀行。

There's some win backs and early renewals.

有一些贏回和早期續約。

It was initially announced that we had lost the TSB the debit business in the U.K., but I am very excited to share that we've retained that business and that we'll no longer be converting their U.K. debit portfolio.

最初宣布我們失去了 TSB 在英國的借記業務，但我很高興地分享我們保留了該業務並且我們將不再轉換他們的英國借記組合。

And the last point I'd make is that there were some smaller deals in Asia, CEMEA and Russia that have just been pushed to the second half of the year.

我要說的最後一點是，亞洲、CEMEA 和俄羅斯的一些較小的交易剛剛被推遲到下半年。

So those are a number of the factors that we -- that lead us to forecast a higher level of client incentives in the second half.

因此，這些是我們 - 導致我們預測下半年客戶激勵水平更高的一些因素。

Vasant, would you add anything?

Vasant，你會補充什麼嗎？

Yes, I think a couple things again to highlight, which I mentioned in my comments.

是的，我想再次強調一些事情，我在評論中提到過。

First of all, we make estimates about what incentives are going to be, and it's based on certain ideas on how things will renew and certain programs we have that we often use incentives to get faster adoption off.

首先，我們對將要採取的激勵措施進行估計，它基於關於事物將如何更新的某些想法以及我們經常使用激勵措施來加快採用速度的某些計劃。

Sometimes, we might provide incentives for contactless penetration, et cetera.

有時，我們可能會為非接觸式滲透等提供激勵措施。

So one of the reasons incentives is lower is permanent, which is why for the full year now, it will be at the low end of our range of 22% to 23%.

因此，激勵較低的原因之一是永久性的，這就是為什麼現在全年，它將處於我們 22% 至 23% 範圍的低端。

That's because some of these have come in lower than we expected.

那是因為其中一些比我們預期的要低。

So those are reductions and not delays.

所以這些是減少而不是延遲。

Yes, there are some low volumes in some markets.

是的，有些市場的銷量很低。

In terms of deals there, as Al said, I mean the second half has more of the larger deals that are likely to be -- they're all going well, and we expect them to be executed in the second half when the incentives get recognized.

就那裡的交易而言，正如 Al 所說，我的意思是下半年有更多可能發生的較大交易——它們都進展順利，我們預計它們將在下半年得到激勵時執行認可。

We had TSB as a win, and that's a second half impact.

我們贏得了 TSB，這是下半場的影響。

We also have potentially another early renewal of a very large account.

我們還可能會提前續訂一個非常大的帳戶。

That was not contemplated, but we're delighted to have early renewal.

沒有考慮到這一點，但我們很高興能夠提前更新。

And that will be a second half impact.

這將是下半年的影響。

So you should assume that our second half will be very much along the lines of what we told you.

所以你應該假設我們的下半場將非常符合我們告訴你的內容。

It will be in that range of 22% to 23% as a percent of gross revenues, and for the full year, it will be at the low end of that range.

佔總收入的百分比將在 22% 至 23% 的範圍內，全年將處於該範圍的低端。

Got it, got.

明白了，明白了。

But then just one follow-up.

但隨後只是一個後續行動。

I just wanted to ask on the difference, of course, between cross-border volume.

我只是想問一下區別，當然，跨境量之間。

I think it was normalized about 6%, and then the international revenue growth grew at 3%.

我認為它正常化了大約 6%，然後國際收入增長了 3%。

Just that delta, again I know that comes up a lot with investors.

只是那個三角洲，我再次知道投資者經常會遇到這種情況。

Maybe if you can just help us go through that.

也許如果你能幫助我們解決這個問題。

Yes.

是的。

No, I think it's important that people understand those deltas.

不，我認為人們了解這些增量很重要。

So let me give you a few things to help you with that.

所以讓我給你一些東西來幫助你。

The biggest reason why revenue grew 11% last quarter and is growing 3% this quarter, the biggest swing is the year-over-year impact of changes in currency volatility and their impact on our treasury revenues.

上個季度收入增長 11% 並在本季度增長 3% 的最大原因是，最大的波動是貨幣波動變化的同比影響及其對我們的財政收入的影響。

So Q1 this year, currency volatility was -- in Q1, it was a significant tailwind for revenue growth on the international revenue line because last year was a low volatility year.

因此，今年第一季度，貨幣波動是 - 在第一季度，這是國際收入增長的重要推動力，因為去年是低波動的一年。

In the first quarter, the currency volatility was, let's say, below the 5-year median.

在第一季度，比方說，貨幣波動低於 5 年中值。

Q2 this year, volatility was a significant headwind because volatility last year actually was quite high, above the 5-year median.

今年第二季度，波動性是一個很大的阻力，因為去年的波動性實際上相當高，高於 5 年中值。

So volatility this year was a little lower in the second quarter than the first quarter, but the comparisons to last year were quite significantly different.

因此，今年第二季度的波動率比第一季度略低，但與去年的比較卻有很大不同。

It went from being a tailwind to a headwind.

它從順風變成逆風。

That's one thing.

那是一回事。

Second thing is exchange rates are a drag on both quarters, but a larger drag on the second quarter.

第二件事是匯率對兩個季度都有拖累，但對第二季度的拖累更大。

If you remember, Q2 last year was the high point for the strong dollar.

如果你還記得，去年第二季度是美元走強的高點。

So on a year-over-year comparative basis, exchange rates are a headwind in the first quarter, but a bigger headwind in the second quarter.

因此，與去年同期相比，匯率在第一季度是一個逆風，但在第二季度是更大的逆風。

The pricing benefit is essentially the same between both quarters.

兩個季度的定價優勢基本相同。

We had a slight mix benefit in the second quarter because our intra-EU volumes were growing slower than -- intra-EU cross-border volumes are growing slower than cross-border volumes elsewhere.

我們在第二季度獲得了輕微的混合收益，因為我們的歐盟內部交易量增長速度低於 - 歐盟內部跨境交易量的增長速度低於其他地區的跨境交易量。

Another way to sort of simplify this for you and wash out some of these quarter-over-quarter things is to sort of look at the 2-year stacked growth rate, which tells you that not a whole lot has changed between the 2 quarters.

另一種為您簡化這一點並消除其中一些季度環比因素的方法是查看 2 年的疊加增長率，它告訴您兩個季度之間沒有太大變化。

So if you add the growth rate in Q1 last year and the growth rate in Q1, this year in revenues, the stacked growth rate is 23%.

因此，如果您將去年第一季度的增長率和今年第一季度的增長率加起來，則疊加增長率為 23%。

If you look at our growth rate last year in revenues, on international revenues and this year and add the 2, in the second quarter, it's 22%.

如果你看看我們去年收入、國際收入和今年的增長率，再加上 2，在第二季度，它是 22%。

And when you do that kind of thing, it sort of washes out some of the quarter-over-quarter comparisons.

當你做那種事情時，它會洗掉一些季度比較。

So that's where some of the noise is.

所以這就是一些噪音的地方。

There's no great change in the nature of the business.

業務性質沒有太大變化。

It's just these sort of year-over-year changes and a couple of different variables.

只是這些年復一年的變化和幾個不同的變量。

One last thing I would give you is last year our volumes grew 10% in the first half, roughly, and our international revenues grew about 15%.

我要告訴你的最後一件事是，去年上半年我們的銷量大致增長了 10%，而我們的國際收入增長了約 15%。

The entire delta was an exchange rate tailwind because the rest of it was a wash.

整個三角洲是匯率順風，因為其餘部分是洗盤。

This year, our volumes grew between 5.5% and 6% in the first half.

今年上半年，我們的銷量增長了 5.5% 至 6%。

Our revenue grew about 7%.

我們的收入增長了約 7%。

In this case, most of the pricing is offset by FX drag.

在這種情況下，大部分定價被外匯拖累所抵消。

And the reason revenues are growing a little better than volumes is because the mix is a little better.

收入增長略好於銷量的原因是因為組合好一點。

So hopefully, this has demystified some of it.

所以希望，這已經揭開了其中的一些神秘面紗。

I know it's hard for you to figure all that from the outside.

我知道你很難從外面弄清楚這一切。

But the underlying trends are basically there's not a lot of confusion there.

但基本趨勢基本上沒有太多混亂。

It's just some of these comparatives that are driving it.

只是其中一些比較在推動它。

Our next question comes from Jeffrey Cantwell from Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Jeffrey Cantwell。

If we look at your announcements today and really over the past few months, it seems like you're opening up your business very rapidly and in some interesting ways.

如果我們查看您今天和過去幾個月的公告，您似乎正在以一些有趣的方式非常迅速地開放您的業務。

So I know you can't comment on Earthport, so I'm not going to ask about that, but I did notice a few interesting announcements this quarter, one of which was with Coinbase.

所以我知道你不能對 Earthport 發表評論，所以我不會問這個問題，但我確實注意到本季度有一些有趣的公告，其中之一是與 Coinbase 相關的。

So could you frame your expectations around that partnership for us in terms of how much you think it might be incremental to your volumes over time?

那麼，您能否根據您認為隨著時間的推移可能會增加您的數量多少來對我們的合作夥伴關係提出您的期望？

It just seems pretty interesting to think about a crypto platform plus your network and how that could grow.

想想加密平台加上你的網絡以及它如何發展似乎很有趣。

So I just wondered if you can frame that for us.

所以我只是想知道你是否可以為我們構圖。

And also I just have a second related one as a follow-up.

而且我還有第二個相關的作為後續行動。

So look, we've been watching the whole crypto tests and developments around the world.

所以看，我們一直在關注世界各地的整個加密測試和發展。

And I think that this particular announcement with Coinbase gets at some of the concerns that I think we've had and probably consumers have had, where not having the crypto tied to some kind of fiat currency makes it challenging to figure out when to use it, when not to use it.

而且我認為與 Coinbase 的這一特別公告解決了我認為我們已經存在並且可能消費者已經存在的一些擔憂，即沒有將加密貨幣與某種法定貨幣掛鉤，這使得弄清楚何時使用它變得具有挑戰性，什麼時候不使用。

And obviously, it's difficult for merchants, and there's not a lot of merchant acceptance.

顯然，這對商家來說很難，而且商家接受度也不高。

By Coinbase literally being able to, in this case, convert cryptocurrency to pound sterling in the U.K. and then put that -- put whatever amount of pound sterling -- crypto now converted to pounds sterling that people want on a Visa debit card allows a consumer to be able to use their Visa debit card anywhere Visa is accepted online or in a face-to-face situation.

在這種情況下，Coinbase 確實能夠在英國將加密貨幣轉換為英鎊，然後將其放入 - 放入任何數量的英鎊 - 加密貨幣現在轉換為人們在 Visa 借記卡上想要的英鎊允許消費者能夠在任何接受 Visa 在線或面對面的情況下使用他們的 Visa 借記卡。

And they have the global acceptance of Visa, and they understand exactly what they are paying for.

他們在全球範圍內接受 Visa，並且他們確切地了解他們所支付的費用。

So it's -- we'll see where it goes.

所以它 - 我們會看到它的去向。

We're intrigued because of the fact that it's a fairly large crypto player looking at alternatives to have that cryptocurrency tied to an accepted market -- a fiat currency.

我們之所以感興趣，是因為它是一個相當大的加密貨幣玩家，正在尋找將加密貨幣與公認市場掛鉤的替代品——一種法定貨幣。

And that's what we find intriguing.

這就是我們覺得有趣的地方。

We'll continue to look for those opportunities around the world.

我們將繼續在世界各地尋找這些機會。

To what degree this is a jumping off point that other crypto players will copy, we'll see.

這在多大程度上是其他加密貨幣玩家將復制的起點，我們將拭目以待。

Thanks.

謝謝。

I appreciate that.

我很感激。

And just second related one, if we look at B2B specifically, this has sort of been under the radar, but Blockchain World Wire, which is part of IBM, was recently launched.

只是第二個相關的，如果我們具體看 B2B，這有點受到關注，但作為 IBM 的一部分的 Blockchain World Wire 最近推出了。

I'm just curious if you're looking at partnerships with nontraditional payment companies like IBM as a way of accelerating your share gains in areas like B2B payments in particular.

我很好奇您是否正在考慮與 IBM 等非傳統支付公司建立合作夥伴關係，以加速您在 B2B 支付等領域的份額增長。

Well, B2B Connect, as you know, is based on a distributed ledger technology, so we are leveraging distributed ledgers already in the B2B space.

眾所周知，B2B Connect 基於分佈式賬本技術，因此我們正在利用 B2B 領域中已經存在的分佈式賬本。

And B2B Connect is now ready for launch.

B2B Connect 現已準備就緒。

It has got all the necessary approvals.

它已獲得所有必要的批准。

It's got partners lined up, banks lined up.

它有合作夥伴排隊，銀行排隊。

Hopefully when we talk again, B2B Connect will be live.

希望當我們再次交談時，B2B Connect 將上線。

We talk to everybody in the space, as you know.

如您所知，我們與空間中的每個人交談。

I mean as Al said earlier, we're a network.

我的意思是正如 Al 之前所說，我們是一個網絡。

We are -- we need to refacilitate movement of processing transactions for anybody.

我們是——我們需要為任何人重新促進處理交易的移動。

We try not to pick winners and losers.

我們盡量不選擇贏家和輸家。

And so we're quite open to partnering with all new models, not really figuring out ahead of time what's going to work or not.

因此，我們非常願意與所有新模型合作，而不是真正提前弄清楚什麼會起作用。

And we talk to all players, including people who want to use distributed ledger-type technologies to do what they're trying to do.

我們與所有參與者交談，包括那些想要使用分佈式賬本技術來做他們想做的事情的人。

Our next question comes from Harshita Rawat from Bernstein.

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

I want to ask about long-term potential in cross-border payments.

我想問一下跨境支付的長期潛力。

You have a very strong and differentiated franchise and consumer-to-business cross border.

您擁有非常強大且差異化的特許經營權和消費者對企業的跨境業務。

And then now there are other areas in cross-border, particularly in B2B and person-to-person, which have a lot of pain points in the market today.

再就是現在跨境還有其他領域，特別是B2B和P2P，現在市場有很多痛點。

And over the last year, you appeared to have doubled down in these flows with your investments in products such as B2B Connect in Visa Direct.

在過去的一年中，您似乎通過投資於 Visa Direct 中的 B2B Connect 等產品，使這些流量翻了一番。

So my question is if you can talk about how should we think about cross-border payments and within that new payment flow such as B2B disbursements and P2P in the long term for you.

所以我的問題是，您是否可以談談我們應該如何看待跨境支付以及在新的支付流程中，例如 B2B 支付和 P2P 對您來說是長期的。

Harshita, thank you.

哈士達，謝謝。

Look, as I said in my opening remarks that getting into as many payment flows as possible is a big objective of ours, and those -- that can be with nontraditional players or less-traditional players.

看，正如我在開場白中所說的那樣，盡可能多地參與支付流程是我們的一個重要目標，而那些——可以是非傳統參與者或不太傳統的參與者。

And obviously, as we try to get into those flows, cross-border plays a big role.

顯然，當我們試圖進入這些流動時，跨境扮演著重要角色。

You look at the movement around the world toward putting new RTP systems in.

您會看到世界各地都在推動新的 RTP 系統投入使用。

Those RTP systems are in many ways kind of modernized ACH systems that are focused on speed domestically.

這些 RTP 系統在很多方面都是現代化的 ACH 系統，專注於國內的速度。

But they are domestic-based networks, and I think we have an opportunity to partner with those networks to kind of extend their reach beyond their borders.

但它們是基於國內的網絡，我認為我們有機會與這些網絡合作，以將它們的影響範圍擴大到境外。

There are players that are focused on trying to make cross-border payments easier around the world.

有些參與者專注於嘗試讓世界各地的跨境支付更容易。

We're certainly in discussions with as many of them as we possibly can.

我們當然會盡可能多地與他們進行討論。

Our goal is to embed ourselves into as many payment and transaction transfer flows as possible with a unique eye on cross-border because of our scale, our security, the number of countries in which we operate.

由於我們的規模、我們的安全性以及我們經營所在國家的數量，我們的目標是將自己融入盡可能多的支付和交易轉移流中，並以獨特的眼光關注跨境。

And then we have the real test case, the real proving case of Visa Direct where we have a capability that is facilitating domestic and cross-border transactions right now and has all the advantages that I cited in my remarks at the beginning.

然後我們有真正的測試案例，Visa Direct 的真正證明案例，我們現在有能力促進國內和跨境交易，並擁有我在開頭提到的所有優勢。

Anything else you would add, Vasant?

Vasant，您還有什麼要補充的嗎？

No.

不。

I think, I mean the simple answer to your question is we view P2P cross-border and B2B cross-border as significant, let's call it, expansion and new payment flow opportunities.

我想，我的意思是簡單回答你的問題，我們認為 P2P 跨境和 B2B 跨境意義重大，我們稱之為擴張和新的支付流機會。

And we're already in the business.

我們已經在做生意了。

You've heard us talk a lot about remittances in the last few calls.

在過去的幾個電話中，您已經聽到我們談論了很多關於匯款的問題。

This call, we talked about Remitly.

這個電話，我們談到了 Remitly。

We've talked about MoneyGram before.

我們之前討論過速匯金。

There are more in the works.

還有更多的作品。

The attraction we offer in remittances, for example, which is already a big businesses, is that we address KYC, AML and sanctions-related issues on a real-time basis, in addition to being far more convenient and far more secure than an agent-based approach to it.

例如，我們在已經是大企業的匯款方面提供的吸引力在於，我們可以實時處理 KYC、AML 和製裁相關問題，而且比代理更方便、更安全基於它的方法。

As Al said, I mean Visa Direct is a big component of B2B also.

正如 Al 所說，我的意思是 Visa Direct 也是 B2B 的重要組成部分。

Visa Direct is already in the business of facilitating B2B payments, and B2B Connect then takes that to larger corporate and larger businesses on a global basis as Visa Direct deals with it on a cross-border -- provides cross-border solutions for small- and medium-sized businesses.

Visa Direct 已經從事促進 B2B 支付的業務，然後 B2B Connect 將其帶到全球範圍內的大型企業和大型企業，因為 Visa Direct 進行跨境交易 - 為小型和中型企業。

So this is clearly a central element of our future growth plans.

因此，這顯然是我們未來增長計劃的核心要素。

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。

Al, let me get your thoughts on the recent consolidation in the U.S. with large merchant acquirers joining the core bank processors.

艾爾，讓我談談你對最近美國合併的想法，大型商戶收單機構加入核心銀行處理器。

Any implications for Visa since they touch both the merchants and the bank side separately?

對 Visa 有什麼影響，因為它們分別涉及商家和銀行方面？

Thanks, Tien-Tsin.

謝謝，天真。

Yes, it's an interesting quarter with FIS, Worldpay, Fiserv, First Data.

是的，這是一個有趣的季度，有 FIS、Worldpay、Fiserv、First Data。

And you didn't necessarily refer to it, but BB&T and SunTrust announced merger as well.

而且您不一定提到它，但 BB&T 和 SunTrust 也宣布合併。

Look, let me direct your point to Fiserv, Worldpay -- Fiserv, First Data, FIS, Worldpay, we've got very good relationships and a lot of history with all 4 of these players.

聽著，讓我把你的觀點指向 Fiserv、Worldpay——Fiserv、First Data、FIS、Worldpay，我們與這 4 位參與者都有很好的關係和悠久的歷史。

And I think in many ways, them coming together provides greater -- a smaller number of high-scale players that will help us be able to distribute our capabilities through their distribution network, and that's a good thing.

我認為在很多方面，它們的結合提供了更多——更少的高規模參與者，這將幫助我們能夠通過他們的分銷網絡分配我們的能力，這是一件好事。

Both of these combined companies are very interested.

這兩家合併後的公司都非常感興趣。

And one of their theses of combining is to grow their global footprint, which is good for the payment ecosystem because in a number of markets the reality is that there just aren't enough merchant acquirers or issuer processors.

他們的合併論點之一是擴大其全球足跡，這對支付生態系統有利，因為在許多市場中，現實情況是沒有足夠的商戶收單機構或發卡機構處理商。

So I think that's a good thing.

所以我認為這是一件好事。

And they're looking for our help.

他們正在尋求我們的幫助。

I've spent a significant amount of time talking to the CEOs of these companies over the course of the last 3 weeks.

在過去的 3 周里，我花了很多時間與這些公司的 CEO 交談。

And they are extremely anxious to work with Visa and to help -- get our help in making sure that they do everything they can to achieve the synergies, revenue and expense that they've talked about as well as talking to us about plans on how they can continue to grow their business going forward.

他們非常渴望與 Visa 合作並提供幫助——獲得我們的幫助，以確保他們盡其所能實現他們所討論的協同效應、收入和支出，並與我們討論如何制定計劃他們可以繼續發展他們的業務。

So I think this is a good thing, and we're going to build upon the relationships that we have and help them.

所以我認為這是一件好事，我們將在現有關係的基礎上幫助他們。

Since I brought it up, I'll comment quickly on BB&T and SunTrust.

既然我提出來了，我將快速評論 BB&T 和 SunTrust。

Obviously, still similarly they've got to get through all of the approval processes, et cetera.

顯然，同樣，他們還必須通過所有的審批流程，等等。

We've enjoyed a good relationship with both institutions.

我們與這兩個機構都保持著良好的關係。

BB&T is much more heavily a Visa bank.

BB&T 更像是一家 Visa 銀行。

SunTrust more of a Mastercard bank.

SunTrust 更像是一家萬事達卡銀行。

We expect to continue to do everything we can to serve both of them as clients while they're still individual companies.

我們希望繼續盡我們所能為他們兩個作為客戶提供服務，而他們仍然是獨立的公司。

And we're going to do everything we can to obviously push to be their payments partner as they merge.

我們將盡我們所能，在他們合併時顯然推動成為他們的支付合作夥伴。

Our next question comes from Sanjay Sakhrani from KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I want to make sure I understood some of the points that Vasant made on the revenue trends.

我想確保我理解 Vasant 關於收入趨勢的一些觀點。

I guess first, as far as pricing impacts are concerned for this fiscal year that are kicking in, in April is that a tailwind for the second half of this year?

我想首先，就本財年即將開始的定價影響而言，4 月份是今年下半年的順風車嗎？

And then secondly the FX trends now, you guys are using spot, not a depreciating dollar.

其次是現在的外匯趨勢，你們使用的是現貨，而不是貶值的美元。

And then third, the Easter benefit quarter to date, is there any way to quantify that and how we should think about how it might flow through for the rest of the quarter?

然後第三，迄今為止的複活節福利季度，有沒有辦法量化它以及我們應該如何考慮它在本季度的剩餘時間裡可能會如何流動？

Yes, there were several questions there.

是的，那裡有幾個問題。

Hopefully, Mike will remind me what all of them were.

希望邁克能提醒我所有這些都是什麼。

I think...

我認為...

Pricing, FX.

定價，外匯。

Yes, the first was pricing.

是的，首先是定價。

Yes, so the way pricing works in the second half is it will mostly impact the service revenue line and the international transactions line.

是的，所以下半年定價的運作方式將主要影響服務收入線和國際交易線。

Last year's pricing was most impactful on the data processing line.

去年的定價對數據處理線影響最大。

So we will start to lap pricing from last year.

因此，我們將從去年開始調整定價。

So you lose some of the benefit from the FY '18 pricing.

因此，您會失去 18 財年定價帶來的一些好處。

You get a benefit from the FY '19 pricing.

您可以從 FY '19 定價中受益。

It's a little bit of a wash in the third quarter because you don't get a full quarter of FY '19 pricing just based on some of the timing.

第三季度有點洗牌，因為僅基於某些時間安排，您無法獲得 19 財年定價的整個季度。

It is a small net benefit in the fourth quarter.

這是第四季度的一個小淨收益。

The pricing going in has a more positive impact than the pricing that is now being lapped, so that's sort of the best way to describe pricing.

進入的定價比現在正在製定的定價具有更積極的影響，因此這是描述定價的最佳方式。

The second question was exchange rates.

第二個問題是匯率。

Yes, exchange rates, I mean if you would track where things are, I mean typically what we do -- I mean we don't know how to forecast rates any better than you can, but we do use forward curves.

是的，匯率，我的意思是如果你要跟踪事情的位置，我的意思是通常我們所做的——我的意思是我們不知道如何比你更好地預測匯率，但我們確實使用遠期曲線。

And this is always what we've used for want of anything better.

這一直是我們用來想要更好的東西。

You can use spot rates or forward curves, and you're going to be wrong both ways.

您可以使用即期匯率或遠期曲線，這兩種方式都會出錯。

So you should just assume we've used forward curves.

所以你應該假設我們已經使用了正向曲線。

And now on that basis -- and again, the forward curves are not the reason necessarily why the FX impact is better in the fourth quarter.

現在在此基礎上——再一次，遠期曲線不一定是第四季度外匯影響更好的原因。

It's better mostly because last year the dollar really started to weaken in the fourth quarter.

這主要是因為去年第四季度美元真正開始走弱。

I'm sorry, the -- yes, the dollar really started to weaken in the fourth quarter.

對不起，- 是的，美元在第四季度確實開始走弱。

So the comparison has become a little easier.

因此，比較變得容易一些。

So that's how we get to sort of a 200 basis point net revenue and 300 basis point EPS impact in the third quarter and the meaningfully lower impact in the fourth quarter.

這就是我們如何在第三季度獲得 200 個基點的淨收入和 300 個基點的每股收益影響以及第四季度顯著降低的影響。

And then the last question?

然後最後一個問題？

Easter benefit.

復活節福利。

Yes look, I think the impact of Easter is not that easy to quantify.

是的，我認為複活節的影響並不容易量化。

I mean we do the best we can, and we've given you sort of our best estimate.

我的意思是我們盡我們所能，我們已經給了你我們最好的估計。

I think you should assume that there is some impact of Easter on the first 3 weeks.

我認為你應該假設復活節對前 3 周有一些影響。

And regardless of what the Easter impact is, as we've cautioned you every time we give you these 3-week numbers, is that 3 weeks don't make a trend.

不管復活節的影響是什麼，正如我們每次給你這些 3 週數字時提醒你的那樣，3 週不會成為趨勢。

So you should just handle with care, as we say, the 3-week numbers.

因此，正如我們所說，您應該小心處理 3 週的數字。

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

我們的最後一個問題來自美銀美林的 Jason Kupferberg。

This is Ryan Cary on for Jason.

這是傑森的瑞恩卡里。

I just wanted to ask about how you're seeing cross-border volume growth going forward.

我只是想問一下您如何看待未來的跨境交易量增長。

Clearly, you got a nice recovery through the first 3 weeks of April.

顯然，您在 4 月的前 3 週恢復得很好。

So is it fair to say growth bottomed out in this past quarter?

那麼可以說增長在上個季度觸底了嗎？

Or are there other variables you're keeping an eye on before declaring Q2 as the low watermark?

或者在宣布 Q2 為低水位線之前，您是否還需要關注其他變量？

Well, as we said in the comments, when we talked to you last quarter, the trend was changing.

好吧，正如我們在評論中所說，當我們上個季度與您交談時，趨勢正在發生變化。

And we told you we don't know if the trend is going to get worse, stay the same, get better.

我們告訴過你，我們不知道趨勢是否會變得更糟，保持不變，變得更好。

I think we can tell you that based on what we saw through the quarter it definitely stabilized and definitely improved through the quarter.

我想我們可以告訴你，根據我們在本季度看到的情況，它肯定會穩定下來，並且在本季度肯定有所改善。

And while there's an Easter impact, it looks to have improved again in April.

雖然有復活節的影響，但它似乎在 4 月再次有所改善。

So I guess the verdict on where the cross-border trend is, is it's definitely stabilized and is improving.

所以我猜想判斷跨境趨勢在哪裡，它肯定是穩定的並且正在改善。

Whether it improves a lot or is roughly in this range, again we can't give you that kind of thing.

無論是改善很多還是大致在這個範圍內，我們也不能給你那種東西。

We've assumed in the third quarter that the growth rate will be somewhat better than the second quarter because we saw this improving trend.

我們在第三季度假設增長率會比第二季度好一些，因為我們看到了這種改善趨勢。

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

有了這個，我們只想感謝大家今天的加入。

If you have any additional questions, please feel free to reach out to me either by phone or by e-mail or our Investor Relations team.

如果您有任何其他問題，請隨時通過電話或電子郵件或我們的投資者關係團隊與我聯繫。

Thanks again, and have a great day.

再次感謝，祝您有美好的一天。

Thank you.

謝謝你。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

You may now disconnect at this time.

您現在可以斷開連接。