Visa Inc (V) 2019 Q3 法說會逐字稿

Welcome to Visa's Fiscal Third Quarter 2019 Earnings Conference Call.

歡迎參加 Visa 2019 財年第三季度收益電話會議。

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

（操作員說明）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 now begin.

米洛蒂奇先生，您現在可以開始了。

Thank you, Jordan.

謝謝你，喬丹。

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

大家下午好，歡迎參加 Visa 的 2019 財年第三季度財報電話會議。

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

今天加入我們的是 Visa 董事長兼首席執行官 Al Kelly； Visa 副主席兼首席財務官 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 have 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 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.

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 on this call, the related GAAP measures and the 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。

Now let me turn the call over to Al.

現在讓我把電話轉給 Al。

Mike, thank you, and good afternoon, everyone, and thank you for joining us.

邁克，謝謝你們，大家下午好，謝謝你們加入我們。

It is clear from our strong results today that the business continues to perform well as we simultaneously invest to deliver growth in the medium to long term.

從我們今天的強勁業績中可以清楚地看出，在我們同時投資以實現中長期增長的同時，業務繼續表現良好。

Given that it was a busy quarter, I'm going to streamline my comments on the business performance and only offer a few headlines.

鑑於這是一個繁忙的季度，我將簡化我對業務績效的評論，只提供幾個頭條新聞。

Then I'll discuss how we are enhancing our capabilities through our recent acquisitions and investments.

然後我將討論我們如何通過最近的收購和投資來增強我們的能力。

And finally, I'll review our progress in building partnerships around the globe with fintechs as well as our traditional clients.

最後，我將回顧我們在與金融科技公司以及我們的傳統客戶建立全球合作夥伴關係方面取得的進展。

So let's start with our third quarter results.

因此，讓我們從第三季度的業績開始。

Revenue growth was better than expected at 11% or 13% on a constant dollar basis.

按固定美元計算，收入增長好於預期，分別為 11% 或 13%。

Payments volume growth was 9% on a constant dollar basis or almost 10% excluding China, which continued to be impacted by some runoff of our dual-branded cards that capture domestic volumes and have limited impact on our revenue.

按固定美元計算，支付量增長了 9%，或者不包括中國，增長了近 10%，這繼續受到我們雙品牌卡的一些流失的影響，這些卡捕獲了國內交易量並且對我們的收入影響有限。

Cross-border growth rebounded up 3 points from last quarter and client incentives were lower than anticipated.

跨境增長較上季度回升 3 個百分點，客戶激勵低於預期。

Processed transaction growth accelerated to 12%.

處理的交易增長加速至 12%。

Adjusted expense growth was 10%, reflecting marketing investments, the impact of the new revenue accounting standard and a number of nonrecurring items.

調整後的費用增長為 10%，反映了營銷投資、新收入會計準則的影響以及一些非經常性項目。

And adjusted EPS growth was 14%, lapping a low adjusted tax rate of 18% last year.

調整後的每股收益增長率為 14%，超過了去年 18% 的低調整稅率。

Vasant will share more details in his remarks.

瓦桑特將在他的講話中分享更多細節。

As we look ahead to the future, we're pursuing our strategy by, a, investing in growing and enhancing our network, including capturing new payment flows, building out our acceptance footprint and expanding our base of clients.

展望未來，我們正在通過以下方式實施我們的戰略：a，投資於發展和增強我們的網絡，包括捕捉新的支付流，擴大我們的接受範圍和擴大我們的客戶群。

We're building our arsenal of value-added capabilities that could be components on our network or on other networks, what we call network agnostic, and see what fortify key bedrock pillars of the business, talent, technology, security and the brand.

我們正在構建我們的增值能力庫，這些能力可能是我們網絡或其他網絡上的組件，我們稱之為網絡不可知論，並看看是什麼加強了業務、人才、技術、安全和品牌的關鍵基石支柱。

Against this backdrop, this quarter, we announced several strategic acquisitions and investments that will accelerate our progress in capturing new payment flows and extend the boundaries of our capabilities and our network.

在此背景下，本季度，我們宣布了幾項戰略收購和投資，這將加快我們在捕獲新支付流方面的進展，並擴展我們的能力和網絡的邊界。

First, we assumed control of Earthport in early May and are pleased to say that as of July 4, we've obtained full legal ownership.

首先，我們在 5 月初取得了 Earthport 的控制權，並且很高興地說，截至 7 月 4 日，我們已經獲得了完全的合法所有權。

Earthport provides cross-border payment services via a network that connects with local ACH systems with direct connections in 88 countries.

Earthport 通過與 88 個國家/地區直接連接的本地 ACH 系統連接的網絡提供跨境支付服務。

Before Earthport, through our Visa Direct capabilities, our debit credentials and ATM network, Visa can reach about half of the bank accounts.

在 Earthport 之前，通過我們的 Visa Direct 功能、借記憑證和 ATM 網絡，Visa 可以到達大約一半的銀行賬戶。

With Earthport, we become a network of networks and have extended our reach to over 99% of bank accounts in the 88 countries, including the top 50 markets.

通過 Earthport，我們成為一個網絡網絡，並將我們的覆蓋範圍擴展到 88 個國家/地區（包括前 50 個市場）中超過 99% 的銀行賬戶。

Our integration efforts are well underway, and we're actively working to launch our first fully integrated experience prior to the calendar year-end, which will provide a single connection for clients to push funds to cards via VisaNet and bank accounts via Earthport.

我們的整合工作正在順利進行，我們正積極努力在日曆年年底之前推出我們的第一個完全整合的體驗，這將為客戶提供單一連接，通過 VisaNet 將資金轉入銀行卡，並通過 Earthport 轉入銀行賬戶。

Also in the quarter, we announced the acquisitions of Verifi and the tokenization business from Rambus, which will help us in our development of network-agnostic services and will be integrated with our existing suite of tokenization, fraud management and risk solutions.

同樣在本季度，我們宣布從 Rambus 收購 Verifi 和代幣化業務，這將有助於我們開發與網絡無關的服務，並將與我們現有的代幣化、欺詐管理和風險解決方案套件集成。

This tokenization acquisition will enable Visa to extend the security and convenience of tokenization to all types of transactions, including the ability to support domestic card networks, account-based and real-time payment systems.

此次代幣化收購將使 Visa 能夠將代幣化的安全性和便利性擴展到所有類型的交易，包括支持國內卡網絡、基於賬戶和實時支付系統的能力。

Before this acquisition, Visa could turn a 16-digit Visa credential into a token, but now we can tokenize a bank account, a domestic card network, credential or a ticket.

在此次收購之前，Visa 可以將 16 位數的 Visa 憑證轉換為代幣，但現在我們可以將銀行賬戶、國內卡網絡、憑證或機票代幣化。

Verifi's best-in-class dispute resolution tools enable issuers to connect with merchant's data immediately when a consumer calls to dispute a transaction so that the issue is settled within one phone call.

Verifi 一流的爭議解決工具使發卡機構能夠在消費者致電對交易提出爭議時立即連接商家的數據，從而在一個電話內解決問題。

Verifi is the industry leader with 25,000 merchant connections helping to decrease the time spent on resolutions while at the same time decreasing the percentage of chargebacks.

Verifi 是行業領導者，擁有 25,000 個商戶連接，有助於減少解決問題所花費的時間，同時降低拒付的百分比。

Verifi adds to existing Visa tools, which are aimed at reducing customer friction across the entire payment experience.

Verifi 添加到現有的 Visa 工具中，旨在減少整個支付體驗中的客戶摩擦。

Last week, we announced the acquisition of Payworks, a point-of-sale software solution, which enables acquirers to support the merchant terminal payments via the cloud.

上週，我們宣布收購 Payworks，這是一種銷售點軟件解決方案，使收單機構能夠通過雲支持商戶終端支付。

This enables merchants to seamlessly and quickly implement new functionality such as adding new payment types, thereby creating better customer experiences and lower merchant operating costs.

這使商戶能夠無縫、快速地實施新功能，例如添加新的支付類型，從而創造更好的客戶體驗並降低商戶運營成本。

Payworks will add in-store payment processing to CyberSource's income -- e-commerce payment platform to create a fully integrated omnichannel payment acceptance solution.

Payworks 將把店內支付處理添加到 CyberSource 的收入中——電子商務支付平台，以創建一個完全集成的全渠道支付接受解決方案。

As part of CyberSource's solution to acquirers, these capabilities will be white labeled to drive more innovation in the payments ecosystem.

作為 CyberSource 為收單方提供的解決方案的一部分，這些功能將貼上白標，以推動支付生態系統的更多創新。

Across Southeast Asia, we have partnered with and invested in Gojek, a ride-hailing service that has become a mobile super app featuring over 18 different verticals spanning payments, delivery, laundry, cleaning, tickets and more.

在整個東南亞，我們與 Gojek 合作並進行了投資，Gojek 是一種叫車服務，現已成為一個移動超級應用程序，擁有超過 18 個不同的垂直領域，涵蓋支付、交付、洗衣、清潔、票務等。

To give you a sense of the magnitude of Gojek, they have 108 million app downloads and half have been used in the payment service, GoPay.

為了讓您了解 Gojek 的規模，他們擁有 1.08 億次應用下載，其中一半用於支付服務 GoPay。

We're working together to make digital payments easier for both GoPay and Visa users while expanding to new use cases.

我們正在共同努力，使 GoPay 和 Visa 用戶的數字支付更容易，同時擴展到新的用例。

In the B2B space, we recently announced an investment in PayMate, a leading B2B payment fintech in India, who we have been partnering with in India in our CEMEA region since last year.

在 B2B 領域，我們最近宣布投資 PayMate，這是印度領先的 B2B 支付金融科技公司，自去年以來，我們一直在我們的 CEMEA 地區與印度合作。

PayMate operates a portal connecting 35,000 buyers and suppliers to provide buyers with a consolidated view of their accounts payable across all payment types.

PayMate 運營一個連接 35,000 名買家和供應商的門戶網站，為買家提供所有支付類型的應付賬款的綜合視圖。

Through the use of Visa credentials, buyers and suppliers have access to better reconciliation data.

通過使用 Visa 憑證，買家和供應商可以獲得更好的對賬數據。

Our partnership and investments seek to drive incremental volume to our network by helping big and small businesses bring more efficiencies to their payment processes as well as transition from cash and checks to digital payments via a Visa credential.

我們的合作夥伴關係和投資旨在通過幫助大小企業提高其支付流程的效率以及通過 Visa 憑證從現金和支票過渡到數字支付來推動我們網絡的增量。

Visa Direct continues to deliver transaction growth of over 100% and opens up opportunity for additional payment flows.

Visa Direct 繼續實現超過 100% 的交易增長，並為額外的支付流程開闢了機會。

In the U.S. alone, over the last 12 months, more than 60 million Visa credentials have sent or received funds via Visa Direct, 75% of which have completed more than 1 transaction using Visa credentials.

僅在美國，過去 12 個月就有超過 6000 萬個 Visa 憑證通過 Visa Direct 發送或接收資金，其中 75% 使用 Visa 憑證完成了超過 1 筆交易。

About 70% of these users have received funds, which can drive additional spend in our C2B business.

這些用戶中約有 70% 已收到資金，這可以推動我們 C2B 業務的額外支出。

In cross-border remittance, we've announced the new strategic relationships with Western Union.

在跨境匯款方面，我們宣布與西聯匯款建立新的戰略關係。

Western Union adds to our growing list of partners in this area, including MoneyGram, Remitly and EMQ, allowing their customers to make cost-effective cross-border payments to a Visa credential with speed, convenience and transparency.

西聯匯款增加了我們在該領域不斷增長的合作夥伴名單，包括 MoneyGram、Remitly 和 EMQ，使他們的客戶能夠以快速、方便和透明的方式對 Visa 憑證進行具有成本效益的跨境支付。

In addition to cross-border remittance, Visa Direct has also grown in the insurance disbursement space.

除了跨境匯款，Visa Direct 在保險支付領域也有所增長。

Today, 5 of the top 10 insurance companies in the United States either are using or in the process of enabling Visa Direct to facilitate quick and secure claims payouts to their customers.

如今，美國排名前 10 位的保險公司中有 5 家正在使用或正在啟用 Visa Direct 以促進快速、安全地向客戶支付理賠。

In Europe, we recently added our first insurance use case with insurance-as-a-service provider, Citco, in partnership with SafeCharge, a global payments service provider.

在歐洲，我們最近與保險即服務提供商 Citco 合作，與全球支付服務提供商 SafeCharge 合作，增加了我們的第一個保險用例。

Another disbursement use case that is gaining traction is small business merchant settlement, which allows acquirers to transfer funds in real time at the request of the merchant, helping with cash flow needs of small businesses.

另一個受到關注的支付用例是小企業商戶結算，它允許收單機構根據商戶的要求實時轉移資金，幫助滿足小企業的現金流需求。

Visa Direct is enabling the recent launch of Instant Transfer by PayPal in Canada, in addition to the United States, for same-day settlements for small businesses and individual consumers.

Visa Direct 支持最近在加拿大和美國推出的 PayPal 即時轉賬服務，用於小型企業和個人消費者的當日結算。

As we continue to drive new and existing payment flows, we remain focused on providing exemplary user experiences to ensure that Visa remains the preferred way to pay.

隨著我們繼續推動新的和現有的支付流程，我們仍然專注於提供模範用戶體驗，以確保 Visa 仍然是首選的支付方式。

Tap to pay significantly improves the point-of-sale experience, and consumers are adopting it quickly.

點擊支付顯著改善了銷售點體驗，消費者正在迅速採用它。

This quarter, outside the United States, tap to pay surpassed 50% of face-to-face transactions that run over our network, up from less than 30% just 2 years ago.

本季度，在美國以外，通過我們的網絡進行的面對面交易中，點擊支付超過 50%，而兩年前這一比例還不到 30%。

There are now almost 50 countries where contactless is at least 1/3 of all face-to-face transactions, up from 35 countries at the end of last fiscal year in September.

現在有近 50 個國家/地區的非接觸式交易至少佔所有面對面交易的 1/3，高於 9 月上一財年末的 35 個國家。

We know that when contactless is introduced to a market, it increases the number of transactions.

我們知道，當非接觸式被引入市場時，它會增加交易數量。

For instance, this past quarter, while U.K. payments volume grew in the low to mid-single digits, processed transactions grew much faster in the double digits.

例如，在上個季度，雖然英國的支付量以中低個位數增長，但處理的交易以兩位數增長更快。

Transaction growth was 2.5x the rate of payments volume growth as consumers made more small dollar tap to pay transactions with their Visa card instead of cash.

交易增長率是支付量增長率的 2.5 倍，因為消費者使用 Visa 卡而不是現金支付交易的金額越來越小。

Canada has also seen a similar dynamic.

加拿大也看到了類似的動態。

In the United States, we are well underway to reaching 100 million tap to pay Visa cards in force by the end of 2019 and early adoption is similar to what we've seen in other successful tap to pay markets.

在美國，到 2019 年底，我們正在努力實現 1 億張有效的點擊支付 Visa 卡，早期採用類似於我們在其他成功的點擊支付市場中看到的情況。

We expect to surpass 3 million Visa cards by the end of 2020.

我們預計到 2020 年底將超過 300 萬張 Visa 卡。

As we discussed previously, transit continues to be one of the best ways to habituate the use of tap to pay.

正如我們之前所討論的，公交仍然是習慣使用自來水支付的最佳方式之一。

The New York MTA launched an open loop payments on -- a pilot on May 31 in a limited number of stations as part of its 18-month rollout, and the results to date have been very encouraging.

作為其 18 個月推出的一部分，紐約 MTA 於 5 月 31 日在有限數量的車站啟動了開放循環支付，迄今為止的結果非常令人鼓舞。

Other areas where we're making progress to improve the user experience include tokenization, Secure Remote Commerce and the installation payment solution we are piloting.

我們在改善用戶體驗方面取得進展的其他領域包括令牌化、安全遠程商務和我們正在試行的安裝支付解決方案。

All of these enhancements reflect a fundamental truth.

所有這些改進都反映了一個基本事實。

That is simple, consistent, secure and frictionless user experience leads to incremental volume and transactions.

簡單、一致、安全和無摩擦的用戶體驗會導致交易量和交易量增加。

We know that it takes strong partnerships across the ecosystem to deliver these great user experiences, therefore, we are actively listening to clients and customers' needs and working to support their success.

我們知道，提供這些出色的用戶體驗需要整個生態系統的強大合作夥伴關係，因此，我們正在積極傾聽客戶和客戶的需求，並努力支持他們的成功。

Partnerships are not simply additive to our business model.

合作夥伴關係不僅僅是我們商業模式的補充。

They are fundamental to our business model, whether it be our traditional financial institutions or fintechs.

它們是我們商業模式的基礎，無論是我們的傳統金融機構還是金融科技公司。

And on fintechs, they continue to be key enablers around the world in helping to expand access to electronic payments and opening up new acceptance.

在金融科技領域，它們仍然是世界各地幫助擴大電子支付渠道和開闢新接受度的關鍵推動者。

And Visa is a natural partner because we bring global scale, a recognizable brand, security, reliability and sophisticated capabilities.

Visa 是一個天然的合作夥伴，因為我們帶來了全球規模、知名品牌、安全性、可靠性和先進的能力。

This quarter was no exception in our ability to develop partnerships with fintechs, so I'd like to highlight a few.

本季度我們與金融科技公司建立合作夥伴關係的能力也不例外，所以我想強調一些。

In India, we launched the co-brand credit card with the largest cab app aggregator, Ola Cab and SBI Card, the second largest credit card issuer in the country.

在印度，我們與最大的出租車應用聚合商 Ola Cab 和印度第二大信用卡發行商 SBI Card 推出了聯名信用卡。

With a simplified application process and a seamless card management through their app, this product will offer a rich rewards proposition across Ola's 150 million users.

通過其應用程序簡化的申請流程和無縫的卡管理，該產品將為 Ola 的 1.5 億用戶提供豐富的獎勵主張。

Across Asia Pacific, we've partnered with Razer, a global lifestyle brand for gamers with 60 million users, to offer a prepaid credential in the Razer Pay e-wallet.

在整個亞太地區，我們與擁有 6000 萬用戶的全球遊戲玩家生活方式品牌 Razer 合作，在 Razer Pay 電子錢包中提供預付費憑證。

In Latin America, Rappi, a leading on-demand delivery platform, is now using Visa debit cards as the preferred way for its customers to pay in Colombia, Mexico and soon also in Brazil.

在拉丁美洲，領先的按需交付平台 Rappi 現在正在使用 Visa 借記卡作為其客戶在哥倫比亞、墨西哥和巴西的首選支付方式。

They've also implemented our CyberSource solutions across their 7 operating markets to drive more secure and seamless transactions.

他們還在其 7 個運營市場實施了我們的 CyberSource 解決方案，以推動更安全和無縫的交易。

Rappi currently has more than 20 million registered users and 90,000 delivery drivers who fulfill close to 5 million orders a month.

Rappi 目前擁有超過 2000 萬註冊用戶和 90,000 名送貨司機，每月完成近 500 萬份訂單。

In Turkey, we've partnered with 1 of the largest fintechs, ininal, in an effort to reach the 40% of the Turkish population that is unbanked with the launch of a nationwide program for general-purpose reloadable Visa prepaid card.

在土耳其，我們與最大的金融科技公司之一合作，通過啟動全國通用可充值 Visa 預付卡計劃，努力覆蓋 40% 沒有銀行賬戶的土耳其人口。

We're also excited about the opportunities these new partnerships can bring for sure, but we also continue to build and deepen relationships with our more traditional merchants and issuers, and I'll call out 4 this quarter.

我們也對這些新的合作夥伴關係肯定會帶來的機會感到興奮，但我們也將繼續與我們更傳統的商家和發行人建立和深化關係，我將在本季度呼籲 4。

In Europe, we renewed the credit and commercial portfolios with Bank Leumi, the largest bank in Israel and Crédit Mutuel, one of the largest issuers in France.

在歐洲，我們與以色列最大的銀行 Bank Leumi 和法國最大的發行人之一 Crédit Mutuel 更新了信貸和商業投資組合。

Across Europe, our deal volume and win rate is significantly higher on a year-to-year basis.

在整個歐洲，我們的交易量和贏率逐年顯著提高。

In Brazil, we teamed up with Itaú and MercadoLibre to launch a contactless co-branded card targeting MercadoLibre consumers with installment capability and a unique app for managing loyalty points.

在巴西，我們與 Itaú 和 MercadoLibre 合作推出了面向 MercadoLibre 消費者的非接觸式聯名卡，具有分期付款功能和用於管理忠誠度積分的獨特應用程序。

MercadoLibre has 38 million buyers in Latin America and Brazil, representing 60% of their marketplaces volume.

MercadoLibre 在拉丁美洲和巴西擁有 3800 萬買家，佔其市場交易量的 60%。

In the United States, we're pleased to announce that we have extended our long-standing partnership with JPMorgan Chase through the end of 2029.

在美國，我們很高興地宣布，我們已將與摩根大通的長期合作夥伴關係延長至 2029 年底。

This long-term extension will enable us to work together to accelerate the growth of electronic payments, deliver enhanced payment experiences such as our recent collaborations to enable tap to pay in the New York City subway system.

這一長期擴展將使我們能夠共同努力，加速電子支付的發展，提供增強的支付體驗，例如我們最近的合作，以在紐約市地鐵系統中實現點擊支付。

Additionally, we work together to support and innovate our world-class co-brand partners and to further expand into the commercial space with B2B solutions.

此外，我們共同支持和創新我們的世界級聯合品牌合作夥伴，並通過 B2B 解決方案進一步擴展到商業領域。

Our pipeline of partnerships is robust, and we expect to sign several other significant renewals and new deals in the remainder of this fiscal year.

我們的合作夥伴關係管道穩健，我們預計在本財年剩餘時間內簽署其他幾項重要的續約和新交易。

So in summary, it was an exciting quarter for Visa with strong results, strategic acquisitions and growth in partnerships.

總而言之，對於 Visa 來說，這是一個令人興奮的季度，業績強勁、戰略性收購和合作夥伴關係的增長。

As we look ahead, our focus continues to be expanding our network with a wide variety of new payment flows and acceptance options; growing our value-added services portfolio to enhance all networks, not just Visa's; investing in foundational elements that make Visa a world-class partner, superior talent, innovative and reliable technology, unmatched security and a powerful brand.

展望未來，我們的重點將繼續通過各種新的支付流程和接受選項來擴展我們的網絡；擴大我們的增值服務組合，以增強所有網絡，而不僅僅是 Visa 的；投資於使 Visa 成為世界級合作夥伴、卓越人才、創新和可靠技術、無與倫比的安全性和強大品牌的基本要素。

We remain open minded, innovative and flexible to meet the needs of the growing ecosystem and a rapidly evolving payments landscape as we're committed to our goal to be the best way to pay and be paid to everyone everywhere.

我們保持開放、創新和靈活的態度，以滿足不斷發展的生態系統和快速發展的支付環境的需求，因為我們致力於實現我們的目標，即成為世界各地每個人的最佳支付方式。

Now let me turn it over to Vasant.

現在讓我把它交給 Vasant。

Thank you, Al.

謝謝你，阿爾。

Despite strong currency headwinds, our business trends accelerated in the third quarter and net revenue and EPS growth were both higher than expected.

儘管貨幣逆風強勁，但我們的業務趨勢在第三季度加速，淨收入和每股收益增長均高於預期。

Net revenue grew over 11% on a nominal dollar basis and over 13% in constant dollars, while adjusted EPS grew 14% in nominal dollars and approximately 18% on a constant dollar basis.

淨收入按名義美元計算增長超過 11%，按固定美元計算超過 13%，而調整後每股收益按名義美元計算增長 14%，按固定美元計算增長約 18%。

Through 3 quarters of fiscal 2019, net revenue was up 11% and adjusted EPS up 17% in nominal dollars and over 12% and 19%, respectively, in constant dollars.

在 2019 財年的 3 個季度，淨收入增長 11%，調整後每股收益以名義美元計算增長 17%，按固定美元計算分別增長 12% 和 19%。

A few highlights.

幾個亮點。

Growth across all key business drivers, payments volume, process transactions and cross-border volume accelerated from last quarter.

所有關鍵業務驅動因素、支付量、流程交易和跨境交易量的增長均較上季度加快。

Payments volume growth in constant dollars improved to 9%.

以固定美元計算的支付量增長提高到 9%。

Global constant dollar growth, excluding China and the U.K., was over 10%.

不包括中國和英國的全球美元不變增長率超過 10%。

Chinese domestic volumes are impacted by dual-branded cards, which have minimal revenue impact.

中國國內銷量受到雙品牌卡的影響，對收入的影響很小。

The U.K. economy remains weak due to Brexit uncertainty.

由於英國脫歐的不確定性，英國經濟仍然疲軟。

Ex U.K., global payments volume trends remained robust.

除英國外，全球支付量趨勢依然強勁。

Process transaction growth accelerated to 12% primarily due to faster U.S. growth and a full quarter of processing gains in Argentina.

處理交易增長加速至 12%，這主要是由於美國增長更快以及阿根廷整整四分之一的處理收益。

Adjusting for cross-border volumes within Europe, constant dollar cross-border growth was 9%, up almost 4 points from last quarter, exceeding our expectations.

調整歐洲境內的跨境交易量，美元跨境增長為 9%，比上一季度增長了近 4 個百分點，超出了我們的預期。

As a reminder, cross-border volume within Europe has revenue yield similar to Europe domestic volumes and continues to be impacted by e-commerce platform reorienting within the EU.

提醒一下，歐洲境內的跨境交易量的收入收益與歐洲國內交易量相似，並且繼續受到歐盟內部電子商務平台重新定位的影響。

Growth was consistently strong each month after factoring Easter timing in April, and the improvements from last quarter was broad-based.

考慮到 4 月份的複活節時間後，每個月的增長都保持強勁，並且較上一季度的改善是廣泛的。

Every region's outbound growth improved by at least 1 point, mostly benefiting Europe and U.S. inbound volume.

每個地區的出境增長至少提高了 1 個百分點，主要受益於歐洲和美國的入境量。

Net revenue growth was 11.4% despite 2 points of exchange rate drag and the lowest currency volatility we've seen in 5 years.

儘管受到 2 個點的匯率拖累和我們看到的 5 年來最低的貨幣波動性，但淨收入增長了 11.4%。

Growth was helped by stronger cross-border momentum and low client incentives than expected.

強勁的跨境動力和低於預期的客戶激勵有助於增長。

The impact of pricing was higher than last quarter.

定價的影響高於上一季度。

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

由於一些交易和計劃的激勵低於我們的估計，一些市場的交易量較低以及一些交易延遲，客戶激勵好於預期。

At this point, we have a very robust pipeline of significant renewals and new deals that we expect to get done by the end of our fiscal year.

在這一點上，我們有一個非常強大的重要續約和新交易管道，我們預計將在本財年末完成。

We have closed on Earthport and Payworks as well as signed definitive agreements to acquire 2 other companies.

我們已經關閉了 Earthport 和 Payworks，並簽署了收購另外兩家公司的最終協議。

These acquisitions significantly enhance our capabilities, extending our reach to over 99% of global bank accounts in 88 markets, facilitating tokenization of all types of transaction beyond our own, streamlining dispute resolution and enabling omnichannel payment processing through CyberSource.

這些收購顯著增強了我們的能力，將我們的覆蓋範圍擴大到 88 個市場中超過 99% 的全球銀行賬戶，促進了我們自己以外的所有類型交易的代幣化，簡化了爭議解決，並通過 CyberSource 實現了全渠道支付處理。

We expect all these acquisitions to close before the end of the year.

我們預計所有這些收購將在今年年底前完成。

We also added significant new partners like Gojek, MercadoLibre and Ola Cabs, while renewing our enduring partnership with JPMorgan Chase through 2029.

我們還增加了重要的新合作夥伴，如 Gojek、MercadoLibre 和 Ola Cabs，同時將我們與摩根大通的持久合作夥伴關係延續到 2029 年。

We repurchased 12.9 million shares of Class A common stock at an average price of $1 -- of $163.59 or $2.1 billion in the third fiscal quarter.

我們在第三財季以 1 美元的平均價格回購了 1290 萬股 A 類普通股，即 163.59 美元或 21 億美元。

Including our quarterly dividend of $0.25 per share, we returned $2.7 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 27 億美元的資本。

Now some details on our key business drivers.

現在，我們將詳細介紹我們的主要業務驅動因素。

Payments volume growth on a constant dollar basis accelerated to 9%.

按固定美元計算的支付量增長加速至 9%。

Credit was up 7%.

信貸增長了 7%。

Debit was up 11%.

借記卡增長了 11%。

Growth remained strong in most parts of the world with CEMEA growing 22%; Latin America, 16%; Asia Pacific, excluding China, growing almost 10%; and Europe, excluding the U.K., growing 12%.

世界大部分地區的增長保持強勁，CEMEA 增長了 22%；拉丁美洲，16%；亞太地區（不包括中國）增長近 10%；和歐洲（不包括英國）增長 12%。

U.S. payments volume growth was 9%, up 1 point from last quarter.

美國支付量增長 9%，比上一季度上升 1 個百分點。

The improvement was driven by the timing of Easter as well as higher consumer credit growth.

這一改善是由複活節的時機以及更高的消費信貸增長推動的。

Fuel prices were ultimately a drag on growth in the quarter as the strong start in April faded in May and June.

由於 4 月的強勁開局在 5 月和 6 月消退，燃料價格最終拖累了該季度的增長。

Double-digit growth was sustained in debit at 11% with Visa Direct contributions similar to last quarter.

借方的兩位數增長保持在 11%，而 Visa Direct 的貢獻與上一季度相似。

Credit grew 7% as the impact of the Cabela's conversion continues and we start to lap commercial card wins from last year.

由於 Cabela 轉換的影響繼續存在，信用增長了 7%，並且我們從去年開始贏得商業卡。

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 remained robust at 22% with strong momentum across Russia, the Middle East and Africa.

CEMEA 的增長保持強勁，達到 22%，俄羅斯、中東和非洲的增長勢頭強勁。

Latin America growth accelerated 2 percentage points to 16% driven by improvements in Brazil and Mexico.

受巴西和墨西哥改善的推動，拉丁美洲增長加快 2 個百分點至 16%。

Growth in the U.K. remained weak, however, growth in the rest of Europe accelerated to 12% with particular strength in Central and Eastern Europe.

英國的增長仍然疲軟，但歐洲其他地區的增長加速至 12%，其中中歐和東歐尤為強勁。

Asia Pacific growth, excluding China, was almost 10%, in line with last quarter.

除中國外，亞太地區的增長率接近 10%，與上一季度持平。

Process transaction growth of 12% is up 1 point from last quarter.

流程交易增長 12%，比上一季度增長 1 個百分點。

Growth in the U.S. accelerated almost 1 point, in line with volumes.

美國的增長加速了近 1 個百分點，與交易量一致。

Also helping growth was the processing gain in Argentina, which had a full quarter impact.

阿根廷的加工收益也有助於增長，這對整個季度產生了影響。

Growth improved in Brazil and was stable in Europe, Asia Pacific and CEMEA.

巴西的增長有所改善，而歐洲、亞太地區和 CEMEA 則保持穩定。

After getting off to a strong start in April mostly due to Easter timing, cross-border volume growth remained healthy through the quarter, resulting in 7% growth on a constant dollar basis, up 3 points from last quarter.

在 4 月主要由於復活節時機的強勁開局之後，跨境交易量在整個季度保持健康增長，按固定美元計算實現了 7% 的增長，比上一季度增長了 3 個百分點。

Constant dollar growth adjusted for cross-border volume within Europe was 9%, up 4 points from last quarter with strength across both travel-related online spending.

歐洲境內跨境交易量調整後的固定美元增長率為 9%，比上一季度增長 4 個百分點，與旅遊相關的在線支出均表現強勁。

Of the 4 point improvement, approximately 1 point was driven by the lack of cryptocurrency drag that impacted each of the past 2 quarters due to the spike in cryptocurrency purchases in late 2017 and early 2018.

在 4 個點的改善中，大約 1 個點是由於 2017 年末和 2018 年初加密貨幣購買量激增而影響過去兩個季度的每個季度的缺乏加密貨幣拖累推動的。

Another couple of points was driven by broad-based spend increases.

另外幾點是由廣泛的支出增長推動的。

Outbound commerce accelerated from Canada, Japan, Australia and across most of Latin America and our CEMEA region.

加拿大、日本、澳大利亞以及拉丁美洲大部分地區和我們的 CEMEA 地區的出境貿易加速。

Europe was the biggest beneficiary of inbound commerce with growth in the mid-teens.

歐洲是入境貿易的最大受益者，在青少年時期呈增長趨勢。

Moving on to a quick summary of third quarter financial results.

繼續快速總結第三季度的財務業績。

Net revenue grew at a better-than-expected 11.4%, driven by higher process transaction and cross-border volume growth as well as lower client incentives.

受流程交易和跨境交易量增長以及客戶激勵減少的推動，淨收入增長了 11.4%，好於預期。

This growth rate includes a 2 point headwind from exchange rate shifts and a sizable drag from low currency volatility.

這一增長率包括來自匯率變化的 2 個百分點的阻力和來自低貨幣波動的相當大的拖累。

The adoption of ASC 606 lifted revenue by approximately 1.5 points.

ASC 606 的採用使收入提高了約 1.5 個百分點。

Service revenue grew 10%, benefiting from pricing.

受益於定價，服務收入增長了 10%。

Data processing revenues were up 13%.

數據處理收入增長了 13%。

International revenue increased 8% with pricing actions and a favorable country mix, i.e., slow of growth within Europe, being significantly offset by lower country volatility.

由於定價行動和有利的國家組合，即歐洲內部增長放緩，國際收入增長了 8%，但國家波動性降低顯著抵消了這一影響。

Other revenue grew 49%, a little over half of which is driven by the adoption of ASC 606 and the remainder a result of clients increasingly utilizing our value-added service capabilities.

其他收入增長了 49%，其中一半多一點是由採用 ASC 606 推動的，其餘是客戶越來越多地利用我們的增值服務能力的結果。

Incentives as a percent of gross revenues of 20.9% were lower than we expected this quarter due to lower incentives for some deals and programs, some deal delays and lower volumes in some parts of the world.

由於某些交易和計劃的激勵減少、一些交易延遲以及世界某些地區的交易量減少，激勵佔總收入 20.9% 的百分比低於我們本季度的預期。

We expect to see an uptick in incentives as a percent of gross revenues in the fourth quarter based on the deals just completed in the third quarter and the current pipeline of significant new deals and renewals expected to be signed in Q4.

基於第三季度剛剛完成的交易以及預計將在第四季度簽署的重大新交易和續約的當前管道，我們預計第四季度激勵措施佔總收入的百分比將上升。

Operating expenses declined 18% on a GAAP basis due to the litigation provision last year associated with the interchange multidistrict litigation.

由於去年與立交多區訴訟相關的訴訟條款，按公認會計原則計算的運營費用下降了 18%。

Excluding this special item, expenses grew 10% primarily driven by marketing costs, a number of nonrecurring expenses captured in G&A and technology-related investment driving growth in network processing and depreciation expenses.

不包括這一特殊項目，費用增長了 10%，主要是由於營銷成本、G&A 中包含的一些非經常性費用以及推動網絡處理和折舊費用增長的技術相關投資。

Marketing expenses grew 18%, driven by investments related to the FIFA Women's World Cup and the adoption of ASC 606.

由於與 FIFA 女足世界杯相關的投資和 ASC 606 的採用，營銷費用增長了 18%。

General and administrative expenses grew 37% primarily due to several nonrecurring items, ASC 606 impacts and indirect taxes.

一般和管理費用增長了 37%，主要是由於幾個非經常性項目、ASC 606 影響和間接稅。

The adoption of ASC 606 added approximately 2.5 points to expense growth.

ASC 606 的採用使費用增長增加了大約 2.5 個百分點。

Nonoperating expenses were $78 million higher than last quarter as investment gains were $9 million in the third quarter versus $84 million in the second quarter.

由於第三季度的投資收益為 900 萬美元，而第二季度為 8400 萬美元，因此營業外支出比上一季度增加了 7800 萬美元。

Year-to-date, we have recorded $89 million in investment gains or over $0.03 of EPS largely due to the change in accounting rules.

年初至今，我們錄得 8900 萬美元的投資收益或超過 0.03 美元的每股收益，這主要是由於會計規則的變化。

As you know, this is a nonrecurring item.

如您所知，這是一個非經常性項目。

We continue to benefit from higher interest income on our cash balances as well as from forward contracts swapping some of our U.S. dollar debt to euro-denominated debt, which reduces our interest expense.

我們繼續受益於現金餘額的更高利息收入，以及將我們的部分美元債務轉換為歐元計價債務的遠期合約，這減少了我們的利息支出。

Moving now to our outlook for the fourth quarter and the entire fiscal year 2019.

現在轉到我們對第四季度和整個 2019 財年的展望。

First, let me share our business driver growth for the first 3 weeks of July, which are relatively consistent with the third quarter.

首先，讓我分享一下我們 7 月前 3 週的業務驅動增長，這與第三季度相對一致。

Through July 21, U.S. payments volume growth was 8% with U.S. credit growing 7% and debit over 9%.

截至 7 月 21 日，美國支付量增長 8%，美國信貸增長 7%，借方超過 9%。

Process transactions grew 11%.

流程交易增長了 11%。

Cross-border volume on a constant dollar basis grew 8% or over 9% excluding cross-border volume within Europe.

按固定美元計算的跨境交易量增長 8% 或超過 9%，不包括歐洲境內的跨境交易量。

Our fourth quarter outlook assumes growth trends across our key business drivers in line with what we experienced in the third quarter.

我們的第四季度展望假設我們主要業務驅動因素的增長趨勢與我們在第三季度的經歷一致。

The exchange rate drag is expected to ease to 1.5 points of net revenues.

匯率拖累預計將緩解至淨收入的 1.5 個百分點。

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。

The impact of pricing will be higher than Q3.

定價的影響將高於第三季度。

Based on our current deal pipeline and the recognition of deals signed in this quarter, we expect client incentives as a percent of gross revenue to be 1.5 to 2 points higher than Q3.

根據我們目前的交易渠道和對本季度簽署的交易的認可，我們預計客戶激勵佔總收入的百分比將比第三季度高 1.5 到 2 個百分點。

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

當你把所有這些放在一起時，我們預計第四季度的淨收入增長將略好於第三季度。

On the expense front, we continue to invest in our growth programs.

在費用方面，我們繼續投資於我們的增長計劃。

Fourth quarter expense growth is likely to be in the mid- to high single-digit range.

第四季度費用增長可能在中高個位數範圍內。

The fourth quarter will include a full quarter of expenses, including integration costs and purchase accounting for Earthport and for Payworks, which closed last week.

第四季度將包括整個季度的費用，包括整合成本和 Earthport 和 Payworks 的採購會計，上週關閉。

The exchange rate drag on EPS will ease to 2 points.

匯率對每股收益的拖累將緩解至 2 個百分點。

We expect the acquisitions of Verifi and the tokenization business of Rambus to close during our fourth quarter.

我們預計 Verifi 的收購和 Rambus 的代幣化業務將在第四季度完成。

Depending on timing, they could add a small amount of revenue and 1 to 2 points to our expense growth.

根據時間的不同，他們可以為我們的費用增長增加少量收入和 1 到 2 個百分點。

When we report our fourth quarter results, we will quantify the revenue and EPS impact of all 4 acquisitions.

當我們報告第四季度業績時，我們將量化所有四項收購的收入和每股收益影響。

We're updating our full year fiscal year 2019 outlook: on net revenue growth, low double digits on a nominal basis with approximately 1.5 percentage points of negative foreign currency impact and over 1 percentage point of positive impact from the new revenue accounting standard.

我們正在更新我們的 2019 財年全年展望：淨收入增長，名義上的低兩位數，大約 1.5 個百分點的負面外匯影響和超過 1 個百分點的新收入會計準則的正面影響。

The change in the ASC 606 impact is driven by deals that were not anticipated at the beginning of the fiscal year.

ASC 606 影響的變化是由本財年初未預料到的交易推動的。

Client incentives as a percent of gross revenue in the 21.5% to 22% range; expense growth in the low-single-digit decrease on a GAAP basis and an approximately 10% increase adjusted for special items in fiscal 2018, including approximately 2.5 percentage point increase from the new revenue accounting standard; effective tax rate in the 19.5% to 20% range; EPS growth, low 20s on a GAAP nominal dollar basis and mid- to high teens on an adjusted non-GAAP nominal dollar basis, including approximately 2 percentage points of negative foreign currency impact.

客戶獎勵佔總收入的百分比在 21.5% 到 22% 範圍內；在 2018 財年，按公認會計原則計算的費用增長呈低個位數下降，並根據特殊項目調整後增長約 10%，其中比新收入會計準則增長約 2.5 個百分點；有效稅率在 19.5% 至 20% 範圍內；每股收益增長，以 GAAP 名義美元為基礎的 20 年代低點和調整後的非 GAAP 名義美元基礎上的中高點，包括大約 2 個百分點的負面外匯影響。

We have several acquisitions that will be completed this year.

我們有幾項收購將於今年完成。

As I mentioned earlier, we will quantify for you the revenue and EPS impact inclusive of integration cost and purchase accounting on our fourth quarter results.

正如我之前提到的，我們將為您量化收入和每股收益的影響，包括整合成本和採購會計對我們第四季度的業績。

We will also give you our best estimates for the revenue and EPS impact of these acquisitions on fiscal year 2020 when we provide our 2020 outlook in October.

當我們在 10 月份提供 2020 年展望時，我們還將為您提供這些收購對 2020 財年的收入和每股收益影響的最佳估計。

In summary, business momentum accelerated in the third quarter.

綜上所述，第三季度業務發展勢頭加快。

We exceeded our revenue and EPS expectations despite strong headwinds from currency.

儘管貨幣強勁逆風，我們仍超出了我們的收入和每股收益預期。

More importantly, we are substantially enhancing our capabilities through 4 acquisitions, new strategic partnerships and significant renewals of long-standing relationships with several key renewals and new deals to be executed in the fourth quarter.

更重要的是，我們正在通過 4 次收購、新的戰略合作夥伴關係和長期合作關係的重大續約大幅提升我們的能力，其中幾項關鍵續約和新交易將在第四季度執行。

We continue to invest at a healthy clip to drive long-term growth and capture the extraordinary opportunities available to us to drive payment digitization globally.

我們繼續以健康的方式進行投資，以推動長期增長，並抓住我們可以利用的非凡機會來推動全球支付數字化。

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

有了這個，我會把它轉回給邁克。

We're now ready to take questions, Jordan.

我們現在準備好回答問題了，喬丹。

(Operator Instructions) Our first question comes from Jim Schneider from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Jim Schneider。

Just wondering if you could provide any more detail on the extension of the JPMorgan partnership, whether there's any substantial change in the terms of that agreement outside of the length and in terms of the scope, anything that would show up in the economics of the business going forward, and a color around that would be very helpful.

只是想知道您是否可以提供有關摩根大通合作夥伴關係擴展的更多細節，該協議的條款是否有任何實質性變化，超出了長度和範圍，任何會出現在業務經濟中的東西繼續前進，周圍的顏色將非常有幫助。

Well, thanks, Jim.

好吧，謝謝，吉姆。

We're obviously not going to discuss the details of it.

我們顯然不打算討論它的細節。

I think both companies are very satisfied with it.

我認為兩家公司都對此非常滿意。

They're -- JPMorgan is a big and sophisticated issuer, and I think as I talked to the senior leadership team there, we thought it was a good idea to renew our deal and kind of focus on all the various things that are happening in payments and make sure that we weren't distracted by a negotiation that would happen over the next year or 2. I'm not going to add much more color than that.

他們是 - 摩根大通是一家大型且成熟的發行人，我認為當我與那裡的高級領導團隊交談時，我們認為更新我們的交易並專注於正在發生的所有各種事情是一個好主意付款，並確保我們不會因未來一兩年內發生的談判而分心。我不會添加更多的顏色。

Our next question comes from Darrin Peller from Wolfe Research.

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

Look, it's great to hear the momentum in the pipeline on the wins and renewals, including obviously the JPM deal.

看，很高興聽到勝利和續約的勢頭，顯然包括摩根大通的交易。

It sounded like you were saying, Al, that the win rate, especially in Europe, was stronger than before.

聽起來你在說，Al，勝率，尤其是在歐洲，比以前更強了。

I guess first of all, is there anything that's changed in terms of why you think you're winning at this rate?

我想首先，你認為你以這種速度獲勝的原因有什麼改變嗎？

Is it actually better than it was before?

它實際上比以前更好嗎？

And then maybe just comment on, even in the back of that, how rebates and incentives, the guide is actually a little bit lower than it was before despite these renewals and this pipeline.

然後也許只是評論一下，即使在後面，如何回扣和激勵，儘管有這些續訂和這條管道，該指南實際上比以前低了一點。

I'd say a couple of things and I'll let Vasant talk a little bit about the incentive.

我想說幾件事，然後讓 Vasant 談談激勵措施。

First of all, in Europe, we're now on our front foot.

首先，在歐洲，我們現在處於領先地位。

We're past the integration.

我們已經完成了整合。

We've got our management team in place.

我們的管理團隊已經到位。

We're not all the way there, but we've been moving more resources into the markets.

我們並非一路走來，但我們一直在將更多資源投入市場。

And we've been able to focus much more on running a very good commercial organization in Europe.

而且我們已經能夠更多地專注於在歐洲運營一個非常好的商業組織。

And I think that it really is starting to pay dividends to be able to be not distracted by any of the integration activities.

而且我認為它確實開始產生紅利，以便能夠不受任何整合活動的干擾。

I think the second thing that's happening in Europe and is also happening around the world is that we've gotten our act together as it relates to fintechs.

我認為在歐洲發生並且也在世界各地發生的第二件事是，我們已經採取了與金融科技相關的行動。

I'd be the first to admit I think we were a little bit slow out of the chute 1.5 years ago.

我會是第一個承認我認為我們在 1.5 年前走出滑道的速度有點慢的人。

But over the last 5 quarters or so we've been very, very focused on fintechs and making sure that we are easy to do business with, easy to integrate with, easy to get onboarded, and I think that fintechs appreciate the various assets that Visa brings to the table from our global reach to our fabulous brand, to a lot of our experience and capabilities and our scale.

但在過去的 5 個季度左右，我們一直非常非常關注金融科技，並確保我們易於開展業務、易於集成、易於上手，我認為金融科技欣賞各種資產Visa 將我們的全球影響力、我們的神話般的品牌、我們的許多經驗和能力以及我們的規模帶到了桌面上。

So I think that those would be the 2 big factors that would come to mind for me when I think about your question about what is different recently.

所以我認為當我想到你關於最近有什麼不同的問題時，我會想到這兩個重要因素。

I don't know if Vasant wants to add to that or certainly talk about the client incentives.

我不知道 Vasant 是否想補充這一點，或者肯定要談論客戶激勵措施。

Yes.

是的。

I think on the client incentives front, there's a variety of reasons why they're running lower than we might have expected.

我認為在客戶激勵方面，它們的運行速度低於我們的預期有多種原因。

Several items that are good things were some -- we make estimates on terms under which deals might be renewed, and in some cases, we haven't had to use up the incentives we thought we might have needed to when we sort of gave you a general view of things.

一些好東西是一些——我們對可能續簽交易的條款進行了估計，在某些情況下，我們不必用盡我們認為可能需要的激勵措施，當我們給你的時候對事物的一般看法。

So that's a good thing, and that is actually prominent and continues.

所以這是一件好事，而且這實際上很突出並且還在繼續。

Secondly, volumes have been lower in some parts of the world, and that does lead to lower incentives.

其次，世界某些地區的交易量較低，這確實導致了較低的激勵措施。

Thirdly, exchange rates that impacts the gross revenue line, as you know, helped the incentive lines.

第三，如您所知，影響總收入線的匯率有助於激勵線。

With some degree, that is reflected also when you do a year-over-year comparison.

在某種程度上，這也反映在您進行年度比較時。

And then as it relates to the wins, which we are very -- as we said, we're very happy about what has already happened, but we also have a very robust pipeline, many of which we'll be able to tell you about next quarter.

然後因為它與勝利有關，我們非常 - 正如我們所說，我們對已經發生的事情感到非常高興，但我們也有一個非常強大的管道，其中許多我們將能夠告訴你大約下個季度。

And a lot of that is incorporated into our outlook for the fourth quarter.

其中很多都包含在我們對第四季度的展望中。

Those wins, they play out over time.

那些勝利，他們會隨著時間的推移而發揮作用。

The volume comes in over time, and the incentives will play out over time.

數量會隨著時間的推移而增加，激勵措施也會隨著時間的推移而發揮作用。

So you won't see the impacts right away.

所以你不會馬上看到影響。

So those are some of the reasons.

所以這些是一些原因。

And in terms of sort of the activity now and the things and their contribution to volume, as you know, conversions take time.

如您所知，就現在的活動種類、事物及其對交易量的貢獻而言，轉換需要時間。

They play out over time, so the volume will sort of layer in over a year or 2. So you won't see the full impact for at least a couple of years for things that we are winning right now.

它們會隨著時間的推移而發揮作用，因此數量會在一兩年內逐漸增加。因此，對於我們現在正在贏得的東西，至少幾年內你不會看到全面的影響。

Our next question comes from Lisa Ellis from MoffettNathanson.

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

A question about the strategy, Al, that you've -- you talked about -- with the acquisitions of Earthport and Rambus and some of the other organic investments, you've highlighted that you're adding more of these network of network type of services that extend beyond the boundaries of VisaNet.

一個關於戰略的問題，Al，你已經 - 你談到了 - 通過收購 Earthport 和 Rambus 以及其他一些有機投資，你強調你正在添加更多這些網絡類型的網絡超出 VisaNet 邊界的服務。

Can you just talk a bit about this strategy more broadly?

你能更廣泛地談談這個策略嗎？

Meaning like what market opportunity specifically are you going after?

意思是您具體追求什麼市場機會？

And is this sort of ancillary to the core business?

這對核心業務有輔助作用嗎？

Or do you expect it to become more core over time?

還是您希望它隨著時間的推移變得更加核心？

And then finally, how do you think about maintaining the quality of the Visa network and brand that you sort of extend and expand into this sort of network of network models -- model?

最後，您如何看待維護您擴展並擴展到這種網絡模型網絡的Visa網絡和品牌的質量 - 模型？

Thanks, Lisa.

謝謝，麗莎。

So today, we process about 3/4 of the transactions that have the Visa brand on the credential being used, whether it's a virtual credential or a real card.

所以今天，我們處理了大約 3/4 的使用憑證上帶有 Visa 品牌的交易，無論是虛擬憑證還是真實卡。

We recognize that there are other situations where we may not be able to process whether it's a real-time payment network that a country decides to build out or a domestic card network, payments network that somebody decides to build out.

我們認識到，在其他情況下，我們可能無法處理一個國家決定建立的實時支付網絡，還是某個國家決定建立的國內卡網絡、支付網絡。

And when we look at those kinds of networks, we see a lack of sophistication in some of the capabilities.

當我們查看這些類型的網絡時，我們發現某些功能缺乏複雜性。

And we believe that we have an opportunity to take our toolbox of capabilities and provide additional value to those networks, either on a licensing type basis or "pay as you go" type basis.

我們相信，我們有機會利用我們的功能工具箱並為這些網絡提供額外的價值，無論是基於許可類型還是“按需付費”類型。

And I see it as very additive to our ability to grow the company and grow revenue and be involved in as many transactions in some way, shape or form as we possibly can.

我認為它對我們發展公司和增加收入的能力非常有幫助，並以某種方式、形式或形式參與盡可能多的交易。

In no way are we stepping back from continuing to invest in VisaNet.

我們絕不會放棄繼續投資 VisaNet。

We -- it is a very important asset for us.

我們——這對我們來說是一項非常重要的資產。

And we have a number of projects ongoing right now and we will continue to make sure that VisaNet is the best possible network in the world in terms of capabilities and in terms of security and in terms of reliability, all of which are very, very important.

我們現在有許多項目正在進行中，我們將繼續確保 VisaNet 在功能、安全性和可靠性方面成為世界上最好的網絡，所有這些都非常非常重要.

Yes.

是的。

I mean if you look at each of these, you look at Verifi, it clearly enhances our network because we can streamline dispute resolution on our network.

我的意思是，如果您查看其中的每一個，您會查看 Verifi，它顯然增強了我們的網絡，因為我們可以簡化我們網絡上的爭議解決。

But it's also network agnostic, and therefore, we can help other networks also provide or streamline dispute resolution.

但它也與網絡無關，因此，我們可以幫助其他網絡也提供或簡化爭議解決。

And it not only takes a lot of the time and cost out of it, but it's a much better consumer experience.

它不僅需要大量的時間和成本，而且是一種更好的消費者體驗。

So there's value both to our network as well as the ability to go beyond our network.

因此，我們的網絡以及超越我們網絡的能力都具有價值。

If you look at Earthport, clearly, that allows us to substantially enhance our reach and to the extent that a portion of how we get the money from point a to point b might not be on our network does not mean it isn't a Visa-branded transaction with all the security, reliability, et cetera, that our brand offers.

如果您看一下 Earthport，很明顯，這使我們能夠大大增強我們的影響力，並且在某種程度上，我們從 a 點到 b 點獲得資金的一部分可能不在我們的網絡上，但這並不意味著它不是 Visa - 具有我們品牌提供的所有安全性、可靠性等的品牌交易。

And so it allows us to be network agnostic where it makes sense to be network agnostic in the interest of serving our customers.

因此，它使我們能夠成為網絡不可知論者，為了服務我們的客戶，網絡不可知論是有意義的。

And then if you go to Payworks, CyberSource now has a substantially enhanced capability to serve what is an incredibly high demand, which is merchants' desire to approach their business in an omnichannel kind of way where they can see the customer at the same time between both their online business and their in-store business.

然後，如果您使用 Payworks，CyberSource 現在具有顯著增強的能力來滿足令人難以置信的高需求，這是商家希望以全渠道方式開展業務，他們可以同時看到客戶他們的在線業務和店內業務。

So in every case, it enhances an existing business, but it also allows, in every case, the opportunity to extend our business beyond, let's say, our proprietary network.

因此，在每種情況下，它都增強了現有業務，但在每種情況下，它也允許將我們的業務擴展到我們的專有網絡之外。

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。

Al, just wanted to ask on Facebook's Libra, there's some confusion in the market on how to think about that.

Al，只是想在 Facebook 的 Libra 上問一下，市場上對於如何思考這個問題有些困惑。

Is it a strategic partner for Visa or a potential disruptive threat?

它是 Visa 的戰略合作夥伴還是潛在的破壞性威脅？

Just curious your thoughts and level of expected Visa involvement in Facebook Libra.

只是好奇你的想法和預期 Visa 參與 Facebook Libra 的程度。

Bryan, the first thing I'd say, I think it's important to understand the facts here and not any of us get out ahead of ourselves.

布萊恩，我要說的第一件事是，我認為了解這裡的事實很重要，我們中的任何人都不能超越自己。

So we have signed a nonbinding letter of intent to join Libra.

因此，我們簽署了一份不具約束力的加入 Libra 的意向書。

We're 1 of, I think, it's 27 companies that have expressed that interest, so no one has yet officially joined.

我認為，有 27 家公司表示有興趣，我們是其中之一，所以還沒有人正式加入。

We're in discussions and our ultimate decision to join will be determined by a number of factors, including obviously the ability of the association to satisfy all the requisite regulatory requirements.

我們正在討論中，我們加入的最終決定將取決於許多因素，包括顯然該協會滿足所有必要監管要求的能力。

So Bryan, in my estimation, it's really, really early days and there's just a tremendous amount to be finalized, but obviously, given that we're -- we've expressed interest, we actually believe we could be additive and helpful in the association.

所以 Bryan，在我看來，這真的非常非常早期，還有大量的工作需要最終確定，但顯然，鑑於我們 - 我們已經表達了興趣，我們實際上相信我們可以在協會。

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。

Good to see the revenue acceleration.

很高興看到收入加速。

I wanted to ask also on M&A.

我還想問關於併購的問題。

So you stepped up the number of deals.

所以你增加了交易的數量。

You said 4. I think you did last year one deal.

你說 4。我想你去年做了一筆交易。

So I'm just curious, is the appetite for Visa to do more deals going forward?

所以我只是好奇，Visa 是否有興趣在未來進行更多交易？

I'm just curious if this is the -- maybe the new norm for deal activity.

我只是好奇這是否是——也許是交易活動的新規範。

And separately, just want to clarify maybe with you, Vasant.

另外，我想和你澄清一下，Vasant。

Aside from FX accounting and the 606 accounting change and also tax, what's changed in your outlook if we were to adjust for those items?

除了外匯會計和 606 會計變更以及稅收，如果我們要針對這些項目進行調整，您的前景有何變化？

Let me handle the first part, and then I'll let Vasant, Tien-Tsin, answer the questions directed to him.

讓我處理第一部分，然後我將讓 Vasant，Tien-Tsin，回答針對他的問題。

No.

不。

We have not changed our posture as it relates to M&A.

我們沒有改變與併購相關的立場。

And the reality is when we see an asset that we think's going to add value or bring incremental value for our clients or their customers or our investors, we're going to pursue it.

而現實情況是，當我們看到我們認為會為我們的客戶或他們的客戶或我們的投資者增加價值或帶來增量價值的資產時，我們就會去追求它。

This quarter simply was a much busier one in terms of the deals closed or deals where we reached definitive agreements.

就已完成的交易或我們達成最終協議的交易而言，本季度是一個更加繁忙的季度。

In terms of outlook, Tien-Tsin, if you look at our guidance for the full year, our net revenue growth, it's changed -- it's unchanged in the low double digits.

就前景而言，Tien-Tsin，如果你看一下我們全年的指導，我們的淨收入增長，它已經改變了——它沒有保持在兩位數的低位。

The FX impact, as you saw, was about 0.5 point higher than we had expected at the beginning of the year.

如您所見，外匯影響比我們年初的預期高出約 0.5 個百分點。

And the accounting impact is also 0.5 point higher roughly, so it's sort of a wash.

會計影響也大致高出 0.5 個百分點，所以有點洗牌。

So the underlying revenue trend, low double digits and generally as good as we thought as you saw somewhat better in the third quarter.

因此，潛在的收入趨勢是兩位數的低位，並且總體上和我們想像的一樣好，因為您在第三季度看到的情況有所好轉。

Client incentives, as you pointed out, have come down for all the reasons we talked about.

正如您所指出的，由於我們談到的所有原因，客戶激勵措施已經下降。

Expenses, higher than we had expected at the beginning of the year.

費用，高於我們年初的預期。

Some of it is the accounting impact going up a bit.

其中一些是會計影響有所上升。

Some of it is we've continued to invest at a healthy clip.

其中一些是我們繼續投資健康的剪輯。

Tax rates, slightly lower than what we expected at the start of the year.

稅率略低於我們年初的預期。

And net-net, I think our EPS is starting from the mid -- I think we were mid-teens when we started.

而net-net，我認為我們的每股收益是從中期開始的——我認為我們開始時是十幾歲的中期。

Now we are mid- to high teens.

現在我們是中高齡的青少年。

Other than the fact that the cross-border business started the year softer than we expected but has picked up well, the other big thing that has sort of been negative is the fact that the currency volatility, as I pointed out, is now running in the last quarter at the lowest levels we've seen in 5 years, and that has continued into the fourth quarter.

除了跨境業務今年開局比我們預期疲軟但回升良好之外，另一件有點負面的大事是，正如我指出的那樣，貨幣波動現在正在蔓延上個季度處於我們 5 年來的最低水平，並且一直持續到第四季度。

But that's fine.

但這沒關係。

I mean as you can see, we've absorbed it pretty well.

我的意思是，正如你所看到的，我們已經很好地吸收了它。

If currency volatility had not been this low, clearly, our international revenue growth would have been higher.

如果貨幣波動沒有這麼低，顯然，我們的國際收入增長會更高。

So it did have a decent impact on our international revenue growth, but despite all that and despite the currency headwinds being as high as they've been, we're delighted that our nominal dollar growth is going to be in the low double digits.

因此，它確實對我們的國際收入增長產生了不錯的影響，但儘管如此，儘管貨幣逆風與以往一樣高，但我們很高興我們的名義美元增長將處於兩位數的低位。

Our next question comes from David Koning from Robert W. Baird.

我們的下一個問題來自 Robert W. Baird 的 David Koning。

I guess on days, I know Q2 was a little light with Easter and processing days timing out of the quarter.

我想在幾天之內，我知道第二季度的複活節和處理天數在本季度結束時有點清淡。

Q3 picked up a little, and I think Q4, you actually get maybe another extra day.

第三季度有所回升，我認為第四季度，你實際上可能會多出一天。

So what I'm wondering, you talked a little bit about U.S. decel through the first 3 weeks of July and a little bit of transaction decel, but you actually picked back up because of the number of days in the quarter and get back to kind of more stable with fiscal Q3.

所以我想知道的是，您在 7 月的前 3 週談到了美國的經濟減速和一些交易減速，但由於本季度的天數，您實際上回升並恢復了實物與第三財季相比更加穩定。

Yes.

是的。

In terms of processing days, the easiest way to explain it to you is this quarter was a normal number of processing days.

就處理天數而言，向您解釋它的最簡單方法是本季度是正常的處理天數。

Last quarter was below normal, and next quarter is above normal.

上個季度低於正常水平，下個季度高於正常水平。

So you're right.

所以你是對的。

Because of the way this quarter ended and next quarter's going to end, it will help us processing days-wise in the way that processing days hurt us last quarter.

由於本季度結束和下一季度即將結束的方式，它將幫助我們處理天數，就像處理天數傷害我們上個季度一樣。

This quarter was more normal.

這個季度比較正常。

And as it relates to the 3 weeks, we always tell people 3 weeks don't make a trend.

由於它與 3 周有關，我們總是告訴人們 3 週不會成為趨勢。

I wouldn't read too much into it.

我不會讀太多。

I think our outlook is that the trends will be roughly in line with the third quarter.

我認為我們的展望是，趨勢將與第三季度大致一致。

So if something is slightly higher, slightly lower in the first 3 weeks, I don't think it tells you much.

因此，如果前 3 週的情況稍高、稍低，我認為它不會告訴你太多。

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 PSD2, the implementation deadline for strong customer authentications this fall.

我想問一下PSD2，今年秋天強客戶身份驗證的實施截止日期。

So my question is how are your thoughts evolving and whether the current ecosystem in Europe is ready for this deadline.

所以我的問題是你的想法是如何演變的，歐洲目前的生態系統是否已經為這個截止日期做好了準備。

And what are the long-term benefits and tradeoffs of this directive could be?

該指令的長期利益和權衡是什麼？

It's -- you're absolutely right that we've been engaged actively with European and certain Asian authorities and trade associations throughout Europe to raise awareness that we think less than half of the merchants are going to be ready by the deadline, which is September 14 when strong customer authentications, once they go into place.

這是 - 你是絕對正確的，我們一直在與歐洲和某些亞洲當局以及整個歐洲的貿易協會積極接觸，以提高人們對我們認為不到一半的商家將在截止日期之前準備好的意識，即 9 月14 強大的客戶身份驗證，一旦到位。

We're certainly pleased that the European banking authority had a recent opinion that's going to allow for extensions as set by the local regulators.

我們當然很高興歐洲銀行管理局最近發表了一項意見，該意見將允許當地監管機構設定的延期。

And I think that most everybody is going to largely kind of look us -- look to the side from people not being in compliance.

而且我認為大多數人都會在很大程度上看著我們——從不遵守規定的人那裡看向一邊。

We -- it's our understanding that regulators in the U.K. and France, for example, have already communicated that they're not going to enforce the September deadline.

我們——據我們了解，例如，英國和法國的監管機構已經表示他們不會執行 9 月的最後期限。

It would be very, very bad for particularly small merchants.

對於特別小的商家來說，這將是非常非常糟糕的。

So there is a reluctance to move the deadline date, but I think where we're landing is that people will look past it and allow for exceptions for some time to come.

因此，人們不願意改變截止日期，但我認為我們的目標是人們會忽略它，並允許在未來一段時間內出現例外情況。

In the meantime, we're working with merchants and issuers as much as we can to help them make sure they'll be ready.

與此同時，我們正在盡可能多地與商家和發行人合作，以幫助他們確保做好準備。

We are also working on various solutions to help identify exempt and nonexempt transactions and try to figure out how to optimize Secure Customer Authentication.

我們還在研究各種解決方案，以幫助識別豁免和非豁免交易，並嘗試找出如何優化安全客戶身份驗證。

We've got a Visa Trusted Listing capability, which allows consumers to identify merchants that frequently shop, and therefore, they trust them.

我們擁有 Visa 可信列表功能，讓消費者能夠識別經常購物的商家，因此他們信任他們。

There's a Visa-delegated authorization that allows acquirers to identify merchants that are already performing strong authentication as spelled out in the regulation.

有一個 Visa 委託授權，允許收單機構識別已經按照法規規定執行強身份驗證的商家。

So there's many number of things we're doing to try to help merchants and issuers be ready, but I think that this won't really come to the place where people will be required until we get well into 2020.

因此，我們正在做很多事情來幫助商家和發行人做好準備，但我認為在我們進入 2020 年之前，這不會真正達到需要人們的地方。

Our next question comes from Ashwin Shirvaikar from Citigroup.

我們的下一個問題來自花旗集團的 Ashwin Shirvaikar。

Questions on B2B Connect that recently joined, launched it globally.

最近加入的關於 B2B Connect 的問題在全球範圍內推出。

I know it's early days, but I was hoping to get a couple of things answered.

我知道現在還為時過早，但我希望能得到一些答案。

First, it seems you finally now have, what, looking like holistic offering based on your organic and inorganic investments in the ecosystem.

首先，您現在似乎終於擁有了，看起來像是基於您在生態系統中的有機和無機投資的整體產品。

So is that a fair assessment?

那麼這是一個公平的評價嗎？

And if not, what parts need to be added?

如果沒有，需要添加哪些部分？

And secondly, can you comment on any early traction you might be seeing in this area?

其次，您能否評論一下您可能在該領域看到的任何早期牽引力？

Ashwin, it's Al.

阿什溫，是艾爾。

It's just too early.

只是太早了。

We're just getting past the pilot stage.

我們剛剛過了試點階段。

We're talking to various banks around the world about connecting, and I just don't expect to be able to share results probably for a good 6 months.

我們正在與世界各地的多家銀行討論連接問題，我只是不希望能夠在 6 個月內分享結果。

I think it's going to take that long before we really see the traction with B2B Connect.

我認為我們需要很長時間才能真正看到 B2B Connect 的吸引力。

So there's still some particular work banks would have to do and obviously still some sales work that has to be done to make sure that people understand the capability and what it can do.

因此，銀行仍然需要做一些特殊的工作，顯然還有一些銷售工作需要做，以確保人們了解能力和它能做什麼。

Our next question comes from David Togut from Evercore.

我們的下一個問題來自 Evercore 的 David Togut。

Piggybacking a little bit on Ashwin's question.

對阿什溫的問題稍作補充。

All 3 mega mergers this year in bank tech and payments have really highlighted B2B payments as an important growth objective.

今年在銀行技術和支付領域的所有 3 次大型合併都確實突出了 B2B 支付作為一個重要的增長目標。

And of course, you've signed FIS and Bottomline to B2B Connect and just closed Earthport.

當然，您已經簽署了 FIS 和 Bottomline 到 B2B Connect 並且剛剛關閉了 Earthport。

So I'm curious if you could expand upon your game plan specifically to build out distribution into the enterprise B2B market, especially for cross border, which you've highlighted as a lucrative growth opportunity for Visa.

所以我很好奇你是否可以擴展你的遊戲計劃，專門將分銷擴展到企業 B2B 市場，特別是跨境，你強調這是 Visa 的一個有利可圖的增長機會。

Well, I think, David, you've hit the nail on the head.

好吧，我認為，大衛，你一針見血。

I mean the enterprise-level volume that has traditionally been wires and checks is just going to require a whole different approach than the approach in the carded area where we rely on issuers and we rely on P-cards and corporate cards and small business cards and virtual cards in order to be successful.

我的意思是，傳統上是電彙和支票的企業級交易量將需要一種完全不同的方法，而不是我們依賴發卡機構的卡片領域的方法，我們依賴 P 卡、公司卡和小型名片，虛擬卡才能成功。

We -- in the enterprise space, you've got to be integrated into some of the large enterprise systems and you've got to build a network of partners that have the ability to generate the kind of distribution with credibility that we need.

我們——在企業領域，你必須被集成到一些大型企業系統中，你必須建立一個合作夥伴網絡，這些合作夥伴有能力生成我們需要的可信分佈。

So we're going to continue to look for ways to build partnerships and look at investments like the one we made in PayMate and one we made earlier in BillDesk.

因此，我們將繼續尋找建立合作夥伴關係的方法，並關注我們在 PayMate 中進行的投資以及我們之前在 BillDesk 中進行的投資。

And we're going to continue to try to forge investments and distribution partnerships wherever we can because I think that's going to be key to unlocking the volume in this -- the noncarded space of B2B.

我們將繼續嘗試建立投資和分銷合作夥伴關係，因為我認為這將是釋放這個 B2B 非卡片領域的數量的關鍵。

Yes.

是的。

I mean our B2B strategy has many components, and B2B Connect is one component.

我的意思是我們的 B2B 戰略有很多組成部分，而 B2B Connect 就是其中一個組成部分。

B2B Connect addresses, as you said, high-value transactions on a cross-border basis.

正如您所說，B2B Connect 在跨境基礎上處理高價值交易。

Through Earthport and Visa Direct, we can address B2B transactions but low-value transactions that are high volume also on a cross-border basis.

通過 Earthport 和 Visa Direct，我們可以處理 B2B 交易，但也可以在跨境交易量大的小額交易。

We also have initiatives that go beyond cross border to domestic AR and AP.

我們還有超越跨境到國內 AR 和 AP 的舉措。

So it's a broad range of things happening on multiple fronts.

所以這是在多個方面發生的廣泛的事情。

I'm sure you've heard about our partnerships with Billtrust and so on that deal with AR.

我相信您已經聽說過我們與 Billtrust 的合作夥伴關係，以及與 AR 的交易。

We have other partnerships that deal with AP.

我們還有其他與 AP 打交道的合作夥伴關係。

So it's a variety of initiatives on multiple fronts.

所以這是多方面的各種舉措。

As it relates to B2B Connect, since that was your question, we know that the value proposition is very strong.

由於它與 B2B Connect 相關，因為這是您的問題，我們知道價值主張非常強大。

We bring settlement -- addresses a whole bunch of pain points.

我們帶來了解決方案——解決了一大堆痛點。

We bring settlement capabilities, the security and reliability that doesn't exist today.

我們帶來了當今不存在的結算能力、安全性和可靠性。

We utilize distributed ledger technology, and we do tokenization to substantially enhance the security of a transaction.

我們利用分佈式賬本技術，我們進行標記化以大大提高交易的安全性。

I think as Al said earlier, with anything like B2B Connect, you have to get the network effect going.

我認為正如 Al 之前所說，使用 B2B Connect 之類的東西，你必須讓網絡效應發揮作用。

And that means having both ends represented at scale.

這意味著兩端都按比例表示。

That takes some time to develop, which is why, as Al said, you have to wait for some time as we get both sides of the network pull together and then the volumes build.

這需要一些時間來發展，這就是為什麼，正如 Al 所說，你必須等待一段時間，因為我們讓網絡雙方齊心協力，然後建立交易量。

You -- we talked about that when we talked about contactless.

你——我們在談到非接觸式時談到了這一點。

There are 2 or 3 years where it all builds up and then it takes off.

有 2 到 3 年的時間，這一切都會建立起來，然後它就會起飛。

So it'll be some time before the network effects starts working for us in B2B Connect.

因此，網絡效應在 B2B Connect 中開始為我們發揮作用還需要一段時間。

Our next question comes from Dan Perlin from RBC Capital.

我們的下一個問題來自 RBC Capital 的 Dan Perlin。

I wanted to kind of dovetail a little bit on all these discussions around these new payment flows globally.

我想對圍繞全球這些新支付流程的所有這些討論進行一點點吻合。

And the question is really twofold.

這個問題真的是雙重的。

One is, is there a need for investments, like sizable investments in the coming years to increase the scale opportunities for VisaNet.

一是是否需要投資，例如在未來幾年進行大規模投資以增加 VisaNet 的規模機會。

And then secondly, Al, can you just talk a little bit about how you do think about security vulnerabilities as you build out these networks?

其次，Al，您能否談談您在構建這些網絡時如何考慮安全漏洞？

And your distribution points are clearly getting closer direct to consumer.

而且您的分銷點顯然越來越接近消費者。

Well, Dan, our new payment flows, clearly, there's always going to be investments to drive into the level of scale that we want.

嗯，丹，我們的新支付流程，很明顯，總會有投資來推動我們想要的規模水平。

I mean in the last year plus, we've greatly added to the resources in Visa Direct, which are tapping all kinds of new payment flows into the various use cases that it's supporting.

我的意思是，在過去的一年裡，我們大大增加了 Visa Direct 的資源，這些資源正在將各種新的支付流用於它支持的各種用例中。

We've obviously built out resources in the B2B business unit as we continue to explore that space.

隨著我們繼續探索該領域，我們顯然已經在 B2B 業務部門中建立了資源。

We've got people -- we've had to add people to chase down all the various wallets that are out there in the world, not all of them with financial institutions.

我們有人——我們不得不增加人來追查世界上所有不同的錢包，而不是所有的金融機構。

There was all kinds of organizations like Gojek that I talked about in my remarks.

我在講話中談到了各種像 Gojek 這樣的組織。

So I think from a technical standpoint -- I'll come to your security question in a second.

所以我認為從技術的角度來看——我會馬上回答你的安全問題。

From a technical standpoint, I think Visa Direct is -- I'm sorry, VisaNet is able to handle these various use cases today.

從技術角度來看，我認為 Visa Direct 是 -- 很抱歉，VisaNet 今天能夠處理這些不同的用例。

As we get into new ones, we may have to do some augmentation of VisaNet to make sure that we can handle a new use case that we might not have anticipated.

隨著我們進入新的應用程序，我們可能需要對 VisaNet 進行一些擴充，以確保我們能夠處理我們可能沒有預料到的新用例。

But I think really the bigger challenge and the bigger area where we have to invest is simply getting feet on the street and getting people out there to understand what our capabilities are and realize that we can bring various solutions to them that they might not have anticipated.

但我認為真正更大的挑戰和我們必須投資的更大領域只是踏上街頭，讓人們了解我們的能力，並意識到我們可以為他們帶來他們可能沒有預料到的各種解決方案.

And clearly, with the acquisitions and the nonbinding agreements that we've talked about, we've got new capabilities that we can bring to clients, old and new, around the world that we have to go communicate.

很明顯，通過我們討論過的收購和非約束性協議，我們擁有了新的能力，可以為世界各地的新老客戶帶來我們必須去溝通的新能力。

So that's where I think the preponderance of the investment will be.

所以這就是我認為投資的優勢所在。

Security is something that's always on my mind all the time.

安全是我一直在想的事情。

We have an extraordinarily robust, and I'm knocking on wood as I say this, cybersecurity organization.

我們有一個非常強大的網絡安全組織。

We spend hundreds of millions of dollars.

我們花費數億美元。

We have hundreds of people who work in the group.

我們有數百人在小組中工作。

We're very conscious of anybody that any system or organization that any way, shape or form is going to come anywhere near VisaNet goes through incredible scrutiny in terms of their security.

我們非常清楚任何人，任何以任何方式、形狀或形式出現在 VisaNet 附近的任何系統或組織都在其安全性方面經過了令人難以置信的審查。

When we look at the acquisitions we're doing now, they will be integrated into VisaNet until we're completely and totally comfortable that we've got their cybersecurity capabilities to where they really need to be before we fully integrate them.

當我們查看我們現在正在進行的收購時，它們將被集成到 VisaNet 中，直到我們完全確信在我們完全集成它們之前，我們已經將它們的網絡安全能力提升到了它們真正需要的位置。

So you never know.

所以你永遠不知道。

The bad guys are continuing to invest as much as the good guys, and we got to stay out ahead of it.

壞人繼續像好人一樣投資，我們必須保持領先。

We got to remain vigilant, and it's something that we at Visa believe that security is a critical underpinning of the trust in the payment ecosystem.

我們必須保持警惕，Visa 認為安全是支付生態系統信任的關鍵基礎。

And given our place in that ecosystem, we believe we have an obligation to stay vigilant in -- our cybersecurity is one of the reasons we're pushing tokenization so that we can devalue data.

鑑於我們在該生態系統中的地位，我們相信我們有義務保持警惕——我們的網絡安全是我們推動代幣化以使數據貶值的原因之一。

It's one of the reasons we're building consumer transaction control, so consumers can have a role in protecting their security and their data and the use of their payment credentials over time.

這是我們建立消費者交易控制的原因之一，因此消費者可以在保護他們的安全和數據以及隨著時間的推移使用他們的支付憑證方面發揮作用。

And we will -- this is an area we'll continue to invest a lot of money in.

我們將 - 這是我們將繼續投入大量資金的領域。

Our last question comes from James Friedman from Susquehanna.

我們的最後一個問題來自 Susquehanna 的 James Friedman。

I just wanted to ask, Al, in your prepared remarks, you alluded to the use cases of tap and pay and the attach rate between transaction growth and volume growth.

我只是想問一下，Al，在你準備好的評論中，你提到了觸碰付款的用例以及交易增長和交易量增長之間的附加率。

You referenced that 2.5x accelerator in the U.K. Is there anything unique about the U.K. market?

您提到了英國的 2.5 倍加速器。英國市場有什麼獨特之處嗎？

Or do we think of that as a template of things to come?

還是我們認為這是未來事物的模板？

Jamie, the only thing I can say and I think that's a bit unique or different about the U.K. market is that we have been in the transit system there for longer than we have in most other big markets around the world.

傑米，我唯一能說的，我認為英國市場有點獨特或不同的是，我們在那裡的交通系統中使用的時間比我們在世界上大多數其他大市場中的時間長。

And as I also said in my remarks, I -- we are finding that transit is one of those things that really creates the habit and when people are commuting home -- to work and home 10 times a week and they're tapping and getting used to it, they realize and look to tap in all kinds of instances, particularly instances where heretofore they were using cash for lower value -- lower ticket purchases.

正如我在講話中所說的那樣，我 - 我們發現交通是真正形成習慣的因素之一習慣了它，他們意識到並希望在各種情況下利用，特別是在此前他們使用現金購買較低價值的情況下 - 較低的門票購買。

So I think that as we continue to pursue the 200-plus transit projects that we have going on around the world, certainly including the 1 I referenced in my remarks in terms of the MTA here in New York, where we're seeing really nice results in just the kind of the 7-week period since we've been up and running, I expect that in markets where we are able to penetrate the transit system and get high levels of adoption of tap and pay in general, I think we'll see similar type of results.

所以我認為，隨著我們繼續追求我們在世界各地進行的 200 多個過境項目，當然包括我在紐約 MTA 的發言中提到的 1，我們在那裡看到了非常好的結果只是自我們啟動並運行以來的 7 週期間，我希望在我們能夠滲透交通系統並總體上獲得高水平的水龍頭和支付採用的市場中，我認為我們'會看到類似類型的結果。

That said, we'll have to see how it plays out over time.

也就是說，我們將不得不看看它隨著時間的推移如何發揮作用。

I would like to thank everyone for joining us today.

我要感謝大家今天加入我們。

If you have additional questions, please feel free to call or e-mail our Investor Relations team.

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。

Thanks again and have a great day.

再次感謝，祝您有美好的一天。