Visa Inc (V) 2019 Q4 法說會逐字稿

Welcome to Visa's Fiscal Fourth Quarter and Full Year 2019 Earnings Conference Call.

歡迎參加 Visa 的 2019 財年第四季度和全年收益電話會議。

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

（操作員說明）今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

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

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 Fourth Quarter and Full Year 2019 Earnings Call.

大家下午好，歡迎參加 Visa 的 2019 財年第四季度和全年財報電話會議。

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 to our IR website.

包含財務和統計亮點的幻燈片已發佈到我們的投資者關係網站。

Let me also remind you that this presentation includes forward-looking statements.

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 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可在我們最新的 10-K 和 10-Q 表格中找到，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 reconciliation are available in today's earnings release.

對於本次電話會議中披露的歷史非 GAAP 財務信息，相關的 GAAP 措施和對賬可在今天的收益發布中獲得。

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

有了這個，讓我把電話轉給 Al。

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

邁克，謝謝你們，大家下午好，感謝你們今天加入我們。

The fourth quarter capped another strong year for Visa as we continue to grow our business across a number of dimensions.

隨著我們繼續在多個方面發展我們的業務，第四季度對 Visa 來說又是一個強勁的一年。

In our time today, I'd like to touch on our results, then discuss how we are strengthening our network with the power of partnerships and the focus on customers and finally provide our initial thoughts on fiscal 2020.

今天，我想談談我們的成果，然後討論我們如何利用合作夥伴的力量和對客戶的關注來加強我們的網絡，最後提供我們對 2020 財年的初步想法。

To start, our fourth quarter results demonstrate our ability to grow the top line, invest thoughtfully in the business to drive future growth and return capital to shareholders.

首先，我們第四季度的業績證明了我們有能力增加收入，對業務進行深思熟慮的投資，以推動未來的增長並向股東返還資本。

An important indication relative to the health of our network is transaction growth.

與我們網絡健康狀況相關的一個重要指標是交易增長。

In this regard, Q4 ended strongly with over 47 billion payment transactions, an increase of 5.3 billion or 12.6% compared to this quarter last year.

在這方面，第四季度以超過 470 億筆支付交易結束，較去年同期增加 53 億筆或 12.6%。

Payments volume grew at 9% globally, 10% excluding China.

全球支付量增長 9%，不包括中國，增長 10%。

We also saw our strong growth in payments volume across every region and growth accelerated versus the last quarter in every international region.

我們還看到我們在每個地區的支付量都出現了強勁增長，並且與上一季度相比，每個國際地區的增長都在加速。

Net revenue growth accelerated to 13% or 15% on a constant dollar basis.

按固定美元計算，淨收入增長加速至 13% 或 15%。

Non-GAAP EPS growth was 21% or 23% on a constant dollar basis.

按固定美元計算，非公認會計原則每股收益增長 21% 或 23%。

We also returned $2.7 billion of capital to shareholders in the fourth quarter, consisting of $2.2 billion in share repurchases and $0.5 billion in dividends.

我們還在第四季度向股東返還了 27 億美元的資本，其中包括 22 億美元的股票回購和 5 億美元的股息。

Our fourth quarter performance brought our full year net revenue growth to 13% on a constant dollar basis and non-GAAP EPS growth to 20% on a constant dollar basis.

我們第四季度的業績使我們的全年淨收入增長達到 13%（按固定美元計算），非 GAAP 每股收益增長達到 20%（按固定美元計算）。

Total capital return for the year was $10.9 billion.

當年的總資本回報為 109 億美元。

As I reflect on all of 2019, Visa has made tremendous progress leading a dynamic industry and advancing the growth of digital payments.

當我回顧整個 2019 年時，Visa 在引領充滿活力的行業並推動數字支付的增長方面取得了巨大進步。

This has manifested itself in a variety of fronts.

這體現在各個方面。

To start, over 180 billion payment transactions leveraged our network in fiscal 2019, of which we processed about 75%.

首先，在 2019 財年，超過 1800 億筆支付交易利用了我們的網絡，其中我們處理了約 75%。

This represented almost $9 trillion in commerce on 3.4 billion credentials, all with the security and protection that our customers value.

這代表了近 9 萬億美元的商業價值，擁有 34 億個憑證，所有這些都具有我們客戶所重視的安全性和保護。

Relative to growing acceptance, we now have over 61 million physical merchant locations, increasing 14% from 2018.

相對於越來越多的接受度，我們現在擁有超過 6100 萬個實體商戶，比 2018 年增長 14%。

And again, keep in mind that this number is tens of millions higher as partners like PayPal, Stripe and Square only count as 1 location each.

同樣，請記住，這個數字要高出數千萬，因為 PayPal、Stripe 和 Square 等合作夥伴各自僅算作 1 個位置。

New payment flows crossed the $1 trillion mark for B2B payments volume, representing 12% of our business.

B2B 支付量的新支付流量超過 1 萬億美元，占我們業務的 12%。

We also continued to grow Visa Direct, which supports P2P, B2B and P2C in triple digits with over 2 billion transactions.

我們還繼續發展 Visa Direct，它支持三位數的 P2P、B2B 和 P2C，交易量超過 20 億。

And on our capabilities and value-added services, we acquired 4 companies that will help extend the reach of our network and enhance our merchant fraud and tokenization solutions.

在我們的能力和增值服務方面，我們收購了 4 家公司，這將有助於擴大我們的網絡範圍並增強我們的商家欺詐和標記化解決方案。

Our organic revenue growth driven by these capabilities had all value-added services exceeded 20% this year.

在這些能力的推動下，我們的有機收入增長使今年所有增值服務都超過了 20%。

This growth was fueled by the expansion of our issuer, processing and network services and increase in our acquirer and merchant offering including CyberSource, greater adoption of our risk and authentication tools and consulting project work.

這一增長得益於我們發行人、處理和網絡服務的擴展，以及我們的收單機構和商戶產品（包括 CyberSource）的增加、我們風險和身份驗證工具的更多采用以及諮詢項目工作。

In fact, we help more than 1,000 clients grow their businesses by leveraging insight from our consultants and data scientists.

事實上，我們利用顧問和數據科學家的洞察力幫助超過 1,000 名客戶發展業務。

Our strategic focus throughout 2019 and going into 2020 is clear: drive deeper partnerships for traditional clients; expand access with new players including new sellers, fintech, neobanks, acquirers and wallets; increase customer engagement by enabling a variety of platforms and simplifying the payment experience; extending value-added capabilities across the ecosystem; and enabling new money movement with our network of networks.

我們在整個 2019 年和進入 2020 年的戰略重點很明確：為傳統客戶推動更深層次的合作夥伴關係；擴大與新參與者的接觸，包括新賣家、金融科技、新銀行、收單機構和錢包；通過啟用各種平台和簡化支付體驗來提高客戶參與度；在整個生態系統中擴展增值能力；並通過我們的網絡實現新的資金流動。

Let me elaborate on these focus areas, starting with driving deeper partnerships with traditional clients.

讓我詳細說明這些重點領域，從推動與傳統客戶建立更深層次的合作夥伴關係開始。

We had significant deals in the pipeline, and our efforts have paid off with us completing agreements in the fourth quarter that represent over 15% of our payment volume.

我們正在進行大量交易，我們的努力得到了回報，我們在第四季度完成了占我們付款量 15% 以上的協議。

This brings our full year number to about 30% of our global payment volume.

這使我們全年的支付量占我們全球支付量的 30% 左右。

This 30% renewal level is substantially higher than our average of the past 5 years of 20%.

這 30% 的續訂水平大大高於我們過去 5 年 20% 的平均水平。

Let me highlight a few clients from this quarter.

讓我重點介紹本季度的一些客戶。

We renewed our partnership with Bank of America in the United States for several years, maintaining our current debit and credit business while also expanding to capture the new issuance of their cash rewards consumer credit card.

我們在美國與美國銀行續簽了幾年的合作夥伴關係，維持了我們目前的借記卡和信用卡業務，同時還擴大了以捕捉他們新發行的現金獎勵消費信用卡。

We're excited to continue to collaborate with Bank of America on innovations such as tap to pay and tokenization and utilize data analytics and insights to help uncover growth opportunities.

我們很高興能繼續與美國銀行就點擊支付和代幣化等創新合作，並利用數據分析和洞察力幫助發現增長機會。

In Central Europe, Middle East and Africa, we had a number of large issuer deals this quarter including our credit and debit business with Sberbank and Alfa Bank, 2 of the largest banks in Russia; and the debit business with Emirates NBD, one of the largest banks in the UAE.

在中歐、中東和非洲，本季度我們進行了多項大型發行人交易，包括我們與俄羅斯最大的兩家銀行 Sberbank 和 Alfa Bank 的信貸和借記業務；以及與阿聯酋最大的銀行之一阿聯酋國民銀行的借記業務。

We also renewed the debit portfolio with Standard Chartered Bank across all of Sub-Saharan Africa.

我們還與渣打銀行在整個撒哈拉以南非洲地區更新了借方組合。

In Latin America, we signed a multiyear agreement to renew our long-standing relationship with Scotiabank, covering 16 countries and territories across Latin America.

在拉丁美洲，我們簽署了一項多年期協議，以更新我們與 Scotiabank 的長期合作關係，覆蓋拉丁美洲的 16 個國家和地區。

In Europe, we're focused on driving growth in the continent of Europe while also deepening our existing partnerships in the U.K. This quarter, we renewed 2 portfolios with leading U.K. issuers, one in debit and one in commercial credit.

在歐洲，我們專注於推動歐洲大陸的增長，同時深化我們在英國的現有合作夥伴關係。本季度，我們與英國領先的發行人續簽了 2 個投資組合，一個在藉方，一個在商業信貸。

In Continental Europe, we renewed our strategic partnership with BBVA in Spain for the next 7 years.

在歐洲大陸，我們與西班牙 BBVA 續簽了未來 7 年的戰略合作夥伴關係。

This agreement will allow Visa and BBVA to grow much faster during this period.

該協議將使 Visa 和 BBVA 在此期間增長得更快。

Additionally, Ziraat Bank, the largest state-owned bank in Turkey renewed their consumer credit and debit business, and we won new issuance of their commercial credit portfolio.

此外，土耳其最大的國有銀行 Ziraat Bank 更新了其消費信貸和借記業務，我們贏得了其商業信貸組合的新發行。

Now let me turn to expanding access with new players such as fintechs and wallets, which are critical to expanding credentials and acceptance globally.

現在讓我轉向擴大金融科技和錢包等新參與者的訪問權限，這對於在全球範圍內擴大憑證和接受度至關重要。

We established and deepened relationships with several fintech partners across the globe.

我們與全球多家金融科技合作夥伴建立並深化了關係。

First, we're pleased that Visa and Europe-based Revolut reached an agreement naming Visa their leading issuing partner as they seek to expand globally.

首先，我們很高興 Visa 和總部位於歐洲的 Revolut 達成協議，在他們尋求全球擴張的過程中，將 Visa 命名為他們的主要發行合作夥伴。

In addition to increasing our share of their large European business, Revolut will leverage Visa's brand, scale and global acceptance footprint to bring its product offerings to 5 new regions, reaching 24 new markets for a total of 56 markets globally.

除了增加我們在其大型歐洲業務中的份額外，Revolut 還將利用 Visa 的品牌、規模和全球認可度，將其產品提供到 5 個新地區，進入全球 56 個市場的 24 個新市場。

In the United States, we signed an exclusive 5-year deal with the consumer debit and credit business with Chime, a challenger bank that offers its members access to a suite of intuitive banking services.

在美國，我們與挑戰者銀行 Chime 簽署了一項為期 5 年的消費者藉記卡和信貸業務獨家協議，該銀行為其成員提供一套直觀的銀行服務。

Also in the U.S., we signed a debit deal with M26, a mobile banking solution which offers goals-based saving features and early paycheck access.

同樣在美國，我們與 M26 簽署了借記協議，這是一種移動銀行解決方案，提供基於目標的儲蓄功能和早期薪水訪問。

In India, we're partnering with Open, a neobank which offers businesses, everything from banking to automated bookkeeping to launch a suite of innovative products, including a business credit card.

在印度，我們與新銀行 Open 合作，該銀行為企業提供從銀行業務到自動簿記的一切服務，以推出一系列創新產品，包括商業信用卡。

We also continue to expand our credential signing a debit issuance deal with Railsbank, a U.K. fintech.

我們還繼續擴大與英國金融科技公司 Railsbank 簽署借記卡發行協議的憑證。

In Korea, we're announcing a partnership with Toss to significantly expand collaboration on the payment business in Korea and globally.

在韓國，我們宣布與 Toss 建立合作夥伴關係，以顯著擴大在韓國和全球支付業務上的合作。

Toss is a major fintech start-up in Korea and Korea's leading B2B remittance and financial services platform.

Toss 是韓國主要的金融科技初創公司，也是韓國領先的 B2B 匯款和金融服務平台。

We recently deepened our partnership with Remitly, a mobile payment service that utilizes Visa Direct to enable users to make P2P international money transfers from the United States, and they will now issue Visa debit cards.

我們最近加深了與 Remitly 的合作，這是一種利用 Visa Direct 使用戶能夠從美國進行 P2P 國際匯款的移動支付服務，他們現在將發行 Visa 借記卡。

Focusing specifically on merchant acceptance.

特別關注商家接受度。

In Mexico, we are expanding access with Clip, a mobile point-of-sale solutions provider, to enable merchants to accept digital payments.

在墨西哥，我們正在擴大與移動銷售點解決方案提供商 Clip 的訪問，以使商家能夠接受數字支付。

We're also teaming up with Samsung to allow merchants to accept contactless payments with just an app download and no hardware.

我們還與三星合作，讓商家只需下載應用程序，無需硬件即可接受非接觸式支付。

So in essence, the phone becomes the terminal.

所以本質上，手機變成了終端。

Finally, mobile phone users in India who are Visa cardholders will soon be able to use Google Pay to make simple and secure tokenized payments.

最後，持有 Visa 卡的印度手機用戶很快將能夠使用 Google Pay 進行簡單且安全的令牌化支付。

We are currently the only card network supported on Google Pay in India.

我們目前是印度唯一支持 Google Pay 的卡網絡。

Over time, we look to build more relationships with the entire ecosystem to grow credentials and acceptance globally.

隨著時間的推移，我們希望與整個生態系統建立更多的關係，以在全球範圍內提高證書和接受度。

Now let me move to the third focus area of increasing customer engagement by enabling a variety of platforms.

現在讓我轉到第三個重點領域，即通過啟用各種平台來提高客戶參與度。

We are continuing to improve the point-of-sale experience and reduce friction for the entire ecosystem.

我們將繼續改善銷售點體驗並減少整個生態系統的摩擦。

In the card-present environment, we continue to see progress in tap to pay.

在有卡的環境中，我們繼續看到點擊支付的進展。

In the United States, I'm pleased to say that of the top 10 issuers, 8 are now participating.

在美國，我很高興地說，在排名前 10 位的發行人中，現在有 8 家參與其中。

More than 100 million Visa contactless cards have been now issued, and we expect 300 million cards by the end of calendar year 2020.

目前已發行超過 1 億張 Visa 非接觸式卡，我們預計到 2020 年年底將達到 3 億張卡。

In the card-not-present environment, we have spoken before about how Secure Remote Commerce, or SRC, is a way to streamline the digital payment experience across networks, offer greater security and improve sales.

在無卡環境中，我們之前曾談到安全遠程商務 (SRC) 如何成為簡化跨網絡數字支付體驗、提供更高安全性和改善銷售的一種方式。

I'm pleased that this month, together with our network peers, we launched click-to-pay enabled by SRC with a number of merchants and acquirers in the United States.

我很高興本月，我們與我們的網絡同行一起，與美國的一些商家和收單機構一起推出了 SRC 支持的點擊支付。

Broader merchant adoption will take place after the holiday season.

假日季節過後，將有更廣泛的商家採用。

We're also enabling a variety of platforms to bring improvements to the payment experience whether or not a card is present.

我們還支持各種平台來改善支付體驗，無論是否存在卡。

And the most recent example is with installments.

最近的例子是分期付款。

In June, we announced the launch of an installment solution API, a beta version, to our VisaNet platform where issuers can offer installments to their Visa cardholders directly through participating merchants.

6 月，我們宣佈在 VisaNet 平台上推出分期付款解決方案 API（測試版），發卡行可以直接通過參與商戶向 Visa 持卡人提供分期付款。

At the same time, we're making it possible for third parties like (inaudible) to leverage our assets and offer a variety of installment options.

同時，我們讓（聽不清）等第三方能夠利用我們的資產並提供各種分期付款選項。

As we always say, we're not in the business of picking winners and losers.

正如我們常說的，我們不是在挑選贏家和輸家。

We enable the ecosystem and let the customer determine success.

我們啟用生態系統，讓客戶決定成功。

In the fourth quarter, Affirm converted their virtual issuance to Visa, and we established a partnership with Afterpay to support the development of innovative installment solutions in the United States, and we continue to focus on new payment flow opportunities as we expand partnerships to remove friction.

在第四季度，Affirm 將他們的虛擬發行轉換為 Visa，我們與 Afterpay 建立了合作夥伴關係，以支持在美國開發創新的分期付款解決方案，我們繼續關注新的支付流機會，因為我們擴大了合作夥伴關係以消除摩擦.

Visa Direct continues to grow driven by 3 factors: increasing the volume with existing use cases and markets, extending existing use cases to new geographies and expanding into new use cases.

Visa Direct 在三個因素的推動下繼續增長：增加現有用例和市場的數量、將現有用例擴展到新的地區以及擴展到新的用例。

In our effort to expand P2P payment capabilities in new markets, we teamed up with the platform, V.way, in Guatemala to utilize Visa Direct to enable the simple and secure transfer of funds with just a mobile number or e-mail address reaching the unbanked.

為了在新市場擴展 P2P 支付能力，我們與危地馬拉的平台 V.way 合作，利用 Visa Direct 實現簡單安全的資金轉賬，只需手機號碼或電子郵件地址即可到達沒有銀行賬戶。

In Russia, taxi payouts and on-demand loan disbursements are now available, and there's a new use case enabling tipping capabilities with Visa Direct so tips could be paid directly to waiters electronically.

在俄羅斯，現在可以使用出租車付款和按需貸款支付，並且有一個新的用例支持使用 Visa Direct 的小費功能，因此可以通過電子方式直接向服務員支付小費。

In B2B this quarter, Intuit announced instant deposit, a new feature that enables real-time disbursement for small business owners using QuickBooks payments directly to their eligible debit cards using Visa Direct.

在本季度的 B2B 中，Intuit 宣布了即時存款，這是一項新功能，可讓使用 QuickBooks 的小企業主通過 Visa Direct 直接向其合格的借記卡付款。

Most recently, we announced that Oracle ERP customers will be able to make Visa Direct payments right from their accounts payable system, reducing the time and investment needed for companies to adopt new push-to-card payment technology.

最近，我們宣布 Oracle ERP 客戶將能夠直接從其應付賬款系統進行 Visa Direct 支付，從而減少公司採用新的一鍵式支付技術所需的時間和投資。

JPMorgan will offer its commercial clients the ability to more efficiently send digital payments with access to business payments network, a collaboration we have with Billtrust that routes electronic payments from buyers to suppliers through their existing AR provider.

摩根大通將為其商業客戶提供通過訪問商業支付網絡更有效地發送數字支付的能力，這是我們與 Billtrust 的合作，通過他們現有的 AR 提供商將電子支付從買家傳送到供應商。

We have also opened our Visa B2B Connect network to over 60 markets and added Infosys as a distribution partner to enable financial institutions to send and receive cross-border funds using this new B2B network.

我們還向 60 多個市場開放了 Visa B2B Connect 網絡，並將 Infosys 添加為分銷合作夥伴，使金融機構能夠使用這個新的 B2B 網絡發送和接收跨境資金。

We're also working to integrate the 4 recent acquisitions to expand our value-added capabilities.

我們還在努力整合最近的 4 次收購，以擴大我們的增值能力。

With Earthport, we expect to have an integrated Visa Direct and Earthport offering in the market in the next few months where clients can send payouts to cards or accounts through a single connection to Visa.

借助 Earthport，我們預計未來幾個月將在市場上推出集成的 Visa Direct 和 Earthport 產品，客戶可以通過與 Visa 的單一連接將付款發送到卡或賬戶。

For Payworks, we're extending our pipeline for omnicommerce solutions beyond merchants to include more acquirers who can leverage an integrated CyberSource and Payworks platform.

對於 Payworks，我們正在將全方位商務解決方案的渠道擴展到商家之外，以包括更多可以利用集成 CyberSource 和 Payworks 平台的收單機構。

With Verifi, as we combine this capability with our traditional dispute process, we plan to grow the Verifi client base through our existing merchant and issuer relationships.

借助 Verifi，我們將這種能力與傳統的爭議流程相結合，我們計劃通過我們現有的商家和發行人關係來擴大 Verifi 客戶群。

For the Rambus token capabilities, we look to grow in 2 ways.

對於 Rambus 代幣功能，我們希望以兩種方式增長。

One by deepening relationships with existing Rambus clients through our large portfolio of value-added services; and two, by expanding the tokenization offerings to more alternative payment rails.

一是通過我們龐大的增值服務組合加深與現有 Rambus 客戶的關係；第二，通過將代幣化產品擴展到更多替代支付渠道。

And lastly, network of networks.

最後，網絡網絡。

All of these partnerships and capabilities we discussed as well as many others come together in our offering to provide a powerful network of networks for consumers, businesses and governments to move money to anyone, anywhere.

我們討論的所有這些合作夥伴關係和能力以及許多其他合作夥伴都在我們的產品中結合在一起，為消費者、企業和政府提供強大的網絡網絡，以便將資金轉移到任何地方的任何人。

Each new network endpoint, be it a card, an account or a business, compounds the value of the capabilities we offer to partners and improves the customer experience through a single Visa connection.

每一個新的網絡端點，無論是一張卡、一個賬戶還是一個企業，都會增加我們為合作夥伴提供的功能的價值，並通過單一的 Visa 連接改善客戶體驗。

To close, in 2019, we delivered strong broad-based results, and we made great progress positioning the business for future growth.

到 2019 年結束時，我們取得了廣泛的強勁業績，我們在為未來增長定位業務方面取得了巨大進展。

We deepened partnerships, we expanded access with new players, we increased customer engagement and value-added capabilities and we expanded our acceptance points and our network of networks.

我們深化了合作夥伴關係，擴大了與新參與者的接觸，我們增加了客戶參與度和增值能力，我們擴大了我們的接受點和我們的網絡網絡。

As we look ahead to next year, we're excited to remain the official payment technology partner of the Tokyo 2020 Olympics and Paralympics and the only card accepted at next summer's games.

展望明年，我們很高興繼續成為 2020 年東京奧運會和殘奧會的官方支付技術合作夥伴，並且是明年夏季奧運會唯一接受的卡。

As the world's third-largest economy, Japan is a market that has tremendous growth potential for Visa, and we have an aligned national interest in expanding digital payments.

作為世界第三大經濟體，日本是一個對 Visa 來說具有巨大增長潛力的市場，我們在擴大數字支付方面有著一致的國家利益。

While occurring in Japan, Tokyo 2020 will be a major global media event, projected to be the biggest in history with 7,000 hours of broadcast programming and 3 billion minutes of streamed content in the United States alone.

在日本舉辦的 2020 年東京奧運會將成為一項重大的全球媒體盛會，預計將成為歷史上規模最大的盛會，僅在美國就有 7,000 小時的廣播節目和 30 億分鐘的流媒體內容。

We will aim to expand this platform to Visa clients all over the world and expect to have a record number of sponsorship activations with our partners.

我們的目標是將此平台擴展到世界各地的 Visa 客戶，並期望與我們的合作夥伴進行創紀錄的讚助活動。

As it relates to the 2020 fiscal year, our financial outlook includes annual revenue growth of low double digits and mid-teens adjusted EPS growth on a constant dollar basis.

由於與 2020 財年有關，我們的財務前景包括低兩位數的年收入增長和按固定美元計算的青少年調整後每股收益增長。

Before I turn it over to Vasant to go into a lot more details on our results as well as our 2020 outlook, I want to note that as I look ahead, I'm excited about the multiyear journey we're on to get more involved in all money movement, and I can't recall a time in Visa's history with so much opportunity ahead.

在我將其交給 Vasant 以詳細了解我們的業績以及 2020 年展望之前，我想指出，在我展望未來時，我對我們將要參與的多年旅程感到興奮在所有的資金流動中，我不記得在 Visa 的歷史上曾經有過如此多的機會。

To that end, we want to spend some time with all of you discussing our future growth, so we're going to host an Investor Day on February 11 here in San Francisco.

為此，我們希望花一些時間與大家討論我們未來的發展，因此我們將於 2 月 11 日在舊金山舉辦投資者日。

With that, for more details, let me turn it over to Vasant.

有了這個，更多細節，讓我把它交給 Vasant。

Thank you, Al, and good afternoon, everyone.

謝謝你，Al，大家下午好。

I'll cover fiscal 2019 fourth quarter and full year results before reviewing our outlook for fiscal year 2020.

在回顧我們對 2020 財年的展望之前，我將介紹 2019 財年第四季度和全年的業績。

Building on the momentum from the third quarter, we had a strong finish to 2019.

在第三季度的勢頭的基礎上，我們在 2019 年取得了強勁的成績。

Fiscal fourth quarter net revenues were up 13% on a nominal dollar basis and 15% in constant dollars.

第四財季淨收入按名義美元計算增長 13%，按固定美元計算增長 15%。

GAAP EPS grew 9%.

GAAP每股收益增長9%。

But excluding this quarter's special item related to the MDL litigation as well as a special item in the fourth quarter of last year, non-GAAP EPS grew 21% and 23% in constant dollars.

但不包括本季度與 MDL 訴訟相關的特殊項目以及去年第四季度的特殊項目，非 GAAP 每股收益增長 21% 和 23%，以不變美元計算。

In September 2019, Visa recorded a $370 million accrual in connection with MDL 1720, depositing an additional $300 million into its litigation escrow and taking into account $70 million of earned interest on existing balances.

2019 年 9 月，Visa 記錄了與 MDL 1720 相關的 3.7 億美元應計費用，另外向其訴訟託管存入了 3 億美元，並考慮了現有餘額的 7,000 萬美元的賺取利息。

The funding of the escrow triggered the conversion rate adjustment of Class B common stock to shares of Class A common stock, which has the same effect on EPS as repurchasing $300 million of Class A common stock.

託管資金觸發了 B 類普通股向 A 類普通股的轉換率調整，這對每股收益的影響與回購 3 億美元的 A 類普通股相同。

Our strong performance in the fourth quarter reflected growth across all our key business drivers.

我們在第四季度的強勁表現反映了我們所有關鍵業務驅動因素的增長。

Payments volume growth in constant dollars was consistent with Q3 at 9%.

以固定美元計算的支付量增長與第三季度一致，為 9%。

Credit was up 7%.

信貸增長了 7%。

Debit was up 11%.

借記卡增長了 11%。

Growth excluding China was up 0.5 point, better than Q3 at 10%.

不包括中國在內的增長率上升了 0.5 個百分點，好於第三季度的 10%。

As a reminder, Chinese domestic volumes are impacted by dual-branded card conversion, which have minimal revenue impact.

提醒一下，中國國內銷量受到雙品牌卡轉換的影響，這對收入的影響很小。

U.S. payments volume growth was up 8% with credit growing 7% and debit 10%.

美國支付量增長 8%，信貸增長 7%，借記增長 10%。

Lower fuel prices and travel spending, the lapping of commercial card wins and some slowdown in commercial volume were partially offset by a small benefit from processing days.

較低的燃油價格和旅行支出、商業卡贏取次數的減少以及商業量的一些放緩被處理天數帶來的小幅收益所部分抵消。

International payments volume growth in constant dollars was 10% and 12% excluding China, accelerating approximately 1 point and 1.5 points, respectively.

不包括中國，以固定美元計算的國際支付量增長分別為 10% 和 12%，分別加速約 1 個百分點和 1.5 個百分點。

Growth in CEMEA remains strong and accelerated to 25%.

CEMEA 的增長依然強勁，並加速至 25%。

Latin America accelerated over 2 points to 18% due to wins and strong performance at existing clients.

由於現有客戶的勝利和強勁表現，拉丁美洲增長超過 2 個百分點，達到 18%。

Asia-Pacific excluding China grew 11%, accelerating 1 point mostly due to Japan, Australia and Korea.

亞太地區（不包括中國）增長 11%，增長 1 個百分點，主要是由於日本、澳大利亞和韓國。

Europe excluding the U.K grew 13%, up 0.5.

不包括英國的歐洲增長 13%，增長 0.5。

The U.K. remains weak, but growth has now improved for 2 quarters after hitting a low in March.

英國仍然疲軟，但在 3 月份觸及低點後，增長現在已經連續兩個季度有所改善。

Processed transactions grew 11%, down about 0.5 point from the third quarter mostly due to the U.S. Constant-dollar cross-border growth was consistent with the last quarter, up 7% and up 9% excluding volumes within Europe, which are similar revenue yields as Europe domestic volume.

已處理的交易增長 11%，較第三季度下降約 0.5 個百分點，主要是由於美國不變美元跨境增長與上一季度一致，增長 7%，不包括歐洲內部的交易量增長 9%，這是相似的收入收益率與歐洲國內銷量一樣。

Travel-related growth slowed a bit but was offset by a small pickup in e-commerce growth.

與旅遊相關的增長略有放緩，但被電子商務增長的小幅回升所抵消。

Outbound commerce accelerated from Latin America, Southeast Asia and across most of our CEMEA region.

拉丁美洲、東南亞和我們大部分 CEMEA 地區的出境貿易加速。

Inbound commerce into Europe continues to grow in the mid-teens.

進入歐洲的入境貿易在十幾歲時繼續增長。

Inbound to the U.S. improved slightly but remains weak.

入境美國略有改善，但仍然疲軟。

And growth in the Hong Kong slowed significantly.

香港的增長明顯放緩。

Net revenues grew 13% or 15% in constant dollars with 3 points of positive impact from ASC 606.

淨收入按固定美元計算增長 13% 或 15%，受到 ASC 606 的 3 個積極影響。

The ASC 606 impact was larger than expected based on the final structure of some of our larger client deals, which is a result of how the market has evolved in the 7 quarters since 606 was adopted by most companies.

根據我們一些大型客戶交易的最終結構，ASC 606 的影響比預期的要大，這是由於大多數公司採用 606 以來市場在 7 個季度內的演變情況。

The impact of acquisitions on revenue growth was de minimis.

收購對收入增長的影響微乎其微。

Strong payments volume growth, along with pricing benefits, drove service revenues up 9%.

強勁的支付量增長以及定價優勢推動服務收入增長 9%。

Data processing revenue grew 16%, up 3 points from last quarter primarily due to favorable business mix.

數據處理收入增長 16%，比上一季度增長 3 個百分點，主要是由於有利的業務組合。

International transaction revenue grew 11%, also accelerating 3 points from the third quarter due to a smaller exchange rate drag and higher currency volatility.

國際交易收入增長 11%，也較第三季度加快 3 個百分點，原因是匯率拖累較小且貨幣波動較大。

Other revenues grew 35% from growth in our value-added service as well as ASC 606 impacts.

其他收入增長了 35%，這得益於我們增值服務的增長以及 ASC 606 的影響。

Client incentives were 21.6% of gross revenues.

客戶獎勵佔總收入的 21.6%。

As Al mentioned, we signed a number of significant deals this quarter in addition to the JPMorgan Chase renewal going into effect.

正如 Al 所提到的，除了摩根大通的續約生效之外，我們本季度還簽署了許多重大交易。

Although all the deals we expected to get done this quarter were completed, a number of them were signed late in the quarter.

儘管我們預計本季度完成的所有交易都已完成，但其中一些是在本季度末簽署的。

As such, under ASC 606, the full impact of these deals will be reflected in incentives starting in the first quarter of fiscal year '20.

因此，根據 ASC 606，這些交易的全部影響將反映在從 20 財年第一季度開始的激勵措施中。

GAAP operating expenses were up 18%.

GAAP 運營費用增長了 18%。

Excluding special items this year and last year, expense growth was 11%, largely driven by personnel, marketing and some onetime items.

除去今年和去年的特殊項目，費用增長了 11%，主要是由人員、營銷和一些一次性項目推動的。

Marketing expenses grew 16% due primarily to the adoption of ASC 606.

營銷費用增長 16% 主要是由於採用 ASC 606。

General and administrative expenses grew 30% due to several nonrecurring items from lapping the onetime benefits last year as well as ASC 606 impacts and indirect taxes.

由於去年一次性福利的若干非經常性項目以及 ASC 606 的影響和間接稅，一般和管理費用增長了 30%。

ASC 606 increased reported fourth quarter expense growth by about 2.5 points.

ASC 606 報告的第四季度費用增長增加了約 2.5 個百分點。

The impact of acquisitions on expenses was also minimal.

收購對費用的影響也很小。

Nonoperating expenses once again benefited from investment gains, which were $41 million this quarter.

營業外支出再次受益於本季度 4100 萬美元的投資收益。

These gains were partially offset by lower interest income as a result of falling interest rates.

這些收益被利率下降導致的較低利息收入部分抵消。

Our fourth quarter tax rate was 18.5% on a GAAP basis and 18.9% excluding an $83 million tax benefit from the MDL-related litigation provision.

按公認會計原則計算，我們第四季度的稅率為 18.5%，不包括 MDL 相關訴訟條款的 8300 萬美元稅收優惠為 18.9%。

We repurchased 2.2 million shares of Class A common stock at an average price of $177.28 for $2.2 billion in the quarter.

我們在本季度以 22 億美元的平均價格以 177.28 美元的價格回購了 220 萬股 A 類普通股。

Including our quarterly dividend, we returned $2.7 billion of capital to shareholders in the fiscal fourth quarter.

包括我們的季度股息在內，我們在第四財季向股東返還了 27 億美元的資本。

Finally, we closed on Verifi in mid-September as well as the token services business of Rambus earlier this week.

最後，我們在 9 月中旬關閉了 Verifi 以及本週早些時候 Rambus 的代幣服務業務。

As you know, we had closed on Earthport and Payworks earlier in the quarter.

如您所知，我們在本季度早些時候關閉了 Earthport 和 Payworks。

A quick summary of fiscal year 2019.

2019財年的快速總結。

For fiscal 2019, payments volume grew over 9% in constant dollars and 10% excluding China.

2019 財年，支付量按固定美元計算增長超過 9%，不包括中國在內增長 10%。

Processed transactions growth was steady at 11%.

已處理交易增長率穩定在 11%。

Cross-border volumes were up 6% on a constant basis and 8% excluding volumes within Europe.

跨境交易量持續增長 6%，不包括歐洲境內的交易量增長 8%。

For the full year, net revenues of $23 billion grew 11% or 13% in constant dollars with over 1.5 points of positive impact from ASC 606.

全年淨收入為 230 億美元，按固定美元計算增長 11% 或 13%，ASC 606 帶來了超過 1.5 個百分點的積極影響。

Client incentives were lower than we expected at 21.2% of gross revenues, mostly due to lower incentives from some deals and programs and lower volumes in some parts of the world.

客戶激勵低於我們預期，佔總收入的 21.2%，這主要是由於一些交易和計劃的激勵較低以及世界某些地區的交易量較低。

Operating expenses were up 4% on a GAAP basis but grew 11% excluding special item both this year and last.

按公認會計原則計算，運營費用增長了 4%，但不包括今年和去年的特殊項目，則增長了 11%。

We continue to invest in our growth program given the large opportunities available to expand new payment flows and provide more value-added services to our clients.

我們將繼續投資於我們的增長計劃，因為有大量機會可以擴大新的支付流程並為我們的客戶提供更多增值服務。

Nonoperating expenses were much lower due to higher interest income on our cash balances, lower interest expense as a result of swapping some of our U.S. dollar debt to euro-denominated debt and several nonrecurring investment gains totaling $131 million.

由於我們的現金餘額利息收入增加，由於將部分美元債務轉換為歐元計價債務而降低了利息支出，以及幾項總計 1.31 億美元的非經常性投資收益，因此營業外支出要低得多。

Our tax rate of just under 19% was better than expected due to the application of tax reform rules on foreign income related to FDII and GILTI.

由於對與 FDII 和 GILTI 相關的外國收入適用稅制改革規則，我們略低於 19% 的稅率好於預期。

GAAP EPS grew 20% while non-GAAP EPS increased 18% and 20% in constant dollars.

GAAP 每股收益增長 20%，而非 GAAP 每股收益增長 18% 和 20%（按固定美元計算）。

We returned $10.9 billion in capital to shareholders by repurchasing 56.1 million shares of Class A common stock at an average price of $154.25 for $8.6 billion and by paying a dividend of $2.3 billion.

我們以 86 億美元的平均價格以 154.25 美元的價格回購了 5610 萬股 A 類普通股，並支付了 23 億美元的股息，從而向股東返還了 109 億美元的資本。

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

截至 10 月 21 日，美國支付量增長 8%，美國信貸增長 7%，借記增長 9%。

Processed transactions grew 11%.

已處理的交易增長了 11%。

Cross-border volume on a constant dollar basis grew 8% or 10% excluding cross-border volume within Europe.

不包括歐洲境內的跨境交易量，按固定美元計算的跨境交易量增長了 8% 或 10%。

Moving now to our outlook for fiscal year 2020.

現在轉到我們對 2020 財年的展望。

There's quite a bit of speculation that we're heading into a global economic slowdown.

有相當多的猜測認為我們正在走向全球經濟放緩。

From the numbers we reported for the last 2 quarters, you can see the growth trends of all our key business drivers, payments volumes, processed transaction and cross-border volumes, have been stable.

從我們過去兩個季度報告的數據中，您可以看到我們所有主要業務驅動力、支付量、已處理交易和跨境交易量的增長趨勢一直穩定。

We do not view ourselves as economic forecasters.

我們不認為自己是經濟預測者。

As such, our outlook assumes that the trends, which have been in place for the past couple of quarters, continue through fiscal year 2020.

因此，我們的展望假設過去幾個季度一直存在的趨勢將持續到 2020 財年。

Where we are aware of something specific that could impact the trend either a fiscal year 2020 event or the lapping effect of a fiscal year '19 event, we adjust our outlook accordingly.

如果我們知道可能影響 2020 財年事件或 19 財年事件的重疊效應的特定因素，我們會相應地調整我們的前景。

For net revenues, our outlook assumes low double-digit growth in constant dollars.

對於淨收入，我們的展望假設以不變美元計算的兩位數低增長。

Based on current exchange rates and future expectations, currency translation could be a 1 to 1.5 percentage point drag.

根據當前匯率和未來預期，貨幣換算可能會拖累 1 至 1.5 個百分點。

The 4 acquisitions we completed in the past 4 months are expected to add around 0.5 point to net revenue growth.

我們在過去 4 個月完成的 4 次收購預計將為淨收入增長增加約 0.5 個百分點。

A significant factor impacting fiscal year '20 net revenue growth will be the unusually high volume of renewal activities that Al referred to.

影響 20 財年淨收入增長的一個重要因素將是 Al 提到的異常大量的更新活動。

In an average year, we renew approximately 20% of our payment volume.

平均每年，我們更新約 20% 的付款量。

In fiscal year '19, we renewed about 30% of our payment volume with more than 15% renewed in the fourth quarter alone.

在 19 財年，我們更新了約 30% 的付款量，僅在第四季度就更新了 15% 以上。

This means that the full impact of these renewals will be reflected in fiscal year '20.

這意味著這些續約的全部影響將反映在 20 財年。

Also, our fiscal year '20 renewal activity is front loaded with another 15% to 20% of payments volume expected to be renewed in the first half.

此外，我們的 '20 財年續訂活動預先加載了另外 15% 至 20% 的付款量，預計將在上半年續訂。

As such, we will have renewed about 1/3 of our payments volume over 3 quarters from the fourth quarter of fiscal year '19 to the second quarter of fiscal year '20, which is an unprecedented level of renewal activity.

因此，從 19 財年第四季度到 20 財年第二季度，我們將在 3 個季度內更新約 1/3 的付款量，這是前所未有的更新活動水平。

Between fiscal year '19 and fiscal year '20, we expect to have renewed 4 out of our top 5 U.S. clients, 8 out of our top 10 clients in CEMEA and Latin America, 6 of our top 10 European clients, 5 of our top 10 clients in Asia.

在 '19 財年和 '20 財年之間，我們預計將續簽前 5 個美國客戶中的 4 個、我們在 CEMEA 和拉丁美洲的前 10 個客戶中的 8 個、我們前 10 個歐洲客戶中的 6 個、我們前 10 個客戶中的 5 個亞洲的10個客戶。

We are delighted to have renewed all this business for the foreseeable future, but it will cause a much higher level of incentive growth in fiscal year '20 than we had in fiscal year '19 or in recent years.

我們很高興在可預見的未來更新了所有這些業務，但這將在 20 財年帶來比我們在 19 財年或近年來更高水平的激勵增長。

As such, we expect our client incentives as a percent of gross revenues to climb to the 22.5% to the 23.5% range in fiscal year '20.

因此，我們預計我們的客戶激勵措施佔總收入的百分比將在 20 財年攀升至 22.5% 至 23.5% 的範圍。

In terms of pricing, through the first half of fiscal year '20, we will continue to benefit from FY '19 pricing actions.

在定價方面，到 20 財年上半年，我們將繼續受益於 19 財年的定價行動。

Fiscal year '20 pricing action impacts our revenues starting midyear and are smaller in magnitude than fiscal year '19 pricing.

'20 財年定價行動從年中開始影響我們的收入，並且幅度小於 '19 財年定價。

As such, the pricing benefit in service revenues and international transaction revenues will be lower in the second half.

因此，下半年服務收入和國際交易收入的定價收益將降低。

Our outlook assumes core expense growth in the mid to high single-digit range in constant dollars.

我們的展望假設核心費用增長在中高個位數範圍內，以不變美元計算。

Based on current exchange rate and future expectations, reported expense growth could be 1 to 1.5 points lower in nominal dollars.

根據當前匯率和未來預期，以名義美元計，報告的費用增長可能會降低 1 至 1.5 個百分點。

The 4 acquisitions will add 3 to 4 points to expense growth.

4 次收購將使費用增長增加 3 到 4 個點。

In terms of core expense growth, as you all know, we have stepped up our level of investment in the past couple of years to capture the exciting opportunities we have to build revenues from new payment flows and value-added services.

眾所周知，在核心支出增長方面，我們在過去幾年中提高了投資水平，以抓住令人興奮的機會，從新的支付流程和增值服務中獲得收入。

We will continue these investments into fiscal year '20 and beyond to sustain double-digit revenue growth.

我們將在 20 財年及以後繼續這些投資，以保持兩位數的收入增長。

As a reminder, 2020 is also an Olympics year.

提醒一下，2020年也是奧運年。

We expect Tokyo 2020 to be a significant brand-building opportunity, and we'll invest accordingly.

我們預計 2020 年東京奧運會將成為一個重要的品牌建設機會，我們將相應地進行投資。

The 3 to 4 additional points of expense growth from acquisition is driven by their run rate expenses as well as onetime cost to integrate these acquisitions and the impact of purchase accounting, i.e.

收購帶來的 3 到 4 個額外費用增長點是由他們的運營費用以及整合這些收購的一次性成本和採購會計的影響所驅動的，即

intangible amortization.

無形攤銷。

The nonoperating income/expense line includes 3 major items: interest expenses to service our outstanding debt interest income from our cash balances and gains or losses from our investment both realized and unrealized since we have to mark our investments to market each quarter based on observable prices.

營業外收入/支出項目包括 3 個主要項目：償付未償債務的利息支出 來自現金餘額的利息收入以及已實現和未實現的投資收益或損失，因為我們必鬚根據可觀察的價格將每個季度的投資標記為市場.

In fiscal year '19, we recorded a total of $131 million in investment gains, over $0.04 per share.

在 19 財年，我們的投資收益總額為 1.31 億美元，每股超過 0.04 美元。

The bulk of them in the second quarter at $84 million and $41 million in the fourth quarter.

其中大部分在第二季度為 8400 萬美元，在第四季度為 4100 萬美元。

As is our practice, we do not assume any investment gains or losses in our outlook since these are neither predictable nor recurring.

按照我們的慣例，我們不會在我們的展望中假設任何投資收益或損失，因為這些既不可預測也不會反復出現。

As we have done this year, we will specifically identify the amount of investment gains or losses, if any, that we'll record at each quarter in fiscal year '20.

正如我們今年所做的那樣，我們將具體確定我們將在 20 財年每個季度記錄的投資收益或損失金額（如果有）。

Interest income in FY '20 is expected to be significantly lower due to the declining interest rates as well as somewhat lower cash balances since we use cash on hand to fund all our acquisitions and investments.

由於利率下降以及現金餘額略低，因為我們使用手頭現金為我們所有的收購和投資提供資金，預計 20 財年的利息收入將顯著降低。

Interest expenses will be lower as we get the full year benefit of the swaps we executed in fiscal year '19.

隨著我們從 19 財年執行的掉期中獲得全年收益，利息費用將會降低。

Our expectation is for a tax rate in the range of 19% to 19.5% for fiscal year '20.

我們預計 20 財年的稅率在 19% 到 19.5% 之間。

At this point, we're assuming a rate in the lower half of this range.

在這一點上，我們假設一個比率在這個範圍的下半部分。

There's a considerable amount of tax-related activity by governments around the world which we are closely monitoring to assess any impact on our taxes as well as mitigating actions we can take.

世界各國政府開展了大量與稅收相關的活動，我們正在密切關注這些活動，以評估對我們稅收的任何影響以及我們可以採取的緩解措施。

As always, we will provide updates, if any, to our tax rate expectation as the year progresses.

與往常一樣，我們將隨著年度的進展提供我們對稅率預期的更新（如果有的話）。

Putting all this together gets us to an adjusted fiscal year 2020 EPS growth in the mid-teens in constant dollars.

將所有這些放在一起，我們可以將 2020 財年調整後的每股收益增長到十幾歲，以不變美元計算。

This adjusted EPS growth excludes the 4 acquisitions we just completed and is built off a fiscal year '19 EPS of $5.40.

調整後的每股收益增長不包括我們剛剛完成的 4 次收購，並建立在 19 財年每股收益 5.40 美元的基礎上。

$5.40 is our reported non-GAAP fiscal year '19 EPS and approximately $0.04 of investment gains excluded.

5.40 美元是我們報告的 19 財年非公認會計準則每股收益，不包括大約 0.04 美元的投資收益。

Exchange rates could reduce reported EPS growth by 1 to 1.5 points.

匯率可能會使報告的每股收益增長減少 1 至 1.5 個百分點。

Dilution from acquisition is expected to be in the $0.05 to $0.06 range, a 1 point drag on EPS growth.

收購稀釋預計在 0.05 美元至 0.06 美元之間，拖累每股收益增長 1 個百分點。

Revenue expense and EPS growth could vary modestly from quarter-to-quarter.

收入支出和每股收益增長可能會因季度而略有不同。

Q1 revenue growth is expected to be weaker than the full year due to lapping higher currency volatility in fiscal year '19 as well as client incentive climbing to the 22.5% to 23.5% of gross revenue range.

由於 19 財年貨幣波動加劇以及客戶激勵攀升至總收入範圍的 22.5% 至 23.5%，預計第一季度收入增長將低於全年。

Q3 could be our lowest growth quarter as we lap fiscal year '19 pricing actions that were larger than what is planned for this year as well as expected heavy first half renewal activity.

第三季度可能是我們增長最低的季度，因為我們在 19 財年的定價行動超過了今年的計劃以及預期的上半年大量更新活動。

Q4 is likely to be the highest revenue growth quarter as we lap recent deal activity and potentially lower exchange rate headwinds.

第四季度可能是收入增長最高的季度，因為我們關注了最近的交易活動和潛在的較低匯率逆風。

Expense growth will be higher in the first half of the year as we continue investment initiatives started in the second half of fiscal year '19.

隨著我們繼續在 19 財年下半年開始的投資計劃，今年上半年的費用增長將更高。

Q1 expense growth is expected to be in line with this past quarter.

預計第一季度費用增長將與上一季度持平。

Q2 expense growth will be higher as marketing expenses ramp up relative to a low level of spend last year.

隨著營銷費用相對於去年的低水平支出增加，第二季度的費用增長將更高。

The fourth quarter is likely to have the lowest expense growth as we lap some onetime items.

由於我們對一些一次性項目進行了處理，第四季度的費用增長可能最低。

As a result, EPS growth would be lowest in the second quarter and highest in the fourth quarter of fiscal year '20.

因此，每股收益增長將在第二季度最低，在 20 財年第四季度最高。

Moving on to capital, cash flow, dividends and buybacks.

繼續討論資本、現金流、股息和回購。

Capital spending in fiscal year '20 is likely to be around $800 million, up a little over 10%.

20 財年的資本支出可能約為 8 億美元，增幅略高於 10%。

Based on our earnings outlook and capital spending plans, free cash flow from operation is anticipated to be in excess of $12 billion, and we anticipate returning at least $12 billion to shareholders in dividends and stock buybacks.

根據我們的盈利前景和資本支出計劃，來自運營的自由現金流預計將超過 120 億美元，我們預計至少向股東返還 120 億美元的股息和股票回購。

The Visa Board has authorized a 20% increase in our quarterly dividend to $0.30 for the first quarter of fiscal '20, in line with our dividend policy.

根據我們的股息政策，Visa 董事會已授權將 20 財年第一季度的季度股息增加 20% 至 0.30 美元。

This puts our payout ratio in the 20% to 25% range.

這使我們的派息率在 20% 到 25% 之間。

In summary, fiscal year 2019 was another year of strong growth for Visa.

總之，2019 財年是 Visa 又一個強勁增長的一年。

While delivering in the short term, we have continued to invest significantly in long-term growth programs in our core C2B business, in developing a broad range of new payment flows across P2P, B2C and B2B as well as our expanding suite of value-added services.

在短期交付的同時，我們繼續大力投資於我們核心 C2B 業務的長期增長計劃，開發跨 P2P、B2C 和 B2B 的廣泛新支付流程，以及我們不斷擴大的增值套件服務。

We acquired 4 companies that substantially expand our capabilities on multiple fronts.

我們收購了 4 家公司，這些公司大大擴展了我們在多個方面的能力。

This is a time of unprecedented opportunity in our business.

這是我們業務中前所未有的機遇時期。

Partnerships have always been a force multiplier for us to drive growth in our credentials, add more points of acceptance and develop more use cases on our rails.

合作夥伴關係一直是我們推動證書增長、增加更多接受點並在我們的軌道上開發更多用例的力量倍增器。

As Al described again this quarter, we continue to add exciting new and significant partners globally with win-win propositions for both parties.

正如 Al 本季度再次描述的那樣，我們將繼續在全球範圍內增加令人興奮的新的重要合作夥伴，為雙方提供雙贏的主張。

As we look ahead, we expect to sustain revenue and EPS growth momentum into fiscal year 2020, assuming no material change in macroeconomic conditions.

展望未來，假設宏觀經濟狀況沒有重大變化，我們預計將在 2020 財年保持收入和每股收益增長勢頭。

We have renewed about 30% of our payments volume in fiscal year '19 with another 20-plus percent slated for renewal in fiscal year '20.

我們在 19 財年續簽了約 30% 的付款量，另外 20% 將在 20 財年續簽。

While this will cause a large jump in incentive in fiscal year '20, we are pleased to have renewed a significant portion of our largest client for the foreseeable future.

雖然這將導致 20 財年的激勵大幅增加，但我們很高興在可預見的未來續約了我們最大客戶的很大一部分。

We will also continue to invest at a healthy clip in long-term growth initiatives, and integrating the 4 acquisitions is a critical priority.

我們還將繼續以健康的方式投資於長期增長計劃，整合這四項收購是一個關鍵優先事項。

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 David Koning from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 David Koning。

And I guess just 2 kind of quick questions.

我想只有兩種快速的問題。

First of all, incentives growth.

首先，激勵增長。

You kind of mentioned, it's much higher than normal this year.

你有點提到，今年比平時高得多。

Is it high enough than normal with some onetime items kind of with renewals in there that, that out-year might actually be stable or even down maybe?

它是否比正常情況下的一些一次性項目足夠高，其中有些續訂，那一年實際上可能是穩定的，甚至可能下降？

And then the second is quick one just on 606.

然後第二個是快速的，就在 606 上。

Is that all completely now in the past, no other adjustments kind of in the '20?

現在這一切都完全過去了嗎，在 20 年沒有其他調整？

Yes.

是的。

On the second question, yes, 606 is behind us.

關於第二個問題，是的，606 落後了。

So now when you compare '20 to '19, it's apples-to-apples.

所以現在當你比較 '20 和 '19 時，它是蘋果對蘋果的。

And as per the requirements, we'll no longer be reporting numbers with and without 606, et cetera.

根據要求，我們將不再報告有和沒有 606 等的數字。

So that's fairly clean.

所以這是相當乾淨的。

In terms of your question about what happens in the future.

關於你關於未來會發生什麼的問題。

Clearly, I mean having all this renewal activity come in from the fourth quarter, really, you see the full effect in 2020 for the full year.

顯然，我的意思是讓所有這些更新活動從第四季度開始，真的，你會看到 2020 年全年的全部影響。

And then you have the additional renewals in the first half.

然後你在上半年有額外的續約。

As we lap them, I mean, given that we would have renewed about 50% of our business over the 2 years, you would expect to see some moderation in the growth in incentives.

我的意思是，當我們將它們圈起來時，鑑於我們將在 2 年內更新約 50% 的業務，您會期望看到激勵措施的增長會有所放緩。

So that should be expected.

所以這應該是可以預料的。

Obviously, we don't provide any long-term outlook on the trend in incentives.

顯然，我們沒有提供任何關於激勵趨勢的長期展望。

It's a function of marketplace conditions.

這是市場條件的函數。

But there's no question that when you renew 1/3 of your business over a 3-quarter period that it will have a material impact on the rate of growth.

但毫無疑問，當您在 3 個季度期間更新 1/3 的業務時，將對增長率產生重大影響。

And then as you lap it, it should help.

然後當你搭上它時，它應該會有所幫助。

Our next question comes from Harshita Rawat from Bernstein.

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

My question is on your comments in partnerships.

我的問題是關於您對夥伴關係的評論。

A few years ago, many of the digital wallets around the world were perceived to be a risk for you.

幾年前，世界各地的許多數字錢包都被認為對你構成風險。

And recently, many of them have started to look more like partners as they refine their monetization strategy.

最近，他們中的許多人開始看起來更像是合作夥伴，因為他們改進了他們的貨幣化策略。

So if I look at some of these sort of lingering competitive risk, for example, the domestic networks, can you talk about where are we in that journey that they could look less like competitors and more like partners?

因此，如果我看看其中一些揮之不去的競爭風險，例如國內網絡，你能談談我們在這段旅程中的哪些位置，他們可能看起來不像競爭對手而更像合作夥伴？

Thinking of your comment in providing network-agnostic services such as tokenization and some of these alternative networks, it would be great if you can elaborate on that.

考慮到您在提供與網絡無關的服務（例如標記化和其中一些替代網絡）方面的評論，如果您能詳細說明這一點，那就太好了。

Sure.

當然。

Thank you, Harshita.

謝謝你，哈希塔。

Look, a lot of these players started out in a different business, then they realize that because of, in many cases, unbanked parts of the population, they end up developing wallets and they start off with having them be, in essence, a closed loop network that is within their world.

看，這些玩家中的許多人都是從不同的行業開始的，然後他們意識到，在許多情況下，由於部分人口沒有銀行賬戶，他們最終開發了錢包，並且開始時讓錢包本質上是封閉的在他們的世界中的循環網絡。

And then as they become bigger and we end up having discussions with them, we can -- they realize that we can bring a lot of things to them in terms of our global reach, cross-border capabilities, the ability to provide products that can be used to purchase in e-commerce capabilities, to increase security like tokenization.

然後隨著他們變得更大，我們最終與他們進行討論，我們可以——他們意識到我們可以為他們帶來很多東西，比如我們的全球影響力、跨境能力、提供能夠用於購買電子商務功能，以提高令牌化等安全性。

And then they, by the way, can help us grow by being both an issuer and acquirer for us.

順便說一句，他們可以通過成為我們的發行人和收購人來幫助我們成長。

So I think that there's -- as we sit down and we increasingly talk to these providers around the world, they see an ability to provide a better customer experience with greater reach for their clients and the same for us.

所以我認為，當我們坐下來，我們越來越多地與世界各地的這些供應商交談時，他們看到了為他們的客戶提供更好的客戶體驗的能力，對我們來說也是如此。

And it's just good for both companies' businesses.

這對兩家公司的業務都有好處。

Our next question comes from Ramsey El-Assal from Barclays Global.

我們的下一個問題來自 Barclays Global 的 Ramsey El-Assal。

I had a somewhat similar question about you guys moving more into other ancillary business lines through fintech partnerships and M&A.

關於你們通過金融科技合作和併購更多地進入其他輔助業務領域，我有一個類似的問題。

How do you manage the risk of channel conflict with your existing customers if you're stepping a little bit more on the toes of folks who are in the network businesses in terms of moving money between banks or maybe people who are acquirers, who are offering omnichannel solutions like Payworks?

如果您在銀行之間轉移資金方面對從事網絡業務的人或者可能是收單方的人提供更多服務，那麼您如何管理與現有客戶發生渠道沖突的風險像 Payworks 這樣的全渠道解決方案？

Is there a risk that you kind of disrupt the value chain kind of moving into these other areas?

您是否有可能破壞價值鏈並進入這些其他領域？

Well, Ramsey, today we have 1,600 -- 16,000, I'm sorry, financial services clients around the globe, and they come in all kinds of shapes and sizes.

好吧，拉姆齊，今天我們有 1,600 - 16,000 名，對不起，全球金融服務客戶，他們有各種形狀和大小。

And the reality is that many of these new players that are coming into the marketplace are attracting new segments of the market and they're bringing new capabilities that are accelerating the growth of digital payments and the acceleration of moving from cash and check to digital forms of payment.

現實情況是，許多進入市場的新參與者正在吸引新的市場細分，他們帶來了加速數字支付增長以及從現金和支票向數字形式轉變的新功能的付款。

In many cases, we, in fact, are opening up the capability for our existing traditional clients to get their credentials involved in places that they probably otherwise wouldn't have been able to get them, but for us, forming partnerships with some of these new types of players.

事實上，在許多情況下，我們正在為我們現有的傳統客戶開放他們的證書，讓他們的證書參與他們可能無法獲得的地方，但對我們來說，與其中一些建立合作夥伴關係新型玩家。

So I think in many of the cases, it becomes additive for everybody in the payment system.

所以我認為在很多情況下，它對支付系統中的每個人來說都是附加的。

It becomes additive for our traditional bank partners.

它成為我們傳統銀行合作夥伴的補充。

It becomes additive for the fintech or the wallet or the neobank player, and it becomes additive for Visa.

它成為金融科技或錢包或新銀行玩家的添加劑，它成為 Visa 的添加劑。

So it is something that we certainly remain focused on.

所以這是我們當然會繼續關注的事情。

But it's all about growing the industry for all of the players in the ecosystem.

但這一切都是為了為生態系統中的所有參與者發展行業。

So Ramsey, I mean from our standpoint, the question you raised is a question we talk about all the time.

所以拉姆齊，我的意思是從我們的角度來看，你提出的問題是我們一直在談論的問題。

This is a business built on partnerships.

這是建立在夥伴關係之上的業務。

This is a business where partnerships are very much, as I said in my comments, a force multiplier.

正如我在評論中所說，這是一個夥伴關係非常重要的業務，是一種力量倍增器。

In every situation, we have a very explicit conversation around things that we partner to do and things that we can do -- we should do ourselves.

在每種情況下，我們都會圍繞我們合作做的事情和我們可以做的事情進行非常明確的對話——我們應該自己做。

And to the extent that it is a channel conflict question, we have very clearly steered clear of those areas.

就渠道沖突問題而言，我們已經非常明確地避開了這些領域。

And so when we have those kinds of issues, we typically partner.

因此，當我們遇到這類問題時，我們通常會合作。

And where we don't, that's when you might find us actually offering the service ourselves.

如果我們不這樣做，那麼您可能會發現我們實際上自己提供服務。

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。

Cross-border growth looked like it accelerated a bit, I think 8% in October.

跨境增長看起來有點加速，我認為 10 月份為 8%。

And there's been questions around macro trends and potentially slower cross-border just globally in September, October from different parts of the ecosystem.

並且在 9 月和 10 月，來自生態系統不同部分的宏觀趨勢和跨境可能放緩的問題一直存在。

And just it doesn't look like you're seeing that.

只是它看起來不像你看到的那樣。

So maybe just if you can give us some comment on what you're seeing in cross-border trends, a bit more granularity.

因此，也許您可以就您在跨境趨勢中看到的內容給我們一些評論，更詳細一點。

And then Vasant, it also looks like revenue growth accelerated in the international fees.

然後是 Vasant，看起來國際費用的收入增長也加速了。

I know there was pricing earlier in the year on cross-border, but FX vol had weighed some of that down last quarter.

我知道今年早些時候有跨境定價，但外匯交易量在上個季度影響了其中的一部分。

So are we now seeing -- was that better this quarter?

那麼我們現在看到 - 本季度是否更好？

Are we seeing the full flow-through of pricing there?

我們是否看到那裡的定價完全流通？

On the second question, yes.

關於第二個問題，是的。

I mean the full impact of pricing is visible in the second half, and it is definitely visible on the international revenues line.

我的意思是定價的全部影響在下半年可見，而且在國際收入線上也絕對可見。

It also is the case that some of it was muted in the third quarter because, as you know, that line also includes some exchange -- FX revenues, and the third quarter had some of the lowest volatility in 5 years.

情況也是如此，其中一些在第三季度被忽略了，因為如你所知，該行還包括一些交易所——外匯收入，第三季度的波動性是 5 年來最低的。

And the fourth quarter saw some improvement.

第四季度有所改善。

Volatility was still low, relatively speaking, but it was improved from the third quarter.

相對而言，波動性仍然較低，但較第三季度有所改善。

So the benefits of pricing, which were largely washed out by low volatilities in the third quarter were more visible in the fourth quarter.

因此，在第三季度大部分被低波動性抵消的定價優勢在第四季度更加明顯。

But you're right, that pricing is showing up in that international revenues line.

但你是對的，定價顯示在國際收入線中。

In terms of your first question on cross-border trends.

關於你關於跨境趨勢的第一個問題。

Cross-border trends, as I indicated, looked pretty good all over the place.

正如我所指出的，跨境趨勢在各地看起來都相當不錯。

We highlighted some areas where they were stronger like CEMEA, like Southeast Asia.

我們強調了一些他們更強大的領域，比如 CEMEA，比如東南亞。

Inbound into Europe has stayed strong for quite a while in the mid-teens.

在十幾歲的時候，進入歐洲的入境人數一直保持強勁。

This excludes, what we call, the intra-Europe cross-border transaction.

這不包括我們所說的歐洲內部跨境交易。

Inbound to the U.S., which we -- which is a sizable business for us, improved a bit, but it's still quite weak.

入境美國，我們 - 這對我們來說是一項相當大的業務，有所改善，但仍然很弱。

So the strong dollar is certainly holding down inbound to the U.S. There were spots of weakness, as you might expect, like inbound to Hong Kong, in fact, both in and outbound to Hong Kong.

所以強勢美元肯定會抑制美國的入境。正如你所料，有一些弱點，比如入境香港，事實上，無論是在香港還是在香港。

But by and large, we saw good improvement in Latin America, good improvement in parts of Asia, certainly strong inbound to Europe.

但總的來說，我們看到拉丁美洲有很好的改善，亞洲部分地區也有很好的改善，歐洲的入境肯定很強勁。

So no real indication that there's any change in trend.

所以沒有真正的跡象表明趨勢有任何變化。

I think there was -- we said there was some slowdown in travel, but it was more than made up for improvements in e-commerce.

我認為有 - 我們說旅行有所放緩，但這足以彌補電子商務的改善。

So I'd say stable to improving is probably the best way to describe it.

所以我想說從穩定到改進可能是最好的描述方式。

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 had a question about this -- I think your words were unprecedented levels of renewal activity, and I'm thinking in terms of historically it's been 20%, so it would have been parsed out a little bit more evenly.

我對此有一個問題——我認為你的話是前所未有的更新活動水平，我認為從歷史上看它是 20%，所以它會被更均勻地解析出來。

This is clearly more of a compression cycle.

這顯然更像是一個壓縮循環。

So the question is, is it driven by competition?

所以問題是，它是由競爭驅動的嗎？

Is it like strategic positioning on your part?

這就像你的戰略定位嗎？

Or is it important to like lock down your partners today so you can drive all this new innovation through their distribution asset?

還是今天鎖定您的合作夥伴很重要，這樣您就可以通過他們的分銷資產推動所有這些新的創新？

Just trying to think through that.

只是想通過它。

Dan, every year we go in a year, there's a couple of deals that come up that were not necessarily up for renewal.

丹，我們在一年中的每一年，都會出現一些不一定要更新的交易。

It happens during the course of the year, and they can occur because there's senior discussion about, hey, why don't we extend our relationship and be able to focus on growth over the next couple of years.

它發生在一年中，它們可能會發生，因為有高層討論，嘿，我們為什麼不延長我們的關係並能夠在未來幾年專注於增長。

And this year was no different.

今年也不例外。

There were a couple of deals that were early renewals that just as it happens every year, but they were just a couple of the bigger clients of ours, with Chase leading the pack in that category.

有幾筆交易是提前續約的，就像每年都會發生的那樣，但它們只是我們的幾個大客戶，大通在該類別中處於領先地位。

And that's really what drove the number up to the 30% level from kind of a norm of around 20%.

這確實是推動這一數字從 20% 左右的正常水平上升到 30% 水平的真正原因。

And the bunching of it sort of around the fourth quarter and the first half, that's just some timing that happens within the year.

並且它在第四季度和上半年左右聚集在一起，這只是一年內發生的一些時間。

So it just so happens that it all is happening over the 3 quarter period where we have 1/3 of our business renewing.

所以碰巧這一切都發生在我們有 1/3 的業務更新的 3 個季度期間。

That's a little bit of the -- just things moving around a bit and bunching around 3 quarters.

這只是一點點 - 只是事情有點移動並聚集在 3 個季度左右。

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

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

I just want to ask on the outlook.

我只是想問一下前景。

The fiscal '20 revenue growth guidance looks pretty consistent with what you expected for fiscal '19 a year ago.

'20 財年的收入增長指引看起來與你一年前對 '19 財年的預期非常一致。

So do you see any major differences in sources of growth expected this year?

那麼，您認為今年預期的增長來源有什麼重大差異嗎？

I heard the incentives outlook, sounds like it's a little bit tougher.

我聽說了激勵前景，聽起來有點難。

So what might get better to offset that?

那麼什麼可能會更好地抵消呢？

Is it pricing?

是定價嗎？

Is it higher expectation for certain products or maybe certain geographies?

是對某些產品還是對某些地區有更高的期望？

Anything you can share there?

有什麼可以分享的嗎？

Sure.

當然。

We have some benefit in the U.S. because we start for lap the Cabela's conversion.

我們在美國有一些好處，因為我們從 Cabela 的改裝開始。

Internationally, we have some wins and we have a couple of our conversions moving away from us happening.

在國際上，我們取得了一些勝利，我們的一些轉變正在遠離我們發生。

So there's -- I'd say that's a little bit of awash.

所以有 - 我會說這有點氾濫。

If you look at our cross-border business, our second half trends are somewhat better than our first half, especially fourth quarter.

如果你看我們的跨境業務，我們下半年的趨勢比上半年要好一些，尤其是第四季度。

And we are sort of assuming the second half trends are what continue going forward.

我們有點假設下半年的趨勢是繼續前進。

And as you can see, that is continuing.

正如你所看到的，這種情況還在繼續。

The pricing impact is actually smaller in 2020.

2020 年的定價影響實際上較小。

We get the benefits of the '19 pricing through the first half, but it is lower in 2020.

我們在上半年獲得了 '19 定價的好處，但在 2020 年會更低。

So the second half pricing benefit is smaller.

所以下半年定價收益較小。

Especially in the service revenue line and in the international transactions line, you should see that.

尤其是在服務收入線和國際交易線中，您應該看到這一點。

The other area of growth is our value-added services and new payment flow services like Visa Direct, like B2B where we expect some strong growth to continue.

另一個增長領域是我們的增值服務和新的支付流程服務，如 Visa Direct，如 B2B，我們預計將繼續強勁增長。

We had good growth this year, as you saw.

如您所見，我們今年增長良好。

We expect strong growth to continue next year.

我們預計明年將繼續強勁增長。

So if you were to look at what are the above-average growth parts of the business, it's new payment flows and it's value-added services, and those are clearly helping.

因此，如果您要查看業務中高於平均水平的增長部分是什麼，那就是新的支付流程和增值服務，這些顯然是有幫助的。

On the flip side, the higher incentives will be something that we have to contend with that we didn't have last year.

另一方面，更高的激勵措施將是我們必須應對的，而我們去年沒有。

Unfortunately, exchange rates, which even 3 to 4 months ago looked like may not be a drag, now are looking like could be a drag of roughly the same magnitude as we had in fiscal year '19.

不幸的是，匯率，即使在 3 到 4 個月前看起來也可能不是拖累，現在看起來可能與我們在 19 財年的拖累程度大致相同。

So those are some of the pluses and minuses.

所以這些是一些優點和缺點。

And in terms of the underlying macro conditions, we were fairly clear that we're assuming that the trends we've seen in the last 2 quarters are the ones that will persist.

就潛在的宏觀條件而言，我們相當清楚，我們假設我們在過去兩個季度看到的趨勢將持續存在。

Tien-Tsin, the only thing I would add too related to everything that Vasant said is we're going to continue to invest in the business.

Tien-Tsin，我唯一要補充的與 Vasant 所說的一切有關的是，我們將繼續投資該業務。

We think there's a lot of opportunity to invest, so continuing to invest in the various levers that we think can grow the business over the next number of years.

我們認為有很多投資機會，因此繼續投資於我們認為可以在未來幾年發展業務的各種槓桿。

But these acquisitions adding 3 or 4 points to our expense growth, we're going to have some -- we're going to have a healthy level of expense and investment in the business.

但是這些收購為我們的費用增長增加了 3 或 4 個百分點，我們將會有一些 - 我們將在業務中擁有健康的費用和投資水平。

Our next question comes from Moshe Katri from Wedbush.

我們的下一個問題來自 Wedbush 的 Moshe Katri。

Can we talk a bit about the SRC rollout?

我們能談談 SRC 的推出嗎？

What are you going to do differently this time just to get better traction?

為了獲得更好的牽引力，這次您將採取哪些不同的做法？

Maybe you can talk a bit about that.

也許你可以談談這個。

And then maybe some more color about the U.K. because it seems that based on what you're saying, things may be improving on that part of the business.

然後可能對英國有更多的色彩，因為根據你所說的，這部分業務的情況可能正在改善。

So Moshe, I didn't understand what we've -- I know SRC, but what -- when you said what will happen this time versus some other time.

所以 Moshe，我不明白我們所知道的——我知道 SRC，但是什麼——當你說這次與其他時間會發生什麼時。

This is -- I presume you might be referring to Visa Checkout.

這是 - 我想您可能指的是 Visa Checkout。

As I said a number of times, the reality is that we, the various network players, really have not heretofore done a good job in terms of the e-commerce checkout experience.

正如我多次說過的，現實是，我們這些網絡玩家在電子商務結賬體驗方面確實做得併不好。

The fact that we put merchants in a position where they have to have a connection via each -- for each of the networks and then everybody has their own version of Checkout is difficult for merchants.

事實上，我們將商家置於他們必須通過每個網絡建立連接的位置，然後每個人都有自己的 Checkout 版本，這對商家來說很困難。

It's confusing for consumers, and it's leading to some unpleasant friction in the e-commerce situation.

這讓消費者感到困惑，並導致電子商務形勢出現一些不愉快的摩擦。

So all of us now are going to abandon our proprietary offering.

因此，我們所有人現在都將放棄我們的專有產品。

But because those proprietary offerings are out there like Visa Checkout, it's going to make for a much more streamlined way to get to critical mass fairly quickly.

但是因為這些專有產品就像 Visa Checkout 一樣，它將會提供一種更加簡化的方式來相當快地達到臨界質量。

As a reminder, in the case of Visa, we have 52 million Visa Checkout users, and we have 350,000 merchants on Visa Checkout.

提醒一下，以 Visa 為例，我們有 5200 萬 Visa Checkout 用戶，我們在 Visa Checkout 上有 350,000 家商戶。

So we would expect that the conversion of those 350,000 merchants will be relatively easy -- there's a little bit of work, but relatively easy, easier than people who have not been signed up for Visa Checkout or Masterpass, for example, in the case of Mastercard.

因此，我們預計這 350,000 家商戶的轉換將相對容易 - 有一些工作，但相對容易，比沒有註冊 Visa Checkout 或 Masterpass 的人更容易，例如，在萬事達。

It's just that the timing of the year now, as we're getting to the end of October, we'll see some more merchants come on board in the coming weeks.

只是現在是今年的時機，隨著我們即將到 10 月底，我們將在接下來的幾週內看到更多的商家加入。

But as we get into the holiday season, most everybody kind of resists putting any kind of change into the payments ecosystem.

但是隨著我們進入假日季節，大多數人都拒絕對支付生態系統進行任何形式的改變。

So I think we'll have a period where we'll have some merchants come on board.

所以我認為我們會有一段時間讓一些商人加入。

We'll get out -- work out the kinks with those merchants.

我們會出去——和那些商人一起解決問題。

And then after the holiday season, I expect to see a major pickup in the adoption of the SRC.

然後在假期過後，我預計 SRC 的採用率會大幅上升。

And again, I think we'll have a great head start because of the 52 million users we have on Visa Checkout and the 350,000 merchants that they're using it on.

再說一次，我認為我們將有一個很好的開端，因為我們在 Visa Checkout 上擁有 5200 萬用戶以及他們正在使用它的 350,000 家商家。

So that's what gives me confidence that we'll get there.

所以這就是讓我相信我們會到達那裡的原因。

It's a better user experience, it's a better merchant experience.

這是更好的用戶體驗，是更好的商家體驗。

And we plumped a lot of the capability to get the SRC button up by what -- the work we did for Visa Checkout.

我們通過我們為 Visa Checkout 所做的工作增加了很多功能來啟動 SRC 按鈕。

Our next question comes from Sanjay Sakhrani from KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Vasant, I guess the client incentive ranges, on the upper end generally, it's been fairly conservative.

Vasant，我猜客戶的激勵範圍，一般來說，在高端，這是相當保守的。

As we look out to the 2020 numbers, I mean can you just walk us through sort of what's baked into -- at the upper end?

當我們關注 2020 年的數字時，我的意思是，你能不能帶我們了解一些已經融入的東西——在高端？

And then secondly, on the 3% to 4% expense growth related to M&A, how much of it is investments?

其次，在與併購相關的 3% 到 4% 的費用增長中，有多少是投資？

And how quickly can we make these investments profitable?

我們能多快讓這些投資盈利？

Sure.

當然。

On the client incentives, given that the renewal -- 30% of our business was renewed in fiscal year '19 and more than half of that was in the fourth quarter, that's done.

在客戶激勵方面，鑑於續約——我們 30% 的業務在 19 財年續約，其中一半以上是在第四季度，這已經完成。

So those incentives are pretty well known.

所以這些激勵措施是眾所周知的。

And the only reason they would be different is the volumes are different.

它們不同的唯一原因是數量不同。

But otherwise, that should be pretty locked in.

但除此之外，這應該是相當鎖定的。

There's another, we said, 15% to 20% that is slated for renewal in the first half.

我們說，還有一個 15% 到 20% 計劃在上半年更新。

And therefore, we should know about that fairly quickly.

因此，我們應該很快知道這一點。

So I would say, yes, in the last couple of years, we've ended up being lower than we expected given how much is already renewed and given how front loaded 2020 looks.

所以我想說，是的，在過去的幾年裡，考慮到已經更新了多少，以及考慮到 2020 年的前裝情況，我們最終的價格低於我們的預期。

I think you should assume that the range we've provided you is the range.

我認為您應該假設我們為您提供的範圍是范圍。

Where exactly we'll be in the range may depend a little bit on some timing but not a lot.

我們將在範圍內的確切位置可能取決於一些時間，但不是很多。

And we will get to that range pretty fast.

我們將很快達到這個範圍。

As we said on the -- as I said in my comments, you should see us in the range as early as the first quarter.

正如我們所說 - 正如我在評論中所說，你應該早在第一季度就看到我們在這個範圍內。

So that's the point of view on incentives.

這就是激勵的觀點。

In terms of acquisitions, we said that the revenue impact is about 0.5 point.

在收購方面，我們說收入影響在 0.5 個百分點左右。

They are all capabilities that we're buying.

它們都是我們正在購買的功能。

So essentially, we need to now build them up from where they are to be able to scale them.

所以本質上，我們現在需要從它們能夠擴展它們的地方構建它們。

And so the incentives we have fall into 4 categories.

因此，我們的激勵措施分為 4 類。

One is whatever expenses they came with, what their run rate is, in every case, we're making investments to enhance their capabilities and to get them ready to scale.

一個是他們帶來的任何費用，他們的運行率是多少，在每種情況下，我們都在進行投資以增強他們的能力並讓他們準備好擴大規模。

So we are certainly making investments in them in 2020.

因此，我們肯定會在 2020 年對它們進行投資。

Then there are some onetime costs in 2020 that are related to integrating them into our systems.

然後在 2020 年有一些一次性成本與將它們集成到我們的系統中有關。

And especially on the securities side, we need, in most cases, to upgrade their security -- cybersecurity.

尤其是在證券方面，在大多數情況下，我們需要升級他們的安全——網絡安全。

And then finally, as you know in every acquisition, there's going to be some deal amortization.

最後，正如你所知道的，在每次收購中，都會有一些交易攤銷。

So when you put those all together, you get to that expense number that increases our expenses by as much as 3 to 4 points, and you get to the dilution of $0.05 to $0.06.

因此，當您將所有這些放在一起時，您會得到使我們的支出增加多達 3 到 4 個百分點的支出數字，並且您會得到 0.05 美元到 0.06 美元的稀釋。

So that's how we get there.

這就是我們到達那裡的方式。

We think it takes a couple of years before we get to -- getting out of the dilutive phase, but we'll keep you posted on how they're progressing.

我們認為我們需要幾年的時間才能擺脫稀釋階段，但我們會及時通知您他們的進展情況。

Our next question comes from Lisa Ellis from MoffettNathanson.

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

Al, maybe using Rambus' tokenization capabilities as an example, can you elaborate on the strategy for selling these types of value-added services into domestic account-to-account networks?

Al，也許以 Rambus 的代幣化能力為例，您能否詳細說明將這些類型的增值服務銷售到國內賬戶對賬戶網絡的策略？

Meaning how are you envisioning that will work in a way that doesn't just end up turning those domestic networks into more formidable competitors to Visa's own VisaNet?

這意味著您如何設想這種方式不僅最終將這些國內網絡變成Visa自己的VisaNet更強大的競爭對手？

Thank you, Lisa.

謝謝你，麗莎。

So when we look at value-added services, we think that, first of all, there's an ability to make some of these capabilities available to -- directly to our customers.

因此，當我們查看增值服務時，我們認為，首先，有能力將其中一些功能直接提供給我們的客戶。

But beyond that, as you asked the question relative to specific networks, we're going to be awfully careful about what we do.

但除此之外，當你問到與特定網絡相關的問題時，我們將對我們所做的事情非常小心。

I mean the RTP networks that might allow account-to-account capability obviously is a very local business.

我的意思是，可能允許帳戶到帳戶功能的 RTP 網絡顯然是一個非常本地化的業務。

They vary from jurisdiction to jurisdiction.

它們因司法管轄區而異。

I think there's probably 2 examples where I'd envision offering value-added services on RTP networks.

我想可能有 2 個例子，我設想在 RTP 網絡上提供增值服務。

One is on Visa-branded transactions that run on our network of networks.

一種是在我們的網絡上運行的 Visa 品牌交易。

So we may use other people's rails for the first mile or the last mile of money movement.

因此，我們可能會在貨幣流動的第一英里或最後一英里使用其他人的軌道。

And in those particular cases, if it's a Visa-branded transaction that is moving regardless of what rails it touches, we would want to make value-added services available to deliver that value to the clients, and that's what I think they would expect.

在這些特殊情況下，如果它是 Visa 品牌的交易，無論它觸及什麼軌道，我們都希望提供增值服務來為客戶提供這種價值，這就是我認為他們所期望的。

I think the second situation where we'd envision using it, Lisa, is where there's -- we form some kind of partnership with the operator of the alternative rail.

我認為我們設想使用它的第二種情況，麗莎，是我們與替代鐵路的運營商建立某種合作關係的地方。

So as I think about it right now, we will make decisions on a case-by-case basis because all of these situations are very, very different.

因此，正如我現在所想的那樣，我們將根據具體情況做出決定，因為所有這些情況都非常非常不同。

But those 2 broad strategic categories that I described is where I would expect us to use and introduce value-added services because we certainly don't want to just do it in every single case to give away value-add services that could make somebody else's network maybe not as good as VisaNet but enrich it in a way that could be competitive to us.

但我所描述的這兩個廣泛的戰略類別是我希望我們使用和引入增值服務的地方，因為我們當然不想在每一種情況下都這樣做，以放棄可能使其他人的增值服務網絡可能不如 VisaNet，但以一種對我們具有競爭力的方式豐富了它。

Our next question comes from Bob Napoli from William Blair.

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

Just on the new payment flows, I guess is there a way -- can you comment on like the percentage of your business or a way to track the addition to your growth that would come from new payment flows, whether it's B2B or the -- or Visa Direct?

就新的支付流程而言，我想有沒有辦法——您能否評論一下您的業務百分比或跟踪新支付流程帶來的增長的增加，無論是 B2B 還是——還是直接簽證？

And also on the contactless cards in the U.S., which I guess is kind of a new payment flow of sorts, any thoughts that you think the contactless cards would have on growth in the U.S. given your experience globally?

還有在美國的非接觸式卡上，我想這是一種新的支付流程，鑑於您在全球的經驗，您認為非接觸式卡對美國的增長有何想法？

So Bob, I gave you a little bit of insight in my remarks, I think.

所以鮑勃，我想我在我的發言中給了你一些見解。

We're over $1 trillion.

我們的資產超過 1 萬億美元。

So I said in my remarks that we had just under $9 trillion of payment commerce that ran over our network, about -- we were over $1 trillion in B2B, so it's about 12% of our volume.

所以我在我的發言中說，我們的網絡上運行的支付商務不到 9 萬億美元，大約 - 我們的 B2B 超過 1 萬億美元，所以它約占我們交易量的 12%。

We know in the card, in B2B part of the world, we're still the market leader in the United States, globally and in most markets.

我們清楚地知道，在世界的 B2B 部分，我們仍然是美國、全球和大多數市場的市場領導者。

We also gave a little bit of insight in Visa Direct.

我們還對 Visa Direct 提供了一些見解。

We said that we grew in triple digits and we reached the 2 billion transaction mark.

我們說我們以三位數的速度增長，我們達到了 20 億的交易量。

So both of those are pretty substantive, B2B being in the 12% area of all of our volume and Visa Direct getting to the point where it's 2 billion transactions.

所以這兩個都是相當實質性的，B2B 占我們所有交易量的 12%，而 Visa Direct 達到了 20 億筆交易的地步。

So these are not kind of experimental in any way, shape or form, in any kind of pilot mode at this point.

因此，在這一點上，這些都不是任何形式的實驗，形狀或形式，在任何類型的試點模式下。

These are kind of full-fledged new payment flows that we're continuing to invest in and we'll continue to grow around the world.

這些是我們正在繼續投資的成熟的新支付流程，我們將繼續在全球範圍內發展。

And they'll reach a point where obviously they're substantive contributors to our revenue and our profit.

他們將達到一個明顯地為我們的收入和利潤做出實質性貢獻的地步。

In the case of contactless, obviously, we're very excited about getting to the point where the U.S. starts to scale up as it relates to contactless.

顯然，在非接觸式的情況下，我們很高興能夠達到美國開始擴大與非接觸式相關的規模。

I think getting now past the 100 million card mark and getting 80% of the top issuers involved and, at the same time, getting a lot of the large part of the merchant network out there plumped for tap to pay, I think that there's going to be a great opportunity to see growth.

我認為現在超過 1 億張卡大關，讓 80% 的頂級發行人參與其中，同時，讓很多商家網絡的大部分都開始使用自來水支付，我認為這是成為一個見證成長的好機會。

And what we have seen in the markets that are more mature in tap to pay that there is a spillover effect in terms of people who are tapping to pay start to increase their volume overall.

我們在自來水支付更加成熟的市場中看到，對於使用自來水支付的人來說，存在溢出效應，他們的總體交易量開始增加。

And we're going to continue to push one of the -- what we think is a very, very important use case related to tap to pay, which is urban mobility projects, particularly focused on mass transit system.

我們將繼續推動其中一個 - 我們認為與點擊支付相關的非常非常重要的用例，即城市交通項目，特別關注公共交通系統。

Just in the last quarter, we launched contactless travel in Edinburgh, Scotland; Rome; São Paulo.

就在上個季度，我們在蘇格蘭愛丁堡推出了非接觸式旅行；羅馬;聖保羅。

And now we have over -- we've added 60 new metro areas' transit systems to our tap-to-pay network.

現在我們已經結束了——我們已經在我們的點擊支付網絡中增加了 60 個新的都市區的交通系統。

And we've got 180 or so other live projects going on around the world.

我們在世界各地還有 180 個左右的其他現場項目正在進行中。

So I see a combination of driving what I think is one of the great use cases, transit, and continuing to roll out tap to pay around the world with a particular emphasis on the U.S. as it's been so far behind.

因此，我看到了推動我認為是一個很好的用例之一的組合，交通，以及繼續在世界各地推出自來水支付，特別強調美國，因為它已經遠遠落後了。

And in the U.S., as you might know, in the New York subway system, we have it up and going in a pilot.

在美國，您可能知道，在紐約地鐵系統中，我們已經在試點中啟動並運行。

I think it's at 17 stops on the 4, 5, 6 lines from Grand Central Station to Atlantic Avenue in Brooklyn.

我想它在從中央車站到布魯克林大西洋大道的 4、5、6 號線的 17 站。

And in September, we launched -- in the beginning of June and in September, we reached 1 million taps, and that's pretty incredible given the fact that we're still in the very early stages of rolling out the tap-to-pay card.

在 9 月，我們推出了 -- 在 6 月初和 9 月，我們的點擊次數達到了 100 萬次，考慮到我們仍處於推出點擊支付卡的早期階段，這非常令人難以置信.

So I feel good about the progress.

所以我對進展感覺很好。

But the last point I'd make, Bob, is it typically takes the most time to get to the first 5% to 10% penetration in tap to pay, and then the growth rate starts to accelerate from there.

但我要說的最後一點，Bob，通常需要最多時間才能達到自來水支付的前 5% 到 10% 的滲透率，然後增長率從那裡開始加速。

And we're in the 2% to 3% point in the United States.

我們在美國處於 2% 到 3% 的水平。

So we're still in that more formative building stage.

因此，我們仍處於更具形成性的建設階段。

But I think by the end of 2020, if we hit the 300 million contactless cards and the MTA as, one example, rolls it out to their, I think, it's about 270 subway stations, I think we're going to see a real acceleration in the momentum of the growth.

但我認為，到 2020 年底，如果我們使用 3 億張非接觸式卡，例如，MTA 將其推廣到他們，我認為，大約有 270 個地鐵站，我認為我們將看到真正的增長勢頭加快。

Our last question comes from Ashwin Shirvaikar from Citigroup.

我們的最後一個問題來自花旗集團的 Ashwin Shirvaikar。

Good to see you guys sounding more positive.

很高興看到你們聽起來更積極。

I wanted to return to cross-border if I can.

如果可以的話，我想回到跨境。

Can you discuss sort of the traction and rollout that you guys have with the B2B Connect post-acquisition?

你能討論一下你們在收購後對 B2B Connect 的吸引力和推廣嗎？

Any metrics on that, that you can provide in terms of how much do you expect these offerings to accelerate cross-border perhaps in the coming 12 to 18 months?

關於這方面的任何指標，您可以提供多少您預計這些產品可能會在未來 12 到 18 個月內加速跨境？

Let's separate the 2. I mean given what I just said about Visa Direct in that it's a very established platform that is delivering a substantive contribution to our business now, our aim is to have -- is to fully integrate Earthport with Visa Direct by the end of the year and have a seamless platform that allows any card or any account to transfer money around the world -- virtually any other card or account.

讓我們將 2 分開。我的意思是，鑑於我剛才所說的 Visa Direct，它是一個非常成熟的平台，現在正在為我們的業務做出實質性貢獻，我們的目標是 - 將 Earthport 與 Visa Direct 完全集成年底，並擁有一個無縫平台，允許任何卡或任何賬戶在世界各地轉賬——幾乎任何其他卡或賬戶。

And so I think the ability to see in the not-too-distant future a real great opportunity as it relates to cross-border payments facilitated by Visa Direct and by Earthport is very real and very, very exciting.

因此，我認為能夠在不遠的將來看到一個真正的大好機會，因為它與 Visa Direct 和 Earthport 促進的跨境支付有關，這是非常真實和非常令人興奮的。

B2B Connect is a little bit further behind but no less exciting.

B2B Connect 稍微落後一點，但同樣令人興奮。

We now have the ability to -- and approvals to operate in over 60 countries.

我們現在有能力 - 並獲得在 60 多個國家/地區開展業務的批准。

We've got 3 different ways that people could connect through -- to connect B2B Connect.

我們有 3 種不同的方式供人們連接——連接 B2B Connect。

One is coding to our APIs through our Visa Developer Platform or they can connect through a technology provider, and we've got relationships now with FIS, Bottomline and Infosys.

一種是通過我們的 Visa 開發者平台對我們的 API 進行編碼，或者他們可以通過技術提供商進行連接，我們現在與 FIS、Bottomline 和 Infosys 建立了關係。

And then thirdly, they can connect and interact using our host-to-host secure file protocol infrastructure.

第三，他們可以使用我們的主機到主機安全文件協議基礎設施進行連接和交互。

The latter being kind of the slowest way to get it up and going using -- and coding to our APIs being the fastest way.

後者是啟動和使用它的最慢的方式——而對我們的 API 進行編碼是最快的方式。

So our focus right now in B2B Connect is actually building out the nodes in the 60 countries.

因此，我們現在 B2B Connect 的重點實際上是在 60 個國家/地區建立節點。

And by the way, we want to grow in the 60 countries, too.

順便說一句，我們也想在 60 個國家/地區發展壯大。

So we're trying to grow in the 60 countries.

因此，我們正努力在 60 個國家/地區發展壯大。

And within the countries where we have the capability and the permissions and the approvals to operate, we want to be growing the nodes.

在我們有能力、許可和批准運營的國家內，我們希望增加節點。

So that's our focus as it relates to B2B Connect.

這就是我們與 B2B Connect 相關的重點。

I think both of them represent enormous opportunity for us to move funds in a frictionless way, facilitating all the great capabilities of VisaNet from sanctions, controls to -- fraud control to risk management.

我認為它們都代表了我們以無摩擦方式轉移資金的巨大機會，促進了 VisaNet 從制裁、控製到欺詐控製到風險管理的所有強大功能。

And I think in all cases, our aim is to deliver capabilities that are faster, more transparent and a simply better user experience for everybody involved.

我認為在所有情況下，我們的目標都是為所有相關人員提供更快、更透明和更好的用戶體驗的功能。

So it's exciting times on both those fronts.

所以在這兩個方面都是激動人心的時刻。

And what this allows us to do is that in the B2B space, the cross-border B2B business, we think is the most attractive part.

而這讓我們能夠做到的是，在B2B領域，跨境B2B業務，我們認為是最吸引人的部分。

And Earthport/Visa Direct will handle high-volume, lower-value B2B transactions.

Earthport/Visa Direct 將處理大量、低價值的 B2B 交易。

And B2B Connect will handle the large enterprise high-value, lower-volume B2B transaction.

B2B Connect 將處理大型企業的高價值、小批量 B2B 交易。

And as Al said, they'll be in place very soon to pull all this together.

正如艾爾所說，他們很快就會到位，將所有這些整合在一起。

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

有了這個，我們要感謝你今天加入我們。

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 evening.

再次感謝，祝您有個愉快的夜晚。