Visa Inc (V) 2020 Q3 法說會逐字稿

Welcome to Visa's Fiscal Third Quarter 2020 Earnings Conference Call.

歡迎參加 Visa 2020 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。

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, Jordanne.

謝謝你，喬丹。

Good afternoon, everyone, and welcome to Visa's Fiscal Third Quarter 2020 Earnings Call.

大家下午好，歡迎參加 Visa 的 2020 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 has been posted on our IR website.

包含財務和統計亮點的幻燈片已發佈在我們的投資者關係網站上。

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

我還要提醒您，本演示文稿包含前瞻性陳述。

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

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

Additional information concerning those factors is available in our most recent reports on Forms 10-K, 10-Q and 8-K, 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、10-Q 和 8-K 表格的最新報告，您可以在 SEC 網站和我們網站的投資者關係部分找到這些報告。

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

對於本次電話會議中披露的歷史非公認會計原則財務信息，相關的公認會計原則措施和對賬可在今天的收益發布中獲得。

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

有了這個，讓我把電話轉給 Al。

Mike, thank you very much.

邁克，非常感謝。

The past few months certainly continue to be challenging, and our focus has and will always remain on the well-being of our employees, clients and the communities in which we operate.

過去幾個月肯定繼續充滿挑戰，我們的重點一直並將永遠放在我們的員工、客戶和我們經營所在社區的福祉上。

Even with significant impacts to the economies around the world, many aspects of Visa's business have proven to be resilient and have continued -- and we've continued to invest to propel Visa's growth well into the future in consumer payments, new flows and value-added services.

即使對世界各地的經濟產生了重大影響，Visa 業務的許多方面也已被證明具有彈性並持續下去——我們繼續投資以推動 Visa 在未來的消費支付、新流量和價值方面的增長——附加服務。

Today, after discussing our results, I will then provide an overview of the ways COVID-19 is shifting the way consumers, businesses and governments want to pay and be paid and, in turn, how Visa is helping them.

今天，在討論了我們的結果之後，我將概述 COVID-19 正在改變消費者、企業和政府想要支付和獲得報酬的方式，以及 Visa 如何幫助他們。

I will close with some notable deal highlights for the quarter that demonstrate how we continue to enable the movement of money globally.

我將以本季度的一些值得注意的交易亮點結束，這些亮點展示了我們如何繼續實現全球資金流動。

So to start our third quarter results.

因此，開始我們的第三季度業績。

Net revenues in the fiscal third quarter were $4.8 billion, a decrease of 17% or 16% in constant dollars.

第三財季淨收入為 48 億美元，按固定美元計算下降 17% 或 16%。

All of the business drivers were significantly impacted by the pandemic.

所有業務驅動因素都受到大流行的重大影響。

Payments volume this quarter declined 10% globally or 9% excluding China.

本季度全球支付量下降 10%，不包括中國在內下降 9%。

Cross-border volume excluding intra-Europe, which drives our international transaction revenues, declined 47% on a constant dollar basis driven primarily by the lack of travel.

推動我們的國際交易收入增長的不包括歐洲內部的跨境交易量按固定美元計算下降了 47%，主要是由於缺乏旅行。

Including intra-Europe, volume was down 37%.

包括歐洲內部在內，成交量下降了 37%。

We processed 30.7 billion transactions or over 337 million per day through the quarter on our network, a 13% decrease over the prior year.

整個季度，我們在網絡上處理了 307 億筆交易或每天超過 3.37 億筆交易，比去年下降 13%。

However, in each case, the business drivers improved each month throughout the quarter meaningfully for payments volume and processed transactions, and only marginally for cross-border volume.

然而，在每種情況下，整個季度的每個月，業務驅動因素在支付量和已處理交易方面都有顯著改善，而跨境交易量僅略有改善。

In new flows, Visa Direct grew global transactions in the mid-60s year-over-year.

在新的流量中，Visa Direct 在 60 年代中期的全球交易量同比增長。

And our value-added services revenue grew in the mid-teens year-over-year.

我們的增值服務收入同比增長了十幾歲。

We also effectively managed our expenses, which declined 5%, but more importantly, this was achieved without affecting investments in our primary growth initiatives.

我們還有效地管理了我們的開支，該開支下降了 5%，但更重要的是，這是在不影響對我們主要增長計劃的投資的情況下實現的。

Our non-GAAP EPS declined 23%.

我們的非公認會計原則每股收益下降了 23%。

While COVID-19 certainly impacted our fiscal third quarter performance, there are many trends that are accelerating the demand for consumer payments, new flows and value-added services, which will help our business as we look ahead.

儘管 COVID-19 確實影響了我們第三財季的業績，但有許多趨勢正在加速對消費者支付、新流量和增值服務的需求，這將有助於我們展望未來的業務。

In consumer payments, even with all the success Visa has had electronifying payments, there is still $18 trillion transacted in cash and check globally.

在消費者支付方面，即使 Visa 在電子支付方面取得了巨大成功，全球仍有 18 萬億美元的現金和支票交易。

In today's environment, people are sensitive to touching surfaces, including cash and check, and we are seeing this manifest in interest and usage in tap to pay, which we know helps digitize cash at the low-ticket level and has historically increased transactions by an average of 20% over time in mature markets globally.

在當今的環境中，人們對觸摸表面（包括現金和支票）很敏感，我們看到這一點體現在興趣和使用點擊支付中，我們知道這有助於以低價位將現金數字化，並且歷史上交易量增加了隨著時間的推移，在全球成熟市場中平均增長 20%。

From second quarter to third quarter, we had nearly 50 countries improve tap to pay penetration by more than 5 percentage points, and over 10 countries increased by 10 percentage points or more.

從第二季度到第三季度，我們有近 50 個國家將自來水支付普及率提高了 5 個以上，超過 10 個國家提高了 10 個百分點以上。

We have helped more than 55 countries to increase the tap to pay limits, reducing the share of transactions that require consumer contact by more than 40% in several of those countries.

我們已幫助超過 55 個國家/地區提高了水龍頭支付限額，在其中幾個國家/地區將需要與消費者聯繫的交易的份額減少了 40% 以上。

In the United States, we added more than 80 million contactless cards in the first 6 months of calendar year 2020 as a number of our financial institution partners accelerated their issuance schedules.

在美國，隨著我們的一些金融機構合作夥伴加快了發行計劃，我們在 2020 日曆年的前 6 個月增加了超過 8000 萬張非接觸式卡。

Tap to pay is likely to accelerate post-COVID, especially as consumers start going back to the office, where they tend to conduct smaller transactions for their commute, paying for public transit fares and buying food and drinks.

Tap to pay 可能會在 COVID 後加速，特別是當消費者開始回到辦公室時，他們傾向於為通勤進行較小的交易，支付公共交通費用以及購買食品和飲料。

Another positive trend has been the shift to e-commerce.

另一個積極的趨勢是轉向電子商務。

This works in our favor because Visa's share of digital commerce where cash is not an option is approximately 3x greater than the physical point of sale.

這對我們有利，因為 Visa 在無法選擇現金的數字商務中的份額大約是實體銷售點的 3 倍。

In the United States, Visa credentials active in e-commerce, excluding travel, were over 12% higher in June than in January.

在美國，6 月份活躍於電子商務（不包括旅遊）的 Visa 憑證比 1 月份高出 12% 以上。

In addition, the total spend per active credential also increased during that time by over 6%, which is notable considering new adopters typically spend less than those used to shopping online.

此外，在此期間，每個有效憑證的總支出也增加了 6% 以上，考慮到新採用者的支出通常低於在線購物者，這一點值得注意。

In fact, when you isolate the active credentials who tend to be more significantly engaged in e-commerce, the spend per active credential increased by over 25%.

事實上，當您隔離那些傾向於更積極地參與電子商務的活動憑證時，每個活動憑證的支出增加了 25% 以上。

And these trends are not unique to the United States.

這些趨勢並非美國獨有。

During this period, in the U.K., active e-commerce credentials increased 16%, while spend per active credential increased 3%.

在此期間，在英國，活躍的電子商務憑證增加了 16%，而每個活躍憑證的支出增加了 3%。

In Brazil, active e-commerce credentials increased 11%, while spend per active credential increased 12%.

在巴西，活躍的電子商務憑證增加了 11%，而每個有效憑證的支出增加了 12%。

In markets where e-commerce is not as developed, there are examples of dramatic changes in adoption.

在電子商務不發達的市場中，存在採用率發生巨大變化的例子。

Argentina experienced active e-commerce card growth of over 100% and Romania, 70%.

阿根廷的電子商務卡活躍增長超過 100%，羅馬尼亞增長 70%。

In new flows, we continued our focus on addressing the $185 trillion opportunity.

在新的流動中，我們繼續專注於解決 185 萬億美元的機會。

In B2B, the opportunity is across card-based, accounts payable and receivable and cross-border payments.

在 B2B 中，機會是基於卡的、應付賬款和應收賬款以及跨境支付。

While B2B volume is down during this work from home and very limited travel period, we are continuing to build out our capabilities and relationships to fuel future growth.

雖然在家工作和非常有限的旅行期間 B2B 交易量有所下降，但我們正在繼續建立我們的能力和關係，以推動未來的增長。

A couple of quick points from the quarter.

本季度的幾個快速積分。

We recently established a global partnership with U.K. fintech Conferma Pay, which enables companies to provision virtual Visa commercial cards to employees' digital wallets, enabling tap to pay and simplifying expense reimbursement.

我們最近與英國金融科技公司 Conferma Pay 建立了全球合作夥伴關係，使公司能夠為員工的數字錢包提供虛擬 Visa 商業卡，從而實現輕觸支付並簡化費用報銷。

For our large-ticket cross-border B2B solution called Visa B2B Connect, we continue to build the network out.

對於我們稱為 Visa B2B Connect 的大額跨境 B2B 解決方案，我們將繼續構建網絡。

Many banks are in the implementation phase.

許多銀行正處於實施階段。

And when they are all live by the end of the year, Visa will be processing cross-border transactions in half of the 80 markets where Visa's B2B Connect capability is available.

當它們在今年年底全部上線時，Visa 將在 Visa 的 B2B Connect 功能可用的 80 個市場中的一半處理跨境交易。

Let's look at the remainder of new flows.

讓我們看看其餘的新流程。

In the United States, P2P is up almost 80%.

在美國，P2P 增長了近 80%。

And in Latin America, we saw progress with P2P apps in Peru, where there was nearly a 400% increase in transactions in Q3 versus Q2.

在拉丁美洲，我們看到秘魯的 P2P 應用程序取得了進展，第三季度的交易量與第二季度相比增長了近 400%。

Visa is also excited to announce a global partnership with PayPal including its Venmo, Braintree, Zoom, iZettle and Hyperwallet brands.

Visa 還很高興地宣布與 PayPal 建立全球合作夥伴關係，包括其 Venmo、Braintree、Zoom、iZettle 和 Hyperwallet 品牌。

This is an extension of a long-standing regional partnership with PayPal.

這是與 PayPal 長期區域合作夥伴關係的延伸。

This new global agreement will allow PayPal and all of its brands to offer fast Visa Direct-enabled domestic and cross-border payments and expand PayPal's real-time transfer capabilities globally.

這項新的全球協議將允許 PayPal 及其所有品牌提供支持 Visa Direct 的快速國內和跨境支付，並在全球範圍內擴展 PayPal 的實時轉賬能力。

In the gig economy, food and grocery delivery category, we have seen a nearly 50% growth in transactions from pre-COVID levels and have continued to add new program launches such as Instacart for shopper earnings payouts in Canada.

在零工經濟、食品和雜貨配送類別中，我們看到交易量比 COVID 之前的水平增長了近 50%，並繼續推出新的計劃，例如 Instacart，用於加拿大的購物者收入支付。

G2C, government-to-consumer, use cases are gaining momentum, employing both Visa Direct and prepaid cards.

G2C、政府對消費者的用例正在獲得動力，同時使用 Visa Direct 和預付卡。

This quarter, let me highlight some of the card examples.

本季度，讓我重點介紹一些卡片示例。

In the U.S., the Treasury distributed nearly 4 million economic impact payments via Visa prepaid cards.

在美國，財政部通過 Visa 預付卡發放了近 400 萬筆經濟影響付款。

We also worked with CaixaBank in Spain on 3 projects issuing 330,000 prepaid Visa cards with government-allocated funds to support vulnerable families across the region.

我們還與西班牙的 CaixaBank 合作開展 3 個項目，使用政府撥款發行 330,000 張預付 Visa 卡，以支持該地區的弱勢家庭。

In France, Natixis partnered with Visa to issue 15,000 cards as a thank you to frontline hospital workers, financed by the government.

在法國，Natixis 與 Visa 合作發行了 15,000 張卡片，以感謝政府資助的一線醫院工作人員。

In value-added services, we've seen more clients turn to us for help.

在增值服務方面，我們看到越來越多的客戶向我們尋求幫助。

As e-commerce has expanded and new sellers are looking to offer omnicommerce payment capabilities that are safe and secure, our CyberSource and fraud and risk capabilities have seen growth.

隨著電子商務的擴展和新賣家尋求提供安全可靠的全商務支付能力，我們的 CyberSource 以及欺詐和風險能力得到了增長。

Let me name 2 recent examples.

讓我舉兩個最近的例子。

A recent win in Saudi Arabia with Al Rajhi Bank, the largest acquiring bank in the country, will leverage CyberSource to enable e-commerce payments platform for all Saudi Arabian government services through a centralized interface with the country's Ministry of Finance.

最近在沙特阿拉伯與該國最大的收單銀行 Al Rajhi 銀行取得了勝利，該銀行將利用 CyberSource 通過與該國財政部的集中接口為所有沙特阿拉伯政府服務啟用電子商務支付平台。

Buying online, picking up in-store has become very popular among consumers and is a key way for sellers to operate in this environment.

網購、店內提貨已經在消費者中非常流行，是賣家在這種環境下經營的關鍵方式。

However, this use case does bring a higher potential for fraud.

但是，此用例確實帶來了更高的欺詐可能性。

One home improvement partner chose Decision Manager, a CyberSource fraud offering, to quickly review online orders for fraud risk and meet customer expectations for a 2-hour pickup.

一位家居裝修合作夥伴選擇了 CyberSource 欺詐產品 Decision Manager，以快速審查在線訂單的欺詐風險並滿足客戶對 2 小時取貨的期望。

This resulted in a massive increase in Decision Manager transactions in May alone at this merchant.

這導致僅 5 月該商家的決策管理器交易量就大幅增加。

Across all CyberSource risk products in Q3, we saw a nearly 50% year-over-year growth in transactions.

在第三季度的所有 CyberSource 風險產品中，我們看到交易量同比增長近 50%。

Interest also has grown in our authentication products.

對我們的認證產品的興趣也在增長。

CardinalCommerce, which provides network-agnostic products for sellers and issuers to leverage the 3D Secure standard, has seen accelerated growth in transactions this quarter versus last year.

CardinalCommerce 為賣家和發行人提供與網絡無關的產品，以利用 3D Secure 標準，與去年相比，本季度的交易量加速增長。

3D Secure is making steady progress in Europe as well, where the ecosystem is ramping up in advance of the secure customer authentication mandate beginning in December for most of Europe.

3D Secure 在歐洲也取得了穩步進展，在歐洲大部分地區於 12 月開始執行安全客戶身份驗證任務之前，該生態系統正在加速發展。

We continue to work with the ecosystem participants as the deadline approaches, given that some are not ready for the deadline.

隨著截止日期的臨近，我們將繼續與生態系統參與者合作，因為有些人還沒有為截止日期做好準備。

EMV 3D Secure transactions in Q3 has grown over 100% compared to Q2.

與第二季度相比，第三季度的 EMV 3D Secure 交易增長了 100% 以上。

Data and consulting continue to be valuable to our clients as they navigate this environment.

數據和諮詢對於我們的客戶在這種環境下的導航仍然很有價值。

Clients utilized our consulting services at an accelerated rate with almost 60% more projects completed than the third quarter of last year.

客戶以更快的速度使用我們的諮詢服務，完成的項目比去年第三季度增加了近 60%。

Visa plays a critical role in providing data and analysis to help clients manage their business through the pandemic.

Visa 在提供數據和分析以幫助客戶在疫情期間管理業務方面發揮著關鍵作用。

And the client activity on our Visa Analytics Platform increased 60% just from Q2 alone.

僅從第二季度開始，我們 Visa 分析平台上的客戶活動就增加了 60%。

Now let me talk to new deals where we made very good progress this quarter.

現在讓我談談本季度我們取得了非常好的進展的新交易。

First, our momentum in Europe continues.

首先，我們在歐洲的勢頭仍在繼續。

We renewed with one of the largest banks in the Nordics, Nordea, to grow debit portfolios across the region.

我們與北歐最大的銀行之一 Nordea 續約，以擴大該地區的借方投資組合。

We expanded our partnership with Permanent TSB, a large issuer in Ireland with over 800,000 cards in force, making Visa the primary card in most wallets in Ireland.

我們擴大了與永久 TSB 的合作夥伴關係，後者是愛爾蘭的一家大型發行機構，擁有超過 800,000 張有效卡，使 Visa 成為愛爾蘭大多數錢包的主卡。

We recently extended our partnership with UBS in Switzerland to debit.

我們最近將與瑞士瑞銀的合作夥伴關係擴展到借記卡。

And we're winning processing.

我們正在贏得處理。

In Spain, we secured a significant deal to expand our processing capabilities for domestic transactions.

在西班牙，我們獲得了一項重要交易，以擴大我們對國內交易的處理能力。

Banco Caminos will migrate their issuing and acquiring volumes from their local processor to Visa.

Banco Caminos 將把他們的發卡量和收單量從本地處理器遷移到 Visa。

Europe was certainly not the exception in developing and renewing partnerships this quarter.

在本季度發展和更新夥伴關係方面，歐洲當然也不例外。

In Singapore, we renewed our partnership with the second-largest debit issuer, OCBC Bank, to remain the preferred debit card issued to OCBC Bank's personal savings and current account customers.

在新加坡，我們與第二大借記卡發行商華僑銀行續簽了合作夥伴關係，繼續成為華僑銀行個人儲蓄和活期賬戶客戶的首選借記卡。

In Korea, we recently secured a renewal with South Korea's biggest issuer, Shinhan Card.

在韓國，我們最近與韓國最大的發卡機構新韓卡續約。

We renewed our credit and debit partnership with Banco de Bogota, our largest issuer client in Colombia.

我們與我們在哥倫比亞最大的發行人客戶 Banco de Bogota 續簽了信用和借記卡合作夥伴關係。

We recently won, started issuance with Kaspi Bank, one of the largest retail banks in Kazakhstan.

我們最近贏得併開始與哈薩克斯坦最大的零售銀行之一卡斯皮銀行合作發行。

The bank is moving 100% to Visa over the next few years.

未來幾年，該銀行將 100% 遷移至 Visa。

And our leadership position in co-brand also continued.

我們在聯合品牌方面的領導地位也繼續保持。

This quarter, Visa renewed and expanded its strategic partnership with Best Buy, including extending the My Best Buy co-brand relationship.

本季度，Visa 更新並擴大了與百思買的戰略合作夥伴關係，包括擴展 My Best Buy 的聯合品牌關係。

Ford and Visa will collaborate on Ford's new FordPass Rewards Visa Card available to their 4 million FordPass rewards members and other Ford customers.

福特和 Visa 將合作開發福特新的 FordPass Rewards Visa 卡，供其 400 萬 FordPass 獎勵會員和其他福特客戶使用。

Another recent co-brand win was with Verizon to launch a Visa credit card that provide savings on Verizon's industry-leading products and services along with benefits for everyday and essential purposes.

另一個最近的聯合品牌勝利是與 Verizon 合作推出了 Visa 信用卡，該信用卡可以節省 Verizon 行業領先的產品和服務以及日常和基本用途的好處。

And we signed a co-brand deal with Tiki, one of the leading e-commerce platforms in Vietnam.

我們與越南領先的電子商務平台之一 Tiki 簽署了聯合品牌協議。

A key component to building issuance and acceptance is with fintechs.

建立發行和接受的一個關鍵組成部分是金融科技。

And this quarter, we secured many wallet and neobank wins globally.

本季度，我們在全球範圍內獲得了許多錢包和 Neobank 勝利。

Let me name a few.

讓我舉幾個例子。

Careem, the biggest ride-hailing app in the Middle East and Africa, will offer driver payouts with Visa Direct as well as credentials to their over 35 million user base.

Careem 是中東和非洲最大的叫車應用程序，它將通過 Visa Direct 向其超過 3500 萬用戶群提供司機付款以及憑證。

Hong Kong's digital transit card, Octopus, will accept Visa wallet top-ups, allowing commuters to pay for transport and to pay in 35,000 retail outlets.

香港的數字交通卡八達通將接受 Visa 錢包充值，允許通勤者支付交通費用並在 35,000 家零售店付款。

In Saudi Arabia, we signed a strategic partnership with [Hala], a rising challenger bank that has the potential to penetrate an unbanked population of up to 7 million people.

在沙特阿拉伯，我們與 [Hala] 簽署了戰略合作夥伴關係，這是一家新興的挑戰者銀行，有可能滲透到多達 700 萬無銀行賬戶的人口中。

Neobank Vivid Money announced its official launch in Germany, offering Visa debit cards in an all-in-one mobile application, including innovative savings and cash-back solutions.

Neobank Vivid Money 宣佈在德國正式推出，在一體化移動應用程序中提供 Visa 借記卡，包括創新的儲蓄和現金返還解決方案。

In the U.S., U.S.-based Chime, with over 8 million accounts, launched access to a new Visa secured credit card, which allows consumers to build credit while spending on everyday purchases like groceries and monthly subscriptions.

在美國，總部位於美國的 Chime 擁有超過 800 萬個賬戶，推出了一種新的 Visa 擔保信用卡，允許消費者在日常購買（如雜貨和每月訂閱）消費的同時建立信用。

I've often said, partnerships are fundamental to Visa's business model, and these renewals and new deals will certainly help drive growth into the future.

我經常說，合作夥伴關係是 Visa 商業模式的基礎，而這些續約和新交易無疑將有助於推動未來的增長。

Before I close, I would be remiss if not to comment on the race situation in this country and around the world.

在我結束之前，如果不對這個國家和世界各地的比賽情況發表評論，我將是失職的。

For 4 centuries, Black and African-American women and men have experienced many forms of social injustice and discrimination.

4 個世紀以來，黑人和非裔美國女性和男性經歷了多種形式的社會不公和歧視。

It is offensive.

這是令人反感的。

It is frustrating, and it's unacceptable.

這是令人沮喪的，這是不可接受的。

It must stop.

它必須停止。

At Visa, we are committed to do our part.

在 Visa，我們承諾儘自己的一份力量。

Visa recently announced the next steps in our journey to drive inclusion and diversity across our company.

Visa 最近宣布了我們在推動整個公司的包容性和多元化的旅程中的下一步。

We've announced a number of actions, including the establishment of a Visa scholars and jobs program.

我們已經宣布了一些行動，包括建立簽證學者和就業計劃。

And very importantly, last week, we announced that we are committing to increasing the number of underrepresented U.S. vice presidents and above by 50% in the next 3 years and increasing the number of underrepresented U.S. colleagues within Visa overall by 50% in the next 5 years.

非常重要的是，上週，我們宣布我們承諾在未來 3 年內將任職人數不足的美國副總統及以上職位的人數增加 50%，並在未來 5 年內將 Visa 中任職人數不足的美國同事總數增加 50%年。

So to close, while there is some uncertainty in the near term for sure, we remain confident about our long-term strategy and growth prospects and our ability to make a positive difference in the world.

因此，結束時，雖然短期內肯定存在一些不確定性，但我們仍然對我們的長期戰略和增長前景以及我們在世界上產生積極影響的能力充滿信心。

On one hand, net revenue, EPS, overall payments volume, cross-border volume and process transactions declined this quarter.

一方面，本季度的淨收入、每股收益、整體支付量、跨境交易量和流程交易量均有所下降。

Yet we saw growth in debit and in e-commerce volumes, in Visa Direct transactions, growth in tap to pay and click-to-pay enablement and value-added services revenue.

然而，我們看到借記卡和電子商務交易量、Visa Direct 交易量、點擊支付和點擊支付支持以及增值服務收入的增長。

Furthermore, we've demonstrated our discipline.

此外，我們已經展示了我們的紀律。

We've been able to reduce expenses by 5% this quarter while still investing in future growth.

本季度我們已經能夠將費用減少 5%，同時仍投資於未來的增長。

And we returned capital to our shareholders at historic levels and retained our dividend.

我們以歷史水平向股東返還資本並保留了我們的股息。

All of this speaks to the resiliency of our business model.

所有這些都說明了我們商業模式的彈性。

We have the scale, a trusted brand, digital products, financial levers and, most importantly, a talented team to emerge from this pandemic even stronger.

我們擁有規模、值得信賴的品牌、數字產品、財務槓桿，最重要的是，我們擁有一支才華橫溢的團隊，可以在這場大流行中變得更加強大。

We remain confident in the efficacy of our global network of network strategy as we enable the movement of money for everyone everywhere.

我們對全球網絡戰略的有效性充滿信心，因為我們為世界各地的每個人提供資金流動。

Now for more detail, let me turn it over to Vasant.

現在要了解更多細節，讓我把它交給 Vasant。

Thank you, Al, and good afternoon, everyone.

謝謝你，Al，大家下午好。

As we did last quarter, we will provide a fair amount of color on the business trends we are seeing as we navigate through this unprecedented time.

正如我們上個季度所做的那樣，在我們度過這個前所未有的時期時，我們將為我們所看到的業務趨勢提供相當多的色彩。

I'll begin with the key business drivers, then review our financial results and close with some perspectives on the next quarter.

我將從關鍵業務驅動因素開始，然後回顧我們的財務業績，並以對下一季度的一些觀點結束。

Starting with U.S. payments volume.

從美國支付量開始。

For the quarter, U.S. payments volume declined 7%, a sharp decline from mid-April was followed by a V-shaped domestic spending recovery.

本季度，美國支付量下降 7%，較 4 月中旬大幅下降，隨後國內支出呈 V 型複蘇。

Volumes declined 18% in April before returning to positive territory in June.

4 月份的銷量下降了 18%，然後在 6 月份恢復到正值區域。

July volumes through the 21st are up 7%.

7 月至 21 日的銷量增長了 7%。

This recovery was jump-started by the economic impact payments and enhanced unemployment benefits, helped along by pent-up demand fulfillment and accelerated by the relaxation of shelter in place requirements.

經濟影響支付和失業救濟金的增加推動了這種複蘇，同時受到壓抑的需求滿足的幫助，並因放寬就地住房要求而加速。

Debit outperformed credit by almost 30 points.

借方的表現比貸方高出近 30 個百分點。

Debit spending was up 8%, while credit spending declined 21% in the quarter.

本季度借記卡支出增長 8%，而貸記卡支出下降 21%。

Credit spending recovered 21 points from a decline of 30% in April to a decline of 9% in July through the 21st.

信貸支出從 4 月份的 30% 下降至 7 月至 21 日的 9% 下降了 21 個百分點。

Debit spending bounced 30 points from down 5% in April to up 25% in July.

借記卡支出從 4 月的下降 5% 反彈 30 個百分點至 7 月的 25%。

The outperformance of debit versus credit is driven by several factors.

借記卡與貸記卡相比表現優異是由幾個因素驅動的。

Some of them are more likely to persist than others.

他們中的一些人比其他人更有可能堅持下去。

First, the government's economic impact payments were directly deposited into consumers checking accounts, benefiting debit.

首先，政府的經濟影響支付直接存入消費者的活期存款賬戶，有利於借方。

Second, in times of economic uncertainty, consumers have a propensity to shift spending from money they borrow to money they have in the bank.

其次，在經濟不確定時期，消費者傾向於將支出從他們藉來的錢轉移到他們在銀行里的錢上。

Third, as you know, there has been a significant shift to online purchases in almost every day, almost every -- in most everyday spend categories, which favors debit.

第三，如你所知，幾乎每一天，幾乎每一天——在大多數日常支出類別中，網上購物都發生了重大轉變，這有利於借記。

Fourth, affluent customers tend to use credit for discretionary spending in categories such as travel, entertainment and restaurants, which have been especially hard-hit by the pandemic.

第四，富裕的客戶傾向於將信貸用於旅遊、娛樂和餐飲等類別的可自由支配支出，這些類別在疫情中受到的打擊尤其嚴重。

Fifth, the last tranche of economic impact payments as well as unemployment benefits in over 20 states were distributed via Visa prepaid cards, which lifted debit growth by several points in May and June.

第五，20 多個州的最後一批經濟影響支付和失業救濟金是通過 Visa 預付卡發放的，這使 5 月和 6 月的借記卡增長提高了幾個百分點。

Finally, in the U.S., Visa Direct was up over 75% this quarter due to strong growth in a variety of use cases, ranging from P2P to insurance payouts to payroll.

最後，由於從 P2P 到保險支付再到工資單等各種用例的強勁增長，在美國，Visa Direct 本季度增長了 75% 以上。

The significant growth in debit demonstrates the acceleration of the secular shift away from cash to digital forms of payment as a result of the pandemic.

借方的顯著增長表明，由於大流行，從現金支付方式向數字支付方式的長期轉變正在加速。

The COVID crisis has also significantly accelerated the secular shift to e-commerce.

COVID危機也大大加速了向電子商務的長期轉變。

Card-not-present spend, excluding travel, has grown over 25% every week since mid-April, which is 2x the pre-COVID growth rate.

自 4 月中旬以來，不包括旅行在內的無卡消費每週增長超過 25%，是 COVID 之前增長率的 2 倍。

Card-present spending improved steadily through the quarter as reopenings went into effect, from declining almost 50% in early April to declining in the high single digits by late June, but there has been little improvement since.

隨著重新開放的生效，整個季度的持卡消費穩步增長，從 4 月初的近 50% 下降到 6 月底的高個位數下降，但此後幾乎沒有改善。

It is too early to tell what all the underlying causes of this recent stabilization are.

現在說最近這種穩定的所有根本原因是什麼還為時過早。

Recovery trajectories for card-present volumes are relatively similar across states.

各州的卡片存在量的恢復軌跡相對相似。

In terms of U.S. spend by category excluding Visa Direct, performance can be summarized in 3 groups based on COVID impact and the recovery we've seen to date.

就除 Visa Direct 之外的美國支出類別而言，根據 COVID 影響和我們迄今為止看到的複蘇情況，可以將績效總結為 3 組。

Each group represents roughly 1/3 of our U.S. payments volume.

每個組大約占我們美國支付量的 1/3。

The first group includes categories such as food and drug stores, home improvement and retail goods.

第一組包括食品和藥店、家居裝修和零售商品等類別。

These categories have consistently grown at or above their pre-COVID growth rates, in the high teens or even higher every week since mid-April.

自 4 月中旬以來，這些類別的增長率一直保持在或高於其 COVID 之前的增長率，每週都在十幾歲甚至更高。

The second group includes categories that experienced spend declines between 10% to 50% in April and had all recovered to growth by the end of June.

第二組包括 4 月份支出下降 10% 至 50% 並在 6 月底全部恢復增長的類別。

These segments include automotive, retail services, department and apparel stores, health care, education, government and business supplies.

這些部門包括汽車、零售服務、百貨商店和服裝店、醫療保健、教育、政府和商業用品。

The third group includes categories that are the hardest hit by this pandemic: travel, entertainment, fuel and restaurants.

第三組包括受這一流行病打擊最嚴重的類別：旅行、娛樂、燃料和餐館。

These categories declined over 50% in April and are still declining year-over-year, although each improved by between 20 to 45 points during the quarter.

這些類別在 4 月份下降了 50% 以上，並且仍然同比下降，儘管在本季度每個類別都提高了 20 到 45 個百分點。

Travel remains the most impacted category, still down over 50%.

旅遊仍然是受影響最大的類別，仍下降了 50% 以上。

Fuel gallons purchased are growing again, but spend is down more than 15% in July driven by lower prices.

購買的燃料加侖數再次增長，但由於價格下跌，7 月份的支出下降了 15% 以上。

Within the restaurant category, card-present spend is still declining, while card-not-present spend continues to grow significantly with quick-service restaurants outperforming.

在餐廳類別中，有卡消費仍在下降，而無卡消費繼續顯著增長，快餐店表現出色。

Moving on to trends in the rest of the world.

繼續關注世界其他地區的趨勢。

International payments volume declined over 12% in constant dollars in the third quarter.

第三季度以固定美元計算的國際支付量下降了 12% 以上。

Similar to the U.S., debit significantly outperformed credit, with debit down only 3% and credit down 20%.

與美國類似，借方的表現明顯優於貸方，借方僅下降 3%，貸方下降 20%。

Card-present spend improved through the quarter as countries reopened, while card-not-present excluding travel spend remained elevated.

隨著國家重新開放，整個季度的持卡消費有所改善，而不包括旅行消費的持卡消費仍然較高。

Performance across categories was broadly similar to the U.S. Our best-performing region continues to be CEMEA, which declined 5% in constant dollars.

各個類別的表現與美國大致相似。我們表現最好的地區仍然是 CEMEA，以不變美元計算下降了 5%。

Within CEMEA, Russia, Eastern Europe and Central Asia had positive growth in the quarter, fueled by a rapid recovery after April declines as well as client wins.

在 CEMEA 地區，俄羅斯、東歐和中亞在本季度實現了正增長，這得益於 4 月份下滑後的快速復蘇以及客戶贏得。

Europe payments volume declined 10% in constant dollars in the third quarter.

第三季度歐洲支付量按固定美元計算下降了 10%。

Central and Southeastern Europe, which include Poland, the Czech Republic and Hungary, recovered rapidly to post positive growth in the quarter.

包括波蘭、捷克共和國和匈牙利在內的中歐和東南歐迅速復蘇，在本季度實現了正增長。

The U.K. returned to growth in June driven by consistently strong card-not-present growth.

在持續強勁的無卡增長推動下，英國在 6 月恢復增長。

Italy is almost back to prior year levels in June, following one of the strictest lockdowns within Europe.

在經歷了歐洲最嚴格的封鎖之一之後，意大利在 6 月幾乎恢復到去年的水平。

Canada declined 15%, and Latin America declined 13% in constant dollars.

加拿大下跌 15%，拉丁美洲下跌 13%。

Brazil spend decline early in the quarter was one of the shallowest, but the recovery has also been slow.

巴西在本季度初的支出下降幅度最小，但復甦也很緩慢。

Brazil is now back near 2019 levels of domestic spending, fueled by strong card-not-present growth.

在無卡消費強勁增長的推動下，巴西目前的國內支出水平已接近 2019 年水平。

Asia Pacific payments volume declined 16% in constant dollars.

按固定美元計算，亞太地區的支付量下降了 16%。

Reopening of the Asian economies has been gradual, with multiple phases depending on the country.

亞洲經濟體的重新開放是循序漸進的，根據國家的不同分為多個階段。

Two of the least impacted countries were Korea and New Zealand, both of which were close to flat in the quarter.

受影響最小的兩個國家是韓國和新西蘭，這兩個國家在本季度幾乎持平。

Domestic spending in Japan and Australia was back to 2019 levels by late June.

到 6 月底，日本和澳大利亞的國內支出已恢復到 2019 年的水平。

India remains one of the most impacted markets globally.

印度仍然是全球受影響最大的市場之一。

Processed transactions declined 13% in the quarter.

本季度處理的交易量下降了 13%。

Although this lags volume growth due to a mix shift, the trajectory of the processed transactions recovery is similar, improving from a 24% decline in April to a 4% decline in June.

儘管由於混合轉變而導致交易量增長滯後，但已處理交易的複蘇軌跡相似，從 4 月份的 24% 下降到 6 月份的 4% 下降。

Growth in July through the 21st is flat.

7 月至 21 日的增長持平。

Domestically, the mix of spend has shifted from low-ticket to higher-ticket categories.

在國內，消費組合已從低票價轉向高票價。

Cross-border transactions, on the other hand, are holding up better than volumes due to the mix shift from high-ticket travel-related spending to lower-ticket nontravel e-commerce.

另一方面，由於從高價旅行相關支出向低價非旅行電子商務的轉變，跨境交易的表現好於交易量。

Cross-border -- constant dollar cross-border volume, excluding volume within Europe, declined 47% in the third quarter.

跨境——不包括歐洲境內交易量的固定美元跨境交易量在第三季度下降了 47%。

Volumes declined 51% in April and improved marginally in May to decline 45%, but there has been little improvement since.

4 月份的銷量下降了 51%，5 月份略有改善，下降了 45%，但此後幾乎沒有改善。

For the month of June and in July through the 21st, the rate of decline has stayed at 44%.

6 月份和 7 月份到 21 日，下降率一直保持在 44%。

Constant dollar cross-border volume, including volume within Europe, declined 37% in the quarter.

本季度固定美元跨境交易量（包括歐洲境內交易量）下降了 37%。

It's important to remind you that cross-border volume excluding volume within Europe drives our international fees.

重要的是要提醒您，跨境交易量（不包括歐洲境內的交易量）會推動我們的國際費用。

As you know, the cross-border spend decline is driven by travel.

如您所知，跨境支出下降是由旅行推動的。

Travel-related spend, which includes both card-present and card-not-present in travel categories, represented roughly 2/3 of our pre-COVID cross-border volume excluding volume within Europe.

與旅行相關的支出，包括旅行類別中的有卡和無卡，約占我們在 COVID 之前的跨境交易量的 2/3，不包括歐洲境內的交易量。

Travel-related spend declined 78% in the quarter and was still declining over 70% at the end of June.

本季度與旅行相關的支出下降了 78%，到 6 月底仍下降了 70% 以上。

To have a recovery in cross-border travel, you have to have a reopening of borders.

要使跨境旅行複蘇，您必須重新開放邊界。

At this point, borders remain largely closed.

在這一點上，邊界基本上仍然關閉。

The World Tourism Organization reported at the end of June that out of 217 countries, 189 or 87% had completely or partially closed their borders to foreign visitors.

世界旅遊組織 6 月底報告稱，在 217 個國家中，有 189 個或 87% 的國家已完全或部分對外國遊客關閉邊境。

Of the remaining 28 countries, 10 had completely or partially suspended flights.

在其餘 28 個國家中，有 10 個國家完全或部分暫停了航班。

Several other countries like the U.K. require quarantines.

英國等其他幾個國家也要求隔離。

And the rest had imposed visa restrictions or demand medical certificates.

其餘的則實施了簽證限製或要求提供醫療證明。

As we speak, cross-border travel, especially by air, is even not possible or very difficult.

正如我們所說，跨境旅行，尤其是乘飛機旅行，甚至是不可能或非常困難的。

While no one corridor derives a large portion of our volumes -- drives a large portion of our volumes, some of our most important corridors remain closed.

雖然沒有一條走廊占我們銷量的很大一部分——占我們銷量的很大一部分，但我們一些最重要的走廊仍然關閉。

Borders have to reopen before we can get a sense of what the cross-border recovery trajectory might be.

邊境必須重新開放，我們才能了解跨境復甦軌跡可能是什麼。

In the few corridors where cross-border travel is now possible, we have seen some significant recoveries.

在現在可以進行跨境旅行的少數幾個走廊中，我們看到了一些顯著的複蘇。

For example, Americans are traveling again to Mexico and the Caribbean.

例如，美國人再次前往墨西哥和加勒比地區。

Since the April low, these corridors have seen cross-border card-present volumes recover by 30 to 40 points.

自 4 月的低點以來，這些走廊的跨境持卡量已回升 30 至 40 個點。

Travel to and from Switzerland to France and Germany is almost back to normal.

往返瑞士和法國和德國的旅行幾乎恢復正常。

Russian travel to neighboring countries has picked up.

俄羅斯前往鄰國的旅行有所增加。

Travel from Europe to the U.A.E.

從歐洲到阿聯酋旅行

is gaining momentum.

正在蓄勢待發。

It is important to note that the vast majority of cross-border travel spend is on personal cards and not for business travel.

需要注意的是，絕大多數跨境旅行支出都用於個人卡而非商務旅行。

Consumer travel demand for visits to friends, relatives and for vacations is more likely to remain intact post-COVID, perhaps even enhanced.

在 COVID 之後，消費者對探親訪友和度假的旅行需求更有可能保持不變，甚至可能有所增加。

The consumer travel recovery is likely to start with people going to countries within their geographic zone of comfort.

消費者旅行的複蘇很可能始於人們前往其舒適地理區域內的國家。

This is already evident as we look at short-haul cross-border travel, which we define as less than 3,000 miles.

當我們觀察短途跨境旅行時，這一點已經很明顯了，我們將其定義為不到 3,000 英里。

Short-haul air travel is recovering faster than longer-haul corridors.

短途航空旅行的複蘇速度快於長途航線。

Similarly, drive to hotels are doing better as are leisure hotels versus business hotels.

同樣，驅車前往酒店的表現也更好，休閒酒店與商務酒店的情況也是如此。

Growth in cross-border e-commerce spend excluding travel has been consistently in the high teens to low 20s since mid-April.

自 4 月中旬以來，不包括旅行的跨境電子商務支出的增長一直在 10 多歲到 20 多歲之間。

The strong growth is fueled by retail spending, which is growing about 30% since mid-April and drives the majority of nontravel e-commerce spend.

零售支出推動了強勁增長，自 4 月中旬以來，零售支出增長了約 30%，並推動了大部分非旅行電子商務支出。

In most countries, we see that once a consumer decides to buy something online rather than go to a local store, there is a higher likelihood the purchase becomes cross-border with little regard to where the item is shipped from.

在大多數國家，我們看到一旦消費者決定在網上購買某樣東西而不是去當地商店，這種購買就更有可能成為跨境購買，而無需考慮商品的發貨地。

The strength in retail is offset by declines in entertainment, education and government, some of which are tied to travel and represent a meaningful portion of card-not-present nontravel spend.

零售業的強勁勢頭被娛樂、教育和政府部門的下降所抵消，其中一些與旅行有關，並且在無卡非旅行支出中佔了相當大的一部分。

Much of the color I just provided excludes volume within Europe.

我剛剛提供的大部分顏色不包括歐洲的數量。

Within the EU, borders have largely reopened.

在歐盟內部，邊界已基本重新開放。

Intra-Europe cross-border card-present spend is up 40 points from the trough in April through 3 weeks in July, another indication of the possible trajectory of the cross-border recovery when borders do reopen.

從 4 月的低谷到 7 月的 3 週，歐洲內部跨境持卡消費增加了 40 個百分點，這再次表明當邊境重新開放時跨境復甦的可能軌跡。

A quick review of our third quarter financial results.

快速回顧我們第三季度的財務業績。

Net revenues declined 17% in the quarter or 16% in constant dollars.

本季度淨收入下降 17%，按固定美元計算下降 16%。

Third quarter service revenues were flat with prior year and reflect last quarter's volumes.

第三季度服務收入與去年持平，反映了上一季度的業務量。

Data processing revenues declined 5%, supported by strong value-added services growth as well as acquisition-related revenue.

受增值服務強勁增長以及與收購相關的收入的支持，數據處理收入下降了 5%。

International transaction revenues decreased 44%, in line with the decline in cross-border volumes excluding volume within Europe.

國際交易收入下降 44%，與不包括歐洲境內交易量的跨境交易量下降一致。

Other revenues declined 8% over the prior year due to value-added services impacted by the pandemic.

由於受大流行影響的增值服務，其他收入比上一年下降了 8%。

The value-added services impacted by the pandemic include lower use of travel-related card benefits, lower marketing-related services for clients as many slowed marketing activities and fees we waived on certain services which surged at the outset of the pandemic.

受大流行影響的增值服務包括旅行相關卡福利的使用減少，為客戶提供的營銷相關服務減少，因為許多營銷活動放緩，以及我們免除了在大流行開始時飆升的某些服務的費用。

We should note that had we reported service fees without a lag, our service fees would have declined 11%, and reported net revenues would have dropped an additional 4.5 points to approximately 21.5%.

我們應該注意到，如果我們沒有滯後地報告服務費，我們的服務費將下降 11%，報告的淨收入將再下降 4.5 個百分點至約 21.5%。

These lower service fees will impact our reported revenues next quarter.

這些較低的服務費將影響我們下個季度報告的收入。

Before I move on, let me provide some more detail on where value-added services revenues are captured in the P&L.

在繼續之前，讓我提供一些關於增值服務收入在損益表中的哪些部分的詳細信息。

In the third quarter, total value-added services revenue grew in the mid-teens including acquisitions.

第三季度，包括收購在內的增值服務總收入增長了十幾歲。

Approximately 2/3 of our value-added services revenues are included in data processing as many of them are transaction-based revenue streams.

我們大約 2/3 的增值服務收入包含在數據處理中，因為其中許多是基於交易的收入流。

These value-added services grew in the mid-teens driven by the strength in U.S. debit and prepaid issuer processing, CyberSource as well as authentication and fraud services as Al highlighted.

正如 Al 強調的那樣，這些增值服務在美國借記卡和預付發卡機構處理、CyberSource 以及身份驗證和欺詐服務的實力推動下增長。

The remaining value-added services revenue is split roughly evenly between service fees and other revenue.

剩餘的增值服務收入大致平均分配在服務費和其他收入之間。

Value-added services and service fees also grew in the mid-teens.

增值服務和服務費也在十幾歲左右增長。

Value-added services recorded in other revenues grew in the mid-single digits due to acquisitions, increased use of our data products and consulting, offset by declines in the usage of card benefits and marketing services I described earlier.

由於收購、我們數據產品和諮詢的使用增加，其他收入中記錄的增值服務以中個位數增長，但被我之前描述的卡福利和營銷服務使用的下降所抵消。

Client incentives declined 2% versus last year and were 23.8% of gross revenue.

客戶獎勵與去年相比下降了 2%，佔總收入的 23.8%。

As we've indicated before, the vast majority of incentives are tied to payments volumes.

正如我們之前所指出的，絕大多數激勵措施都與支付量有關。

However, incentives declined less than gross revenue, pushing up incentives as a percent of gross revenue.

然而，激勵措施的下降幅度小於總收入，從而推高了激勵措施佔總收入的百分比。

Let me explain why.

讓我解釋一下為什麼。

First, incentives are generally tied to total payments volumes and only selectively to cross-border volumes.

首先，激勵措施通常與總支付量掛鉤，並且僅選擇性地與跨境交易量掛鉤。

As declines in cross-border volumes have been deeper than total payments volumes and cross-border volumes have higher yields, incentive declines lag gross revenue declines.

由於跨境交易量的下降幅度大於總支付量，而且跨境交易量的收益率更高，激勵下降滯後於總收入下降。

Second, heavy renewal activity like we had in fiscal year '19 causes incentives to grow faster than gross revenue.

其次，像我們在 19 財年那樣的大量更新活動導致激勵措施的增長速度快於總收入。

As a result, the decline in incentives lags gross revenue on the way down.

結果，激勵措施的下降落後於總收入的下降。

Offsetting these factors to some degree is the service fee lag.

在一定程度上抵消這些因素的是服務費滯後。

As I mentioned earlier, service fee lag mitigated the gross revenue decline reported this quarter.

正如我之前提到的，服務費滯後緩解了本季度報告的總收入下降。

This will impact us negatively next quarter.

這將對我們下個季度產生負面影響。

Third quarter GAAP and non-GAAP operating expenses declined 5% as we were able to execute additional cost management initiatives particularly in the areas of marketing and G&A.

第三季度 GAAP 和非 GAAP 運營費用下降了 5%，因為我們能夠執行額外的成本管理計劃，特別是在營銷和 G&A 領域。

These expense reductions were achieved while sustaining investments in our longer-term growth initiatives.

這些費用減少是在維持對我們長期增長計劃的投資的同時實現的。

Acting early and decisively has helped us to reduce expenses fast.

及早果斷地採取行動幫助我們快速減少開支。

Non-GAAP nonoperating expense was $118 million for the fiscal third quarter.

第三財季非公認會計原則的營業外支出為 1.18 億美元。

Interest income was lower due to the sharp drop in interest rates.

由於利率大幅下降，利息收入減少。

Interest expense was higher from our $4 billion debt issue.

我們 40 億美元的債務發行的利息支出較高。

The non-GAAP tax rate was 19%.

非公認會計原則稅率為 19%。

Finally, some perspectives on the fourth quarter.

最後，對第四季度的一些看法。

Forecasting revenues remains a challenge in this environment.

在這種環境下，預測收入仍然是一個挑戰。

It is difficult to predict when borders will reopen and what the trajectory of the cross-border travel recovery will be post reopenings.

很難預測邊境何時重新開放，以及重新開放後跨境旅行複甦的軌跡是什麼。

Domestic volumes have bounced back nicely in most countries, and inevitably the rate of recovery will slow.

大多數國家的國內交易量已經很好地反彈，復甦速度不可避免地會放緩。

Other uncertainties include the impact of the recent spike in infections and the economic impact of stimulus payments tapering off or ending altogether around the world.

其他不確定性包括近期感染激增的影響，以及全球範圍內刺激支付逐漸減少或完全結束的經濟影響。

A few points to note as you model revenue growth for the next quarter.

在為下一季度的收入增長建模時需要注意幾點。

As I indicated earlier, had we reported service revenues without a lag, third quarter net revenue would have declined an additional 4.5 points.

正如我之前所說，如果我們沒有滯後地報告服務收入，第三季度的淨收入將再下降 4.5 個百分點。

This will cause fourth quarter reported net revenue growth to be lower than the third quarter, absent the change in trend on key business drivers.

這將導致第四季度報告的淨收入增長低於第三季度，因為關鍵業務驅動因素的趨勢沒有變化。

Continued recovery in domestic payments volumes and transactions will improve the data processing revenue trend but not reported service revenues.

國內支付量和交易量的持續回升將改善數據處理收入趨勢，但未報告服務收入。

This will be partially offset by higher incentives related to the increasing volumes.

這將被與數量增加相關的更高激勵措施部分抵消。

As such, the most important variable that would improve the fourth quarter net revenue growth rate is cross-border volume excluding intra-Europe.

因此，提高第四季度淨收入增長率的最重要變量是不包括歐洲內部的跨境交易量。

One other point to note driven by these turbulent times: if the cross-border recovery remains sluggish through the fourth quarter, the revenue mix shift away from cross-border will persist.

在這些動盪時期的推動下，還有一點需要注意：如果跨境復甦在第四季度仍然緩慢，那麼收入組合將從跨境轉移的情況將持續存在。

Adding in the impact of the service fee lag, incentives as a percent of gross revenues are likely to increase by 2 to 3 points over the third quarter levels.

加上服務費滯後的影響，激勵措施佔總收入的百分比可能比第三季度的水平增加 2 到 3 個百分點。

This percentage should normalize as cross-border volumes improve and the domestic volume recovery stabilizes.

隨著跨境交易量的改善和國內交易量的恢復穩定，這一百分比應該會正常化。

Non-GAAP operating expenses in the fourth quarter are expected to decline roughly in line with the reductions we delivered in the third quarter.

第四季度的非公認會計原則運營費用預計將與我們在第三季度實現的削減大致一致。

Non-GAAP nonoperating expenses are expected to be around $140 million.

非公認會計原則的營業外費用預計約為 1.4 億美元。

Even with a significant COVID-19 impact, we expect to generate a very healthy level of free cash flow this year.

即使有重大的 COVID-19 影響，我們預計今年將產生非常健康的自由現金流水平。

We ended the quarter with over $17 billion of cash, cash equivalents and investment securities on hand.

本季度末，我們手頭有超過 170 億美元的現金、現金等價物和投資證券。

With access to the commercial paper market on favorable terms and our $5 billion revolver, our liquidity position remains strong.

憑藉以優惠條件進入商業票據市場和我們價值 50 億美元的左輪手槍，我們的流動性狀況依然強勁。

In the third quarter, we bought back 5.2 million shares for almost $900 million at an average price of $180.47.

第三季度，我們以近 9 億美元的價格回購了 520 萬股股票，平均價格為 180.47 美元。

Year-to-date, we bought back 36 million shares for $6.5 billion at an average price of approximately $180.

年初至今，我們以約 180 美元的平均價格以 65 億美元回購了 3600 萬股股票。

Our dividend policy remains unchanged.

我們的股息政策保持不變。

Crises create both risks and opportunities.

危機既創造風險，也創造機遇。

We have moved fast to mitigate risks by ensuring strong liquidity, reducing expenses while sustaining key growth investments and closely monitoring network performance, security, daily settlement, fraud and other key metrics.

我們通過確保強大的流動性、減少開支、同時維持關鍵增長投資以及密切監控網絡性能、安全性、日常結算、欺詐和其他關鍵指標，迅速採取行動來降低風險。

The crisis accelerated many favorable secular trends: the digitization of cash, the shift to e-commerce and the penetration of tap to pay.

危機加速了許多有利的長期趨勢：現金數字化、向電子商務的轉變以及點擊支付的滲透。

Visa Direct momentum has remained very strong, and value-added services have continued to grow in the mid-teens.

Visa Direct 的勢頭一直非常強勁，增值服務在十幾歲時繼續增長。

Our focus remains on helping all our stakeholders, cardholders, clients, governments, regulators and of course our own associates as they navigate through these unusual times.

我們的重點仍然是幫助我們所有的利益相關者、持卡人、客戶、政府、監管機構，當然還有我們自己的員工，幫助他們度過這些不尋常的時期。

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

有了這個，我會把它轉回給邁克。

Mike, I think you're on mute.

邁克，我想你已經靜音了。

Mike, you're on mute.

邁克，你靜音了。

Al, maybe we should turn to questions.

艾爾，也許我們應該提出問題。

Operator, why don't we move to questions?

接線員，我們為什麼不提出問題？

So Vasant, I also understand that we had a technical issue that some people might not have heard the end of mine and the beginning of yours.

所以 Vasant，我也知道我們遇到了一個技術問題，有些人可能沒有聽說過我的結束和你的開始。

Okay.

好的。

I'm looking for a little -- I was hoping Mike would give us a little direction whether we should summarize those points.

我正在尋找一點——我希望邁克能給我們一些指導，我們是否應該總結這些觀點。

Maybe...

也許...

Mike is suggesting we keep going.

邁克建議我們繼續前進。

Okay.

好的。

So maybe what I would suggest is that let me just quickly summarize what I said at the end, and maybe you could talk a little bit about U.S. debit, before we open it up to questions.

所以也許我的建議是讓我快速總結一下我最後所說的話，也許你可以在我們提出問題之前談談美國借記卡。

Okay.

好的。

So what I said is that certainly the future is going to have uncertainty associated with it, but we continue to believe in our strategy and our growth prospects.

所以我說的是，未來肯定會有不確定性，但我們繼續相信我們的戰略和增長前景。

Certainly, there were things that declined in the quarter: net revenue, EPS, overall payments volume, cross-border volume and processed transactions.

當然，本季度有些事情有所下降：淨收入、每股收益、整體支付量、跨境交易量和已處理的交易。

But we did see growth in a number of important areas: growth in debit, growth in e-commerce volumes, growth in Visa Direct transactions, growth in tap to pay, advances in click-to-pay enablement and growth in value-added services revenue.

但我們確實看到了一些重要領域的增長：借記卡增長、電子商務量增長、Visa Direct 交易增長、點擊支付增長、點擊支付支持的進步和增值服務的增長收入。

We also demonstrated our ability to reduce our expenses while continuing to invest in the future, and we returned capital to shareholders at historic levels and retained our dividend.

我們還展示了在繼續投資未來的同時減少開支的能力，我們以歷史水平向股東返還資本並保留了股息。

So net-net, we believe that our business model is resilient, and we have a lot of confidence in the efficacy of our global network of network strategy.

所以net-net，我們相信我們的商業模式是有彈性的，我們對我們的全球網絡戰略的有效性充滿信心。

I think it would be helpful if you'd, Vasant, could just comment on U.S. debit because I think a lot of people might not have heard it, from what I understand.

我認為，如果您願意，Vasant，對美國借記卡發表評論會很有幫助，因為據我所知，我認為很多人可能沒有聽說過。

Okay.

好的。

Yes.

是的。

So I talked about why debit was outperforming credit.

所以我談到了為什麼借記卡的表現優於貸記卡。

As you may have heard, debit has bounced back about 30 points and is now growing at about 25% in the first 3 weeks of July, whereas credit recovered by less than that and is still declining 9% through the first 3 weeks of July.

正如您可能聽說的那樣，借方已經反彈了大約 30 個點，現在在 7 月的前 3 週以大約 25% 的速度增長，而貸方的恢復幅度小於這個值，並且在 7 月的前 3 週仍然下降了 9%。

I went through 6 reasons for that.

為此，我經歷了 6 個原因。

I'll do those quickly.

我會盡快做這些的。

Economic impact payments going directly into checking accounts helps debit.

直接進入支票賬戶的經濟影響付款有助於借記。

In times of economic uncertainty, consumers do shift spending away from money they have borrowed to money they have in the bank.

在經濟不確定的時期，消費者確實將支出從他們藉來的錢轉移到他們在銀行里的錢上。

Third reason, the shift to online has caused a lot of everyday spend categories to move to e-commerce, which has favored debit because normally debit is used for everyday purchases.

第三個原因，向在線的轉變導致許多日常支出類別轉向電子商務，這有利於借記，因為通常藉記用於日常購物。

Affluent customers, reason #4, tend to use credit for discretionary purposes like travel, entertainment and restaurants, which have been especially hard-hit in times like these.

原因 #4 的富裕客戶傾向於將信貸用於旅行、娛樂和餐館等可自由支配的目的，這些目的在這樣的時代受到的打擊尤其嚴重。

The economic impact payments, this is reason #5, were distributed using Visa prepaid cards in 20 states including the unemployment benefits, which lifted our debit growth in May and June.

經濟影響付款，這是原因 #5，使用 Visa 預付卡在 20 個州分發，包括失業救濟金，這提高了我們在 5 月和 6 月的借方增長。

And then finally, Visa Direct, which helps our debit numbers, was up over 75% this quarter as a whole bunch of use cases performed really well.

最後，幫助我們藉記卡數量的 Visa Direct 在本季度增長了 75% 以上，因為一大堆用例表現非常好。

So I think we'll probably stop there, Al, and take questions.

所以我想我們可能會停在那裡，Al，回答問題。

I think we might have lost Mike, so we can take questions.

我想我們可能已經失去了邁克，所以我們可以回答問題。

Jordanne, are you there?

喬丹妮，你在嗎？

Yes, I'm here, Mike.

是的，我在這裡，邁克。

Jordanne, if we can go into Q&A, that would be great.

Jordanne，如果我們可以進行問答，那就太好了。

(Operator Instructions) Our first question comes from Lisa Ellis from MoffettNathanson.

（操作員說明）我們的第一個問題來自 MoffettNathanson 的 Lisa Ellis。

All right.

好的。

Hopefully, you can hear me, I guess.

希望你能聽到我的聲音，我猜。

Yes, we can.

我們可以。

So I'm going to hit a topic you did not cover on the call.

所以我要談談你在電話會議上沒有提到的一個話題。

Al, question for you about big tech.

艾爾，關於大科技的問題。

The big tech companies are now facing elevated regulatory pressure, obviously very present right now in the U.S., also in Europe, related to some of their competitive practices.

大型科技公司現在面臨著越來越大的監管壓力，顯然目前在美國和歐洲都非常存在，這與它們的一些競爭做法有關。

Can you comment on how this regulatory scrutiny you see affecting, one, those firms' initiatives in payments?

您能否評論一下您認為這種監管審查如何影響這些公司的支付舉措？

Like in particular, are there anything -- any practices that they're doing that you at Visa or Visa would view should be scrutinized?

尤其是，有什麼 - 他們正在做的任何做法，你在 Visa 或 Visa 會看到嗎？

And then also, do you view this sort of regulatory scrutiny on big tech as a plus for the payments ecosystem and for Visa or as potentially a negative?

此外，您是否認為這種對大型科技公司的監管審查對支付生態系統和 Visa 有利，還是潛在不利？

Well, Lisa, as you might imagine, we have relationships with all of the companies that you would consider big techs.

好吧，麗莎，正如你想像的那樣，我們與所有你認為是大型科技公司的公司都有關係。

Some are a bit more extensive than others, but we certainly have relationships with all of them.

有些比其他的更廣泛，但我們當然與他們所有人都有關係。

I certainly can't comment and wouldn't comment on regulatory scrutiny that they are experiencing.

我當然不能評論，也不會評論他們正在經歷的監管審查。

But if it involves payments and we can be helpful to them or helpful to the government in either advocating or explaining what's going on, we will jump into that.

但是，如果它涉及付款，並且我們可以幫助他們或幫助政府宣傳或解釋正在發生的事情，我們將參與其中。

There was a case with a payment initiative that we had going with Facebook in Brazil in the last month where we did just that, as an example.

例如，上個月我們在巴西與 Facebook 合作開展了一項支付計劃，我們就是這樣做的。

I think that these big techs are -- certainly have attracted lots and lots of users and have developed relationships with them.

我認為這些大型科技公司——當然已經吸引了很多用戶，並與他們建立了關係。

And some of those relationships are going to require money movement or payments capability.

其中一些關係將需要資金流動或支付能力。

And we certainly want to be there and be the partner to work with them on those particular things.

我們當然希望在那裡並成為與他們合作處理這些特定事情的合作夥伴。

And we'll leave it to them to figure out and deal with any of the regulatory issues that they're facing.

我們將留給他們找出並處理他們面臨的任何監管問題。

And we're a phone call away if we can be helpful.

如果我們能提供幫助，我們可以打個電話。

But I think, in most cases, it's kind of up to them to resolve them.

但我認為，在大多數情況下，解決問題取決於他們。

Our next question comes from Matt O'Neill from Goldman Sachs.

我們的下一個問題來自高盛的馬特奧尼爾。

I was hoping you could provide some anecdotal views on what I think is probably the next leg of the sort of secular catalyst here, the sort of silver lining of this pandemic, if there is one, which is obviously the e-com growth has been robust.

我希望你能提供一些關於我認為可能是這種世俗催化劑的下一站的軼事觀點，這種流行病的一線希望，如果有的話，這顯然是電子商務的增長已經強大的。

But how are the bank partners and merchant partners sort of thinking about the move back into brick-and-mortar commerce in what will inevitably be a significantly greater demand for contactless payments?

但是，銀行合作夥伴和商家合作夥伴是如何考慮重返實體商業的，因為對非接觸式支付的需求將不可避免地顯著增加？

And then if I could just have a quick unrelated follow-up.

然後，如果我可以快速進行不相關的跟進。

I was just wondering if there's any update on the Plaid acquisition and any comments around the lawsuit there.

我只是想知道格子收購是否有任何更新以及有關訴訟的任何評論。

Well, interestingly enough, as you probably could see in some of our charts, as card-not-present has -- I'm sorry, as card-not-present has started to work its way back, it lagged obviously, card-not-present, it was impacted much more greatly by the pandemic.

好吧，有趣的是，正如你可能在我們的一些圖表中看到的那樣，就像不存在卡片一樣——我很抱歉，因為不存在卡片已經開始恢復，它顯然落後了，卡片——不存在，它受到大流行的影響更大。

Card-not-present volumes have held up, so we're not seeing any declines there.

無卡交易量一直保持不變，因此我們沒有看到任何下降。

And I think that what all issuers and anybody who's rooting for economies around the world to come back would love to see a situation where both card-not-present and card-present both bounce back, and that bricks-and-mortar commerce on main streets and communities around the world continue to grow.

而且我認為，所有發行人和任何支持世界各地經濟回歸的人都希望看到無卡和有卡都反彈的情況，以及主要的實體商業世界各地的街道和社區繼續增長。

I think the case for contactless, Matt, has been made.

我認為非接觸式的案例，馬特，已經成立。

We have seen consumers and governments and merchants voting through their actions, and contactless has had -- or tap to pay had tremendous momentum kind of going into COVID.

我們已經看到消費者、政府和商家通過他們的行動進行投票，而非接觸式支付已經——或者說點擊支付有巨大的勢頭進入 COVID。

And if anything, COVID had accelerated the momentum of tap to pay even in the United States, which we know has been further behind, but as I cited, we've added 80,000 -- or I'm sorry, our issuers have added 80 million credentials that are tap to pay-enabled in the first 6 months of the year.

如果有的話，即使在美國，COVID 也加速了自來水支付的勢頭，我們知道這已經落後了，但正如我所引用的，我們已經增加了 80,000 - 或者對不起，我們的發行人增加了 80在今年的前 6 個月內啟用了點擊支付的 100 萬個憑證。

Something like 80% of the merchant volume is -- that is occurring in the face-to-face world is occurring at terminals that are enabled for tap to pay.

大約 80% 的商家交易量發生在面對面世界中，發生在支持點擊支付的終端上。

So I think it's going to just continue to grow everywhere around the world.

所以我認為它會在世界各地繼續增長。

And I believe that the COVID situation will help accelerate the growth here in the United States at a perhaps faster pace than it might have happened otherwise.

而且我相信，新冠疫情的形勢將有助於加速美國的增長，其速度可能比其他情況下可能發生的更快。

As for Plaid...

至於格子...

Al, I might add a couple of things.

艾爾，我可能會補充幾件事。

One, crisis fosters innovation as you know.

一，眾所周知，危機促進創新。

And if anything, this has made more and more merchants focus on omnichannel commerce, which CyberSource is very much in the middle of.

如果有的話，這使得越來越多的商家專注於全渠道商務，而 CyberSource 正是其中之一。

And increasingly, merchants are getting better and better at serving customers seamlessly across bricks-and-mortar as well as e-commerce.

越來越多的商家在通過實體店和電子商務無縫地為客戶提供服務方面做得越來越好。

It has also made a lot of categories that never used e-commerce become a lot better at e-commerce.

也讓很多從沒用過電商的品類，在電商上變得更好了。

And that's -- you've seen that in a lot of everyday spend categories.

這就是 - 你已經在很多日常支出類別中看到了這一點。

You've seen that with restaurants.

你已經在餐館看到了這一點。

And more broadly across retail, people have come up with more innovative ways like curbside delivery has been perfected in many ways.

在更廣泛的零售領域，人們想出了更多創新的方式，比如路邊送貨在很多方面都得到了完善。

And that, we think, is going to be here with us, which is really a way where you order online, but you may pick up physically.

我們認為，這將與我們同在，這實際上是您在線訂購的一種方式，但您可以親自取貨。

So you have one more delivery option, you can get it delivered after a day or 2 delay, or you can get it right away by going and picking it up.

因此，您還有一個送貨選項，您可以在延遲一天或兩天后送貨，或者您可以直接去取貨。

So there's a lot going on.

所以發生了很多事情。

And I think the most important point that Al made was that even as we've seen card-present improve from minus 50 to minus high single digits, card-not-present has stayed very robust, continuing to grow at those mid-20s levels for quite a while now.

而且我認為 Al 提出的最重要的一點是，即使我們看到有卡從負 50 提高到負高個位數，無卡仍然非常強勁，繼續在 20 年代中期的水平上增長有一段時間了。

So lots of changes underway.

所以很多變化正在進行中。

Matt, let me address your Plaid question.

馬特，讓我來解決你的格子問題。

It's still pending regulatory approval.

它仍在等待監管部門的批准。

And we certainly are expecting to close by the end of the calendar year and are doing everything we can to comply with any request from the regulators that are looking at it.

我們當然希望在日曆年年底前關閉，並正在盡我們所能遵守監管機構的任何要求。

We are as excited about the Plaid acquisition today as we were back in January when we made the announcement.

今天我們對 Plaid 的收購感到興奮，就像我們在一月份宣布這一消息時一樣。

And we really believe we got the asset we wanted.

我們真的相信我們得到了我們想要的資產。

And all of the various benefits that we have articulated in prior calls, we believe, are still there.

我們相信，我們在之前的電話會議中闡明的所有各種好處仍然存在。

Everything from the depth of their integration with fintechs, the fact that they are most attracted to a lot of fintechs, that they're positioned in terms of how far along they are, we believe they have the best team.

從他們與金融科技的深度整合，到他們最容易被很多金融科技所吸引的事實，以及他們所處的位置，我們相信他們擁有最好的團隊。

And we see it as the best way to integrate into Visa.

我們認為這是融入 Visa 的最佳方式。

So we're -- we remain very excited about Plaid and hopeful to close by the end of the year.

所以我們 - 我們仍然對格子呢感到非常興奮，並希望在今年年底前關閉。

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。

Just a couple of quick ones, first on the fourth quarter, fiscal fourth quarter comments.

只是幾個快速的，首先是第四季度，第四財季的評論。

Just to clarify, I think you guys are saying that the -- just the lag effect of services versus prior quarter volume would impact that line by 4 points.

澄清一下，我認為你們是在說 - 只是服務與上一季度數量的滯後效應會對該線產生 4 個百分點的影響。

But I guess we're just wondering if the -- just given the trends we're seeing on transactions processed flattening out, shouldn't those trends be enough to offset that when it comes to growth in fiscal Q4?

但我想我們只是想知道——考慮到我們所看到的交易處理趨於平緩的趨勢，這些趨勢是否足以抵消第四財季增長的影響？

And then, Al, just bigger picture, when we think about the services, all these other value-added services you guys are doing well with, I mean, do you see these sticking around post-COVID in terms of the demand you're seeing for analytics and potentially the card-not-present service fees or CyberSource?

然後，Al，只是更大的圖景，當我們考慮服務時，你們做得很好的所有其他增值服務，我的意思是，你是否看到這些在 COVID 後的需求方面仍然存在尋找分析和潛在的無卡服務費或 CyberSource？

So why don't I let Vasant answer the first piece, and I'll come back and address the second piece?

那麼為什麼我不讓 Vasant 回答第一部分，然後我會回來處理第二部分呢？

Sure.

當然。

So if you look at the various lines on the revenue line, service fees, as you indicated and as we told you in the comments, are known already.

因此，如果您查看收入線上的各條線，您已經知道服務費，正如您所指出的以及我們在評論中告訴您的那樣。

They're going to report service fees based on our volumes in the third quarter.

他們將根據我們在第三季度的數量報告服務費。

And the volumes in the third quarter was hopefully the low point.

第三季度的交易量有望達到最低點。

And as we said, had we not done a lag, our service fees would have been down 11%, and total net revenue would have been down, as you said, in that 4, 4.5% range.

正如我們所說，如果我們沒有延遲，我們的服務費會下降 11%，總淨收入也會下降，如你所說，在 4% 到 4.5% 的範圍內。

So that is going to happen.

所以這將會發生。

That's a known fact.

這是眾所周知的事實。

And even if volumes improve on the domestic front and transactions improve, the service fee number isn't going to change next quarter.

即使國內交易量增加並且交易量增加，服務費數字也不會在下個季度發生變化。

So that's locked in.

所以被鎖定了。

So when volumes do improve, which we expect will be the case on domestic volumes and transactions, transactions revenues will definitely go up.

因此，當交易量確實有所改善時，我們預計國內交易量和交易量也會如此，交易收入肯定會增加。

Value-added services revenues will definitely go up.

增值服務收入肯定會上升。

But the other thing that goes up is the contra-revenue line, incentives.

但另一件上升的事情是相反的收入線，即激勵措施。

Incentives will go up to reflect the higher volumes because we don't book incentives with a lag.

獎勵將增加以反映更高的交易量，因為我們不會延遲預訂獎勵。

Incentives will go up, but the benefit of that revenue from the higher incentives, we won't get on the services line -- service fee line, we will get it on -- we will definitely get it on the processing line.

激勵措施會增加，但是從更高的激勵措施中獲得的收益，我們不會進入服務線——服務費線，我們會得到它——我們肯定會進入處理線。

So there's something of an offset there.

所以那裡有一些抵消。

I just want you to be aware of that.

我只是想讓你意識到這一點。

But the biggest variable is going to be cross-border.

但最大的變數將是跨境。

If there's a change in trend in cross-border and it improves, then that would be the single biggest reason to expect Q4 trends to be better than Q3, recognizing that you've got pressure going in the other direction from the service fee lag.

如果跨境趨勢發生變化並且有所改善，那麼這將是預期第四季度趨勢優於第三季度的唯一最大原因，因為您認識到服務費滯後帶來了另一個方向的壓力。

So there's some complexity created by these things because of the turbulent times we're in.

因此，由於我們所處的動盪時期，這些事情造成了一些複雜性。

We've tried to help you with it.

我們已經盡力幫助您。

And hopefully we can help you some more, if you like, answer more questions later on.

希望我們可以為您提供更多幫助，如果您願意，請稍後回答更多問題。

And Darrin, on your second question, I'm very bullish on what's going to happen with value-added services in a post-COVID world.

Darrin，關於你的第二個問題，我非常看好在後 COVID 世界中增值服務將會發生什麼。

First of all, 2/3 of our value-added service is a platform-type services, CyberSource, issuer processing, risk and fraud.

首先，我們2/3的增值服務是平台類服務，CyberSource，發行人處理，風險和欺詐。

The need for those is going to continue.

對這些的需求將繼續存在。

And if anything, the volumes and transactions that will run through those will go up.

如果有的話，將通過這些交易量和交易量將會增加。

Where we've seen some declines are in travel-related card benefits, which is going to get better as travel comes back.

我們看到一些下降的地方是與旅行相關的卡福利，隨著旅行的回歸，這種情況會變得更好。

We've also waived some fees because of the pandemic.

由於大流行，我們還免除了一些費用。

And once we're past the pandemic, we won't waive those fees as readily, so that volume will go up.

一旦我們度過了大流行，我們就不會輕易放棄這些費用，因此數量會增加。

Travel-related benefits will go up, as I said, as travel comes back.

正如我所說，隨著旅行的回歸，與旅行相關的福利將會增加。

So I see value-added services being very well positioned coming out of COVID and feel very good about the contribution they'll make and how they'll continue to diversify our revenue profile over time.

因此，我看到從 COVID 中脫穎而出的增值服務處於非常有利的位置，並且對他們將做出的貢獻以及他們將如何隨著時間的推移繼續使我們的收入狀況多樣化感到非常滿意。

Yes.

是的。

I think the other things to add there, 3 of our largest value-added services, we think, are going to sustain their growth, which has already accelerated.

我認為其他要添加的東西，我們認為我們最大的 3 項增值服務將保持它們的增長，而且增長已經加速。

Our issuer processing business, which is directed towards debit.

我們的發行人處理業務，針對借方。

Debit has become the engine for cash conversion right now.

借記卡目前已成為現金轉換的引擎。

Debit growth rates, as you saw, are 25% in the first 3 weeks of July.

如您所見，7 月的前 3 週借記卡增長率為 25%。

So as long as debit growth rates are at an accelerated level, the issuer processing business will clearly have high growth rates.

因此，只要藉方增速處於加速水平，發卡行處理業務顯然將具有高增速。

CyberSource always benefits from the shift to e-commerce.

CyberSource 總是從向電子商務的轉變中受益。

And now with their focus on omnicommerce, CyberSource clearly is benefiting from the shift.

而現在，由於他們專注於全電子商務，CyberSource 顯然從這一轉變中受益。

And then finally, our risk and fraud services certainly benefit as things move more to e-commerce, which is where fraud is an area that we can really help a lot on.

最後，隨著事情更多地轉向電子商務，我們的風險和欺詐服務肯定會受益，在這方面，欺詐是我們真正可以提供很多幫助的領域。

So they're reasons to believe that higher growth rates can sustain post-COVID.

因此，他們有理由相信更高的增長率可以維持疫情后的發展。

Our next question comes from James Friedman from Susquehanna.

我們的下一個問題來自 Susquehanna 的 James Friedman。

Al, in your prepared remarks, you shared some P2P growth characteristics.

Al，在您準備好的評論中，您分享了一些 P2P 增長特徵。

You were going kind of quick there.

你去那裡有點快。

I -- that disclosure was new, at least to me.

我——至少對我來說，這種披露是新的。

But I was wondering if you could repeat what you said and also, at the same time, share some use cases about how you're seeing the P2P applications develop.

但我想知道您是否可以重複您所說的內容，同時分享一些關於您如何看待 P2P 應用程序開發的用例。

Well, what I said in my remarks was that P2P is up almost 80% in third quarter, and in Latin America -- that was in the United States, I'm sorry, up 80% in the third quarter.

嗯，我在講話中所說的是，P2P 在第三季度增長了近 80%，在拉丁美洲——對不起，在美國，第三季度增長了 80%。

And in Latin America, there we saw progress with 2 different apps -- P2P apps in Peru where we saw a nearly 400% increase in transactions in Q3 over the prior quarter Q2.

在拉丁美洲，我們看到 2 個不同的應用程序取得了進展——秘魯的 P2P 應用程序，我們看到第三季度的交易量比上一季度第二季度增長了近 400%。

We've got this tremendous track record of working with P2P providers.

我們在與 P2P 提供商合作方面有著出色的記錄。

And as we said in the past, we were heavily skewed toward the United States and Russia.

正如我們過去所說，我們嚴重偏向美國和俄羅斯。

But we're -- and where we have relationships with most of the big P2P providers, Square Cash, Venmo, Zelle, et cetera.

但我們 - 並且我們與大多數大型 P2P 提供商、Square Cash、Venmo、Zelle 等都有關係。

I think that now we're seeing our P2P capability through our Visa Direct platform becomes something that people are looking to us for as P2P applications are developing in other countries around the world.

我認為現在我們通過 Visa Direct 平台看到我們的 P2P 功能成為人們期待我們的東西，因為 P2P 應用程序正在世界其他國家/地區開發。

Since we had some issues earlier, we'll run longer.

由於我們之前遇到了一些問題，因此我們將運行更長時間。

So we'll probably go for at least 10 minutes past the hour.

所以我們可能會在一個小時後至少走 10 分鐘。

Our next question comes from Craig Maurer from Autonomous Research.

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

I was hoping, Vasant, you could comment on if we see cross-border -- the cross-border recovery continue to stagnate into next year and domestic volume continue to pick up, intra-Europe cross-border continue to pick up, where should we be thinking about incentives as a percentage of gross revenue going.

我希望，Vasant，如果我們看到跨境，您可以發表評論——跨境復甦繼續停滯到明年，國內交易量繼續回升，歐洲內部跨境繼續回升，應該在哪裡我們正在考慮將激勵措施作為總收入的百分比。

What's the risk to next year in terms of upside from that percentage?

就這一百分比的上漲而言，明年的風險是什麼？

And then perhaps, Al, maybe a comment or 2 on the renewal of the Durbin Amendment version 2 or 3, whatever we're at, at this point, and EPI in Europe.

然後也許，Al，也許是關於更新德賓修正案第 2 或第 3 版的評論，無論我們在這一點上，以及歐洲的 EPI。

Yes.

是的。

In times like these, I think it's not easy to make long-term projections clearly.

在這樣的時代，我認為要清楚地做出長期預測並不容易。

In terms of cross-border and its recovery, yes, it's possible, I suppose, that it remains sluggish.

就跨境及其複蘇而言，是的，我認為它可能仍然低迷。

It all depends on borders reopening.

這一切都取決於重新開放邊境。

Wherever borders have been opened or the restrictions have not been significant, we've seen some pretty quick recoveries.

無論在哪裡開放邊界或限制並不嚴重，我們都看到了一些相當快的恢復。

So to the extent that there are borders reopening, it may not be globally, but there could be corridors opening up as we're already hearing, Australia, New Zealand, you've seen that it's mostly open across the EU.

因此，就邊境重新開放而言，它可能不是全球性的，但正如我們已經聽到的那樣，可能會有走廊開放，澳大利亞、新西蘭，你已經看到它在整個歐盟範圍內大部分都是開放的。

It's starting to open in other geographies within regions.

它開始在區域內的其他地區開放。

So it's not black and white, I think, in terms of the cross-border recovery.

所以我認為，就跨境復甦而言，這不是非黑即白的。

You could see some changes in travel patterns because of how countries open up.

由於國家/地區的開放方式，您可以看到旅行模式的一些變化。

But if cross-border remains depressed, certainly the mix won't help us.

但如果跨境仍然低迷，那麼這種混合肯定對我們沒有幫助。

And that will cause the percentage of incentives to gross revenue to stay higher than what you might call -- what it would might have been normalized mix of earnings -- of revenues.

這將導致激勵對總收入的百分比保持高於你所說的 - 這可能是收入的正常化組合 - 收入。

The other factor that's influencing it is probably most acute in the fourth quarter, which is the service fee lag.

另一個影響它的因素可能在第四季度最為嚴重，那就是服務費滯後。

Normally, our service fees from one quarter to another don't have such significant swings because our business tends to be quite stable, so that service fee lag effect will moderate.

通常，我們的服務費從一個季度到另一個季度不會有如此大的波動，因為我們的業務往往相當穩定，因此服務費滯後效應會有所緩和。

So I think the best way to describe it is it will probably normalize from the levels you see in the fourth quarter.

所以我認為描述它的最好方法是它可能會從你在第四季度看到的水平正常化。

It will certainly normalize because of service fee stabilizing.

由於服務費穩定，它肯定會正常化。

It will probably normalize some because the cross-border business will recover in corridors, but we'll wait and see how fast cross-border normalizes.

它可能會正常化一些，因為跨境業務將在走廊中恢復，但我們將拭目以待跨境正常化的速度。

Let me address your other 2 questions you asked about Durbin.

讓我來回答你問的關於德賓的另外兩個問題。

Visa is fully compliant with all the requirements of the Durbin Amendment.

Visa 完全符合德賓修正案的所有要求。

And we don't have any rules or requirements or other restrictions that inhibit a merchant's ability to select their routing decisions, make the routing decision of their choice.

而且我們沒有任何規則或要求或其他限制阻礙商家選擇他們的路由決策、做出他們選擇的路由決策的能力。

And merchants are free and often do route to various unaffiliated networks enabled on a debit card.

商家是免費的，並且經常會路由到借記卡上啟用的各種非附屬網絡。

So that would -- I think we're in good shape as it relates to Durbin.

因此，我認為我們在德賓方面處於良好狀態。

EPI, we have a history of dealing with either regions or groups of countries or countries developing their own scheme or intra-market network.

EPI，我們有與開發自己的計劃或市場內網絡的地區或國家集團或國家打交道的歷史。

It's something that we're very, very used to dealing with.

這是我們非常非常習慣處理的事情。

We do know though that developing a network is not an inexpensive thing to do, and it's not a onetime investment.

我們確實知道，開發網絡並不是一件便宜的事情，也不是一次性的投資。

You have to continue to push and invest and innovate and be creative to stay ahead as it relates to all the elements of security, fraud prevention, risk, authentication, et cetera.

您必須繼續推動、投資和創新，並保持領先地位，因為它涉及安全、欺詐預防、風險、身份驗證等所有要素。

And so we will continue to monitor and engage constructively with regulators and banks in Europe on EPI.

因此，我們將繼續就 EPI 進行監督，並與歐洲的監管機構和銀行進行建設性的合作。

But on the other hand, we're going to continue to invest heavily behind our various networks to make them as good as they could possibly be.

但另一方面，我們將繼續大力投資支持我們的各種網絡，以使它們盡可能好。

And we will be continuing to focus on making sure that our clients know the benefits that they can obtain by doing business with us and running on our networks.

我們將繼續專注於確保我們的客戶了解通過與我們開展業務並在我們的網絡上運行可以獲得的好處。

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 spread in U.S. debit and credit, I know you went through it a couple of times, Vasant.

我只是想問一下美國借方和貸方的利差，我知道你經歷過幾次，Vasant。

But it's wider than what we saw in '08, '09.

但它比我們在 08 和 09 年看到的要寬。

So is there a way to try and quantify how much of the debit outperformance we can attribute to secular versus stimulus benefits?

那麼有沒有一種方法可以嘗試量化我們可以歸因於長期收益與刺激收益的借方表現有多少呢？

And curious also, I just want to make sure, any impact on yield differences between the 2 products.

也很好奇，我只是想確定這兩種產品之間的產量差異是否會受到影響。

I don't think so, but just wanted to make sure.

我不這麼認為，只是想確定一下。

Yes.

是的。

There are some modest yield differences depending on parts of the world and so on.

取決於世界各地等，存在一些適度的產量差異。

I don't think you should view that as a huge factor.

我認為您不應該將其視為一個重要因素。

In terms of the reasons that might stick as we go ahead, I think we went through 6 -- 5 reasons.

就我們前進時可能堅持的原因而言，我認為我們經歷了 6 到 5 個原因。

One, the economic impact payments and unemployment benefits being distributed on Visa prepaid cards, clearly, that's linked to the crisis and probably is not something that will continue.

第一，通過 Visa 預付卡分配的經濟影響付款和失業救濟金顯然與危機有關，並且可能不會持續下去。

Affluent customers putting off some discretionary items like travel, entertainment and restaurants, which has hit credit in particular, that probably normalizes over time, so that, you can attribute to COVID.

富裕的客戶推遲了旅行、娛樂和餐館等一些可自由支配的項目，這些項目尤其受到了影響，隨著時間的推移可能會正常化，因此，你可以將其歸因於 COVID。

The propensity for people to spend money -- spend the money they have versus money from -- borrowed money, that is something you do see in times of uncertainty.

人們花錢的傾向——花他們擁有的錢與借來的錢——這是你在不確定時期看到的東西。

And then some of the economic incentive impact payments going into checking accounts clearly has helped debit.

然後，一些進入支票賬戶的經濟激勵影響付款顯然有助於借記。

But there's a few others that are clearly sticking.

但是還有一些其他人顯然堅持不懈。

The fact that Visa Direct is still going very strong, that has been helping debit for a long time, and we'll continue to do that.

事實上，Visa Direct 仍然非常強勁，長期以來一直在幫助借記，我們將繼續這樣做。

The fact that debit has become the mechanism for cash conversion to digital in everyday spend categories and in just about -- in most categories, which have seen a big increase in e-commerce, has benefited debit, I think some of that sticks.

事實上，借方已成為日常支出類別中現金轉換為數字的機制，並且幾乎在大多數類別中，電子商務大幅增長，借方受益，我認為其中一些是有效的。

So I think the best way to describe it is that the acceleration of cash conversion has disproportionately helped debit, and that is most likely going to stick.

所以我認為最好的描述方式是現金轉換的加速不成比例地幫助借記，而且很可能會持續下去。

And Tien-Tsin, it's Al.

Tien-Tsin，是 Al。

I would only add that I think the -- if I look back, same observation you do about the 2008/2009 time frame.

我只想補充一點，我認為——如果我回顧一下，你對 2008/2009 年時間框架所做的觀察是一樣的。

But e-commerce is just much, much bigger, and it just appears that people who are doing card-not-present e-com nontravel are using their debit cards much more than their credit cards.

但電子商務的規模要大得多，而且似乎從事無卡電子商務非旅行的人使用借記卡的次數要多於信用卡。

Our next question comes from David Togut from Evercore.

我們的下一個問題來自 Evercore 的 David Togut。

Could you parse out some of the drivers of the 36% decline in international transaction revenue yield?

您能否分析出國際交易收入收益率下降 36% 的一些驅動因素？

I imagine a lot of that's just the big drop in cross-border travel.

我想其中很多只是跨境旅行的大幅下降。

But if you could help us think through the drivers in terms of how much might be inter-European versus debit?

但是，如果您能幫助我們考慮一下歐洲之間與借方之間可能有多少的驅動因素？

And how should we think about international transaction revenue yield going forward?

我們應該如何看待未來的國際交易收入收益率？

Yes.

是的。

So I think it's very important to continue to point people to the decline of cross-border volumes excluding intra-Europe volumes.

因此，我認為繼續向人們指出不包括歐洲內部交易量的跨境交易量下降非常重要。

The decline was roughly -- was 47% in cross-border constant dollar volumes excluding intra-Europe.

不包括歐洲內部的跨境固定美元交易量下降了大約 47%。

So the revenue decline is roughly, as you can see, in line with that.

因此，如您所見，收入下降大致與此一致。

The reason being that -- and if you look at total cross-border volume, that includes intra-Europe, intra-Europe looks more like a domestic transaction.

原因是——如果你看一下包括歐洲內部在內的跨境總交易量，歐洲內部看起來更像是一項國內交易。

In fact, in our international revenue line, the contribution from intra-Europe transactions is very small.

事實上，在我們的國際收入線中，來自歐洲內部交易的貢獻非常小。

The international revenue line is driven almost entirely by volume excluding intra-Europe.

國際收入線幾乎完全由不包括歐洲內部的銷量驅動。

Now there's a few other things there that can have an impact.

現在還有其他一些可能會產生影響的事情。

Exchange rate shifts can.

匯率變動可以。

Changes in currency volatility can.

貨幣波動的變化可以。

So that explains -- and then some small changes in mix in terms of which corridors are doing better than others because of some yield differences across corridors.

所以這就解釋了 - 然後由於走廊之間的一些產量差異，哪些走廊比其他走廊做得更好，因此組合發生了一些小的變化。

But that explains the 44% decline in revenues versus the 47% decline in volumes ex intra-Europe.

但這解釋了收入下降 44% 而歐洲內部交易量下降 47% 的原因。

But as you can see, watching that volume line ex intra-Europe is the best indicator, and that's what you should focus on.

但正如你所看到的，觀察歐洲內部的成交量線是最好的指標，這就是你應該關注的。

Got it.

知道了。

And just as a quick follow-up, could you just comment on the 10% growth in processing transaction yield year-over-year and thoughts going forward?

作為快速跟進，您能否評論一下處理交易收益率同比增長 10% 以及未來的想法？

Right.

正確的。

There's 2 factors driving it.

有兩個因素在推動它。

One is that cross-border transactions have held up a little better than cross-border volume.

一是跨境交易量略好於跨境交易量。

So the mix has helped a bit because cross-border transactions for processing have a higher yield.

因此，這種組合有所幫助，因為用於處理的跨境交易具有更高的收益。

And the second is we have value-added services and some acquisitions in that line.

第二個是我們在這方面有增值服務和一些收購。

And as you heard, value-added services are growing in the mid-teens in that line.

正如您所聽到的，增值服務在該行的青少年中正在增長。

So those 2 things have helped data processing yields go up.

所以這兩件事幫助數據處理產量上升。

Our next question comes from Dave Koning from Baird.

我們的下一個問題來自 Baird 的 Dave Koning。

And I guess following up on that last question, you said that the ex intra-Europe volume down 47%, but 44% revenue decline.

我想跟進最後一個問題，你說前歐洲內部交易量下降了 47%，但收入下降了 44%。

Is that gap going to change much?

這個差距會發生很大變化嗎？

I know FX volatility probably helped a little bit in Q3 to make revenue a little better than the volume decline.

我知道外匯波動可能有助於在第三季度使收入略好於交易量下降。

But are there any other kind of yield factors in there other than FX volatility to think about?

但是，除了外匯波動性之外，還有其他類型的收益因素需要考慮嗎？

The variables that can make a difference there, first of all, the 44% to 47% is a relatively small delta.

可以在那裡產生影響的變量，首先，44% 到 47% 是一個相對較小的增量。

There'll always be some differences between the 2. They won't match each other precisely.

兩者之間總會有一些差異。它們不會精確匹配。

But you're right, currency volatility is one factor.

但你是對的，貨幣波動是一個因素。

Another factor would be mix.

另一個因素是混合。

Certain corridors can have better yields than others.

某些走廊可以比其他走廊有更好的收益。

So if the recovery of cross-border favors higher-yielding corridors, you can have something of a difference.

因此，如果跨境復甦有利於收益更高的走廊，那麼您可能會有所不同。

But other than that, it should track pretty closely to volumes ex intra-Europe volumes.

但除此之外，它應該非常接近歐洲內部交易量以外的交易量。

Our last question comes from Harshita Rawat from Bernstein.

我們的最後一個問題來自 Bernstein 的 Harshita Rawat。

Al, can you expand upon your recent conversations with regulators and governments?

艾爾，您能否詳細介紹一下您最近與監管機構和政府的對話？

Now on one hand, some merchants are lobbying for lower fees in this crisis, and I understand that's not a new phenomenon.

現在一方面，一些商家正在遊說在這場危機中降低費用，我知道這不是一個新現象。

But then there are very real benefits of digital payments, especially in this current environment.

但是，數字支付有非常實際的好處，尤其是在當前的環境下。

So just -- can you just talk about how your conversations with regulators and governments are evolving in this crisis?

所以——你能談談你與監管機構和政府的對話在這場危機中是如何演變的嗎？

Look, I think like many people, governments are finding themselves in uncharted territory here.

看，我想像許多人一樣，政府在這裡發現自己處於未知領域。

And they're all well intentioned, trying to figure out the right things to do.

他們都是善意的，試圖找出正確的事情去做。

Our biggest piece of advice to governments as it relates to core payments is to do no harm at the moment.

對於與核心支付相關的政府，我們最大的建議是目前不要造成傷害。

I mean right now, I think the less amount of moving parts as we're fighting through this pandemic is the best answer for everybody.

我的意思是現在，我認為在我們與這種流行病作鬥爭的過程中，減少活動部件的數量對每個人來說都是最好的答案。

This is not a time for any kind of changes.

現在不是任何改變的時候。

Governments are also increasingly talking to us in terms of looking for information that we have in terms of trends because they're trying to understand what's happening in their economies.

政府也越來越多地與我們交談，以尋找我們掌握的趨勢信息，因為他們試圖了解其經濟中正在發生的事情。

And in many ways, we could get them real-time picture of what's going on, faster than they can get it themselves.

在許多方面，我們可以讓他們實時了解正在發生的事情，比他們自己獲得的速度更快。

And the last thing I would say is that there's a lot of interest in the form of governments to become more role models in terms of what they want to see in their countries from a digital adoption point of view.

我要說的最後一件事是，從數字採用的角度來看，他們希望在自己的國家看到什麼，政府的形式有很多興趣成為更多的榜樣。

And so as they are -- have genned up stimulus programs, unemployment programs, thank-you programs and all kinds of other things, they're looking to Visa to help advise them on how they could distribute funds digitally as opposed to cutting checks.

因此，他們已經制定了刺激計劃、失業計劃、感謝計劃和其他各種各樣的東西，他們希望 Visa 幫助他們就如何以數字方式分配資金而不是削減支票提供建議。

So I think my view at the moment is that governments have -- are being very, very thoughtful and reasonable in terms of what they're saying, and they're also being good listeners.

所以我認為我目前的觀點是，政府在他們所說的方面非常、非常周到和合理，而且他們也是很好的傾聽者。

And so we're going to continue to do our job to provide them with whatever information they need and to provide them with whatever advice and counsel we can provide to be helpful to them, both in their role as governments and setters of laws as well as in their role as potential clients for various Visa services.

因此，我們將繼續做好我們的工作，為他們提供他們需要的任何信息，並為他們提供我們可以提供的任何建議和建議，以幫助他們，無論是作為政府還是法律制定者就像他們作為各種簽證服務的潛在客戶一樣。

Before we close out, one of the things I gather that did not -- when we had a little blackout with -- in terms of the transmission was I did before I closed make a comment about the race situation in the country and around the world.

在我們關閉之前，我收集到的一件事沒有 - 當我們有一點停電時 - 就傳輸而言，我在關閉之前做過關於該國和世界各地的比賽情況的評論.

And I'd like to just cite that again.

我想再引用一次。

For 4 centuries, Black and African-American women and men have experienced incredible forms of social injustice and discrimination.

4 個世紀以來，黑人和非裔美國女性和男性經歷了令人難以置信的社會不公正和歧視形式。

And it's offensive, it's frustrating and it's unacceptable, and it has to stop.

它令人反感，令人沮喪，令人無法接受，必須停止。

At Visa, we've committed to do our part.

在 Visa，我們承諾儘自己的一份力量。

We recently announced the next steps in our journey to drive inclusion and diversity across our company.

我們最近宣布了我們在整個公司推動包容性和多樣性的旅程的下一步。

We announced a number of actions, including the establishment of a Visa scholars and jobs program.

我們宣布了一系列行動，包括建立簽證學者和就業計劃。

But very importantly, last week, we announced that we're committing to increase the number of underrepresented U.S. vice presidents and above by 50% in the next 3 years and increase the number of underrepresented U.S. colleagues within Visa overall by 50% in the next 5 years.

但非常重要的是，上週，我們宣布承諾在未來 3 年內將任職人數不足的美國副總統及以上副總統人數增加 50%，並在未來將 Visa 中任職人數不足的美國同事總數增加 50% 5年。

We want to do our part to eradicate the social injustice in the world.

我們希望儘自己的一份力量來消除世界上的社會不公。

It's way past time that, that has to be the case.

時間已經過去了，必須如此。

With that, thank you to everybody.

有了這個，謝謝大家。

Mike, did you want to...

邁克，你想...

Yes.

是的。

Thank you, Al.

謝謝你，阿爾。

So yes, once again, I apologize for the technical challenges.

所以，是的，我再次為技術挑戰道歉。

We will make sure that the replay that's on our website as well as the transcript reflect everything.

我們將確保我們網站上的回放以及成績單反映了一切。

And if you have additional questions, of course feel free and reach out to us here, on the Investor Relations team, and we're happy to help you.

如果您還有其他問題，當然可以隨時聯繫我們的投資者關係團隊，我們很樂意為您提供幫助。

So thanks so much, and have a great day.

非常感謝，祝您有美好的一天。