Visa Inc (V) 2020 Q2 法說會逐字稿

Welcome to Visa's Fiscal Second Quarter 2020 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Visa 2020 財年第二季度收益電話會議。 （操作員說明）今天的會議正在錄製中。如果您有任何異議，您可以在此時斷開連接。

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

我現在想將會議轉交給您的主持人，投資者關係高級副總裁 Mike Milotich 先生。米洛蒂奇先生，您現在可以開始了。

Thank you, Jordan. Good afternoon, everyone, and welcome to Visa's Fiscal Second Quarter 2020 Earnings Call. Joining us today are Al Kelly, Visa's Chairman and Chief Executive Officer; and Vasant Prabhu, Visa's Vice Chairman and Chief Financial Officer.

謝謝你，喬丹。大家下午好，歡迎參加 Visa 2020 財年第二季度財報電話會議。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. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights have been posted on the IR website.

本次電話會議正在我們網站 www.investor.visa.com 的投資者關係部分進行網絡直播。重播將在我們的網站上存檔 30 天。包含財務和統計要點的幻燈片已發佈在 IR 網站上。

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent reports on Forms 10-K, 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website. For historical non-GAAP financial information disclosed in this call, the related GAAP measures and the reconciliation are available in today's earnings release.

我還要提醒您，本演示文稿包含前瞻性陳述。這些陳述不是對未來業績的保證，我們的實際結果可能會因許多因素而產生重大差異。有關這些因素的更多信息，請參閱我們關於 10-K、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。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 one last note before we get started, given the amount of content we have today, we want to allow time for Q&A, and so we're likely to run over by a few minutes.

在我們開始之前的最後一點說明，鑑於我們今天擁有的內容量，我們希望留出時間進行問答，因此我們可能會拖延幾分鐘。

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, and good afternoon, everyone, and thanks for joining us today. First and foremost, I hope you and your families are well and safe.

邁克，非常感謝大家，大家下午好，感謝今天加入我們。首先，我希望您和您的家人一切安好。

A year that looked quite promising after a solid first quarter has been substantially disrupted by COVID-19. While the business has been negatively impacted in March and April, our focus has been doing the right things for our employees, our clients and our communities around the world whose lives have been affected in unimaginable ways. We continue to manage our business for the long term, although we are pragmatic in understanding short-term circumstances. To that end, we are certainly being quite careful about our spending on our expense base. And we are pulling back on discretionary spending, especially related to personnel, travel, professional services and marketing.

在穩健的第一季度被 COVID-19 嚴重破壞之後，這一年看起來很有希望。雖然業務在 3 月和 4 月受到了負面影響，但我們的重點一直是為我們的員工、客戶和世界各地的社區做正確的事情，他們的生活受到了難以想像的影響。儘管我們在了解短期情況方面是務實的，但我們仍會繼續長期管理我們的業務。為此，我們當然對我們的開支基礎上的支出非常謹慎。我們正在縮減可自由支配的支出，特別是與人事、旅行、專業服務和營銷相關的支出。

Throughout all of this, we remain committed to investing in the future in product development, in technology, our brand and business development. You may recall that at our Investor Day, we laid out a compelling case for Visa's growth as we look to be a single point of connection for money movement globally. And there are 3 primary levers to that growth: consumer payments, new flows and value-added services. I want to be absolutely clear that nothing has changed about these opportunities in terms of the medium- and long-term growth for the company.

在所有這一切中，我們仍然致力於投資於產品開發、技術、品牌和業務發展的未來。您可能還記得，在我們的投資者日，我們為 Visa 的增長提供了一個令人信服的案例，因為我們希望成為全球資金流動的單點連接點。這種增長有 3 個主要槓桿：消費者支付、新流量和增值服務。我想絕對清楚，就公司的中長期增長而言，這些機會沒有任何改變。

On our call today, I'm going to cover our results, our response to COVID-19 and some updates on the underlying business and long-term prospects for growth.

在今天的電話會議上，我將介紹我們的結果、我們對 COVID-19 的反應以及有關基礎業務和長期增長前景的一些更新。

To start, our second quarter results. Net revenues in the fiscal second quarter were $5.9 billion, an increase of 7% or 8% in constant dollars. Although cross-border volumes were already weakening in February driven by Asia, for the most part, the business drivers were not meaningfully impacted by COVID-19 until the latter part of March.

首先，我們的第二季度業績。第二財季淨收入為 59 億美元，按固定美元計算增長 7% 或 8%。儘管在亞洲的推動下，2 月份跨境交易量已經減弱，但在大多數情況下，業務驅動因素直到 3 月下旬才受到 COVID-19 的顯著影響。

A quick snapshot on our quarterly results are as follows. Payments volume grew globally 5% or 7% excluding China with over 500 million transactions on Visa per day for each of the 91 days in the second quarter. Cross-border volume declined 2% on a constant dollar basis, and we processed 34.9 billion transactions on our network, an increase of 7% over the prior year. Our non-GAAP EPS growth was 9%, helped by prudent expense management.

我們的季度業績概覽如下。全球支付量增長 5% 或 7%（不包括中國），在第二季度的 91 天中，每天通過 Visa 進行的交易超過 5 億筆。按固定美元計算，跨境交易量下降 2%，我們在網絡上處理了 349 億筆交易，比上年增長 7%。在審慎的費用管理的幫助下，我們的非公認會計原則每股收益增長了 9%。

We recognize given the environment that the investment community would appreciate as much information on our performance as possible. And to that end, Vasant will dive into more detail than usual when I am finished with my remarks.

我們認識到，投資界希望盡可能多地了解我們的業績信息。為此，當我完成我的發言時，Vasant 將比平時更詳細地介紹。

Since the COVID-19 outbreak, we've been in very close and regular contact with employees, clients, partners and governments globally to help them navigate these challenging times. Our foremost priority is the health and well-being of our employees and their families. To that end, I pledged to our 20,000 employees that there would be no layoffs in calendar year 2020 related to COVID-19.

自 COVID-19 爆發以來，我們一直與全球員工、客戶、合作夥伴和政府保持密切和定期的聯繫，以幫助他們度過這些充滿挑戰的時期。我們的首要任務是員工及其家人的健康和福祉。為此，我向我們的 20,000 名員工承諾，在 2020 日曆年不會出現與 COVID-19 相關的裁員。

We recognize the critical role Visa plays in maintaining the stability, security and resiliency of the global payments ecosystem. And let me state that our network infrastructure and application performance has been unaffected even as we transition the vast majority of our employees to work-from-home status. Our business operations have comprehensive and coordinated plans in place to address business continuity and recovery needs around the world.

我們認識到 Visa 在維護全球支付生態系統的穩定性、安全性和彈性方面發揮的關鍵作用。讓我聲明，即使我們將絕大多數員工轉變為在家工作狀態，我們的網絡基礎設施和應用程序性能也沒有受到影響。我們的業務運營製定了全面且協調一致的計劃，以滿足全球業務連續性和恢復需求。

We're working closely with our clients in a number of initiatives, starting with tap to pay, which has gained even more momentum in the United States with issuers and merchants as they seek to reduce the need for cardholders to make physical contact at the terminal. Navy Federal recently started issuing tap-to-pay cards. So now 9 of the top 10 U.S. issuers are participating. And we have surpassed 175 million tap-to-pay cards in the United States that have been issued. That is more than any other country on the globe.

我們正在與我們的客戶在多項舉措中密切合作，從點擊支付開始，這在美國與發卡機構和商家獲得了更大的動力，因為他們尋求減少持卡人在終端進行身體接觸的需要.海軍聯邦最近開始發行點擊支付卡。因此，現在美國前 10 大發行人中有 9 家參與其中。我們已經在美國發行了超過 1.75 億張點擊支付卡。這比世界上任何其他國家都多。

On the merchant side, a large grocery chain recently rolled out tap to pay to more than 1,000 stores. So now 9 of the top 10 grocery stores are enabled for tap to pay. At the end of the second quarter, almost 60% of face-to-face transactions excluding the United States were tap to pay, and tap-to-pay transactions grew over 40% year-over-year.

在商家方面，一家大型雜貨連鎖店最近向 1,000 多家商店推出了自來水支付服務。因此，現在前 10 家雜貨店中有 9 家啟用了點擊支付功能。在第二季度末，除美國外，近 60% 的面對面交易是觸碰支付，觸碰支付交易同比增長超過 40%。

We've also launched a website where merchants can request free tap-to-pay signage for their terminals, and large merchants like KFC and Pizza Hut have ordered them for all their stores in the United States. Globally, we actively engage with merchants, acquirers, issuers and governments to increase tap-to-pay limits. In fact, over 50 markets in the last few weeks have announced increases. To name a few, 26 European countries, including the U.K., Poland and Ireland; 25 countries in the Middle East and Africa, including the Ukraine, Georgia and Egypt; also, Canada, Australia and New Zealand have increased their limits. And we expect other countries to follow, recognizing the benefits of digital payments.

我們還推出了一個網站，商家可以在該網站上為他們的終端申請免費的點擊支付標牌，肯德基和必勝客等大型商家已經為他們在美國的所有商店訂購了這些標牌。在全球範圍內，我們積極與商家、收單機構、發卡機構和政府合作，以提高點擊支付限額。事實上，過去幾周有超過 50 個市場宣布漲價。僅舉幾例，包括英國、波蘭和愛爾蘭在內的 26 個歐洲國家；中東和非洲25個國家，包括烏克蘭、格魯吉亞和埃及；此外，加拿大、澳大利亞和新西蘭也增加了限制。我們希望其他國家也能效仿，認識到數字支付的好處。

Visa is also working closely with governments around the world to respond to the crisis in a number of ways. For example, in the Dominican Republic, we developed a virtual prepaid solution to rapidly expand the government's emergency disbursement program from 800,000 to 1.5 million beneficiaries. Likewise, we will be deploying a Visa Direct solution to support Guatemala's emergency relief program to reach 2 million households over the next 3 months. In the United States, Visa supports over 2 dozen state government programs, including unemployment insurance programs. And given the environment, we are seeing a 400% growth in account holders just in the last month.

Visa還與世界各國政府密切合作，以多種方式應對危機。例如，在多米尼加共和國，我們開發了一種虛擬預付費解決方案，將政府的緊急支付計劃從 80 萬受益人迅速擴大到 150 萬。同樣，我們將部署 Visa Direct 解決方案，以支持危地馬拉的緊急救濟計劃，在未來 3 個月內惠及 200 萬戶家庭。在美國，Visa 支持 20 多個州政府計劃，包括失業保險計劃。鑑於環境，僅在上個月，我們就看到賬戶持有人增長了 400%。

Data is another area where Visa has been able to assist governments during the crisis. We're providing helpful insights into economic performance to nearly 20 government agencies around the world.

數據是 Visa 在危機期間能夠幫助政府的另一個領域。我們正在向全球近 20 個政府機構提供有關經濟績效的有用見解。

Visa is also helping our communities. We recently announced the commitment by the Visa Foundation of $210 million to support 2 programs: $10 million towards charitable organizations on the frontlines responding to the COVID-19 pandemic such as public health and food relief in each of the 5 geographic regions in which Visa operates; and $200 million to support small and micro businesses around the world with a focus on fostering women's economic advancement.

Visa 也在幫助我們的社區。我們最近宣布了 Visa 基金會承諾提供 2.1 億美元用於支持 2 個項目： 1,000 萬美元用於在 Visa 運營所在的 5 個地理區域中的每一個應對 COVID-19 大流行的一線慈善組織，例如公共衛生和食品救濟;以及 2 億美元用於支持世界各地的小微企業，重點是促進婦女的經濟發展。

Let me now shift to updates on the underlying business, which will be really very good for us in the medium- to long-term prospects for growth. Even with COVID-19, commerce and innovation continued. And our core business had a number of positive developments with several key relationships renewed and new partnerships formed. This is all in support of the opportunities for meaningful growth that we see in consumer payments, new flows and value-added services.

現在讓我轉向基礎業務的更新，這對我們的中長期增長前景非常有利。即使有了 COVID-19，商業和創新仍在繼續。我們的核心業務取得了一些積極的發展，更新了幾個關鍵關係並形成了新的合作夥伴關係。這一切都支持我們在消費者支付、新流量和增值服務方面看到的有意義的增長機會。

Let me just highlight a few of them. In the United States, Visa won 2 notable deals from issuers who recently completed mergers and previously had contracts with both Visa and a competitive network. We are very pleased to announce the extension and meaningful expansion of our consumer credit, consumer debit, small business and commercial issuing as well as our DPS debit processing partnerships with Truist, the sixth largest U.S. issuing bank. We look forward to working with this bank on a myriad of Truist brand-building, innovation and consumer experience efforts in the years ahead. Additionally, following the merger of TCF Bank and Chemical Bank to create the 27th largest bank in the United States, Visa won the existing business and new debit business.

讓我只強調其中的幾個。在美國，Visa 贏得了最近完成合併並且之前與 Visa 和競爭網絡都有合同的發行人的 2 項值得注意的交易。我們很高興地宣布，我們的消費信貸、消費借記、小企業和商業發行以及我們與美國第六大發卡銀行 Truist 的 DPS 借記處理合作夥伴關係得到擴展和有意義的擴展。我們期待在未來幾年與這家銀行合作，開展大量的 Truist 品牌建設、創新和消費者體驗工作。此外，隨著TCF Bank和Chemical Bank合併成為美國第27大銀行，Visa贏得了現有業務和新的借記業務。

In Europe, we continue to make progress. In the U.K., we extended our long-standing partnership with Barclays, which processes nearly half of the U.K.'s debit and credit transactions, enabling us to jointly focus on innovation and support Barclays' growth into new markets. Also in the U.K., Visa signed an extended agreement with Co-operative Bank, building on our 30-year relationship to support their 3.4 million retail and small business customers. In France, Visa renewed a 10-year agreement with Groupe BPCE, our largest client in Continental Europe with more than 40 million customers. Visa and one of the largest German banks, Comdirect bank, announced an agreement to issue consumer debit cards and grow their consumer credit business. And ING-DiBa extended its relationship with Visa for both debit and credit. A pan-European commercial bank selected Visa to grow their consumer credit and corporate card business across 6 European markets: Austria, the Czech Republic, Slovakia, Slovenia, Bulgaria and Bosnia and Herzegovina.

在歐洲，我們繼續取得進展。在英國，我們擴大了與巴克萊銀行的長期合作夥伴關係，巴克萊銀行處理英國近一半的借記卡和貸記交易，使我們能夠共同專注於創新並支持巴克萊銀行進入新市場。同樣在英國，Visa 與合作銀行簽署了一項擴展協議，在我們 30 年合作關係的基礎上，為他們的 340 萬零售和小型企業客戶提供支持。在法國，Visa 與 Groupe BPCE 續簽了一項為期 10 年的協議，後者是我們在歐洲大陸的最大客戶，擁有超過 4000 萬客戶。 Visa 和德國最大的銀行之一 Comdirect 銀行宣布了一項發行消費借記卡和發展消費信貸業務的協議。 ING-DiBa 擴展了與 Visa 的借記卡和貸記卡關係。一家泛歐商業銀行選擇 Visa 在 6 個歐洲市場發展其消費信貸和公司卡業務：奧地利、捷克共和國、斯洛伐克、斯洛文尼亞、保加利亞和波斯尼亞和黑塞哥維那。

In the rest of the world, we renewed and expanded partnerships with some of our largest clients. We renewed deals with 2 large debit issuers, Al Rajhi Bank, the largest retail bank in Saudi Arabia; and Chunghwa Post, the post office in Taiwan. In Australia, we signed a 10-year exclusive issuing partnership renewal with the Bank of Queensland, one of Australia's leading regional banks, to serve there close to 1 million personal and business customers.

在世界其他地區，我們與一些最大的客戶更新並擴大了合作夥伴關係。我們與沙特阿拉伯最大的零售銀行 Al Rajhi Bank 兩家大型借記卡發行人續簽了交易；還有台灣郵局中華郵政。在澳大利亞，我們與澳大利亞領先的區域性銀行之一昆士蘭銀行簽署了為期 10 年的獨家發行合作夥伴關係續約協議，為當地近 100 萬個人和企業客戶提供服務。

In Latin America and the Caribbean, we extended partnerships with the largest issuers we have in Panama, Peru, Jamaica and Costa Rica. In Brazil, we were chosen as the preferred brand by Caixa, the largest bank in customers and debit card issuance; and XP, a leading investment platform that is moving to issue digital credentials and cards. We also obtained our license to operate as a clearing house for card payments in Mexico, which will allow Visa to provide domestic network processing services. This is a key step for Visa to bring innovative solutions as well as world-class security and reliability to a very important market.

在拉丁美洲和加勒比地區，我們擴大了與巴拿馬、秘魯、牙買加和哥斯達黎加最大發行人的合作夥伴關係。在巴西，我們被客戶和借記卡發行量最大的銀行 Caixa 選為首選品牌； XP，一個領先的投資平台，正在發行數字憑證和卡片。我們還獲得了在墨西哥經營信用卡支付票據交換所的許可，這將允許 Visa 提供國內網絡處理服務。這是 Visa 為這個非常重要的市場帶來創新解決方案以及世界級安全性和可靠性的關鍵一步。

As you know, Visa is a global co-brand leader, and this quarter was no exception in terms of sizable wins. We announced a global co-brand partnership with Accor hotels. As the fourth largest global hotel chain with 39 brands such as Fairmont and Sofitel, this represents the most significant de novo co-brand opportunity in the travel sector in recent history. Our partnership will expand the Accor Live Limitless loyalty program to its 64 million loyal member base and more than 250 million customers globally.

如您所知，Visa 是全球聯合品牌領導者，本季度在可觀的勝利方面也不例外。我們宣布與雅高酒店建立全球聯合品牌合作夥伴關係。作為擁有費爾蒙和索菲特等 39 個品牌的全球第四大連鎖酒店，這代表了近期旅遊行業最重要的全新聯合品牌機會。我們的合作夥伴關係將把 Accor Live Limitless 忠誠度計劃擴展到其全球 6400 萬忠實會員群和超過 2.5 億客戶。

In February, United Airlines, Chase and Visa announced an extension of our long-term credit card partnership into 2029. Visa is proud we've extended our partnership with United and Chase, and we're excited to bring the strength of our brand and network to continue building on the program's success to deliver even more value and cardholder engagement.

2 月，美國聯合航空、大通和 Visa 宣布將我們的長期信用卡合作夥伴關係延長至 2029 年。Visa 很自豪我們延長了與聯合航空和大通的合作夥伴關係，我們很高興能夠將我們的品牌實力和網絡繼續鞏固該計劃的成功，以提供更多價值和持卡人參與。

As Visa seeks to grow our consumer business, wallets remain very important for both issuance and acceptance, and we've made noteworthy progress this quarter. Previously mentioned partnership agreements with Paytm in India and Toss in South Korea are now issuing credentials. In addition, we had new wins with stc pay in Saudi Arabia, Paga in Nigeria, Payco in Korea and Kyash in Japan.

隨著 Visa 尋求發展我們的消費者業務，錢包對於發行和接受仍然非常重要，我們在本季度取得了顯著進展。之前提到的與印度 Paytm 和韓國 Toss 的合作協議現在正在簽發證書。此外，我們在沙特阿拉伯的 stc pay、尼日利亞的 Paga、韓國的 Payco 和日本的 Kyash 取得了新的勝利。

In China, we signed a 5-year partnership with Tencent, the parent of the WeChat platform, with more than 1 billion monthly active users. This collaboration with Visa marks Tencent's first co-brand card with an international card scheme. And we look forward to partnering on innovative cross-border solutions for Chinese credential holders.

在中國，我們與微信平台的母公司騰訊簽署了為期 5 年的合作夥伴關係，每月活躍用戶超過 10 億。此次與Visa的合作標誌著騰訊首張國際卡聯名卡。我們期待與中國證書持有者合作開發創新的跨境解決方案。

In Sub-Saharan Africa, we have announced a strategic partnership with Safaricom, the largest telecommunications firm in Kenya and the provider of financial services through M-Pesa, with 24 million M-Pesa users and 173,000 M-Pesa merchants, wallet partnerships like these are paramount to expanding our issuance and acceptance globally. Collectively, with WeChat and Safaricom, we now have relationships with wallet providers that give us the potential to embed Visa credentials in 2 billion wallets.

在撒哈拉以南非洲，我們宣布與肯尼亞最大的電信公司和通過 M-Pesa 提供金融服務的 Safaricom 建立戰略合作夥伴關係，該公司擁有 2400 萬 M-Pesa 用戶和 173,000 家 M-Pesa 商家，此類錢包合作夥伴關係對於在全球範圍內擴大我們的發行和接受度至關重要。總的來說，通過微信和 Safaricom，我們現在與錢包提供商建立了合作關係，這使我們有可能將 Visa 憑證嵌入到 20 億個錢包中。

Shifting to new flows. With $185 trillion of opportunity, we're focused on moving money end to end for businesses, governments and consumers. In Europe, we're working with Lydia, the #1 fintech in France for the younger people that are below 30 in age and a P2P service with over 3 million users and growing at over 4,000 users per day. In the United States, we recently renewed our important relationship with Square for their Cash App program, including Visa Direct capabilities and the Cash Card issuing platform.

轉向新的流動。憑藉 185 萬億美元的機會，我們專注於為企業、政府和消費者端到端地轉移資金。在歐洲，我們正在與 Lydia 合作，Lydia 是法國排名第一的面向 30 歲以下年輕人的金融科技公司，P2P 服務擁有超過 300 萬用戶，並且每天增長超過 4,000 名用戶。在美國，我們最近與 Square 就其 Cash App 計劃更新了重要關係，包括 Visa Direct 功能和現金卡發行平台。

Visa Direct continues to be a powerful capability, especially in the COVID-19 environment. As one specific example, Visa Direct transactions for workers seeking earned wage access or on-demand pay across supermarkets, quick-serve restaurants, health care and hospitality categories increased well over 100% year-over-year this quarter.

Visa Direct 仍然是一項強大的功能，尤其是在 COVID-19 環境中。作為一個具體的例子，本季度，在超市、快餐店、醫療保健和酒店類別中尋求賺取工資或按需支付的工人的 Visa Direct 交易同比增長超過 100%。

We are also working on digitizing cross-border P2P. This quarter, Remitly launched cross-border in 7 countries. MoneyGram expanded to 11 additional countries. And KB Kookmin Card, one of the leading issuers in South Korea, also initiated a cross-border program, all with Visa Direct. Cross-border also plays a sizable role in the B2B space, and we entered into an agreement for B2B virtual cards with ICBC, the largest bank in China, representing our first B2B partnership with that bank in China. Visa and Australian cross-border fintech, Airwallex, announced a new global partnership with the launch of a borderless B2B cross-border card, and we continue to look for new ways to drive new flows with unique capabilities and solutions.

我們還致力於數字化跨境 P2P。本季度，Remitly 在 7 個國家/地區開展跨境業務。 MoneyGram 擴展到另外 11 個國家。韓國領先的發行商之一 KB Kookmin Card 也啟動了一項跨境計劃，全部採用 Visa Direct。跨境在 B2B 領域也發揮著重要作用，我們與中國最大的銀行工商銀行簽訂了 B2B 虛擬卡協議，這是我們與該銀行在中國的第一個 B2B 合作夥伴關係。 Visa 和澳大利亞跨境金融科技公司 Airwallex 宣佈建立新的全球合作夥伴關係，推出無邊界 B2B 跨境卡，我們將繼續尋找新的方法來以獨特的功能和解決方案推動新的流動。

Value-added services are an extension of our core business and represent a significant opportunity for us to deepen relationships, help clients and grow our business. This quarter was no exception in terms of clients looking for assistance. In DPS, in addition to Truist, we renewed 6 issuer deals that represent nearly 20% of DPS' annual transaction volume.

增值服務是我們核心業務的延伸，是我們加深關係、幫助客戶和發展業務的重要機會。本季度在尋求幫助的客戶方面也不例外。在 DPS，除 Truist 外，我們續簽了 6 筆發行人交易，佔 DPS 年度交易量的近 20%。

In terms of disputes, our recently acquired dispute platform, Verifi, signed an agreement with a large e-commerce provider to enable the delivery of key transaction details from their CRM systems to issuers in near real time, which helps prevent disputes and reduces chargebacks.

在爭議方面，我們最近收購的爭議平台 Verifi 與一家大型電子商務提供商簽署了一項協議，允許將關鍵交易細節從他們的 CRM 系統近乎實時地交付給發行人，這有助於防止爭議並減少退款。

In terms of data, as you can imagine, our clients are very interested in benchmarking their performance throughout the quarter, leveraging our Visa Analytics Platform. Nearly 5,000 client users were enabled at the end of the quarter, accessing 33% more reports than the first quarter for a total of 90,000 reports accessed. In consulting, clients start consulting and analytics at an increased rate. We delivered approximately 50% more projects than in the second quarter of last year.

在數據方面，您可以想像，我們的客戶對利用我們的 Visa 分析平台對整個季度的業績進行基準測試非常感興趣。本季度末啟用了近 5,000 名客戶用戶，訪問的報告比第一季度增加了 33%，共訪問了 90,000 份報告。在諮詢方面，客戶開始以更高的速度進行諮詢和分析。我們交付的項目比去年第二季度多約 50%。

The CyberSource business continues to gain momentum globally in support of acquirers and merchants around the world with innovative omnicommerce, gateway and fraud management services. For example, in India, CyberSource is now the market-leading payments gateway, in part due to the introduction of our Safe Click technology for e-commerce merchants, which allows cardholders to enroll and store card information for quick and secure checkout. Merchants also saw a 15% increase in authorization rates when using Safe Click.

CyberSource 業務繼續在全球範圍內獲得發展勢頭，通過創新的全商務、網關和欺詐管理服務為世界各地的收單機構和商家提供支持。例如，在印度，CyberSource 現在是市場領先的支付網關，部分原因是我們為電子商務商家引入了 Safe Click 技術，該技術允許持卡人註冊和存儲卡信息，以便快速安全地結賬。使用 Safe Click 時，商家的授權率也提高了 15%。

These are just some examples of how, during challenging times, our clients look to us. So in closing, you can see that there's a lot of business momentum, yet there is no doubt that our performance will continue to be impacted by COVID-19. We continue to focus our attention on supporting the shift to e-commerce, the acceleration of tap to pay and new digital payments as well as providing our clients with critical value-added services. Although the road ahead will certainly have its challenges for a number of quarters, our business model is resilient and our strategy to enable the movement of money globally is more relevant than ever.

這些只是在充滿挑戰的時期，我們的客戶如何看待我們的一些例子。因此，最後，您可以看到業務發展勢頭強勁，但毫無疑問，我們的業績將繼續受到 COVID-19 的影響。我們將繼續專注於支持向電子商務的轉變、加速點擊支付和新的數字支付，以及為我們的客戶提供關鍵的增值服務。儘管未來的道路肯定會在多個季度面臨挑戰，但我們的商業模式具有彈性，我們實現全球資金流動的戰略比以往任何時候都更加重要。

With that, let me turn it over to Vasant.

有了這個，讓我把它交給 Vasant。

Thank you, Al, and good afternoon, everyone. This is an unprecedented time, and we know you all have many questions about the COVID-19 impact on our business. To provide you with up-to-date data in this fast-moving crisis, we will discuss trends occurring after the quarter ended more than we normally would. Also, while the absolute level of growth or decline is important, the second derivative of the rate of change in trend lines is equally important.

謝謝你，Al，大家下午好。這是一個前所未有的時期，我們知道你們都有很多關於 COVID-19 對我們業務的影響的問題。為了在這場瞬息萬變的危機中為您提供最新數據，我們將比平時更多地討論季度結束後發生的趨勢。此外，雖然增長或下降的絕對水平很重要，但趨勢線變化率的二階導數同樣重要。

To help you with all this, we've added a slide to our earnings presentation with weekly data for March and for April through the 28th. This slide provides additional details on U.S. payments volume growth as well as process transaction and cross-border volume growth.

為了幫助您完成這一切，我們在收益演示文稿中添加了一張幻燈片，其中包含 3 月和 4 月至 28 日的每週數據。這張幻燈片提供了有關美國支付量增長以及處理交易和跨境交易量增長的更多詳細信息。

Starting with U.S. payments volume. After strong growth in January and February, payments volumes dropped precipitously in the second half of March as lockdowns went into effect across the U.S. By the last week of March, payments volumes were declining 28%. Credit spending was harder hit than debit, and declines have been more than 25% every week in April.

從美國支付量開始。在 1 月和 2 月強勁增長之後，隨著美國各地實施封鎖措施，支付量在 3 月下半月急劇下降。到 3 月的最後一周，支付量下降了 28%。信貸支出受到的打擊比借記大，4 月份每週下降幅度超過 25%。

On the other hand, debit was down in the mid-teens through the first 2 weeks of April and spiked into positive territory in both week 3 and week 4 as the first wave of economic impact payments were distributed. It is too early to tell if this uptrend in the second half of April is a start of a recovery, a new plateau or will fade in a couple of weeks.

另一方面，在 4 月的前 2 週，借方在 10 多歲時有所下降，並在第 3 周和第 4 週隨著第一波經濟影響支付的發放而飆升至正值區域。現在判斷 4 月下半月的上升趨勢是否是複甦的開始、新的平台期或將在幾週內消退還為時過早。

Through April 28, U.S. payments volumes are down 19%. Debit is down 6% and credit is down 31%. As may be expected, there is a drastic difference in card-present and card-not-present performance with card-not-present or e-commerce volume excluding travel up 18% in April and card-present volume down 45%.

截至 4 月 28 日，美國的支付量下降了 19%。借方下降了 6%，貸方下降了 31%。正如預期的那樣，有卡和無卡的表現存在巨大差異，4 月份無卡或電子商務交易量（不包括旅行）增長 18%，有卡交易量下降 45%。

There are also significant differences in how lockdowns have been impacting spend categories. 1/5 of U.S. payments volume is food and drugstores along with Walmart, Costco and Target. This is the only category still growing, up approximately 20% in April. And essentially, all this growth is coming from online spending, up over 100% in the last 2 weeks of April, assisted by the adoption of curbside pickup and delivery.

封鎖對支出類別的影響也存在顯著差異。美國 1/5 的支付額是食品和藥店以及沃爾瑪、好市多和塔吉特。這是唯一仍在增長的類別，4 月份增長了約 20%。基本上，所有這些增長都來自在線支出，在 4 月的最後兩週增長了 100% 以上，這得益於路邊取貨和送貨的採用。

Another 1/5 of U.S. PV is in categories that are less discretionary like telecom, utilities, insurance and business supplies and equipment. These are holding up relatively well, shrinking less than 15% at the end of March and have recovered to flat with the prior year in April.

另外 1/5 的美國光伏發電屬於非自由裁量權類別，如電信、公用事業、保險以及商業用品和設備。這些情況相對較好，在 3 月底收縮了不到 15%，並在 4 月恢復到與去年同期持平。

1/3 of our U.S. payments volume is in categories that are declining between 15% to 50% such as retail, automotive, health care, education and government. There are significant variations in performance within these categories with more essential purchases showing more resiliency. For example, home improvement within retail or hospital and medical equipment within health care. Categories where spending can be delayed or is more discretionary are more heavily impacted. For example, apparel spending within retail or dentist and doctor visits within health care.

我們在美國 1/3 的支付額屬於下降 15% 至 50% 的類別，例如零售、汽車、醫療保健、教育和政府。這些類別中的表現存在顯著差異，更重要的購買顯示出更大的彈性。例如，零售或醫院中的家居裝修以及醫療保健中的醫療設備。支出可能延遲或更具自由裁量權的類別受到的影響更大。例如，零售或牙醫中的服裝支出以及醫療保健中的醫生訪問。

About 1/4 of our payments volume is in the hardest-hit categories, including travel, fuel, restaurants and entertainment, all declining over 50% in April. The travel decline affects all subsectors and is the deepest at around 80%. Fuel declines were driven both by falling prices and fewer gallons purchased, which typically offset one another to some degree but not right now. Within restaurants, quick-service restaurants are holding up better, in part due to being better equipped for this environment with apps, drive-through and delivery infrastructures already in place. Within entertainment, amusement parks and movie theaters are especially hard hit, while in gaming, a small component of the category is up over 200%.

我們大約 1/4 的支付量屬於受打擊最嚴重的類別，包括旅行、燃料、餐廳和娛樂，4 月份均下降了 50% 以上。旅行下降影響所有子行業，下降幅度最大，約為 80%。燃料價格下跌是由價格下跌和購買的加侖數減少共同推動的，這通常會在一定程度上相互抵消，但現在不是。在餐廳內，快餐店的表現更好，部分原因是由於應用程序、免下車和送貨基礎設施已經到位，因此更好地適應了這種環境。在娛樂領域，遊樂園和電影院受到的打擊尤其嚴重，而在遊戲領域，該類別的一小部分漲幅超過 200%。

Visa Direct activity has slowed a bit, but growth remains robust at around 70% in the second quarter and in April. Use cases such as P2P and food delivery disbursements even accelerated, while ride-sharing and merchant settlement disbursements were negatively impacted.

Visa Direct 活動有所放緩，但第二季度和 4 月份的增長仍然強勁，約為 70%。 P2P 和送餐支付等用例甚至加速，而拼車和商家結算支付受到了負面影響。

As economic impact payments have been distributed, we have seen significant increases in home improvement, automotive, health care and some retail goods and services categories. Travel, fuel, restaurant and entertainment categories have not benefited.

隨著經濟影響付款的分配，我們看到家居裝修、汽車、醫療保健和一些零售商品和服務類別的顯著增加。旅遊、燃料、餐飲和娛樂類別沒有受益。

International payments volume growth in constant dollars was 4% and over 7% excluding China in the second quarter. Growth remained strong in CEMEA and Latin America, growing 19% and 14%, respectively, in part due to client wins in both regions. Asia Pacific excluding China grew 3%, decelerating 4 percentage points from the last quarter as the COVID-19 impact was significant starting in early February for a large part of the region. Europe grew 6%, down 2 percentage points versus last quarter with the largest deceleration in Central and Southern Europe.

第二季度以固定美元計算的國際支付量增長 4%，超過 7%（不包括中國）。 CEMEA 和拉丁美洲的增長依然強勁，分別增長 19% 和 14%，部分原因是在這兩個地區贏得了客戶。除中國外的亞太地區增長 3%，比上一季度下降 4 個百分點，因為從 2 月初開始，該地區大部分地區的 COVID-19 影響顯著。歐洲增長 6%，比上一季度下降 2 個百分點，其中中歐和南歐降幅最大。

Looking across some key international markets where we process the majority of transactions. Major markets in Europe as well as Canada have trends similar to the U.S. both in terms of the trajectory and the depth of the decline. Australia appears to have weathered lockdown better with a shallower decline. Much like the U.S., debit in all these markets is outperforming credit, and there has been a tick-up in the second half of April.

縱觀我們處理大部分交易的一些主要國際市場。歐洲和加拿大的主要市場在下降軌跡和下降深度方面都具有與美國相似的趨勢。澳大利亞似乎更好地經受住了封鎖，下降幅度較小。就像美國一樣，所有這些市場的借記卡都跑贏了貸記卡，並且在 4 月下半月出現了回升。

Within Asia, there are variations, Hong Kong dropped in early February along with the rest of China and appears to be recovering in April. Singapore dipped early, then stabilized and has dropped sharply again on the more stringent restrictions. Japan is on a downward trend as the lockdown goes into effect. India with a very rigorous and sudden lockdown has experienced one of the fastest and deepest declines. Elsewhere, Brazil is doing relatively better so far.

在亞洲內部，情況有所不同，香港在 2 月初與中國其他地區一起下跌，但似乎在 4 月份開始復蘇。新加坡早盤下跌，然後企穩，並在更嚴格的限制下再次大幅下跌。隨著封鎖的生效，日本呈下降趨勢。印度實施了非常嚴格和突然的封鎖，經歷了最快和最嚴重的衰退之一。在其他地方，到目前為止，巴西的表現相對較好。

Across markets, performance by category is generally similar to the U.S. Differences across countries seem to be driven by the quality of the e-commerce infrastructure in place and consumer adoption of digital payments prior to the outbreak. With the economic stimulus payments in the second half of April, categories benefiting the most are some sectors of retail like home improvement, business supplies and equipment, health care, education and government. Travel, fuel, restaurants and entertainment generally remain depressed.

在各個市場中，按類別劃分的表現通常與美國相似。各國之間的差異似乎是由現有電子商務基礎設施的質量和疫情爆發前消費者對數字支付的採用情況造成的。隨著 4 月下半月的經濟刺激支付，受益最大的類別是一些零售行業，如家居裝修、商業用品和設備、醫療保健、教育和政府。旅行、燃料、餐館和娛樂普遍仍然低迷。

In 2 key markets where we do not process transactions, Korea and China, we have some limited datasets. This data indicates Korea may have been among the least impacted markets. In April, a recovery is well underway in both markets.

在我們不處理交易的 2 個主要市場，韓國和中國，我們擁有一些有限的數據集。該數據表明，韓國可能是受影響最小的市場之一。 4 月，兩個市場都在復蘇。

Process transactions grew 7% for the quarter with sharp declines in March and are down 25% through April 28, slightly better than levels reached in the last week of March. Transactions typically grow several points faster than volume as we penetrate small-ticket transactions and everyday spend categories. In the recent uptrend post stimulus payments, that relationship has temporarily changed as consumers have prioritized higher-ticket categories like home improvement and automotive over lower-ticket categories like restaurants and entertainment.

本季度流程交易增長 7%，3 月份大幅下降，截至 4 月 28 日下降 25%，略好於 3 月最後一周達到的水平。隨著我們滲透到小額交易和日常支出類別，交易的增長速度通常比交易量快幾個百分點。在最近的刺激支付後的上升趨勢中，這種關係暫時發生了變化，因為消費者優先考慮家庭裝修和汽車等高價類別，而不是餐廳和娛樂等低價類別。

Constant dollar cross-border volume declined 2% in the second quarter or 5% excluding volume within Europe. Volume growth was strong and steady in January and started to slow down in Asia by the second week of February. As the crisis spread around the world, we saw significant week-on-week volume declines in March, exiting the month declining 44% or 51% excluding intra-EU volumes. And volume remains down 43% through April 28 or 52% excluding intra-EU.

第二季度固定美元跨境交易量下降 2%，不包括歐洲境內的交易量下降 5%。 1 月份的銷量增長強勁而穩定，到 2 月的第二周亞洲開始放緩。隨著危機在全球蔓延，我們看到 3 月份的交易量環比大幅下降，當月出口量下降 44% 或 51%，不包括歐盟內部的交易量。到 4 月 28 日，成交量仍下降 43%，不包括歐盟內部，下降 52%。

The majority of the cross-border spend decline is travel-related, both card-present and card-not-present. All card-present and travel-related noncard-present spend represents roughly 2/3 of our cross-border volume excluding volumes within Europe. This spend declined over 40% in the month of March and is down 80% in April, in line with the last week of March.

跨境支出下降的大部分與旅行相關，包括有卡和無卡。所有持卡和旅行相關的非持卡消費約占我們跨境交易量的 2/3，不包括歐洲境內的交易量。與 3 月的最後一周相比，3 月份的這一支出下降了 40% 以上，4 月份下降了 80%。

The trajectory and depth of cross-border travel-related declines is quite uniform across corridors and regions. Growth in cross-border e-commerce spend excluding travel decelerated in March but remained positive, led by retail spending. In April, cross-border e-commerce spending is recovering across categories and markets and has grown faster than precrisis levels.

跨境旅行相關下降的軌跡和深度在各個走廊和地區是相當一致的。 3 月份不包括旅遊在內的跨境電子商務支出增長放緩，但在零售支出的帶動下仍保持正增長。 4月，跨境電商支出跨品類、跨市場復甦，增速快於危機前水平。

A quick review of our second quarter financial results. Net revenues grew 7% in the quarter or 8% in constant dollars. As a reminder, our service revenue is driven by last quarter's payment volume. Based on current quarter volumes, total net revenue growth would have been around 2 points lower. Second quarter service revenues grew 9%. Data processing revenues rose 11%, supported by value-added services and acquisition-related revenue. International transaction revenues grew 2%, continuing to benefit from last year's pricing actions. Other revenues rose 20% over the prior year, aided by value-added services.

快速回顧我們第二季度的財務業績。本季度淨收入增長 7%，按固定美元計算增長 8%。提醒一下，我們的服務收入是由上一季度的支付量驅動的。根據當前季度的銷量，總淨收入增長將降低約 2 個百分點。第二季度服務收入增長 9%。在增值服務和收購相關收入的支持下，數據處理收入增長了 11%。國際交易收入增長 2%，繼續受益於去年的定價行動。在增值服務的幫助下，其他收入比上一年增長了 20%。

Client incentives were 22.6% of gross revenues, up slightly from last quarter. As we told you previously, we expected client incentives to step up due to high renewal activity, which continued in the second quarter, as Al noted. The majority of client incentives are tied to overall payments volume growth in the current quarter, but there are contracts with clauses specific to cross-border as well as annual or multiyear targets that are adjusted with changes in performance.

客戶獎勵佔總收入的 22.6%，比上一季度略有上升。正如我們之前告訴您的那樣，我們預計由於續訂活動頻繁，客戶激勵措施將加強，正如 Al 指出的那樣，第二季度這種情況仍在繼續。大多數客戶激勵措施與本季度的整體支付量增長有關，但有些合同的條款針對跨境以及年度或多年目標，這些目標會隨著業績的變化而調整。

GAAP operating expenses were up 4%. Excluding the amortization of acquired intangible assets and nonrecurring acquisition-related costs, non-GAAP expense growth was 3%. This is significantly lower than our original plans for the quarter as we moved fast to reduce expenses when we saw the virus spreading. More on expenses in a few minutes.

GAAP 運營費用增長 4%。不計收購無形資產的攤銷和非經常性收購相關成本，非公認會計原則費用增長為 3%。這大大低於我們本季度的原始計劃，因為當我們看到病毒傳播時，我們迅速採取行動減少開支。幾分鐘後了解更多費用。

GAAP nonoperating expense was $95 million for the fiscal second quarter, including $2 million of net equity investment losses. Our GAAP Q2 tax rate was 19.4%.

第二財季的 GAAP 非營業費用為 9500 萬美元，其中包括 200 萬美元的淨股權投資損失。我們的 GAAP 第二季度稅率為 19.4%。

Moving now to how COVID-19 might affect the rest of this fiscal year. This pandemic is global in scope, very significant in its impact and early in its evolution. There is a high degree of uncertainty about what happens over the next few months. As is self-evident, our prior outlook for fiscal 2020 is no longer relevant, and it is not possible to provide you with any reliable forecast for the second half. Our revenue trajectory over the near term will be driven by 3 critical variables: first, the depth of the decline; second, the time we stay at trough levels; and third, the trajectory of the recovery.

現在轉到 COVID-19 可能如何影響本財政年度的剩餘時間。這種流行病是全球性的，其影響非常重要，並且處於其演變的早期階段。未來幾個月會發生什麼，存在高度的不確定性。不言而喻，我們之前對 2020 財年的展望已不再適用，也無法為您提供下半年的任何可靠預測。我們近期的收入軌跡將由三個關鍵變量驅動：首先，下降的深度；第二，我們停留在谷底的時間；第三，復甦的軌跡。

It is impossible to reliably forecast where the depth of the decline, time in trough and trajectory of recovery are going to be over the near term, especially since these variables differ across categories and countries. It will depend on many factors, which we will be tracking, including city, county, state and country decisions on when and how they reopen; the staging of the reopening by business type and category; how permanent the shift in consumer behavior is by category; consumer willingness to engage in activities where social distancing may be harder to execute like dine-in restaurants, mass entertainment, hotel stays and airline travel; and when borders reopen, consumer confidence in venturing beyond the geographic zone of comfort.

不可能可靠地預測短期內下降的深度、低谷時間和復蘇軌跡將在哪裡，特別是因為這些變量因類別和國家而異。這將取決於我們將跟踪的許多因素，包括城市、縣、州和國家關於何時以及如何重新開放的決定；按業務類型和類別劃分的重新開放階段；按類別劃分，消費者行為轉變的持久性如何；消費者願意參與可能難以保持社交距離的活動，例如就餐餐廳、大眾娛樂、酒店住宿和航空旅行；當邊界重新開放時，消費者對冒險超越舒適地理區域的信心。

In the final analysis, this is a health crisis. As such, consumer behavior and the pace of normalization will be significantly influenced by the availability of testing, advancements in therapeutics and ultimately a vaccine. We have no crystal ball that allows us to reliably forecast revenues in this environment.

歸根結底，這是一場健康危機。因此，消費者的行為和正常化的步伐將受到測試的可用性、治療方法的進步以及最終的疫苗的顯著影響。我們沒有水晶球可以讓我們在這種環境下可靠地預測收入。

As it relates to our revenue, there is one point to note. We report service revenues with a 1-quarter lag. So when we have a recovery, it will take another quarter before it shows up in reported service revenues. In fiscal year 2020, our third quarter will be helped and the fourth quarter hurt by this lag.

由於它與我們的收入有關，有一點需要注意。我們報告服務收入滯後 1 個季度。因此，當我們復甦時，還需要再過一個季度才能顯示在報告的服務收入中。在 2020 財年，我們的第三季度將得到幫助，第四季度將受到這種滯後的影響。

While revenue outcomes are hard to predict, we can give you more clarity on expense outcomes since we have more control over them. In early February, as we saw the impact of COVID-19 in Asia, we moved fast to rethink our expense plans. As a result, we were able to reduce our second quarter expenses from our previous expectation of mid-teens growth to the 4% we reported. In fact, if you exclude the acquisitions we completed in the fourth quarter of fiscal '19, which were not in our expense base in the second quarter last year, expenses were up only 1%.

雖然收入結果難以預測，但我們可以讓您更清楚地了解費用結果，因為我們對它們有更多控制權。 2 月初，當我們看到 COVID-19 在亞洲的影響時，我們迅速採取行動重新考慮我們的費用計劃。因此，我們能夠將第二季度的開支從之前預期的青少年增長預期減少到我們報告的 4%。事實上，如果排除我們在 19 財年第四季度完成的收購（去年第二季度不在我們的支出基礎中），支出僅增長了 1%。

We have plans in place to hold second half expenses flat compared to last year. And excluding acquisitions, our expenses will be down in the low single digits year-over-year. We're evaluating additional actions to reduce expenses even further. As you all know, ours is a business where expenses are largely fixed. And we want to preserve, to the extent possible, critical investments that will drive long-term growth in new flows and value-added services.

我們已製定計劃，將下半年的開支與去年持平。不包括收購，我們的費用將同比下降低個位數。我們正在評估進一步減少開支的額外措施。眾所周知，我們的業務在很大程度上是固定費用的。我們希望盡可能保留將推動新流量和增值服務長期增長的關鍵投資。

Also, as Al has indicated, we will not lay off employees related to this crisis in calendar 2020. Operating within these parameters, we have reduced expenses in the second half by scaling back hiring plans to only the most critical roles, redeploying existing resources to high-priority areas, reducing and redeploying marketing spend that was planned for the now delayed Tokyo Olympics, prioritizing projects to reduce professional fees and the use of external resources. And of course, like most companies, we're saving on travel and meetings for the foreseeable future.

此外，正如 Al 所指出的，我們不會在 2020 日曆年裁員與這場危機相關的員工。在這些參數範圍內，我們通過將招聘計劃縮減到僅最關鍵的角色，將現有資源重新部署到高優先領域，減少和重新部署為現已推遲的東京奧運會計劃的營銷支出，優先項目以減少專業費用和外部資源的使用。當然，與大多數公司一樣，我們在可預見的未來節省了差旅和會議費用。

While we expect operating expenses to be flat or down in the second half, nonoperating expenses will be higher. With the $4 billion in debt we issued in April, interest expenses will be higher, while interest income has dropped sharply with rate declines. We now expect nonoperating expense to be in the $250 million range in the second half excluding gains and losses versus $148 million in the first half.

雖然我們預計下半年營業費用將持平或下降，但非營業費用會更高。由於我們在 4 月份發行了 40 億美元的債務，利息支出將會更高，而利息收入隨著利率下降而急劇下降。我們現在預計下半年的非營業費用將在 2.5 億美元範圍內，不包括損益，而上半年為 1.48 億美元。

Moving on to cash flow, liquidity, dividends and buybacks. Our free cash flow in the first half of FY '20 has been tracking ahead of expectations. However, given the anticipated revenue decline in the second half, our free cash flow this fiscal year will be below what we had planned last October. Despite the COVID-19 impact, given the cash characteristics of our business, we still expect to generate a very healthy level of free cash flow this year under any scenario.

繼續討論現金流、流動性、股息和回購。我們在 20 財年上半年的自由現金流一直超出預期。然而，鑑於下半年的預期收入下降，我們本財年的自由現金流將低於我們去年 10 月的計劃。儘管受到 COVID-19 的影響，但鑑於我們業務的現金特徵，我們仍預計今年在任何情況下都能產生非常健康的自由現金流。

We ended the quarter with $13 billion of cash, cash equivalents and investment securities on hand. Since the end of the quarter, we have added to our cash balance with our $4 billion debt issuance. We issue debt in 3 tranches: 7-, 10- and 20-year maturities at a weighted average coupon rate of 2.16%. We have ample liquidity with cash on hand as well as access to the commercial paper market on favorable terms and a $5 billion revolver, which remains undrawn.

本季度末，我們手頭有 130 億美元的現金、現金等價物和投資證券。自本季度末以來，我們通過發行 40 億美元的債務增加了現金餘額。我們分三批發行債券：7 年、10 年和 20 年期，加權平均票面利率為 2.16%。我們擁有充足的流動性，手頭有現金，可以以優惠的條件進入商業票據市場，還有一支 50 億美元的左輪手槍，該左輪手槍仍未動用。

Our dividend policy remains unchanged. In the second quarter, we bought back 17.8 million shares for $3.2 billion at an average price of $180.10. Year-to-date, we bought back 30.9 million shares for $5.6 billion at an average price of $179.94. Our plan to buy back over $9 billion in stock this fiscal year remains unchanged.

我們的股息政策保持不變。第二季度，我們以 180.10 美元的平均價格以 32 億美元的價格回購了 1780 萬股股票。年初至今，我們以 179.94 美元的平均價格以 56 億美元回購了 3090 萬股股票。我們本財年回購超過 90 億美元股票的計劃保持不變。

Crises bring with them both risks and opportunities, and this one is no different. We've acted fast to mitigate the risks. We are actively working on identifying and capturing the opportunities. It is very likely that this crisis could accelerate trends that were already underway like the shift to e-commerce and the shift to digital forms of payment. It is speeding up tap-to-pay adoption, driving growth of new flow use cases we highlighted at our Investor Day, increasing demand for our value-added services and offering opportunities to add to our capabilities through selective acquisitions. While our short-term performance will suffer a setback, we remain confident in the long-term growth potential of our business.

危機既帶來風險，也帶來機遇，這次也不例外。我們已迅速採取行動降低風險。我們正在積極努力識別和抓住機會。這場危機很可能會加速已經出現的趨勢，例如向電子商務的轉變和向數字支付方式的轉變。它正在加快點擊支付的採用，推動我們在投資者日強調的新流量用例的增長，增加對我們增值服務的需求，並提供通過選擇性收購增加我們能力的機會。雖然我們的短期業績將遭受挫折，但我們對業務的長期增長潛力仍然充滿信心。

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

有了這個，我會把它轉回給邁克。

Thank you. Jordan, we're now ready to take questions.

謝謝你。喬丹，我們現在可以回答問題了。

(Operator Instructions) Our first question comes from Sanjay Sakhrani from KBW.

（操作員說明）我們的第一個問題來自 KBW 的 Sanjay Sakhrani。

I hope you guys are all staying well and healthy. Just a question, Al, on the structural nature of travel. Could you just talk about how you feel about cross-border travel and the structural impacts that might occur as a result and when you expect it to rebound?

我希望你們都保持健康和健康。艾爾，只是一個關於旅行的結構性的問題。您能否談談您對跨境旅行的看法，以及由此產生的結構性影響，以及您預計它何時會反彈？

Thanks, Sanjay. I hope you're well as well. Look, right now, I think -- I don't know what percentage, but some huge percentage of countries are hunkered down, and that's largely driven by government mandate. I do think that over time, people will -- these -- obviously, these lockdowns will loosen up. And I think the first thing to come back will be domestic travel as people look to stretch their legs and move around a bit. I think cross-border travel will take a little bit longer to come back. I think we need some advances.

謝謝，桑傑。我希望你也很好。看，現在，我想——我不知道百分之多少，但有很大比例的國家被困住了，這主要是由政府授權推動的。我確實認為，隨著時間的推移，人們會——這些——顯然，這些封鎖將會放鬆。而且我認為回來的第一件事將是國內旅行，因為人們希望伸展雙腿並四處走動。我認為跨境旅行需要更長的時間才能回來。我認為我們需要一些進步。

And as Vasant made note of in his remarks, I think we're going to need some advances in terms of testing and therapeutics. And ultimately, a vaccine will start to make everybody feel a lot more comfortable. So I think it's going to come -- it's going to take some time, and it's going to take -- and -- but I think it will come back. I think it's possible that there could be some business travel that doesn't return at the same level given the fact that we're in an environment where people have been working from home for 7, 8, 9, 10 weeks, depending upon the market, and realize that they can get done when they need to get done. So we'll have to see how that ultimately plays out.

正如 Vasant 在他的講話中指出的那樣，我認為我們將需要在測試和治療方面取得一些進展。最終，疫苗將開始讓每個人都感覺更舒服。所以我認為它會來——它需要一些時間，它會需要——而且——但我認為它會回來。我認為，鑑於我們所處的環境中人們已經在家工作了 7、8、9、10 週，具體取決於市場，並意識到他們可以在需要完成時完成。因此，我們將不得不看看最終結果如何。

Offsetting that, Sanjay, is the reality that I think the cash displacement opportunity in the business as well as the explosion of e-commerce are going to be real structural opportunities that didn't really exist at the same level before COVID-19.

抵消這一點，桑傑，我認為業務中的現金置換機會以及電子商務的爆炸式增長將是真正的結構性機會，在 COVID-19 之前並不存在於同一水平上。

Our next question comes from Moshe Orenbuch from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

So following up actually on that last question and answer. Could you talk a little bit, Al, about the -- that evolution, if you will, of e-commerce and cash conversion and related perhaps to the elements of the economics to your business of those types of transactions? And I probably should have said at the outset, glad you're all healthy. Thanks for the extra data, and I hope you can keep that up, too.

因此，實際上跟進最後一個問題和答案。艾爾，您能否談談電子商務和現金轉換的演變，如果您願意的話，並且可能與您的此類交易業務的經濟學要素有關？我可能一開始就應該說，很高興你們都很健康。感謝您提供額外的數據，我希望您也能保持這種狀態。

Thanks, Moshe. Appreciate it. I hope you and your family are well as well. The -- first of all, there isn't a tremendous amount of difference in terms of the economics to Visa, whether it's credit or debit or card-present or card-not-present, there just isn't that much of a difference. I think that's the main point.

謝謝，摩西。欣賞它。我希望你和你的家人也很好。 - 首先，在經濟方面與 Visa 並沒有太大的區別，無論是信用卡、借記卡、有卡還是無卡，都沒有太大區別.我認為這是重點。

I think beyond that, we're seeing people during these last couple of months start to buy things in the e-commerce environment that they would typically buy in store, whether that's furniture, electronics, in some cases, apparel. And I think to the degree that they've had good experiences, that's a really good thing. And when you -- and remember, when you think about e-commerce, the reality is that it's a very, very positive thing for us because cash isn't a competitor in that space. So the reality is that we get a lot higher share from those transactions that go to e-commerce than we get in the face-to-face world.

我認為除此之外，在過去的幾個月裡，我們看到人們開始在電子商務環境中購買他們通常會在商店購買的東西，無論是家具、電子產品，在某些情況下，還有服裝。而且我認為他們有很好的經驗，這是一件非常好的事情。當你——記住，當你想到電子商務時，現實是這對我們來說是一件非常非常積極的事情，因為現金不是那個領域的競爭對手。所以現實情況是，我們從電子商務交易中獲得的份額比我們在面對面世界中獲得的份額要高得多。

And I think there are some permanent changes. Now whether gaming stays up at the level it's at as people are finding things to do while they're sitting at home, I suspect that will come back down a bit. But I think in general, e-commerce will explode coming out of this.

我認為有一些永久性的變化。現在，無論遊戲是否保持在人們坐在家裡尋找事情要做的水平，我懷疑這會有所回落。但我認為總的來說，電子商務將由此爆發。

Yes. A couple of points -- data points to add to that. I mean you might have noticed that e-commerce -- cross-border e-commerce excluding travel is now trending at a faster growth rate than it was prior to the crisis, and a lot of that is what you might call retail spending. More than half of it falls into categories that are people buying goods and services on a cross-border e-commerce format.

是的。幾點——要添加的數據點。我的意思是你可能已經註意到電子商務——不包括旅遊的跨境電子商務現在正以比危機前更快的速度增長，其中很多就是你所說的零售支出。其中一半以上屬於人們以跨境電子商務形式購買商品和服務的類別。

The other thing that perhaps could be permanent changes are there are categories now, for example, food and drug, where the propensity was more towards face-to-face transactions that have had massive shifts to, obviously, at this point for reasons where they have no alternative, to online buying. And some of these could be fairly permanent.

另一件可能是永久性變化的事情是現在有一些類別，例如食品和藥品，這些類別更傾向於面對面交易，顯然，在這一點上，由於他們沒辦法，只能網購了。其中一些可能是相當永久性的。

And then beyond that, even face-to-face, there's certainly a growing tendency to not want to use cash and also, of course, not even do -- just to tap your card. The aversion to cash could be persistent, which means that even in face-to-face transactions, the penetration of digital forms of payment could be growing in a permanent and structural way faster than it might have prior to the crisis.

然後除此之外，即使是面對面，肯定有越來越多的人不想使用現金，當然，甚至不想使用現金——只是為了刷你的卡。對現金的厭惡可能會持續存在，這意味著即使在面對面交易中，數字支付方式的滲透率也可能以永久性和結構性的方式比危機前更快地增長。

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。

Thanks so much for all this data. Just on the client incentive side, forgive me if I missed it, but did you give us a little bit of an outlook there on how the second half might look on client incentives with all the wins that you nicely listed? I heard the majority is tied to volume growth, but any other detail would be great.

非常感謝所有這些數據。只是在客戶激勵方面，如果我錯過了，請原諒我，但是你有沒有給我們一些關於下半年如何看待客戶激勵以及你很好列出的所有勝利的展望？我聽說大部分與銷量增長有關，但任何其他細節都會很棒。

And then just as a quick follow-up on Truist, can we assume the legacy non-Visa SunTrust cards will be flipped? Or would those be reissued that expiration? Just wanted to clarify that.

然後作為對 Truist 的快速跟進，我們可以假設傳統的非 Visa SunTrust 卡將被翻轉嗎？或者那些會在到期時重新發行？只是想澄清一下。

Tien-Tsin, thank you. And we hope you're well. I'll take the second half and let Vasant comment on client incentives. So we're obviously thrilled with where the deal came out. And over time, there'll certainly be some card flip, but we're going to work very hard with Truist. Remember, they're building a new brand here. So the BB&T and SunTrust brands, they're looking to sunset those and get the Truist brand out there as soon as possible.

天真，謝謝。我們希望你一切都好。我將在下半場讓 Vasant 評論客戶激勵措施。因此，我們顯然對這筆交易的結果感到興奮。隨著時間的推移，肯定會有一些卡片翻轉，但我們將與 Truist 一起努力工作。請記住，他們正在這裡建立一個新品牌。所以 BB&T 和 SunTrust 品牌，他們希望盡快淘汰這些品牌，並儘快推出 Truist 品牌。

So I think given that these cards are an ongoing manifestation of the brand that are shown every time they get pulled out of the wallet, I think they're going to want to move fairly quickly. But we're still working through the details as the deal just recently got done.

因此，我認為鑑於這些卡片是品牌的持續體現，每次從錢包中取出時都會顯示出來，我認為他們會想要相當快地採取行動。但由於交易剛剛完成，我們仍在研究細節。

Vasant, do you want to comment on the client incentives?

Vasant，您想評論一下客戶激勵措施嗎？

Yes, Al. So on client incentives, I think you asked 2 questions. Our expectations in terms of client incentives as a percent of gross revenues, we gave you a range at the beginning of the year. I believe it was 22.5 to 23.5. That range has not changed. So we still expect to be in that range even as we've had, as we told you, a very, very high level of renewal activity as well as wins and so on that Al went through.

是的，阿爾。所以關於客戶激勵，我想你問了兩個問題。我們對客戶激勵佔總收入的百分比的期望，我們在年初給了你一個範圍。我相信它是 22.5 到 23.5。這個範圍沒有改變。所以我們仍然希望在這個範圍內，就像我們告訴你的那樣，非常非常高水平的更新活動以及 Al 經歷的勝利等等。

As far as how our incentives might respond to what's happening right now, incentives are always meant to be linked to performance and especially volume performance. So our incentives are pretty much linked to volume performance and should move with volumes. And that will play out over the next few quarters. So hopefully, that answers your 2 questions.

至於我們的激勵措施如何應對目前正在發生的事情，激勵措施總是與業績掛鉤，尤其是與銷量業績掛鉤。因此，我們的激勵措施與銷量表現密切相關，應該隨著銷量而變化。這將在接下來的幾個季度中發揮作用。所以希望這能回答你的兩個問題。

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 a follow-up, I guess, on just the growth of value-added services and what you're seeing in the growth rate of value-added services over the last several weeks. And then I guess in line with adding the value-added services, the acquisition of Plaid, is that still on track? And how is Plaid performing?

我想只是關於增值服務的增長以及您在過去幾周中看到的增值服務增長率的後續行動。然後我猜隨著增值服務的加入，收購格萊德，這是否仍在進行中？ Plaid 的表現如何？

Bob, thank you. First, in terms of value-added services, these tend to be excellent revenue streams and quite resilient. And some of them are certainly transaction-dependent. And the volume could go down. But honestly, in times like this, the value goes up, though, to our clients. So those would include things like CyberSource or our risk products, our debit issuing, processing products.

鮑勃，謝謝。首先，在增值服務方面，這些往往是極好的收入來源，而且相當有彈性。其中一些肯定是依賴於事務的。音量可能會下降。但老實說，在這種情況下，對我們的客戶來說，價值會上升。因此，這些將包括 CyberSource 或我們的風險產品、我們的借記卡發行、處理產品等。

And then obviously, we have value-added services that really are not really tied to volume. And they're also extraordinarily valuable in times like this. I referenced 2 of them in my remarks, both the criticality of data to our clients because everybody's seeing the numbers go down. And they want to make sure that they're not way out of whack with where everybody else is. And then obviously, consulting services.

然後很明顯，我們擁有真正與數量無關的增值服務。在這樣的時代，它們也非常有價值。我在評論中提到了其中的兩個，這兩個數據對我們的客戶都很重要，因為每個人都看到數據在下降。他們想確保他們不會與其他人的位置不一致。然後顯然是諮詢服務。

It's also an exciting time for us to be able to introduce other new clients to some of our value-added services. So the crisis gives us an opportunity to have dialogue and make sure that our clients are using all the tools that they can from Visa. So we're going to continue to make sure that we stay in close contact with our clients throughout this, and where appropriate, introduce them to value-added services offerings that they may not be using.

對於我們來說，能夠向其他新客戶介紹我們的一些增值服務也是一個激動人心的時刻。因此，這場危機讓我們有機會進行對話，並確保我們的客戶使用他們可以從 Visa 獲得的所有工具。因此，我們將繼續確保在整個過程中與客戶保持密切聯繫，並在適當的情況下向他們介紹他們可能未使用的增值服務產品。

As it relates to Plaid, we're on track. As you know, we have to go through regulatory review, and we expect to have that done by the end of the year. And we remain as excited about Plaid as we did when we talked about it at Investor Day. In terms of how it's doing, we don't own them, so I can't really comment on that at this time.

由於它與格子佈有關，我們正在走上正軌。如您所知，我們必須通過監管審查，我們希望在今年年底前完成。我們仍然對格子呢感到興奮，就像我們在投資者日談論它時一樣。就它的表現而言，我們不擁有它們，所以我目前無法對此發表評論。

Our next question comes from Lisa Ellis from MoffettNathanson.

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

The government involvement in the digitization of payments has been something that you manage very carefully because it has its pluses and minuses. As you're going through this crisis, how do you anticipate, Al, the governments might act differently with respect to digital payments coming out of the crisis, meaning any new regulations you could foresee, new government-funded initiatives, positives or negatives for your business?

政府參與支付數字化一直是您非常謹慎地管理的事情，因為它有其優點和缺點。當你正在經歷這場危機時，你如何預測，Al，政府可能會在危機中出現的數字支付方面採取不同的行動，這意味著你可以預見的任何新法規、新的政府資助舉措、積極或消極你的事？

Well, I think, Lisa, you -- first of all, you're right on that I think that governments are just as interested in digitization as any other business at this point. And it helps with transparency. It helps them understand where their funds are going with more accuracy than they might get otherwise.

嗯，我想，麗莎，你——首先，你是對的，我認為政府在這一點上與任何其他企業一樣對數字化感興趣。它有助於提高透明度。它可以幫助他們比其他方式更準確地了解他們的資金去向。

Certainly, I think it's also possible that governments could, on the other hand, look at pricing in the marketplace. I continue to believe that pricing should be set by markets and not by governments. I think markets do a far better job of doing it than governments do. And I would say that specifically as it relates to interchange, there's a tremendous amount of value delivered by our bank partners in terms of the credit. They extend to, enable buying to the services they provide, to the servicing they provide, to the fraud they provide, to the risk services they provide and rewards that they provide.

當然，我認為政府也有可能從另一方面考慮市場定價。我仍然認為定價應該由市場而不是政府來設定。我認為市場在這方面做得比政府做得好得多。我想說的是，特別是因為它與交換有關，我們的銀行合作夥伴在信貸方面提供了巨大的價值。它們擴展到，使購買到他們提供的服務、他們提供的服務、他們提供的欺詐、他們提供的風險服務和他們提供的回報。

So there's a tremendous amount of benefit that the economies of countries see and the individual citizens in those countries see. So -- and I would also say that any actions that would disrupt any type of recovery during a pandemic like this would be foolish and potentially very damaging.

因此，各國的經濟和這些國家的公民個人都看到了巨大的利益。所以——我還要說，在像這樣的大流行期間，任何會破壞任何類型的複甦的行動都是愚蠢的，並且可能非常具有破壞性。

Our next question comes from Ashwin Shirvaikar from Citibank.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I hope you're all healthy and appreciate the incremental detail. I wanted to ask about just pricing in the current environment with the ability to exercise price improvements to reflect value and other factors and the willingness to use it when merchants are not in great shape.

我希望你們都健康並欣賞增量細節。我想問一下當前環境下的定價，能夠通過提高價格來反映價值和其他因素，以及在商家狀況不佳時使用它的意願。

So that's -- and then a quick follow-up just on the -- a clarification on one of the charts. When I look at U.S. payments volume growth versus processed transaction growth in the operational performance metrics, mid-April, they both look down 30%, but now one's down 10% and the other is down 20%. So there's a different pace of recovery. I was wondering if you could explain that.

所以這是 - 然後是對其中一個圖表的澄清。當我在 4 月中旬的運營績效指標中查看美國支付量增長與已處理交易增長時，它們都下降了 30%，但現在一個下降了 10%，另一個下降了 20%。因此，恢復的速度有所不同。我想知道你能不能解釋一下。

I can take that question on transactions versus payments volumes. And Al, I'm sure, will take the other one. I had it in my comments. So I'd encourage you to go back and look at them. But just to repeat that, it is, we think, a temporary shift. Typically, as you know, transaction growth does better than volume growth because we are penetrating more deeply into smaller and smaller transactions.

我可以就交易量與支付量來回答這個問題。我敢肯定，Al 會選擇另一個。我在我的評論中有它。所以我鼓勵你回去看看他們。但重複一遍，我們認為，這是一個暫時的轉變。如您所知，交易增長通常比交易量增長更好，因為我們正在更深入地滲透到越來越小的交易中。

The reason it's different in the last 2 weeks of April is what we have seen is that as some of these stimulus payments have come through, people are prioritizing pent-up demand in areas like automotive, like home improvement. And they're not spending it on lower-ticket categories like entertainment and restaurants. So what you're seeing is a mix shift in how people are spending money to higher-ticket items. As a result, PV has improved more than transactions have. So that's what you've seen. And that's probably not what the long-term trend is going to be, but it's what we're seeing right now.

在 4 月的最後 2 周有所不同的原因是我們已經看到，隨著其中一些刺激支付的發放，人們正在優先考慮汽車等領域被壓抑的需求，比如家居裝修。而且他們不會把錢花在娛樂和餐館等低價類別上。所以你看到的是人們花錢購買高價商品的方式發生了變化。因此，PV 的改善超過了交易。這就是你所看到的。這可能不是長期趨勢，但這是我們現在看到的。

Ash, just let me first add to Vasant's comments. Think about a normal day when people actually go to work and they're not working from home. You go, you get some coffee at the gas station or at a mass transportation stop. You pay for your transit. You pay for your breakfast. You pay for your lunch. All of those kind of everyday low-ticket transactions are not happening in this environment. So in addition to what Vasant was saying, you could just -- that's a huge driver of the change here and why we're seeing higher average ticket costs but lower level of transactions.

Ash，讓我先補充一下 Vasant 的評論。想想人們實際上去上班而不是在家工作的正常日子。你去，你在加油站或公共交通站買了些咖啡。您支付交通費用。你支付你的早餐。你支付你的午餐。所有這些日常低價交易都不會在這種環境中發生。因此，除了 Vasant 所說的之外，您還可以——這是這裡發生變化的巨大驅動力，也是我們看到平均票價較高但交易水平較低的原因。

The other question you asked was about pricing. Look, we're in an unprecedented period, certainly not something I've witnessed in my life, where the impact of this pandemic is truly global. Our focus right now is to make sure that we're bringing as much stability to the payments ecosystem as possible, which is why we didn't do our major code release this month of April where we normally do. And I don't know that we've ever not done it before, but this is the times where it was called for.

你問的另一個問題是關於定價的。看，我們正處於一個前所未有的時期，當然不是我一生中見過的，這種流行病的影響是真正的全球性的。我們現在的重點是確保為支付生態系統帶來盡可能多的穩定性，這就是為什麼我們沒有像往常那樣在 4 月發布主要代碼。而且我不知道我們以前從未這樣做過，但這是需要它的時代。

And I think we're going to certainly be very cognizant of the uniqueness of this time in terms of pricing. And us like, I think, most companies in most industries will be reevaluating their plans on all kinds of fronts, including the pricing lever and how much they pull it given this new reality.

而且我認為我們肯定會非常清楚這次定價方面的獨特性。我認為，我們喜歡大多數行業的大多數公司將在各個方面重新評估他們的計劃，包括定價槓桿以及考慮到這一新現實他們拉動了多少。

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。

Glad everybody is doing okay there. Look, I wanted to start off, just if we -- Al, if we had to sort of put all the pieces together longer term and assume that some travel maybe wouldn't come back per se, we're not sure yet, but is there enough positive implications of what's happening around contactless, incremental flows, more digital and maybe some of your services that you think can actually offset that? Is this -- I mean have you done the work to think about whether those can add up to maybe offset?

很高興那裡的每個人都做得很好。聽著，我想開始，只要我們 - 艾爾，如果我們不得不把所有的部分放在一起，並假設一些旅行本身可能不會回來，我們還不確定，但是圍繞非接觸式、增量流動、更多數字化以及您認為實際上可以抵消這些影響的某些服務所發生的事情是否有足夠的積極影響？這是 - 我的意思是你是否已經完成了思考這些加起來是否可以抵消的工作？

And then just one quick follow-up would be on capital allocation. I guess -- and maybe I missed it, but I didn't hear anything about changing plans around buybacks or anything along those lines. If you could just give us some update on that.

然後只是一個快速的後續行動將是資本配置。我想——也許我錯過了，但我沒有聽到任何關於改變回購計劃或任何類似的事情的消息。如果你能給我們一些更新。

So I'll tackle the first question and let Vasant tackle the question on capital allocation and buybacks. So Darrin, again, I think that there are -- and we're still talking about it. There might be others. But I think the big, big opportunity here are e-commerce and cash displacement. Cash -- $18 trillion spent on cash, and I think people are realizing that currency is a germ-carrying mechanism. And people don't want to be subject to it, moving from one person to another person and potentially catch the germs that way.

因此，我將解決第一個問題，讓 Vasant 解決有關資本分配和回購的問題。所以 Darrin，我認為有 - 我們仍在談論它。可能還有其他人。但我認為這裡的巨大機遇是電子商務和現金置換。現金——18 萬億美元用於現金，我認為人們正在意識到貨幣是一種攜帶細菌的機制。人們不想受制於它，從一個人轉移到另一個人並可能以這種方式感染細菌。

So I do think cash displacement is going to really take off. And we've seen that in terms of the interest of governments to raise contactless limits, the interest of merchants to move to contactless, the interest of issuers who are lagging behind to issue contactless-enabled cards. And I hope we see it as we start to talk to long-tail sellers or merchants who might have heretofore resisted jumping into card acceptance, and they'll realize now that they really need to on a going-forward basis if people shun cash. And so I think that's a big opportunity.

所以我確實認為現金置換將真正起飛。我們已經看到政府提高非接觸式限制的利益、商家轉向非接觸式的利益、落後於發行非接觸式卡的發卡機構的利益。我希望當我們開始與可能一直拒絕接受信用卡的長尾賣家或商家交談時，我們會看到這一點，他們現在會意識到，如果人們避開現金，他們真的需要在未來的基礎上這樣做。所以我認為這是一個很大的機會。

Likewise, I think e-commerce is a big opportunity. And I think Ryan McInerney in his presentation talked about the fact that somewhere around $0.15 or $0.16 on every $1 around the world is spent on Visa cards in the face-to-face world. But when you move into the world of e-commerce, it's like $0.44, $0.45. And so that's a big opportunity for us.

同樣，我認為電子商務是一個很大的機會。而且我認為 Ryan McInerney 在他的演講中談到了這樣一個事實，即在面對面的世界中，全世界每 1 美元的 Visa 卡花費大約 0.15 美元或 0.16 美元。但是當你進入電子商務世界時，它就像 0.44 美元，0.45 美元。所以這對我們來說是一個很大的機會。

And then as you said and I mentioned earlier, I think there'll be some negative on travel, certainly in the short term. And I think that people are going to be quite reticent to leave their country in the short term until there are some advances because they don't want to be stuck somewhere they don't want to be for a prolonged period of time. So I think the degree that travel comes back is not clear, but I think this world is still a world full of global citizens who ultimately are going to feel the urge and the desire to get back on airplanes and explore the vastness of the earth.

然後正如你所說和我之前提到的，我認為旅行會有一些負面影響，肯定是在短期內。而且我認為人們會在短期內非常謹慎地離開他們的國家，直到取得一些進展，因為他們不想長時間被困在他們不想呆的地方。所以我認為旅行回歸的程度尚不清楚，但我認為這個世界仍然是一個充滿全球公民的世界，他們最終會感受到回到飛機上探索廣闊地球的衝動和渴望。

We have not done the work, Darrin, to say how these things offset one another. I think at this point, we're more interested in studying the things that Vasant referred to in his remarks to get a better sense of kind of just the recovery before we get into how this might create some permanent change. Obviously, these are things we're talking about but not things we've mentioned as of yet. But I do think there's some exciting opportunities that will offset -- or largely offset or fully offset the changes in the consumer behavior as it relates to travel.

達林，我們還沒有完成工作來說明這些事情是如何相互抵消的。我認為在這一點上，我們更感興趣的是研究 Vasant 在他的講話中提到的事情，以便在我們了解這可能如何產生一些永久性變化之前更好地了解復甦。顯然，這些是我們正在談論的事情，但尚未提及。但我確實認為有一些令人興奮的機會將抵消——或在很大程度上抵消或完全抵消與旅行相關的消費者行為的變化。

Let me ask Vasant to answer your question on capital allocation, Darrin.

讓我請 Vasant 回答你關於資本分配的問題，Darrin。

Yes. So as it relates to capital allocation, first in line, of course, is we want to invest as much as we need to in our business because we still think the long-term growth opportunity remains extraordinary. And to that end, even as we scale back expenses, we have preserved the investment in critical-growth areas like new payment flows, including Visa Direct, B2B in our value-added services. So that's part one.

是的。因此，當它與資本配置有關時，首先當然是我們希望在我們的業務中進行盡可能多的投資，因為我們仍然認為長期增長機會仍然非凡。為此，即使我們縮減開支，我們也保留了對關鍵增長領域的投資，例如新的支付流程，包括增值服務中的 Visa Direct、B2B。這是第一部分。

Part two is M&A. We remain very focused on adding to our capabilities where it makes sense through acquisitions. And there may be some opportunities here over the next months and years. And certainly, Plaid is something we're looking forward to closing on, as Al said. So M&A would be next in line.

第二部分是併購。我們仍然非常專注於通過收購來增加我們的能力。在接下來的幾個月和幾年裡，這裡可能會有一些機會。當然，正如 Al 所說，Plaid 是我們期待完成的事情。因此，併購將是下一個。

In terms of dividends, there has been no change in our dividend policy. In fact, last week, our Board approved our regular quarterly dividend. So those of you who are owners of our shares will get that soon.

在股息方面，我們的股息政策沒有變化。事實上，上週，我們的董事會批准了我們的定期季度股息。所以你們這些擁有我們股份的人很快就會得到。

And finally, in terms of buybacks, we have had no changes in plans. As I mentioned in my comments, we have bought back $3.2 billion in stock in the second fiscal quarter. So through the first half, we bought back $5.6 billion. So we're a little ahead of our pace.

最後，在回購方面，我們的計劃沒有變化。正如我在評論中提到的，我們在第二財季回購了 32 億美元的股票。因此，在上半年，我們回購了 56 億美元。所以我們的步伐有點超前。

As we -- since we view this particular crisis as structurally one that does not diminish our business in the long run and most likely enhances it and we don't see any long-term secular trend lines changing, we felt that in periods -- in the month of March, our stock was trading below our views of intrinsic value, and therefore, we were buyers. So there has been no change in our buyback program.

由於我們認為這場特殊的危機在結構上不會削弱我們的業務，而且很可能會增強我們的業務，而且我們沒有看到任何長期的長期趨勢線發生變化，因此我們認為在一段時間內-在 3 月份，我們的股票交易價格低於我們對內在價值的看法，因此，我們是買家。所以我們的回購計劃沒有變化。

We do have plenty of liquidity. We are watching that very closely. As I told you, we had $13 billion in cash and cash-like instruments on hand. And then we issued $4 billion in debt. So as we speak, we're close to $17 billion in cash on hand. So we are very, very focused on ensuring adequate liquidity. And that is cash on hand, not counting our revolver or even our access to commercial paper market. So hopefully, that addresses all your questions.

我們確實有充足的流動性。我們正在密切關注這一點。正如我告訴你的那樣，我們手頭有 130 億美元的現金和類似現金的工具。然後我們發行了 40 億美元的債務。因此，正如我們所說，我們手頭的現金接近 170 億美元。因此，我們非常非常專注於確保充足的流動性。那是手頭的現金，不包括我們的左輪手槍，甚至我們進入商業票據市場的機會。所以希望這能解決你所有的問題。

Our next question comes from Harshita Rawat from Bernstein.

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

So I have a follow-up on e-commerce. As you noted that e-commerce is very good for you as cash is simply not an option, can you expand upon other benefits Visa sees in e-commerce in terms of greater fraud services, tokenization, value added as we process more of those digital transactions?

所以我對電子商務進行了跟進。正如您所指出的，電子商務對您非常有利，因為現金根本不是一種選擇，您能否擴展 Visa 在電子商務中看到的其他好處，例如更大的欺詐服務、標記化、隨著我們處理更多這些數字而增加的價值交易？

And then as a follow-up, based on what you're seeing in the market, is the uptick in e-comm usage coming from people already very avid e-comm users? Or is it new demographics or geos who are also coming online who were historically reluctant to buy? We're just trying to figure out if new payment habits and digital usage are being acquired now.

然後作為後續，根據您在市場上看到的情況，電子商務使用量的上升是否來自已經非常狂熱的電子商務用戶？或者是歷史上不願購買的新的人口統計數據或地理區域也在上線？我們只是想弄清楚現在是否正在獲得新的支付習慣和數字使用。

So thanks for the question. So in terms of e-commerce, certainly, it gives us an opportunity amongst other opportunities to sell our CyberSource capability as more and more businesses, I think, are going to seek to be omnichannel and businesses that didn't realize that they paid the price. I believe Vasant talked about it in his remarks that one of the differences that we saw from country to country was that countries that did not have mature e-commerce capabilities or infrastructure definitely have suffered more than companies -- countries that do have it.

所以謝謝你的問題。因此，在電子商務方面，當然，它為我們提供了一個機會來銷售我們的 CyberSource 能力，因為我認為越來越多的企業將尋求成為全渠道的企業，而企業卻沒有意識到他們支付了價格。我相信 Vasant 在他的講話中談到了這一點，我們看到的不同國家之間的差異之一是，沒有成熟電子商務能力或基礎設施的國家肯定比公司——擁有它的國家——遭受的損失更大。

I think that e-commerce relationships can tend to be sticky if you can get the card front of digital wallet or front of -- on file. Certainly, as we've talked about a few times, the reality is that we can easily see that e-commerce, it brings new people into the fold that previously wouldn't have spent if not having the capability for being able to buy online.

我認為，如果您可以將卡片放在數字錢包的正面或存檔的正面，那麼電子商務關係可能會變得很粘。當然，正如我們多次談到的那樣，現實情況是我們可以很容易地看到電子商務，它將新人帶入了以前如果沒有能力能夠在線購買就不會消費的群體.

So -- and I hope it does and accelerate improvements in the experience in e-commerce. I've talked a number of times about the fact that we still have work to do because the abandonment rate is not very -- it's still too high. Authorization rates can be too low, and there's a real opportunity to improve that and improve the experience. And SRC is one of the reasons that we want to do that. We're also seeing that new users in e-commerce is up materially in segments like food and drug and restaurant and QSR where e-commerce was never big before as people are looking to have alternatives to just the food that they get from the supermarket. So we're seeing that uptick as well.

所以 - 我希望它能夠加速電子商務體驗的改進。我已經多次談到我們仍有工作要做，因為放棄率不是很高——它仍然太高。授權率可能太低，但確實有機會改進這一點並改善體驗。 SRC 是我們想要這樣做的原因之一。我們還看到，電子商務的新用戶在食品、藥品、餐廳和 QSR 等領域大幅增加，這些領域的電子商務從未像現在這樣大，因為人們正在尋求替代從超市獲得的食物.所以我們也看到了這種上升。

Our last question comes from Eric Wasserstrom from UBS.

我們的最後一個問題來自瑞銀的 Eric Wasserstrom。

Can you hear me all right?

你能聽到我的聲音嗎？

Yes.

是的。

Okay. Great. So I know it's a little difficult in the context of the withdrawn revenue guidance. And as you've underscored, there's many conflicting dynamics there. But is there some way that you could help us frame how we should be thinking about maybe the puts and takes in operating margin? Obviously, you've done a lot to contain costs. It sounds like there's going to be some yield shifts on the revenue side. Of course, you've got Plaid on the horizon. So is there some way, Vasant, you could help just frame what operating margin might look like or within some bounded range or something?

好的。偉大的。所以我知道在撤回收入指導的背景下有點困難。正如你所強調的，那裡有許多相互矛盾的動態。但是，您有什麼方法可以幫助我們確定我們應該如何考慮營業利潤率的看跌期權和收益嗎？顯然，您為控製成本做了很多工作。聽起來收入方面會有一些收益變化。當然，你已經在地平線上得到了格子呢。那麼有什麼辦法嗎，Vasant，您可以幫助確定營業利潤率可能是什麼樣子或在某個有限範圍內或其他什麼？

Sure. I think you can sort of get to it yourselves. So we gave you a sense of what our second half expense growth is going to be. We said it would be flat including acquisitions. It will be down in the low single digits excluding acquisitions. And we hope to do better than that. We're still working on some expense reduction programs.

當然。我想你可以自己解決。因此，我們讓您了解了我們下半年的支出增長情況。我們說包括收購在內都會持平。不包括收購，它將以低個位數下降。我們希望做得比這更好。我們仍在製定一些減少開支的計劃。

So if you have a general -- and remember, our nonoperating income will be higher -- nonoperating expense will be higher because of interest expenses going up and interest income going down. So you sort of know those lines. So it all depends on where revenue comes out. So you can model revenue decline. You know where expenses are, and it will tell you what the margins will then end up being.

因此，如果您有一個將軍 - 請記住，我們的營業外收入會更高 - 由於利息支出增加而利息收入下降，營業外費用會更高。所以你有點了解這些台詞。所以這一切都取決於收入來自哪裡。因此，您可以模擬收入下降。你知道費用在哪裡，它會告訴你最終的利潤是多少。

As we've always said, we think of this as margins and an outcome -- are an outcome, not an objective. So they're a function of what your revenue growth is versus your expense growth. If your expenses are declining in the low single digits, but your revenues are declining more than that, as is likely in the third quarter, then it will have a margin impact.

正如我們一直所說，我們認為這是利潤和結果——是結果，而不是目標。因此，它們是您的收入增長與費用增長的函數。如果您的支出以較低的個位數下降，但您的收入下降幅度更大，就像第三季度可能發生的那樣，那麼它將對利潤率產生影響。

In terms of modeling revenues, I mean, we've given you the most up-to-date information as to what the trends are. So as we look at it, it all depends on do you think where we are is the trough, when do you think we will start to recover from that trough, and then what is the nature of the recovery going to be. Is it going to be a sharp V-shapes recovery? Is it going to be more like a U-shaped recovery as people talk about, where it's a slow start and then picks up steam? Or is it fits and starts, where you get some recovery, then some stabilization and then another recovery and some more stabilization? And as you saw, I mean, this varies across categories and it does vary across countries. So there's a lot of variables here, which is why we've chosen not to give you any kind of specific forecast. We'll wait and see.

就收入建模而言，我的意思是，我們已經為您提供了有關趨勢的最新信息。所以當我們看到它時，這完全取決於你認為我們在哪裡是低谷，你認為我們什麼時候會開始從低谷中復蘇，以及復甦的性質是什麼。這將是一個急劇的V形復甦嗎？正如人們所談論的那樣，它是否會更像是一個 U 型複蘇，開始緩慢，然後加速？或者它是一時興起，你得到一些恢復，然後是一些穩定，然後是另一個恢復和一些更多的穩定？正如你所看到的，我的意思是，這因類別而異，並且因國家而異。所以這裡有很多變數，這就是為什麼我們選擇不給你任何具體的預測。我們拭目以待。

And with that, I'd like to thank you for joining us today. If you have any additional questions, please feel free to e-mail or call us in the Investor Relations team. So thanks again, and have a great evening.

有了這個，我要感謝你今天加入我們。如果您有任何其他問題，請隨時發送電子郵件或致電我們的投資者關係團隊。再次感謝，祝您有個愉快的夜晚。

Thank you for your participation in today's conference. You may disconnect at this time.

感謝您參加今天的會議。此時您可以斷開連接。