Visa Inc (V) 2020 Q1 法說會逐字稿

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

歡迎參加 Visa 2020 財年第一季度收益電話會議。

(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, Jordan.

謝謝你，喬丹。

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

大家下午好，歡迎參加 Visa 的 2020 年第一季度財報電話會議。

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 and 10-Q, which you can find on the SEC's website and the Investor Relations section of our website.

有關這些因素的更多信息，請參閱我們關於 10-K 和 10-Q 表格的最新報告，您可以在 SEC 網站和我們網站的投資者關係部分找到這些報告。

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

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

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

有了這個，讓我把電話轉給 Al。

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

邁克，謝謝你們，大家下午好，感謝你們今天加入我們。

2020 is off to a strong start with Visa's first quarter performance.

Visa 第一季度的業績表現強勁，2020 年開局良好。

It's a reflection of our focus on clients and commitment to moving money globally, seamlessly and safely.

這反映了我們對客戶的關注以及對全球、無縫和安全地轉移資金的承諾。

In our time today, let me first touch on our results and then discuss how we're going to grow our core C2B or consumer payments business and capturing new payment flows, which is all part of our network-of-network strategies.

今天，讓我先談談我們的結果，然後討論我們將如何發展我們的核心 C2B 或消費者支付業務並捕捉新的支付流，這都是我們網絡戰略的一部分。

To start, our first quarter results.

首先，我們的第一季度業績。

We had a terrific quarter, and the business is performing well.

我們有一個很棒的季度，業務表現良好。

We reported net revenue growth of 10%, but if you adjust for exchange rates and very low currency volatility, our net revenue growth was approximately 13%.

我們報告淨收入增長 10%，但如果您調整匯率和極低的貨幣波動性，我們的淨收入增長約為 13%。

Our EPS growth was 12% or 14% on a constant dollar basis, excluding the impact of acquisitions made after Q1 last year.

按固定美元計算，我們的每股收益增長了 12% 或 14%，不包括去年第一季度之後進行的收購的影響。

Key business drivers were largely consistent with the fourth quarter as we expected.

正如我們預期的那樣，主要業務驅動因素與第四季度基本一致。

For the first time in our history, total network volume this quarter was over $3 trillion.

本季度網絡總交易量有史以來第一次超過 3 萬億美元。

Payment volume grew at 8% globally, 10% excluding China and the U.K. Cross-border volume rose 9% on a constant dollar basis, and we processed nearly 38 billion total transactions on our network, up 11%.

全球支付量增長 8%，不包括中國和英國，增長 10%。跨境交易量按固定美元計算增長 9%，我們在我們的網絡上處理了近 380 億筆交易，增長了 11%。

Let me touch briefly on holiday spending, starting with the United States, where growth was similar to the 2018 and 2017 holiday season, which were both strong years.

讓我簡單談談假日消費，從美國開始，美國的增長與 2018 年和 2017 年的假日季節相似，這兩個年份都是強勁的年份。

Credit growth was slightly better than last year, and debit growth slowed slightly due to lapping tax reform, which had a positive impact on U.S. debit growth throughout all of last year, including the holiday season.

信貸增長略好於去年，而藉方增長因稅收改革而略有放緩，這對美國去年全年的借方增長產生了積極影響，包括假日季節。

E-commerce grew 3 to 4x faster than non-e-commerce.

電子商務的增長速度是非電子商務的 3 到 4 倍。

E-commerce also drove more than 1/3 of all consumer spend, up 2 percentage points versus last year.

電子商務也推動了超過 1/3 的消費者支出，比去年增加了 2 個百分點。

Retail spend growth was stronger than last year, fueled mostly by e-commerce.

零售支出增長強於去年，主要受電子商務推動。

However, that was offset by slower growth in travel and restaurant spending.

然而，這被旅行和餐飲支出增長放緩所抵消。

To give you a brief sense of the holiday season in the other major markets, Brazil and Canada saw slightly stronger growth than last year.

為了讓您簡要了解其他主要市場的假日季節，巴西和加拿大的增長略高於去年。

The U.K.'s growth was similar to last year's level, and growth in Australia slowed slightly.

英國的增長與去年的水平相似，澳大利亞的增長略有放緩。

Now let's look at the core business overall for the first quarter.

現在讓我們看一下第一季度的整體核心業務。

We are growing our core payments business in 3 ways: through large clients and markets; number two, making progress to capture the opportunity in emerging and other markets through new partnerships, including wallets and fintech; and three, all while helping the ecosystem remove friction.

我們正在通過 3 種方式發展我們的核心支付業務：通過大客戶和市場；第二，通過新的合作夥伴關係（包括錢包和金融科技）在新興市場和其他市場取得進展；第三，同時幫助生態系統消除摩擦。

We continue to have significant renewals and wins amongst some of our largest financial institutions.

我們繼續在一些最大的金融機構中進行重大更新並贏得勝利。

Visa renewed our issuing agreement with Capital One effective January 1 of this year.

Visa 從今年 1 月 1 日起與 Capital One 續簽了發行協議。

We're very pleased to continue our long-standing relationship with Capital One.

我們很高興繼續與 Capital One 的長期合作關係。

We recently renewed our agreement with DKB, our largest issuing bank in Germany, and we're looking forward to developing new services and products within this exclusive innovation partnership.

我們最近與德國最大的發行銀行 DKB 續簽了協議，我們期待在這一獨家創新合作夥伴關係中開發新的服務和產品。

In the Caribbean, we have renewed a multiyear contract with Royal Bank of Canada for credit and debit.

在加勒比地區，我們與加拿大皇家銀行續簽了一項多年期的貸記和借記合同。

This agreement also includes some new debit wins covering 17 Caribbean countries and territories.

該協議還包括一些涵蓋 17 個加勒比國家和地區的新借記卡。

In Latin America, we're pleased to have won the credit and debit business for Santander in Brazil, Argentina and Uruguay.

在拉丁美洲，我們很高興為桑坦德銀行在巴西、阿根廷和烏拉圭贏得了信貸和借記業務。

This leadership position with financial institutions also extends to merchants as we are the leader in co-brand with 13 of the top 20 portfolios globally.

這種在金融機構中的領先地位也延伸到了商家，因為我們是全球前 20 大投資組合中的 13 個聯合品牌的領導者。

This quarter, we continued to solidify our leadership position.

本季度，我們繼續鞏固我們的領先地位。

In the United States, we were selected for the new Venmo co-brand credit card, a reflection of our strong partnership with PayPal.

在美國，我們被選為新的 Venmo 聯名信用卡，這反映了我們與 PayPal 的牢固合作關係。

The opportunity for this product is quite significant as Venmo has over 52 million users currently.

該產品的機會非常重要，因為 Venmo 目前擁有超過 5200 萬用戶。

We're excited to continue growing our long-standing co-brand relationships with Caesars Reward and Harley-Davidson.

我們很高興能繼續發展與 Caesars Reward 和 Harley-Davidson 的長期合作品牌關係。

Sony has relaunched both of their co-branded credit cards connected with the Sony Rewards program.

索尼重新推出了與索尼獎勵計劃相關的兩張聯名信用卡。

Together, Sony and Visa are partnering in a number of ways to grow these programs and bring compelling offers to their cardholders.

索尼和 Visa 正以多種方式合作發展這些計劃，並為持卡人提供有吸引力的優惠。

We already have a strong relationship with Costco as their co-brand provider in the United States, Taiwan, South Korea and Mexico and just this quarter, secured the China co-brand.

作為他們在美國、台灣、韓國和墨西哥的聯合品牌供應商，我們已經與 Costco 建立了牢固的關係，就在本季度，我們獲得了中國聯合品牌。

In Europe, Visa extended our co-brand partnerships with Norwegian Air Shuttle and S Group, respectively.

在歐洲，Visa 分別擴大了與挪威航空公司和 S 集團的聯合品牌合作夥伴關係。

In CEMEA, we renewed the Emirates NBD's credit business, and half of that portfolio is represented by the Emirates Skywards co-brand program exclusively with Visa, and the rest of the portfolio is bank branded credit.

在CEMEA，我們更新了Emirates NBD 的信貸業務，其中一半由Emirates Skywards 與Visa 獨家合作的品牌計劃代表，其餘為銀行品牌信貸。

Our wins are not limited to just large issuers and merchants as we continue to make progress to capture the opportunity in emerging and other markets through wallets and investments.

我們的勝利不僅限於大型發行人和商家，因為我們繼續取得進展，通過錢包和投資抓住新興市場和其他市場的機會。

In Africa, we have recently taken several steps to help accelerate the shift to digital payments.

在非洲，我們最近採取了一些措施來幫助加速向數字支付的轉變。

On the credential side, mobile money wallets are already prevalent across Africa.

在憑證方面，移動貨幣錢包已經在非洲盛行。

But without a virtual or physical network credential associated with them, many international online services are unavailable to users.

但是，如果沒有與之關聯的虛擬或物理網絡憑據，用戶將無法使用許多國際在線服務。

To help solve this problem, we announced a collaboration with MFS Africa, which is Africa's largest digital payments hub connecting through 1 API to more than 180 million mobile wallets on the continent to distribute Visa payment credentials across the continent.

為了幫助解決這個問題，我們宣布與 MFS Africa 合作，這是非洲最大的數字支付中心，通過 1 個 API 連接到非洲大陸超過 1.8 億個移動錢包，以便在整個非洲大陸分發 Visa 支付憑證。

In an effort to build acceptance, we recently announced an investment in partnership with Flutterwave, a pan-African digital payments platform that enables multipayment acceptance and processing.

為了提高接受度，我們最近宣布與 Flutterwave 建立合作夥伴關係，Flutterwave 是一個泛非數字支付平台，支持多支付接受和處理。

Together, Flutterwave will further scale its consumer payments service called Barter and its merchant acquiring service called Rave through Visa products such as Visa Direct, Visa QR and virtual cards.

Flutterwave 將共同通過 Visa Direct、Visa QR 和虛擬卡等 Visa 產品進一步擴展其名為 Barter 的消費者支付服務和名為 Rave 的商戶收單服務。

In addition, Visa established a strategic partnership and will acquire a minority stake -- equity stake at Interswitch, a company focused on the digitization of payments that processes more than 80% of domestic transactions in Nigeria and sells payment processing across 23 other countries in Africa and operates the largest domestic debit card scheme on the continent with 23 million cardholders.

此外，Visa 建立了戰略合作夥伴關係，並將收購 Interswitch 的少數股權，該公司專注於支付數字化，處理尼日利亞 80% 以上的國內交易，並在非洲其他 23 個國家銷售支付處理服務並運營著非洲大陸最大的國內借記卡計劃，擁有 2300 萬持卡人。

Our partnership will help accelerate Visa deployments of payment experiences leveraging Interswitch's processing and integration capabilities and scale their bill pay services across Africa.

我們的合作夥伴關係將幫助利用 Interswitch 的處理和集成能力加速 Visa 支付體驗的部署，並在整個非洲擴展其賬單支付服務。

As we grow our business in emerging markets and with new players across the globe, we're ever focused on improving the point-of-sale experience and reducing friction for the entire ecosystem.

隨著我們在新興市場和全球新參與者的業務發展，我們一直專注於改善銷售點體驗並減少整個生態系統的摩擦。

In the card-present environment, we continue to see meaningful momentum in tap to pay, what we consider to be the most friction-free way to pay in person.

在有卡的環境中，我們繼續看到觸碰支付的有意義的勢頭，我們認為這是最無摩擦的親自支付方式。

We have reached a point where 1 in every 3 card-present transactions that runs over our network is tapped versus 1 in 4 a year ago this quarter.

我們已經達到了這樣一個點，即在我們網絡上運行的每 3 筆有卡交易中就有 1 筆被竊聽，而一年前的本季度只有四分之一。

This past year, we've doubled the number of countries whose face-to-face transactions are at least 2/3 contactless.

在過去的一年裡，我們的面對面交易至少有 2/3 是非接觸式的國家數量增加了一倍。

Transit continues to be a key user case and an important way to habituate tapping behavior.

Transit 仍然是一個關鍵的用戶案例，也是習慣輕敲行為的重要方式。

In New York City, on the MTA, Visa crossed 2 million taps in November from the beginning of the pilot and 3 million in January.

在紐約市，在 MTA 上，從試點開始到 11 月，Visa 的點擊次數超過了 200 萬次，到 1 月達到了 300 萬次。

The MTA recently announced the tap-to-pay expansion to their entire system by the end of 2020, and we are currently pacing a 350,000 Visa taps a week on the MTA, and nearly 1 in every 10 transactions in the New York Metro area is a tap to pay on a Visa card.

MTA 最近宣佈到 2020 年底將 Tap-to-Pay 擴展至其整個系統，我們目前在 MTA 上每週進行 350,000 次 Visa tap，在紐約都會區每 10 筆交易中就有近 1 筆是輕按一下即可在 Visa 卡上付款。

We also launched Africa's first contactless transit system in Johannesburg this quarter in addition to launches in Ho Chi Minh City as well as Taiwan, Sweden and Ukraine.

除了在胡志明市以及台灣、瑞典和烏克蘭推出之外，我們還在本季度在約翰內斯堡推出了非洲首個非接觸式交通系統。

In the e-commerce environment, click to pay or what we once called Secure Remote Commerce, seeks to streamline the digital payment experience across networks, offering greater security and improved sales.

在電子商務環境中，點擊支付或我們曾經稱為安全遠程商務的方式旨在簡化跨網絡的數字支付體驗，提供更高的安全性並改善銷售。

You may recall, we launched with a select number of merchants in October, and by the end of December, more than 40 merchants had adopted the new click-to-pay solution.

您可能還記得，我們在 10 月份與部分商戶合作推出，到 12 月底，已有 40 多家商戶採用了新的點擊支付解決方案。

Now that the holiday season is over, we recently completed the migration of 5,500 U.S. merchants to click to pay.

現在假期結束了，我們最近完成了5500家美國商戶點擊支付的遷移。

We expect to complete the migration of the remainder of Visa Checkout merchants in the United States over the coming months.

我們預計將在未來幾個月內完成美國剩餘 Visa Checkout 商家的遷移。

Additionally, all 50 million consumers who are already enrolled with Visa Checkout were automatically converted to click to pay.

此外，已經註冊 Visa Checkout 的所有 5000 萬消費者都自動轉換為點擊支付。

Globally, we continue to make progress on securing the ecosystem with tokens.

在全球範圍內，我們繼續在使用代幣保護生態系統方面取得進展。

Introduced in 2014, tokens have expanded into 107 countries, equating to 6 billion tokenized transactions in 2019.

自 2014 年推出以來，代幣已擴展到 107 個國家/地區，相當於 2019 年的 60 億筆代幣化交易。

We now have over 750 million tokens globally.

我們現在在全球擁有超過 7.5 億個代幣。

Over the past 18 months, Visa signed and is now live with the majority of large e-commerce platform for card-on-file tokenizations, including Adyen, Braintree, CyberSource, PayPal, Stripe as well as some big e-commerce companies, including Amazon and Netflix, amounting to hundreds of millions of new tokens, which is accelerating the pace of e-commerce transactions now processed over the Visa token service.

在過去的 18 個月裡，Visa 與大多數大型電子商務平台簽署並使用了卡片歸檔令牌化，包括 Adyen、Braintree、CyberSource、PayPal、Stripe 以及一些大型電子商務公司，包括Amazon 和 Netflix，總計數億個新代幣，這正在加快現在通過 Visa 代幣服務處理的電子商務交易的步伐。

Collectively, we have secured merchant and partner commitments for tokenization in the e-com space that will add up to approximately $1 trillion in Visa payment volume.

總的來說，我們已確保商家和合作夥伴在電子商務領域的代幣化承諾，這將增加約 1 萬億美元的 Visa 支付額。

Putting it together, our core business remains strong as we continue to win with traditional players, new players and seek to remove friction.

綜上所述，我們的核心業務依然強勁，因為我們繼續與傳統玩家、新玩家共贏並尋求消除摩擦。

Outside of our traditional C2B business, we're making progress in capturing new payment flows.

在我們傳統的 C2B 業務之外，我們在捕捉新的支付流方面取得了進展。

In the card-based B2B space, we had several wins in the first quarter.

在基於卡片的 B2B 領域，我們在第一季度取得了幾場胜利。

In Singapore, we won the government procurement card for Oversea-Chinese Banking Corporation or OCBC.

在新加坡，我們獲得了華僑銀行或華僑銀行的政府採購卡。

With the Singapore government mandating to digitize payments by 2023, OCBC is targeted to capture a significant public sector procurement volume.

隨著新加坡政府要求到 2023 年將支付數字化，華僑銀行的目標是獲得大量的公共部門採購量。

Within the CEMEA region, Visa signed a partnership with NEC Payments, a digital banking and payments processing platform, to expand NEC's regional and international issuing business focused on virtual card for B2B payments such as travel and insurance.

在 CEMEA 地區，Visa 與數字銀行和支付處理平台 NEC Payments 簽署了合作夥伴關係，以擴展 NEC 的區域和國際發行業務，該業務專注於旅行和保險等 B2B 支付的虛擬卡。

In Hong Kong, we partnered with Neat, a fintech offering digital business account services, to be an exclusive partner with Visa to issue virtual commercial cards.

在香港，我們與提供數字商業賬戶服務的金融科技公司 Neat 合作，成為 Visa 的獨家合作夥伴，發行虛擬商業卡。

Visa Direct served P2P, B2C and even B2-small business with over 700 million transactions in the first quarter of 2020.

Visa Direct 在 2020 年第一季度為 P2P、B2C 甚至 B2 小型企業提供了超過 7 億筆交易服務。

This quarter, we wanted to highlight significant progress in the B2B cross-border space.

本季度，我們想強調 B2B 跨境領域的重大進展。

MoneyGram announced it is now live, enabling international transfers that rely on Visa Direct.

MoneyGram 宣布它現已上線，支持依賴 Visa Direct 的國際轉賬。

The new service, which has been available within the United States in September, is starting with transfers to Spain and the Philippines.

這項新服務已於 9 月在美國推出，首先是轉移到西班牙和菲律賓。

TransferWise, a global technology company for international payments, will also begin offering its customers the ability to send and receive funds in real time through Visa Direct.

全球國際支付技術公司 TransferWise 也將開始為其客戶提供通過 Visa Direct 實時發送和接收資金的能力。

The integrated capability currently available in 6 countries, including Spain and Poland, will soon be available across more countries in Europe.

目前在包括西班牙和波蘭在內的 6 個國家/地區提供的集成能力很快將在歐洲更多國家/地區提供。

Our continued progress with Visa Direct speaks to our network of network strategy for consumers, businesses and governments to move money to anyone anywhere.

我們在 Visa Direct 方面的持續進展說明了我們的網絡戰略，消費者、企業和政府可以將資金轉移到任何地方的任何人。

Each new network end point, be it a car, the consumer or a business account or a wallet, compounds the value of the capabilities we offer to partners and improves the customer experience through a single Visa connection.

每個新的網絡端點，無論是汽車、消費者、企業賬戶還是錢包，都增加了我們向合作夥伴提供的功能的價值，並通過單一的 Visa 連接改善了客戶體驗。

As we talk about network, it's hard not to mention Plaid, although I'm not going to cover it in too much detail until the transaction closes.

當我們談論網絡時，很難不提到格子呢，儘管在交易完成之前我不會詳細介紹它。

We see Plaid as having the potential to deliver real value to Visa in multiple ways.

我們認為 Plaid 有潛力以多種方式為 Visa 帶來真正的價值。

We have received a number of questions on their revenue model, so I thought I would cover it quickly.

我們收到了很多關於他們的收入模式的問題，所以我想我會很快回答。

Similar to us, they have a usage-based revenue model.

與我們類似，他們有一個基於使用的收入模式。

Pricing is structured on a pay-per-API call basis and varies by product depending on the type of financial data consumed by the customers of the fintech, which speaks to the power of their network.

定價基於按 API 調用付費，並因產品而異，具體取決於金融科技客戶使用的財務數據類型，這說明了他們網絡的力量。

We are truly excited about the acquisition.

我們對此次收購感到非常興奮。

To close, we're off to a strong start in the first quarter with much to be excited about as we look forward.

結束時，我們在第一季度有了一個強勁的開端，我們期待著有很多令人興奮的事情。

We are deepening partnerships with traditional players in markets and expanding assets with new players.

我們正在加深與市場上傳統參與者的合作關係，並與新參與者一起擴大資產。

We're removing friction in the ecosystem, and we're making significant progress to capture new flows.

我們正在消除生態系統中的摩擦，並且在捕獲新流量方面取得了重大進展。

This is all part of our network-of-network strategy as we continue to focus on clients and moving money globally, seamlessly and safely.

這都是我們網絡戰略的一部分，因為我們將繼續關注客戶並在全球範圍內無縫、安全地轉移資金。

I want to take a quick moment to mention our Investor Day on February 11 here in San Francisco, which will simultaneously be webcast.

我想花一點時間提一下我們 2 月 11 日在舊金山舉行的投資者日，該日將同時進行網絡直播。

You will hear from our knowledgeable and deep bench of leaders, who will discuss our view on the evolution of the ecosystem and how we intend to deliver Visa's future growth through our customer consumer payments business, new flows and value-added services.

您將聽取我們知識淵博且實力雄厚的領導班子的發言，他們將討論我們對生態系統演變的看法，以及我們打算如何通過我們的客戶消費支付業務、新流程和增值服務實現 Visa 的未來增長。

The formal presentation should run from about 8 a.m.

正式演講應該從早上 8 點左右開始。

to 2:30 p.m.

到下午 2:30

Pacific Time, and we look forward to your participation.

太平洋時間，我們期待您的參與。

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.

謝謝你，Al，大家下午好。

We had a strong start to fiscal 2020 with results coming in consistent with our expectations.

我們在 2020 財年有一個強勁的開端，結果符合我們的預期。

Excluding acquisitions and investment gains, constant dollar net revenue and EPS growth were 11% and 14%, respectively.

不包括收購和投資收益，固定美元淨收入和每股收益增長分別為 11% 和 14%。

Exchange rates reduced revenue growth by over 1 point and EPS growth by approximately 1.5 points.

匯率降低了收入增長超過 1 個百分點，每股收益增長降低了約 1.5 個百分點。

The 4 acquisitions completed in the last 6 months increased reported revenue growth by approximately 0.5 point and expense growth by approximately 3 points.

過去 6 個月完成的 4 項收購使報告的收入增長約 0.5 個百分點，費用增長約 3 個百分點。

Starting in fiscal 2020, we are providing adjustments to our GAAP numbers each quarter to help investors better track ongoing business performance.

從 2020 財年開始，我們每個季度都會對我們的 GAAP 數據進行調整，以幫助投資者更好地跟踪持續的業務表現。

Non-GAAP results will exclude 3 items: one, the impact of equity investment gains and losses; two, amortization of acquired intangible assets or acquisitions completed in fiscal year 2019 and forward; and three, certain nonrecurring acquisition-related costs.

Non-GAAP業績將剔除3項：一、股權投資損益的影響；二、在 2019 財年及以後完成的收購無形資產或收購的攤銷；第三，某些非經常性收購相關成本。

Prior non-GAAP results were also adjusted to reflect this change.

之前的非公認會計原則結果也進行了調整以反映這一變化。

This quarter, the impact of non-GAAP adjustments is de minimis.

本季度，非公認會計原則調整的影響微乎其微。

In addition, you will find a helpful schedule on the first slide of our earnings presentation.

此外，您會在我們的收益演示文稿的第一張幻燈片上找到有用的時間表。

In addition to GAAP and non-GAAP results, we provide the growth rate impacts of exchange rates as well as the inorganic impact of acquisitions.

除了 GAAP 和非 GAAP 結果，我們還提供了匯率對增長率的影響以及收購的無機影響。

In other words, the revenue expense and EPS impact that acquisitions had on our reported numbers this year, which were not in our reported numbers in the first quarter last year.

換句話說，收購對我們今年報告的數據產生的收入費用和每股收益影響，這不在我們去年第一季度報告的數據中。

A few highlights from the quarter.

本季度的一些亮點。

Key business driver growth rates, payments volume, process transactions and cross-border volumes were stable and consistent with prior quarters.

主要業務驅動增長率、支付量、流程交易和跨境交易量與前幾個季度保持穩定並保持一致。

Net revenue grew 10%.

淨收入增長 10%。

However, the underlying growth trend in revenues is masked by 2 significant drags related to currencies.

然而，收入的潛在增長趨勢被與貨幣相關的兩個顯著拖累所掩蓋。

First, a stronger dollar reduced nominal net revenue growth rates by over 1 point.

首先，美元走強使名義淨收入增長率降低了 1 個百分點以上。

Second, currency volatilities were at the lowest level we have seen in over 5 years.

其次，貨幣波動率處於 5 年多以來的最低水平。

As may be expected, this sharp decline in currency volatility had a significant impact on international fee revenue.

正如預期的那樣，貨幣波動性的急劇下降對國際費用收入產生了重大影響。

If you adjust for the drag from unusually low currency volatility and the drag from the strong dollar, underlying net revenue growth is robust at approximately 13%.

如果您對異常低的貨幣波動性和強勢美元的拖累進行調整，基本淨收入增長強勁，約為 13%。

Constant dollar payments volume growth of 8% slowed by 1 point compared to last quarter.

與上一季度相比，固定美元支付量增長 8% 放緩了 1 個百分點。

This trend -- this change in trend is driven by differences in processing days when compared to the first and fourth quarters of last year.

這種趨勢——與去年第一季度和第四季度相比，這種趨勢變化是由處理天數的差異驅動的。

The processing day impact was over 1 point in the U.S. and several points in Canada.

處理日影響在美國超過 1 個百分點，在加拿大超過幾個百分點。

Excluding the processing day impact, Q1 payments volume growth was similar to last quarter and second quarter service revenues associated with these volumes will be in line with our expectations.

排除處理日影響，第一季度支付量增長與上一季度相似，第二季度與這些交易量相關的服務收入將符合我們的預期。

Constant dollar cross-border growth rates, excluding volumes within Europe, were also stable at 9%.

不包括歐洲內部交易量的恆定美元跨境增長率也穩定在 9%。

Our reported constant dollar cross-border growth rate accelerated 2 points to 9% as we are now lapping the pan-European e-commerce platform, which reoriented acquiring across countries last year, converting transactions from cross-border to domestic.

我們報告的固定美元跨境增長率加快了 2 個百分點至 9%，因為我們現在正在研究泛歐電子商務平台，該平台去年重新調整了跨國收購，將交易從跨境轉向國內。

As we have discussed in the past, this shift had minimal revenue impact to Visa as cross-border transactions within Europe have revenue yields similar to domestic yields.

正如我們過去所討論的，這種轉變對 Visa 的收入影響微乎其微，因為歐洲境內的跨境交易的收入收益率與國內收益率相似。

We repurchased 13 million shares of Class A common stock at an average price of $179.71 for $2.3 billion in the quarter.

我們在本季度以 179.71 美元的平均價格以 23 億美元的價格回購了 1300 萬股 A 類普通股。

Our Board has authorized a new $9.5 billion share repurchase program.

我們的董事會已授權一項新的 95 億美元的股票回購計劃。

With this additional authorization and the $1.7 billion of remaining authorized funds as of December 31, 2019, we have $11.2 billion available for share repurchases.

有了這項額外授權以及截至 2019 年 12 月 31 日剩餘的 17 億美元授權資金，我們有 112 億美元可用於股票回購。

Including our quarterly dividend of $0.30 per share, we returned approximately $3 billion of capital to shareholders in the quarter.

包括我們每股 0.30 美元的季度股息，我們在本季度向股東返還了大約 30 億美元的資本。

Turning now to our key business drivers and financial performance.

現在轉向我們的主要業務驅動因素和財務業績。

Payments volume growth in constant dollars was 8%.

以固定美元計算的支付量增長為 8%。

Credit was up 6%.

信貸增長了 6%。

Debit was up 11%.

借記卡增長了 11%。

Growth excluding China and the U.K. was 10%.

不包括中國和英國的增長率為 10%。

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

提醒一下，中國國內銷量受到雙品牌卡轉換的影響，這對收入的影響很小。

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

美國支付量增長 8%，信貸增長 7%，借記增長 9%。

Excluding the processing day impact I described earlier, growth accelerated almost 1 point due to a partial lapping of the Cabela's conversion and modestly higher fuel prices.

排除我之前描述的加工日影響，由於 Cabela 轉換的部分重疊和燃料價格適度上漲，增長加速了近 1 個百分點。

Underlying consumer spending growth was largely consistent with the last quarter.

基本消費者支出增長與上一季度基本一致。

International payments volume growth in constant dollars were 8% and 12%, excluding China and the U.K. Growth in CEMEA remained robust, 22%, with strong growth across Russia and the Middle East.

不包括中國和英國，以固定美元計算的國際支付量增長分別為 8% 和 12%。CEMEA 的增長保持強勁，為 22%，俄羅斯和中東地區增長強勁。

Latin America also remains strong at 17% driven by some wins and strong performance at existing clients.

在現有客戶的一些勝利和強勁表現的推動下，拉丁美洲也保持了 17% 的強勁增長。

Asia Pacific, excluding China, grew 8%, decelerating over 2 points, primarily due to slower growth in Japan, Australia and Hong Kong.

亞太地區（不包括中國）增長 8%，減速超過 2 個百分點，主要是由於日本、澳大利亞和香港的增長放緩。

Europe, excluding the U.K., grew 12%.

不包括英國的歐洲增長了 12%。

U.K. growth remains weak and slowed 1 point after improving in each of the last 2 quarters.

英國經濟增長依然疲軟，在過去 2 個季度的每個季度均有所改善後放緩了 1 個百分點。

Process transactions continued to grow at 11%.

流程交易繼續以 11% 的速度增長。

Constant dollar cross-border growth of 9% was up 2 points from the last quarter but stable at 9%, excluding volumes within Europe.

固定美元跨境增長率為 9%，比上一季度增長 2 個百分點，但穩定在 9%，不包括歐洲境內的交易量。

Both travel and e-commerce growth were in line with the last quarter, excluding volumes within Europe.

旅遊和電子商務的增長均與上一季度一致，不包括歐洲的銷量。

Outbound commerce accelerated from Russia, Africa and across Europe, which was offset by weaker growth out of the U.S. and Asia.

來自俄羅斯、非洲和整個歐洲的出境貿易加速，這被美國和亞洲的增長疲軟所抵消。

Inbound commerce accelerated a bit into the U.S. but decelerated a little into Europe, which is consistent with the weakening dollar compared to the pound and euro.

入境貿易進入美國略有加速，但進入歐洲略有減速，這與美元相對於英鎊和歐元走弱的情況一致。

Growth into China and Hong Kong remains weak.

進入中國大陸和香港的增長仍然疲軟。

Net revenues grew 10% or 11% in constant dollars, excluding acquisitions.

不包括收購，淨收入按固定美元計算增長 10% 或 11%。

The impact of our acquisitions on revenue growth was approximately 0.5 point.

我們的收購對收入增長的影響約為 0.5 個百分點。

Service revenue growth is consistent with the last quarter at 9%.

服務收入增長與上一季度一致，為 9%。

Data processing revenue growth was also in line with the last quarter at 16%.

數據處理收入增長也與上一季度一致，為 16%。

International transaction revenue grew 9%, [decreasing] 2 points from the fourth quarter despite a smaller exchange rate drag due to the unusually low currency volatility.

國際交易收入增長 9%，較第四季度下降 2 個百分點，儘管由於貨幣波動性異常低導致匯率拖累較小。

Other revenues grew 22%, slowing 13 points from the fourth quarter as we lapped ASC 606 impacts from last year, partially offset by faster growth in our value-added services.

其他收入增長 22%，較第四季度放緩 13 個百分點，因為我們從去年開始受到 ASC 606 的影響，部分被我們增值服務的更快增長所抵消。

Client incentives were in line with our expectations at 22.4% of gross revenue, up 80 basis points from last quarter.

客戶激勵措施符合我們的預期，佔總收入的 22.4%，比上一季度增長 80 個基點。

As we told you in October, we expected client incentives to step up from our fiscal 2019 exit percentage to the lower end of our full year outlook range in the first quarter due to the level of deal activity this quarter and last year.

正如我們在 10 月份告訴您的那樣，由於本季度和去年的交易活動水平，我們預計客戶激勵措施將從我們的 2019 財年退出百分比上升到第一季度全年展望範圍的下限。

GAAP operating expenses were up 14%.

GAAP 運營費用增長了 14%。

Excluding the amortization of acquired intangible assets and nonrecurring acquisition-related costs from the 4 acquisitions that closed in the last 6 months, non-GAAP expense growth was 13%.

不包括過去 6 個月完成的 4 次收購中所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 13%。

Personnel expense growth is primarily driven by increases in staff to drive our growth initiatives, which we stepped up in the second half of last year.

人事費用增長主要是由員工增加推動我們的增長計劃，我們在去年下半年加強了這些計劃。

Acquisitions and some nonrecurring expenses also contributed to personnel expense growth.

收購和一些非經常性費用也促成了人事費用的增長。

Marketing expenses decreased 1% due to the timing of some spending as well as the reporting change that shifted some expenses to the general and administrative line.

由於一些支出的時間安排以及將一些支出轉移到一般和行政部門的報告變化，營銷費用下降了 1%。

The impact of acquisitions added 2 points to non-GAAP expense growth.

收購的影響使非公認會計準則費用增長增加了 2 個百分點。

Exchange rates reduced reported expense growth by approximately 1 point.

匯率使報告的費用增長減少了大約 1 個百分點。

Nonoperating income/expenses include equity investment gains of $13 million, which we are now excluding in our non-GAAP results.

營業外收入/支出包括 1300 萬美元的股權投資收益，我們現在將其排除在我們的非公認會計原則結果中。

Investment income also includes a small nonrecurring benefit, which is exactly offset in personnel expenses with no impact on earnings.

投資收入還包括少量的非經常性收益，該收益完全被人事費用抵消，對收益沒有影響。

Excluding these nonrecurring items, investment income is lower this year due to falling interest rates and lower cash balances.

剔除這些非經常性項目，由於利率下降和現金餘額減少，今年的投資收益較低。

Our tax rate of 17.7% was lower due to some items that are unique to our first quarter each year.

由於我們每年第一季度獨有的一些項目，我們 17.7% 的稅率較低。

This was anticipated and reflected in our outlook for tax rates this year.

這在我們今年的稅率展望中得到了預期和反映。

Moving now to our outlook for the second quarter and the full year.

現在轉到我們對第二季度和全年的展望。

First, let me share business driver growth for the first 4 weeks of the quarter.

首先，讓我分享本季度前 4 週的業務驅動增長。

Through January 28, U.S. payments volume growth was 10% with U.S. credit growing 9% and debit, 12%.

截至 1 月 28 日，美國支付量增長 10%，美國信貸增長 9%，借記增長 12%。

Processed transactions grew 13%.

已處理的交易增長了 13%。

Cross-border volume on a constant dollar basis grew 8% or 7% excluding cross-border volume within Europe.

按固定美元計算的跨境交易量增長 8% 或 7%，不包括歐洲境內的跨境交易量。

Cross-border volumes in the last 2 weeks of January are negatively impacted by the shift in the Chinese New Year with potentially some initial effects of the coronavirus outbreak.

1 月最後兩週的跨境交易量受到農曆新年轉變的負面影響，並可能受到冠狀病毒爆發的一些初步影響。

As we look ahead to the second quarter of fiscal year 2020, we are assuming stable growth trends on key business drivers: payments volumes, processed transactions and cross-border volumes.

在展望 2020 財年第二季度時，我們假設關鍵業務驅動因素的增長趨勢穩定：支付量、已處理的交易和跨境交易量。

The exchange rate drag on net revenues in the second quarter could be approximately 1 point, 50 basis points better than our prior outlook and consistent with the first quarter due to some weakness on the dollar since September.

由於美元自 9 月以來出現一些疲軟，匯率對第二季度淨收入的拖累可能約為 1 個百分點，比我們之前的展望好 50 個基點，並且與第一季度一致。

More than offsetting this small benefit could be the unexpected drag from currency volatility.

貨幣波動帶來的意外拖累可能不僅抵消了這一小額收益。

The unusually low currency volatility so far this fiscal year continues to persist into January.

本財年迄今異常低的貨幣波動持續到一月份。

As may be expected -- as expected, client incentives as a percent of gross revenues, will climb to the upper half of our outlook range of 22.5% to 23.5%.

正如預期的那樣 - 正如預期的那樣，客戶激勵佔總收入的百分比將攀升至我們展望範圍 22.5% 至 23.5% 的上半部分。

Helped by the extra day in a leap year, second quarter net revenue growth rates are expected to be in the low double digits and modestly better than the first quarter.

得益於閏年的額外一天，預計第二季度淨收入增長率將處於兩位數的低位，略好於第一季度。

Our second quarter revenue outlook does not reflect the potential effects of the recent coronavirus outbreak in China.

我們的第二季度收入展望並未反映近期在中國爆發的冠狀病毒的潛在影響。

It is too early to assess this impact.

現在評估這種影響還為時過早。

Second quarter expense growth is also expected to be modestly higher than the first quarter.

預計第二季度的費用增長也將略高於第一季度。

As we had indicated in October, expenses will grow at the highest rate for the year in the second quarter as marketing expenses ramp up relative to a low level of spend last year.

正如我們在 10 月份所指出的那樣，隨著營銷費用相對於去年的低水平支出增加，第二季度的費用將以年內最高的速度增長。

Also, as the dollar has weakened, the exchange rate benefit on reported expense growth will be about 1 point, 50 basis points lower than we had anticipated in October.

此外，隨著美元走弱，報告費用增長帶來的匯率收益將約為 1 個百分點，比我們 10 月份的預期低 50 個基點。

Our nonoperating income/expense in the first quarter had a run rate of around $65 million when you exclude the $13 million gain from equity investments and the small nonrecurring benefit I mentioned earlier.

如果排除股權投資的 1300 萬美元收益和我之前提到的小額非經常性收益，我們第一季度的營業外收入/支出的運行率約為 6500 萬美元。

The run rate of nonoperating expenses will be somewhat higher in the second quarter due to lower interest income as a result of lower cash balances and lower interest rates.

由於現金餘額減少和利率降低導致利息收入下降，第二季度的營業外費用的運行率將有所提高。

Our tax rate outlook for the second quarter remains unchanged at 19% to 19.5%.

我們對第二季度的稅率前景保持不變，為 19% 至 19.5%。

Overall, we are maintaining our outlook for fiscal year 2020.

總體而言，我們維持對 2020 財年的展望。

I will mention a few adjustments and trends that we are monitoring.

我將提到我們正在監測的一些調整和趨勢。

On the net revenue front, we are still expecting low double-digit net revenue growth in constant dollars.

在淨收入方面，我們仍預計以不變美元計算的兩位數淨收入增長較低。

Based on current exchange rates and future expectations, the currency translation drag could be at the lower end of our previous 1 to 1.5 percentage point range at approximately 1 point.

根據當前匯率和未來預期，貨幣換算阻力可能位於我們之前 1 至 1.5 個百分點範圍的下限，約為 1 個百分點。

The 4 acquisitions we have completed in the past 6 months are still expected to add around 0.5 point to net revenue growth.

我們在過去 6 個月完成的 4 次收購仍有望為淨收入增長增加約 0.5 個百分點。

As we highlighted in October, a significant factor impacting fiscal year '20 net revenue growth is the unusually high volume of renewal activity.

正如我們在 10 月強調的那樣，影響 20 財年淨收入增長的一個重要因素是續訂活動量異常高。

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

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

And we indicated fiscal year '20 renewal activity could be front-loaded with another 15% to 20% of payment volume renewed in the first half.

我們指出，20 財年的續訂活動可能會在上半年續訂另外 15% 到 20% 的付款量。

Since then, it has become apparent that renewal activity in fiscal year '20 could be even higher with 3 to 4 large unplanned renewals now under discussion, which would bring this year's level of renewal activity almost on par with last year.

從那時起，很明顯，20 財年的續訂活動可能會更高，目前正在討論 3 到 4 次大型計劃外續訂，這將使今年的續訂活動水平幾乎與去年持平。

We are pleased about this since, in most of these situations, we will most likely not only renew our existing business but would also gain a larger share of these clients over the term of our new contracts.

我們對此感到高興，因為在大多數情況下，我們很可能不僅會更新我們現有的業務，而且還會在我們的新合同期限內獲得更大份額的這些客戶。

One major client renewal is already complete and the others could get done in the next 2 or 3 months.

一個主要客戶的更新已經完成，其他的可能會在接下來的 2 或 3 個月內完成。

As such, we now expect client incentives as a percent of gross revenues to be at the high end of our outlook range of 22.5% to 23.5% in FY '20.

因此，我們現在預計客戶激勵措施佔總收入的百分比將在我們 20 財年 22.5% 至 23.5% 的展望範圍的高端。

Excluding acquisitions and last year's MDL-related special item, our outlook assumed core expense growth in the mid- to high single-digit range in constant dollars or 7% to 8%.

不包括收購和去年與 MDL 相關的特殊項目，我們的展望假設核心費用增長在中高個位數範圍內，以固定美元或 7% 至 8% 計算。

This climbs to low double-digit growth when you add in the 4 acquisitions we have closed on in the past 6 months, which contribute 3 to 4 points to expense growth.

如果加上我們在過去 6 個月中完成的 4 次收購，這將攀升至兩位數的低增長，這為費用增長貢獻了 3 到 4 個百分點。

Based on current exchange rates and future expectations, nominal expense growth is likely to benefit by 1 point.

根據當前匯率和未來預期，名義費用增長可能會受益 1 個百分點。

As such, our expense growth for the year is expected to be in the double digits with 50 basis points -- which is about 50 basis points higher than we expected in October.

因此，我們今年的費用增長預計將達到兩位數，增長 50 個基點——這比我們 10 月份的預期高出約 50 個基點。

As I indicated earlier, nonoperating expense had a run rate of approximately $65 million in the first quarter.

正如我之前指出的，第一季度的營業外費用約為 6500 萬美元。

This expense will move modestly higher in each successive quarter this year due to declining interest income from lower rates.

由於較低利率導致的利息收入下降，該費用將在今年連續每個季度小幅上升。

Our full year outlook for tax rates remains unchanged at 19% to 19.5%.

我們對稅率的全年展望保持在 19% 至 19.5% 不變。

Q1 tax rates were lower than the full year outlook due to some items that are unique to our first quarter each year and were largely anticipated in our full year outlook.

由於我們每年第一季度獨有的一些項目，第一季度的稅率低於全年展望，並且在我們的全年展望中很大程度上是預期的。

Excluding the 4 acquisitions, our outlook for adjusted fiscal year 2020 EPS constant dollar growth remains in the mid-teens built off fiscal year '19 EPS of $5.40.

排除 4 次收購後，我們對 2020 財年調整後每股收益不變美元增長的展望仍然在 19 財年每股收益 5.40 美元的基礎上保持在十幾歲左右。

Four acquisitions are expected to dilute EPS by $0.05 to $0.06, a 1 point drag on EPS growth.

預計四次收購將使每股收益稀釋 0.05 美元至 0.06 美元，拖累每股收益增長 1 個百分點。

Based on current exchange rates and future expectations, exchange rates could reduce EPS growth by approximately 1 point.

根據當前匯率和未來預期，匯率可能會降低每股收益增長約 1 個百分點。

Including the acquisition and exchange rate impacts of around 2 points, our outlook for adjusted fiscal year 2020 nominal EPS growth would be in the 12% to 14% range.

包括大約 2 個百分點的收購和匯率影響，我們對調整後的 2020 財年名義每股收益增長的展望將在 12% 至 14% 的範圍內。

We still expect for the fourth quarter to be the highest EPS growth quarter.

我們仍然預計第四季度將是每股收益增長最高的季度。

Our fiscal year 2020 outlook does not include any impact from the Plaid acquisition.

我們的 2020 財年展望不包括 Plaid 收購的任何影響。

We will update our outlook when we have more clarity on the timing for closing on the transaction.

當我們對完成交易的時間有更明確的了解時，我們將更新我們的展望。

When we announced the acquisition, we gave you some preliminary estimates of revenue and earnings implications for fiscal year '20 and '21.

當我們宣布收購時，我們為您提供了對 20 和 21 財年收入和收益影響的初步估計。

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

有了這個，我會把它轉回給邁克。

We're now ready to take questions, Jordan.

我們現在準備好回答問題了，喬丹。

(Operator Instructions) Our first question comes from Jason Kupferberg from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Jason Kupferberg。

So just wanted to start on the incentive side.

所以只是想從激勵方面開始。

I mean the guidance change here is really only 0.5 point, I mean, if people were previously modeling the middle of the range.

我的意思是，這裡的指導變化實際上只有 0.5 點，我的意思是，如果人們之前是在範圍的中間建模的話。

So I'm just wondering if you expect to make up for that 0.5 point through better gross revenue.

所以我只是想知道你是否希望通過更好的總收入來彌補這 0.5 個百分點。

Or does it feel more like you just may land net revenues slightly lower within that overall unchanged low double-digit guidance range, especially since the currency volatility has fallen off as you guys pointed out?

還是感覺更像是在整體不變的低兩位數指導範圍內，您的淨收入可能會略低一些，尤其是在你們指出的貨幣波動性已經下降的情況下？

Yes, a couple of things, Jason.

是的，有幾件事，傑森。

Yes, we'll see how incentives play out for the year, but the way it looks right now, the renewal activity will be higher.

是的，我們將看到今年的激勵措施如何發揮作用，但從目前的情況來看，續訂活動會更高。

And so we are signaling that it could be at the upper end of the range, and as you said, if people are in the middle of the range, that's 0.5 point higher.

所以我們發出信號，它可能處於範圍的上限，正如你所說，如果人們處於範圍的中間，那就高出 0.5 個百分點。

On the other hand, we are signaling that if exchange rates stay roughly in the range they're in on where people are expecting, that is about at the lower end of the range, too.

另一方面，我們正在發出信號，如果匯率大致保持在人們預期的範圍內，那也將處於該範圍的低端。

So you pick up some of it there.

所以你在那裡撿了一些。

In terms of currency volatility, we were able to absorb most of it in the first quarter and still get very close to, as you saw, what our expectations were.

就貨幣波動而言，我們能夠在第一季度吸收大部分波動，並且仍然非常接近我們的預期。

We're factoring that into our second quarter outlook.

我們將其納入第二季度展望。

What it's going to be for the second half, I think we'll wait and see.

下半場會怎樣，我想我們會拭目以待。

It's not something you can predict further out, and time will tell.

這不是您可以進一步預測的事情，時間會證明一切。

Our next question comes from Dan Dolev from Macquarie.

我們的下一個問題來自麥格理的 Dan Dolev。

So a quick question on cross border.

所以一個關於跨境的快速問題。

It looks like a nice uptick.

它看起來像一個不錯的上升。

Can you maybe talk a little bit about that?

你能談談嗎？

Well, I guess, remember, last year, Dan, you had a number of things going on at -- especially at the back end of the quarter with government shutdown, Brexit, U.S.-China trade talks, et cetera.

好吧，我想，記得，去年，丹，你發生了很多事情——尤其是在本季度末，隨著政府關閉、英國脫歐、美中貿易談判等等。

So we were expecting some uptick off of some of those factors that had a negative impact on cross border at the time, and so we're back up in what I think we would expect to be a fairly normal range at this point.

因此，我們預計當時對跨境產生負面影響的一些因素會有所回升，因此我們現在回到了我認為我們預期的相當正常的範圍內。

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。

Everything looks really consistent here, but just looking at the regional volumes, just a couple questions or clarifications.

這裡的一切看起來都非常一致，但只看區域卷，只是幾個問題或澄清。

On the Asia front, it looks like it's slowed to the 4% zone.

在亞洲方面，它似乎放緩至 4% 區域。

Curious what's the outlook here based on what you see in -- with Europe, pretty stable, softened a touch to the low end of the 8% to 9% range.

根據你所看到的情況，好奇這裡的前景是什麼——歐洲相當穩定，略微下降到 8% 至 9% 範圍的低端。

But I know you guys have made a lot of investments there.

但我知道你們在那裡做了很多投資。

What are your expectations for Europe?

你對歐洲有什麼期待？

Can you sort of break out of this zone based on some of the investments you've made?

你能根據你所做的一些投資突破這個區域嗎？

What do you see there?

你在那裡看到什麼？

Yes.

是的。

I might start, and Al, I'm sure, will add.

我可能會開始，我敢肯定，Al 會添加。

In Asia, we highlighted 3 areas.

在亞洲，我們強調了 3 個領域。

Japan was really more of a quarter-over-quarter comparison.

日本實際上更像是一個季度的比較。

There were some changes in consumption taxes in Japan that seem to push some spending into the period ahead of the tax going up.

日本的消費稅發生了一些變化，似乎將一些支出推到了稅收上調之前的時期。

So it was pushed more into the last quarter, and so it's -- we don't think that's an ongoing issue.

所以它被更多地推到了最後一個季度，所以它 - 我們認為這不是一個持續存在的問題。

The other one was Australia.

另一個是澳大利亞。

Australia, you had some of the wildfire impact, and that seems to be one of the bigger factors there.

澳大利亞，你受到了一些野火的影響，這似乎是那裡更大的因素之一。

And last was Hong Kong, and you saw -- you know what some of those are.

最後是香港，你看到了——你知道其中一些是什麼。

We have seen impacts in Hong Kong from some of the protests going on.

我們已經看到一些正在進行的抗議活動對香港產生了影響。

So that was pretty much it.

差不多就是這樣。

Across the rest of Asia, the trends are very good.

在亞洲其他地區，趨勢非常好。

In Europe, U.K. is a big chunk of our business.

在歐洲，英國是我們業務的重要組成部分。

And the U.K. has been very weak and actually slowed through the elections and had a very -- relatively weak holiday season and slowed by 1 point in the quarter.

英國一直非常虛弱，實際上在選舉中放緩了，假期非常 - 相對疲軟，在本季度放緩了 1 個百分點。

If you take the U.K. out, growth was a pretty healthy 12% in the rest of Europe.

如果你把英國排除在外，歐洲其他地區的增長率是相當健康的 12%。

The only thing -- I'd add 2 points, Tien-Tsin.

唯一的——我要加 2 分，Tien-Tsin。

One is the consumption tax that Vasant referred to, now the government has decided to rebate some of that consumption tax when people do contactless transactions in Japan as part of the government's push on the cashless going into the 2020 Olympics in Tokyo.

一個是 Vasant 提到的消費稅，現在政府決定在人們在日本進行非接觸式交易時退還部分消費稅，這是政府推動 2020 年東京奧運會無現金化的一部分。

So that's actually going to turn out -- hopefully be a good thing, not only to stimulate spending but to stimulate tap-to-pay spending.

所以這實際上會變成 - 希望是一件好事，不僅可以刺激支出，還可以刺激點擊支付的支出。

The other point on Europe, as Vasant rightly pointed out, the U.K. has been a bit of a drag for us, but we've been extremely focused on the continent and had some -- we've had some good wins in fintech and some good renewals.

關於歐洲的另一點，正如 Vasant 正確指出的那樣，英國對我們來說有點拖累，但我們一直非常專注於歐洲大陸並取得了一些成果——我們在金融科技領域取得了一些不錯的勝利，還有一些良好的續訂。

And those things are in the pipeline, and I feel pretty good about where Europe's going to head over the next couple of years in terms of growth.

這些事情正在醞釀之中，我對未來幾年歐洲在增長方面的發展方向感到非常滿意。

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.

只是幾個快速的。

One is on the -- look, the improvement in volume we're seeing in January seems to really underscore the comments you made around like nuances in Q -- calendar Q4, like the processing day.

一個是 - 看，我們在一月份看到的交易量的改善似乎真的強調了你在 Q - 日曆 Q4 中所做的細微差別的評論，比如處理日。

Just if you can comment on what you're seeing in terms of the consumer, given -- are these improvements into January just timing?

如果您可以評論一下您在消費者方面看到的情況，考慮到 - 到 1 月份的這些改進只是時機嗎？

Or do you actually see a healthier type of spending trend?

或者你真的看到了一種更健康的消費趨勢嗎？

And, Al, just one quick follow-up also was around the rebates incentives.

而且，Al，還有一個關於回扣激勵的快速跟進。

Given so many are being done now, can you just comment on the types of returns you're expecting to see for those?

鑑於現在已經完成了這麼多，您能否評論一下您期望看到的回報類型？

Are these longer contracts than they used to be?

這些合同是否比以前更長？

Or are they coming with more value-add offerings?

還是他們會提供更多的增值產品？

Something along those lines would be great.

沿著這些路線的東西會很棒。

So I think, Darrin, other than in the U.K., the consumer has held up pretty darn well, and our volume in this last quarter, when you factor in the processing day change, which is kind of a bit of an anomaly, but if you look in September, the last day of September in 2018 was a Sunday, and a lot of merchants have acquired whole volume on a Sunday.

所以我認為，Darrin，除了英國，消費者的表現相當不錯，而我們在上個季度的銷量，當你考慮到處理日的變化時，這有點反常，但如果你看9月，2018年9月的最後一天是周日，很多商家在周日全量獲取。

So what ended up happening, a bunch of 1 day's worth -- a lot of volume in -- for 1 day got pushed into the first quarter of '19.

所以最終發生的事情是，一堆 1 天的價值——大量的交易量——1 天被推到了 19 年第一季度。

We did not have that same phenomena this past quarter because the last day of September this year was a Monday.

上個季度我們沒有出現同樣的現象，因為今年 9 月的最後一天是星期一。

So we just simply had a dynamic that it was a -- we had a harder grow over.

所以我們只是有一個動態，它是一個 - 我們有一個更難的成長。

And so when you actually adjust for that, our growth quarter-over-quarter was pretty similar.

因此，當您實際進行調整時，我們的季度環比增長非常相似。

So in general, I think the consumer has held up quite well, and there's no reason to see it go down other than, again, depending upon where this coronavirus ends up going and who knows at this point.

所以總的來說，我認為消費者表現得很好，沒有理由看到它下降，除了再次取決於這種冠狀病毒最終會去哪里以及誰知道這一點。

Just to be clear, when you have to have rebates and incentives, the -- when I was referring to the rebate, that was a rebate being given by the government in Japan.

需要明確的是，當你必須有回扣和激勵措施時，當我提到回扣時，這是日本政府給予的回扣。

I don't know whether that's what you were referring to.

不知道你說的是不是這個。

But in general, we are trying to obviously strike the right balance in terms of incentives that we do in deals, try to make many of them, as many of those incentive dollars growth-oriented as possible so that as a partner's volume picks up, their incentives pick up, but we're also getting the associated volume with them.

但總的來說，我們顯然正在努力在我們在交易中所做的激勵措施方面取得適當的平衡，嘗試使其中的許多激勵措施盡可能多地以增長為導向，以便隨著合作夥伴數量的增加，他們的激勵措施有所增加，但我們也獲得了與他們相關的數量。

And as I say, you probably know, Darrin, we obviously push for contracts that are as long as possible.

正如我所說，你可能知道，達林，我們顯然會爭取盡可能長的合同。

There's -- to some degree, most of them kind of fall in a 5- to 7-year cycle.

在某種程度上，它們中的大多數都在 5 到 7 年的周期內下降。

Every once in a while, there's some 10-year deals.

每隔一段時間，就會有一些 10 年的交易。

And then there's issuers that like to do deals every couple of years, and those would tend to be more of the issuers that are dual issuers.

還有一些發行人喜歡每隔幾年進行一次交易，而且這些發行人往往更多是雙重發行人。

So it's always a bit of a balancing act to try to get to the right level.

因此，嘗試達到正確的水平始終是一種平衡行為。

But I think we try to structure these incentives in smart ways where they're growth-oriented, they're focused on consumption of different numbers of Visa products and try to build relationships with issuers that go well beyond just an issuing relationship to encompass Visa Direct, to encompass tokenization, et cetera.

但我認為我們試圖以智能的方式構建這些激勵措施，使其以增長為導向，他們專注於消費不同數量的 Visa 產品，並嘗試與發行人建立關係，而不僅僅是發行關係，還包括 Visa直接，包括標記化等。

Our next question comes from Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Wanted to ask about Capital One.

想問第一資本。

I know Mastercard also announced the renewal with Capital One.

我知道萬事達卡也宣布與 Capital One 續約。

So maybe you could help us sort out how that contract breaks and if this is a net positive for both networks.

因此，也許您可以幫助我們弄清楚該合同是如何中斷的，以及這是否對兩個網絡都有利。

And then just secondly, Vasant, on expense growth, I think your comments last quarter was it was expected to be similar to the fourth quarter, which I think was around 11.4%, and it came in a little bit higher.

其次，Vasant，關於費用增長，我認為你上個季度的評論是預計與第四季度相似，我認為它約為 11.4%，而且略高一些。

Was there any pull forward in expenses because I think operating margins at The Street we're expecting were a little higher than they came in?

是否因為我認為我們預期的 The Street 的營業利潤率略高於他們的收入而導致支出有所增加？

Bryan, let me just -- quick point on Cap One, and then I'll let Vasant comment on acquisitions.

布賴恩，讓我——快速點一下第一章，然後讓瓦桑特評論收購。

Look, Cap One has been a classic dual issuer, and it always depends on what portfolios each network happens to have and how they perform at any given point in time.

看，Cap One 一直是經典的雙重發行人，它始終取決於每個網絡碰巧擁有的投資組合以及它們在任何給定時間點的表現。

But they're a big terrific bank with a lot of innovative people on their team.

但他們是一家很棒的大銀行，團隊中有很多創新人士。

We love working with them.

我們喜歡和他們一起工作。

And so it's a good thing for us, and I'm sure that, that's why I would say it's a good thing for them as well.

所以這對我們來說是件好事，我敢肯定，這就是為什麼我會說這對他們來說也是件好事。

Yes, expense growth was a couple of points higher than we might have expected.

是的，費用增長比我們預期的要高幾個點。

Some of it is exchange rate.

其中一些是匯率。

So as you saw, the exchange rates were somewhat better than we -- the exchange rate impact was somewhat better than we expected on revenues, which means on the expense side it was somewhat worse.

正如你所看到的，匯率比我們好一些——匯率對收入的影響比我們預期的要好，這意味著在費用方面它更糟。

I think that was about 1 point.

我認為那大約是1分。

And as we -- and as I indicated in my comments, there were a few other nonrecurring types of things that added another point.

正如我們 - 正如我在評論中指出的那樣，還有一些其他非重複類型的事情增加了另一點。

So in general, there weren't any real surprises.

所以總的來說，沒有任何真正的驚喜。

They were pull forward of investments.

他們被拉到了投資的前面。

It was just a couple of these kinds of items.

這只是其中幾種。

Our next question comes from Trevor Williams from Jefferies.

我們的下一個問題來自 Jefferies 的 Trevor Williams。

This is a little bit higher level, but I'm curious internationally with a couple of government-backed systems like Mir in Russia and TROY in Turkey that mandate domestic processing.

這有點高水平，但我對國際上對一些政府支持的系統感到好奇，比如俄羅斯的 Mir 和土耳其的 TROY，它們要求國內處理。

I guess first, just how you see your role in the economics you can earn in both of those markets over the longer term?

我想首先，從長遠來看，您如何看待您在這兩個市場中可以賺取的經濟學角色？

And then second, more broadly, if you're comparing today's backdrop to, I don't know, 5 or 10 years ago, just what kind of threat you guys think nationalist payments agendas could pose to the international business going forward?

其次，更廣泛地說，如果你將今天的背景與我不知道的 5 或 10 年前進行比較，你們認為民族主義支付議程可能對未來的國際業務構成什麼樣的威脅？

Look, Trevor, I -- we -- some of these domestic processing platforms and domestic schemes are not terribly new.

聽著，特雷弗，我——我們——其中一些國內處理平台和國內方案並不是很新。

Our objective is to work closely with both regulators to make sure it's an even playing field and then work closely with our clients to make sure that we get a fair share of business.

我們的目標是與兩個監管機構密切合作，確保這是一個公平的競爭環境，然後與我們的客戶密切合作，確保我們獲得公平的業務份額。

Many times, our processing network of VisaNet actually just plain and simple has a lot more richness to its various offerings.

很多時候，我們的 VisaNet 處理網絡實際上簡單明了，但其各種產品卻更加豐富。

And people -- we've had cases where banks see that and prefer to process with us because of the investment, the level of security, the level of innovation.

還有人——我們有一些案例，銀行看到了這一點，並且由於投資、安全水平和創新水平而更願意與我們合作。

So we'll continue to be up against this kind of -- this backdrop.

所以我們將繼續面對這種 - 這種背景。

But I think it's still allowing us to grow at healthy levels, and we're trying to partner in a thoughtful way as much as we can.

但我認為它仍然使我們能夠以健康的水平成長，我們正在盡可能多地以深思熟慮的方式合作。

To your question about the backdrop on nationalism today versus 10 years ago, I think you'd have to say it has become a little bit more pronounced simply because it wasn't that nearly as prominent a decade or so ago.

對於你關於今天與 10 年前的民族主義背景的問題，我認為你不得不說它變得更加明顯，因為它在大約十年前並沒有那麼突出。

But again, I think our job is to continue to innovate, work closely with regulators and with our clients to have as much of an even playing field as possible and continue to show that processing on Visa or minimally partnering with Visa as your scheme has good advantages to it that people want to work with us.

但同樣，我認為我們的工作是繼續創新，與監管機構和我們的客戶密切合作，盡可能多地保持公平競爭環境，並繼續表明在 Visa 上進行處理或與 Visa 進行最低限度的合作，因為您的計劃具有良好的效果人們希望與我們合作的優勢。

Our next question comes from Harshita Rawat from Bernstein.

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

Al, if I look at the long-term history of your growth versus your largest competitor, it's been quite stable.

艾爾，如果我看一下您與最大競爭對手的長期增長歷史，它非常穩定。

More recently, though, over the last 1 or 2 years, you've seen some delta open up between your volume metrics and your peers.

但最近，在過去的 1 或 2 年中，您已經看到您的交易量指標與同行之間出現了一些增量。

So can you talk about some of the drivers of this?

那麼你能談談這方面的一些驅動因素嗎？

And more importantly, if you look out next few years, can we expect the gap to narrow because of what you're doing with fintechs internationally and also the strength in Visa Direct.

更重要的是，如果你展望未來幾年，我們是否可以預期差距會縮小，因為你在國際金融科技領域所做的事情以及 Visa Direct 的實力。

Thank you, Harshita.

謝謝你，哈希塔。

Look, both companies have performed extremely well on a number of dimensions.

看，兩家公司在許多方面都表現得非常好。

If you look at this most recent quarter, we're very pleased with our results.

如果您查看最近一個季度，我們對我們的結果感到非常滿意。

And look, Mastercard had a great quarter, and they've had some good quarters the last couple of years as have we.

看，萬事達卡有一個很棒的季度，過去幾年他們和我們一樣有一些不錯的季度。

That said, a few points.

說了這麼幾點。

First of all, volume metrics are -- don't have any standards attached to them.

首先，數量指標是——沒有附加任何標準。

And it's always difficult to do an apples-to-apples comparison between the 2 companies and really understand what's going on fully in terms of the volume.

並且總是很難在兩家公司之間進行蘋果對蘋果的比較，並真正了解在數量方面完全發生了什麼。

On the revenue side, the revenue deltas have been a bit smaller in a number of the recent quarters.

在收入方面，最近幾個季度的收入增量都小了一些。

There's huge mix differences in our business.

我們的業務存在巨大的組合差異。

We've got a very big position in the United States, and we wouldn't trade that for the world.

我們在美國擁有非常大的地位，我們不會為了全世界而交易。

It's just, plain and simple, a much more mature market that doesn't have the same high double-digit, mid-double-digit, even over 20% kind of growth prospects to it, but we're certainly pleased to have the partnerships with the banks that we have and the position that we have in the United States.

它只是簡單明了，一個更加成熟的市場，沒有同樣高的兩位數，中兩位數，甚至超過 20% 的增長前景，但我們當然很高興擁有與我們擁有的銀行的合作夥伴關係以及我們在美國的地位。

The last point I'd make is that my expectation is based on the investments that we're making in value-added services, in new payments flows, in working with fintechs, working with neobanks, working on engagement with our existing customers, building out our acceptance footprint, that I'm quite confident that, over time, we will close that gap and continue to perform very well for our investors.

我要說的最後一點是，我的期望是基於我們在增值服務、新支付流程、與金融科技公司合作、與新銀行合作、與現有客戶合作、建立在我們的接受足跡中，我非常有信心，隨著時間的推移，我們將縮小這一差距，並繼續為我們的投資者表現出色。

Our next question comes from Lisa Ellis from MoffettNathanson.

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

A question on Visa Direct.

關於 Visa Direct 的問題。

You mentioned the greater than 700 million transactions in 1Q.

您提到了第一季度超過 7 億筆交易。

You've highlighted previously that Visa Direct was growing in the triple digits.

您之前曾強調 Visa Direct 正在以三位數的速度增長。

So I guess question one, is it still growing that rate?

所以我想問題一，它還在以這個速度增長嗎？

And then also, how are the yields tracking in Visa Direct?

此外，Visa Direct 中的收益率如何跟踪？

I mean is it sort of comparable to debit?

我的意思是它可以與借記卡相提並論嗎？

I know there's a lot of cross border in there, too.

我知道那裡也有很多跨境。

And last one -- all related to Visa Direct, I promise.

最後一個——我保證都與 Visa Direct 相關。

But you mentioned a few new partnerships.

但你提到了一些新的合作夥伴關係。

As you complete the Earthport integration, what are some of the major use cases for Visa Direct you're seeing rolling in as we move through 2020?

在您完成 Earthport 集成後，隨著我們進入 2020 年，您看到 Visa Direct 的一些主要用例有哪些？

So first of all, Lisa, our growth in Visa Direct remains incredible.

首先，麗莎，我們在 Visa Direct 方面的增長仍然令人難以置信。

It didn't quite get to triple-digit growth this quarter, but it was very, very high single digit -- double digits and close to that level.

本季度它並沒有達到三位數的增長，但它是非常、非常高的個位數——兩位數並且接近那個水平。

In terms of yields, we really haven't talked much about it, but to your point, Visa Direct is going to increasingly have some more cross-border transactions that will run over that platform and that -- our push platform.

就收益而言，我們真的沒有談論太多，但就您而言，Visa Direct 將越來越多地在該平台和我們的推送平台上運行更多的跨境交易。

And that is obviously a very good thing for us.

這對我們來說顯然是一件好事。

I think when we talk about use cases, I think they're going to fall into some of the same buckets they fall into today, P2P, disbursements, remittances, and I think that those businesses will continue to grow.

我認為當我們談論用例時，我認為它們將落入他們今天落入的一些相同的桶中，P2P、支付、匯款，我認為這些業務將繼續增長。

And you'll see on Investor Day that we'll highlight a good number of Visa Direct use cases with quite a few specific examples.

您會在投資者日看到，我們將通過大量具體示例重點介紹大量 Visa Direct 用例。

So we look forward to taking you through it on the 11th.

因此，我們期待在 11 日帶您度過難關。

Our next question comes from David Togut from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Given the ongoing weakness you're seeing in U.K. volumes and the incremental 1 point deceleration you called out, could you update us, Al, on your growth pivot moving employees out of London and into some of the higher-growth markets of Italy, Poland and Germany?

鑑於您在英國看到的銷量持續疲軟以及您所說的增量減速 1 點，您能否向我們更新一下，Al，您的增長支點將員工從倫敦轉移到意大利、波蘭的一些高增長市場和德國？

And when might this growth pivot accelerate your volume growth in Europe?

這種增長支點何時會加速您在歐洲的銷量增長？

So David, we don't have any active plans to kind of move people out of the U.K. We're just, plain and simple, as we grow the business, adding employees on the continent and certainly adding -- the vast majority of employees we would add in that region are in market offices on the continent.

所以大衛，我們沒有任何積極的計劃將人們遷出英國。我們只是簡單明了地發展業務，在非洲大陸增加員工，當然還會增加——絕大多數員工我們要補充的是，該地區在非洲大陸的市場辦事處。

First, I'd also comment that I'm certainly hopeful now that at least there is some clarity around the Brexit outcome that we might find a new normal in the U.K. that would allow their economy to pick up.

首先，我還要評論說，我現在當然希望至少有一些關於英國退歐結果的明確性，我們可能會在英國找到一個新常態，這將使他們的經濟回升。

Certainly, I was in Davos last week, and certainly the officials in the U.K. that I talked to feel as if that it's on the verge of starting to come back.

當然，我上週在達沃斯，當然，與我交談過的英國官員也覺得它即將開始回歸。

We'll see what happens.

我們會看看會發生什麼。

In terms of the continent, in many of these markets, we've been behind, plain and simple.

就非洲大陸而言，在許多這些市場中，我們一直落後，簡單明了。

And over the last 4 or 5 quarters, we've been -- after we got the integration behind us, we started investing in fairly significant ways, and we're winning deals and trying to build our credit business, build our acceptance footprint.

在過去的 4 或 5 個季度中，我們一直在 - 在我們完成整合之後，我們開始以相當重要的方式進行投資，我們正在贏得交易並試圖建立我們的信貸業務，建立我們的承兌足跡。

And so it takes a little bit of time for the pipeline to work its way into the numbers.

因此，管道需要一點時間才能進入數字。

But I think over the next couple of years, we'll start to see some real payback for the progress that we're making now in -- on the continent in Europe.

但我認為在接下來的幾年裡，我們將開始看到我們現在在歐洲大陸取得的進步的一些真正回報。

Our next question comes from Sanjay Sakhrani from KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I appreciate your commentary on the coronavirus, but I was wondering if you could dimensionalize the cross-border China business and maybe any impact it may have and sort of how you could address it.

我很欣賞你對冠狀病毒的評論，但我想知道你是否可以對跨境中國業務進行維度化，也許它可能產生的任何影響以及你如何解決它。

And then secondly, on the 3 to 4 unplanned renewals, is there any context as to why it's happening that banks are choosing to renew early?

其次，對於 3 到 4 次計劃外續約，是否有任何背景說明為什麼銀行選擇提前續約？

So on coronavirus, let me start with it's certainly just too early to know.

所以關于冠狀病毒，讓我開始吧，現在知道還為時過早。

When we look at our numbers, we see some declines, but Chinese New Year this year was earlier this week, January 25.

當我們查看我們的數據時，我們看到一些下降，但今年的農曆新年是本週早些時候，即 1 月 25 日。

And last year, in 2019, it was February 5, and spending slows around the holiday.

去年，也就是 2019 年，是 2 月 5 日，假期前後支出放緩。

So we're -- given that we're about 12 days earlier this year, it's hard to know what's really impacting the volumes at this stage.

所以我們 - 鑑於我們比今年早了大約 12 天，很難知道現階段真正影響交易量的因素是什麼。

There's -- that said, there's definitely going to be impact.

有 - 也就是說，肯定會有影響。

I mean when planes are being halted both in and out of China, and you're probably reading as we are that companies are telling their employees to stay home, so even for the e-commerce world, employees are staying home, who's picking -- and who's picking goods and shipping them?

我的意思是當進出中國的飛機停飛時，您可能會像我們一樣閱讀公司正在告訴他們的員工待在家裡，所以即使對於電子商務世界，員工也待在家裡，誰在挑選- - 誰在挑選貨物並運送它們？

So I think, for sure, there'll be some impact, and -- but we'll have to see how pronounced it gets and how long it goes.

所以我認為，肯定會產生一些影響，而且——但我們必須看看它有多明顯以及持續多長時間。

I'm not in the predicting game for it at the moment.

我目前不在預測遊戲中。

In terms of the early renewals, what tends to happen is probably about half the time it's us and half the time it's the client who says -- as we're talking to them about deepening our relationship and we're talking about them -- to them about all the dynamics that are going on in payments and/or we're talking to them about building a deeper relationship by them consuming more and more of Visa's capabilities and solutions, if a deal is going to be up in a year or 1.5 years or 2 years, usually that's no longer than that, but as the deal's going to come up in, say, 1.5 years to 2 years or less, 1 of the 2 of us, us or the client, will say, why don't we just get our deal done and extend it out a number of years so that we can focus on all of these capabilities, and we can work together on trying to grow the business versus starting down a path where a client is going to consume more Visa product and then we have to halt everything while our teams on both sides go into negotiation mode, and it just slows down the wheels of the progress.

就早期續約而言，往往會發生的情況可能有一半是我們自己，一半是客戶說的——當我們與他們談論深化我們的關係時，我們正在談論他們——向他們介紹支付方面的所有動態和/或我們正在與他們討論通過他們消耗越來越多的 Visa 功能和解決方案來建立更深層次的關係，如果交易將在一年內完成或1.5 年或 2 年，通常不會超過這個時間，但是隨著交易將在 1.5 年到 2 年或更短的時間內完成，我們 2 個人中的 1 個，我們或客戶，會說，為什麼不我們不只是完成交易並將其延長數年，這樣我們就可以專注於所有這些功能，我們可以一起努力發展業務，而不是走一條客戶將要消費的道路更多的 Visa 產品，然後我們必須在雙方團隊進入談判模式時停止一切，以及它只會減慢進步的速度。

But I think what's happening, because payments is just more complex than it was 4 or 5 years ago and the number of offerings is greater than it was even 2 or 3 years ago, I think that this is what's kind of driving this -- I don't want to call it a phenomena but driving this occurrence.

但我認為正在發生的事情，因為付款比 4 或 5 年前更複雜，而且產品的數量甚至比 2 或 3 年前還要多，我認為這就是推動這一點的原因——我不想稱其為現象，而是推動了這種情況的發生。

And this year, as Vasant said in his remarks, there are 4 decent-sized financial institutions that were not scheduled to be up this year.

而今年，正如瓦桑特在講話中所說，有 4 家規模不錯的金融機構沒有計劃在今年上漲。

They were not built into our numbers or incentive.

它們沒有被納入我們的數字或激勵措施中。

One of them is already done.

其中之一已經完成。

I referred to it in my remarks, which was Santander and the deal that we did with them in South America.

我在講話中提到了桑坦德銀行以及我們在南美與他們達成的交易。

So there's 3 others where there's live discussion going on right now, and it's too early to tell whether a deal definitely gets done or not, but my expectation is that, more likely than not, at least a couple of them that were not planned will get done.

所以現在還有另外 3 個正在進行現場討論，現在判斷交易是否肯定完成還為時過早，但我的期望是，至少有幾個沒有計劃的交易會完成。

Our next question comes from James Faucette from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

I wanted to ask about the acquisitions that you've been doing and perhaps the change in reporting, what that may indicate.

我想問一下你一直在做的收購，也許是報告的變化，這可能表明什麼。

And in the past, Visa has done a lot of investments in companies and fintechs, et cetera, even before fintech was coined as a term.

在過去，Visa 甚至在金融科技被創造為一個術語之前，就已經對公司和金融科技等進行了大量投資。

But seems like you've picked up, at least in the last year, the pace of acquisition.

但至少在去年，您似乎已經加快了收購步伐。

Is this part of a -- should we expect more acquisitions and you to be more active in actually acquiring companies than you have been in the past?

這是否是——我們是否應該期待更多的收購，並且你會比過去更積極地收購公司？

Or is this maybe a little bit anomalous?

或者這可能有點反常？

Just wondering how you're thinking about incorporating some of the development that's happening outside Visa into Visa proper.

只是想知道您如何考慮將在 Visa 之外發生的一些開發納入 Visa 本身。

Well, I think Al may add some more things.

好吧，我認為 Al 可能會添加更多內容。

We'll talk more about this at Investor Day but just a quick response to that question.

我們將在投資者日對此進行更多討論，但只是對這個問題的快速回應。

I don't think we're deliberately stepping up the level of acquisition activity or investment activity and some kind of change of direction.

我不認為我們故意提高收購活動或投資活動的水平以及某種方向的改變。

Our approach has always been we build any core capability, and if it is faster or cheaper or there's talent that we can get from the outside that will be valuable, then we would consider acquisitions, and there's a logic to every one of those we did.

我們的方法一直是我們建立任何核心能力，如果它更快或更便宜，或者我們可以從外部獲得有價值的人才，那麼我們會考慮收購，我們所做的每一個都是有邏輯的.

On the investment side, typically, when it's complementary capabilities, we prefer to partner, and we do lots and lots of partnerships as you know.

在投資方面，通常情況下，當它是互補的能力時，我們更喜歡合作，正如你所知，我們做了很多很多的合作。

Our business is built on partnerships.

我們的業務建立在夥伴關係之上。

Occasionally, we get into a situation where a company may like us to invest or we want to invest because we do want to enhance our relationship, get closer, have a better commercial agreement, get some exclusivity and so on.

有時，我們會遇到公司可能希望我們投資或我們想要投資的情況，因為我們確實想加強我們的關係，拉近關係，達成更好的商業協議，獲得一些排他性等等。

The reason the volume has gone up, to some degree, is because, as you know, there's a lot of activity nowadays in terms of companies with business models and capabilities that are very valuable to us, either as capabilities for us to own or capabilities to partner with.

數量增加的原因，在某種程度上，是因為，如你所知，現在有很多公司的商業模式和能力對我們來說非常有價值，無論是我們擁有的能力還是能力與之合作。

So it reflects what's going on in the marketplace, too.

所以它也反映了市場上正在發生的事情。

And it'll -- the pace of activity will depend on exactly applying the criteria I just mentioned.

它會——活動的速度將取決於是否準確地應用我剛才提到的標準。

It could go up if we find more than meet our criteria or it could go down.

如果我們發現超過我們的標準，它可能會上升，或者它可能會下降。

Our next question comes from Dan Perlin from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。

Al, you went through a pretty exhaustive list of breaking down core versus new flows and then reduced friction as kind of 3 big tenets of growth.

艾爾，您詳細列出了分解核心與新流程的清單，然後將減少摩擦作為 3 大增長原則。

What I'm trying to, I guess, parse out, is how do you break those down?

我想，我想解析的是，你如何分解這些？

I mean is core like 80% of the growth as we think about the next couple of years then layering in these other 2 to 3 assets?

我的意思是，在我們考慮未來幾年的情況下，核心是否像 80% 的增長，然後將其他 2 到 3 項資產分層？

Or how should we kind of parse out that as we kind of think through all of these opportunities for you?

或者，當我們為您考慮所有這些機會時，我們應該如何分析它？

Well, again, Dan, on Investor Day, we'll talk a lot about all 3 of these [categories].

好吧，丹，在投資者日，我們將再次談論所有這三個[類別]。

To be very honest, we don't have a debt mix that we're trying to get to across the 3 items that you cited.

老實說，我們沒有試圖在您引用的 3 個項目中達到的債務組合。

We're trying to make sure that we do as well as we possibly can against all 3 to try to make sure that we're delivering sustained good levels of revenue growth.

我們正在努力確保我們在對抗所有這三個方面盡可能地做到最好，以確保我們提供持續良好的收入增長水平。

And some of it will depend on what's happening at a particular point in time in economies and where we end up choosing to put investment dollars.

其中一些將取決於經濟體特定時間點發生的事情以及我們最終選擇將投資資金投向何處。

So there's a lot of factors that go into it.

所以有很多因素會影響它。

But we're not setting out to hit some certain mix.

但我們並沒有打算達到某種特定的組合。

We're setting out to do a really good job in our core business.

我們正著手在我們的核心業務上做得非常好。

We're doing it to try to extend the business through new payment flows and value-added services and with the acquisition of Plaid, extend the business in our network-of-network business even further.

我們這樣做是為了嘗試通過新的支付流程和增值服務來擴展業務，並通過收購 Plaid，進一步擴展我們的網絡業務。

So that's really what our objective is, Dan.

所以這就是我們的目標，丹。

Our last question comes from Dave Koning from Baird.

我們的最後一個問題來自 Baird 的 Dave Koning。

When we look at cross border, the reported volume growth all through last year was pretty slow.

當我們看跨境時，去年全年報告的銷量增長非常緩慢。

And I know that has to do with just currency, right?

我知道這與貨幣有關，對吧？

But the revenue growth was way, way above volume growth.

但收入增長遠高於銷量增長。

This quarter, volume growth has gotten better, but the disconnect, I guess, between volume and revenue has gotten smaller.

本季度，銷量增長有所好轉，但我猜，銷量和收入之間的脫節已經變小了。

Like that gap between volume and reported revenue growth has gotten smaller.

就像銷量和報告的收入增長之間的差距越來越小。

Why is that?

這是為什麼？

And should it be closer?

它應該更近嗎？

Should it stay closer like that throughout this year?

它應該在今年全年保持這樣的距離嗎？

Yes, the delta between volume growth and revenue growth are driven by a variety of factors.

是的，銷量增長和收入增長之間的差異是由多種因素驅動的。

The most important are currency related, right?

最重要的是與貨幣有關，對吧？

Most of the time, the delta is driven by currency impacts.

大多數時候，增量是由貨幣影響驅動的。

Clearly, pricing plays a role.

顯然，定價起著重要作用。

So there was some pricing in there that was causing the revenue growth to be faster than volume growth.

所以那裡有一些定價導致收入增長快於銷量增長。

Currency effects can then move it one direction or the other.

然後，貨幣效應可以將其向一個方向或另一個方向移動。

And then when volatilities move in a big way, and this quarter we had a very big move, if you look at volatilities, we are at 5-year lows now, not seen since 2014.

然後當波動率大幅波動時，本季度我們的波動非常大，如果你看看波動率，我們現在處於 5 年低點，自 2014 年以來從未見過。

Historically, those have corrected over time, so that, we think, is a transient thing.

從歷史上看，這些都隨著時間的推移而得到糾正，因此，我們認為，這是一個短暫的事情。

But when volatilities decline, the revenues related to those volatilities are also in that line.

但是當波動率下降時，與這些波動率相關的收入也在這條線上。

And this quarter, those had a big impact.

而本季度，這些影響很大。

If volatilities were the same year-over-year, our revenue growth would have been fairly comparable to last quarter on the international fee line.

如果波動率與去年同期相同，我們的收入增長將與上一季度的國際費用線相當。

Thanks, Jordan.

謝謝，喬丹。

And thank you all for joining us today.

感謝大家今天加入我們。

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

如果您有任何其他問題，請隨時致電或發送電子郵件給我們的投資者關係團隊。

Thanks again, and have a great day.

再次感謝，祝您有美好的一天。