NYCB Share Option Tehingud

Alfred Kelly, Jr - esimees ja tegevjuht Mike, tänan teid väga ja hea pärastlõunal kõigile ja täname meid täna liitumise eest. Meie Euroopa lepingu ümberkorraldamise algatus on lõpule viidud.

Küsimused ja vastused: Operaator Kui soovite esitada küsimuse, vajutage palun täht-tähele ja registreerige selgelt oma nimi. Teile teatatakse enne küsimuse esitamist. Et tagada kõigi küsitlejate kuulmine, palume teil piirduda ühe küsimusega. Küsimuse esitamiseks vajutage veel kord täht-tähele. Kui teil on vaja oma küsimus tagasi võtta, vajutage täht-kaks. Teie liin on nüüd avatud. Mul oli küsimus hinnakujunduse ja eriti Euroopa nõudluskeskkonna kohta. Mulle tundub, et Kuidas teenida India kaubavahetuses kasumit on mõned soovitused, et lõssipulbrid ja omandajad tõusevad üsna kiiresti ja on nii viimase paari kvartali jooksul olnud.

Ja ma lihtsalt mõtlen, kas on olemas dünaamika, mida Binaarsed valikud kauplemise eksperdid olete saanud hiljuti ära kasutada?

Ja siis teiseks, kliiringu- ja arveldusvõlgade puhul, mis kõlab hästi, et te siin olete. Kui olete loa migreerunud, kas toote seisukohast on mõttekas võimalus mõelda? Alfred Kelly, Jr - esimees ja tegevjuht Esiteks, Dan, hinnakujunduse ees, kui me esimest korda viisime Visa Europe'i ostu, võtsime mõned hinnad.

Seejärel oleme hinnakujunduse võtnud. Ja kui ma vaatan, arvan, et seal on hinnakujunduse võimalused. Ma räägin Euroopast, nüüd - hinnakujunduse võimalustest ka Euroopas. Mis puudutab rännet, siis ma arvan, et kui me läbi jõuame - kõigepealt, kui me läbi jõuame, on üks suurimaid eeliseid, mis on saadaval, on see, et Visa Net on ülemaailmne süsteem ja meil on neli andmekeskust, suudame tagada tõelise tagasilöögi meie klientidele ja meie ärile Euroopas.

Eelnevalt oli see üks süsteem, mis töötab ühes andmekeskuses. Nii et see on üks suur eelis, mis meil on varundamise ja turvalisuse osas. Ma arvan, et lisaks sellele on meie riskivahendites ja lojaalsuses kindlasti võimalusi, kus me saame pakkuda klientidele Euroopas uusi ja erinevaid võimalusi, mida neil ei oleks olnud vana pärandsüsteemiga.

Mike Milotich - investorite suhte asepresident Järgmine küsimus, palun. Meie järgmine küsimus pärineb Don Fandettilt Wells Fargoga.

Ma mõtlesin, et kas sa võiksid natuke rääkida sellest, kuidas sa jõudsid mõtteprotsessi jagatud ühe nupuga digitaalse rahakotiga. Ma tean, et olete juba mõnda aega töötanud Visa Checkoutiga. Ja kas te saate rääkida natuke sellest, kuidas see logistika seisukohast toimib? Alfred Kelly, Jr. We actually believe that -- we're very excited about this. I think I've talked to some of you about this in the past.

I think that there is way too much clutter in the e-commerce checkout environment. And it's just not good for users, and it's not good for merchants. It creates too much friction. There's consumers who don't know what to do. And after they actually make a decision to buy, it's too confusing for them and they fall out of the buying process.

And that's just lost business for everybody in the ecosystem. So because of the simplicity, because of the security, and because of what we think is going to be a much better user experience, Don, we're very excited about it.

We're committed to it and are doing everything we can to move NYCB Share Option Tehingud to make it a reality. We've been committed to Visa Checkout. We'll remain committed to Visa Checkout, especially in certain geographies and for certain merchants where they see value. But I think the ultimate future as I see it in e-commerce -- and it will take time to bleed it in throughout the entire ecosystem -- is a move to this EMVCo standard, which creates a single button, which is much more analogous to the situation that you see in the physical world, where there's a single terminal and all products run through that terminal.

In essence, we've had in the e-commerce world the moral equivalent of multiple terminals, if you will, and I think that's just terrible. It's lousy for the merchants. It's a bad experience for consumers. So we're excited about the secure remote commerce framework and standard that EMVCo has come up with.

Our next question comes from Andrew Jeffrey with SunTrust. I wonder, Al, if you can, kind of, frame up the opportunity as you see it in China and India, in particular, obviously, big, well-highlighted cash-centric markets. And I wonder if you can just give us a sense of Visa's strategy. I know China has been particularly challenging. But to address, maybe, India, and what kind of timeline you think there is for a material contribution from potential electronic payments growth there. I mean, we continue to be very excited about China.

We have an application in to become an international payment provider in China, and we're hoping that the People's Bank of China and the Chinese government look favorably upon our application, and we can begin the process of moving toward being ready in cooperation with the government in China to be a domestic player.

In the meantime, we're continuing to work with our over 50 bank partners in China to continue to try to grow our coverage in China, as well as, obviously, facilitate as much cross-border volume from traveling Chinese as they leave the borders of China. In the case of India, you know, India's in a different place because we are very pleased with where things are in India.

And India post-demonetization's really attracted huge interest. And that makes sense because the cash displacement opportunity is really great there. The reality is, we're the market leader. We're really working with the Indian government on the Borat QR code and scaling that. I think we're up to somewhere in the area ofmerchants that are enabled for this standard QR code.

We're growing overall acceptance. We've doubled from the fourth quarter of ' We've doubled the number of POS terminals by the end of last year to 3 million. We're continuing to partner with our issuers there, in terms of building awareness and usage.

And we're also partnering with clients there on digital solutions, tokenization, Contactless, scan and pay. So I see China as something we're excited about, but something that's probably still a couple years away in terms of us being a player there and being able to start to produce any kind of volumes, never mind meaningful volumes.

But India, I see as a long-term play. They're a country of nearly 1. It's kind of, as big as the numbers feel from a relatively, close to a standing start, I think that it's an exciting opportunity for the industry. And as the market NYCB Share Option Tehingud in India, we see it as a NYCB Share Option Tehingud exciting opportunity for us.

Täname, et saite küsimusi. I was hoping you could dive a little deeper into the international revenue growth in the quarter, which came in well ahead of what we were modeling. Was there anything worth calling out that surprised you to the upside? And it looks like the spread between volume growth and revenue growth also widened pretty materially. I'm assuming there was some benefit from FX in there, but was there any pricing benefits in the quarter?

Vasant Prabhu - finantsjuht You have several things in there, so I'll take them one by one, Jason, if I can get to them. Vasant Prabhu - finantsjuht Oh, Ryan. Sorry about that, Ryan. I guess Jason is elsewhere today. So why was it better?

It was better than we expected. Coming into the year, as you know, our inbound business to the US has been a weak business for several years because the Dollar was strong. And coming into the year, we hoped that with the weakening of the Dollar, Nepali borsiga kauplemise susteem would be some improvement in that business. And we projected a step up in the growth rate.

We were pretty much in line with our expectations in the NYCB Share Option Tehingud quarter, but the acceleration continued pretty fast into the second quarter and in many ways, the inbound business to the US has grown faster than we expected.

So the recovery has come in earlier than we might have projected. That's one reason.

Сьюзан…» Она знала, что его уже нет в живых, но его голос по-прежнему преследовал .
Visa Inc. (V) Q2 Kasumikonverentsi kõne ülekanne - Tulu
Visa Inc. (V) Q2 Kasumikonverentsi kõne ülekanne - Tulu
10 вечера, по местным понятиям еще день: порядочный испанец никогда не обедает до заката, а ленивое андалузское солнце редко покидает небо раньше десяти.
Nr 4 NR7 Kaubandusstrateegia
Gemini 2 binaarsed variandid

The other reason is the outbound business from Europe, business that is leaving the EU in total, also grew in the double-digits for the opposite reason because the Euro and the Pound are now stronger. Those two clearly were much stronger than we expected, and they're very important corridors for us.

The revenue impact is greater because the mix of business is better because the inbound business to the US is an attractive business and the mix of our cross-border business certainly got better. There was no pricing that was any new or different than anything that was in place prior to coming into the quarter. Certainly, exchange rates got a little better, so that certainly helps Bitcoin Investment Mon. line more than other lines.

And then, overall, adding to these two corridors, the cross-border business because a strong global economy has been strong just about everywhere in the world. Our next question comes from [inaudible] with Citigroup. Unknown Analyst -- Analyst -- Citigroup Täname, et tegite küsimuse. Hea kvartal. My question was with regards to debit volume growth in the US.

If you could breakdown what's driving this increase, macro or any spend trend, any particular things to call out. And also, just to clarify, is Visa Direct classified here? Vasant Prabhu - finantsjuht Yes, so the debit growth was clearly very strong. And at this point, as we told you earlier, it's not benefiting from any conversion type of benefit.

This is real apples-to-apples growth. And therefore, quite heartening to see it as strong as it was. As we have dug into it, it was pretty broad-based.

We're seeing growth, as I mentioned in my NYCB Share Option Tehingud, across many segments of retail, and across all the everyday spend categories, which essentially attests to a pretty strong consumer profile in terms of propensity to spend. As the business shifts more to e-commerce, that clearly also helps in many ways.

And then as far as overall the underlying mix of business, that also remains very good.

Ettevalmistatud märkused:

So all in all, just about every aspect of the debit business looked very good this quarter. Head tulemused. I just want to follow-up on a couple of the questions on the international and whatnot. I'm curious, Al, in your travels, has the nationalism theme changed at all? I know you were making a push toward localizing a lot of the business. I heard your answers around China and India, but just bigger picture, I'm curious if the whole nationalism pendulum has shifted in any way in your mind?

I still see quite a strong nationalism theme. I think, from my perspective, which I've said before, this payments business is a very local business. So clearly, on one hand, the solution set that we need to go to market with are issuer clients and our merchant clients is different, market by market.

And that's a positive thing, and we recognize that, and we're putting more resources. As we add personnel, we're adding more people out in the actual country because that's where the action is. The negative, or the watch-out of nationalism is what happens in terms of regulation and domestic processing. And does that grow around the world? And then what are the rules as it grows? There's domestic processing in a number of markets. Some of them, it's a very fair playing field where the government's not mandating that you must process on the local processor, but it's yet just another option.

In a couple of countries, it's not quite an even playing field. And we continue to push and work NYCB Share Option Tehingud those governments to try to get it there.

So that's what I've seen, Ten Jin. Our next question comes from Moishe Orenbuch with Credit Suisse. I was wondering whether you would talk a little bit about whether you're thinking about any sorts of incentives, whether it's a carrot or stick type incentives, to kind of, encourage the move toward that single pay button. And just as a relate thing, since you did link in the discussion with PayPal to Visa Direct, have you ever given any metrics on the size or growth rate of that as a channel for you?

We're in the top of the first inning here on the secure remote commerce and this single pay button. We're just getting familiar with the standards from EMVCo and trying to understand exactly what we have to do and what merchants have to do in order to make it a reality in the marketplace.

I think that our immediate focus is to get very familiar with the technical aspects of what needs to happen in terms of getting it set up. My personal belief -- and we'll have to see how this plays out -- is that this is going to come as really, really positive news for both consumers and merchants.

And I think that if done correctly -- which we hope that it is -- that the curve of adoption is going to be quite quick.

That said, there have been cases in the past where to accelerate progress, we have thought about and used incentives. But I'm nowhere near being able to make a decision on that, at this point. And I'm hoping we don't because I'm hoping it's such a very clear improvement in the user experience and the friction goes out of the system that people will adopt very, very quickly.

In terms of your second question, which I think was around volumes related to PayPal and Visa Direct, we haven't provided any color on that as of this moment. I would say that we're pleased with the way adoption of Visa Direct is continuing. As I said in my remarks, right now, there's a few use cases that we're focused on. And we're pleased with those use cases and we're trying to increase, in essence, the distribution of those use cases.

Over time, we're hoping to actually look to add further use cases, which will further expand the universe of places where Visa Direct can be used.

So I think there's a tremendous amount of upside relative to Visa Direct as we look out over the next couple of years. Vasant, you talked about, sort of, the stronger economy driving some of the more robust trends. I was wondering, in the US, was any of it discernible from tax reform? Have you guys seen any impact as it relates to tax reform? And then on the shared button comment, as far as costs are concerned, are there any cost savings as a result of not having to go full force with Visa Checkout?

Or are there other costs that we have to contemplate given the new initiative? Vasant Prabhu - finantsjuht Right, in terms of obviously any impacts from tax reform on consumer spending, I would have to say that it's hard for us to isolate those kinds of impacts. So I don't think we have a point of view on that, and it's probably a little too early, in any case.

So I'm not sure I can tell you anything specific on that front. As it relates to the button, as Al said earlier, many of these questions are relatively premature, given where we are. NYCB Share Option Tehingud terms of Visa Checkout, we remain as focused on it as we were.

We will use Visa Checkout in those parts of the world where it clearly is a valuable option for people, especially outside the US. In the US, there are merchants who would see value in it. We will definitely use Visa Checkout as a solution there. Once this single button solution is available, then we'll just have to see how that plays between the Visa Checkout option and the single button.

In the meantime, we will have to spend some money to develop the single button option from a technology standpoint, and all that.

Look, if this pace of adoption is quick, then the reality is that -- and we don't have to either do incentives or do big advertising to promote it, obviously, that's a good thing. In the case of Visa Direct, we obviously, have spent quite a bit of money in promoting it and pushing it. And that's why we've gotten over 30 million users of Visa Direct.

But I think it remains to be seen until we play this out a little bit more. Over time, as we become more familiar with what's going on based on the data we're seeing, we'll certainly give more color commentary on it.

But it just it really is early. NYCB Share Option Tehingud next question comes from Jamie Freedman with Susquehanna. Jamie Freedman -- Analyst -- Susquehanna Tere, tänan teid. We recently saw a bulletin saying that MasterCard had increased its assessment fees on payment volumes.

So I was just wondering what your general thoughts were on the trajectory of Visa's pricing going forward, particularly in the US. We obviously look -- we have a dedicated pricing team. We look at pricing on everything that we do from the pricing to issue, to pricing to acquire, plus the services that we make available to our issuer and merchant customers. And we look at the price value equation. We look at the competitive set, and we make judgments on an ongoing basis.

And I think that's the most I'd say about it. Our next question comes from Jim Snyder with Goldman Sachs. Welcome, Mike. I just wanted to ask a question for you, Al. You talked quite a bit about Contactless payments and adoption rates across NYCB Share Option Tehingud globe. Can you maybe just give us a sense about the details of your plans around the US? You talked about some enablement for on the merchant side. But what are you doing to get that stronger on the bank issuer side?

Any plans you Koige tavalisemad kaubandusnaitajad articulate there and then maybe share with us your expectations, say, maybe, two years out about what the penetration rate could be, or look like, in the US?

The US market is a bit different.

Ettevalmistatud märkused:

It's a little upside down in terms of how this opportunity presents itself. Usually, around the world, the issue side of the equation's been ahead, and we've had to, kind of, pull the merchant community along, which I actually think is the harder lift. We've got virtually all the terminals being shift today are enabled for Contactless. The whole transit system push, which is happening at a fairly large clip in terms of interest, is a stimulant. So in our case, in the US, the reality is that we need to catch up on the issuer side.

And that's a smaller constituent group, versus millions and millions of merchants. So we're in lots of discussions with our issuer partners, and NYCB Share Option Tehingud think that there's a lot of interest on the part of our issuer partners to move to Contactless. Nobody's too anxious to do mass card replacement, but I think as cards start to get replaces, you'll start to see more Contactless evolve.

That said, as I said in my remarks, this is at least a year or two to get this off the ground before you start to get the beginnings of movement. And then if the US is like other markets, which I have no reason to believe it won't be, I think that in a couple years, if we're in the single digits, that we'll start to see real acceleration then over the next couple of years. And I'm hoping, maybe, because it's really progress is more going to be driven by issuer side movement that maybe the adoption curve could be actually a little bit quicker than NYCB Share Option Tehingud seen in some of the international markets.

With that said, I'm not going to get in the predicting business right now as to exactly what level of penetration it would be in a couple years. But I can tell you this, we're excited about it and we're pushing on it. Meie viimane küsimus pärineb James Faucetelt koos Morgan Stanley'ga. This is [inaudible] for James Faucette. Just two really quick ones. One on Visa Direct, you guys talked a lot about traction. Could you maybe talk a little bit about what geographies you are seeing more traction in?

Is it mostly in the US, or what international geographies you are seeing more traction? And then from a PnL perspective, where are these volumes and revenues getting captured?

And then quickly, just following up on the nationalism question before, recently, I think the Central Bank in India is considering some regulation that all user data needs to be stored only in the country. So what would that mean for Visa in terms of if you're able to data process transactions there? Vasant Prabhu - finantsjuht Mm-hmm. Visa Direct. So it is a true global offering. Because Visa NYCB Share Option Tehingud global, Visa Direct is global.

And it's operating in a large number of markets around the world, including Europe now that we've got Visa Net starting to run in Europe. So I mentioned in the remarks that probably today, P-to-P remains one of the bigger use cases for Visa Direct, but there are other disbursement use cases that we are looking at and are coming on stream that are also producing volumes on Visa Direct. I think your second question was where is it captured?

Vasant Prabhu - finantsjuht Where do we see most of the volume? And some of it -- it's mostly domestic, but there is some cross-border so it's mostly showing up in service fees and data processing. Vasant Prabhu - finantsjuht Right, and the US certainly is among the better developed markets. You were asking the question from a geography standpoint.

Võrreldes kontaktivabaga, jätkame me kontaktivabalt. Kaksteist kuud tagasi oli umbes üks kaheksast kodumaast näost-näkku tehingust, mis toimus üle kogu maailma, kontaktivaba. Täna, Contactless moodustab peaaegu 1 viiendast tehingust üle maailma. Just eile teatas London for Transport, et keskmiselt ligi 2, 5 miljonit kontaktivabast sõitu toimub Londonis bussi kaudu Ben Rail Services'i iga päev.

Alates Ja rohkem kui 4 iga 5 kontaktivaba reisi Londonis transporditakse Visa abil. Veebruaris teatasime 14 uuest tehnoloogiapartnerist kümnest riigist, kes osalevad Visa Ready for Transit programmis, et edendada kontaktivabalt liikumist. Visa Ready aitab kiirendada uute tehnoloogiate kasutuselevõttu, tagades, et lahendused vastavad Visa turvalisuse standarditele ja spetsifikatsioonidele. New York, Sydney, Miami ja Boston on teatanud, et nad kavatsevad lähiaastatel tutvustada kontaktivabasid makseid.

Tokyo olümpiamängude poolt USA on kontaktivabaks võtmise algusjärgus, kuid me alustame tööd turu võimaldamiseks. Meie kogemus näitab, et see etapp kestab 12 kuni 24 kuud. Ja kui Oxfordi ulikool on strateegia hoog on üles ehitatud, kipub kontaktivaba lapsendamine kiiresti kiirenema.

See kogemus ei ole Austraaliale ainulaadne, sest oleme näinud sarnaseid trajektoore kogu maailmas. Ameerika Ühendriikides oleme viimase aasta jooksul võimaldanud veel kümme Top kaupmeest kontaktivabalt, tuues kontaktivaba kokku 56 Top kaupmehele. Samuti suurendame tarbijate teadlikkust. Sel kvartalil käivitasime oma olümpia sponsorluse kaudu riikliku turunduskampaania, mis oli silmapaistvalt kontaktivaba, mida nägi ligi kaks kolmandikku USA täiskasvanutest.

Olles olümpiamängudel rääkinud, olid Pyeongchangi taliolümpiamängud Visa jaoks selles kvartalis edukad. Talveolümpiamängude ametliku ja eksklusiivse maksetehnoloogia partnerina anname oma partnerlusele oma klientidele ainulaadset väärtust.

Rohkem kui panga- ja kaupmeespartnerit 32 turul ja viies keeles kasutasid IRS aktsiaoptsioonid muugiks kohalike strateegiate toetamiseks.

Teeme koostööd oma klientidega, et tulla välja igasuguste ainulaadsete kampaaniate jaoks, nii et lubage mul jagada paar näidet teiega.

Koostöös Lotte Cards'iga, Lõuna-Korea baasmüüja finantstehinguga Lotte kaubamajaga, tutvustas Visa kolm piiratud väljavõtet kandvat makseseadet, kleebiseid, märgid ja kindaid, mida saab kasutada kontaktivabaks maksmiseks. Novembris ja märtsis müüdi umbes kandeseadet. Teine suur Korea partner andis mängudele eelnenud kuudel üle ametliku Pyeongchang teemalise kaardiga.

Sarnaselt olümpiamängudele on meie FIFA sponsorlus võimalik ka meie klientide poolt. Venemaa eelseisva maailmameistrivõistluste jaoks ootame rohkem kui panga- ja kaupmeespartnerit enam kui turul, et kasutada meie FIFA sponsorlust. Nii et mõned sulgemispunktid.

Hiljuti tähistas Visa oma kümneaastast aastapäeva kui avalik-õiguslikku ettevõtet Ettevõte on sel ajal õitsenud. Kehtivad VTI jagada valikulisi tehinguid kahekordistusid 1, 6 miljardilt 3, 3 miljardile. Maksete maht peaaegu kolmekordistus 2, 7 triljonilt 7, 8 triljonile ja meie netotulu kolmekordistus 6 miljardilt dollarilt 19 miljardi dollarini.

Meie edu peamine eesmärk on Visa võime prognoosida tulevasi suundumusi ja areneda. Isegi meie senise edu saavutamisel on ikka veel tohutu kasvuruum, kus tarbijate sularaha, tšekkide ja B-to-B vahel Tulevane valik Trading Platform kümneid triljoneid dollareid.

Jätkame oma kasvustrateegia elluviimist ja ootame järgmise kümne aasta jooksul. Eelarveaasta esimesel poolel tehtud edusammud soodustavad meie usaldust pikaajaliste investeeringute vastu, mis aitavad kaasa kasumliku kasvu kiirele muutumisele kiiresti muutuvas maksukeskkonnas. Lubage NYCB Share Option Tehingud selle üle anda oma partnerile ja meie finantsjuhile Vasantile. Vasant Prabhu - finantsjuht Tänan teid, Al. Tugevad majanduskasvu suundumused, mida alustasime aasta teises kvartalis kiirenenud ja meie tulemused ületasid meie ootusi.

Vahetuskursid võrreldes eelmise aastaga mõjutasid positiivselt netotulu kasvu umbes 1, 5 protsendipunkti ja SKP kasvu umbes 2 protsendipunkti võrra.

Mõned punktid tuleb märkida. Tugev maailmamajandus jätkab jätkuvalt kahekohalist konstantset dollari maksete mahu kasvu. Piiriülene kasv kiirenes, mida aitas kaasa nõrgem dollar. Sissetulev kaubandus USAs kasvas esimest korda pärast Väljaminev kaubandus Euroopast oli samuti kahekohaline, kuna euro ja nael on tugevnenud.

Piiriülese kasvu kiirendamine nendes kahes olulises koridoris oli kiirem, kui me ootasime. Oleme lõpetanud oma sunniviisilise omandamise algatuse, et ümber korraldada kõik olulised kliendilepingud Euroopas konkurentsivõimeliste kaubandustingimustega.

Kuigi kõik tingimused on kokku lepitud, toimub mõne lepingu allkirjastamine kolmandas kvartalis. Selle tulemusel olid kliendi stiimulid madalamad, kui me teises kvartalis oodasime, lisades 1 punkti netotulude kasvule ja 2 senti EPS-le. Need hilinenud kliendi stiimulid kajastatakse suures osas kolmandas kvartalis.

Teise kvartali maksumäär sai kasu mitmete aastate vältel töötanud riigimaksualase algatuse edukast lahendamisest. Lisaks korduvale kasule meie efektiivses riigimaksu määras, tunnistasime eelmise aasta sama kvartali 2, 5-protsendilist vähendamist meie maksumääras.

Tuginedes meie teise kvartali tulemustele, tõstame aasta väljavaateid. Me ootame nüüd madala kahekordse netosissetuleku kasvu ja korrigeeritud EPS kasvu 20 kõrge tasemega. Me ostsime tagasi 16, 9 miljonit A-klassi aktsiat, mille keskmine hind oli39 USA dollarit 2 miljardi dollari eest. Aasta-aastased ostud kokku moodustasid 32, 4 miljonit dollarit, keskmiselt73 USA dollarit ehk 3, 8 miljardit dollarit. Sellest tulenevalt on alates märtsist 31 aktsiate tagasiostmiseks saadaval 7, 5 miljardit dollarit.

Liikudes nüüd peamiste äritegevuse juhtide ülevaatamisele teises kvartalis. USA tarbijate deebetkiirus kiirenes 2 protsendipunkti võrra jaemüügi ja igapäevaste kulutuste segmentide tugevusega. Kasv oli Aasias tugev, mida ajendas Hiina ja Jaapan. Kasv kiirenes Ladina-Ameerikas, mida aitas Brasiilia.

Visa Inc. (V) Q2 2018 Kasumikonverentsi kõne ülekanne

Kasv Euroopas oli stabiilne ja tugev. E-kaubanduse maksete platvormi muutmine, mis muudab Ühendkuningriigi kaardiomaniku mahtude omandamise Ühendkuningriigist teisest ELi asukohast, mida me oleme maininud viimase kolme kvartali jooksul, vähendas piiriülest kasvu üle 2 protsendipunkti.

Me muudame selle muudatuse täielikult kolmandas kvartalis. Osaliselt tasaarvestades seda lohistust, lööme eelmisel aastal Euroopas lahendusviivituse. Tuletame meelde, et mõni maht, mis oleks tavaliselt märtsis arveldanud, nihkus eelmise aasta aprilli esimesele nädalale.

See suurendas sel kvartalil 1 protsendipunkti piiriülesele kasvule ning vähendab kolmandas kvartalis kasvu sama palju. Kõigi nende kirjete mõju netosissetulekule oli minimaalne. Sissetuleva kaubanduse kasv USAsse jõudis esimest korda pärast Väljuvad kulutused Euroopast, välja arvatud Euroopa-sisesed tehingud, kiirenesid ka kahekohalisteks numbriteks, mida ajendas tugevam euro ja nael. Vaatamata kõnealustele valuutavahetustele jätkusid väljaminekud USAst ja sissetulevad mahud Euroopasse.

Väljuv kaubandus kiirenes Mehhikost, Jaapanist ja Lähis-Idast. Lihavõttepuhkuse ajastuse muutus mõjutas kõigi kolme meetri kasvu aprillikuu esimese kolme nädala jooksul. Me loodame, et lihavõttepiirkonna mõju on kvartali jaoks minimaalne. Nagu eespool mainisin, vähendab arvelduse viivitus teatatud piiriülest kasvu 1 punkti võrra. Põhiline põhjus Aktsiaoptsioonide maksustamine Holland lepingute sõlmimise viivitused Euroopas.

See tähendab veel 2 senti EPS-i kvartalis, mida ootame kolmandas kvartalis klientide kõrgemate soodustuste tõttu. Meie Euroopa lepingu ümberkorraldamise algatus on lõpule viidud. Tehingutingimused on kõigi klientidega kokku lepitud ja eeldame, et ülejäänud lepingud allkirjastatakse kolmandas kvartalis. See oli suur ja keeruline algatus, mida meie meeskond Euroopas väga hästi täitis. Meil on hea meel tulemuste üle, mis on seotud ootustega, mis meil oli Visa Europe omandamise ajal.

Ootame, et toetume kliendipartnerlustele, mida oleme lepingu muutmise protsessi käigus kindlustanud. See heategevuslik annetus NYCB Share Option Tehingud üld- ja halduskuludes.

Aastataguse kasv kajastab investeeringuid personali, mida oleme sellest ajast alates teinud meie peamistele kasvualgatustele. Lisaks hõlmas see kvartal meie K-le sobiva panuse suurendamist USA töötajatele ja kõrgemaid töötajate motivatsioonikulu, mis oli seotud oodatust paremate tulemustega.

Me suurendasime turundusinvesteeringuid taliolümpiamängudel ja valmistudes FIFA maailmameistrivõistlusteks, mis käivitub kolmandas kvartalis. Ametitasud kajastavad suuremaid investeeringuid, et kiirendada strateegilisi algatusi Euroopas ja Visa Directi kasutuselevõttu. Majanduskasvu ja võrgustiku ning töötlemise kulud hõlmasid Euroopa integratsioonikulusid. Amortisatsioon seoses omandamisega Cardinal Commerce veebruaris Fiscal '17 ja Freedom, mis suleti käesoleva aasta märtsis, aitas kaasa kõrgematele DNA kuludele.

Lõpuks lisasid vahetuskursi nihked, eriti tugevam nael, kulutuste kasvule 1 protsendipunkti.

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Tegevuskulud olid 13 miljonit dollarit kõrgemad kui eelmise aasta teises kvartalis, mille põhjuseks oli uus võlakirjaemissioon neljandas kvartalis. See hõlmab USA maksureformiga seotud 6 protsendipunkti vähendamist ja varem mainitud riikliku maksualase algatuse edukast lahendamisest saadavat kasu.

Sellega ma lähen meie Arvestades oodatust suuremat kasvu esimesel poolaastal, ootame nüüd, et kogu aasta NYCB Share Option Tehingud kasvab madalate kahekohaliste numbrite nimiväärtuse alusel. See hõlmab umbes 1 protsendipunkti positiivsest välisvaluuta mõjust.

Arvestades, et dollari nõrgenemine kiirenes alates Kolmandas kvartalis on kliendi stiimulite kasv olnud suurem kui varem ootused seoses lepingute sõlmimise hilinemisega Vanema Impulse kauplemissusteem. Kogu aasta tegevuskulude kasv on prognooside kohaselt Kulude kasvu kasvu põhjustavad suuremad turundusinvesteeringud, vabaduse omandamine ja kõrgemad töötajate motivatsioonikulu, mis on seotud paremate näitajatega kui oodatav tulemus.

Eeldame, et välisvaluuta mõju on veel 1 punkt, seda eelkõige naelade tugevnemise tõttu. Arvestades FIFA maailmameistrivõistlust ja kolmandas kvartalis personali kulude mõningast hooajalisust koos investeerimisalgatuste algusega, ootame kolmandas kvartalis kahekohalist kulu kasvu.

Kulude kasv peaks neljanda kvartali keskmisele tasemele ulatuma. See peegeldab madalamat maksumäära, mis realiseeriti aasta-aastalt. See hõlmab 1, 5 protsendipunkti positiivset välisvaluuta mõju ja 9—10 protsendipunkti kasu USA maksureformi mõjust. Tuletame meelde, et me võtame vastu uue tulude kajastamise standardi, mis on Kui rakendatakse teise kvartali Fiskaalaruannete 18 tulemusi, oleks uue standardi mõju olnud väike.

Mõju eelarvele19 sõltub osaliselt uute stimuleerivate tehingute tingimustest ja on seetõttu erinev. Jätkame uue standardi mõju hindamist kogu selle eelarveaasta jooksul ja esitame ajakohastatud versiooni, kui usume, et uue standardi rakendamisel uutele tehingutele võib avaldatud tulemustele olla suurem mõju.

Tuletame meelde, et uus raamatupidamisstandard ei mõjuta meie rahavoogusid ega majanduslikku väärtust. Lõpetuseks lubage mul lisada oma tervitus Mike Milotichi uuele rollile meie investeerimissuhete juhina. Ma töötan tihedalt koos Mike'ga, kuna olen Visa-ga liitunud ja usun, et ta on teile kõigile väärtuslik ressurss.

Mike mõistab sügavalt meie äri strateegilisi ja finantsaspekte. Mike on rõõm töötada. Ootan Mike'i tutvustamist teile lähinädalatel. Sellega ma pöördun selle juurde tagasi. Mike Milotich - investorite suhte asepresident Tänan, Vasant. Nüüd oleme valmis küsimusi võtma, Katie. Küsimused ja vastused: Operaator Kui soovite esitada küsimuse, vajutage palun täht-tähele ja registreerige selgelt oma nimi. Teile teatatakse enne küsimuse esitamist. Et tagada kõigi küsitlejate kuulmine, palume teil piirduda ühe küsimusega.

Küsimuse esitamiseks vajutage veel kord täht-tähele. Kui teil on vaja oma küsimus tagasi võtta, vajutage täht-kaks. Teie liin on nüüd avatud. Mul oli küsimus hinnakujunduse ja eriti Euroopa nõudluskeskkonna kohta. Mulle tundub, et turul on mõned soovitused, et lõssipulbrid ja omandajad tõusevad üsna kiiresti ja on nii viimase paari kvartali jooksul olnud.

Ettevalmistatud märkused: Operaator Tere tulemast Visa Fondi teise kvartali tulukonverentsile. Kõik osalejad on ainult kuulamisrežiimis kuni küsimuste ja vastuste seansi lõpuni. Tänane konverents on salvestatud.

Ja ma lihtsalt mõtlen, kas on olemas dünaamika, mida te olete saanud hiljuti ära kasutada? Ja siis teiseks, kliiringu- ja arveldusvõlgade puhul, mis kõlab hästi, et te siin olete. Kui olete loa migreerunud, kas toote seisukohast on mõttekas võimalus mõelda? Alfred Kelly, Jr - esimees ja tegevjuht Esiteks, Dan, hinnakujunduse ees, kui me esimest korda viisime Visa Europe'i ostu, võtsime mõned hinnad.

Seejärel oleme hinnakujunduse võtnud. Ja kui ma vaatan, arvan, et seal on hinnakujunduse võimalused. Ma räägin Euroopast, nüüd - hinnakujunduse võimalustest ka Euroopas.

Mis puudutab rännet, siis ma arvan, et kui me läbi jõuame Kuidas teha kiiret vorgus kõigepealt, kui me läbi jõuame, on üks suurimaid eeliseid, mis on saadaval, on see, et Visa Net on ülemaailmne süsteem ja meil on neli andmekeskust, suudame tagada tõelise tagasilöögi meie klientidele ja meie ärile Euroopas. Eelnevalt oli see üks süsteem, mis töötab ühes andmekeskuses.

Nii et see on üks suur eelis, mis meil on varundamise ja turvalisuse osas. Ma arvan, et lisaks sellele on meie riskivahendites ja lojaalsuses kindlasti võimalusi, kus me saame pakkuda klientidele Euroopas uusi ja erinevaid võimalusi, mida neil ei oleks olnud vana pärandsüsteemiga. Mike Milotich - investorite suhte asepresident Järgmine küsimus, palun.

Meie järgmine küsimus pärineb Don Fandettilt Wells Fargoga. Ma mõtlesin, et kas NYCB Share Option Tehingud võiksid natuke rääkida sellest, kuidas sa jõudsid mõtteprotsessi jagatud ühe nupuga digitaalse rahakotiga. Ma tean, et olete juba mõnda aega töötanud Visa Checkoutiga. Ja kas te saate rääkida natuke sellest, kuidas see logistika seisukohast toimib?

Alfred Kelly, Jr. We actually believe that -- we're very excited about this. I think I've talked to some of you about this in the past. I think that there is way too much clutter in the e-commerce checkout environment. And it's just not good for users, and it's not good for merchants. It creates too much friction. There's consumers who don't know what to do. And after they actually make a decision to buy, it's too confusing for them and they fall out of the buying process.

We're committed to it and are doing everything we can to move forward to make it a reality. We've been committed to Visa Checkout. We'll remain committed to Visa Checkout, especially in certain geographies and for certain merchants where they see value. But I think the ultimate future as I see it in e-commerce -- and it will take time to bleed it in throughout the entire ecosystem -- is a move to this EMVCo standard, which creates a single button, which is much more analogous to the situation that you see in the physical world, where there's a single terminal and all products run through that terminal.

I mean, we continue to be very excited about China. We have an application in to become an international payment provider in China, and we're hoping that the People's Bank of China and the Chinese government look favorably upon our application, and we can begin the process of moving toward being ready in cooperation with the government in China to be a domestic player.

In the meantime, we're continuing to work with our NYCB Share Option Tehingud 50 bank partners in China to continue to try to grow our coverage in China, as well as, obviously, facilitate as much cross-border volume from traveling Chinese as they leave the borders of China. In the case of India, you know, India's in a different place because we are very pleased with where things are in India.

And India post-demonetization's really attracted NYCB Share Option Tehingud interest. And that makes sense because the cash displacement opportunity is really great there. The reality is, we're the market leader. We're really working with the Indian government on the Borat QR code and scaling that.

I think we're up to somewhere in the area ofmerchants that are enabled for this standard QR code. We're growing overall acceptance. We've doubled from the fourth quarter of ' We've doubled the number of POS terminals by the end of last year to 3 million. We're continuing to partner with our issuers there, in terms of building awareness and usage. And we're also partnering with clients there on digital solutions, tokenization, Contactless, scan and pay.

So I see China as something we're excited about, but something that's probably still a couple years away in terms of us being a player there and being able to start to produce any kind of volumes, never mind meaningful volumes.

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But India, I see as a long-term play. They're a country of nearly 1. It's kind of, as big as the numbers feel from a relatively, close to a standing start, I think that it's an exciting opportunity for the industry. And as the market leader in India, we see it as a very exciting NYCB Share Option Tehingud for us.

Vasant Prabhu - finantsjuht You have several things in there, so I'll take them one by one, Jason, if I can get to them. Vasant Prabhu - finantsjuht Oh, Ryan. Sorry about that, Ryan.

I guess Jason is elsewhere today. So why was it better? It was better than we expected. Coming into the year, as you know, our inbound business to the US has been a weak business for several years because the Dollar was strong. And coming into the year, we hoped that with the weakening of the Dollar, there would be some improvement in that business.

NYCB Share Option Tehingud

And we projected a step up in the growth rate. We were pretty much in line with our expectations in the first quarter, but the acceleration continued pretty fast into the second quarter and in many ways, the inbound business to the US has grown faster than we expected.

So the recovery has come in earlier than we might have projected. That's one reason. The other reason is the outbound business from Europe, business that is leaving the EU in total, also grew in the double-digits for the opposite NYCB Share Option Tehingud because the Euro and the Pound are now stronger.

Those two clearly were much stronger than we expected, and they're very important corridors for us. The revenue impact is greater because the mix Etrade valikute platvorm business is better because the inbound business to the US is an attractive business and the mix of our cross-border business certainly got better.

There was no pricing that was any new or different than anything that was in place prior to coming into the quarter. Certainly, exchange rates got a little better, so that certainly helps that line more than other lines. And then, overall, adding to these two corridors, the cross-border business because a strong global economy has been strong just about everywhere in the world. Our next question comes from [inaudible] with Citigroup. Unknown Analyst -- Analyst -- Citigroup Täname, et tegite küsimuse.

Hea kvartal. My question was with regards to debit volume growth in the US. If you could breakdown what's driving this increase, macro or any spend trend, any particular things to call out.

And also, just to clarify, is Visa Direct classified here? Vasant Prabhu - finantsjuht Yes, so the debit growth was clearly very strong. And at this point, as we told you earlier, it's not benefiting from any conversion type of benefit. This is real apples-to-apples growth. And therefore, quite heartening to see it as strong as it was. As we have dug into it, it was pretty broad-based.

We're seeing growth, as I mentioned in my comments, across many segments of retail, and across all the everyday spend categories, which essentially attests to a pretty strong consumer profile in terms of propensity to spend.