Exhibit 99.1
Visa Inc. Posts Solid Fiscal Fourth Quarter and Full-Year 2009 Earnings Results and Authorizes a $1 Billion Share Repurchase Plan
• | Adjusted quarterly net income of $552 million or $0.74 per diluted class A common share |
• | Adjusted full-year 2009 net income of $2.4 billion or $3.23 per diluted class A common share inclusive of the impact from the VisaNet do Brasil sale |
• | GAAP quarterly net income of $514 million or $0.69 per diluted class A common share |
• | Full-year 2009 GAAP net income of $2.4 billion or $3.10 per diluted class A common share |
• | The Company increased its quarterly dividend payment amount by 19% and authorized a $1 billion share repurchase plan |
SAN FRANCISCO, CA, October 27, 2009 – Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal fourth quarter and full-year 2009. For the fourth quarter ending September 30, 2009, on an adjusted basis (reflective of restructuring and purchase amortization), net income for the quarter was $552 million, or $0.74 per diluted class A common share. The weighted average number of diluted class A common shares was 747 million. The Company’s adjusted net income and adjusted diluted net income per class A common share are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.
GAAP net income for the quarter was $514 million, or $0.69 per diluted class A common share.
Net operating revenue in the fiscal fourth quarter of 2009 was $1.9 billion, an increase of 10% over the prior year’s net operating revenue of $1.7 billion and driven primarily by strong contributions from data processing revenues as processed transactions grew 9%. Though slightly negative in the U.S. and Canada, payments volume continued to grow on a constant dollar basis in all other regions globally.
“Visa delivered another quarter and year of solid financial results during this challenging economic environment,” said Joseph W. Saunders, Chairman and Chief Executive Officer. “Our strong returns are a reflection of consumers’ continuing shift to electronic payments, the success of efficiency initiatives and importantly, continued support from our financial institution partners.”
“As we enter our new fiscal year, we are beginning to see some very early signs of stabilization in our business,” continued Saunders. “And, while we cannot predict the ultimate speed or size of any economic recovery, we are confident that Visa is well positioned for future growth based on the investments we continue to make in our processing infrastructure, products and brand.”
Fiscal Fourth Quarter 2009 Financial Highlights:
Visa Inc.’s operational performance highlights for the fiscal fourth quarter, as measured by business activity through June 30, 2009, include:
• | Payments volume growth, on a nominal basis, was a negative 2% over the prior year at $687 billion; |
• | Total volume, on a nominal basis and inclusive of cash volume, was $1.1 trillion, a 3% decline over the prior year; and |
• | Total cards carrying the Visa brands rose 5% worldwide over the prior year to over 1.7 billion. |
Total processed transactions, which represent transactions processed by VisaNet for the three months ending September 30, 2009, totaled 10.5 billion, a 9% increase over the prior year.
For the fiscal fourth quarter 2009, service revenues were $808 million, an increase of 3% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 33% over the prior year to $727 million. International transaction revenues, which are driven by cross-border payments volume, declined 1% over the prior year to $507 million. Other revenues, which include the Visa Europe licensing fee, were $163 million, up 2% over the prior year. Volume and support incentives, which are a contra revenue item, were $326 million, an increase of 9% over the prior year.
Adjusted total operating expenses were $960 million for the fourth quarter, a 2% increase from the prior year’s adjusted total operating expenses of $943 million. On a GAAP basis, total operating expenses were $1.0 billion for the quarter.
Cash, cash equivalents, restricted cash, and investment securities were $6.6 billion at September 30, 2009.
Fiscal Full-Year 2009 Financial Highlights:
On an adjusted basis (reflective of restructuring and purchase amortization), net income for the full-year ended September 30, 2009, was $2.4 billion, or $3.23 per diluted class A common share inclusive of the impact from the VisaNet do Brasil sale. Excluding the sale, net income for the full-year was $2.2 billion, or $2.92 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 758 million.
GAAP net income for the full-year was $2.4 billion, or $3.10 per diluted class A common share.
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Net operating revenue for the full year was $6.9 billion, an increase of 10% over the prior year’s operating revenue of $6.3 billion. Currency fluctuations contributed negatively 3% towards full-year net operating revenues.
For the fiscal full-year, service revenues were $3.2 billion, an increase of 4% versus the prior year. Data processing revenues rose 17% over the prior year to $2.4 billion. International transaction revenues, which are driven by cross-border payments volume, grew 11% over the prior year to $1.9 billion. Other revenues, which include the Visa Europe licensing fee, were $625 million, up 10% over the prior year. Volume and support incentives, which are a contra revenue item, were $1.2 billion, an increase of 6% over the prior year.
Total processed transactions, which represent transactions processed by VisaNet for the 12 months ended September 30, 2009, totaled 39.9 billion, an 8% increase over the prior year.
Adjusted operating expenses were $3.2 billion for the full-year, a 4% decrease from the prior year’s adjusted total operating expenses of $3.4 billion. Operating expenses on a GAAP basis were $3.4 billion for the full year.
Visa’s GAAP effective tax rate was 41% for the twelve months ended September 30, 2009.
Notable Events:
As previously announced, Visa initiated a program to allow its class C stockholders to apply (prior to September 30, 2009) for an early termination of the transfer restrictions applicable to class C shares, for up to 30% of the class C shares held by each such stockholder as of July 1, 2009, subject to certain terms and conditions. As of September 30, 2009, 89% of the potentially available shares requested were unlocked. The remaining class C shares continue to be subject to the general transfer restrictions that expire on March 25, 2011 under Visa’s Certificate of Incorporation.
As previously disclosed, Visa U.S.A. Inc. entered into an agreement to modify its payment obligations under a settlement agreement, dated as of June 4, 2003, with plaintiffs in a class action lawsuit challenging certain aspects of the payment card industry under U.S. federal antitrust law. On October 2, 2009, the court in the class action lawsuit entered a final order approving the agreement, subject to a 30 day appeals period. The Company made a prepayment of its remaining $800 million in payment obligations at a discounted amount of $682 million on October 5, 2009.
On October 21, 2009, the Company announced that its Board of Directors had declared a quarterly dividend in the aggregate amount of $0.125 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on December 1, 2009 to all holders of record of Visa’s class A, class B and class C common stock as of November 16, 2009.
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Today, the Company announces that its Board of Directors has authorized a $1 billion share repurchase plan. The authorization will be in place through September 30, 2010, and is subject to extension or expansion at the determination of Visa’s Board of Directors.
Financial Outlook:
Visa Inc. affirms its financial outlook for the following metrics for 2010:
• | Annual net revenue growth at the lower end of the 11% to 15% range, given certain economic recovery assumptions; and |
• | Annual diluted class A common stock earnings per share growth of greater than 20%. |
Visa Inc. updates its financial outlook for the following metrics for 2010:
• | Volume and support incentives in the range of 16-17% of gross revenue; |
• | Advertising, marketing and promotion expenses less than $1 billion; |
• | Annual operating margin in the mid 50% range; |
• | GAAP tax rate in the range of 38 to 39%; |
• | Capital expenditures in the $200-250 million range; and |
• | Annual free cash flow in excess of $2 billion. |
Visa Inc. provides its financial outlook for the following metric for 2011:
• | Annual diluted class A common stock earnings per share growth of greater than 20%. |
Fiscal Fourth Quarter and Full-Year 2009 Earnings Results Conference Call Details:
Visa’s executive management team will host a live audio webcast beginning at 2:00 p.m. PT (5:00 p.m. ET) today to discuss the financial results and business highlights.
All interested parties are invited to listen to the live webcast athttp://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days.
Investor information, including supplemental financial information, is available on Visa Inc.’s Investor Relations website athttp://investor.visa.com.
###
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About Visa Inc.
Visa Inc. operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visitwww.corporate.visa.com.
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. These statements can be identified by the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will” and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa’s goals and expectations with respect to adjusted earnings per share, revenue, adjusted operating margin, and free cash flow, and the growth rate in those items, as well as other measures of economic performance.
By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed under the heading “Risk Factors” in Part 1, Item 1A – “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-K, if any. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.
Contacts:
Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213,ir@visa.com
Media Relations: Paul Cohen or Will Valentine, 415-932-2564,globalmedia@visa.com
5
Visa Inc.
Selected Consolidated Statements of Operations
(unaudited)
Three Months Ended September 30, | Twelve Months Ended September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
(in millions except per share data) | ||||||||||||||||
Operating Revenues | ||||||||||||||||
Service revenues | $ | 808 | $ | 788 | $ | 3,174 | $ | 3,061 | ||||||||
Data processing revenues | 727 | 548 | 2,430 | 2,073 | ||||||||||||
International transaction revenues | 507 | 512 | 1,916 | 1,721 | ||||||||||||
Other revenues | 163 | 160 | 625 | 569 | ||||||||||||
Volume and support incentives | (326 | ) | (299 | ) | (1,234 | ) | (1,161 | ) | ||||||||
Total operating revenues | 1,879 | 1,709 | 6,911 | 6,263 | ||||||||||||
Operating Expenses | ||||||||||||||||
Personnel | 334 | 317 | 1,143 | 1,199 | ||||||||||||
Network, EDP and communications | 111 | 94 | 393 | 339 | ||||||||||||
Advertising, marketing and promotion | 283 | 320 | 918 | 1,016 | ||||||||||||
Professional and consulting fees | 107 | 136 | 353 | 438 | ||||||||||||
Depreciation and amortization | 61 | 59 | 226 | 237 | ||||||||||||
Administrative and other | 113 | 98 | 338 | 332 | ||||||||||||
Litigation provision | 1 | 1,128 | 2 | 1,470 | ||||||||||||
Total operating expenses | 1,010 | 2,152 | 3,373 | 5,031 | ||||||||||||
Operating income (loss) | 869 | (443 | ) | 3,538 | 1,232 | |||||||||||
Other Income (Expense) | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 1 | ||||||||||||
Interest expense | (25 | ) | (27 | ) | (115 | ) | (143 | ) | ||||||||
Investment income, net | 18 | 39 | 575 | 211 | ||||||||||||
Other | 1 | — | 2 | 35 | ||||||||||||
Total other income (expense) | (6 | ) | 12 | 462 | 104 | |||||||||||
Income (loss) before income taxes and minority interest | 863 | (431 | ) | 4,000 | 1,336 | |||||||||||
Income tax expense (benefit) | 349 | (75 | ) | 1,648 | 532 | |||||||||||
Income before minority interest | 514 | (356 | ) | 2,352 | 804 | |||||||||||
Minority interest | — | — | 1 | — | ||||||||||||
Net income (loss) | $ | 514 | $ | (356 | ) | $ | 2,353 | $ | 804 | |||||||
Basic net income per share | ||||||||||||||||
Class A common stock | $ | 0.69 | $ | (0.45 | ) | $ | 3.11 | $ | 0.96 | |||||||
Class B common stock | $ | 0.41 | $ | (0.32 | ) | $ | 1.98 | $ | 0.85 | |||||||
Class C common stock | $ | 0.69 | $ | 3.11 | ||||||||||||
Class C (series I) common stock | $ | (0.45 | ) | $ | 0.96 | |||||||||||
Class C (series II) common stock | $ | 0.12 | $ | 0.79 | ||||||||||||
Class C (series III and IV) common stock | $ | (0.45 | ) | $ | 0.96 | |||||||||||
Basic weighted average shares outstanding | ||||||||||||||||
Class A common stock | 462 | 447 | 451 | 239 | ||||||||||||
Class B common stock | 245 | 245 | 245 | 333 | ||||||||||||
Class C common stock | 138 | 148 | ||||||||||||||
Class C (series I) common stock | 124 | 191 | ||||||||||||||
Class C (series II) common stock | 80 | 56 | ||||||||||||||
Class C (series III and IV) common stock | 27 | 44 | ||||||||||||||
Diluted net income per share | ||||||||||||||||
Class A common stock | $ | 0.69 | $ | (0.45 | ) | $ | 3.10 | $ | 0.96 | |||||||
Class B common stock | $ | 0.41 | $ | (0.32 | ) | $ | 1.98 | $ | 0.85 | |||||||
Class C common stock | $ | 0.69 | $ | 3.10 | ||||||||||||
Class C (series I) common stock | $ | (0.45 | ) | $ | 0.96 | |||||||||||
Class C (series II) common stock | $ | 0.12 | $ | 0.79 | ||||||||||||
Class C (series III and IV) common stock | $ | (0.45 | ) | $ | 0.96 | |||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||
Class A common stock | 747 | 774 | 758 | 769 | ||||||||||||
Class B common stock | 245 | 245 | 245 | 333 | ||||||||||||
Class C common stock | 138 | 148 | ||||||||||||||
Class C (series I) common stock | 124 | 191 | ||||||||||||||
Class C (series II) common stock | 80 | 56 | ||||||||||||||
Class C (series III and IV) common stock | 27 | 44 | ||||||||||||||
6
Visa Inc.
Selected Consolidated Balance Sheets
(unaudited)
September 30, 2009 | September 30, 2008 | |||||||
(in millions, except par value data) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 4,617 | $ | 4,979 | ||||
Restricted cash - litigation escrow | 1,365 | 1,298 | ||||||
Investment securities | ||||||||
Trading | 59 | — | ||||||
Available-for-sale | 56 | 355 | ||||||
Settlement receivable | 605 | 1,131 | ||||||
Accounts receivable | 444 | 342 | ||||||
Customer collateral | 812 | 679 | ||||||
Current portion of volume and support incentives | 214 | 256 | ||||||
Current portion of deferred tax assets | 703 | 944 | ||||||
Prepaid expenses and other current assets | 366 | 1,190 | ||||||
Total current assets | 9,241 | 11,174 | ||||||
Restricted cash - litigation escrow | 350 | 630 | ||||||
Investment securities, available-for-sale | 168 | 244 | ||||||
Volume and support incentives | 102 | 123 | ||||||
Property, equipment and technology, net | 1,204 | 1,080 | ||||||
Other assets | 125 | 634 | ||||||
Intangible assets | 10,883 | 10,883 | ||||||
Goodwill | 10,208 | 10,213 | ||||||
Total assets | $ | 32,281 | $ | 34,981 | ||||
Liabilities | ||||||||
Accounts payable | $ | 156 | $ | 159 | ||||
Settlement payable | 634 | 1,095 | ||||||
Customer collateral | 812 | 679 | ||||||
Accrued compensation and benefits | 396 | 420 | ||||||
Volume and support incentives | 284 | 249 | ||||||
Accrued liabilities | 754 | 306 | ||||||
Current portion of long-term debt | 12 | 51 | ||||||
Current portion of accrued litigation | 1,394 | 2,698 | ||||||
Redeemable class C (series III) common stock, no shares and 35 shares issued and outstanding, respectively | — | 1,508 | ||||||
Total current liabilities | 4,442 | 7,165 | ||||||
Long-term debt | 44 | 55 | ||||||
Accrued litigation | 323 | 1,060 | ||||||
Deferred tax liabilities | 3,807 | 3,811 | ||||||
Other liabilities | 472 | 613 | ||||||
Total liabilities | 9,088 | 12,704 | ||||||
Temporary Equity and Minority Interest | ||||||||
Class C (series II) common stock, $0.0001 par value, no shares and 219 shares authorized, no shares and 80 shares issued and outstanding, net of subscription receivable, respectively | $ | — | $ | 1,136 | ||||
Minority interest | 4 | — | ||||||
Total temporary equity and minority interest | 4 | 1,136 | ||||||
Stockholders’ Equity | ||||||||
Preferred stock, $0.0001 par value, 25 shares authorized and none issued | $ | — | $ | — | ||||
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 470 | — | — | ||||||
Class B common stock, $0.0001 par value, 622 shares authorized, 245 issued and outstanding | — | — | ||||||
Class C common stock, $0.0001 par value, 1,097 shares authorized, 131 issued and outstanding at September 30, 2009 | — | — | ||||||
Class C (series I) common stock, $0.0001 par value, 814 shares authorized, 125 issued and 124 outstanding at September 30, 2008 | — | — | ||||||
Class C (series III) common stock, $0.0001 par value, 64 shares authorized, 27 issued and outstanding at September 30, 2008 | — | — | ||||||
Class C (series IV) common stock, $0.0001 par value, 1 shares authorized, 1 issued and outstanding at September 30, 2008 | — | — | ||||||
Additional paid-in capital | 21,160 | 21,060 | ||||||
Class C treasury stock | (2 | ) | (35 | ) | ||||
Accumulated income | 2,219 | 186 | ||||||
Accumulated other comprehensive loss, net | (188 | ) | (70 | ) | ||||
Total stockholders’ equity and accumulated income | 23,189 | 21,141 | ||||||
Total liabilities, temporary equity and minority interest, and stockholders’ equity | $ | 32,281 | $ | 34,981 | ||||
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Visa Inc.
Consolidated Statements Of Cash Flows
(unaudited)
Year Ended September 30, | ||||||||
2009 | 2008 | |||||||
(in millions) | ||||||||
Operating Activities | ||||||||
Net income | $ | 2,353 | $ | 804 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Gain on sale of other investments | (473 | ) | — | |||||
Depreciation and amortization of property, equipment and technology | 226 | 237 | ||||||
Share-based compensation | 115 | 74 | ||||||
Tax benefit for share-based compensation | (7 | ) | — | |||||
Restricted stock instruments settled in cash for taxes | (22 | ) | — | |||||
Fair value adjustment for liability under the framework agreement | — | (35 | ) | |||||
Interest earned on litigation escrow, net of tax | (15 | ) | (13 | ) | ||||
Net recognized loss on investment securities, including other-than-temporary impairment | 5 | 34 | ||||||
Asset impairment | 11 | 34 | ||||||
Loss on disposal of property, equipment and technology | 2 | — | ||||||
Minority interest | (1 | ) | — | |||||
Amortization of volume and support incentives | 1,234 | 1,161 | ||||||
Accrued litigation and accretion | 95 | 1,601 | ||||||
Equity in earnings of unconsolidated affiliates | — | (1 | ) | |||||
Deferred income taxes | 297 | (27 | ) | |||||
Change in operating assets and liabilities: | ||||||||
Trading securities | 34 | — | ||||||
Accounts receivable | (102 | ) | (24 | ) | ||||
Settlement receivable | 526 | (543 | ) | |||||
Volume and support incentives | (1,136 | ) | (1,378 | ) | ||||
Other assets | (109 | ) | (158 | ) | ||||
Accounts payable | (3 | ) | (10 | ) | ||||
Settlement payable | (461 | ) | 451 | |||||
Accrued compensation and benefits | (23 | ) | (115 | ) | ||||
Accrued and other liabilities | 213 | (33 | ) | |||||
Accrued litigation | (2,201 | ) | (1,525 | ) | ||||
Member deposits | — | (3 | ) | |||||
Net cash provided by operating activities | 558 | 531 | ||||||
Investing Activities | ||||||||
Investment securities, available-for-sale: | ||||||||
Purchases | (7 | ) | (1,509 | ) | ||||
Proceeds from sales and maturities | 297 | 2,458 | ||||||
Distribution from money market investment | 884 | — | ||||||
Reclassification of money market investment | — | (983 | ) | |||||
Proceeds from sale of other investments | 1,008 | — | ||||||
Cash acquired through reorganization | — | 1,002 | ||||||
Purchases of / contributions to other investments | (48 | ) | (25 | ) | ||||
Dividends / distributions from other investments | 2 | 22 | ||||||
Purchases of property, equipment and technology | (306 | ) | (415 | ) | ||||
Proceeds from sale of property, equipment and technology | — | 4 | ||||||
Net cash provided by investing activities | 1,830 | 554 | ||||||
Financing Activities | ||||||||
Proceeds from short-term borrowing | — | 2 | ||||||
Payments on short-term borrowing | — | (2 | ) | |||||
Proceeds from sale of common stock, net of issuance costs of $550 | — | 19,100 | ||||||
Tax benefit for share based compensation | 7 | — | ||||||
Cash proceeds from exercise of stock options | 32 | — | ||||||
Funding of litigation escrow account - Retrospective Responsibility Plan | (1,800 | ) | (3,000 | ) | ||||
Payments from litigation escrow account - Retrospective Responsibility Plan | 2,028 | 1,085 | ||||||
Funding of tax escrow account for income tax withheld on stock proceeds | — | (116 | ) | |||||
Payments from tax escrow account | — | 116 | ||||||
Payment for redemption of stock | (2,646 | ) | (13,446 | ) | ||||
Dividends paid | (318 | ) | (93 | ) | ||||
Principal payments on debt | (50 | ) | (18 | ) | ||||
Principal payments on capital lease obligations | (4 | ) | (4 | ) | ||||
Net cash (used in) provided by financing activities | (2,751 | ) | 3,624 | |||||
Effect of exchange rate translation on cash and cash equivalents | 1 | (5 | ) | |||||
(Decrease) increase in cash and cash equivalents | (362 | ) | 4,704 | |||||
Cash and cash equivalents at beginning of year | 4,979 | 275 | ||||||
Cash and cash equivalents at end of year | $ | 4,617 | $ | 4,979 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Income taxes paid, net of refunds | $ | 1,172 | $ | 678 | ||||
Amounts included in accounts payable and accrued liabilities related to purchases of property, equipment, and technology | $ | 18 | $ | 32 | ||||
Interest payments on debt | $ | 7 | $ | 8 | ||||
Common stock issued in acquisition | $ | — | $ | 17,935 | ||||
Assets acquired in joint venture with note payable and equity interest issued | $ | 22 | $ | — | ||||
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Reconciliation of Non-GAAP Adjusted Operating Income and Net Income
US$ in millions
Three Months Ended September 30, 2009 | Three Months Ended September 30, 2008 | Twelve Months Ended September 30, 2009 | Twelve Months Ended September 30, 2008 | |||||||||||||
Net (loss) income (as reported) | $ | 514 | $ | (356 | ) | $ | 2,353 | $ | 804 | |||||||
Addback: Income tax (benefit) expense (as reported) | 349 | (75 | ) | 1,648 | 532 | |||||||||||
Less: Minority interest (as reported) | — | — | (1 | ) | — | |||||||||||
Net (loss) income before taxes and minority interest (as reported) | $ | 863 | $ | (431 | ) | $ | 4,000 | $ | 1,336 | |||||||
Adjustments: | ||||||||||||||||
Litigation reserve(1) | — | 1,122 | — | 1,457 | ||||||||||||
Restructuring(2) | 33 | 70 | 67 | 140 | ||||||||||||
Asset step-up amortization(3) | 17 | 17 | 68 | 68 | ||||||||||||
Adjustments to operating income | 50 | 1,209 | 135 | 1,665 | ||||||||||||
Interest accretion on American Express settlement(4) | 8 | 11 | 36 | 68 | ||||||||||||
Interest expense on Discover settlement(5) | — | — | 5 | — | ||||||||||||
Investment income on Litigation Escrow and EU proceeds(6) | (1 | ) | (30 | ) | (22 | ) | (70 | ) | ||||||||
Underwater contract (LIBOR adjustment)(7) | — | — | — | (35 | ) | |||||||||||
Adjustments to non-operating income | 7 | (19 | ) | 19 | (37 | ) | ||||||||||
Total adjustments | 57 | 1,190 | 154 | 1,628 | ||||||||||||
Adjusted income before taxes and minority interest | 920 | 759 | 4,154 | 2,964 | ||||||||||||
Tax rate (8) | 40 | % | 41 | % | 41 | % | 41 | % | ||||||||
Adjusted income tax expense | (368 | ) | (311 | ) | (1,707 | ) | (1,215 | ) | ||||||||
Addback: Minority interest (as reported) | — | — | 1 | — | ||||||||||||
Adjusted net income | $ | 552 | $ | 448 | $ | 2,448 | $ | 1,749 | ||||||||
Operating (loss) income (as reported) | $ | 869 | $ | (443 | ) | $ | 3,538 | $ | 1,232 | |||||||
Addback: Adjustments to operating income | 50 | 1,209 | 135 | 1,665 | ||||||||||||
Adjusted operating income | $ | 919 | $ | 766 | $ | 3,673 | $ | 2,897 | ||||||||
Operating revenues (as reported) | $ | 1,879 | $ | 1,709 | $ | 6,911 | $ | 6,263 | ||||||||
Adjusted operating margin | 49 | % | 45 | % | 53 | % | 46 | % | ||||||||
Total operating expenses (as reported) | $ | 1,010 | $ | 2,152 | $ | 3,373 | $ | 5,031 | ||||||||
Less: Adjustments to operating expenses | (50 | ) | (1,209 | ) | (135 | ) | (1,665 | ) | ||||||||
Adjusted operating expenses | $ | 960 | $ | 943 | $ | 3,238 | $ | 3,366 | ||||||||
(1) | Litigation reserve related to the covered litigation. Settlements of, or judgments in, covered litigation will be paid from the litigation escrow account. |
(2) | Restructuring costs associated with workforce consolidation and elimination of overlapping functions. |
(3) | Non-cash amortization and depreciation of the incremental basis in technology and building assets acquired in the reorganization. |
(4) | Non-cash interest expense recorded on future payments to be made under the settlement agreement with American Express. These payments will be paid from the litigation escrow account. |
(5) | Interest expense recorded on payments made under the settlement agreement with Discover. These payments have been paid from the litigation escrow account. |
(6) | Investment income earned during the period on all IPO proceeds and amounts held in the litigation escrow, including amounts the Company used in October 2008 to redeem all class C (series II) common stock and a portion of the class C (series III) common stock held by Visa Europe. |
(7) | Other expense recorded in the periods presented as a result of changes in the Company’s estimated liability under the Framework Agreement, which governs its relationship with Visa Europe. The changes were primarily due to movement in the LIBOR rates in the periods presented. This liability was satisfied as part of the October 2008 redemptions described above. |
(8) | Rates applied to Fiscal 2009 periods represent the GAAP effective tax rate adjusted for immaterial one-time charges associated with the establishment of our Singapore subsidiary’s tax incentive agreement. Rates applied to Fiscal 2008 periods represent a normalized rate of 41%. |
9
Reconciliation of Non-GAAP Adjusted Operating Expenses
US$ in millions
For the Three Months Ended September 30, 2009 | For the Three Months Ended September 30, 2008 | |||||||||||||||||||
Actual | Adjustments | As Adjusted | Actual | Adjustments | As Adjusted | |||||||||||||||
Personnel | $ | 334 | $ | (33 | ) (1) | $ | 301 | $ | 317 | $ | (64 | ) (1) | $ | 253 | ||||||
Network, EDP and communications | 111 | — | 111 | 94 | (1 | ) (1) | 93 | |||||||||||||
Advertising, marketing and promotion | 283 | — | 283 | 320 | — | 320 | ||||||||||||||
Professional and consulting fees | 107 | — | 107 | 136 | (1 | )(1) | 135 | |||||||||||||
Depreciation and amortization | 61 | (17 | ) (2) | 44 | 59 | (17 | ) (2) | 42 | ||||||||||||
Administrative and other | 113 | — | 113 | 98 | (4 | )(1) | 94 | |||||||||||||
Litigation provision | 1 | — | 1 | 1,128 | (1,122 | ) (3) | 6 | |||||||||||||
Total operating expenses | $ | 1,010 | $ | (50 | ) | $ | 960 | $ | 2,152 | $ | (1,209 | ) | $ | 943 | ||||||
For the Twelve Months Ended September 30, 2009 | For the Twelve Months Ended September 30, 2008 | |||||||||||||||||||
Actual | Adjustments | As Adjusted | Actual | Adjustments | As Adjusted | |||||||||||||||
Personnel | $ | 1,143 | $ | (66 | ) (1) | $ | 1,077 | $ | 1,199 | $ | (121 | ) (1) | $ | 1,078 | ||||||
Network, EDP and communications | 393 | — | 393 | 339 | (1 | )(1) | 338 | |||||||||||||
Advertising, marketing and promotion | 918 | — | 918 | 1,016 | — | 1,016 | ||||||||||||||
Professional and consulting fees | 353 | (1 | )(1) | 352 | 438 | (14 | )(1) | 424 | ||||||||||||
Depreciation and amortization | 226 | (68 | ) (2) | 158 | 237 | (68 | )(2) | 169 | ||||||||||||
Administrative and other | 338 | — | 338 | 332 | (4 | )(1) | 328 | |||||||||||||
Litigation provision | 2 | — | 2 | 1,470 | (1,457 | ) (3) | 13 | |||||||||||||
Total operating expenses | $ | 3,373 | $ | (135 | ) | $ | 3,238 | $ | 5,031 | $ | (1,665 | ) | $ | 3,366 | ||||||
(1) | Restructuring |
(2) | Asset Step-up amortization |
(3) | Litigation Reserve |
10
Reconciliation of Non-GAAP Adjusted Non-operating Income
US$ in millions
For the Three Months Ended September 30, 2009 | For the Three Months Ended September 30, 2008 | |||||||||||||||||||||||
Actual | Adjustments | As Adjusted | Actual | Adjustments | As Adjusted | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Interest expense | (25 | ) | 8 | (1) | (17 | ) | (27 | ) | 11 | (1) | (16 | ) | ||||||||||||
Investment income, net | 18 | (1 | ) (2) | 17 | 39 | (30 | ) (2) | 9 | ||||||||||||||||
Other | 1 | — | 1 | — | — | — | ||||||||||||||||||
Total other income (expenses) | $ | (6 | ) | $ | 7 | $ | 1 | $ | 12 | $ | (19 | ) | $ | (7 | ) | |||||||||
For the Twelve Months Ended September 30, 2009 | For the Twelve Months Ended September 30, 2008 | |||||||||||||||||||||||
Actual | Adjustments | As Adjusted | Actual | Adjustments | As Adjusted | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||||
Interest expense | (115 | ) | 41 | (1) | (74 | ) | (143 | ) | 68 | (1) | (75 | ) | ||||||||||||
Investment income, net | 575 | (22 | ) (2) | 553 | 211 | (70 | ) (2) | 141 | ||||||||||||||||
Other | 2 | — | 2 | 35 | (35 | ) (3) | — | |||||||||||||||||
Total other income (expenses) | $ | 462 | $ | 19 | $ | 481 | $ | 104 | $ | (37 | ) | $ | 67 | |||||||||||
(1) | Interest accretion on American Express Settlement and interest expense on Discover Settlement |
(2) | Investment income on Litigation Escrow funds and funds used in October 2008 for the repurchase of shares from Visa Europe. |
(3) | Underwater contract (LIBOR adjustment) |
11
Class A Common Stock Adjusted Diluted Earnings Per Share
• | Management believes the presentation of adjusted operating income and adjusted net income provides a clearer understanding of the one-time items related to the Company’s reorganization, initial public offering and other non-recurring events. These measures also adjust for expenses related to covered litigation that will be funded by the litigation escrow account. These items have an impact on our financial results but are either non-recurring or have no operating cash impact. |
• | Recognizing that we have a very complex equity structure incorporating multiple classes and series of common stock, the Company has also presented adjusted diluted class A earnings per share calculated below based on adjusted net income and the weighted average number of diluted class A shares outstanding in the periods presented (adjusted in the prior periods presented). This non-GAAP financial measure has been presented to illustrate our per share results reflecting our capital structure after the redemption of all class C (series II) common stock and a portion of class C (series III) common stock, which the Company redeemed in October 2008. Management believes this non-GAAP presentation provides the reader with a clearer understanding of our per share results by excluding these redeemed shares and allocating adjusted net income only to permanent equity. |
For the Three Months Ended September 30, 2009 | For the Three Months Ended September 30, 2008 | For the Twelve Months Ended September 30, 2009 | For the Twelve Months Ended September 30, 2008 | |||||||||
(in millions, except per share data) | ||||||||||||
Adjusted net income | $ | 552 | $ | 448 | $ | 2,448 | $ | 1,749 | ||||
Weighted average number of diluted shares outstanding | 747 | 776 | 758 | 776 | ||||||||
Adjusted diluted earnings per share | $ | 0.74 | $ | 0.58 | $ | 3.23 | $ | 2.25 | ||||
12
Calculation of Free Cash Flow
US$ in millions
Additions (+) / Reductions (-) to Net income | FY 2009 | |||||||||
Net income (as reported) | 2,353 | |||||||||
Capital Assets | + | Depreciation and amortization | 226 | |||||||
- | Capital expenditures | (306 | ) | (80 | ) | |||||
Litigation | + | Litigation provision | 2 | |||||||
+ | Accretion expense | 93 | ||||||||
- | Settlement payments | (2,201 | ) | |||||||
+ | Settlement payments funded by litigation escrow | 2,028 | ||||||||
+ | Settlement payments funded by Morgan Stanley | 65 | (13 | ) | ||||||
Share-based Compensation | + | Share-based compensation | 115 | |||||||
Pension | + | Pension expense | 60 | |||||||
- | Pension contribution | (170 | ) | (110 | ) | |||||
VisaNet Brazil | - | Gain on sale of investment | (473 | ) | ||||||
+ | Proceeds from sale | 1,008 | 535 | |||||||
Taxes | + | Income tax expense | 1,648 | |||||||
- | Income taxes paid | (1,172 | ) | 476 | ||||||
Changes in Working Capital* | + | Changes in other working capital accounts | 12 | |||||||
Total Free Cash Flow | 3,288 | |||||||||
Less: VisaNet Brazil | - | Proceeds from sale | (1,008 | ) | ||||||
+ | Income taxes paid | 489 | (519 | ) | ||||||
Adjusted Free Cash Flow | 2,769 |
* | Includes changes in volume & support incentives, trade receivables, settlement receivable/payable, and personnel incentives. |
13
Operational Performance Data
The tables below provide information regarding the operational results for the 3 months ended June 30, 2009, as well as the prior seven quarterly reporting periods and the 12 months ended June 30, 2009 and 2008, for cards carrying the Visa, Visa Electron and Interlink brands.
1. Branded Volume and Transactions
The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
For the 3 Months Ended June 30, 2009 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 259 | 3.7 | % | 10.3 | % | $ | 165 | 2.0 | % | 8.4 | % | 2,325 | $ | 94 | 6.9 | % | 13.7 | % | 540 | 424 | 512 | |||||||||||||
Canada | 45 | -11.5 | % | -3.7 | % | 41 | -9.8 | % | -1.8 | % | 396 | 4 | -25.1 | % | -18.5 | % | 9 | 23 | 31 | ||||||||||||||||
CEMEA | 123 | -6.4 | % | 9.8 | % | 20 | 2.8 | % | 12.3 | % | 324 | 103 | -8.0 | % | 9.3 | % | 736 | 179 | 184 | ||||||||||||||||
LAC | 150 | -2.8 | % | 15.3 | % | 49 | -0.4 | % | 16.3 | % | 1,302 | 101 | -3.9 | % | 14.8 | % | 798 | 317 | 344 | ||||||||||||||||
US | 505 | -3.9 | % | -3.9 | % | 412 | -2.6 | % | -2.6 | % | 8,282 | 93 | -9.5 | % | -9.5 | % | 778 | 482 | 661 | ||||||||||||||||
Visa Inc. | 1,083 | -2.7 | % | 3.1 | % | 687 | -1.7 | % | 1.5 | % | 12,630 | 396 | -4.4 | % | 6.0 | % | 2,861 | 1,426 | 1,732 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 209 | -15.0 | % | -15.0 | % | $ | 192 | -9.6 | % | -9.6 | % | 2,282 | $ | 17 | -49.2 | % | -49.2 | % | 21 | 234 | 309 | |||||||||||||
Rest of World | 269 | -3.1 | % | 5.1 | % | 234 | -1.5 | % | 6.1 | % | 3,293 | 35 | -12.1 | % | -1.6 | % | 137 | 418 | 482 | ||||||||||||||||
Visa Inc. | 479 | -8.7 | % | -4.8 | % | 426 | -5.3 | % | -1.6 | % | 5,575 | 52 | -29.0 | % | -24.6 | % | 159 | 652 | 791 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 296 | 5.8 | % | 5.8 | % | $ | 220 | 4.6 | % | 4.6 | % | 6,001 | $ | 76 | 9.7 | % | 9.7 | % | 757 | 248 | 352 | |||||||||||||
Rest of World | 308 | -0.3 | % | 15.1 | % | 41 | 7.2 | % | 23.0 | % | 1,054 | 267 | -1.3 | % | 14.0 | % | 1,946 | 526 | 589 | ||||||||||||||||
Visa Inc. | 604 | 2.6 | % | 10.4 | % | 261 | 5.0 | % | 7.1 | % | 7,054 | 343 | 0.9 | % | 13.0 | % | 2,702 | 774 | 941 | ||||||||||||||||
For the 3 Months Ended March 31, 2009 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 229 | -6.5 | % | 11.3 | % | $ | 147 | -7.8 | % | 10.2 | % | 2,176 | $ | 82 | -4.2 | % | 13.3 | % | 545 | 420 | 506 | |||||||||||||
Canada | 36 | -23.3 | % | -0.8 | % | 32 | -22.2 | % | 0.5 | % | 347 | 4 | -30.6 | % | -10.3 | % | 9 | 23 | 31 | ||||||||||||||||
CEMEA | 108 | -4.8 | % | 19.6 | % | 17 | -0.4 | % | 19.5 | % | 294 | 91 | -5.6 | % | 19.6 | % | 666 | 178 | 182 | ||||||||||||||||
LAC | 128 | -10.3 | % | 16.1 | % | 42 | -9.3 | % | 15.2 | % | 1,283 | 86 | -10.7 | % | 16.6 | % | 775 | 313 | 341 | ||||||||||||||||
US | 468 | -4.2 | % | -4.2 | % | 379 | -2.5 | % | -2.5 | % | 7,506 | 89 | -10.9 | % | -10.9 | % | 708 | 481 | 665 | ||||||||||||||||
Visa Inc. | 969 | -6.5 | % | 4.1 | % | 617 | -5.5 | % | 2.0 | % | 11,607 | 352 | -8.3 | % | 7.8 | % | 2,703 | 1,415 | 1,724 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 196 | �� | -15.5 | % | -15.5 | % | $ | 176 | -9.7 | % | -9.7 | % | 2,083 | $ | 19 | -47.0 | % | -47.0 | % | 22 | 240 | 318 | ||||||||||||
Rest of World | 236 | -11.9 | % | 7.3 | % | 204 | -11.0 | % | 8.0 | % | 3,105 | 32 | -17.7 | % | 3.1 | % | 131 | 418 | 480 | ||||||||||||||||
Visa Inc. | 431 | -13.6 | % | -4.4 | % | 380 | -10.4 | % | -1.0 | % | 5,188 | 51 | -31.7 | % | -23.7 | % | 153 | 658 | 798 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 272 | 5.9 | % | 5.9 | % | $ | 202 | 4.7 | % | 4.7 | % | 5,423 | $ | 70 | 9.4 | % | 9.4 | % | 686 | 241 | 347 | |||||||||||||
Rest of World | 265 | -5.4 | % | 19.0 | % | 34 | -2.5 | % | 25.3 | % | 996 | 231 | -5.8 | % | 18.1 | % | 1,864 | 517 | 579 | ||||||||||||||||
Visa Inc. | 537 | 0.0 | % | 12.0 | % | 237 | 3.6 | % | 7.3 | % | 6,419 | 301 | -2.6 | % | 15.9 | % | 2,550 | 758 | 926 |
14
Operational Performance Data
| Q4 2009 Earnings
|
For the 3 Months Ended December 31, 2008 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 243 | 1.1 | % | 12.3 | % | $ | 161 | 2.1 | % | 13.2 | % | 2,227 | $ | 82 | -0.9 | % | 10.5 | % | 533 | 414 | 501 | |||||||||||||
Canada | 43 | -16.3 | % | 2.1 | % | 38 | -15.4 | % | 3.2 | % | 395 | 4 | -23.5 | % | -6.6 | % | 9 | 23 | 30 | ||||||||||||||||
CEMEA | 136 | 18.5 | % | 34.5 | % | 20 | 11.9 | % | 30.3 | % | 306 | 117 | 19.7 | % | 35.2 | % | 708 | 174 | 179 | ||||||||||||||||
LAC | 144 | -1.2 | % | 21.7 | % | 47 | -0.4 | % | 21.3 | % | 1,344 | 97 | -1.6 | % | 21.9 | % | 848 | 312 | 340 | ||||||||||||||||
US | 505 | -1.9 | % | -1.9 | % | 409 | -1.0 | % | -1.0 | % | 7,831 | 96 | -5.3 | % | -5.3 | % | 714 | 484 | 667 | ||||||||||||||||
Visa Inc. | 1,071 | 0.4 | % | 7.9 | % | 675 | -0.9 | % | 4.4 | % | 12,103 | 397 | 2.6 | % | 14.4 | % | 2,811 | 1,406 | 1,718 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 231 | -9.0 | % | -9.0 | % | $ | 203 | -6.9 | % | -6.9 | % | 2,380 | $ | 28 | -21.7 | % | -21.7 | % | 28 | 258 | 335 | |||||||||||||
Rest of World | 266 | -2.3 | % | 11.7 | % | 228 | -1.6 | % | 12.0 | % | 3,228 | 37 | -5.9 | % | 10.2 | % | 148 | 415 | 478 | ||||||||||||||||
Visa Inc. | 496 | -5.5 | % | 1.0 | % | 431 | -4.2 | % | 2.2 | % | 5,608 | 65 | -13.4 | % | -6.1 | % | 176 | 673 | 813 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 275 | 5.0 | % | 5.0 | % | $ | 206 | 5.6 | % | 5.6 | % | 5,451 | $ | 69 | 3.4 | % | 3.4 | % | 686 | 226 | 333 | |||||||||||||
Rest of World | 301 | 7.1 | % | 25.1 | % | 38 | 5.9 | % | 28.7 | % | 1,043 | 263 | 7.3 | % | 24.6 | % | 1,949 | 507 | 572 | ||||||||||||||||
Visa Inc. | 575 | 6.1 | % | 14.6 | % | 244 | 5.6 | % | 8.6 | % | 6,495 | 331 | 6.5 | % | 19.5 | % | 2,635 | 734 | 905 | ||||||||||||||||
For the 3 Months Ended September 30, 2008 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 250 | 16.4 | % | 20.4 | % | $ | 163 | 16.3 | % | 20.5 | % | 2,144 | $ | 87 | 16.6 | % | 20.1 | % | 525 | 400 | 480 | |||||||||||||
Canada | 50 | 5.5 | % | 9.1 | % | 44 | 6.9 | % | 10.6 | % | 395 | 5 | -4.9 | % | -1.6 | % | 9 | 24 | 32 | ||||||||||||||||
CEMEA | 144 | 43.4 | % | 44.4 | % | 21 | 38.6 | % | 42.1 | % | 280 | 123 | 44.3 | % | 44.9 | % | 671 | 169 | 176 | ||||||||||||||||
LAC | 159 | 31.3 | % | 26.5 | % | 51 | 32.9 | % | 28.5 | % | 1,237 | 108 | 30.5 | % | 25.5 | % | 798 | 301 | 334 | ||||||||||||||||
US | 525 | 7.3 | % | 7.3 | % | 421 | 8.6 | % | 8.6 | % | 7,686 | 104 | 2.4 | % | 2.4 | % | 745 | 474 | 651 | ||||||||||||||||
Visa Inc. | 1,128 | 15.9 | % | 16.5 | % | 701 | 12.4 | % | 13.4 | % | 11,742 | 427 | 22.2 | % | 22.0 | % | 2,748 | 1,368 | 1,673 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 245 | 2.0 | % | 2.0 | % | $ | 213 | 3.5 | % | 3.5 | % | 2,367 | $ | 32 | -7.0 | % | -7.0 | % | 30 | 263 | 336 | |||||||||||||
Rest of World | 280 | 15.6 | % | 18.9 | % | 239 | 16.1 | % | 19.2 | % | 3,115 | 41 | 12.9 | % | 17.4 | % | 153 | 410 | 473 | ||||||||||||||||
Visa Inc. | 526 | 8.9 | % | 10.4 | % | 452 | 9.8 | % | 11.2 | % | 5,482 | 74 | 3.2 | % | 5.3 | % | 183 | 672 | 809 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 280 | 12.4 | % | 12.4 | % | $ | 208 | 14.3 | % | 14.3 | % | 5,319 | $ | 71 | 7.3 | % | 7.3 | % | 714 | 211 | 314 | |||||||||||||
Rest of World | 322 | 33.8 | % | 32.7 | % | 41 | 37.5 | % | 37.8 | % | 941 | 282 | 33.3 | % | 32.0 | % | 1,851 | 484 | 549 | ||||||||||||||||
Visa Inc. | 602 | 22.9 | % | 22.5 | % | 249 | 17.5 | % | 17.6 | % | 6,260 | 353 | 27.1 | % | 26.2 | % | 2,565 | 695 | 864 |
For the 3 Months Ended June 30, 2008 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 250 | 24.3 | % | 21.4 | % | $ | 162 | 22.4 | % | 19.1 | % | 2,032 | $ | 88 | 28.0 | % | 25.8 | % | 498 | 387 | 472 | |||||||||||||
Canada | 51 | 14.3 | % | 10.3 | % | 45 | 14.5 | % | 10.4 | % | 383 | 6 | 13.0 | % | 9.0 | % | 9 | 24 | 31 | ||||||||||||||||
CEMEA | 131 | 45.8 | % | 38.8 | % | 19 | 37.8 | % | 36.4 | % | 255 | 112 | 47.2 | % | 39.2 | % | 640 | 159 | 168 | ||||||||||||||||
LAC | 155 | 35.4 | % | 23.1 | % | 50 | 40.3 | % | 27.5 | % | 1,160 | 105 | 33.2 | % | 21.1 | % | 754 | 303 | 328 | ||||||||||||||||
US | 526 | 8.8 | % | 8.8 | % | 423 | 9.7 | % | 9.7 | % | 7,666 | 103 | 4.9 | % | 4.9 | % | 738 | 465 | 642 | ||||||||||||||||
Visa Inc. | 1,113 | 19.2 | % | 15.9 | % | 699 | 15.2 | % | 13.4 | % | 11,495 | 414 | 26.6 | % | 20.7 | % | 2,639 | 1,338 | 1,642 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 246 | 4.7 | % | 4.7 | % | $ | 213 | 5.0 | % | 5.0 | % | 2,338 | $ | 34 | 2.9 | % | 2.9 | % | 29 | 262 | 335 | |||||||||||||
Rest of World | 278 | 21.7 | % | 17.5 | % | 238 | 22.6 | % | 18.3 | % | 2,969 | 40 | 16.4 | % | 13.0 | % | 146 | 404 | 464 | ||||||||||||||||
Visa Inc. | 524 | 13.1 | % | 10.9 | % | 450 | 13.6 | % | 11.4 | % | 5,307 | 74 | 9.8 | % | 7.9 | % | 175 | 666 | 798 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 280 | 12.6 | % | 12.6 | % | $ | 210 | 15.0 | % | 15.0 | % | 5,328 | $ | 69 | 5.9 | % | 5.9 | % | 708 | 203 | 308 | |||||||||||||
Rest of World | 309 | 39.4 | % | 30.9 | % | 38 | 40.3 | % | 32.0 | % | 860 | 271 | 39.3 | % | 30.8 | % | 1,756 | 470 | 536 | ||||||||||||||||
Visa Inc. | 589 | 25.2 | % | 20.9 | % | 248 | 18.2 | % | 17.0 | % | 6,188 | 340 | 30.9 | % | 24.1 | % | 2,464 | 673 | 844 |
15
Operational Performance Data
| Q4 2009 Earnings
|
For the 3 Months Ended March 31, 2008 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 245 | 29.4 | % | 22.5 | % | $ | 159 | 26.5 | % | 19.4 | % | 1,913 | $ | 85 | 35.2 | % | 28.6 | % | 458 | 376 | 457 | |||||||||||||
Canada | 47 | 30.9 | % | 10.0 | % | 41 | 30.5 | % | 9.7 | % | 337 | 6 | 33.8 | % | 12.5 | % | 9 | 24 | 31 | ||||||||||||||||
CEMEA | 114 | 40.8 | % | 35.2 | % | 17 | 40.4 | % | 37.9 | % | 236 | 96 | 40.9 | % | 34.7 | % | 584 | 148 | 156 | ||||||||||||||||
LAC | 143 | 37.8 | % | 22.4 | % | 46 | 47.5 | % | 30.5 | % | 1,123 | 97 | 33.7 | % | 18.8 | % | 719 | 288 | 312 | ||||||||||||||||
US | 488 | 10.8 | % | 10.8 | % | 389 | 12.0 | % | 12.0 | % | 7,085 | 100 | 6.5 | % | 6.5 | % | 689 | 456 | 664 | ||||||||||||||||
Visa Inc. | 1,036 | 22.0 | % | 16.6 | % | 652 | 19.1 | % | 14.9 | % | 10,694 | 384 | 27.2 | % | 19.8 | % | 2,460 | 1,291 | 1,620 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 231 | 8.0 | % | 8.0 | % | $ | 195 | 8.1 | % | 8.1 | % | 2,172 | $ | 36 | 7.5 | % | 7.5 | % | 30 | 260 | 368 | |||||||||||||
Rest of World | 268 | 28.5 | % | 18.5 | % | 229 | 29.5 | % | 19.1 | % | 2,798 | 39 | 23.0 | % | 15.0 | % | 134 | 387 | 446 | ||||||||||||||||
Visa Inc. | 499 | 18.1 | % | 12.9 | % | 424 | 18.7 | % | 13.2 | % | 4,969 | 75 | 15.0 | % | 10.8 | % | 164 | 647 | 814 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 257 | 13.5 | % | 13.5 | % | $ | 193 | 16.2 | % | 16.2 | % | 4,913 | $ | 64 | 6.0 | % | 6.0 | % | 659 | 196 | 297 | |||||||||||||
Rest of World | 280 | 39.6 | % | 29.3 | % | 35 | 44.1 | % | 32.6 | % | 812 | 245 | 38.9 | % | 28.9 | % | 1,636 | 448 | 510 | ||||||||||||||||
Visa Inc. | 537 | 25.8 | % | 20.3 | % | 228 | 19.8 | % | 18.0 | % | 5,725 | 309 | 30.6 | % | 22.4 | % | 2,296 | 644 | 806 | ||||||||||||||||
For the 3 Months Ended December 31, 2007 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 241 | 28.4 | % | 24.0 | % | $ | 158 | 24.3 | % | 20.3 | % | 1,931 | $ | 83 | 36.9 | % | 31.7 | % | 452 | 368 | 446 | |||||||||||||
Canada | 51 | 29.3 | % | 13.6 | % | 45 | 28.5 | % | 12.8 | % | 382 | 6 | 36.5 | % | 19.9 | % | 9 | 23 | 31 | ||||||||||||||||
CEMEA | 115 | 43.8 | % | 38.6 | % | 18 | 44.1 | % | 40.5 | % | 235 | 97 | 43.8 | % | 38.2 | % | 590 | 139 | 147 | ||||||||||||||||
LAC | 145 | 33.3 | % | 22.1 | % | 47 | 44.1 | % | 31.3 | % | 1,132 | 99 | 28.8 | % | 18.1 | % | 757 | 284 | 307 | ||||||||||||||||
US | 515 | 11.5 | % | 11.5 | % | 413 | 12.4 | % | 12.4 | % | 7,422 | 102 | 7.7 | % | 7.7 | % | 715 | 455 | 660 | ||||||||||||||||
Visa Inc. | 1,067 | 21.5 | % | 17.7 | % | 681 | 18.5 | % | 15.6 | % | 11,103 | 387 | 27.3 | % | 21.8 | % | 2,523 | 1,269 | 1,591 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 253 | 9.1 | % | 9.1 | % | $ | 218 | 9.7 | % | 9.7 | % | 2,467 | $ | 36 | 5.9 | % | 5.9 | % | 33 | 259 | 365 | |||||||||||||
Rest of World | 272 | 26.7 | % | 19.8 | % | 232 | 27.3 | % | 20.3 | % | 2,863 | 40 | 23.2 | % | 17.2 | % | 136 | 372 | 431 | ||||||||||||||||
Visa Inc. | 525 | 17.6 | % | 14.1 | % | 450 | 18.1 | % | 14.6 | % | 5,330 | 75 | 14.4 | % | 11.2 | % | 169 | 630 | 796 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 261 | 13.8 | % | 13.8 | % | $ | 195 | 15.6 | % | 15.6 | % | 4,955 | $ | 66 | 8.7 | % | 8.7 | % | 682 | 197 | 295 | |||||||||||||
Rest of World | 281 | 39.1 | % | 31.2 | % | 36 | 43.5 | % | 34.0 | % | 817 | 245 | 38.5 | % | 30.8 | % | 1,672 | 442 | 500 | ||||||||||||||||
Visa Inc. | 542 | 25.6 | % | 21.5 | % | 231 | 19.2 | % | 17.7 | % | 5,772 | 311 | 30.9 | % | 24.8 | % | 2,354 | 639 | 795 | ||||||||||||||||
For the 3 Months Ended September 30, 2007 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 215 | 25.6 | % | 20.6 | % | $ | 140 | 22.1 | % | 17.5 | % | 1,796 | $ | 74 | 32.8 | % | 26.8 | % | 417 | 348 | 427 | |||||||||||||
Canada | 47 | 22.7 | % | 12.9 | % | 42 | 21.4 | % | 11.8 | % | 362 | 6 | 33.0 | % | 22.5 | % | 9 | 23 | 31 | ||||||||||||||||
CEMEA | 101 | 43.0 | % | 38.9 | % | 15 | 39.0 | % | 35.7 | % | 211 | 85 | 43.8 | % | 39.4 | % | 545 | 125 | 136 | ||||||||||||||||
LAC | 121 | 26.7 | % | 18.9 | % | 38 | 38.5 | % | 29.5 | % | 1,004 | 83 | 21.9 | % | 14.6 | % | 691 | 267 | 289 | ||||||||||||||||
US | 489 | 9.7 | % | 9.7 | % | 388 | 10.8 | % | 10.8 | % | 7,043 | 101 | 5.7 | % | 5.7 | % | 730 | 440 | 642 | ||||||||||||||||
Visa Inc. | 973 | 18.4 | % | 15.8 | % | 623 | 15.9 | % | 13.8 | % | 10,415 | 349 | 23.3 | % | 19.3 | % | 2,392 | 1,203 | 1,526 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 240 | 6.7 | % | 6.7 | % | $ | 206 | 8.5 | % | 8.5 | % | 2,319 | $ | 35 | -2.8 | % | -2.8 | % | 34 | 253 | 358 | |||||||||||||
Rest of World | 243 | 22.5 | % | 17.1 | % | 206 | 23.6 | % | 17.8 | % | 2,654 | 37 | 16.4 | % | 13.5 | % | 128 | 353 | 410 | ||||||||||||||||
Visa Inc. | 483 | 14.1 | % | 11.6 | % | 412 | 15.6 | % | 12.9 | % | 4,973 | 71 | 6.2 | % | 4.8 | % | 162 | 607 | 769 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 249 | 12.7 | % | 12.7 | % | $ | 182 | 13.5 | % | 13.5 | % | 4,724 | $ | 67 | 10.7 | % | 10.7 | % | 696 | 187 | 284 | |||||||||||||
Rest of World | 241 | 36.0 | % | 28.6 | % | 29 | 39.6 | % | 31.3 | % | 718 | 211 | 35.5 | % | 28.3 | % | 1,534 | 409 | 473 | ||||||||||||||||
Visa Inc. | 490 | 23.1 | % | 20.0 | % | 212 | 16.5 | % | 15.6 | % | 5,442 | 278 | 28.6 | % | 23.6 | % | 2,230 | 596 | 757 |
16
Operational Performance Data
| Q4 2009 Earnings
|
For the 12 Months Ended June 30, 2009 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 981 | 3.3 | % | 13.4 | % | $ | 636 | 2.7 | % | 12.9 | % | 8,872 | $ | 345 | 4.3 | % | 14.4 | % | 2,143 | 424 | 512 | |||||||||||||
Canada | 173 | -11.5 | % | 1.8 | % | 155 | -10.2 | % | 3.2 | % | 1,532 | 18 | -21.1 | % | -9.3 | % | 36 | 23 | 31 | ||||||||||||||||
CEMEA | 511 | 11.1 | % | 26.8 | % | 78 | 12.3 | % | 25.6 | % | 1,204 | 434 | 10.9 | % | 27.0 | % | 2,781 | 179 | 184 | ||||||||||||||||
LAC | 581 | 3.0 | % | 19.9 | % | 189 | 4.3 | % | 20.4 | % | 5,166 | 393 | 2.4 | % | 19.7 | % | 3,220 | 317 | 344 | ||||||||||||||||
US | 2,003 | -0.7 | % | -0.7 | % | 1,621 | 0.5 | % | 0.5 | % | 31,306 | 382 | -5.8 | % | -5.8 | % | 2,944 | 482 | 661 | ||||||||||||||||
Visa Inc. | 4,251 | 1.5 | % | 7.8 | % | 2,680 | 0.9 | % | 5.3 | % | 48,081 | 1,571 | 2.4 | % | 12.5 | % | 11,123 | 1,426 | 1,732 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 881 | -9.3 | % | -9.3 | % | $ | 785 | -5.7 | % | -5.7 | % | 9,112 | $ | 96 | -31.2 | % | -31.2 | % | 101 | 234 | 309 | |||||||||||||
Rest of World | 1,051 | -0.8 | % | 10.7 | % | 905 | 0.1 | % | 11.2 | % | 12,741 | 146 | -6.1 | % | 7.3 | % | 570 | 418 | 482 | ||||||||||||||||
Visa Inc. | 1,932 | -4.9 | % | 0.6 | % | 1,689 | -2.7 | % | 2.7 | % | 21,853 | 242 | -17.9 | % | -12.2 | % | 671 | 652 | 791 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 1,123 | 7.2 | % | 7.2 | % | $ | 837 | 7.1 | % | 7.1 | % | 22,194 | $ | 286 | 7.5 | % | 7.5 | % | 2,843 | 248 | 352 | |||||||||||||
Rest of World | 1,196 | 7.7 | % | 22.8 | % | 153 | 10.9 | % | 28.6 | % | 4,034 | 1,043 | 7.2 | % | 22.0 | % | 7,609 | 526 | 589 | ||||||||||||||||
Visa Inc. | 2,319 | 7.5 | % | 14.7 | % | 990 | 7.7 | % | 10.0 | % | 26,228 | 1,329 | 7.3 | % | 18.6 | % | 10,453 | 774 | 941 | ||||||||||||||||
For the 12 Months Ended June 30, 2008 | |||||||||||||||||||||||||||||||||||
Total Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Payments Transactions (millions) | Cash Volume ($ billions) | Growth (Nominal USD) | Growth (Constant USD) | Cash Transactions (millions) | Accounts (millions) | Cards (millions) | |||||||||||||||||||||||
All Visa Credit & Debit | |||||||||||||||||||||||||||||||||||
Asia Pacific | $ | 950 | 26.9 | % | 22.1 | % | $ | 619 | 23.8 | % | 19.1 | % | 7,672 | $ | 331 | 33.1 | % | 28.1 | % | 1,826 | 387 | 472 | |||||||||||||
Canada | 196 | 23.8 | % | 11.7 | % | 173 | 23.3 | % | 11.2 | % | 1,463 | 23 | 28.3 | % | 15.8 | % | 37 | 24 | 31 | ||||||||||||||||
CEMEA | 460 | 43.4 | % | 37.9 | % | 69 | 40.3 | % | 37.6 | % | 937 | 391 | 44.0 | % | 38.0 | % | 2,359 | 159 | 168 | ||||||||||||||||
LAC | 564 | 33.5 | % | 21.6 | % | 181 | 42.7 | % | 29.6 | % | 4,418 | 383 | 29.6 | % | 18.1 | % | 2,920 | 303 | 328 | ||||||||||||||||
US | 2,018 | 10.2 | % | 10.2 | % | 1,613 | 11.2 | % | 11.2 | % | 29,216 | 406 | 6.2 | % | 6.2 | % | 2,872 | 465 | 642 | ||||||||||||||||
Visa Inc. | 4,189 | 20.3 | % | 16.5 | % | 2,655 | 17.1 | % | 14.4 | % | 43,707 | 1,534 | 26.2 | % | 20.4 | % | 10,014 | 1,338 | 1,642 | ||||||||||||||||
Visa Credit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 971 | 7.1 | % | 7.1 | % | $ | 832 | 7.8 | % | 7.8 | % | 9,296 | $ | 140 | 3.3 | % | 3.3 | % | 127 | 262 | 335 | |||||||||||||
Rest of World | 1,060 | 24.8 | % | 18.2 | % | 904 | 25.7 | % | 18.9 | % | 11,284 | 156 | 19.7 | % | 14.6 | % | 544 | 404 | 464 | ||||||||||||||||
Visa Inc. | 2,031 | 15.7 | % | 12.3 | % | 1,736 | 16.5 | % | 13.0 | % | 20,580 | 295 | 11.3 | % | 8.6 | % | 671 | 666 | 798 | ||||||||||||||||
Visa Debit Programs | |||||||||||||||||||||||||||||||||||
US | $ | 1,047 | 13.1 | % | 13.1 | % | $ | 781 | 15.1 | % | 15.1 | % | 19,920 | $ | 266 | 7.8 | % | 7.8 | % | 2,745 | 203 | 308 | |||||||||||||
Rest of World | 1,111 | 38.6 | % | 30.0 | % | 138 | 41.9 | % | 32.5 | % | 3,207 | 972 | 38.2 | % | 29.7 | % | 6,598 | 470 | 536 | ||||||||||||||||
Visa Inc. | 2,158 | 25.0 | % | 20.7 | % | 919 | 18.5 | % | 17.1 | % | 23,127 | 1,238 | 30.3 | % | 23.7 | % | 9,343 | 673 | 844 |
17
Operational Performance Data
| Q4 2009 Earnings
|
Footnote
The preceding tables present regional total volume, payments volume and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.
Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa’s signature based and Interlink (PIN) debit programs.
The data presented is reported quarterly by Visa’s members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.
Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.
Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported (“Nominal USD”). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information (“Constant USD”). This presentation represents Visa’s historical methodology which may be subject to review and refinement.
18
Operational Performance Data
| Q4 2009 Earnings
|
2. Cross Border Volume
The table below represents cross border volume growth for cards carrying the Visa, Visa Electron, Interlink and PLUS brands. Cross border volume refers to payments and cash volume where the issuing country is different from the merchant country.
Period | Growth (Nominal USD) | Growth (Constant USD) | ||||
3 Months Ended | ||||||
Sep 30, 2009 | -9 | % | -5 | % | ||
Jun 30, 2009 | -15 | % | -8 | % | ||
Mar 31, 2009 | -15 | % | -6 | % | ||
Dec 31, 2008 | -6 | % | 0 | % | ||
Sep 30, 2008 | 14 | % | 12 | % | ||
Jun 30, 2008 | 20 | % | 14 | % | ||
Mar 31, 2008 | 25 | % | 17 | % | ||
Dec 31, 2007 | 29 | % | 22 | % | ||
12 Months Ended | ||||||
Sep 30, 2009 | -11 | % | -5 | % | ||
Sep 30, 2008 | 22 | % | 16 | % |
3. Processed Transactions
The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.
Period | Processed Transactions (millions) | Growth | |||
3 Months Ended | |||||
Sep 30, 2009 | 10,463 | 9 | % | ||
Jun 30, 2009 | 10,266 | 8 | % | ||
Mar 31, 2009 | 9,360 | 6 | % | ||
Dec 31, 2008 | 9,797 | 8 | % | ||
Sep 30, 2008 | 9,590 | 11 | % | ||
Jun 30, 2008 | 9,473 | 13 | % | ||
Mar 31, 2008 | 8,800 | 15 | % | ||
Dec 31, 2007 | 9,094 | 13 | % | ||
12 Months Ended | |||||
Sep 30, 2009 | 39,885 | 8 | % | ||
Sep 30, 2008 | 36,956 | 13 | % |
19