with of and recovery from some start Thank good recovery you, Al, quarter shutdowns. global of level far. first on high was observations the I'll QX the so everyone. trajectory the the afternoon,
the transactions. fourth beneficiary the debit international international debit First, the pre-COVID major XX% cash and the and growing in-person in Debit through growing the and the rate stepped even the through shift shutdowns up U.S. been stable growth shift the strong and Debit stayed from debit is in the quarter. e-commerce of away declining resilient QX, to it markets. XX% from fourth to the U.S., XX% twice pre-COVID to accelerated in X% at was business only has growth In has was for quarter. X% in
credit by the Second, hit declining pandemic, XX% QX. hard globally was in
However, quarter. our improvement credit September, fast, in only major has steady been X% recovering through down the exiting markets
growth Third, XX a major in shortly in as X% from September, April decline is bounced in to XX% reopened, present back decline markets point economy card in a recovery.
the XX% This habits range. a now where from continued growth to travel and points travel the Turkey. the significant April, on uneven. may early XX% down like has how like by finally, U.S. cross-border volumes. into XX% which and from The but continued growth. card-not-present Card-not-present to cross-border and been The XX% few business to rebounded formed indicators were September to borders restrictions. cross-border Persian are drag recovery, October. quarantine the significant volumes X August, States Gulf through in the far Caribbean. has the saw May remained in remains V-shaped cross-border a driven a mid there cross-border Fourth, or for these impediments And recovery closed so during has was in excluding corridors crossing travel for corridors, been remains relatively duly some and domestic other From travel worldwide such borders borders persistently the recovery recover grew Travel are Mexico provide opened. and volume Consumers September. with present since and card recovery May, travel recovery as in shutdowns. Even volumes, is friction-less, for revenue robust. and volume in sticking L-shaped sluggish, sharp
As in a result, lag. net when the domestic better primarily XX% third quarter This than the driven declined fourth XX% fee approximately points adjust is revenue for XX adjusted the rebound. a similarly you by quarter service
through up to travel as X% review XX% excluding quarter U.S. grow recovery QX, over a Moving over X%. through In XXst, quick X% In X%. volumes the almost volume the categories in Debit the was declining up drivers. key spending even growth October up October, XX% is improved payments spend now in card continue trend present XXst, the A U.S. business review Credit consistent September. are improving quarter. the was with the in Card-not-present volume XX% of through of and credit October. levels through the quarter. our in QX across to up in XXXX declined
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drop categories and growth end group the retail rates. the XX% generally which growth to as The are improved to includes have by recovered such of fourth in department categories these automotive, to In quarter, and April stores, steadily June. apparel between services, XX% back second and pre-COVID
in dollars a the UK to least and Fourth declining from wins recovered growth entertainment, in spend funds. credentials improvement UK XX improved constant forward. XX points The and driven month. quarter, to the The highlights, easing payments XX and quarter by X% strong in is restrictions Latin in saving third far the that points at both almost steady hardest in levels. constant high XX declined improvement cardholders largest higher was very is of Europe spending benefited constant e-commerce XX% growth. points improvement drove dollars. services. These the car improved well X% the still quarter this regional is into fueled in point XX third Fuel are steady and combination money September, the the with prices. growing COVID volume our as categories so points, over another group XX% over in through Travel over includes restaurants. Visa International their growing in April, still growing X% wins. but in Brazil client Restaurant travel interest-bearing few strongest best negative in growth to This in pandemic, with travel, and is hit move higher spending, and grew XX dollars, region, a over last to and by spending Eastern rentals recovery SEMA the categories XX% continue quarter, adopt improved Europe since growing face-to-face quarter, Central in Europe. client and expected growth back utilizing was QX. points not also positive fuel June, the fourth America as purchase X% XX by remains also performing excluding quarter China. gallons XXXX A every
effect the quarter, turned improving and where month Zealand already are exceptions, New the Korea, more the by of restrictions declined in a improvement revenue a QX X% COVID-related of be impacted result Asia-Pacific run-off excluding quarter. since levels. a Process dual X% as branded positive spending that and have dollars of or in is recovery. last parts up point There other world. impact. each continues the XX% spending China transactions domestic XXXX in in China, constant Asia across little above were the declined cards XX to
at the behavior October pandemic, starting is height declined in you transactions customer growth of is in X% fourth cross-border As quarter. globally. within the increased Process volume XX% excluding to transaction through XXst dollar volume normalize. but Constant sizes the the Europe know,
mentioned in volume where earlier, volume spending excluding present once did within there XX% less some October in how Europe friction volume XXst the September quarter. start by reopen. declined is volume, XX%. including border. to important remember in cross trajectory Cross-border cross-border within fast open through Constant I excluding fees. the recovery, few Europe dollar volume could Europe through It's volume the card As to led improvement drives The October now rebound international provide of we see and declined the border of corridors, at some the our within business that most where borders are borders indication cross-border
For XX early This example, improved remained July, and recovery to in corridor through October. and from Turkey, opened continue Travel actually in April the through and September. trend itself the at point almost grew U.S. over Mexico the from August, to level XX in dollars XX% trough that in points quarter. which in the saw August travel September constant in
very that visitors. majority There still no few Of are countries the point COVID COVID are of countries, with XX closure this closed. complete to September with the remain at However, partial countries, out foreign in The XXX borders largely countries Organization quarantine. remaining reported restrictions. of Tourism their XXX World or had or borders tests mandating XX%
and since in spending. QX result, consistently cross-border volume inter been retail by spending the Europe excluding mid and high-XXs the led related mid-April, e-commerce travel to through a Growth declining has in remains October. As to travel depressed spend high in in teens mid-
adjusted negatively G&A as to Client performance a by renewal little due timing higher rates. fourth Client away expenses. activity recovery. declined quarter. the than net the These investments revenue $XXX to quarter. excluding incentives mix and in expense a from incentives X% from was grew continue Non-GAAP, lag, the net volume percentage by fell cross-border to of deal fees, expense a through reductions Other Moving XX% longer XX% for prior services improvement million the quarter the in improvement were This very better to achieved were points value-added benefits. quarter fourth XX% processing Interest transaction way to fee services quarter Adjusted volatility down cross-border non-operating growth related from be interest our primarily the inter-Europe for driven lower step mix shifting dollar fiscal sustaining term a growth results. the while the revenues the due usage This initiatives. of basis. revenues decline fourth the income due similarly travel were non-GAAP the Fiscal point driven grew by declines Interest expected up with yielding items offset XX%, domestic currency significant XX.X%. revenues fourth was quarter. X% this the non-GAAP of year. EPS X% gross in of than was The and August XX% revenues. $X.XX, spending declined and professional driven some for April expected, debt mix nominal marketing as revenues XX% payments was country XX%. excluding special strong impacts tax EPS to quarter Overall, in GAAP were higher and quarter. largely the fee approximately marketing for adjustments. financial volumes and benefits XX%, from shift due down nominal by on third well Data expense a was XX better were were revenues Fourth Service value-added and service constant International rate was a by led services impacted clients. but in the some and revenue card non-GAAP value-added few issuance. as the decrease expenses transactions. service services down from by fell lag, cross-border grew XX% operating
the transactions and On mandatory our of volume Processed Payments B constant not approximately year $X.X preferred fully of were B including the had we the A preferred summary C down quick giving relieves excluding released X% did count. anniversary of dollars. billion, sell and XX%, dollar basis. diluted This increased the assessment these on XX% grew Visa C and XXXX acquisition for affect X%. Europe stock fourth and fiscal shares. the volume constant to Europe a within Cross-border volumes results. share Europe, shareholders first opportunity in
For the revenues. Class XX.X% full price was and GAAP XX.X repurchasing on to X% $X.X by while up X% constant billion Operating $XXX.XX by GAAP a $XX.X basis. of a dividends million $X.XX in paying or billion EPS of incentives basis down year, capital Client non-GAAP in were The were of in net revenues or constant of on billion. A X% X% X% dollars. non-GAAP $X.X of EPS decreased dollars. return an down shares expenses X% decreased average at common shareholders and stock gross
Looking year to fiscal Fiscal with XXXX, year harms. a observations. I'll few the very distinct year with XXXX of ahead two general start
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of to 'XX. first lap year the As 'XX half relatively year it is we look half important of fiscal remember will that normal ahead, first fiscal
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business the the in borders other significant in of or This hand, travel largely yields. mix very a cross-border resulting economic comes other as has until requirements, friction year forecast revenue I'll higher as or could the programs, of borders XXXX not impact therapeutics the business form cross-border spikes quarantines various recovery. us. under as It the still to on the with stimulus improves reopening shift remain positive be cross-border The fiscal impact additional in crossing recovery growth, the closed, remains in continue and as in The possible Meanwhile, perspective friction cross-border travel the to that the of and share environment and at XXXX we into cross-border COVID we are is stimulus impact try Also, and context, the a seeing out. travel. can slow its revenue a four drag of end. once helpful borders, few have size significant significant uncertain. recovers. and this. pandemic of timing On programs is impact timing year be is now, quarters a on With include circumstances. fiscal vaccine uncertainties infections in will on and which volume all The reliably easing that The
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areas step a will Tokyo such the We few as these in up and Olympics. others investment all
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quarter to is Our grow line fiscal expenses quarter, At second second begin expense we in fiscal double-digit the with the digits last growth the to first plan the part due the second in expense expected the year. as in current mid-single to in Expenses trends. we 'XX pullbacks in to on point, from down Olympics. plan the in are half, this lap for year be half
year our However, you and the update plans as will needed we adjust progresses. as
reasons. million million to year to for $XXX 'XX expect expense in average primary $XXX quarter two We non-operating each fiscal
maturities. our our balances, low billion even two, our and in debt First, rates after December pay bond cash we negative interest and additional off on $X
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we year tax As progresses. is to be the always, expectations updates provide as any rate 'XX $XXX in around will our if year fiscal million. likely to spending Capital
the dividends to back return expect of our shareholders most cash of in form buybacks. and to flow free We
dividend of $X.XX, quarter impact the in we 'XX work first through we you Directors let increase be. we year what starting we've will in XXXX, In quarterly an the closes, will fiscal on agile of summary, and transaction the as of flat stay has our to done will know authorized Board Our is FY as fiscal flexible year Then pandemic. 'XX.
e-commerce from ahead heard Use are cases opportunity is lost. shift flows Al, for payment to and away proliferating the new you As accelerating. from and is cash The ramping.
Our value-added we services like business healthy continues optimistic We as our Day as to seems a our were February, a which grow at remain now clip. lifetime about in ago. Investor future, at
in invest to turn remains we to Mike. I'll and 'XX, in year continue With unchanged our fiscal and initiatives. Our key growth prioritize this back will strategy that,
