- Second-quarter net income of $965
million, excluding a special item, or $0.85 per diluted
share
- Second-quarter net income of $921
million, including a special item, or $0.81 per diluted
share
- Second-quarter net revenue increase
of 1%, to $2.4 billion
- Second-quarter gross dollar volume
up 13% and purchase volume up 12%
MasterCard Incorporated (NYSE:MA) today announced financial
results for the second quarter of 2015. Excluding a special item,
the company reported net income of $965 million, up 4%, or 12%
after adjusting for currency, and earnings per diluted share of
$0.85, up 6% or 15% adjusted for currency, versus the year-ago
period. Including the special item, a $44 million after-tax charge
related to a U.K. merchant litigation settlement, the company
reported net income of $921 million, a decrease of 1%, or an
increase of 7% after adjusting for currency, and earnings per
diluted share of $0.81, up 1%, or 9% adjusted for currency, versus
the year-ago period. The net income and earnings per diluted share
figures, excluding the special item, are reconciled to their
comparable GAAP measures in the accompanying tables. Acquisitions
had a $0.03 dilutive impact on earnings per diluted share.
Net revenue for the second quarter of 2015 was $2.4 billion, a
1% increase versus the same period in 2014. Adjusted for currency,
net revenue increased 7%. Net revenue growth was driven by the
impact of the following:
- An increase in cross-border volumes of
17%;
- A 13% increase in gross dollar volume,
on a local currency basis, to $1.1 trillion; and
- An increase in processed transactions
of 13%, to 12.0 billion.
These factors were partially offset by an increase in rebates
and incentives, primarily due to new and renewed agreements and
increased volumes. Acquisitions contributed 2 percentage points to
total net revenue growth.
Worldwide purchase volume during the quarter was up 12% on a
local currency basis versus the second quarter of 2014, to $841
billion. As of June 30, 2015, the company’s customers had
issued 2.2 billion MasterCard and Maestro-branded cards.
“Our business continues to perform well with good transaction
and volume growth, particularly in cross-border, despite the mixed
global economic environment and foreign exchange headwinds,” said
Ajay Banga, president and CEO, MasterCard. “We are executing on our
strategy to grow our business by focusing on winning new deals in
our core payments business, while building out our data analytics,
processing and safety applications. A blend of acquisitions and
organic investments in these spaces remain at the foundation of our
strategy.”
Excluding the special item, total operating expenses increased
9%, or increased 14% when adjusted for currency, to $1.1 billion
during the second quarter of 2015 compared to the same period in
2014. Acquisitions contributed 10 percentage points of the
FX-adjusted growth, with the remainder primarily due to higher data
processing and advertising & marketing expenses. Including the
special item, total operating expenses increased 15%, or 21% when
adjusted for currency, from the year-ago period.
Operating income for the second quarter of 2015 decreased 5%, or
increased 2% adjusted for currency, versus the year-ago period,
excluding the special item. The company delivered an operating
margin of 54.9%.
MasterCard reported other expense of $10 million in the second
quarter of 2015, unchanged from the second quarter of 2014.
MasterCard’s effective tax rate was 25.8% in the second quarter
of 2015, versus a rate of 32.2% in the comparable period in 2014,
excluding the special item. The decrease was primarily due to a
larger repatriation benefit, the recognition of a discrete U.S.
foreign tax credit benefit and a more favorable mix of taxable
earnings.
During the second quarter of 2015, MasterCard repurchased
approximately 9 million shares of Class A common stock at a
cost of approximately $849 million. Quarter-to-date through
July 22nd, the company repurchased an additional 1.9 million
shares at a cost of approximately $182 million, with $2.0 billion
remaining under the current repurchase program authorization.
Year-to-Date 2015 Results
For the six months ended June 30, 2015, excluding the special
item, MasterCard reported net income of $2.0 billion, an increase
of 10%, or 18% after adjusting for currency, and earnings per
diluted share of $1.73, up 13%, or 21% adjusting for currency
versus the year-ago period. Including the special item, net income
was $1.9 billion and earnings per diluted share was $1.69.
Acquisitions had a $0.06 dilutive impact on earnings per diluted
share.
Net revenue for the first half of 2015 was $4.6 billion, an
increase of 2%, or 8% after adjusting for currency, versus the same
period in 2014. Gross dollar volume growth of 12%, transaction
processing growth of 13% and cross-border volume growth of 18%
contributed to the net revenue growth in the year-to-date period.
These factors were partially offset by an increase in rebates and
incentives. Acquisitions contributed 2 percentage points to total
net revenue growth.
Excluding the special item, total operating expenses increased
4%, or 9% after adjusting for currency, to $2.0 billion, for the
first half of 2015, compared to the same period in 2014. The
increase was entirely due to the impact of acquisitions. Including
the special item, total operating expenses increased 8%, or 12%
after adjusting for currency.
Excluding the special item, operating income of $2.7 billion was
essentially unchanged versus the first half of 2014 or increased 7%
adjusted for currency, resulting in an operating margin of
57.7%.
MasterCard’s effective tax rate was 24.9% for the first half of
2015 versus a rate of 32.1% in the same period in 2014, excluding
the special item. The decrease was primarily due to the recognition
of a discrete U.S. foreign tax credit benefit, a larger
repatriation benefit and a more favorable mix of taxable
earnings.
Second-Quarter Financial Results Conference Call
Details
At 9:00 a.m. ET today, the company will host a conference call
to discuss its second-quarter financial results.
The dial-in information for this call is 866-393-4306 (within
the U.S.) and 734-385-2616 (outside the U.S.), and the passcode is
66650115. A replay of the call will be available for 30 days and
can be accessed by dialing 855-859-2056 (within the U.S.) and
404-537-3406 (outside the U.S.), and using passcode 66650115.
This call can also be accessed through the Investor Relations
section of the company’s website at
www.mastercard.com/investor.
Non-GAAP Financial Information
The company has presented certain financial data that are
considered non-GAAP financial measures that are reconciled to their
most directly comparable GAAP measures in the accompanying
tables.
The presentation of growth rates adjusted for currency represent
a non-GAAP measure and are calculated by remeasuring the prior
period’s results using the current period’s exchange rates.
About MasterCard Incorporated
MasterCard (NYSE: MA), www.mastercard.com, is a
technology company in the global payments industry. We
operate the world’s fastest payments processing network,
connecting consumers, financial institutions, merchants,
governments and businesses in more than 210 countries and
territories. MasterCard’s products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MasterCardNews,
join the discussion on the Cashless Pioneers Blog and
subscribe for the latest news on the Engagement Bureau.
Forward-Looking Statements
Statements in this press release which are not historical facts,
including statements about MasterCard’s plans, strategies, beliefs
and expectations, are forward-looking and subject to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements speak only as of the date they
are made. Accordingly, except for the company’s ongoing obligations
under the U.S. federal securities laws, the company does not intend
to update or otherwise revise the forward-looking information to
reflect actual results of operations, changes in financial
condition, changes in estimates, expectations or assumptions,
changes in general economic or industry conditions or other
circumstances arising and/or existing since the preparation of this
press release or to reflect the occurrence of any unanticipated
events. Such forward-looking statements include, without
limitation, statements related to our business performance and the
execution of our strategy.
Actual results may differ materially from such forward-looking
statements for a number of reasons, including those set forth in
the company’s filings with the Securities and Exchange Commission
(SEC), including the company’s Annual Report on Form 10-K for the
year ended December 31, 2014, the company’s Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K that have been filed
with the SEC during 2015, as well as reasons including
difficulties, delays or the inability of the company to achieve its
strategic initiatives set forth above. Factors other than those
listed above could also cause the company’s results to differ
materially from expected results.
MASTERCARD INCORPORATED
CONSOLIDATED STATEMENT OF
OPERATIONS
(UNAUDITED)
Three Months Ended June 30, Six Months
Ended June 30, 2015 2014 2015
2014 (in millions, except per share data)
Net Revenue $ 2,390 $ 2,368 $ 4,620 $ 4,540
Operating
Expenses General and administrative 810 731 1,460 1,396
Advertising and marketing 176 173 318 322 Depreciation and
amortization 92 81 179 154 Provision for litigation settlement 61
— 61 — Total operating expenses 1,139
985 2,018 1,872 Operating income 1,251
1,383 2,602 2,668
Other Income (Expense) Investment income 6
6 15 13 Interest expense (17 ) (15 ) (34 ) (21 ) Other income
(expense), net 1 (1 ) (2 ) (6 ) Total other income (expense)
(10 ) (10 ) (21 ) (14 ) Income before income taxes 1,241 1,373
2,581 2,654 Income tax expense 320 442 640 853
Net Income $ 921 $ 931 $ 1,941 $
1,801
Basic Earnings per Share $ 0.81 $
0.80 $ 1.70 $ 1.53 Basic Weighted-Average
Shares Outstanding 1,138 1,165 1,143 1,175
Diluted Earnings per Share $ 0.81 $ 0.80
$ 1.69 $ 1.53 Diluted Weighted-Average Shares
Outstanding 1,141 1,169 1,146 1,179
MASTERCARD INCORPORATED
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
June 30, 2015 December 31, 2014 (in
millions, except share data) ASSETS Cash and cash
equivalents $ 3,361 $ 5,137 Restricted cash for litigation
settlement 541 540 Investments 1,716 1,238 Accounts receivable
1,128 1,109 Settlement due from customers 1,274 1,052 Restricted
security deposits held for customers 1,000 950 Prepaid expenses and
other current assets 903 671 Deferred income taxes 294 300
Total Current Assets 10,217 10,997 Property, plant
and equipment, net of accumulated depreciation of $474 and $437,
respectively 632 615 Deferred income taxes 32 96 Goodwill 1,940
1,522 Other intangible assets, net of accumulated amortization of
$743 and $663, respectively 862 714 Other assets 1,589 1,385
Total Assets $ 15,272 $ 15,329
LIABILITIES AND EQUITY Accounts payable $ 481 $ 419
Settlement due to customers 1,330 1,142 Restricted security
deposits held for customers 1,000 950 Accrued litigation 722 771
Accrued expenses 2,385 2,439 Other current liabilities 558
501
Total Current Liabilities 6,476 6,222 Long-term
debt 1,495 1,494 Deferred income taxes 101 115 Other liabilities
764 674
Total Liabilities 8,836 8,505
Commitments and Contingencies Stockholders’ Equity
Class A common stock, $0.0001 par value;
authorized 3,000,000,000 shares, 1,367,937,580and 1,352,378,383
shares issued and 1,110,771,314 and 1,115,369,640 outstanding,
respectively
— —
Class B common stock, $0.0001 par value;
authorized 1,200,000,000 shares, 23,247,190and 37,192,165 issued
and outstanding, respectively
— — Additional paid-in-capital 3,936 3,876 Class A treasury stock,
at cost, 257,166,266 and 237,008,743 shares, respectively (11,785 )
(9,995 ) Retained earnings 14,746 13,169 Accumulated other
comprehensive income (loss) (493 ) (260 )
Total Stockholders’
Equity 6,404 6,790 Non-controlling interests 32 34
Total Equity 6,436 6,824
Total
Liabilities and Equity $ 15,272 $ 15,329
MASTERCARD INCORPORATED
CONSOLIDATED STATEMENT OF CASH
FLOWS
(UNAUDITED)
Six Months Ended June 30, 2015
2014 (in millions) Operating Activities Net
income $ 1,941 $ 1,801 Adjustments to reconcile net income to net
cash provided by operating activities: Amortization of customer and
merchant incentives 358 325 Depreciation and amortization 179 154
Share-based payments (23 ) (46 ) Deferred income taxes 1 (77 )
Other (23 ) 22 Changes in operating assets and liabilities:
Accounts receivable (51 ) (121 ) Income taxes receivable (63 ) —
Settlement due from customers (290 ) 1 Prepaid expenses (522 ) (443
) Accrued litigation and legal settlements (49 ) (87 ) Accounts
payable 37 29 Settlement due to customers 261 (90 ) Accrued
expenses (120 ) (209 ) Net change in other assets and liabilities
96 38 Net cash provided by operating activities 1,732
1,297
Investing Activities Purchases of
investment securities available-for-sale (789 ) (1,473 ) Purchases
of other short-term investments held-to-maturity (744 ) —
Acquisition of businesses, net of cash acquired (584 ) (341 )
Purchases of property, plant and equipment (56 ) (39 ) Capitalized
software (87 ) (63 ) Proceeds from sales of investment securities
available-for-sale 716 426 Proceeds from maturities of investment
securities available-for-sale 322 887 (Increase) decrease in
restricted cash for litigation settlement (1 ) 183 Other investing
activities 1 (12 ) Net cash used in investing activities
(1,222 ) (432 )
Financing Activities Purchases of treasury
stock (1,795 ) (2,827 ) Proceeds from debt — 1,487 Dividends paid
(367 ) (260 ) Tax benefit for share-based payments 34 42 Cash
proceeds from exercise of stock options 21 16 Other financing
activities (9 ) (43 ) Net cash used in financing activities (2,116
) (1,585 ) Effect of exchange rate changes on cash and cash
equivalents (170 ) (1 ) Net decrease in cash and cash equivalents
(1,776 ) (721 ) Cash and cash equivalents - beginning of period
5,137 3,599 Cash and cash equivalents - end of period
$ 3,361 $ 2,878
Non-Cash Investing and
Financing Activities Fair value of assets acquired, net of cash
acquired $ 625 $ 572 Fair value of liabilities
assumed related to acquisitions $ 41 $ 128
MASTERCARD INCORPORATED OPERATING
PERFORMANCE
For the 3 Months ended June
30, 2015 All MasterCard Credit, GDV
Growth Growth Purchase
Volume
Growth Purchase
Trans.
Cash
Volume
Growth Cash
Trans.
Accounts Cards Charge and Debit Programs
(Bil.) (USD) (Local)
(Bil.) (Local) (Mil.)
(Bil.) (Local) (Mil.)
(Mil.) (Mil.) APMEA $344 7.1% 14.9% $232 15.4%
2,895 $112 13.9% 1,055 478 511 Canada 34 3.8% 17.3% 33 19.1% 453 2
-8.2% 6 46 55 Europe 320 -7.0% 16.5% 220 15.0% 4,391 100 19.9% 753
371 388 Latin America
80 -9.5% 14.9%
47
17.9%
1,378 32 10.9%
221
144 164 Worldwide less United States 777
-1.1% 15.7% 531 15.7% 9,117 246 15.6% 2,035 1,039 1,118 United
States
364 7.3% 7.3%
310 7.1%
5,580 54 8.0%
344
334 371 Worldwide 1,141 1.4% 12.8% 841
12.4% 14,697 300 14.2% 2,379 1,373 1,489
MasterCard
Credit and Charge Programs Worldwide less United States 447
-2.9% 11.5% 406 12.7% 5,549 41 0.8% 195 520 586 United States
172 6.7% 6.7%
165 6.4%
1,836
7 13.4%
9 156
188 Worldwide 619 -0.4% 10.1% 571 10.8% 7,385 48 2.6%
203 676 774
MasterCard Debit Programs Worldwide less
United States 331 1.6% 21.9% 126 26.6% 3,568 205 19.2% 1,840 519
532 United States
192 7.8% 7.8%
145 8.0%
3,744 47 7.3%
336
178 183 Worldwide 522 3.8% 16.3% 271
15.9% 7,312 251 16.8% 2,176 697 715
For the 6
Months ended June 30, 2015 All MasterCard Credit,
GDV Growth Growth Purchase
Volume
Growth Purchase
Trans.
Cash
Volume
Growth Cash
Trans.
Accounts Cards Charge and Debit Programs
(Bil.) (USD) (Local)
(Bil.) (Local) (Mil.)
(Bil.) (Local) (Mil.)
(Mil.) (Mil.) APMEA $673 7.9% 14.9% $452 15.2%
5,553 $221 14.4% 2,064 478 511 Canada 64 3.0% 16.2% 60 18.2% 846 4
-8.9% 11 46 55 Europe 605 -7.7% 15.8% 420 14.1% 8,329 185 19.8%
1,420 371 388 Latin America
159 -6.6% 14.5%
95 17.9%
2,709 65 9.9%
434 144 164 Worldwide less
United States 1,501 -0.7% 15.3% 1,027 15.2% 17,437 474 15.5% 3,929
1,039 1,118 United States
702 6.9% 6.9%
596 7.0%
10,687 106 5.9%
670 334 371 Worldwide 2,203
1.6% 12.5% 1,623 12.0% 28,125 580 13.7% 4,599 1,373 1,489
MasterCard Credit and Charge Programs Worldwide less United
States 868 -2.3% 11.2% 788 12.5% 10,706 80 0.4% 380 520 586 United
States
324 6.0% 6.0%
311 6.3%
3,445 13 1.2%
16
156 188 Worldwide 1,192 -0.2% 9.8% 1,099
10.6% 14,151 94 0.5% 395 676 774
MasterCard Debit
Programs Worldwide less United States 633 1.6% 21.3% 239 25.1%
6,731 394 19.2% 3,550 519 532 United States
378 7.6%
7.6%
285 7.9%
7,242 93 6.6%
654 178 183 Worldwide 1,011
3.7% 15.8% 525 15.1% 13,974 487 16.6% 4,204 697 715
For the 3 Months ended June 30, 2014 All MasterCard
Credit, GDV Growth Growth Purchase
Volume
Growth Purchase
Trans.
Cash
Volume
Growth Cash
Trans.
Accounts Cards Charge and Debit Programs
(Bil.) (USD) (Local)
(Bil.) (Local) (Mil.)
(Bil.) (Local) (Mil.)
(Mil.) (Mil.) APMEA $321 14.6% 17.9% $214
17.6% 2,419 $107 18.5% 928 417 447 Canada 33 -1.4% 4.9% 31 6.7% 380
2 -14.4% 6 40 48 Europe 344 14.1% 13.1% 233 10.1% 3,575 111 19.9%
669 328 344 Latin America
88 4.3% 13.0%
54 20.1%
1,232 34 3.4%
205 128 148 Worldwide less
United States 786 12.4% 14.6% 531 13.8% 7,606 254 16.4% 1,808 913
987 United States
339 9.4% 9.4%
290 10.2%
5,146 50 4.7%
328
304 339 Worldwide 1,125 11.5% 13.0% 821
12.5% 12,752 304 14.3% 2,137 1,217 1,326
MasterCard
Credit and Charge Programs Worldwide less United States 460
9.1% 11.0% 411 12.5% 4,976 49 0.4% 210 498 562 United States
161 9.8% 9.8%
155 10.3%
1,713 6 -0.9%
7
144 173 Worldwide 622 9.3% 10.7% 566
11.9% 6,689 56 0.3% 217 641 735
MasterCard Debit
Programs Worldwide less United States 325 17.3% 20.1% 121 18.5%
2,629 205 21.1% 1,598 416 425 United States
178 8.9%
8.9%
134 10.0%
3,433 43 5.6%
321 160 166 Worldwide 503
14.2% 15.9% 255 13.9% 6,062 248 18.1% 1,919 576 591
For the 6 Months ended June 30, 2014 All MasterCard
Credit, GDV Growth Growth Purchase
Volume
Growth Purchase
Trans.
Cash
Volume
Growth Cash
Trans.
Accounts Cards Charge and Debit Programs
(Bil.) (USD) (Local)
(Bil.) (Local) (Mil.)
(Bil.) (Local) (Mil.)
(Mil.) (Mil.) APMEA $623 13.6% 18.5% $417
18.1% 4,636 $207 19.3% 1,812 417 447 Canada 62 -1.7% 6.0% 58 7.7%
716 5 -12.1% 11 40 48 Europe 656 13.8% 13.8% 445 10.5% 6,821 211
21.5% 1,266 328 344 Latin America
171 3.6% 14.2%
103 20.9%
2,427 67 5.2%
404 128 148 Worldwide less
United States 1,512 11.8% 15.4% 1,023 14.3% 14,599 489 17.7% 3,492
913 987 United States
657 8.8% 8.8%
557
9.5%
9,864 100 5.3%
639
304 339 Worldwide 2,169 10.9% 13.3% 1,580
12.6% 24,463 589 15.4% 4,131 1,217 1,326
MasterCard
Credit and Charge Programs Worldwide less United States 889
8.4% 11.7% 791 12.9% 9,599 97 2.5% 408 498 562 United States
306 9.0% 9.0%
293 9.2%
3,223
13 3.5%
13 144
173 Worldwide 1,195 8.5% 11.0% 1,084 11.9% 12,822 111
2.6% 421 641 735
MasterCard Debit Programs Worldwide
less United States 623 17.0% 21.2% 231 19.5% 5,000 392 22.2% 3,084
416 425 United States
351 8.7% 8.7%
265
9.8%
6,641 87 5.5%
626
160 166 Worldwide 975 13.9% 16.4% 496
14.1% 11,640 479 18.8% 3,710 576 591 APMEA = Asia Pacific /
Middle East / Africa Note that the figures in the preceding tables
may not sum due to rounding; growth represents change from the
comparable year-ago period
Footnote
The tables set forth the gross dollar volume (“GDV”), purchase
volume, cash volume and the number of purchase transactions, cash
transactions, accounts and cards on a regional and global basis for
MasterCard®-branded and MasterCard Electronic™-branded cards.
Growth rates over prior periods are provided for volume-based
data.
Debit transactions on Maestro® and Cirrus®-branded cards
and transactions involving brands other than MasterCard are not
included in the preceding tables.
For purposes of the table: GDV represents purchase volume plus
cash volume and includes the impact of balance transfers and
convenience checks; “purchase volume” means the aggregate dollar
amount of purchases made with MasterCard-branded cards for the
relevant period; and “cash volume” means the aggregate dollar
amount of cash disbursements obtained with MasterCard-branded cards
for the relevant period. The number of cards includes virtual
cards, which are MasterCard-branded payment accounts that do not
generally have physical cards associated with them.
The MasterCard payment product is comprised of credit, charge
and debit programs, and data relating to each type of program is
included in the tables. Debit programs include MasterCard-branded
debit programs where the primary means of cardholder validation at
the point of sale is for cardholders either to sign a sales receipt
or enter a PIN. The tables include information with respect to
transactions involving MasterCard-branded cards that are not
processed by MasterCard and transactions for which MasterCard does
not earn significant revenues.
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 MasterCard volumes are reported.
These exchange rates are calculated on a quarterly basis using the
average exchange rate for each quarter. MasterCard reports
period-over-period rates of change in purchase volume and cash
volume on the basis of local currency information, in order to
eliminate the impact of changes in the value of foreign currencies
against the U.S. dollar in calculating such rates of change.
The data set forth in the GDV, purchase volume, purchase
transactions, cash volume and cash transactions columns is provided
by MasterCard customers and is subject to verification by
MasterCard and partial cross-checking against information provided
by MasterCard’s transaction processing systems. The data set forth
in the accounts and cards columns is provided by MasterCard
customers and is subject to certain limited verification by
MasterCard. A portion of the data set forth in the accounts and
cards columns reflects the impact of routine portfolio changes
among customers and other practices that may lead to over counting
of the underlying data in certain circumstances. All data is
subject to revision and amendment by MasterCard’s customers
subsequent to the date of its release.
Performance information for prior periods can be found in the
“Investor Relations” section of the MasterCard website at
www.mastercard.com/investor.
GAAP Reconciliations
($ in millions, except per share data)
Three Months Ended June 30, 2015
ThreeMonthsEndedJune 30,2014
Percent Increase / (Decrease) Actual
SpecialItem 1
Non-GAAP
Actual Actual
SpecialItem 1
Non-GAAP
Total operating expenses $ 1,139 $ (61 ) $ 1,078 $ 985 15% 6% 9%
Operating income $ 1,251 $ 61 $ 1,312 $ 1,383 (10)% (5)% (5)%
Operating Margin 52.4 % 54.9 % 58.4 % Income tax expense $ 320 $ 17
$ 337 $ 442 (28)% (4)% (24)% Effective Tax Rate 25.7 % 25.8 % 32.2
% Net Income $ 921 $ 44 $ 965 $ 931 (1)% (5)% 4%
Diluted
Earnings per Share $ 0.81 $ 0.04 $ 0.85 $ 0.80 1% (5)% 6%
Six Months Ended June 30, 2015
SixMonthsEndedJune
30,2014
Percent Increase / (Decrease) Actual
SpecialItem 1
Non-GAAP
Actual Actual
SpecialItem 1
Non-GAAP
Total operating expenses $ 2,018 $ (61 ) $ 1,957 $ 1,872 8% 4% 4%
Operating income $ 2,602 $ 61 $ 2,663 $ 2,668 (2)% (2)% —%
Operating Margin 56.3 % 57.7 % 58.8 % Income tax expense $ 640 $ 17
$ 657 $ 853 (25)% (2)% (23)% Effective Tax Rate 24.8 % 24.9 % 32.1
% Net Income $ 1,941 $ 44 $ 1,985 $ 1,801 8% (2)% 10%
Diluted
Earnings per Share $ 1.69 $ 0.04 $ 1.73 $ 1.53 10% (3)% 13%
Note: Figures may not sum due to rounding 1 Represents
effect of UK Merchant Litigation Settlement
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150729005836/en/
MasterCard IncorporatedInvestor Relations:Barbara Gasper or Matt
Lanford914-249-4565investor_relations@mastercard.comorMedia
Relations:Seth
Eisen, 914-249-3153Seth_Eisen@mastercard.com
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