UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2014
VISA INC.
(Exact name of Registrant as
Specified in Its Charter)
|
|
|
|
|
Delaware |
|
001-33977 |
|
26-0267673 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
|
|
|
P.O. Box 8999
San Francisco, California |
|
94128-8999 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrants Telephone Number, Including Area Code: (415) 932-2100
N/A
(Former Name or Former Address, if
Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 |
Results of Operations and Financial Condition. |
On October 29, 2014,
Visa Inc. (the Company) issued a press release announcing financial results for the Companys fiscal fourth quarter and full-year 2014, ended September 30, 2014.
A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.
On October 29, 2014, the Company will host a conference call to discuss its fiscal fourth quarter and full-year 2014 financial results.
A copy of the presentation to be used during the conference call is attached hereto as Exhibit 99.2. All information in the presentation is furnished
but not filed.
Item 9.01 |
Financial Statements and Exhibits. |
|
|
|
|
|
99.1 |
|
Press Release of Visa Inc., dated October 29, 2014 |
99.2 |
|
Presentation of Visa Inc., dated October 29, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
VISA INC. |
|
|
|
|
Date: October 29, 2014 |
|
|
|
By: |
|
/s/ Byron H. Pollitt |
|
|
|
|
|
|
Byron H. Pollitt Chief Financial Officer |
EXHIBIT INDEX
|
|
|
Exhibit
Number |
|
Description |
99.1 |
|
Press Release of Visa Inc., dated October 29, 2014 |
99.2 |
|
Presentation of Visa Inc., dated October 29, 2014 |
Exhibit 99.1
Visa Inc. Reports Strong Fiscal Fourth Quarter Adjusted Earnings Per Share Growth of 17% and Full-Year 2014 Adjusted Earnings Per Share Growth of 19% and Announces a
New $5.0 Billion Share Repurchase Program
|
|
|
Adjusted quarterly net income of $1.4 billion or $2.18 per diluted class A common share, excluding special item, an increase of 14% and 17% over the prior year, respectively |
|
|
|
Adjusted full-year 2014 net income of $5.7 billion or $9.07 per diluted class A common share, excluding special item, an increase of 15% and 19% over the prior year, respectively |
|
|
|
GAAP quarterly net income of $1.1 billion or $1.72 per diluted class A common share, including special item, a decrease of 10% and 7% over the prior year, respectively |
|
|
|
GAAP full-year 2014 net income of $5.4 billion or $8.62 per diluted class A common share, including special item, an increase of 9% and 14% over the prior year, respectively |
|
|
|
The Company authorized a new $5.0 billion repurchase program, in addition to the previously announced 20% quarterly dividend increase |
Foster City, CA, October 29, 2014 Visa Inc. (NYSE: V) today announced financial results for the Companys fiscal fourth quarter and full-year
2014. GAAP net income in the fiscal fourth quarter of 2014 was $1.1 billion or $1.72 per share, a decrease of 10% and 7% over the prior year, respectively. GAAP net income for the full-year 2014 was $5.4 billion or $8.62 per share, an increase of 9%
and 14% over the prior year, respectively. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.
On an adjusted
basis, the Companys financial results excluded the impact of a special item related to amounts covered by the retrospective responsibility plan of $450 million and related tax benefit during the fiscal fourth quarter. On an adjusted basis, net
income in the fiscal fourth quarter was $1.4 billion or $2.18 per share, an increase of 14% and 17% over the prior year, respectively. On an adjusted basis, net income for the full-year 2014 was $5.7 billion or $9.07 per share, an increase of 15%
and 19% over the prior year, respectively.
1
GAAP net operating revenue in the fiscal fourth quarter of 2014 was $3.2 billion, an increase of 9% nominally or 10% on a
constant dollar basis over the prior year. The strengthening of the U.S. dollar versus the prior year quarter negatively impacted net operating revenue growth by about 1.5 percentage points.
GAAP net operating revenue for the full-year 2014 was $12.7 billion, an increase of 8% nominally or 10% on a constant dollar basis over the prior year, driven by solid
revenue growth contributions from service and data processing revenues. The strengthening of the U.S. dollar versus the prior year negatively impacted net operating revenue growth by about 2 percentage points.
Adjusted quarterly and full-year operating expenses and net income per class A common share outstanding are non-GAAP financial measures that are reconciled to their
most directly comparable GAAP measures in the accompanying financial tables.
Our enviable competitive position, strong business model, and great talent
helped us deliver adjusted EPS growth of 17% for the fourth quarter and 19% for the full year in the face of continued tepid economic growth and a strengthening dollar. More importantly, the underlying metrics which will drive our revenue growth
over the longer term are strong and getting stronger, said Charlie Scharf, Chief Executive Officer of Visa Inc. Our partnerships are growing, our capabilities are improving, and the opportunity for Visa to disintermediate cash
across the globe is bigger than ever. Our investments in Visa Checkout, Visa Token Services, and Visa Digital Solutions are just beginning to have an impact in the marketplace. We will continue to invest in these and other areas and
remain confident in our ability to capture the growing opportunity in payments.
Fiscal Fourth Quarter 2014 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2014, on which fiscal fourth quarter service revenue is recognized, was 12%
over the prior year at $1.2 trillion.
Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2014, was 11% over the
prior year at $1.2 trillion.
Cross-border volume growth, on a constant dollar basis, was 10% for the three months ended September 30, 2014.
Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2014, were 16.9 billion, a 9% increase
over the prior year.
Fiscal fourth quarter 2014 service revenues were $1.5 billion, an increase of 8% over 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 14% over the prior year to $1.3 billion. International transaction revenues grew 4% over the prior year to $938
million. Other revenues, which include the Visa Europe licensing fee, were $212 million, a 16% increase over the prior year. Client incentives, which are a contra revenue item, were $768 million and represent 19.2% of gross revenues.
2
The Company recorded a $450 million pre-tax litigation provision, or $283 million on an after-tax basis, in the fiscal
fourth quarter of 2014 related to the interchange multidistrict litigation case.
Excluding the covered litigation provision, total adjusted operating expenses were
$1.2 billion for fiscal fourth quarter 2014, flat over the prior year results, primarily related to a reduction in professional fees offset by increases in general and administrative costs and other corporate expenses to support the Companys
global business growth initiatives.
GAAP effective tax rate was 30.8% for the quarter ended September 30, 2014.
The weighted-average number of diluted class A common shares outstanding in the fiscal fourth quarter was 623 million.
Cash, cash equivalents, and available-for-sale investment securities were $6.9 billion at September 30, 2014.
Fiscal Full-Year 2014 Financial Highlights:
For the fiscal full-year 2014,
service revenues were $5.8 billion, an increase of 8% over the prior year. Data processing revenues rose 11% over the prior year to $5.2 billion. International transaction revenues, which are driven by cross-border volume, grew 5% over the prior
year to $3.6 billion. Other revenues, which include the Visa Europe licensing fee, were $770 million, a 7% increase over the prior year. Client incentives, which are a contra revenue item, were $2.6 billion and represent 16.9% of gross revenues.
Total processed transactions, which represent transactions processed by VisaNet for the twelve months ended September 30, 2014, totaled 64.9 billion, an 11%
increase over the prior year.
Excluding the aforementioned litigation provision, total adjusted operating expenses were $4.6 billion for the twelve months ended
September 30, 2014, flat over the prior year adjusted results, primarily related to a reduction in professional fees and personnel, offset by continued investments in infrastructure, technology and network processing to support the
Companys global growth initiatives.
3
GAAP effective tax rate was 29.6% for the twelve months ended September 30, 2014.
The weighted-average number of diluted class A common shares outstanding for the full year was 631 million.
Notable Events:
During the three months ended September 30, 2014, total
as-converted class A common stock was reduced by 5.7 million shares, which was funded from $1.2 billion of our operating cash on hand. Of the $1.2 billion, $756 million was used to repurchase 3.6 million shares of class A common stock in
the open market, at an average price of $211.19. In addition, we deposited $450 million from our operating cash into the litigation escrow account previously established under the retrospective responsibility plan. This deposit has the same economic
effect on earnings per share as repurchasing the Companys class A common stock as it reduces the as-converted class B common stock share count.
During the
twelve months ended September 30, 2014, total as-converted class A common stock was reduced by 21.8 million shares, at an average price of $209.15 per share, using $4.6 billion of cash on hand. Of the $4.6 billion, $4.1 billion was used to
repurchase shares of class A common stock in the open market at an average price of $208.50. At September 30, 2014, the Company had $682 million of remaining funds, authorized by the board of directors, available for share repurchase under the
current program.
As announced on October 22, 2014, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.48 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 2, 2014, to all holders of record of the Companys class A, class B and class C common stock as of November 14,
2014.
The Board of Directors has authorized a new $5.0 billion class A common stock share repurchase program. The shares may be repurchased from time to time as
market conditions warrant, and authorization for the program is subject to further change at the discretion of the Board.
4
Financial Outlook:
Visa Inc.
provides its financial outlook for the following metrics for fiscal full-year 2015:
|
|
|
Annual net revenue growth: Constant dollar revenue growth of low double digits, with an expectation of two percentage points of negative foreign currency impact; |
|
|
|
Client incentives as a percent of gross revenues: 17.5% to 18.5% range; |
|
|
|
Annual operating margin: Mid 60s; |
|
|
|
Annual diluted class A common stock earnings per share growth: Mid teens; and |
|
|
|
Annual free cash flow greater than $6 billion. |
Fiscal full-year 2015 annual diluted earnings per share growth assumes
an adjusted basis for fiscal full-year 2014.
Fiscal Fourth Quarter 2014 Earnings Results Conference Call Details:
Visas executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results
and business highlights. All interested parties are invited to listen to the live webcast at http://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 at http://investor.visa.com.
About Visa
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in
more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the worlds most advanced processing networks VisaNet that is capable of handling more than 56,000
transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visas innovations,
however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa,
visacorporate.tumblr.com and @VisaNews.
Forward-Looking Statements:
This Press Release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements
generally are identified by words such as believes, estimates, expects, intends, may, projects, could, should, will, will
continue and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings per share, free cash flow, and the
growth of those items.
5
By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements
of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and
adversely from our forward-looking statements due to a variety of factors, including the following:
|
|
the impact of laws, regulations and marketplace barriers, including: |
|
|
|
rules capping debit interchange reimbursement rates and expanding financial institutions and merchants choices among debit payment networks promulgated under the Dodd-Frank Wall Street Reform and Consumer
Protection Act; |
|
|
|
increased regulation in jurisdictions outside of the United States and in other product categories; |
|
|
|
increased government support of national payment networks outside the United States; and |
|
|
|
increased regulation on consumer privacy, data use and security; |
|
|
developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax; |
|
|
new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings; |
|
|
economic factors, such as: |
|
|
|
economic fragility in the Eurozone and in the United States; |
|
|
|
general economic, political and social conditions in mature and emerging markets globally; |
|
|
|
general stock market fluctuations which may impact consumer spending; |
|
|
|
material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates; and |
|
|
|
material changes in our financial institution clients performance compared to our estimates; |
|
|
industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network; |
|
|
system developments, such as: |
|
|
|
disruption of our transaction processing systems or the inability to process transactions efficiently; |
|
|
|
account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and |
|
|
|
failure to maintain systems interoperability with Visa Europe; |
6
|
|
costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock; |
|
|
the loss of organizational effectiveness or key employees; |
|
|
the failure to integrate acquisitions successfully or to effectively develop new products and businesses; |
|
|
natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and |
various other
factors, including those contained in our Annual Report on Form 10-K for the year ended September 30, 2013 and our other filings with the U.S. Securities and Exchange Commission. Additional information will also be available in our Annual
Report on Form 10-K for the year ended September 30, 2014. You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forwardlooking statements as a result of new
information, future developments or otherwise.
Contacts:
Investor
Relations: Jack Carsky or Victoria Hyde-Dunn, 650-432-7644, ir@visa.com
Media Relations: Paul Cohen, 650-432-2990, globalmedia@visa.com
7
VISA INC.
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014 |
|
|
September 30, 2013 |
|
|
|
(in millions, except par value data) |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,971 |
|
|
$ |
2,186 |
|
Restricted cashlitigation escrow |
|
|
1,498 |
|
|
|
49 |
|
Investment securities: |
|
|
|
|
|
|
|
|
Trading |
|
|
69 |
|
|
|
75 |
|
Available-for-sale |
|
|
1,910 |
|
|
|
1,994 |
|
Income tax receivable |
|
|
91 |
|
|
|
142 |
|
Settlement receivable |
|
|
786 |
|
|
|
799 |
|
Accounts receivable |
|
|
822 |
|
|
|
761 |
|
Customer collateral |
|
|
961 |
|
|
|
866 |
|
Current portion of client incentives |
|
|
210 |
|
|
|
282 |
|
Deferred tax assets |
|
|
1,028 |
|
|
|
481 |
|
Prepaid expenses and other current assets |
|
|
216 |
|
|
|
187 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
9,562 |
|
|
|
7,822 |
|
Investment securities, available-for-sale |
|
|
3,015 |
|
|
|
2,760 |
|
Client incentives |
|
|
81 |
|
|
|
89 |
|
Property, equipment and technology, net |
|
|
1,892 |
|
|
|
1,732 |
|
Other assets |
|
|
855 |
|
|
|
521 |
|
Intangible assets, net |
|
|
11,411 |
|
|
|
11,351 |
|
Goodwill |
|
|
11,753 |
|
|
|
11,681 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
38,569 |
|
|
$ |
35,956 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
147 |
|
|
$ |
184 |
|
Settlement payable |
|
|
1,332 |
|
|
|
1,225 |
|
Customer collateral |
|
|
961 |
|
|
|
866 |
|
Accrued compensation and benefits |
|
|
450 |
|
|
|
523 |
|
Client incentives |
|
|
1,036 |
|
|
|
919 |
|
Accrued liabilities |
|
|
624 |
|
|
|
613 |
|
Accrued litigation |
|
|
1,456 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
6,006 |
|
|
|
4,335 |
|
Deferred tax liabilities |
|
|
4,145 |
|
|
|
4,149 |
|
Other liabilities |
|
|
1,005 |
|
|
|
602 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
11,156 |
|
|
|
9,086 |
|
|
|
|
|
|
|
|
|
|
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, 495 and 508 shares issued and outstanding at September 30, 2014
and 2013, respectively |
|
|
|
|
|
|
|
|
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at September 30, 2014 and
2013 |
|
|
|
|
|
|
|
|
Class C common stock, $0.0001 par value, 1,097 shares authorized, 22 and 27 shares issued and outstanding at September 30, 2014 and 2013,
respectively |
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
18,299 |
|
|
|
18,875 |
|
Accumulated income |
|
|
9,131 |
|
|
|
7,974 |
|
Accumulated other comprehensive (loss) income, net: |
|
|
|
|
|
|
|
|
Investment securities, available-for-sale |
|
|
31 |
|
|
|
59 |
|
Defined benefit pension and other postretirement plans |
|
|
(84 |
) |
|
|
(60 |
) |
Derivative instruments classified as cash flow hedges |
|
|
38 |
|
|
|
23 |
|
Foreign currency translation adjustments |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
Total accumulated other comprehensive (loss) income, net |
|
|
(17 |
) |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
27,413 |
|
|
|
26,870 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
38,569 |
|
|
$ |
35,956 |
|
|
|
|
|
|
|
|
|
|
VISA INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Twelve Months Ended September 30, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
|
(in millions, except per share data) |
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues |
|
$ |
1,499 |
|
|
$ |
1,385 |
|
|
$ |
5,797 |
|
|
$ |
5,352 |
|
Data processing revenues |
|
|
1,348 |
|
|
|
1,186 |
|
|
|
5,167 |
|
|
|
4,642 |
|
International transaction revenues |
|
|
938 |
|
|
|
899 |
|
|
|
3,560 |
|
|
|
3,389 |
|
Other revenues |
|
|
212 |
|
|
|
183 |
|
|
|
770 |
|
|
|
716 |
|
Client incentives |
|
|
(768 |
) |
|
|
(680 |
) |
|
|
(2,592 |
) |
|
|
(2,321 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues |
|
|
3,229 |
|
|
|
2,973 |
|
|
|
12,702 |
|
|
|
11,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
496 |
|
|
|
499 |
|
|
|
1,875 |
|
|
|
1,932 |
|
Marketing |
|
|
241 |
|
|
|
236 |
|
|
|
900 |
|
|
|
876 |
|
Network and processing |
|
|
128 |
|
|
|
122 |
|
|
|
507 |
|
|
|
468 |
|
Professional fees |
|
|
94 |
|
|
|
130 |
|
|
|
328 |
|
|
|
412 |
|
Depreciation and amortization |
|
|
112 |
|
|
|
106 |
|
|
|
435 |
|
|
|
397 |
|
General and administrative |
|
|
153 |
|
|
|
129 |
|
|
|
507 |
|
|
|
451 |
|
Litigation provision |
|
|
453 |
|
|
|
|
|
|
|
453 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
1,677 |
|
|
|
1,222 |
|
|
|
5,005 |
|
|
|
4,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
1,552 |
|
|
|
1,751 |
|
|
|
7,697 |
|
|
|
7,239 |
|
Non-operating (expense) income |
|
|
(2 |
) |
|
|
15 |
|
|
|
27 |
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
1,550 |
|
|
|
1,766 |
|
|
|
7,724 |
|
|
|
7,257 |
|
Income tax provision |
|
|
477 |
|
|
|
574 |
|
|
|
2,286 |
|
|
|
2,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,073 |
|
|
$ |
1,192 |
|
|
$ |
5,438 |
|
|
$ |
4,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock |
|
$ |
1.73 |
|
|
$ |
1.86 |
|
|
$ |
8.65 |
|
|
$ |
7.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B common stock |
|
$ |
0.73 |
|
|
$ |
0.78 |
|
|
$ |
3.63 |
|
|
$ |
3.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C common stock |
|
$ |
1.73 |
|
|
$ |
1.86 |
|
|
$ |
8.65 |
|
|
$ |
7.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock |
|
|
492 |
|
|
|
509 |
|
|
|
498 |
|
|
|
520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B common stock |
|
|
245 |
|
|
|
245 |
|
|
|
245 |
|
|
|
245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C common stock |
|
|
24 |
|
|
|
27 |
|
|
|
26 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock |
|
$ |
1.72 |
|
|
$ |
1.85 |
|
|
$ |
8.62 |
|
|
$ |
7.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B common stock |
|
$ |
0.72 |
|
|
$ |
0.78 |
|
|
$ |
3.62 |
|
|
$ |
3.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C common stock |
|
$ |
1.72 |
|
|
$ |
1.85 |
|
|
$ |
8.62 |
|
|
$ |
7.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock |
|
|
623 |
|
|
|
644 |
|
|
|
631 |
|
|
|
656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B common stock |
|
|
245 |
|
|
|
245 |
|
|
|
245 |
|
|
|
245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C common stock |
|
|
24 |
|
|
|
27 |
|
|
|
26 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended September 30, |
|
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
|
(in millions) |
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,438 |
|
|
$ |
4,980 |
|
|
$ |
2,142 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of client incentives |
|
|
2,592 |
|
|
|
2,321 |
|
|
|
2,155 |
|
Share-based compensation |
|
|
172 |
|
|
|
179 |
|
|
|
147 |
|
Excess tax benefit for share-based compensation |
|
|
(90 |
) |
|
|
(74 |
) |
|
|
(71 |
) |
Depreciation and amortization of property, equipment, technology and intangible assets |
|
|
435 |
|
|
|
397 |
|
|
|
333 |
|
Deferred income taxes |
|
|
(580 |
) |
|
|
1,527 |
|
|
|
(1,690 |
) |
Litigation provision |
|
|
453 |
|
|
|
3 |
|
|
|
4,101 |
|
Other |
|
|
37 |
|
|
|
50 |
|
|
|
(8 |
) |
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax receivable |
|
|
51 |
|
|
|
37 |
|
|
|
(67 |
) |
Settlement receivable |
|
|
13 |
|
|
|
(345 |
) |
|
|
(42 |
) |
Accounts receivable |
|
|
(53 |
) |
|
|
(38 |
) |
|
|
(161 |
) |
Client incentives |
|
|
(2,395 |
) |
|
|
(2,336 |
) |
|
|
(1,757 |
) |
Other assets |
|
|
(430 |
) |
|
|
(543 |
) |
|
|
41 |
|
Accounts payable |
|
|
(56 |
) |
|
|
40 |
|
|
|
(17 |
) |
Settlement payable |
|
|
107 |
|
|
|
506 |
|
|
|
270 |
|
Accrued and other liabilities |
|
|
513 |
|
|
|
702 |
|
|
|
(227 |
) |
Accrued litigation |
|
|
998 |
|
|
|
(4,384 |
) |
|
|
(140 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
7,205 |
|
|
|
3,022 |
|
|
|
5,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, equipment, technology and intangible assets |
|
|
(553 |
) |
|
|
(471 |
) |
|
|
(376 |
) |
Proceeds from disposal of property, equipment and technology |
|
|
|
|
|
|
|
|
|
|
2 |
|
Investment securities, available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
(2,572 |
) |
|
|
(3,164 |
) |
|
|
(4,140 |
) |
Proceeds from maturities and sales |
|
|
2,342 |
|
|
|
2,440 |
|
|
|
2,093 |
|
Acquisitions, net of cash received |
|
|
(149 |
) |
|
|
|
|
|
|
(3 |
) |
Purchases of / contributions to other investments |
|
|
(9 |
) |
|
|
(3 |
) |
|
|
(12 |
) |
Proceeds / distributions from other investments |
|
|
|
|
|
|
34 |
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(941 |
) |
|
|
(1,164 |
) |
|
|
(2,414 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of class A common stock |
|
|
(4,118 |
) |
|
|
(5,365 |
) |
|
|
(710 |
) |
Dividends paid |
|
|
(1,006 |
) |
|
|
(864 |
) |
|
|
(595 |
) |
Deposits into litigation escrow accountretrospective responsibility plan |
|
|
(450 |
) |
|
|
|
|
|
|
(1,715 |
) |
(Return to) payments from litigation escrow accountretrospective responsibility plan |
|
|
(999 |
) |
|
|
4,383 |
|
|
|
140 |
|
Cash proceeds from exercise of stock options |
|
|
91 |
|
|
|
108 |
|
|
|
174 |
|
Restricted stock and performance-based shares settled in cash for taxes |
|
|
(86 |
) |
|
|
(64 |
) |
|
|
|
|
Excess tax benefit for share-based compensation |
|
|
90 |
|
|
|
74 |
|
|
|
71 |
|
Payments for earn-out related to PlaySpan acquisition |
|
|
|
|
|
|
(12 |
) |
|
|
(14 |
) |
Principal payments on capital lease obligations |
|
|
|
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(6,478 |
) |
|
|
(1,746 |
) |
|
|
(2,655 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(1 |
) |
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents |
|
|
(215 |
) |
|
|
112 |
|
|
|
(53 |
) |
Cash and cash equivalents at beginning of year |
|
|
2,186 |
|
|
|
2,074 |
|
|
|
2,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
$ |
1,971 |
|
|
$ |
2,186 |
|
|
$ |
2,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid, net of refunds |
|
$ |
2,656 |
|
|
$ |
595 |
|
|
$ |
2,057 |
|
Non-cash accruals related to purchases of property, equipment, technology and intangible assets |
|
$ |
62 |
|
|
$ |
46 |
|
|
$ |
67 |
|
VISA INC.
FISCAL 2014 AND
2013 QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2014 Quarter Ended |
|
|
Fiscal 2013 Quarter Ended |
|
|
|
September 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
|
December 31, 2013 |
|
|
September 30, 2013 |
|
|
|
(in millions) |
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues |
|
$ |
1,499 |
|
|
$ |
1,417 |
|
|
$ |
1,462 |
|
|
$ |
1,419 |
|
|
$ |
1,385 |
|
Data processing revenues |
|
|
1,348 |
|
|
|
1,321 |
|
|
|
1,234 |
|
|
|
1,264 |
|
|
|
1,186 |
|
International transaction revenues |
|
|
938 |
|
|
|
860 |
|
|
|
871 |
|
|
|
891 |
|
|
|
899 |
|
Other revenues |
|
|
212 |
|
|
|
195 |
|
|
|
183 |
|
|
|
180 |
|
|
|
183 |
|
Client incentives |
|
|
(768 |
) |
|
|
(638 |
) |
|
|
(587 |
) |
|
|
(599 |
) |
|
|
(680 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues |
|
|
3,229 |
|
|
|
3,155 |
|
|
|
3,163 |
|
|
|
3,155 |
|
|
|
2,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
496 |
|
|
|
463 |
|
|
|
446 |
|
|
|
470 |
|
|
|
499 |
|
Marketing |
|
|
241 |
|
|
|
228 |
|
|
|
245 |
|
|
|
186 |
|
|
|
236 |
|
Network and processing |
|
|
128 |
|
|
|
127 |
|
|
|
120 |
|
|
|
132 |
|
|
|
122 |
|
Professional fees |
|
|
94 |
|
|
|
82 |
|
|
|
77 |
|
|
|
75 |
|
|
|
130 |
|
Depreciation and amortization |
|
|
112 |
|
|
|
109 |
|
|
|
107 |
|
|
|
107 |
|
|
|
106 |
|
General and administrative |
|
|
153 |
|
|
|
126 |
|
|
|
120 |
|
|
|
108 |
|
|
|
129 |
|
Litigation provision |
|
|
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
1,677 |
|
|
|
1,135 |
|
|
|
1,115 |
|
|
|
1,078 |
|
|
|
1,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
1,552 |
|
|
|
2,020 |
|
|
|
2,048 |
|
|
|
2,077 |
|
|
|
1,751 |
|
Non-operating (expense) income |
|
|
(2 |
) |
|
|
10 |
|
|
|
13 |
|
|
|
6 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
1,550 |
|
|
|
2,030 |
|
|
|
2,061 |
|
|
|
2,083 |
|
|
|
1,766 |
|
Income tax provision |
|
|
477 |
|
|
|
670 |
|
|
|
463 |
|
|
|
676 |
|
|
|
574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,073 |
|
|
$ |
1,360 |
|
|
$ |
1,598 |
|
|
$ |
1,407 |
|
|
$ |
1,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
Reconciliation of
Non-GAAP Financial Results
US$ in millions, except margin ratio and per share data
During the fourth quarter of fiscal 2014, we recorded a provision of $450 million and related tax benefits associated with litigation covered by the retrospective
responsibility plan (litigation provision). We believe the presentation of our adjusted financial results, excluding the litigation provision, provides a clearer understanding of our operating performance for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
Operating Expenses |
|
|
Operating Margin(1),(2) |
|
|
Net Income |
|
|
Diluted Earnings per Share(2) |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
As reported |
|
$ |
1,677 |
|
|
$ |
1,222 |
|
|
|
48 |
% |
|
|
59 |
% |
|
$ |
1,073 |
|
|
$ |
1,192 |
|
|
$ |
1.72 |
|
|
$ |
1.85 |
|
Litigation provision |
|
|
(450 |
) |
|
|
|
|
|
|
14 |
% |
|
|
|
|
|
|
283 |
(3) |
|
|
|
|
|
|
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
$ |
1,227 |
|
|
$ |
1,222 |
|
|
|
62 |
% |
|
|
59 |
% |
|
$ |
1,356 |
|
|
$ |
1,192 |
|
|
$ |
2.18 |
|
|
$ |
1.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
623 |
|
|
|
644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended September 30, |
|
|
|
Operating Expenses |
|
|
Operating Margin(1),(2) |
|
|
Net Income |
|
|
Diluted Earnings per Share(2) |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
As reported |
|
$ |
5,005 |
|
|
$ |
4,539 |
|
|
|
61 |
% |
|
|
61 |
% |
|
$ |
5,438 |
|
|
$ |
4,980 |
|
|
$ |
8.62 |
|
|
$ |
7.59 |
|
Litigation provision |
|
|
(450 |
) |
|
|
|
|
|
|
4 |
% |
|
|
|
|
|
|
283 |
(3) |
|
|
|
|
|
|
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
$ |
4,555 |
|
|
$ |
4,539 |
|
|
|
64 |
% |
|
|
61 |
% |
|
$ |
5,721 |
|
|
$ |
4,980 |
|
|
$ |
9.07 |
|
|
$ |
7.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
631 |
|
|
|
656 |
|
(1) |
Operating margin is calculated as operating income divided by total operating revenues. |
(2) |
Figures in the table may not recalculate exactly due to rounding. Operating margin and diluted earnings per share figures are calculated based on unrounded numbers. |
(3) |
The litigation provision adjustment to net income is shown net of tax. The tax impact is determined by applying applicable federal and state tax rates to the litigation provision. |
Operational Performance Data
The tables below provide information regarding the available operational results for the 3 months ended September 30, 2014, as well as the prior four quarterly
reporting periods and the 12 months ended September 30, 2014 and 2013, for cards carrying the Visa, Visa Electron and Interlink brands. Also included is a table with information on the number of billable transactions processed on Visa
Inc.s CyberSource network.
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 September 30, 2014 |
|
|
|
|
|
|
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) |
|
|
All Visa Credit & Debit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
$ |
505 |
|
|
|
8.8 |
% |
|
|
8.8 |
% |
|
$ |
351 |
|
|
|
11.6 |
% |
|
|
11.5 |
% |
|
|
3,999 |
|
|
$ |
154 |
|
|
|
2.9 |
% |
|
|
3.0 |
% |
|
|
958 |
|
|
Canada |
|
|
66 |
|
|
|
1.5 |
% |
|
|
6.8 |
% |
|
|
61 |
|
|
|
1.2 |
% |
|
|
6.5 |
% |
|
|
646 |
|
|
|
5 |
|
|
|
4.7 |
% |
|
|
10.1 |
% |
|
|
12 |
|
|
CEMEA |
|
|
280 |
|
|
|
5.7 |
% |
|
|
14.8 |
% |
|
|
67 |
|
|
|
17.9 |
% |
|
|
26.4 |
% |
|
|
1,486 |
|
|
|
212 |
|
|
|
2.4 |
% |
|
|
11.6 |
% |
|
|
1,172 |
|
|
LAC |
|
|
276 |
|
|
|
6.6 |
% |
|
|
12.2 |
% |
|
|
105 |
|
|
|
7.5 |
% |
|
|
14.5 |
% |
|
|
2,493 |
|
|
|
171 |
|
|
|
6.1 |
% |
|
|
10.8 |
% |
|
|
1,056 |
|
|
US |
|
|
755 |
|
|
|
9.2 |
% |
|
|
9.2 |
% |
|
|
631 |
|
|
|
9.8 |
% |
|
|
9.8 |
% |
|
|
12,299 |
|
|
|
124 |
|
|
|
6.2 |
% |
|
|
6.2 |
% |
|
|
951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
1,882 |
|
|
|
7.9 |
% |
|
|
10.2 |
% |
|
|
1,215 |
|
|
|
10.0 |
% |
|
|
11.3 |
% |
|
|
20,923 |
|
|
|
667 |
|
|
|
4.2 |
% |
|
|
8.3 |
% |
|
|
4,150 |
|
|
Visa Credit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
327 |
|
|
|
12.7 |
% |
|
|
12.7 |
% |
|
$ |
313 |
|
|
|
12.7 |
% |
|
|
12.7 |
% |
|
|
3,732 |
|
|
$ |
14 |
|
|
|
11.8 |
% |
|
|
11.8 |
% |
|
|
17 |
|
|
International |
|
|
505 |
|
|
|
7.4 |
% |
|
|
10.2 |
% |
|
|
457 |
|
|
|
8.7 |
% |
|
|
11.1 |
% |
|
|
5,553 |
|
|
|
49 |
|
|
|
-3.5 |
% |
|
|
2.9 |
% |
|
|
193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
832 |
|
|
|
9.4 |
% |
|
|
11.2 |
% |
|
|
769 |
|
|
|
10.3 |
% |
|
|
11.7 |
% |
|
|
9,285 |
|
|
|
62 |
|
|
|
-0.5 |
% |
|
|
4.8 |
% |
|
|
210 |
|
|
Visa Debit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
429 |
|
|
|
6.7 |
% |
|
|
6.7 |
% |
|
$ |
319 |
|
|
|
7.0 |
% |
|
|
7.0 |
% |
|
|
8,567 |
|
|
$ |
110 |
|
|
|
5.6 |
% |
|
|
5.6 |
% |
|
|
934 |
|
|
International |
|
|
621 |
|
|
|
6.7 |
% |
|
|
11.5 |
% |
|
|
127 |
|
|
|
16.5 |
% |
|
|
20.7 |
% |
|
|
3,071 |
|
|
|
494 |
|
|
|
4.5 |
% |
|
|
9.3 |
% |
|
|
3,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
1,050 |
|
|
|
6.7 |
% |
|
|
9.5 |
% |
|
|
446 |
|
|
|
9.6 |
% |
|
|
10.6 |
% |
|
|
11,638 |
|
|
|
604 |
|
|
|
4.7 |
% |
|
|
8.6 |
% |
|
|
3,940 |
|
|
|
|
|
|
For the 3 Months Ended June 30, 2014 |
|
|
|
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 |
|
$ |
488 |
|
|
|
7.0 |
% |
|
|
9.5 |
% |
|
$ |
338 |
|
|
|
11.1 |
% |
|
|
12.3 |
% |
|
|
3,821 |
|
|
$ |
151 |
|
|
|
-1.1 |
% |
|
|
3.8 |
% |
|
|
910 |
|
|
|
658 |
|
|
|
754 |
|
Canada |
|
|
65 |
|
|
|
0.6 |
% |
|
|
7.6 |
% |
|
|
60 |
|
|
|
1.1 |
% |
|
|
8.2 |
% |
|
|
627 |
|
|
|
5 |
|
|
|
-5.2 |
% |
|
|
1.5 |
% |
|
|
12 |
|
|
|
39 |
|
|
|
46 |
|
CEMEA |
|
|
276 |
|
|
|
5.0 |
% |
|
|
13.9 |
% |
|
|
65 |
|
|
|
18.1 |
% |
|
|
26.8 |
% |
|
|
1,389 |
|
|
|
212 |
|
|
|
1.6 |
% |
|
|
10.5 |
% |
|
|
1,196 |
|
|
|
313 |
|
|
|
310 |
|
LAC |
|
|
266 |
|
|
|
-1.3 |
% |
|
|
9.6 |
% |
|
|
101 |
|
|
|
0.3 |
% |
|
|
12.4 |
% |
|
|
2,408 |
|
|
|
165 |
|
|
|
-2.3 |
% |
|
|
8.0 |
% |
|
|
1,013 |
|
|
|
418 |
|
|
|
446 |
|
US |
|
|
750 |
|
|
|
9.3 |
% |
|
|
9.3 |
% |
|
|
628 |
|
|
|
10.0 |
% |
|
|
10.0 |
% |
|
|
12,221 |
|
|
|
122 |
|
|
|
5.8 |
% |
|
|
5.8 |
% |
|
|
941 |
|
|
|
579 |
|
|
|
742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
1,845 |
|
|
|
6.1 |
% |
|
|
10.0 |
% |
|
|
1,191 |
|
|
|
9.4 |
% |
|
|
11.6 |
% |
|
|
20,465 |
|
|
|
654 |
|
|
|
0.7 |
% |
|
|
7.3 |
% |
|
|
4,071 |
|
|
|
2,007 |
|
|
|
2,298 |
|
Visa Credit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
316 |
|
|
|
12.1 |
% |
|
|
12.1 |
% |
|
$ |
303 |
|
|
|
12.3 |
% |
|
|
12.3 |
% |
|
|
3,575 |
|
|
$ |
13 |
|
|
|
8.3 |
% |
|
|
8.3 |
% |
|
|
16 |
|
|
|
223 |
|
|
|
295 |
|
International |
|
|
489 |
|
|
|
5.7 |
% |
|
|
10.1 |
% |
|
|
440 |
|
|
|
7.0 |
% |
|
|
11.0 |
% |
|
|
5,366 |
|
|
|
49 |
|
|
|
-4.3 |
% |
|
|
2.4 |
% |
|
|
199 |
|
|
|
478 |
|
|
|
536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
805 |
|
|
|
8.1 |
% |
|
|
10.9 |
% |
|
|
744 |
|
|
|
9.1 |
% |
|
|
11.5 |
% |
|
|
8,941 |
|
|
|
62 |
|
|
|
-2.0 |
% |
|
|
3.5 |
% |
|
|
215 |
|
|
|
701 |
|
|
|
831 |
|
Visa Debit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
433 |
|
|
|
7.4 |
% |
|
|
7.4 |
% |
|
$ |
324 |
|
|
|
8.0 |
% |
|
|
8.0 |
% |
|
|
8,646 |
|
|
$ |
109 |
|
|
|
5.5 |
% |
|
|
5.5 |
% |
|
|
925 |
|
|
|
356 |
|
|
|
447 |
|
International |
|
|
607 |
|
|
|
2.7 |
% |
|
|
10.9 |
% |
|
|
123 |
|
|
|
15.0 |
% |
|
|
22.7 |
% |
|
|
2,878 |
|
|
|
484 |
|
|
|
0.0 |
% |
|
|
8.2 |
% |
|
|
2,931 |
|
|
|
950 |
|
|
|
1,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
1,040 |
|
|
|
4.6 |
% |
|
|
9.4 |
% |
|
|
447 |
|
|
|
9.8 |
% |
|
|
11.7 |
% |
|
|
11,524 |
|
|
|
592 |
|
|
|
0.9 |
% |
|
|
7.7 |
% |
|
|
3,856 |
|
|
|
1,306 |
|
|
|
1,467 |
|
Operational Performance Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended March 31, 2014 |
|
|
|
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 |
|
$ |
481 |
|
|
|
7.1 |
% |
|
|
11.6 |
% |
|
$ |
328 |
|
|
|
10.9 |
% |
|
|
14.9 |
% |
|
|
3,574 |
|
|
$ |
153 |
|
|
|
-0.3 |
% |
|
|
5.0 |
% |
|
|
878 |
|
|
|
642 |
|
|
|
738 |
|
Canada |
|
|
57 |
|
|
|
0.8 |
% |
|
|
10.3 |
% |
|
|
52 |
|
|
|
0.7 |
% |
|
|
10.1 |
% |
|
|
552 |
|
|
|
5 |
|
|
|
2.3 |
% |
|
|
11.9 |
% |
|
|
11 |
|
|
|
37 |
|
|
|
44 |
|
CEMEA |
|
|
252 |
|
|
|
4.1 |
% |
|
|
14.1 |
% |
|
|
59 |
|
|
|
16.4 |
% |
|
|
28.0 |
% |
|
|
1,252 |
|
|
|
194 |
|
|
|
0.9 |
% |
|
|
10.5 |
% |
|
|
1,105 |
|
|
|
306 |
|
|
|
307 |
|
LAC |
|
|
250 |
|
|
|
-4.7 |
% |
|
|
11.4 |
% |
|
|
95 |
|
|
|
-4.0 |
% |
|
|
13.9 |
% |
|
|
2,367 |
|
|
|
155 |
|
|
|
-5.1 |
% |
|
|
9.9 |
% |
|
|
984 |
|
|
|
411 |
|
|
|
439 |
|
US |
|
|
690 |
|
|
|
8.0 |
% |
|
|
8.0 |
% |
|
|
575 |
|
|
|
8.6 |
% |
|
|
8.6 |
% |
|
|
11,141 |
|
|
|
115 |
|
|
|
5.1 |
% |
|
|
5.1 |
% |
|
|
875 |
|
|
|
568 |
|
|
|
725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
1,730 |
|
|
|
4.9 |
% |
|
|
10.4 |
% |
|
|
1,108 |
|
|
|
8.0 |
% |
|
|
11.8 |
% |
|
|
18,887 |
|
|
|
622 |
|
|
|
-0.2 |
% |
|
|
7.9 |
% |
|
|
3,854 |
|
|
|
1,963 |
|
|
|
2,253 |
|
Visa Credit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
281 |
|
|
|
10.2 |
% |
|
|
10.2 |
% |
|
$ |
270 |
|
|
|
10.6 |
% |
|
|
10.6 |
% |
|
|
3,148 |
|
|
$ |
12 |
|
|
|
1.4 |
% |
|
|
1.4 |
% |
|
|
14 |
|
|
|
215 |
|
|
|
283 |
|
International |
|
|
463 |
|
|
|
4.9 |
% |
|
|
12.3 |
% |
|
|
417 |
|
|
|
6.0 |
% |
|
|
13.3 |
% |
|
|
5,069 |
|
|
|
46 |
|
|
|
-3.9 |
% |
|
|
4.1 |
% |
|
|
176 |
|
|
|
474 |
|
|
|
533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
744 |
|
|
|
6.9 |
% |
|
|
11.5 |
% |
|
|
687 |
|
|
|
7.8 |
% |
|
|
12.2 |
% |
|
|
8,217 |
|
|
|
57 |
|
|
|
-2.8 |
% |
|
|
3.6 |
% |
|
|
191 |
|
|
|
688 |
|
|
|
816 |
|
Visa Debit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
409 |
|
|
|
6.5 |
% |
|
|
6.5 |
% |
|
$ |
305 |
|
|
|
6.8 |
% |
|
|
6.8 |
% |
|
|
7,993 |
|
|
$ |
103 |
|
|
|
5.6 |
% |
|
|
5.6 |
% |
|
|
861 |
|
|
|
353 |
|
|
|
442 |
|
International |
|
|
577 |
|
|
|
1.4 |
% |
|
|
11.9 |
% |
|
|
115 |
|
|
|
13.1 |
% |
|
|
24.8 |
% |
|
|
2,677 |
|
|
|
461 |
|
|
|
-1.1 |
% |
|
|
9.0 |
% |
|
|
2,802 |
|
|
|
922 |
|
|
|
994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
985 |
|
|
|
3.5 |
% |
|
|
9.6 |
% |
|
|
421 |
|
|
|
8.4 |
% |
|
|
11.2 |
% |
|
|
10,670 |
|
|
|
564 |
|
|
|
0.0 |
% |
|
|
8.4 |
% |
|
|
3,663 |
|
|
|
1,275 |
|
|
|
1,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended December 31, 2013 |
|
|
|
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 |
|
$ |
493 |
|
|
|
7.5 |
% |
|
|
12.7 |
% |
|
$ |
339 |
|
|
|
8.3 |
% |
|
|
14.2 |
% |
|
|
3,677 |
|
|
$ |
154 |
|
|
|
5.8 |
% |
|
|
9.5 |
% |
|
|
890 |
|
|
|
622 |
|
|
|
721 |
|
Canada |
|
|
66 |
|
|
|
-0.1 |
% |
|
|
5.5 |
% |
|
|
62 |
|
|
|
-0.2 |
% |
|
|
5.5 |
% |
|
|
609 |
|
|
|
5 |
|
|
|
0.3 |
% |
|
|
6.0 |
% |
|
|
11 |
|
|
|
36 |
|
|
|
43 |
|
CEMEA |
|
|
286 |
|
|
|
9.3 |
% |
|
|
13.2 |
% |
|
|
62 |
|
|
|
23.0 |
% |
|
|
28.5 |
% |
|
|
1,231 |
|
|
|
223 |
|
|
|
6.0 |
% |
|
|
9.6 |
% |
|
|
1,176 |
|
|
|
300 |
|
|
|
300 |
|
LAC |
|
|
287 |
|
|
|
1.9 |
% |
|
|
10.8 |
% |
|
|
110 |
|
|
|
5.5 |
% |
|
|
15.9 |
% |
|
|
2,506 |
|
|
|
177 |
|
|
|
-0.2 |
% |
|
|
7.8 |
% |
|
|
1,066 |
|
|
|
407 |
|
|
|
437 |
|
US |
|
|
706 |
|
|
|
7.8 |
% |
|
|
7.8 |
% |
|
|
591 |
|
|
|
8.5 |
% |
|
|
8.5 |
% |
|
|
11,589 |
|
|
|
115 |
|
|
|
4.3 |
% |
|
|
4.3 |
% |
|
|
895 |
|
|
|
564 |
|
|
|
718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
1,838 |
|
|
|
6.7 |
% |
|
|
10.3 |
% |
|
|
1,164 |
|
|
|
8.3 |
% |
|
|
11.5 |
% |
|
|
19,613 |
|
|
|
674 |
|
|
|
3.9 |
% |
|
|
8.1 |
% |
|
|
4,038 |
|
|
|
1,929 |
|
|
|
2,219 |
|
Visa Credit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
300 |
|
|
|
9.3 |
% |
|
|
9.3 |
% |
|
$ |
288 |
|
|
|
9.6 |
% |
|
|
9.6 |
% |
|
|
3,446 |
|
|
$ |
12 |
|
|
|
2.6 |
% |
|
|
2.6 |
% |
|
|
16 |
|
|
|
216 |
|
|
|
279 |
|
International |
|
|
502 |
|
|
|
5.2 |
% |
|
|
11.5 |
% |
|
|
450 |
|
|
|
5.7 |
% |
|
|
12.5 |
% |
|
|
5,294 |
|
|
|
53 |
|
|
|
0.4 |
% |
|
|
4.1 |
% |
|
|
196 |
|
|
|
472 |
|
|
|
531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
802 |
|
|
|
6.7 |
% |
|
|
10.7 |
% |
|
|
737 |
|
|
|
7.2 |
% |
|
|
11.3 |
% |
|
|
8,740 |
|
|
|
65 |
|
|
|
0.8 |
% |
|
|
3.8 |
% |
|
|
213 |
|
|
|
688 |
|
|
|
810 |
|
Visa Debit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
406 |
|
|
|
6.7 |
% |
|
|
6.7 |
% |
|
$ |
303 |
|
|
|
7.5 |
% |
|
|
7.5 |
% |
|
|
8,143 |
|
|
$ |
103 |
|
|
|
4.5 |
% |
|
|
4.5 |
% |
|
|
879 |
|
|
|
348 |
|
|
|
439 |
|
International |
|
|
630 |
|
|
|
6.7 |
% |
|
|
12.2 |
% |
|
|
124 |
|
|
|
18.0 |
% |
|
|
24.6 |
% |
|
|
2,730 |
|
|
|
506 |
|
|
|
4.2 |
% |
|
|
9.5 |
% |
|
|
2,947 |
|
|
|
893 |
|
|
|
970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
1,036 |
|
|
|
6.7 |
% |
|
|
10.0 |
% |
|
|
427 |
|
|
|
10.3 |
% |
|
|
11.9 |
% |
|
|
10,873 |
|
|
|
609 |
|
|
|
4.3 |
% |
|
|
8.6 |
% |
|
|
3,826 |
|
|
|
1,241 |
|
|
|
1,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended September 30, 2013 |
|
|
|
|
|
|
|
|
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 |
|
$ |
464 |
|
|
|
8.2 |
% |
|
|
13.5 |
% |
|
$ |
314 |
|
|
|
8.5 |
% |
|
|
14.6 |
% |
|
|
3,557 |
|
|
$ |
150 |
|
|
|
7.5 |
% |
|
|
11.1 |
% |
|
|
854 |
|
|
|
610 |
|
|
|
710 |
|
Canada |
|
|
65 |
|
|
|
4.6 |
% |
|
|
9.4 |
% |
|
|
60 |
|
|
|
4.8 |
% |
|
|
9.6 |
% |
|
|
602 |
|
|
|
5 |
|
|
|
2.3 |
% |
|
|
7.0 |
% |
|
|
12 |
|
|
|
34 |
|
|
|
41 |
|
CEMEA |
|
|
265 |
|
|
|
12.2 |
% |
|
|
15.9 |
% |
|
|
57 |
|
|
|
26.8 |
% |
|
|
32.1 |
% |
|
|
1,121 |
|
|
|
207 |
|
|
|
8.8 |
% |
|
|
12.1 |
% |
|
|
1,120 |
|
|
|
296 |
|
|
|
294 |
|
LAC |
|
|
259 |
|
|
|
1.6 |
% |
|
|
10.7 |
% |
|
|
98 |
|
|
|
4.4 |
% |
|
|
14.6 |
% |
|
|
2,348 |
|
|
|
161 |
|
|
|
0.0 |
% |
|
|
8.5 |
% |
|
|
998 |
|
|
|
403 |
|
|
|
431 |
|
US |
|
|
692 |
|
|
|
9.3 |
% |
|
|
9.3 |
% |
|
|
575 |
|
|
|
10.3 |
% |
|
|
10.3 |
% |
|
|
11,400 |
|
|
|
117 |
|
|
|
4.8 |
% |
|
|
4.8 |
% |
|
|
928 |
|
|
|
540 |
|
|
|
703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
1,745 |
|
|
|
8.0 |
% |
|
|
11.5 |
% |
|
|
1,104 |
|
|
|
9.6 |
% |
|
|
12.7 |
% |
|
|
19,028 |
|
|
|
640 |
|
|
|
5.4 |
% |
|
|
9.5 |
% |
|
|
3,912 |
|
|
|
1,883 |
|
|
|
2,179 |
|
Visa Credit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
290 |
|
|
|
10.9 |
% |
|
|
10.9 |
% |
|
$ |
277 |
|
|
|
11.0 |
% |
|
|
11.0 |
% |
|
|
3,324 |
|
|
$ |
12 |
|
|
|
8.2 |
% |
|
|
8.2 |
% |
|
|
16 |
|
|
|
207 |
|
|
|
277 |
|
International |
|
|
470 |
|
|
|
6.3 |
% |
|
|
12.4 |
% |
|
|
420 |
|
|
|
6.9 |
% |
|
|
13.5 |
% |
|
|
5,138 |
|
|
|
50 |
|
|
|
1.8 |
% |
|
|
4.2 |
% |
|
|
196 |
|
|
|
468 |
|
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
760 |
|
|
|
8.0 |
% |
|
|
11.8 |
% |
|
|
697 |
|
|
|
8.5 |
% |
|
|
12.5 |
% |
|
|
8,461 |
|
|
|
63 |
|
|
|
3.0 |
% |
|
|
5.0 |
% |
|
|
212 |
|
|
|
675 |
|
|
|
804 |
|
Visa Debit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
402 |
|
|
|
8.2 |
% |
|
|
8.2 |
% |
|
$ |
298 |
|
|
|
9.6 |
% |
|
|
9.6 |
% |
|
|
8,076 |
|
|
$ |
104 |
|
|
|
4.4 |
% |
|
|
4.4 |
% |
|
|
912 |
|
|
|
333 |
|
|
|
426 |
|
International |
|
|
582 |
|
|
|
7.9 |
% |
|
|
13.6 |
% |
|
|
109 |
|
|
|
17.7 |
% |
|
|
24.6 |
% |
|
|
2,491 |
|
|
|
473 |
|
|
|
5.9 |
% |
|
|
11.3 |
% |
|
|
2,788 |
|
|
|
875 |
|
|
|
949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
984 |
|
|
|
8.0 |
% |
|
|
11.3 |
% |
|
|
407 |
|
|
|
11.7 |
% |
|
|
13.2 |
% |
|
|
10,567 |
|
|
|
577 |
|
|
|
5.6 |
% |
|
|
10.0 |
% |
|
|
3,700 |
|
|
|
1,208 |
|
|
|
1,375 |
|
Operational Performance Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12 Months Ended September 30, 2014 |
|
|
|
|
|
|
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) |
|
|
All Visa Credit & Debit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
$ |
1,967 |
|
|
|
7.6 |
% |
|
|
10.6 |
% |
|
$ |
1,355 |
|
|
|
10.5 |
% |
|
|
13.2 |
% |
|
|
15,071 |
|
|
$ |
612 |
|
|
|
1.8 |
% |
|
|
5.3 |
% |
|
|
3,636 |
|
|
Canada |
|
|
254 |
|
|
|
0.7 |
% |
|
|
7.4 |
% |
|
|
234 |
|
|
|
0.7 |
% |
|
|
7.5 |
% |
|
|
2,434 |
|
|
|
20 |
|
|
|
0.4 |
% |
|
|
7.2 |
% |
|
|
46 |
|
|
CEMEA |
|
|
1,094 |
|
|
|
6.1 |
% |
|
|
14.0 |
% |
|
|
253 |
|
|
|
18.8 |
% |
|
|
27.4 |
% |
|
|
5,359 |
|
|
|
841 |
|
|
|
2.8 |
% |
|
|
10.5 |
% |
|
|
4,650 |
|
|
LAC |
|
|
1,079 |
|
|
|
0.6 |
% |
|
|
11.0 |
% |
|
|
411 |
|
|
|
2.4 |
% |
|
|
14.2 |
% |
|
|
9,774 |
|
|
|
668 |
|
|
|
-0.4 |
% |
|
|
9.1 |
% |
|
|
4,118 |
|
|
US |
|
|
2,901 |
|
|
|
8.6 |
% |
|
|
8.6 |
% |
|
|
2,425 |
|
|
|
9.2 |
% |
|
|
9.2 |
% |
|
|
47,251 |
|
|
|
476 |
|
|
|
5.4 |
% |
|
|
5.4 |
% |
|
|
3,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
7,295 |
|
|
|
6.4 |
% |
|
|
10.2 |
% |
|
|
4,678 |
|
|
|
9.0 |
% |
|
|
11.6 |
% |
|
|
79,888 |
|
|
|
2,617 |
|
|
|
2.1 |
% |
|
|
7.9 |
% |
|
|
16,113 |
|
|
Visa Credit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
1,224 |
|
|
|
11.1 |
% |
|
|
11.1 |
% |
|
$ |
1,173 |
|
|
|
11.3 |
% |
|
|
11.3 |
% |
|
|
13,902 |
|
|
$ |
51 |
|
|
|
6.1 |
% |
|
|
6.1 |
% |
|
|
64 |
|
|
International |
|
|
1,960 |
|
|
|
5.8 |
% |
|
|
11.0 |
% |
|
|
1,764 |
|
|
|
6.9 |
% |
|
|
11.9 |
% |
|
|
21,282 |
|
|
|
196 |
|
|
|
-2.8 |
% |
|
|
3.4 |
% |
|
|
765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
3,183 |
|
|
|
7.8 |
% |
|
|
11.0 |
% |
|
|
2,937 |
|
|
|
8.6 |
% |
|
|
11.7 |
% |
|
|
35,183 |
|
|
|
246 |
|
|
|
-1.1 |
% |
|
|
3.9 |
% |
|
|
828 |
|
|
Visa Debit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
1,677 |
|
|
|
6.8 |
% |
|
|
6.8 |
% |
|
$ |
1,252 |
|
|
|
7.3 |
% |
|
|
7.3 |
% |
|
|
33,349 |
|
|
$ |
425 |
|
|
|
5.3 |
% |
|
|
5.3 |
% |
|
|
3,598 |
|
|
International |
|
|
2,434 |
|
|
|
4.4 |
% |
|
|
11.6 |
% |
|
|
489 |
|
|
|
15.7 |
% |
|
|
23.1 |
% |
|
|
11,356 |
|
|
|
1,945 |
|
|
|
1.9 |
% |
|
|
9.0 |
% |
|
|
11,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
4,112 |
|
|
|
5.4 |
% |
|
|
9.6 |
% |
|
|
1,741 |
|
|
|
9.5 |
% |
|
|
11.3 |
% |
|
|
44,705 |
|
|
|
2,370 |
|
|
|
2.5 |
% |
|
|
8.3 |
% |
|
|
15,284 |
|
|
|
|
|
|
For the 12 Months Ended September 30, 2013 |
|
|
|
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 |
|
$ |
1,828 |
|
|
|
10.2 |
% |
|
|
12.6 |
% |
|
$ |
1,227 |
|
|
|
10.4 |
% |
|
|
13.5 |
% |
|
|
13,291 |
|
|
$ |
601 |
|
|
|
9.9 |
% |
|
|
10.7 |
% |
|
|
3,181 |
|
|
|
610 |
|
|
|
710 |
|
Canada |
|
|
252 |
|
|
|
5.2 |
% |
|
|
5.7 |
% |
|
|
232 |
|
|
|
5.8 |
% |
|
|
6.3 |
% |
|
|
2,220 |
|
|
|
20 |
|
|
|
-1.1 |
% |
|
|
-0.6 |
% |
|
|
44 |
|
|
|
34 |
|
|
|
41 |
|
CEMEA |
|
|
1,031 |
|
|
|
14.8 |
% |
|
|
17.2 |
% |
|
|
213 |
|
|
|
28.5 |
% |
|
|
32.3 |
% |
|
|
4,017 |
|
|
|
818 |
|
|
|
11.7 |
% |
|
|
13.8 |
% |
|
|
4,485 |
|
|
|
296 |
|
|
|
294 |
|
LAC |
|
|
1,072 |
|
|
|
5.7 |
% |
|
|
12.3 |
% |
|
|
401 |
|
|
|
9.1 |
% |
|
|
17.1 |
% |
|
|
9,265 |
|
|
|
671 |
|
|
|
3.8 |
% |
|
|
9.7 |
% |
|
|
3,913 |
|
|
|
403 |
|
|
|
431 |
|
US |
|
|
2,672 |
|
|
|
6.5 |
% |
|
|
6.5 |
% |
|
|
2,220 |
|
|
|
7.2 |
% |
|
|
7.2 |
% |
|
|
43,616 |
|
|
|
451 |
|
|
|
3.2 |
% |
|
|
3.2 |
% |
|
|
3,557 |
|
|
|
540 |
|
|
|
703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
6,856 |
|
|
|
8.5 |
% |
|
|
10.4 |
% |
|
|
4,294 |
|
|
|
9.1 |
% |
|
|
10.7 |
% |
|
|
72,409 |
|
|
|
2,562 |
|
|
|
7.5 |
% |
|
|
9.8 |
% |
|
|
15,179 |
|
|
|
1,883 |
|
|
|
2,179 |
|
Visa Credit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
1,101 |
|
|
|
10.2 |
% |
|
|
10.2 |
% |
|
$ |
1,054 |
|
|
|
10.2 |
% |
|
|
10.2 |
% |
|
|
12,484 |
|
|
$ |
48 |
|
|
|
9.2 |
% |
|
|
9.2 |
% |
|
|
62 |
|
|
|
207 |
|
|
|
277 |
|
International |
|
|
1,852 |
|
|
|
8.1 |
% |
|
|
11.3 |
% |
|
|
1,651 |
|
|
|
8.8 |
% |
|
|
12.5 |
% |
|
|
19,495 |
|
|
|
201 |
|
|
|
2.6 |
% |
|
|
2.6 |
% |
|
|
772 |
|
|
|
468 |
|
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
2,953 |
|
|
|
8.9 |
% |
|
|
10.9 |
% |
|
|
2,704 |
|
|
|
9.4 |
% |
|
|
11.6 |
% |
|
|
31,979 |
|
|
|
249 |
|
|
|
3.8 |
% |
|
|
3.9 |
% |
|
|
833 |
|
|
|
675 |
|
|
|
804 |
|
Visa Debit Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
1,570 |
|
|
|
4.1 |
% |
|
|
4.1 |
% |
|
$ |
1,166 |
|
|
|
4.6 |
% |
|
|
4.6 |
% |
|
|
31,132 |
|
|
$ |
404 |
|
|
|
2.5 |
% |
|
|
2.5 |
% |
|
|
3,495 |
|
|
|
333 |
|
|
|
426 |
|
International |
|
|
2,332 |
|
|
|
11.1 |
% |
|
|
14.7 |
% |
|
|
423 |
|
|
|
21.5 |
% |
|
|
26.0 |
% |
|
|
9,299 |
|
|
|
1,909 |
|
|
|
9.1 |
% |
|
|
12.5 |
% |
|
|
10,851 |
|
|
|
875 |
|
|
|
949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Inc. |
|
|
3,902 |
|
|
|
8.2 |
% |
|
|
10.0 |
% |
|
|
1,589 |
|
|
|
8.6 |
% |
|
|
9.3 |
% |
|
|
40,430 |
|
|
|
2,313 |
|
|
|
7.9 |
% |
|
|
10.5 |
% |
|
|
14,346 |
|
|
|
1,208 |
|
|
|
1,375 |
|
Operational Performance Data
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 Visas
signature based and Interlink (PIN) debit programs.
The data presented is based on results reported quarterly by Visas financial institution clients on their
operating certificates. Estimates may be utilized if data is unavailable. On occasion, previously presented information may be updated.
Visas CEMEA region is
comprised of countries in Central Europe, the Middle East and Africa. Effective with the 3 months ended September 2013, Croatia moved from the CEMEA region to Visa Europe. 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. International 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 Visas historical
methodology which may be subject to review and refinement.
Operational Performance Data
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, 2014 |
|
9% |
|
10% |
Jun 30, 2014 |
|
6% |
|
7% |
Mar 31, 2014 |
|
5% |
|
8% |
Dec 31, 2013 |
|
11% |
|
12% |
Sep 30, 2013 |
|
9% |
|
11% |
12 Months Ended |
|
|
|
|
Sep 30, 2014 |
|
8% |
|
9% |
Sep 30, 2013 |
|
10% |
|
11% |
3. Visa Processed Transactions
The table
below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visas networks. CyberSource transactions are not included in this table, and are reported in the next section.
|
|
|
|
|
Period |
|
Processed Transactions (millions) |
|
Growth |
3 Months Ended |
|
|
|
|
Sep 30, 2014 |
|
16,943 |
|
9% |
Jun 30, 2014 |
|
16,662 |
|
11% |
Mar 31, 2014 |
|
15,354 |
|
11% |
Dec 31, 2013 |
|
15,985 |
|
13% |
Sep 30, 2013 |
|
15,491 |
|
14% |
12 Months Ended |
|
|
|
|
Sep 30, 2014 |
|
64,944 |
|
11% |
Sep 30, 2013 |
|
58,472 |
|
10% |
Operational Performance Data
4. CyberSource Transactions
The table below represents billable transactions processed on Visa Inc.s CyberSource network.
|
|
|
|
|
Period |
|
Billable Transactions (millions) |
|
Growth |
3 Months Ended |
|
|
|
|
Sep 30, 2014 |
|
1,905 |
|
12% |
Jun 30, 2014 |
|
1,890 |
|
15% |
Mar 31, 2014 |
|
1,859 |
|
16% |
Dec 31, 2013 |
|
1,894 |
|
20% |
Sep 30, 2013 |
|
1,696 |
|
24% |
12 Months Ended |
|
|
|
|
Sep 30, 2014 |
|
7,549 |
|
16% |
Sep 30, 2013 |
|
6,533 |
|
26% |
|
Visa Inc.
Fiscal Fourth Quarter 2014
Financial Results
October 29, 2014
Exhibit 99.2 |
|
Fiscal Fourth Quarter 2014 Financial Results
2
Forward-Looking Statements
various other factors, including those contained in our Annual Report on Form
10-K for the year ended September 30, 2013 and our other filings with
the U.S. Securities and Exchange Commission. Additional information will also be
available in our Annual Report on Form 10-K for the year ended September
30, 2014. You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any
forwardlooking statements as a result of new information, future developments
or otherwise. natural disasters, terrorist attacks, military or
political conflicts, and public health emergencies; and the failure to
integrate acquisitions successfully or to effectively develop new products and businesses;
the loss of organizational effectiveness or key employees;
costs arising if Visa Europe were to exercise its right to require us to
acquire all of its outstanding stock; disruption of our transaction
processing systems or the inability to process transactions efficiently;
account data breaches or increased fraudulent or other illegal activities
involving Visa-branded cards or payment products; and failure to
maintain systems interoperability with Visa Europe; system
developments, such as: industry developments, such as competitive
pressure, rapid technological developments and disintermediation from our payments network;
economic fragility in the Eurozone and in the United States;
general economic, political and social conditions in mature and emerging
markets globally; general stock market fluctuations which may impact
consumer spending; material changes in cross-border activity,
foreign exchange controls and fluctuations in currency exchange rates; and
material changes in our financial institution clients' performance compared
to our estimates; economic factors, such as:
new lawsuits, investigations or proceedings, or changes to our potential
exposure in connection with pending lawsuits, investigations or proceedings;
developments
in
litigation
and
government
enforcement,
including
those
affecting
interchange
reimbursement
fees,
antitrust
and
tax;
rules
capping
debit
interchange
reimbursement
rates
and
expanding
financial
institutions
and
merchants
choices
among
debit
payment
networks
promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection
Act; increased regulation in jurisdictions outside of the United States
and in other product categories; increased government support of
national payment networks outside the United States; and increased
regulation on consumer privacy, data use and security; the impact of
laws, regulations and marketplace barriers, including: By
their
nature,
forward-looking
statements:
(i)
speak
only
as
of
the
date
they
are
made;
(ii)
are
not
statements
of
historical
fact
or
guarantees
of
future
performance; and (iii) are subject to risks, uncertainties, assumptions or changes
in circumstances that are difficult to predict or quantify. Therefore, actual
results could differ materially and adversely from our forward-looking
statements due to a variety of factors, including the following: This
presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are identified by words such as "believes,"
"estimates," "expects," "intends," "may,"
"projects," "could," "should," "will," "will continue"
and other similar expressions. Examples of forward-looking statements include,
but are not limited to, statements we make about our revenue, client
incentives,
operating
margin,
tax
rate,
earnings
per
share,
free
cash
flow,
and
the
growth
of
those
items. |
|
Fiscal Fourth Quarter 2014 Financial Results
3
Solid Fiscal Fourth Quarter Results
Solid operating revenues of $3.2 billion, up 9% over prior year
Total as-converted class A common stock was reduced by 5.7
million shares, at an average price of $212.71 per share,
using $1.2 billion of operating cash on hand
Continued positive secular trends and spending momentum
contributed to growth in key underlying business drivers
Adjusted quarterly net income of $1.4 billion and adjusted
diluted earnings per share of $2.18, up 14% and 17%,
respectively, over prior year
Note: See appendix for reconciliation of adjusted non-GAAP measures to the
closest comparable GAAP measures. |
|
Fiscal Fourth Quarter 2014 Financial Results
4
Quarter ended June
Payments Volume
US$ in billions, nominal, except percentages
YOY Change
(constant)
12%
12%
12%
YOY Change
(nominal)
9%
10%
9%
Note: Figures may not recalculate exactly due to rounding. Percentage changes are
calculated based on unrounded numbers. From time to time, previously
submitted volume information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not
material. Constant dollar growth rates exclude the impact of foreign currency
fluctuations against the U.S. dollar in measuring performance. INTL
412
INTL
440
INTL 107
INTL 123
U.S.
571
U.S.
628
U.S.
270
U.S.
303
U.S.
300
U.S.
324
1,089
682
407
1,191
744
447
Total Visa Inc.
Credit
Debit
2013
2014
INTL
519
INTL
563
INTL =
International |
|
Fiscal Fourth Quarter 2014 Financial Results
5
Quarter ended September
Payments Volume
US$ in billions, nominal, except percentages
YOY Change
(constant)
11%
12%
11%
YOY Change
(nominal)
10%
10%
10%
Note: Current quarter payments volume and other select metrics are provided in the
operational performance data supplement in the press release to
provide
more
recent
operating
data.
Service
revenues
continue
to
be
recognized
based
on
payments
volume
in
the
prior
quarter.
From
time
to
time, reported payments volume information may be updated to reflect revised client
submissions or other adjustments. Prior period updates are not material.
Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
INTL
420
INTL
457
INTL 109
INTL 127
U.S.
575
U.S.
631
U.S.
277
U.S.
313
U.S.
298
U.S.
319
1,104
697
407
1,215
769
446
Total Visa Inc.
Credit
Debit
2013
2014
INTL
529
INTL
584
INTL =
International |
|
Fiscal Fourth Quarter 2014 Financial Results
6
Quarter ended September
Transactions
in millions, except percentages
Note: Processed transactions represent transactions involving Visa, Visa Electron,
Interlink and Plus cards processed on Visas networks. Total
transactions represent payments and cash transactions as reported by Visa clients
on their operating certificates. From time to time, previously submitted
transaction information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not material.
Figures may not recalculate exactly due to rounding. Percentage changes are
calculated based on unrounded numbers. Credit
38%
YOY
Change
9%
9%
Debit
62%
Credit
38%
22,940
15,491
25,073
16,943
Total Transactions
Processed Transactions
2013
2014
Debit
62% |
|
Quarter ended June
Total Cards
in millions, except percentages
Note: The data presented is based on results reported quarterly by Visa clients on
their operating certificates. Estimates may be utilized if data is
unavailable. From time to time, previously submitted card information may be
updated to reflect revised client submissions or other adjustments. Prior
period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on
unrounded numbers.
YOY
Change
4%
9%
7%
Fiscal Fourth Quarter 2014 Financial Results
7
2,144
798
1,346
2,298
831
1,467
Visa Inc.
Credit
Debit
2013
2014 |
|
Revenue
Q4 2014
US$ in millions, except percentages
Note: Figures may not recalculate exactly due to rounding. Percentages are
calculated based on unrounded numbers. YOY
Change
13%
9%
9%
Fiscal 2014 % of
Gross Revenues
19%
81%
Fiscal Fourth Quarter 2014 Financial Results
8
3,653
(680)
2,973
3,997
(768)
3,229
Gross Revenues
Client
Incentives
Net Operating
Revenues
Fiscal 2013
Fiscal 2014 |
|
Fiscal Fourth Quarter 2014 Financial Results
9
Revenue Detail
Q4 2014
US$ in millions, except percentages
Note: Figures may not recalculate exactly due to rounding. Percentage changes are
calculated based on unrounded numbers. YOY
Change
14%
4%
8%
16%
1,385
1,186
899
183
1,499
1,348
938
212
Service Revenues
Data Processing
Revenues
International
Transaction Revenues
Other Revenues
Fiscal 2013
Fiscal 2014 |
|
Fiscal Fourth Quarter 2014 Financial Results
10
Adjusted Operating Margin
Q4 2014
US$ in millions, except percentages
Note:
Operating
margin
is
calculated
as
operating
income
divided
by
net
operating
revenues.
Figures
may
not
recalculate
exactly
due
to
rounding.
Percentage changes are calculated based on unrounded numbers. See appendix for
reconciliation of adjusted non-GAAP measures to the closest comparable
GAAP measures. YOY
Change
%
14%
9%
3ppts
2,973
1,222
1,751
59%
3,229
1,227
2,002
62%
Net Operating
Revenues
Total Operating
Expenses
Operating
Income
Operating
Margin
Fiscal 2013
Fiscal 2014
|
|
Fiscal Fourth Quarter 2014 Financial Results
11
Adjusted Operating Expenses
Q4 2014
US$ in millions, except percentages
Note: Figures may not recalculate exactly due to rounding. Percentage changes are
calculated based on unrounded numbers. See appendix for reconciliation of
adjusted non-GAAP measures to the closest comparable GAAP measures.
YOY
Change
5%
(27%)
(1%)
18%
6%
2%
NM
499
236
122
130
106
129
0
496
241
128
94
112
153
3
Personnel
Marketing
Network &
Processing
Professional
Fees
Depreciation &
Amortization
General &
Administrative
Litigation
Provision
Fiscal 2013
Fiscal 2014 |
|
Fiscal Fourth Quarter 2014 Financial Results
12
Other Financial Results
Cash, cash equivalents and available-for-sale investment securities of $6.9
billion at the end of the fiscal fourth quarter
Free cash flow of $1.5 billion for the fiscal fourth quarter
Capital expenditures of $227 million during the fiscal fourth quarter
|
|
Fiscal Fourth Quarter 2014 Financial Results
13
Financial Metrics for Fiscal Year 2015
Constant dollar revenue growth of low double digits
Negative 2
ppts
foreign currency impact
Annual net revenue growth
17.5%
-
18.5% range
Client incentives as % of
gross revenues
Mid 60s
Low 30s
Mid teens
Annual diluted class A
common stock earnings
per share growth
Greater than $6 billion
Annual free cash flow
Tax rate
Annual operating margin
Note: Fiscal full-year 2015 annual diluted earnings per share growth assumes an
adjusted basis for fiscal full-year 2014. |
|
Fiscal Fourth Quarter 2014 Financial Results
Reconciliation of Non-GAAP Financial Results
US$ in millions, except percentages and per share data
A-1
2014
2013
2014
2013
2014
2013
2014
2013
As reported
$ 1,677
$ 1,222
48%
59%
1,073
$
1,192
$
1.72
$
1.85
$
Litigation provision
(450)
-
14%
-
283
(3)
-
0.45
-
Adjusted
$ 1,227
$ 1,222
62%
59%
1,356
$
1,192
$
2.18
$
1.85
$
Diluted weighted-average shares
outstanding
623
644
2014
2013
2014
2013
2014
2013
2014
2013
As reported
$ 5,005
$ 4,539
61%
61%
5,438
$
4,980
$
8.62
$
7.59
$
Litigation provision
(450)
-
4%
-
283
(3)
-
0.45
-
Adjusted
$ 4,555
$ 4,539
64%
61%
5,721
$
4,980
$
9.07
$
7.59
$
Diluted weighted-average shares
outstanding
631
656
Three Months Ended September 30,
Operating Expenses
Operating Margin
(1),(2)
Net Income
Diluted Earnings per
Share
(2)
(1) Operating margin is calculated as operating income divided by net operating
revenues. (3) The litigation provision adjustment to net income is
shown net of tax. The tax impact is determined by applying applicable federal and state
tax rates to the litigation provision.
Twelve Months Ended September 30,
Operating Expenses
Operating Margin
(1),(2)
Net income
Diluted Earnings per
Share
(2)
(2)
Figures
in
the
table
may
not
recalculate
exactly
due
to
rounding.
Operating
margin
and
diluted
earnings
per
share
figures
are
calculated
based on unrounded numbers.
During the fourth quarter of fiscal 2014, we recorded a provision of $450
million and related tax benefits associated with litigation covered by the
retrospective
responsibility
plan
("litigation
provision").
We
believe
the
presentation
of
our
adjusted
financial
results,
excluding
the
litigation
provision, provides a clearer understanding of our operating performance for the
periods presented. |
|
Fiscal Fourth Quarter 2014 Financial Results
Calculation of Free Cash Flow
US$ in millions
(1)
(2)
A-2
Additions (+) /
Reductions (-) to Net
income
Net income (as reported)
1,073
5,438
Capital Assets
+
Depreciation and amortization
112
435
-
Capital expenditures
(227)
(553)
(115)
(118)
Litigation
+
Litigation provision
453
453
+
Return of settlement payments
(1)
-
1,056
-
-
(1,056)
-
Settlement payments
(57)
(58)
+
Settlement payments funded by litigation escrow
57
57
453
452
Share-based Compensation
+
Share-based compensation
42
172
Pension
+
Pension expense
4
10
Taxes
+
Income tax provision
477
2,286
-
Income taxes paid
(713)
(2,656)
(236)
(370)
Changes in Working Capital
(2)
+/-
Changes in other working capital accounts
275
182
Total Free Cash Flow
1,496
5,766
Return of settlement payments into the litigation
escrow
(1)
Three Months Ended
September 30, 2014
Twelve Months Ended
September 30, 2014
Includes changes in client incentives, trade receivable/payable, settlement receivable/payable and
personnel incentives. Reflects the
return of takedown payments into the litigation escrow account in connection with the interchange multidistrict litigation. |
|
Fiscal Fourth Quarter 2014 Financial Results
A-3
Visa Cross-Border Volume Growth Disclosure
The table
below
represents
cross-border
volume
growth
for
cards
carrying
the
Visa,
Visa
Electron,
Interlink
and
PLUS
brands,
including
Visa
Europe
data.
Cross-border
volume
refers
to
payments
and
cash
volume
where
the
issuing
country
is
different
from
the
merchant
country.
Visa Inc.
Visa Inc. + Visa Europe
Nominal
USD
(1)
Constant USD -
Merchant Country
(2)
Nominal
USD
(1)
Constant USD -
Merchant Country
(2)
Constant USD -
Issuing Country
(3)
September 30, 2014
9%
10%
14%
14%
16%
June 30, 2014
6%
7%
14%
12%
14%
March 31, 2014
5%
8%
11%
11%
13%
December 31, 2013
11%
12%
15%
14%
16%
September 30, 2013
9%
11%
15%
13%
16%
September 30, 2014
8%
9%
14%
13%
15%
September 30, 2013
10%
11%
14%
13%
15%
Three Months Ended
Twelve Months Ended
Fiscal Fourth Quarter 2014 Financial Results
(1) Nominal USD
growth rates are calculated by converting cross-border volumes to U.S. dollars
by applying an established U.S. dollar exchange rate for each currency based
on the
merchant
country.
(2) Constant USD -
Merchant Country
represents growth rates in cross-border volumes measured in the merchant
country currency. Visa Inc. Constant USD growth is calculated using
this method. (3) Constant USD -
Issuing Country
represents growth rates in cross-border volumes measured in the issuing
country currency. |
Visa (NYSE:V)
Historical Stock Chart
From May 2024 to Jun 2024
Visa (NYSE:V)
Historical Stock Chart
From Jun 2023 to Jun 2024