SAN FRANCISCO, May 5, 2011 /PRNewswire via COMTEX/ --
- GAAP quarterly net income of $881 million or $1.23 per diluted class A common share
- The Company authorized a new $1 billion share repurchase program
Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal second quarter 2011 ended March 31, 2011. GAAP net income for the quarter was $881 million, or $1.23 per diluted class A common share. The weighted-average number of diluted class A common shares outstanding was approximately 714 million.
GAAP net operating revenue in the fiscal second quarter of 2011 was $2.2 billion, an increase of 15% over the prior year and driven by strong double-digit growth in service revenues, data processing revenues and international transaction revenues. Currency fluctuations contributed a positive 2% towards quarterly net operating revenues.
"Visa delivered a solid financial performance in our fiscal second quarter with double-digit growth in payments volume, cross border volume and Visa-processed transactions from across the globe," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. "With a strong first half of our fiscal 2011 year behind us, we remain focused on driving continued transaction growth, maintaining strong financial performance and expense control discipline, and delivering value to our shareholders through share repurchase programs and dividend payments."
"In addition to working with our financial institutions and merchant clients to expand card issuance and acceptance for our core products, we are investing in new platforms, channels and technologies that will deliver value to our clients and consumers for years to come," continued Saunders. "The global adoption of mobile and internet technology presents an enormous opportunity for Visa to leverage our network and proven track record of delivering electronic payments worldwide."
Fiscal Second Quarter 2011 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2010, on which fiscal second quarter service revenue is recognized, was a positive 15% over the prior year at $897 billion.
Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2011, was a positive 13% over the prior year at $861 billion.
Cross border volume growth, on a constant dollar basis, was a positive 13% for the three months ended March 31, 2011.
Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2011, were 12 billion, a positive 13% increase over the prior year.
For the fiscal second quarter 2011, service revenues were $1.1 billion, an increase of 24% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 13% over the prior year to $823 million. International transaction revenues, which are driven by cross border payments volume, grew 14% over the prior year to $624 million. Other revenues, which include the Visa Europe licensing fee, were $156 million, a 10% decrease over the prior year. Client incentives, which are a contra revenue item, were $451 million and represents 17% of gross revenues.
Total operating expenses on a GAAP basis were $862 million for the quarter, a 3% increase over the prior year.
Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $6.6 billion at March 31, 2011.
Visa's GAAP effective tax rate was 36% for quarter ended March 31, 2011.
Notable Events:
During the three months ended March 31, 2011, the Company effectively repurchased approximately 8.7 million class A shares on an as-converted basis, at an average price of $72.58 per share, for a total cost of $630 million. Of the $630 million, $400 million of class B shares were effectively repurchased through the March funding of the litigation escrow account previously established under the Company's retrospective responsibility plan, representing 5.4 million class A shares on an as-converted basis at an average price of $73.81 per share. The remaining $230 million in repurchases of class A common stock were executed in the open market, representing 3.3 million shares at an average price of $70.53 per share. At March 31, 2011, the October 27, 2010 share repurchase program had remaining authorized funds of $64 million.
As announced on April 25, 2011, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.15 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 June 7, 2011, to all holders of record of the Company's class A, class B and class C common stock as of May 20, 2011.
Today, the Company announces that its Board of Directors has authorized a new $1 billion class A share repurchase program. The authorization will be in place through April 20, 2012, and is subject to further change at the discretion of the Board.
Financial Outlook:
Visa Inc. affirms its financial outlook for the following metrics through 2011:
- Annual net revenue growth: 11% to 15% range;
- Client incentives as a percent of gross revenues: 16% to 16.5% range*;
- Marketing expenses: Less than $900 million;
- Annual operating margin: About 60%;
- GAAP tax rate: 36.5% to 37% range;
- Annual diluted class A common stock earnings per share growth of greater than 20%;
- Capital expenditures: Between $250-$275 million; and
- Annual free cash flow in excess of $3 billion.
*This range may change based on future developments regarding pending federal debit regulations.
Fiscal Second Quarter 2011 Earnings Results Conference Call Details:
Visa's 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 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 digital currency. Underpinning digital currency is one of the world's most advanced processing networks--VisaNet--that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
Forward Looking Statements:
This press release contains forward--looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the terms "expect," "will," "continue" and similar references to the future. Examples of such forward--looking statements include, but are not limited to, statements we make about gross and net revenue, incentive payments, expenses, operating margin, tax rate, earnings per share, capital expenditures, free cash flow and the growth of those items.
By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of future performance and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements because of a variety of factors, including the following:
- the impact of timing and new laws, regulations and marketplace barriers, particularly the Wall Street Reform and Consumer Protection Act, including those affecting:
- issuers' and retailers' choice among debit payment networks;
- debit interchange rates;
- the spread of regulation of debit payments to credit and other product categories;
- the spread of U.S. regulations to other countries;
- consumer privacy and data use and security; and
- designation as a systemically important payment system;
- developments in current or future disputes and our ability to absorb their impact, including: interchange; currency conversion; and tax;
- macroeconomic factors such as:
- global economic, political, health environmental and other conditions;
- cross border activity and currency exchange rates; and
- material changes in our clients' performance compared to our estimates;
- industry and systemic developments, such as:
- competitive pressure on client pricing and in the payments industry generally;
- bank and merchant consolidation and their increased focus on payment card costs;
- disintermediation from the payments value stream through government actions or bilateral agreements;
- adverse changes in our relationships and reputation;
- our clients' failure to fund settlement obligations we have guaranteed;
- disruption of our transaction processing systems or the inability to process transactions efficiently;
- rapid technological developments;
- account data breaches and increased fraudulent and other illegal activity involving our cards; and
- issues arising at Visa Europe, including failure to maintain interoperability between our systems;
- costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;
- loss of organizational effectiveness or key employees;
- failure to integrate successfully CyberSource, PlaySpan or other acquisitions;
- changes in accounting principles or treatment; and
the other factors discussed in our most recent Annual Report on Form 10--K and our most recent Quarterly Reports on Form 10--Q for the first and second quarters of our 2011 fiscal year on file with the U.S. Securities and Exchange Commission. You should not place undue reliance on such statements. Unless required to do so by law, we do not intend to update or revise any forward--looking statement, because of new information or future developments or otherwise.
Contacts: Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, ir@visa.com Media Relations: Will Valentine, 415-932-2564, globalmedia@visa.com
|
VISA INC.
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
(in millions, except per share data)
|
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues
|
|
|
|
$ 1,093
|
|
$ 885
|
|
$ 2,101
|
|
$ 1,712
|
|
|
Data processing revenues
|
|
|
|
823
|
|
728
|
|
1,667
|
|
1,493
|
|
|
International transaction revenues
|
|
|
|
624
|
|
545
|
|
1,254
|
|
1,097
|
|
|
Other revenues
|
|
|
|
156
|
|
173
|
|
317
|
|
363
|
|
|
Client incentives
|
|
|
|
(451)
|
|
(372)
|
|
(856)
|
|
(746)
|
|
|
Total operating revenues
|
|
|
|
2,245
|
|
1,959
|
|
4,483
|
|
3,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
|
351
|
|
310
|
|
708
|
|
584
|
|
|
Network and processing
|
|
|
|
80
|
|
98
|
|
160
|
|
203
|
|
|
Marketing
|
|
|
|
183
|
|
238
|
|
380
|
|
454
|
|
|
Professional fees
|
|
|
|
77
|
|
50
|
|
138
|
|
101
|
|
|
Depreciation and amortization
|
|
|
|
70
|
|
62
|
|
137
|
|
124
|
|
|
General and administrative
|
|
|
|
95
|
|
77
|
|
205
|
|
155
|
|
|
Litigation provision
|
|
|
|
6
|
|
2
|
|
6
|
|
(41)
|
|
|
Total operating expenses
|
|
|
|
862
|
|
837
|
|
1,734
|
|
1,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,383
|
|
1,122
|
|
2,749
|
|
2,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(12)
|
|
(28)
|
|
(8)
|
|
(44)
|
|
|
Investment income, net
|
|
|
|
9
|
|
23
|
|
19
|
|
28
|
|
|
Other
|
|
|
|
(3)
|
|
(4)
|
|
(1)
|
|
(2)
|
|
|
Total other (expense) income
|
|
|
|
(6)
|
|
(9)
|
|
10
|
|
(18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
1,377
|
|
1,113
|
|
2,759
|
|
2,321
|
|
|
Income tax provision
|
|
|
|
497
|
|
401
|
|
995
|
|
846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including non-controlling interest
|
|
|
|
880
|
-
|
712
|
|
1,764
|
|
1,475
|
|
|
Loss attributable to non-controlling interest
|
|
|
|
1
|
|
1
|
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Visa Inc.
|
|
|
|
$ 881
|
|
$ 713
|
|
$ 1,765
|
|
$ 1,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
$ 1.24
|
|
$ 0.97
|
|
$ 2.47
|
|
$ 1.99
|
|
|
Class B common stock
|
|
|
|
$ 0.63
|
|
$ 0.56
|
|
$ 1.26
|
|
$ 1.16
|
|
|
Class C common stock
|
|
|
|
$ 1.24
|
|
$ 0.97
|
|
$ 2.47
|
|
$ 1.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
505
|
|
472
|
|
499
|
|
470
|
|
|
Class B common stock
|
|
|
|
245
|
|
245
|
|
245
|
|
245
|
|
|
Class C common stock
|
|
|
|
80
|
|
122
|
|
87
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
$ 1.23
|
|
$ 0.96
|
|
$ 2.46
|
|
$ 1.99
|
|
|
Class B common stock
|
|
|
|
$ 0.63
|
|
$ 0.56
|
|
$ 1.26
|
|
$ 1.16
|
|
|
Class C common stock
|
|
|
|
$ 1.23
|
|
$ 0.96
|
|
$ 2.46
|
|
$ 1.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
714
|
|
742
|
|
717
|
|
743
|
|
|
Class B common stock
|
|
|
|
245
|
|
245
|
|
245
|
|
245
|
|
|
Class C common stock
|
|
|
|
80
|
|
122
|
|
87
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
March 31,
|
|
September 30,
|
|
|
2011
|
|
2010
|
|
|
(in millions, except par value data)
|
|
|
Assets
|
|
|
|
|
|
Cash and cash equivalents
|
$ 3,512
|
|
$ 3,867
|
|
|
Restricted cash - litigation escrow
|
2,997
|
|
1,866
|
|
|
Investment securities
|
|
|
|
|
|
Trading
|
66
|
|
60
|
|
|
Available-for-sale
|
131
|
|
124
|
|
|
Settlement receivable
|
397
|
|
402
|
|
|
Accounts receivable
|
538
|
|
476
|
|
|
Customer collateral
|
870
|
|
899
|
|
|
Current portion of client incentives
|
152
|
|
175
|
|
|
Current portion of deferred tax assets
|
497
|
|
623
|
|
|
Prepaid expenses and other current assets
|
446
|
|
242
|
|
|
|
|
|
|
|
Total current assets
|
9,606
|
|
8,734
|
|
|
|
|
|
|
|
Restricted cash - litigation escrow
|
-
|
|
70
|
|
|
Investment securities, available-for-sale
|
7
|
|
24
|
|
|
Client incentives
|
115
|
|
101
|
|
|
Property, equipment and technology, net
|
1,453
|
|
1,357
|
|
|
Other assets
|
189
|
|
197
|
|
|
Intangible assets, net
|
11,464
|
|
11,478
|
|
|
Goodwill
|
11,588
|
|
11,447
|
|
|
|
|
|
|
|
Total assets
|
$ 34,422
|
|
$ 33,408
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Accounts payable
|
$ 86
|
|
$ 137
|
|
|
Settlement payable
|
325
|
|
406
|
|
|
Customer collateral
|
870
|
|
899
|
|
|
Accrued compensation and benefits
|
281
|
|
370
|
|
|
Client incentives
|
531
|
|
418
|
|
|
Accrued liabilities
|
780
|
|
625
|
|
|
Current portion of long-term debt
|
12
|
|
12
|
|
|
Current portion of accrued litigation
|
580
|
|
631
|
|
|
|
|
|
|
|
Total current liabilities
|
3,465
|
|
3,498
|
|
|
|
|
|
|
|
Long-term debt
|
25
|
|
32
|
|
|
Accrued litigation
|
-
|
|
66
|
|
|
Deferred tax liabilities
|
4,205
|
|
4,181
|
|
|
Other liabilities
|
573
|
|
617
|
|
|
|
|
|
|
|
Total liabilities
|
8,268
|
|
8,394
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 521 and 493 shares issued and outstanding at March 31, 2011, and September 30, 2010, respectively
|
-
|
|
-
|
|
|
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at March 31, 2011, and September 30, 2010
|
-
|
|
-
|
|
|
Class C common stock, $0.0001 par value, 1,097 shares authorized, 64 and 97 shares issued and outstanding at March 31, 2011, and September 30, 2010, respectively
|
-
|
|
-
|
|
|
Additional paid-in capital
|
20,583
|
|
20,794
|
|
|
Accumulated income
|
5,707
|
|
4,368
|
|
|
Accumulated other comprehensive loss, net
|
|
|
|
|
|
Investment securities, available-for-sale
|
1
|
|
3
|
|
|
Defined benefit pension and other postretirement plans
|
(114)
|
|
(115)
|
|
|
Derivative instruments classified as cash flow hedges
|
(38)
|
|
(40)
|
|
|
Foreign currency translation gain
|
12
|
|
1
|
|
|
Total accumulated other comprehensive loss, net
|
(139)
|
|
(151)
|
|
|
|
|
|
|
|
Total Visa Inc. stockholders' equity
|
26,151
|
|
25,011
|
|
|
|
|
|
|
|
Non-controlling interest
|
3
|
|
3
|
|
|
Total equity
|
26,154
|
|
25,014
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
$ 34,422
|
|
$ 33,408
|
|
|
|
|
|
|
VISA INC.
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
(UNAUDITED)
|
|
|
|
Six Months Ended March 31,
|
|
|
|
2011
|
|
2010
|
|
|
|
(in millions)
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including non-controlling interest
|
|
$ 1,764
|
|
$ 1,475
|
|
|
Adjustments to reconcile net income including non-controlling interest to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
Amortization of client incentives
|
|
856
|
|
746
|
|
|
Share-based compensation
|
|
90
|
|
61
|
|
|
Excess tax benefit for share-based compensation
|
|
(8)
|
|
(8)
|
|
|
Depreciation and amortization of property, equipment and technology and intangible assets
|
|
137
|
|
124
|
|
|
Litigation provision and accretion
|
|
13
|
|
(25)
|
|
|
Net recognized gain on investment securities, including other-than-temporary impairment
|
|
(4)
|
|
(14)
|
|
|
Net recognized (gain) loss on other investments, including other-than-temporary impairment
|
|
(1)
|
|
1
|
|
|
Deferred income taxes
|
|
129
|
|
185
|
|
|
Other
|
|
(19)
|
|
(11)
|
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
Trading securities
|
|
(6)
|
|
(4)
|
|
|
Settlement receivable
|
|
11
|
|
(61)
|
|
|
Accounts receivable
|
|
(62)
|
|
(58)
|
|
|
Client incentives
|
|
(734)
|
|
(712)
|
|
|
Other assets
|
|
(188)
|
|
(141)
|
|
|
Accounts payable
|
|
(51)
|
|
(78)
|
|
|
Settlement payable
|
|
(88)
|
|
(16)
|
|
|
Accrued compensation and benefits
|
|
(90)
|
|
(120)
|
|
|
Accrued and other liabilities
|
|
(10)
|
|
62
|
|
|
Accrued litigation
|
|
(130)
|
|
(826)
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
1,609
|
|
580
|
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
Acquisition, net of cash received of $18
|
|
(162)
|
|
-
|
|
|
Purchases of property, equipment and technology
|
|
(147)
|
|
(79)
|
|
|
Proceeds from disposal of property, equipment and technology
|
|
-
|
|
1
|
|
|
Distributions from money market investment
|
|
-
|
|
85
|
|
|
Investment securities, available-for-sale:
|
|
|
|
|
|
|
Purchases
|
|
-
|
|
(1)
|
|
|
Proceeds from sales and maturities
|
|
10
|
|
45
|
|
|
Purchases of / contributions to other investments
|
|
-
|
|
(1)
|
|
|
Proceeds / distributions from other investments
|
|
103
|
|
2
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities
|
|
(196)
|
|
52
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
Repurchase of class A common stock
|
|
(536)
|
|
(664)
|
|
|
Dividends paid
|
|
(215)
|
|
(185)
|
|
|
Deposit into litigation escrow account - retrospective responsibility plan
|
|
(1,200)
|
|
-
|
|
|
Payment from litigation escrow account - retrospective responsibility plan
|
|
140
|
|
140
|
|
|
Cash proceeds from exercise of stock options
|
|
39
|
|
21
|
|
|
Excess tax benefit for share-based compensation
|
|
8
|
|
8
|
|
|
Principal payments on debt
|
|
(7)
|
|
(6)
|
|
|
Principal payments on capital lease obligations
|
|
(8)
|
|
(9)
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
(1,779)
|
|
(695)
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
11
|
|
6
|
|
|
Decrease in cash and cash equivalents
|
|
(355)
|
|
(57)
|
|
|
Cash and cash equivalents at beginning of year
|
|
3,867
|
|
4,617
|
|
|
Cash and cash equivalents at end of period
|
|
$ 3,512
|
|
$ 4,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid, net of refunds
|
|
$ 1,015
|
|
$ 759
|
|
|
Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment and technology
|
|
$ 20
|
|
$ 10
|
|
|
Interest payments on debt
|
|
$ 2
|
|
$ 2
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
FISCAL 2010 AND 2011 QUARTERLY RESULTS OF OPERATIONS
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
Fiscal 2010 Quarter Ended
|
|
Fiscal 2011 Quarter Ended
|
|
|
|
|
December 31,
2009
|
|
March 31,
2010
|
|
June 30,
2010
|
|
September 30,
2010
|
|
December 31,
2010
|
|
March 31,
2011
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
OperatingRevenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues
|
|
$ 827
|
|
$ 885
|
|
$ 873
|
|
$ 912
|
|
$ 1,008
|
|
$ 1,093
|
|
|
Data processing revenues (1)
|
|
765
|
|
728
|
|
792
|
|
840
|
|
844
|
|
823
|
|
|
International transaction revenues
|
|
552
|
|
545
|
|
574
|
|
619
|
|
630
|
|
624
|
|
|
Other revenues (2)
|
|
190
|
|
173
|
|
183
|
|
167
|
|
161
|
|
156
|
|
|
Client incentives
|
|
(374)
|
|
(372)
|
|
(393)
|
|
(421)
|
|
(405)
|
|
(451)
|
|
|
Total operating revenues
|
|
1,960
|
|
1,959
|
|
2,029
|
|
2,117
|
|
2,238
|
|
2,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OperatingExpenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
274
|
|
310
|
|
285
|
|
353
|
|
357
|
|
351
|
|
|
Network and processing (1)
|
|
105
|
|
98
|
|
103
|
|
119
|
|
80
|
|
80
|
|
|
Marketing (2)
|
|
216
|
|
238
|
|
277
|
|
233
|
|
197
|
|
183
|
|
|
Professional fees
|
|
51
|
|
50
|
|
77
|
|
108
|
|
61
|
|
77
|
|
|
Depreciation and amortization
|
|
62
|
|
62
|
|
63
|
|
78
|
|
67
|
|
70
|
|
|
General and administrative
|
|
78
|
|
77
|
|
87
|
|
117
|
|
110
|
|
95
|
|
|
Litigation provision
|
|
(43)
|
|
2
|
|
-
|
|
(4)
|
|
-
|
|
6
|
|
|
Total operating expenses
|
|
743
|
|
837
|
|
892
|
|
1,004
|
|
872
|
|
862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (1) (2)
|
|
1,217
|
|
1,122
|
|
1,137
|
|
1,113
|
|
1,366
|
|
1,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OtherIncome(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income
|
|
(16)
|
|
(28)
|
|
(13)
|
|
(15)
|
|
4
|
|
(12)
|
|
|
Investment income, net
|
|
5
|
|
23
|
|
1
|
|
20
|
|
10
|
|
9
|
|
|
Other
|
|
2
|
|
(4)
|
|
(3)
|
|
77
|
|
2
|
|
(3)
|
|
|
Total other (expense) income
|
|
(9)
|
|
(9)
|
|
(15)
|
|
82
|
|
16
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
1,208
|
|
1,113
|
|
1,122
|
|
1,195
|
|
1,382
|
|
1,377
|
|
|
Income tax provision
|
|
445
|
|
401
|
|
406
|
|
422
|
|
498
|
|
497
|
|
|
Net income including non-controlling interest
|
|
763
|
|
712
|
|
716
|
|
773
|
|
884
|
|
880
|
|
|
Loss attributable to non-controlling interest
|
|
-
|
|
1
|
|
-
|
|
1
|
|
-
|
|
1
|
|
|
Net income attributable to Visa Inc. (1) (2)
|
|
$ 763
|
|
$ 713
|
|
$ 716
|
|
$ 774
|
|
$ 884
|
|
$ 881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
As previously announced, beginning in the first quarter of fiscal 2011, the Company changed its presentation for non-Visa transactions pass-through revenues and expenses from a gross reporting to a net reporting basis. Previously, pass-through revenues were recorded in data processing and related expenses were recorded in network and processing. This change in presentation does not impact operating income or net income attributable to Visa Inc. as revenue and expense amounts completely offset. On a quarterly basis, related fiscal 2010 revenues and expenses were $36 million in Q1, $31 million in Q2, $35 million in Q3 and $38 million in Q4. These amounts will not recur in fiscal 2011 as a result of this change in presentation.
|
|
|
(2)
|
As previously announced, as a result of certain contractual changes relating to our Visa Extras rewards platform, certain fiscal 2010 revenues recorded in other revenues, and expenses recorded in marketing, will not recur in fiscal 2011. These changes do not impact operating income or net income attributable to Visa Inc. as revenue and expense amounts completely offset. On a quarterly basis, related fiscal 2010 revenues and expenses were $31 million in Q1, $24 million in Q2, $27 million in Q3 and $7 million in Q4.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational Performance Data
The tables below provide information regarding the available operational results for the 3 months ended March 31, 2011, as well as the prior four quarterly reporting periods and the 12 months ended March 31, 2011 and 2010, for cards carrying the Visa, Visa Electron and Interlink brands. Included is a table with information on the number of billable transactions processed on CyberSource's network. Visa Inc. completed its acquisition of CyberSource Corporation on July 21, 2010.
1. Branded Volume and Transactions
The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
|
For the 3 Months Ended March 31, 2011
|
|
|
Total
Volume
($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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AllVisaCredit&Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AsiaPacific
|
$351
|
18.5%
|
12.2%
|
$230
|
18.1%
|
11.5%
|
2,604
|
$121
|
19.1%
|
13.6%
|
580
|
|
|
Canada
|
53
|
12.9%
|
7.9%
|
48
|
11.9%
|
7.0%
|
421
|
5
|
23.3%
|
17.9%
|
9
|
|
|
CEMEA
|
177
|
26.1%
|
24.5%
|
30
|
33.8%
|
31.2%
|
476
|
147
|
24.6%
|
23.3%
|
899
|
|
|
LAC
|
222
|
26.8%
|
20.5%
|
77
|
32.7%
|
26.1%
|
1,741
|
145
|
23.8%
|
17.7%
|
858
|
|
|
US
|
575
|
11.1%
|
11.1%
|
477
|
11.6%
|
11.6%
|
9,571
|
99
|
9.2%
|
9.2%
|
838
|
|
|
VisaInc.
|
1,378
|
17.2%
|
14.3%
|
861
|
15.6%
|
13.0%
|
14,813
|
516
|
19.8%
|
16.5%
|
3,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaCreditPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$209
|
7.7%
|
7.7%
|
$199
|
9.1%
|
9.1%
|
2,284
|
$10
|
-15.5%
|
-15.5%
|
15
|
|
|
Rest of World
|
363
|
19.1%
|
13.1%
|
317
|
19.0%
|
12.8%
|
3,797
|
46
|
19.8%
|
15.4%
|
159
|
|
|
Visa Inc.
|
572
|
14.7%
|
11.0%
|
516
|
15.0%
|
11.3%
|
6,081
|
56
|
11.7%
|
8.5%
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$367
|
13.2%
|
13.2%
|
$277
|
13.4%
|
13.4%
|
7,287
|
$89
|
12.8%
|
12.8%
|
823
|
|
|
Rest of World
|
439
|
24.3%
|
19.8%
|
68
|
31.7%
|
26.1%
|
1,445
|
371
|
23.0%
|
18.7%
|
2,187
|
|
|
Visa Inc.
|
806
|
19.0%
|
16.7%
|
345
|
16.6%
|
15.7%
|
8,731
|
461
|
20.9%
|
17.5%
|
3,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended December 31, 2010
|
|
|
Total
Volume
($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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AllVisaCredit&Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AsiaPacific
|
$361
|
13.6%
|
7.9%
|
$240
|
21.9%
|
15.3%
|
2,767
|
$121
|
0.2%
|
-4.1%
|
591
|
473
|
571
|
|
|
Canada
|
58
|
12.1%
|
7.6%
|
53
|
11.3%
|
6.8%
|
466
|
5
|
22.8%
|
17.9%
|
9
|
25
|
33
|
|
|
CEMEA
|
184
|
25.6%
|
26.6%
|
30
|
32.8%
|
31.5%
|
478
|
154
|
24.3%
|
25.7%
|
955
|
219
|
222
|
|
|
LAC
|
233
|
21.4%
|
19.0%
|
81
|
26.0%
|
25.8%
|
1,822
|
151
|
19.1%
|
15.6%
|
914
|
358
|
387
|
|
|
US
|
591
|
11.5%
|
11.5%
|
493
|
12.5%
|
12.5%
|
9,993
|
98
|
7.1%
|
7.1%
|
850
|
529
|
685
|
|
|
VisaInc.
|
1,427
|
15.3%
|
13.3%
|
897
|
16.5%
|
14.5%
|
15,526
|
530
|
13.2%
|
11.3%
|
3,319
|
1,604
|
1,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaCreditPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$226
|
5.4%
|
5.4%
|
$216
|
7.6%
|
7.6%
|
2,534
|
$10
|
-26.7%
|
-26.7%
|
16
|
205
|
267
|
|
|
Rest of World
|
381
|
20.1%
|
15.2%
|
334
|
19.8%
|
14.7%
|
4,008
|
48
|
22.6%
|
18.7%
|
167
|
442
|
503
|
|
|
Visa Inc.
|
608
|
14.2%
|
11.3%
|
550
|
14.7%
|
11.8%
|
6,542
|
58
|
9.6%
|
6.9%
|
183
|
647
|
770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaDebitPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$365
|
15.7%
|
15.7%
|
$277
|
16.5%
|
16.5%
|
7,459
|
$88
|
13.1%
|
13.1%
|
834
|
324
|
418
|
|
|
Rest of World
|
454
|
16.5%
|
14.1%
|
71
|
33.3%
|
30.0%
|
1,525
|
384
|
13.8%
|
11.6%
|
2,302
|
633
|
709
|
|
|
Visa Inc.
|
819
|
16.1%
|
14.8%
|
348
|
19.6%
|
19.0%
|
8,984
|
472
|
13.7%
|
11.9%
|
3,136
|
957
|
1,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended September 30, 2010
|
|
|
Total
Volume
($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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AllVisaCredit&Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AsiaPacific
|
$326
|
16.2%
|
11.9%
|
$212
|
16.2%
|
12.2%
|
2,681
|
$114
|
16.2%
|
11.4%
|
595
|
467
|
556
|
|
|
Canada
|
53
|
10.4%
|
7.4%
|
49
|
10.2%
|
7.2%
|
448
|
5
|
12.0%
|
8.9%
|
9
|
24
|
32
|
|
|
CEMEA
|
164
|
22.1%
|
23.3%
|
27
|
26.4%
|
27.5%
|
418
|
137
|
21.3%
|
22.4%
|
860
|
208
|
212
|
|
|
LAC
|
204
|
22.4%
|
20.2%
|
69
|
24.0%
|
23.8%
|
1,634
|
135
|
21.6%
|
18.4%
|
873
|
356
|
385
|
|
|
US
|
574
|
12.3%
|
12.3%
|
474
|
13.5%
|
13.5%
|
9,757
|
100
|
7.1%
|
7.1%
|
870
|
501
|
667
|
|
|
VisaInc.
|
1,320
|
15.8%
|
14.4%
|
830
|
15.1%
|
13.9%
|
14,938
|
491
|
16.9%
|
15.2%
|
3,207
|
1,557
|
1,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaCreditPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$217
|
3.3%
|
3.3%
|
$207
|
6.4%
|
6.4%
|
2,431
|
$10
|
-35.9%
|
-35.9%
|
17
|
208
|
269
|
|
|
Rest of World
|
338
|
14.6%
|
11.6%
|
295
|
14.5%
|
11.5%
|
3,835
|
43
|
15.3%
|
12.5%
|
157
|
439
|
501
|
|
|
Visa Inc.
|
555
|
9.9%
|
8.2%
|
503
|
11.0%
|
9.3%
|
6,266
|
53
|
0.2%
|
-1.6%
|
174
|
647
|
770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaDebitPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$356
|
18.6%
|
18.6%
|
$266
|
19.6%
|
19.6%
|
7,326
|
$90
|
15.7%
|
15.7%
|
853
|
293
|
398
|
|
|
Rest of World
|
409
|
22.2%
|
20.1%
|
61
|
34.2%
|
32.4%
|
1,346
|
348
|
20.3%
|
18.1%
|
2,180
|
616
|
683
|
|
|
Visa Inc.
|
765
|
20.5%
|
19.4%
|
327
|
22.1%
|
21.8%
|
8,672
|
438
|
19.3%
|
17.6%
|
3,033
|
910
|
1,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended June 30, 2010
|
|
|
Total
Volume
($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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AllVisaCredit&Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AsiaPacific
|
$309
|
19.3%
|
12.5%
|
$198
|
19.9%
|
12.7%
|
2,580
|
$111
|
18.1%
|
12.3%
|
581
|
458
|
545
|
|
|
Canada
|
53
|
17.5%
|
7.5%
|
48
|
18.1%
|
8.1%
|
433
|
5
|
11.5%
|
2.1%
|
9
|
24
|
31
|
|
|
CEMEA
|
154
|
27.0%
|
25.6%
|
24
|
30.9%
|
28.6%
|
394
|
130
|
26.3%
|
25.1%
|
852
|
203
|
204
|
|
|
LAC
|
185
|
23.2%
|
16.4%
|
62
|
25.8%
|
21.1%
|
1,519
|
123
|
21.9%
|
14.2%
|
849
|
353
|
382
|
|
|
US
|
567
|
12.1%
|
12.1%
|
469
|
13.8%
|
13.8%
|
9,513
|
97
|
4.8%
|
4.8%
|
855
|
497
|
674
|
|
|
VisaInc.
|
1,269
|
17.3%
|
14.1%
|
802
|
16.8%
|
14.1%
|
14,438
|
466
|
18.0%
|
14.2%
|
3,145
|
1,535
|
1,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaCreditPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$214
|
2.3%
|
2.3%
|
$204
|
5.9%
|
5.9%
|
2,347
|
$10
|
-39.4%
|
-39.4%
|
17
|
210
|
274
|
|
|
RestofWorld
|
320
|
18.7%
|
11.8%
|
278
|
18.6%
|
11.6%
|
3,679
|
42
|
19.3%
|
12.8%
|
155
|
436
|
499
|
|
|
VisaInc.
|
534
|
11.5%
|
7.8%
|
481
|
12.9%
|
9.2%
|
6,026
|
53
|
0.2%
|
-3.6%
|
171
|
646
|
772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaDebitPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$352
|
19.1%
|
19.1%
|
$265
|
20.6%
|
20.6%
|
7,166
|
$87
|
14.8%
|
14.8%
|
838
|
287
|
400
|
|
|
RestofWorld
|
382
|
24.5%
|
19.4%
|
55
|
38.0%
|
31.5%
|
1,246
|
327
|
22.4%
|
17.6%
|
2,136
|
601
|
664
|
|
|
VisaInc.
|
735
|
21.8%
|
19.3%
|
321
|
23.3%
|
22.4%
|
8,412
|
414
|
20.7%
|
17.0%
|
2,974
|
888
|
1,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended March 31, 2010
|
|
|
Total
Volume
($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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AllVisaCredit&Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AsiaPacific
|
$296
|
29.5%
|
12.7%
|
$195
|
32.3%
|
13.7%
|
2,459
|
$102
|
24.5%
|
10.9%
|
553
|
452
|
537
|
|
|
Canada
|
47
|
30.4%
|
5.5%
|
43
|
34.2%
|
8.6%
|
387
|
4
|
-0.1%
|
-19.1%
|
9
|
24
|
31
|
|
|
CEMEA
|
140
|
31.0%
|
19.2%
|
23
|
36.8%
|
22.5%
|
357
|
118
|
30.0%
|
18.6%
|
771
|
196
|
199
|
|
|
LAC
|
175
|
36.2%
|
15.9%
|
58
|
38.6%
|
20.5%
|
1,437
|
117
|
35.1%
|
13.7%
|
819
|
343
|
372
|
|
|
US
|
518
|
10.7%
|
10.7%
|
427
|
12.7%
|
12.7%
|
8,569
|
91
|
2.2%
|
2.2%
|
755
|
494
|
667
|
|
|
VisaInc.
|
1,176
|
21.5%
|
12.7%
|
745
|
20.9%
|
13.6%
|
13,209
|
431
|
22.6%
|
11.3%
|
2,906
|
1,509
|
1,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaCreditPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$194
|
-0.8%
|
-0.8%
|
$182
|
3.4%
|
3.4%
|
2,119
|
$12
|
-39.6%
|
-39.6%
|
16
|
217
|
280
|
|
|
RestofWorld
|
305
|
29.4%
|
11.0%
|
266
|
30.9%
|
12.3%
|
3,459
|
39
|
19.9%
|
2.5%
|
138
|
431
|
493
|
|
|
VisaInc.
|
499
|
15.7%
|
6.2%
|
449
|
18.1%
|
8.6%
|
5,577
|
50
|
-2.2%
|
-11.3%
|
154
|
648
|
773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaDebitPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$324
|
19.0%
|
19.0%
|
$245
|
20.9%
|
20.9%
|
6,450
|
$79
|
13.6%
|
13.6%
|
738
|
277
|
387
|
|
|
RestofWorld
|
353
|
33.7%
|
17.4%
|
51
|
53.0%
|
29.6%
|
1,181
|
302
|
30.9%
|
15.5%
|
2,013
|
584
|
646
|
|
|
VisaInc.
|
677
|
26.2%
|
18.2%
|
296
|
25.5%
|
22.4%
|
7,631
|
381
|
26.8%
|
15.1%
|
2,751
|
861
|
1,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12 Months Ended March 31, 2011
|
|
|
Total
Volume
($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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AllVisaCredit&Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AsiaPacific
|
$1,348
|
16.8%
|
11.0%
|
$880
|
19.1%
|
12.9%
|
10,632
|
$468
|
12.7%
|
7.6%
|
2,347
|
|
|
Canada
|
217
|
13.1%
|
7.6%
|
197
|
12.8%
|
7.3%
|
1,769
|
19
|
17.3%
|
11.4%
|
37
|
|
|
CEMEA
|
679
|
25.2%
|
25.0%
|
112
|
31.1%
|
29.8%
|
1,766
|
567
|
24.1%
|
24.1%
|
3,566
|
|
|
LAC
|
843
|
23.4%
|
19.1%
|
289
|
27.2%
|
24.3%
|
6,715
|
554
|
21.5%
|
16.5%
|
3,493
|
|
|
US
|
2,307
|
11.8%
|
11.8%
|
1,912
|
12.8%
|
12.8%
|
38,832
|
395
|
7.0%
|
7.0%
|
3,413
|
|
|
VisaInc.
|
5,394
|
16.3%
|
14.0%
|
3,391
|
16.0%
|
13.9%
|
59,715
|
2,003
|
16.9%
|
14.2%
|
12,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaCreditPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$866
|
4.6%
|
4.6%
|
$826
|
7.3%
|
7.3%
|
9,596
|
$40
|
-30.7%
|
-30.7%
|
65
|
|
|
RestofWorld
|
1,403
|
18.2%
|
13.0%
|
1,224
|
18.0%
|
12.7%
|
15,320
|
179
|
19.3%
|
14.9%
|
638
|
|
|
VisaInc.
|
2,269
|
12.6%
|
9.6%
|
2,050
|
13.4%
|
10.4%
|
24,915
|
219
|
5.3%
|
2.5%
|
703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaDebitPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$1,440
|
16.6%
|
16.6%
|
$1,086
|
17.4%
|
17.4%
|
29,237
|
$354
|
14.1%
|
14.1%
|
3,348
|
|
|
RestofWorld
|
1,684
|
21.6%
|
18.2%
|
254
|
34.1%
|
29.8%
|
5,563
|
1,430
|
19.6%
|
16.3%
|
8,805
|
|
|
VisaInc.
|
3,124
|
19.2%
|
17.4%
|
1,341
|
20.3%
|
19.6%
|
34,799
|
1,784
|
18.5%
|
15.9%
|
12,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12 Months Ended March 31, 2010
|
|
|
Total
Volume
($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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AllVisaCredit&Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AsiaPacific
|
$1,155
|
18.8%
|
13.0%
|
$739
|
16.7%
|
10.2%
|
9,791
|
$416
|
22.7%
|
18.6%
|
2,196
|
452
|
537
|
|
|
Canada
|
191
|
6.8%
|
0.1%
|
175
|
9.5%
|
2.7%
|
1,625
|
16
|
-16.1%
|
-21.1%
|
35
|
24
|
31
|
|
|
CEMEA
|
542
|
5.0%
|
10.3%
|
85
|
13.1%
|
12.4%
|
1,328
|
457
|
3.6%
|
9.9%
|
3,035
|
196
|
199
|
|
|
LAC
|
683
|
16.7%
|
14.0%
|
227
|
20.5%
|
17.4%
|
5,621
|
456
|
14.9%
|
12.4%
|
3,305
|
343
|
372
|
|
|
US
|
2,064
|
2.0%
|
2.0%
|
1,695
|
3.9%
|
3.9%
|
34,010
|
369
|
-5.9%
|
-5.9%
|
3,052
|
494
|
667
|
|
|
VisaInc.
|
4,636
|
8.4%
|
7.2%
|
2,922
|
8.7%
|
6.6%
|
52,376
|
1,714
|
7.9%
|
8.3%
|
11,623
|
1,509
|
1,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaCreditPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$828
|
-9.7%
|
-9.7%
|
$770
|
-4.3%
|
-4.3%
|
9,074
|
$58
|
-48.4%
|
-48.4%
|
78
|
217
|
280
|
|
|
RestofWorld
|
1,187
|
12.0%
|
6.9%
|
1,037
|
14.1%
|
8.4%
|
13,827
|
150
|
-0.8%
|
-2.4%
|
556
|
431
|
493
|
|
|
Visa Inc.
|
2,015
|
1.9%
|
-0.4%
|
1,807
|
5.5%
|
2.7%
|
22,901
|
208
|
-21.1%
|
-21.4%
|
633
|
648
|
773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VisaDebitPrograms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$1,236
|
11.7%
|
11.7%
|
$925
|
11.8%
|
11.8%
|
24,936
|
$311
|
11.3%
|
11.3%
|
2,974
|
277
|
387
|
|
|
RestofWorld
|
1,385
|
16.0%
|
16.2%
|
190
|
27.6%
|
23.3%
|
4,539
|
1,195
|
14.3%
|
15.1%
|
8,015
|
584
|
646
|
|
|
Visa Inc.
|
2,620
|
13.9%
|
14.0%
|
1,115
|
14.2%
|
13.7%
|
29,475
|
1,505
|
13.7%
|
14.3%
|
10,989
|
861
|
1,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnote
The preceding tables present regional total volume, payments volume and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.
Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa's signature based and Interlink (PIN) debit programs.
The data presented is reported quarterly by Visa's members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.
Visa's CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Effective with the 3 months ended September, 2009, Pakistan and Afghanistan were moved from the AP to CEMEA region. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.
Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported ("Nominal USD"). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information ("Constant USD"). This presentation represents Visa's historical methodology which may be subject to review and refinement.
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
|
|
|
|
|
Mar 31, 2011
|
16%
|
13%
|
|
|
Dec 31, 2010
|
16%
|
15%
|
|
|
Sep 30, 2010
|
16%
|
16%
|
|
|
Jun 30, 2010
|
20%
|
17%
|
|
|
Mar 31, 2010
|
19%
|
12%
|
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Mar 31, 2011
|
17%
|
15%
|
|
|
Mar 31, 2010
|
(1%)
|
0%
|
|
|
|
|
3. Visa Processed Transactions
The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa's networks. CyberSource transactions are not included in this table. CyberSource transactions are reported in the next section.
|
Period
|
Processed
Transactions
(millions)
|
Growth
|
|
|
|
|
|
|
3 Months Ended
|
|
|
|
|
Mar 31, 2011
|
12,040
|
13%
|
|
|
Dec 31, 2010
|
12,580
|
15%
|
|
|
Sep 30, 2010
|
12,119
|
16%
|
|
|
Jun 30, 2010
|
11,721
|
14%
|
|
|
Mar 31, 2010
|
10,648
|
14%
|
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Mar 31, 2011
|
48,460
|
15%
|
|
|
Mar 31, 2010
|
42,300
|
11%
|
|
|
|
|
4. CyberSource Transactions
The table below represents billable transactions processed on CyberSource's network that generate revenue for CyberSource.
|
Period
|
Billable
Transactions
(millions)
|
Growth
|
|
|
|
|
|
|
3 Months Ended
|
|
|
|
|
Mar 31, 2011
|
1,018
|
38%
|
|
|
Dec 31, 2010
|
987
|
40%
|
|
|
Sep 30, 2010
|
829
|
36%
|
|
|
Jun 30, 2010
|
758
|
31%
|
|
|
Mar 31, 2010
|
738
|
34%
|
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Mar 31, 2011
|
3,592
|
36%
|
|
|
Mar 31, 2010
|
2,634
|
30%
|
|
|
|
|
SOURCE Visa Inc.