-
GAAP quarterly net income of $1.9 billion or $0.79 per share,
including special items
-
GAAP full-year 2016 net income was $6.0 billion or $2.48 per share,
including special items
-
Adjusted quarterly net income of $1.9 billion or $0.78 per share,
excluding special items
-
Adjusted full-year 2016 net income of $6.9 billion or $2.84 per share,
excluding special items
SAN FRANCISCO--(BUSINESS WIRE)--
Visa Inc. (NYSE: V) today announced financial results for the Company’s
fiscal fourth quarter and full-year 2016, ended September 30, 2016. GAAP
net income in the fiscal fourth quarter, inclusive of special items, was
$1.9 billion or $0.79 per share, an increase of 28% and 28%,
respectively, over the prior year’s results. GAAP net income for the
full-year 2016, inclusive of special items, was $6.0 billion or $2.48
per share, a decrease of 5% and 4%, respectively, over the prior year’s
results. The full-year 2016 results include fiscal fourth quarter
financial results from Visa Europe. All references to earnings per share
assume fully-diluted class A share count, inclusive of series B and C
convertible participating preferred stock, unless otherwise noted.
During the fiscal fourth quarter of 2016, the Company recorded the
following special items:
-
A charge of $110 million (pretax) for severance costs; and
-
Non-cash and non-recurring $88 million gain due to the remeasurement
of a deferred tax liability recorded upon the acquisition of Visa
Europe to reflect a newly announced tax rate change in the United
Kingdom.
Excluding these special items, adjusted net income in the fiscal fourth
quarter was $1.9 billion or $0.78 per share, an increase of 27% and 27%,
respectively, over the prior year’s results1. Adjusted net
income for the full-year 2016 was $6.9 billion or $2.84 per share, an
increase of 7% and 8%, respectively, over the prior year’s adjusted
results. The Company’s full-year 2016 adjusted financial results
excluded special items related to the acquisition of Visa Europe
incurred during the first three quarters and the above mentioned special
items incurred in the fourth quarter.
Net operating revenue in the fiscal fourth quarter 2016 was $4.3
billion, an increase of 19%, driven by the inclusion of Europe and
continued growth in payments volume and processed transactions. Net
operating revenue in the fiscal full-year 2016 was $15.1 billion, an
increase of 9%, driven by the inclusion of Europe and continued growth
in payments volume and processed transactions. Exchange rate shifts
versus the prior year negatively impacted reported net operating revenue
growth by approximately 3 percentage points.
“We continue to deliver healthy earnings growth in the face of
continued, but abating headwinds. We have begun to see the benefits from
our acquisition of Visa Europe and strong cost discipline helped our
results. At the same time, we are unwavering in our commitment to invest
in client partnership opportunities and the further build out of our
digital payments capabilities,” said Charlie Scharf, Chief Executive
Officer of Visa Inc.
“As we enter fiscal 2017, we are positioned well as revenue headwinds
will continue to ease, we will continue to see the benefits from Visa
Europe in our results, and our strong client franchise continues to
grow,” added Scharf.
1 The Company did not report adjusted results for the three
months ended September 30, 2015.
Fiscal Fourth Quarter 2016 Financial Highlights:
Payments volume growth, excluding Visa Europe and on a constant dollar
basis, for the three months ended June 30, 2016, on which fiscal fourth
quarter service revenue is recognized, was 10% over the prior year at
$1.3 trillion.
Payments volume growth, including Visa Europe and on a constant dollar
basis, for the three months ended September 30, 2016, was 47% over the
prior year at $1.9 trillion.
Cross-border volume growth, including Visa Europe and on a constant
dollar basis, was 149% for the three months ended September 30, 2016.
Total processed transactions, which represent transactions processed by
Visa (including Visa Europe), for the three months ended September 30,
2016, were 25.9 billion, a 41% increase over the prior year.
Fiscal fourth quarter 2016 service revenues were $1.8 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 25%
over the prior year to $1.8 billion. International transaction revenues
grew 36% over the prior year to $1.5 billion. Other revenues were $218
million, an increase of 1% over the prior year. Client incentives, which
are a contra revenue item, were $993 million and represent 18.9% of
gross revenues.
GAAP operating expenses were $1.6 billion for the fiscal fourth quarter
2016, a 27% increase over the prior year's results, primarily driven by
the inclusion of Europe and increases in personnel expenses due to a
charge of $110 million for severance costs. Adjusted operating expenses,
which exclude the special item, were $1.5 billion, an 18% increase over
the prior year.
GAAP effective income tax rate was 23.1% for the quarter ended
September 30, 2016 and included a $38 million benefit related to the
charge for severance costs of $110 million and a non-cash and
non-recurring $88 million gain upon the remeasurement of a deferred tax
liability recorded upon the acquisition of Visa Europe to reflect a
newly announced tax rate change in the United Kingdom. Excluding the tax
impact from the special items, the adjusted effective income tax rate
was 26.9% for the fiscal fourth quarter.
Cash, cash equivalents, and available-for-sale investment securities
were $12.8 billion at September 30, 2016.
The weighted-average number of diluted shares of class A common stock
outstanding was 2.44 billion for the quarter ended September 30, 2016.
Summary Table of Adjustments to Earnings (1):
|
|
Three Months Ended
|
|
|
September 30, 2016
|
(in millions, except percentages and per share data)
|
|
Operating Expenses
|
|
Operating Margin(2)
|
|
Income Before Income Taxes
|
|
Income Taxes
|
|
Effective Income Tax Rate (2)
|
|
Net Income
|
|
Diluted Earnings per Share(2)
|
As reported
|
|
$
|
1,636
|
|
|
|
62
|
%
|
|
|
$
|
2,510
|
|
$
|
579
|
|
23.1
|
%
|
|
$
|
1,931
|
|
|
$
|
0.79
|
|
Severance costs
|
|
|
(110
|
)
|
|
|
3
|
%
|
|
|
|
110
|
|
|
38
|
|
|
|
|
72
|
|
|
|
0.03
|
|
Remeasurement of deferred tax liability
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
88
|
|
|
|
|
(88
|
)
|
|
|
(0.04
|
)
|
As adjusted
|
|
$
|
1,526
|
|
|
|
64
|
%
|
|
|
$
|
2,620
|
|
$
|
705
|
|
26.9
|
%
|
|
$
|
1,915
|
|
|
$
|
0.78
|
|
Diluted weighted-average shares outstanding, as reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,440
|
|
(1) The Company did not report adjusted results for the three
months ended September 30, 2015.
(2) Figures in the
table may not recalculate exactly due to rounding. Operating margin,
effective income tax rate and diluted earnings per share figures are
calculated based on unrounded numbers.
Fiscal Full-Year 2016 Financial Highlights:
For the fiscal full-year 2016, service revenues were $6.7 billion, an
increase of 7% over the prior year. Data processing revenues rose 13%
over the prior year to $6.3 billion. International transaction revenues
grew 14% over the prior year to $4.6 billion. Other revenues were $823
million, flat over the prior year. Client incentives were $3.4 billion
and represent 18.4% of gross revenues.
GAAP operating expenses were $7.2 billion for the twelve months ended
September 30, 2016, a 49% increase over the prior year's results,
primarily related to increases in personnel, network and processing
expenses, and special items incurred in all four fiscal quarters
primarily related to the acquisition of Visa Europe.
Adjusted operating expenses, which exclude special items incurred in all
four fiscal quarters, were $5.1 billion, an increase of 5% over the
prior year’s results.
GAAP effective income tax rate was 25.2% for the twelve months ended
September 30, 2016. Adjusted effective income tax rate, excluding the
special items related to the acquisition of Visa Europe, severance costs
and deferred tax liability remeasurement described above, was 29.1%.
The weighted-average number of diluted shares of class A common stock
outstanding was 2.41 billion for the full-year.
Summary Table of Adjustments to Earnings (1):
|
|
|
|
|
Twelve Months Ended September 30, 2016
|
(in millions, except percentages and per share data)
|
|
Operating Expenses
|
|
Operating Margin (2)
|
|
Non- operating Income (Expense)
|
|
Income Before Income Taxes
|
|
Income Taxes
|
|
Effective Income Tax Rate (2)
|
|
Net Income
|
|
Diluted Earnings per Share (2)
|
As reported
|
|
$
|
7,199
|
|
|
52
|
%
|
|
$
|
129
|
|
|
$
|
8,012
|
|
|
$
|
2,021
|
|
|
25.2
|
%
|
|
$
|
5,991
|
|
|
$
|
2.48
|
|
Severance cost
|
|
|
(110
|
)
|
|
1
|
%
|
|
|
—
|
|
|
|
110
|
|
|
|
38
|
|
|
|
|
|
72
|
|
|
|
0.03
|
|
Remeasurement of deferred tax liability
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
88
|
|
|
|
|
|
(88
|
)
|
|
|
(0.04
|
)
|
Acquisition-related costs
|
|
|
(152
|
)
|
|
1
|
%
|
|
|
—
|
|
|
|
152
|
|
|
|
56
|
|
|
|
|
|
96
|
|
|
|
0.04
|
|
Visa Europe Framework Agreement loss
|
|
|
(1,877
|
)
|
|
12
|
%
|
|
|
—
|
|
|
|
1,877
|
|
|
|
693
|
|
|
|
|
|
1,184
|
|
|
|
0.49
|
|
Net gains on currency forward contracts
|
|
|
—
|
|
|
—
|
%
|
|
|
(74
|
)
|
|
|
(74
|
)
|
|
|
(27
|
)
|
|
|
|
|
(47
|
)
|
|
|
(0.02
|
)
|
Foreign exchange gain on euro deposits
|
|
|
—
|
|
|
—
|
%
|
|
|
(145
|
)
|
|
|
(145
|
)
|
|
|
(54
|
)
|
|
|
|
|
(91
|
)
|
|
|
(0.04
|
)
|
Revaluation of Visa Europe put option
|
|
|
—
|
|
|
—
|
%
|
|
|
(255
|
)
|
|
|
(255
|
)
|
|
|
—
|
|
|
|
|
|
(255
|
)
|
|
|
(0.11
|
)
|
As adjusted
|
|
$
|
5,060
|
|
|
66
|
%
|
|
$
|
(345
|
)
|
|
$
|
9,677
|
|
|
$
|
2,815
|
|
|
29.1
|
%
|
|
$
|
6,862
|
|
|
$
|
2.84
|
|
Diluted weighted-average shares outstanding, as reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,414
|
|
(1) Refer to the accompanying financial tables for a
reconciliation of adjusted results for the twelve months ended September
30, 2015.
(2) Figures in the table may not recalculate
exactly due to rounding. Operating margin, effective income tax rate and
diluted earnings per share figures are calculated based on unrounded
numbers.
Notable Events:
During the three months ended September 30, 2016, the Company
repurchased 20.5 million shares of class A common stock, at an average
price of $80.76 per share, using $1.7 billion of cash on hand. During
the twelve months ended September 30, 2016, the Company repurchased a
total of 92.1 million shares of class A common stock, at an average
price of $77.13 per share, using $7.1 billion of cash on hand. At
September 30, 2016, the Company had $5.7 billion of remaining funds,
authorized by the board of directors, available for share repurchase
under the current programs.
On October 17, 2016, the board of directors declared a quarterly cash
dividend of $0.165 per share of class A common stock (determined in the
case of class B and C common stock and series B and C convertible
participating preferred stock on an as-converted basis) payable on
December 6, 2016, to all holders of record of the Company’s common and
preferred stock as of November 18, 2016.
In addition, on October 17, 2016, the Company announced that Charlie
Scharf has resigned as chief executive officer effective December 1,
2016, and the board of directors appointed current board member Alfred
F. Kelly, Jr. to become CEO effective December 1, 2016.
Financial Outlook for Fiscal Full-Year 2017:
Visa Inc. provides its financial outlook for the following GAAP metrics
for fiscal full-year 2017:
-
Annual net revenue growth: 16% to 18% range on a nominal dollar basis,
including 1.0 to 1.5 ppts of negative foreign currency impact;
-
Client incentives as a percent of gross revenues: 20.5% to 21.5% range;
-
Annual operating margin: Mid 60s;
-
Effective tax rate: Low 30s; and
-
Annual diluted class A common stock earnings per share growth: Low 30s
on a GAAP nominal dollar basis and mid-teens on an adjusted, non-GAAP
nominal dollar basis (see note below), both including 1.5 to 2.0 ppts
of negative foreign currency impact.
Note: The financial outlook for fiscal full-year 2017 includes Visa
Europe integration expenses of approximately $80 million for the
full-year. Annual adjusted diluted class A common stock earnings per
share growth is derived from adjusted full-year 2016 earnings per share
results of $2.84.
Fiscal Fourth Quarter 2016 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.
Non-GAAP Financial Information:
The Company has presented certain financial data that are considered
non-GAAP financial measures that are reconciled to their most directly
comparable GAAP financial measures in the accompanying tables.
Management believes that the presentation of adjusted net income and
adjusted earnings per share facilitate a clearer understanding of Visa’s
operating performance and provides a meaningful comparison of its
results between periods. Refer to the accompanying financial tables for
further details and a reconciliation of the non-GAAP measures presented.
Visa’s management uses non-GAAP financial measures to evaluate its
ongoing operations in relation to historical results and for internal
planning and forecasting purposes. The presentation of non-GAAP measures
should not be considered in isolation or as a substitute for Visa’s
related financial results prepared in accordance with GAAP.
About Visa Inc.
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 world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 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.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead 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
that relate to, among other things, our future operations, prospects,
developments, strategies, business growth and financial outlook for
fiscal full-year 2017. Forward-looking statements generally are
identified by words such as "believes," "estimates," "expects,"
"intends," "may," "projects," “outlook”, "could," "should," "will,"
"continue" and other similar expressions. All statements other than
statements of historical fact could be forward-looking statements, which
speak only as of the date they are made, are not guarantees of future
performance and are subject to certain risks, uncertainties and other
factors, many of which are beyond our control and are difficult to
predict.
Actual results could differ materially from those expressed in, or
implied by, our forward-looking statements due to a variety of factors,
including, but not limited to:
-
increased oversight and regulation of the global payments industry and
our business;
-
impact of government-imposed restrictions on payment systems;
-
outcome of tax and litigation matters;
-
increasingly intense competition in the payments industry, including
competition for our clients and merchants;
-
proliferation and continuous evolution of new technologies and
business models;
-
our ability to maintain relationships with our clients, merchants and
other third parties;
-
brand or reputational damage;
-
management changes;
-
impact of global economic, political, market and social events or
conditions;
-
exposure to loss or illiquidity due to settlement guarantees;
-
uncertainty surrounding the impact of the United Kingdom’s withdrawal
from the European Union;
-
cyber security attacks, breaches or failure of our networks;
-
failure to maintain interoperability with Visa Europe’s systems;
-
our ability to successfully integrate and manage our acquisitions and
other strategic investments; and
-
other factors described in our filings with the U.S. Securities and
Exchange Commission, including our Annual Report on Form 10-K for the
year ended September 30, 2015, and our subsequent reports on Forms
10-Q and 8-K.
Except as required by law, we do not intend to update or revise any
forward-looking statements as a result of new information, future events
or otherwise.
VISA INC.
|
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
September 30, 2016
|
|
September 30, 2015
|
|
|
(in millions, except par value data)
|
Assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,619
|
|
|
$
|
3,518
|
|
Restricted cash—litigation escrow
|
|
|
1,027
|
|
|
|
1,072
|
|
Investment securities:
|
|
|
|
|
Trading
|
|
|
71
|
|
|
|
66
|
|
Available-for-sale
|
|
|
3,248
|
|
|
|
2,431
|
|
Settlement receivable
|
|
|
1,467
|
|
|
|
408
|
|
Accounts receivable
|
|
|
1,041
|
|
|
|
847
|
|
Customer collateral
|
|
|
1,001
|
|
|
|
1,023
|
|
Current portion of client incentives
|
|
|
284
|
|
|
|
303
|
|
Prepaid expenses and other current assets
|
|
|
555
|
|
|
|
353
|
|
Total current assets
|
|
|
14,313
|
|
|
|
10,021
|
|
Investment securities, available-for-sale
|
|
|
3,931
|
|
|
|
3,384
|
|
Client incentives
|
|
|
448
|
|
|
|
110
|
|
Property, equipment and technology, net
|
|
|
2,150
|
|
|
|
1,888
|
|
Other assets
|
|
|
893
|
|
|
|
778
|
|
Intangible assets, net
|
|
|
27,234
|
|
|
|
11,361
|
|
Goodwill
|
|
|
15,066
|
|
|
|
11,825
|
|
Total assets
|
|
$
|
64,035
|
|
|
$
|
39,367
|
|
Liabilities
|
|
|
|
|
Accounts payable
|
|
$
|
203
|
|
|
$
|
127
|
|
Settlement payable
|
|
|
2,084
|
|
|
|
780
|
|
Customer collateral
|
|
|
1,001
|
|
|
|
1,023
|
|
Accrued compensation and benefits
|
|
|
673
|
|
|
|
503
|
|
Client incentives
|
|
|
1,976
|
|
|
|
1,049
|
|
Accrued liabilities
|
|
|
1,128
|
|
|
|
849
|
|
Accrued litigation
|
|
|
981
|
|
|
|
1,024
|
|
Total current liabilities
|
|
|
8,046
|
|
|
|
5,355
|
|
Long-term debt
|
|
|
15,882
|
|
|
|
—
|
|
Deferred tax liabilities
|
|
|
4,808
|
|
|
|
3,273
|
|
Deferred purchase consideration
|
|
|
1,225
|
|
|
|
—
|
|
Other liabilities
|
|
|
1,162
|
|
|
|
897
|
|
Total liabilities
|
|
|
31,123
|
|
|
|
9,525
|
|
Equity
|
|
|
|
|
Preferred stock, $0.0001 par value, 25 shares authorized and 5
issued and outstanding as follows:
|
|
|
|
Series A convertible participating preferred stock, none issued
|
|
|
—
|
|
|
|
—
|
|
Series B convertible participating preferred stock, 2 shares issued
and outstanding at September 30, 2016
|
|
|
2,516
|
|
|
|
—
|
|
Series C convertible participating preferred stock, 3 shares issued
and outstanding at September 30, 2016
|
|
|
3,201
|
|
|
|
—
|
|
Class A common stock, $0.0001 par value, 2,001,622 shares
authorized, 1,871 and 1,950 shares issued and outstanding at
September 30, 2016 and 2015, respectively
|
|
|
—
|
|
|
|
—
|
|
Class B common stock, $0.0001 par value, 622 shares authorized, 245
shares issued and outstanding at September 30, 2016 and 2015
|
|
|
—
|
|
|
|
—
|
|
Class C common stock, $0.0001 par value, 1,097 shares authorized, 17
and 20 shares issued and outstanding at September 30, 2016 and 2015,
respectively
|
|
|
—
|
|
|
|
—
|
|
Treasury stock
|
|
|
(170
|
)
|
|
|
—
|
|
Right to recover for covered losses
|
|
|
(34
|
)
|
|
|
—
|
|
Additional paid-in capital
|
|
|
17,395
|
|
|
|
18,073
|
|
Accumulated income
|
|
|
10,462
|
|
|
|
11,843
|
|
Accumulated other comprehensive loss, net:
|
|
|
|
|
Investment securities, available-for-sale
|
|
|
36
|
|
|
|
5
|
|
Defined benefit pension and other postretirement plans
|
|
|
(225
|
)
|
|
|
(161
|
)
|
Derivative instruments classified as cash flow hedges
|
|
|
(50
|
)
|
|
|
83
|
|
Foreign currency translation adjustments
|
|
|
(219
|
)
|
|
|
(1
|
)
|
Total accumulated other comprehensive loss, net
|
|
|
(458
|
)
|
|
|
(74
|
)
|
Total equity
|
|
|
32,912
|
|
|
|
29,842
|
|
Total liabilities and equity
|
|
$
|
64,035
|
|
|
$
|
39,367
|
|
|
VISA INC.
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
Three Months Ended September 30,
|
|
Twelve Months Ended September 30,
|
|
|
2016 (1)
|
|
2015
|
|
2016 (1)
|
|
2015
|
|
|
(in millions, except per share data)
|
Operating Revenues
|
|
|
|
|
|
|
|
|
Service revenues
|
|
$
|
1,768
|
|
|
$
|
1,637
|
|
|
$
|
6,747
|
|
|
$
|
6,302
|
|
Data processing revenues
|
|
|
1,779
|
|
|
|
1,429
|
|
|
|
6,272
|
|
|
|
5,552
|
|
International transaction revenues
|
|
|
1,489
|
|
|
|
1,091
|
|
|
|
4,649
|
|
|
|
4,064
|
|
Other revenues
|
|
|
218
|
|
|
|
216
|
|
|
|
823
|
|
|
|
823
|
|
Client incentives
|
|
|
(993
|
)
|
|
|
(802
|
)
|
|
|
(3,409
|
)
|
|
|
(2,861
|
)
|
Total operating revenues
|
|
|
4,261
|
|
|
|
3,571
|
|
|
|
15,082
|
|
|
|
13,880
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
690
|
|
|
|
521
|
|
|
|
2,226
|
|
|
|
2,079
|
|
Marketing
|
|
|
300
|
|
|
|
253
|
|
|
|
869
|
|
|
|
872
|
|
Network and processing
|
|
|
161
|
|
|
|
134
|
|
|
|
538
|
|
|
|
474
|
|
Professional fees
|
|
|
113
|
|
|
|
107
|
|
|
|
389
|
|
|
|
336
|
|
Depreciation and amortization
|
|
|
141
|
|
|
|
119
|
|
|
|
502
|
|
|
|
494
|
|
General and administrative
|
|
|
230
|
|
|
|
143
|
|
|
|
796
|
|
|
|
547
|
|
Litigation provision
|
|
|
1
|
|
|
|
11
|
|
|
|
2
|
|
|
|
14
|
|
Visa Europe Framework Agreement loss
|
|
|
—
|
|
|
|
—
|
|
|
|
1,877
|
|
|
|
—
|
|
Total operating expenses
|
|
|
1,636
|
|
|
|
1,288
|
|
|
|
7,199
|
|
|
|
4,816
|
|
Operating income
|
|
|
2,625
|
|
|
|
2,283
|
|
|
|
7,883
|
|
|
|
9,064
|
|
|
|
|
|
|
|
|
|
|
Non-operating (Expense) Income
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(135
|
)
|
|
|
—
|
|
|
|
(427
|
)
|
|
|
(3
|
)
|
Other
|
|
|
20
|
|
|
|
—
|
|
|
|
556
|
|
|
|
(66
|
)
|
Non-operating (expense) income
|
|
|
(115
|
)
|
|
|
—
|
|
|
|
129
|
|
|
|
(69
|
)
|
Income before income taxes
|
|
|
2,510
|
|
|
|
2,283
|
|
|
|
8,012
|
|
|
|
8,995
|
|
Income tax provision
|
|
|
579
|
|
|
|
771
|
|
|
|
2,021
|
|
|
|
2,667
|
|
Net income
|
|
$
|
1,931
|
|
|
$
|
1,512
|
|
|
$
|
5,991
|
|
|
$
|
6,328
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
$
|
0.79
|
|
|
$
|
0.62
|
|
|
$
|
2.49
|
|
|
$
|
2.58
|
|
Class B common stock
|
|
$
|
1.31
|
|
|
$
|
1.02
|
|
|
$
|
4.10
|
|
|
$
|
4.26
|
|
Class C common stock
|
|
$
|
3.17
|
|
|
$
|
2.48
|
|
|
$
|
9.94
|
|
|
$
|
10.33
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
1,878
|
|
|
|
1,948
|
|
|
|
1,906
|
|
|
|
1,954
|
|
Class B common stock
|
|
|
245
|
|
|
|
245
|
|
|
|
245
|
|
|
|
245
|
|
Class C common stock
|
|
|
17
|
|
|
|
19
|
|
|
|
19
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
$
|
0.79
|
|
|
$
|
0.62
|
|
|
$
|
2.48
|
|
|
$
|
2.58
|
|
Class B common stock
|
|
$
|
1.30
|
|
|
$
|
1.02
|
|
|
$
|
4.09
|
|
|
$
|
4.25
|
|
Class C common stock
|
|
$
|
3.16
|
|
|
$
|
2.48
|
|
|
$
|
9.93
|
|
|
$
|
10.30
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
2,440
|
|
|
|
2,440
|
|
|
|
2,414
|
|
|
|
2,457
|
|
Class B common stock
|
|
|
245
|
|
|
|
245
|
|
|
|
245
|
|
|
|
245
|
|
Class C common stock
|
|
|
17
|
|
|
|
19
|
|
|
|
19
|
|
|
|
22
|
|
(1)
|
|
We did not include Visa Europe's financial results in our unaudited
consolidated statements of operations from the acquisition date,
June 21, 2016, through June 30, 2016 as the impact was immaterial.
Our unaudited consolidated statements of operations for the year
ended September 30, 2016 includes Visa Europe's financial results
for the three months ended September 30, 2016.
|
|
VISA INC.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
For the Years Ended September 30,
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(in millions)
|
Operating Activities
|
|
|
|
|
|
|
Net income
|
|
$
|
5,991
|
|
|
$
|
6,328
|
|
|
$
|
5,438
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Client incentives
|
|
|
3,409
|
|
|
|
2,861
|
|
|
|
2,592
|
|
Fair value adjustment for the Visa Europe put option
|
|
|
(255
|
)
|
|
|
110
|
|
|
|
—
|
|
Share-based compensation
|
|
|
221
|
|
|
|
187
|
|
|
|
172
|
|
Excess tax benefit for share-based compensation
|
|
|
(63
|
)
|
|
|
(84
|
)
|
|
|
(90
|
)
|
Depreciation and amortization of property, equipment, technology and
intangible assets
|
|
|
502
|
|
|
|
494
|
|
|
|
435
|
|
Deferred income taxes
|
|
|
(764
|
)
|
|
|
195
|
|
|
|
(580
|
)
|
Right to recover for covered losses recorded in equity
|
|
|
(9
|
)
|
|
|
—
|
|
|
|
—
|
|
Litigation provision
|
|
|
4
|
|
|
|
14
|
|
|
|
453
|
|
Other
|
|
|
64
|
|
|
|
24
|
|
|
|
37
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
Settlement receivable
|
|
|
391
|
|
|
|
378
|
|
|
|
13
|
|
Accounts receivable
|
|
|
(65
|
)
|
|
|
(19
|
)
|
|
|
(53
|
)
|
Client incentives
|
|
|
(3,508
|
)
|
|
|
(2,970
|
)
|
|
|
(2,395
|
)
|
Other assets
|
|
|
(315
|
)
|
|
|
(41
|
)
|
|
|
(379
|
)
|
Accounts payable
|
|
|
43
|
|
|
|
(13
|
)
|
|
|
(56
|
)
|
Settlement payable
|
|
|
(302
|
)
|
|
|
(552
|
)
|
|
|
107
|
|
Accrued and other liabilities
|
|
|
277
|
|
|
|
118
|
|
|
|
513
|
|
Accrued litigation
|
|
|
(47
|
)
|
|
|
(446
|
)
|
|
|
998
|
|
Net cash provided by operating activities
|
|
|
5,574
|
|
|
|
6,584
|
|
|
|
7,205
|
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
Purchases of property, equipment, technology and intangible assets
|
|
|
(523
|
)
|
|
|
(414
|
)
|
|
|
(553
|
)
|
Proceeds from sales of property, equipment and technology
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
Investment securities, available-for-sale:
|
|
|
|
|
|
|
Purchases
|
|
|
(28,004
|
)
|
|
|
(2,850
|
)
|
|
|
(2,572
|
)
|
Proceeds from maturities and sales
|
|
|
26,697
|
|
|
|
1,925
|
|
|
|
2,342
|
|
Acquisitions, net of $2.8 billion cash received from Visa Europe
|
|
|
(9,082
|
)
|
|
|
(93
|
)
|
|
|
(149
|
)
|
Purchases of / contributions to other investments
|
|
|
(10
|
)
|
|
|
(25
|
)
|
|
|
(9
|
)
|
Proceeds / distributions from other investments
|
|
|
6
|
|
|
|
12
|
|
|
|
—
|
|
Net cash used in investing activities
|
|
|
(10,916
|
)
|
|
|
(1,435
|
)
|
|
|
(941
|
)
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
Repurchase of class A common stock
|
|
|
(6,987
|
)
|
|
|
(2,910
|
)
|
|
|
(4,118
|
)
|
Treasury stock—class C common stock
|
|
|
(170
|
)
|
|
|
—
|
|
|
|
—
|
|
Dividends paid
|
|
|
(1,350
|
)
|
|
|
(1,177
|
)
|
|
|
(1,006
|
)
|
Proceeds from issuance of senior notes
|
|
|
15,971
|
|
|
|
—
|
|
|
|
—
|
|
Debt issuance costs
|
|
|
(98
|
)
|
|
|
—
|
|
|
|
—
|
|
Deposit into litigation escrow account—U.S. retrospective
responsibility plan
|
|
|
—
|
|
|
|
—
|
|
|
|
(450
|
)
|
Payments from (return to) litigation escrow account—U.S.
retrospective responsibility plan
|
|
|
45
|
|
|
|
426
|
|
|
|
(999
|
)
|
Cash proceeds from issuance of common stock under employee equity
plans
|
|
|
95
|
|
|
|
82
|
|
|
|
91
|
|
Restricted stock and performance-based shares settled in cash for
taxes
|
|
|
(92
|
)
|
|
|
(108
|
)
|
|
|
(86
|
)
|
Excess tax benefit for share-based compensation
|
|
|
63
|
|
|
|
84
|
|
|
|
90
|
|
Net cash provided by (used in) financing activities
|
|
|
7,477
|
|
|
|
(3,603
|
)
|
|
|
(6,478
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(34
|
)
|
|
|
1
|
|
|
|
(1
|
)
|
Increase (decrease) in cash and cash equivalents
|
|
|
2,101
|
|
|
|
1,547
|
|
|
|
(215
|
)
|
Cash and cash equivalents at beginning of year
|
|
|
3,518
|
|
|
|
1,971
|
|
|
|
2,186
|
|
Cash and cash equivalents at end of year
|
|
$
|
5,619
|
|
|
$
|
3,518
|
|
|
$
|
1,971
|
|
|
|
|
|
|
|
|
Supplemental Disclosure
|
|
|
|
|
|
|
Series B and C convertible participating preferred stock issued in
Visa Europe acquisition
|
|
$
|
5,717
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Deferred purchase consideration recorded for Visa Europe acquisition
|
|
$
|
1,236
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Income taxes paid, net of refunds
|
|
$
|
2,842
|
|
|
$
|
2,486
|
|
|
$
|
2,656
|
|
Interest payments on debt
|
|
$
|
244
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accruals related to purchases of property, equipment, technology and
intangible assets
|
|
$
|
42
|
|
|
$
|
81
|
|
|
$
|
62
|
|
Right to recover for covered losses related to Visa Europe
acquisition
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
VISA INC.
|
FISCAL 2016 AND 2015 QUARTERLY RESULTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
|
Fiscal 2016 Quarter Ended
|
|
Fiscal 2015 Quarter Ended
|
|
|
September 30, 2016 (1)
|
|
June 30, 2016 (1)
|
|
March 31, 2016
|
|
December 31, 2015
|
|
September 30, 2015
|
|
|
(in millions)
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
Service revenues
|
|
$ 1,768
|
|
$ 1,635
|
|
$ 1,699
|
|
$ 1,645
|
|
$ 1,637
|
Data processing revenues
|
|
1,779
|
|
1,541
|
|
1,473
|
|
1,479
|
|
1,429
|
International transaction revenues
|
|
1,489
|
|
1,084
|
|
1,045
|
|
1,031
|
|
1,091
|
Other revenues
|
|
218
|
|
209
|
|
198
|
|
198
|
|
216
|
Client incentives
|
|
(993)
|
|
(839)
|
|
(789)
|
|
(788)
|
|
(802)
|
Total operating revenues
|
|
4,261
|
|
3,630
|
|
3,626
|
|
3,565
|
|
3,571
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
690
|
|
509
|
|
528
|
|
499
|
|
521
|
Marketing
|
|
300
|
|
189
|
|
186
|
|
194
|
|
253
|
Network and processing
|
|
161
|
|
123
|
|
126
|
|
128
|
|
134
|
Professional fees
|
|
113
|
|
138
|
|
66
|
|
72
|
|
107
|
Depreciation and amortization
|
|
141
|
|
120
|
|
121
|
|
120
|
|
119
|
General and administrative
|
|
230
|
|
246
|
|
164
|
|
156
|
|
143
|
Litigation provision
|
|
1
|
|
—
|
|
1
|
|
—
|
|
11
|
Visa Europe Framework Agreement loss
|
|
—
|
|
1,877
|
|
—
|
|
—
|
|
—
|
Total operating expenses
|
|
1,636
|
|
3,202
|
|
1,192
|
|
1,169
|
|
1,288
|
Operating income
|
|
2,625
|
|
428
|
|
2,434
|
|
2,396
|
|
2,283
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating (Expense) Income
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(135)
|
|
(131)
|
|
(132)
|
|
(29)
|
|
—
|
Other
|
|
20
|
|
125
|
|
139
|
|
272
|
|
—
|
Non-operating (expense) income
|
|
(115)
|
|
(6)
|
|
7
|
|
243
|
|
—
|
Income before income taxes
|
|
2,510
|
|
422
|
|
2,441
|
|
2,639
|
|
2,283
|
Income tax provision
|
|
579
|
|
10
|
|
734
|
|
698
|
|
771
|
Net income
|
|
$ 1,931
|
|
$ 412
|
|
$ 1,707
|
|
$ 1,941
|
|
$ 1,512
|
(1)
|
|
We did not include Visa Europe's financial results in our
unaudited consolidated statements of operations from the
acquisition date, June 21, 2016, through June 30, 2016 as the
impact was immaterial. Our unaudited consolidated statements of
operations for the three months ended September 30, 2016 includes
Visa Europe's financial results.
|
VISA INC.
|
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
|
(UNAUDITED)
|
Our financial results during the three and twelve months ended September
30, 2016 reflect the impact of certain significant items that we do not
believe are indicative of our ongoing operating performance, as they are
either non-recurring or have no cash impact. As such, we believe the
presentation of adjusted financial results excluding the following items
provides a clearer understanding of our operating performance for the
periods presented.
-
Severance cost. In the fiscal fourth quarter, we recorded a
$110 million charge for severance costs related to personnel
reductions including planned reductions at Visa Europe. Although we
routinely record severance expenses, these charges are larger than any
past quarterly accrual due to the acquisition and integration of Visa
Europe. Net of related tax benefit of $38 million, determined by
applying applicable tax rates, the adjustment to net income was an
increase of $72 million.
-
Remeasurement of deferred tax liability. In September 2016, we
recorded a non-cash, non-recurring $88 million gain upon the
remeasurement of a deferred tax liability, recorded upon the
acquisition of Visa Europe, to reflect a tax rate change in the United
Kingdom.
-
Acquisition-related costs. During the twelve months ended
September 30, 2016, we incurred $152 million of non-recurring
acquisition costs in operating expense as a result of the Visa Europe
transaction. This amount is comprised of $60 million of transaction
expenses recorded in professional fees, and $92 million of U.K. stamp
duty recorded in general and administrative expenses. Net of related
tax benefit of $56 million, determined by applying applicable federal
and state tax rates, the adjustment to net income was an increase of
$96 million.
-
Visa Europe Framework Agreement loss. Upon consummation of the
transaction, on June 21, 2016, we recorded a non-recurring loss of
$1.9 billion, before tax, in operating expense resulting from the
effective settlement of the Framework Agreement between Visa and Visa
Europe. Net of related tax benefit of $693 million, determined by
applying applicable federal and state tax rates, the adjustment to net
income was an increase of $1.2 billion.
-
Net gains on currency forward contracts. During the twelve
months ended September 30, 2016, we entered into currency forward
contracts to mitigate a portion of the foreign currency exchange rate
risk associated with the upfront cash consideration paid in the Visa
Europe acquisition. As a result, we recorded non-recurring, net gains
of $74 million, before tax, in other non-operating income. Net of
related tax expense of $27 million, determined by applying applicable
federal and state tax rates, the adjustment to net income was a
decrease of $47 million.
-
Foreign exchange gain on euro deposits. During the twelve
months ended September 30, 2016, we recorded a non-recurring foreign
exchange gain of $145 million, before tax, in other non-operating
income as a result of holding euro-denominated bank balances for a
short period in advance of the closing date of the Visa Europe
transaction. Net of related tax expense of $54 million, determined by
applying applicable federal and state tax rates, the impact to net
income was a decrease of $91 million.
-
Revaluation of Visa Europe put option. During the first quarter
of fiscal 2016 and the third quarter of fiscal 2015, we recorded a
decrease of $255 million and an increase of $110 million,
respectively, in the fair value of the Visa Europe put option,
resulting in the recognition of non-cash income and expense in other
non-operating income. These amounts are not subject to income tax and
therefore have no impact on the reported income tax provision.
Adjusted operating expenses, operating margin, non-operating income
(expense), income before income taxes, income taxes, effective income
tax rate, net income and diluted earnings per share are non-GAAP
financial measures and should not be relied upon as substitutes for
measures calculated in accordance with U.S. GAAP. The following tables
reconcile our as-reported financial measures calculated in accordance
with U.S. GAAP, to the respective non-GAAP adjusted financial measures
for the three and twelve months ended September 30, 2016 and the twelve
months ended September 30, 2015. There were no comparable adjustments
recorded during the three months ended September 30, 2015.
|
|
Three Months Ended September 30, 2016 (1)
|
(in millions, except percentages and per share data)
|
|
Operating Expenses
|
|
Operating Margin (2),(3)
|
|
Non-operating (Expense) Income
|
|
Income Before Income Taxes
|
|
Income Taxes
|
|
Effective Income Tax Rate (2)
|
|
Net Income
|
|
Diluted Earnings Per Share (2)
|
As reported
|
|
$
|
1,636
|
|
|
|
62
|
%
|
|
$
|
(115
|
)
|
|
$
|
2,510
|
|
|
$
|
579
|
|
|
23.1
|
%
|
|
$
|
1,931
|
|
|
$
|
0.79
|
|
Severance cost
|
|
|
(110
|
)
|
|
|
3
|
%
|
|
|
—
|
|
|
|
110
|
|
|
|
38
|
|
|
|
|
|
72
|
|
|
|
0.03
|
|
Remeasurement of deferred tax liability
|
|
|
—
|
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
88
|
|
|
|
|
|
(88
|
)
|
|
|
(0.04
|
)
|
As adjusted
|
|
$
|
1,526
|
|
|
|
64
|
%
|
|
$
|
(115
|
)
|
|
$
|
2,620
|
|
|
$
|
705
|
|
|
26.9
|
%
|
|
$
|
1,915
|
|
|
$
|
0.78
|
|
Diluted weighted-average shares outstanding, as reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended September 30, 2016 (1)
|
(in millions, except percentages and per share data)
|
|
Operating Expenses
|
|
Operating Margin (2),(3)
|
|
Non-operating Income (Expense)
|
|
Income Before Income Taxes
|
|
Income Taxes
|
|
Effective Income Tax Rate (2)
|
|
Net Income
|
|
Diluted Earnings Per Share (2)
|
As reported
|
|
$
|
7,199
|
|
|
|
52
|
%
|
|
$
|
129
|
|
|
$
|
8,012
|
|
|
$
|
2,021
|
|
|
25.2
|
%
|
|
$
|
5,991
|
|
|
$
|
2.48
|
|
Severance cost
|
|
|
(110
|
)
|
|
|
1
|
%
|
|
|
—
|
|
|
|
110
|
|
|
|
38
|
|
|
|
|
|
72
|
|
|
|
0.03
|
|
Remeasurement of deferred tax liability
|
|
|
—
|
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
88
|
|
|
|
|
|
(88
|
)
|
|
|
(0.04
|
)
|
Acquisition-related costs
|
|
|
(152
|
)
|
|
|
1
|
%
|
|
|
—
|
|
|
|
152
|
|
|
|
56
|
|
|
|
|
|
96
|
|
|
|
0.04
|
|
Visa Europe Framework Agreement loss
|
|
|
(1,877
|
)
|
|
|
12
|
%
|
|
|
—
|
|
|
|
1,877
|
|
|
|
693
|
|
|
|
|
|
1,184
|
|
|
|
0.49
|
|
Net gains on currency forward contracts
|
|
|
—
|
|
|
|
—
|
%
|
|
|
(74
|
)
|
|
|
(74
|
)
|
|
|
(27
|
)
|
|
|
|
|
(47
|
)
|
|
|
(0.02
|
)
|
Foreign exchange gain on euro deposits
|
|
|
—
|
|
|
|
—
|
%
|
|
|
(145
|
)
|
|
|
(145
|
)
|
|
|
(54
|
)
|
|
|
|
|
(91
|
)
|
|
|
(0.04
|
)
|
Revaluation of Visa Europe put option
|
|
|
—
|
|
|
|
—
|
%
|
|
|
(255
|
)
|
|
|
(255
|
)
|
|
|
—
|
|
|
|
|
|
(255
|
)
|
|
|
(0.11
|
)
|
As adjusted
|
|
$
|
5,060
|
|
|
|
66
|
%
|
|
$
|
(345
|
)
|
|
$
|
9,677
|
|
|
$
|
2,815
|
|
|
29.1
|
%
|
|
$
|
6,862
|
|
|
$
|
2.84
|
|
Diluted weighted-average shares outstanding, as reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
(in millions, except per share data)
|
|
Non-operating (Expense) Income
|
|
Income Before Income Taxes
|
|
Net Income
|
|
Diluted Earnings Per Share (2)
|
|
|
|
|
|
|
|
As reported
|
|
$
|
(69
|
)
|
|
$
|
8,995
|
|
|
$
|
6,328
|
|
|
$
|
2.58
|
|
|
|
|
|
|
|
|
|
Revaluation of Visa Europe put option
|
|
|
110
|
|
|
|
110
|
|
|
|
110
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
As adjusted
|
|
$
|
41
|
|
|
$
|
9,105
|
|
|
$
|
6,438
|
|
|
$
|
2.62
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding, as reported
|
|
|
|
|
|
|
2,457
|
|
|
|
|
|
|
|
|
|
(1)
|
|
We did not include Visa Europe's financial results in our
unaudited consolidated statements of operations from the
acquisition date, June 21, 2016, through June 30, 2016 as the
impact was immaterial. Our unaudited consolidated statements of
operations for the year ended September 30, 2016 includes Visa
Europe's financial results for the three months ended September
30, 2016.
|
(2)
|
|
Figures in the table may not recalculate exactly due to rounding.
Operating margin, effective income tax rate and diluted earnings
per share figures are calculated based on unrounded numbers.
|
(3)
|
|
Operating margin is calculated as operating income divided by
total operating revenues
|
|
|
|
Operational Performance Data
The tables below provide information regarding the available operational
results for the 3 months ended September 30, 2016, as well as the prior
four quarterly reporting periods and the 12 months ended September 30,
2016 and 2015, for cards carrying the Visa, Visa Electron, V PAY and
Interlink brands. Sections 1-3 below reflect the acquisition of Visa
Europe, with Europe included in Visa Inc. results effective the 3 months
ended September 30, 2016.
1. Branded Volume and Transactions
The 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, V PAY 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, 2016
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$535
|
|
4.9%
|
|
3.7%
|
|
$406
|
|
9.4%
|
|
7.8%
|
|
5,220
|
|
$128
|
|
-7.2%
|
|
-7.4%
|
|
983
|
Canada
|
|
62
|
|
5.4%
|
|
5.3%
|
|
57
|
|
5.4%
|
|
5.3%
|
|
759
|
|
5
|
|
5.4%
|
|
5.3%
|
|
11
|
CEMEA
|
|
237
|
|
2.4%
|
|
7.5%
|
|
69
|
|
12.7%
|
|
17.4%
|
|
2,582
|
|
169
|
|
-1.3%
|
|
4.0%
|
|
1,235
|
LAC
|
|
236
|
|
3.8%
|
|
10.4%
|
|
91
|
|
7.1%
|
|
13.6%
|
|
2,992
|
|
145
|
|
1.9%
|
|
8.6%
|
|
1,165
|
US
|
|
902
|
|
9.8%
|
|
9.8%
|
|
767
|
|
10.7%
|
|
10.7%
|
|
14,899
|
|
135
|
|
4.8%
|
|
4.8%
|
|
954
|
Europe
|
|
643
|
|
|
|
|
|
467
|
|
|
|
|
|
9,569
|
|
176
|
|
|
|
|
|
1,407
|
Visa Inc.
|
|
2,614
|
|
41.4%
|
|
42.9%
|
|
1,857
|
|
46.9%
|
|
47.1%
|
|
36,022
|
|
757
|
|
29.6%
|
|
33.5%
|
|
5,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$424
|
|
18.2%
|
|
18.2%
|
|
$409
|
|
18.7%
|
|
18.7%
|
|
5,122
|
|
$15
|
|
6.1%
|
|
6.1%
|
|
18
|
International
|
|
725
|
|
47.6%
|
|
47.4%
|
|
656
|
|
44.0%
|
|
43.6%
|
|
9,540
|
|
68
|
|
94.0%
|
|
98.1%
|
|
394
|
Visa Inc.
|
|
1,149
|
|
35.2%
|
|
35.1%
|
|
1,065
|
|
33.1%
|
|
32.9%
|
|
14,661
|
|
84
|
|
68.7%
|
|
71.2%
|
|
412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$478
|
|
3.2%
|
|
3.2%
|
|
$358
|
|
2.7%
|
|
2.7%
|
|
9,777
|
|
$120
|
|
4.7%
|
|
4.7%
|
|
936
|
International
|
|
988
|
|
84.2%
|
|
91.2%
|
|
433
|
|
275.3%
|
|
285.9%
|
|
11,583
|
|
554
|
|
31.7%
|
|
37.1%
|
|
4,407
|
Visa Inc.
|
|
1,465
|
|
46.7%
|
|
49.6%
|
|
792
|
|
70.6%
|
|
71.7%
|
|
21,361
|
|
674
|
|
25.9%
|
|
29.9%
|
|
5,343
|
|
|
|
|
|
For the 3 Months Ended June 30, 2016
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$531
|
|
4.3%
|
|
7.3%
|
|
$393
|
|
7.9%
|
|
10.3%
|
|
5,055
|
|
$138
|
|
-5.0%
|
|
-0.4%
|
|
1,014
|
|
766
|
|
870
|
Canada
|
|
62
|
|
0.7%
|
|
6.7%
|
|
57
|
|
0.5%
|
|
6.4%
|
|
741
|
|
5
|
|
3.6%
|
|
9.7%
|
|
11
|
|
47
|
|
54
|
CEMEA
|
|
233
|
|
-2.0%
|
|
11.4%
|
|
64
|
|
4.8%
|
|
18.3%
|
|
2,415
|
|
169
|
|
-4.3%
|
|
8.9%
|
|
1,255
|
|
331
|
|
318
|
LAC
|
|
223
|
|
-5.8%
|
|
10.8%
|
|
86
|
|
-3.3%
|
|
14.4%
|
|
2,871
|
|
138
|
|
-7.2%
|
|
8.8%
|
|
1,127
|
|
419
|
|
456
|
US
|
|
883
|
|
9.1%
|
|
9.1%
|
|
749
|
|
9.7%
|
|
9.7%
|
|
14,681
|
|
134
|
|
5.9%
|
|
5.9%
|
|
972
|
|
678
|
|
851
|
Visa Inc.
|
|
1,933
|
|
4.2%
|
|
9.0%
|
|
1,349
|
|
7.6%
|
|
10.4%
|
|
25,763
|
|
584
|
|
-3.0%
|
|
5.8%
|
|
4,379
|
|
2,240
|
|
2,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$390
|
|
10.9%
|
|
10.9%
|
|
$376
|
|
10.8%
|
|
10.8%
|
|
4,583
|
|
$15
|
|
11.0%
|
|
11.0%
|
|
17
|
|
272
|
|
355
|
International
|
|
513
|
|
4.5%
|
|
9.8%
|
|
476
|
|
5.0%
|
|
9.9%
|
|
6,638
|
|
37
|
|
-2.0%
|
|
8.7%
|
|
159
|
|
511
|
|
572
|
Visa Inc.
|
|
903
|
|
7.2%
|
|
10.3%
|
|
852
|
|
7.5%
|
|
10.3%
|
|
11,221
|
|
51
|
|
1.4%
|
|
9.4%
|
|
176
|
|
783
|
|
927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$493
|
|
7.7%
|
|
7.7%
|
|
$374
|
|
8.5%
|
|
8.5%
|
|
10,099
|
|
$119
|
|
5.3%
|
|
5.3%
|
|
955
|
|
406
|
|
496
|
International
|
|
537
|
|
-3.3%
|
|
8.0%
|
|
123
|
|
5.4%
|
|
17.1%
|
|
4,444
|
|
413
|
|
-5.6%
|
|
5.6%
|
|
3,248
|
|
1,051
|
|
1,126
|
Visa Inc.
|
|
1,030
|
|
1.7%
|
|
7.9%
|
|
497
|
|
7.7%
|
|
10.5%
|
|
14,543
|
|
532
|
|
-3.4%
|
|
5.5%
|
|
4,203
|
|
1,457
|
|
1,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
654
|
|
|
|
|
|
479
|
|
|
|
|
|
9,350
|
|
175
|
|
|
|
|
|
1,416
|
|
472
|
|
537
|
|
|
|
|
|
For the 3 Months Ended March 31, 2016
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$511
|
|
3.2%
|
|
8.9%
|
|
$376
|
|
9.6%
|
|
14.4%
|
|
4,745
|
|
$135
|
|
-11.1%
|
|
-3.8%
|
|
1,017
|
|
753
|
|
856
|
Canada
|
|
51
|
|
-5.1%
|
|
5.0%
|
|
46
|
|
-5.3%
|
|
4.7%
|
|
659
|
|
5
|
|
-2.4%
|
|
8.0%
|
|
11
|
|
47
|
|
54
|
CEMEA
|
|
205
|
|
-3.4%
|
|
8.4%
|
|
57
|
|
4.9%
|
|
17.3%
|
|
2,185
|
|
148
|
|
-6.2%
|
|
5.3%
|
|
1,161
|
|
330
|
|
321
|
LAC
|
|
204
|
|
-16.1%
|
|
9.1%
|
|
79
|
|
-15.2%
|
|
15.0%
|
|
2,799
|
|
124
|
|
-16.8%
|
|
5.6%
|
|
1,077
|
|
417
|
|
451
|
US
|
|
823
|
|
10.0%
|
|
10.0%
|
|
694
|
|
10.5%
|
|
10.5%
|
|
13,622
|
|
129
|
|
7.3%
|
|
7.3%
|
|
932
|
|
662
|
|
827
|
Visa Inc.
|
|
1,793
|
|
2.4%
|
|
9.3%
|
|
1,252
|
|
7.3%
|
|
12.0%
|
|
24,010
|
|
541
|
|
-7.4%
|
|
3.4%
|
|
4,198
|
|
2,208
|
|
2,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$349
|
|
10.5%
|
|
10.5%
|
|
$335
|
|
10.6%
|
|
10.6%
|
|
4,067
|
|
$14
|
|
8.8%
|
|
8.8%
|
|
16
|
|
255
|
|
333
|
International
|
|
475
|
|
2.5%
|
|
11.9%
|
|
445
|
|
3.8%
|
|
13.1%
|
|
6,263
|
|
30
|
|
-14.0%
|
|
-2.9%
|
|
157
|
|
506
|
|
566
|
Visa Inc.
|
|
824
|
|
5.8%
|
|
11.3%
|
|
780
|
|
6.6%
|
|
12.0%
|
|
10,330
|
|
44
|
|
-7.7%
|
|
0.6%
|
|
173
|
|
761
|
|
899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$474
|
|
9.6%
|
|
9.6%
|
|
$360
|
|
10.5%
|
|
10.5%
|
|
9,555
|
|
$115
|
|
7.1%
|
|
7.1%
|
|
916
|
|
407
|
|
494
|
International
|
|
495
|
|
-8.3%
|
|
5.7%
|
|
113
|
|
2.0%
|
|
17.2%
|
|
4,125
|
|
382
|
|
-10.9%
|
|
2.7%
|
|
3,109
|
|
1,040
|
|
1,116
|
Visa Inc.
|
|
969
|
|
-0.3%
|
|
7.6%
|
|
473
|
|
8.3%
|
|
12.0%
|
|
13,680
|
|
497
|
|
-7.3%
|
|
3.7%
|
|
4,025
|
|
1,447
|
|
1,610
|
|
|
|
|
|
For the 3 Months Ended December 31, 2015
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$524
|
|
2.5%
|
|
10.4%
|
|
$387
|
|
7.8%
|
|
15.6%
|
|
4,900
|
|
$137
|
|
-10.0%
|
|
-2.1%
|
|
1,003
|
|
745
|
|
840
|
Canada
|
|
59
|
|
-10.7%
|
|
5.2%
|
|
55
|
|
-10.9%
|
|
4.9%
|
|
723
|
|
4
|
|
-8.3%
|
|
8.0%
|
|
11
|
|
47
|
|
54
|
CEMEA
|
|
228
|
|
-13.5%
|
|
6.1%
|
|
60
|
|
-6.8%
|
|
12.6%
|
|
2,099
|
|
168
|
|
-15.7%
|
|
4.0%
|
|
1,236
|
|
336
|
|
326
|
LAC
|
|
237
|
|
-17.0%
|
|
10.2%
|
|
90
|
|
-17.4%
|
|
14.2%
|
|
2,918
|
|
147
|
|
-16.8%
|
|
7.9%
|
|
1,174
|
|
416
|
|
451
|
US
|
|
842
|
|
9.1%
|
|
9.1%
|
|
714
|
|
9.7%
|
|
9.7%
|
|
13,980
|
|
128
|
|
5.8%
|
|
5.8%
|
|
936
|
|
641
|
|
813
|
Visa Inc.
|
|
1,890
|
|
-0.4%
|
|
9.1%
|
|
1,306
|
|
4.9%
|
|
11.6%
|
|
24,620
|
|
584
|
|
-10.6%
|
|
3.8%
|
|
4,360
|
|
2,185
|
|
2,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$372
|
|
9.1%
|
|
9.1%
|
|
$357
|
|
9.1%
|
|
9.1%
|
|
4,390
|
|
$14
|
|
8.0%
|
|
8.0%
|
|
17
|
|
249
|
|
328
|
International
|
|
505
|
|
-1.2%
|
|
12.3%
|
|
470
|
|
0.7%
|
|
13.7%
|
|
6,506
|
|
34
|
|
-20.8%
|
|
-4.0%
|
|
164
|
|
507
|
|
561
|
Visa Inc.
|
|
876
|
|
2.9%
|
|
10.9%
|
|
828
|
|
4.2%
|
|
11.7%
|
|
10,897
|
|
48
|
|
-14.0%
|
|
-0.8%
|
|
181
|
|
756
|
|
889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$470
|
|
9.1%
|
|
9.1%
|
|
$357
|
|
10.2%
|
|
10.2%
|
|
9,590
|
|
$114
|
|
5.6%
|
|
5.6%
|
|
919
|
|
393
|
|
484
|
International
|
|
543
|
|
-11.8%
|
|
6.3%
|
|
121
|
|
-4.0%
|
|
15.3%
|
|
4,134
|
|
422
|
|
-13.8%
|
|
3.9%
|
|
3,260
|
|
1,036
|
|
1,110
|
Visa Inc.
|
|
1,014
|
|
-3.2%
|
|
7.6%
|
|
478
|
|
6.3%
|
|
11.5%
|
|
13,723
|
|
536
|
|
-10.3%
|
|
4.3%
|
|
4,179
|
|
1,429
|
|
1,594
|
|
|
|
|
|
For the 3 Months Ended September 30, 2015
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$510
|
|
0.7%
|
|
10.7%
|
|
$372
|
|
5.5%
|
|
15.7%
|
|
4,670
|
|
$138
|
|
-10.3%
|
|
-0.9%
|
|
1,029
|
|
738
|
|
835
|
Canada
|
|
58
|
|
-12.0%
|
|
5.2%
|
|
54
|
|
-12.1%
|
|
5.1%
|
|
698
|
|
5
|
|
-11.3%
|
|
6.0%
|
|
12
|
|
43
|
|
50
|
CEMEA
|
|
232
|
|
-17.1%
|
|
9.3%
|
|
61
|
|
-9.8%
|
|
16.9%
|
|
1,915
|
|
171
|
|
-19.4%
|
|
6.8%
|
|
1,195
|
|
333
|
|
321
|
LAC
|
|
227
|
|
-17.5%
|
|
9.2%
|
|
85
|
|
-18.1%
|
|
11.5%
|
|
2,706
|
|
142
|
|
-17.2%
|
|
7.9%
|
|
1,093
|
|
415
|
|
450
|
US
|
|
822
|
|
8.7%
|
|
8.7%
|
|
693
|
|
9.7%
|
|
9.7%
|
|
13,655
|
|
129
|
|
3.9%
|
|
3.9%
|
|
958
|
|
623
|
|
796
|
Visa Inc.
|
|
1,849
|
|
-1.8%
|
|
9.3%
|
|
1,264
|
|
3.9%
|
|
11.6%
|
|
23,644
|
|
585
|
|
-12.3%
|
|
4.4%
|
|
4,286
|
|
2,152
|
|
2,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$359
|
|
9.8%
|
|
9.8%
|
|
$345
|
|
10.1%
|
|
10.1%
|
|
4,221
|
|
$14
|
|
2.8%
|
|
2.8%
|
|
17
|
|
244
|
|
323
|
International
|
|
491
|
|
-2.8%
|
|
13.2%
|
|
456
|
|
-0.4%
|
|
14.6%
|
|
6,214
|
|
35
|
|
-25.6%
|
|
-2.9%
|
|
164
|
|
499
|
|
557
|
Visa Inc.
|
|
850
|
|
2.2%
|
|
11.7%
|
|
800
|
|
3.9%
|
|
12.7%
|
|
10,435
|
|
50
|
|
-19.1%
|
|
-1.3%
|
|
181
|
|
743
|
|
880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$463
|
|
7.9%
|
|
7.9%
|
|
$349
|
|
9.2%
|
|
9.2%
|
|
9,435
|
|
$114
|
|
4.1%
|
|
4.1%
|
|
941
|
|
380
|
|
473
|
International
|
|
536
|
|
-13.9%
|
|
6.7%
|
|
116
|
|
-9.0%
|
|
12.3%
|
|
3,774
|
|
421
|
|
-15.1%
|
|
5.2%
|
|
3,165
|
|
1,030
|
|
1,099
|
Visa Inc.
|
|
999
|
|
-5.0%
|
|
7.3%
|
|
464
|
|
4.0%
|
|
9.9%
|
|
13,209
|
|
535
|
|
-11.6%
|
|
5.0%
|
|
4,105
|
|
1,410
|
|
1,572
|
|
|
|
|
|
For the 12 Months Ended September 30, 2016
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$2,101
|
|
3.7%
|
|
7.5%
|
|
$1,563
|
|
8.7%
|
|
11.9%
|
|
19,921
|
|
$538
|
|
-8.4%
|
|
-3.4%
|
|
4,017
|
Canada
|
|
234
|
|
-2.6%
|
|
5.6%
|
|
215
|
|
-2.8%
|
|
5.4%
|
|
2,881
|
|
19
|
|
-0.4%
|
|
7.7%
|
|
45
|
CEMEA
|
|
903
|
|
-4.4%
|
|
8.3%
|
|
249
|
|
3.7%
|
|
16.4%
|
|
9,281
|
|
654
|
|
-7.2%
|
|
5.5%
|
|
4,887
|
LAC
|
|
900
|
|
-9.3%
|
|
10.2%
|
|
346
|
|
-8.0%
|
|
14.2%
|
|
11,580
|
|
554
|
|
-10.2%
|
|
7.7%
|
|
4,542
|
US
|
|
3,450
|
|
9.5%
|
|
9.5%
|
|
2,925
|
|
10.1%
|
|
10.1%
|
|
57,183
|
|
526
|
|
5.9%
|
|
5.9%
|
|
3,794
|
Europe
|
|
643
|
|
|
|
|
|
467
|
|
|
|
|
|
9,569
|
|
176
|
|
|
|
|
|
1,407
|
Visa Inc.
|
|
8,230
|
|
11.9%
|
|
18.0%
|
|
5,764
|
|
16.9%
|
|
20.8%
|
|
110,416
|
|
2,466
|
|
1.8%
|
|
11.9%
|
|
18,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$1,535
|
|
12.3%
|
|
12.3%
|
|
$1,477
|
|
12.4%
|
|
12.4%
|
|
18,162
|
|
$59
|
|
8.4%
|
|
8.4%
|
|
68
|
International
|
|
2,217
|
|
13.4%
|
|
21.0%
|
|
2,048
|
|
13.5%
|
|
20.6%
|
|
28,947
|
|
169
|
|
12.4%
|
|
25.7%
|
|
874
|
Visa Inc.
|
|
3,752
|
|
12.9%
|
|
17.3%
|
|
3,525
|
|
13.0%
|
|
17.0%
|
|
47,109
|
|
228
|
|
11.3%
|
|
20.7%
|
|
942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$1,915
|
|
7.3%
|
|
7.3%
|
|
$1,448
|
|
7.9%
|
|
7.9%
|
|
39,021
|
|
$467
|
|
5.6%
|
|
5.6%
|
|
3,726
|
International
|
|
2,563
|
|
14.1%
|
|
28.6%
|
|
791
|
|
68.5%
|
|
88.7%
|
|
24,286
|
|
1,772
|
|
-0.3%
|
|
12.6%
|
|
14,025
|
Visa Inc.
|
|
4,478
|
|
11.1%
|
|
18.5%
|
|
2,239
|
|
23.6%
|
|
27.1%
|
|
63,307
|
|
2,239
|
|
0.9%
|
|
11.0%
|
|
17,751
|
|
|
|
|
|
For the 12 Months Ended September 30, 2015
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$2,025
|
|
2.9%
|
|
9.5%
|
|
$1,438
|
|
6.0%
|
|
13.3%
|
|
17,343
|
|
$587
|
|
-4.2%
|
|
1.0%
|
|
3,991
|
|
738
|
|
835
|
Canada
|
|
240
|
|
-5.5%
|
|
6.7%
|
|
221
|
|
-5.7%
|
|
6.6%
|
|
2,650
|
|
19
|
|
-4.0%
|
|
8.6%
|
|
46
|
|
43
|
|
50
|
CEMEA
|
|
945
|
|
-13.6%
|
|
10.9%
|
|
240
|
|
-5.3%
|
|
19.2%
|
|
6,929
|
|
705
|
|
-16.1%
|
|
8.4%
|
|
4,724
|
|
333
|
|
321
|
LAC
|
|
993
|
|
-7.9%
|
|
11.3%
|
|
375
|
|
-8.0%
|
|
12.2%
|
|
10,514
|
|
617
|
|
-7.8%
|
|
10.8%
|
|
4,336
|
|
415
|
|
450
|
US
|
|
3,152
|
|
8.6%
|
|
8.6%
|
|
2,655
|
|
9.5%
|
|
9.5%
|
|
51,723
|
|
496
|
|
4.3%
|
|
4.3%
|
|
3,714
|
|
623
|
|
796
|
Visa Inc.
|
|
7,354
|
|
0.8%
|
|
9.4%
|
|
4,930
|
|
5.4%
|
|
11.0%
|
|
89,158
|
|
2,424
|
|
-7.4%
|
|
6.0%
|
|
16,810
|
|
2,152
|
|
2,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$1,367
|
|
11.7%
|
|
11.7%
|
|
$1,313
|
|
11.9%
|
|
11.9%
|
|
15,874
|
|
$54
|
|
6.7%
|
|
6.7%
|
|
65
|
|
244
|
|
323
|
International
|
|
1,955
|
|
-0.1%
|
|
11.9%
|
|
1,805
|
|
2.3%
|
|
13.3%
|
|
23,433
|
|
150
|
|
-22.3%
|
|
-2.8%
|
|
649
|
|
499
|
|
557
|
Visa Inc.
|
|
3,323
|
|
4.4%
|
|
11.8%
|
|
3,118
|
|
6.2%
|
|
12.7%
|
|
39,307
|
|
204
|
|
-16.2%
|
|
-0.2%
|
|
714
|
|
743
|
|
880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$1,784
|
|
6.3%
|
|
6.3%
|
|
$1,342
|
|
7.1%
|
|
7.1%
|
|
35,848
|
|
$442
|
|
4.0%
|
|
4.0%
|
|
3,649
|
|
380
|
|
473
|
International
|
|
2,247
|
|
-7.8%
|
|
8.4%
|
|
470
|
|
-3.8%
|
|
12.1%
|
|
14,003
|
|
1,777
|
|
-8.8%
|
|
7.4%
|
|
12,448
|
|
1,030
|
|
1,099
|
Visa Inc.
|
|
4,031
|
|
-2.0%
|
|
7.4%
|
|
1,812
|
|
4.1%
|
|
8.3%
|
|
49,851
|
|
2,220
|
|
-6.5%
|
|
6.6%
|
|
16,097
|
|
1,410
|
|
1,572
|
2. Cross-Border Volume
The table below represents cross-border volume growth for cards carrying
the Visa, Visa Electron, V PAY, 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, 2016
|
|
146%
|
|
149%
|
Jun 30, 2016
|
|
2%
|
|
5%
|
Mar 31, 2016
|
|
0%
|
|
5%
|
Dec 31, 2015
|
|
-4%
|
|
4%
|
Sep 30, 2015
|
|
-4%
|
|
5%
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Sep 30, 2016
|
|
37%
|
|
41%
|
Sep 30, 2015
|
|
0%
|
|
7%
|
|
|
|
|
|
3. Visa Processed Transactions
The table below represents transactions involving Visa, Visa Electron, V
PAY, Interlink and PLUS cards processed on Visa’s networks.
Period
|
|
Processed Transactions (millions)
|
|
Growth
|
|
|
|
|
|
3 Months Ended
|
|
|
|
|
Sep 30, 2016
|
|
25,921
|
|
41%
|
Jun 30, 2016
|
|
19,778
|
|
10%
|
Mar 31, 2016
|
|
18,475
|
|
9%
|
Dec 31, 2015
|
|
18,986
|
|
8%
|
Sep 30, 2015
|
|
18,365
|
|
8%
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Sep 30, 2016
|
|
83,159
|
|
17%
|
Sep 30, 2015
|
|
70,968
|
|
9%
|
|
|
|
|
|
Footnote
Payments volume represents the aggregate dollar amount of purchases made
with cards carrying the Visa, Visa Electron, V PAY 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 and 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 based on results reported quarterly by Visa’s
financial institution clients on their operating certificates. Estimates
may be utilized if data is unavailable.
On occasion, previously presented information may be updated. Prior
period updates, if any, are not material.
Europe is reported and included in Visa Inc. results effective with the
3 months ended September 2016. Visa’s CEMEA region is comprised of
countries in Central Europe, the Middle East and Africa. Several
European Union countries in Central Europe, Israel and Turkey are not
included in CEMEA. LAC is comprised of countries in Central and South
America and the Caribbean. International includes Asia Pacific, Canada,
CEMEA, Europe 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161024006362/en/
Source: Visa Inc.