-- GAAP quarterly net income of $1.3 billion including non-cash tax benefit
-- Adjusted quarterly net income of $1.1 billion or $1.60 per diluted class A common share excluding non-cash tax benefit
SAN FRANCISCO, May 2, 2012 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal second quarter 2012 ended March 31, 2012. GAAP net income for the quarter, inclusive of a one-time non-cash benefit related to the remeasurement of existing net deferred tax liabilities, was $1.3 billion.
On an adjusted basis, excluding this non-cash benefit, net income for the quarter was $1.1 billion, an increase of 23% over the prior year, and diluted class A common stock earnings per share were $1.60, an increase of 30% over the prior year. The weighted-average number of diluted class A common stock outstanding was approximately 676 million. The Company's adjusted quarterly net income per share of class A common stock is a non-GAAP financial measure that is reconciled to its most directly comparable GAAP measure in the accompanying financial tables.
GAAP net operating revenue in the fiscal second quarter of 2012 was $2.6 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.
"Our strong financial performance this quarter was fueled by continued growth of U.S. credit products, strong cross border spending and expansion of Visa's core business in international markets," said Joseph Saunders, Chairman and Chief Executive Officer, Visa Inc. "Across the globe Visa's business continues to expand at a healthy pace, the result of our commitment to continued expansion in our core business as well as our ability to leverage innovative payment technologies."
Fiscal Second Quarter 2012 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2011, on which fiscal second quarter service revenue is recognized, was a positive 11% over the prior year at $993 billion.
Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2012, was a positive 11% over the prior year at $956 billion.
Cross-border volume growth, on a constant dollar basis, was a positive 16% for the three months ended March 31, 2012.
Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2012, were 13 billion, a positive 8% increase over the prior year.
Fiscal second quarter 2012 service revenues were $1.2 billion, an increase of 13% 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 12% over the prior year to $922 million. International transaction revenues, which are driven by cross-border activity, grew 17% over the prior year to $733 million. Other revenues, which include the Visa Europe licensing fee, were $179 million, a 14% increase over the prior year. Client incentives, which are a contra revenue item, were $497 million and represent 16% of gross revenues.
Total operating expenses were $972 million for the quarter, a 13% increase over the prior year, primarily due to higher personnel costs associated with acquisitions and investments in technology projects to support our growth initiatives.
Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $8.9 billion at March 31, 2012.
Visa's GAAP effective tax rate was 19.7% for the quarter ended March 31, 2012. On an adjusted basis, the effective tax rate was 32.6%.
Notable Event:
As announced on April 26, 2012, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.22 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 5, 2012, to all holders of record of the Company's class A, class B and class C common stock as of May 18, 2012.
Financial Outlook:
Visa Inc. updates its financial outlook for the following metric through 2012:
- Adjusted annual diluted class A common stock earnings per share growth: High teens to low twenties.
Visa Inc. affirms its financial outlook for the following metrics for 2012:
- Annual net revenue growth in the low double digits;
- Client incentives as a percent of gross revenues: 17% to 18% range;
- Marketing expenses: Under $1 billion;
- Annual operating margin of about 60%;
- Adjusted tax rate: 33% to 34% range*;
- Capital expenditures $350 million to $400 million range; and
- Annual free cash flow greater than $4 billion.
* Financial Outlook excludes the impact of a non-cash benefit related to the remeasurement of deferred tax liabilities, which would decrease the GAAP tax rate to 29 to 30%. These deferred tax liabilities are primarily associated with indefinite-lived intangible assets recorded as part of Visa's October 2007 reorganization.
Fiscal Second Quarter 2012 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 "continue," "could," "may," "potential," and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about our strategy and its execution and about our revenue, earnings per share, incentive payments, expenses, operating margin, tax rate, capital expenditures and 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 new laws, regulations and marketplace barriers, including:
- rules capping debit interchange reimbursement fees promulgated under the U.S. Wall Street Reform and Consumer Protection Act, or the Reform Act;
- rules under the Reform Act expanding issuers' and merchants' choice among debit payment networks;
- U.S. government and other parties' reactions to the changes we have made to our business in response to the Reform Act;
- increased regulation outside the United States and in other product categories; and
- rules about consumer privacy and data use and security;
- developments in current or future litigation or government enforcement, including interchange, antitrust and tax disputes;
- economic factors, such as:
- an increase or spread of the current European crisis involving sovereign debt and the euro;
- other global economic, political and health conditions;
- cross-border activity and currency exchange rates; and
- material changes in our clients' performance compared to our estimates;
- industry developments, such as competitive pressure, rapid technological developments, and disintermediation from the payments value stream;
- system developments, such as:
- disruption of our transaction processing systems or the inability to process transactions efficiently;
- account data breaches or increased fraudulent or other illegal activities involving 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 recent acquisitions successfully or to effectively launch new products and businesses;
- changes in accounting principles or treatments; and
the other factors discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10−K 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,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
(in millions,
except per
share data)
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues
|
|
|
|
$ 1,241
|
|
$ 1,093
|
|
$ 2,392
|
|
$ 2,101
|
|
Data processing revenues
|
|
|
|
922
|
|
823
|
|
1,873
|
|
1,667
|
|
International transaction revenues
|
|
|
|
733
|
|
624
|
|
1,481
|
|
1,254
|
|
Other revenues
|
|
|
|
179
|
|
156
|
|
357
|
|
317
|
|
Client incentives
|
|
|
|
(497)
|
|
(451)
|
|
(978)
|
|
(856)
|
|
Total operating revenues
|
|
|
|
2,578
|
|
2,245
|
|
5,125
|
|
4,483
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
|
431
|
|
351
|
|
820
|
|
708
|
|
Network and processing
|
|
|
|
103
|
|
80
|
|
201
|
|
160
|
|
Marketing
|
|
|
|
170
|
|
183
|
|
360
|
|
380
|
|
Professional fees
|
|
|
|
82
|
|
77
|
|
152
|
|
138
|
|
Depreciation and amortization
|
|
|
|
80
|
|
70
|
|
160
|
|
137
|
|
General and administrative
|
|
|
|
106
|
|
95
|
|
208
|
|
205
|
|
Litigation provision
|
|
|
|
-
|
|
6
|
|
-
|
|
6
|
|
Total operating expenses
|
|
|
|
972
|
|
862
|
|
1,901
|
|
1,734
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,606
|
|
1,383
|
|
3,224
|
|
2,749
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(7)
|
|
(12)
|
|
(17)
|
|
(8)
|
|
Investment income, net
|
|
|
|
9
|
|
9
|
|
19
|
|
19
|
|
Other
|
|
|
|
1
|
|
(3)
|
|
-
|
|
(1)
|
|
Total other income (expense)
|
|
|
|
3
|
|
(6)
|
|
2
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
1,609
|
|
1,377
|
|
3,226
|
|
2,759
|
|
Income tax provision
|
|
|
|
317
|
|
497
|
|
907
|
|
995
|
|
Net income including non-controlling interest
|
|
|
|
1,292
|
|
880
|
|
2,319
|
|
1,764
|
|
Loss attributable to non-controlling interest
|
|
|
|
-
|
|
1
|
|
2
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Visa Inc.
|
|
|
|
$ 1,292
|
|
$ 881
|
|
$ 2,321
|
|
$ 1,765
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
$ 1.92
|
|
$ 1.24
|
|
$ 3.41
|
|
$ 2.47
|
|
Class B common stock
|
|
|
|
$ 0.82
|
|
$ 0.63
|
|
$ 1.56
|
|
$ 1.26
|
|
Class C common stock
|
|
|
|
$ 1.92
|
|
$ 1.24
|
|
$ 3.41
|
|
$ 2.47
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
524
|
|
505
|
|
522
|
|
499
|
|
Class B common stock
|
|
|
|
245
|
|
245
|
|
245
|
|
245
|
|
Class C common stock
|
|
|
|
42
|
|
80
|
|
44
|
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
$ 1.91
|
|
$ 1.23
|
|
$ 3.40
|
|
$ 2.46
|
|
Class B common stock
|
|
|
|
$ 0.81
|
|
$ 0.63
|
|
$ 1.55
|
|
$ 1.26
|
|
Class C common stock
|
|
|
|
$ 1.91
|
|
$ 1.23
|
|
$ 3.40
|
|
$ 2.46
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
676
|
|
714
|
|
683
|
|
717
|
|
Class B common stock
|
|
|
|
245
|
|
245
|
|
245
|
|
245
|
|
Class C common stock
|
|
|
|
42
|
|
80
|
|
44
|
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
September 30,
|
|
2012
|
|
2011
|
|
(in millions, except par value data)
|
|
Assets
|
|
|
|
|
Cash and cash equivalents
|
$ 2,042
|
|
$ 2,127
|
|
Restricted cash - litigation escrow
|
4,282
|
|
2,857
|
|
Investment securities
|
|
|
|
|
Trading
|
66
|
|
57
|
|
Available-for-sale
|
849
|
|
1,214
|
|
Settlement receivable
|
508
|
|
412
|
|
Accounts receivable
|
655
|
|
560
|
|
Customer collateral
|
898
|
|
931
|
|
Current portion of client incentives
|
233
|
|
278
|
|
Deferred tax assets
|
430
|
|
489
|
|
Prepaid expenses and other current assets
|
332
|
|
265
|
|
|
|
|
|
Total current assets
|
10,295
|
|
9,190
|
|
|
|
|
|
Investment securities, available-for-sale
|
1,696
|
|
711
|
|
Client incentives
|
98
|
|
85
|
|
Property, equipment and technology, net
|
1,540
|
|
1,541
|
|
Other assets
|
112
|
|
129
|
|
Intangible assets, net
|
11,437
|
|
11,436
|
|
Goodwill
|
11,668
|
|
11,668
|
|
|
|
|
|
Total assets
|
$ 36,846
|
|
$ 34,760
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Accounts payable
|
$ 75
|
|
$ 169
|
|
Settlement payable
|
702
|
|
449
|
|
Customer collateral
|
898
|
|
931
|
|
Accrued compensation and benefits
|
332
|
|
387
|
|
Client incentives
|
750
|
|
528
|
|
Accrued liabilities
|
544
|
|
562
|
|
Accrued litigation
|
286
|
|
425
|
|
|
|
|
|
Total current liabilities
|
3,587
|
|
3,451
|
|
|
|
|
|
Deferred tax liabilities
|
3,941
|
|
4,205
|
|
Other liabilities
|
797
|
|
667
|
|
|
|
|
|
Total liabilities
|
8,325
|
|
8,323
|
|
|
|
|
|
|
|
|
|
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, 528 and
520 shares issued and outstanding at March 31, 2012, and September 30, 2011,
respectively
|
-
|
|
-
|
|
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares
issued and outstanding at March 31, 2012 and September 30, 2011
|
-
|
|
-
|
|
Class C common stock, $0.0001 par value, 1,097 shares authorized, 41 and 47
shares issued and outstanding at March 31, 2012, and September 30, 2011,
respectively
|
-
|
|
-
|
|
Additional paid-in capital
|
20,009
|
|
19,907
|
|
Accumulated income
|
8,688
|
|
6,706
|
|
Accumulated other comprehensive income (loss), net
|
|
|
|
|
Investment securities, available-for-sale
|
5
|
|
-
|
|
Defined benefit pension and other postretirement plans
|
(194)
|
|
(186)
|
|
Derivative instruments classified as cash flow hedges
|
17
|
|
18
|
|
Foreign currency translation adjustments
|
(4)
|
|
(8)
|
|
Total accumulated other comprehensive loss, net
|
(176)
|
|
(176)
|
|
|
|
|
|
Total equity
|
28,521
|
|
26,437
|
|
|
|
|
|
Total liabilities and equity
|
$ 36,846
|
|
$ 34,760
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31,
|
|
|
2012
|
|
2011
|
|
|
|
(in millions)
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
Net income including non-controlling interest
|
|
$ 2,319
|
|
$ 1,764
|
|
|
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
|
|
|
|
|
|
Amortization of client incentives
|
|
978
|
|
856
|
|
|
Share-based compensation
|
|
76
|
|
90
|
|
|
Excess tax benefit for share-based compensation
|
|
(27)
|
|
(8)
|
|
|
Depreciation and amortization of intangible assets and property, equipment and technology
|
|
160
|
|
137
|
|
|
Deferred income taxes
|
|
(200)
|
|
129
|
|
|
Other
|
|
(36)
|
|
(11)
|
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
Trading securities
|
|
(9)
|
|
(6)
|
|
|
Settlement receivable
|
|
(96)
|
|
11
|
|
|
Accounts receivable
|
|
(95)
|
|
(62)
|
|
|
Client incentives
|
|
(724)
|
|
(734)
|
|
|
Other assets
|
|
(23)
|
|
(188)
|
|
|
Accounts payable
|
|
(94)
|
|
(51)
|
|
|
Settlement payable
|
|
253
|
|
(88)
|
|
|
Accrued compensation and benefits
|
|
(55)
|
|
(90)
|
|
|
Accrued and other liabilities
|
|
96
|
|
(10)
|
|
|
Accrued litigation
|
|
(140)
|
|
(130)
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
2,383
|
|
1,609
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, equipment and technology
|
|
(127)
|
|
(147)
|
|
|
Proceeds from disposal of property, equipment and technology
|
|
2
|
|
-
|
|
|
Purchases of intangible assets
|
|
(35)
|
|
-
|
|
|
Investment securities, available-for-sale:
|
|
|
|
|
|
|
Purchases
|
|
(2,140)
|
|
-
|
|
|
Proceeds from sales and maturities
|
|
1,530
|
|
10
|
|
|
Purchases of / contributions to other investments
|
|
(3)
|
|
-
|
|
|
Proceeds / distributions from other investments
|
|
3
|
|
103
|
|
|
Acquisition, net of cash received of $18
|
|
-
|
|
(162)
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
(770)
|
|
(196)
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of class A common stock
|
|
(75)
|
|
(536)
|
|
|
Dividends paid
|
|
(300)
|
|
(215)
|
|
|
Deposits into litigation escrow account—retrospective responsibility plan
|
|
(1,565)
|
|
(1,200)
|
|
|
Payment from litigation escrow account—retrospective responsibility plan
|
|
140
|
|
140
|
|
|
Cash proceeds from exercise of stock options
|
|
77
|
|
39
|
|
|
Excess tax benefit for share-based compensation
|
|
27
|
|
8
|
|
|
Principal payments on debt
|
|
-
|
|
(7)
|
|
|
Principal payments on capital lease obligations
|
|
(6)
|
|
(8)
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
(1,702)
|
|
(1,779)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
4
|
|
11
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
(85)
|
|
(355)
|
|
|
Cash and cash equivalents at beginning of year
|
|
2,127
|
|
3,867
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ 2,042
|
|
$ 3,512
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid, net of refunds
|
|
$ 1,071
|
|
$ 1,015
|
|
|
Amounts included in accounts payable and accrued and other liabilities related to purchases of intangible assets and property, equipment and technology
|
|
$ 52
|
|
$ 20
|
|
|
Interest payment on debt
|
|
$ -
|
|
$ 2
|
|
|
|
|
|
|
|
|
Adjusted Net Income and Earnings Per Share
|
|
|
|
|
|
|
|
|
US $ in millions, except per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the three months ended March 31, 2012, the state of California approved certain changes to its state tax apportionment rules, effective retroactively to the beginning of fiscal 2012, which lowered our overall state tax rate. As a result, in our income tax provision for the three months ended March 31, 2012, we recorded a one-time, non-cash benefit of $208 million resulting from the remeasurement of our existing net deferred tax liabilities primarily associated with $11 billion of indefinite-lived intangible assets previously recorded to reflect our reorganization in 2007. This adjustment has no cash impact to us. Management therefore believes that the resulting net income recorded is not indicative of Visa's financial performance in the current or future periods. Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides a clearer understanding of our operating performance for the periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2012(1)
|
|
Six Months Ended
March 31, 2012(1)
|
|
|
|
|
|
(in millions, except per share data)
|
|
|
Net income
attributable to
Visa Inc.
|
|
Fully-diluted
earnings per
share(1)
|
|
Net income
attributable to
Visa Inc.
|
|
Fully-diluted
earnings per
share(1)
|
|
|
As reported
|
$1,292
|
|
$1.91
|
|
$2,321
|
|
$3.40
|
|
|
Impact of deferred tax adjustment
|
(208)
|
|
(0.31)
|
|
(208)
|
|
(0.30)
|
|
|
Adjusted
|
$1,084
|
|
$1.60
|
|
$2,113
|
|
$3.09
|
|
|
Weighted-average number of diluted shares (as reported)
|
|
|
676
|
|
|
|
683
|
|
|
|
|
|
|
|
|
|
|
|
(1) Earnings per share figures calculated based on whole numbers, not rounded numbers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Effective Tax Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
As discussed on the previous page, during the three months ended March 31, 2012, we
recorded a one-time, non-cash benefit resulting from the remeasurement of our existing
net deferred tax liabilities. This adjustment has no cash impact to us. Management therefore
believes that the resulting benefit recorded in our effective income tax rates is not
indicative of our financial performance in the current or future periods. Management
believes the presentation of our adjusted effective income tax rates provides a clearer
understanding of our operating performance for these periods.
|
|
|
|
|
|
|
Three Months
Ended
March 31,
2012(1)
|
|
Six Months
Ended
March 31,
2012(1)
|
|
Effective income tax rate (as reported)
|
19.7%
|
|
28.1%
|
|
Remeasurement of deferred tax liabilities
|
12.9%
|
|
6.4%
|
|
Adjusted effective income tax rate
|
32.6%
|
|
34.6%
|
|
|
|
|
|
(1) Effective income tax rate calculated based on whole numbers, not rounded numbers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2011 AND 2012 QUARTERLY RESULTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2011 Quarter Ended
|
|
Fiscal 2012 Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
December 31, 2010
|
|
March 31, 2011
|
|
June 30,
2011
|
|
September 30,
2011
|
|
December 31, 2011
|
|
March 31,
2012
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues
|
|
|
|
$ 1,008
|
|
$ 1,093
|
|
$ 1,055
|
|
$ 1,105
|
|
$ 1,151
|
|
$ 1,241
|
|
|
|
|
|
|
Data processing revenues
|
|
|
|
844
|
|
823
|
|
886
|
|
925
|
|
951
|
|
922
|
|
|
|
|
|
|
International transaction revenues
|
|
|
|
630
|
|
624
|
|
662
|
|
758
|
|
748
|
|
733
|
|
|
|
|
|
|
Other revenues
|
|
|
|
161
|
|
156
|
|
167
|
|
171
|
|
178
|
|
179
|
|
|
|
|
|
|
Client incentives
|
|
|
|
(405)
|
|
(451)
|
|
(448)
|
|
(576)
|
|
(481)
|
|
(497)
|
|
|
|
|
|
|
Total operating revenues
|
|
|
|
2,238
|
|
2,245
|
|
2,322
|
|
2,383
|
|
2,547
|
|
2,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
|
357
|
|
351
|
|
363
|
|
388
|
|
389
|
|
431
|
|
|
|
|
|
|
Network and processing
|
|
|
|
80
|
|
80
|
|
91
|
|
106
|
|
98
|
|
103
|
|
|
|
|
|
|
Marketing
|
|
|
|
197
|
|
183
|
|
251
|
|
239
|
|
190
|
|
170
|
|
|
|
|
|
|
Professional fees
|
|
|
|
61
|
|
77
|
|
84
|
|
115
|
|
70
|
|
82
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
67
|
|
70
|
|
74
|
|
77
|
|
80
|
|
80
|
|
|
|
|
|
|
General and administrative
|
|
|
|
110
|
|
95
|
|
114
|
|
95
|
|
102
|
|
106
|
|
|
|
|
|
|
Litigation provision
|
|
|
|
-
|
|
6
|
|
-
|
|
1
|
|
-
|
|
-
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
872
|
|
862
|
|
977
|
|
1,021
|
|
929
|
|
972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,366
|
|
1,383
|
|
1,345
|
|
1,362
|
|
1,618
|
|
1,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense)
|
|
|
|
4
|
|
(12)
|
|
(11)
|
|
(13)
|
|
(10)
|
|
(7)
|
|
|
|
|
|
|
Investment income, net
|
|
|
|
10
|
|
9
|
|
88
|
|
1
|
|
10
|
|
9
|
|
|
|
|
|
|
Other
|
|
|
|
2
|
|
(3)
|
|
121
|
|
4
|
|
(1)
|
|
1
|
|
|
|
|
|
|
Total other income (expense)
|
|
|
|
16
|
|
(6)
|
|
198
|
|
(8)
|
|
(1)
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
1,382
|
|
1,377
|
|
1,543
|
|
1,354
|
|
1,617
|
|
1,609
|
|
|
|
|
|
|
Income tax provision
|
|
|
|
498
|
|
497
|
|
539
|
|
476
|
|
590
|
|
317
|
|
|
|
|
|
|
Net income including non-controlling interest
|
|
|
|
884
|
|
880
|
|
1,004
|
|
878
|
|
1,027
|
|
1,292
|
|
|
|
|
|
|
Loss attributable to non-controlling interest
|
|
|
|
-
|
|
1
|
|
1
|
|
2
|
|
2
|
|
-
|
|
|
|
|
|
|
Net income attributable to Visa Inc.
|
|
|
|
$ 884
|
|
$ 881
|
|
$ 1,005
|
|
$ 880
|
|
$ 1,029
|
|
$ 1,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational Performance Data
The tables below provide information regarding the available operational results for the 3 months ended March 31, 2012, as well as the prior four quarterly reporting periods and the 12 months ended March 31, 2012 and 2011, for cards carrying the Visa, Visa Electron and Interlink brands. Also included is a table with information on the number of billable transactions processed on Visa Inc.'s CyberSource network.
1. Branded Volume and Transactions
The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
|
|
|
|
For the 3 Months Ended March 31, 2012
|
|
|
|
|
Total Volume ($ billions)
|
Growth (Nominal USD)
|
Growth (Constant USD)
|
Payments Volume ($ billions)
|
Growth (Nominal USD)
|
Growth (Constant USD)
|
Payments Transactions (millions)
|
Cash Volume ($ billions)
|
Growth (Nominal USD)
|
Growth (Constant USD)
|
Cash Transactions (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
$400
|
13.7%
|
12.0%
|
$267
|
15.7%
|
13.0%
|
2,849
|
$133
|
9.9%
|
10.0%
|
617
|
|
Canada
|
56
|
7.1%
|
9.0%
|
51
|
7.1%
|
9.0%
|
460
|
5
|
7.2%
|
9.1%
|
10
|
|
CEMEA
|
214
|
20.7%
|
25.8%
|
41
|
35.8%
|
42.4%
|
651
|
173
|
17.5%
|
22.4%
|
1,013
|
|
LAC
|
252
|
13.8%
|
19.5%
|
91
|
18.6%
|
24.6%
|
2,038
|
161
|
11.2%
|
16.8%
|
954
|
|
US
|
614
|
6.6%
|
6.6%
|
507
|
6.2%
|
6.2%
|
10,067
|
107
|
8.4%
|
8.4%
|
856
|
|
Visa Inc.
|
1,536
|
11.4%
|
12.5%
|
956
|
10.9%
|
11.0%
|
16,065
|
580
|
12.1%
|
15.0%
|
3,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$233
|
11.6%
|
11.6%
|
$223
|
11.9%
|
11.9%
|
2,592
|
$10
|
5.1%
|
5.1%
|
15
|
|
Rest of World
|
412
|
13.2%
|
13.1%
|
365
|
15.0%
|
14.5%
|
4,237
|
47
|
1.0%
|
2.6%
|
182
|
|
Visa Inc.
|
645
|
12.6%
|
12.5%
|
588
|
13.8%
|
13.5%
|
6,829
|
57
|
1.7%
|
3.1%
|
197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$381
|
3.8%
|
3.8%
|
$284
|
2.2%
|
2.2%
|
7,475
|
$97
|
8.8%
|
8.8%
|
841
|
|
Rest of World
|
510
|
16.1%
|
20.0%
|
85
|
25.1%
|
28.6%
|
1,761
|
426
|
14.5%
|
18.4%
|
2,412
|
|
Visa Inc.
|
891
|
10.5%
|
12.5%
|
368
|
6.6%
|
7.2%
|
9,236
|
523
|
13.4%
|
16.5%
|
3,253
|
|
|
|
|
For the 3 Months Ended December 31, 2011
|
|
|
|
|
|
|
Total Volume ($ 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)
|
Accounts (millions)
|
Cards (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
$409
|
13.2%
|
11.4%
|
$276
|
15.1%
|
12.0%
|
2,947
|
$133
|
9.5%
|
10.3%
|
621
|
519
|
613
|
|
Canada
|
60
|
4.1%
|
5.6%
|
56
|
4.7%
|
6.2%
|
500
|
5
|
-2.2%
|
-0.8%
|
10
|
27
|
36
|
|
CEMEA
|
221
|
20.1%
|
25.0%
|
39
|
29.1%
|
36.6%
|
643
|
182
|
18.3%
|
22.8%
|
1,066
|
241
|
243
|
|
LAC
|
263
|
13.0%
|
19.1%
|
93
|
14.7%
|
20.7%
|
2,068
|
169
|
12.1%
|
18.3%
|
998
|
383
|
414
|
|
US
|
636
|
7.5%
|
7.5%
|
529
|
7.3%
|
7.3%
|
10,614
|
107
|
8.0%
|
8.0%
|
880
|
552
|
704
|
|
Visa Inc.
|
1,589
|
11.3%
|
12.4%
|
993
|
10.7%
|
10.6%
|
16,773
|
596
|
12.4%
|
15.6%
|
3,575
|
1,722
|
2,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$248
|
9.7%
|
9.7%
|
$237
|
9.7%
|
9.7%
|
2,808
|
$11
|
10.4%
|
10.4%
|
16
|
203
|
263
|
|
Rest of World
|
430
|
12.8%
|
12.2%
|
379
|
13.5%
|
12.7%
|
4,365
|
51
|
7.7%
|
9.1%
|
189
|
456
|
516
|
|
Visa Inc.
|
678
|
11.6%
|
11.3%
|
616
|
12.0%
|
11.5%
|
7,173
|
63
|
8.1%
|
9.3%
|
205
|
659
|
779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$388
|
6.1%
|
6.1%
|
$292
|
5.5%
|
5.5%
|
7,806
|
$95
|
7.8%
|
7.8%
|
864
|
349
|
441
|
|
Rest of World
|
523
|
15.1%
|
19.3%
|
85
|
20.3%
|
24.4%
|
1,793
|
438
|
14.1%
|
18.4%
|
2,506
|
714
|
791
|
|
Visa Inc.
|
910
|
11.1%
|
13.3%
|
378
|
8.5%
|
9.3%
|
9,599
|
533
|
12.9%
|
16.3%
|
3,369
|
1,063
|
1,232
|
|
|
|
|
For the 3 Months Ended September 30, 2011
|
|
|
|
|
|
|
Total Volume ($ 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)
|
Accounts (millions)
|
Cards (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
$402
|
23.1%
|
13.9%
|
$272
|
28.2%
|
17.4%
|
2,888
|
$130
|
13.6%
|
7.1%
|
626
|
509
|
602
|
|
Canada
|
61
|
14.6%
|
7.6%
|
56
|
14.7%
|
7.7%
|
489
|
5
|
13.5%
|
6.6%
|
10
|
26
|
35
|
|
CEMEA
|
212
|
29.7%
|
27.2%
|
37
|
38.8%
|
36.1%
|
569
|
175
|
28.0%
|
25.5%
|
998
|
241
|
239
|
|
LAC
|
249
|
22.4%
|
16.7%
|
89
|
30.0%
|
23.8%
|
1,905
|
160
|
18.5%
|
13.1%
|
929
|
372
|
403
|
|
US
|
626
|
9.1%
|
9.1%
|
517
|
9.1%
|
9.1%
|
10,486
|
109
|
9.0%
|
9.0%
|
906
|
509
|
655
|
|
Visa Inc.
|
1,550
|
17.4%
|
13.7%
|
971
|
17.0%
|
13.4%
|
16,337
|
579
|
18.0%
|
14.2%
|
3,469
|
1,657
|
1,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$241
|
11.1%
|
11.1%
|
$229
|
10.3%
|
10.3%
|
2,664
|
$13
|
26.5%
|
26.5%
|
18
|
201
|
261
|
|
Rest of World
|
421
|
24.4%
|
15.6%
|
369
|
25.0%
|
15.9%
|
4,219
|
51
|
20.0%
|
13.4%
|
182
|
453
|
513
|
|
Visa Inc.
|
662
|
19.2%
|
13.9%
|
598
|
19.0%
|
13.7%
|
6,883
|
64
|
21.2%
|
15.8%
|
200
|
654
|
774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$385
|
7.9%
|
7.9%
|
$288
|
8.2%
|
8.2%
|
7,822
|
$97
|
7.0%
|
7.0%
|
888
|
308
|
394
|
|
Rest of World
|
504
|
23.2%
|
18.2%
|
85
|
39.6%
|
32.2%
|
1,632
|
419
|
20.4%
|
15.7%
|
2,381
|
695
|
766
|
|
Visa Inc.
|
888
|
16.1%
|
13.5%
|
373
|
14.0%
|
12.8%
|
9,454
|
515
|
17.6%
|
14.0%
|
3,270
|
1,003
|
1,160
|
|
|
|
|
For the 3 Months Ended June 30, 2011
|
|
|
|
|
|
|
Total Volume ($ 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)
|
Accounts (millions)
|
Cards (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
$379
|
22.7%
|
13.2%
|
$248
|
25.5%
|
14.8%
|
2,758
|
$131
|
17.6%
|
10.4%
|
599
|
495
|
588
|
|
Canada
|
60
|
13.6%
|
7.7%
|
55
|
14.0%
|
8.0%
|
473
|
5
|
9.9%
|
4.2%
|
10
|
25
|
34
|
|
CEMEA
|
204
|
32.3%
|
27.0%
|
35
|
41.6%
|
35.5%
|
532
|
170
|
30.5%
|
25.4%
|
992
|
230
|
232
|
|
LAC
|
244
|
31.8%
|
22.9%
|
85
|
37.1%
|
27.7%
|
1,817
|
159
|
29.1%
|
20.5%
|
912
|
365
|
398
|
|
US
|
624
|
10.0%
|
10.0%
|
518
|
10.4%
|
10.4%
|
10,417
|
106
|
8.2%
|
8.2%
|
902
|
499
|
654
|
|
Visa Inc.
|
1,512
|
19.1%
|
14.7%
|
941
|
17.4%
|
13.5%
|
15,996
|
570
|
22.2%
|
16.8%
|
3,415
|
1,615
|
1,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$235
|
9.5%
|
9.5%
|
$224
|
9.9%
|
9.9%
|
2,570
|
$11
|
2.2%
|
2.2%
|
17
|
199
|
258
|
|
Rest of World
|
400
|
25.0%
|
15.7%
|
348
|
25.3%
|
15.8%
|
4,042
|
52
|
22.6%
|
15.3%
|
179
|
448
|
509
|
|
Visa Inc.
|
634
|
18.8%
|
13.3%
|
572
|
18.8%
|
13.4%
|
6,612
|
62
|
18.6%
|
12.8%
|
196
|
647
|
766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$389
|
10.3%
|
10.3%
|
$294
|
10.8%
|
10.8%
|
7,847
|
$95
|
8.9%
|
8.9%
|
885
|
301
|
397
|
|
Rest of World
|
488
|
27.8%
|
20.5%
|
75
|
36.6%
|
27.3%
|
1,538
|
413
|
26.3%
|
19.4%
|
2,334
|
667
|
744
|
|
Visa Inc.
|
877
|
19.4%
|
15.8%
|
369
|
15.2%
|
13.8%
|
9,385
|
508
|
22.6%
|
17.3%
|
3,219
|
968
|
1,140
|
|
|
|
|
For the 3 Months Ended March 31, 2011
|
|
|
|
|
|
|
Total Volume ($ 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)
|
Accounts (millions)
|
Cards (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
$352
|
18.7%
|
12.4%
|
$230
|
18.5%
|
11.9%
|
2,629
|
$121
|
19.0%
|
13.6%
|
578
|
476
|
573
|
|
Canada
|
52
|
12.3%
|
7.3%
|
48
|
11.4%
|
6.5%
|
420
|
5
|
21.2%
|
15.8%
|
9
|
25
|
33
|
|
CEMEA
|
177
|
26.5%
|
24.8%
|
30
|
33.8%
|
31.2%
|
483
|
147
|
25.1%
|
23.5%
|
906
|
226
|
225
|
|
LAC
|
222
|
26.8%
|
20.4%
|
77
|
32.5%
|
25.8%
|
1,740
|
145
|
23.9%
|
17.7%
|
860
|
360
|
389
|
|
US
|
576
|
11.1%
|
11.1%
|
477
|
11.6%
|
11.6%
|
9,586
|
99
|
8.9%
|
8.9%
|
839
|
504
|
651
|
|
Visa Inc.
|
1,379
|
17.2%
|
14.2%
|
862
|
15.7%
|
13.0%
|
14,858
|
517
|
19.9%
|
16.4%
|
3,193
|
1,592
|
1,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$209
|
7.6%
|
7.6%
|
$199
|
9.1%
|
9.1%
|
2,283
|
$10
|
-16.4%
|
-16.4%
|
15
|
198
|
256
|
|
Rest of World
|
364
|
19.2%
|
13.1%
|
318
|
19.1%
|
12.8%
|
3,825
|
46
|
19.9%
|
14.9%
|
163
|
444
|
504
|
|
Visa Inc.
|
573
|
14.7%
|
11.0%
|
517
|
15.1%
|
11.4%
|
6,108
|
56
|
11.5%
|
7.8%
|
177
|
641
|
760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$367
|
13.2%
|
13.2%
|
$278
|
13.5%
|
13.5%
|
7,303
|
$89
|
12.6%
|
12.6%
|
824
|
307
|
395
|
|
Rest of World
|
439
|
24.4%
|
19.8%
|
68
|
31.8%
|
25.8%
|
1,448
|
372
|
23.2%
|
18.8%
|
2,192
|
644
|
715
|
|
Visa Inc.
|
806
|
19.1%
|
16.7%
|
345
|
16.6%
|
15.6%
|
8,751
|
461
|
21.0%
|
17.5%
|
3,016
|
951
|
1,111
|
|
|
|
|
For the 12 Months Ended March 31, 2012
|
|
|
|
|
Total Volume ($ billions)
|
Growth (Nominal USD)
|
Growth (Constant USD)
|
Payments Volume ($ billions)
|
Growth (Nominal USD)
|
Growth (Constant USD)
|
Payments Transactions (millions)
|
Cash Volume ($ billions)
|
Growth (Nominal USD)
|
Growth (Constant USD)
|
Cash Transactions (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
$1,590
|
17.9%
|
12.6%
|
$1,063
|
20.8%
|
14.3%
|
11,442
|
$527
|
12.5%
|
9.4%
|
2,463
|
|
Canada
|
237
|
9.7%
|
7.4%
|
217
|
10.0%
|
7.7%
|
1,921
|
20
|
7.0%
|
4.8%
|
41
|
|
CEMEA
|
852
|
25.3%
|
26.2%
|
152
|
36.0%
|
37.7%
|
2,395
|
700
|
23.2%
|
24.0%
|
4,070
|
|
LAC
|
1,008
|
19.6%
|
19.5%
|
359
|
24.2%
|
24.1%
|
7,829
|
649
|
17.2%
|
17.1%
|
3,793
|
|
US
|
2,499
|
8.3%
|
8.3%
|
2,071
|
8.2%
|
8.2%
|
41,585
|
429
|
8.4%
|
8.4%
|
3,543
|
|
Visa Inc.
|
6,187
|
14.7%
|
13.3%
|
3,862
|
13.9%
|
12.1%
|
65,171
|
2,325
|
16.0%
|
15.4%
|
13,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$957
|
10.5%
|
10.5%
|
$912
|
10.4%
|
10.4%
|
10,635
|
$45
|
11.0%
|
11.0%
|
65
|
|
Rest of World
|
1,663
|
18.5%
|
14.1%
|
1,461
|
19.4%
|
14.7%
|
16,862
|
201
|
12.4%
|
10.1%
|
733
|
|
Visa Inc.
|
2,620
|
15.4%
|
12.7%
|
2,374
|
15.8%
|
13.0%
|
27,497
|
246
|
12.2%
|
10.2%
|
798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$1,542
|
7.0%
|
7.0%
|
$1,159
|
6.6%
|
6.6%
|
30,950
|
$384
|
8.1%
|
8.1%
|
3,478
|
|
Rest of World
|
2,025
|
20.2%
|
19.5%
|
330
|
29.7%
|
28.1%
|
6,724
|
1,695
|
18.5%
|
18.0%
|
9,633
|
|
Visa Inc.
|
3,567
|
14.1%
|
13.7%
|
1,488
|
11.0%
|
10.7%
|
37,674
|
2,079
|
16.5%
|
16.0%
|
13,111
|
|
|
|
|
For the 12 Months Ended March 31, 2011
|
|
|
|
|
|
|
Total Volume ($ 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)
|
Accounts (millions)
|
Cards (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
$1,349
|
16.8%
|
11.1%
|
$881
|
19.1%
|
12.9%
|
10,657
|
$468
|
12.7%
|
7.7%
|
2,345
|
476
|
573
|
|
Canada
|
216
|
13.0%
|
7.5%
|
197
|
12.6%
|
7.2%
|
1,771
|
19
|
16.7%
|
10.6%
|
37
|
25
|
33
|
|
CEMEA
|
679
|
25.3%
|
25.0%
|
112
|
31.1%
|
29.8%
|
1,773
|
568
|
24.2%
|
24.1%
|
3,574
|
226
|
225
|
|
LAC
|
843
|
23.4%
|
19.0%
|
289
|
27.1%
|
24.2%
|
6,714
|
554
|
21.5%
|
16.5%
|
3,495
|
360
|
389
|
|
US
|
2,308
|
11.8%
|
11.8%
|
1,913
|
12.8%
|
12.8%
|
38,860
|
395
|
6.9%
|
6.9%
|
3,423
|
504
|
651
|
|
Visa Inc.
|
5,396
|
16.4%
|
14.0%
|
3,392
|
16.1%
|
13.9%
|
59,776
|
2,004
|
16.9%
|
14.1%
|
12,874
|
1,592
|
1,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$867
|
4.6%
|
4.6%
|
$826
|
7.3%
|
7.3%
|
9,596
|
$41
|
-30.7%
|
-30.7%
|
65
|
198
|
256
|
|
Rest of World
|
1,403
|
18.2%
|
12.8%
|
1,224
|
18.0%
|
12.6%
|
15,347
|
179
|
19.3%
|
14.2%
|
641
|
444
|
504
|
|
Visa Inc.
|
2,270
|
12.6%
|
9.6%
|
2,050
|
13.4%
|
10.5%
|
24,943
|
220
|
5.3%
|
2.2%
|
706
|
641
|
760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
$1,442
|
16.6%
|
16.6%
|
$1,087
|
17.5%
|
17.5%
|
29,264
|
$355
|
14.0%
|
14.0%
|
3,358
|
307
|
395
|
|
Rest of World
|
1,684
|
21.6%
|
18.1%
|
254
|
34.1%
|
29.6%
|
5,569
|
1,430
|
19.7%
|
16.3%
|
8,810
|
644
|
715
|
|
Visa Inc.
|
3,126
|
19.3%
|
17.4%
|
1,341
|
20.3%
|
19.6%
|
34,833
|
1,785
|
18.5%
|
15.8%
|
12,168
|
951
|
1,111
|
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, 2012
|
15%
|
16%
|
|
Dec 31, 2011
|
12%
|
13%
|
|
Sep 30, 2011
|
19%
|
15%
|
|
Jun 30, 2011
|
20%
|
14%
|
|
Mar 31, 2011
|
16%
|
13%
|
|
|
|
|
12 Months Ended
|
|
|
|
Mar 31, 2012
|
16%
|
15%
|
|
Mar 31, 2011
|
17%
|
15%
|
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, and are reported in the next section.
|
Period
|
Processed
Transactions
(millions)
|
Growth
|
|
|
|
|
3 Months Ended
|
|
|
|
Mar 31, 2012
|
13,038
|
8%
|
|
Dec 31, 2011
|
13,600
|
8%
|
|
Sep 30, 2011
|
13,263
|
9%
|
|
Jun 30, 2011
|
13,038
|
11%
|
|
Mar 31, 2011
|
12,040
|
13%
|
|
|
|
|
12 Months Ended
|
|
|
|
Mar 31, 2012
|
52,939
|
9%
|
|
Mar 31, 2011
|
48,460
|
15%
|
4. CyberSource Transactions
The table below represents billable transactions processed on Visa Inc.'s CyberSource network.
|
Period
|
Billable
Transactions
(millions)
|
Growth
|
|
|
|
|
3 Months Ended
|
|
|
|
Mar 31, 2012
|
1,281
|
26%
|
|
Dec 31, 2011
|
1,235
|
25%
|
|
Sep 30, 2011
|
1,088
|
31%
|
|
Jun 30, 2011
|
1,045
|
38%
|
|
Mar 31, 2011
|
1,018
|
38%
|
|
|
|
|
12 Months Ended
|
|
|
|
Mar 31, 2012
|
4,649
|
29%
|
|
Mar 31, 2011
|
3,592
|
36%
|
SOURCE Visa Inc.
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http://www.corporate.visa.com