News Details

• Adjusted quarterly net income of $1.4 billion or $2.18 per diluted class A common share, excluding special item, an increase of 14% and 17% over the prior year, respectively
• Adjusted full-year 2014 net income of $5.7 billion or $9.07 per diluted class A common share, excluding special item, an increase of 15% and 19% over the prior year, respectively
• GAAP quarterly net income of $1.1 billion or $1.72 per diluted class A common share, including special item, a decrease of 10% and 7% over the prior year, respectively
• GAAP full-year 2014 net income of $5.4 billion or $8.62 per diluted class A common share, including special item, an increase of 9% and 14% over the prior year, respectively
• The Company authorized a new $5.0 billion repurchase program, in addition to the previously announced 20% quarterly dividend increase

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal fourth quarter and full-year 2014. GAAP net income in the fiscal fourth quarter of 2014 was $1.1 billion or $1.72 per share, a decrease of 10% and 7% over the prior year, respectively. GAAP net income for the full-year 2014 was $5.4 billion or $8.62 per share, an increase of 9% and 14% over the prior year, respectively. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.

On an adjusted basis, the Company’s financial results excluded the impact of a special item related to amounts covered by the retrospective responsibility plan of $450 million and related tax benefit during the fiscal fourth quarter. On an adjusted basis, net income in the fiscal fourth quarter was $1.4 billion or $2.18 per share, an increase of 14% and 17% over the prior year, respectively. On an adjusted basis, net income for the full-year 2014 was $5.7 billion or $9.07 per share, an increase of 15% and 19% over the prior year, respectively.

GAAP net operating revenue in the fiscal fourth quarter of 2014 was $3.2 billion, an increase of 9% nominally or 10% on a constant dollar basis over the prior year. The strengthening of the U.S. dollar versus the prior year quarter negatively impacted net operating revenue growth by about 1.5 percentage points.

GAAP net operating revenue for the full-year 2014 was $12.7 billion, an increase of 8% nominally or 10% on a constant dollar basis over the prior year, driven by solid revenue growth contributions from service and data processing revenues. The strengthening of the U.S. dollar versus the prior year negatively impacted net operating revenue growth by about 2 percentage points.

Adjusted quarterly and full-year operating expenses and net income per class A common share outstanding are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.

"Our enviable competitive position, strong business model, and great talent helped us deliver adjusted EPS growth of 17% for the fourth quarter and 19% for the full year in the face of continued tepid economic growth and a strengthening dollar. More importantly, the underlying metrics which will drive our revenue growth over the longer term are strong and getting stronger," said Charlie Scharf, Chief Executive Officer of Visa Inc. "Our partnerships are growing, our capabilities are improving, and the opportunity for Visa to disintermediate cash across the globe is bigger than ever. Our investments in Visa Checkout, Visa Token Services, and Visa Digital Solutions are just beginning to have an impact in the marketplace. We will continue to invest in these and other areas and remain confident in our ability to capture the growing opportunity in payments."

Fiscal Fourth Quarter 2014 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2014, on which fiscal fourth quarter service revenue is recognized, was 12% over the prior year at $1.2 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2014, was 11% over the prior year at $1.2 trillion.

Cross-border volume growth, on a constant dollar basis, was 10% for the three months ended September 30, 2014.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2014, were 16.9 billion, a 9% increase over the prior year.

Fiscal fourth quarter 2014 service revenues were $1.5 billion, an increase of 8% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 14% over the prior year to $1.3 billion. International transaction revenues grew 4% over the prior year to $938 million. Other revenues, which include the Visa Europe licensing fee, were $212 million, a 16% increase over the prior year. Client incentives, which are a contra revenue item, were $768 million and represent 19.2% of gross revenues.

The Company recorded a $450 million pre-tax litigation provision, or $283 million on an after-tax basis, in the fiscal fourth quarter of 2014 related to the interchange multidistrict litigation case.

Excluding the covered litigation provision, total adjusted operating expenses were $1.2 billion for fiscal fourth quarter 2014, flat over the prior year results, primarily related to a reduction in professional fees offset by increases in general and administrative costs and other corporate expenses to support the Company’s global business growth initiatives.

GAAP effective tax rate was 30.8% for the quarter ended September 30, 2014.

The weighted-average number of diluted class A common shares outstanding in the fiscal fourth quarter was 623 million.

Cash, cash equivalents, and available-for-sale investment securities were $6.9 billion at September 30, 2014.

Fiscal Full-Year 2014 Financial Highlights:

For the fiscal full-year 2014, service revenues were $5.8 billion, an increase of 8% over the prior year. Data processing revenues rose 11% over the prior year to $5.2 billion. International transaction revenues, which are driven by cross-border volume, grew 5% over the prior year to $3.6 billion. Other revenues, which include the Visa Europe licensing fee, were $770 million, a 7% increase over the prior year. Client incentives, which are a contra revenue item, were $2.6 billion and represent 16.9% of gross revenues.

Total processed transactions, which represent transactions processed by VisaNet for the twelve months ended September 30, 2014, totaled 64.9 billion, an 11% increase over the prior year.

Excluding the aforementioned litigation provision, total adjusted operating expenses were $4.6 billion for the twelve months ended September 30, 2014, flat over the prior year adjusted results, primarily related to a reduction in professional fees and personnel, offset by continued investments in infrastructure, technology and network processing to support the Company’s global growth initiatives.

GAAP effective tax rate was 29.6% for the twelve months ended September 30, 2014.

The weighted-average number of diluted class A common shares outstanding for the full year was 631 million.

Notable Events:

During the three months ended September 30, 2014, total as-converted class A common stock was reduced by 5.7 million shares which was funded from $1.2 billion of our operating cash on hand. Of the $1.2 billion, $756 million was used to repurchase 3.6 million shares of class A common stock in the open market, at an average price of $211.19. In addition, we deposited $450 million from our operating cash into the litigation escrow account previously established under the retrospective responsibility plan. This deposit has the same economic effect on earnings per share as repurchasing the Company's class A common stock as it reduces the as-converted class B common stock share count.

During the twelve months ended September 30, 2014, total as-converted class A common stock was reduced by 21.8 million shares, at an average price of $209.15 per share, using $4.6 billion of cash on hand. Of the $4.6 billion, $4.1 billion was used to repurchase shares of class A common stock in the open market at an average price of $208.50. At September 30, 2014, the Company had $682 million of remaining funds, authorized by the board of directors, available for share repurchase under the current program.

As announced on October 22, 2014, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.48 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on December 2, 2014, to all holders of record of the Company’s class A, class B and class C common stock as of November 14, 2014.

The Board of Directors has authorized a new $5.0 billion class A common stock share repurchase program. The shares may be repurchased from time to time as market conditions warrant, and authorization for the program is subject to further change at the discretion of the Board.

Financial Outlook:

Visa Inc. provides its financial outlook for the following metrics for fiscal full-year 2015:

• Annual net revenue growth: Constant dollar revenue growth of low double digits, with an expectation of two percentage points of negative foreign currency impact;
• Client incentives as a percent of gross revenues: 17.5% to 18.5% range;
• Annual operating margin: Mid 60s;
• Tax rate: Low 30s;
• Annual diluted class A common stock earnings per share growth: Mid teens; and
• Annual free cash flow greater than $6 billion.

Fiscal full-year 2015 annual diluted earnings per share growth assumes an adjusted basis for fiscal full-year 2014.

Fiscal Fourth Quarter 2014 Earnings Results Conference Call Details:

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 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 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

Forward-Looking Statements:

This Press Release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as "believes," "estimates," "expects," "intends," "may," "projects," "could," "should," "will," "will continue" and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings per share, free cash flow, and the growth of those items.

By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following:

• the impact of laws, regulations and marketplace barriers, including:

• rules capping debit interchange reimbursement rates and expanding financial institutions' and merchants' choices among debit payment networks promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act;

• increased regulation in jurisdictions outside of the United States and in other product categories;

• increased government support of national payment networks outside the United States; and

• increased regulation on consumer privacy, data use and security;

• developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax;

• new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings;

• economic factors, such as:

• economic fragility in the Eurozone and in the United States;

• general economic, political and social conditions in mature and emerging markets globally;

• general stock market fluctuations which may impact consumer spending;

• material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates; and

• material changes in our financial institution clients' performance compared to our estimates;

• industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network;

• system developments, such as:

• disruption of our transaction processing systems or the inability to process transactions efficiently;

• account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and

• failure to maintain systems interoperability with Visa Europe;

• costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;

• the loss of organizational effectiveness or key employees;

• the failure to integrate acquisitions successfully or to effectively develop new products and businesses;

• natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and

various other factors, including those contained in our Annual Report on Form 10-K for the year ended September 30, 2013 and our other filings with the U.S. Securities and Exchange Commission. Additional information will also be available in our Annual Report on Form 10-K for the year ended September 30, 2014. You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise.

VISA INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
		September 30, 2014				September 30, 2013
		(in millions, except par value data)
Assets
Cash and cash equivalents		$	1,971			$	2,186
Restricted cash—litigation escrow			1,498				49
Investment securities:
Trading			69				75
Available-for-sale			1,910				1,994
Income tax receivable			91				142
Settlement receivable			786				799
Accounts receivable			822				761
Customer collateral			961				866
Current portion of client incentives			210				282
Deferred tax assets			1,028				481
Prepaid expenses and other current assets			216				187
Total current assets			9,562				7,822
Investment securities, available-for-sale			3,015				2,760
Client incentives			81				89
Property, equipment and technology, net			1,892				1,732
Other assets			855				521
Intangible assets, net			11,411				11,351
Goodwill			11,753				11,681
Total assets		$	38,569			$	35,956
Liabilities
Accounts payable		$	147			$	184
Settlement payable			1,332				1,225
Customer collateral			961				866
Accrued compensation and benefits			450				523
Client incentives			1,036				919
Accrued liabilities			624				613
Accrued litigation			1,456				5
Total current liabilities			6,006				4,335
Deferred tax liabilities			4,145				4,149
Other liabilities			1,005				602
Total liabilities			11,156				9,086
Equity
Preferred stock, $0.0001 par value, 25 shares authorized and none issued			—				—
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 495 and 508 shares issued and outstanding at September 30, 2014 and 2013, respectively			—				—
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at September 30, 2014 and 2013			—				—
Class C common stock, $0.0001 par value, 1,097 shares authorized, 22 and 27 shares issued and outstanding at September 30, 2014 and 2013, respectively			—				—
Additional paid-in capital			18,299				18,875
Accumulated income			9,131				7,974
Accumulated other comprehensive (loss) income, net:
Investment securities, available-for-sale			31				59
Defined benefit pension and other postretirement plans			(84	)			(60	)
Derivative instruments classified as cash flow hedges			38				23
Foreign currency translation adjustments			(2	)			(1	)
Total accumulated other comprehensive (loss) income, net			(17	)			21
Total equity			27,413				26,870
Total liabilities and equity		$	38,569			$	35,956

VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
		Three Months Ended September 30,								Twelve Months Ended September 30,
		2014				2013				2014				2013
		(in millions, except per share data)
Operating Revenues
Service revenues		$	1,499			$	1,385			$	5,797			$	5,352
Data processing revenues			1,348				1,186				5,167				4,642
International transaction revenues			938				899				3,560				3,389
Other revenues			212				183				770				716
Client incentives			(768	)			(680	)			(2,592	)			(2,321	)
Total operating revenues			3,229				2,973				12,702				11,778
Operating Expenses
Personnel			496				499				1,875				1,932
Marketing			241				236				900				876
Network and processing			128				122				507				468
Professional fees			94				130				328				412
Depreciation and amortization			112				106				435				397
General and administrative			153				129				507				451
Litigation provision			453				—				453				3
Total operating expenses			1,677				1,222				5,005				4,539
Operating income			1,552				1,751				7,697				7,239
Non-operating (expense) income			(2	)			15				27				18
Income before income taxes			1,550				1,766				7,724				7,257
Income tax provision			477				574				2,286				2,277
Net income		$	1,073			$	1,192			$	5,438			$	4,980
Basic earnings per share
Class A common stock		$	1.73			$	1.86			$	8.65			$	7.61
Class B common stock		$	0.73			$	0.78			$	3.63			$	3.20
Class C common stock		$	1.73			$	1.86			$	8.65			$	7.61
Basic weighted-average shares outstanding
Class A common stock			492				509				498				520
Class B common stock			245				245				245				245
Class C common stock			24				27				26				28
Diluted earnings per share
Class A common stock		$	1.72			$	1.85			$	8.62			$	7.59
Class B common stock		$	0.72			$	0.78			$	3.62			$	3.19
Class C common stock		$	1.72			$	1.85			$	8.62			$	7.59
Diluted weighted-average shares outstanding
Class A common stock			623				644				631				656
Class B common stock			245				245				245				245
Class C common stock			24				27				26				28

VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
		For the Years Ended September 30,
		2014				2013				2012
		(in millions)
Operating Activities
Net income		$	5,438			$	4,980			$	2,142
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of client incentives			2,592				2,321				2,155
Share-based compensation			172				179				147
Excess tax benefit for share-based compensation			(90	)			(74	)			(71	)
Depreciation and amortization of property, equipment, technology and intangible assets			435				397				333
Deferred income taxes			(580	)			1,527				(1,690	)
Litigation provision			453				3				4,101
Other			37				50				(8	)
Change in operating assets and liabilities:
Income tax receivable			51				37				(67	)
Settlement receivable			13				(345	)			(42	)
Accounts receivable			(53	)			(38	)			(161	)
Client incentives			(2,395	)			(2,336	)			(1,757	)
Other assets			(430	)			(543	)			41
Accounts payable			(56	)			40				(17	)
Settlement payable			107				506				270
Accrued and other liabilities			513				702				(227	)
Accrued litigation			998				(4,384	)			(140	)
Net cash provided by operating activities			7,205				3,022				5,009
Investing Activities
Purchases of property, equipment, technology and intangible assets			(553	)			(471	)			(376	)
Proceeds from disposal of property, equipment and technology			—				—				2
Investment securities, available-for-sale:
Purchases			(2,572	)			(3,164	)			(4,140	)
Proceeds from maturities and sales			2,342				2,440				2,093
Acquisitions, net of cash received			(149	)			—				(3	)
Purchases of / contributions to other investments			(9	)			(3	)			(12	)
Proceeds / distributions from other investments			—				34				22
Net cash used in investing activities			(941	)			(1,164	)			(2,414	)
Financing Activities
Repurchase of class A common stock			(4,118	)			(5,365	)			(710	)
Dividends paid			(1,006	)			(864	)			(595	)
Deposits into litigation escrow account—retrospective responsibility plan			(450	)			—				(1,715	)
(Return to) payments from litigation escrow account—retrospective responsibility plan			(999	)			4,383				140
Cash proceeds from exercise of stock options			91				108				174
Restricted stock and performance-based shares settled in cash for taxes			(86	)			(64	)			—
Excess tax benefit for share-based compensation			90				74				71
Payments for earn-out related to PlaySpan acquisition			—				(12	)			(14	)
Principal payments on capital lease obligations			—				(6	)			(6	)
Net cash used in financing activities			(6,478	)			(1,746	)			(2,655	)
Effect of exchange rate changes on cash and cash equivalents			(1	)			-				7
(Decrease) increase in cash and cash equivalents			(215	)			112				(53	)
Cash and cash equivalents at beginning of year			2,186				2,074				2,127
Cash and cash equivalents at end of year		$	1,971			$	2,186			$	2,074
Supplemental Disclosures
Income taxes paid, net of refunds		$	2,656			$	595			$	2,057
Non-cash accruals related to purchases of property, equipment, technology and intangible assets		$	62			$	46			$	67

VISA INC.
FISCAL 2014 AND 2013 QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
		Fiscal 2014 Quarter Ended																Fiscal 2013 Quarter Ended
		September 30, 2014				June 30, 2014				March 31, 2014				December 31, 2013				September 30, 2013
		(in millions)
Operating Revenues
Service revenues		$	1,499			$	1,417			$	1,462			$	1,419			$	1,385
Data processing revenues			1,348				1,321				1,234				1,264				1,186
International transaction revenues			938				860				871				891				899
Other revenues			212				195				183				180				183
Client incentives			(768	)			(638	)			(587	)			(599	)			(680	)
Total operating revenues			3,229				3,155				3,163				3,155				2,973
Operating Expenses
Personnel			496				463				446				470				499
Marketing			241				228				245				186				236
Network and processing			128				127				120				132				122
Professional fees			94				82				77				75				130
Depreciation and amortization			112				109				107				107				106
General and administrative			153				126				120				108				129
Litigation provision			453				—				—				—				—
Total operating expenses			1,677				1,135				1,115				1,078				1,222
Operating income			1,552				2,020				2,048				2,077				1,751
Non-operating (expense) income			(2	)			10				13				6				15
Income before income taxes			1,550				2,030				2,061				2,083				1,766
Income tax provision			477				670				463				676				574
Net income		$	1,073			$	1,360			$	1,598			$	1,407			$	1,192

VISA INC.
Reconciliation of Non-GAAP Financial Results
US$ in millions, except margin ratio and per share data
During the fourth quarter of fiscal 2014, we recorded a provision of $450 million and related tax benefits associated with litigation covered by the retrospective responsibility plan ("litigation provision"). We believe the presentation of our adjusted financial results, excluding the litigation provision, provides a clearer understanding of our operating performance for the periods presented.
		Three Months Ended September 30,
		Operating Expenses							Operating Margin(1),(2)						Net Income								Diluted Earnings per Share(2)
		2014				2013			2014			2013			2014					2013			2014			2013
As reported		$	1,677			$	1,222		48	%		59	%		$	1,073				$	1,192		$	1.72		$	1.85
Litigation provision			(450	)			-		14	%		-				283		(3)			-			0.45			-
Adjusted		$	1,227			$	1,222		62	%		59	%		$	1,356				$	1,192		$	2.18		$	1.85
Diluted weighted-average shares outstanding																								623			644
		Twelve Months Ended September 30,
		Operating Expenses							Operating Margin(1),(2)						Net Income								Diluted Earnings per Share(2)
		2014				2013			2014			2013			2014					2013			2014			2013
As reported		$	5,005			$	4,539		61	%		61	%		$	5,438				$	4,980		$	8.62		$	7.59
Litigation provision			(450	)			-		4	%		-				283		(3)			-			0.45			-
Adjusted		$	4,555			$	4,539		64	%		61	%		$	5,721				$	4,980		$	9.07		$	7.59
Diluted weighted-average shares outstanding																								631			656
(1) Operating margin is calculated as operating income divided by total operating revenues.
(2) Figures in the table may not recalculate exactly due to rounding. Operating margin and diluted earnings per share figures are calculated based on unrounded numbers.
(3) The litigation provision adjustment to net income is shown net of tax. The tax impact is determined by applying applicable federal and state tax rates to the litigation provision.

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended September 30, 2014, as well as the prior four quarterly reporting periods and the 12 months ended September 30, 2014 and 2013, for cards carrying the Visa, Visa Electron and Interlink brands. Also included is a table with information on the number of billable transactions processed on Visa Inc.’s CyberSource network.

1. Branded Volume and Transactions

The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.

		For the 3 Months Ended September 30, 2014
		Total Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)
All Visa Credit & Debit
Asia Pacific		$	505		8.8	%		8.8	%		$	351		11.6	%		11.5	%		3,999		$	154		2.9	%		3.0	%		958
Canada			66		1.5	%		6.8	%			61		1.2	%		6.5	%		646			5		4.7	%		10.1	%		12
CEMEA			280		5.7	%		14.8	%			67		17.9	%		26.4	%		1,486			212		2.4	%		11.6	%		1,172
LAC			276		6.6	%		12.2	%			105		7.5	%		14.5	%		2,493			171		6.1	%		10.8	%		1,056
US			755		9.2	%		9.2	%			631		9.8	%		9.8	%		12,299			124		6.2	%		6.2	%		951
Visa Inc.			1,882		7.9	%		10.2	%			1,215		10.0	%		11.3	%		20,923			667		4.2	%		8.3	%		4,150
Visa Credit Programs
US		$	327		12.7	%		12.7	%		$	313		12.7	%		12.7	%		3,732		$	14		11.8	%		11.8	%		17
International			505		7.4	%		10.2	%			457		8.7	%		11.1	%		5,553			49		-3.5	%		2.9	%		193
Visa Inc.			832		9.4	%		11.2	%			769		10.3	%		11.7	%		9,285			62		-0.5	%		4.8	%		210
Visa Debit Programs
US		$	429		6.7	%		6.7	%		$	319		7.0	%		7.0	%		8,567		$	110		5.6	%		5.6	%		934
International			621		6.7	%		11.5	%			127		16.5	%		20.7	%		3,071			494		4.5	%		9.3	%		3,006
Visa Inc.			1,050		6.7	%		9.5	%			446		9.6	%		10.6	%		11,638			604		4.7	%		8.6	%		3,940

		For the 3 Months Ended June 30, 2014
		Total Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific		$	488		7.0	%		9.5	%		$	338		11.1	%		12.3	%		3,821		$	151		-1.1	%		3.8	%		910		658		754
Canada			65		0.6	%		7.6	%			60		1.1	%		8.2	%		627			5		-5.2	%		1.5	%		12		39		46
CEMEA			276		5.0	%		13.9	%			65		18.1	%		26.8	%		1,389			212		1.6	%		10.5	%		1,196		313		310
LAC			266		-1.3	%		9.6	%			101		0.3	%		12.4	%		2,408			165		-2.3	%		8.0	%		1,013		418		446
US			750		9.3	%		9.3	%			628		10.0	%		10.0	%		12,221			122		5.8	%		5.8	%		941		579		742
Visa Inc.			1,845		6.1	%		10.0	%			1,191		9.4	%		11.6	%		20,465			654		0.7	%		7.3	%		4,071		2,007		2,298
Visa Credit Programs
US		$	316		12.1	%		12.1	%		$	303		12.3	%		12.3	%		3,575		$	13		8.3	%		8.3	%		16		223		295
International			489		5.7	%		10.1	%			440		7.0	%		11.0	%		5,366			49		-4.3	%		2.4	%		199		478		536
Visa Inc.			805		8.1	%		10.9	%			744		9.1	%		11.5	%		8,941			62		-2.0	%		3.5	%		215		701		831
Visa Debit Programs
US		$	433		7.4	%		7.4	%		$	324		8.0	%		8.0	%		8,646		$	109		5.5	%		5.5	%		925		356		447
International			607		2.7	%		10.9	%			123		15.0	%		22.7	%		2,878			484		0.0	%		8.2	%		2,931		950		1,020
Visa Inc.			1,040		4.6	%		9.4	%			447		9.8	%		11.7	%		11,524			592		0.9	%		7.7	%		3,856		1,306		1,467

		For the 3 Months Ended March 31, 2014
		Total Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific		$	481		7.1	%		11.6	%		$	328		10.9	%		14.9	%		3,574		$	153		-0.3	%		5.0	%		878		642		738
Canada			57		0.8	%		10.3	%			52		0.7	%		10.1	%		552			5		2.3	%		11.9	%		11		37		44
CEMEA			252		4.1	%		14.1	%			59		16.4	%		28.0	%		1,252			194		0.9	%		10.5	%		1,105		306		307
LAC			250		-4.7	%		11.4	%			95		-4.0	%		13.9	%		2,367			155		-5.1	%		9.9	%		984		411		439
US			690		8.0	%		8.0	%			575		8.6	%		8.6	%		11,141			115		5.1	%		5.1	%		875		568		725
Visa Inc.			1,730		4.9	%		10.4	%			1,108		8.0	%		11.8	%		18,887			622		-0.2	%		7.9	%		3,854		1,963		2,253
Visa Credit Programs
US		$	281		10.2	%		10.2	%		$	270		10.6	%		10.6	%		3,148		$	12		1.4	%		1.4	%		14		215		283
International			463		4.9	%		12.3	%			417		6.0	%		13.3	%		5,069			46		-3.9	%		4.1	%		176		474		533
Visa Inc.			744		6.9	%		11.5	%			687		7.8	%		12.2	%		8,217			57		-2.8	%		3.6	%		191		688		816
Visa Debit Programs
US		$	409		6.5	%		6.5	%		$	305		6.8	%		6.8	%		7,993		$	103		5.6	%		5.6	%		861		353		442
International			577		1.4	%		11.9	%			115		13.1	%		24.8	%		2,677			461		-1.1	%		9.0	%		2,802		922		994
Visa Inc.			985		3.5	%		9.6	%			421		8.4	%		11.2	%		10,670			564		0.0	%		8.4	%		3,663		1,275		1,436

		For the 3 Months Ended December 31, 2013
		Total Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific		$	493		7.5	%		12.7	%		$	339		8.3	%		14.2	%		3,677		$	154		5.8	%		9.5	%		890		622		721
Canada			66		-0.1	%		5.5	%			62		-0.2	%		5.5	%		609			5		0.3	%		6.0	%		11		36		43
CEMEA			286		9.3	%		13.2	%			62		23.0	%		28.5	%		1,231			223		6.0	%		9.6	%		1,176		300		300
LAC			287		1.9	%		10.8	%			110		5.5	%		15.9	%		2,506			177		-0.2	%		7.8	%		1,066		407		437
US			706		7.8	%		7.8	%			591		8.5	%		8.5	%		11,589			115		4.3	%		4.3	%		895		564		718
Visa Inc.			1,838		6.7	%		10.3	%			1,164		8.3	%		11.5	%		19,613			674		3.9	%		8.1	%		4,038		1,929		2,219
Visa Credit Programs
US		$	300		9.3	%		9.3	%		$	288		9.6	%		9.6	%		3,446		$	12		2.6	%		2.6	%		16		216		279
International			502		5.2	%		11.5	%			450		5.7	%		12.5	%		5,294			53		0.4	%		4.1	%		196		472		531
Visa Inc.			802		6.7	%		10.7	%			737		7.2	%		11.3	%		8,740			65		0.8	%		3.8	%		213		688		810
Visa Debit Programs
US		$	406		6.7	%		6.7	%		$	303		7.5	%		7.5	%		8,143		$	103		4.5	%		4.5	%		879		348		439
International			630		6.7	%		12.2	%			124		18.0	%		24.6	%		2,730			506		4.2	%		9.5	%		2,947		893		970
Visa Inc.			1,036		6.7	%		10.0	%			427		10.3	%		11.9	%		10,873			609		4.3	%		8.6	%		3,826		1,241		1,409

		For the 3 Months Ended September 30, 2013
		Total Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific		$	464		8.2	%		13.5	%		$	314		8.5	%		14.6	%		3,557		$	150		7.5	%		11.1	%		854		610		710
Canada			65		4.6	%		9.4	%			60		4.8	%		9.6	%		602			5		2.3	%		7.0	%		12		34		41
CEMEA			265		12.2	%		15.9	%			57		26.8	%		32.1	%		1,121			207		8.8	%		12.1	%		1,120		296		294
LAC			259		1.6	%		10.7	%			98		4.4	%		14.6	%		2,348			161		0.0	%		8.5	%		998		403		431
US			692		9.3	%		9.3	%			575		10.3	%		10.3	%		11,400			117		4.8	%		4.8	%		928		540		703
Visa Inc.			1,745		8.0	%		11.5	%			1,104		9.6	%		12.7	%		19,028			640		5.4	%		9.5	%		3,912		1,883		2,179
Visa Credit Programs
US		$	290		10.9	%		10.9	%		$	277		11.0	%		11.0	%		3,324		$	12		8.2	%		8.2	%		16		207		277
International			470		6.3	%		12.4	%			420		6.9	%		13.5	%		5,138			50		1.8	%		4.2	%		196		468		526
Visa Inc.			760		8.0	%		11.8	%			697		8.5	%		12.5	%		8,461			63		3.0	%		5.0	%		212		675		804
Visa Debit Programs
US		$	402		8.2	%		8.2	%		$	298		9.6	%		9.6	%		8,076		$	104		4.4	%		4.4	%		912		333		426
International			582		7.9	%		13.6	%			109		17.7	%		24.6	%		2,491			473		5.9	%		11.3	%		2,788		875		949
Visa Inc.			984		8.0	%		11.3	%			407		11.7	%		13.2	%		10,567			577		5.6	%		10.0	%		3,700		1,208		1,375

		For the 12 Months Ended September 30, 2014
		Total Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)
All Visa Credit & Debit
Asia Pacific		$	1,967		7.6	%		10.6	%		$	1,355		10.5	%		13.2	%		15,071		$	612		1.8	%		5.3	%		3,636
Canada			254		0.7	%		7.4	%			234		0.7	%		7.5	%		2,434			20		0.4	%		7.2	%		46
CEMEA			1,094		6.1	%		14.0	%			253		18.8	%		27.4	%		5,359			841		2.8	%		10.5	%		4,650
LAC			1,079		0.6	%		11.0	%			411		2.4	%		14.2	%		9,774			668		-0.4	%		9.1	%		4,118
US			2,901		8.6	%		8.6	%			2,425		9.2	%		9.2	%		47,251			476		5.4	%		5.4	%		3,662
Visa Inc.			7,295		6.4	%		10.2	%			4,678		9.0	%		11.6	%		79,888			2,617		2.1	%		7.9	%		16,113
Visa Credit Programs
US		$	1,224		11.1	%		11.1	%		$	1,173		11.3	%		11.3	%		13,902		$	51		6.1	%		6.1	%		64
International			1,960		5.8	%		11.0	%			1,764		6.9	%		11.9	%		21,282			196		-2.8	%		3.4	%		765
Visa Inc.			3,183		7.8	%		11.0	%			2,937		8.6	%		11.7	%		35,183			246		-1.1	%		3.9	%		828
Visa Debit Programs
US		$	1,677		6.8	%		6.8	%		$	1,252		7.3	%		7.3	%		33,349		$	425		5.3	%		5.3	%		3,598
International			2,434		4.4	%		11.6	%			489		15.7	%		23.1	%		11,356			1,945		1.9	%		9.0	%		11,686
Visa Inc.			4,112		5.4	%		9.6	%			1,741		9.5	%		11.3	%		44,705			2,370		2.5	%		8.3	%		15,284

		For the 12 Months Ended September 30, 2013
		Total Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)			Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific		$	1,828		10.2	%		12.6	%		$	1,227		10.4	%		13.5	%		13,291		$	601		9.9	%		10.7	%		3,181		610		710
Canada			252		5.2	%		5.7	%			232		5.8	%		6.3	%		2,220			20		-1.1	%		-0.6	%		44		34		41
CEMEA			1,031		14.8	%		17.2	%			213		28.5	%		32.3	%		4,017			818		11.7	%		13.8	%		4,485		296		294
LAC			1,072		5.7	%		12.3	%			401		9.1	%		17.1	%		9,265			671		3.8	%		9.7	%		3,913		403		431
US			2,672		6.5	%		6.5	%			2,220		7.2	%		7.2	%		43,616			451		3.2	%		3.2	%		3,557		540		703
Visa Inc.			6,856		8.5	%		10.4	%			4,294		9.1	%		10.7	%		72,409			2,562		7.5	%		9.8	%		15,179		1,883		2,179
Visa Credit Programs
US		$	1,101		10.2	%		10.2	%		$	1,054		10.2	%		10.2	%		12,484		$	48		9.2	%		9.2	%		62		207		277
International			1,852		8.1	%		11.3	%			1,651		8.8	%		12.5	%		19,495			201		2.6	%		2.6	%		772		468		526
Visa Inc.			2,953		8.9	%		10.9	%			2,704		9.4	%		11.6	%		31,979			249		3.8	%		3.9	%		833		675		804
Visa Debit Programs
US		$	1,570		4.1	%		4.1	%		$	1,166		4.6	%		4.6	%		31,132		$	404		2.5	%		2.5	%		3,495		333		426
International			2,332		11.1	%		14.7	%			423		21.5	%		26.0	%		9,299			1,909		9.1	%		12.5	%		10,851		875		949
Visa Inc.			3,902		8.2	%		10.0	%			1,589		8.6	%		9.3	%		40,430			2,313		7.9	%		10.5	%		14,346		1,208		1,375

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 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.

Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Effective with the 3 months ended September 2013, Croatia moved from the CEMEA region to Visa Europe. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. International includes Asia Pacific, Canada, CEMEA and LAC.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported (“Nominal USD”). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information (“Constant USD”). This presentation represents 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
Sep 30, 2014					9%					10%
Jun 30, 2014					6%					7%
Mar 31, 2014					5%					8%
Dec 31, 2013					11%					12%
Sep 30, 2013					9%					11%
12 Months Ended
Sep 30, 2014					8%					9%
Sep 30, 2013					10%					11%

3. Visa Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on 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
Sep 30, 2014					16,943					9%
Jun 30, 2014					16,662					11%
Mar 31, 2014					15,354					11%
Dec 31, 2013					15,985					13%
Sep 30, 2013					15,491					14%
12 Months Ended
Sep 30, 2014					64,944					11%
Sep 30, 2013					58,472					10%

4. CyberSource Transactions

The table below represents billable transactions processed on Visa Inc.’s CyberSource network.

Period					Billable Transactions (millions)					Growth
3 Months Ended
Sep 30, 2014					1,905					12%
Jun 30, 2014					1,890					15%
Mar 31, 2014					1,859					16%
Dec 31, 2013					1,894					20%
Sep 30, 2013					1,696					24%
12 Months Ended
Sep 30, 2014					7,549					16%
Sep 30, 2013					6,533					26%

Source: Visa Inc.