-
GAAP quarterly net income of $1.7 billion or $0.69 per share including
a non-cash, non-operating expense related to the revaluation of the
Visa Europe put option
-
Adjusted quarterly net income of $1.8 billion or $0.74 per share
excluding the revaluation of the Visa Europe put option
FOSTER CITY, Calif.--(BUSINESS WIRE)--
Visa Inc. (NYSE:V) today announced financial results for the Company’s
fiscal third quarter 2015. GAAP net income for the quarter, inclusive of
a non-cash, non-operating expense related to an adjustment in the
Company’s fair value of its Visa Europe put option, was $1.7 billion or
$0.69 per share. These results also include a tax benefit of $280
million resulting from the successful resolution of uncertain tax
positions with taxing authorities. All references to earnings per share
assume fully-diluted class A share count unless otherwise noted.
Excluding the $110 million non-cash, non-operating expense recorded upon
remeasurement of the Visa Europe put option, adjusted net income for the
quarter was $1.8 billion, an increase of 33% over the prior year, or
$0.74 per share, an increase of 36% over the prior year. The change in
the fair value of the Visa Europe put option was a result of our
quarterly revaluation required by U.S. GAAP. The Company’s
adjusted quarterly net income and earnings per share are non-GAAP
financial measures that are reconciled to their most directly comparable
GAAP measure in the accompanying financial tables.
Net operating revenue in the fiscal third quarter of 2015 was $3.5
billion, an increase of 12% nominally or 14% on a constant dollar basis
over the prior year, driven by solid growth in service, data processing
and international transaction revenues.
“We continue to deliver solid financial results and operating metrics
without the help of an improving economic environment. Strong underlying
fundamentals continue to offset the drag from geopolitical tension and
the strengthening dollar on our business,” said Charlie Scharf, Chief
Executive Officer of Visa Inc.
Fiscal Third Quarter 2015 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the three months
ended March 31, 2015, on which fiscal third quarter service revenue is
recognized, was 11% over the prior year at $1.2 trillion.
Payments volume growth, on a constant dollar basis, for the three months
ended June 30, 2015, was 11% over the prior year at $1.3 trillion.
Cross-border volume growth, on a constant dollar basis, was 8% for the
three months ended June 30, 2015.
Total processed transactions, which represent transactions processed by
VisaNet, for the three months ended June 30, 2015, were 18.0 billion, an
8% increase over the prior year. As a result of recent changes in
Russian National Payment System law, the Company has transitioned the
processing of Russian domestic transactions to the Russian National
Payment Card System during the fiscal third quarter. This impacted
processed transactions growth negatively by approximately 2 percentage
points during the quarter.
Fiscal third quarter 2015 service revenues were $1.6 billion, an
increase of 9% 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 6% over
the prior year to $1.4 billion. International transaction revenues grew
21% over the prior year to $1.0 billion. Other revenues were $199
million, an increase of 2% over the prior year. Client incentives, which
are a contra revenue item, were $670 million and represent 16.0% of
gross revenues.
Total operating expenses were $1.3 billion for the quarter, an 11%
increase over the prior year, primarily related to an increase in
personnel expenses, additional depreciation from our ongoing investments
in technology assets, and general and administrative expenses.
GAAP effective tax rate was 21.7% for the quarter ended June 30, 2015.
The rate included a benefit of $280 million resulting from the
successful resolution of uncertain tax positions with taxing authorities
in the third quarter.
Cash, cash equivalents, and available-for-sale investment securities
were $8.0 billion at June 30, 2015.
The weighted-average number of diluted shares of class A common stock
outstanding was 2.4 billion for the quarter ended June 30, 2015.
Notable Events:
During the three months ended June 30, 2015, the Company repurchased
15.5 million shares of class A common stock, at an average price of
$68.05 per share, using $1.1 billion of cash on hand. Through the nine
months ended June 30, 2015, the Company repurchased a total of 44.1
million shares of class A common stock, at an average price of $65.98
per share, using $2.9 billion of cash on hand. The Company has $2.8
billion of remaining funds, authorized by the board of directors,
available for share repurchase under the current program.
On July 22, 2015, the board of directors declared a quarterly cash
dividend of $0.12 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 September 1, 2015, to all holders of record of the Company’s
class A, B and C common stock as of August 14, 2015.
Visa Europe Update:
Visa Inc. believes there is compelling logic for both Visa Inc. and Visa
Europe to consummate a business combination and therefore regularly
engages in such discussions and is currently in such discussions with
Visa Europe. The Company is targeting to resolve these discussions by
the end of October and will provide an update during the fourth quarter
earnings call, if not sooner. There is no assurance, however, that any
transaction will be ultimately agreed or implemented.
Financial Outlook:
Visa Inc. reaffirms its financial outlook for the following metrics for
fiscal full-year 2015:
-
Annual operating margin: Mid 60s; and
-
Annual free cash flow greater than $6 billion.
Visa Inc. updates 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 about 2.5 percentage points of
negative foreign currency impact;
-
Client incentives as a percent of gross revenues: Low-end of the 17.5%
to 18.5% range;
-
Tax rate: 29% to 30% range; and
-
Annual adjusted diluted class A common stock earnings per share
growth: Mid-teens range.
Fiscal full-year 2015 annual adjusted diluted earnings per share growth
assumes an adjusted basis for fiscal full-year 2014.
Fiscal Third Quarter 2015 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 90 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
"estimates," "expectation," “outlook,” "will," “continued" 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
payments 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 payments networks outside
the United States; and
-
increased regulation of 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;
-
volatility in market prices for oil and natural gas; 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;
-
any prospective transaction with Visa Europe may not be agreed to or
implemented;
-
costs arising if we become obligated to purchase all of Visa Europe’s
outstanding capital 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, 2014, and our other filings
with the U.S. Securities and Exchange Commission. 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)
|
|
|
|
|
|
|
June 30,
2015
|
|
September 30,
2014
|
|
|
(in millions, except par value data)
|
Assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
2,147
|
|
|
$
|
1,971
|
|
Restricted cash—litigation escrow
|
|
|
1,143
|
|
|
|
1,498
|
|
Investment securities:
|
|
|
|
|
Trading
|
|
|
71
|
|
|
|
69
|
|
Available-for-sale
|
|
|
2,504
|
|
|
|
1,910
|
|
Settlement receivable
|
|
|
704
|
|
|
|
786
|
|
Accounts receivable
|
|
|
892
|
|
|
|
822
|
|
Customer collateral
|
|
|
1,068
|
|
|
|
961
|
|
Current portion of client incentives
|
|
|
248
|
|
|
|
210
|
|
Deferred tax assets
|
|
|
834
|
|
|
|
1,028
|
|
Prepaid expenses and other current assets
|
|
|
457
|
|
|
|
307
|
|
Total current assets
|
|
|
10,068
|
|
|
|
9,562
|
|
|
|
|
|
|
Investment securities, available-for-sale
|
|
|
3,300
|
|
|
|
3,015
|
|
Client incentives
|
|
|
94
|
|
|
|
81
|
|
Property, equipment and technology, net
|
|
|
1,847
|
|
|
|
1,892
|
|
Other assets
|
|
|
920
|
|
|
|
855
|
|
Intangible assets, net
|
|
|
11,375
|
|
|
|
11,411
|
|
Goodwill
|
|
|
11,825
|
|
|
|
11,753
|
|
Total assets
|
|
$
|
39,429
|
|
|
$
|
38,569
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Accounts payable
|
|
$
|
89
|
|
|
$
|
147
|
|
Settlement payable
|
|
|
1,237
|
|
|
|
1,332
|
|
Customer collateral
|
|
|
1,068
|
|
|
|
961
|
|
Accrued compensation and benefits
|
|
|
439
|
|
|
|
450
|
|
Client incentives
|
|
|
1,053
|
|
|
|
1,036
|
|
Accrued liabilities
|
|
|
806
|
|
|
|
624
|
|
Accrued litigation
|
|
|
1,097
|
|
|
|
1,456
|
|
Total current liabilities
|
|
|
5,789
|
|
|
|
6,006
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
4,134
|
|
|
|
4,145
|
|
Other liabilities
|
|
|
879
|
|
|
|
1,005
|
|
Total liabilities
|
|
|
10,802
|
|
|
|
11,156
|
|
|
|
|
|
|
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, 1,951 and 1,978 shares issued and outstanding at June
30, 2015 and September 30, 2014, respectively
|
|
|
—
|
|
|
|
—
|
|
Class B common stock, $0.0001 par value, 622 shares authorized, 245
shares issued and outstanding at June 30, 2015 and September 30, 2014
|
|
|
—
|
|
|
|
—
|
|
Class C common stock, $0.0001 par value, 1,097 shares authorized, 19
and 22 shares issued and outstanding at June 30, 2015 and September
30, 2014, respectively
|
|
|
—
|
|
|
|
—
|
|
Additional paid-in capital
|
|
|
18,008
|
|
|
|
18,299
|
|
Accumulated income
|
|
|
10,623
|
|
|
|
9,131
|
|
Accumulated other comprehensive loss, net:
|
|
|
|
|
Investment securities, available-for-sale
|
|
|
5
|
|
|
|
31
|
|
Defined benefit pension and other postretirement plans
|
|
|
(86
|
)
|
|
|
(84
|
)
|
Derivative instruments classified as cash flow hedges
|
|
|
78
|
|
|
|
38
|
|
Foreign currency translation adjustments
|
|
|
(1
|
)
|
|
|
(2
|
)
|
Total accumulated other comprehensive loss, net
|
|
|
(4
|
)
|
|
|
(17
|
)
|
Total equity
|
|
|
28,627
|
|
|
|
27,413
|
|
Total liabilities and equity
|
|
$
|
39,429
|
|
|
$
|
38,569
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Nine Months Ended
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(in millions, except per share data)
|
Operating Revenues
|
|
|
|
|
|
|
|
|
Service revenues
|
|
$
|
1,550
|
|
|
$
|
1,417
|
|
|
$
|
4,665
|
|
|
$
|
4,298
|
|
Data processing revenues
|
|
|
1,400
|
|
|
|
1,321
|
|
|
|
4,123
|
|
|
|
3,819
|
|
International transaction revenues
|
|
|
1,039
|
|
|
|
860
|
|
|
|
2,973
|
|
|
|
2,622
|
|
Other revenues
|
|
|
199
|
|
|
|
195
|
|
|
|
607
|
|
|
|
558
|
|
Client incentives
|
|
|
(670
|
)
|
|
|
(638
|
)
|
|
|
(2,059
|
)
|
|
|
(1,824
|
)
|
Total operating revenues
|
|
|
3,518
|
|
|
|
3,155
|
|
|
|
10,309
|
|
|
|
9,473
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
566
|
|
|
|
463
|
|
|
|
1,558
|
|
|
|
1,379
|
|
Marketing
|
|
|
224
|
|
|
|
228
|
|
|
|
619
|
|
|
|
659
|
|
Network and processing
|
|
|
117
|
|
|
|
127
|
|
|
|
340
|
|
|
|
379
|
|
Professional fees
|
|
|
82
|
|
|
|
82
|
|
|
|
229
|
|
|
|
234
|
|
Depreciation and amortization
|
|
|
130
|
|
|
|
109
|
|
|
|
375
|
|
|
|
323
|
|
General and administrative
|
|
|
137
|
|
|
|
126
|
|
|
|
404
|
|
|
|
354
|
|
Litigation provision
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
Total operating expenses
|
|
|
1,256
|
|
|
|
1,135
|
|
|
|
3,528
|
|
|
|
3,328
|
|
Operating income
|
|
|
2,262
|
|
|
|
2,020
|
|
|
|
6,781
|
|
|
|
6,145
|
|
Non-operating (expense) income
|
|
|
(94
|
)
|
|
|
10
|
|
|
|
(69
|
)
|
|
|
29
|
|
Income before income taxes
|
|
|
2,168
|
|
|
|
2,030
|
|
|
|
6,712
|
|
|
|
6,174
|
|
Income tax provision
|
|
|
471
|
|
|
|
670
|
|
|
|
1,896
|
|
|
|
1,809
|
|
Net income
|
|
$
|
1,697
|
|
|
$
|
1,360
|
|
|
$
|
4,816
|
|
|
$
|
4,365
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
$
|
0.69
|
|
|
$
|
0.54
|
|
|
$
|
1.96
|
|
|
$
|
1.73
|
|
Class B common stock
|
|
$
|
1.14
|
|
|
$
|
0.91
|
|
|
$
|
3.23
|
|
|
$
|
2.91
|
|
Class C common stock
|
|
$
|
2.78
|
|
|
$
|
2.17
|
|
|
$
|
7.84
|
|
|
$
|
6.91
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
1,955
|
|
|
|
1,982
|
|
|
|
1,964
|
|
|
|
2,001
|
|
Class B common stock
|
|
|
245
|
|
|
|
245
|
|
|
|
245
|
|
|
|
245
|
|
Class C common stock
|
|
|
20
|
|
|
|
26
|
|
|
|
21
|
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
$
|
0.69
|
|
|
$
|
0.54
|
|
|
$
|
1.96
|
|
|
$
|
1.72
|
|
Class B common stock
|
|
$
|
1.14
|
|
|
$
|
0.91
|
|
|
$
|
3.22
|
|
|
$
|
2.90
|
|
Class C common stock
|
|
$
|
2.77
|
|
|
$
|
2.17
|
|
|
$
|
7.82
|
|
|
$
|
6.89
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding
|
|
|
|
|
|
|
Class A common stock
|
|
|
2,448
|
|
|
|
2,511
|
|
|
|
2,462
|
|
|
|
2,533
|
|
Class B common stock
|
|
|
245
|
|
|
|
245
|
|
|
|
245
|
|
|
|
245
|
|
Class C common stock
|
|
|
20
|
|
|
|
26
|
|
|
|
21
|
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
|
|
Nine Months Ended
June 30,
|
|
|
2015
|
|
2014
|
|
|
(in millions)
|
Operating Activities
|
|
|
|
|
Net income
|
|
$
|
4,816
|
|
|
$
|
4,365
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Amortization of client incentives
|
|
|
2,059
|
|
|
|
1,824
|
|
Fair value adjustment for the Visa Europe put option
|
|
|
110
|
|
|
|
—
|
|
Share-based compensation
|
|
|
139
|
|
|
|
130
|
|
Excess tax benefit for share-based compensation
|
|
|
(78
|
)
|
|
|
(82
|
)
|
Depreciation and amortization of property, equipment, technology and
intangible assets
|
|
|
375
|
|
|
|
323
|
|
Deferred income taxes
|
|
|
196
|
|
|
|
(358
|
)
|
Other
|
|
|
18
|
|
|
|
10
|
|
Change in operating assets and liabilities:
|
|
|
|
|
Settlement receivable
|
|
|
82
|
|
|
|
24
|
|
Accounts receivable
|
|
|
(64
|
)
|
|
|
(55
|
)
|
Client incentives
|
|
|
(2,093
|
)
|
|
|
(1,775
|
)
|
Other assets
|
|
|
(342
|
)
|
|
|
(318
|
)
|
Accounts payable
|
|
|
(52
|
)
|
|
|
(86
|
)
|
Settlement payable
|
|
|
(95
|
)
|
|
|
82
|
|
Accrued and other liabilities
|
|
|
141
|
|
|
|
273
|
|
Accrued litigation
|
|
|
(362
|
)
|
|
|
1,055
|
|
Net cash provided by operating activities
|
|
|
4,850
|
|
|
|
5,412
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
Purchases of property, equipment, technology and intangible assets
|
|
|
(276
|
)
|
|
|
(326
|
)
|
Proceeds from sales of property, equipment and technology
|
|
|
10
|
|
|
|
—
|
|
Investment securities, available-for-sale:
|
|
|
|
|
Purchases
|
|
|
(2,315
|
)
|
|
|
(1,842
|
)
|
Proceeds from sales and maturities
|
|
|
1,410
|
|
|
|
1,863
|
|
Acquisition, net of cash received
|
|
|
(93
|
)
|
|
|
(134
|
)
|
Purchases of / contributions to other investments
|
|
|
(22
|
)
|
|
|
(3
|
)
|
Proceeds / distributions from other investments
|
|
|
10
|
|
|
|
—
|
|
Net cash used in investing activities
|
|
|
(1,276
|
)
|
|
|
(442
|
)
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
Repurchase of class A common stock
|
|
|
(2,910
|
)
|
|
|
(3,362
|
)
|
Dividends paid
|
|
|
(885
|
)
|
|
|
(758
|
)
|
Payments from (return to) litigation escrow account—retrospective
responsibility plan
|
|
|
355
|
|
|
|
(1,056
|
)
|
Cash proceeds from issuance of common stock under employee equity
plans
|
|
|
68
|
|
|
|
81
|
|
Restricted stock and performance-based shares settled in cash for
taxes
|
|
|
(105
|
)
|
|
|
(85
|
)
|
Excess tax benefit for share-based compensation
|
|
|
78
|
|
|
|
82
|
|
Net cash used in financing activities
|
|
|
(3,399
|
)
|
|
|
(5,098
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
1
|
|
|
|
—
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
176
|
|
|
|
(128
|
)
|
Cash and cash equivalents at beginning of year
|
|
|
1,971
|
|
|
|
2,186
|
|
Cash and cash equivalents at end of period
|
|
$
|
2,147
|
|
|
$
|
2,058
|
|
|
|
|
|
|
Supplemental Disclosure
|
|
|
|
|
Income taxes paid, net of refunds
|
|
$
|
1,892
|
|
|
$
|
1,943
|
|
Accruals related to purchases of property, equipment, technology and
intangible assets
|
|
$
|
67
|
|
|
$
|
42
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2015 Quarter Ended
|
|
Fiscal 2014 Quarter Ended
|
|
|
June 30, 2015
|
|
March 31, 2015
|
|
December 31, 2014
|
|
September 30, 2014
|
|
June 30, 2014
|
|
|
(in millions)
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
Service revenues
|
|
$
|
1,550
|
|
|
$
|
1,577
|
|
|
$
|
1,538
|
|
|
$
|
1,499
|
|
|
$
|
1,417
|
|
Data processing revenues
|
|
|
1,400
|
|
|
|
1,340
|
|
|
|
1,383
|
|
|
|
1,348
|
|
|
|
1,321
|
|
International transaction revenues
|
|
|
1,039
|
|
|
|
964
|
|
|
|
970
|
|
|
|
938
|
|
|
|
860
|
|
Other revenues
|
|
|
199
|
|
|
|
204
|
|
|
|
204
|
|
|
|
212
|
|
|
|
195
|
|
Client incentives
|
|
|
(670
|
)
|
|
|
(676
|
)
|
|
|
(713
|
)
|
|
|
(768
|
)
|
|
|
(638
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues
|
|
|
3,518
|
|
|
|
3,409
|
|
|
|
3,382
|
|
|
|
3,229
|
|
|
|
3,155
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
566
|
|
|
|
483
|
|
|
|
509
|
|
|
|
496
|
|
|
|
463
|
|
Marketing
|
|
|
224
|
|
|
|
190
|
|
|
|
205
|
|
|
|
241
|
|
|
|
228
|
|
Network and processing
|
|
|
117
|
|
|
|
109
|
|
|
|
114
|
|
|
|
128
|
|
|
|
127
|
|
Professional fees
|
|
|
82
|
|
|
|
77
|
|
|
|
70
|
|
|
|
94
|
|
|
|
82
|
|
Depreciation and amortization
|
|
|
130
|
|
|
|
125
|
|
|
|
120
|
|
|
|
112
|
|
|
|
109
|
|
General and administrative
|
|
|
137
|
|
|
|
141
|
|
|
|
126
|
|
|
|
153
|
|
|
|
126
|
|
Litigation provision
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
453
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
1,256
|
|
|
|
1,128
|
|
|
|
1,144
|
|
|
|
1,677
|
|
|
|
1,135
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
2,262
|
|
|
|
2,281
|
|
|
|
2,238
|
|
|
|
1,552
|
|
|
|
2,020
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating (expense) income
|
|
|
(94
|
)
|
|
|
1
|
|
|
|
24
|
|
|
|
(2
|
)
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
2,168
|
|
|
|
2,282
|
|
|
|
2,262
|
|
|
|
1,550
|
|
|
|
2,030
|
|
Income tax provision
|
|
|
471
|
|
|
|
732
|
|
|
|
693
|
|
|
|
477
|
|
|
|
670
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,697
|
|
|
$
|
1,550
|
|
|
$
|
1,569
|
|
|
$
|
1,073
|
|
|
$
|
1,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the third quarter of fiscal 2015, we recorded an increase of
$110 million in the fair value of the Visa Europe put option,
resulting in the recognition of non-cash, non-operating expense that
we do not believe is indicative of our operating performance. As
such, we believe the presentation of adjusted financial results
provides a clearer understanding of our operating performance for
the current periods presented. This amount is not subject to income
tax and therefore has no impact on our reported income tax
provision. There were no comparable adjustments recorded for the
three and nine months ended June 30, 2014. Net income, as adjusted,
and diluted earnings per share, as adjusted, are non-GAAP financial
measures and should not be relied upon as substitutes for measures
calculated in accordance with U.S. GAAP. The following table
reconciles our as-reported net income and diluted earnings per
share, which are calculated in accordance with U.S. GAAP, to our net
income, as adjusted, and diluted earnings per share, as adjusted,
for the periods presented:
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
|
|
|
Net Income
|
|
Diluted Earnings per Share(1)
|
|
Net Income
|
|
Diluted Earnings per Share(1)
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(in millions, except per share data)
|
|
As reported
|
|
$
|
1,697
|
|
$
|
1,360
|
|
$
|
0.69
|
|
$
|
0.54
|
|
$
|
4,816
|
|
$
|
4,365
|
|
$
|
1.96
|
|
$
|
1.72
|
|
Revaluation of Visa Europe put option
|
|
|
110
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
|
110
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
As adjusted
|
|
$
|
1,807
|
|
$
|
1,360
|
|
$
|
0.74
|
|
$
|
0.54
|
|
$
|
4,926
|
|
$
|
4,365
|
|
$
|
2.00
|
|
$
|
1.72
|
|
Diluted weighted-average shares outstanding
|
|
|
|
|
2,448
|
|
|
2,511
|
|
|
|
|
|
|
2,462
|
|
|
2,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Figures in the table may not recalculate exactly due
to rounding. Diluted earnings per share figures are calculated based
on unrounded numbers.
|
|
Prior period amounts have been retroactively adjusted for the
four-for-one split of class A common stock that was effected in
the second quarter of fiscal 2015.
|
|
|
|
Operational Performance Data
The tables below provide information regarding the available operational
results for the 3 months ended June 30, 2015, as well as the prior four
quarterly reporting periods and the 12 months ended June 30, 2015 and
2014, for cards carrying the Visa, Visa Electron and Interlink brands.
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 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 June 30, 2015
|
|
|
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
|
|
$
|
509
|
|
4.2
|
%
|
|
10.8
|
%
|
|
$
|
364
|
|
7.8
|
%
|
|
15.2
|
%
|
|
4,362
|
|
$
|
145
|
|
-3.8
|
%
|
|
1.1
|
%
|
|
1,002
|
Canada
|
|
|
61
|
|
-5.8
|
%
|
|
5.1
|
%
|
|
|
56
|
|
-6.0
|
%
|
|
4.9
|
%
|
|
675
|
|
|
5
|
|
-3.3
|
%
|
|
7.8
|
%
|
|
12
|
CEMEA
|
|
|
238
|
|
-14.0
|
%
|
|
7.1
|
%
|
|
|
61
|
|
-6.3
|
%
|
|
14.8
|
%
|
|
1,783
|
|
|
177
|
|
-16.4
|
%
|
|
4.7
|
%
|
|
1,199
|
LAC
|
|
|
237
|
|
-11.0
|
%
|
|
11.5
|
%
|
|
|
88
|
|
-12.5
|
%
|
|
12.3
|
%
|
|
2,591
|
|
|
148
|
|
-10.0
|
%
|
|
11.0
|
%
|
|
1,071
|
US
|
|
|
809
|
|
7.9
|
%
|
|
7.9
|
%
|
|
|
683
|
|
8.7
|
%
|
|
8.7
|
%
|
|
13,314
|
|
|
127
|
|
4.0
|
%
|
|
4.0
|
%
|
|
952
|
Visa Inc.
|
|
|
1,854
|
|
0.5
|
%
|
|
8.9
|
%
|
|
|
1,252
|
|
5.1
|
%
|
|
10.9
|
%
|
|
22,725
|
|
|
602
|
|
-8.0
|
%
|
|
5.1
|
%
|
|
4,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
352
|
|
11.3
|
%
|
|
11.3
|
%
|
|
$
|
339
|
|
11.6
|
%
|
|
11.6
|
%
|
|
4,072
|
|
$
|
13
|
|
3.6
|
%
|
|
3.6
|
%
|
|
16
|
International
|
|
|
490
|
|
0.2
|
%
|
|
12.5
|
%
|
|
|
453
|
|
2.8
|
%
|
|
14.3
|
%
|
|
5,889
|
|
|
37
|
|
-23.6
|
%
|
|
-6.3
|
%
|
|
160
|
Visa Inc.
|
|
|
842
|
|
4.5
|
%
|
|
12.0
|
%
|
|
|
791
|
|
6.4
|
%
|
|
13.2
|
%
|
|
9,960
|
|
|
50
|
|
-17.9
|
%
|
|
-3.9
|
%
|
|
177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
457
|
|
5.5
|
%
|
|
5.5
|
%
|
|
$
|
344
|
|
5.9
|
%
|
|
5.9
|
%
|
|
9,242
|
|
$
|
113
|
|
4.1
|
%
|
|
4.1
|
%
|
|
936
|
International
|
|
|
555
|
|
-8.5
|
%
|
|
7.4
|
%
|
|
|
117
|
|
-5.1
|
%
|
|
10.8
|
%
|
|
3,522
|
|
|
438
|
|
-9.4
|
%
|
|
6.6
|
%
|
|
3,124
|
Visa Inc.
|
|
|
1,012
|
|
-2.7
|
%
|
|
6.5
|
%
|
|
|
461
|
|
2.9
|
%
|
|
7.1
|
%
|
|
12,764
|
|
|
552
|
|
-6.9
|
%
|
|
6.1
|
%
|
|
4,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended March 31, 2015
|
|
|
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
|
|
$
|
495
|
|
2.9
|
%
|
|
8.6
|
%
|
|
$
|
343
|
|
4.8
|
%
|
|
11.6
|
%
|
|
4,092
|
|
$
|
152
|
|
-1.2
|
%
|
|
2.4
|
%
|
|
986
|
|
711
|
|
809
|
Canada
|
|
|
54
|
|
-5.0
|
%
|
|
7.1
|
%
|
|
|
49
|
|
-5.3
|
%
|
|
6.8
|
%
|
|
602
|
|
|
5
|
|
-1.7
|
%
|
|
10.9
|
%
|
|
12
|
|
42
|
|
49
|
CEMEA
|
|
|
213
|
|
-15.6
|
%
|
|
12.4
|
%
|
|
|
54
|
|
-7.8
|
%
|
|
20.4
|
%
|
|
1,619
|
|
|
159
|
|
-17.9
|
%
|
|
9.9
|
%
|
|
1,136
|
|
329
|
|
323
|
LAC
|
|
|
243
|
|
-2.9
|
%
|
|
13.4
|
%
|
|
|
93
|
|
-1.3
|
%
|
|
15.7
|
%
|
|
2,529
|
|
|
149
|
|
-3.8
|
%
|
|
12.0
|
%
|
|
1,042
|
|
417
|
|
450
|
US
|
|
|
748
|
|
8.4
|
%
|
|
8.4
|
%
|
|
|
628
|
|
9.2
|
%
|
|
9.2
|
%
|
|
12,204
|
|
|
120
|
|
4.4
|
%
|
|
4.4
|
%
|
|
892
|
|
624
|
|
789
|
Visa Inc.
|
|
|
1,752
|
|
1.3
|
%
|
|
9.6
|
%
|
|
|
1,168
|
|
5.4
|
%
|
|
10.8
|
%
|
|
21,046
|
|
|
584
|
|
-6.0
|
%
|
|
7.2
|
%
|
|
4,067
|
|
2,123
|
|
2,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
316
|
|
12.3
|
%
|
|
12.3
|
%
|
|
$
|
303
|
|
12.3
|
%
|
|
12.3
|
%
|
|
3,623
|
|
$
|
13
|
|
12.2
|
%
|
|
12.2
|
%
|
|
15
|
|
241
|
|
318
|
International
|
|
|
464
|
|
0.3
|
%
|
|
11.7
|
%
|
|
|
428
|
|
2.7
|
%
|
|
12.8
|
%
|
|
5,533
|
|
|
36
|
|
-21.7
|
%
|
|
0.6
|
%
|
|
169
|
|
489
|
|
546
|
Visa Inc.
|
|
|
780
|
|
4.8
|
%
|
|
12.0
|
%
|
|
|
731
|
|
6.4
|
%
|
|
12.6
|
%
|
|
9,156
|
|
|
49
|
|
-14.8
|
%
|
|
3.5
|
%
|
|
184
|
|
730
|
|
864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
432
|
|
5.8
|
%
|
|
5.8
|
%
|
|
$
|
325
|
|
6.5
|
%
|
|
6.5
|
%
|
|
8,581
|
|
$
|
107
|
|
3.5
|
%
|
|
3.5
|
%
|
|
877
|
|
382
|
|
471
|
International
|
|
|
540
|
|
-6.4
|
%
|
|
9.4
|
%
|
|
|
111
|
|
-3.5
|
%
|
|
12.2
|
%
|
|
3,310
|
|
|
428
|
|
-7.1
|
%
|
|
8.7
|
%
|
|
3,006
|
|
1,011
|
|
1,085
|
Visa Inc.
|
|
|
972
|
|
-1.3
|
%
|
|
7.7
|
%
|
|
|
437
|
|
3.8
|
%
|
|
7.9
|
%
|
|
11,891
|
|
|
535
|
|
-5.1
|
%
|
|
7.6
|
%
|
|
3,883
|
|
1,393
|
|
1,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended December 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
|
|
$
|
511
|
|
3.6
|
%
|
|
8.0
|
%
|
|
$
|
359
|
|
5.8
|
%
|
|
10.7
|
%
|
|
4,186
|
|
$
|
152
|
|
-1.4
|
%
|
|
1.9
|
%
|
|
974
|
|
698
|
|
797
|
Canada
|
|
|
66
|
|
-0.1
|
%
|
|
8.7
|
%
|
|
|
62
|
|
-0.1
|
%
|
|
8.7
|
%
|
|
671
|
|
|
5
|
|
0.2
|
%
|
|
9.0
|
%
|
|
11
|
|
42
|
|
49
|
CEMEA
|
|
|
265
|
|
-7.4
|
%
|
|
16.2
|
%
|
|
|
65
|
|
3.6
|
%
|
|
27.1
|
%
|
|
1,619
|
|
|
200
|
|
-10.4
|
%
|
|
13.1
|
%
|
|
1,225
|
|
325
|
|
321
|
LAC
|
|
|
286
|
|
-0.4
|
%
|
|
13.8
|
%
|
|
|
109
|
|
-0.6
|
%
|
|
15.3
|
%
|
|
2,697
|
|
|
177
|
|
-0.2
|
%
|
|
12.8
|
%
|
|
1,130
|
|
415
|
|
453
|
US
|
|
|
772
|
|
9.4
|
%
|
|
9.4
|
%
|
|
|
651
|
|
10.2
|
%
|
|
10.2
|
%
|
|
12,594
|
|
|
121
|
|
5.2
|
%
|
|
5.2
|
%
|
|
914
|
|
614
|
|
782
|
Visa Inc.
|
|
|
1,900
|
|
3.4
|
%
|
|
10.5
|
%
|
|
|
1,246
|
|
7.0
|
%
|
|
11.5
|
%
|
|
21,767
|
|
|
654
|
|
-2.9
|
%
|
|
8.7
|
%
|
|
4,254
|
|
2,093
|
|
2,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
341
|
|
13.7
|
%
|
|
13.7
|
%
|
|
$
|
327
|
|
13.9
|
%
|
|
13.9
|
%
|
|
3,956
|
|
$
|
13
|
|
9.2
|
%
|
|
9.2
|
%
|
|
16
|
|
236
|
|
313
|
International
|
|
|
512
|
|
1.9
|
%
|
|
11.3
|
%
|
|
|
468
|
|
4.0
|
%
|
|
12.2
|
%
|
|
5,775
|
|
|
44
|
|
-15.9
|
%
|
|
2.4
|
%
|
|
188
|
|
485
|
|
544
|
Visa Inc.
|
|
|
853
|
|
6.3
|
%
|
|
12.2
|
%
|
|
|
795
|
|
7.8
|
%
|
|
12.9
|
%
|
|
9,731
|
|
|
58
|
|
-11.2
|
%
|
|
3.9
|
%
|
|
204
|
|
721
|
|
857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
431
|
|
6.2
|
%
|
|
6.2
|
%
|
|
$
|
324
|
|
6.6
|
%
|
|
6.6
|
%
|
|
8,638
|
|
$
|
108
|
|
4.7
|
%
|
|
4.7
|
%
|
|
898
|
|
377
|
|
469
|
International
|
|
|
616
|
|
-2.2
|
%
|
|
11.3
|
%
|
|
|
127
|
|
2.7
|
%
|
|
15.6
|
%
|
|
3,398
|
|
|
489
|
|
-3.4
|
%
|
|
10.3
|
%
|
|
3,152
|
|
994
|
|
1,076
|
Visa Inc.
|
|
|
1,047
|
|
1.1
|
%
|
|
9.1
|
%
|
|
|
450
|
|
5.5
|
%
|
|
9.0
|
%
|
|
12,036
|
|
|
597
|
|
-2.0
|
%
|
|
9.2
|
%
|
|
4,050
|
|
1,372
|
|
1,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
Accounts (millions)
|
|
Cards (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$
|
506
|
|
9.1
|
%
|
|
9.0
|
%
|
|
$
|
352
|
|
11.9
|
%
|
|
11.8
|
%
|
|
4,000
|
|
$
|
154
|
|
3.2
|
%
|
|
3.2
|
%
|
|
960
|
|
677
|
|
774
|
Canada
|
|
|
66
|
|
2.0
|
%
|
|
7.4
|
%
|
|
|
61
|
|
1.7
|
%
|
|
7.0
|
%
|
|
651
|
|
|
5
|
|
5.5
|
%
|
|
11.0
|
%
|
|
12
|
|
40
|
|
47
|
CEMEA
|
|
|
280
|
|
5.9
|
%
|
|
15.0
|
%
|
|
|
68
|
|
18.0
|
%
|
|
26.5
|
%
|
|
1,489
|
|
|
213
|
|
2.5
|
%
|
|
11.7
|
%
|
|
1,173
|
|
321
|
|
318
|
LAC
|
|
|
276
|
|
6.6
|
%
|
|
12.1
|
%
|
|
|
105
|
|
7.4
|
%
|
|
14.4
|
%
|
|
2,496
|
|
|
171
|
|
6.1
|
%
|
|
10.8
|
%
|
|
1,056
|
|
417
|
|
448
|
US
|
|
|
756
|
|
9.2
|
%
|
|
9.2
|
%
|
|
|
632
|
|
9.9
|
%
|
|
9.9
|
%
|
|
12,315
|
|
|
124
|
|
6.0
|
%
|
|
6.0
|
%
|
|
951
|
|
590
|
|
754
|
Visa Inc.
|
|
|
1,885
|
|
8.0
|
%
|
|
10.3
|
%
|
|
|
1,217
|
|
10.2
|
%
|
|
11.5
|
%
|
|
20,950
|
|
|
667
|
|
4.2
|
%
|
|
8.3
|
%
|
|
4,152
|
|
2,044
|
|
2,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
327
|
|
12.7
|
%
|
|
12.7
|
%
|
|
$
|
313
|
|
12.8
|
%
|
|
12.8
|
%
|
|
3,734
|
|
$
|
14
|
|
11.8
|
%
|
|
11.8
|
%
|
|
17
|
|
230
|
|
304
|
International
|
|
|
506
|
|
7.6
|
%
|
|
10.4
|
%
|
|
|
458
|
|
9.0
|
%
|
|
11.3
|
%
|
|
5,554
|
|
|
49
|
|
-3.7
|
%
|
|
2.8
|
%
|
|
192
|
|
484
|
|
545
|
Visa Inc.
|
|
|
833
|
|
9.6
|
%
|
|
11.3
|
%
|
|
|
770
|
|
10.5
|
%
|
|
11.9
|
%
|
|
9,289
|
|
|
62
|
|
-0.6
|
%
|
|
4.7
|
%
|
|
209
|
|
714
|
|
850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
429
|
|
6.7
|
%
|
|
6.7
|
%
|
|
$
|
319
|
|
7.2
|
%
|
|
7.2
|
%
|
|
8,580
|
|
$
|
110
|
|
5.4
|
%
|
|
5.4
|
%
|
|
934
|
|
360
|
|
450
|
International
|
|
|
622
|
|
6.9
|
%
|
|
11.7
|
%
|
|
|
127
|
|
16.7
|
%
|
|
20.8
|
%
|
|
3,081
|
|
|
495
|
|
4.6
|
%
|
|
9.5
|
%
|
|
3,009
|
|
970
|
|
1,042
|
Visa Inc.
|
|
|
1,052
|
|
6.8
|
%
|
|
9.6
|
%
|
|
|
447
|
|
9.7
|
%
|
|
10.8
|
%
|
|
11,661
|
|
|
605
|
|
4.8
|
%
|
|
8.7
|
%
|
|
3,943
|
|
1,330
|
|
1,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
7.1
|
%
|
|
9.6
|
%
|
|
$
|
338
|
|
11.1
|
%
|
|
12.6
|
%
|
|
3,821
|
|
$
|
151
|
|
-1.0
|
%
|
|
3.5
|
%
|
|
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
|
%
|
|
14.2
|
%
|
|
|
65
|
|
18.1
|
%
|
|
25.8
|
%
|
|
1,389
|
|
|
212
|
|
1.6
|
%
|
|
11.0
|
%
|
|
1,196
|
|
313
|
|
310
|
LAC
|
|
|
266
|
|
-1.3
|
%
|
|
10.0
|
%
|
|
|
101
|
|
0.3
|
%
|
|
12.1
|
%
|
|
2,408
|
|
|
165
|
|
-2.3
|
%
|
|
8.8
|
%
|
|
1,013
|
|
418
|
|
446
|
US
|
|
|
750
|
|
9.4
|
%
|
|
9.4
|
%
|
|
|
628
|
|
10.1
|
%
|
|
10.1
|
%
|
|
12,224
|
|
|
122
|
|
5.9
|
%
|
|
5.9
|
%
|
|
943
|
|
580
|
|
743
|
Visa Inc.
|
|
|
1,845
|
|
6.1
|
%
|
|
10.1
|
%
|
|
|
1,191
|
|
9.4
|
%
|
|
11.5
|
%
|
|
20,469
|
|
|
654
|
|
0.7
|
%
|
|
7.4
|
%
|
|
4,073
|
|
2,008
|
|
2,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
316
|
|
12.1
|
%
|
|
12.1
|
%
|
|
$
|
303
|
|
12.3
|
%
|
|
12.3
|
%
|
|
3,574
|
|
$
|
13
|
|
8.3
|
%
|
|
8.3
|
%
|
|
16
|
|
223
|
|
296
|
International
|
|
|
489
|
|
5.7
|
%
|
|
10.1
|
%
|
|
|
440
|
|
7.0
|
%
|
|
11.0
|
%
|
|
5,366
|
|
|
49
|
|
-4.3
|
%
|
|
1.6
|
%
|
|
199
|
|
478
|
|
536
|
Visa Inc.
|
|
|
805
|
|
8.1
|
%
|
|
10.9
|
%
|
|
|
744
|
|
9.1
|
%
|
|
11.6
|
%
|
|
8,940
|
|
|
62
|
|
-1.9
|
%
|
|
3.2
|
%
|
|
215
|
|
701
|
|
832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
433
|
|
7.4
|
%
|
|
7.4
|
%
|
|
$
|
325
|
|
8.1
|
%
|
|
8.1
|
%
|
|
8,650
|
|
$
|
109
|
|
5.6
|
%
|
|
5.6
|
%
|
|
927
|
|
356
|
|
447
|
International
|
|
|
607
|
|
2.7
|
%
|
|
11.1
|
%
|
|
|
123
|
|
15.0
|
%
|
|
22.9
|
%
|
|
2,879
|
|
|
484
|
|
0.0
|
%
|
|
8.4
|
%
|
|
2,932
|
|
950
|
|
1,020
|
Visa Inc.
|
|
|
1,040
|
|
4.6
|
%
|
|
9.4
|
%
|
|
|
448
|
|
9.9
|
%
|
|
11.3
|
%
|
|
11,529
|
|
|
593
|
|
1.0
|
%
|
|
7.8
|
%
|
|
3,859
|
|
1,307
|
|
1,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12 Months Ended June 30, 2015
|
|
|
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
|
|
$
|
2,021
|
|
4.9
|
%
|
|
9.1
|
%
|
|
$
|
1,418
|
|
7.5
|
%
|
|
12.3
|
%
|
|
16,641
|
|
$
|
603
|
|
-0.8
|
%
|
|
2.2
|
%
|
|
3,922
|
Canada
|
|
|
248
|
|
-2.1
|
%
|
|
7.1
|
%
|
|
|
228
|
|
-2.3
|
%
|
|
6.9
|
%
|
|
2,598
|
|
|
20
|
|
0.2
|
%
|
|
9.7
|
%
|
|
47
|
CEMEA
|
|
|
996
|
|
-7.7
|
%
|
|
12.8
|
%
|
|
|
247
|
|
1.6
|
%
|
|
22.2
|
%
|
|
6,510
|
|
|
748
|
|
-10.5
|
%
|
|
10.0
|
%
|
|
4,733
|
LAC
|
|
|
1,041
|
|
-1.9
|
%
|
|
12.7
|
%
|
|
|
396
|
|
-1.9
|
%
|
|
14.5
|
%
|
|
10,312
|
|
|
646
|
|
-2.0
|
%
|
|
11.7
|
%
|
|
4,299
|
US
|
|
|
3,085
|
|
8.7
|
%
|
|
8.7
|
%
|
|
|
2,594
|
|
9.5
|
%
|
|
9.5
|
%
|
|
50,427
|
|
|
492
|
|
4.9
|
%
|
|
4.9
|
%
|
|
3,709
|
Visa Inc.
|
|
|
7,390
|
|
3.3
|
%
|
|
9.8
|
%
|
|
|
4,882
|
|
6.9
|
%
|
|
11.1
|
%
|
|
86,488
|
|
|
2,508
|
|
-3.2
|
%
|
|
7.4
|
%
|
|
16,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
1,335
|
|
12.5
|
%
|
|
12.5
|
%
|
|
$
|
1,282
|
|
12.6
|
%
|
|
12.6
|
%
|
|
15,385
|
|
$
|
54
|
|
9.1
|
%
|
|
9.1
|
%
|
|
65
|
International
|
|
|
1,972
|
|
2.5
|
%
|
|
11.5
|
%
|
|
|
1,806
|
|
4.6
|
%
|
|
12.6
|
%
|
|
22,751
|
|
|
166
|
|
-16.0
|
%
|
|
0.0
|
%
|
|
709
|
Visa Inc.
|
|
|
3,307
|
|
6.3
|
%
|
|
11.9
|
%
|
|
|
3,088
|
|
7.8
|
%
|
|
12.6
|
%
|
|
38,136
|
|
|
219
|
|
-11.0
|
%
|
|
2.1
|
%
|
|
774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
1,750
|
|
6.0
|
%
|
|
6.0
|
%
|
|
$
|
1,312
|
|
6.6
|
%
|
|
6.6
|
%
|
|
35,042
|
|
$
|
438
|
|
4.4
|
%
|
|
4.4
|
%
|
|
3,645
|
International
|
|
|
2,333
|
|
-2.6
|
%
|
|
10.0
|
%
|
|
|
482
|
|
2.4
|
%
|
|
14.9
|
%
|
|
13,310
|
|
|
1,851
|
|
-3.8
|
%
|
|
8.8
|
%
|
|
12,291
|
Visa Inc.
|
|
|
4,083
|
|
0.9
|
%
|
|
8.3
|
%
|
|
|
1,795
|
|
5.4
|
%
|
|
8.7
|
%
|
|
48,352
|
|
|
2,289
|
|
-2.3
|
%
|
|
7.9
|
%
|
|
15,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12 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
|
|
$
|
1,926
|
|
7.4
|
%
|
|
11.8
|
%
|
|
$
|
1,319
|
|
9.7
|
%
|
|
14.2
|
%
|
|
14,630
|
|
$
|
608
|
|
2.8
|
%
|
|
7.2
|
%
|
|
3,532
|
|
658
|
|
754
|
Canada
|
|
|
253
|
|
1.4
|
%
|
|
8.1
|
%
|
|
|
233
|
|
1.6
|
%
|
|
8.2
|
%
|
|
2,390
|
|
|
20
|
|
-0.2
|
%
|
|
6.4
|
%
|
|
46
|
|
39
|
|
46
|
CEMEA
|
|
|
1,079
|
|
7.6
|
%
|
|
14.2
|
%
|
|
|
243
|
|
20.9
|
%
|
|
27.7
|
%
|
|
4,994
|
|
|
836
|
|
4.3
|
%
|
|
10.7
|
%
|
|
4,598
|
|
313
|
|
310
|
LAC
|
|
|
1,062
|
|
-0.6
|
%
|
|
10.6
|
%
|
|
|
403
|
|
1.5
|
%
|
|
13.8
|
%
|
|
9,629
|
|
|
659
|
|
-1.9
|
%
|
|
8.7
|
%
|
|
4,060
|
|
418
|
|
446
|
US
|
|
|
2,838
|
|
8.6
|
%
|
|
8.6
|
%
|
|
|
2,369
|
|
9.3
|
%
|
|
9.3
|
%
|
|
46,360
|
|
|
469
|
|
5.0
|
%
|
|
5.0
|
%
|
|
3,641
|
|
580
|
|
743
|
Visa Inc.
|
|
|
7,158
|
|
6.4
|
%
|
|
10.4
|
%
|
|
|
4,568
|
|
8.8
|
%
|
|
11.7
|
%
|
|
78,003
|
|
|
2,590
|
|
2.4
|
%
|
|
8.1
|
%
|
|
15,878
|
|
2,008
|
|
2,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
1,187
|
|
10.6
|
%
|
|
10.6
|
%
|
|
$
|
1,138
|
|
10.9
|
%
|
|
10.9
|
%
|
|
13,492
|
|
$
|
49
|
|
5.1
|
%
|
|
5.1
|
%
|
|
63
|
|
223
|
|
296
|
International
|
|
|
1,925
|
|
5.5
|
%
|
|
11.4
|
%
|
|
|
1,727
|
|
6.4
|
%
|
|
12.4
|
%
|
|
20,866
|
|
|
197
|
|
-1.5
|
%
|
|
2.7
|
%
|
|
767
|
|
478
|
|
536
|
Visa Inc.
|
|
|
3,112
|
|
7.4
|
%
|
|
11.1
|
%
|
|
|
2,865
|
|
8.1
|
%
|
|
11.8
|
%
|
|
34,359
|
|
|
247
|
|
-0.2
|
%
|
|
3.2
|
%
|
|
830
|
|
701
|
|
832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
1,651
|
|
7.2
|
%
|
|
7.2
|
%
|
|
$
|
1,231
|
|
8.0
|
%
|
|
8.0
|
%
|
|
32,868
|
|
$
|
419
|
|
5.0
|
%
|
|
5.0
|
%
|
|
3,578
|
|
356
|
|
447
|
International
|
|
|
2,395
|
|
4.6
|
%
|
|
12.2
|
%
|
|
|
471
|
|
15.9
|
%
|
|
24.0
|
%
|
|
10,776
|
|
|
1,924
|
|
2.2
|
%
|
|
9.6
|
%
|
|
11,469
|
|
950
|
|
1,020
|
Visa Inc.
|
|
|
4,046
|
|
5.7
|
%
|
|
9.9
|
%
|
|
|
1,702
|
|
10.0
|
%
|
|
11.6
|
%
|
|
43,644
|
|
|
2,344
|
|
2.7
|
%
|
|
8.6
|
%
|
|
15,047
|
|
1,307
|
|
1,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
Jun 30, 2015
|
|
0%
|
|
8%
|
Mar 31, 2015
|
|
2%
|
|
8%
|
Dec 31, 2014
|
|
4%
|
|
8%
|
Sep 30, 2014
|
|
9%
|
|
10%
|
Jun 30, 2014
|
|
6%
|
|
7%
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Jun 30, 2015
|
|
4%
|
|
9%
|
Jun 30, 2014
|
|
8%
|
|
9%
|
|
|
|
|
|
3. Visa Processed Transactions
The table below represents transactions involving Visa, Visa Electron,
Interlink and PLUS cards processed on Visa’s networks.
Period
|
|
Processed Transactions (millions)
|
|
Growth
|
|
|
|
|
|
3 Months Ended
|
|
|
|
|
Jun 30, 2015
|
|
18,024
|
|
8%
|
Mar 31, 2015
|
|
16,980
|
|
11%
|
Dec 31, 2014
|
|
17,599
|
|
10%
|
Sep 30, 2014
|
|
16,991
|
|
10%
|
Jun 30, 2014
|
|
16,662
|
|
11%
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Jun 30, 2015
|
|
69,595
|
|
10%
|
Jun 30, 2014
|
|
63,492
|
|
12%
|
|
|
|
|
|
Footnote
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. Prior
period updates, if any, are not material.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150723006429/en/
Source: Visa Inc.