Visa Inc. Posts Strong Fiscal Fourth Quarter and Full-Year 2012 Adjusted Earnings Results and Announces New $1.5 billion Share Repurchase Program

31 Oct, 2012, 16:05 ET from Visa Inc.

FOSTER CITY, Calif., Oct. 31, 2012 /PRNewswire/ --

  • Adjusted quarterly net income of $1 billion or $1.54 per diluted class A common share, excluding special item
  • Adjusted full-year 2012 net income of $4.2 billion or $6.20 per diluted class A common share, excluding special items
  • GAAP quarterly net income of $1.7 billion or $2.47 per diluted class A common share, including special item
  • Full-year 2012 GAAP net income, including special items, was $2.1 billion or $3.16 per diluted class A common share
  • The Company authorizes a new $1.5 billion repurchase program and increases quarterly dividend payment by 50%

Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal fourth quarter and full-year 2012. Adjusted quarterly and full-year 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. On an adjusted basis, the Company's financial results reflect the impact of special items that are either non-recurring, have no cash impact or are related to amounts covered by the retrospective responsibility plan.

GAAP net income in the fiscal fourth quarter of 2012 was $1.7 billion or diluted class A common stock earnings per share of $2.47. Adjusted net income in the fiscal fourth quarter was $1.0 billion or diluted class A common stock earnings per share of $1.54, excluding a special item related to the reversal of  previously recorded tax reserves which increased net income by $627 million. The weighted-average number of diluted class A common shares outstanding in the fiscal fourth quarter was 672 million. 

GAAP net income for the full-year 2012 was $2.1 billion, which included several special items: a one-time non-cash deferred tax adjustment of $208 million during the fiscal second quarter; a covered litigation provision of $4.1 billion and related tax benefits during the fiscal third quarter; and the reversal of previously recorded tax reserves which totaled $627 million during the fiscal fourth quarter. Diluted class A common stock earnings per share was $3.16. On an adjusted basis, excluding the aforementioned special items, net income for the full-year 2012 was $4.2 billion, an increase of 19% over the prior year. Adjusted diluted class A common stock earnings per share was $6.20, an increase of 24% over the prior year. The weighted-average number of diluted class A common shares outstanding for the full year was 678 million.

GAAP net operating revenue in the fiscal fourth quarter of 2012 was $2.7 billion, an increase of 15% over the prior year. Currency fluctuations contributed a negative 1 percentage point of growth towards quarterly net operating revenues.

GAAP net operating revenue for the full-year of 2012 was $10.4 billion, an increase of 13% over the prior year and driven by double-digit revenue growth contributions from service, data processing and international transaction revenues. There was no significant impact on full-year results related to the strengthening or weakening of the U.S. dollar over the prior year.

"Visa delivered strong financial performance for the fourth quarter and full year, a result of our focus on growing our core business, accelerating expansion of our business outside the U.S and investing in next-generation technologies that will define the future of payments," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc.

"With our solid record of growth and sound strategy, Visa has a strong foundation for continued long-term growth as technology-enabled change continues to shape our global market.  We will continue to invest in new technologies that will help our financial institution clients expand their businesses, add incremental value to the merchant community, and forge new revenue opportunities for both Visa and our partners. We see extraordinary opportunity for growth in the payments industry."

Fiscal Fourth Quarter 2012 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2012, on which fiscal fourth quarter service revenue is recognized, was a positive 6% over the prior year at $978 billion.

Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2012, was a positive 6% over the prior year at $1 trillion.

Cross-border volume growth, on a constant dollar basis, was a positive 10% for the three months ended September 30, 2012.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2012, were 14 billion, a positive 2% increase over the prior year.

For the fiscal fourth quarter 2012, service revenues were $1.3 billion, an increase of 14% 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 15% over the prior year to $1.1 billion. International transaction revenues, which are driven by cross-border volume, grew 5% over the prior year to $796 million. Other revenues, which include the Visa Europe licensing fee, were $172 million, flat compared to the prior year. Client incentives, which are a contra revenue item, were $563 million and represent 17% of gross revenues.

Total operating expenses on a GAAP basis were $1.2 billion for the quarter, an 18% increase over the prior year.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $10.5 billion at September 30, 2012.

Fiscal Full-Year 2012 Financial Highlights:

For the fiscal full-year 2012, service revenues were $4.9 billion, an increase of 14% over the prior year. Data processing revenues rose 14% over the prior year to $4.0 billion. International transaction revenues, which are driven by cross-border volume, grew 13% over the prior year to $3.0 billion. Other revenues, which include the Visa Europe licensing fee, were $704 million, a 7% increase over the prior year.  Client incentives, which are a contra revenue item, were $2.2 billion and represent 17% of gross revenues.

Total processed transactions, which represent transactions processed by VisaNet for the 12 months ended September 30, 2012, totaled 53 billion, a 5% increase over the prior year.

Excluding the litigation provision recorded in the fiscal third quarter of 2012, total adjusted operating expenses increased 12% over the prior year to $4.2 billion.

Excluding special items, the Company's adjusted tax rate was 32.9% for the twelve months ended September 30, 2012.

Notable Events:

Total as-converted class A common stock was reduced by 2.5 million shares during the three months ended September 30, 2012, which was funded from $324 million of our operating cash on hand. Of the $324 million, $174 million was used to repurchase class A common stock in the open market. In addition, we deposited $150 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.  

As announced on October 24, 2012, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.33 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 4, 2012, to all holders of record of the Company's class A, class B and class C common stock as of November 16, 2012.

The Board of Directors has authorized a new $1.5 billion class A share repurchase program. The authorization will be in place through October 2013, and 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 2013:

  • Annual net revenue growth in the low double digits;
  • Client incentives as a percent of gross revenues: 18% to 18.5% range;
  • Marketing expenses: Under $1 billion
  • Adjusted annual operating margin of about 60%;
  • Tax rate: 30% to 32% range;
  • Adjusted annual diluted class A common stock earnings per share growth: High teens;
  • Capital expenditures: $425 million to $475 million range; and
  • Annual free cash flow about $5 billion.

Fiscal Fourth Quarter and Full-Year 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 electronic payments. We operate one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 24,000 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," "expect," "will," "see," and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about our revenue opportunities 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 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 Dodd-Frank Act;
    • rules under the Dodd-Frank Act expanding issuers' and merchants' choice among debit payment networks;
    • increased regulation outside the United States and in other product categories;
    • increased government support of national payment networks outside the United States; and
    • rules about consumer privacy and data use and security;
  • developments in current or future litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax disputes;
  • economic factors, such as:
    • an increase or spread of the current European crisis involving sovereign debt and the euro;
    • the so-called "fiscal cliff" in the United States: the combination of expiring tax cuts and mandatory reductions in federal spending at the end of 2012;
    • 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 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, 650-432-7644, ir@visa.com   Media Relations: Will Valentine, 650-432-2990, globalmedia@visa.com  

 

VISA INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

September 30, 2012

September 30, 2011

(in millions, except par value data)

Assets

Cash and cash equivalents

$                2,074

$                2,127

Restricted cash—litigation escrow

4,432

2,857

Investment securities

    Trading

66

57

    Available-for-sale 

677

1,214

Settlement receivable

454

412

Accounts receivable

723

560

Customer collateral

823

931

Current portion of client incentives

209

278

Deferred tax assets

2,027

489

Prepaid expenses and other current assets 

301

265

Total current assets

11,786

9,190

Investment securities, available-for-sale 

3,283

711

Client incentives

58

85

Property, equipment and technology, net 

1,634

1,541

Other assets 

151

129

Intangible assets, net

11,420

11,436

Goodwill

11,681

11,668

Total assets

$              40,013

$              34,760

Liabilities

Accounts payable

$                   152

$                   169

Settlement payable

719

449

Customer collateral 

823

931

Accrued compensation and benefits

460

387

Client incentives

830

528

Accrued liabilities 

584

562

Accrued litigation 

4,386

425

Total current liabilities

7,954

3,451

Deferred tax liabilities

4,058

4,205

Other liabilities

371

667

Total liabilities

12,383

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, 535 and 520 shares issued and outstanding at September 30, 2012, and September 30,2011, respectively

-

-

Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at September 30, 2012 and September 30, 2011 

-

-

Class C common stock, $0.0001 par value, 1,097 shares authorized, 31 and 47 shares issued and outstanding at September 30, 2012 and September 30, 2011, respectively

-

-

Additional paid-in capital

19,992

19,907

Accumulated income

7,809

6,706

Accumulated other comprehensive income (loss), net

    Investment securities, available-for-sale

3

-

    Defined benefit pension and other postretirement plans

(186)

(186)

    Derivative instruments classified as cash flow hedges

13

18

    Foreign currency translation adjustments

(1)

(8)

Total accumulated other comprehensive loss, net

(171)

(176)

Total equity

27,630

26,437

Total liabilities and equity

$              40,013

$              34,760

 

VISA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended September 30,

Twelve Months Ended September 30,

2012

2011

2012

2011

(in millions, except per share data)

Operating Revenues

Service revenues

$                1,264

$                1,105

$                4,872

$                4,261

Data processing revenues

1,062

925

3,975

3,478

International transaction revenues

796

758

3,025

2,674

Other revenues

172

171

704

655

Client incentives

(563)

(576)

(2,155)

(1,880)

Total operating revenues

2,731

2,383

10,421

9,188

Operating Expenses

Personnel

471

388

1,726

1,459

Network and processing

111

106

414

357

Marketing

271

239

873

870

Professional fees

134

115

385

337

Depreciation and amortization

89

77

333

288

General and administrative

131

95

451

414

Litigation provision

2

1

4,100

7

Total operating expenses

1,209

1,021

8,282

3,732

Operating income

1,522

1,362

2,139

5,456

Other Income (Expense)

Interest income (expense)

57

(13)

29

(32)

Investment income

5

1

36

108

Other

4

4

3

124

Total other income (expense)

66

(8)

68

200

Income before income taxes

1,588

1,354

2,207

5,656

Income tax (benefit) provision 

(74)

476

65

2,010

Net income including non-controlling interest

1,662

878

2,142

3,646

Loss attributable to non-controlling interest

-

2

2

4

Net income attributable to Visa Inc.

$                1,662

$                   880

$                2,144

$                3,650

Basic earnings per share

    Class A common stock

$                  2.48

$                  1.28

$                  3.17

$                  5.18

    Class B common stock

$                  1.05

$                  0.62

$                  1.40

$                  2.59

    Class C common stock

$                  2.48

$                  1.28

$                  3.17

$                  5.18

Basic weighted-average shares outstanding

    Class A common stock

528

518

524

509

    Class B common stock

245

245

245

245

    Class C common stock

35

49

41

70

Diluted earnings per share

    Class A common stock

$                  2.47

$                  1.27

$                  3.16

$                  5.16

    Class B common stock

$                  1.04

$                  0.62

$                  1.39

$                  2.58

    Class C common stock

$                  2.47

$                  1.27

$                  3.16

$                  5.16

Diluted weighted-average shares outstanding

    Class A common stock

672

692

678

707

    Class B common stock

245

245

245

245

    Class C common stock

35

49

41

70

 

VISA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the Years Ended September 30,

2012

2011

2010

(in millions)

Operating Activities

Net income including non-controlling interest

$                2,142

$                3,646

$                2,964

Adjustments to reconcile net income including non-controlling interest to net cash provided by (used in) operating activities:

Amortization of client incentives

2,155

1,880

1,560

Fair value adjustment for the Visa Europe put option

-

(122)

(79)

Share-based compensation

147

154

131

Excess tax benefit for share-based compensation

(71)

(18)

(14)

Depreciation and amortization of intangible assets and property, equipment and technology

333

288

265

Litigation provision and accretion

4,101

18

(18)

Deferred income taxes

(1,690)

164

249

Other

(8)

(104)

(32)

Change in operating assets and liabilities:

Settlement receivable

(42)

(4)

203

Accounts receivable

(161)

(79)

(7)

Client incentives

(1,757)

(1,857)

(1,386)

Other assets

(26)

2

(42)

Accounts payable

(17)

29

(21)

Settlement payable

270

36

(245)

Accrued and other liabilities

(227)

129

165

Accrued litigation

(140)

(290)

(1,002)

Net cash provided by operating activities

5,009

3,872

2,691

Investing Activities

Purchases of property, equipment, technology and intangible assets

(376)

(353)

(241)

Proceeds from disposal of property, equipment and technology

2

-

3

Investment securities, available-for-sale:

Purchases

(4,140)

(1,910)

(11)

Proceeds from sales and maturities

2,093

129

67

Purchases of / contributions to other investments

(12)

(13)

(17)

Proceeds / distributions from other investments

22

116

11

Acquisitions, net of cash received of $17, $22 and $147, respectively 

(3)

(268)

(1,805)

Distribution from money market investment

-

-

89

Net cash used in investing activities

(2,414)

(2,299)

(1,904)

Financing Activities

Repurchase of class A common stock

(710)

(2,024)

(1,000)

Dividends paid

(595)

(423)

(368)

Deposits into litigation escrow account—retrospective responsibility plan

(1,715)

(1,200)

(500)

Payments from litigation escrow account—retrospective responsibility plan

140

280

280

Cash proceeds from exercise of stock options

174

99

56

Excess tax benefit for share-based compensation

71

18

14

Principal payments on capital lease obligations

(6)

(10)

(12)

Payments for earn-out related to PlaySpan acquisition

(14)

-

-

Principal payments on debt

-

(44)

(12)

Net cash used in financing activities

(2,655)

(3,304)

(1,542)

Effect of exchange rate changes on cash and cash equivalents

7

(9)

5

Decrease in cash and cash equivalents

(53)

(1,740)

(750)

Cash and cash equivalents at beginning of year

2,127

3,867

4,617

Cash and cash equivalents at end of year

$                2,074

$                2,127

$                3,867

Supplemental Disclosure of Cash Flow Information

Income taxes paid, net of refunds

$                2,057

$                1,731

$                1,291

Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment, technology and intangible assets

$                     67

$                     36

$                     31

Interest payments on debt

$                       -

$                        3

$                        4

 

VISA INC.

FISCAL 2012 AND 2011 QUARTERLY RESULTS OF OPERATIONS

(UNAUDITED)

Fiscal 2012 Quarter Ended

Fiscal 2011 Quarter Ended

September 30, 2012

June 30, 2012

March 31, 2012

December 31, 2011

September 30, 2011

(in millions)

Operating Revenues

Service revenues

$                1,264

$                1,216

$                1,241

$                1,151

$                1,105

Data processing revenues

1,062

1,040

922

951

925

International transaction revenues

796

748

733

748

758

Other revenues

172

175

179

178

171

Client incentives

(563)

(614)

(497)

(481)

(576)

Total operating revenues

2,731

2,565

2,578

2,547

2,383

Operating Expenses

Personnel

471

435

431

389

388

Network and processing

111

102

103

98

106

Marketing

271

242

170

190

239

Professional fees

134

99

82

70

115

Depreciation and amortization

89

84

80

80

77

General and administrative

131

112

106

102

95

Litigation provision

2

4,098

-

-

1

Total operating expenses

1,209

5,172

972

929

1,021

Operating income (loss)

1,522

(2,607)

1,606

1,618

1,362

Other Income (Expense)

Interest income (expense)

57

(11)

(7)

(10)

(13)

Investment income

5

12

9

10

1

Other

4

(1)

1

(1)

4

Total other income (expense)

66

-

3

(1)

(8)

Income (loss) before income taxes

1,588

(2,607)

1,609

1,617

1,354

Income tax (benefit) provision

(74)

(768)

317

590

476

Net income (loss) including non-controlling interest

1,662

(1,839)

1,292

1,027

878

Loss attributable to non-controlling interest

-

-

-

2

2

Net income (loss) attributable to Visa Inc.

$                1,662

$               (1,839)

$                1,292

$                1,029

$                   880

 

VISA INC.

Reconciliation of Non-GAAP Financial Results—Full Year

US$ in millions, except margin ratio and per share data

Our financial results for fiscal 2012 and 2011 were impacted by several special items that we believe are not indicative of our financial performance in the current or future years, as they are either non-recurring, have no cash impact or are related to amounts covered by the retrospective responsibility plan. As such, we believe the presentation of adjusted financial results excluding the following amounts provides a clearer understanding of our operating performance for the periods presented.

-

Reversal of tax reserves. During the fourth quarter of fiscal 2012, we reversed all previously recorded tax reserves and accrued interest associated with uncertainties related to the deductibility of covered litigation expense recorded in fiscal 2007 through the third quarter of fiscal 2012. This increased our net income for the fourth quarter of fiscal 2012 by $627 million. The reversed tax reserves included $301 million originally recorded in the third quarter of fiscal 2012; therefore, the full-year impact of this adjustment was only $326 million.

-

Litigation provision. During the third quarter of fiscal 2012, we recorded a litigation provision of $4.1 billion and related tax benefits associated with the interchange Multidistrict Litigation Proceedings, which are covered by the retrospective responsibility plan. Monetary liabilities from settlements of, or judgments in, the covered litigation will be paid from the litigation escrow account.

-

Deferred tax adjustment. During the second quarter of fiscal 2012, we benefited from a one-time non-cash adjustment of $208 million related to the remeasurement of our net deferred tax liabilities attributable to changes in the California state apportionment rules.

-

Revaluation of Visa Europe put option. During the third quarter of fiscal 2011, we recorded a decrease of $122 million in the fair value of the Visa Europe put option, which resulted in the recognition of non-cash, non-operating other income. This amount is not subject to income tax and therefore had no impact on our reported income tax provision.

The following table presents our adjusted financial results for the years ended September 30, 2012 and 2011(1).

Twelve months ended September 30, 

Operating Expenses

Operating

Margin(2)

Net Income Attributable

 to Visa Inc.

Diluted Earnings

Per Share

2012

2011

2012

2011

2012

2011

2012

2011

As reported

$        8,282

$        3,732

21%

59%

$        2,144

$        3,650

$     3.16

$     5.16

Reversal of tax reserves

-

-

-

-

(326)

-

(0.48)

-

Litigation provision

(4,098)

-

39%

-

2,593

-

3.82

-

Impact of deferred tax adjustment

-

-

-

-

(208)

-

(0.31)

-

Revaluation of Visa Europe put option

-

-

-

-

-

(122)

-

(0.17)

Adjusted

$        4,184

$        3,732

60%

59%

$        4,203

$        3,528

$     6.20

$     4.99

Diluted weighted-average shares outstanding (as reported)

678

707

 (1)

Figures in the table may not recalculate exactly due to rounding. Diluted earnings per share figures are calculated based on whole numbers, not the rounded numbers presented.

 (2)

Operating margin is calculated as operating income divided by total operating revenues.

 

 

VISA INC.

Reconciliation of Non-GAAP Financial Results—Effective Tax Rate

US$ in millions, except effective tax rate

Our financial results for fiscal 2012 reflect the impact of several special items that we believe are not indicative

of our financial performance in the current or future years, as they are either non-recurring, have no cash impact

or are related to amounts covered by the retrospective responsibility plan. As such, we have presented our

adjusted effective income tax rate in the table below, which we believe provides a clearer understanding of our

operating performance for the fiscal year. Our adjusted effective income tax rate for fiscal 2012 excludes: the

reversal of previously recorded tax reserves and accrued interest associated with uncertainties related to the

deductibility of covered litigation expense; additional covered litigation provision recorded; and a one-time, non-cash

benefit from the remeasurement of existing net deferred tax liabilities attributable to changes in the California state

apportionment rules.

Fiscal 2012

Income

Before

Income Taxes

Income Tax

Provision

Effective

income

tax rate

As reported

$             2,207

$                  65

3%

Reversal of tax reserves

(43)

283

Litigation provision

4,098

1,505

Remeasurement of net deferred tax liabilities

-

208

Adjusted

$             6,262

$             2,061

33%

 

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended September 30, 2012, as well as the prior four quarterly reporting periods and the 12 months ended September 30, 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 September 30, 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

$427

6.1%

8.6%

$290

6.4%

8.1%

3,126

$137

5.5%

9.7%

658

Canada

62

2.0%

3.3%

57

2.0%

3.4%

522

5

1.3%

2.6%

11

CEMEA

238

12.0%

19.0%

47

26.4%

34.9%

802

191

8.9%

15.6%

1,073

LAC

240

-3.7%

10.2%

93

4.6%

21.1%

2,180

147

-8.3%

4.2%

951

US         

630

0.7%

0.7%

521

0.8%

0.8%

10,323

109

0.3%

0.3%

885

Visa Inc.

1,597

3.0%

6.7%

1,008

3.8%

5.9%

16,953

589

1.7%

8.2%

3,579

Visa Credit Programs

US

$261

8.1%

8.1%

$250

9.2%

9.2%

2,967

$11

-10.3%

-10.3%

16

Rest of World

442

5.1%

9.0%

393

6.3%

10.2%

4,614

49

-3.8%

0.2%

192

Visa Inc.

703

6.2%

8.7%

642

7.4%

9.8%

7,581

61

-5.1%

-2.0%

208

Visa Debit Programs

US

$369

-4.0%

-4.0%

$271

-5.9%

-5.9%

7,356

$98

1.8%

1.8%

869

Rest of World

524

4.1%

12.8%

94

10.8%

19.6%

2,016

430

2.8%

11.4%

2,502

Visa Inc.

894

0.6%

5.2%

365

-2.1%

-0.4%

9,372

528

2.6%

9.5%

3,371

For the 3 Months Ended June 30, 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)

Accounts (millions)

Cards (millions)

All Visa Credit & Debit

Asia Pacific

$413

8.8%

11.2%

$277

11.5%

13.0%

3,001

$136

3.6%

7.6%

651

537

645

Canada

61

1.8%

6.3%

56

1.9%

6.4%

513

5

0.8%

5.2%

11

25

33

CEMEA

234

14.4%

23.4%

45

28.4%

39.2%

751

189

11.5%

20.2%

1,088

256

258

LAC

244

-0.3%

15.4%

88

3.2%

19.9%

2,055

155

-2.1%

13.0%

961

385

415

US         

619

-0.7%

-0.7%

512

-1.1%

-1.1%

10,002

107

1.6%

1.6%

874

529

682

Visa Inc.

1,570

3.9%

8.1%

978

3.9%

6.2%

16,323

592

4.0%

11.5%

3,585

1,731

2,032

Visa Credit Programs

US

$256

9.2%

9.2%

$246

9.7%

9.7%

2,880

$11

-0.5%

-0.5%

15

209

270

Rest of World

426

6.7%

11.2%

378

8.5%

12.9%

4,437

49

-5.6%

0.0%

192

451

511

Visa Inc.

683

7.6%

10.5%

623

9.0%

11.6%

7,317

59

-4.7%

-0.1%

207

660

781

Visa Debit Programs

US

$363

-6.6%

-6.6%

$267

-9.4%

-9.4%

7,123

$96

1.8%

1.8%

859

320

412

Rest of World

525

7.5%

17.7%

88

16.9%

28.3%

1,883

437

5.8%

15.8%

2,519

752

839

Visa Inc.

888

1.2%

6.4%

355

-4.0%

-2.2%

9,006

533

5.0%

13.0%

3,378

1,071

1,251

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)

Accounts (millions)

Cards (millions)

All Visa Credit & Debit

Asia Pacific

$408

16.0%

14.2%

$269

16.6%

14.0%

2,874

$139

14.7%

14.8%

637

530

631

Canada

56

6.8%

8.8%

51

6.9%

8.9%

463

5

5.6%

7.5%

10

24

32

CEMEA

211

19.1%

24.1%

40

33.3%

39.7%

665

171

16.1%

20.9%

1,015

250

251

LAC

251

13.2%

18.9%

90

16.9%

22.8%

2,016

161

11.2%

16.8%

953

391

420

US         

615

7.0%

7.0%

508

6.5%

6.5%

10,117

108

9.3%

9.3%

880

536

690

Visa Inc.

1,541

11.8%

12.9%

958

11.1%

11.2%

16,135

584

13.0%

15.9%

3,495

1,731

2,024

Visa Credit Programs

US

$234

11.8%

11.8%

$223

12.1%

12.1%

2,599

$10

5.5%

5.5%

15

205

265

Rest of World

411

13.1%

12.9%

365

14.9%

14.4%

4,229

47

0.8%

2.4%

182

453

513

Visa Inc.

645

12.6%

12.5%

588

13.8%

13.5%

6,828

57

1.6%

2.9%

197

658

778

Visa Debit Programs

US

$382

4.2%

4.2%

$284

2.4%

2.4%

7,517

$97

9.7%

9.7%

865

330

425

Rest of World

515

17.1%

21.0%

85

26.0%

29.5%

1,790

429

15.5%

19.4%

2,433

742

820

Visa Inc.

897

11.2%

13.2%

370

7.0%

7.6%

9,307

527

14.4%

17.5%

3,299

1,073

1,245

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

15.0%

12.0%

2,948

$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         

635

7.4%

7.4%

529

7.3%

7.3%

10,609

106

8.2%

8.2%

879

531

683

Visa Inc.

1,588

11.3%

12.4%

993

10.6%

10.6%

16,768

595

12.4%

15.6%

3,574

1,701

1,990

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%

4,366

51

7.7%

9.1%

189

456

516

Visa Inc.

678

11.6%

11.3%

616

12.0%

11.5%

7,174

63

8.2%

9.3%

205

659

779

Visa Debit Programs

US

$387

6.0%

6.0%

$292

5.4%

5.4%

7,800

$95

7.9%

7.9%

863

328

420

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

11.0%

13.3%

377

8.4%

9.1%

9,594

532

13.0%

16.4%

3,369

1,042

1,211

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%

14.1%

$272

28.2%

17.6%

2,888

$130

13.6%

7.3%

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%

36.2%

569

175

28.0%

25.4%

998

241

239

LAC

249

22.4%

16.8%

89

30.0%

24.0%

1,905

160

18.5%

13.1%

929

372

403

US         

626

9.1%

9.1%

517

9.1%

9.1%

10,488

109

9.2%

9.2%

907

509

655

Visa Inc.

1,550

17.4%

13.6%

971

17.0%

13.3%

16,338

579

18.1%

14.2%

3,470

1,657

1,934

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%

15.5%

369

25.0%

15.8%

4,219

51

20.0%

13.0%

182

453

513

Visa Inc.

662

19.2%

13.8%

598

18.9%

13.6%

6,883

64

21.2%

15.6%

200

654

774

Visa Debit Programs

US

$384

8.0%

8.0%

$288

8.2%

8.2%

7,823

$96

7.3%

7.3%

889

308

394

Rest of World

504

23.2%

18.5%

85

39.6%

33.1%

1,632

419

20.4%

15.8%

2,381

695

766

Visa Inc.

888

16.1%

13.5%

373

14.0%

12.7%

9,455

515

17.7%

14.0%

3,270

1,003

1,160

For the 12 Months Ended September 30, 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

$1,656

10.8%

11.3%

$1,112

12.2%

11.7%

11,950

$545

8.2%

10.6%

2,567

Canada

240

3.6%

5.9%

219

3.8%

6.1%

1,998

20

1.3%

3.6%

43

CEMEA

903

16.1%

22.8%

171

29.1%

37.5%

2,861

733

13.5%

19.8%

4,242

LAC

997

5.2%

15.9%

365

9.6%

21.1%

8,320

633

2.9%

13.1%

3,863

US         

2,500

3.5%

3.5%

2,070

3.2%

3.2%

41,050

430