Visa Inc. Posts Strong Fiscal Second Quarter 2012 Earnings Results -- GAAP quarterly net income of $1.3 billion including non-cash tax benefit

-- Adjusted quarterly net income of $1.1 billion or $1.60 per diluted class A common share excluding non-cash tax benefit

SAN FRANCISCO, May 2, 2012 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal second quarter 2012 ended March 31, 2012. GAAP net income for the quarter, inclusive of a one-time non-cash benefit related to the remeasurement of existing net deferred tax liabilities, was $1.3 billion.

On an adjusted basis, excluding this non-cash benefit, net income for the quarter was $1.1 billion, an increase of 23% over the prior year, and diluted class A common stock earnings per share were $1.60, an increase of 30% over the prior year. The weighted-average number of diluted class A common stock outstanding was approximately 676 million. The Company's adjusted quarterly net income per share of class A common stock is a non-GAAP financial measure that is reconciled to its most directly comparable GAAP measure in the accompanying financial tables.

GAAP net operating revenue in the fiscal second quarter of 2012 was $2.6 billion, an increase of 15% over the prior year and driven by strong double-digit growth in service revenues, data processing revenues and international transaction revenues.

"Our strong financial performance this quarter was fueled by continued growth of U.S. credit products, strong cross border spending and expansion of Visa's core business in international markets," said Joseph Saunders, Chairman and Chief Executive Officer, Visa Inc. "Across the globe Visa's business continues to expand at a healthy pace, the result of our commitment to continued expansion in our core business as well as our ability to leverage innovative payment technologies."

Fiscal Second Quarter 2012 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2011, on which fiscal second quarter service revenue is recognized, was a positive 11% over the prior year at $993 billion.

Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2012, was a positive 11% over the prior year at $956 billion.

Cross-border volume growth, on a constant dollar basis, was a positive 16% for the three months ended March 31, 2012.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2012, were 13 billion, a positive 8% increase over the prior year.

Fiscal second quarter 2012 service revenues were $1.2 billion, an increase of 13% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 12% over the prior year to $922 million. International transaction revenues, which are driven by cross-border activity, grew 17% over the prior year to $733 million. Other revenues, which include the Visa Europe licensing fee, were $179 million, a 14% increase over the prior year. Client incentives, which are a contra revenue item, were $497 million and represent 16% of gross revenues.

Total operating expenses were $972 million for the quarter, a 13% increase over the prior year, primarily due to higher personnel costs associated with acquisitions and investments in technology projects to support our growth initiatives.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $8.9 billion at March 31, 2012.

Visa's GAAP effective tax rate was 19.7% for the quarter ended March 31, 2012. On an adjusted basis, the effective tax rate was 32.6%.

Notable Event:

As announced on April 26, 2012, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.22 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on June 5, 2012, to all holders of record of the Company's class A, class B and class C common stock as of May 18, 2012.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metric through 2012:

  • Adjusted annual diluted class A common stock earnings per share growth: High teens to low twenties.

Visa Inc. affirms its financial outlook for the following metrics for 2012:

  • Annual net revenue growth in the low double digits;
  • Client incentives as a percent of gross revenues: 17% to 18% range;
  • Marketing expenses: Under $1 billion;
  • Annual operating margin of about 60%;
  • Adjusted tax rate: 33% to 34% range*;
  • Capital expenditures $350 million to $400 million range; and
  • Annual free cash flow greater than $4 billion.

* Financial Outlook excludes the impact of a non-cash benefit related to the remeasurement of deferred tax liabilities, which would decrease the GAAP tax rate to 29 to 30%. These deferred tax liabilities are primarily associated with indefinite-lived intangible assets recorded as part of Visa's October 2007 reorganization.

Fiscal Second Quarter 2012 Earnings Results Conference Call Details:

Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on Visa Inc.'s Investor Relations website at http://investor.visa.com.

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.

Forward Looking Statements:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the terms "continue," "could," "may," "potential," and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about our strategy and its execution and about our revenue, earnings per share, incentive payments, expenses, operating margin, tax rate, capital expenditures and free cash flow and the growth of those items.

By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of future performance and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements because of a variety of factors, including the following:

  • the impact of new laws, regulations and marketplace barriers, including:
    • rules capping debit interchange reimbursement fees promulgated under the U.S. Wall Street Reform and Consumer Protection Act, or the Reform Act;
    • rules under the Reform Act expanding issuers' and merchants' choice among debit payment networks;
    • U.S. government and other parties' reactions to the changes we have made to our business in response to the Reform Act;
    • increased regulation outside the United States and in other product categories; and
    • rules about consumer privacy and data use and security;
  • developments in current or future litigation or government enforcement, including interchange, antitrust and tax disputes;
  • economic factors, such as:
    • an increase or spread of the current European crisis involving sovereign debt and the euro;
    • other global economic, political and health conditions;
    • cross-border activity and currency exchange rates; and
    • material changes in our clients' performance compared to our estimates;
  • industry developments, such as competitive pressure, rapid technological developments, and disintermediation from the payments value stream;
  • system developments, such as:
    • disruption of our transaction processing systems or the inability to process transactions efficiently;
    • account data breaches or increased fraudulent or other illegal activities involving our cards; and
    • issues arising at Visa Europe, including failure to maintain interoperability between our systems;
  • costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;
  • loss of organizational effectiveness or key employees;
  • failure to integrate recent acquisitions successfully or to effectively launch new products and businesses;
  • changes in accounting principles or treatments; and

the other factors discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10−K on file with the U.S. Securities and Exchange Commission. You should not place undue reliance on such statements. Unless required to do so by law, we do not intend to update or revise any forward−looking statement, because of new information or future developments or otherwise.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, ir@visa.com

Media Relations: Will Valentine, 415-932-2564, globalmedia@visa.com

 

VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)







Three Months Ended
March 31, 


Six Months Ended
March 31,





2012


2011


2012


2011





(in millions,
except per
share data)







Operating Revenues






















Service revenues




$            1,241


$            1,093


$            2,392


$            2,101

Data processing revenues




922


823


1,873


1,667

International transaction revenues




733


624


1,481


1,254

Other revenues




179


156


357


317

Client incentives




(497)


(451)


(978)


(856)

Total operating revenues




2,578


2,245


5,125


4,483












Operating Expenses











Personnel




431


351


820


708

Network and processing




103


80


201


160

Marketing




170


183


360


380

Professional fees




82


77


152


138

Depreciation and amortization




80


70


160


137

General and administrative




106


95


208


205

Litigation provision 




-


6


-


6

Total operating expenses




972


862


1,901


1,734












Operating income 




1,606


1,383


3,224


2,749












Other Income (Expense)











Interest expense




(7)


(12)


(17)


(8)

Investment income, net




9


9


19


19

Other 




1


(3)


-


(1)

Total other income (expense)




3


(6)


2


10












Income before income taxes 




1,609


1,377


3,226


2,759

Income tax provision




317


497


907


995

Net income including non-controlling interest




1,292


880


2,319


1,764

Loss attributable to non-controlling interest




-


1


2


1












Net income attributable to Visa Inc.




$            1,292


$               881


$            2,321


$            1,765












Basic earnings per share 











   Class A common stock




$              1.92


$              1.24


$              3.41


$              2.47

   Class B common stock




$              0.82


$              0.63


$              1.56


$              1.26

   Class C common stock




$              1.92


$              1.24


$              3.41


$              2.47












Basic weighted-average shares outstanding 











   Class A common stock




524


505


522


499

   Class B common stock




245


245


245


245

   Class C common stock




42


80


44


87












Diluted earnings per share 











   Class A common stock




$              1.91


$              1.23


$              3.40


$              2.46

   Class B common stock




$              0.81


$              0.63


$              1.55


$              1.26

   Class C common stock 




$              1.91


$              1.23


$              3.40


$              2.46












Diluted weighted-average shares outstanding 











   Class A common stock




676


714


683


717

   Class B common stock




245


245


245


245

   Class C common stock 




42


80


44


87












 

 

 

VISA INC.




CONSOLIDATED BALANCE SHEETS




(UNAUDITED)














March 31,


September 30,


2012


2011


(in millions, except par value data)

Assets




Cash and cash equivalents

$ 2,042


$ 2,127

Restricted cash - litigation escrow

4,282


2,857

Investment securities




    Trading

66


57

    Available-for-sale

849


1,214

Settlement receivable

508


412

Accounts receivable

655


560

Customer collateral

898


931

Current portion of client incentives

233


278

Deferred tax assets

430


489

Prepaid expenses and other current assets

332


265





Total current assets

10,295


9,190





Investment securities, available-for-sale

1,696


711

Client incentives

98


85

Property, equipment and technology, net

1,540


1,541

Other assets

112


129

Intangible assets, net

11,437


11,436

Goodwill

11,668


11,668





Total assets

$ 36,846


$ 34,760









Liabilities




Accounts payable

$ 75


$ 169

Settlement payable

702


449

Customer collateral

898


931

Accrued compensation and benefits

332


387

Client incentives

750


528

Accrued liabilities

544


562

Accrued litigation

286


425





Total current liabilities

3,587


3,451





Deferred tax liabilities

3,941


4,205

Other liabilities

797


667





Total liabilities

8,325


8,323









Equity




Preferred stock, $0.0001 par value, 25 shares authorized and none issued

-


-

Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 528 and
520 shares issued and outstanding at March 31, 2012, and September 30, 2011,
respectively

-


-

Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares
issued and outstanding at March 31, 2012 and September 30, 2011

-


-

Class C common stock, $0.0001 par value, 1,097 shares authorized, 41 and 47
shares issued and outstanding at March 31, 2012, and September 30, 2011,
respectively

-


-

Additional paid-in capital

20,009


19,907

Accumulated income

8,688


6,706

Accumulated other comprehensive income (loss), net




    Investment securities, available-for-sale

5


-

    Defined benefit pension and other postretirement plans

(194)


(186)

    Derivative instruments classified as cash flow hedges

17


18

    Foreign currency translation adjustments

(4)


(8)

Total accumulated other comprehensive loss, net

(176)


(176)





Total equity

28,521


26,437





Total liabilities and equity

$ 36,846


$ 34,760









 

 

 

VISA INC.






CONSOLIDATED STATEMENTS OF CASH FLOWS






(UNAUDITED)


























Six Months Ended March 31,



2012


2011




(in millions)

Operating Activities











Net income including non-controlling interest


$ 2,319


$ 1,764


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





Amortization of client incentives


978


856


Share-based compensation


76


90


Excess tax benefit for share-based compensation


(27)


(8)


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


160


137


Deferred income taxes


(200)


129


Other


(36)


(11)


Change in operating assets and liabilities:





Trading securities


(9)


(6)


Settlement receivable


(96)


11


Accounts receivable


(95)


(62)


Client incentives


(724)


(734)


Other assets


(23)


(188)


Accounts payable


(94)


(51)


Settlement payable


253


(88)


Accrued compensation and benefits


(55)


(90)


Accrued and other liabilities


96


(10)


Accrued litigation


(140)


(130)








Net cash provided by operating activities


2,383


1,609







Investing Activities











Purchases of property, equipment and technology


(127)


(147)


Proceeds from disposal of property, equipment and technology


2


-


Purchases of intangible assets


(35)


-


Investment securities, available-for-sale:






Purchases


(2,140)


-


Proceeds from sales and maturities


1,530


10


Purchases of / contributions to other investments


(3)


-


Proceeds / distributions from other investments


3


103


Acquisition, net of cash received of $18


-


(162)







Net cash used in investing activities


(770)


(196)








Financing Activities












Repurchase of class A common stock


(75)


(536)


Dividends paid


(300)


(215)


Deposits into litigation escrow account—retrospective responsibility plan


(1,565)


(1,200)


Payment from litigation escrow account—retrospective responsibility plan


140


140


Cash proceeds from exercise of stock options


77


39


Excess tax benefit for share-based compensation


27


8


Principal payments on debt


-


(7)


Principal payments on capital lease obligations


(6)


(8)








Net cash used in financing activities


(1,702)


(1,779)








Effect of exchange rate changes on cash and cash equivalents


4


11








Decrease in cash and cash equivalents


(85)


(355)


Cash and cash equivalents at beginning of year


2,127


3,867








Cash and cash equivalents at end of period


$ 2,042


$ 3,512








Supplemental Disclosure of Cash Flow Information












Income taxes paid, net of refunds


$ 1,071


$ 1,015


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


$      52


$      20


Interest payment on debt


$         -


$        2









Adjusted Net Income and Earnings Per Share








US $ in millions, except per share data



























During the three months ended March 31, 2012, the state of California approved certain changes to its state tax apportionment rules, effective retroactively to the beginning of fiscal 2012, which lowered our overall state tax rate. As a result, in our income tax provision for the three months ended March 31, 2012, we recorded a one-time, non-cash benefit of $208 million resulting from the remeasurement of our existing net deferred tax liabilities primarily associated with $11 billion of indefinite-lived intangible assets previously recorded to reflect our reorganization in 2007. This adjustment has no cash impact to us. Management therefore believes that the resulting net income recorded is not indicative of Visa's financial performance in the current or future periods. Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides a clearer understanding of our operating performance for the periods.















Three Months Ended
March 31, 2012(1)


Six Months Ended
March 31, 2012(1)






(in millions, except per share data)



Net income
attributable to
Visa Inc.


Fully-diluted
earnings per
share(1)


Net income
attributable to
Visa Inc.


Fully-diluted
earnings per
share(1)


As reported

$1,292


$1.91


$2,321


$3.40


Impact of deferred tax adjustment

(208)


(0.31)


(208)


(0.30)


Adjusted

$1,084


$1.60


$2,113


$3.09


Weighted-average number of diluted shares (as reported)



676




683











(1) Earnings per share figures calculated based on whole numbers, not rounded numbers.














 





Adjusted Effective Tax Rate












As discussed on the previous page, during the three months ended March 31, 2012, we

recorded a one-time, non-cash benefit resulting from the remeasurement of our existing

net deferred tax liabilities. This adjustment has no cash impact to us. Management therefore

believes that the resulting benefit recorded in our effective income tax rates is not

indicative of our financial performance in the current or future periods. Management

believes the presentation of our adjusted effective income tax rates provides a clearer

understanding of our operating performance for these periods.







Three Months

Ended

March 31,

2012(1)


Six Months

Ended
March 31,

2012(1)

Effective income tax rate (as reported)

19.7%


28.1%

Remeasurement of deferred tax liabilities

12.9%


6.4%

Adjusted effective income tax rate

32.6%


34.6%





(1) Effective income tax rate calculated based on whole numbers, not rounded numbers.


  

 


















VISA INC.
















FISCAL 2011 AND 2012 QUARTERLY RESULTS OF OPERATIONS










(UNAUDITED)














































Fiscal 2011 Quarter Ended


Fiscal 2012 Quarter Ended











December 31, 2010


March 31, 2011


June 30,
2011


September 30,
2011


December 31, 2011


March 31,
2012











(in millions)






























Operating Revenues





















Service revenues




$ 1,008


$ 1,093


$ 1,055


$ 1,105


$ 1,151


$ 1,241







Data processing revenues




844


823


886


925


951


922







International transaction revenues




630


624


662


758


748


733







Other revenues




161


156


167


171


178


179







Client incentives




(405)


(451)


(448)


(576)


(481)


(497)







Total operating revenues




2,238


2,245


2,322


2,383


2,547


2,578




























Operating Expenses





















Personnel




357


351


363


388


389


431







Network and processing




80


80


91


106


98


103







Marketing




197


183


251


239


190


170







Professional fees




61


77


84


115


70


82







Depreciation and amortization




67


70


74


77


80


80







General and administrative




110


95


114


95


102


106







Litigation provision




-


6


-


1


-


-







Total operating expenses




872


862


977


1,021


929


972




























Operating income




1,366


1,383


1,345


1,362


1,618


1,606




























Other Income (Expense)





















Interest income (expense)




4


(12)


(11)


(13)


(10)


(7)







Investment income, net




10


9


88


1


10


9







Other




2


(3)


121


4


(1)


1







Total other income (expense)




16


(6)


198


(8)


(1)


3




























Income before income taxes




1,382


1,377


1,543


1,354


1,617


1,609







Income tax provision




498


497


539


476


590


317







Net income including non-controlling interest




884


880


1,004


878


1,027


1,292







Loss attributable to non-controlling interest




-


1


1


2


2


-







Net income attributable to Visa Inc.




$ 884


$ 881


$ 1,005


$ 880


$ 1,029


$ 1,292
















































Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended March 31, 2012, as well as the prior four quarterly reporting periods and the 12 months ended March 31, 2012 and 2011, for cards carrying the Visa, Visa Electron and Interlink brands. Also included is a table with information on the number of billable transactions processed on Visa Inc.'s CyberSource network.

1. Branded Volume and Transactions

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





For the 3 Months Ended March 31, 2012





Total Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)













All Visa Credit & Debit












Asia Pacific

$400

13.7%

12.0%

$267

15.7%

13.0%

2,849

$133

9.9%

10.0%

617

Canada

56

7.1%

9.0%

51

7.1%

9.0%

460

5

7.2%

9.1%

10

CEMEA

214

20.7%

25.8%

41

35.8%

42.4%

651

173

17.5%

22.4%

1,013

LAC

252

13.8%

19.5%

91

18.6%

24.6%

2,038

161

11.2%

16.8%

954

US

614

6.6%

6.6%

507

6.2%

6.2%

10,067

107

8.4%

8.4%

856

Visa Inc.

1,536

11.4%

12.5%

956

10.9%

11.0%

16,065

580

12.1%

15.0%

3,450













Visa Credit Programs












US

$233

11.6%

11.6%

$223

11.9%

11.9%

2,592

$10

5.1%

5.1%

15

Rest of World

412

13.2%

13.1%

365

15.0%

14.5%

4,237

47

1.0%

2.6%

182

Visa Inc.

645

12.6%

12.5%

588

13.8%

13.5%

6,829

57

1.7%

3.1%

197













Visa Debit Programs












US

$381

3.8%

3.8%

$284

2.2%

2.2%

7,475

$97

8.8%

8.8%

841

Rest of World

510

16.1%

20.0%

85

25.1%

28.6%

1,761

426

14.5%

18.4%

2,412

Visa Inc.

891

10.5%

12.5%

368

6.6%

7.2%

9,236

523

13.4%

16.5%

3,253

 





For the 3 Months Ended December 31, 2011







Total Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)

Accounts (millions)

Cards (millions)















All Visa Credit & Debit














Asia Pacific

$409

13.2%

11.4%

$276

15.1%

12.0%

2,947

$133

9.5%

10.3%

621

519

613

Canada

60

4.1%

5.6%

56

4.7%

6.2%

500

5

-2.2%

-0.8%

10

27

36

CEMEA

221

20.1%

25.0%

39

29.1%

36.6%

643

182

18.3%

22.8%

1,066

241

243

LAC

263

13.0%

19.1%

93

14.7%

20.7%

2,068

169

12.1%

18.3%

998

383

414

US

636

7.5%

7.5%

529

7.3%

7.3%

10,614

107

8.0%

8.0%

880

552

704

Visa Inc.

1,589

11.3%

12.4%

993

10.7%

10.6%

16,773

596

12.4%

15.6%

3,575

1,722

2,011















Visa Credit Programs














US

$248

9.7%

9.7%

$237

9.7%

9.7%

2,808

$11

10.4%

10.4%

16

203

263

Rest of World

430

12.8%

12.2%

379

13.5%

12.7%

4,365

51

7.7%

9.1%

189

456

516

Visa Inc.

678

11.6%

11.3%

616

12.0%

11.5%

7,173

63

8.1%

9.3%

205

659

779















Visa Debit Programs














US

$388

6.1%

6.1%

$292

5.5%

5.5%

7,806

$95

7.8%

7.8%

864

349

441

Rest of World

523

15.1%

19.3%

85

20.3%

24.4%

1,793

438

14.1%

18.4%

2,506

714

791

Visa Inc.

910

11.1%

13.3%

378

8.5%

9.3%

9,599

533

12.9%

16.3%

3,369

1,063

1,232

 





For the 3 Months Ended September 30, 2011







Total Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)

Accounts (millions)

Cards (millions)















All Visa Credit & Debit














Asia Pacific

$402

23.1%

13.9%

$272

28.2%

17.4%

2,888

$130

13.6%

7.1%

626

509

602

Canada

61

14.6%

7.6%

56

14.7%

7.7%

489

5

13.5%

6.6%

10

26

35

CEMEA

212

29.7%

27.2%

37

38.8%

36.1%

569

175

28.0%

25.5%

998

241

239

LAC

249

22.4%

16.7%

89

30.0%

23.8%

1,905

160

18.5%

13.1%

929

372

403

US

626

9.1%

9.1%

517

9.1%

9.1%

10,486

109

9.0%

9.0%

906

509

655

Visa Inc.

1,550

17.4%

13.7%

971

17.0%

13.4%

16,337

579

18.0%

14.2%

3,469

1,657

1,933















Visa Credit Programs














US

$241

11.1%

11.1%

$229

10.3%

10.3%

2,664

$13

26.5%

26.5%

18

201

261

Rest of World

421

24.4%

15.6%

369

25.0%

15.9%

4,219

51

20.0%

13.4%

182

453

513

Visa Inc.

662

19.2%

13.9%

598

19.0%

13.7%

6,883

64

21.2%

15.8%

200

654

774















Visa Debit Programs














US

$385

7.9%

7.9%

$288

8.2%

8.2%

7,822

$97

7.0%

7.0%

888

308

394

Rest of World

504

23.2%

18.2%

85

39.6%

32.2%

1,632

419

20.4%

15.7%

2,381

695

766

Visa Inc.

888

16.1%

13.5%

373

14.0%

12.8%

9,454

515

17.6%

14.0%

3,270

1,003

1,160

 





For the 3 Months Ended June 30, 2011







Total Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)

Accounts (millions)

Cards (millions)















All Visa Credit & Debit














Asia Pacific

$379

22.7%

13.2%

$248

25.5%

14.8%

2,758

$131

17.6%

10.4%

599

495

588

Canada

60

13.6%

7.7%

55

14.0%

8.0%

473

5

9.9%

4.2%

10

25

34

CEMEA

204

32.3%

27.0%

35

41.6%

35.5%

532

170

30.5%

25.4%

992

230

232

LAC

244

31.8%

22.9%

85

37.1%

27.7%

1,817

159

29.1%

20.5%

912

365

398

US

624

10.0%

10.0%

518

10.4%

10.4%

10,417

106

8.2%

8.2%

902

499

654

Visa Inc.

1,512

19.1%

14.7%

941

17.4%

13.5%

15,996

570

22.2%

16.8%

3,415

1,615

1,906















Visa Credit Programs














US

$235

9.5%

9.5%

$224

9.9%

9.9%

2,570

$11

2.2%

2.2%

17

199

258

Rest of World

400

25.0%

15.7%

348

25.3%

15.8%

4,042

52

22.6%

15.3%

179

448

509

Visa Inc.

634

18.8%

13.3%

572

18.8%

13.4%

6,612

62

18.6%

12.8%

196

647

766















Visa Debit Programs














US

$389

10.3%

10.3%

$294

10.8%

10.8%

7,847

$95

8.9%

8.9%

885

301

397

Rest of World

488

27.8%

20.5%

75

36.6%

27.3%

1,538

413

26.3%

19.4%

2,334

667

744

Visa Inc.

877

19.4%

15.8%

369

15.2%

13.8%

9,385

508

22.6%

17.3%

3,219

968

1,140

 





For the 3 Months Ended March 31, 2011







Total Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)

Accounts (millions)

Cards (millions)















All Visa Credit & Debit














Asia Pacific

$352

18.7%

12.4%

$230

18.5%

11.9%

2,629

$121

19.0%

13.6%

578

476

573

Canada

52

12.3%

7.3%

48

11.4%

6.5%

420

5

21.2%

15.8%

9

25

33

CEMEA

177

26.5%

24.8%

30

33.8%

31.2%

483

147

25.1%

23.5%

906

226

225

LAC

222

26.8%

20.4%

77

32.5%

25.8%

1,740

145

23.9%

17.7%

860

360

389

US

576

11.1%

11.1%

477

11.6%

11.6%

9,586

99

8.9%

8.9%

839

504

651

Visa Inc.

1,379

17.2%

14.2%

862

15.7%

13.0%

14,858

517

19.9%

16.4%

3,193

1,592

1,871















Visa Credit Programs














US

$209

7.6%

7.6%

$199

9.1%

9.1%

2,283

$10

-16.4%

-16.4%

15

198

256

Rest of World

364

19.2%

13.1%

318

19.1%

12.8%

3,825

46

19.9%

14.9%

163

444

504

Visa Inc.

573

14.7%

11.0%

517

15.1%

11.4%

6,108

56

11.5%

7.8%

177

641

760















Visa Debit Programs














US

$367

13.2%

13.2%

$278

13.5%

13.5%

7,303

$89

12.6%

12.6%

824

307

395

Rest of World

439

24.4%

19.8%

68

31.8%

25.8%

1,448

372

23.2%

18.8%

2,192

644

715

Visa Inc.

806

19.1%

16.7%

345

16.6%

15.6%

8,751

461

21.0%

17.5%

3,016

951

1,111

 





For the 12 Months Ended March 31, 2012





Total Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)













All Visa Credit & Debit












Asia Pacific

$1,590

17.9%

12.6%

$1,063

20.8%

14.3%

11,442

$527

12.5%

9.4%

2,463

Canada

237

9.7%

7.4%

217

10.0%

7.7%

1,921

20

7.0%

4.8%

41

CEMEA

852

25.3%

26.2%

152

36.0%

37.7%

2,395

700

23.2%

24.0%

4,070

LAC

1,008

19.6%

19.5%

359

24.2%

24.1%

7,829

649

17.2%

17.1%

3,793

US

2,499

8.3%

8.3%

2,071

8.2%

8.2%

41,585

429

8.4%

8.4%

3,543

Visa Inc.

6,187

14.7%

13.3%

3,862

13.9%

12.1%

65,171

2,325

16.0%

15.4%

13,909













Visa Credit Programs












US

$957

10.5%

10.5%

$912

10.4%

10.4%

10,635

$45

11.0%

11.0%

65

Rest of World

1,663

18.5%

14.1%

1,461

19.4%

14.7%

16,862

201

12.4%

10.1%

733

Visa Inc.

2,620

15.4%

12.7%

2,374

15.8%

13.0%

27,497

246

12.2%

10.2%

798













Visa Debit Programs












US

$1,542

7.0%

7.0%

$1,159

6.6%

6.6%

30,950

$384

8.1%

8.1%

3,478

Rest of World

2,025

20.2%

19.5%

330

29.7%

28.1%

6,724

1,695

18.5%

18.0%

9,633

Visa Inc.

3,567

14.1%

13.7%

1,488

11.0%

10.7%

37,674

2,079

16.5%

16.0%

13,111

 





For the 12 Months Ended March 31, 2011







Total Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash Volume ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)

Accounts (millions)

Cards (millions)















All Visa Credit & Debit














Asia Pacific

$1,349

16.8%

11.1%

$881

19.1%

12.9%

10,657

$468

12.7%

7.7%

2,345

476

573

Canada

216

13.0%

7.5%

197

12.6%

7.2%

1,771

19

16.7%

10.6%

37

25

33

CEMEA

679

25.3%

25.0%

112

31.1%

29.8%

1,773

568

24.2%

24.1%

3,574

226

225

LAC

843

23.4%

19.0%

289

27.1%

24.2%

6,714

554

21.5%

16.5%

3,495

360

389

US

2,308

11.8%

11.8%

1,913

12.8%

12.8%

38,860

395

6.9%

6.9%

3,423

504

651

Visa Inc.

5,396

16.4%

14.0%

3,392

16.1%

13.9%

59,776

2,004

16.9%

14.1%

12,874

1,592

1,871















Visa Credit Programs














US

$867

4.6%

4.6%

$826

7.3%

7.3%

9,596

$41

-30.7%

-30.7%

65

198

256

Rest of World

1,403

18.2%

12.8%

1,224

18.0%

12.6%

15,347

179

19.3%

14.2%

641

444

504

Visa Inc.