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Visa Inc. Posts Strong Fiscal Third Quarter 2010 Earnings Results
- GAAP quarterly net income of $716 million or $0.97 per diluted class A common share
- Revenue growth of 23% as payments volume, cross border volume and processed transactions continue to improve globally
- Company completed the acquisition of CyberSource Corporation
SAN FRANCISCO, July 28 /PRNewswire-FirstCall/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal third quarter 2010 ended June 30, 2010. GAAP net income for the quarter was $716 million, or $0.97 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 738 million.
GAAP net operating revenue in the fiscal third quarter of 2010 was $2.0 billion, an increase of 23% over the prior year and driven by strong contributions across all revenue categories, in particular data processing and international transaction revenues.
"Visa delivered a solid financial performance during our fiscal third quarter as we saw continued improvements in global cross border and payments volume growth," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. "As we look to the remainder of our fiscal 2010 year, we remain focused on integrating our recent acquisition of CyberSource, maintaining strong financial performance and expense control discipline."
"It goes without saying, the United States debit market will undergo changes following implementation of the Wall Street Reform and Consumer Protection Act next year," added Saunders. "While it is too early to fully and accurately gauge the impact of the legislation, Visa has demonstrated an ability to manage our business through periods of change. The global shift from cash and checks to digital currency is a powerful force that continues unabated, providing tangible benefits to consumers, merchants, and governments worldwide. I continue to have strong confidence in our prospects for long-term growth driven by Visa's highly resilient network business model, our continued investment in innovation and the expansion of our global reach."
Fiscal Third Quarter 2010 Financial Highlights:
Payments volume growth, on a constant dollar basis for the three months ended March 31, 2010 on which fiscal third quarter service revenue is recognized, was a positive 13% over the prior year at $745 billion.
Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2010, was a positive 14% over the prior year at $803 billion.
Cross border volume growth, on a constant dollar basis, was a positive 17% for the three months ended June 30, 2010.
Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2010 totaled 11.7 billion, were a positive 14% increase over the prior year.
For the fiscal third quarter 2010, service revenues were $873 million, 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 31% over the prior year to $792 million. International transaction revenues, which are driven by cross border payments volume, grew 25% over the prior year to $574 million. Other revenues, which include the Visa Europe licensing fee, were $183 million, up 15% over the prior year. Volume and support incentives, which are a contra revenue item, were $393 million, which represents 16% of gross revenues.
Total operating expenses on a GAAP basis were $892 million for the quarter, an 8% increase over the prior year.
Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $7.4 billion at June 30, 2010.
Notable Events:
On May 28, 2010, the Company deposited $500 million (the "Loss Funds") into the litigation escrow account previously established under the Company's Retrospective Responsibility Plan. The deposit of the Loss Funds into the escrow account reduced the conversion rate applicable to the Company's class B common stock from 0.5824 to 0.5550. On an as-converted basis, the deposit of Loss Funds had the effect of a repurchase of approximately 6.7 million shares of class A common stock from the Company's class B shareholders.
On July 21, 2010, the Company completed its acquisition of CyberSource Corporation, a leading provider of electronic payment, risk management and payment security solutions to online merchants, at a price of $26.00 per common share, or total consideration of approximately $2.0 billion paid with cash on hand. With the addition of CyberSource, Visa will offer merchants and financial institutions eCommerce solutions that include enhanced online payment processing capabilities, payment routing, fraud protection services and secure data hosting.
On July 22, 2010, the Company announced that the 2011 annual meeting of stockholders will be held on January 27, 2011 (the "Annual Meeting"), with a record date of December 3, 2010. The Company's stockholders at the close of business on the record date will be entitled to vote at the Annual Meeting.
In addition, the Company announced that its board of directors had unanimously voted to declassify the board and to submit a proposal at the Annual Meeting to amend the Company's certificate of incorporation to eliminate the classification of the board of directors. The board of directors also unanimously voted to amend the Company's certificate of incorporation, bylaws and corporate governance guidelines to adopt a majority vote standard for uncontested elections of directors and to submit a proposal to amend the Company's certificate of incorporation to allow for the adoption of the majority vote standard. The changes to the bylaws and corporate governance guidelines are contingent on stockholder approval of the amendments to the certificate of incorporation.
Also, the Board of Directors declared a quarterly divided in the aggregate amount of $0.125 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, 2010, to all holders of record of Visa's class A, class B and class C common stock as of August 13, 2010.
Financial Outlook:
Visa Inc. updates its financial outlook for the following metrics for 2010:
- GAAP tax rate: 37% to 38% range; and
- Capital expenditures: moderately above $200 million.
Visa Inc. affirms its financial outlook for the following metrics through 2010:
- Annual net revenue growth: high end of the 11% to 15% range;
- Volume and support incentives as a percent of gross revenues: high end of the 16% to 17% range;
- Advertising, marketing and promotion expenses: less than $1 billion;
- Annual operating margin: mid to high 50% range;
- Annual diluted class A common stock earnings per share: growth greater than 20%; and
- Annual free cash flow: in excess of $2 billion.
Visa Inc. affirms its financial outlook for the following metrics through 2011:
- Annual diluted class A common stock earnings per share: growth greater than 20%; and
- Annual free cash flow: in excess of $2 billion.
Fiscal Third Quarter 2010 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 Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.
Forward Looking Statements:
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. These statements can be identified by the terms "outlook," "continue," "will" and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa's goals and expectations with respect to tax rate, capital expenditures, revenue, incentives, expenses, operating margin, earnings per share, free cash flow, and the growth rate in those items, as well as other measures of economic performance.
By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed under the heading "Risk Factors" in Part 1, Item 1A – "Risk Factors" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-K, if any. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.
Contacts:
Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, ir@visa.com
Media Relations: Paul Cohen or Will Valentine, 415-932-2564, globalmedia@visa.com
| Visa Inc. | ||||||||
| Consolidated Statements of Operations | ||||||||
| (unaudited) | ||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||
2010 | 2009 | 2010 | 2009 | |||||
(in millions, except per share data) | ||||||||
| Operating Revenues | ||||||||
| Service revenues | $ 873 | $ 769 | $ 2,585 | 2,366 | ||||
| Data processing revenues | 792 | 605 | 2,285 | 1,703 | ||||
| International transaction revenues | 574 | 458 | 1,671 | 1,409 | ||||
| Other revenues | 183 | 158 | 546 | 462 | ||||
| Volume and support incentives | (393) | (344) | (1,139) | (908) | ||||
| Total operating revenues | 2,029 | 1,646 | 5,948 | 5,032 | ||||
| Operating Expenses | ||||||||
| Personnel | 285 | 282 | 869 | 873 | ||||
| Network, EDP and communications | 103 | 97 | 306 | 282 | ||||
| Advertising, marketing and promotion | 277 | 229 | 731 | 635 | ||||
| Professional and consulting fees | 77 | 62 | 178 | 182 | ||||
| Depreciation and amortization | 63 | 57 | 187 | 165 | ||||
| Administrative and other | 87 | 96 | 242 | 225 | ||||
| Litigation provision | - | 1 | (41) | 1 | ||||
| Total operating expenses | 892 | 824 | 2,472 | 2,363 | ||||
| Operating income | 1,137 | 822 | 3,476 | 2,669 | ||||
| Other Income (Expense) | ||||||||
| Equity in earnings of unconsolidated affiliates | (3) | - | (5) | - | ||||
| Interest expense | (13) | (30) | (57) | (90) | ||||
| Investment income, net | 1 | 504 | 29 | 557 | ||||
| Other | - | 1 | - | 1 | ||||
| Total other (expense) income | (15) | 475 | (33) | 468 | ||||
| Income before income taxes | 1,122 | 1,297 | 3,443 | 3,137 | ||||
| Income tax expense | 406 | 568 | 1,252 | 1,299 | ||||
| Net income including non-controlling interest | 716 | 729 | 2,191 | 1,838 | ||||
| Loss attributable to non-controlling interest | - | - | 1 | 1 | ||||
| Net income attributable to Visa Inc. | $ 716 | $ 729 | $ 2,192 | $ 1,839 | ||||
| Basic earnings per share | ||||||||
| Class A common stock | $ 0.97 | $ 0.97 | $ 2.97 | $ 2.41 | ||||
| Class B common stock | $ 0.56 | $ 0.61 | $ 1.72 | $ 1.58 | ||||
| Class C common stock | $ 0.97 | $ 0.97 | $ 2.97 | $ 2.41 | ||||
| Basic weighted average shares outstanding | ||||||||
| Class A common stock | 494 | 448 | 478 | 447 | ||||
| Class B common stock | 245 | 246 | 245 | 246 | ||||
| Class C common stock | 99 | 152 | 117 | 152 | ||||
| Diluted earnings per share | ||||||||
| Class A common stock | $ 0.97 | $ 0.96 | $ 2.96 | $ 2.41 | ||||
| Class B common stock | $ 0.55 | $ 0.61 | $ 1.71 | $ 1.58 | ||||
| Class C common stock | $ 0.97 | $ 0.96 | $ 2.96 | $ 2.41 | ||||
| Diluted weighted average shares outstanding | ||||||||
| Class A common stock | 738 | 757 | 742 | 762 | ||||
| Class B common stock | 245 | 246 | 245 | 246 | ||||
| Class C common stock | 99 | 152 | 117 | 152 | ||||
| Visa Inc. | ||||
| Consolidated Balance Sheets | ||||
| (unaudited) | ||||
June 30, | September 30, | |||
2010 | 2009 | |||
(in millions, except par value data) | ||||
| Assets | ||||
| Cash and cash equivalents | $ 5,205 | $ 4,617 | ||
| Restricted cash - litigation escrow | 1,865 | 1,365 | ||
| Investment securities | ||||
| Trading | 56 | 59 | ||
| Available-for-sale | 29 | 56 | ||
| Settlement receivable | 416 | 605 | ||
| Accounts receivable | 501 | 444 | ||
| Customer collateral | 869 | 812 | ||
| Current portion of volume and support incentives | 177 | 214 | ||
| Current portion of deferred tax assets | 448 | 703 | ||
| Prepaid expenses and other current assets | 284 | 366 | ||
| Total current assets | 9,850 | 9,241 | ||
| Restricted cash - litigation escrow | 140 | 350 | ||
| Investment securities, available-for-sale | 128 | 168 | ||
| Volume and support incentives | 110 | 102 | ||
| Property, equipment and technology, net | 1,185 | 1,204 | ||
| Other assets | 192 | 125 | ||
| Intangible assets | 10,883 | 10,883 | ||
| Goodwill | 10,208 | 10,208 | ||
| Total assets | $ 32,696 | $ 32,281 | ||
| Liabilities | ||||
| Accounts payable | $ 94 | $ 156 | ||
| Settlement payable | 446 | 634 | ||
| Customer collateral | 869 | 812 | ||
| Accrued compensation and benefits | 289 | 396 | ||
| Volume and support incentives | 395 | 284 | ||
| Accrued liabilities | 707 | 754 | ||
| Current portion of long-term debt | 12 | 12 | ||
| Current portion of accrued litigation | 670 | 1,394 | ||
| Total current liabilities | 3,482 | 4,442 | ||
| Long-term debt | 35 | 44 | ||
| Accrued litigation | 132 | 323 | ||
| Deferred tax liabilities | 3,798 | 3,807 | ||
| Other liabilities | 569 | 472 | ||
| Total liabilities | 8,016 | 9,088 | ||
| Equity | ||||
| Preferred stock, $0.0001 par value, 25 shares authorized and none | $ - | $ - | ||
| Class A common stock, $0.0001 par value, 2,001,622 shares authorized, | - | - | ||
| Class B common stock, $0.0001 par value, 622 shares authorized, 245 | - | - | ||
| Class C common stock, $0.0001 par value, 1,097 shares authorized, 98 | - | - | ||
| Additional paid-in capital | 20,936 | 21,160 | ||
| Class C treasury stock | - | (2) | ||
| Accumulated income | 3,822 | 2,219 | ||
| Accumulated other comprehensive loss, net | ||||
| Investment securities, available-for-sale | 4 | 10 | ||
| Defined benefit pension and other postretirement plans | (71) | (136) | ||
| Derivative instruments | (13) | (58) | ||
| Foreign currency translation loss | (2) | (4) | ||
| Total accumulated other comprehensive loss, net | (82) | (188) | ||
| Total Visa Inc. stockholders' equity | 24,676 | 23,189 | ||
| Non-controlling interest | 4 | 4 | ||
| Total equity | $ 24,680 | $ 23,193 | ||
| Total liabilities and equity | $ 32,696 | $ 32,281 | ||
| Visa Inc. | |||||
| Consolidated Statements Of Cash Flows | |||||
| (unaudited) | |||||
Nine Months Ended June 30, | |||||
2010 | 2009 | ||||
(in millions) | |||||
| Operating Activities | |||||
| Net income including non-controlling interest | $ 2,191 | $ 1,838 | |||
| Adjustments to reconcile net income including non-controlling interest to net cash provided by | |||||
| Gain on sale of other investments | - | (473) | |||
| Depreciation and amortization of property, equipment and technology | 187 | 165 | |||
| Share-based compensation | 95 | 84 | |||
| Tax benefit for share-based compensation | (13) | (6) | |||
| Restricted stock instruments settled in cash for taxes | (13) | (22) | |||
| Interest earned on litigation escrow, net of tax | - | (14) | |||
| Net recognized (gain) loss on investment securities, including other-than-temporary impairment | (17) | 8 | |||
| Asset impairment | 3 | 7 | |||
| Gain on disposal of property, equipment and technology | (1) | - | |||
| Amortization of volume and support incentives | 1,139 | 908 | |||
| Litigation provision and accretion | (18) | 72 | |||
| Equity in earnings of unconsolidated affiliates | 5 | - | |||
| Deferred income taxes | 190 | 316 | |||
| Change in operating assets and liabilities: | |||||
| Trading securities | 3 | 10 | |||
| Accounts receivable | (57) | (77) | |||
| Settlement receivable | 189 | 133 | |||
| Volume and support incentives | (999) | (785) | |||
| Other assets | (27) | 84 | |||
| Accounts payable | (62) | (53) | |||
| Settlement payable | (188) | (116) | |||
| Accrued compensation and benefits | (107) | (124) | |||
| Accrued and other liabilities | 195 | 438 | |||
| Accrued litigation | (897) | (1,626) | |||
| Net cash provided by operating activities | 1,798 | 767 | |||
| Investing Activities | |||||
| Investment securities, available-for-sale: | |||||
| Purchases | (1) | - | |||
| Proceeds from sales and maturities | 50 | 276 | |||
| Distributions from money market investment | 85 | 884 | |||
| Purchases of / contributions to other investments | (3) | (1) | |||
| Proceeds from sale of other investments | 1 | - | |||
| Dividends/distributions from other investments | 1 | 1 | |||
| Proceeds from disposal of property, equipment and technology | 1 | - | |||
| Purchases of property, equipment and technology | (144) | (205) | |||
| Net cash (used in) provided by investing activities | (10) | 955 | |||
| Financing Activities | |||||
| Tax benefit for share-based compensation | 13 | 6 | |||
| Cash proceeds from exercise of stock options | 36 | 20 | |||
| Funding of litigation escrow account - Retrospective Responsibility Plan | (500) | (1,100) | |||
| Payments from litigation escrow account - Retrospective Responsibility Plan | 210 | 1,481 | |||
| Payment for redemption of stock | - | (2,646) | |||
| Dividends paid | (278) | (240) | |||
| Principal payments on debt | (9) | (8) | |||
| Principal payments on capital lease obligations | (10) | (4) | |||
| Repurchase of class A common stock | (664) | - | |||
| Net cash used in financing activities | (1,202) | (2,491) | |||
| Effect of exchange rate changes on cash and cash equivalents | 2 | (10) | |||
| Increase (decrease) in cash and cash equivalents | 588 | (779) | |||
| Cash and cash equivalents at beginning of year | 4,617 | 4,979 | |||
| Cash and cash equivalents at end of period | $ 5,205 | $ 4,200 | |||
| Supplemental Disclosure of Cash Flow Information | |||||
$ 977 | $ 528 | ||||
Income taxes paid, net of refunds | $ 15 | $ 25 | |||
Amounts included in accounts payable and accrued and other liabilities related to purchases | $ 3 | $ 3 | |||
Interest payments on debt | $ - | $ 22 | |||
Assets acquired in joint venture with note payable and equity interest issued | |||||
| Fiscal 2009 and 2010 Quarterly Results of Operations | ||||||||||
| US$ in millions | ||||||||||
| (unaudited) | ||||||||||
Fiscal 2009 Quarter Ended | Fiscal 2010 Quarter Ended | |||||||||
June 30, | September 30, | December 31, | March 31, | June 30, | ||||||
| Operating Revenues | ||||||||||
| Service revenues | $ 769 | $ 808 | $ 827 | $ 885 | $ 873 | |||||
| Data processing revenues | 605 | 727 | 765 | 728 | 792 | |||||
| International transaction revenues | 458 | 507 | 552 | 545 | 574 | |||||
| Other revenues | 158 | 163 | 190 | 173 | 183 | |||||
| Volume and support incentives | (344) | (326) | (374) | (372) | (393) | |||||
| Total operating revenues | 1,646 | 1,879 | 1,960 | 1,959 | 2,029 | |||||
| Operating Expenses | ||||||||||
| Personnel (1) | 282 | 355 | 274 | 310 | 285 | |||||
| Network, EDP and communications | 97 | 111 | 105 | 98 | 103 | |||||
| Advertising, marketing and promotion | 229 | 283 | 216 | 238 | 277 | |||||
| Professional and consulting fees (1) | 62 | 86 | 51 | 50 | 77 | |||||
| Depreciation and amortization | 57 | 61 | 62 | 62 | 63 | |||||
| Administrative and other | 96 | 113 | 78 | 77 | 87 | |||||
| Litigation provision | 1 | 1 | (43) | 2 | - | |||||
| Total operating expenses | 824 | 1,010 | 743 | 837 | 892 | |||||
| Operating income | 822 | 869 | 1,217 | 1,122 | 1,137 | |||||
| Other Income (Expense) | ||||||||||
| Equity in earnings of unconsolidated affiliates | - | - | - | (2) | (3) | |||||
| Interest expense | (30) | (25) | (16) | (28) | (13) | |||||
| Investment income, net | 504 | 18 | 5 | 23 | 1 | |||||
| Other | 1 | 1 | 2 | (2) | - | |||||
| Total other income (expense) | 475 | (6) | (9) | (9) | (15) | |||||
| Income before income taxes | 1,297 | 863 | 1,208 | 1,113 | 1,122 | |||||
| Income tax expense | 568 | 349 | 445 | 401 | 406 | |||||
| Net income including non-controlling interest | 729 | 514 | 763 | 712 | 716 | |||||
| Loss attributable to non-controlling interest (2) | - | - | - | 1 | - | |||||
| Net income attributable to Visa Inc. | $ 729 | $ 514 | $ 763 | $ 713 | $ 716 | |||||
| (1) Certain reclassifications, not affecting net income attributable to Visa, have been made to fiscal 2009 quarterly information to | ||||||||||
| (2) The Company began to report non-controlling interest (previously referred to as minority interest) as a component of equity in the first | ||||||||||
Operational Performance Data
The tables below provide information regarding the available operational results for the 3 months ended June 30, 2010, as well as the prior seven quarterly reporting periods and the 12 months ended June 30, 2010 and 2009, for cards carrying the Visa, Visa Electron and Interlink brands.
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 June 30, 2010 | ||||||||||||
Total | Growth | Growth | Payments | Growth | Growth | Payments | Cash | Growth | Growth | Cash | ||
| All Visa Credit & Debit | ||||||||||||
Asia Pacific | $308 | 18.7% | 12.0% | $197 | 19.3% | 12.0% | 2,586 | $111 | 17.8% | 12.0% | 576 | |
Canada | 55 | 21.8% | 11.4% | 50 | 22.1% | 11.7% | 432 | 5 | 18.7% | 8.6% | 9 | |
CEMEA | 155 | 26.0% | 24.5% | 25 | 26.6% | 24.1% | 395 | 130 | 25.8% | 24.6% | 853 | |
LAC | 185 | 23.3% | 16.5% | 62 | 26.3% | 21.6% | 1,524 | 123 | 21.8% | 14.1% | 847 | |
US | 566 | 12.1% | 12.1% | 469 | 13.7% | 13.7% | 9,523 | 97 | 4.9% | 4.9% | 852 | |
Visa Inc. | 1,269 | 17.2% | 14.1% | 803 | 16.8% | 14.0% | 14,460 | 466 | 17.9% | 14.1% | 3,136 | |
Visa Credit Programs | ||||||||||||
US | $214 | 2.2% | 2.2% | $204 | 5.9% | 5.9% | 2,349 | $10 | -39.4% | -39.4% | 17 | |
Rest of World | 320 | 18.9% | 12.0% | 278 | 18.7% | 11.7% | 3,688 | 43 | 20.3% | 13.7% | 155 | |
Visa Inc. | 534 | 11.6% | 7.8% | 481 | 12.9% | 9.2% | 6,036 | 53 | 0.9% | -2.9% | 172 | |
Visa Debit Programs | ||||||||||||
US | $352 | 19.1% | 19.1% | $265 | 20.5% | 20.5% | 7,174 | $87 | 14.8% | 14.8% | 835 | |
Rest of World | 383 | 24.1% | 19.1% | 56 | 37.4% | 30.8% | 1,249 | 327 | 22.1% | 17.3% | 2,130 | |
Visa Inc. | 735 | 21.7% | 19.1% | 321 | 23.2% | 22.2% | 8,423 | 414 | 20.5% | 16.7% | 2,965 | |
For the 3 Months Ended March 31, 2010 | ||||||||||||||
Total | Growth | Growth | Payments | Growth | Growth | Payments | Cash | Growth | Growth | Cash | Accounts | Cards | ||
| All Visa Credit & Debit | ||||||||||||||
Asia Pacific | $296 | 29.5% | 12.7% | $195 | 32.3% | 13.8% | 2,459 | $102 | 24.5% | 10.6% | 553 | 452 | 537 | |
Canada | 47 | 30.4% | 5.5% | 43 | 34.2% | 8.6% | 387 | 4 | -0.1% | -19.1% | 9 | 24 | 31 | |
CEMEA | 140 | 29.8% | 17.9% | 23 | 31.3% | 16.7% | 357 | 118 | 29.5% | 18.1% | 771 | 196 | 199 | |
LAC | 175 | 36.1% | 15.8% | 58 | 38.1% | 20.1% | 1,437 | 117 | 35.1% | 13.8% | 819 | 343 | 372 | |
US | 518 | 10.7% | 10.7% | 427 | 12.7% | 12.7% | 8,573 | 91 | 2.1% | 2.1% | 754 | 509 | 686 | |
Visa Inc. | 1,176 | 21.4% | 12.5% | 745 | 20.8% | 13.4% | 13,213 | 431 | 22.5% | 11.1% | 2,905 | 1,524 | 1,825 | |
Visa Credit Programs | ||||||||||||||
US | $194 | -0.8% | -0.8% | $182 | 3.4% | 3.4% | 2,121 | $12 | -39.6% | -39.6% | 16 | 217 | 281 | |
Rest of World | 305 | 29.3% | 10.9% | 266 | 30.8% | 12.2% | 3,459 | 39 | 19.9% | 2.9% | 138 | 431 | 493 | |
Visa Inc. | 499 | 15.6% | 6.0% | 449 | 18.0% | 8.4% | 5,580 | 50 | -2.2% | -11.4% | 154 | 648 | 774 | |
Visa Debit Programs | ||||||||||||||
US | $324 | 19.0% | 19.0% | $245 | 20.9% | 20.9% | 6,452 | $79 | 13.5% | 13.5% | 738 | 292 | 405 | |
Rest of World | 353 | 33.1% | 16.8% | 51 | 49.9% | 26.7% | 1,181 | 302 | 30.7% | 15.3% | 2,013 | 584 | 646 | |
Visa Inc. | 677 | 26.0% | 17.9% | 296 | 25.1% | 21.9% | 7,633 | 381 | 26.7% | 14.9% | 2,751 | 876 | 1,051 | |
For the 3 Months Ended December 31, 2009 | ||||||||||||||
Total | Growth | Growth | Payments | Growth | Growth | Payments | Cash | Growth | Growth | Cash | Accounts | Cards | ||
| All Visa Credit & Debit | ||||||||||||||
Asia Pacific | $318 | 30.6% | 19.0% | $197 | 22.1% | 10.1% | 2,541 | $121 | 47.4% | 36.8% | 570 | 442 | 531 | |
Canada | 51 | 18.9% | 0.7% | 47 | 22.4% | 3.7% | 430 | 4 | -11.3% | -24.9% | 9 | 24 | 31 | |
CEMEA | 146 | 7.5% | 7.7% | 23 | 16.2% | 9.0% | 353 | 124 | 6.1% | 7.5% | 794 | 192 | 196 | |
LAC | 191 | 33.0% | 13.0% | 64 | 37.5% | 16.0% | 1,516 | 127 | 30.9% | 11.4% | 873 | 331 | 359 | |
US | 530 | 5.0% | 5.0% | 438 | 7.3% | 7.3% | 8,754 | 92 | -4.7% | -4.7% | 759 | 511 | 691 | |
Visa Inc. | 1,237 | 15.4% | 9.6% | 769 | 14.0% | 8.5% | 13,595 | 468 | 17.9% | 11.6% | 3,004 | 1,500 | 1,808 | |
Visa Credit Programs | ||||||||||||||
US | $215 | -6.9% | -6.9% | $201 | -1.0% | -1.0% | 2,373 | $14 | -49.8% | -49.8% | 19 | 227 | 297 | |
Rest of World | 317 | 19.2% | 6.4% | 278 | 21.8% | 8.2% | 3,611 | 39 | 3.6% | -5.0% | 141 | 425 | 488 | |
Visa Inc. | 531 | 7.1% | 0.6% | 478 | 11.0% | 4.1% | 5,983 | 53 | -19.2% | -23.1% | 160 | 653 | 784 | |
Visa Debit Programs | ||||||||||||||
US | $316 | 15.0% | 15.0% | $238 | 15.4% | 15.4% | 6,381 | $78 | 13.5% | 13.5% | 740 | 283 | 394 | |
Rest of World | 390 | 29.7% | 19.8% | 53 | 40.3% | 21.7% | 1,230 | 337 | 28.2% | 19.5% | 2,104 | 564 | 630 | |
Visa Inc. | 706 | 22.7% | 17.6% | 291 | 19.3% | 16.5% | 7,611 | 415 | 25.2% | 18.4% | 2,844 | 847 | 1,024 | |
For the 3 Months Ended September 30, 2009 | ||||||||||||||
Total | Growth | Growth | Payments | Growth | Growth | Payments | Cash | Growth | Growth | Cash | Accounts | Cards | ||
| All Visa Credit & Debit | ||||||||||||||
Asia Pacific | $281 | 12.5% | 10.6% | $183 | 12.0% | 8.8% | 2,475 | $98 | 13.4% | 14.0% | 534 | 433 | 521 | |
Canada | 48 | -3.3% | -3.1% | 44 | -1.0% | -0.8% | 412 | 4 | -23.1% | -22.9% | 9 | 24 | 31 | |
CEMEA | 134 | -7.1% | 4.3% | 21 | -1.8% | 2.6% | 320 | 113 | -8.1% | 4.6% | 738 | 187 | 190 | |
LAC | 166 | 4.6% | 11.4% | 55 | 9.1% | 14.7% | 1,366 | 111 | 2.6% | 9.8% | 815 | 323 | 350 | |
US | 511 | -2.7% | -2.7% | 417 | -1.0% | -1.0% | 8,401 | 93 | -9.9% | -9.9% | 774 | 495 | 673 | |
Visa Inc. | 1,140 | 1.1% | 3.0% | 720 | 2.8% | 2.6% | 12,974 | 420 | -1.6% | 3.8% | 2,871 | 1,461 | 1,765 | |
Visa Credit Programs | ||||||||||||||
US | $210 | -14.2% | -14.2% | $195 | -8.6% | -8.6% | 2,299 | $16 | -51.6% | -51.6% | 21 | 230 | 301 | |
Rest of World | 295 | 5.1% | 4.9% | 258 | 7.8% | 6.5% | 3,474 | 37 | -10.1% | -4.7% | 140 | 423 | 485 | |
Visa Inc. | 505 | -3.9% | -4.0% | 452 | 0.1% | -0.6% | 5,773 | 53 | -28.3% | -25.9% | 161 | 652 | 786 | |
Visa Debit Programs | ||||||||||||||
US | $300 | 7.3% | 7.3% | $223 | 6.8% | 6.8% | 6,101 | $78 | 8.9% | 8.9% | 753 | 265 | 372 | |
Rest of World | 334 | 3.8% | 11.3% | 45 | 11.8% | 16.5% | 1,100 | 289 | 2.6% | 10.5% | 1,957 | 544 | 607 | |
Visa Inc. | 635 | 5.4% | 9.4% | 268 | 7.6% | 8.3% | 7,201 | 367 | 3.9% | 10.2% | 2,710 | 809 | 979 | |
For the 3 Months Ended June 30, 2009 | ||||||||||||||
Total | Growth | Growth | Payments | Growth | Growth | Payments | Cash | Growth | Growth | Cash | Accounts | Cards | ||
| All Visa Credit & Debit | ||||||||||||||
Asia Pacific | $259 | 3.7% | 9.9% | $165 | 2.0% | 8.1% | 2,315 | $94 | 6.9% | 13.3% | 540 | 424 | 512 | |
Canada | 45 | -11.5% | -3.7% | 41 | -9.8% | -1.8% | 396 | 4 | -25.1% | -18.5% | 9 | 23 | 31 | |
CEMEA | 123 | -6.4% | 9.9% | 20 | 2.8% | 12.6% | 324 | 103 | -8.0% | 9.4% | 736 | 179 | 184 | |
LAC | 150 | -2.8% | 15.4% | 49 | -0.4% | 16.5% | 1,302 | 101 | -3.9% | 14.9% | 798 | 317 | 344 | |
US | 505 | -3.9% | -3.9% | 412 | -2.5% | -2.5% | 8,288 | 93 | -9.7% | -9.7% | 764 | 482 | 661 | |
Visa Inc. | 1,083 | -2.7% | 3.2% | 687 | -1.7% | 1.6% | 12,625 | 396 | -4.5% | 6.1% | 2,847 | 1,426 | 1,732 | |
Visa Credit Programs | ||||||||||||||
US | $209 | -15.0% | -15.0% | $192 | -9.6% | -9.6% | 2,282 | $17 | -49.2% | -49.2% | 21 | 233 | 309 | |
Rest of World | 269 | -3.1% | 4.8% | 234 | -1.5% | 5.9% | 3,283 | 35 | -12.1% | -1.7% | 137 | 418 | 482 | |
Visa Inc. | 479 | -8.7% | -4.6% | 426 | -5.3% | -1.5% | 5,566 | 52 | -29.0% | -24.0% | 159 | 651 | 791 | |
Visa Debit Programs | ||||||||||||||
US | $296 | 5.8% | 5.8% | $220 | 4.6% | 4.6% | 6,006 | $76 | 9.4% | 9.4% | 743 | 249 | 352 | |
Rest of World | 308 | -0.3% | 15.1% | 41 | 7.2% | 22.9% | 1,054 | 267 | -1.3% | 14.0% | 1,946 | 526 | 589 | |
Visa Inc. | 604 | 2.6% | 10.4% | 261 | 5.0% | 7.2% | 7,060 | 343 | 0.9% | 13.0% | 2,689 | 775 | 941 | |
For the 3 Months Ended March 31, 2009 | ||||||||||||||
Total | Growth | Growth | Payments | Growth | Growth | Payments | Cash | Growth | Growth | Cash | Accounts | Cards | ||
| All Visa Credit & Debit | ||||||||||||||
Asia Pacific | $229 | -6.5% | 10.2% | $147 | -7.8% | 9.3% | 2,176 | $82 | -4.2% | 12.1% | 545 | 420 | 505 | |
Canada | 36 | -23.3% | -0.8% | 32 | -22.2% | 0.5% | 347 | 4 | -30.6% | -10.3% | 9 | 23 | 31 | |
CEMEA | 108 | -4.8% | 20.0% | 17 | -0.4% | 20.3% | 294 | 91 | -5.6% | 19.9% | 666 | 178 | 182 | |
LAC | 128 | -10.3% | 16.3% | 42 | -9.3% | 15.8% | 1,283 | 86 | -10.7% | 16.5% | 775 | 313 | 341 | |
US | 468 | -4.2% | -4.2% | 379 | -2.5% | -2.5% | 7,511 | 89 | -11.0% | -11.0% | 700 | 482 | 665 | |
Visa Inc. | 969 | -6.5% | 4.4% | 617 | -5.5% | 2.3% | 11,611 | 352 | -8.4% | 8.2% | 2,695 | 1,417 | 1,723 | |
Visa Credit Programs | ||||||||||||||
US | $196 | -15.5% | -15.5% | $176 | -9.7% | -9.7% | 2,085 | $19 | -47.0% | -47.0% | 22 | 240 | 318 | |
Rest of World | 236 | -11.9% | 6.8% | 204 | -11.0% | 7.4% | 3,105 | 32 | -17.7% | 2.8% | 131 | 418 | 480 | |
Visa Inc. | 431 | -13.6% | -3.8% | 380 | -10.4% | -0.6% | 5,189 | 51 | -31.7% | -21.9% | 153 | 658 | 797 | |
Visa Debit Programs | ||||||||||||||
US | $272 | 5.8% | 5.8% | $202 | 4.7% | 4.7% | 5,427 | $70 | 9.2% | 9.2% | 678 | 242 | 347 | |
Rest of World | 265 | -5.4% | 18.7% | 34 | -2.5% | 25.2% | 996 | 231 | -5.8% | 17.7% | 1,864 | 517 | 578 | |
Visa Inc. | 537 | 0.0% | 12.2% | 237 | 3.6% | 7.7% | 6,422 | 301 | -2.7% | 15.8% | 2,542 | 759 | 925 | |
For the 3 Months Ended December 31, 2008 | ||||||||||||||
Total | Growth | Growth | Payments | Growth | Growth | Payments | Cash | Growth | Growth | Cash | Accounts | Cards | ||
| All Visa Credit & Debit | ||||||||||||||
Asia Pacific | $243 | 1.1% | 11.5% | $161 | 2.1% | 12.6% | 2,227 | $82 | -0.9% | 9.4% | 533 | 414 | 501 | |
Canada | 43 | -16.3% | 2.1% | 38 | -15.4% | 3.2% | 395 | 4 | -23.5% | -6.6% | 9 | 23 | 30 | |
CEMEA | 136 | 18.5% | 34.2% | 20 | 11.9% | 30.1% | 306 | 117 | 19.7% | 35.0% | 708 | 174 | 179 | |
LAC | 144 | -1.2% | 22.0% | 47 | -0.4% | 22.0% | 1,344 | 97 | -1.6% | 22.0% | 848 | 312 | 340 | |
US | 505 | -1.9% | -1.9% | 409 | -1.0% | -1.0% | 7,831 | 96 | -5.3% | -5.3% | 711 | 487 | 668 | |
Visa Inc. | 1,071 | 0.4% | 8.1% | 675 | -0.9% | 4.7% | 12,103 | 397 | 2.6% | 14.2% | 2,809 | 1,409 | 1,718 | |
Visa Credit Programs | ||||||||||||||
US | $231 | -9.0% | -9.0% | $203 | -6.9% | -6.9% | 2,380 | $28 | -21.7% | -21.7% | 28 | 258 | 335 | |
Rest of World | 266 | -2.3% | 11.2% | 228 | -1.6% | 11.5% | 3,228 | 37 | -5.9% | 9.4% | 148 | 415 | 478 | |
Visa Inc. | 496 | -5.5% | 1.4% | 431 | -4.2% | 2.5% | 5,608 | 65 | -13.4% | -5.8% | 176 | 673 | 813 | |
Visa Debit Programs | ||||||||||||||
US | ||||||||||||||