2014

Visa Inc. Posts Strong Fiscal Third Quarter 2012 Earnings Results and Authorizes New $1 Billion Share Repurchase Program - Adjusted quarterly net income of $1.1 billion or $1.56 per diluted class A common share excluding a litigation provision and related tax benefit

- GAAP quarterly net loss of $1.8 billion inclusive of a litigation provision of $4.1 billion covered under the Company's Retrospective Responsibility Plan

- The Company authorized a new $1 billion share repurchase program and deposited $150 million into the litigation escrow

SAN FRANCISCO, July 25, 2012 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal third quarter 2012 ended June 30, 2012. On a GAAP basis, the Company reported a net loss of $1.8 billion, inclusive of a litigation provision of $4.1 billion, related to the previously announced settlement agreement in the Multi-District Litigation case. Visa's share will be paid from the previously funded litigation escrow account established pursuant to the Company's Retrospective Responsibility Plan.

Excluding the litigation provision of $4.1 billion and related tax benefit, adjusted net income for the quarter was $1.1 billion, or $1.56 per diluted class A common share, an increase of 25% over the prior year on an adjusted basis. The adjusted weighted-average number of diluted class A common shares outstanding during the third quarter was 675 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 third quarter of 2012 was $2.6 billion, an increase of 10% over the prior year and driven by strong double-digit growth in service revenues, data processing revenues and international transaction revenues. There was no significant impact on current quarter results related to the strengthening or weakening of the U.S. dollar over the prior year.

"Visa once again reported solid global growth in payments volume, cross border transactions and processed transactions outside the U.S., executing on our strategy of growing the electronification of payments worldwide. We are pleased that we were able to come to a resolution in the merchant litigation which was acceptable to most parties while ensuring the long-term health of the U.S. payments industry," said Joseph Saunders, chairman and chief executive officer of Visa Inc. "As we look forward, we remain focused on launching new payment solutions and products for our financial and merchant partners and consumers, while supporting the Visa brand and the advancement of electronic payments."

Fiscal Third Quarter 2012 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2012, on which fiscal third quarter service revenue is recognized, was a positive 11% over the prior year at $958 billion.

Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2012, was a positive 6% over the prior year at $979 billion.

Cross-border volume growth, on a constant dollar basis, was a positive 14% for the three months ended June 30, 2012.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2012, were 13.1 billion, a positive 1% increase over the prior year.

Fiscal third quarter 2012 service revenues were $1.2 billion, an increase of 15% 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 17% over the prior year to $1.0 billion. International transaction revenues, which are driven by cross-border activity, grew 13% over the prior year to $748 million. Other revenues, which include the Visa Europe licensing fee, were $175 million, a 7% increase over the prior year. Client incentives, which are a contra revenue item, were $614 million and represent 19% of gross revenues.

The Company recorded a $4.1 billion pre-tax provision, or $2.9 billion on an after-tax basis, in the fiscal third quarter of 2012. This represents the Company's financial portion in the settlement of the Multi-District Litigation case.

Excluding the litigation provision, total operating expenses increased 10% to $1.1 billion during the fiscal third quarter, primarily due to higher personnel expense and professional fees associated with investments in technology projects to support our growth initiatives.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $9.4 billion at June 30, 2012.

Excluding the litigation provision and the related tax benefit, the Company's adjusted effective tax rate was 29.2% for the quarter ended June 30, 2012. The Company's adjusted effective tax rate is a non-GAAP financial measure that is reconciled to its most directly comparable GAAP measure in the accompanying financial tables.

Notable Events:

During the three months ended June 30, 2012, the Company repurchased approximately 4.0 million class A common shares, at an average price of $115.51 per share, for a total cost of $461 million.

As announced on July 13, 2012, the Company, MasterCard and U.S. financial institution defendants signed a memorandum of understanding to enter into a settlement agreement to resolve the Class Plaintiffs' claims in the Multi-District Litigation case, and announced an agreement in principle to settle with the individual plaintiffs whose claims were consolidated into the case for pre-trial purposes. The proposed settlement payments for both the Class and individual claims would be approximately $6.6 billion, of which Visa's share would represent approximately $4.4 billion. Visa's share will be paid from the litigation escrow account established pursuant to the Company's Retrospective Responsibility Plan.

As announced on July 19, 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 September 4, 2012, to all holders of record of the Company's class A, class B and class C common stock as of August 17, 2012.

The Company's Board of Directors has authorized a new $1 billion class A share repurchase program. The authorization will be in place through July 2013, and is subject to further change at the discretion of the Board.

On July 24, 2012, the Company deposited $150 million into the litigation escrow account previously established under its Retrospective Responsibility Plan. Under the terms of the plan, when the Company funds the litigation escrow account, the value of the Company's class B shares – which are held by U.S. financial institutions and their affiliates and successors – is correspondingly adjusted via a reduction in the class B shareholders' as-converted share count. The $150 million deposit by the Company reduced the number of common shares outstanding on an as-converted basis from 104,452,843 to 103,257,583. The funding calculations were conducted in accordance with the Company's certificate of incorporation using the volume-weighted average price over the 3-day pricing period from July 19, 2012, through July 23, 2012. As a result of the deposit, the conversion rate applicable to the Company's class B common stock has decreased from 0.4254 to 0.4206 as of July 24, 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 in the 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;
  • Adjusted 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 (i) the impact of the litigation provision and related tax benefit recorded in Q3 2012; and (ii) a non-cash benefit related to the remeasurement of deferred tax liabilities recorded in the tax provision during Q2 2012. These deferred tax liabilities are primarily associated with indefinite-lived intangible assets recorded as part of Visa's October 2007 reorganization. Including the net impact of the litigation provision and remeasurement of deferred tax liabilities, the annual GAAP tax rate is expected to be between 30 – 31%.

Fiscal Third 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," "subject to," and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about the settlement of the multi-district interchange litigation 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, and also including our failure to satisfy the conditions necessary to make the multi-district litigation settlements effective;
  • 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
June 30,


Nine Months Ended
June 30,


2012


2011


2012


2011


(in millions, except per share data)

Operating Revenues








Service revenues

$ 1,216


$ 1,055


$ 3,608


$ 3,156

Data processing revenues

1,040


886


2,913


2,553

International transaction revenues

748


662


2,229


1,916

Other revenues

175


167


532


484

Client incentives

(614)


(448)


(1,592)


(1,304)

Total operating revenues

2,565


2,322


7,690


6,805









Operating Expenses








Personnel

435


363


1,255


1,071

Network and processing

102


91


303


251

Marketing

242


251


602


631

Professional fees

99


84


251


222

Depreciation and amortization

84


74


244


211

General and administrative

112


114


320


319

Litigation provision

4,098


-


4,098


6

Total operating expenses

5,172


977


7,073


2,711

Operating (loss) income

(2,607)


1,345


617


4,094









Other Income (Expense)








Interest expense

(11)


(11)


(28)


(19)

Investment income, net

12


88


31


107

Other

(1)


121


(1)


120

Total other income

-


198


2


208









(Loss) Income before income taxes

(2,607)


1,543


619


4,302

Income tax (benefit) provision

(768)


539


139


1,534

Net (loss) income including non-controlling interest

(1,839)


1,004


480


2,768

Loss attributable to non-controlling interest

-


1


2


2

Net (loss) income attributable to Visa Inc.

$(1,839)


$ 1,005


$ 482


$ 2,770









Basic (loss) earnings per share








Class A common stock

$ (2.74)


$ 1.43


$ 0.71


$ 3.90

Class B common stock

$ (1.16)


$ 0.70


$ 0.32


$ 1.97

Class C common stock

$ (2.74)


$ 1.43


$ 0.71


$ 3.90









Basic weighted-average shares outstanding








Class A common stock

525


521


523


506

Class B common stock

245


245


245


245

Class C common stock

40


59


43


78









Diluted (loss) earnings per share








Class A common stock

$ (2.74)


$ 1.43


$ 0.71


$ 3.89

Class B common stock

$ (1.16)


$ 0.70


$ 0.32


$ 1.96

Class C common stock

$ (2.74)


$ 1.43


$ 0.71


$ 3.89









Diluted weighted-average shares outstanding








Class A common stock

672


704


681


712

Class B common stock

245


245


245


245

Class C common stock

40


59


43


78

VISA INC.




CONSOLIDATED BALANCE SHEETS




(UNAUDITED)






June 30,


September 30,


2012


2011


(in millions, except par value data)

Assets




Cash and cash equivalents

$ 1,558


$ 2,127

Restricted cash - litigation escrow

4,282


2,857

Investment securities




Trading

63


57

Available-for-sale

682


1,214

Settlement receivable

443


412

Accounts receivable

793


560

Customer collateral

886


931

Current portion of client incentives

224


278

Deferred tax assets

1,645


489

Prepaid expenses and other current assets

323


265





Total current assets

10,899


9,190





Investment securities, available-for-sale

2,923


711

Client incentives

97


85

Property, equipment and technology, net

1,581


1,541

Other assets

123


129

Intangible assets, net

11,437


11,436

Goodwill

11,681


11,668





Total assets

$ 38,741


$ 34,760









Liabilities




Accounts payable

$ 111


$ 169

Settlement payable

747


449

Customer collateral

886


931

Accrued compensation and benefits

389


387

Client incentives

763


528

Accrued liabilities

574


562

Accrued litigation

4,384


425





Total current liabilities

7,854


3,451





Deferred tax liabilities

3,944


4,205

Other liabilities

785


667





Total liabilities

12,583


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

-


-

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

-


-

Class C common stock, $0.0001 par value, 1,097 shares authorized, 38 and 47 shares issued and outstanding at June 30, 2012, and September 30, 2011, respectively

-


-

Additional paid-in capital

19,922


19,907

Accumulated income

6,411


6,706

Accumulated other comprehensive income (loss), net




Investment securities, available-for-sale

1


-

Defined benefit pension and other postretirement plans

(189)


(186)

Derivative instruments classified as cash flow hedges

25


18

Foreign currency translation adjustments

(12)


(8)

Total accumulated other comprehensive loss, net

(175)


(176)

Total equity

26,158


26,437





Total liabilities and equity

$ 38,741


$ 34,760

VISA INC.






CONSOLIDATED STATEMENTS OF CASH FLOWS






(UNAUDITED)























Nine Months Ended June 30,




2012


2011





(in millions)


Operating Activities







Net income including non-controlling interest


$ 480


$ 2,768



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






Amortization of client incentives


1,592


1,304



Fair Value adjustment for the Visa Europe Put Option


-


(122)



Share-based compensation


112


122



Excess tax benefit for share-based compensation


(42)


(12)



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


244


211



Litigation provision and accretion


4,099


15



Deferred income taxes


(1,427)


169



Other


(34)


(107)



Change in operating assets and liabilities:






Trading securities


(6)


(5)



Settlement receivable


(31)


3



Accounts receivable


(231)


(70)



Client incentives


(1,315)


(1,144)



Other assets


(35)


30



Accounts payable


(58)


(47)



Settlement payable


298


52



Accrued compensation and benefits


-


(37)



Accrued and other liabilities


134


74



Accrued litigation


(140)


(200)



Net cash provided by operating activities


3,640


3,004









Investing Activities







Purchases of property, equipment and technology


(235)


(236)



Proceeds from disposal of property, equipment and technology


2


-



Purchases of intangible assets


(35)


-



Investment securities, available-for-sale:







Purchases


(3,326)


(50)



Proceeds from sales and maturities


1,640


35



Purchases of / contributions to other investments


(9)


(10)



Proceeds / distributions from other investments


23


104



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


(3)


(268)



Net cash used in investing activities


(1,943)


(425)










Financing Activities







Repurchase of class A common stock


(536)


(1,600)



Dividends paid


(448)


(320)



Deposits into litigation escrow account—retrospective responsibility plan


(1,565)


(1,200)



Payment from litigation escrow account—retrospective responsibility plan


140


210



Cash proceeds from exercise of stock options


111


63



Excess tax benefit for share-based compensation


42


12



Principal payments on debt


-


(9)



Principal payments on capital lease obligations


(6)


(10)



Net cash used in financing activities


(2,262)


(2,854)



Effect of exchange rate changes on cash and cash equivalents


(4)


8



Decrease in cash and cash equivalents


(569)


(267)



Cash and cash equivalents at beginning of year


2,127


3,867



Cash and cash equivalents at end of period


$ 1,558


$ 3,600










Supplemental Disclosure of Cash Flow Information







Income taxes paid, net of refunds


$ 1,575


$ 1,251



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


$ 85


$ 17



Interest payment on debt


$ -


$ 2


VISA INC.











FISCAL 2011 AND 2012 QUARTERLY RESULTS OF OPERATIONS











(UNAUDITED)


































Fiscal 2011 Quarter Ended


Fiscal 2012 Quarter Ended



June 30,
2011


September 30,
2011


December 31,
2011


March 31,
2012


June 30,
2012


(in millions)

Operating Revenues











Service revenues


$ 1,055


$ 1,105


$ 1,151


$ 1,241


$ 1,216

Data processing revenues


886


925


951


922


1,040

International transaction revenues


662


758


748


733


748

Other revenues


167


171


178


179


175

Client incentives


(448)


(576)


(481)


(497)


(614)

Total operating revenues


2,322


2,383


2,547


2,578


2,565












Operating Expenses











Personnel


363


388


389


431


435

Network and processing


91


106


98


103


102

Marketing


251


239


190


170


242

Professional fees


84


115


70


82


99

Depreciation and amortization


74


77


80


80


84

General and administrative


114


95


102


106


112

Litigation provision


-


1


-


-


4,098

Total operating expenses


977


1,021


929


972


5,172












Operating income (loss)


1,345


1,362


1,618


1,606


(2,607)












Other Income (Expense)











Interest expense


(11)


(13)


(10)


(7)


(11)

Investment income, net


88


1


10


9


12

Other


121


4


(1)


1


(1)

Total other income (expense)


198


(8)


(1)


3


-












Income (loss) before income taxes


1,543


1,354


1,617


1,609


(2,607)

Income tax provision (benefit)


539


476


590


317


(768)

Net income (loss) including non-controlling interest


1,004


878


1,027


1,292


(1,839)

Loss attributable to non-controlling interest


1


2


2


-


-

Net income (loss) attributable to Visa Inc.


$ 1,005


$ 880


$ 1,029


$ 1,292


$ (1,839)

VISA INC.

















Reconciliation of Non-GAAP Financial Results











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













































During the third quarter of fiscal 2012, we recorded a provision related to litigation subject to the retrospective responsibility plan of $4.1 billion and related tax benefits ("litigation provision adjustment"). Additionally, our reported financial results for the nine months ended June 30, 2012 benefited from a one-time non-cash adjustment of $208 million related to the remeasurement of our net deferred tax liabilities ("deferred tax adjustment") recorded in our income tax provision during the three months ended March 31, 2012. The deferred tax adjustment has no cash impact to us.
During the third quarter of fiscal 2011, we recorded a decrease of $122 million in the fair value of the Visa Europe put option ("revaluation of the Visa Europe put option"), which resulted in the recognition of non-cash, non-operating other income in our financial results. These amounts are not subject to income tax and therefore have no impact on our reported income tax provision. We believe the presentation of adjusted financial results excluding the litigation provision adjustment, the deferred tax adjustment, and the revaluation of the Visa Europe put option provides a clearer understanding of our operating performance for the respective periods.



Three Months Ended June 30,



Operating expenses


Operating margin(1)


Net (loss) income
attributable to Visa Inc.


Diluted (loss)
earnings per share(2)



2012


2011


2012


2011


2012


2011


2012


2011

As reported


$ 5,172


$ 977


(102)%


58%


$ (1,839)


$ 1,005


$ (2.74)


$ 1.43

Litigation provision


(4,098)


-


NM


-


2,894

(3)

-


4.30


-

Revaluation of Visa Europe put option


-


-


-


-


-


(122)


-


(0.17)

Adjusted


$ 1,074


$ 977


58%


58%


$ 1,055


$ 883


$ 1.56


$ 1.26

Diluted weighted-average shares outstanding (4)














675


704




Nine Months Ended June 30,



Operating expenses


Operating margin(1)


Net Income
attributable to Visa Inc.


Diluted earnings
per share(2)



2012


2011


2012


2011


2012


2011


2012


2011

As reported


$ 7,073


$ 2,711


8%


60%


$ 482


$ 2,770


$ 0.71


$ 3.89

Litigation provision


(4,098)


-


53%


-


2,894

(3)

-


4.25


-

Impact of deferred tax adjustment


-


-


-


-


(208)


-


(0.30)


-

Revaluation of Visa Europe put option


-


-


-


-


-


(122)


-


(0.17)

Adjusted


$ 2,975


$ 2,711


61%


60%


$ 3,168


$ 2,648


$ 4.66


$ 3.72

Diluted weighted-average shares
outstanding (as reported)














681


712


















(1) Operating margin is calculated as operating (loss) income divided by total operating revenues.









(2) Diluted (loss) earnings per share figures calculated based on whole numbers, not rounded numbers.








(3) The litigation provision adjustment to net (loss) income attributable to Visa Inc. is shown net of tax. The tax







impact is determined by applying applicable federal and state tax rates to the litigation provision and applying







related reserves for uncertain tax positions.









(4) For the three months ended June 30, 2012, the computation of adjusted diluted earnings per share included the







effect of 3 million incremental dilutive shares, which were excluded from the computation of reported diluted loss







per share as they are considered anti-dilutive when applied to a net loss.








VISA INC.
Reconciliation of Non-GAAP Financial Results
US$ in millions, except effective tax rate







The following table presents our adjusted effective income tax rates for the three and nine months ended June 30, 2012, which excludes the impact of the covered litigation provision of $4.1 billion recorded in the third quarter of fiscal 2012, and the one-time, non-cash benefit, of $208 million, resulting from the remeasurement of our net deferred tax liabilities in the second quarter of fiscal 2012. We believe the presentation of our adjusted effective income tax rates provides a clearer understanding of our operating performance for these periods. We believe the covered litigation provision and the one-time non-cash adjustment to remeasure our deferred taxes recorded in our effective income tax rates are not indicative of our financial performance in the current or future periods.









Three Months Ended June 30, 2012

Nine Months Ended June 30, 2012








Effective
tax rate(1)

Effective
tax rate(1)






As reported


29.5%

22.4%






Litigation Provision


(0.3)%

6.1%






Remeasurement of deferred
tax liabilities


-

4.4%






Adjusted


29.2%

32.9%















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












 

Operational Performance Data

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

















All Visa Credit & Debit














Asia Pacific

$412

8.7%

11.1%

$277

11.4%

12.9%

2,988

$135

3.6%

7.6%

651



Canada

62

3.5%

8.1%

57

3.7%

8.3%

513

5

1.7%

6.2%

12



CEMEA

232

13.4%

22.4%

45

29.8%

40.7%

745

187

10.1%

18.7%

1,083



LAC

246

0.7%

16.5%

88

3.0%

19.8%

2,066

158

-0.6%

14.8%

964



US

618

-0.9%

-0.9%

512

-1.1%

-1.1%

10,036

106

0.1%

0.1%

861



Visa Inc.

1,570

3.9%

8.1%

979

4.0%

6.3%

16,349

591

3.7%

11.2%

3,570

















Visa Credit Programs














US

$256

9.3%

9.3%

$246

9.8%

9.8%

2,880

$11

-0.6%

-0.6%

15



Rest of World

426

6.6%

11.1%

379

8.8%

13.2%

4,426

48

-8.2%

-2.7%

191



Visa Inc.

682

7.6%

10.4%

624

9.2%

11.8%

7,306

58

-6.9%

-2.3%

206

















Visa Debit Programs














US

$362

-7.1%

-7.1%

$266

-9.4%

-9.4%

7,157

$95

0.2%

0.2%

846



Rest of World

526

7.8%

18.0%

88

17.1%

28.5%

1,887

438

6.1%

16.1%

2,518



Visa Inc.

888

1.2%

6.3%

355

-4.0%

-2.3%

9,044

533

5.0%

12.9%

3,364







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%

14.3%

$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%

7.6%

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

6.9%

6.9%

508

6.5%

6.5%

10,115

108

8.8%

8.8%

880

536

691

Visa Inc.

1,541

11.8%

12.9%

958

11.1%

11.2%

16,134

584

12.9%

15.8%

3,495

1,732

2,025















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%

6,829

57

1.6%

2.9%

197

658

778















Visa Debit Programs














US

$382

4.0%

4.0%

$284

2.4%

2.4%

7,516

$97

9.1%

9.1%

865

331

426

Rest of World

515

17.1%

21.0%

85

25.9%

29.5%

1,790

429

15.5%

19.4%

2,433

742

820

Visa Inc.

897

11.2%

13.1%

370

7.0%

7.6%

9,306

527

14.3%

17.4%

3,299

1,074

1,246





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%

11.5%

$276

15.1%

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%

10,608

106

7.9%

7.9%

879

552

704

Visa Inc.

1,588

11.3%

12.4%

993

10.6%

10.6%

16,768

595

12.4%

15.5%

3,574

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%

4,366

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

5.9%

5.9%

$292

5.4%

5.4%

7,800

$95

7.6%

7.6%

863

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

11.0%

13.2%

377

8.4%

9.1%

9,593

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%

10,487

109

9.0%

9.0%

907

509

655

Visa Inc.

1,550

17.4%

13.7%

971

17.0%

13.4%

16,337

579

18.0%

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%

15.6%

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%

889

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%

13.5%

$248

25.5%

15.1%

2,758

$131

17.6%

10.7%

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%

26.9%

35

41.6%

35.7%

532

170

30.5%

25.3%

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%

14.6%

941

17.4%

13.4%

15,997

570

22.2%

16.6%

3,415

1,615

1,906















Visa Credit Programs














US

$235

9.5%

9.5%

$224

9.9%

9.9%

2,570

$11

2.1%

2.1%

17

199

258

Rest of World

400

25.0%

15.6%

348

25.3%

15.8%

4,042

52

22.6%

14.4%

179

448

509

Visa Inc.

634

18.8%

13.2%

572

18.8%

13.3%

6,612

62

18.6%

12.0%

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%

20.6%

75

36.6%

27.4%

1,538

413

26.3%

19.5%

2,334

667

744

Visa Inc.

877

19.4%

15.6%

369

15.2%

13.6%

9,385

508

22.6%

17.2%

3,219

968

1,140





For the 12 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)

















All Visa Credit & Debit














Asia Pacific

$1,631

15.0%

12.6%

$1,094

17.5%

14.0%

11,698

$537

10.2%

9.9%

2,534



Canada

239

7.1%

7.5%

219

7.3%

7.7%

1,964

20

4.4%

4.9%

42



CEMEA

876

20.1%

24.6%

161

32.5%

38.4%

2,623

715

17.6%

21.9%

4,162



LAC

1,009

11.8%

17.8%

360

15.4%

21.8%

8,056

648

9.9%

15.7%

3,844



US

2,495

5.5%

5.5%

2,066

5.3%

5.3%

41,247

429

6.3%

6.3%

3,527



Visa Inc.

6,250

10.8%

11.7%

3,900

10.5%

10.3%

65,588

2,350

11.5%

14.1%

14,109

















Visa Credit Programs














US

$980

10.4%

10.4%

$935

10.4%

10.4%

10,952

$45

10.3%

10.3%

64



Rest of World

1,688

13.8%

12.9%

1,491

15.2%

14.0%

17,239

197

4.4%

5.4%

744



Visa Inc.

2,668

12.6%

12.0%

2,426

13.3%

12.6%

28,192

242

5.5%

6.3%

808

















Visa Debit Programs














US

$1,515

2.5%

2.5%

$1,131

1.4%

1.4%

30,295

$384

5.9%

5.9%

3,463



Rest of World

2,067

15.4%

19.1%

343

25.1%

28.6%

7,102

1,724

13.7%

17.4%

9,838



Visa Inc.

3,582

9.6%

11.5%

1,474

6.1%

6.6%

37,396

2,108

12.2%

15.1%

13,302







For the 12 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

$1,419

17.8%

11.4%

$931

20.6%

13.6%

10,836

$488

12.7%

7.3%

2,363

495

588

Canada

224

12.1%

7.5%

204

11.8%

7.1%

1,810

20

16.1%

11.3%

38

25

34

CEMEA

729

26.8%

25.4%

122

33.9%

31.7%

1,911

607

25.4%

24.2%

3,714

230

232

LAC

902

25.6%

20.6%

312

30.0%

25.8%

7,013

590

23.4%

18.0%

3,558

365

398

US

2,365

11.2%

11.2%

1,962

11.9%

11.9%

39,763

404

7.8%

7.8%

3,470

499

654

Visa Inc.

5,639

16.9%

14.1%

3,531

16.2%

13.7%

61,332

2,108

18.0%

14.7%

13,143

1,615

1,906















Visa Credit Programs














US

$887

6.4%

6.4%