Visa Inc. Reports Fiscal Second Quarter 2013 Net Income of $1.3 billion or $1.92 per diluted share

- Broad-based net revenue growth of 15%

- Company repurchased 12 million shares during the quarter, leaving $1.0 billion in remaining authorization

May 01, 2013, 16:05 ET from Visa Inc.

FOSTER CITY, Calif., May 1, 2013 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal second quarter 2013 ended March 31, 2013.

Net income for the quarter was $1.3 billion or $1.92 per share, an increase of 17% and 20%, respectively, over the prior year adjusted results. The prior year results were adjusted to exclude a one-time non-cash benefit of $208 million related to the remeasurement of net deferred tax liabilities taken in the fiscal second quarter of 2012.

On a GAAP basis, net income for the quarter decreased 2% and diluted earnings per share increased 1% over the prior year.  All references to earnings per share assume fully-diluted class A share count unless otherwise noted. 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.

Net operating revenue in the fiscal second quarter of 2013 was $3.0 billion, an increase of 15% over the prior year, driven by strong 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's strong financial and operational performance reflects continued momentum across our core business during the fiscal second quarter," said Charlie Scharf, Chief Executive Officer. "To drive future transaction growth, we continue to invest in new technologies, channels and capabilities to make Visa transactions more valuable, accessible and secure. Looking ahead, we will continue to evolve our business practices to better support clients of all sizes."

Fiscal Second Quarter 2013 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months December 31, 2012, on which fiscal second quarter service revenue is recognized, was 9% over the prior year at $1.1 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2013, was 9% over the prior year at $1.0 trillion.

Cross-border volume growth, on a constant dollar basis, was 10% for the three months ended March 31, 2013.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2013, were 13.9 billion, a 6% increase over the prior year.

Fiscal second quarter 2013 service revenues were $1.4 billion, an increase of 10% 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 25% over the prior year to $1.2 billion. International transaction revenues, which are driven by cross-border activity, grew 13% over the prior year to $831 million. Other revenues, which include the Visa Europe licensing fee, were $175 million, a 2% decrease over the prior year. Client incentives, which are a contra revenue item, were $567 million and represent 16% of gross revenues.

Total operating expenses were $1.1 billion for the quarter, a 13% increase over the prior year, primarily due to personnel, marketing and network and processing fees associated with investments in technology projects to support our global growth initiatives.

The effective tax rate was 32% for the quarter ended March 31, 2013.

Cash, cash equivalents, and available-for-sale investment securities were $5.6 billion at March 31, 2013.

The weighted-average number of diluted class A common stock outstanding was 660 million for the quarter ended March 31, 2013.

Notable Events:

During the three months ended March 31, 2013, the Company repurchased 12 million shares of class A common stock, at an average price of $157.24 per share, using $1.8 billion of cash on hand. The Company has $1.0 billion of remaining funds authorized by the board of directors available for share repurchase.

As announced on April 24, 2013 the Board of Directors declared a quarterly dividend in the aggregate amount of $0.33 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on June 4, 2013, to all holders of record of the Company's class A, class B and class C common stock as of May 17, 2013.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metric for fiscal 2013:

  • Client incentives as a percent of gross revenues: 16% to 17% range; and
  • Adjusted annual diluted class A common stock earnings per share growth: Around 20%.  

Visa Inc. affirms its financial outlook for the following metrics for fiscal 2013:

  • Annual net revenue growth: Low double digits;
  • Marketing expenses: Under $1 billion; 
  • Annual operating margin: About 60%;
  • Tax rate: 30% to 32% range;
  • Capital expenditures: $425 million to $475 million range; and
  • Annual free cash flow: About $6 billion.

Fiscal Second Quarter 2013 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 Inc. 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 24,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit http://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 "outlook," "will," and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about our revenue, earnings per share, incentive payments, expenses, operating margin, tax rate, capital expenditures, free cash flow, consumer credit and debit volume and the growth of those items.

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

  • the impact of laws, regulations and marketplace barriers, including:
    • rules capping debit interchange reimbursement fees promulgated under the U.S. Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act;
    • rules under the Dodd-Frank Act expanding issuers' and merchants' choice among debit payment networks;
    • increased regulation outside the United States and in other product categories;
    • increased government support of national payment networks outside the United States; and
    • rules about consumer privacy and data use and security;
  • developments in litigation and government enforcement, including:
    • those affecting interchange reimbursement fees, antitrust and tax disputes; and
    • our failure to satisfy the conditions necessary to make the multidistrict litigation settlement effective;
  • economic factors, such as:
    • an increase or spread of the current European crisis involving sovereign debt and the euro;
    • the failure to raise the "debt ceiling" or to resolve the current sequestration in the United States;
    • cross-border activity and currency exchange rates;
    • material changes in our clients' performance compared to our estimates; and
    • other global economic, political and health conditions;
  • 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 compromises 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 and liquidity needs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;
  • loss of organizational effectiveness or key employees;
  • failure to integrate acquisitions successfully or to effectively launch new products and businesses; and

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

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 650-432-7644, ir@visa.com  Media Relations: Will Valentine, 650-432-2990, globalmedia@visa.com

 

 

VISA INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

March 31, 2013

September 30, 2012

(in millions, except par value data)

Assets

Cash and cash equivalents

$                   1,377

$                   2,074

Restricted cash—litigation escrow

49

4,432

Investment securities

Trading

72

66

Available-for-sale

1,270

677

Income tax receivable

1,163

179

Settlement receivable

488

454

Accounts receivable

802

723

Customer collateral

846

823

Current portion of client incentives

215

209

Deferred tax assets

421

2,027

Prepaid expenses and other current assets

211

122

Total current assets

6,914

11,786

Investment securities, available-for-sale

2,974

3,283

Client incentives

100

58

Property, equipment and technology, net

1,674

1,634

Other assets

331

151

Intangible assets, net

11,385

11,420

Goodwill

11,681

11,681

Total assets

$                 35,059

$                 40,013

Liabilities

Accounts payable

$                      118

$                      152

Settlement payable

722

719

Customer collateral

846

823

Accrued compensation and benefits

358

460

Client incentives

890

830

Accrued liabilities

599

584

Accrued litigation

6

4,386

Total current liabilities

3,539

7,954

Deferred tax liabilities

4,046

4,058

Other liabilities

579

371

Total liabilities

8,164

12,383

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, 519 and 535 shares issued

and outstanding at March 31, 2013, and September 30, 2012, respectively

Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and

outstanding at March 31, 2013, and September 30, 2012 

Class C common stock, $0.0001 par value, 1,097 shares authorized, 29 and 31 shares issued and

outstanding at March 31, 2013, and September 30, 2012, respectively

Additional paid-in capital

19,305

19,992

Accumulated income

7,723

7,809

Accumulated other comprehensive income (loss), net

Investment securities, available-for-sale

35

3

Defined benefit pension and other postretirement plans

(183)

(186)

Derivative instruments classified as cash flow hedges

16

13

Foreign currency translation adjustments

(1)

(1)

Total accumulated other comprehensive loss, net

(133)

(171)

Total equity

26,895

27,630

Total liabilities and equity

$                 35,059

$                 40,013

 

VISA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended March 31, 

Six Months Ended March 31,

2013

2012

2013

2012

(in millions, except per share data)

Operating Revenues

Service revenues

$          1,369

$          1,241

$          2,669

$          2,392

Data processing revenues

1,150

922

2,265

1,873

International transaction revenues

831

733

1,636

1,481

Other revenues

175

179

354

357

Client incentives

(567)

(497)

(1,120)

(978)

Total operating revenues

2,958

2,578

5,804

5,125

Operating Expenses

Personnel

486

431

940

820

Marketing

195

170

388

360

Network and processing

119

103

229

201

Professional fees

91

82

179

152

Depreciation and amortization

98

80

190

160

General and administrative

108

106

214

208

Litigation provision 

1

4

Total operating expenses

1,098

972

2,144

1,901

Operating income 

1,860

1,606

3,660

3,224

Non-operating (expense) income

(3)

3

(2)

2

Income before income taxes 

1,857

1,609

3,658

3,226

Income tax provision

587

317

1,095

907

Net income including non-controlling interest

1,270

1,292

2,563

2,319

Loss attributable to non-controlling interest

2

Net income attributable to Visa Inc.

$          1,270

$          1,292

$          2,563

$          2,321

Basic earnings per share 

   Class A common stock

$            1.93

$            1.92

$            3.87

$            3.41

   Class B common stock

$            0.81

$            0.82

$            1.63

$            1.56

   Class C common stock

$            1.93

$            1.92

$            3.87

$            3.41

Basic weighted-average shares outstanding 

   Class A common stock

524

524

528

522

   Class B common stock

245

245

245

245

   Class C common stock

28

42

29

44

Diluted earnings per share 

   Class A common stock

$            1.92

$            1.91

$            3.86

$            3.40

   Class B common stock

$            0.81

$            0.81

$            1.62

$            1.55

   Class C common stock 

$            1.92

$            1.91

$            3.86

$            3.40

Diluted weighted-average shares outstanding 

   Class A common stock

660

676

665

683

   Class B common stock

245

245

245

245

   Class C common stock 

28

42

29

44

 

VISA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended March 31,

2013

2012

(in millions)

Operating Activities

Net income including non-controlling interest

$                 2,563

$                 2,319

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

activities:

Amortization of client incentives

1,120

978

Share-based compensation

98

76

Excess tax benefit for share-based compensation

(56)

(27)

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

190

160

Deferred income taxes

1,580

(200)

Other

35

(36)

Change in operating assets and liabilities:

Income tax receivable

(984)

(30)

Settlement receivable

(34)

(96)

Accounts receivable

(79)

(95)

Client incentives

(1,108)

(724)

Other assets

(327)

(2)

Accounts payable

(15)

(94)

Settlement payable

3

253

Accrued and other liabilities

218

41

Accrued litigation 

(4,384)

(140)

Net cash (used in) provided by operating activities

(1,180)

2,383

Investing Activities

Purchases of property, equipment, technology and intangible assets

(211)

(162)

Proceeds from disposal of property, equipment and technology

2

Investment securities, available-for-sale:

Purchases

(1,854)

(2,140)

Proceeds from sales and maturities

1,616

1,530

Net cash used in investing activities

(449)

(770)

Financing Activities

Repurchase of class A common stock 

(3,073)

(75)

Dividends paid 

(437)

(300)

Deposits into litigation escrow account—retrospective responsibility plan

(1,565)

Payments from litigation escrow account—retrospective responsibility plan 

4,383

140

Cash proceeds from exercise of stock options 

84

77

Restricted stock and performance shares settled in cash for taxes

(64)

Excess tax benefit for share-based compensation 

56

27

Payment for earn-out related to PlaySpan acquisition

(12)

Principal payments on capital lease obligations 

(5)

(6)

Net cash provided by (used in) financing activities 

932

(1,702)

Effect of exchange rate changes on cash and cash equivalents

4

Decrease in cash and cash equivalents 

(697)

(85)

Cash and cash equivalents at beginning of year 

2,074

2,127

Cash and cash equivalents at end of period 

$                 1,377

$                 2,042

Supplemental Disclosure of Cash Flow Information

Income taxes paid, net of refunds

$                    421

$                 1,071

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

technology and intangible assets

$                      41

$                      52

 

VISA INC.

FISCAL 2013 AND 2012 QUARTERLY RESULTS OF OPERATIONS

(UNAUDITED)

Fiscal 2013 Quarter Ended

Fiscal 2012 Quarter Ended

March 31, 2013

December 31, 2012

September 30, 2012

June 30, 2012

March 31, 2012

(in millions)

Operating Revenues

Service revenues

$              1,369

$              1,300

$              1,264

$              1,216

$              1,241

Data processing revenues

1,150

1,115

1,062

1,040

922

International transaction revenues

831

805

796

748

733

Other revenues

175

179

172

175

179

Client incentives

(567)

(553)

(563)

(614)

(497)

Total operating revenues

2,958

2,846

2,731

2,565

2,578

Operating Expenses

Personnel

486

454

471

435

431

Marketing

195

193

271

242

170

Network and processing

119

110

111

102

103

Professional fees

91

88

134

99

82

Depreciation and amortization

98

92

89

84

80

General and administrative

108

106

131

112

106

Litigation provision

1

3

2

4,098

Total operating expenses

1,098

1,046

1,209

5,172

972

Operating income (loss)

1,860

1,800

1,522

(2,607)

1,606

Non-operating (expense) income

(3)

1

66

3

Income (loss) before income taxes

1,857

1,801

1,588

(2,607)

1,609

Income tax provision (benefit)

587

508

(74)

(768)

317

Net income (loss) attributable to Visa Inc.

$              1,270

$              1,293

$              1,662

$             (1,839)

$              1,292

 

VISA INC.

Reconciliation of Non-GAAP Financial Results

US$ in millions, except percentages and per share data

Our reported financial results for the three months ended March 31, 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"), which was recorded in our income tax provision during that period. We believe the presentation of adjusted net income and adjusted diluted earnings per share for the three months ended March 31, 2012, excluding the $208 million benefit, provides a clearer understanding of our operating performance in that period. The following table presents our financial results for the three months ended March 31, 2013, as compared to our adjusted financial results for the three months ended March 31, 2012.

Net income attributable to Visa Inc.

Fully-diluted earnings per share(1)

Three Months Ended March 31, 

Three Months Ended March 31, 

2013

2012

% Change

2013

2012

% Change

As reported

$     1,270

$     1,292

(2)%

$       1.92

$       1.91

1%

Impact of deferred tax adjustment

(208)

(0.31)

Adjusted 

$     1,270

$     1,084

17%

$       1.92

$       1.60

20%

Weighted-average number of diluted

shares outstanding (as reported)

660

676

(1) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on whole numbers, not the  rounded numbers presented.

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended March 31, 2013, as well as the prior four quarterly reporting periods and the 12 months ended March 31, 2013 and 2012, 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, 2013

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

$449

10.0%

12.1%

$296

10.1%

13.0%

3,122

$153

9.9%

10.5%

770

Canada

56

0.9%

1.1%

52

1.8%

2.0%

491

5

-8.8%

-8.6%

10

CEMEA

242

14.6%

16.7%

50

24.9%

28.4%

931

192

12.2%

14.0%

1,062

LAC

223

-11.0%

-4.4%

98

9.5%

19.2%

2,234

125

-22.5%

-17.3%

804

US         

636

3.4%

3.4%

529

4.1%

4.1%

10,364

107

-0.3%

-0.3%

830

Visa Inc.

1,607

4.2%

6.2%

1,025

7.1%

8.8%

17,144

581

-0.4%

2.0%

3,476

Visa Credit Programs

US

$255

9.2%

9.2%

$244

9.1%

9.1%

2,841

$12

12.6%

12.6%

15

Rest of World

442

7.4%

10.8%

395

8.2%

11.9%

4,587

47

1.7%

2.1%

179

Visa Inc.

697

8.1%

10.2%

638

8.5%

10.8%

7,429

59

3.7%

4.0%

193

Visa Debit Programs

US

$381

-0.2%

-0.2%

$285

0.3%

0.3%

7,523

$96

-1.6%

-1.6%

815

Rest of World

529

2.7%

6.2%

102

19.7%

24.4%

2,192

427

-0.6%

2.6%

2,467

Visa Inc.

910

1.5%

3.4%

387

4.7%

5.7%

9,715

523

-0.8%

1.8%

3,282

For the 3 Months Ended December 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

$459

12.1%

11.7%

$313

13.5%

12.6%

3,264

$145

9.2%

9.7%

755

570

670

Canada

67

10.4%

6.6%

62

11.1%

7.3%

561

5

2.1%

-1.4%

11

28

38

CEMEA

261

18.3%

19.8%

51

29.8%

32.3%

917

211

15.8%

17.1%

1,148

273

272

LAC

255

-3.0%

4.5%

103

10.7%

20.7%

2,355

152

-10.6%

-4.2%

938

402

431

US         

654

2.9%

2.9%

545

3.0%

3.0%

10,636

109

2.6%

2.6%

863

548

716

Visa Inc.

1,695

6.7%

7.9%

1,074

8.1%

8.6%

17,734

621

4.4%

6.8%

3,713

1,822

2,128

Visa Credit Programs

US

$274

10.5%

10.5%

$262

10.8%

10.8%

3,130

$12

4.5%

4.5%

16

217

277

Rest of World

477

10.8%

11.0%

424

12.0%

12.4%

4,843

52

2.3%

0.9%

196

460

518

Visa Inc.

751

10.7%

10.8%

687

11.5%

11.8%

7,974

64

2.7%

1.6%

212

677

795

Visa Debit Programs

US

$379

-2.0%

-2.0%

$282

-3.4%

-3.4%

7,506

$97

2.3%

2.3%

847

331

439

Rest of World

564

8.0%

11.6%

105

22.9%

27.2%

2,254

460

5.1%

8.6%

2,655

813

893

Visa Inc.

944

3.7%

5.7%

387

2.6%

3.3%

9,760

557

4.6%

7.5%

3,502

1,145

1,333

For the 3 Months Ended September 30, 2012

Total

Volume

($ billions)

Growth (Nominal USD)

Growth (Constant USD)

 Payments    Volume       ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash    Volume     ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)

Accounts (millions)

Cards (millions)

All Visa Credit & Debit

Asia Pacific

$429

6.7%

9.2%

$290

6.5%

8.2%

3,115

$139

7.3%

11.5%

693

558

659

Canada

62

2.3%

3.7%

57

2.8%

4.3%

528

5

-3.7%

-2.3%

11

27

35

CEMEA

238

11.9%

18.9%

47

27.0%

35.6%

805

191

8.8%

15.4%

1,070

264

265

LAC

239

-4.1%

9.8%

92

3.5%

19.8%

2,165

147

-8.3%

4.2%

909

395

424

US         

631

0.8%

0.8%

521

0.9%

0.9%

10,335

110

0.6%

0.6%

886

535

698

Visa Inc.

1,599

3.2%

6.9%

1,008

3.8%

5.9%

16,947

591

2.1%

8.5%

3,569

1,778

2,081

Visa Credit Programs

US

$261

8.2%

8.2%

$250

9.2%

9.2%

2,977

$11

-10.1%

-10.1%

16

213

273

Rest of World

441

4.9%

8.9%

392

6.2%

10.1%

4,593

49

-3.9%

0.1%

190

455

515

Visa Inc.

703

6.1%

8.6%

642

7.3%

9.8%

7,570

61

-5.1%

-2.0%

206

669

788

Visa Debit Programs

US

$370

-3.8%

-3.8%

$272

-5.8%

-5.8%

7,358

$98

2.0%

2.0%

870

322

426

Rest of World

526

4.6%

13.2%

95

11.4%

20.2%

2,019

432

3.2%

11.8%

2,493

788

868

Visa Inc.

896

0.9%

5.5%

366

-1.8%

-0.2%

9,376

530

3.0%

9.9%

3,364

1,110

1,293

For the 3 Months Ended June 30, 2012

Total

Volume

($ billions)

Growth (Nominal USD)

Growth (Constant USD)

 Payments    Volume       ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash    Volume     ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)

Accounts (millions)

Cards (millions)

All Visa Credit & Debit

Asia Pacific

$413

8.8%

11.2%

$277

11.5%

13.0%

3,001

$136

3.6%

7.6%

651

537

645

Canada

61

1.8%

6.3%

56

1.9%

6.4%

513

5

0.8%

5.2%

11

25

33

CEMEA

234

14.4%

23.4%

45

28.4%

39.2%

751

189

11.5%

20.2%

1,088

256

258

LAC

244

-0.3%

15.4%

88

3.2%

19.9%

2,055

155

-2.1%

13.0%

961

385

415

US         

619

-0.6%

-0.6%

513

-1.1%

-1.1%

10,024

107

1.5%

1.5%

861

524

682

Visa Inc.

1,570

3.9%

8.1%

978

3.9%

6.2%

16,344

592

3.9%

11.5%

3,572

1,726

2,032

Visa Credit Programs

US

$256

9.2%

9.2%

$246

9.7%

9.7%

2,887

$11

-0.4%

-0.4%

15

209

265

Rest of World

426

6.7%

11.2%

378

8.5%

12.9%

4,437

49

-5.6%

0.0%

192

451

511

Visa Inc.

683

7.6%

10.5%

623

9.0%

11.6%

7,324

59

-4.7%

-0.1%

207

660

776

Visa Debit Programs

US

$363

-6.6%

-6.6%

$267

-9.3%

-9.3%

7,137

$96

1.7%

1.7%

846

315

417

Rest of World

525

7.5%

17.7%

88

16.9%

28.3%

1,883

437

5.8%

15.8%

2,519

752

839

Visa Inc.

888

1.2%

6.4%

355

-3.9%

-2.2%

9,020

533

5.0%

13.0%

3,364

1,067

1,256

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%

14.0%

$269

16.6%

14.1%

2,874

$139

14.7%

13.9%

637

530

631

Canada

56

6.8%

8.8%

51

6.9%

8.9%

463

5

5.6%

7.5%

10

24

32

CEMEA

211

19.1%

24.2%

40

33.3%

40.3%

665

171

16.1%

20.9%

1,015

250

251

LAC

251

13.2%

18.6%

90

16.9%

22.8%

2,016

161

11.2%

16.4%

953

391

420

US         

616

7.0%

7.0%

508

6.5%

6.5%

10,119

108

9.3%

9.3%

880

521

676

Visa Inc.

1,541

11.8%

12.7%

958

11.1%

11.1%

16,138

584

13.0%

15.6%

3,495

1,716

2,009

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%

12.8%

365

14.9%

14.4%

4,229

47

0.8%

1.9%

182

453

513

Visa Inc.

645

12.6%

12.4%

588

13.8%

13.5%

6,828

57

1.6%

2.6%

197

658

778

Visa Debit Programs

US

$382

4.2%

4.2%

$284

2.4%

2.4%

7,520

$97

9.7%

9.7%

865

315

410

Rest of World

515

17.1%

20.7%

85

26.0%

29.7%

1,790

429

15.5%

19.1%

2,433

742

820

Visa Inc.

897

11.2%

12.9%

370

7.0%

7.5%

9,310

527

14.4%

17.2%

3,299

1,058

1,231

For the 12 Months Ended March 31, 2013

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

$1,749

9.4%

11.1%

$1,176

10.4%

11.7%

12,504

$573

7.6%

9.8%

2,868

Canada

246

3.9%

4.5%

227

4.5%

5.1%

2,093

20

-2.4%

-1.8%

43

CEMEA

975

14.8%

19.6%

193

27.5%

33.6%

3,404

782

12.1%

16.7%

4,368

LAC

961

-4.6%

6.0%

382

6.8%

19.9%

8,809

578

-10.9%

-1.5%

3,612

US         

2,540

1.6%

1.6%

2,107

1.7%

1.7%

41,359

433

1.1%

1.1%

3,440

Visa Inc.

6,471

4.5%

7.3%

4,085

5.7%

7.4%

68,169

2,386

2.5%

7.1%

14,330

Visa Credit Programs

US

$1,047

9.3%

9.3%

$1,001

9.7%

9.7%

11,835

$46

1.1%

1.1%

62

Rest of World

1,787

7.5%

10.5%

1,588

8.7%

11.8%

18,461

198

-1.5%

0.8%

756

Visa Inc.

2,833

8.2%

10.0%

2,590

9.1%

11.0%

30,297

244

-1.0%

0.8%

818

Visa Debit Programs

US

$1,493

-3.2%

-3.2%

$1,106

-4.6%

-4.6%

29,523

$387

1.1%

1.1%

3,378

Rest of World

2,144

5.7%

12.0%

389

17.8%

24.9%

8,349

1,755

3.3%

9.5%

10,134

Visa Inc.

3,638

1.9%

5.2%

1,495

0.4%

1.7%

37,872

2,142

2.9%

7.9%

13,512

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)

Accounts (millions)

Cards (millions)

All Visa Credit & Debit

Asia Pacific

$1,598

18.5%

13.2%

$1,066

21.0%

14.6%

11,469

$533

13.8%

10.4%

2,483

530

631

Canada

237

9.7%

7.4%

217

10.0%

7.7%

1,924

20

6.6%

4.3%

41

24

32

CEMEA

849

24.9%

25.8%

151

35.3%

37.4%

2,409

698

22.9%

23.5%

4,071

250

251

LAC

1,007

19.4%

19.2%

358

23.8%

23.7%

7,807

649

17.2%

16.9%

3,792

391

420

US         

2,500

8.4%

8.4%

2,072

8.3%

8.3%

41,640

428

8.8%

8.8%

3,568

521