2014

Visa Inc. Reports Strong Fiscal Fourth Quarter and Full-Year 2013 Earnings Results and Authorizes New $5.0 Billion Share Repurchase Program -- Quarterly net income of $1.2 billion or $1.85 per diluted class A common share, an increase of 15% and 20%, respectively

-- Full-year 2013 net income of $5.0 billion or $7.59 per diluted class A common share, an increase of 18% and 23%, respectively

-- The Company authorizes a new $5.0 billion repurchase, in addition to the previously announced 21% quarterly dividend increase

FOSTER CITY, Calif., Oct. 30, 2013 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal fourth quarter and full-year 2013. Net income for the fiscal fourth quarter was $1.2 billion or $1.85 per share, an increase of 15% and 20%, respectively, over the prior year adjusted results. Net income for the fiscal full-year 2013 was $5.0 billion or $7.59 per share, an increase of 18% and 23%, respectively, over the prior year adjusted results. Prior year results were adjusted to remove the impact of special items that were either non-recurring, had no cash impact or were related to amounts covered by the retrospective responsibility plan.

All references to earnings per share assume fully-diluted class A share count unless otherwise noted. The Company's adjusted quarterly and full-year net income per share of class A common stock for fiscal year 2012 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 fourth quarter 2013 was $3.0 billion, an increase of 9% over the prior year. Net operating revenue for the full-year 2013 was $11.8 billion, an increase of 13% over the prior year and driven by double-digit revenue growth contributions from service, data processing and international transaction revenues. The strengthening of the U.S. dollar impacted net operating revenues by approximately 1.5 percentage points of negative growth in the fiscal fourth quarter and approximately 1 percentage point of negative growth in the fiscal full-year.

"Visa delivered strong financial performance during the fourth quarter and full year across our global businesses, a reflection of solid revenue and transaction growth.  We continued investing in high growth regions of the world, in products and technology to drive our performance, while maintaining disciplined expense control. We also have been consistent and decisive in returning excess cash to shareholders and maintain this commitment," said Charlie Scharf, Chief Executive Officer of Visa Inc.  "Both the increase in our quarterly dividend payment by 21% to $0.40 per share and our new $5 billion share repurchase authorization reflects this and our continued confidence in our ability to grow our business over the long term globally."

Fiscal Fourth Quarter 2013 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2013, on which fiscal fourth quarter service revenue is recognized, was 13% over the prior year at $1.1 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2013, was 13% over the prior year at $1.1 trillion.

Cross-border volume growth, on a constant dollar basis, was 11% for the three months ended September 30, 2013.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2013, were 15.5 billion, a 14% increase over the prior year.

Fiscal fourth quarter 2013 service revenues were $1.4 billion, an increase of 10% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 12% over the prior year to $1.2 billion. International transaction revenues, which are driven by cross-border volume, grew 13% over the prior year to $899 million. Other revenues, which include the Visa Europe licensing fee, were $183 million, a 6% increase over the prior year. Client incentives, which are a contra revenue item, were $680 million and represent 18.6% of gross revenues.

Total operating expenses were $1.2 billion for the quarter, a 1% increase over the prior year. Current quarter results include a restructuring reserve equivalent to approximately four cents of earnings per share.

The effective tax rate was 32.5% for the quarter ended September 30, 2013.

Cash, cash equivalents, and available-for-sale investment securities were $6.9 billion at September 30, 2013.

The weighted-average number of diluted shares of class A common stock outstanding was 644 million for the quarter ended September 30, 2013.

Fiscal Full-Year 2013 Financial Highlights:

For the fiscal full-year 2013, service revenues were $5.4 billion, an increase of 10% over the prior year. Data processing revenues rose 17% over the prior year to $4.6 billion. International transaction revenues, which are driven by cross-border volume, grew 12% over the prior year to $3.4 billion. Other revenues, which include the Visa Europe licensing fee, were $716 million, a 2% increase over the prior year. Client incentives, which are a contra revenue item, were $2.3 billion and represent 16.5% of gross revenues.

Total processed transactions, which represent transactions processed by VisaNet for the twelve months ended September 30, 2013, totaled 58 billion, a 10% increase over the prior year.

Total operating expenses were $4.5 billion for the twelve months ended September 30, 2013, an 8% increase over the prior year adjusted results, mainly due to personnel, network and processing fees, and depreciation and amortization primarily associated with investments in technology projects to support the Company's global growth initiatives.

The effective tax rate was 31.4% for the twelve months ended September 30, 2013.

The weighted-average number of diluted shares of class A common stock outstanding was 656 million for the twelve months ended September 30, 2013.

Notable Events:

During the three months ended September 30, 2013, the Company repurchased 7 million shares of class A common stock, at an average price of $177.47 per share, using $1.3 billion of cash on hand.  At September 30, 2013, the Company had $251 million of remaining funds, authorized by the Board of Directors, available for share repurchase under the current program. During the twelve months ended September 30, 2013, the Company repurchased 33 million shares of class A common stock, at an average price of $161.94 per share, using $5.4 billion of cash on hand.

As announced on October 23, 2013, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.40 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on December 3, 2013, to all holders of record of the Company's class A, class B and class C common stock as of November 15, 2013.

The Board of Directors has authorized a new $5.0 billion class A common stock share repurchase program. The shares may be repurchased from time to time as market conditions warrant, and authorization for the program is subject to further change at the discretion of the Board.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metric for fiscal full-year 2014:

  • Annual net revenue growth: Low double-digits on a constant dollar basis, with an expectation of two percentage points of negative foreign currency impact.

Visa Inc. provides its financial outlook for the following metrics for fiscal full-year 2014:

  • Client incentives as a percent of gross revenues: 16.5% to 17.5% range; and
  • Annual operating margin: Low 60s.

Visa Inc. affirms its financial outlook for the following metrics for fiscal full-year 2014:

  • Annual diluted class A common stock earnings per share growth: Mid to high teens; and
  • Annual free cash flow: About $5 billion.

Visa Inc. will no longer be providing financial metrics for marketing expense, capital expenditures and tax rate.

Fiscal Fourth 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 is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 30,000 transaction messages a second, with fraud protection for consumers and assured 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, pay ahead of time with prepaid or pay later with credit products. For more information, visit 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. Forward-looking statements generally are identified by words such as "outlook," "will," "believes," "continues," and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, earnings per share, 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 not statements of historical fact or guarantees of future performance, and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify.  Therefore, actual results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following:

  • the impact of laws, regulations and marketplace barriers, including:
    • rules capping debit interchange reimbursement rates and expanding financial institutions' and merchants' choices among debit payment networks promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act;
    • increased regulation in jurisdictions outside of the United States and in other product categories;
    • increased government support of national payment networks outside the United States; and
    • increased regulation on consumer privacy, data use and security;
  • developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax;
  • new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings;
  • economic factors, such as:
    • economic fragility in the Eurozone and in the United States;
    • general economic, political and social conditions in mature and emerging markets globally;
    • material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates; and
    • material changes in our financial institution clients' performance compared to our estimates;
  • industry developments, such as competitive pressure, rapid technological developments, and disintermediation from our payments network;
  • 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 Visa-branded cards or payment products; and
    • failure to maintain systems interoperability with Visa Europe;
  • costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;
  • the loss of organizational effectiveness or key employees;
  • the failure to integrate acquisitions successfully or to effectively develop new products and businesses;
  • natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and

various other factors discussed in Risk Factors and Management's Discussion and Analysis of Financial Condition and Result of Operations in our Annual Report on Form 10−K for the year ended September 30, 2012 and our most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, on file with the U.S. Securities and Exchange Commission. Additional information will also be available in our Annual Report on Form 10-K for the year ended September 30, 2013. You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 650-432-7644, ir@visa.com

Media Relations: Paul Cohen, 650-432-2990, globalmedia@visa.com

 

VISA INC.





CONSOLIDATED BALANCE SHEETS





(UNAUDITED)







 September 30,
2013 


September 30,
2012



(in millions, except par value data)

Assets





Cash and cash equivalents

$

2,186

$

2,074

Restricted cash—litigation escrow


49


4,432

Investment securities:





Trading


75


66

Available-for-sale


1,994


677

Income tax receivable


142


179

Settlement receivable


799


454

Accounts receivable


761


723

Customer collateral


866


823

Current portion of client incentives


282


209

Deferred tax assets


481


2,027

Prepaid expenses and other current assets


187


122






Total current assets


7,822


11,786






Investment securities, available-for-sale


2,760


3,283

Client incentives


89


58

Property, equipment and technology, net


1,732


1,634

Other assets


521


151

Intangible assets, net


11,351


11,420

Goodwill


11,681


11,681






Total assets

$

35,956

$

40,013






Liabilities





Accounts payable

$

184

$

152

Settlement payable


1,225


719

Customer collateral


866


823

Accrued compensation and benefits


523


460

Client incentives


919


830

Accrued liabilities


613


584

Accrued litigation


5


4,386






Total current liabilities


4,335


7,954






Deferred tax liabilities


4,149


4,058

Other liabilities


602


371






Total liabilities


9,086


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, 508 and 535 shares issued
and outstanding at September 30, 2013 and 2012, respectively



Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding
at September 30, 2013 and 2012 



Class C common stock, $0.0001 par value, 1,097 shares authorized, 27 and 31 shares issued and
outstanding at September 30, 2013 and 2012, respectively



Additional paid-in capital


18,875


19,992

Accumulated income


7,974


7,809

Accumulated other comprehensive income (loss), net





Investment securities, available-for-sale


59


3

Defined benefit pension and other postretirement plans


(60)


(186)

Derivative instruments classified as cash flow hedges


23


13

Foreign currency translation adjustments


(1)


(1)






Total accumulated other comprehensive income (loss), net


21


(171)






Total equity


26,870


27,630






Total liabilities and equity

$

35,956

$

40,013

VISA INC.









CONSOLIDATED STATEMENTS OF OPERATIONS







(UNAUDITED)




















Three Months Ended
September 30, 


Twelve Months Ended
September 30,



2013


2012


2013


2012



(in millions, except per share data)

Operating Revenues









Service revenues

$

1,385

$

1,264

$

5,352

$

4,872

Data processing revenues


1,186


1,062


4,642


3,975

International transaction revenues


899


796


3,389


3,025

Other revenues


183


172


716


704

Client incentives


(680)


(563)


(2,321)


(2,155)

Total operating revenues


2,973


2,731


11,778


10,421










Operating Expenses









Personnel


499


471


1,932


1,726

Marketing


236


271


876


873

Network and processing


122


111


468


414

Professional fees


130


134


412


385

Depreciation and amortization


106


89


397


333

General and administrative


129


131


451


451

Litigation provision 



2


3


4,100










Total operating expenses


1,222


1,209


4,539


8,282










Operating income


1,751


1,522


7,239


2,139










Non-operating income


15


66


18


68










Income before income taxes 


1,766


1,588


7,257


2,207

Income tax provision (benefit)


574


(74)


2,277


65










Net income including non-controlling interest


1,192


1,662


4,980


2,142

Loss attributable to non-controlling interest





2










Net income attributable to Visa Inc.

$

1,192

$

1,662

$

4,980

$

2,144










Basic earnings per share 









   Class A common stock

$

1.86

$

2.48

 

$

7.61

$

3.17










   Class B common stock

$

0.78

$

1.05

$

3.20

$

1.40










   Class C common stock

$

1.86

$

2.48

$

7.61

$

3.17










Basic weighted-average shares outstanding 









   Class A common stock


509


528


520


524










   Class B common stock


245


245


245


245










   Class C common stock


27


35


28


41










Diluted earnings per share 









   Class A common stock

$

1.85

$

2.47

$

7.59

$

3.16










   Class B common stock

$

0.78

$

1.04

$

3.19

$

1.39










   Class C common stock 

$

1.85

$

2.47

$

7.59

$

3.16










Diluted weighted-average shares outstanding 









   Class A common stock


644


672


656


678










   Class B common stock


245


245


245


245










   Class C common stock 


27


35


28


41

 

VISA INC.







CONSOLIDATED STATEMENTS OF CASH FLOWS







(UNAUDITED)
















For the Years Ended September 30,



2013


2012


2011



(in millions)

Operating Activities







Net income including non-controlling interest

$

4,980

$

2,142

$

3,646

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







Amortization of client incentives


2,321


2,155


1,880

Share-based compensation


179


147


154

Excess tax benefit for share-based compensation


(74)


(71)


(18)

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


397


333


288

Deferred income taxes


1,527


(1,690)


164

Litigation provision and accretion


3


4,101


18

Fair value adjustment for the Visa Europe put option


-


-


(122)

Other


50


(8)


(104)

Change in operating assets and liabilities:







Income tax receivable


37


(67)


28

Settlement receivable


(345)


(42)


(4)

Accounts receivable


(38)


(161)


(79)

Client incentives


(2,336)


(1,757)


(1,857)

Other assets


(543)


41


(26)

Accounts payable


40


(17)


29

Settlement payable


506


270


36

Accrued and other liabilities


702


(227)


129

Accrued litigation 


(4,384)


(140)


(290)

Net cash provided by operating activities


3,022


5,009


3,872








Investing Activities







Purchases of property, equipment, technology and intangible assets


(471)


(376)


(353)

Proceeds from disposal of property, equipment and technology


-


2


-

Investment securities, available-for-sale:







Purchases


(3,164)


(4,140)


(1,910)

Proceeds from sales and maturities


2,440


2,093


129

Purchases of / contributions to other investments


(3)


(12)


(13)

Proceeds / distributions from other investments


34


22


116

Acquisitions, net of cash received


-


(3)


(268)

Net cash used in investing activities


(1,164)


(2,414)


(2,299)








Financing Activities







Repurchase of class A common stock 


(5,365)


(710)


(2,024)

Dividends paid 


(864)


(595)


(423)

Deposits into litigation escrow account—retrospective responsibility plan


-


(1,715)


(1,200)

Payments from litigation escrow account—retrospective responsibility plan 


4,383


140


280

Cash proceeds from exercise of stock options 


108


174


99

Restricted stock and performance shares settled in cash for taxes


(64)


-


-

Excess tax benefit for share-based compensation 


74


71


18

Payments for earn-out related to PlaySpan acquisition


(12)


(14)


-

Principal payments on capital lease obligations 


(6)


(6)


(10)

Principal payments on debt


-


-


(44)

Net cash used in financing activities 


(1,746)


(2,655)


(3,304)

Effect of exchange rate changes on cash and cash equivalents


-


7


(9)

Increase (decrease) in cash and cash equivalents 


112


(53)


(1,740)

Cash and cash equivalents at beginning of year 


2,074


2,127


3,867

Cash and cash equivalents at end of year

$

2,186

$

2,074

$

2,127








Supplemental Disclosures







Income taxes paid, net of refunds

$

595

$

2,057

$

1,731

Non-cash accruals related to purchases of property, equipment, technology and intangible assets

$

46

$

67

$

36

Interest payments on debt

$

-

$

-

$

3








 

VISA INC.











FISCAL 2013 AND 2012 QUARTERLY RESULTS OF OPERATIONS

(UNAUDITED)
























Fiscal 2013 Quarter Ended


Fiscal 2012
Quarter Ended














September 30,
2013


June 30,
2013


March 31,
2013


December 31,
2012


September 30,
2012














(in millions)

Operating Revenues











Service revenues

$

1,385

$

1,298

$

1,369

$

1,300

$

1,264

Data processing revenues


1,186


1,191


1,150


1,115


1,062

International transaction revenues


899


854


831


805


796

Other revenues


183


179


175


179


172

Client incentives


(680)


(521)


(567)


(553)


(563)












Total operating revenues


2,973


3,001


2,958


2,846


2,731












Operating Expenses











Personnel


499


493


486


454


471

Marketing


236


252


195


193


271

Network and processing


122


117


119


110


111

Professional fees


130


103


91


88


134

Depreciation and amortization


106


101


98


92


89

General and administrative


129


108


108


106


131

Litigation provision



(1)


1


3


2












Total operating expenses


1,222


1,173


1,098


1,046


1,209












Operating income


1,751


1,828


1,860


1,800


1,522












Non-operating income (expense)


15


5


(3)


1


66












Income before income taxes


1,766


1,833


1,857


1,801


1,588

Income tax provision (benefit)


574


608


587


508


(74)












Net income attributable to Visa Inc.

$

1,192

$

1,225

$

1,270

$

1,293

$

1,662

 

VISA INC.









Reconciliation of Non-GAAP Financial Results—Fourth Quarter

US$ in millions, except per share data












During the fourth quarter of fiscal 2012, the IRS issued a revised Revenue Agent Report effectively withdrawing its proposed adjustment, which would have disallowed the deduction of payments made in fiscal 2008 to settle the American Express litigation. As a result, during that quarter, we reevaluated and reversed all previously recorded tax reserves and accrued interest associated with the deductibility of covered litigation expense ("reversal of tax reserves"), which increased our net income by $627M for that quarter. These adjustments were non-recurring in nature and not indicative of our financial performance in that or future periods. As such, we believe the presentation of adjusted financial results excluding these amounts provides a clearer understanding of our operating performance for that period.
























Three Months Ended September 30,




Net income attributable
to Visa Inc.


Diluted earnings
per share(1)




2013


2012


2013


2012

As reported

$

1,192

$

1,662

$

1.85

$

2.47

Reversal of tax reserves


-


(627)


-


(0.93)

Adjusted

$

1,192

$

1,035

$

1.85

$

1.54

Diluted weighted-average shares outstanding






644


672











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

 

VISA INC.

















Reconciliation of Non-GAAP Financial Results—Full Year

 

US$ in millions, except percentages and per share data



















Our financial results for fiscal 2012 were impacted by the following special items:



















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



















- Litigation provision.During the third quarter of fiscal 2012, we recorded a provision of $4.1 billion and related tax benefits associated with litigation covered by the retrospective responsibility plan (the "plan").



















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



















We believe inclusion of these items was not indicative of our financial performance in that or future periods, as amounts were either non-recurring, had no cash impact or are covered by the plan. As such, we believe the presentation of our adjusted financial results provides a clearer understanding of our operating performance for that period.






















Twelve Months Ended September 30,




Operating expenses


Operating margin(1)


Net income attributable to Visa Inc.


Diluted earnings
per share(2)




2013


2012


2013


2012


2013


2012


2013


2012

As reported

$

4,539

$

8,282


61%


21%

$

4,980

$

2,144

$

7.59

$

3.16

Reversal of tax reserves


-


-


-


-


-


(326)


-


(0.48)

Litigation provision


-


(4,098)


-


39%


-


2,593


-


3.82

Impact of deferred tax adjustment


-


-


-


-


-


(208)


-


(0.31)

Adjusted

$

4,539

$

4,184


61%


60%

$

4,980

$

4,203

$

7.59

$

6.20

Diluted weighted-average shares
outstanding














656


678



















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

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

 

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended September 30, 2013, as well as the prior four quarterly reporting periods and the 12 months ended September 30, 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 September 30, 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

$464

8.1%

13.5%

$314

8.3%

14.6%

3,551

$150

7.6%

11.3%

857

Canada

65

4.3%

9.1%

60

4.5%

9.3%

599

5

1.5%

6.1%

11

CEMEA

262

11.0%

14.9%

57

26.7%

32.6%

1,120

205

7.3%

10.7%

1,105

LAC

259

1.6%

11.8%

98

4.6%

16.3%

2,342

161

-0.2%

9.2%

995

US         

692

9.3%

9.3%

575

10.3%

10.3%

11,395

117

4.7%

4.7%

931

Visa Inc.

1,741

7.8%

11.6%

1,104

9.6%

12.9%

19,007

637

4.9%

9.3%

3,900













Visa Credit Programs












US

$290

10.9%

10.9%

$277

11.0%

11.0%

3,322

$12

8.2%

8.2%

16

Rest of World

470

6.2%

12.8%

420

6.8%

13.9%

5,122

50

1.6%

4.9%

194

Visa Inc.

760

8.0%

12.1%

697

8.5%

12.7%

8,445

63

2.8%

5.5%

211













Visa Debit Programs












US

$402

8.2%

8.2%

$298

9.6%

9.6%

8,072

$104

4.3%

4.3%

914

Rest of World

579

7.4%

13.4%

109

17.5%

24.7%

2,490

470

5.3%

11.0%

2,775

Visa Inc.

981

7.7%

11.2%

407

11.6%

13.3%

10,562

575

5.1%

9.7%

3,689



















For the 3 Months Ended June 30, 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)

Accounts (millions)

Cards (millions)















All Visa Credit & Debit














Asia Pacific

$456

10.6%

13.2%

$304

9.7%

13.7%

3,354

$152

12.4%

12.2%

818

592

692

Canada

64

5.1%

5.8%

59

5.5%

6.2%

568

5

0.7%

1.3%

11

31

40

CEMEA

263

13.4%

15.7%

55

28.1%

32.0%

1,047

208

10.0%

12.0%

1,147

291

289

LAC

270

9.4%

12.5%

101

13.1%

17.7%

2,305

169

7.4%

9.6%

975

401

430

US         

685

10.4%

10.4%

571

11.3%

11.3%

11,213

115

5.8%

5.8%

906

545

708

Visa Inc.

1,739

10.5%

12.0%

1,089

11.4%

13.2%

18,486

650

9.0%

10.2%

3,856

1,860

2,159















Visa Credit Programs














US

$282

10.1%

10.1%

$270

10.0%

10.0%

3,186

$12

11.6%

11.6%

15

206

280

Rest of World

463

8.2%

11.8%

412

8.7%

12.7%

4,915

51

4.2%

5.3%

199

466

525

Visa Inc.

745

8.9%

11.2%

682

9.3%

11.6%

8,101

63

5.5%

6.4%

214

672

805















Visa Debit Programs














US

$403

10.5%

10.5%

$300

12.5%

12.5%

8,027

$103

5.1%

5.1%

891

339

428

Rest of World

591

12.6%

14.2%

107

23.9%

26.1%

2,358

484

10.4%

11.8%

2,752

848

926

Visa Inc.

994

11.7%

12.7%

407

15.3%

15.8%

10,385

587

9.4%

10.6%

3,643

1,187

1,354



















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)

Accounts (millions)

Cards (millions)















All Visa Credit & Debit














Asia Pacific

$449

10.1%

12.2%

$295

9.9%

12.8%

3,116

$154

10.6%

11.2%

755

581

682

Canada

56

0.3%

0.5%

51

1.3%

1.5%

489

5

-9.5%

-9.3%

10

29

38

CEMEA

242

15.2%

17.4%

50

28.1%

31.8%

932

192

12.3%

14.1%

1,070

278

277

LAC

262

5.0%

12.7%

99

8.5%

18.0%

2,240

164

2.9%

9.7%

926

402

431

US         

639

3.5%

3.5%

529

4.3%

4.3%

10,355

109

-0.1%

-0.1%

846

541

706

Visa Inc.

1,649

7.0%

9.0%

1,025

7.1%

8.8%

17,132

623

6.8%

9.3%

3,607

1,831

2,134















Visa Credit Programs














US

$255

9.2%

9.2%

$244

9.0%

9.0%

2,842

$12

13.3%

13.3%

14

206

278

Rest of World

441

7.1%

10.4%

394

7.7%

11.4%

4,582

48

2.0%

2.5%

181

462

522

Visa Inc.

697

7.9%

10.0%

637

8.2%

10.5%

7,425

59

4.1%

4.4%

196

668

801















Visa Debit Programs














US

$384

0.0%

0.0%

$286

0.5%

0.5%

7,513

$98

-1.5%

-1.5%

832

336

428

Rest of World

568

11.1%

14.8%

102

21.2%

26.0%

2,195

466

9.1%

12.6%

2,580

828

906

Visa Inc.

952

6.4%

8.3%

388

5.3%

6.2%

9,707

564

7.1%

9.9%

3,412

1,164

1,333



















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

18.6%

20.1%

51

31.5%

34.1%

917

211

15.9%

17.2%

1,148

273

272

LAC

282

6.9%

15.1%

104

10.7%

20.6%

2,372

178

4.8%

12.2%

1,014

402

431

US         

655

2.8%

2.8%

545

3.0%

3.0%

10,641

110

2.1%

2.1%

876

535

700

Visa Inc.

1,723

8.4%

9.6%

1,075

8.2%

8.7%

17,756

649

8.6%

11.2%

3,802

1,808

2,111















Visa Credit Programs














US

$274

10.5%

10.5%

$262

10.8%

10.8%

3,131

$12

4.2%

4.2%

16

204

277

Rest of World

478

10.8%

11.0%

425

12.0%

12.4%

4,860

52

2.3%

0.9%

196

460

518

Visa Inc.

752

10.7%

10.8%

688

11.5%

11.8%

7,991

64

2.6%

1.5%

212

663

795















Visa Debit Programs














US

$381

-2.1%

-2.1%

$282

-3.3%

-3.3%

7,511

$98

1.8%

1.8%

860

331

423

Rest of World

591

13.1%

16.9%

105

23.7%

28.0%

2,254

486

11.0%

14.7%

2,731

813

893

Visa Inc.

971

6.6%

8.7%

387

2.7%

3.5%

9,765

584

9.3%

12.3%

3,591

1,145

1,316



















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

6.8%

9.1%

$290

6.6%

8.6%

3,115

$139

7.3%

10.1%

693

558

659

Canada

62

2.3%

3.7%

57

2.8%

4.3%

528

5

-3.7%

-2.3%

11

27

35

CEMEA

236

11.2%

18.2%

45

22.8%

31.4%

791

191

8.8%

15.5%

1,070

264

265

LAC

255

2.0%

16.1%

93

3.8%

19.7%

2,180

161

0.9%

14.1%

941

395

424

US         

633

0.8%

0.8%

521

0.9%

0.9%

10,337

111

0.4%

0.4%

902

522

683

Visa Inc.

1,615

4.0%

7.5%

1,007

3.7%

5.7%

16,951

608

4.6%

10.6%

3,617

1,765

2,066















Visa Credit Programs














US

$261

8.2%

8.2%

$250

9.2%

9.2%

2,977

$11

-9.9%

-9.9%

16

200

273

Rest of World

442

5.0%

9.1%

393

6.3%

10.5%

4,609

49

-3.9%

-0.4%

190

455

515

Visa Inc.

704

6.2%

8.8%

643

7.4%

10.0%

7,586

61

-5.1%

-2.4%

205

656

788















Visa Debit Programs














US

$372

-3.8%

-3.8%

$272

-5.7%

-5.7%

7,360

$100

1.8%

1.8%

886

322

410

Rest of World

540

7.2%

15.5%

93

9.6%

17.5%

2,005

447

6.7%

15.0%

2,525

788

868

Visa Inc.

911

2.4%

6.5%

364

-2.3%

-1.0%

9,366

547

5.8%

12.3%

3,411

1,109

1,278



















For the 12 Months Ended September 30, 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

$1,828

10.2%

12.6%

$1,227

10.3%

13.4%

13,285

$601

10.0%

11.1%

3,185



Canada

252

5.1%

5.6%

232

5.7%

6.2%

2,217

20

-1.3%

-0.9%

44



CEMEA

1,029

14.5%

17.0%

213

28.5%

32.6%

4,016

815

11.3%

13.5%

4,470



LAC

1,072

5.7%

13.1%

401

9.2%

18.2%

9,259

671

3.7%

10.2%

3,910



US         

2,671

6.5%

6.5%

2,220

7.2%

7.2%

43,604

451

3.1%

3.1%

3,558



Visa Inc.

6,852

8.4%

10.6%

4,293

9.1%

10.9%

72,381

2,559

7.3%

10.0%

15,166

















Visa Credit Programs














US

$1,101

10.2%

10.2%

$1,054

10.3%

10.3%

12,482

$48

9.2%

9.2%

62



Rest of World

1,852

8.1%

11.5%

1,651

8.8%

12.6%

19,480

201

2.5%

3.3%

770



Visa Inc.

2,953

8.9%

11.0%

2,704

9.4%

11.7%

31,962

249

3.7%

4.4%

832

















Visa Debit Programs














US

$1,570

4.0%

4.0%

$1,166

4.6%

4.6%

31,122

$403

2.4%

2.4%

3,496



Rest of World

2,329

11.0%

14.8%

423

21.5%

26.2%

9,297

1,906

8.9%

12.5%

10,838



Visa Inc.

3,899

8.1%

10.2%

1,589

8.6%

9.6%

40,419

2,310

7.7%

10.6%

14,334





















For the 12 Months Ended September 30, 2012







Total    Volume     ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

 Payments 
Volume 
($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Payments Transactions (millions)

Cash    Volume     ($ billions)

Growth (Nominal USD)

Growth (Constant USD)

Cash Transactions (millions)

Accounts (millions)

Cards (millions)















All Visa Credit & Debit














Asia Pacific

$1,659

11.0%

11.4%

$1,112

12.2%

12.0%

11,940

$547

8.6%

10.2%

2,601

558

659

Canada

240

3.7%

6.0%

220

4.0%

6.4%

2,003

20

0.1%

2.4%

42

27

35

CEMEA

899

15.5%

22.2%

166

25.8%

34.3%

2,830

733

13.5%

19.8%

4,239

264

265

LAC

1,015

6.8%

17.2%

368

9.6%

21.0%

8,367

647

5.2%

15.2%

3,845

395

424

US         

2,508

3.7%

3.7%

2,071

3.3%

3.3%

41,084

438

6.0%

6.0%

3,570

522

683

Visa Inc.

6,320

7.6%

10.1%

3,936

7.1%

8.2%

66,223

2,384

8.5%

13.4%

14,296

1,765

2,066















Visa Credit Programs














US

$999

9.7%

9.7%

$956

10.1%

10.1%

11,265

$44

0.7%

0.7%

61

200

273

Rest of World

1,713

9.2%

11.3%

1,517

10.6%

12.6%

17,688

196

-0.4%

2.3%

753

455

515

Visa Inc.

2,713

9.4%

10.7%

2,473

10.4%

11.6%

28,953

240

-0.2%

2.0%

813

656

788















Visa Debit Programs














US

$1,509

0.2%

0.2%

$1,115

-2.0%

-2.0%

29,819

$394

6.7%

6.7%

3,509

322

410

Rest of World

2,098

11.3%

18.0%

348

16.7%

23.7%

7,451

1,750

10.3%

16.9%

9,974

788

868

Visa Inc.

3,607

6.4%

9.7%

1,463

1.9%

3.0%

37,269

2,144

9.6%

14.8%

13,483

1,109

1,278

Footnote

The preceding tables present regional 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.

Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.

Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa's signature based and Interlink (PIN) debit programs.

The data presented is based on results reported quarterly by Visa's financial institution clients on their operating certificates. Estimates may be utilized if data is unavailable. On occasion, previously presented information may be updated.

Visa's CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Effective with the 3 months ended September 2013, Croatia moved from the CEMEA region to Visa Europe. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported ("Nominal USD").  These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter.  To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information ("Constant USD"). This presentation represents Visa's historical methodology which may be subject to review and refinement.

2. Cross Border Volume

The table below represents cross border volume growth for cards carrying the Visa, Visa Electron, Interlink and PLUS brands. Cross border volume refers to payments and cash volume where the issuing country is different from the merchant country.

Period

Growth
(Nominal
USD)

Growth
(Constant
USD)




3 Months Ended



Sep 30, 2013

9%

11%

Jun 30, 2013

11%

11%

Mar 31, 2013

10%

10%

Dec 31, 2012

11%

11%

Sep 30, 2012

7%

10%




12 Months Ended



Sep 30, 2013

10%

11%

Sep 30, 2012

11%

13%

 

3. Visa Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa's networks. CyberSource transactions are not included in this table, and are reported in the next section.

Period

Processed
Transactions
(millions)

Growth




3 Months Ended



Sep 30, 2013

15,491

14%

Jun 30, 2013

14,972

14%

Mar 31, 2013

13,850

6%

Dec 31, 2012

14,159

4%

Sep 30, 2012

13,573

2%




12 Months Ended



Sep 30, 2013

58,472

10%

Sep 30, 2012

53,324

5%

 

4. CyberSource Transactions

The table below represents billable transactions processed on Visa Inc.'s CyberSource network.

Period

Billable
Transactions
(millions)

Growth




3 Months Ended



Sep 30, 2013

1,696

24%

Jun 30, 2013

1,648

27%

Mar 31, 2013

1,608

25%

Dec 31, 2012

1,581

28%

Sep 30, 2012

1,363

25%




12 Months Ended



Sep 30, 2013

6,533

26%

Sep 30, 2012

5,182

25%

 

SOURCE Visa Inc.



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