Visa Inc. Posts Solid Fiscal Fourth Quarter and Full-Year 2009 Earnings Results and Authorizes a $1 Billion Share Repurchase Plan
-- Adjusted full-year 2009 net income of $2.4 billion or $3.23 per diluted class A common share inclusive of the impact from the VisaNet do Brasil sale
-- GAAP quarterly net income of $514 million or $0.69 per diluted class A common share
-- Full-year 2009 GAAP net income of $2.4 billion or $3.10 per diluted class A common share
-- The Company increased its quarterly dividend payment amount by 19% and authorized a $1 billion share repurchase plan
GAAP net income for the quarter was
Net operating revenue in the fiscal fourth quarter of 2009 was
"Visa delivered another quarter and year of solid financial results during this challenging economic environment," said
"As we enter our new fiscal year, we are beginning to see some very early signs of stabilization in our business," continued Saunders. "And, while we cannot predict the ultimate speed or size of any economic recovery, we are confident that Visa is well positioned for future growth based on the investments we continue to make in our processing infrastructure, products and brand."
Fiscal Fourth Quarter 2009 Financial Highlights:
-- Payments volume growth, on a nominal basis, was a negative 2% over the prior year at
-- Total volume, on a nominal basis and inclusive of cash volume, was
-- Total cards carrying the Visa brands rose 5% worldwide over the prior year to over 1.7 billion.
Total processed transactions, which represent transactions processed by VisaNet for the three months ending
For the fiscal fourth quarter 2009, service revenues were
Adjusted total operating expenses were
Cash, cash equivalents, restricted cash, and investment securities were
Fiscal Full-Year 2009 Financial Highlights:
On an adjusted basis (reflective of restructuring and purchase amortization), net income for the full-year ended
GAAP net income for the full-year was
Net operating revenue for the full year was
For the fiscal full-year, service revenues were
Total processed transactions, which represent transactions processed by VisaNet for the 12 months ended
Adjusted operating expenses were
Visa's GAAP effective tax rate was 41% for the twelve months ended
Notable Events:
As previously announced, Visa initiated a program to allow its class C stockholders to apply (prior to
As previously disclosed,
On
Today, the Company announces that its Board of Directors has authorized a
Financial Outlook:
-- Annual net revenue growth at the lower end of the 11% to 15% range, given certain economic recovery assumptions; and
-- Annual diluted class A common stock earnings per share growth of greater than 20%.
-- Volume and support incentives in the range of 16-17% of gross revenue;
-- Advertising, marketing and promotion expenses less than
-- Annual operating margin in the mid 50% range;
-- GAAP tax rate in the range of 38 to 39%;
-- Capital expenditures in the
-- Annual free cash flow in excess of
-- Annual diluted class A common stock earnings per share growth of greater than 20%.
Fiscal Fourth Quarter and Full-Year 2009 Earnings Results Conference Call Details:
Visa's executive management team will host a live audio webcast beginning at
All interested parties are invited to listen to the live webcast at https://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
About
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. These statements can be identified by the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will" and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa's goals and expectations with respect to adjusted earnings per share, revenue, adjusted operating margin, and free cash flow, and the growth rate in those items, as well as other measures of economic performance.
By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed under the heading "Risk Factors" in Part 1, Item 1A - "Risk Factors" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-K, if any. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.
Visa Inc.
Selected Consolidated Statements of Operations
(unaudited)
Three Months Twelve Months
Ended Ended
September 30, September 30,
------------ -------------
2009 2008 2009 2008
---- ---- ---- ----
(in millions except per share data)
Operating Revenues
Service revenues $808 $788 $3,174 $3,061
Data processing revenues 727 548 2,430 2,073
International transaction revenues 507 512 1,916 1,721
Other revenues 163 160 625 569
Volume and support incentives (326) (299) (1,234) (1,161)
---- ---- ------ ------
Total operating revenues 1,879 1,709 6,911 6,263
----- ----- ----- -----
Operating Expenses
Personnel 334 317 1,143 1,199
Network, EDP and communications 111 94 393 339
Advertising, marketing and promotion 283 320 918 1,016
Professional and consulting fees 107 136 353 438
Depreciation and amortization 61 59 226 237
Administrative and other 113 98 338 332
Litigation provision 1 1,128 2 1,470
- ----- - -----
Total operating expenses 1,010 2,152 3,373 5,031
----- ----- ----- -----
Operating income (loss) 869 (443) 3,538 1,232
--- ---- ----- -----
Other Income (Expense)
Equity in earnings of unconsolidated
affiliates - - - 1
Interest expense (25) (27) (115) (143)
Investment income, net 18 39 575 211
Other 1 - 2 35
- - - --
Total other income (expense) (6) 12 462 104
-- -- --- ---
Income (loss) before income taxes and
minority interest 863 (431) 4,000 1,336
Income tax expense (benefit) 349 (75) 1,648 532
--- --- ----- ---
Income before minority interest 514 (356) 2,352 804
Minority interest - - 1 -
--- --- --- ---
Net income (loss) $514 $(356) $2,353 $804
==== ===== ====== ====
Basic net income per share
Class A common stock $0.69 $(0.45) $3.11 $0.96
===== ====== ===== =====
Class B common stock $0.41 $(0.32) $1.98 $0.85
===== ====== ===== =====
Class C common stock $0.69 $3.11
===== =====
Class C (series I) common stock $(0.45) $0.96
====== =====
Class C (series II) common stock $0.12 $0.79
===== =====
Class C (series III and IV) common stock $(0.45) $0.96
====== =====
Basic weighted average shares outstanding
Class A common stock 462 447 451 239
=== === === ===
Class B common stock 245 245 245 333
=== === === ===
Class C common stock 138 148
=== ===
Class C (series I) common stock 124 191
=== ===
Class C (series II) common stock 80 56
== ==
Class C (series III and IV) common stock 27 44
== ==
Diluted net income per share
Class A common stock $0.69 $(0.45) $3.10 $0.96
===== ====== ===== =====
Class B common stock $0.41 $(0.32) $1.98 $0.85
===== ====== ===== =====
Class C common stock $0.69 $3.10
===== =====
Class C (series I) common stock $(0.45) $0.96
====== =====
Class C (series II) common stock $0.12 $0.79
===== =====
Class C (series III and IV) common stock $(0.45) $0.96
====== =====
Diluted weighted average shares outstanding
Class A common stock 747 774 758 769
=== === === ===
Class B common stock 245 245 245 333
=== === === ===
Class C common stock 138 148
=== ===
Class C (series I) common stock 124 191
=== ===
Class C (series II) common stock 80 56
== ==
Class C (series III and IV) common stock 27 44
== ==
Visa Inc.
Selected Consolidated Balance Sheets
(unaudited)
September 30, September 30,
2009 2008
---- ----
(in millions, except par value data)
Assets
Cash and cash equivalents $4,617 $4,979
Restricted cash - litigation escrow 1,365 1,298
Investment securities
Trading 59 -
Available-for-sale 56 355
Settlement receivable 605 1,131
Accounts receivable 444 342
Customer collateral 812 679
Current portion of volume and support
incentives 214 256
Current portion of deferred tax assets 703 944
Prepaid expenses and other current assets 366 1,190
--- -----
Total current assets 9,241 11,174
Restricted cash - litigation escrow 350 630
Investment securities, available-for-sale 168 244
Volume and support incentives 102 123
Property, equipment and technology, net 1,204 1,080
Other assets 125 634
Intangible assets 10,883 10,883
Goodwill 10,208 10,213
------ ------
Total assets $32,281 $34,981
======= =======
Liabilities
Accounts payable $156 $159
Settlement payable 634 1,095
Customer collateral 812 679
Accrued compensation and benefits 396 420
Volume and support incentives 284 249
Accrued liabilities 754 306
Current portion of long-term debt 12 51
Current portion of accrued litigation 1,394 2,698
Redeemable class C (series III) common
stock, no shares and 35 shares issued and
outstanding, respectively - 1,508
--- -----
Total current liabilities 4,442 7,165
Long-term debt 44 55
Accrued litigation 323 1,060
Deferred tax liabilities 3,807 3,811
Other liabilities 472 613
--- ---
Total liabilities 9,088 12,704
----- ------
Temporary Equity and Minority Interest
Class C (series II) common stock, $0.0001
par value, no shares and 219 shares
authorized, no shares and 80 shares issued
and outstanding, net of subscription
receivable, respectively $- $1,136
Minority interest 4 -
--- ---
Total temporary equity and minority
interest 4 1,136
- -----
Stockholders' 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, 470 and 448
issued and outstanding at September 30,
2009 and 2008, respectively - -
Class B common stock, $0.0001 par value,
622 shares authorized, 245 issued and
outstanding - -
Class C common stock, $0.0001 par value,
1,097 shares authorized, 131 issued and
outstanding at September 30, 2009 - -
Class C (series I) common stock, $0.0001
par value, 814 shares authorized, 125
issued and 124 outstanding at September
30, 2008 -
Class C (series III) common stock, $0.0001
par value, 64 shares authorized, 27 issued
and outstanding at September 30, 2008 - -
Class C (series IV) common stock, $0.0001
par value, 1 shares authorized, 1 issued
and outstanding at September 30, 2008 - -
Additional paid-in capital 21,160 21,060
Class C treasury stock (2) (35)
Accumulated income 2,219 186
Accumulated other comprehensive loss, net (188) (70)
---- ---
Total stockholders' equity and accumulated
income 23,189 21,141
------ ------
Total liabilities, temporary equity and
minority interest, and stockholders' equity $32,281 $34,981
======= =======
Visa Inc.
Consolidated Statements Of Cash Flows
(unaudited)
Year Ended
September 30,
2009 2008
---- ----
(in millions)
Operating Activities
Net income $2,353 $804
Adjustments to reconcile net income to net
cash provided by operating activities:
Gain on sale of other investments (473) -
Depreciation and amortization of
property, equipment and technology 226 237
Share-based compensation 115 74
Tax benefit for share-based
compensation (7) -
Restricted stock instruments settled
in cash for taxes (22) -
Fair value adjustment for liability
under the framework agreement - (35)
Interest earned on litigation escrow,
net of tax (15) (13)
Net recognized loss on investment
securities, including
other-than-temporary impairment 5 34
Asset impairment 11 34
Loss on disposal of property, equipment
and technology 2 -
Minority interest (1) -
Amortization of volume and support
incentives 1,234 1,161
Accrued litigation and accretion 95 1,601
Equity in earnings of unconsolidated
affiliates - (1)
Deferred income taxes 297 (27)
Change in operating assets and liabilities:
Trading securities 34 -
Accounts receivable (102) (24)
Settlement receivable 526 (543)
Volume and support incentives (1,136) (1,378)
Other assets (109) (158)
Accounts payable (3) (10)
Settlement payable (461) 451
Accrued compensation and benefits (23) (115)
Accrued and other liabilities 213 (33)
Accrued litigation (2,201) (1,525)
Member deposits - (3)
--- --
Net cash provided by operating activities 558 531
--- ---
Investing Activities
Investment securities, available-for-sale:
Purchases (7) (1,509)
Proceeds from sales and maturities 297 2,458
Distribution from money market investment 884 -
Reclassification of money market investment - (983)
Proceeds from sale of other investments 1,008 -
Cash acquired through reorganization - 1,002
Purchases of / contributions to other
investments (48) (25)
Dividends / distributions from other
investments 2 22
Purchases of property, equipment and
technology (306) (415)
Proceeds from sale of property, equipment and
technology - 4
--- ---
Net cash provided by investing activities 1,830 554
----- ---
Financing Activities
Proceeds from short-term borrowing - 2
Payments on short-term borrowing - (2)
Proceeds from sale of common stock, net of
issuance costs of $550 - 19,100
Tax benefit for share based compensation 7 -
Cash proceeds from exercise of stock options 32 -
Funding of litigation escrow account -
Retrospective Responsibility Plan (1,800) (3,000)
Payments from litigation escrow account -
Retrospective Responsibility Plan 2,028 1,085
Funding of tax escrow account for income tax
withheld on stock proceeds - (116)
Payments from tax escrow account - 116
Payment for redemption of stock (2,646) (13,446)
Dividends paid (318) (93)
Principal payments on debt (50) (18)
Principal payments on capital lease
obligations (4) (4)
-- --
Net cash (used in) provided by financing
activities (2,751) 3,624
------ -----
Effect of exchange rate translation on cash
and cash equivalents 1 (5)
--- --
(Decrease) increase in cash and cash
equivalents (362) 4,704
Cash and cash equivalents at beginning of year 4,979 275
----- ---
Cash and cash equivalents at end of year $4,617 $4,979
====== ======
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds $1,172 $678
Amounts included in accounts payable
and accrued liabilities related to
purchases of property, equipment, and
technology $18 $32
Interest payments on debt $7 $8
Common stock issued in acquisition $- $17,935
Assets acquired in joint venture with
note payable and equity interest
issued $22 $-
Reconciliation of Non-GAAP Adjusted Operating Income and Net Income
US$ in millions
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
Sept. Sept. Sept. Sept.
30, 30, 30, 30,
2009 2008 2009 2008
----- ------ ------ ------
Net (loss) income (as reported) $514 $(356) $2,353 $804
Addback: Income tax
(benefit) expense (as
reported) 349 (75) 1,648 532
Less: Minority interest
(as reported) - - (1) -
--- --- -- ---
Net (loss) income before
taxes and minority
interest (as reported) $863 $(431) $4,000 $1,336
Adjustments:
Litigation reserve (1) - 1,122 - 1,457
Restructuring (2) 33 70 67 140
Asset step-up
amortization (3) 17 17 68 68
-- -- -- --
Adjustments to operating
income 50 1,209 135 1,665
Interest accretion on
American Express
settlement (4) 8 11 36 68
Interest expense on
Discover settlement (5) - - 5 -
Investment income on
Litigation Escrow and EU
proceeds (6) (1) (30) (22) (70)
Underwater contract
(LIBOR adjustment) (7) - - - (35)
--- --- --- ---
Adjustments to non-
operating income 7 (19) 19 (37)
Total adjustments 57 1,190 154 1,628
Adjusted income before
taxes and minority
interest 920 759 4,154 2,964
Tax rate (8) 40% 41% 41% 41%
Adjusted income tax expense (368) (311) (1,707) (1,215)
Addback: Minority interest
(as reported) - - 1 -
--- --- --- ---
Adjusted net income $552 $448 $2,448 $1,749
==== ==== ====== ======
Operating (loss) income (as
reported) $869 $(443) $3,538 $1,232
Addback: Adjustments to
operating income 50 1,209 135 1,665
-- ----- --- -----
Adjusted operating income $919 $766 $3,673 $2,897
==== ==== ====== ======
Operating revenues (as
reported) $1,879 $1,709 $6,911 $6,263
Adjusted operating margin 49% 45% 53% 46%
Total operating expenses
(as reported) $1,010 $2,152 $3,373 $5,031
Less: Adjustments to
operating expenses (50) (1,209) (135) (1,665)
--- ------ ---- ------
Adjusted operating expenses $960 $943 $3,238 $3,366
==== ==== ====== ======
(1) Litigation reserve related to the covered litigation. Settlements
of, or judgments in, covered litigation will be paid from the
litigation escrow account.
(2) Restructuring costs associated with workforce consolidation and
elimination of overlapping functions.
(3) Non-cash amortization and depreciation of the incremental basis in
technology and building assets acquired in the reorganization.
(4) Non-cash interest expense recorded on future payments to be made
under the settlement agreement with American Express . These payments
will be paid from the litigation escrow account.
(5) Interest expense recorded on payments made under the settlement
agreement with Discover. These payments have been paid from the
litigation escrow account.
(6) Investment income earned during the period on all IPO proceeds and
amounts held in the litigation escrow, including amounts the Company
used in October 2008 to redeem all class C (series II) common stock
and a portion of the class C (series III) common stock held by Visa
Europe .
(7) Other expense recorded in the periods presented as a result of
changes in the Company's estimated liability under the Framework
Agreement, which governs its relationship with Visa Europe. The
changes were primarily due to movement in the LIBOR rates in the
periods presented. This liability was satisfied as part of the
October 2008 redemptions described above.
(8) Rates applied to fiscal 2009 periods represent the GAAP effective tax
rate adjusted for immaterial one-time charges associated with the
establishment of our Singapore subsidiary's tax incentive agreement.
Rates applied to fiscal 2008 periods represent a normalized rate of
41%.
Reconciliation of Non-GAAP Adjusted Operating Expenses
US$ in millions
For the Three Months For the Three Months
Ended September 30, Ended September 30,
2009 2008
Adjust- As Adjust- As
Actual ments Adjusted Actual ments Adjusted
----- -------- -------- ------ --------- --------
Personnel $334 $(33) (1) $301 $317 $(64) (1) $253
Network, EDP
and communications 111 - 111 94 (1) (1) 93
Advertising,
marketing and
promotion 283 - 283 320 - 320
Professional
and consulting
fees 107 - 107 136 (1) (1) 135
Depreciation
and amortization 61 (17) (2) 44 59 (17) (2) 42
Administrative
and other 113 - 113 98 (4) (1) 94
Litigation
provision 1 - 1 1,128 (1,122) (3) 6
--- ---- - ----- ------ ---
Total operating
expenses $1,010 $(50) $960 $2,152 $(1,209) $943
------ ---- ---- ------ ------- ----
For the Twelve Months For the Twelve Months
Ended September 30, Ended September 30,
2009 2008
Adjust- As Adjust- As
Actual ments Adjusted Actual ments Adjusted
------ ------- -------- ------ --------- --------
Personnel $1,143 $(66) (1) $1,077 $1,199 $(121) (1) $1,078
Network, EDP
and
communications 393 - 393 339 (1) (1) 338
Advertising,
marketing and
promotion 918 - 918 1,016 - 1,016
Professional
and consulting
fees 353 (1) (1) 352 438 (14) (1) 424
Depreciation
and amortization 226 (68) (2) 158 237 (68) (2) 169
Administrative
and other 338 - 338 332 (4) (1) 328
Litigation
provision 2 - 2 1,470 (1,457) (3) 13
--- ----- --- ----- ------ --
Total operating
expenses $3,373 $(135) $3,238 $5,031 $(1,665) $3,366
------ ----- ------ ------ ------- ------
(1) Restructuring
(2) Asset Step-up amortization
(3) Litigation Reserve
Reconciliation of Non-GAAP Adjusted Non-operating Income
US$ in millions
For the Three Months For the Three Months
Ended September Ended September
30, 2009 30, 2008
Adjust- As Adjust- As
Actual ments Adjusted Actual ments Adjusted
------ ------- -------- ------ ------- --------
Equity in earnings
of unconsolidated
affiliates $- $- $- $- $- $-
Interest expense (25) 8 (1) (17) (27) 11 (1) (16)
Investment income,
net 18 (1) (2) 17 39 (30) (2) 9
Other 1 - 1 - - -
--- --- --- --- --- ---
Total other income
(expenses) $(6) $7 $1 $12 $(19) $(7)
--- - -- --- --- ---
For the Twelve Months For the Twelve Months
Ended September Ended September
30, 2009 30, 2008
Adjust- As Adjust- As
Actual ments Adjusted Actual ments Adjusted
----- -------- -------- ------ ------- --------
Equity in earnings
of unconsolidated
affiliates $- $- $- $1 $- $1
Interest expense (115) 41 (1) (74) (143) 68 (1) (75)
Investment income,
net 575 (22) (2) 553 211 (70)(2) 141
Other 2 - 2 35 (35)(3) -
--- --- --- --- --- ---
Total other income
(expenses) $462 $19 $481 $104 $(37) $67
---- -- ---- ---- --- ---
(1) Interest accretion on American Express Settlement and interest
expense on Discover Settlement
(2) Investment income on Litigation Escrow funds and funds used in
October 2008 for the repurchase of shares from Visa Europe.
(3) Underwater contract (LIBOR adjustment)
Class A Common Stock Adjusted Diluted Earnings Per Share
-- Management believes the presentation of adjusted operating income and
adjusted net income provides a clearer understanding of the one-time
items related to the Company's reorganization, initial public offering
and other non-recurring events. These measures also adjust for expenses
related to covered litigation that will be funded by the litigation
escrow account. These items have an impact on our financial results
but are either non-recurring or have no operating cash impact.
-- Recognizing that we have a very complex equity structure incorporating
multiple classes and series of common stock, the Company has also
presented adjusted diluted class A earnings per share calculated below
based on adjusted net income and the weighted average number of diluted
class A shares outstanding in the periods presented (adjusted in the
prior periods presented). This non-GAAP financial measure has been
presented to illustrate our per share results reflecting our capital
structure after the redemption of all class C (series II) common stock
and a portion of class C (series III) common stock, which the Company
redeemed in October 2008 . Management believes this non-GAAP
presentation provides the reader with a clearer understanding of our
per share results by excluding these redeemed shares and allocating
adjusted net income only to permanent equity.
For the For the For the For the
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
--------- --------- --------- ---------
(in millions, except per share data)
Adjusted net income $552 $448 $2,448 $1,749
Weighted average
number of diluted
shares outstanding 747 776 758 776
----- ----- ----- -----
Adjusted diluted
earnings per share $0.74 $0.58 $3.23 $2.25
----- ----- ----- -----
Calculation of Free Cash Flow
US$ in millions
Additions(+)/
Reductions(-)
to Net
income FY 2009
Net income (as reported) 2,353
Capital
Assets + Depreciation and amortization 226
- Capital expenditures (306) (80)
--------------------------------------------------------------------------
Litigation + Litigation provision 2
+ Accretion expense 93
- Settlement payments (2,201)
+ Settlement payments funded by
litigation escrow 2,028
+ Settlement payments funded by
Morgan Stanley 65 (13)
--------------------------------------------------------------------------
Share-based
Compensation + Share-based compensation 115
------------- - ------------------------ ---
Pension + Pension expense 60
- Pension contribution (170) (110)
--------------------------------------------------------------------------
VisaNet
Brazil - Gain on sale of investment (473)
+ Proceeds from sale 1,008 535
--------------------------------------------------------------------------
Taxes + Income tax expense 1,648
- Income taxes paid (1,172) 476
--------------------------------------------------------------------------
Changes in
Working
Capital* + Changes in other working capital accounts 12
--------------------------------------------------------------------------
Total Free Cash Flow 3,288
Less:
VisaNet
Brazil - Proceeds from sale (1,008)
+ Income taxes paid 489 (519)
--------------------------------------------------------------------------
Adjusted Free Cash Flow 2,769
* Includes changes in volume & support incentives, trade receivables,
settlement receivable/payable, and personnel incentives.
Operational Performance Data
The tables below provide information regarding the operational results for the 3 months ended
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, 2009
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $259 3.7% 10.3% $165 2.0%
Canada 45 -11.5% -3.7% 41 -9.8%
CEMEA 123 -6.4% 9.8% 20 2.8%
LAC 150 -2.8% 15.3% 49 -0.4%
US 505 -3.9% -3.9% 412 -2.6%
----- ----
Visa Inc. 1,083 -2.7% 3.1% 687 -1.7%
Visa Credit Programs
US $209 -15.0% -15.0% $192 -9.6%
Rest of World 269 -3.1% 5.1% 234 -1.5%
----- ----
Visa Inc. 479 -8.7% -4.8% 426 -5.3%
Visa Debit Programs
US $296 5.8% 5.8% $220 4.6%
Rest of World 308 -0.3% 15.1% 41 7.2%
----- ----
Visa Inc. 604 2.6% 10.4% 261 5.0%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 8.4% 2,325 $94 6.9%
Canada -1.8% 396 4 -25.1%
CEMEA 12.3% 324 103 -8.0%
LAC 16.3% 1,302 101 -3.9%
US -2.6% 8,282 93 -9.5%
------ ---
Visa Inc. 1.5% 12,630 396 -4.4%
Visa Credit Programs
US -9.6% 2,282 $17 -49.2%
Rest of World 6.1% 3,293 35 -12.1%
------ ---
Visa Inc. -1.6% 5,575 52 -29.0%
Visa Debit Programs
US 4.6% 6,001 $76 9.7%
Rest of World 23.0% 1,054 267 -1.3%
------ ---
Visa Inc. 7.1% 7,054 343 0.9%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 13.7% 540 424 512
Canada -18.5% 9 23 31
CEMEA 9.3% 736 179 184
LAC 14.8% 798 317 344
US -9.5% 778 482 661
----- ----- -----
Visa Inc. 6.0% 2,861 1,426 1,732
Visa Credit Programs
US -49.2% 21 234 309
Rest of World -1.6% 137 418 482
----- ----- -----
Visa Inc. -24.6% 159 652 791
Visa Debit Programs
US 9.7% 757 248 352
Rest of World 14.0% 1,946 526 589
----- ----- -----
Visa Inc. 13.0% 2,702 774 941
For the 3 Months Ended March 31, 2009
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $229 -6.5% 11.3% $147 -7.8%
Canada 36 -23.3% -0.8% 32 -22.2%
CEMEA 108 -4.8% 19.6% 17 -0.4%
LAC 128 -10.3% 16.1% 42 -9.3%
US 468 -4.2% -4.2% 379 -2.5%
---- ----
Visa Inc. 969 -6.5% 4.1% 617 -5.5%
Visa Credit Programs
US $196 -15.5% -15.5% $176 -9.7%
Rest of World 236 -11.9% 7.3% 204 -11.0%
---- ----
Visa Inc. 431 -13.6% -4.4% 380 -10.4%
Visa Debit Programs
US $272 5.9% 5.9% $202 4.7%
Rest of World 265 -5.4% 19.0% 34 -2.5%
---- ----
Visa Inc. 537 0.0% 12.0% 237 3.6%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 10.2% 2,176 $82 -4.2%
Canada 0.5% 347 4 -30.6%
CEMEA 19.5% 294 91 -5.6%
LAC 15.2% 1,283 86 -10.7%
US -2.5% 7,506 89 -10.9%
------ ---
Visa Inc. 2.0% 11,607 352 -8.3%
Visa Credit Programs
US -9.7% 2,083 $19 -47.0%
Rest of World 8.0% 3,105 32 -17.7%
------ ---
Visa Inc. -1.0% 5,188 51 -31.7%
Visa Debit Programs
US 4.7% 5,423 $70 9.4%
Rest of World 25.3% 996 231 -5.8%
------ ---
Visa Inc. 7.3% 6,419 301 -2.6%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 13.3% 545 420 506
Canada -10.3% 9 23 31
CEMEA 19.6% 666 178 182
LAC 16.6% 775 313 341
US -10.9% 708 481 665
----- ----- -----
Visa Inc. 7.8% 2,703 1,415 1,724
Visa Credit Programs
US -47.0% 22 240 318
Rest of World 3.1% 131 418 480
----- ----- -----
Visa Inc. -23.7% 153 658 798
Visa Debit Programs
US 9.4% 686 241 347
Rest of World 18.1% 1,864 517 579
----- ----- -----
Visa Inc. 15.9% 2,550 758 926
For the 3 Months Ended December 31, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $243 1.1% 12.3% $161 2.1%
Canada 43 -16.3% 2.1% 38 -15.4%
CEMEA 136 18.5% 34.5% 20 11.9%
LAC 144 -1.2% 21.7% 47 -0.4%
US 505 -1.9% -1.9% 409 -1.0%
----- ----
Visa Inc. 1,071 0.4% 7.9% 675 -0.9%
Visa Credit Programs
US $231 -9.0% -9.0% $203 -6.9%
Rest of World 266 -2.3% 11.7% 228 -1.6%
----- ----
Visa Inc. 496 -5.5% 1.0% 431 -4.2%
Visa Debit Programs
US $275 5.0% 5.0% $206 5.6%
Rest of World 301 7.1% 25.1% 38 5.9%
----- ----
Visa Inc. 575 6.1% 14.6% 244 5.6%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 13.2% 2,227 $82 -0.9%
Canada 3.2% 395 4 -23.5%
CEMEA 30.3% 306 117 19.7%
LAC 21.3% 1,344 97 -1.6%
US -1.0% 7,831 96 -5.3%
------ ---
Visa Inc. 4.4% 12,103 397 2.6%
Visa Credit Programs
US -6.9% 2,380 $28 -21.7%
Rest of World 12.0% 3,228 37 -5.9%
------ ---
Visa Inc. 2.2% 5,608 65 -13.4%
Visa Debit Programs
US 5.6% 5,451 $69 3.4%
Rest of World 28.7% 1,043 263 7.3%
------ ---
Visa Inc. 8.6% 6,495 331 6.5%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 10.5% 533 414 501
Canada -6.6% 9 23 30
CEMEA 35.2% 708 174 179
LAC 21.9% 848 312 340
US -5.3% 714 484 667
----- ----- -----
Visa Inc. 14.4% 2,811 1,406 1,718
Visa Credit Programs
US -21.7% 28 258 335
Rest of World 10.2% 148 415 478
----- ----- -----
Visa Inc. -6.1% 176 673 813
Visa Debit Programs
US 3.4% 686 226 333
Rest of World 24.6% 1,949 507 572
----- ----- -----
Visa Inc. 19.5% 2,635 734 905
For the 3 Months Ended September 30, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $250 16.4% 20.4% $163 16.3%
Canada 50 5.5% 9.1% 44 6.9%
CEMEA 144 43.4% 44.4% 21 38.6%
LAC 159 31.3% 26.5% 51 32.9%
US 525 7.3% 7.3% 421 8.6%
----- ----
Visa Inc. 1,128 15.9% 16.5% 701 12.4%
Visa Credit Programs
US $245 2.0% 2.0% $213 3.5%
Rest of World 280 15.6% 18.9% 239 16.1%
----- ----
Visa Inc. 526 8.9% 10.4% 452 9.8%
Visa Debit Programs
US $280 12.4% 12.4% $208 14.3%
Rest of World 322 33.8% 32.7% 41 37.5%
----- ----
Visa Inc. 602 22.9% 22.5% 249 17.5%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 20.5% 2,144 $87 16.6%
Canada 10.6% 395 5 -4.9%
CEMEA 42.1% 280 123 44.3%
LAC 28.5% 1,237 108 30.5%
US 8.6% 7,686 104 2.4%
------ ---
Visa Inc. 13.4% 11,742 427 22.2%
Visa Credit Programs
US 3.5% 2,367 $32 -7.0%
Rest of World 19.2% 3,115 41 12.9%
------ ---
Visa Inc. 11.2% 5,482 74 3.2%
Visa Debit Programs
US 14.3% 5,319 $71 7.3%
Rest of World 37.8% 941 282 33.3%
------ ---
Visa Inc. 17.6% 6,260 353 27.1%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 20.1% 525 400 480
Canada -1.6% 9 24 32
CEMEA 44.9% 671 169 176
LAC 25.5% 798 301 334
US 2.4% 745 474 651
----- ----- -----
Visa Inc. 22.0% 2,748 1,368 1,673
Visa Credit Programs
US -7.0% 30 263 336
Rest of World 17.4% 153 410 473
----- ----- -----
Visa Inc. 5.3% 183 672 809
Visa Debit Programs
US 7.3% 714 211 314
Rest of World 32.0% 1,851 484 549
----- ----- -----
Visa Inc. 26.2% 2,565 695 864
For the 3 Months Ended June 30, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $250 24.3% 21.4% $162 22.4%
Canada 51 14.3% 10.3% 45 14.5%
CEMEA 131 45.8% 38.8% 19 37.8%
LAC 155 35.4% 23.1% 50 40.3%
US 526 8.8% 8.8% 423 9.7%
----- ----
Visa Inc. 1,113 19.2% 15.9% 699 15.2%
Visa Credit Programs
US $246 4.7% 4.7% $213 5.0%
Rest of World 278 21.7% 17.5% 238 22.6%
----- ----
Visa Inc. 524 13.1% 10.9% 450 13.6%
Visa Debit Programs
US $280 12.6% 12.6% $210 15.0%
Rest of World 309 39.4% 30.9% 38 40.3%
----- ----
Visa Inc. 589 25.2% 20.9% 248 18.2%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 19.1% 2,032 $88 28.0%
Canada 10.4% 383 6 13.0%
CEMEA 36.4% 255 112 47.2%
LAC 27.5% 1,160 105 33.2%
US 9.7% 7,666 103 4.9%
------ ---
Visa Inc. 13.4% 11,495 414 26.6%
Visa Credit Programs
US 5.0% 2,338 $34 2.9%
Rest of World 18.3% 2,969 40 16.4%
------ ---
Visa Inc. 11.4% 5,307 74 9.8%
Visa Debit Programs
US 15.0% 5,328 $69 5.9%
Rest of World 32.0% 860 271 39.3%
------ ---
Visa Inc. 17.0% 6,188 340 30.9%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 25.8% 498 387 472
Canada 9.0% 9 24 31
CEMEA 39.2% 640 159 168
LAC 21.1% 754 303 328
US 4.9% 738 465 642
----- ----- -----
Visa Inc. 20.7% 2,639 1,338 1,642
Visa Credit Programs
US 2.9% 29 262 335
Rest of World 13.0% 146 404 464
----- ----- -----
Visa Inc. 7.9% 175 666 798
Visa Debit Programs
US 5.9% 708 203 308
Rest of World 30.8% 1,756 470 536
----- ----- -----
Visa Inc. 24.1% 2,464 673 844
For the 3 Months Ended March 31, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $245 29.4% 22.5% $159 26.5%
Canada 47 30.9% 10.0% 41 30.5%
CEMEA 114 40.8% 35.2% 17 40.4%
LAC 143 37.8% 22.4% 46 47.5%
US 488 10.8% 10.8% 389 12.0%
----- ----
Visa Inc. 1,036 22.0% 16.6% 652 19.1%
Visa Credit Programs
US $231 8.0% 8.0% $195 8.1%
Rest of World 268 28.5% 18.5% 229 29.5%
----- ----
Visa Inc. 499 18.1% 12.9% 424 18.7%
Visa Debit Programs
US $257 13.5% 13.5% $193 16.2%
Rest of World 280 39.6% 29.3% 35 44.1%
----- ----
Visa Inc. 537 25.8% 20.3% 228 19.8%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 19.4% 1,913 $85 35.2%
Canada 9.7% 337 6 33.8%
CEMEA 37.9% 236 96 40.9%
LAC 30.5% 1,123 97 33.7%
US 12.0% 7,085 100 6.5%
------ ---
Visa Inc. 14.9% 10,694 384 27.2%
Visa Credit Programs
US 8.1% 2,172 $36 7.5%
Rest of World 19.1% 2,798 39 23.0%
------ ---
Visa Inc. 13.2% 4,969 75 15.0%
Visa Debit Programs
US 16.2% 4,913 $64 6.0%
Rest of World 32.6% 812 245 38.9%
------ ---
Visa Inc. 18.0% 5,725 309 30.6%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 28.6% 458 376 457
Canada 12.5% 9 24 31
CEMEA 34.7% 584 148 156
LAC 18.8% 719 288 312
US 6.5% 689 456 664
----- ----- -----
Visa Inc. 19.8% 2,460 1,291 1,620
Visa Credit Programs
US 7.5% 30 260 368
Rest of World 15.0% 134 387 446
----- ----- -----
Visa Inc. 10.8% 164 647 814
Visa Debit Programs
US 6.0% 659 196 297
Rest of World 28.9% 1,636 448 510
----- ----- -----
Visa Inc. 22.4% 2,296 644 806
For the 3 Months Ended December 31, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $241 28.4% 24.0% $158 24.3%
Canada 51 29.3% 13.6% 45 28.5%
CEMEA 115 43.8% 38.6% 18 44.1%
LAC 145 33.3% 22.1% 47 44.1%
US 515 11.5% 11.5% 413 12.4%
----- ----
Visa Inc. 1,067 21.5% 17.7% 681 18.5%
Visa Credit Programs
US $253 9.1% 9.1% $218 9.7%
Rest of World 272 26.7% 19.8% 232 27.3%
----- ----
Visa Inc. 525 17.6% 14.1% 450 18.1%
Visa Debit Programs
US $261 13.8% 13.8% $195 15.6%
Rest of World 281 39.1% 31.2% 36 43.5%
----- ----
Visa Inc. 542 25.6% 21.5% 231 19.2%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 20.3% 1,931 $83 36.9%
Canada 12.8% 382 6 36.5%
CEMEA 40.5% 235 97 43.8%
LAC 31.3% 1,132 99 28.8%
US 12.4% 7,422 102 7.7%
------ ---
Visa Inc. 15.6% 11,103 387 27.3%
Visa Credit Programs
US 9.7% 2,467 $36 5.9%
Rest of World 20.3% 2,863 40 23.2%
------ ---
Visa Inc. 14.6% 5,330 75 14.4%
Visa Debit Programs
US 15.6% 4,955 $66 8.7%
Rest of World 34.0% 817 245 38.5%
------ ---
Visa Inc. 17.7% 5,772 311 30.9%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 31.7% 452 368 446
Canada 19.9% 9 23 31
CEMEA 38.2% 590 139 147
LAC 18.1% 757 284 307
US 7.7% 715 455 660
----- ----- -----
Visa Inc. 21.8% 2,523 1,269 1,591
Visa Credit Programs
US 5.9% 33 259 365
Rest of World 17.2% 136 372 431
----- ----- -----
Visa Inc. 11.2% 169 630 796
Visa Debit Programs
US 8.7% 682 197 295
Rest of World 30.8% 1,672 442 500
----- ----- -----
Visa Inc. 24.8% 2,354 639 795
For the 3 Months Ended September 30, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $215 25.6% 20.6% $140 22.1%
Canada 47 22.7% 12.9% 42 21.4%
CEMEA 101 43.0% 38.9% 15 39.0%
LAC 121 26.7% 18.9% 38 38.5%
US 489 9.7% 9.7% 388 10.8%
---- ----
Visa Inc. 973 18.4% 15.8% 623 15.9%
Visa Credit Programs
US $240 6.7% 6.7% $206 8.5%
Rest of World 243 22.5% 17.1% 206 23.6%
---- ----
Visa Inc. 483 14.1% 11.6% 412 15.6%
Visa Debit Programs
US $249 12.7% 12.7% $182 13.5%
Rest of World 241 36.0% 28.6% 29 39.6%
---- ----
Visa Inc. 490 23.1% 20.0% 212 16.5%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 17.5% 1,796 $74 32.8%
Canada 11.8% 362 6 33.0%
CEMEA 35.7% 211 85 43.8%
LAC 29.5% 1,004 83 21.9%
US 10.8% 7,043 101 5.7%
------ ---
Visa Inc. 13.8% 10,415 349 23.3%
Visa Credit Programs
US 8.5% 2,319 $35 -2.8%
Rest of World 17.8% 2,654 37 16.4%
------ ---
Visa Inc. 12.9% 4,973 71 6.2%
Visa Debit Programs
US 13.5% 4,724 $67 10.7%
Rest of World 31.3% 718 211 35.5%
------ ---
Visa Inc. 15.6% 5,442 278 28.6%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 26.8% 417 348 427
Canada 22.5% 9 23 31
CEMEA 39.4% 545 125 136
LAC 14.6% 691 267 289
US 5.7% 730 440 642
----- ----- -----
Visa Inc. 19.3% 2,392 1,203 1,526
Visa Credit Programs
US -2.8% 34 253 358
Rest of World 13.5% 128 353 410
----- ----- -----
Visa Inc. 4.8% 162 607 769
Visa Debit Programs
US 10.7% 696 187 284
Rest of World 28.3% 1,534 409 473
----- ----- -----
Visa Inc. 23.6% 2,230 596 757
For the 12 Months Ended June 30, 2009
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $981 3.3% 13.4% $636 2.7%
Canada 173 -11.5% 1.8% 155 -10.2%
CEMEA 511 11.1% 26.8% 78 12.3%
LAC 581 3.0% 19.9% 189 4.3%
US 2,003 -0.7% -0.7% 1,621 0.5%
------ -----
Visa Inc. 4,251 1.5% 7.8% 2,680 0.9%
Visa Credit Programs
US $881 -9.3% -9.3% $785 -5.7%
Rest of World 1,051 -0.8% 10.7% 905 0.1%
------ -----
Visa Inc. 1,932 -4.9% 0.6% 1,689 -2.7%
Visa Debit Programs
US $1,123 7.2% 7.2% $837 7.1%
Rest of World 1,196 7.7% 22.8% 153 10.9%
------ -----
Visa Inc. 2,319 7.5% 14.7% 990 7.7%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 12.9% 8,872 $345 4.3%
Canada 3.2% 1,532 18 -21.1%
CEMEA 25.6% 1,204 434 10.9%
LAC 20.4% 5,166 393 2.4%
US 0.5% 31,306 382 -5.8%
------ -----
Visa Inc. 5.3% 48,081 1,571 2.4%
Visa Credit Programs
US -5.7% 9,112 $96 -31.2%
Rest of World 11.2% 12,741 146 -6.1%
------ -----
Visa Inc. 2.7% 21,853 242 -17.9%
Visa Debit Programs
US 7.1% 22,194 $286 7.5%
Rest of World 28.6% 4,034 1,043 7.2%
------ -----
Visa Inc. 10.0% 26,228 1,329 7.3%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 14.4% 2,143 424 512
Canada -9.3% 36 23 31
CEMEA 27.0% 2,781 179 184
LAC 19.7% 3,220 317 344
US -5.8% 2,944 482 661
------ ----- -----
Visa Inc. 12.5% 11,123 1,426 1,732
Visa Credit Programs
US -31.2% 101 234 309
Rest of World 7.3% 570 418 482
------ ----- -----
Visa Inc. -12.2% 671 652 791
Visa Debit Programs
US 7.5% 2,843 248 352
Rest of World 22.0% 7,609 526 589
------ ----- -----
Visa Inc. 18.6% 10,453 774 941
For the 12 Months Ended June 30, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $950 26.9% 22.1% $619 23.8%
Canada 196 23.8% 11.7% 173 23.3%
CEMEA 460 43.4% 37.9% 69 40.3%
LAC 564 33.5% 21.6% 181 42.7%
US 2,018 10.2% 10.2% 1,613 11.2%
------ -----
Visa Inc. 4,189 20.3% 16.5% 2,655 17.1%
Visa Credit Programs
US $971 7.1% 7.1% $832 7.8%
Rest of World 1,060 24.8% 18.2% 904 25.7%
------ -----
Visa Inc. 2,031 15.7% 12.3% 1,736 16.5%
Visa Debit Programs
US $1,047 13.1% 13.1% $781 15.1%
Rest of World 1,111 38.6% 30.0% 138 41.9%
------ -----
Visa Inc. 2,158 25.0% 20.7% 919 18.5%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($billions) USD)
All Visa Credit & Debit
Asia Pacific 19.1% 7,672 $331 33.1%
Canada 11.2% 1,463 23 28.3%
CEMEA 37.6% 937 391 44.0%
LAC 29.6% 4,418 383 29.6%
US 11.2% 29,216 406 6.2%
------ -----
Visa Inc. 14.4% 43,707 1,534 26.2%
Visa Credit Programs
US 7.8% 9,296 $140 3.3%
Rest of World 18.9% 11,284 156 19.7%
------ -----
Visa Inc. 13.0% 20,580 295 11.3%
Visa Debit Programs
US 15.1% 19,920 $266 7.8%
Rest of World 32.5% 3,207 972 38.2%
------ -----
Visa Inc. 17.1% 23,127 1,238 30.3%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 28.1% 1,826 387 472
Canada 15.8% 37 24 31
CEMEA 38.0% 2,359 159 168
LAC 18.1% 2,920 303 328
US 6.2% 2,872 465 642
------ ----- -----
Visa Inc. 20.4% 10,014 1,338 1,642
Visa Credit Programs
US 3.3% 127 262 335
Rest of World 14.6% 544 404 464
------ ----- -----
Visa Inc. 8.6% 671 666 798
Visa Debit Programs
US 7.8% 2,745 203 308
Rest of World 29.7% 6,598 470 536
------ ----- -----
Visa Inc. 23.7% 9,343 673 844
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 reported quarterly by Visa's members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.
Visa's CEMEA region is comprised of countries in
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
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.
Growth Growth
Period (Nominal USD) (Constant USD)
------ --------------- -----------------
3 Months Ended
--------------
Sep 30, 2009 -9% -5%
Jun 30, 2009 -15% -8%
Mar 31, 2009 -15% -6%
Dec 31, 2008 -6% 0%
Sep 30, 2008 14% 12%
Jun 30, 2008 20% 14%
Mar 31, 2008 25% 17%
Dec 31, 2007 29% 22%
12 Months Ended
---------------
Sep 30, 2009 -11% -5%
Sep 30, 2008 22% 16%
3. Processed Transactions
The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa's networks.
Processed
Transactions
Period (millions) Growth
------ ---------------- ------
3 Months Ended
--------------
Sep 30, 2009 10,463 9%
Jun 30, 2009 10,266 8%
Mar 31, 2009 9,360 6%
Dec 31, 2008 9,797 8%
Sep 30, 2008 9,590 11%
Jun 30, 2008 9,473 13%
Mar 31, 2008 8,800 15%
Dec 31, 2007 9,094 13%
12 Months Ended
---------------
Sep 30, 2009 39,885 8%
Sep 30, 2008 36,956 13%
SOURCE
Investors: Jack Carsky or Victoria Hyde-Dunn, +1-415-932-2213, ir@visa.com; Media: Paul Cohen or Will Valentine, +1-415-932-2564, globalmedia@visa.com