Visa Inc. Posts Solid Fiscal Third Quarter 2009 Earnings Results and Updates Longer-term Guidance
- Adjusted quarterly net income of
- Excluding the impact from the sale of the Company's equity interest in VisaNet do Brasil, adjusted quarterly net income of
- GAAP quarterly net income of
Net operating revenue in the fiscal third quarter of 2009 was
"With little real improvement in the economic backdrop, Visa still posted solid operational and financial performance results during the fiscal third quarter," said
"While we cannot predict the specific timing of a global economic turnaround, we remain committed to doing our part in delivering balanced growth to our shareholders over the long term," added Saunders. "As we look forward to the remainder of our fiscal 2009 year and beyond, we will remain focused on leveraging our inherent operating scale, maintaining strong financial performance and expense control."
Fiscal Third Quarter 2009 Financial Highlights:
-- Payments volume growth, on a nominal basis, was a negative 5% over the prior year at
-- Total volume, on a nominal basis and inclusive of cash volume, was
-- Total cards carrying the Visa brands rose 6% worldwide over the prior year to over 1.7 billion.
Total processed transactions, which represent transactions processed by VisaNet through
For the fiscal third quarter 2009, service revenues were
Adjusted total operating expenses were
Cash, cash equivalents, restricted cash, and investment securities were
Notable Events:
On
On
As previously announced, Visa has initiated a program to allow its class C stockholders to apply (prior to
On
On
Financial Outlook:
-- Annual adjusted operating margin in the low 50%
-- Capital
-- Annual net revenue growth of high single digits in 2009 and at the lower end of the 11% to 15% range in 2010, given certain economic recovery assumptions;
-- Annual adjusted diluted class A common stock earnings per share growth of greater than 20%;
-- Annual free cash flow in excess of
This outlook reflects an assumed 41% GAAP tax rate for fiscal year 2009, which reflects the tax impact of the Company's sale of its equity interest in VisaNet do Brasil. The Company's intent is to reduce this rate to a level around 35-36% over the next four years.
Fiscal Third Quarter 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 in Part 1, Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended
Contacts:
Investor Relations: Jack Carsky or
Media Relations: Paul Cohen , 415-932-2564, globalmedia@visa.com
Visa Inc.
Selected Consolidated Statements of Operations
(unaudited)
Three Months Nine Months
Ended June 30, Ended June 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
(in millions except per share data)
Operating Revenues
Service revenues $769 $749 $2,366 $2,273
Data processing
revenues 605 539 1,703 1,525
International transaction
revenues 458 449 1,409 1,209
Other revenues 158 150 462 409
Volume and support
incentives (344) (274) (908) (862)
----- ----- ----- -----
Total operating revenues 1,646 1,613 5,032 4,554
----- ----- ----- -----
Operating Expenses
Personnel 262 310 809 882
Network, EDP and
communications 97 84 282 245
Advertising,
marketing and promotion 229 271 635 696
Professional and
consulting fees 82 108 246 302
Depreciation
and amortization 57 57 165 178
Administrative and other 96 85 225 234
Litigation provision 1 50 1 342
----- ----- ----- -----
Total operating expenses 824 965 2,363 2,879
----- ----- ----- -----
Operating income 822 648 2,669 1,675
----- ----- ----- -----
Other Income (Expense)
Equity in earnings of
unconsolidated
affiliates - - - 1
Interest expense (30) (30) (90) (116)
Investment income, net 504 97 557 172
Other 1 (1) 1 35
----- ----- ----- -----
Total other income 475 66 468 92
----- ----- ----- -----
Income before income
taxes and minority
interest 1,297 714 3,137 1,767
Income tax expense 568 292 1,299 607
----- ----- ----- -----
Income before
minority
interest 729 422 1,838 1,160
Minority interest - - 1 -
----- ----- ----- -----
Net income $729 $422 $1,839 $1,160
===== ===== ====== ======
Basic net
income per
share
Class A common stock $0.97 $0.51 $2.42 $1.44
===== ===== ===== =====
Class B common stock $0.61 $0.36 $1.58 $1.33
===== ===== ===== =====
Class C common stock $0.97 $2.42
===== =====
Class C (series
I) common stock $0.51 $1.44
===== =====
Class C (series
II) common stock $0.12 $0.75
===== =====
Class C (series III
and IV) common stock $0.51 $1.44
===== =====
Basic weighted
average shares
outstanding
Class A common stock 448 447 447 170
=== === === ===
Class B common stock 246 246 246 363
=== === === ===
Class C common stock 152 152
=== ===
Class C (series
I) common stock 125 213
=== ===
Class C (series
II) common stock 80 48
== ==
Class C (series III
and IV) common stock 27 49
== ==
Diluted net
income per
share
Class A common stock $0.97 $0.51 $2.41 $1.44
===== ===== ===== =====
Class B common stock $0.61 $0.36 $1.58 $1.33
===== ===== ===== =====
Class C common stock $0.97 $2.41
===== =====
Class C (series
I) common stock $0.51 $1.44
===== =====
Class C (series
II) common stock $0.12 $0.75
===== =====
Class C (series III
and IV) common stock $0.51 $1.44
===== =====
Diluted weighted average shares
outstanding
Class A common stock 756 776 761 767
=== === === ===
Class B common stock 246 246 246 363
=== === === ===
Class C common stock 152 152
=== ===
Class C (series
I) common stock 125 213
=== ===
Class C (series
II) common stock 80 48
== ==
Class C (series III
and IV) common stock 27 49
== ==
Visa Inc.
Selected Consolidated Balance Sheets
(unaudited)
June 30, September 30,
2009 2008
-------- ------------
(in millions, except par
value and share data)
Assets
Cash and cash equivalents $4,200 $4,979
Restricted cash - litigation escrow 1,141 1,298
Investment securities
Trading 83 -
Available-for-sale 47 355
Settlement receivable 998 1,131
Accounts receivable 419 342
Customer collateral 739 679
Current portion of volume and support incentives 217 256
Current portion of deferred tax assets 484 944
Prepaid expenses and other current assets 1,234 1,190
------ ------
Total current assets 9,562 11,174
Restricted cash - litigation escrow 420 630
Investment securities, available-for-sale 181 244
Volume and support incentives 118 123
Property, equipment, and technology, net 1,170 1,080
Other assets 77 634
Intangible assets 10,883 10,883
Goodwill 10,213 10,213
------ ------
Total assets $32,624 $34,981
======= =======
Liabilities
Accounts payable $106 $159
Settlement payable 979 1,095
Customer collateral 739 679
Accrued compensation and benefits 296 420
Volume and support incentives 328 249
Accrued liabilities 587 306
Current portion of long-term debt 52 51
Current portion of accrued litigation 1,348 2,698
Redeemable class C (series
III) common stock, no
shares and 35,263,585
shares issued and
outstanding, respectively - 1,508
------ ------
Total current liabilities 4,435 7,165
Long-term debt 46 55
Accrued litigation 905 1,060
Deferred tax liabilities 3,653 3,811
Other liabilities 786 613
------ ------
Total liabilities 9,825 12,704
------ ------
Temporary Equity and Minority Interest
Class C (series II) common stock, $0.0001 par
value, no shares and 218,582,801 shares
authorized, no shares and 79,748,857 shares
issued and outstanding, net of subscription
receivable, respectively $- $1,136
Minority interest 5 -
------ ------
Total temporary equity and minority interest 5 1,136
------ ------
Commitment and contingencies
Stockholders' Equity
Preferred stock, $0.0001 par value,
25,000,000 shares authorized and none
issued $- $-
Class A common stock, $0.0001 par
value, 2,001,622,245,209 shares
authorized, 449,407,746 and
447,746,261 issued and outstanding,
respectively - -
Class B common stock, $0.0001
par value, 622,245,209 shares
authorized, 245,513,385
issued and outstanding,
respectively - -
Class C common stock, $0.0001 par
value, 1,097,165,602 shares
authorized, 151,605,798 issued
and 151,581,349 outstanding at
June 30, 2009 - -
Class C (series I) common stock,
$0.0001 par value, 813,582,801 shares
authorized, 124,622,548 issued and
124,097,105 outstanding at September
30, 2008 - -
Class C (series III) common stock,
$0.0001 par value, 64,000,000
shares authorized, 26,949,616
issued and outstanding at
September 30, 2008 - -
Class C (series IV) common stock,
$0.0001 par value, 1,000,000
shares authorized, 549,587 issued
and outstanding at September 30,
2008 - -
Additional paid-in capital 21,115 21,060
Class C treasury stock, 24,449
shares and 525,443 shares,
respectively (2) (35)
Accumulated income 1,783 186
Accumulated other comprehensive loss, net (102) (70)
------ ------
Total stockholders' equity and
accumulated income 22,794 21,141
------ ------
Total liabilities, temporary
equity and minority interest,
and stockholders' equity $32,624 $34,981
======= =======
Visa Inc.
Selected Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended
June 30,
-------------------
2009 2008
------- -------
(in millions)
Operating Activities
Net income $1,839 $1,160
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 165 178
Share-based compensation 84 47
Tax benefit for
share based
compensation (6) -
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 (14) (6)
Net recognized loss on investment
securities, including other-than-
temporary impairment 8 12
Asset impairment on
non-marketable
equity investments 7 -
Gain on disposal of
property, equipment
and technology - (1)
Minority interest (1) -
Amortization of
volume and
support incentives 908 862
Accrued litigation and accretion 72 447
Equity in earnings
of unconsolidated
affiliates - (1)
Deferred income taxes 316 136
Change in operating assets and liabilities:
Trading securities 10 -
Accounts receivable (77) (24)
Settlement receivable 133 (642)
Volume and support incentives (785) (980)
Other assets 84 (76)
Accounts payable (53) (60)
Settlement payable (116) 510
Accrued compensation and benefits (124) (99)
Accrued and other liabilities 438 52
Accrued litigation (1,626) (1,220)
Member deposits - (3)
------ ------
Net cash provided by operating activities 767 257
------ ------
Investing Activities
Investment securities, available-for-sale:
Purchases - (1,504)
Proceeds from sales and maturities 276 2,402
Distribution from money market investment 884 -
Cash acquired through reorganization - 1,002
Purchases of/contributions to other investments (1) (24)
Dividends/distributions from other investments 1 22
Purchases of property, equipment and technology (205) (323)
Proceeds from sale of
property, equipment
and technology - 4
------ ------
Net cash provided by investing activities 955 1,579
------ ------
Financing Activities
Proceeds from short-term borrowing - 2
Payments on short-term borrowing - (2)
Proceeds from sale of
common stock, net of
issuance costs $550 - 19,100
Tax benefit for share based compensation 6 -
Cash proceeds from exercise of stock options 20 -
Funding of litigation escrow
account - Retrospective
Responsibility Plan (1,100) (3,000)
Payments from litigation
escrow account -
Retrospective Responsibility
Plan 1,481 1,015
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 (240) -
Principal payments on debt (8) (15)
Principal payments on capital lease obligations (4) (3)
------ ------
Net cash (used in)
provided by
financing activities (2,491) 3,651
------ ------
Effect of exchange rate
translation on cash and
cash equivalents (10) -
------ ------
(Decrease) increase
in cash and cash
equivalents (779) 5,487
Cash and cash equivalents at beginning of year 4,979 275
------ ------
Cash and cash equivalents at end of period $4,200 $5,762
====== ======
Supplemental
Disclosure of Cash
Flow Information
Income taxes paid, net of refunds $528 $563
Amounts included in accounts payable and accrued
liabilities related to purchases of property,
equipment, and technology $25 $27
Interest payments on debt $3 $6
Common stock issued in acquisition $- $17,935
Cash dividend declared but not paid $- $93
Assets acquired in joint
venture with note payable and
equity interest issued $22 $-
------ ------
Selected Fiscal 2008 and 2009 Quarterly Results of Operations
US$ in millions
Fiscal 2008 Quarter Ended
-------------------------
June 30, 2008 September 30, 2008
-------------- -------------------
Operating Revenues
Service revenues $749 $788
Data processing revenues 539 548
International transaction revenues 449 512
Other revenues 150 160
Volume and support incentives (274) (299)
----- -----
Total operating revenues 1,613 1,709
----- -----
Operating Expenses
Personnel 310 317
Network, EDP and communications 84 94
Advertising, marketing and
promotion 271 320
Professional and consulting fees 108 136
Depreciation
and amortization 57 59
Administrative and other 85 98
Litigation provision 50 1,128
----- -----
Total operating expenses 965 2,152
----- -----
Operating income (loss) 648 (443)
----- -----
Other Income (Expense)
Equity in earnings of
unconsolidated affiliates - -
Interest expense (30) (27)
Investment income, net 97 39
Other (1) -
----- -----
Total other income (expense) 66 12
----- -----
Income (loss) before income taxes 714 (431)
Income tax expense (benefit) 292 (75)
----- -----
Income (loss) before minority
interest 422 (356)
Minority interest - -
----- -----
Net income (loss) $422 $(356)
===== =====
Fiscal 2009 Quarter Ended
-------------------------------
December March June
31, 2008 31, 2009 30, 2009
---------- --------- --------
Operating Revenues
Service revenues $793 $804 $769
Data processing revenues 554 544 605
International transaction revenues 505 446 458
Other revenues 156 148 158
Volume and support incentives (269) (295) (344)
----- ----- -----
Total operating revenues 1,739 1,647 1,646
----- ----- -----
Operating Expenses
Personnel 275 272 262
Network, EDP and communications 93 92 97
Advertising, marketing and
promotion 210 196 229
Professional and consulting fees 80 84 82
Depreciation and amortization 52 56 57
Administrative and other 63 66 96
Litigation provision - - 1
----- ----- -----
Total operating expenses 773 766 824
----- ----- -----
Operating income (loss) 966 881 822
----- ----- -----
Other Income (Expense)
Equity in earnings of unconsolidated
affiliates (1) 1 -
Interest expense (30) (30) (30)
Investment income, net 19 34 504
Other (1) 1 1
----- ----- -----
Total other income (expense) (13) 6 475
----- ----- -----
Income (loss) before income taxes 953 887 1,297
Income tax expense (benefit) 379 352 568
----- ----- -----
Income (loss) before minority interest 574 535 729
Minority interest - 1 -
----- ----- -----
Net income (loss) $574 $536 $729
===== ===== =====
Adjusted Operating Income and Net Income
US$ in millions
Three Months Three Months
Ended Ended
June 30, 2009 June 30, 2008
------------- -------------
Net income (as reported) $729 $422
Addback: Income tax expense
(as reported) 568 292
---- ----
Net Income before taxes and minority
interest (as reported) $1,297 $714
Adjustments:
Litigation reserve (1) - 50
Restructuring (2) 3 15
Asset step-up amortization (3) 17 17
---- ----
Adjustments to operating income 20 82
Interest accretion on American
Express settlement (4) 8 11
Interest expense on Discover
settlement (5) 1 -
Investment income on Litigation
Escrow and EU proceeds (6) (3) (33)
Underwater contract (LIBOR
adjustment) (7) - 1
---- ----
Adjustments to non-operating income 6 (21)
Total adjustments 26 61
Adjusted income before taxes and
minority interest 1,323 775
Adjusted income tax expense (8) (579) (318)
---- ----
Adjusted net income $744 $457
==== ====
Operating income (as reported) $822 $648
Addback: Adjustments to
operating income 20 82
---- ----
Adjusted operating income $842 $730
==== ====
Operating revenues (as reported) $1,646 $1,613
Adjusted operating margin 51% 45%
Total operating expenses (as reported) $824 $965
Less: Adjustments to
operating expenses (20) (82)
---- ----
Adjusted operating expenses $804 $883
==== ====
(1) Litigation reserve related to the covered litigation. Settlements
of, or judgments in, covered litigation will be paid from the litigation
escrow account.
(2) Restructuring costs associated with workforce consolidation and
elimination of overlapping functions.
(3) Non-cash amortization and depreciation of the incremental basis in
technology and building assets acquired in the reorganization.
(4) Non-cash interest expense recorded on future payments to be made
under the settlement agreement with American Express . These payments will
be paid from the litigation escrow account.
(5) Interest expense recorded on future payments to be made under the
settlement agreement with Discover. These payments will be paid from the
litigation escrow account.
(6) Investment income earned during the period on all IPO proceeds and
amounts held in the litigation escrow, including amounts the Company used
in October 2008 to redeem all class C (series II) common stock and a
portion of the class C (series III) common stock held by Visa Europe.
(7) Other expense recorded in the periods presented as a result of
changes in the Company's estimated liability under the Framework
Agreement, which governs its relationship with Visa Europe. The changes
were primarily due to movement in the LIBOR rates in the periods
presented. This liability was satisfied as part of the October 2008
redemptions described above.
(8) Adjusted income tax expense for the three months ended June 30, 2009
reflects the GAAP effective tax rate for the current quarter, which is
impacted by the sale of the equity interest in VisaNet do Brasil. Adjusted
income tax expense for the three months ended June 30, 2008 reflects the
normalized tax rate for fiscal 2008.
Reconciliation of Non-GAAP Adjusted Operating Expenses
US$ in millions
Three Months Ended
June 30, 2009
-------------------
Actual Adjustments As Adjusted
------ ----------- -----------
Personnel $262 $(3) (1) $259
Network, EDP and communications 97 - 97
Advertising, marketing and promotion 229 - 229
Professional and consulting fees 82 - 82
Depreciation and amortization 57 (17) (2) 40
Administrative and other 96 - 96
Litigation provision 1 - 1
---- ---- ----
Total operating expenses $824 $(20) $804
---- ---- ----
Three Months Ended
June 30, 2008
-------------------
Actual Adjustments As Adjusted
------ ----------- -----------
Personnel $310 $(15) (1) $295
Network, EDP and communications 84 - 84
Advertising, marketing and promotion 271 - 271
Professional and consulting fees 108 - 108
Depreciation and amortization 57 (17) (2) 40
Administrative and other 85 - 85
Litigation provision 50 (50) (3) -
---- ---- ----
Total operating expenses $965 $(82) $883
---- ---- ----
(1) Restructuring
(2) Asset step-up amortization
(3) Litigation reserve
Reconciliation of Non-GAAP Adjusted Non-operating Income
US$ in millions
Three Months Ended
June 30, 2009
--------------------------------------
Actual Adjustments As Adjusted
------ ----------- -----------
Equity in earnings of
unconsolidated
affiliates $- $- $-
Interest expense (30) 9 (1) (21)
Investment income, net 504 (3) (2) 501
Other 1 - 1
---- ---- ----
Total other income $475 $6 $481
---- ---- ----
Three Months Ended
June 30, 2008
--------------------------------------
Actual Adjustments As Adjusted
------ ----------- -----------
Equity in earnings of
unconsolidated
affiliates $- $- $-
Interest expense (30) 11 (1) (19)
Investment income, net 97 (33) (2) 64
Other (1) 1 (3) -
---- ---- ----
Total other income $66 $(21) $45
---- ---- ----
(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 period 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.
Three Months Ended Three Months Ended
June 30, 2009 June 30, 2008
------------------ ------------------
(in millions, except per share data)
Adjusted net income $744 $457
Weighted average number of diluted
shares outstanding 756 779
----- -----
Adjusted diluted earnings per share $0.98 $0.59
===== =====
Calculation of Free Cash Flow
US$ in millions
For the Nine
Additions (+) / Months
Reductions (-) Ended
to Net income June 30, 2009
--------------- -------------
Net income
(as reported) $1,839
Recurring Items:
Capital Assets + Depreciation and
amortization 165
- Capital expenditures (205)
Share-based
Compensation + Share-based compensation 84
Litigation + Litigation provision 1
+ Accretion expense 71
- Settlement payments (1,642)
Pension + Pension expense 43
- Pension contribution (8)
Gain on sale of
VisaNet do Brasil(1) - investment, pre-tax (473)
Taxes + Income tax expense 1,299
- Income taxes paid (528)
Non-recurring Items(2): Settlement payments funded by
+ litigation escrow 1,481
Tax benefit on settlement
Covered Litigation - payments (540)
+ Settlement payments funded
by Morgan Stanley 49
------
Total Free Cash Flow $1,636
======
(1) In July 2009 , Visa received total proceeds from the sale of its equity
investment in VisaNet do Brasil of approximately $1 billion . Free cash
flow for the quarter ended September 30, 2009 will reflect receipt of
these proceeds, as well as the payment of associated taxes estimated
to be approximately half this amount.
(2) Adjustments to eliminate the cash impact of non-recurring items.
Operational Performance Data
The tables below provide information regarding the operational results for the 3 months ended
1. Branded Volume and Transactions
The tables present Payments Volume, Cash Volume, Total Volume, the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior periods are provided for volume-based data.
For the 3 Months Ended March 31, 2009
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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% 19.7% 17 -0.4%
LAC 128 -10.3% 16.1% 42 -9.3%
US 468 -4.3% -4.3% 379 -2.5%
---- ----
Visa Inc. 969 -6.5% 4.0% 617 -5.5%
Visa Credit Programs
US $195 -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 5.8% 5.8% $202 4.7%
Rest of World 265 -5.4% 19.0% 34 -2.5%
---- ----
Visa Inc. 537 0.0% 12.0% 236 3.6%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ 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% 7,502 89 -10.9%
------ ---
Visa Inc. 2.0% 11,602 352 -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% 5,187 51 -31.7%
Visa Debit Programs
US 4.7% 5,419 $70 9.4%
Rest of World 25.3% 996 231 -5.8%
------ ---
Visa Inc. 7.2% 6,415 301 -2.7%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 13.3% 545 420 506
Canada -10.3% 9 23 31
CEMEA 19.7% 666 178 182
LAC 16.6% 775 313 341
US -10.9% 708 480 664
------ ----- -----
Visa Inc. 7.8% 2,703 1,415 1,723
Visa Credit Programs
US -47.0% 22 240 318
Rest of World 3.1% 131 418 480
------ ----- -----
Visa Inc. -23.7% 153 658 798
Visa Debit Programs
US 9.4% 686 241 346
Rest of World 18.1% 1,864 517 579
------ ----- -----
Visa Inc. 16.0% 2,550 757 925
For the 3 Months Ended December 31, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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 -2.0% -2.0% 409 -1.0%
----- ----
Visa Inc. 1,071 0.3% 7.9% 675 -0.9%
Visa Credit Programs
US $230 -9.2% -9.2% $203 -6.9%
Rest of World 266 -2.3% 11.7% 228 -1.6%
----- ----
Visa Inc. 496 -5.6% 0.9% 431 -4.2%
Visa Debit Programs
US $275 5.1% 5.1% $206 5.6%
Rest of World 301 7.1% 25.1% 38 5.9%
----- ----
Visa Inc. 575 6.1% 14.7% 244 5.6%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ 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% 7,825 96 -5.7%
------ ---
Visa Inc. 4.4% 12,097 396 2.5%
Visa Credit Programs
US -6.9% 2,375 $27 -23.2%
Rest of World 12.0% 3,228 37 -5.9%
------ ---
Visa Inc. 2.2% 5,603 65 -14.1%
Visa Debit Programs
US 5.6% 5,450 $69 3.7%
Rest of World 28.7% 1,043 263 7.3%
------ ---
Visa Inc. 8.6% 6,493 332 6.5%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 10.5% 533 414 501
Canada -6.6% 9 23 30
CEMEA 35.2% 708 174 179
LAC 21.9% 848 312 340
US -5.7% 714 484 668
------ ----- -----
Visa Inc. 14.3% 2,812 1,407 1,718
Visa Credit Programs
US -23.2% 28 258 334
Rest of World 10.2% 148 415 478
------ ----- -----
Visa Inc. -6.9% 176 673 813
Visa Debit Programs
US 3.7% 687 227 333
Rest of World 24.6% 1,949 507 572
------ ----- -----
Visa Inc. 19.6% 2,636 734 905
For the 3 Months Ended September 30, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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 524 7.1% 7.1% 421 8.6%
----- ---
Visa Inc. 1,127 15.9% 16.4% 701 12.4%
Visa Credit Programs
US $244 1.7% 1.7% $213 3.5%
Rest of World 280 15.6% 18.9% 239 16.1%
----- ---
Visa Inc. 525 8.7% 10.2% 452 9.8%
Visa Debit Programs
US $280 12.4% 12.4% $208 14.3%
Rest of World 322 33.8% 32.7% 41 37.5%
----- ---
Visa Inc. 602 22.9% 22.4% 249 17.5%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ 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% 7,680 103 1.6%
------ ---
Visa Inc. 13.4% 11,737 426 22.0%
Visa Credit Programs
US 3.5% 2,363 $31 -9.2%
Rest of World 19.2% 3,115 41 12.9%
------ ---
Visa Inc. 11.2% 5,478 73 2.2%
Visa Debit Programs
US 14.3% 5,318 $71 7.3%
Rest of World 37.8% 941 282 33.3%
------ ---
Visa Inc. 17.5% 6,259 353 27.1%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 20.1% 525 400 480
Canada -1.6% 9 24 32
CEMEA 44.8% 671 169 176
LAC 25.5% 798 301 334
US 1.6% 744 474 651
----- ----- -----
Visa Inc. 21.8% 2,748 1,368 1,673
Visa Credit Programs
US -9.2% 30 263 336
Rest of World 17.4% 153 410 473
----- ----- -----
Visa Inc. 4.2% 183 672 809
Visa Debit Programs
US 7.3% 714 211 314
Rest of World 32.0% 1,851 484 549
----- ----- -----
Visa Inc. 26.2% 2,565 695 864
For the 3 Months Ended June 30, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit
& Debit
Asia Pacific $250 24.3% 21.1% $162 22.4%
Canada 51 14.3% 10.3% 45 14.5%
CEMEA 131 45.8% 40.7% 19 37.8%
LAC 155 35.4% 22.9% 50 40.3%
US 526 8.8% 8.8% 423 9.7%
----- ---
Visa Inc. 1,113 19.2% 16.5% 699 15.2%
Visa Credit Programs
US $246 4.7% 4.7% $213 5.0%
Rest of World 278 21.7% 17.9% 238 22.6%
----- ---
Visa Inc. 524 13.1% 11.3% 450 13.6%
Visa Debit Programs
US $280 12.6% 12.6% $210 15.0%
Rest of World 309 39.4% 31.0% 38 40.3%
----- ---
Visa Inc. 589 25.2% 21.5% 248 18.2%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit
& Debit
Asia Pacific 18.9% 2,032 $88 28.0%
Canada 10.4% 383 6 13.0%
CEMEA 38.1% 255 112 47.2%
LAC 27.5% 1,160 105 33.2%
US 9.7% 7,661 103 4.9%
------ ---
Visa Inc. 13.6% 11,490 414 26.6%
Visa Credit Programs
US 5.0% 2,333 $34 2.9%
Rest of World 18.3% 2,969 40 16.4%
------ ---
Visa Inc. 11.6% 5,303 74 9.8%
Visa Debit Programs
US 15.0% 5,327 $69 5.9%
Rest of World 31.9% 860 271 39.3%
------ ---
Visa Inc. 17.3% 6,187 340 30.9%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 25.5% 498 387 472
Canada 9.0% 9 24 31
CEMEA 41.2% 640 159 168
LAC 20.8% 754 303 328
US 4.9% 738 465 642
----- ----- -----
Visa Inc. 21.8% 2,639 1,338 1,642
Visa Credit Programs
US 2.9% 29 262 335
Rest of World 15.3% 146 404 464
----- ----- -----
Visa Inc. 9.3% 175 666 798
Visa Debit Programs
US 5.9% 708 203 308
Rest of World 30.8% 1,756 470 536
----- ----- -----
Visa Inc. 24.9% 2,464 673 844
For the 3 Months Ended March 31, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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% 35.3% 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 38.0% 236 96 40.9%
LAC 30.5% 1,123 97 33.7%
US 12.0% 7,080 100 6.5%
------ ---
Visa Inc. 14.9% 10,689 384 27.2%
Visa Credit Programs
US 8.1% 2,167 $36 7.5%
Rest of World 19.1% 2,798 39 23.0%
------ ---
Visa Inc. 13.2% 4,965 75 15.0%
Visa Debit Programs
US 16.2% 4,913 $64 6.0%
Rest of World 32.7% 812 245 38.9%
------ ---
Visa Inc. 18.0% 5,725 309 30.6%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 28.6% 458 376 457
Canada 12.5% 9 24 31
CEMEA 34.8% 584 148 156
LAC 18.8% 719 288 312
US 6.5% 689 456 664
----- ----- -----
Visa Inc. 19.8% 2,460 1,291 1,620
Visa Credit Programs
US 7.5% 30 260 368
Rest of World 15.0% 134 387 446
----- ----- -----
Visa Inc. 10.8% 164 647 814
Visa Debit Programs
US 6.0% 659 196 297
Rest of World 28.9% 1,636 448 510
----- ----- -----
Visa Inc. 22.4% 2,296 644 806
For the 3 Months Ended December 31, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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% 38.5% 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 9.2% 9.2% $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% 7,417 102 7.7%
------ ---
Visa Inc. 15.6% 11,098 387 27.3%
Visa Credit Programs
US 9.7% 2,462 $36 5.9%
Rest of World 20.3% 2,863 40 23.2%
------ ---
Visa Inc. 14.6% 5,326 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% 38.8% 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 35.6% 211 85 43.8%
LAC 29.5% 1,004 83 21.9%
US 10.8% 7,039 101 5.7%
------ ---
Visa Inc. 13.8% 10,411 349 23.3%
Visa Credit Programs
US 8.5% 2,314 $35 -2.8%
Rest of World 17.8% 2,654 37 16.4%
------ ---
Visa Inc. 12.9% 4,968 71 6.2%
Visa Debit Programs
US 13.5% 4,724 $67 10.7%
Rest of World 31.3% 718 211 35.5%
------ ---
Visa Inc. 15.6% 5,442 278 28.6%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 26.8% 417 348 427
Canada 22.5% 9 23 31
CEMEA 39.4% 545 125 136
LAC 14.6% 691 267 289
US 5.7% 730 440 642
----- ----- -----
Visa Inc. 19.3% 2,392 1,203 1,526
Visa Credit Programs
US -2.8% 34 253 358
Rest of World 13.5% 128 353 410
----- ----- -----
Visa Inc. 4.8% 162 607 769
Visa Debit Programs
US 10.7% 696 187 284
Rest of World 28.3% 1,534 409 473
----- ----- -----
Visa Inc. 23.6% 2,230 596 757
For the 3 Months Ended June 30, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit
& Debit
Asia Pacific $201 20.6% 16.6% $132 19.9%
Canada 45 18.2% 12.0% 40 17.4%
CEMEA 90 38.7% 37.3% 14 32.4%
LAC 114 32.4% 18.9% 35 41.8%
US 484 9.6% 9.6% 386 10.4%
--- ---
Visa Inc. 934 17.1% 14.6% 606 14.8%
Visa Credit Programs
US $235 6.4% 6.4% $203 8.3%
Rest of World 228 19.8% 16.1% 194 21.2%
--- ---
Visa Inc. 464 12.6% 11.0% 396 14.3%
Visa Debit Programs
US $248 12.8% 12.8% $183 12.9%
Rest of World 222 34.2% 24.9% 27 39.1%
--- ---
Visa Inc. 470 21.9% 18.4% 210 15.7%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit
& Debit
Asia Pacific 16.8% 1,708 $69 21.9%
Canada 11.3% 352 5 24.5%
CEMEA 32.8% 197 76 39.9%
LAC 27.7% 945 79 28.6%
US 10.4% 6,907 98 6.3%
------ ---
Visa Inc. 13.3% 10,108 327 21.8%
Visa Credit Programs
US 8.3% 2,251 $33 -4.3%
Rest of World 17.0% 2,519 35 12.6%
------ ---
Visa Inc. 12.5% 4,770 67 3.7%
Visa Debit Programs
US 12.9% 4,656 $65 12.5%
Rest of World 28.9% 682 195 33.5%
------ ---
Visa Inc. 14.8% 5,339 260 27.5%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 16.1% 373 336 412
Canada 18.0% 9 22 30
CEMEA 38.1% 508 121 124
LAC 15.3% 669 257 281
US 6.3% 721 418 616
----- ----- -----
Visa Inc. 17.2% 2,280 1,154 1,464
Visa Credit Programs
US -4.3% 32 245 345
Rest of World 11.1% 120 339 394
----- ----- -----
Visa Inc. 3.1% 152 584 739
Visa Debit Programs
US 12.5% 689 173 270
Rest of World 24.4% 1,439 397 454
----- ----- -----
Visa Inc. 21.3% 2,128 570 725
For the 12 Months Ended March 31, 2009
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit
& Debit
Asia Pacific $972 7.8% 16.2% $633 7.4%
Canada 179 -5.4% 5.6% 160 -4.5%
CEMEA 520 24.0% 35.1% 77 20.6%
LAC 586 11.8% 22.0% 189 13.4%
US 2,022 2.3% 2.3% 1,632 3.6%
----- -----
Visa Inc. 4,279 6.7% 11.2% 2,691 5.0%
Visa Credit Programs
US $916 -4.6% -4.6% $805 -2.0%
Rest of World 1,060 4.9% 14.1% 909 5.6%
----- -----
Visa Inc. 1,976 0.3% 4.6% 1,713 1.9%
Visa Debit Programs
US $1,106 8.9% 8.9% $827 9.7%
Rest of World 1,197 17.0% 27.1% 151 18.2%
----- -----
Visa Inc. 2,303 13.0% 17.7% 977 10.9%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit
& Debit
Asia Pacific 15.7% 8,580 $339 8.8%
Canada 6.6% 1,519 19 -12.2%
CEMEA 32.5% 1,136 443 24.6%
LAC 23.3% 5,023 397 11.1%
US 3.6% 30,668 391 -2.6%
------ -----
Visa Inc. 8.3% 46,926 1,588 9.8%
Visa Credit Programs
US -2.0% 9,154 $111 -19.8%
Rest of World 14.5% 12,417 151 0.8%
------ -----
Visa Inc. 6.1% 21,571 263 -9.1%
Visa Debit Programs
US 9.7% 21,514 $279 6.5%
Rest of World 31.0% 3,840 1,046 16.8%
------ -----
Visa Inc. 12.5% 25,355 1,326 14.5%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 17.3% 2,101 420 506
Canada -1.9% 36 23 31
CEMEA 35.6% 2,685 178 182
LAC 21.4% 3,175 313 341
US -2.6% 2,904 480 664
------ ----- -----
Visa Inc. 16.5% 10,901 1,415 1,723
Visa Credit Programs
US -19.8% 109 240 318
Rest of World 11.8% 578 418 480
------ ----- -----
Visa Inc. -4.2% 687 658 798
Visa Debit Programs
US 6.5% 2,795 241 346
Rest of World 26.5% 7,419 517 579
------ ----- -----
Visa Inc. 21.7% 10,214 757 925
For the 12 Months Ended March 31, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit
& Debit
Asia Pacific $901 26.2% 20.9% $590 23.3%
Canada 190 25.2% 12.2% 167 24.4%
CEMEA 419 41.7% 37.5% 64 39.2%
LAC 524 32.7% 20.5% 167 43.2%
US 1,976 10.4% 10.4% 1,575 11.4%
----- -----
Visa Inc. 4,010 19.8% 16.2% 2,563 17.1%
Visa Credit Programs
US $960 7.6% 7.6% $821 8.7%
Rest of World 1,011 24.5% 17.9% 860 25.6%
----- -----
Visa Inc. 1,971 15.6% 12.4% 1,682 16.7%
Visa Debit Programs
US $1,016 13.2% 13.2% $754 14.6%
Rest of World 1,023 37.4% 28.5% 127 41.8%
----- -----
Visa Inc. 2,039 24.2% 20.1% 881 17.8%
Growth Payments Cash Growth
(Constant Transactions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit
& Debit
Asia Pacific 18.5% 7,347 $312 31.9%
Canada 11.5% 1,433 22 32.0%
CEMEA 36.7% 879 355 42.1%
LAC 29.7% 4,204 357 28.3%
US 11.4% 28,443 401 6.6%
------ -----
Visa Inc. 14.4% 42,306 1,447 25.0%
Visa Credit Programs
US 8.7% 9,195 $139 1.5%
Rest of World 18.5% 10,834 150 18.8%
------ -----
Visa Inc. 13.3% 20,028 289 9.8%
Visa Debit Programs
US 14.6% 19,248 $262 9.5%
Rest of World 31.7% 3,029 896 36.8%
------ -----
Visa Inc. 16.6% 22,278 1,158 29.5%
Growth Cash
(Constant Transactions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit
& Debit
Asia Pacific 25.6% 1,701 376 457
Canada 18.3% 37 24 31
CEMEA 37.7% 2,227 148 156
LAC 16.6% 2,836 288 312
US 6.6% 2,855 456 664
----- ----- -----
Visa Inc. 19.5% 9,655 1,291 1,620
Visa Credit Programs
US 1.5% 129 260 368
Rest of World 14.1% 518 387 446
----- ----- -----
Visa Inc. 7.3% 648 647 814
Visa Debit Programs
US 9.5% 2,726 196 297
Rest of World 28.0% 6,281 448 510
----- ----- -----
Visa Inc. 23.0% 9,007 644 806
Footnote
The preceding tables present Payments Volume, Cash Volume, Total Volume, 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 periods 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. Processed Transactions
The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa's networks.
Processed
Transactions
Period (millions) Year-over-Year Growth
------ ----------------- ---------------------
3 Months Ended
--------------
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%
Sep 30, 2007 8,645 12%
12 Months Ended
---------------
Jun 30, 2009 39,012 8%
Jun 30, 2008 36,012 13%
SOURCE
CONTACT: Investor Relations, Jack Carsky, or