Visa Inc. Posts Strong Fiscal First Quarter 2009 Earnings Results and Reaffirms 2009 Adjusted Diluted Earnings Per Share Guidance
- Adjusted quarterly net income of
- GAAP quarterly net income of
- Payments volume growth of 12% over the prior year to
Net operating revenue in the fiscal first quarter of 2009 was
"We are very pleased with our fiscal first quarter earnings results and our ability to deliver strong operating performance," said
"Even though we now foresee tougher economic trends in the second half of fiscal 2009 with resulting net revenue growth likely in the low single digits, we remain stead-fast in our ability to meet our 2009 EPS guidance," added Saunders. "Rationalizing our expense structure and further leveraging operational efficiencies within the organization remain priorities. These directives, coupled with providing innovative products and services along with the global expansion of our business, will further support our long-term success."
Fiscal First Quarter 2009 Financial Highlights:
-- Payments volume grew 12% over the prior year to
-- Total volume, inclusive of cash volume was
-- Total cards carrying the Visa brands rose 10% worldwide over the prior year to 1.7 billion; and
-- Total payment transactions increased by 13% over the prior year to 14.5 billion.
Total processed transactions, which represent transactions processed by VisaNet through
For the fiscal first quarter 2009, service revenues were
Adjusted total operating expenses were
Cash, cash equivalents, restricted cash, and available-for-sale investment securities were
Notable Events:
In
In
On
Financial Outlook:
-- Annual net revenue growth in the high single-digits
-- Annual net revenue growth at the lower end of the 11% to 15% range;
-- Annual adjusted operating margin in the mid-to-high 40% range;
-- Annual adjusted diluted class A common earnings per share growth of greater than 20%;
-- Annual free cash flow in excess of
-- Capital expenditures in the range of
This outlook reflects an assumed 40% percent GAAP tax rate for fiscal year 2009. The company's intent is to reduce this rate to a level around 35-36% over the next four years.
Fiscal First 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 Victoria Hyde-Dunn , 415-932-2213,
ir@visa.com
Media Relations: Paul Cohen or Sandra Chu , 415-932-2564,
globalmedia@visa.com
Visa Inc.
Selected Consolidated Statements of Operations
(unaudited)
For the
three months ended
December 31,
---------------------
2008 2007
---- ----
(in millions except per share data)
Operating Revenues
Service revenues $793 $732
Data processing revenues 554 492
International transaction revenues 505 381
Other revenues 156 133
Volume and support incentives (269) (250)
---- ----
Total operating revenues 1,739 1,488
----- -----
Operating Expenses
Personnel 275 283
Network, EDP and communications 93 83
Advertising, marketing and promotion 210 210
Professional and consulting fees 80 98
Depreciation and amortization 52 62
Administrative and other 63 74
Litigation provision - -
--- ---
Total operating expenses 773 810
--- ---
Operating income 966 678
--- ---
Other Income (Expense)
Equity in earnings of unconsolidated affiliates (1) 1
Interest expense (30) (45)
Investment income, net 19 41
Other (1) 8
--- ---
Total other (expense) income (13) 5
--- ---
Income before income taxes
and minority interest 953 683
Income tax expense 379 259
--- ---
Income before minority interest 574 424
Minority interest - -
---
Net income $574 $424
==== ====
Basic net (loss) income per share
All regional classes and series of
common stock $0.55
=====
Class A common stock $0.74
=====
Class B common stock $0.52
=====
Class C common stock $0.74
=====
Basic weighted average shares outstanding
All regional classes and series of
common stock 775
===
Class A common stock 446
===
Class B common stock 245
===
Class C common stock 152
===
Diluted net income per share
All regional classes and series of
common stock $0.55
=====
Class A common stock $0.74
=====
Class B common stock $0.52
=====
Class C common stock $0.74
=====
Diluted weighted average shares outstanding
All regional classes and series of
common stock 775
===
Class A common stock 772
===
Class B common stock 245
===
Class C common stock 152
===
Visa Inc.
Selected Consolidated Balance Sheets
(unaudited)
December 31, September 30,
2008 2008
------------ -------------
(in millions except par value and
share data)
Assets
Cash and cash equivalents $2,613 $4,979
Restricted cash - litigation escrow 2,078 1,298
Investment securities
Trading 86 -
Available-for-sale 103 355
Settlement receivable 745 1,131
Accounts receivable 378 342
Customer collateral 661 679
Current portion of volume and
support incentives 233 256
Current portion of deferred tax assets 800 944
Prepaid and other current assets 392 1,190
--- -----
Total current assets 8,089 11,174
Restricted cash - litigation escrow 560 630
Investment securities,
available-for-sale 205 244
Volume and support incentives 127 123
Property, equipment and technology, net 1,117 1,080
Other assets 628 634
Intangible assets 10,883 10,883
Goodwill 10,213 10,213
------ ------
Total assets 31,822 34,981
======= =======
Liabilities
Accounts payable $93 $159
Settlement payable 642 1,095
Customer collateral 661 679
Accrued compensation and benefits 262 420
Volume and support incentives 245 249
Accrued liabilities 362 306
Current portion of long-term debt 51 51
Current portion of accrued litigation 2,296 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 4,612 7,165
Long-term debt 53 55
Accrued litigation 1,009 1,060
Deferred tax liabilities 3,843 3,811
Other liabilities 660 613
--- ---
Total liabilities 10,177 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
--- -----
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, 448,876,279
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 - -
Class C common stock, $0.0001
par value, 1,097,165,602 shares authorized,
151,602,324 issued and 151,587,829
outstanding at December 31, 2008 - -
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 21,059 21,060
Class C treasury stock, 14,495 shares,
and 525,443 shares, respectively (2) (35)
Accumulated income 677 186
Accumulated other comprehensive
loss, net (94) (70)
--- ---
Total stockholders' equity and
accumulated income 21,640 21,141
------ ------
Total liabilities, temporary equity and
minority interest, and stockholders'
equity $31,822 $34,981
======= =======
Visa Inc.
Selected Consolidated Statements Of Cash Flows
(unaudited)
For the
Three Months Ended
December 31,
------------------
2008 2007
---- ----
(in millions)
Operating Activities
Net income $574 $424
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization of
property, equipment and technology 52 62
Amortization of intangibles, investments,
debt issuance costs and accretion of member
deposits - 1
Share-based compensation 32 -
Interest earned on litigation escrow,
net of tax (7) -
Net recognized loss on investment
securities, including other-than-
temporary impairment 7 2
Asset impairment 1 -
Gain on disposal of property,
equipment and technology - (1)
Amortization of volume and support
incentives 269 250
Accrued litigation and accretion 25 39
Equity in earnings of unconsolidated
affiliates 1 (1)
Deferred income taxes 179 (9)
Change in operating assets and liabilities:
Trading securities 7 -
Accounts receivable (36) (29)
Settlement receivable 386 (567)
Volume and support incentives (254) (269)
Other assets 95 (27)
Accounts payable (66) (89)
Settlement payable (453) 368
Accrued compensation and benefits (157) (166)
Accrued and other liabilities 59 198
Accrued litigation (529) (1)
Member deposits - (3)
--- ---
Net cash provided by operating activities 185 182
--- ---
Investing Activities
Investment securities, available-for-sale:
Purchases - (1,257)
Proceeds from sales and maturities 195 1,732
Distribution of money market investment 775 -
Non-marketable securities - (160)
Cash acquired through reorganization - 1,002
Purchases of/contributions to other investments (1) -
Dividends/distributions from other investments - 1
Purchases of property, equipment and technology (68) (71)
Proceeds from sale of property, equipment and
technology - 4
- -
Net cash provided by investing activities 901 1,251
--- -----
Financing Activities
Proceeds from short-term borrowing - 2
Payments on short-term borrowing - (2)
Funding of litigation escrow account -
Retrospective Responsibility Plan (1,100) -
Payments from litigation escrow account -
Retrospective Responsibility Plan 397 -
Payment for redemption of stock (2,646) -
Dividends paid (81) -
Principal payments on debt (2) (9)
Principal payments on capital lease obligations - (1)
--- ---
Net cash used in financing activities (3,432) (10)
------ ---
Effect of exchange rate translation on cash
and cash equivalents (20) -
--- ---
(Decrease) increase in cash and cash equivalents (2,366) 1,423
Cash and cash equivalents at beginning of year 4,979 275
----- ---
Cash and cash equivalents at end of period $2,613 $1,698
====== ======
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds $4 $5
Amounts included in accounts payable
and accrued and other liabilities
related to $21 $2
purchases of property, equipment and
technology
Interest payments on debt $1 $1
Common stock issued in acquisition $- $16,785
Assets acquired in joint venture
with note payable and equity
interest issued $22 $-
Adjusted Operating
Income and Net Income
US$ in millions
For the Three For the Three
Months Ended Months Ended
December 31, December 31,
2008 2007
------------- -------------
Net income (as reported) $574 $424
Addback: Income tax expense
(as reported) 379 259
--- ---
Net income before taxes (as
reported) $953 $683
Adjustments:
Restructuring (1) 28 36
Asset step-up amortization (2) 17 17
--- ---
Adjustments to operating income 45 53
Interest accretion on
American Express settlement (3) 10 23
Interest expense on
Discover settlement (4) 3 -
Investment income on Litigation
Escrow and EU proceeds (5) (13) -
Underwater contract (LIBOR
adjustment) (6) - (8)
--- ---
Adjustments to non-operating income - 15
Total adjustments 45 68
Adjusted net income before tax 998 751
Adjusted income tax expense (7) (399) (308)
---- ----
Adjusted net income $599 $443
==== ====
Operating income (as reported) $966 $678
Addback: Adjustments to
operating income 45 53
--- ---
Adjusted operating income $1,011 $731
====== ====
Operating revenues (as reported) $1,739 $1,488
Adjusted operating margin 58% 49%
Total operating expenses (as reported) $773 $810
Less: Adjustments to
operating expenses (45) (53)
--- ---
Adjusted operating expenses $728 $757
==== ====
(1) Restructuring costs associated with workforce consolidation and
elimination of overlapping functions.
(2) Non-cash amortization and depreciation of the incremental basis in
technology and building assets acquired in the reorganization.
(3) Non-cash interest expense recorded on future payments to be made
under the settlement agreement with American Express . These payments
will be paid from the litigation escrow account.
(4) Interest expense recorded on future payments to be made under the
settlement agreement with Discover. These payments will be paid from
the litigation escrow account.
(5) Investment income earned during the period on all IPO proceeds held,
including amounts held in the litigation escrow and amounts the
Company used in October 2008 to redeem all class C (series II)
common stock and a portion of the class C (series III) common stock
outstanding.
(6) Other expense (income) recorded in the periods presented as a result
of changes in the Company's estimated liability under the Framework
Agreement, which governs its relationship with Visa Europe. The
changes were primarily due to movement in the LIBOR rates in the
periods presented. This liability terminated after the October 2008
redemptions described above.
(7) Reflects a normalized tax rate of 40% and 41% for fiscal 2009, and
2008, respectively.
Reconciliation of Non-GAAP Adjusted Operating Expenses
US$ in millions
For the Three Months For the Three Months
Ended December 31, 2008 Ended December 31, 2007
As As
Adju- Adju-
Actual Adjustments sted Actual Adjustments sted
------ ----------- ----- ------ ----------- -----
Personnel $275 $(27) (1) $248 $283 $(27) (1) $256
Network, EDP and
communications 93 - 93 83 - 83
Advertising, marketing and
promotions 210 - 210 210 - 210
Professional and
consulting fees 80 (1) (1) 79 98 (9) (1) 89
Depreciation and
amortization 52 (17) (2) 35 62 (17) (2) 45
Administrative and other 63 - 63 74 - 74
Litigation provision - - - - - -
--- --- --- --- --- ---
Total operating expenses $773 $(45) $728 $810 $(53) $757
---- ---- ---- ---- ---- ----
(1) Restructuring
(2) Asset step-up amortization
Reconciliation of Non-GAAP Adjusted Non-operating (Expense) Income
US$ in millions
For the Three Months For the Three Months
Ended December 31, 2008 Ended December 31, 2007
As As
Adju- Adju-
Actual Adjustments sted Actual Adjustments sted
------ ----------- ----- ------ ----------- -----
Equity in earnings of
unconsolidated
affiliates $(1) - $(1) $1 - $1
Interest expense (30) 13 (1) (17) (45) 23 (1) (22)
Investment income, net 19 (13) (2) 6 41 - 41
Other (1) - (1) 8 (8) (3) -
--- --- --- --- --- ---
Total other (expense)
income $(13) - $(13) $5 15 $20
---- --- ---- --- --- ---
(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. 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 Three For the Three
Months Ended Months Ended
December 31, December 31,
2008 2007
------------- -------------
(in millions, except per share data)
Adjusted net income $599 $443
Weighted average number of diluted
shares outstanding 772 775
----- -----
Adjusted diluted earnings per share $0.78 $0.57
----- -----
Operational Performance Data
The tables below provide information regarding the operational results for the 3 months ended
1. Branded Volume and Transactions
The tables present Payments Volume, Cash Volume, Total Volume, the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior periods are provided for volume-based data.
For the 3 Months Ended September 30, 2008
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $250 16.4% 20.4% $163
Canada 50 5.5% 9.1% 44
CEMEA 144 43.4% 44.4% 21
LAC 159 31.3% 26.5% 51
US 524 7.1% 7.1% 421
Visa Inc. 1,127 15.9% 16.4% 701
Visa Credit Programs
US $244 1.7% 1.7% $213
Rest of World 280 15.6% 18.9% 239
Visa Inc. 525 8.7% 10.2% 452
Visa Debit Programs
US $280 12.4% 12.4% $208
Rest of World 322 33.8% 32.7% 41
Visa Inc. 602 22.9% 22.5% 249
For the 3 Months Ended September 30, 2008
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 16.3% 20.5% 2,144 $87
Canada 6.9% 10.6% 395 5
CEMEA 38.6% 42.1% 280 123
LAC 33.0% 28.5% 1,236 108
US 8.6% 8.6% 7,680 103
Visa Inc. 12.5% 13.4% 11,736 426
Visa Credit Programs
US 3.5% 3.5% 2,360 $31
Rest of World 16.1% 19.2% 3,114 41
Visa Inc. 9.8% 11.2% 5,475 73
Visa Debit Programs
US 14.4% 14.4% 5,320 $71
Rest of World 37.5% 37.8% 941 282
Visa Inc. 17.6% 17.6% 6,261 353
For the 3 Months Ended September 30, 2008
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 16.6% 20.1% 525 400 480
Canada -4.9% -1.6% 9 24 32
CEMEA 44.3% 44.8% 671 169 176
LAC 30.5% 25.5% 798 301 334
US 1.5% 1.5% 743 478 654
Visa Inc. 21.9% 21.7% 2,747 1,371 1,676
Visa Credit Programs
US -9.2% -9.2% 30 266 339
Rest of World 12.9% 17.4% 153 410 473
Visa Inc. 2.1% 4.2% 183 675 812
Visa Debit Programs
US 7.1% 7.1% 714 212 314
Rest of World 33.3% 32.0% 1,850 484 549
Visa Inc. 27.0% 26.1% 2,564 695 864
For the 3 Months Ended June 30, 2008
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $250 24.3% 21.1% $162
Canada 51 14.3% 10.3% 45
CEMEA 131 45.8% 40.7% 19
LAC 155 35.4% 22.9% 50
US 526 8.8% 8.8% 423
Visa Inc. 1,113 19.2% 16.5% 699
Visa Credit Programs
US $246 4.7% 4.7% $213
Rest of World 278 21.7% 17.9% 238
Visa Inc. 524 13.1% 11.3% 450
Visa Debit Programs
US $280 12.6% 12.6% $210
Rest of World 309 39.4% 31.0% 38
Visa Inc. 589 25.3% 21.6% 248
For the 3 Months Ended June 30, 2008
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 22.4% 18.9% 2,032 $88
Canada 14.5% 10.4% 383 6
CEMEA 37.8% 38.1% 255 112
LAC 40.3% 27.5% 1,160 105
US 9.8% 9.8% 7,659 103
Visa Inc. 15.2% 13.6% 11,489 414
Visa Credit Programs
US 5.0% 5.0% 2,334 $34
Rest of World 22.6% 18.3% 2,969 40
Visa Inc. 13.6% 11.6% 5,303 74
Visa Debit Programs
US 15.0% 15.0% 5,325 $69
Rest of World 40.3% 31.9% 860 271
Visa Inc. 18.3% 17.3% 6,185 340
For the 3 Months Ended June 30, 2008
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 28.0% 25.5% 498 387 472
Canada 13.0% 9.0% 9 24 31
CEMEA 47.2% 41.2% 640 159 168
LAC 33.2% 20.8% 754 303 328
US 4.9% 4.9% 738 465 643
Visa Inc. 26.6% 21.8% 2,639 1,338 1,642
Visa Credit Programs
US 2.9% 2.9% 29 262 335
Rest of World 16.4% 15.3% 146 404 464
Visa Inc. 9.8% 9.3% 175 666 799
Visa Debit Programs
US 5.9% 5.9% 708 203 308
Rest of World 39.3% 30.8% 1,756 470 536
Visa Inc. 30.9% 24.9% 2,464 673 844
For the 3 Months Ended March 31, 2008
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $245 29.4% 21.2% $159
Canada 47 30.9% 10.0% 41
CEMEA 114 40.8% 36.6% 17
LAC 143 37.8% 21.8% 46
US 488 10.8% 10.8% 388
Visa Inc. 1,036 22.0% 17.0% 652
Visa Credit Programs
US $231 8.0% 8.0% $195
Rest of World 268 28.5% 17.9% 229
Visa Inc. 499 18.1% 13.1% 424
Visa Debit Programs
US $257 13.5% 13.5% $193
Rest of World 280 39.6% 28.7% 35
Visa Inc. 537 25.8% 21.0% 228
For the 3 Months Ended March 31, 2008
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 26.5% 18.1% 1,913 $85
Canada 30.5% 9.7% 337 6
CEMEA 40.4% 38.9% 236 96
LAC 47.5% 30.1% 1,123 97
US 12.0% 12.0% 7,078 100
Visa Inc. 19.1% 15.0% 10,687 384
Visa Credit Programs
US 8.1% 8.1% 2,167 $36
Rest of World 29.5% 18.2% 2,798 39
Visa Inc. 18.7% 13.3% 4,964 75
Visa Debit Programs
US 16.3% 16.3% 4,911 $64
Rest of World 44.1% 31.7% 812 245
Visa Inc. 19.8% 18.4% 5,723 309
For the 3 Months Ended March 31, 2008
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 35.2% 27.4% 458 376 457
Canada 33.8% 12.5% 9 24 31
CEMEA 40.9% 36.2% 584 148 156
LAC 33.7% 18.2% 719 288 312
US 6.5% 6.5% 689 456 664
Visa Inc. 27.2% 20.6% 2,460 1,291 1,620
Visa Credit Programs
US 7.5% 7.5% 30 260 368
Rest of World 23.0% 16.1% 134 387 446
Visa Inc. 15.0% 11.8% 164 647 814
Visa Debit Programs
US 6.0% 6.0% 659 196 296
Rest of World 38.9% 28.3% 1,636 448 510
Visa Inc. 30.6% 23.0% 2,296 644 806
For the 3 Months Ended December 31, 2007
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $241 28.4% 23.0% $158
Canada 51 29.3% 13.6% 45
CEMEA 115 43.8% 38.9% 18
LAC 145 33.3% 21.3% 47
US 515 11.4% 11.4% 413
Visa Inc. 1,067 21.5% 17.8% 680
Visa Credit Programs
US $253 9.1% 9.1% $218
Rest of World 272 26.7% 19.5% 232
Visa Inc. 525 17.6% 14.3% 450
Visa Debit Programs
US $261 13.7% 13.7% $195
Rest of World 281 39.1% 29.8% 36
Visa Inc. 542 25.6% 21.5% 231
For the 3 Months Ended December 31, 2007
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 24.3% 19.6% 1,931 $83
Canada 28.5% 12.8% 382 6
CEMEA 44.1% 40.1% 235 97
LAC 44.1% 30.5% 1,132 99
US 12.4% 12.4% 7,413 102
Visa Inc. 18.5% 15.7% 11,093 387
Visa Credit Programs
US 9.7% 9.7% 2,462 $36
Rest of World 27.3% 19.7% 2,863 40
Visa Inc. 18.1% 14.6% 5,325 75
Visa Debit Programs
US 15.5% 15.5% 4,951 $66
Rest of World 43.5% 32.9% 817 245
Visa Inc. 19.1% 17.9% 5,768 311
For the 3 Months Ended December 31, 2007
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 36.9% 29.9% 452 368 446
Canada 36.5% 19.9% 9 23 31
CEMEA 43.8% 38.7% 590 139 147
LAC 28.8% 17.4% 757 284 307
US 7.7% 7.7% 716 455 660
Visa Inc. 27.3% 21.8% 2,524 1,269 1,591
Visa Credit Programs
US 5.9% 5.9% 33 259 365
Rest of World 23.2% 18.5% 136 372 431
Visa Inc. 14.4% 12.2% 169 630 796
Visa Debit Programs
US 8.7% 8.7% 683 197 295
Rest of World 38.5% 29.4% 1,672 442 500
Visa Inc. 30.9% 24.4% 2,355 639 795
For the 3 Months Ended September 30, 2007
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $215 25.6% 20.6% $140
Canada 47 22.7% 12.9% 42
CEMEA 101 43.0% 38.8% 15
LAC 121 26.7% 18.9% 38
US 489 9.6% 9.6% 388
Visa Inc. 972 18.4% 15.7% 623
Visa Credit Programs
US $240 6.7% 6.7% $206
Rest of World 243 22.5% 17.1% 206
Visa Inc. 483 14.1% 11.6% 412
Visa Debit Programs
US $249 12.6% 12.6% $182
Rest of World 241 36.0% 28.6% 29
Visa Inc. 489 23.0% 20.0% 212
For the 3 Months Ended September 30, 2007
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 22.1% 17.5% 1,796 $74
Canada 21.4% 11.8% 362 6
CEMEA 39.0% 35.6% 211 85
LAC 38.5% 29.5% 1,004 83
US 10.7% 10.7% 7,035 101
Visa Inc. 15.9% 13.8% 10,407 349
Visa Credit Programs
US 8.5% 8.5% 2,314 $35
Rest of World 23.6% 17.8% 2,654 37
Visa Inc. 15.6% 12.9% 4,968 71
Visa Debit Programs
US 13.4% 13.4% 4,721 $67
Rest of World 39.6% 31.3% 718 211
Visa Inc. 16.4% 15.6% 5,439 278
For the 3 Months Ended September 30, 2007
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 32.8% 26.8% 417 348 427
Canada 33.0% 22.5% 9 23 31
CEMEA 43.8% 39.4% 545 125 136
LAC 21.9% 14.6% 691 267 289
US 5.7% 5.7% 730 440 642
Visa Inc. 23.3% 19.3% 2,392 1,203 1,526
Visa Credit Programs
US -2.8% -2.8% 34 253 358
Rest of World 16.4% 13.5% 128 353 410
Visa Inc. 6.2% 4.8% 162 607 769
Visa Debit Programs
US 10.7% 10.7% 696 187 284
Rest of World 35.5% 28.3% 1,534 409 473
Visa Inc. 28.6% 23.6% 2,230 596 757
For the 3 Months Ended June 30, 2007
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $201 20.6% 16.6% $132
Canada 45 18.2% 12.0% 40
CEMEA 90 38.7% 37.3% 14
LAC 114 32.4% 18.9% 35
US 483 9.5% 9.5% 385
Visa Inc. 933 17.1% 14.6% 606
Visa Credit Programs
US $235 6.4% 6.4% $203
Rest of World 228 19.8% 16.1% 194
Visa Inc. 464 12.6% 11.0% 396
Visa Debit Programs
US $248 12.7% 12.7% $183
Rest of World 222 34.2% 24.9% 27
Visa Inc. 470 21.9% 18.3% 210
For the 3 Months Ended June 30, 2007
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 19.9% 16.8% 1,708 $69
Canada 17.4% 11.3% 352 5
CEMEA 32.4% 32.8% 197 76
LAC 41.8% 27.7% 945 79
US 10.4% 10.4% 6,904 98
Visa Inc. 14.7% 13.2% 10,105 327
Visa Credit Programs
US 8.3% 8.3% 2,250 $33
Rest of World 21.2% 17.0% 2,519 35
Visa Inc. 14.3% 12.5% 4,770 67
Visa Debit Programs
US 12.8% 12.8% 4,653 $65
Rest of World 39.1% 28.9% 682 195
Visa Inc. 15.6% 14.7% 5,336 260
For the 3 Months Ended June 30, 2007
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 21.9% 16.1% 373 336 412
Canada 24.5% 18.0% 9 22 30
CEMEA 39.9% 38.1% 508 121 124
LAC 28.6% 15.3% 669 257 281
US 6.3% 6.3% 721 418 616
Visa Inc. 21.8% 17.2% 2,280 1,154 1,464
Visa Credit Programs
US -4.3% -4.3% 32 245 345
Rest of World 12.6% 11.1% 120 339 394
Visa Inc. 3.7% 3.1% 152 584 739
Visa Debit Programs
US 12.5% 12.5% 689 173 270
Rest of World 33.5% 24.4% 1,439 397 454
Visa Inc. 27.5% 21.3% 2,128 570 725
For the 3 Months Ended March 31, 2007
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $189 23.1% 18.8% $126
Canada 36 10.3% 11.8% 31
CEMEA 81 44.8% 43.8% 12
LAC 104 19.4% 19.6% 31
US 440 9.2% 9.2% 347
Visa Inc. 850 16.1% 15.4% 548
Visa Credit Programs
US $214 7.8% 7.8% $181
Rest of World 208 17.1% 15.4% 177
Visa Inc. 423 12.2% 11.6% 357
Visa Debit Programs
US $226 10.4% 10.4% $166
Rest of World 201 33.4% 30.4% 24
Visa Inc. 427 20.1% 19.4% 190
For the 3 Months Ended March 31, 2007
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 20.8% 17.0% 1,599 $63
Canada 9.2% 10.7% 309 4
CEMEA 35.3% 40.6% 183 68
LAC 25.9% 25.4% 904 72
US 9.0% 9.0% 6,261 94
Visa Inc. 12.9% 12.4% 9,256 302
Visa Credit Programs
US 8.0% 8.0% 2,021 $33
Rest of World 18.5% 16.6% 2,343 32
Visa Inc. 13.0% 12.3% 4,364 65
Visa Debit Programs
US 10.1% 10.1% 4,240 $60
Rest of World 35.3% 32.5% 652 176
Visa Inc. 12.8% 12.7% 4,892 237
For the 3 Months Ended March 31, 2007
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 28.1% 22.6% 382 321 397
Canada 19.1% 20.7% 9 22 30
CEMEA 46.6% 44.4% 477 117 122
LAC 16.8% 17.2% 658 251 271
US 9.8% 9.8% 698 412 607
Visa Inc. 22.3% 21.1% 2,224 1,123 1,426
Visa Credit Programs
US 7.0% 7.0% 30 243 341
Rest of World 9.8% 9.3% 105 322 375
Visa Inc. 8.3% 8.1% 135 565 716
Visa Debit Programs
US 11.4% 11.4% 668 169 266
Rest of World 33.1% 30.1% 1,421 389 444
Visa Inc. 26.8% 25.0% 2,089 558 710
For the 3 Months Ended December 31, 2006
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $188 21.9% 15.9% $127
Canada 40 11.1% 11.3% 35
CEMEA 80 43.0% 40.4% 12
LAC 109 22.2% 17.5% 33
US 462 8.4% 8.4% 367
Visa Inc. 878 15.4% 13.6% 574
Visa Credit Programs
US $232 7.7% 7.7% $199
Rest of World 214 17.9% 14.1% 182
Visa Inc. 447 12.4% 10.8% 381
Visa Debit Programs
US $230 9.0% 9.0% $169
Rest of World 202 32.0% 26.2% 25
Visa Inc. 431 18.7% 16.7% 194
For the 3 Months Ended December 31, 2006
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 21.1% 15.8% 1,600 $61
Canada 10.1% 10.3% 344 4
CEMEA 32.2% 33.9% 175 68
LAC 30.4% 25.3% 911 77
US 8.1% 8.1% 6,557 95
Visa Inc. 12.4% 11.3% 9,586 304
Visa Credit Programs
US 7.7% 7.7% 2,281 $34
Rest of World 19.2% 15.4% 2,371 32
Visa Inc. 12.9% 11.4% 4,651 66
Visa Debit Programs
US 8.6% 8.6% 4,276 $61
Rest of World 36.0% 30.5% 658 177
Visa Inc. 11.5% 11.2% 4,934 238
For the 3 Months Ended December 31, 2006
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 23.7% 16.0% 381 308 381
Canada 19.8% 20.0% 9 22 30
CEMEA 45.1% 41.7% 470 104 112
LAC 19.0% 14.5% 687 241 262
US 9.2% 9.2% 698 402 600
Visa Inc. 21.4% 18.2% 2,245 1,077 1,384
Visa Credit Programs
US 7.7% 7.7% 32 240 345
Rest of World 11.4% 7.2% 107 314 363
Visa Inc. 9.5% 7.5% 140 554 709
Visa Debit Programs
US 10.0% 10.0% 666 162 255
Rest of World 31.4% 25.6% 1,440 361 421
Visa Inc. 25.2% 21.4% 2,105 523 676
For the 12 Months Ended September 30, 2008
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $985 24.3% 21.4% $642
Canada 199 18.9% 10.8% 176
CEMEA 504 43.5% 40.4% 75
LAC 602 34.3% 23.2% 193
US 2,053 9.5% 9.5% 1,645
Visa Inc. 4,343 19.5% 16.9% 2,732
Visa Credit Programs
US $975 5.8% 5.8% $839
Rest of World 1,098 22.8% 18.5% 937
Visa Inc. 2,073 14.2% 12.2% 1,776
Visa Debit Programs
US $1,077 13.0% 13.0% $807
Rest of World 1,192 37.8% 30.6% 149
Visa Inc. 2,269 24.8% 21.7% 956
For the 12 Months Ended September 30, 2008
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 22.2% 19.3% 8,021 $343
Canada 19.1% 10.9% 1,497 23
CEMEA 40.1% 39.9% 1,006 429
LAC 40.8% 29.1% 4,651 409
US 10.6% 10.6% 29,830 407
Visa Inc. 16.2% 14.4% 45,005 1,610
Visa Credit Programs
US 6.5% 6.5% 9,323 $136
Rest of World 23.6% 18.8% 11,744 160
Visa Inc. 14.9% 12.7% 21,067 297
Visa Debit Programs
US 15.3% 15.3% 20,507 $271
Rest of World 41.1% 33.6% 3,430 1,043
Visa Inc. 18.7% 17.8% 23,938 1,313
For the 12 Months Ended September 30, 2008
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 28.6% 25.6% 1,934 400 480
Canada 17.6% 9.6% 37 24 32
CEMEA 44.1% 40.5% 2,485 169 176
LAC 31.5% 20.5% 3,028 301 334
US 5.1% 5.1% 2,886 478 654
Visa Inc. 25.6% 21.5% 10,369 1,371 1,676
Visa Credit Programs
US 1.7% 1.7% 122 266 339
Rest of World 18.6% 16.8% 569 410 473
Visa Inc. 10.2% 9.3% 691 675 812
Visa Debit Programs
US 6.9% 6.9% 2,764 212 314
Rest of World 37.4% 30.2% 6,914 484 549
Visa Inc. 29.8% 24.6% 9,678 695 864
For the 12 Months Ended September 30, 2007
Total Growth Growth Payments
Volume (Nominal (Constant Volume
($ billions) USD) USD) ($ billions)
------------ ------- -------- ------------
All Visa Credit & Debit
Asia Pacific $793 22.8% 18.0% $526
Canada 167 15.9% 12.0% 148
CEMEA 351 42.3% 39.9% 54
LAC 448 25.2% 18.7% 137
US 1,875 9.2% 9.2% 1,487
Visa Inc. 3,634 16.8% 14.8% 2,352
Visa Credit Programs
US $922 7.1% 7.1% $788
Rest of World 894 19.4% 15.7% 759
Visa Inc. 1,816 12.9% 11.3% 1,546
Visa Debit Programs
US $953 11.2% 11.2% $700
Rest of World 865 34.0% 27.5% 106
Visa Inc. 1,818 21.0% 18.6% 806
For the 12 Months Ended September 30, 2007
Payments
Growth Growth Trans- Cash
Nominal (Constant actions Volume
USD) USD) (millions) ($ billions)
------- ------- --------- ------------
All Visa Credit & Debit
Asia Pacific 21.0% 16.8% 6,702 $267
Canada 14.8% 11.0% 1,366 19
CEMEA 34.8% 35.6% 766 298
LAC 34.3% 27.0% 3,763 311
US 9.6% 9.6% 26,757 387
Visa Inc. 14.0% 12.7% 39,354 1,282
Visa Credit Programs
US 8.1% 8.1% 8,866 $134
Rest of World 20.7% 16.7% 9,887 135
Visa Inc. 14.0% 12.3% 18,753 270
Visa Debit Programs
US 11.2% 11.2% 17,891 $253
Rest of World 37.6% 30.7% 2,711 759
Visa Inc. 14.1% 13.6% 20,601 1,012
For the 12 Months Ended September 30, 2007
Cash
Growth Growth Trans-
(Nominal (Constant actions Accounts Cards
USD) USD) (millions) (millions) (millions)
------- ------- -------- -------- --------
All Visa Credit & Debit
Asia Pacific 26.7% 20.3% 1,553 348 427
Canada 24.5% 20.3% 36 23 31
CEMEA 43.7% 40.7% 2,000 125 136
LAC 21.6% 15.4% 2,705 267 289
US 7.6% 7.6% 2,846 440 642
Visa Inc. 22.2% 18.9% 9,141 1,203 1,526
Visa Credit Programs
US 1.6% 1.6% 128 253 358
Rest of World 12.6% 10.3% 461 353 410
Visa Inc. 6.8% 5.8% 589 607 769
Visa Debit Programs
US 11.2% 11.2% 2,718 187 284
Rest of World 33.5% 27.0% 5,834 409 473
Visa Inc. 27.1% 22.8% 8,552 596 757
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 Year-over-Year
Period (millions) Growth
----------------------------------------------------------------
3 Months Ended
--------------
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%
Jun 30, 2007 8,411 13%
Mar 31, 2007 7,645 12%
12 Months Ended
---------------
Dec 31, 2008 37,659 11%
Dec 31, 2007 33,796 13%
Dec 31, 2006 30,008 NA
SOURCE
Web Site: https://investor.visa.com https://www.corporate.visa.com