Visa Inc. Posts Strong Fiscal Second Quarter 2009 Earnings Results and Reaffirms 2009 Adjusted Diluted Earnings Per Share Guidance
- Adjusted quarterly net income of
- GAAP quarterly net income of
Net operating revenue in the fiscal second quarter of 2009 was
"Despite the challenging economy, Visa continued to post strong operational and financial performance during our fiscal second quarter, and we remain confident in delivering our EPS guidance for FY 2009," said
"The resiliency in our business reflects the strength of Visa's credit, debit, and prepaid products worldwide, which continue to benefit from the ongoing secular shift from cash and check to electronic forms of payments," added Saunders. "These diverse products, combined with further expansion of our processing capabilities worldwide, should continue to benefit our shareholders, clients, and cardholders in the future."
Fiscal Second Quarter 2009 Financial Highlights:
-- Payments volume growth, on a nominal basis, was a negative 1% over the prior year at
-- Total volume, on a nominal basis and inclusive of cash volume, was
-- Total cards carrying the Visa brands rose 8% worldwide over the prior year to over 1.7 billion; and
-- Total transactions increased by 9% over the prior year to 14.9 billion.
Total processed transactions, which represent transactions processed by VisaNet through
For the fiscal second quarter 2009, service revenues were
Adjusted total operating expenses were
Cash, cash equivalents, restricted cash, and investment securities were
Notable Events:
On
Also in March,
On
Also in April, the Board of Directors approved a program in which class C stockholders may liquidate up to 30% of their class C shares between
Financial Outlook:
-- Annual adjusted operating margin in the low 50% range.
-- Annual adjusted operating margin in the high 40% to low 50% range.
-- 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
-- Capital expenditures in the range of
This outlook reflects an assumed 40% 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 Second 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:
Visa Inc.
Selected Consolidated Statements of Operations
(unaudited)
Three months Six months
ended ended
March 31, March 31,
---------- ----------
2009 2008 2009 2008
---- ---- ---- ----
(in millions except per share data)
Operating Revenues
Service revenues $804 $792 $1,597 $1,524
Data processing revenues 544 494 1,098 986
International transaction revenues 446 379 951 760
Other revenues 148 126 304 259
Volume and support incentives (295) (338) (564) (588)
---- ---- ---- ----
Total operating revenues 1,647 1,453 3,386 2,941
----- ----- ----- -----
Operating Expenses
Personnel 272 289 547 572
Network, EDP and communications 92 78 185 161
Advertising, marketing and promotion 196 215 406 425
Professional and consulting fees 84 96 164 194
Depreciation and amortization 56 59 108 121
Administrative and other 66 75 129 149
Litigation provision - 292 - 292
- --- - ---
Total operating expenses 766 1,104 1,539 1,914
--- ----- ----- -----
Operating income 881 349 1,847 1,027
--- --- ----- -----
Other Income (Expense)
Equity in earnings of unconsolidated
affiliates 1 - - 1
Interest expense (30) (41) (60) (86)
Investment income, net 34 34 53 75
Other 1 28 - 36
- -- - --
Total other income (expense) 6 21 (7) 26
- -- -- --
Income before income taxes and minority
interest 887 370 1,840 1,053
Income tax expense 352 56 731 315
--- -- --- ---
Income before minority interest 535 314 1,109 738
Minority interest 1 - 1 -
- - - -
Net income $536 $314 $1,110 $738
==== ==== ====== ====
Basic net income per share
Class A common stock $0.71 $0.39 $1.45 $0.93
===== ===== ===== =====
Class B common stock $0.45 $0.37 $0.97 $0.92
===== ===== ===== =====
Class C common stock $0.71 $1.45
===== =====
Class C (series I) common stock $0.39 $0.93
===== =====
Class C (series II) common stock $0.30 $0.81
===== =====
Class C (series III and IV) common stock $0.39 $0.93
===== =====
Basic weighted average shares outstanding
Class A common stock 447 64 447 32
=== == === ==
Class B common stock 246 415 246 421
=== === === ===
Class C common stock 152 152
=== ===
Class C (series I) common stock 255 257
=== ===
Class C (series II) common stock 35 32
== ==
Class C (series III and IV) common stock 58 60
== ==
Diluted net income per share
Class A common stock $0.71 $0.39 $1.45 $0.93
===== ===== ===== =====
Class B common stock $0.45 $0.37 $0.97 $0.92
===== ===== ===== =====
Class C common stock $0.71 $1.45
===== =====
Class C (series I) common stock $0.39 $0.93
===== =====
Class C (series II) common stock $0.30 $0.81
===== =====
Class C (series III and IV) common stock $0.39 $0.93
===== =====
Diluted weighted average shares outstanding
Class A common stock 753 778 762 762
=== === === ===
Class B common stock 246 415 246 421
=== === === ===
Class C common stock 152 152
=== ===
Class C (series I) common stock 255 257
=== ===
Class C (series II) common stock 35 32
== ==
Class C (series III and IV) common stock 58 60
== ==
Visa Inc.
Selected Consolidated Balance Sheets
(unaudited)
March 31, September 30,
2009 2008
---- ----
(in millions except par value
and share data)
Assets
Cash and cash equivalents $3,363 $4,979
Restricted cash - litigation escrow 1,611 1,298
Investment securities
Trading 76 -
Available-for-sale 50 355
Settlement receivable 879 1,131
Accounts receivable 372 342
Customer collateral 676 679
Current portion of volume and support
incentives 209 256
Current portion of deferred tax assets 650 944
Prepaid expenses and other current assets 339 1,190
--- -----
Total current assets 8,225 11,174
Restricted cash - litigation escrow 490 630
Investment securities, available-for-sale 200 244
Volume and support incentives 111 123
Property, equipment and technology, net 1,155 1,080
Other assets 687 634
Intangible assets 10,883 10,883
Goodwill 10,213 10,213
------ ------
Total assets $31,964 $34,981
======= =======
Liabilities
Accounts payable $72 $159
Settlement payable 760 1,095
Customer collateral 676 679
Accrued compensation and benefits 273 420
Volume and support incentives 290 249
Accrued liabilities 300 306
Current portion of long-term debt 52 51
Current portion of accrued litigation 1,820 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 4,243 7,165
Long-term debt 50 55
Accrued litigation 957 1,060
Deferred tax liabilities 3,859 3,811
Other liabilities 731 613
--- ---
Total liabilities 9,840 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 4 -
- -----
Total temporary equity and minority
interest 4 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,
449,019,664 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, 151,605,798
issued and
151,581,349 outstanding at March 31, 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 21,077 21,060
Class C treasury stock, 24,449 shares and
525,443 shares, respectively (2) (35)
Accumulated income 1,133 186
Accumulated other comprehensive loss, net (88) (70)
--- ---
Total stockholders' equity and accumulated
income 22,120 21,141
------ ------
Total liabilities, temporary equity and
minority interest, and stockholders'
equity $31,964 $34,981
======= =======
Visa Inc.
Selected Consolidated Statements Of Cash Flows
(unaudited)
Six Months
Ended March 31,
------------
2009 2008
---- ----
(in millions)
Operating Activities
Net income $1,110 $738
Adjustments to reconcile net income to net
cash provided by (used in) operating
activities:
Depreciation and amortization of
property, equipment and technology 108 121
Share-based compensation 64 19
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 - (36)
Interest earned on litigation escrow,
net of tax (12) -
Net recognized loss on investment
securities, including other-than-
temporary impairment 8 8
Asset impairment 3 -
Minority interest (1) -
Amortization of volume and support
incentives 564 588
Accrued litigation and accretion 48 370
Equity in earnings of unconsolidated
affiliates - (1)
Deferred income taxes 338 124
Change in operating assets and liabilities:
Trading securities 17 -
Accounts receivable (30) (3)
Settlement receivable 252 (569)
Volume and support incentives (464) (676)
Other assets (9) (61)
Accounts payable (87) (54)
Settlement payable (335) 273
Accrued compensation and benefits (146) (154)
Accrued and other liabilities 80 79
Accrued litigation (1,062) (1,131)
Member deposits - (3)
--- ---
Net cash provided by (used in) operating
activities 418 (368)
--- ----
Investing Activities
Investment securities, available-for-sale:
Purchases - (1,500)
Proceeds from sales and maturities 252 2,279
Distribution from money market investment 840 -
Cash acquired through reorganization - 1,002
Purchases of / contributions to other
investments (1) -
Dividends/distributions from other investments 1 1
Purchases of property, equipment and
technology (136) (237)
Proceeds from sale of property, equipment and
technology - 4
--- -
Net cash provided by investing activities 956 1,549
--- -----
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 6 -
Cash proceeds from exercise of stock options 2 -
Funding of litigation escrow account -
Retrospective Responsibility Plan (1,100) (3,000)
Payments from litigation escrow account -
Retrospective Responsibility Plan 939 945
Funding of tax escrow account for income tax
withheld on stock proceeds - (116)
Payment for redemption of Class C (series II)
and Class C (series III) common stock (2,646) (13,330)
Dividends paid (161) -
Principal payments on debt (4) (12)
Principal payments on capital lease
obligations (4) (2)
--- ---
Net cash (used in) provided by financing
activities (2,968) 3,585
------ -----
Effect of exchange rate translation on cash
and cash equivalents (22) -
--- ---
(Decrease) increase in cash and cash
equivalents (1,616) 4,766
Cash and cash equivalents at beginning of year 4,979 275
----- ---
Cash and cash equivalents at end of period $3,363 $5,041
====== ======
Supplemental Disclosure of Cash Flow
Information
Income taxes paid, net of refunds $324 $250
Amounts included in accounts payable
and accrued and other liabilities
related to purchases of property,
equipment and technology $41 $(10)
Interest payments on debt $2 $4
Common stock issued in acquisition $- $17,935
Assets acquired in joint venture
with note payable and equity
interest issued $22 $-
=== ===
Fiscal 2008 and 2009 Quarterly Results of Operations
US$ in millions
Fiscal 2008 Quarter Ended
Dec. 31, March 31, June 30, Sept. 30,
2007 2008 2008 2008
-------- --------- -------- ---------
Operating Revenues
Service revenues $732 $792 $749 $788
Data processing revenues 492 494 539 548
International transaction
revenues 381 379 449 512
Other revenues 133 126 150 160
Volume and support incentives (250) (338) (274) (299)
---- ---- ---- ----
Total operating
revenues 1,488 1,453 1,613 1,709
----- ----- ----- -----
Operating Expenses
Personnel 283 289 310 317
Network, EDP and communications 83 78 84 94
Advertising, marketing and
promotion 210 215 271 320
Professional and consulting fees 98 96 108 136
Depreciation and amortization 62 59 57 59
Administrative and other 74 75 85 98
Litigation provision - 292 50 1,128
--- --- -- -----
Total operating
expenses 810 1,104 965 2,152
--- ----- --- -----
Operating income (loss) 678 349 648 (443)
--- --- --- ----
Other Income (Expense)
Equity in earnings of
unconsolidated affiliates 1 - - -
Interest expense (45) (41) (30) (27)
Investment income, net 41 34 97 39
Other 8 28 (1) -
--- --- --- ---
Total other income
(expense) 5 21 66 12
--- --- --- ---
Income (loss) before income taxes 683 370 714 (431)
Income tax expense/ (benefit) 259 56 292 (75)
--- -- --- ---
Income (loss) before minority
interest 424 314 422 (356)
Minority interest - - - -
---- ---- ---- -----
Net income (loss) $424 $314 $422 $(356)
==== ==== ==== =====
Fiscal 2009 Quarter Ended
-------------------------
December 31, 2008 March 31, 2009
----------------- --------------
Operating Revenues
Service revenues $793 $804
Data processing revenues 554 544
International transaction revenues 505 446
Other revenues 156 148
Volume and support incentives (269) (295)
---- ----
Total operating
revenues 1,739 1,647
----- -----
Operating Expenses
Personnel 275 272
Network, EDP and communications 93 92
Advertising, marketing and
promotion 210 196
Professional and consulting fees 80 84
Depreciation and amortization 52 56
Administrative and other 63 66
Litigation provision - -
- -
Total operating expenses 773 766
--- ---
Operating income (loss) 966 881
--- ---
Other Income (Expense)
Equity in earnings of
unconsolidated affiliates (1) 1
Interest expense (30) (30)
Investment income, net 19 34
Other (1) 1
-- -
Total other income
(expense) (13) 6
--- -
Income (loss) before income taxes 953 887
Income tax expense/(benefit) 379 352
--- ---
Income (loss) before
minority interest 574 535
Minority interest - 1
--- -
Net income (loss) $574 $536
==== ====
Adjusted Operating Income and Net Income
US$ in millions
Three Three
Months Ended Months Ended
March 31, 2009 March 31, 2008
-------------- --------------
Net income (as reported) $536 $314
Addback: Income tax expense (as
reported) 352 56
Less: Minority interest
(as reported) (1) -
--- ---
Net income before taxes and minority
interest (as reported) $887 $370
Adjustments:
Litigation reserve (1) - 285
Restructuring (2) 4 19
Asset step-up amortization (3) 17 17
--- ---
Adjustments to operating income 21 321
Interest accretion on American
Express settlement (4) 9 23
Interest expense on Discover
settlement (5) 2 -
Investment income on Litigation
Escrow and EU proceeds (6) (6) (7)
Underwater contract (LIBOR
adjustment) (7) - (28)
--- ---
Adjustments to non-operating
(expense) income 5 (12)
Total adjustments 26 309
Adjusted net income before tax 913 679
Adjusted income tax expense (8) (361) (278)
Addback: Minority interest (as
reported) 1 -
---- ----
Adjusted net income $553 $401
==== ====
Operating income (as reported) $881 $349
Addback: Adjustments to operating
income 21 321
--- ---
Adjusted operating income $902 $670
==== ====
Operating revenues (as reported) $1,647 $1,453
Adjusted operating margin 55% 46%
Total operating expenses (as
reported) $766 $1,104
Less: Adjustments to operating
expenses (21) (321)
--- ----
Adjusted operating expenses $745 $783
==== ====
(1) Litigation reserve related to the covered litigation. Settlement of,
or judgments in, covered litigation will be paid from the litigation
escrow account.
(2) Restructuring costs associated with workforce consolidation and
elimination of overlapping functions.
(3) Non-cash amortization and depreciation of the incremental basis in
technology and building assets acquired in the reorganization.
(4) Non-cash interest expense recorded on future payments to be made under
the settlement agreement with American Express . These payments will be
paid from the litigation escrow account.
(5) Interest expense recorded on future payments to be made under the
settlement agreement with Discover. These payments will be paid from
the litigation escrow account.
(6) Investment income earned during the period on all IPO proceeds held,
including amounts held in the litigation escrow and amounts the
Company used in October 2008 to redeem all class C (series II) common
stock and a portion of the class C (series III) common stock stock
held by Visa Europe.
(7) Other expense (income) recorded in the periods presented as a result
of changes in the Company's estimated liability under the Framework
Agreement, which governs its relationship with Visa Europe. The
changes were primarily due to movement in the LIBOR rates in the
periods presented. This liability terminated after the October 2008
redemptions described above.
(8) Reflects a normalized tax rate of 39.5% and 41% for fiscal 2009 and
2008, respectively.
Reconciliation of Non-GAAP Adjusted Operating Expenses
US$ in millions
Three Months Three Months
Ended March 31, 2009 Ended March 31, 2008
Adjust- As Adjust- As
Actual ments Adjusted Actual ments Adjusted
------ ------- -------- ------ ------- --------
Personnel $272 $(4)(1) $268 $289 $(17)(1) $272
Network, EDP
and communi-
cations 92 - 92 78 - 78
Advertising,
marketing and
promotion 196 - 196 215 - 215
Professional
and consult-
ing fees 84 - 84 96 (2)(1) 94
Depreciation
and amortiza-
tion 56 (17)(2) 39 59 (17)(2) 42
Administrative
and other 66 - 66 75 - 75
Litigation
provision - - - 292 (285)(3) 7
--- --- --- --- ---- ---
Total
operating
expenses $766 $(21) $745 $1,104 $(321) $783
---- ---- ---- ------ ----- ----
(1) Restructuring
(2) Asset step-up amortization
(3) Litigation Reserve
Reconciliation of Non-GAAP Adjusted Non-operating (Expense) Income
US$ in millions
Three Months Three Months
Ended March 31, 2009 Ended March 31, 2008
Adjust- As Adjust- As
Actual ments Adjusted Actual ments Adjusted
------ ------- -------- ------ ------- --------
Equity in
earnings of
unconsoli-
dated
affiliates $1 - $1 $- - $-
Interest
expense (30) 11 (1) (19) (41) 23 (1) (18)
Investment
income, net 34 (6)(2) 28 34 (7)(2) 27
Other 1 - 1 28 (28)(3) -
--- --- --- --- --- ---
Total other
income $6 $5 $11 $21 (12) $9
--- --- --- --- --- ---
(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.
Three Three
Months Ended Months Ended
March 31, 2009 March 31, 2008
-------------- --------------
(in millions, except per share data)
Adjusted net income $553 $401
Weighted average number of diluted shares
outstanding 753 779
----- -----
Adjusted diluted earnings per share $0.73 $0.52
===== =====
Calculation of Free Cash Flow
US$ in millions
For the Six
Months
Additions (+) / Ended
Reductions (-) March 31,
to Net income 2009
--------------- -------
Net income
(as reported) $1,110
Recurring Items:
Capital Assets + Depreciation and amortization 108
- Capital expenditures (136)
-------------------------------------------------------------------------
Share-based
compensation + Share-based compensation 64
-------------------------------------------------------------------------
Litigation + Litigation provision -
+ Accretion expense 49
- Settlement payments (1,095)
-------------------------------------------------------------------------
Pension + Pension expense 28
- Pension contribution (4)
-------------------------------------------------------------------------
Taxes + Income tax expense 731
- Income taxes paid (324)
-------------------------------------------------------------------------
Non-recurring Items(1):
Settlement payments
Covered funded by litigation
Litigation + escrow 939
Tax benefit on
settlement
- payments (342)
Settlement payments
funded by
+ Morgan Stanley 33
-------------------------------------------------------------------------
Total Free Cash Flow $1,161
======
(1) - Adjustments to eliminate the cash impact of non-recurring items.
Operational Performance Data
The tables below provide information regarding the operational results for the 3 months ended
1. Branded Volume and Transactions
The tables present Payments Volume, Cash Volume, Total Volume, the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior periods are provided for volume-based data.
For the 3 Months Ended December 31, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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 504 -2.1% -2.1% 409 -1.1%
Visa Inc. 1,070 0.3% 7.8% 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 $274 4.9% 4.9% $206 5.5%
Rest of World 301 7.1% 25.1% 38 5.9%
Visa Inc. 575 6.0% 14.6% 244 5.6%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ 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 -1.1% 7,822 96 -6.1%
Visa Inc. 4.4% 12,093 396 2.4%
Visa Credit Programs
US -6.9% 2,374 $27 -23.2%
Rest of World 12.0% 3,228 37 -5.9%
Visa Inc. 2.2% 5,602 65 -14.1%
Visa Debit Programs
US 5.5% 5,447 $68 3.0%
Rest of World 28.7% 1,043 263 7.3%
Visa Inc. 8.6% 6,491 331 6.4%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 10.5% 533 414 501
Canada -6.6% 9 23 30
CEMEA 35.2% 708 174 178
LAC 21.9% 848 312 340
US -6.1% 708 484 668
Visa Inc. 14.1% 2,805 1,407 1,717
Visa Credit Programs
US -23.2% 28 258 334
Rest of World 10.2% 148 415 478
Visa Inc. -6.9% 175 672 813
Visa Debit Programs
US 3.0% 680 227 333
Rest of World 24.6% 1,949 507 571
Visa Inc. 19.4% 2,630 734 905
For the 3 Months Ended September 30, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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 7.2% 7.2% 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% $208 14.3%
Rest of World 322 33.8% 32.7% 41 37.5%
Visa Inc. 602 22.9% 22.5% 249 17.5%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ 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% 7,681 103 1.6%
Visa Inc. 13.4% 11,738 426 22.0%
Visa Credit Programs
US 3.5% 2,362 $31 -9.2%
Rest of World 19.2% 3,115 41 12.9%
Visa Inc. 11.2% 5,477 73 2.1%
Visa Debit Programs
US 14.3% 5,319 $71 7.3%
Rest of World 37.8% 941 282 33.3%
Visa Inc. 17.6% 6,261 353 27.1%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 20.1% 525 400 480
Canada -1.6% 9 24 32
CEMEA 44.8% 671 169 176
LAC 25.5% 798 301 334
US 1.6% 744 474 651
Visa Inc. 21.8% 2,748 1,368 1,673
Visa Credit Programs
US -9.2% 30 263 336
Rest of World 17.4% 153 410 473
Visa Inc. 4.2% 183 672 809
Visa Debit Programs
US 7.3% 714 211 314
Rest of World 32.0% 1,851 484 549
Visa Inc. 26.2% 2,565 695 864
For the 3 Months Ended June 30, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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% $210 15.0%
Rest of World 309 39.4% 31.0% 38 40.3%
Visa Inc. 589 25.2% 21.5% 248 18.2%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ 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% 7,660 103 4.9%
Visa Inc. 13.6% 11,489 414 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% 5,302 74 9.8%
Visa Debit Programs
US 15.0% 5,327 $69 5.9%
Rest of World 31.9% 860 271 39.3%
Visa Inc. 17.3% 6,187 340 30.9%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 25.5% 498 387 472
Canada 9.0% 9 24 31
CEMEA 41.2% 640 159 168
LAC 20.8% 754 303 328
US 4.9% 738 465 642
Visa Inc. 21.8% 2,639 1,338 1,642
Visa Credit Programs
US 2.9% 29 262 335
Rest of World 15.3% 146 404 464
Visa Inc. 9.3% 175 666 798
Visa Debit Programs
US 5.9% 708 203 308
Rest of World 30.8% 1,756 470 536
Visa Inc. 24.9% 2,464 673 844
For the 3 Months Ended March 31, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $245 29.4% 21.2% $159 26.5%
Canada 47 30.9% 10.0% 41 30.5%
CEMEA 114 40.8% 36.6% 17 40.4%
LAC 143 37.8% 21.8% 46 47.5%
US 488 10.8% 10.8% 389 12.0%
Visa Inc. 1,036 22.0% 17.0% 652 19.1%
Visa Credit Programs
US $231 8.0% 8.0% $195 8.1%
Rest of World 268 28.5% 17.9% 229 29.5%
Visa Inc. 499 18.1% 13.1% 424 18.7%
Visa Debit Programs
US $257 13.5% 13.5% $193 16.2%
Rest of World 280 39.6% 28.7% 35 44.1%
Visa Inc. 537 25.8% 21.0% 228 19.8%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ billions) USD)
All Visa Credit & Debit
Asia Pacific 18.1% 1,913 $85 35.2%
Canada 9.7% 337 6 33.8%
CEMEA 38.9% 236 96 40.9%
LAC 30.1% 1,123 97 33.7%
US 12.0% 7,081 100 6.5%
Visa Inc. 15.0% 10,690 384 27.2%
Visa Credit Programs
US 8.1% 2,167 $36 7.5%
Rest of World 18.2% 2,798 39 23.0%
Visa Inc. 13.3% 4,964 75 15.0%
Visa Debit Programs
US 16.2% 4,914 $64 6.0%
Rest of World 31.7% 812 245 38.9%
Visa Inc. 18.4% 5,726 309 30.6%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 27.4% 458 376 457
Canada 12.5% 9 24 31
CEMEA 36.2% 584 148 156
LAC 18.2% 719 288 312
US 6.5% 689 456 664
Visa Inc. 20.6% 2,460 1,291 1,620
Visa Credit Programs
US 7.5% 30 260 368
Rest of World 16.1% 134 387 446
Visa Inc. 11.8% 164 647 814
Visa Debit Programs
US 6.0% 659 196 297
Rest of World 28.3% 1,636 448 510
Visa Inc. 23.0% 2,296 644 806
For the 3 Months Ended December 31, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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 11.4% 11.4% 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% $195 15.6%
Rest of World 281 39.1% 31.2% 36 43.5%
Visa Inc. 542 25.6% 21.5% 231 19.2%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ 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% 7,416 102 7.7%
Visa Inc. 15.6% 11,097 387 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% 5,325 75 14.4%
Visa Debit Programs
US 15.6% 4,955 $66 8.7%
Rest of World 34.0% 817 245 38.5%
Visa Inc. 17.7% 5,772 311 30.9%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 31.7% 452 368 446
Canada 19.9% 9 23 31
CEMEA 38.2% 590 139 147
LAC 18.1% 757 284 307
US 7.7% 715 455 660
Visa Inc. 21.8% 2,523 1,269 1,591
Visa Credit Programs
US 5.9% 33 259 365
Rest of World 17.2% 136 372 431
Visa Inc. 11.2% 169 630 796
Visa Debit Programs
US 8.7% 682 197 295
Rest of World 30.8% 1,672 442 500
Visa Inc. 24.8% 2,354 639 795
For the 3 Months Ended September 30, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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% $182 13.4%
Rest of World 241 36.0% 28.6% 29 39.6%
Visa Inc. 490 23.1% 20.0% 212 16.5%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ 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% 7,038 101 5.7%
Visa Inc. 13.8% 10,410 349 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 13.4% 4,724 $67 10.7%
Rest of World 31.3% 718 211 35.5%
Visa Inc. 15.6% 5,442 278 28.6%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 26.8% 417 348 427
Canada 22.5% 9 23 31
CEMEA 39.4% 545 125 136
LAC 14.6% 691 267 289
US 5.7% 730 440 642
Visa Inc. 19.3% 2,392 1,203 1,526
Visa Credit Programs
US -2.8% 34 253 358
Rest of World 13.5% 128 353 410
Visa Inc. 4.8% 162 607 769
Visa Debit Programs
US 10.7% 696 187 284
Rest of World 28.3% 1,534 409 473
Visa Inc. 23.6% 2,230 596 757
For the 3 Months Ended June 30, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ 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% $183 12.9%
Rest of World 222 34.2% 24.9% 27 39.1%
Visa Inc. 470 21.9% 18.4% 210 15.7%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ 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% 2,250 $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 $65 12.5%
Rest of World 28.9% 682 195 33.5%
Visa Inc. 14.8% 5,339 260 27.5%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 16.1% 373 336 412
Canada 18.0% 9 22 30
CEMEA 38.1% 508 121 124
LAC 15.3% 669 257 281
US 6.3% 721 418 616
Visa Inc. 17.2% 2,280 1,154 1,464
Visa Credit Programs
US -4.3% 32 245 345
Rest of World 11.1% 120 339 394
Visa Inc. 3.1% 152 584 739
Visa Debit Programs
US 12.5% 689 173 270
Rest of World 24.4% 1,439 397 454
Visa Inc. 21.3% 2,128 570 725
For the 3 Months Ended March 31, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $189 23.1% 18.8% $126 20.8%
Canada 36 10.3% 11.8% 31 9.2%
CEMEA 81 44.8% 43.8% 12 35.3%
LAC 104 19.4% 19.6% 31 25.9%
US 441 9.2% 9.2% 347 9.0%
Visa Inc. 850 16.1% 15.4% 548 12.9%
Visa Credit Programs
US $214 7.8% 7.8% $181 8.0%
Rest of World 208 17.1% 15.4% 177 18.5%
Visa Inc. 423 12.2% 11.6% 357 13.0%
Visa Debit Programs
US $226 10.5% 10.5% $166 10.2%
Rest of World 201 33.4% 30.4% 24 35.3%
Visa Inc. 427 20.2% 19.4% 191 12.9%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ billions) USD)
All Visa Credit & Debit
Asia Pacific 17.0% 1,599 $63 28.1%
Canada 10.7% 309 4 19.1%
CEMEA 40.6% 183 68 46.6%
LAC 25.4% 904 72 16.8%
US 9.0% 6,265 94 9.8%
Visa Inc. 12.4% 9,260 302 22.3%
Visa Credit Programs
US 8.0% 2,021 $33 7.0%
Rest of World 16.6% 2,343 32 9.8%
Visa Inc. 12.3% 4,364 65 8.3%
Visa Debit Programs
US 10.2% 4,243 $60 11.4%
Rest of World 32.5% 652 176 33.1%
Visa Inc. 12.8% 4,895 237 26.8%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 22.6% 382 321 397
Canada 20.7% 9 22 30
CEMEA 44.4% 477 117 122
LAC 17.2% 658 251 271
US 9.8% 698 412 607
Visa Inc. 21.1% 2,224 1,123 1,426
Visa Credit Programs
US 7.0% 30 243 341
Rest of World 9.3% 105 322 375
Visa Inc. 8.1% 135 565 716
Visa Debit Programs
US 11.4% 668 169 266
Rest of World 30.1% 1,421 389 444
Visa Inc. 25.0% 2,089 558 710
For the 12 Months Ended December 31, 2008
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $988 16.8% 18.7% $646 16.0%
Canada 190 6.5% 8.0% 169 7.0%
CEMEA 525 36.0% 39.1% 77 30.9%
LAC 600 23.9% 23.3% 193 27.4%
US 2,043 5.9% 5.9% 1,641 7.1%
Visa Inc. 4,346 13.7% 14.3% 2,727 10.9%
Visa Credit Programs
US $952 0.9% 0.9% $824 2.1%
Rest of World 1,092 14.8% 16.6% 934 15.5%
Visa Inc. 2,044 7.9% 8.7% 1,757 8.8%
Visa Debit Programs
US $1,091 10.7% 10.7% $818 12.6%
Rest of World 1,212 28.4% 29.4% 152 29.8%
Visa Inc. 2,303 19.4% 19.8% 969 15.0%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific 17.6% 8,317 $342 18.4%
Canada 8.6% 1,510 21 2.3%
CEMEA 37.3% 1,077 448 36.9%
LAC 26.8% 4,863 407 22.3%
US 7.1% 30,244 401 1.6%
Visa Inc. 11.5% 46,010 1,620 18.7%
Visa Credit Programs
US 2.1% 9,236 $128 -5.9%
Rest of World 16.9% 12,110 158 10.7%
Visa Inc. 9.4% 21,345 286 2.6%
Visa Debit Programs
US 12.6% 21,008 $273 5.6%
Rest of World 32.5% 3,656 1,061 28.2%
Visa Inc. 15.3% 24,664 1,333 22.8%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 20.7% 2,015 414 501
Canada 3.5% 36 23 30
CEMEA 39.5% 2,603 174 178
LAC 21.6% 3,120 312 340
US 1.6% 2,879 484 668
Visa Inc. 19.5% 10,652 1,407 1,717
Visa Credit Programs
US -5.9% 117 258 334
Rest of World 14.8% 581 415 478
Visa Inc. 4.5% 698 672 813
Visa Debit Programs
US 5.6% 2,762 227 333
Rest of World 28.9% 7,192 507 571
Visa Inc. 23.4% 9,954 734 905
For the 12 Months Ended December 31, 2007
Total Growth Growth Payments Growth
Volume (Nominal (Constant Volume (Nominal
($ billions) USD) USD) ($ billions) USD)
All Visa Credit & Debit
Asia Pacific $846 24.6% 20.0% $556 21.9%
Canada 179 20.6% 12.6% 158 19.6%
CEMEA 386 42.6% 39.4% 59 38.1%
LAC 484 28.2% 19.8% 152 38.0%
US 1,928 10.0% 10.0% 1,533 10.7%
Visa Inc. 3,823 18.4% 15.9% 2,458 15.6%
Visa Credit Programs
US $943 7.5% 7.5% $807 8.7%
Rest of World 951 21.8% 17.1% 808 22.9%
Visa Inc. 1,894 14.2% 12.1% 1,615 15.4%
Visa Debit Programs
US $985 12.5% 12.5% $727 13.1%
Rest of World 944 35.9% 28.7% 117 39.7%
Visa Inc. 1,929 22.8% 19.8% 843 16.2%
Payments
Growth Transact- Cash Growth
(Constant ions Volume (Nominal
USD) (millions)($ billions) USD)
All Visa Credit & Debit
Asia Pacific 17.9% 7,034 $289 30.1%
Canada 11.6% 1,404 21 28.6%
CEMEA 37.3% 827 327 43.4%
LAC 28.5% 3,984 333 24.2%
US 10.7% 27,625 395 7.3%
Visa Inc. 13.8% 40,874 1,365 23.8%
Visa Credit Programs
US 8.7% 9,047 $136 1.3%
Rest of World 17.9% 10,379 143 15.7%
Visa Inc. 13.1% 19,427 279 8.2%
Visa Debit Programs
US 13.1% 18,578 $258 10.8%
Rest of World 31.6% 2,870 827 35.4%
Visa Inc. 15.3% 21,448 1,086 28.6%
Cash
Growth Trans-
(Constant actions Accounts Cards
USD) (millions) (millions) (millions)
All Visa Credit & Debit
Asia Pacific 24.2% 1,624 368 446
Canada 20.2% 37 23 31
CEMEA 39.8% 2,120 139 147
LAC 16.2% 2,775 284 307
US 7.3% 2,863 455 660
Visa Inc. 19.8% 9,419 1,269 1,591
Visa Credit Programs
US 1.3% 129 259 365
Rest of World 12.7% 490 372 431
Visa Inc. 6.7% 619 630 796
Visa Debit Programs
US 10.8% 2,735 197 295
Rest of World 28.3% 6,066 442 500
Visa Inc. 23.6% 8,801 639 795
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
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%
Jun 30, 2007 8,411 13%
12 Months Ended
Mar 31, 2009 38,219 11%
Mar 31, 2008 34,950 14%
SOURCE
CONTACT: Investor Relations: Jack Carsky or
/Web Site: https://www.corporate.visa.com/