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Visa Inc. Reports Fiscal Second Quarter 2013 Net Income of $1.3 billion or $1.92 per diluted share



  Visa Inc. Reports Fiscal Second Quarter 2013 Net Income of $1.3 billion or
                           $1.92 per diluted share

- Broad-based net revenue growth of 15%

- Company repurchased 12 million shares during the quarter, leaving $1.0
billion in remaining authorization

PR Newswire

FOSTER CITY, Calif., May 1, 2013

FOSTER CITY, Calif., May 1, 2013 /PRNewswire/ -- Visa Inc. (NYSE: V) today
announced financial results for the Company's fiscal second quarter 2013 ended
March 31, 2013.

Net income for the quarter was $1.3 billion or $1.92 per share, an increase of
17% and 20%, respectively, over the prior year adjusted results. The prior
year results were adjusted to exclude a one-time non-cash benefit of $208
million related to the remeasurement of net deferred tax liabilities taken in
the fiscal second quarter of 2012.

On a GAAP basis, net income for the quarter decreased 2% and diluted earnings
per share increased 1% over the prior year.  All references to earnings per
share assume fully-diluted class A share count unless otherwise noted. The
Company's adjusted quarterly net income per share of class A common stock is a
non-GAAP financial measure that is reconciled to its most directly comparable
GAAP measure in the accompanying financial tables.

Net operating revenue in the fiscal second quarter of 2013 was $3.0 billion,
an increase of 15% over the prior year, driven by strong growth in service
revenues, data processing revenues and international transaction revenues.
There was no significant impact on current quarter results related to the
strengthening or weakening of the U.S. dollar over the prior year.

"Visa's strong financial and operational performance reflects continued
momentum across our core business during the fiscal second quarter," said
Charlie Scharf, Chief Executive Officer. "To drive future transaction growth,
we continue to invest in new technologies, channels and capabilities to make
Visa transactions more valuable, accessible and secure. Looking ahead, we will
continue to evolve our business practices to better support clients of all
sizes."

Fiscal Second Quarter 2013 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months
December 31, 2012, on which fiscal second quarter service revenue is
recognized, was 9% over the prior year at $1.1 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended
March 31, 2013, was 9% over the prior year at $1.0 trillion.

Cross-border volume growth, on a constant dollar basis, was 10% for the three
months ended March 31, 2013.

Total processed transactions, which represent transactions processed by
VisaNet, for the three months ended March 31, 2013, were 13.9 billion, a 6%
increase over the prior year.

Fiscal second quarter 2013 service revenues were $1.4 billion, an increase of
10% versus the prior year, and are recognized based on payments volume in the
prior quarter. All other revenue categories are recognized based on current
quarter activity. Data processing revenues rose 25% over the prior year to
$1.2 billion. International transaction revenues, which are driven by
cross-border activity, grew 13% over the prior year to $831 million. Other
revenues, which include the Visa Europe licensing fee, were $175 million, a 2%
decrease over the prior year. Client incentives, which are a contra revenue
item, were $567 million and represent 16% of gross revenues.

Total operating expenses were $1.1 billion for the quarter, a 13% increase
over the prior year, primarily due to personnel, marketing and network and
processing fees associated with investments in technology projects to support
our global growth initiatives.

The effective tax rate was 32% for the quarter ended March 31, 2013.

Cash, cash equivalents, and available-for-sale investment securities were $5.6
billion at March 31, 2013.

The weighted-average number of diluted class A common stock outstanding was
660 million for the quarter ended March 31, 2013.

Notable Events:

During the three months ended March 31, 2013, the Company repurchased 12
million shares of class A common stock, at an average price of $157.24 per
share, using $1.8 billion of cash on hand. The Company has $1.0 billion of
remaining funds authorized by the board of directors available for share
repurchase.

As announced on April 24, 2013 the Board of Directors declared a quarterly
dividend in the aggregate amount of $0.33 per share of class A common stock
(determined in the case of class B and class C common stock on an as-converted
basis) payable on June 4, 2013, to all holders of record of the Company's
class A, class B and class C common stock as of May 17, 2013.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metric for fiscal
2013:

  o Client incentives as a percent of gross revenues: 16% to 17% range; and
  o Adjusted annual diluted class A common stock earnings per share growth:
    Around 20%.  

Visa Inc. affirms its financial outlook for the following metrics for fiscal
2013:

  o Annual net revenue growth: Low double digits;
  o Marketing expenses: Under $1 billion; 
  o Annual operating margin: About 60%;
  o Tax rate: 30% to 32% range;
  o Capital expenditures: $425 million to $475 million range; and
  o Annual free cash flow: About $6 billion.

Fiscal Second Quarter 2013 Earnings Results Conference Call Details:

Visa's executive management team will host a live audio webcast beginning at
5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial
results and business highlights. All interested parties are invited to listen
to the live webcast at http://investor.visa.com. A replay of the webcast will
be available on the Visa Investor Relations website for 30 days. Investor
information, including supplemental financial information, is available on
Visa Inc.'s Investor Relations website at http://investor.visa.com.

About Visa

Visa Inc. is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200 countries
and territories to fast, secure and reliable digital currency. Underpinning
digital currency is one of the world's most advanced processing
networks-VisaNet-that is capable of handling more than 24,000 transaction
messages a second, with fraud protection for consumers and guaranteed payment
for merchants. Visa is not a bank, and does not issue cards, extend credit or
set rates and fees for consumers. Visa's innovations, however, enable its
financial institution customers to offer consumers more choices: pay now with
debit, ahead of time with prepaid or later with credit products. For more
information, visit http://www.corporate.visa.com.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These statements
can be identified by the terms "outlook," "will," and similar references to
the future. Examples of such forward-looking statements include, but are not
limited to, statements we make about our revenue, earnings per share,
incentive payments, expenses, operating margin, tax rate, capital
expenditures, free cash flow, consumer credit and debit volume and the growth
of those items.

By their nature, forward-looking statements: (i) speak only as of the date
they are made, (ii) are neither statements of historical fact nor guarantees
of future performance and (iii) are subject to risks, uncertainties,
assumptions and changes in circumstances that are difficult to predict or
quantify.  Therefore, actual results could differ materially and adversely
from those forward-looking statements because of a variety of factors,
including the following:

  o the impact of laws, regulations and marketplace barriers, including:

       o rules capping debit interchange reimbursement fees promulgated under
         the U.S. Wall Street Reform and Consumer Protection Act, or the
         Dodd-Frank Act;
       o rules under the Dodd-Frank Act expanding issuers' and merchants'
         choice among debit payment networks;
       o increased regulation outside the United States and in other product
         categories;
       o increased government support of national payment networks outside the
         United States; and
       o rules about consumer privacy and data use and security;

  o developments in litigation and government enforcement, including:

       o those affecting interchange reimbursement fees, antitrust and tax
         disputes; and
       o our failure to satisfy the conditions necessary to make the
         multidistrict litigation settlement effective;

  o economic factors, such as:

       o an increase or spread of the current European crisis involving
         sovereign debt and the euro;
       o the failure to raise the "debt ceiling" or to resolve the current
         sequestration in the United States;
       o cross-border activity and currency exchange rates;
       o material changes in our clients' performance compared to our
         estimates; and
       o other global economic, political and health conditions;

  o industry developments, such as competitive pressure, rapid technological
    developments, and disintermediation from the payments value stream;
  o system developments, such as:

       o disruption of our transaction processing systems or the inability to
         process transactions efficiently;
       o account data compromises or increased fraudulent or other illegal
         activities involving our cards; and
       o issues arising at Visa Europe, including failure to maintain
         interoperability between our systems;

  o costs and liquidity needs arising if Visa Europe were to exercise its
    right to require us to acquire all of its outstanding stock;
  o loss of organizational effectiveness or key employees;
  o failure to integrate acquisitions successfully or to effectively launch
    new products and businesses; and

the other factors discussed under the heading "Risk Factors" in our most
recent Annual Report on Form 10−K on file with the U.S. Securities and
Exchange Commission. You should not place undue reliance on such statements.
Unless required to do so by law, we do not intend to update or revise any
forward–looking statement, because of new information or future developments
or otherwise.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 650-432-7644,
ir@visa.com 
Media Relations: Will Valentine, 650-432-2990, globalmedia@visa.com

 

 

VISA INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
                                  March 31,              September 30,
                                  2013                   2012
                                  (in millions, except par value data)
Assets
Cash and cash equivalents         $                      $                  
                                  1,377                  2,074
Restricted cash—litigation escrow 49                     4,432
Investment securities
Trading                           72                     66
Available-for-sale                1,270                  677
Income tax receivable             1,163                  179
Settlement receivable             488                    454
Accounts receivable               802                    723
Customer collateral               846                    823
Current portion of client         215                    209
incentives
Deferred tax assets               421                    2,027
Prepaid expenses and other        211                    122
current assets
Total current assets              6,914                  11,786
Investment securities,            2,974                  3,283
available-for-sale
Client incentives                 100                    58
Property, equipment and           1,674                  1,634
technology, net
Other assets                      331                    151
Intangible assets, net            11,385                 11,420
Goodwill                          11,681                 11,681
Total assets                      $                      $                
                                  35,059                 40,013
Liabilities
Accounts payable                  $                      $                    
                                   118                    152
Settlement payable                722                    719
Customer collateral               846                    823
Accrued compensation and benefits 358                    460
Client incentives                 890                    830
Accrued liabilities               599                    584
Accrued litigation                6                      4,386
Total current liabilities         3,539                  7,954
Deferred tax liabilities          4,046                  4,058
Other liabilities                 579                    371
Total liabilities                 8,164                  12,383
Equity
Preferred stock, $0.0001 par
value, 25 shares authorized and   —                      —
none issued
Class A common stock, $0.0001 par
value, 2,001,622 shares
authorized, 519 and 535 shares
issued                            —                      —

and outstanding at March 31,
2013, and September 30, 2012,
respectively
Class B common stock, $0.0001 par
value, 622 shares authorized, 245
shares issued and                 —                      —

outstanding at March 31, 2013,
and September 30, 2012 
Class C common stock, $0.0001 par
value, 1,097 shares authorized,
29 and 31 shares issued and
                                  —                      —
outstanding at March 31, 2013,
and September 30, 2012,
respectively
Additional paid-in capital        19,305                 19,992
Accumulated income                7,723                  7,809
Accumulated other comprehensive
income (loss), net
Investment securities,            35                     3
available-for-sale
Defined benefit pension and other (183)                  (186)
postretirement plans
Derivative instruments classified 16                     13
as cash flow hedges
Foreign currency translation      (1)                    (1)
adjustments
Total accumulated other           (133)                  (171)
comprehensive loss, net
Total equity                      26,895                 27,630
Total liabilities and equity      $                      $                
                                  35,059                 40,013

 

VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
                            Three Months Ended        Six Months Ended
                            March 31,                 March 31,
                            2013         2012         2013         2012
                            (in millions, except per share data)
Operating Revenues
Service revenues            $            $            $            $        
                             1,369        1,241        2,669        2,392
Data processing revenues    1,150        922          2,265        1,873
International transaction   831          733          1,636        1,481
revenues
Other revenues              175          179          354          357
Client incentives           (567)        (497)        (1,120)      (978)
Total operating revenues    2,958        2,578        5,804        5,125
Operating Expenses
Personnel                   486          431          940          820
Marketing                   195          170          388          360
Network and processing      119          103          229          201
Professional fees           91           82           179          152
Depreciation and            98           80           190          160
amortization
General and administrative  108          106          214          208
Litigation provision        1            —            4            —
Total operating expenses    1,098        972          2,144        1,901
Operating income            1,860        1,606        3,660        3,224
Non-operating (expense)     (3)          3            (2)          2
income
Income before income taxes  1,857        1,609        3,658        3,226
Income tax provision        587          317          1,095        907
Net income including        1,270        1,292        2,563        2,319
non-controlling interest
Loss attributable to        —            —            —            2
non-controlling interest
Net income attributable to  $            $            $            $        
Visa Inc.                    1,270        1,292        2,563        2,321
Basic earnings per share 
   Class A common stock     $            $            $            $          
                             1.93         1.92         3.87         3.41
   Class B common stock     $            $            $            $          
                             0.81         0.82         1.63         1.56
   Class C common stock     $            $            $            $          
                             1.93         1.92         3.87         3.41
Basic weighted-average
shares outstanding 
   Class A common stock     524          524          528          522
   Class B common stock     245          245          245          245
   Class C common stock     28           42           29           44
Diluted earnings per share 
   Class A common stock     $            $            $            $          
                             1.92         1.91         3.86         3.40
   Class B common stock     $            $            $            $          
                             0.81         0.81         1.62         1.55
   Class C common stock     $            $            $            $          
                             1.92         1.91         3.86         3.40
Diluted weighted-average
shares outstanding 
   Class A common stock     660          676          665          683
   Class B common stock     245          245          245          245
   Class C common stock     28           42           29           44

 

VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
                                            Six Months Ended March 31,
                                            2013               2012
                                            (in millions)
Operating Activities
Net income including non-controlling        $                  $              
interest                                    2,563                2,319
Adjustments to reconcile net income
including non-controlling interest to net
cash provided by (used in) operating

activities:
Amortization of client incentives           1,120              978
Share-based compensation                    98                 76
Excess tax benefit for share-based          (56)               (27)
compensation
Depreciation and amortization of property,  190                160
equipment, technology and intangible assets
Deferred income taxes                       1,580              (200)
Other                                       35                 (36)
Change in operating assets and liabilities:
Income tax receivable                       (984)              (30)
Settlement receivable                       (34)               (96)
Accounts receivable                         (79)               (95)
Client incentives                           (1,108)            (724)
Other assets                                (327)              (2)
Accounts payable                            (15)               (94)
Settlement payable                          3                  253
Accrued and other liabilities               218                41
Accrued litigation                          (4,384)            (140)
Net cash (used in) provided by operating    (1,180)            2,383
activities
Investing Activities
Purchases of property, equipment,           (211)              (162)
technology and intangible assets
Proceeds from disposal of property,         —                  2
equipment and technology
Investment securities, available-for-sale:
Purchases                                   (1,854)            (2,140)
Proceeds from sales and maturities          1,616              1,530
Net cash used in investing activities       (449)              (770)
Financing Activities
Repurchase of class A common stock          (3,073)            (75)
Dividends paid                              (437)              (300)
Deposits into litigation escrow             —                  (1,565)
account—retrospective responsibility plan
Payments from litigation escrow             4,383              140
account—retrospective responsibility plan 
Cash proceeds from exercise of stock        84                 77
options 
Restricted stock and performance shares     (64)               —
settled in cash for taxes
Excess tax benefit for share-based          56                 27
compensation 
Payment for earn-out related to PlaySpan    (12)               —
acquisition
Principal payments on capital lease         (5)                (6)
obligations 
Net cash provided by (used in) financing    932                (1,702)
activities 
Effect of exchange rate changes on cash and —                  4
cash equivalents
Decrease in cash and cash equivalents       (697)              (85)
Cash and cash equivalents at beginning of   2,074              2,127
year 
Cash and cash equivalents at end of period  $                  $              
                                            1,377                2,042
Supplemental Disclosure of Cash Flow
Information
Income taxes paid, net of refunds           $                  $              
                                               421               1,071
Amounts included in accounts payable and
accrued and other liabilities related to    $                  $              
purchases of property, equipment,                41                   52

technology and intangible assets

 

VISA INC.
FISCAL 2013 AND 2012 QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
                      Fiscal 2013 Quarter     Fiscal 2012 Quarter Ended
                      Ended
                      March 31,  December     September    June 30,    March
                      2013       31,          30,          2012        31,
                                 2012         2012                     2012
                      (in millions)
Operating Revenues
                      $          $            $            $           $      
Service revenues                    1,300        1,264          1,216       
                       1,369                                            1,241
Data processing       1,150      1,115        1,062        1,040       922
revenues
International         831        805          796          748         733
transaction revenues
Other revenues        175        179          172          175         179
Client incentives     (567)      (553)        (563)        (614)       (497)
Total operating       2,958      2,846        2,731        2,565       2,578
revenues
Operating Expenses
Personnel             486        454          471          435         431
Marketing             195        193          271          242         170
Network and           119        110          111          102         103
processing
Professional fees     91         88           134          99          82
Depreciation and      98         92           89           84          80
amortization
General and           108        106          131          112         106
administrative
Litigation provision  1          3            2            4,098       —
Total operating       1,098      1,046        1,209        5,172       972
expenses
Operating income      1,860      1,800        1,522        (2,607)     1,606
(loss)
Non-operating         (3)        1            66           —           3
(expense) income
Income (loss) before  1,857      1,801        1,588        (2,607)     1,609
income taxes
Income tax provision  587        508          (74)         (768)       317
(benefit)
Net income (loss)     $          $            $            $           $      
attributable to Visa                1,293        1,662                      
Inc.                   1,270                               (1,839)      1,292

 

VISA INC.

Reconciliation of Non-GAAP Financial Results

US$ in millions, except percentages and per share data

Our reported financial results for the three months ended March 31, 2012
benefited from a one-time non-cash adjustment of $208 million related to the
remeasurement of our net deferred tax liabilities ("deferred tax adjustment"),
which was recorded in our income tax provision during that period. We believe
the presentation of adjusted net income and adjusted diluted earnings per
share for the three months ended March 31, 2012, excluding the $208 million
benefit, provides a clearer understanding of our operating performance in that
period. The following table presents our financial results for the three
months ended March 31, 2013, as compared to our adjusted financial results for
the three months ended March 31, 2012.

                       Net income attributable to     Fully-diluted earnings
                       Visa Inc.                      per share^(1)
                       Three Months Ended March 31,   Three Months Ended March
                                                      31, 
                       2013       2012      % Change  2013     2012     %
                                                                        Change
As reported            $          $         (2)%      $        $        1%
                       1,270      1,292                 1.92   1.91
Impact of deferred tax —          (208)               —        (0.31)
adjustment
Adjusted               $          $         17%       $        $        20%
                       1,270      1,084                 1.92   1.60
Weighted-average
number of diluted
                                                      660      676
shares outstanding (as
reported)
^(1) Figures in the table may not recalculate exactly due to rounding.
Earnings per share is calculated based on whole numbers, not the  rounded
numbers presented.

Operational Performance Data

The tables below provide information regarding the available operational
results for the 3 months ended March 31, 2013, as well as the prior four
quarterly reporting periods and the 12 months ended March 31, 2013 and 2012,
for cards carrying the Visa, Visa Electron and Interlink brands.  Also
included is a table with information on the number of billable transactions
processed on Visa Inc.'s CyberSource network. 

1. Branded Volume and Transactions

The tables present total volume, payments volume, and cash volume, and the
number of payments transactions, cash transactions, accounts and cards for
cards carrying the Visa, Visa Electron and Interlink brands. Card counts
include PLUS proprietary cards. Nominal and constant dollar growth rates over
prior years are provided for volume-based data.

                                         For the 3 Months Ended March 31, 2013
            Total     Growth   Growth     Payments    Growth   Growth    Payments     Cash       Growth   Growth    Cash

            Volume    (Nominal (Constant Volume       (Nominal (Constant Transactions Volume     (Nominal (Constant Transactions

            ($        USD)     USD)      ($ billions) USD)     USD)      (millions)   ($         USD)     USD)      (millions)
            billions)                                                                 billions)
All Visa
Credit &
Debit
Asia        $449      10.0%    12.1%     $296         10.1%    13.0%     3,122        $153       9.9%     10.5%     770
Pacific
Canada      56        0.9%     1.1%      52           1.8%     2.0%      491          5          -8.8%    -8.6%     10
CEMEA       242       14.6%    16.7%     50           24.9%    28.4%     931          192        12.2%    14.0%     1,062
LAC         223       -11.0%   -4.4%     98           9.5%     19.2%     2,234        125        -22.5%   -17.3%    804
US          636       3.4%     3.4%      529          4.1%     4.1%      10,364       107        -0.3%    -0.3%     830
Visa Inc.   1,607     4.2%     6.2%      1,025        7.1%     8.8%      17,144       581        -0.4%    2.0%      3,476
Visa Credit Programs
US          $255      9.2%     9.2%      $244         9.1%     9.1%      2,841        $12        12.6%    12.6%     15
Rest of     442       7.4%     10.8%     395          8.2%     11.9%     4,587        47         1.7%     2.1%      179
World
Visa Inc.   697       8.1%     10.2%     638          8.5%     10.8%     7,429        59         3.7%     4.0%      193
Visa Debit
Programs
US          $381      -0.2%    -0.2%     $285         0.3%     0.3%      7,523        $96        -1.6%    -1.6%     815
Rest of     529       2.7%     6.2%      102          19.7%    24.4%     2,192        427        -0.6%    2.6%      2,467
World
Visa Inc.   910       1.5%     3.4%      387          4.7%     5.7%      9,715        523        -0.8%    1.8%      3,282
                                         For the 3 Months Ended December 31, 2012
            Total     Growth   Growth     Payments    Growth   Growth    Payments     Cash       Growth   Growth    Cash
                                                                                                                                 Accounts   Cards
             Volume   (Nominal (Constant Volume       (Nominal (Constant Transactions Volume     (Nominal (Constant Transactions
                                                                                                                                 (millions) (millions)
            ($        USD)     USD)      ($ billions) USD)     USD)      (millions)   ($         USD)     USD)      (millions)
            billions)                                                                 billions)
All Visa
Credit &
Debit
Asia        $459      12.1%    11.7%     $313         13.5%    12.6%     3,264        $145       9.2%     9.7%      755          570        670
Pacific
Canada      67        10.4%    6.6%      62           11.1%    7.3%      561          5          2.1%     -1.4%     11           28         38
CEMEA       261       18.3%    19.8%     51           29.8%    32.3%     917          211        15.8%    17.1%     1,148        273        272
LAC         255       -3.0%    4.5%      103          10.7%    20.7%     2,355        152        -10.6%   -4.2%     938          402        431
US          654       2.9%     2.9%      545          3.0%     3.0%      10,636       109        2.6%     2.6%      863          548        716
Visa Inc.   1,695     6.7%     7.9%      1,074        8.1%     8.6%      17,734       621        4.4%     6.8%      3,713        1,822      2,128
Visa Credit Programs
US          $274      10.5%    10.5%     $262         10.8%    10.8%     3,130        $12        4.5%     4.5%      16           217        277
Rest of     477       10.8%    11.0%     424          12.0%    12.4%     4,843        52         2.3%     0.9%      196          460        518
World
Visa Inc.   751       10.7%    10.8%     687          11.5%    11.8%     7,974        64         2.7%     1.6%      212          677        795
Visa Debit
Programs
US          $379      -2.0%    -2.0%     $282         -3.4%    -3.4%     7,506        $97        2.3%     2.3%      847          331        439
Rest of     564       8.0%     11.6%     105          22.9%    27.2%     2,254        460        5.1%     8.6%      2,655        813        893
World
Visa Inc.   944       3.7%     5.7%      387          2.6%     3.3%      9,760        557        4.6%     7.5%      3,502        1,145      1,333
                                         For the 3 Months Ended September 30, 2012
            Total
                      Growth   Growth     Payments    Growth   Growth    Payments     Cash       Growth   Growth    Cash
            Volume    (Nominal (Constant Volume       (Nominal (Constant Transactions Volume     (Nominal (Constant Transactions Accounts   Cards
                      USD)     USD)      ($ billions) USD)     USD)      (millions)   ($         USD)     USD)      (millions)   (millions) (millions)
            ($                                                                        billions)
            billions)
All Visa
Credit &
Debit
Asia        $429      6.7%     9.2%      $290         6.5%     8.2%      3,115        $139       7.3%     11.5%     693          558        659
Pacific
Canada      62        2.3%     3.7%      57           2.8%     4.3%      528          5          -3.7%    -2.3%     11           27         35
CEMEA       238       11.9%    18.9%     47           27.0%    35.6%     805          191        8.8%     15.4%     1,070        264        265
LAC         239       -4.1%    9.8%      92           3.5%     19.8%     2,165        147        -8.3%    4.2%      909          395        424
US          631       0.8%     0.8%      521          0.9%     0.9%      10,335       110        0.6%     0.6%      886          535        698
Visa Inc.   1,599     3.2%     6.9%      1,008        3.8%     5.9%      16,947       591        2.1%     8.5%      3,569        1,778      2,081
Visa Credit Programs
US          $261      8.2%     8.2%      $250         9.2%     9.2%      2,977        $11        -10.1%   -10.1%    16           213        273
Rest of     441       4.9%     8.9%      392          6.2%     10.1%     4,593        49         -3.9%    0.1%      190          455        515
World
Visa Inc.   703       6.1%     8.6%      642          7.3%     9.8%      7,570        61         -5.1%    -2.0%     206          669        788
Visa Debit
Programs
US          $370      -3.8%    -3.8%     $272         -5.8%    -5.8%     7,358        $98        2.0%     2.0%      870          322        426
Rest of     526       4.6%     13.2%     95           11.4%    20.2%     2,019        432        3.2%     11.8%     2,493        788        868
World
Visa Inc.   896       0.9%     5.5%      366          -1.8%    -0.2%     9,376        530        3.0%     9.9%      3,364        1,110      1,293
                                         For the 3 Months Ended June 30, 2012
            Total
                      Growth   Growth     Payments    Growth   Growth    Payments     Cash       Growth   Growth    Cash
            Volume    (Nominal (Constant Volume       (Nominal (Constant Transactions Volume     (Nominal (Constant Transactions Accounts   Cards
                      USD)     USD)      ($ billions) USD)     USD)      (millions)   ($         USD)     USD)      (millions)   (millions) (millions)
            ($                                                                        billions)
            billions)
All Visa
Credit &
Debit
Asia        $413      8.8%     11.2%     $277         11.5%    13.0%     3,001        $136       3.6%     7.6%      651          537        645
Pacific
Canada      61        1.8%     6.3%      56           1.9%     6.4%      513          5          0.8%     5.2%      11           25         33
CEMEA       234       14.4%    23.4%     45           28.4%    39.2%     751          189        11.5%    20.2%     1,088        256        258
LAC         244       -0.3%    15.4%     88           3.2%     19.9%     2,055        155        -2.1%    13.0%     961          385        415
US          619       -0.6%    -0.6%     513          -1.1%    -1.1%     10,024       107        1.5%     1.5%      861          524        682
Visa Inc.   1,570     3.9%     8.1%      978          3.9%     6.2%      16,344       592        3.9%     11.5%     3,572        1,726      2,032
Visa Credit Programs
US          $256      9.2%     9.2%      $246         9.7%     9.7%      2,887        $11        -0.4%    -0.4%     15           209        265
Rest of     426       6.7%     11.2%     378          8.5%     12.9%     4,437        49         -5.6%    0.0%      192          451        511
World
Visa Inc.   683       7.6%     10.5%     623          9.0%     11.6%     7,324        59         -4.7%    -0.1%     207          660        776
Visa Debit
Programs
US          $363      -6.6%    -6.6%     $267         -9.3%    -9.3%     7,137        $96        1.7%     1.7%      846          315        417
Rest of     525       7.5%     17.7%     88           16.9%    28.3%     1,883        437        5.8%     15.8%     2,519        752        839
World
Visa Inc.   888       1.2%     6.4%      355          -3.9%    -2.2%     9,020        533        5.0%     13.0%     3,364        1,067      1,256
                                         For the 3 Months Ended March 31, 2012
            Total
                      Growth   Growth     Payments    Growth   Growth    Payments     Cash       Growth   Growth    Cash
            Volume    (Nominal (Constant Volume       (Nominal (Constant Transactions Volume     (Nominal (Constant Transactions Accounts   Cards
                      USD)     USD)      ($ billions) USD)     USD)      (millions)   ($         USD)     USD)      (millions)   (millions) (millions)
            ($                                                                        billions)
            billions)
All Visa
Credit &
Debit
Asia        $408      16.0%    14.0%     $269         16.6%    14.1%     2,874        $139       14.7%    13.9%     637          530        631
Pacific
Canada      56        6.8%     8.8%      51           6.9%     8.9%      463          5          5.6%     7.5%      10           24         32
CEMEA       211       19.1%    24.2%     40           33.3%    40.3%     665          171        16.1%    20.9%     1,015        250        251
LAC         251       13.2%    18.6%     90           16.9%    22.8%     2,016        161        11.2%    16.4%     953          391        420
US          616       7.0%     7.0%      508          6.5%     6.5%      10,119       108        9.3%     9.3%      880          521        676
Visa Inc.   1,541     11.8%    12.7%     958          11.1%    11.1%     16,138       584        13.0%    15.6%     3,495        1,716      2,009
Visa Credit Programs
US          $234      11.8%    11.8%     $223         12.1%    12.1%     2,599        $10        5.5%     5.5%      15           205        265
Rest of     411       13.1%    12.8%     365          14.9%    14.4%     4,229        47         0.8%     1.9%      182          453        513
World
Visa Inc.   645       12.6%    12.4%     588          13.8%    13.5%     6,828        57         1.6%     2.6%      197          658        778
Visa Debit
Programs
US          $382      4.2%     4.2%      $284         2.4%     2.4%      7,520        $97        9.7%     9.7%      865          315        410
Rest of     515       17.1%    20.7%     85           26.0%    29.7%     1,790        429        15.5%    19.1%     2,433        742        820
World
Visa Inc.   897       11.2%    12.9%     370          7.0%     7.5%      9,310        527        14.4%    17.2%     3,299        1,058      1,231
                                         For the 12 Months Ended March 31, 2013
            Total
                      Growth   Growth     Payments    Growth   Growth    Payments     Cash       Growth   Growth    Cash
            Volume    (Nominal (Constant Volume       (Nominal (Constant Transactions Volume     (Nominal (Constant Transactions
                      USD)     USD)      ($ billions) USD)     USD)      (millions)   ($         USD)     USD)      (millions)
            ($                                                                        billions)
            billions)
All Visa
Credit &
Debit
Asia        $1,749    9.4%     11.1%     $1,176       10.4%    11.7%     12,504       $573       7.6%     9.8%      2,868
Pacific
Canada      246       3.9%     4.5%      227          4.5%     5.1%      2,093        20         -2.4%    -1.8%     43
CEMEA       975       14.8%    19.6%     193          27.5%    33.6%     3,404        782        12.1%    16.7%     4,368
LAC         961       -4.6%    6.0%      382          6.8%     19.9%     8,809        578        -10.9%   -1.5%     3,612
US          2,540     1.6%     1.6%      2,107        1.7%     1.7%      41,359       433        1.1%     1.1%      3,440
Visa Inc.   6,471     4.5%     7.3%      4,085        5.7%     7.4%      68,169       2,386      2.5%     7.1%      14,330
Visa Credit Programs
US          $1,047    9.3%     9.3%      $1,001       9.7%     9.7%      11,835       $46        1.1%     1.1%      62
Rest of     1,787     7.5%     10.5%     1,588        8.7%     11.8%     18,461       198        -1.5%    0.8%      756
World
Visa Inc.   2,833     8.2%     10.0%     2,590        9.1%     11.0%     30,297       244        -1.0%    0.8%      818
Visa Debit
Programs
US          $1,493    -3.2%    -3.2%     $1,106       -4.6%    -4.6%     29,523       $387       1.1%     1.1%      3,378
Rest of     2,144     5.7%     12.0%     389          17.8%    24.9%     8,349        1,755      3.3%     9.5%      10,134
World
Visa Inc.   3,638     1.9%     5.2%      1,495        0.4%     1.7%      37,872       2,142      2.9%     7.9%      13,512
                                         For the 12 Months Ended March 31, 2012
            Total
                      Growth   Growth     Payments    Growth   Growth    Payments     Cash       Growth   Growth    Cash
            Volume    (Nominal (Constant Volume       (Nominal (Constant Transactions Volume     (Nominal (Constant Transactions Accounts   Cards
                      USD)     USD)      ($ billions) USD)     USD)      (millions)   ($         USD)     USD)      (millions)   (millions) (millions)
            ($                                                                        billions)
            billions)
All Visa
Credit &
Debit
Asia        $1,598    18.5%    13.2%     $1,066       21.0%    14.6%     11,469       $533       13.8%    10.4%     2,483        530        631
Pacific
Canada      237       9.7%     7.4%      217          10.0%    7.7%      1,924        20         6.6%     4.3%      41           24         32
CEMEA       849       24.9%    25.8%     151          35.3%    37.4%     2,409        698        22.9%    23.5%     4,071        250        251
LAC         1,007     19.4%    19.2%     358          23.8%    23.7%     7,807        649        17.2%    16.9%     3,792        391        420
US          2,500     8.4%     8.4%      2,072        8.3%     8.3%      41,640       428        8.8%     8.8%      3,568        521        676
Visa Inc.   6,191     14.8%    13.3%     3,863        13.9%    12.0%     65,248       2,328      16.2%    15.4%     13,954       1,716      2,009
Visa Credit Programs
US          $958      10.5%    10.5%     $913         10.5%    10.5%     10,643       $45        11.1%    11.1%     65           205        265
Rest of     1,662     18.4%    13.9%     1,461        19.3%    14.6%     16,855       201        12.4%    9.4%      732          453        513
World
Visa Inc.   2,620     15.4%    12.6%     2,374        15.7%    12.9%     27,498       246        12.1%    9.7%      797          658        778
Visa Debit
Programs
US          $1,542    7.1%     7.1%      $1,159       6.6%     6.6%      30,997       $383       8.5%     8.5%      3,503        315        410
Rest of     2,029     20.5%    19.7%     331          30.0%    28.6%     6,753        1,699      18.8%    18.1%     9,654        742        820
World
Visa Inc.   3,571     14.3%    13.7%     1,490        11.1%    10.6%     37,750       2,082      16.8%    16.1%     13,157       1,058      1,231

Footnote

The preceding tables present regional total volume, payments volume and cash
volume, and the number of payments transactions, cash transactions, accounts
and cards for cards carrying the Visa, Visa Electron and Interlink brands.
Card counts include PLUS proprietary cards. Nominal and constant dollar growth
rates over prior years are provided for volume-based data.

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

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

The data presented is reported quarterly by Visa's members on their operating
certificates and is subject to verification by Visa.  On occasion, members may
update previously submitted information.

Visa's CEMEA region is comprised of countries in Central Europe, the Middle
East and Africa. Several European Union countries in Central Europe, Israel
and Turkey are not included in CEMEA. LAC is comprised of countries in Central
and South America and the Caribbean. Rest of World includes Asia Pacific,
Canada, CEMEA and LAC.

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

2. Cross Border Volume

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

 

                Growth   Growth

Period          (Nominal (Constant

                USD)     USD)
3 Months Ended
Mar 31, 2013    10%      10%
Dec 31, 2012    11%      11%
Sep 30, 2012    7%       10%
Jun 30, 2012    10%      14%
Mar 31, 2012    15%      16%
12 Months Ended
Mar 31, 2013    9%       11%
Mar 31, 2012    16%      15%

3. Visa Processed Transactions

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

 

                Processed

Period          Transactions Growth

                (millions)
3 Months Ended
Mar 31, 2013    13,850       6%
Dec 31, 2012    14,159       4%
Sep 30, 2012    13,573       2%
Jun 30, 2012    13,113       1%
Mar 31, 2012    13,038       8%
12 Months Ended
Mar 31, 2013    54,695       3%
Mar 31, 2012    52,939       9%

4. CyberSource Transactions

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

 

                Billable

Period          Transactions Growth

                (millions)
3 Months Ended
Mar 31, 2013    1,608        25%
Dec 31, 2012    1,581        28%
Sep 30, 2012    1,363        25%
Jun 30, 2012    1,303        25%
Mar 31, 2012    1,281        26%
12 Months Ended
Mar 31, 2013    5,854        26%
Mar 31, 2012    4,649        29%

 

SOURCE Visa Inc.

Website: http://www.corporate.visa.com
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