Visa Inc. Reports Fiscal Second Quarter 2014 Net Income of $1.6 Billion or $2.52 per Diluted Share

  Visa Inc. Reports Fiscal Second Quarter 2014 Net Income of $1.6 Billion or   $2.52 per Diluted Share  Business Wire  FOSTER CITY, Calif. -- April 24, 2014  Visa Inc. (NYSE:V) today announced financial results for the Company’s fiscal second quarter 2014. Net income for the quarter was $1.6 billion, an increase of 26% over the prior year, or $2.52 per share, an increase of 31% over the prior year. These results include a tax benefit of $218 million of which $201 million relates to prior periods. Excluding the prior periods’ impact, earnings per share was $2.20, an increase of 15% over the prior year. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.  Net operating revenue in the fiscal second quarter of 2014 was $3.2 billion, an increase of 7% nominally or 9% on a constant dollar basis over the prior year, driven by solid growth in service revenues, data processing revenues and international transaction revenues. The strengthening of the U.S. dollar impacted net operating revenues by 2 percentage points of negative growth during the quarter.  “Our underlying business drivers remained strong during the fiscal second quarter with payments volume continuing to grow at solid levels,” said Charlie Scharf, Chief Executive Officer of Visa Inc. “As expected, softer net revenue growth was impacted by a strengthening U.S. dollar and difficult year-over-year comparisons due to non-recurring items. We expect this impact to be slightly more pronounced next quarter before rebounding in our fiscal fourth quarter, which will be more reflective of the fundamental strength of the business model. We continue to make substantial investments in products and services that will drive our future growth, while enhancing our financial institution and merchant client relationships.”  Fiscal Second Quarter 2014 Financial Highlights:  Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2013, on which fiscal second quarter service revenue is recognized, was 12% over the prior year at $1.2 trillion.  Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2014, was 12% over the prior year at $1.1 trillion.  Cross-border volume growth, on a constant dollar basis, was 8% for the three months ended March 31, 2014.  Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2014, were 15.4 billion, an 11% increase over the prior year.  Fiscal second quarter 2014 service revenues were $1.5 billion, an increase of 7% over 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 7% over the prior year to $1.2 billion. International transaction revenues, which are driven by cross-border volume, grew 5% over the prior year to $871 million. Other revenues, which include the Visa Europe licensing fee, were $183 million, an increase of 5% over the prior year. Client incentives, which are a contra revenue item, were $587 million and represent 15.6% of gross revenues.  Total operating expenses were $1.1 billion for the quarter, a 2% increase over the prior year, primarily due to an increase in marketing spend to support the 2014 Sochi Winter Olympics and 2014 World Cup campaigns, offset by a reduction in personnel and professional fees.  The effective tax rate was 22.5% for the quarter ended March 31, 2014. This rate was positively impacted by a $218 million tax benefit recognized during the quarter related to a deduction for U.S. domestic production activities. This benefit was fully contemplated in the Company’s earnings per share guidance for fiscal full-year 2014.  Cash, cash equivalents, and available-for-sale investment securities were $6.5 billion at March 31, 2014.  The weighted-average number of diluted shares of class A common stock outstanding was 634 million for the quarter ended March 31, 2014.  Notable Events:  During the three months ended March 31, 2014, the Company repurchased 5.1 million shares of classA common stock, at an average price of $217.61 per share, using $1.1 billion of cash on hand. At March 31, 2014, the Company had $3.0 billion of remaining funds, authorized by the board of directors, available for share repurchase under the current program.  On April 23, 2014, the board of directors declared a quarterly cash dividend of $0.40 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 3, 2014, to all holders of record of the Company’s class A, class B and class C common stock as of May 16, 2014.  Financial Outlook:  Visa Inc. updates its financial outlook for the following metrics for fiscal full-year 2014:    *Annual net revenue growth: Low double-digit constant revenue growth in the     10-11% range, with an expectation of two percentage points of negative     foreign currency impact; and   *Annual operating margin: Low to mid 60s.  Visa Inc. affirms its financial outlook for the following metrics for fiscal full-year 2014:    *Client incentives as a percent of gross revenues: 16.5% to 17.5% range;   *Annual diluted class A common stock earnings per share growth: Mid to high     teens; and   *Annual free cash flow: About $5 billion.  Visa Inc. provides its financial outlook for the following metric for fiscal full-year 2014:    *Tax rate: Approaching 30%.  Fiscal Second Quarter 2014 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 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 electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured 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 usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.  Forward-Looking Statements:  This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as "believes," "estimates," "expects," "intends," "may," "projects," "could," "should," "will," "will continue" and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, earnings per share, free cash flow, tax rate and the growth of those items.  By their nature, forward-looking statements: (i)speak only as of the date they are made; (ii)are not statements of historical fact or guarantees of future performance; and (iii)are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following:    *the impact of laws, regulations and marketplace barriers, including:         *rules capping debit interchange reimbursement rates and expanding          financial institutions’ and merchants’ choices among debit payment          networks promulgated under the Dodd-Frank Wall Street Reform and          Consumer Protection Act;        *increased regulation in jurisdictions outside of the United States          and in other product categories;        *increased government support of national payment networks outside the          United States; and        *increased regulation on consumer privacy, data use and security;    *developments in litigation and government enforcement, including those     affecting interchange reimbursement fees, antitrust and tax;   *new lawsuits, investigations or proceedings, or changes to our potential     exposure in connection with pending lawsuits, investigations or     proceedings;   *economic factors, such as:         *economic fragility in the Eurozone and in the United States;        *general economic, political and social conditions in mature and          emerging markets globally;        *material changes in cross-border activity, foreign exchange controls          and fluctuations in currency exchange rates; and        *material changes in our financial institution clients' performance          compared to our estimates;    *industry developments, such as competitive pressure, rapid technological     developments, and disintermediation from our payments network;   *system developments, such as:         *disruption of our transaction processing systems or the inability to          process transactions efficiently;        *account data breaches or increased fraudulent or other illegal          activities involving Visa-branded cards or payment products; and        *failure to maintain systems interoperability with Visa Europe;    *costs arising if Visa Europe were to exercise its right to require us to     acquire all of its outstanding stock;   *the loss of organizational effectiveness or key employees;   *the failure to integrate acquisitions successfully or to effectively     develop new products and businesses;   *natural disasters, terrorist attacks, military or political conflicts, and     public health emergencies; and  various other factors, including those contained in our Annual Report on Form 10−K for the year ended September 30, 2013 and our other filings with the U.S. Securities and Exchange Commission. You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise.   VISA INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED)                                          March 31,            September 30,                                           2014                   2013                                           (in millions, except par value data) Assets Cash and cash equivalents                 $   1,820              $  2,186 Restricted cash—litigation escrow             1,105                 49 Investment securities: Trading                                       82                    75 Available-for-sale                            1,592                 1,994 Income tax receivable                         33                    142 Settlement receivable                         752                   799 Accounts receivable                           832                   761 Customer collateral                           923                   866 Current portion of client incentives          255                   282 Deferred tax assets                           850                   481 Prepaid expenses and other current           263                 187      assets                                                                              Total current assets                          8,507                 7,822                                                                   Investment securities,                        3,066                 2,760 available-for-sale Client incentives                             89                    89 Property, equipment and technology, net       1,760                 1,732 Other assets                                  843                   521 Intangible assets, net                        11,317                11,351 Goodwill                                     11,681              11,681                                                                                Total assets                              $   37,263            $  35,956                                                                     Liabilities Accounts payable                          $   114                $  184 Settlement payable                            1,099                 1,225 Customer collateral                           923                   866 Accrued compensation and benefits             356                   523 Client incentives                             827                   919 Accrued liabilities                           582                   613 Accrued litigation                           1,060               5                                                                                     Total current liabilities                     4,961                 4,335                                                                   Deferred tax liabilities                      4,146                 4,149 Other liabilities                            861                 602                                                                                   Total liabilities                            9,968               9,086                                                                      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, 500 and 508 shares issued and outstanding         —                     — at March 31, 2014 and September 30, 2013, respectively Class B common stock, $0.0001 par value, 622 shares authorized, 245             —                     — shares issued and outstanding at March 31, 2014 and September 30, 2013 Class C common stock, $0.0001 par value, 1,097 shares authorized, 26 and 27 shares issued and outstanding at           —                     — March 31, 2014 and September 30, 2013, respectively Additional paid-in capital                    18,555                18,875 Accumulated income                            8,714                 7,974 Accumulated other comprehensive income (loss), net: Investment securities,                        77                    59 available-for-sale Defined benefit pension and other             (68      )            (60     ) postretirement plans Derivative instruments classified as          18                    23 cash flow hedges Foreign currency translation                 (1       )           (1      ) adjustments                                                                              Total accumulated other comprehensive        26                  21       income, net                                                                              Total equity                                 27,295              26,870                                                                                Total liabilities and equity              $   37,263            $  35,956                                                                                 VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)                                                                                       Three Months Ended          Six Months Ended                          March 31,                   March 31,                          2014          2013          2014           2013                          (in millions, except per share data) Operating Revenues Service revenues         $ 1,462       $ 1,369       $ 2,881        $ 2,669 Data processing            1,234         1,150         2,498          2,265 revenues International              871           831           1,762          1,636 transaction revenues Other revenues             183           175           363            354 Client incentives         (587  )      (567  )      (1,186 )      (1,120 )                                                                               Total operating           3,163       2,958       6,318        5,804   revenues                                                                               Operating Expenses Personnel                  446           486           916            940 Marketing                  245           195           431            388 Network and processing     120           119           252            229 Professional fees          77            91            152            179 Depreciation and           107           98            214            190 amortization General and                120           108           228            214 administrative Litigation provision      —           1           —            4                                                                                     Total operating           1,115       1,098       2,193        2,144   expenses                                                                               Operating income           2,048         1,860         4,125          3,660                                                                               Non-operating income      13          (3    )      19           (2     ) (expense)                                                                               Income before income       2,061         1,857         4,144          3,658 taxes                                                                               Income tax provision      463         587         1,139        1,095                                                                                 Net income               $ 1,598      $ 1,270      $ 3,005       $ 2,563                                                                        Basic earnings per share Class A common stock     $ 2.53       $ 1.93       $ 4.74        $ 3.87                                                                                  Class B common stock     $ 1.06       $ 0.81       $ 1.99        $ 1.63                                                                                  Class C common stock     $ 2.53       $ 1.93       $ 4.74        $ 3.87                                                                         Basic weighted-average shares outstanding Class A common stock      501         524         503          528                                                                                   Class B common stock      245         245         245          245                                                                                   Class C common stock      26          28          26           29                                                                           Diluted earnings per share Class A common stock     $ 2.52       $ 1.92       $ 4.72        $ 3.86                                                                                  Class B common stock     $ 1.06       $ 0.81       $ 1.99        $ 1.62                                                                                  Class C common stock     $ 2.52       $ 1.92       $ 4.72        $ 3.86                                                                         Diluted weighted-average shares outstanding Class A common stock      634         660         636          665                                                                                   Class B common stock      245         245         245          245                                                                                   Class C common stock      26          28          26           29                                                                                     VISA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)                                                    Six Months Ended March 31,                                                     2014          2013                                                     (in millions) Operating Activities Net income                                          $  3,005        $ 2,563 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Amortization of client incentives                      1,186          1,120 Share-based compensation                               89             98 Excess tax benefit for share-based compensation        (68    )       (56    ) Depreciation and amortization of property,             214            190 equipment, technology and intangible assets Deferred income taxes                                  (375   )       1,580 Other                                                  12             35 Change in operating assets and liabilities: Income tax receivable                                  109            (984   ) Settlement receivable                                  47             (34    ) Accounts receivable                                    (71    )       (79    ) Client incentives                                      (1,251 )       (1,108 ) Other assets                                           (459   )       (327   ) Accounts payable                                       (68    )       (15    ) Settlement payable                                     (126   )       3 Accrued and other liabilities                          171            218 Accrued litigation                                    1,055        (4,384 )                                                                               Net cash provided by (used in) operating              3,470        (1,180 ) activities                                                                      Investing Activities Purchases of property, equipment, technology and       (217   )       (211   ) intangible assets Investment securities, available-for-sale: Purchases                                              (1,292 )       (1,854 ) Proceeds from sales and maturities                     1,406          1,616 Purchases of / contributions to other investments      (3     )       (3     ) Proceeds / distributions from other investments       —            3                                                                                     Net cash used in investing activities                 (106   )      (449   )                                                                      Financing Activities Repurchase of class A common stock                     (2,210 )       (3,073 ) Dividends paid                                         (507   )       (437   ) (Return to) payments from litigation escrow            (1,056 )       4,383 account—retrospective responsibility plan Cash proceeds from exercise of stock options           58             84 Restricted stock and performance shares settled        (83    )       (64    ) in cash for taxes Excess tax benefit for share-based compensation        68             56 Payment for earn-out related to PlaySpan               —              (12    ) acquisition Principal payments on capital lease obligations       —            (5     )                                                                               Net cash (used in) provided by financing              (3,730 )      932     activities                                                                               Decrease in cash and cash equivalents                  (366   )       (697   ) Cash and cash equivalents at beginning of year        2,186        2,074                                                                                 Cash and cash equivalents at end of period          $  1,820       $ 1,377                                                                        Supplemental Disclosure Income taxes paid, net of refunds                   $  1,392        $ 421 Non-cash accruals related to purchases of property, equipment, technology and intangible      $  27           $ 41 assets                                                                                VISA INC. FISCAL 2014 AND 2013 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)                                                                                  Fiscal 2014 Quarter         Fiscal 2013 Quarter Ended                  Ended                  March 31,     December      September     June 30,      March 31,                  2014          31,           30,           2013         2013                                2013          2013                  (in millions) Operating Revenues Service          $ 1,462       $ 1,419       $ 1,385       $ 1,298       $ 1,369 revenues Data processing         1,234         1,264         1,186         1,191         1,150 revenues International transaction        871           891           899           854           831 revenues Other revenues     183           180           183           179           175 Client            (587  )      (599  )      (680  )      (521  )      (567  ) incentives                                                                                   Total operating         3,163       3,155       2,973       3,001       2,958  revenues                                                                                   Operating Expenses Personnel          446           470           499           493           486 Marketing          245           186           236           252           195 Network and        120           132           122           117           119 processing Professional       77            75            130           103           91 fees Depreciation and                107           107           106           101           98 amortization General and        120           108           129           108           108 administrative Litigation        —           —           —           (1    )      1      provision                                                                                   Total operating         1,115       1,078       1,222       1,173       1,098  expenses                                                                                   Operating          2,048         2,077         1,751         1,828         1,860 income                                                                                   Non-operating income            13          6           15          5           (3    ) (expense)                                                                                   Income before      2,061         2,083         1,766         1,833         1,857 income taxes                                                                                   Income tax        463         676         574         608         587    provision                                                                                   Net income       $ 1,598      $ 1,407      $ 1,192      $ 1,225      $ 1,270                                                                                                              Operational Performance Data  The tables below provide information regarding the available operational results for the 3 months ended March 31, 2014, as well as the prior four quarterly reporting periods and the 12 months ended March 31, 2014 and 2013, 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, 2014                 Total       Growth     Growth      Payments    Growth     Growth      Payments       Cash        Growth     Growth      Cash                 Volume     (Nominal  (Constant  Volume     (Nominal  (Constant  Transactions  Volume     (Nominal  (Constant  Transactions                 ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)                 billions)                          billions)                                         billions)                                                                                                                               All Visa Credit & Debit Asia Pacific    $479        6.6%       11.0%       $328        11.0%      15.0%       3,556          $151        -1.9%      3.2%        853 Canada          56          0.4%       9.8%        52          0.4%       9.8%        548            5           1.0%       10.4%       11 CEMEA           252         4.1%       14.1%       59          16.6%      28.1%       1,223          193         0.8%       10.4%       1,085 LAC             250         -4.5%      11.6%       95          -3.7%      14.3%       2,372          155         -5.1%      10.0%       985 US              690         7.9%       7.9%        575         8.5%       8.5%        11,134         115         5.0%       5.0%        875 Visa Inc.       1,727       4.7%       10.2%       1,108       8.0%       11.8%       18,834         619         -0.7%      7.5%        3,810                                                                                                                                          Visa Credit Programs US              $281        10.2%      10.2%       $269        10.6%      10.6%       3,148          $12         1.4%       1.4%        14 International   463         4.9%       12.3%       418         6.0%       13.3%       5,051          46          -3.9%      4.1%        176 Visa Inc.       744         6.9%       11.5%       687         7.8%       12.2%       8,200          57          -2.9%      3.5%        191                                                                                                                                          Visa Debit Programs US              $408        6.4%       6.4%        $305        6.7%       6.7%        7,986          $103        5.5%       5.5%        861 International   574         1.0%       11.4%       116         13.4%      25.2%       2,648          459         -1.7%      8.4%        2,758 Visa Inc.       983         3.2%       9.3%        421         8.5%       11.2%       10,634         562         -0.4%      7.9%        3,619                                                                                                                                                          For the 3 Months Ended December 31, 2013                                                                                                                          Total       Growth     Growth      Payments    Growth     Growth      Payments       Cash        Growth     Growth      Cash                 Volume     (Nominal  (Constant  Volume     (Nominal  (Constant  Transactions  Volume     (Nominal  (Constant  Transactions  Accounts    Cards                 ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)                 billions)                          billions)                                         billions)                                                                                                                                                         All Visa Credit & Debit Asia Pacific    $493        7.5%       12.6%       $339        8.3%       14.1%       3,677          $154        5.8%       9.5%        890            622          721 Canada          66          -0.1%      5.5%        62          -0.2%      5.5%        609            5           0.3%       6.0%        11             33           43 CEMEA           286         9.4%       13.3%       62          23.2%      28.7%       1,233          223         6.0%       9.6%        1,176          295          300 LAC             287         1.9%       10.8%       110         5.5%       15.9%       2,506          177         -0.2%      7.8%        1,066          407          437 US              704         7.6%       7.6%        591         8.4%       8.4%        11,566         114         3.3%       3.3%        884            564          728 Visa Inc.       1,837       6.6%       10.2%       1,164       8.3%       11.5%       19,590         673         3.8%       8.0%        4,027          1,921        2,229                                                                                                                                                                      Visa Credit Programs US              $300        9.3%       9.3%        $288        9.6%       9.6%        3,439          $12         2.6%       2.6%        16             216          288 International   502         5.1%       11.5%       450         5.7%       12.4%       5,293          53          0.4%       4.1%        196            472          531 Visa Inc.       802         6.6%       10.7%       737         7.2%       11.3%       8,732          65          0.8%       3.8%        213            688          819                                                                                                                                                                      Visa Debit Programs US              $405        6.3%       6.3%        $303        7.4%       7.4%        8,127          $102        3.4%       3.4%        868            349          439 International   630         6.7%       12.2%       124         18.1%      24.7%       2,731          506         4.2%       9.5%        2,947          885          970 Visa Inc.       1,035       6.6%       9.8%        427         10.3%      11.9%       10,858         608         4.1%       8.4%        3,815          1,233        1,410                                                                                                                                                                                      For the 3 Months Ended September 30, 2013                                                                                                                         Total       Growth     Growth      Payments    Growth     Growth      Payments       Cash        Growth     Growth      Cash                 Volume     (Nominal  (Constant  Volume     (Nominal  (Constant  Transactions  Volume     (Nominal  (Constant  Transactions  Accounts    Cards                 ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)                 billions)                          billions)                                         billions)                                                                                                                                                         All Visa Credit & Debit Asia Pacific    $464        8.2%       13.6%       $314        8.5%       14.7%       3,558          $150        7.5%       11.2%       854            610          710 Canada          65          4.6%       9.4%        60          4.8%       9.6%        602            5           2.3%       7.0%        12             32           41 CEMEA           265         12.2%      16.1%       57          26.8%      32.7%       1,121          207         8.8%       12.2%       1,120          290          294 LAC             259         1.6%       11.8%       98          4.4%       16.0%       2,348          161         0.0%       9.4%        998            403          431 US              692         9.3%       9.3%        575         10.3%      10.3%       11,400         117         4.8%       4.8%        932            546          713 Visa Inc.       1,745       8.0%       11.8%       1,105       9.6%       13.0%       19,029         640         5.4%       9.8%        3,916          1,880        2,189                                                                                                                                                                      Visa Credit Programs US              $290        10.9%      10.9%       $277        11.0%      11.0%       3,324          $12         8.2%       8.2%        16             210          285 International   470         6.3%       12.9%       420         6.9%       14.0%       5,138          50          1.8%       5.1%        196            468          526 Visa Inc.       760         8.0%       12.2%       697         8.5%       12.8%       8,462          63          3.0%       5.7%        212            678          811                                                                                                                                                                      Visa Debit Programs US              $402        8.2%       8.2%        $298        9.6%       9.6%        8,076          $104        4.4%       4.4%        916            335          428 International   582         7.9%       13.9%       109         17.7%      24.9%       2,491          473         5.9%       11.6%       2,788          867          949 Visa Inc.       984         8.0%       11.5%       407         11.7%      13.3%       10,567         577         5.6%       10.3%       3,704          1,202        1,377                                                                                                                                                                                      For the 3 Months Ended June 30, 2013                                                                                                                              Total       Growth     Growth      Payments    Growth     Growth      Payments       Cash        Growth     Growth      Cash                 Volume     (Nominal  (Constant  Volume     (Nominal  (Constant  Transactions  Volume     (Nominal  (Constant  Transactions  Accounts    Cards                 ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)                 billions)                          billions)                                         billions)                                                                                                                                                         All Visa Credit & Debit Asia Pacific    $456        10.6%      13.2%       $304        9.7%       13.7%       3,354          $152        12.4%      12.2%       818            592          692 Canada          64          5.1%       5.8%        59          5.5%       6.2%        568            5           0.7%       1.3%        11             31           40 CEMEA           263         13.4%      15.7%       55          28.1%      32.0%       1,047          208         10.0%      12.0%       1,147          291          289 LAC             270         9.4%       12.5%       101         13.1%      17.7%       2,305          169         7.4%       9.6%        975            401          430 US              686         10.4%      10.4%       571         11.3%      11.3%       11,217         115         5.8%       5.8%        906            538          702 Visa Inc.       1,739       10.5%      12.0%       1,089       11.4%      13.2%       18,491         650         9.0%       10.2%       3,857          1,853        2,153                                                                                                                                                                      Visa Credit Programs US              $282        10.1%      10.1%       $270        10.0%      10.0%       3,187          $12         11.6%      11.6%       15             206          280 International   463         8.2%       11.8%       412         8.7%       12.7%       4,915          51          4.2%       5.3%        199            466          525 Visa Inc.       745         8.9%       11.2%       682         9.3%       11.6%       8,102          63          5.5%       6.4%        214            672          805                                                                                                                                                                      Visa Debit Programs US              $403        10.6%      10.6%       $300        12.5%      12.5%       8,030          $103        5.2%       5.2%        891            332          422 International   591         12.6%      14.2%       107         23.9%      26.1%       2,359          484         10.4%      11.8%       2,752          848          926 Visa Inc.       994         11.8%      12.7%       407         15.3%      15.8%       10,389         587         9.4%       10.6%       3,643          1,180        1,348                                                                                                                                                                                      For the 3 Months Ended March 31, 2013                                                                                                                             Total       Growth     Growth      Payments    Growth     Growth      Payments       Cash        Growth     Growth      Cash                 Volume     (Nominal  (Constant  Volume     (Nominal  (Constant  Transactions  Volume     (Nominal  (Constant  Transactions  Accounts    Cards                 ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)                 billions)                          billions)                                         billions)                                                                                                                                                         All Visa Credit & Debit Asia Pacific    $449        10.1%      12.3%       $295        9.9%       13.1%       3,116          $154        10.6%      10.7%       755            581          682 Canada          56          0.3%       0.5%        51          1.3%       1.5%        489            5           -9.5%      -9.3%       10             29           38 CEMEA           242         15.2%      17.2%       50          28.1%      31.3%       932            192         12.3%      13.9%       1,070          278          277 LAC             262         5.0%       12.0%       99          8.5%       17.1%       2,240          164         2.9%       9.2%        926            402          431 US              639         3.5%       3.5%        530         4.3%       4.3%        10,358         110         0.0%       0.0%        847            535          700 Visa Inc.       1,649       7.0%       8.7%        1,026       7.1%       8.6%        17,135         623         6.8%       8.9%        3,608          1,825        2,128                                                                                                                                                                      Visa Credit Programs US              $255        9.2%       9.2%        $244        9.1%       9.1%        2,843          $12         13.3%      13.3%       14             206          278 International   441         7.1%       10.3%       394         7.7%       11.4%       4,582          48          2.0%       1.7%        181            462          522 Visa Inc.       697         7.9%       9.9%        638         8.2%       10.4%       7,425          59          4.1%       3.9%        196            668          801                                                                                                                                                                      Visa Debit Programs US              $384        0.0%       0.0%        $286        0.5%       0.5%        7,516          $98         -1.4%      -1.4%       832            329          421 International   568         11.1%      14.5%       102         21.2%      25.9%       2,195          466         9.1%       12.3%       2,580          828          906 Visa Inc.       952         6.4%       7.8%        388         5.3%       5.7%        9,711          564         7.1%       9.4%        3,412          1,157        1,327                                                                                                                                                                                      For the 12 Months Ended March 31, 2014                 Total       Growth     Growth      Payments    Growth     Growth      Payments       Cash        Growth     Growth      Cash                 Volume     (Nominal  (Constant  Volume     (Nominal  (Constant  Transactions  Volume     (Nominal  (Constant  Transactions                 ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)                 billions)                          billions)                                         billions)                                                                                                                               All Visa Credit & Debit Asia Pacific    $1,892      8.1%       12.6%       $1,285      9.3%       14.4%       14,145         $607        5.7%       8.9%        3,414 Canada          252         2.5%       7.5%        232         2.6%       7.6%        2,327          20          1.1%       5.9%        45 CEMEA           1,066       9.7%       14.7%       234         23.4%      30.3%       4,623          832         6.4%       11.0%       4,529 LAC             1,066       2.0%       11.6%       403         4.6%       16.0%       9,532          663         0.4%       9.1%        4,024 US              2,772       8.8%       8.8%        2,311       9.6%       9.6%        45,317         461         4.7%       4.7%        3,598 Visa Inc.       7,048       7.4%       11.0%       4,466       9.3%       12.4%       75,943         2,582       4.3%       8.8%        15,610                                                                                                                                          Visa Credit Programs US              $1,153      10.1%      10.1%       $1,105      10.3%      10.3%       13,098         $48         5.8%       5.8%        62 International   1,899       6.1%       12.1%       1,699       6.8%       13.1%       20,397         200         0.7%       4.6%        767 Visa Inc.       3,051       7.6%       11.4%       2,804       8.1%       12.0%       33,496         248         1.6%       4.9%        829                                                                                                                                          Visa Debit Programs US              $1,619      7.8%       7.8%        $1,206      9.0%       9.0%        32,219         $412        4.6%       4.6%        3,536 International   2,377       6.9%       12.9%       456         18.1%      25.2%       10,229         1,922       4.6%       10.3%       11,245 Visa Inc.       3,996       7.3%       10.8%       1,662       11.3%      13.0%       42,448         2,334       4.6%       9.3%        14,781                                                                                                                                                          For the 12 Months Ended March 31, 2013                                                                                                                            Total       Growth     Growth      Payments    Growth     Growth      Payments       Cash        Growth     Growth      Cash                 Volume     (Nominal  (Constant  Volume     (Nominal  (Constant  Transactions  Volume     (Nominal  (Constant  Transactions  Accounts    Cards                 ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)                 billions)                          billions)                                         billions)                                                                                                                                                         All Visa Credit & Debit Asia Pacific    $1,750      9.5%       11.1%       $1,176      10.4%      12.0%       12,498         $574        7.7%       9.3%        2,853          581          682 Canada          246         3.8%       4.4%        226         4.4%       5.0%        2,091          20          -2.6%      -1.8%       43             29           38 CEMEA           972         14.7%      19.5%       189         26.7%      32.8%       3,380          782         12.1%      16.7%       4,375          278          277 LAC             1,045       3.6%       14.7%       385         6.7%       19.2%       8,863          660         1.9%       12.2%       3,849          402          431 US              2,548       1.7%       1.7%        2,108       1.8%       1.8%        41,358         440         1.4%       1.4%        3,501          535          700 Visa Inc.       6,561       5.9%       8.4%        4,085       5.7%       7.2%        68,190         2,476       6.2%       10.6%       14,621         1,825        2,128                                                                                                                                                                      Visa Credit Programs US              $1,047      9.3%       9.3%        $1,002      9.7%       9.7%        11,833         $46         1.3%       1.3%        61             206          278 International   1,789       7.4%       10.4%       1,591       8.7%       11.9%       18,505         198         -1.4%      0.1%        759            462          522 Visa Inc.       2,836       8.1%       10.0%       2,592       9.1%       11.0%       30,338         244         -0.9%      0.4%        820            668          801                                                                                                                                                                      Visa Debit Programs US              $1,501      -3.0%      -3.0%       $1,107      -4.5%      -4.5%       29,525         $394        1.4%       1.4%        3,440          329          421 International   2,223       9.8%       16.1%       386         17.4%      24.4%       8,328          1,837       8.3%       14.5%       10,361         828          906 Visa Inc.       3,724       4.2%       7.3%        1,493       0.3%       1.3%        37,852         2,232       7.0%       11.8%       13,802         1,157        1,327                                                                                                                                                                       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 based on results reported quarterly by Visa’s financial institution clients on their operating certificates. Estimates may be utilized if data is unavailable. On occasion, previously presented information may be updated.  Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Effective with the 3 months ended September 2013, Croatia moved from the CEMEA region to Visa Europe. 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. International 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, 2014          5%             8% Dec 31, 2013          11%            12% Sep 30, 2013          9%             11% Jun 30, 2013          11%            11% Mar 31, 2013          10%            10%                                             12 Months Ended Mar 31, 2014          9%             10% Mar 31, 2013          9%             11%                                              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, 2014          15,354             11% Dec 31, 2013          15,985             13% Sep 30, 2013          15,491             14% Jun 30, 2013          14,972             14% Mar 31, 2013          13,850             6%                                                12 Months Ended Mar 31, 2014          61,802             13% Mar 31, 2013          54,695             3%                                                 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, 2014          1,859              16% Dec 31, 2013          1,894              20% Sep 30, 2013          1,696              24% Jun 30, 2013          1,648              27% Mar 31, 2013          1,608              25%                                                12 Months Ended Mar 31, 2014          7,098              21% Mar 31, 2013          5,854              26%  Contact:  Visa Inc. Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 650-432-7644 ir@visa.com Media Relations: Paul Cohen, 650-432-2990 globalmedia@visa.com  
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