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SMALL BUSINESS
Visa Inc. Reports Fiscal Second Quarter 2008 Earnings Results
Net operating revenue in the fiscal second quarter 2008 was
"We are very pleased with our financial results for our first quarter as a
public company. Despite a challenging economic environment, Visa recorded
strong growth in payments volume and transactions globally and across our
diverse suite of products -- a trend which is continuing into the fiscal third
quarter," said
"Visa is focused on growing our business globally by extending our industry-leading processing services, expanding our products to new geographies, and further strengthening our valuable relationships with financial institutions and merchants who are critical to our success," said Mr. Saunders.
Fiscal Second Quarter 2008 Financial Highlights:
Visa Inc. reports operational performance data on a trailing one quarter
basis, based on information provided to the company from client financial
institutions. This operational performance data, which includes payments
volume for our clients, total volume, total payments transactions, and total
cards carrying Visa brands, are in part the basis for financial results in the
following quarter. For the period ending
-- Payments volume grew 19% over the prior year to $681 billion;
-- Total volume, inclusive of cash volume was $1.1 trillion, an increase
of 21% over the prior year;
-- Total cards carrying the Visa brands rose 16% worldwide to 1.6 billion
over the prior year; and
-- Total payment transactions increased by 16% over the prior year to 11
billion.
Total processed transactions, which are based on current fiscal second quarter results on Visa's processing system, were 8.8 billion, a 15% increase over the prior year.
For the fiscal second quarter 2008, service fees were
Total operating expenses were
Cash, cash equivalents, restricted cash, and available-for-sale investment
securities were
Other items for the second fiscal quarter ended March 31, 2008, included:
-- The Company funded the U.S. litigation escrow account with $3 billion
of net proceeds from the initial public offering; and
-- A $945 million payment was made to American Express which was funded
through the litigation escrow account as part of our legal settlement.
The Company's net income and earnings per share, excluding special items, are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measure in the accompanying financial tables.
Management believes the presentation of adjusted operating income and
adjusted net income provides a clearer understanding of the one-time items
related to the Company's reorganization and initial public offering. These
measures also adjust for expenses related to covered litigation that will be
funded by the litigation escrow account through the retrospective
responsibility plan. These items have a significant impact on our financial
results but are either non-recurring or have no operating cash impact.
Recognizing that we have a very complex equity structure incorporating
multiple classes and series of common stock, the Company has also presented
adjusted diluted class A earnings per share calculated based on adjusted net
income and the adjusted weighted average number of shares outstanding in the
periods presented. This non-GAAP financial measure has been presented to
illustrate our per share results reflecting our capital structure after the
redemption of all class C (series II) common stock and a portion of class C
(series III) common stock, which the Company intends to redeem in
Fiscal Year-to-Date 2008 Results:
For the six months ended
On an adjusted basis, (reflective of a normalized tax rate and excluding
litigation, restructuring, and purchase amortization) net income for the six
months ended
Net operating revenue for the six months ended
Total operating expenses were
Financial Outlook:
Visa Inc.'s financial outlook over the next three years includes the following metrics:
-- Annual net revenue growth of 11% to 15%;
-- Annual adjusted operating margin (adjusted earnings before interest and
taxes) in the low 40% range;
-- Annual adjusted diluted class A common earnings per share growth of 20%
or greater; and
-- Annual free cash flow (cash flow from operations plus cash
reimbursements from litigation escrow less capital spending) in excess
of $1 billion.
This outlook reflects an assumed 41% percent GAAP tax rate for fiscal year 2008. Our intent is to reduce this rate to a level around 35-36% over the next five years.
Second Quarter Results Webcast Information
Visa's executive management team will host a live audio webcast beginning
at
All interested parties are invited to listen to the live webcast at 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 Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys acceptance around the world and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries.
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. These statements can be identified by the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will" and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to: (i) statements regarding certain of Visa's goals and expectations with respect to earnings per share, revenue, operating margin, and free cash flow, and the growth rate in those item, as well as other measures of economic performance, and (ii) statements relating to the benefits of the 2007 reorganization and the 2008 initial public offering.
By their nature, forward-looking statements (i) speak only as of the date
they are made, (ii) are not guarantees of future performance or results and
(iii) are subject to risks, uncertainties and assumptions that are difficult
to predict or quantify. Therefore, actual results could differ materially and
adversely from those forward-looking statements as a result of a variety of
factors, including all the risks discussed under the heading "Risk Factors" in
our Prospectus dated
Contacts:
- Investor Relations:
- Media Relations:
Visa Inc. Consolidated Statements of Operations (unaudited) For the For the three months six months ended March 31, ended March 31,
2008 2007 2008 2007 Actual Pro forma Actual Pro forma (in millions) (in millions)
Operating Revenues
Service fees $792 $614 $1,524 $1,191 Data processing fees 494 370 986 747 Volume and support incentives (338) (187) (588) (323) International transaction fees 379 281 760 529 Other revenues 126 113 259 221 Total operating revenues 1,453 1,191 2,941 2,365
Operating Expenses
Personnel 289 269 572 542 Network, EDP, and communications 78 69 161 137 Advertising, marketing, and promotion 215 182 425 387 Professional and consulting fees 96 136 194 237 Depreciation and amortization 59 54 121 109 Administrative and other 75 74 149 150 Litigation provision 292 13 292 15 Total operating expenses 1,104 797 1,914 1,577
Operating income 349 394 1,027 788
Other Income (Expense) Equity in earnings of unconsolidated affiliates - - 1 - Interest expense (41) (24) (86) (48) Investment income, net 34 36 75 76 Other 28 - 36 - Total other income (expense) 21 12 26 28
Income before income taxes and minority interest 370 406 1,053 816 Income tax expense 56 160 315 321
Net income $314 $246 $738 $495
Basic net income per share (1) Class A common stock $0.39 $0.93 Class B common stock $0.37 $0.92 Class C (series I) common stock $0.39 $0.93 Class C (series II) common stock $0.30 $0.81 Class C (series III and IV) common stock $0.39 $0.93 Basic weighted average shares outstanding (1) (in thousands) Class A common stock 63,800 31,726 Class B common stock 415,280 420,866 Class C (series I) common stock 255,313 256,675 Class C (series II) common stock 35,311 31,587 Class C (series III and IV) common stock 57,725 60,258 Diluted net income per share (1) Class A common stock $0.39 $0.93 Class B common stock $0.37 $0.92 Class C (series I) common stock $0.39 $0.93 Class C (series II) common stock $0.30 $0.81 Class C (series III and IV) common stock $0.39 $0.93 Diluted weighted average shares outstanding (1) (in thousands) Class A common stock 777,738 762,374 Class B common stock 415,280 420,866 Class C (series I) common stock 255,313 256,675 Class C (series II) common stock 35,311 31,587 Class C (series III and IV) common stock 57,725 60,258
(1) Note: There is no comparable earnings per share measure for 2007 as we were a non-stock company.
Visa Inc. Consolidated Balance Sheets (unaudited)
March 31, 2008 October 1, 2007 (in millions) Assets
Cash and cash equivalents $5,041 $1,278 Restricted cash - litigation escrow 1,285 - Restricted cash - tax escrow 116 - Investment securities, available-for-sale 598 842 Settlement receivable 1,157 587 Accounts receivable 321 318 Customer collateral 500 389 Current portion of volume and support incentives 227 135 Current portion of deferred tax assets 541 771 Prepaid and other current assets 300 381
Total current assets 10,086 4,701
Restricted cash - litigation escrow 770 - Investment securities, available-for-sale 194 743 Volume and support incentives 79 72 Property, equipment, and technology, net 1,018 906 Other assets 623 625 Intangible assets 10,883 10,883 Goodwill 10,216 9,139
Total assets $33,869 $27,069
Liabilities Accounts payable $111 $164 Settlement payable 916 644 Customer collateral 500 389 Accrued compensation and benefits 317 479 Volume and support incentives 305 294 Accrued liabilities 540 496 Current portion of long-term debt 72 84 Current portion of accrued litigation 1,572 2,236 Redeemable class C (series III) common stock, 35,263,585 shares outstanding 1,508 -
Total current liabilities 5,841 4,786
Long-term debt 40 40 Accrued litigation 1,349 1,446 Deferred tax liabilities 3,563 3,758 Other liabilities 761 754
Total liabilities 11,554 10,784
Temporary Equity Class C (series II) common stock, 79,748,857 shares issued and outstanding 1,127 -
Total temporary equity 1,127 -
Commitments and contingencies - -
Stockholders' Equity Preferred stock, none issued - - Class A common stock, 447,889,803 issued and outstanding - - Class B common stock, 245,513,385 issued and outstanding - - Class C (series I) common stock, 124,503,084 issued and outstanding - - Class C (series III) common stock, 26,949,616 issued and outstanding - - Class C (series IV) common stock, 549,587 issued and outstanding - - Additional paid-in capital 20,970 16,785 Accumulated income (deficit) 223 (500) Accumulated other comprehensive loss (5) - Total equity 21,188 16,285
Total liabilities, temporary equity and stockholders' equity $33,869 $27,069
VISA INC. Consolidated Statements of Cash Flows For the Six Months Ended March 31, 2008 2007(1) (in millions) Operating Activities
Net income $738 $385 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of facilities, equipment, and software 121 57 Amortization of intangibles, investments, debt issuance cost, accretion of member deposits, and asset retirement obligation - 6 Share-based compensation 19 - Fair value adjustment for liability under the framework agreement (36) - Net recognized loss (gain) on investment securities, including other-than- temporary impairment 8 (2) (Gain) loss on sale of assets - 1 Minority interest - 1 Amortization of volume and support incentives 588 225 Accrued litigation and accretion 370 51 Equity in earnings of unconsolidated affiliates (1) (25) Deferred income taxes 124 - Change in operating assets and liabilities: Accounts receivable (3) (1) Settlement receivable (569) 5 Volume and support incentives (676) (234) Other assets (61) 21 Accounts payable (54) (55) Settlement payable 273 (4) Accrued compensation and benefits (154) (34) Accrued and other liabilities 195 61 Accrued litigation (1,131) (1) Member deposits (3) (71)
Net cash provided by (used in) operating activities (252) 386
Investing Activities
Investment securities, available-for-sale: Purchases (1,500) (1,427) Proceeds from sales and maturities 2,279 1,222 Cash acquired through reorganization 1,002 - Contributions to joint ventures - (1) Distribution from partnership investment 1 - Purchases of property, equipment, and technology (237) (45) Proceeds from sale of property, equipment, and technology 4 -
Net cash provided by (used in) investing activities 1,549 (251)
Financing Activities
Proceeds from short-term borrowing 2 - Payments on short-term borrowing (2) - Proceeds from sale of common stock, net of issuance costs of $550 19,100 - Payment to litigation escrow account - Retrospective Responsibility Plan (3,000) - Funding from litigation escrow account - Retrospective Responsibility Plan 945 - Payment to tax escrow account - Income tax withheld on proceeds (116) - Payment for redemption of common stock (13,446) - Principal payments on debt (12) (17) Principal payments on capital lease obligations (2) (2) Net cash used in financing activities 3,469 (19)
Increase in cash and cash equivalents 4,766 116 Cash and cash equivalents at beginning of year 275 270
Cash and cash equivalents at end of year $5,041 $386
Note: (1) Historical balances represent balances for Visa U.S.A. Inc., deemed the accounting acquirer in the business combination.
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds $250 $177 (Decrease) increase in accounts payable and accrued and other liabilities related to purchases of property, equipment, and technology, net $(10) $(15) Interest payments on debt $4 $2 Common stock issued in acquisition $17,935 $-
Pro Forma Fiscal 2007 Results of Operations (1) (in millions)
For the three For the six Months Ended Months Ended March 31, 2007 March 31, 2007
Operating Revenues
Service fees $614 $1,191 Data processing fees 370 747 Volume and support incentives (187) (323) International transaction fees 281 529 Other revenues 113 221 Total operating revenues 1,191 2,365
Operating Expenses
Personnel 269 542 Network, EDP, and communications 69 137 Advertising, marketing, and promotion 182 387 Professional and consulting fees 136 237 Depreciation and amortization 54 109 Administrative and other 74 150 Litigation provision 13 15 Total operating expenses 797 1,577 Operating income 394 788
Other Income (Expense) Interest expense (24) (48) Investment income, net 36 76 Total other income 12 28
Income before income taxes and minority interest 406 816 Income tax expense 160 321
Net income $246 $495
(1) Visa Inc. had no operations prior to the reorganization on October 1, 2007. In order to provide insight into our operating results the pro forma results of operations for the prior periods have been prepared for comparative purposes assuming that the reorganization had occurred on October 1, 2006. These pro forma statements of operations data have been prepared in accordance with Statement of Financial Accounting Standards, or SFAS, No. 141, "Business Combinations."
Pro Forma Fiscal 2007 Quarterly Results of Operations (in millions)
The quarterly pro forma statements of operations data set forth below for fiscal 2007 give effect to the reorganization as if it had occurred on October 1, 2006. These pro forma statements of operations data have been prepared in accordance with Statement of Financial Accounting Standards, or SFAS, No. 141, "Business Combinations."
Actual Fiscal 2008 Quarter Pro Forma Fiscal 2007 Quarter Ended Ended
December March June September December 31, 2006 31, 2007 30, 2007 30, 2007 31, 2007
Operating Revenues Card Service Fees $577 $614 $661 $730 $732 Data Processing Fees 377 370 449 463 492 Volume and Support Incentives (136) (187) (175) (216) (250) International Transaction Fees 247 281 311 353 381 Other Revenues 108 113 119 133 133
Total Operating Revenues 1,173 1,191 1,365 1,463 1,488
Operating Expenses Personnel 273 269 293 324 283 Network, EDP, and Communications 68 69 77 80 83 Advertising, Marketing, and Promotion 205 182 245 443 210 Professional and Consulting Fees 101 136 159 157 98 Depreciation and amortization 55 54 55 63 62 Administrative and Other 76 74 94 105 74 Litigation Obligation Provision 2 13 (1) 2,638 -
Total Operating Expenses 780 797 921 3,810 810
Operating Income 393 394 444 (2,347) 678
Other Income (Expenses) Interest Income(Expense) (23) (24) (25) (24) (45) Investment Income, net 40 36 56 65 42 Other - - 8 0 8
Total Other Income (Expense) 17 12 39 41 5
Income Before Income Taxes 410 406 483 (2,306) 683 Income Tax Expense/(Benefit) 161 160 184 (652) 259
Net Income $249 $246 $299 $(1,654) $424
Reconciliation of Non-GAAP Adjusted Operating Income and Net Income (in millions)
Pro Forma Pro Forma For the For the For the Three For the Six Three Months Six Months Months Ended Months Ended Ended Ended March 31, March 31, March 31, March 31, 2008 2008 2007 2007
Net income (as reported) $314 $738 $246 1,191 Addback: Income tax expense 56 315 160 321 Net income before taxes and minority interest (as reported) $370 $1,053 $406 $1,512
Adjustments: Covered litigation reserve (1) 285 285 - - Restructuring (2) 19 55 36 47 Asset step-up amortization (3) 17 34 17 34 Adjustments to operating income 321 374 53 81
Interest accretion on American Express settlement (4) 23 46 - - Investment income on IPO proceeds (5) (7) (7) - - Underwater contract (LIBOR Adjustment) (6) (28) (36) - - Adjustments to non-operating income (12) 3 - -
Total Adjustments 309 377 53 81
Adjusted net income before tax 679 1,430 459 1,593 Adjusted income tax expense(7) (278) (586) (188) (653)
Adjusted net income $401 $844 $271 $940
Operating income (as reported) $349 $1,027 $394 788 Addback: Adjustments to operating income 321 374 53 81 Adjusted operting income $670 $1,401 $447 $869 Operating revenues (as reported) $1,453 $2,941 $1,191 2,365 Adjusted operating margin 46% 48% 38% 37% Total operating expenses (as reported) $1,104 $1,914 $797 $1,577 Less: Adjustments to operating expenses (321) (374) (53) (81) Adjusted operating expenses $783 $1,540 $744 $1,496
(1) Litigation expense recorded in the period related to the covered litigation. Settlements of, or judgments in, the covered litigation will be paid from the litigation escrow account.
(2) Restructuring costs, primarily severance in fiscal 2008, associated with workforce consolidation and elimination of overlapping functions.
(3) Non-cash amortization and depreciation of the incremental basis in technology and building assets acquired in the reorganization.
(4) Interest expense recorded on future payments to be made under the settlement agreement with American Express. These payments will be paid from the litigation escrow account.
(5) Investment income earned during the period on all IPO proceeds held, including amounts the Company intends to use in October 2008 to redeem all class C (series II) common stock and a portion of the class C (series III) common stock held by Visa Europe.
(6) Other income recorded in the period as a result of a reduction in the Company's estimated liability under the Framework Agreement, which governs its relationship with Visa Europe. This reduction was a result of lower LIBOR rates in the period. This liability will not continue after the October 2008 redemptions described above.
(7) Reflects a normalized tax rate of 41%.
Reconciliation of Non-GAAP Weighted Average Class A Common Stock Outstanding Used in the Calculation of Adjusted Diluted Class A Common Earnings Per Share
For the Three For the Six
Months Ended Months Ended
March 31, 2008 March 31, 2008
(in millions)
Weighted Average Shares Outstanding - GAAP 778 762
Class A Shares (1) 383 415
Class B Shares (2) (226) (238)
Class C Shares (3) (161) (165)
Class A Share Equivalents (4) 5 5
Share Adjustments 1 17
Adjusted Weighted Average Shares
Outstanding - Non GAAP 779 779
(1) For GAAP purposes, the number of class A common shares outstanding is
weighted to reflect the issuance of 446,600,000 shares at the IPO
date of March 19, 2008. In the calculation of the adjusted weighted
average shares outstanding, these shares are assumed to have been
issued at the beginning of each period presented.
(2) For GAAP purposes, the number of class B common shares outstanding is
weighted to reflect the redemption of 154,738,487 shares on March 28,
2008 and the reduction of the conversion ratio applicable to
remaining shares outstanding to 0.71 to 1. In the calculation of the
adjusted weighted average shares outstanding, these shares are
weighted to assume that the redemption and reduction in conversion
ratio had occurred at the beginning of each period presented.
(3) For GAAP purposes, the number of class C (series I, II, III & IV)
common shares is weighted to reflect the redemption of 159,657,751
shares of class C (series I) common stock on March 28, 2008, and the
reclassification of all shares of class C (series II) common stock to
temporary equity and 35,263,585 shares of class C (series III) common
stock to liabilities on the IPO date of March 19, 2008. Upon
reclassification of the class C (series II) and class C (series III)
common stock these shares are no longer convertible into shares of
class A common stock. In the calculation of adjusted weighted
average shares outstanding, these shares are weighted to assume that
the redemption and reclassifications occurred at the beginning of
each period presented.
(4) For GAAP purposes, the number of class A common shares outstanding is
weighted to reflect the assumed issuance of class A common stock
underlying stock options, restricted stock and restricted stock units
to employees and directors at the IPO date of March 19, 2008,
applying the treasury method. In the calculation of the adjusted
weighted average shares outstanding, these shares are weighted to
assume the issuance of these awards at the beginning of each period
presented. The assumed number of shares underlying stock options
assumed issued for adjusted non-GAAP purposes assumes the repurchase
of shares at the share price on March 31, 2008 of $62.36.
Class A Common Stock Adjusted Diluted Earnings Per Share
Management believes the presentation of adjusted operating income and adjusted net income provides a clearer understanding of the one-time items related to the Company's reorganization and initial public offering. These measures also adjust for expenses related to covered litigation that will be funded by the litigation escrow account. These items have a significant impact on our financial results but are either non-recurring or have no operating cash impact.
Recognizing that we have a very complex equity structure incorporating
multiple classes and series of common stock, the Company has also presented
adjusted diluted class A earnings per share calculated below based on adjusted
net income and the adjusted weighted average number of shares outstanding in
the periods presented. This non-GAAP financial measure has been presented to
illustrate our per share results reflecting our capital structure after the
redemption of all class C (series II) common stock and a portion of class C
(series III) common stock, which the Company intends to redeem in
For the Three For the Six Months Ended Months Ended March 31, 2008 March 31, 2008 (in millions, except per share data)
Adjusted net income $401 $844
Adjusted weighted average number of diluted shares outstanding 779 779
Adjusted diluted earnings per share $0.52 $1.08
Operational Performance Data
The tables below provide information regarding the operational results for
the 3 months ended
1. Branded Volume and Transactions
The tables present Payments Volume, Cash Volume, Total Volume, the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior periods are provided for volume-based data.
For the 3 Months Ended December 31, 2007
Total Payments Payments Volume Growth Growth Volume Growth Growth Trans- ($ (Nominal (Constant ($ (Nominal (Constant actions billions) USD) USD) billions) USD) USD) (millions)
All Visa Credit & Debit Asia Pacific 241 28.4% 23.0% 158 24.3% 19.6% 1,931 Canada 51 29.3% 13.6% 45 28.5% 12.8% 382 CEMEA 115 43.8% 38.9% 18 44.1% 40.1% 235 LAC 145 33.3% 21.3% 47 44.1% 30.5% 1,132 US 514 11.3% 11.3% 413 12.4% 12.4% 7,416 Visa Inc. 1,067 21.5% 17.8% 681 18.5% 15.8% 11,097
Visa Credit Programs US 253 8.8% 8.8% 218 9.7% 9.7% 2,462 Rest of World 272 26.7% 19.5% 232 27.3% 19.7% 2,863 Visa Inc. 524 17.4% 14.1% 450 18.1% 14.6% 5,325
Visa Debit Programs US 261 13.9% 13.9% 195 15.6% 15.6% 4,955 Rest of World 281 39.1% 29.8% 36 43.5% 32.9% 817 Visa Inc. 542 25.7% 21.6% 231 19.2% 18.0% 5,772
Cash Cash Volume Growth Growth Trans- ($ (Nominal (Constant actions Accounts Cards billions) USD) USD) (millions)(millions)(millions)
All Visa Credit & Debit Asia Pacific 83 36.9% 29.9% 452 368 446 Canada 6 36.5% 19.9% 9 23 31 CEMEA 97 43.8% 38.7% 590 139 147 LAC 99 28.8% 17.4% 757 284 307 US 101 7.1% 7.1% 730 476 686 Visa Inc. 386 27.1% 21.6% 2,539 1,290 1,616
Visa Credit Programs US 35 3.9% 3.9% 33 259 365 Rest of World 40 23.2% 18.5% 136 372 431 Visa Inc. 75 13.3% 11.2% 169 631 796
Visa Debit Programs US 66 8.9% 8.9% 698 217 321 Rest of World 245 38.5% 29.4% 1,672 442 500 Visa Inc. 311 30.9% 24.4% 2,369 659 820
For the 3 Months Ended September 30, 2007
Total Payments Payments Volume Growth Growth Volume Growth Growth Trans- ($ (Nominal (Constant ($ (Nominal (Constant actions billions) USD) USD) billions) USD) USD) (millions)
All Visa Credit & Debit Asia Pacific 215 25.6% 19.6% 140 22.1% 16.8% 1,796 Canada 47 22.7% 12.9% 42 21.4% 11.8% 362 CEMEA 101 43.0% 38.4% 15 39.0% 35.1% 211 LAC 121 26.7% 19.0% 38 38.5% 29.6% 1,004 US 489 9.6% 9.6% 388 10.7% 10.7% 7,033 Visa Inc. 972 18.4% 15.5% 623 15.8% 13.6% 10,405
Visa Credit Programs US 240 6.7% 6.7% 206 8.5% 8.5% 2,314 Rest of World 243 22.5% 16.4% 206 23.6% 17.2% 2,654 Visa Inc. 483 14.1% 11.4% 412 15.6% 12.7% 4,968
Visa Debit Programs US 249 12.6% 12.6% 182 13.3% 13.3% 4,719 Rest of World 241 36.0% 28.5% 29 39.6% 31.1% 718 Visa Inc. 489 23.0% 19.9% 212 16.4% 15.5% 5,437
Cash Cash Volume Growth Growth Trans- ($ (Nominal (Constant actions Accounts Cards billions) USD) USD) (millions)(millions)(millions)
All Visa Credit & Debit Asia Pacific 74 32.8% 25.1% 417 348 422 Canada 6 33.0% 22.5% 9 23 31 CEMEA 85 43.8% 39.0% 545 125 136 LAC 83 21.9% 14.6% 691 267 289 US 101 5.6% 5.6% 730 442 643 Visa Inc. 349 23.3% 19.0% 2,392 1,205 1,522
Visa Credit Programs US 35 -2.9% -2.9% 34 254 358 Rest of World 37 16.4% 12.0% 128 353 410 Visa Inc. 71 6.2% 4.2% 162 607 769
Visa Debit Programs US 67 10.7% 10.7% 696 188 285 Rest of World 211 35.5% 28.2% 1,534 409 468 Visa Inc. 278 28.6% 23.5% 2,230 597 753
For the 3 Months Ended June 30, 2007
Total Payments Payments Volume Growth Growth Volume Growth Growth Trans- ($ (Nominal (Constant ($ (Nominal (Constant actions billions) USD) USD) billions) USD) USD) (millions)
All Visa Credit & Debit Asia Pacific 201 20.6% 16.3% 132 19.9% 16.7% 1,708 Canada 45 18.2% 12.0% 40 17.4% 11.3% 352 CEMEA 90 38.7% 37.0% 14 32.4% 32.8% 197 LAC 114 32.5% 19.1% 35 42.2% 28.2% 945 US 484 9.5% 9.5% 385 10.4% 10.4% 6,903 Visa Inc. 934 17.1% 14.4% 606 14.7% 13.1% 10,104
Visa Credit Programs US 235 6.4% 6.4% 203 8.3% 8.3% 2,251 Rest of World 228 19.8% 15.8% 194 21.2% 16.8% 2,519 Visa Inc. 464 12.6% 10.8% 396 14.3% 12.3% 4,770
Visa Debit Programs US 248 12.7% 12.7% 183 12.7% 12.7% 4,652 Rest of World 222 34.2% 25.1% 27 39.7% 29.9% 682 Visa Inc. 470 21.9% 18.3% 210 15.6% 14.6% 5,334
Cash Cash Volume Growth Growth Trans- ($ (Nominal (Constant actions Accounts Cards billions) USD) USD) (millions)(millions)(millions)
All Visa Credit & Debit Asia Pacific 69 21.9% 15.5% 373 336 412 Canada 5 24.5% 18.0% 9 22 30 CEMEA 76 39.9% 37.8% 508 121 124 LAC 79 28.6% 15.4% 669 257 281 US 98 6.5% 6.5% 720 419 617 Visa Inc. 327 21.8% 17.0% 2,279 1,155 1,465
Visa Credit Programs US 33 -4.3% -4.3% 32 246 345 Rest of World 35 12.6% 10.2% 120 339 394 Visa Inc. 67 3.7% 2.6% 152 584 739
Visa Debit Programs US 66 12.8% 12.8% 688 174 272 Rest of World 195 33.5% 24.5% 1,439 397 454 Visa Inc. 260 27.6% 21.3% 2,127 571 726
For the 3 Months Ended March 31, 2007
Total Payments Payments Volume Growth Growth Volume Growth Growth Trans- ($ (Nominal (Constant ($ (Nominal (Constant actions billions) USD) USD) billions) USD) USD) (millions)
All Visa Credit & Debit Asia Pacific 189 23.1% 18.7% 126 20.8% 17.1% 1,599 Canada 36 10.3% 11.8% 31 9.2% 10.7% 309 CEMEA 81 44.8% 45.2% 12 35.3% 41.7% 183 LAC 104 19.4% 19.9% 31 25.9% 25.8% 904 US 440 9.1% 9.1% 347 8.9% 8.9% 6,260 Visa Inc. 850 16.1% 15.3% 548 12.9% 12.3% 9,255
Visa Credit Programs US 214 7.8% 7.8% 181 8.0% 8.0% 2,021 Rest of World 208 17.1% 15.4% 177 18.5% 16.7% 2,343 Visa Inc. 423 12.2% 11.4% 357 13.0% 12.1% 4,364
Visa Debit Programs US 226 10.4% 10.4% 166 10.0% 10.0% 4,239 Rest of World 201 33.4% 31.5% 24 35.3% 33.8% 652 Visa Inc. 427 20.1% 19.4% 190 12.7% 12.6% 4,890
Cash Cash Volume Growth Growth Trans- ($ (Nominal (Constant actions Accounts Cards billions) USD) USD) (millions)(millions)(millions)
All Visa Credit & Debit Asia Pacific 63 28.1% 22.2% 382 321 397 Canada 4 19.1% 20.7% 9 22 30 CEMEA 68 46.6% 45.9% 477 117 122 LAC 72 16.8% 17.6% 658 251 271 US 94 9.8% 9.8% 698 412 607 Visa Inc. 302 22.3% 21.2% 2,224 1,124 1,426
Visa Credit Programs US 33 7.0% 7.0% 30 243 341 Rest of World 32 9.8% 8.6% 105 322 375 Visa Inc. 65 8.3% 7.8% 135 565 716
Visa Debit Programs US 60 11.4% 11.4% 668 170 266 Rest of World 176 33.1% 31.2% 1,421 389 444 Visa Inc. 237 26.8% 25.6% 2,089 559 710
For the 3 Months Ended December 31, 2006
Total Payments Payments Volume Growth Growth Volume Growth Growth Trans- ($ (Nominal (Constant ($ (Nominal (Constant actions billions) USD) USD) billions) USD) USD) (millions)
All Visa Credit & Debit Asia Pacific 188 21.9% 15.9% 127 21.1% 15.8% 1,600 Canada 40 11.1% 11.3% 35 10.1% 10.3% 344 CEMEA 80 43.0% 40.7% 12 32.2% 34.2% 175 LAC 109 22.2% 17.5% 33 30.4% 25.3% 911 US 462 8.3% 8.3% 367 8.1% 8.1% 6,544 Visa Inc. 878 15.4% 13.6% 574 12.4% 11.3% 9,573
Visa Credit Programs US 232 7.7% 7.7% 199 7.7% 7.7% 2,270 Rest of World 214 17.9% 14.1% 182 19.2% 15.4% 2,371 Visa Inc. 447 12.4% 10.8% 381 12.9% 11.4% 4,640
Visa Debit Programs US 230 8.9% 8.9% 169 8.5% 8.5% 4,275 Rest of World 202 32.0% 26.3% 25 36.0% 30.6% 658 Visa Inc. 431 18.6% 16.7% 194 11.4% 11.1% 4,933
Cash Cash Volume Growth Growth Trans- ($ (Nominal (Constant actions Accounts Cards billions) USD) USD) (millions)(millions)(millions)
All Visa Credit & Debit Asia Pacific 61 23.7% 16.0% 381 308 381 Canada 4 19.8% 20.0% 9 22 30 CEMEA 68 45.1% 41.9% 470 104 112 LAC 77 19.0% 14.5% 687 241 262 US 95 9.2% 9.2% 698 406 604 Visa Inc. 304 21.4% 18.2% 2,245 1,081 1,388
Visa Credit Programs US 34 7.7% 7.7% 32 240 345 Rest of World 32 11.4% 7.2% 107 314 363 Visa Inc. 66 9.5% 7.5% 140 554 709
Visa Debit Programs US 61 10.0% 10.0% 666 166 259 Rest of World 177 31.4% 25.7% 1,440 361 421 Visa Inc. 238 25.2% 21.5% 2,105 527 680
For the 3 Months Ended September 30, 2006
Total Payments Payments Volume Growth Growth Volume Growth Growth Trans- ($ (Nominal (Constant ($ (Nominal (Constant actions billions) USD) USD) billions) USD) USD) (millions)
All Visa Credit & Debit Asia Pacific 171 16.8% 15.0% 115 17.5% 16.3% 1,508 Canada 38 17.1% 11.0% 34 16.4% 10.4% 330 CEMEA 70 38.9% 40.1% 11 29.6% 35.2% 157 LAC 95 20.7% 18.1% 27 27.9% 25.0% 810 US 446 11.6% 11.6% 350 11.1% 11.1% 6,230 Visa Inc. 821 15.9% 15.1% 538 13.9% 13.3% 9,036
Visa Credit Programs US 225 9.6% 9.6% 190 9.0% 9.0% 2,149 Rest of World 198 16.6% 14.4% 167 17.9% 15.8% 2,243 Visa Inc. 423 12.8% 11.9% 356 13.0% 12.2% 4,392
Visa Debit Programs US 221 13.8% 13.8% 161 13.7% 13.7% 4,081 Rest of World 177 27.4% 25.2% 21 32.2% 30.7% 563 Visa Inc. 398 19.5% 18.7% 182 15.6% 15.6% 4,644
Cash Cash Volume Growth Growth Trans- ($ (Nominal (Constant actions Accounts Cards billions) USD) USD) (millions)(millions)(millions)
All Visa Credit & Debit Asia Pacific 56 15.4% 12.3% 360 298 367 Canada 4 23.4% 17.0% 9 22 29 CEMEA 59 40.8% 41.1% 424 94 104 LAC 68 18.0% 15.5% 643 228 248 US 96 13.6% 13.6% 733 398 599 Visa Inc. 283 20.0% 18.7% 2,169 1,041 1,347
Visa Credit Programs US 36 13.1% 13.1% 34 242 351 Rest of World 31 10.0% 7.5% 102 297 346 Visa Inc. 67 11.6% 10.3% 136 539 696
Visa Debit Programs US 60 14.0% 14.0% 699 156 249 Rest of World 156 26.8% 24.5% 1,334 346 402 Visa Inc. 216 22.9% 21.5% 2,033 502 651
For the 3 Months Ended June 30, 2006
Total Payments Payments Volume Growth Growth Volume Growth Growth Trans- ($ (Nominal (Constant ($ (Nominal (Constant actions billions) USD) USD) billions) USD) USD) (millions)
All Visa Credit & Debit Asia Pacific 167 17.9% 18.1% 110 15.9% 16.6% 1,416 Canada 38 23.5% 12.3% 34 23.0% 11.8% 322 CEMEA 65 43.5% 42.2% 10 35.5% 35.9% 147 LAC 86 21.4% 20.9% 25 29.3% 27.9% 769 US 441 14.8% 14.8% 349 15.7% 15.7% 6,158 Visa Inc. 797 18.5% 17.9% 528 17.1% 16.5% 8,812
Visa Credit Programs US 221 11.5% 11.5% 187 12.1% 12.1% 2,091 Rest of World 191 16.7% 14.9% 160 18.4% 16.5% 2,126 Visa Inc. 412 13.8% 13.0% 347 14.9% 14.1% 4,216
Visa Debit Programs US 220 18.3% 18.3% 162 20.2% 20.2% 4,068 Rest of World 165 32.1% 30.5% 19 33.9% 32.7% 528 Visa Inc. 386 23.8% 23.4% 182 21.5% 21.5% 4,596
Cash Cash Volume Growth Growth Trans- ($ (Nominal (Constant actions Accounts Cards billions) USD) USD) (millions)(millions)(millions)
All Visa Credit & Debit Asia Pacific 56 22.0% 20.9% 353 287 354 Canada 4 27.4% 15.8% 9 21 28 CEMEA 55 45.2% 43.4% 407 86 95 LAC 61 18.5% 18.3% 620 219 236 US 92 11.4% 11.4% 710 390 611 Visa Inc. 269 21.2% 20.5% 2,098 1,003 1,324
Visa Credit Programs US 34 8.3% 8.3% 32 236 344 Rest of World 31 8.5% 6.8% 97 283 329 Visa Inc. 65 8.4% 7.6% 129 519 672
Visa Debit Programs US 58 13.3% 13.3% 677 153 268 Rest of World 146 31.9% 30.2% 1,291 330 384 Visa Inc. 204 26.0% 25.1% 1,969 484 652
For the 3 Months Ended March 31, 2006
Total Payments Payments Volume Growth Growth Volume Growth Growth Trans- ($ (Nominal (Constant ($ (Nominal (Constant actions billions) USD) USD) billions) USD) USD) (millions)
All Visa Credit & Debit Asia Pacific 154 12.2% 16.0% 104 11.9% 16.3% 1,302 Canada 32 18.0% 13.5% 29 18.4% 13.8% 282 CEMEA 56 38.8% 41.7% 9 28.8% 31.7% 126 LAC 87 37.6% 21.3% 25 45.7% 28.6% 742 US 403 16.1% 16.1% 318 17.6% 17.6% 5,687 Visa Inc. 732 19.0% 18.2% 485 17.7% 17.8% 8,140
Visa Credit Programs US 199 11.7% 11.7% 167 12.7% 12.7% 1,884 Rest of World 178 14.1% 15.0% 149 16.0% 16.9% 1,962 Visa Inc. 376 12.8% 13.2% 316 14.2% 14.6% 3,847
Visa Debit Programs US 205 20.8% 20.8% 151 23.6% 23.6% 3,802 Rest of World 151 34.8% 28.3% 18 37.2% 31.0% 491 Visa Inc. 356 26.4% 23.9% 169 24.9% 24.3% 4,293
Cash Cash Volume Growth Growth Trans- ($ (Nominal (Constant actions Accounts Cards billions) USD) USD) (millions)(millions)(millions)
All Visa Credit & Debit Asia Pacific 49 12.7% 15.2% 327 276 341 Canada 4 15.4% 10.9% 9 21 27 CEMEA 47 41.0% 43.7% 357 82 89 LAC 62 34.5% 18.6% 600 204 225 US 85 11.0% 11.0% 662 383 606 Visa Inc. 247 21.7% 18.9% 1,955 966 1,288
Visa Credit Programs US 31 6.7% 6.7% 30 232 338 Rest of World 29 5.3% 6.1% 88 273 315 Visa Inc. 60 6.1% 6.4% 118 505 653
Visa Debit Programs US 54 13.6% 13.6% 632 151 268 Rest of World 133 34.5% 28.0% 1,205 311 367 Visa Inc. 187 27.7% 23.5% 1,837 462 635
For the 3 Months Ended December 31, 2005
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