Visa Inc. Reports Strong Fiscal Fourth Quarter and Full-Year 2013 Earnings Results and Authorizes New $5.0 Billion Share Repurchase Program
-- Quarterly net income of $1.2 billion or $1.85 per diluted class A common share, an increase of 15% and 20%, respectively
-- Full-year 2013 net income of $5.0 billion or $7.59 per diluted class A common share, an increase of 18% and 23%, respectively
-- The Company authorizes a new $5.0 billion repurchase, in addition to the previously announced 21% quarterly dividend increase
FOSTER CITY, Calif., Oct. 30, 2013 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal fourth quarter and full-year 2013. Net income for the fiscal fourth quarter was $1.2 billion or $1.85 per share, an increase of 15% and 20%, respectively, over the prior year adjusted results. Net income for the fiscal full-year 2013 was $5.0 billion or $7.59 per share, an increase of 18% and 23%, respectively, over the prior year adjusted results. Prior year results were adjusted to remove the impact of special items that were either non-recurring, had no cash impact or were related to amounts covered by the retrospective responsibility plan.
All references to earnings per share assume fully-diluted class A share count unless otherwise noted. The Company's adjusted quarterly and full-year net income per share of class A common stock for fiscal year 2012 is a non-GAAP financial measure that is reconciled to its most directly comparable GAAP measure in the accompanying financial tables.
Net operating revenue in the fiscal fourth quarter 2013 was $3.0 billion, an increase of 9% over the prior year. Net operating revenue for the full-year 2013 was $11.8 billion, an increase of 13% over the prior year and driven by double-digit revenue growth contributions from service, data processing and international transaction revenues. The strengthening of the U.S. dollar impacted net operating revenues by approximately 1.5 percentage points of negative growth in the fiscal fourth quarter and approximately 1 percentage point of negative growth in the fiscal full-year.
"Visa delivered strong financial performance during the fourth quarter and full year across our global businesses, a reflection of solid revenue and transaction growth. We continued investing in high growth regions of the world, in products and technology to drive our performance, while maintaining disciplined expense control. We also have been consistent and decisive in returning excess cash to shareholders and maintain this commitment," said Charlie Scharf, Chief Executive Officer of Visa Inc. "Both the increase in our quarterly dividend payment by 21% to $0.40 per share and our new $5 billion share repurchase authorization reflects this and our continued confidence in our ability to grow our business over the long term globally."
Fiscal Fourth Quarter 2013 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2013, on which fiscal fourth quarter service revenue is recognized, was 13% over the prior year at $1.1 trillion.
Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2013, was 13% over the prior year at $1.1 trillion.
Cross-border volume growth, on a constant dollar basis, was 11% for the three months ended September 30, 2013.
Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2013, were 15.5 billion, a 14% increase over the prior year.
Fiscal fourth quarter 2013 service revenues were $1.4 billion, an increase of 10% 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 12% over the prior year to $1.2 billion. International transaction revenues, which are driven by cross-border volume, grew 13% over the prior year to $899 million. Other revenues, which include the Visa Europe licensing fee, were $183 million, a 6% increase over the prior year. Client incentives, which are a contra revenue item, were $680 million and represent 18.6% of gross revenues.
Total operating expenses were $1.2 billion for the quarter, a 1% increase over the prior year. Current quarter results include a restructuring reserve equivalent to approximately four cents of earnings per share.
The effective tax rate was 32.5% for the quarter ended September 30, 2013.
Cash, cash equivalents, and available-for-sale investment securities were $6.9 billion at September 30, 2013.
The weighted-average number of diluted shares of class A common stock outstanding was 644 million for the quarter ended September 30, 2013.
Fiscal Full-Year 2013 Financial Highlights:
For the fiscal full-year 2013, service revenues were $5.4 billion, an increase of 10% over the prior year. Data processing revenues rose 17% over the prior year to $4.6 billion. International transaction revenues, which are driven by cross-border volume, grew 12% over the prior year to $3.4 billion. Other revenues, which include the Visa Europe licensing fee, were $716 million, a 2% increase over the prior year. Client incentives, which are a contra revenue item, were $2.3 billion and represent 16.5% of gross revenues.
Total processed transactions, which represent transactions processed by VisaNet for the twelve months ended September 30, 2013, totaled 58 billion, a 10% increase over the prior year.
Total operating expenses were $4.5 billion for the twelve months ended September 30, 2013, an 8% increase over the prior year adjusted results, mainly due to personnel, network and processing fees, and depreciation and amortization primarily associated with investments in technology projects to support the Company's global growth initiatives.
The effective tax rate was 31.4% for the twelve months ended September 30, 2013.
The weighted-average number of diluted shares of class A common stock outstanding was 656 million for the twelve months ended September 30, 2013.
Notable Events:
During the three months ended September 30, 2013, the Company repurchased 7 million shares of class A common stock, at an average price of $177.47 per share, using $1.3 billion of cash on hand. At September 30, 2013, the Company had $251 million of remaining funds, authorized by the Board of Directors, available for share repurchase under the current program. During the twelve months ended September 30, 2013, the Company repurchased 33 million shares of class A common stock, at an average price of $161.94 per share, using $5.4 billion of cash on hand.
As announced on October 23, 2013, the Board of Directors declared a quarterly dividend in the aggregate amount 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 December 3, 2013, to all holders of record of the Company's class A, class B and class C common stock as of November 15, 2013.
The Board of Directors has authorized a new $5.0 billion class A common stock share repurchase program. The shares may be repurchased from time to time as market conditions warrant, and authorization for the program is subject to further change at the discretion of the Board.
Financial Outlook:
Visa Inc. updates its financial outlook for the following metric for fiscal full-year 2014:
- Annual net revenue growth: Low double-digits on a constant dollar basis, with an expectation of two percentage points of negative foreign currency impact.
Visa Inc. provides 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; and
- Annual operating margin: Low 60s.
Visa Inc. affirms its financial outlook for the following metrics for fiscal full-year 2014:
- Annual diluted class A common stock earnings per share growth: Mid to high teens; and
- Annual free cash flow: About $5 billion.
Visa Inc. will no longer be providing financial metrics for marketing expense, capital expenditures and tax rate.
Fiscal Fourth Quarter 2013 Earnings Results Conference Call Details:
Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on Visa Inc.'s Investor Relations website at http://investor.visa.com.
About Visa
Visa 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 30,000 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, pay ahead of time with prepaid or pay later with credit products. For more information, visit corporate.visa.com.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as "outlook," "will," "believes," "continues," 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, 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 discussed in Risk Factors and Management's Discussion and Analysis of Financial Condition and Result of Operations in our Annual Report on Form 10−K for the year ended September 30, 2012 and our most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, on file with the U.S. Securities and Exchange Commission. Additional information will also be available in our Annual Report on Form 10-K for the year ended September 30, 2013. 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.
Contacts:
Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 650-432-7644, [email protected]
Media Relations: Paul Cohen, 650-432-2990, [email protected]
| VISA INC. |
||||
| CONSOLIDATED BALANCE SHEETS |
||||
| (UNAUDITED) |
||||
| September 30, |
September 30, |
|||
| (in millions, except par value data) |
||||
| Assets |
||||
| Cash and cash equivalents |
$ |
2,186 |
$ |
2,074 |
| Restricted cash—litigation escrow |
49 |
4,432 |
||
| Investment securities: |
||||
| Trading |
75 |
66 |
||
| Available-for-sale |
1,994 |
677 |
||
| Income tax receivable |
142 |
179 |
||
| Settlement receivable |
799 |
454 |
||
| Accounts receivable |
761 |
723 |
||
| Customer collateral |
866 |
823 |
||
| Current portion of client incentives |
282 |
209 |
||
| Deferred tax assets |
481 |
2,027 |
||
| Prepaid expenses and other current assets |
187 |
122 |
||
| Total current assets |
7,822 |
11,786 |
||
| Investment securities, available-for-sale |
2,760 |
3,283 |
||
| Client incentives |
89 |
58 |
||
| Property, equipment and technology, net |
1,732 |
1,634 |
||
| Other assets |
521 |
151 |
||
| Intangible assets, net |
11,351 |
11,420 |
||
| Goodwill |
11,681 |
11,681 |
||
| Total assets |
$ |
35,956 |
$ |
40,013 |
| Liabilities |
||||
| Accounts payable |
$ |
184 |
$ |
152 |
| Settlement payable |
1,225 |
719 |
||
| Customer collateral |
866 |
823 |
||
| Accrued compensation and benefits |
523 |
460 |
||
| Client incentives |
919 |
830 |
||
| Accrued liabilities |
613 |
584 |
||
| Accrued litigation |
5 |
4,386 |
||
| Total current liabilities |
4,335 |
7,954 |
||
| Deferred tax liabilities |
4,149 |
4,058 |
||
| Other liabilities |
602 |
371 |
||
| Total liabilities |
9,086 |
12,383 |
||
| Equity |
||||
| Preferred stock, $0.0001 par value, 25 shares authorized and none issued |
— |
— |
||
| Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 508 and 535 shares issued |
— |
— |
||
| Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding |
— |
— |
||
| Class C common stock, $0.0001 par value, 1,097 shares authorized, 27 and 31 shares issued and |
— |
— |
||
| Additional paid-in capital |
18,875 |
19,992 |
||
| Accumulated income |
7,974 |
7,809 |
||
| Accumulated other comprehensive income (loss), net |
||||
| Investment securities, available-for-sale |
59 |
3 |
||
| Defined benefit pension and other postretirement plans |
(60) |
(186) |
||
| Derivative instruments classified as cash flow hedges |
23 |
13 |
||
| Foreign currency translation adjustments |
(1) |
(1) |
||
| Total accumulated other comprehensive income (loss), net |
21 |
(171) |
||
| Total equity |
26,870 |
27,630 |
||
| Total liabilities and equity |
$ |
35,956 |
$ |
40,013 |
| VISA INC. |
||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
| (UNAUDITED) |
||||||||
| Three Months Ended |
Twelve Months Ended |
|||||||
| 2013 |
2012 |
2013 |
2012 |
|||||
| (in millions, except per share data) |
||||||||
| Operating Revenues |
||||||||
| Service revenues |
$ |
1,385 |
$ |
1,264 |
$ |
5,352 |
$ |
4,872 |
| Data processing revenues |
1,186 |
1,062 |
4,642 |
3,975 |
||||
| International transaction revenues |
899 |
796 |
3,389 |
3,025 |
||||
| Other revenues |
183 |
172 |
716 |
704 |
||||
| Client incentives |
(680) |
(563) |
(2,321) |
(2,155) |
||||
| Total operating revenues |
2,973 |
2,731 |
11,778 |
10,421 |
||||
| Operating Expenses |
||||||||
| Personnel |
499 |
471 |
1,932 |
1,726 |
||||
| Marketing |
236 |
271 |
876 |
873 |
||||
| Network and processing |
122 |
111 |
468 |
414 |
||||
| Professional fees |
130 |
134 |
412 |
385 |
||||
| Depreciation and amortization |
106 |
89 |
397 |
333 |
||||
| General and administrative |
129 |
131 |
451 |
451 |
||||
| Litigation provision |
— |
2 |
3 |
4,100 |
||||
| Total operating expenses |
1,222 |
1,209 |
4,539 |
8,282 |
||||
| Operating income |
1,751 |
1,522 |
7,239 |
2,139 |
||||
| Non-operating income |
15 |
66 |
18 |
68 |
||||
| Income before income taxes |
1,766 |
1,588 |
7,257 |
2,207 |
||||
| Income tax provision (benefit) |
574 |
(74) |
2,277 |
65 |
||||
| Net income including non-controlling interest |
1,192 |
1,662 |
4,980 |
2,142 |
||||
| Loss attributable to non-controlling interest |
— |
— |
— |
2 |
||||
| Net income attributable to Visa Inc. |
$ |
1,192 |
$ |
1,662 |
$ |
4,980 |
$ |
2,144 |
| Basic earnings per share |
||||||||
| Class A common stock |
$ |
1.86 |
$ |
2.48 |
$ |
7.61 |
$ |
3.17 |
| Class B common stock |
$ |
0.78 |
$ |
1.05 |
$ |
3.20 |
$ |
1.40 |
| Class C common stock |
$ |
1.86 |
$ |
2.48 |
$ |
7.61 |
$ |
3.17 |
| Basic weighted-average shares outstanding |
||||||||
| Class A common stock |
509 |
528 |
520 |
524 |
||||
| Class B common stock |
245 |
245 |
245 |
245 |
||||
| Class C common stock |
27 |
35 |
28 |
41 |
||||
| Diluted earnings per share |
||||||||
| Class A common stock |
$ |
1.85 |
$ |
2.47 |
$ |
7.59 |
$ |
3.16 |
| Class B common stock |
$ |
0.78 |
$ |
1.04 |
$ |
3.19 |
$ |
1.39 |
| Class C common stock |
$ |
1.85 |
$ |
2.47 |
$ |
7.59 |
$ |
3.16 |
| Diluted weighted-average shares outstanding |
||||||||
| Class A common stock |
644 |
672 |
656 |
678 |
||||
| Class B common stock |
245 |
245 |
245 |
245 |
||||
| Class C common stock |
27 |
35 |
28 |
41 |
||||
| VISA INC. |
||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
| (UNAUDITED) |
||||||
| For the Years Ended September 30, |
||||||
| 2013 |
2012 |
2011 |
||||
| (in millions) |
||||||
| Operating Activities |
||||||
| Net income including non-controlling interest |
$ |
4,980 |
$ |
2,142 |
$ |
3,646 |
| Adjustments to reconcile net income including non-controlling interest to net cash provided by operating |
||||||
| Amortization of client incentives |
2,321 |
2,155 |
1,880 |
|||
| Share-based compensation |
179 |
147 |
154 |
|||
| Excess tax benefit for share-based compensation |
(74) |
(71) |
(18) |
|||
| Depreciation and amortization of property, equipment, technology and intangible assets |
397 |
333 |
288 |
|||
| Deferred income taxes |
1,527 |
(1,690) |
164 |
|||
| Litigation provision and accretion |
3 |
4,101 |
18 |
|||
| Fair value adjustment for the Visa Europe put option |
- |
- |
(122) |
|||
| Other |
50 |
(8) |
(104) |
|||
| Change in operating assets and liabilities: |
||||||
| Income tax receivable |
37 |
(67) |
28 |
|||
| Settlement receivable |
(345) |
(42) |
(4) |
|||
| Accounts receivable |
(38) |
(161) |
(79) |
|||
| Client incentives |
(2,336) |
(1,757) |
(1,857) |
|||
| Other assets |
(543) |
41 |
(26) |
|||
| Accounts payable |
40 |
(17) |
29 |
|||
| Settlement payable |
506 |
270 |
36 |
|||
| Accrued and other liabilities |
702 |
(227) |
129 |
|||
| Accrued litigation |
(4,384) |
(140) |
(290) |
|||
| Net cash provided by operating activities |
3,022 |
5,009 |
3,872 |
|||
| Investing Activities |
||||||
| Purchases of property, equipment, technology and intangible assets |
(471) |
(376) |
(353) |
|||
| Proceeds from disposal of property, equipment and technology |
- |
2 |
- |
|||
| Investment securities, available-for-sale: |
||||||
| Purchases |
(3,164) |
(4,140) |
(1,910) |
|||
| Proceeds from sales and maturities |
2,440 |
2,093 |
129 |
|||
| Purchases of / contributions to other investments |
(3) |
(12) |
(13) |
|||
| Proceeds / distributions from other investments |
34 |
22 |
116 |
|||
| Acquisitions, net of cash received |
- |
(3) |
(268) |
|||
| Net cash used in investing activities |
(1,164) |
(2,414) |
(2,299) |
|||
| Financing Activities |
||||||
| Repurchase of class A common stock |
(5,365) |
(710) |
(2,024) |
|||
| Dividends paid |
(864) |
(595) |
(423) |
|||
| Deposits into litigation escrow account—retrospective responsibility plan |
- |
(1,715) |
(1,200) |
|||
| Payments from litigation escrow account—retrospective responsibility plan |
4,383 |
140 |
280 |
|||
| Cash proceeds from exercise of stock options |
108 |
174 |
99 |
|||
| Restricted stock and performance shares settled in cash for taxes |
(64) |
- |
- |
|||
| Excess tax benefit for share-based compensation |
74 |
71 |
18 |
|||
| Payments for earn-out related to PlaySpan acquisition |
(12) |
(14) |
- |
|||
| Principal payments on capital lease obligations |
(6) |
(6) |
(10) |
|||
| Principal payments on debt |
- |
- |
(44) |
|||
| Net cash used in financing activities |
(1,746) |
(2,655) |
(3,304) |
|||
| Effect of exchange rate changes on cash and cash equivalents |
- |
7 |
(9) |
|||
| Increase (decrease) in cash and cash equivalents |
112 |
(53) |
(1,740) |
|||
| Cash and cash equivalents at beginning of year |
2,074 |
2,127 |
3,867 |
|||
| Cash and cash equivalents at end of year |
$ |
2,186 |
$ |
2,074 |
$ |
2,127 |
| Supplemental Disclosures |
||||||
| Income taxes paid, net of refunds |
$ |
595 |
$ |
2,057 |
$ |
1,731 |
| Non-cash accruals related to purchases of property, equipment, technology and intangible assets |
$ |
46 |
$ |
67 |
$ |
36 |
| Interest payments on debt |
$ |
- |
$ |
- |
$ |
3 |
| VISA INC. |
||||||||||
| FISCAL 2013 AND 2012 QUARTERLY RESULTS OF OPERATIONS |
||||||||||
| (UNAUDITED) |
||||||||||
| Fiscal 2013 Quarter Ended |
Fiscal 2012 |
|||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||
| (in millions) |
||||||||||
| Operating Revenues |
||||||||||
| Service revenues |
$ |
1,385 |
$ |
1,298 |
$ |
1,369 |
$ |
1,300 |
$ |
1,264 |
| Data processing revenues |
1,186 |
1,191 |
1,150 |
1,115 |
1,062 |
|||||
| International transaction revenues |
899 |
854 |
831 |
805 |
796 |
|||||
| Other revenues |
183 |
179 |
175 |
179 |
172 |
|||||
| Client incentives |
(680) |
(521) |
(567) |
(553) |
(563) |
|||||
| Total operating revenues |
2,973 |
3,001 |
2,958 |
2,846 |
2,731 |
|||||
| Operating Expenses |
||||||||||
| Personnel |
499 |
493 |
486 |
454 |
471 |
|||||
| Marketing |
236 |
252 |
195 |
193 |
271 |
|||||
| Network and processing |
122 |
117 |
119 |
110 |
111 |
|||||
| Professional fees |
130 |
103 |
91 |
88 |
134 |
|||||
| Depreciation and amortization |
106 |
101 |
98 |
92 |
89 |
|||||
| General and administrative |
129 |
108 |
108 |
106 |
131 |
|||||
| Litigation provision |
— |
(1) |
1 |
3 |
2 |
|||||
| Total operating expenses |
1,222 |
1,173 |
1,098 |
1,046 |
1,209 |
|||||
| Operating income |
1,751 |
1,828 |
1,860 |
1,800 |
1,522 |
|||||
| Non-operating income (expense) |
15 |
5 |
(3) |
1 |
66 |
|||||
| Income before income taxes |
1,766 |
1,833 |
1,857 |
1,801 |
1,588 |
|||||
| Income tax provision (benefit) |
574 |
608 |
587 |
508 |
(74) |
|||||
| Net income attributable to Visa Inc. |
$ |
1,192 |
$ |
1,225 |
$ |
1,270 |
$ |
1,293 |
$ |
1,662 |
| VISA INC. |
|||||||||
| Reconciliation of Non-GAAP Financial Results—Fourth Quarter |
|||||||||
| US$ in millions, except per share data |
|||||||||
| During the fourth quarter of fiscal 2012, the IRS issued a revised Revenue Agent Report effectively withdrawing its proposed adjustment, which would have disallowed the deduction of payments made in fiscal 2008 to settle the American Express litigation. As a result, during that quarter, we reevaluated and reversed all previously recorded tax reserves and accrued interest associated with the deductibility of covered litigation expense ("reversal of tax reserves"), which increased our net income by $627M for that quarter. These adjustments were non-recurring in nature and not indicative of our financial performance in that or future periods. As such, we believe the presentation of adjusted financial results excluding these amounts provides a clearer understanding of our operating performance for that period. |
|||||||||
| Three Months Ended September 30, |
|||||||||
| Net income attributable |
Diluted earnings |
||||||||
| 2013 |
2012 |
2013 |
2012 |
||||||
| As reported |
$ |
1,192 |
$ |
1,662 |
$ |
1.85 |
$ |
2.47 |
|
| Reversal of tax reserves |
- |
(627) |
- |
(0.93) |
|||||
| Adjusted |
$ |
1,192 |
$ |
1,035 |
$ |
1.85 |
$ |
1.54 |
|
| Diluted weighted-average shares outstanding |
644 |
672 |
|||||||
| (1) Figures may not recalculate exactly due to rounding. Diluted earnings per share figures are calculated based on whole numbers, not the rounded numbers presented. |
|||||||||
| VISA INC. |
|||||||||||||||||
| Reconciliation of Non-GAAP Financial Results—Full Year |
|||||||||||||||||
|
US$ in millions, except percentages and per share data |
|||||||||||||||||
| Our financial results for fiscal 2012 were impacted by the following special items: |
|||||||||||||||||
| - Reversal of tax reserves. During the fourth quarter of fiscal 2012, we reversed all previously recorded tax reserves and accrued interest associated with the deductibility of covered litigation expense, which increased our net income by $627 million for the fourth quarter of fiscal 2012. The reversed tax reserves included $301 million originally recorded in the third quarter of fiscal 2012; therefore, the full-year impact of this adjustment was only $326 million. |
|||||||||||||||||
| - Litigation provision.During the third quarter of fiscal 2012, we recorded a provision of $4.1 billion and related tax benefits associated with litigation covered by the retrospective responsibility plan (the "plan"). |
|||||||||||||||||
| - Deferred tax adjustment.During the second quarter of fiscal 2012, we recorded a one-time, non-cash benefit of $208 million resulting from the remeasurement of our net deferred tax liabilities due to changes in the California state apportionment rules. |
|||||||||||||||||
| We believe inclusion of these items was not indicative of our financial performance in that or future periods, as amounts were either non-recurring, had no cash impact or are covered by the plan. As such, we believe the presentation of our adjusted financial results provides a clearer understanding of our operating performance for that period. |
|||||||||||||||||
| Twelve Months Ended September 30, |
|||||||||||||||||
| Operating expenses |
Operating margin(1) |
Net income attributable to Visa Inc. |
Diluted earnings |
||||||||||||||
| 2013 |
2012 |
2013 |
2012 |
2013 |
2012 |
2013 |
2012 |
||||||||||
| As reported |
$ |
4,539 |
$ |
8,282 |
61% |
21% |
$ |
4,980 |
$ |
2,144 |
$ |
7.59 |
$ |
3.16 |
|||
| Reversal of tax reserves |
- |
- |
- |
- |
- |
(326) |
- |
(0.48) |
|||||||||
| Litigation provision |
- |
(4,098) |
- |
39% |
- |
2,593 |
- |
3.82 |
|||||||||
| Impact of deferred tax adjustment |
- |
- |
- |
- |
- |
(208) |
- |
(0.31) |
|||||||||
| Adjusted |
$ |
4,539 |
$ |
4,184 |
61% |
60% |
$ |
4,980 |
$ |
4,203 |
$ |
7.59 |
$ |
6.20 |
|||
| Diluted weighted-average shares |
656 |
678 |
|||||||||||||||
| (1) Operating margin is calculated as operating income divided by net operating revenues. |
|||||||||||||||||
| (2) Figures in the table may not recalculate exactly due to rounding. Diluted earnings per share figures are calculated based on whole numbers, not the rounded numbers presented. |
|||||||||||||||||
Operational Performance Data
The tables below provide information regarding the available operational results for the 3 months ended September 30, 2013, as well as the prior four quarterly reporting periods and the 12 months ended September 30, 2013 and 2012, for cards carrying the Visa, Visa Electron and Interlink brands. Also included is a table with information on the number of billable transactions processed on Visa Inc.'s CyberSource network.
1. Branded Volume and Transactions
The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
| For the 3 Months Ended September 30, 2013 |
|||||||||||
| Total |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments Transactions (millions) |
Cash |
Growth (Nominal USD) |
Growth (Constant USD) |
Cash Transactions (millions) |
|
| All Visa Credit & Debit |
|||||||||||
| Asia Pacific |
$464 |
8.1% |
13.5% |
$314 |
8.3% |
14.6% |
3,551 |
$150 |
7.6% |
11.3% |
857 |
| Canada |
65 |
4.3% |
9.1% |
60 |
4.5% |
9.3% |
599 |
5 |
1.5% |
6.1% |
11 |
| CEMEA |
262 |
11.0% |
14.9% |
57 |
26.7% |
32.6% |
1,120 |
205 |
7.3% |
10.7% |
1,105 |
| LAC |
259 |
1.6% |
11.8% |
98 |
4.6% |
16.3% |
2,342 |
161 |
-0.2% |
9.2% |
995 |
| US |
692 |
9.3% |
9.3% |
575 |
10.3% |
10.3% |
11,395 |
117 |
4.7% |
4.7% |
931 |
| Visa Inc. |
1,741 |
7.8% |
11.6% |
1,104 |
9.6% |
12.9% |
19,007 |
637 |
4.9% |
9.3% |
3,900 |
| Visa Credit Programs |
|||||||||||
| US |
$290 |
10.9% |
10.9% |
$277 |
11.0% |
11.0% |
3,322 |
$12 |
8.2% |
8.2% |
16 |
| Rest of World |
470 |
6.2% |
12.8% |
420 |
6.8% |
13.9% |
5,122 |
50 |
1.6% |
4.9% |
194 |
| Visa Inc. |
760 |
8.0% |
12.1% |
697 |
8.5% |
12.7% |
8,445 |
63 |
2.8% |
5.5% |
211 |
| Visa Debit Programs |
|||||||||||
| US |
$402 |
8.2% |
8.2% |
$298 |
9.6% |
9.6% |
8,072 |
$104 |
4.3% |
4.3% |
914 |
| Rest of World |
579 |
7.4% |
13.4% |
109 |
17.5% |
24.7% |
2,490 |
470 |
5.3% |
11.0% |
2,775 |
| Visa Inc. |
981 |
7.7% |
11.2% |
407 |
11.6% |
13.3% |
10,562 |
575 |
5.1% |
9.7% |
3,689 |
| For the 3 Months Ended June 30, 2013 |
|||||||||||||
| Total |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments Transactions (millions) |
Cash |
Growth (Nominal USD) |
Growth (Constant USD) |
Cash Transactions (millions) |
Accounts (millions) |
Cards (millions) |
|
| 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 |
685 |
10.4% |
10.4% |
571 |
11.3% |
11.3% |
11,213 |
115 |
5.8% |
5.8% |
906 |
545 |
708 |
| Visa Inc. |
1,739 |
10.5% |
12.0% |
1,089 |
11.4% |
13.2% |
18,486 |
650 |
9.0% |
10.2% |
3,856 |
1,860 |
2,159 |
| Visa Credit Programs |
|||||||||||||
| US |
$282 |
10.1% |
10.1% |
$270 |
10.0% |
10.0% |
3,186 |
$12 |
11.6% |
11.6% |
15 |
206 |
280 |
| Rest of World |
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% |
8,101 |
63 |
5.5% |
6.4% |
214 |
672 |
805 |
| Visa Debit Programs |
|||||||||||||
| US |
$403 |
10.5% |
10.5% |
$300 |
12.5% |
12.5% |
8,027 |
$103 |
5.1% |
5.1% |
891 |
339 |
428 |
| Rest of World |
591 |
12.6% |
14.2% |
107 |
23.9% |
26.1% |
2,358 |
484 |
10.4% |
11.8% |
2,752 |
848 |
926 |
| Visa Inc. |
994 |
11.7% |
12.7% |
407 |
15.3% |
15.8% |
10,385 |
587 |
9.4% |
10.6% |
3,643 |
1,187 |
1,354 |
| For the 3 Months Ended March 31, 2013 |
|||||||||||||
| Total Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments Transactions (millions) |
Cash Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Cash Transactions (millions) |
Accounts (millions) |
Cards (millions) |
|
| All Visa Credit & Debit |
|||||||||||||
| Asia Pacific |
$449 |
10.1% |
12.2% |
$295 |
9.9% |
12.8% |
3,116 |
$154 |
10.6% |
11.2% |
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% |
17.4% |
50 |
28.1% |
31.8% |
932 |
192 |
12.3% |
14.1% |
1,070 |
278 |
277 |
| LAC |
262 |
5.0% |
12.7% |
99 |
8.5% |
18.0% |
2,240 |
164 |
2.9% |
9.7% |
926 |
402 |
431 |
| US |
639 |
3.5% |
3.5% |
529 |
4.3% |
4.3% |
10,355 |
109 |
-0.1% |
-0.1% |
846 |
541 |
706 |
| Visa Inc. |
1,649 |
7.0% |
9.0% |
1,025 |
7.1% |
8.8% |
17,132 |
623 |
6.8% |
9.3% |
3,607 |
1,831 |
2,134 |
| Visa Credit Programs |
|||||||||||||
| US |
$255 |
9.2% |
9.2% |
$244 |
9.0% |
9.0% |
2,842 |
$12 |
13.3% |
13.3% |
14 |
206 |
278 |
| Rest of World |
441 |
7.1% |
10.4% |
394 |
7.7% |
11.4% |
4,582 |
48 |
2.0% |
2.5% |
181 |
462 |
522 |
| Visa Inc. |
697 |
7.9% |
10.0% |
637 |
8.2% |
10.5% |
7,425 |
59 |
4.1% |
4.4% |
196 |
668 |
801 |
| Visa Debit Programs |
|||||||||||||
| US |
$384 |
0.0% |
0.0% |
$286 |
0.5% |
0.5% |
7,513 |
$98 |
-1.5% |
-1.5% |
832 |
336 |
428 |
| Rest of World |
568 |
11.1% |
14.8% |
102 |
21.2% |
26.0% |
2,195 |
466 |
9.1% |
12.6% |
2,580 |
828 |
906 |
| Visa Inc. |
952 |
6.4% |
8.3% |
388 |
5.3% |
6.2% |
9,707 |
564 |
7.1% |
9.9% |
3,412 |
1,164 |
1,333 |
| For the 3 Months Ended December 31, 2012 |
|||||||||||||
| Total Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments Transactions (millions) |
Cash Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Cash Transactions (millions) |
Accounts (millions) |
Cards (millions) |
|
| All Visa Credit & Debit |
|||||||||||||
| Asia Pacific |
$459 |
12.1% |
11.7% |
$313 |
13.5% |
12.6% |
3,264 |
$145 |
9.2% |
9.7% |
755 |
570 |
670 |
| Canada |
67 |
10.4% |
6.6% |
62 |
11.1% |
7.3% |
561 |
5 |
2.1% |
-1.4% |
11 |
28 |
38 |
| CEMEA |
261 |
18.6% |
20.1% |
51 |
31.5% |
34.1% |
917 |
211 |
15.9% |
17.2% |
1,148 |
273 |
272 |
| LAC |
282 |
6.9% |
15.1% |
104 |
10.7% |
20.6% |
2,372 |
178 |
4.8% |
12.2% |
1,014 |
402 |
431 |
| US |
655 |
2.8% |
2.8% |
545 |
3.0% |
3.0% |
10,641 |
110 |
2.1% |
2.1% |
876 |
535 |
700 |
| Visa Inc. |
1,723 |
8.4% |
9.6% |
1,075 |
8.2% |
8.7% |
17,756 |
649 |
8.6% |
11.2% |
3,802 |
1,808 |
2,111 |
| Visa Credit Programs |
|||||||||||||
| US |
$274 |
10.5% |
10.5% |
$262 |
10.8% |
10.8% |
3,131 |
$12 |
4.2% |
4.2% |
16 |
204 |
277 |
| Rest of World |
478 |
10.8% |
11.0% |
425 |
12.0% |
12.4% |
4,860 |
52 |
2.3% |
0.9% |
196 |
460 |
518 |
| Visa Inc. |
752 |
10.7% |
10.8% |
688 |
11.5% |
11.8% |
7,991 |
64 |
2.6% |
1.5% |
212 |
663 |
795 |
| Visa Debit Programs |
|||||||||||||
| US |
$381 |
-2.1% |
-2.1% |
$282 |
-3.3% |
-3.3% |
7,511 |
$98 |
1.8% |
1.8% |
860 |
331 |
423 |
| Rest of World |
591 |
13.1% |
16.9% |
105 |
23.7% |
28.0% |
2,254 |
486 |
11.0% |
14.7% |
2,731 |
813 |
893 |
| Visa Inc. |
971 |
6.6% |
8.7% |
387 |
2.7% |
3.5% |
9,765 |
584 |
9.3% |
12.3% |
3,591 |
1,145 |
1,316 |
| For the 3 Months Ended September 30, 2012 |
|||||||||||||
| Total Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments Transactions (millions) |
Cash Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Cash Transactions (millions) |
Accounts (millions) |
Cards (millions) |
|
| All Visa Credit & Debit |
|||||||||||||
| Asia Pacific |
$429 |
6.8% |
9.1% |
$290 |
6.6% |
8.6% |
3,115 |
$139 |
7.3% |
10.1% |
693 |
558 |
659 |
| Canada |
62 |
2.3% |
3.7% |
57 |
2.8% |
4.3% |
528 |
5 |
-3.7% |
-2.3% |
11 |
27 |
35 |
| CEMEA |
236 |
11.2% |
18.2% |
45 |
22.8% |
31.4% |
791 |
191 |
8.8% |
15.5% |
1,070 |
264 |
265 |
| LAC |
255 |
2.0% |
16.1% |
93 |
3.8% |
19.7% |
2,180 |
161 |
0.9% |
14.1% |
941 |
395 |
424 |
| US |
633 |
0.8% |
0.8% |
521 |
0.9% |
0.9% |
10,337 |
111 |
0.4% |
0.4% |
902 |
522 |
683 |
| Visa Inc. |
1,615 |
4.0% |
7.5% |
1,007 |
3.7% |
5.7% |
16,951 |
608 |
4.6% |
10.6% |
3,617 |
1,765 |
2,066 |
| Visa Credit Programs |
|||||||||||||
| US |
$261 |
8.2% |
8.2% |
$250 |
9.2% |
9.2% |
2,977 |
$11 |
-9.9% |
-9.9% |
16 |
200 |
273 |
| Rest of World |
442 |
5.0% |
9.1% |
393 |
6.3% |
10.5% |
4,609 |
49 |
-3.9% |
-0.4% |
190 |
455 |
515 |
| Visa Inc. |
704 |
6.2% |
8.8% |
643 |
7.4% |
10.0% |
7,586 |
61 |
-5.1% |
-2.4% |
205 |
656 |
788 |
| Visa Debit Programs |
|||||||||||||
| US |
$372 |
-3.8% |
-3.8% |
$272 |
-5.7% |
-5.7% |
7,360 |
$100 |
1.8% |
1.8% |
886 |
322 |
410 |
| Rest of World |
540 |
7.2% |
15.5% |
93 |
9.6% |
17.5% |
2,005 |
447 |
6.7% |
15.0% |
2,525 |
788 |
868 |
| Visa Inc. |
911 |
2.4% |
6.5% |
364 |
-2.3% |
-1.0% |
9,366 |
547 |
5.8% |
12.3% |
3,411 |
1,109 |
1,278 |
| For the 12 Months Ended September 30, 2013 |
|||||||||||||
| Total Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments Transactions (millions) |
Cash Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Cash Transactions (millions) |
|||
| All Visa Credit & Debit |
|||||||||||||
| Asia Pacific |
$1,828 |
10.2% |
12.6% |
$1,227 |
10.3% |
13.4% |
13,285 |
$601 |
10.0% |
11.1% |
3,185 |
||
| Canada |
252 |
5.1% |
5.6% |
232 |
5.7% |
6.2% |
2,217 |
20 |
-1.3% |
-0.9% |
44 |
||
| CEMEA |
1,029 |
14.5% |
17.0% |
213 |
28.5% |
32.6% |
4,016 |
815 |
11.3% |
13.5% |
4,470 |
||
| LAC |
1,072 |
5.7% |
13.1% |
401 |
9.2% |
18.2% |
9,259 |
671 |
3.7% |
10.2% |
3,910 |
||
| US |
2,671 |
6.5% |
6.5% |
2,220 |
7.2% |
7.2% |
43,604 |
451 |
3.1% |
3.1% |
3,558 |
||
| Visa Inc. |
6,852 |
8.4% |
10.6% |
4,293 |
9.1% |
10.9% |
72,381 |
2,559 |
7.3% |
10.0% |
15,166 |
||
| Visa Credit Programs |
|||||||||||||
| US |
$1,101 |
10.2% |
10.2% |
$1,054 |
10.3% |
10.3% |
12,482 |
$48 |
9.2% |
9.2% |
62 |
||
| Rest of World |
1,852 |
8.1% |
11.5% |
1,651 |
8.8% |
12.6% |
19,480 |
201 |
2.5% |
3.3% |
770 |
||
| Visa Inc. |
2,953 |
8.9% |
11.0% |
2,704 |
9.4% |
11.7% |
31,962 |
249 |
3.7% |
4.4% |
832 |
||
| Visa Debit Programs |
|||||||||||||
| US |
$1,570 |
4.0% |
4.0% |
$1,166 |
4.6% |
4.6% |
31,122 |
$403 |
2.4% |
2.4% |
3,496 |
||
| Rest of World |
2,329 |
11.0% |
14.8% |
423 |
21.5% |
26.2% |
9,297 |
1,906 |
8.9% |
12.5% |
10,838 |
||
| Visa Inc. |
3,899 |
8.1% |
10.2% |
1,589 |
8.6% |
9.6% |
40,419 |
2,310 |
7.7% |
10.6% |
14,334 |
||
| For the 12 Months Ended September 30, 2012 |
|||||||||||||
| Total Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments |
Growth (Nominal USD) |
Growth (Constant USD) |
Payments Transactions (millions) |
Cash Volume ($ billions) |
Growth (Nominal USD) |
Growth (Constant USD) |
Cash Transactions (millions) |
Accounts (millions) |
Cards (millions) |
|
| All Visa Credit & Debit |
|||||||||||||
| Asia Pacific |
$1,659 |
11.0% |
11.4% |
$1,112 |
12.2% |
12.0% |
11,940 |
$547 |
8.6% |
10.2% |
2,601 |
558 |
659 |
| Canada |
240 |
3.7% |
6.0% |
220 |
4.0% |
6.4% |
2,003 |
20 |
0.1% |
2.4% |
42 |
27 |
35 |
| CEMEA |
899 |
15.5% |
22.2% |
166 |
25.8% |
34.3% |
2,830 |
733 |
13.5% |
19.8% |
4,239 |
264 |
265 |
| LAC |
1,015 |
6.8% |
17.2% |
368 |
9.6% |
21.0% |
8,367 |
647 |
5.2% |
15.2% |
3,845 |
395 |
424 |
| US |
2,508 |
3.7% |
3.7% |
2,071 |
3.3% |
3.3% |
41,084 |
438 |
6.0% |
6.0% |
3,570 |
522 |
683 |
| Visa Inc. |
6,320 |
7.6% |
10.1% |
3,936 |
7.1% |
8.2% |
66,223 |
2,384 |
8.5% |
13.4% |
14,296 |
1,765 |
2,066 |
| Visa Credit Programs |
|||||||||||||
| US |
$999 |
9.7% |
9.7% |
$956 |
10.1% |
10.1% |
11,265 |
$44 |
0.7% |
0.7% |
61 |
200 |
273 |
| Rest of World |
1,713 |
9.2% |
11.3% |
1,517 |
10.6% |
12.6% |
17,688 |
196 |
-0.4% |
2.3% |
753 |
455 |
515 |
| Visa Inc. |
2,713 |
9.4% |
10.7% |
2,473 |
10.4% |
11.6% |
28,953 |
240 |
-0.2% |
2.0% |
813 |
656 |
788 |
| Visa Debit Programs |
|||||||||||||
| US |
$1,509 |
0.2% |
0.2% |
$1,115 |
-2.0% |
-2.0% |
29,819 |
$394 |
6.7% |
6.7% |
3,509 |
322 |
410 |
| Rest of World |
2,098 |
11.3% |
18.0% |
348 |
16.7% |
23.7% |
7,451 |
1,750 |
10.3% |
16.9% |
9,974 |
788 |
868 |
| Visa Inc. |
3,607 |
6.4% |
9.7% |
1,463 |
1.9% |
3.0% |
37,269 |
2,144 |
9.6% |
14.8% |
13,483 |
1,109 |
1,278 |
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. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.
Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported ("Nominal USD"). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information ("Constant USD"). This presentation represents Visa's historical methodology which may be subject to review and refinement.
2. Cross Border Volume
The table below represents cross border volume growth for cards carrying the Visa, Visa Electron, Interlink and PLUS brands. Cross border volume refers to payments and cash volume where the issuing country is different from the merchant country.
| Period |
Growth |
Growth |
| 3 Months Ended |
||
| Sep 30, 2013 |
9% |
11% |
| Jun 30, 2013 |
11% |
11% |
| Mar 31, 2013 |
10% |
10% |
| Dec 31, 2012 |
11% |
11% |
| Sep 30, 2012 |
7% |
10% |
| 12 Months Ended |
||
| Sep 30, 2013 |
10% |
11% |
| Sep 30, 2012 |
11% |
13% |
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.
| Period |
Processed |
Growth |
| 3 Months Ended |
||
| Sep 30, 2013 |
15,491 |
14% |
| Jun 30, 2013 |
14,972 |
14% |
| Mar 31, 2013 |
13,850 |
6% |
| Dec 31, 2012 |
14,159 |
4% |
| Sep 30, 2012 |
13,573 |
2% |
| 12 Months Ended |
||
| Sep 30, 2013 |
58,472 |
10% |
| Sep 30, 2012 |
53,324 |
5% |
4. CyberSource Transactions
The table below represents billable transactions processed on Visa Inc.'s CyberSource network.
| Period |
Billable |
Growth |
| 3 Months Ended |
||
| Sep 30, 2013 |
1,696 |
24% |
| Jun 30, 2013 |
1,648 |
27% |
| Mar 31, 2013 |
1,608 |
25% |
| Dec 31, 2012 |
1,581 |
28% |
| Sep 30, 2012 |
1,363 |
25% |
| 12 Months Ended |
||
| Sep 30, 2013 |
6,533 |
26% |
| Sep 30, 2012 |
5,182 |
25% |
SOURCE Visa Inc.
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