Visa Inc. (NYSE:V) today announced financial results for the
Company’s fiscal first quarter 2015. Net income for the quarter was
$1.6 billion, an increase of 11% over the prior year, or $2.53 per
share, 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 first quarter of 2015 was
$3.4 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 approximately 2 percentage points of negative
growth during the quarter.
“Visa kicked-off fiscal 2015 delivering another solid quarter of
revenue and earnings growth. While the challenges of the macro
global environment don’t seem to abate, our results have remained
consistent and reflect the strength and underlying resilience of
our business model,” said Charlie Scharf, Chief Executive Officer
of Visa Inc. “Our focus remains squarely on investing in our
long-term strategic initiatives, driving new technologies and ways
to pay as we continue to work collaboratively with governments,
issuers, acquirers, and merchant partners.”
The Company also announces its board of directors has authorized
a four-for-one stock split. Trading will begin on a split-adjusted
basis on March 19, 2015.
Fiscal First Quarter 2015 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the
three months ended September 30, 2014, on which fiscal first
quarter service revenue is recognized, was 11% over the prior year
at $1.2 trillion.
Payments volume growth, on a constant dollar basis, for the
three months ended December 31, 2014, was 11% over the prior year
at $1.2 trillion.
Cross-border volume growth, on a constant dollar basis, was 8%
for the three months ended December 31, 2014.
Total processed transactions, which represent transactions
processed by VisaNet, for the three months ended December 31, 2014,
were 17.6 billion, a 10% increase over the prior year.
Fiscal first quarter 2015 service revenues were $1.5 billion, an
increase of 8% 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 9% over the prior year to $1.4 billion. International
transaction revenues grew 9% over the prior year to $970 million.
Other revenues, which include the Visa Europe licensing fee, were
$204 million, an increase of 14% over the prior year. Client
incentives, which are a contra revenue item, were $713 million and
represent 17.4% of gross revenues.
Total operating expenses were $1.1 billion for the quarter, a 6%
increase over the prior year.
The effective tax rate was 30.6% for the quarter ended December
31, 2014.
Cash, cash equivalents, and available-for-sale investment
securities were $7.5 billion at December 31, 2014.
The weighted-average number of diluted shares of class A common
stock outstanding was 619 million for the quarter ended December
31, 2014.
Notable Events:
During the three months ended December 31, 2014, the Company
repurchased 3.1 million shares of class A common stock, at an
average price of $259.52 per share, using $803 million of cash on
hand. From January 1, 2015, through January 27, 2015, the Company
repurchased 2.5 million shares of class A common stock, at an
average price of $256.31 per share, using $650 million of cash on
hand. Fiscal year to date through January 27, 2015, the Company
repurchased a total of 5.6 million shares of class A common
stock, at an average price of $258.08 per share, using $1.5 billion
of cash on hand. The Company has $4.2 billion of remaining funds,
authorized by the board of directors, available for share
repurchase under the current program.
On January 28, 2015, the board of directors declared a quarterly
cash dividend of $0.48 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 March 3, 2015, to all holders of
record of the Company’s class A, class B and class C common stock
as of February 13, 2015.
In addition, on January 28, 2015, the Company held its 2015
Annual Meeting of Stockholders during which holders of the
Company’s class A, B and C common stock at the close of business on
December 1, 2014, voted on proposals enumerated in the
Company’s proxy statement. All Proposals other than Proposal 5(a)
and 5(d) passed.
Also, on January 28, 2015, Visa’s board of directors declared a
four-for-one split of its class A common stock. On March 18, 2015,
each class A common stockholder of record at the close of business
on February 13, 2015 (the “Record Date”), will receive a dividend
of three additional shares for every share held on the Record Date.
Trading will begin on a split-adjusted basis on March 19, 2015.
Holders of class B and C common stock will not receive a stock
dividend. Instead, the conversion rate for class B common stock
will increase to 1.6483 shares of class A common stock per share of
class B common stock, and the conversion rate for class C common
stock will increase to 4.0 shares of class A common stock per share
of class C common stock. Immediately following the split, the class
A, B and C stockholders will retain the same relative ownership
percentages that they had prior to the stock split. The stock split
will increase the Company’s total as-converted shares of class A
common stock outstanding as of March 19, 2015, from approximately
614 million shares to approximately 2.5 billion shares based on the
share count as of January 27, 2015.
Financial Outlook:
Visa Inc. reaffirms its financial outlook for the following
metrics for fiscal full-year 2015:
- Annual net revenue growth: Constant
dollar revenue growth of low double digits, with an expectation of
two percentage points of negative foreign currency impact;
- Client incentives as a percent of gross
revenues: 17.5% to 18.5% range;
- Annual operating margin: Mid 60s;
- Tax rate: Low 30s;
- Annual diluted class A common stock
earnings per share growth: Mid teens; and
- Annual free cash flow greater than $6
billion.
Fiscal full-year 2015 annual diluted earnings per share growth
assumes an adjusted basis for fiscal full-year 2014.
Fiscal First Quarter 2015 Earnings Results Conference Call
Details: Visa’s executive management team will host a live
audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m.
Pacific Time) today to discuss the financial results and business
highlights. All interested parties are invited to listen to the
live webcast at http://investor.visa.com. A replay of the webcast
will be available on the Visa Investor Relations website for 30
days. Investor information, including supplemental financial
information, is available on Visa Inc.’s Investor Relations website
at http://investor.visa.com.
About Visa
Visa Inc. (NYSE: V) 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 56,000 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 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 "estimates," "expectation," "will," “continued" 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, tax rate, 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 payments 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 payments networks outside the United States; and
- increased regulation of 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;
- general stock market fluctuations,
which may impact consumer spending;
- material changes in cross-border
activity, foreign exchange controls and fluctuations in currency
exchange rates;
- volatility in market prices for oil and
natural gas; 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, 2014, 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) December 31, September 30,
2014 2014 (in millions, except par value data)
Assets Cash and cash equivalents
$ 2,085 $
1,971 Restricted cash—litigation escrow
1,398 1,498
Investment securities: Trading
78 69 Available-for-sale
2,417 1,910 Settlement receivable
500 786 Accounts
receivable
900 822 Customer collateral
1,041 961
Current portion of client incentives
200 210 Deferred tax
assets
927 1,028 Prepaid expenses and other current assets
318 307 Total current
assets
9,864 9,562 Investment securities,
available-for-sale
3,028 3,015 Client incentives
87
81 Property, equipment and technology, net
1,861 1,892 Other
assets
896 855 Intangible assets, net
11,395 11,411
Goodwill
11,753 11,753
Total assets
$ 38,884 $ 38,569
Liabilities Accounts payable
$ 135 $ 147
Settlement payable
855 1,332 Customer collateral
1,041 961 Accrued compensation and benefits
307 450
Client incentives
1,058 1,036 Accrued liabilities
1,049 624 Accrued litigation
1,353
1,456 Total current liabilities
5,798
6,006 Deferred tax liabilities
4,139 4,145 Other
liabilities
1,005 1,005
Total liabilities
10,942 11,156
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, 495 shares issued and
outstanding at December 31, 2014 and September 30, 2014
— —
Class B common stock, $0.0001 par value, 622 shares authorized, 245
shares issued and outstanding at December 31, 2014 and September
30, 2014
— — Class C common stock, $0.0001 par value, 1,097
shares authorized, 20 and 22 shares issued and outstanding at
December 31, 2014 and September 30, 2014, respectively
— —
Additional paid-in capital
18,200 18,299 Accumulated income
9,732 9,131 Accumulated other comprehensive income (loss),
net: Investment securities, available-for-sale
11 31 Defined
benefit pension and other postretirement plans
(80 )
(84 ) Derivative instruments classified as cash flow hedges
80 38 Foreign currency translation adjustments
(1 ) (2 ) Total accumulated other
comprehensive income (loss), net
10 (17
) Total equity
27,942 27,413
Total liabilities and equity
$ 38,884
$ 38,569
VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended December 31, 2014
2013 (in millions, except per share data)
Operating Revenues Service revenues
$ 1,538 $
1,419 Data processing revenues
1,383 1,264 International
transaction revenues
970 891 Other revenues
204 180
Client incentives
(713 ) (599 )
Total operating revenues
3,382 3,155
Operating Expenses Personnel
509 470
Marketing
205 186 Network and processing
114 132
Professional fees
70 75 Depreciation and amortization
120 107 General and administrative
126
108 Total operating expenses
1,144 1,078 Operating income
2,238 2,077 Non-operating income
24
6 Income before income taxes
2,262 2,083 Income tax provision
693
676 Net income
$ 1,569 $
1,407
Basic earnings per share Class A common
stock
$ 2.54 $ 2.21 Class B
common stock
$ 1.05 $ 0.93 Class
C common stock
$ 2.54 $ 2.21
Basic weighted-average shares outstanding Class A common
stock
494 505 Class B
common stock
245 245
Class C common stock
22 27
Diluted earnings per share Class A common stock
$ 2.53 $ 2.20 Class B common
stock
$ 1.04 $ 0.93 Class C
common stock
$ 2.53 $ 2.20
Diluted weighted-average shares outstanding Class A common
stock
619 639 Class B
common stock
245 245
Class C common stock
22 27
VISA INC. CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
Three Months Ended December 31,
2014 2013 (in millions) Operating
Activities Net income
$ 1,569 $ 1,407 Adjustments
to reconcile net income to net cash provided by operating
activities: Amortization of client incentives
713 599
Share-based compensation
45 45 Excess tax benefit for
share-based compensation
(58 ) (54 ) Depreciation and
amortization of property, equipment, technology and intangible
assets
120 107 Deferred income taxes
97 19 Other
(19 ) 5 Change in operating assets and liabilities:
Settlement receivable
286 (89 ) Accounts receivable
(78 ) (79 ) Client incentives
(687 )
(616 ) Other assets
(141 ) (77 ) Accounts payable
10 (80 ) Settlement payable
(477 ) 21 Accrued
and other liabilities
484 334 Accrued litigation
(103 ) (1 ) Net cash provided by operating
activities
1,761 1,541
Investing Activities Purchases of property, equipment,
technology and intangible assets
(104 ) (120 )
Investment securities, available-for-sale: Purchases
(758
) (754 ) Proceeds from sales and maturities
226 600
Purchases of / contributions to other investments
—
(2 ) Net cash used in investing activities
(636 ) (276 )
Financing
Activities Repurchase of class A common stock
(803
) (1,091 ) Dividends paid
(297 ) (254 )
Payments from litigation escrow account—retrospective
responsibility plan
100 — Cash proceeds from exercise of
stock options
30 38 Restricted stock and performance-based
shares settled in cash for taxes
(100 ) (77 ) Excess
tax benefit for share-based compensation
58
54 Net cash used in financing activities
(1,012 ) (1,330 ) Effect of exchange rate
changes on cash and cash equivalents
1
— Increase (decrease) in cash and cash equivalents
114 (65 ) Cash and cash equivalents at beginning of year
1,971 2,186 Cash and cash
equivalents at end of period
$ 2,085 $ 2,121
Supplemental Disclosure Income taxes paid, net
of refunds
$ 57 $ 96 Accruals related to purchases of
property, equipment, technology and intangible assets
$
21 $ 20
VISA INC.
FISCAL 2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED) Fiscal 2015 Quarter Ended
Fiscal 2014 Quarter Ended December 31, September
30, June 30, March 31, December 31,
2014 2014 2014 2014 2013 (in
millions) Operating Revenues Service revenues $ 1,538 $
1,499 $ 1,417 $ 1,462 $ 1,419 Data processing revenues 1,383 1,348
1,321 1,234 1,264 International transaction revenues 970 938 860
871 891 Other revenues 204 212 195 183 180 Client incentives
(713 ) (768 ) (638 ) (587 ) (599 )
Total operating revenues 3,382 3,229
3,155 3,163 3,155
Operating Expenses Personnel 509 496 463 446 470
Marketing 205 241 228 245 186 Network and processing 114 128 127
120 132 Professional fees 70 94 82 77 75 Depreciation and
amortization 120 112 109 107 107 General and administrative 126 153
126 120 108 Litigation provision — 453
— — — Total
operating expenses 1,144 1,677
1,135 1,115 1,078
Operating income 2,238 1,552 2,020 2,048 2,077 Non-operating
income (expense) 24 (2 ) 10
13 6 Income before income taxes
2,262 1,550 2,030 2,061 2,083 Income tax provision 693
477 670 463
676 Net income $ 1,569 $ 1,073 $ 1,360
$ 1,598 $ 1,407
Operational Performance Data
The tables below provide information regarding the available
operational results for the 3 months ended December 31, 2014, as
well as the prior four quarterly reporting periods and the 12
months ended December 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 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.
For the 3 Months Ended December 31, 2014 Total
Growth Growth Payments
Growth Growth Payments
Cash Growth Growth
Cash Volume (Nominal (Constant
Volume (Nominal (Constant Transactions
Volume (Nominal (Constant Transactions
($ billions) USD) USD)
($ billions) USD) USD)
(millions) ($ billions) USD)
USD) (millions) All Visa
Credit & Debit Asia Pacific $ 510 3.5 % 7.9 % $ 359 5.7 %
10.6 % 4,171 $ 151 -1.5 % 1.8 % 973 Canada 66 -0.7 % 8.0 % 61 -0.8
% 7.9 % 666 5 0.3 % 9.1 % 11
CEMEA
266 -6.9 % 16.8 % 65 4.5 % 28.2 % 1,609 201 -10.1 % 13.5 % 1,220
LAC 286 -0.4 % 13.7 % 109 -0.7 % 15.2 % 2,696 177 -0.2 % 12.8 %
1,130
US
771 9.3 % 9.3 %
651 10.1 %
10.1 %
12,584 121 5.2 % 5.2 %
914 Visa Inc. 1,900 3.3 % 10.5 % 1,245 6.9 % 11.4 %
21,726 655 -2.8 % 8.8 % 4,249
Visa Credit Programs US
$ 341 13.7 % 13.7 % $ 327 13.8 % 13.8 % 3,954 $ 13 10.1 % 10.1 % 16
International
511 1.8 % 11.1 %
467 3.8 %
12.0 %
5,759 44 -15.9 % 2.5 %
189 Visa Inc. 852 6.2 % 12.1 % 794 7.7 % 12.8 % 9,713
58 -11.0 % 4.1 % 205
Visa Debit Programs US $ 431 6.1
% 6.1 % $ 323 6.5 % 6.5 % 8,630 $ 108 4.7 % 4.7 % 898
International
617 -2.1 % 11.5 %
127 3.0 %
15.9 %
3,384 490 -3.3 % 10.4 %
3,146 Visa Inc. 1,048 1.1 % 9.2 % 450 5.5 % 9.0 %
12,014 597 -2.0 % 9.3 % 4,044
For the 3 Months
Ended September 30, 2014 Total Growth
Growth Payments Growth
Growth Payments
Cash
Growth Growth Cash
Volume (Nominal (Constant Volume
(Nominal (Constant Transactions
Volume
(Nominal (Constant Transactions
Accounts Cards ($ billions) USD)
USD) ($ billions) USD)
USD) (millions) ($
billions) USD) USD)
(millions) (millions) (millions)
All Visa Credit & Debit Asia Pacific $ 506 9.1 %
9.1 % $ 352 12.0 % 11.9 % 4,001 $ 154 3.2 % 3.2 % 960 677 774
Canada 66 2.0 % 7.4 % 61 1.7 % 7.0 % 651 5 5.5 % 11.0 % 12 40 47
CEMEA 280 5.9 % 15.0 % 68 18.0 % 26.5 % 1,489 213 2.5 % 11.7 %
1,173 321 318 LAC 276 6.6 % 12.1 % 105 7.4 % 14.4 % 2,496 171 6.1 %
10.8 % 1,056 417 448
US
756 9.2 % 9.2 %
632 9.8 %
9.8 %
12,319 124 6.0 % 6.0 %
950 589 754 Visa Inc. 1,884
8.0 % 10.3 % 1,217 10.2 % 11.5 % 20,955 667 4.2 % 8.3 % 4,151 2,043
2,341
Visa Credit Programs US $ 327 12.7 % 12.7 % $
313 12.7 % 12.7 % 3,733 $ 14 11.8 % 11.8 % 17 230 304
International
506 7.7 % 10.5 %
458 9.0 %
11.4 %
5,555 49 -3.7 % 2.8 %
192 484 545 Visa Inc. 833
9.6 % 11.3 % 771 10.5 % 11.9 % 9,288 62 -0.6 % 4.7 % 209 714 850
Visa Debit Programs US $ 429 6.7 % 6.7 % $ 319 7.1 %
7.1 % 8,586 $ 110 5.3 % 5.3 % 933 359 450
International
622 6.9 % 11.7 %
127 16.7 %
20.8 %
3,081 495 4.6 % 9.5 %
3,009 970 1,042 Visa Inc.
1,051 6.8 % 9.6 % 446 9.7 % 10.7 % 11,667 605 4.8 % 8.7 % 3,942
1,330 1,491
For the 3 Months Ended June 30,
2014 Total Growth Growth
Payments Growth Growth
Payments Cash Growth
Growth Cash Volume
(Nominal (Constant Volume (Nominal
(Constant Transactions Volume (Nominal
(Constant Transactions Accounts Cards
($ billions) USD) USD)
($ billions) USD) USD)
(millions) ($ billions) USD)
USD) (millions)
(millions) (millions) All Visa
Credit & Debit Asia Pacific $ 488 7.1 % 9.6 % $ 338 11.1 %
12.3 % 3,821 $ 151 -1.0 % 3.9 % 910 658 754 Canada 65 0.6 % 7.6 %
60 1.1 % 8.2 % 627 5 -5.2 % 1.5 % 12 39 46 CEMEA 276 5.0 % 13.9 %
65 18.1 % 26.8 % 1,389 212 1.6 % 10.5 % 1,196 313 310 LAC 266 -1.3
% 9.6 % 101 0.3 % 12.4 % 2,408 165 -2.3 % 8.0 % 1,013 418 446
US
750 9.4 % 9.4 %
628 10.1 %
10.1 %
12,223 122 5.8 % 5.8 %
941 580 743 Visa Inc. 1,845
6.1 % 10.1 % 1,191 9.4 % 11.6 % 20,467 654 0.7 % 7.3 % 4,071 2,007
2,299
Visa Credit Programs US $ 316 12.1 % 12.1 % $
304 12.3 % 12.3 % 3,574 $ 13 8.3 % 8.3 % 16 223 296
International
489 5.7 % 10.1 %
440 7.0 %
11.0 %
5,366 49 -4.3 % 2.4 %
199 478 536 Visa Inc. 805
8.2 % 10.9 % 744 9.1 % 11.5 % 8,940 62 -2.0 % 3.5 % 215 701 832
Visa Debit Programs US $ 433 7.4 % 7.4 % $ 325 8.0 %
8.0 % 8,648 $ 109 5.6 % 5.6 % 925 356 447
International
607 2.7 % 10.9 %
123 15.0 %
22.8 %
2,879 484 0.0 % 8.2 %
2,932 950 1,020 Visa Inc.
1,040 4.6 % 9.4 % 448 9.9 % 11.7 % 11,527 593 1.0 % 7.7 % 3,856
1,307 1,467
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 Accounts Cards
($ billions) USD) USD)
($ billions) USD) USD)
(millions) ($ billions) USD)
USD) (millions)
(millions) (millions) All Visa
Credit & Debit Asia Pacific $ 481 7.1 % 11.6 % $ 328 10.9 %
14.9 % 3,574 $ 153 -0.3 % 5.0 % 878 642 738 Canada 57 0.8 % 10.3 %
52 0.7 % 10.1 % 552 5 2.3 % 11.9 % 11 37 44 CEMEA 252 4.1 % 14.1 %
59 16.4 % 28.0 % 1,252 194 0.9 % 10.5 % 1,105 306 307 LAC 250 -4.7
% 11.4 % 95 -4.0 % 13.9 % 2,367 155 -5.1 % 9.9 % 984 411 439
US
690 8.0 % 8.0 %
575 8.6 %
8.6 %
11,142 115 5.1 % 5.1 %
875 568 726 Visa Inc. 1,730
4.9 % 10.4 % 1,108 8.0 % 11.8 % 18,888 622 -0.2 % 7.9 % 3,854 1,963
2,253
Visa Credit Programs US $ 281 10.2 % 10.2 % $
270 10.6 % 10.6 % 3,148 $ 12 1.4 % 1.4 % 14 215 283
International
463 4.9 % 12.3 %
417 6.0 %
13.3 %
5,069 46 -3.9 % 4.1 %
176 474 533 Visa Inc. 744
6.9 % 11.5 % 687 7.8 % 12.2 % 8,217 57 -2.8 % 3.6 % 191 688 817
Visa Debit Programs US $ 409 6.5 % 6.5 % $ 305 6.8 %
6.8 % 7,994 $ 103 5.6 % 5.6 % 861 353 442
International
577 1.4 % 11.9 %
115 13.1 %
24.8 %
2,677 461 -1.1 % 9.0 %
2,802 922 994 Visa Inc. 985
3.5 % 9.6 % 421 8.4 % 11.2 % 10,670 565 0.0 % 8.4 % 3,663 1,275
1,436
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
($ billions) USD) USD)
($ billions) USD) USD)
(millions) ($ billions) USD)
USD) (millions)
(millions) (millions) All Visa
Credit & Debit Asia Pacific $ 493 7.5 % 12.8 % $ 339 8.3 %
14.4 % 3,677 $ 154 5.8 % 9.4 % 890 622 721 Canada 66 -0.1 % 5.5 %
62 -0.2 % 5.5 % 609 5 0.3 % 6.0 % 11 36 43 CEMEA 286 9.3 % 12.7 %
62 23.0 % 27.0 % 1,231 223 6.0 % 9.2 % 1,176 300 300 LAC 287 1.9 %
10.0 % 110 5.5 % 14.4 % 2,506 177 -0.2 % 7.5 % 1,066 407 437
US
706 7.8 % 7.8 %
591 8.5 %
8.5 %
11,591 115 4.3 % 4.3 %
895 561 719 Visa Inc. 1,838
6.7 % 10.0 % 1,164 8.3 % 11.2 % 19,615 674 3.9 % 7.8 % 4,038 1,926
2,220
Visa Credit Programs US $ 300 9.3 % 9.3 % $ 288
9.6 % 9.6 % 3,446 $ 12 2.6 % 2.6 % 16 212 280
International
502 5.2 % 11.1 %
450 5.7 %
12.1 %
5,294 53 0.4 % 2.4 %
196 472 531 Visa Inc. 802
6.7 % 10.4 % 737 7.2 % 11.1 % 8,740 65 0.8 % 2.4 % 213 684 811
Visa Debit Programs US $ 406 6.7 % 6.7 % $ 303 7.5 %
7.5 % 8,145 $ 103 4.5 % 4.5 % 879 348 439
International
630 6.7 % 12.0 %
124 18.0 %
24.2 %
2,730 506 4.2 % 9.3 %
2,947 893 970 Visa Inc.
1,036 6.7 % 9.7 % 427 10.3 % 11.5 % 10,875 609 4.3 % 8.4 % 3,826
1,241 1,409
For the 12 Months Ended December 31,
2014 Total Growth Growth
Payments Growth Growth
Payments Cash Growth
Growth Cash Volume
(Nominal (Constant Volume (Nominal
(Constant Transactions Volume (Nominal
(Constant Transactions ($ billions)
USD) USD) ($ billions)
USD) USD) (millions)
($ billions) USD) USD)
(millions) All Visa Credit & Debit Asia
Pacific $ 1,986 6.6 % 9.5 % $ 1,376 9.8 % 12.4 % 15,567 $ 610 0.1 %
3.5 % 3,722 Canada 254 0.7 % 8.2 % 234 0.7 % 8.2 % 2,495 20 0.6 %
8.2 % 46 CEMEA 1,075 1.8 % 14.9 % 256 13.9 % 27.3 % 5,739 819 -1.5
% 11.5 % 4,694 LAC 1,078 0.0 % 11.7 % 410 0.7 % 14.0 % 9,966 668
-0.4 % 10.4 % 4,183
US
2,967 9.0 % 9.0 %
2,485 9.7
% 9.7 %
48,268 482 5.6 % 5.6 %
3,680 Visa Inc. 7,359 5.6 % 10.3 % 4,761 8.6 % 11.6 %
82,036 2,598 0.4 % 8.1 % 16,325
Visa Credit Programs
US $ 1,265 12.2 % 12.2 % $ 1,213 12.4 % 12.4 % 14,409 $ 52 8.0 %
8.0 % 64
International
1,970 5.0 % 11.0 %
1,782
6.4 % 11.9 %
21,749 187 -7.1 % 2.9
%
756 Visa Inc. 3,234 7.7 % 11.5 % 2,995 8.8 % 12.1 %
36,158 239 -4.2 % 4.0 % 819
Visa Debit Programs US $
1,702 6.7 % 6.7 % $ 1,272 7.1 % 7.1 % 33,859 $ 430 5.3 % 5.3 %
3,616
International
2,423 2.2 % 11.5 %
493 11.6
% 20.8 %
12,019 1,930 0.0 % 9.3 %
11,889 Visa Inc. 4,125 4.0 % 9.4 % 1,765 8.3 % 10.6 %
45,878 2,359 0.9 % 8.5 % 15,506
For the 12 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 ($ billions) USD)
USD) ($ billions) USD)
USD) (millions) ($
billions) USD) USD)
(millions) (millions) (millions)
All Visa Credit & Debit Asia Pacific $ 1,862 9.1
% 12.9 % $ 1,253 9.1 % 14.0 % 13,703 $ 609 9.0 % 10.7 % 3,316 622
721 Canada 252 2.5 % 5.4 % 232 2.8 % 5.8 % 2,268 20 -1.6 % 1.1 % 44
36 43 CEMEA 1,056 12.4 % 15.3 % 225 26.3 % 30.5 % 4,331 831 9.1 %
11.8 % 4,513 300 300 LAC 1,078 4.4 % 11.1 % 407 7.7 % 15.7 % 9,400
671 2.4 % 8.5 % 3,965 407 437
US
2,723 7.8 % 7.8 %
2,267 8.6
% 8.6 %
44,571 456 3.7 % 3.7 %
3,576 561 719 Visa Inc.
6,971 8.0 % 10.5 % 4,383 9.1 % 11.4 % 74,273 2,587 6.2 % 9.0 %
15,415 1,926 2,220
Visa Credit Programs US $ 1,127
9.9 % 9.9 % $ 1,079 9.9 % 9.9 % 12,800 $ 48 8.7 % 8.7 % 62 212 280
International
1,876 6.6 % 11.3 %
1,675
7.2 % 12.4 %
19,928 201 2.1 % 3.2
%
772 472 531 Visa Inc.
3,003 7.8 % 10.8 % 2,754 8.3 % 11.4 % 32,728 249 3.3 % 4.3 % 834
684 811
Visa Debit Programs US $ 1,596 6.3 % 6.3 % $
1,188 7.4 % 7.4 % 31,771 $ 408 3.2 % 3.2 % 3,514 348 439
International
2,371 9.5 % 13.5 %
442 20.2
% 25.2 %
9,774 1,930 7.3 % 11.1 %
11,067 893 970 Visa Inc.
3,967 8.2 % 10.4 % 1,629 10.6 % 11.5 % 41,546 2,338 6.5 % 9.5 %
14,580 1,241 1,409
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 (Nominal
(Constant Period USD)
USD)
3 Months
Ended
Dec 31, 2014 4% 8% Sep 30, 2014 9% 10% Jun 30, 2014 6% 7% Mar 31,
2014 5% 8% Dec 31, 2013 11% 12%
12 Months
Ended
Dec 31, 2014 6% 8% Dec 31, 2013 10% 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 Transactions Period
(millions) Growth
3 Months
Ended
Dec 31, 2014 17,599 10% Sep 30, 2014 16,991 10% Jun 30, 2014 16,662
11% Mar 31, 2014 15,354 11% Dec 31, 2013 15,985 13%
12 Months
Ended
Dec 31, 2014 66,607 10% Dec 31, 2013 60,298 12%
4. CyberSource Transactions
The table below represents billable transactions processed on
Visa Inc.’s CyberSource network.
Billable Transactions Period
(millions) Growth
3 Months
Ended
Dec 31, 2014 2,192 16% Sep 30, 2014 1,905 12% Jun 30, 2014 1,890
15% Mar 31, 2014 1,859 16% Dec 31, 2013 1,894 20%
12 Months
Ended
Dec 31, 2014 7,847 15% Dec 31, 2013 6,846 24%
Footnote
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.
Prior period updates, if any, are not material.
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.
Visa Inc.Investor Relations:Jack Carsky or Victoria Hyde-Dunn,
650-432-7644ir@visa.comorMedia Relations:Paul Cohen,
650-432-2990globalmedia@visa.com
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