Visa Inc. Reports Fiscal Third Quarter 2015 Earnings Results

• GAAP quarterly net income of $1.7 billion or $0.69 per share including a non-cash, non-operating expense related to the revaluation of the Visa Europe put option

• Adjusted quarterly net income of $1.8 billion or $0.74 per share excluding the revaluation of the Visa Europe put option

FOSTER CITY, Calif.--(BUSINESS WIRE)--Visa Inc. (NYSE:V) today announced financial results for the Company’s fiscal third quarter 2015. GAAP net income for the quarter, inclusive of a non-cash, non-operating expense related to an adjustment in the Company’s fair value of its Visa Europe put option, was $1.7 billion or $0.69 per share. These results also include a tax benefit of $280 million resulting from the successful resolution of uncertain tax positions with taxing authorities. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.

Excluding the $110 million non-cash, non-operating expense recorded upon remeasurement of the Visa Europe put option, adjusted net income for the quarter was $1.8 billion, an increase of 33% over the prior year, or $0.74 per share, an increase of 36% over the prior year. The change in the fair value of the Visa Europe put option was a result of our quarterly revaluation required by U.S. GAAP. The Company’s adjusted quarterly net income and earnings per share are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measure in the accompanying financial tables.

Net operating revenue in the fiscal third quarter of 2015 was $3.5 billion, an increase of 12% nominally or 14% on a constant dollar basis over the prior year, driven by solid growth in service, data processing and international transaction revenues.

“We continue to deliver solid financial results and operating metrics without the help of an improving economic environment. Strong underlying fundamentals continue to offset the drag from geopolitical tension and the strengthening dollar on our business,” said Charlie Scharf, Chief Executive Officer of Visa Inc.

Fiscal Third Quarter 2015 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2015, on which fiscal third 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 June 30, 2015, was 11% over the prior year at $1.3 trillion.

Cross-border volume growth, on a constant dollar basis, was 8% for the three months ended June 30, 2015.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2015, were 18.0 billion, an 8% increase over the prior year. As a result of recent changes in Russian National Payment System law, the Company has transitioned the processing of Russian domestic transactions to the Russian National Payment Card System during the fiscal third quarter. This impacted processed transactions growth negatively by approximately 2 percentage points during the quarter.

Fiscal third quarter 2015 service revenues were $1.6 billion, an increase of 9% 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 6% over the prior year to $1.4 billion. International transaction revenues grew 21% over the prior year to $1.0 billion. Other revenues were $199 million, an increase of 2% over the prior year. Client incentives, which are a contra revenue item, were $670 million and represent 16.0% of gross revenues.

Total operating expenses were $1.3 billion for the quarter, an 11% increase over the prior year, primarily related to an increase in personnel expenses, additional depreciation from our ongoing investments in technology assets, and general and administrative expenses.

GAAP effective tax rate was 21.7% for the quarter ended June 30, 2015. The rate included a benefit of $280 million resulting from the successful resolution of uncertain tax positions with taxing authorities in the third quarter.

Cash, cash equivalents, and available-for-sale investment securities were $8.0 billion at June 30, 2015.

The weighted-average number of diluted shares of class A common stock outstanding was 2.4 billion for the quarter ended June 30, 2015.

Notable Events:

During the three months ended June 30, 2015, the Company repurchased 15.5 million shares of class A common stock, at an average price of $68.05 per share, using $1.1 billion of cash on hand. Through the nine months ended June 30, 2015, the Company repurchased a total of 44.1 million shares of class A common stock, at an average price of $65.98 per share, using $2.9 billion of cash on hand. The Company has $2.8 billion of remaining funds, authorized by the board of directors, available for share repurchase under the current program.

On July 22, 2015, the board of directors declared a quarterly cash dividend of $0.12 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 September 1, 2015, to all holders of record of the Company’s class A, B and C common stock as of August 14, 2015.

Visa Europe Update:

Visa Inc. believes there is compelling logic for both Visa Inc. and Visa Europe to consummate a business combination and therefore regularly engages in such discussions and is currently in such discussions with Visa Europe. The Company is targeting to resolve these discussions by the end of October and will provide an update during the fourth quarter earnings call, if not sooner. There is no assurance, however, that any transaction will be ultimately agreed or implemented.

Financial Outlook:

Visa Inc. reaffirms its financial outlook for the following metrics for fiscal full-year 2015:

• Annual operating margin: Mid 60s; and
• Annual free cash flow greater than $6 billion.

Visa Inc. updates 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 about 2.5 percentage points of negative foreign currency impact;
• Client incentives as a percent of gross revenues: Low-end of the 17.5% to 18.5% range;
• Tax rate: 29% to 30% range; and
• Annual adjusted diluted class A common stock earnings per share growth: Mid-teens range.

Fiscal full-year 2015 annual adjusted diluted earnings per share growth assumes an adjusted basis for fiscal full-year 2014.

Fiscal Third 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 90 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," “outlook,” "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;
• any prospective transaction with Visa Europe may not be agreed to or implemented;
• costs arising if we become obligated to purchase all of Visa Europe’s outstanding capital 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)
	June 30, 2015			September 30, 2014
	(in millions, except par value data)
Assets
Cash and cash equivalents	$	2,147		$	1,971
Restricted cash—litigation escrow		1,143			1,498
Investment securities:
Trading		71			69
Available-for-sale		2,504			1,910
Settlement receivable		704			786
Accounts receivable		892			822
Customer collateral		1,068			961
Current portion of client incentives		248			210
Deferred tax assets		834			1,028
Prepaid expenses and other current assets		457			307
Total current assets		10,068			9,562
Investment securities, available-for-sale		3,300			3,015
Client incentives		94			81
Property, equipment and technology, net		1,847			1,892
Other assets		920			855
Intangible assets, net		11,375			11,411
Goodwill		11,825			11,753
Total assets	$	39,429		$	38,569
Liabilities
Accounts payable	$	89		$	147
Settlement payable		1,237			1,332
Customer collateral		1,068			961
Accrued compensation and benefits		439			450
Client incentives		1,053			1,036
Accrued liabilities		806			624
Accrued litigation		1,097			1,456
Total current liabilities		5,789			6,006
Deferred tax liabilities		4,134			4,145
Other liabilities		879			1,005
Total liabilities		10,802			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, 1,951 and 1,978 shares issued and outstanding at June 30, 2015 and September 30, 2014, respectively		—			—
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at June 30, 2015 and September 30, 2014		—			—
Class C common stock, $0.0001 par value, 1,097 shares authorized, 19 and 22 shares issued and outstanding at June 30, 2015 and September 30, 2014, respectively		—			—
Additional paid-in capital		18,008			18,299
Accumulated income		10,623			9,131
Accumulated other comprehensive loss, net:
Investment securities, available-for-sale		5			31
Defined benefit pension and other postretirement plans		(86	)		(84	)
Derivative instruments classified as cash flow hedges		78			38
Foreign currency translation adjustments		(1	)		(2	)
Total accumulated other comprehensive loss, net		(4	)		(17	)
Total equity		28,627			27,413
Total liabilities and equity	$	39,429		$	38,569

VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
	(in millions, except per share data)
Operating Revenues
Service revenues	$	1,550		$	1,417		$	4,665		$	4,298
Data processing revenues		1,400			1,321			4,123			3,819
International transaction revenues		1,039			860			2,973			2,622
Other revenues		199			195			607			558
Client incentives		(670	)		(638	)		(2,059	)		(1,824	)
Total operating revenues		3,518			3,155			10,309			9,473
Operating Expenses
Personnel		566			463			1,558			1,379
Marketing		224			228			619			659
Network and processing		117			127			340			379
Professional fees		82			82			229			234
Depreciation and amortization		130			109			375			323
General and administrative		137			126			404			354
Litigation provision		—			—			3			—
Total operating expenses		1,256			1,135			3,528			3,328
Operating income		2,262			2,020			6,781			6,145
Non-operating (expense) income		(94	)		10			(69	)		29
Income before income taxes		2,168			2,030			6,712			6,174
Income tax provision		471			670			1,896			1,809
Net income	$	1,697		$	1,360		$	4,816		$	4,365
Basic earnings per share
Class A common stock	$	0.69		$	0.54		$	1.96		$	1.73
Class B common stock	$	1.14		$	0.91		$	3.23		$	2.91
Class C common stock	$	2.78		$	2.17		$	7.84		$	6.91
Basic weighted-average shares outstanding
Class A common stock		1,955			1,982			1,964			2,001
Class B common stock		245			245			245			245
Class C common stock		20			26			21			26
Diluted earnings per share
Class A common stock	$	0.69		$	0.54		$	1.96		$	1.72
Class B common stock	$	1.14		$	0.91		$	3.22		$	2.90
Class C common stock	$	2.77		$	2.17		$	7.82		$	6.89
Diluted weighted-average shares outstanding
Class A common stock		2,448			2,511			2,462			2,533
Class B common stock		245			245			245			245
Class C common stock		20			26			21			26

VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
	Nine Months Ended June 30,
	2015			2014
	(in millions)
Operating Activities
Net income	$	4,816		$	4,365
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of client incentives		2,059			1,824
Fair value adjustment for the Visa Europe put option		110			—
Share-based compensation		139			130
Excess tax benefit for share-based compensation		(78	)		(82	)
Depreciation and amortization of property, equipment, technology and intangible assets		375			323
Deferred income taxes		196			(358	)
Other		18			10
Change in operating assets and liabilities:
Settlement receivable		82			24
Accounts receivable		(64	)		(55	)
Client incentives		(2,093	)		(1,775	)
Other assets		(342	)		(318	)
Accounts payable		(52	)		(86	)
Settlement payable		(95	)		82
Accrued and other liabilities		141			273
Accrued litigation		(362	)		1,055
Net cash provided by operating activities		4,850			5,412
Investing Activities
Purchases of property, equipment, technology and intangible assets		(276	)		(326	)
Proceeds from sales of property, equipment and technology		10			—
Investment securities, available-for-sale:
Purchases		(2,315	)		(1,842	)
Proceeds from sales and maturities		1,410			1,863
Acquisition, net of cash received		(93	)		(134	)
Purchases of / contributions to other investments		(22	)		(3	)
Proceeds / distributions from other investments		10			—
Net cash used in investing activities		(1,276	)		(442	)
Financing Activities
Repurchase of class A common stock		(2,910	)		(3,362	)
Dividends paid		(885	)		(758	)
Payments from (return to) litigation escrow account—retrospective responsibility plan		355			(1,056	)
Cash proceeds from issuance of common stock under employee equity plans		68			81
Restricted stock and performance-based shares settled in cash for taxes		(105	)		(85	)
Excess tax benefit for share-based compensation		78			82
Net cash used in financing activities		(3,399	)		(5,098	)
Effect of exchange rate changes on cash and cash equivalents		1			—
Increase (decrease) in cash and cash equivalents		176			(128	)
Cash and cash equivalents at beginning of year		1,971			2,186
Cash and cash equivalents at end of period	$	2,147		$	2,058
Supplemental Disclosure
Income taxes paid, net of refunds	$	1,892		$	1,943
Accruals related to purchases of property, equipment, technology and intangible assets	$	67		$	42

VISA INC.
FISCAL 2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
	Fiscal 2015 Quarter Ended									Fiscal 2014 Quarter Ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
	(in millions)
Operating Revenues
Service revenues	$	1,550		$	1,577		$	1,538		$	1,499		$	1,417
Data processing revenues		1,400			1,340			1,383			1,348			1,321
International transaction revenues		1,039			964			970			938			860
Other revenues		199			204			204			212			195
Client incentives		(670	)		(676	)		(713	)		(768	)		(638	)
Total operating revenues		3,518			3,409			3,382			3,229			3,155
Operating Expenses
Personnel		566			483			509			496			463
Marketing		224			190			205			241			228
Network and processing		117			109			114			128			127
Professional fees		82			77			70			94			82
Depreciation and amortization		130			125			120			112			109
General and administrative		137			141			126			153			126
Litigation provision		—			3			—			453			—
Total operating expenses		1,256			1,128			1,144			1,677			1,135
Operating income		2,262			2,281			2,238			1,552			2,020
Non-operating (expense) income		(94	)		1			24			(2	)		10
Income before income taxes		2,168			2,282			2,262			1,550			2,030
Income tax provision		471			732			693			477			670
Net income	$	1,697		$	1,550		$	1,569		$	1,073		$	1,360

VISA INC.
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
(UNAUDITED)
During the third quarter of fiscal 2015, we recorded an increase of $110 million in the fair value of the Visa Europe put option, resulting in the recognition of non-cash, non-operating expense that we do not believe is indicative of our operating performance. As such, we believe the presentation of adjusted financial results provides a clearer understanding of our operating performance for the current periods presented. This amount is not subject to income tax and therefore has no impact on our reported income tax provision. There were no comparable adjustments recorded for the three and nine months ended June 30, 2014. Net income, as adjusted, and diluted earnings per share, as adjusted, are non-GAAP financial measures and should not be relied upon as substitutes for measures calculated in accordance with U.S. GAAP. The following table reconciles our as-reported net income and diluted earnings per share, which are calculated in accordance with U.S. GAAP, to our net income, as adjusted, and diluted earnings per share, as adjusted, for the periods presented:
	Three Months Ended June 30,								Nine Months Ended June 30,
	Net Income				Diluted Earnings per Share^(1)				Net Income				Diluted Earnings per Share^(1)
	2015		2014		2015		2014		2015		2014		2015		2014
	(in millions, except per share data)
As reported	$	1,697	$	1,360	$	0.69	$	0.54	$	4,816	$	4,365	$	1.96	$	1.72
Revaluation of Visa Europe put option		110		—		0.04		—		110		—		0.04		—
As adjusted	$	1,807	$	1,360	$	0.74	$	0.54	$	4,926	$	4,365	$	2.00	$	1.72
Diluted weighted-average shares outstanding						2,448		2,511						2,462		2,533
^(1) Figures in the table may not recalculate exactly due to rounding. Diluted earnings per share figures are calculated based on unrounded numbers.
Prior period amounts have been retroactively adjusted for the four-for-one split of class A common stock that was effected in the second quarter of fiscal 2015.

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended June 30, 2015, as well as the prior four quarterly reporting periods and the 12 months ended June 30, 2015 and 2014, for cards carrying the Visa, Visa Electron and Interlink brands.

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 June 30, 2015
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		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	$	509	4.2	%	10.8	%	$	364	7.8	%	15.2	%	4,362	$	145	-3.8	%	1.1	%	1,002
Canada		61	-5.8	%	5.1	%		56	-6.0	%	4.9	%	675		5	-3.3	%	7.8	%	12
CEMEA		238	-14.0	%	7.1	%		61	-6.3	%	14.8	%	1,783		177	-16.4	%	4.7	%	1,199
LAC		237	-11.0	%	11.5	%		88	-12.5	%	12.3	%	2,591		148	-10.0	%	11.0	%	1,071
US		809	7.9	%	7.9	%		683	8.7	%	8.7	%	13,314		127	4.0	%	4.0	%	952
Visa Inc.		1,854	0.5	%	8.9	%		1,252	5.1	%	10.9	%	22,725		602	-8.0	%	5.1	%	4,236
Visa Credit Programs
US	$	352	11.3	%	11.3	%	$	339	11.6	%	11.6	%	4,072	$	13	3.6	%	3.6	%	16
International		490	0.2	%	12.5	%		453	2.8	%	14.3	%	5,889		37	-23.6	%	-6.3	%	160
Visa Inc.		842	4.5	%	12.0	%		791	6.4	%	13.2	%	9,960		50	-17.9	%	-3.9	%	177
Visa Debit Programs
US	$	457	5.5	%	5.5	%	$	344	5.9	%	5.9	%	9,242	$	113	4.1	%	4.1	%	936
International		555	-8.5	%	7.4	%		117	-5.1	%	10.8	%	3,522		438	-9.4	%	6.6	%	3,124
Visa Inc.		1,012	-2.7	%	6.5	%		461	2.9	%	7.1	%	12,764		552	-6.9	%	6.1	%	4,060

	For the 3 Months Ended March 31, 2015
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		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	$	495	2.9	%	8.6	%	$	343	4.8	%	11.6	%	4,092	$	152	-1.2	%	2.4	%	986	711	809
Canada		54	-5.0	%	7.1	%		49	-5.3	%	6.8	%	602		5	-1.7	%	10.9	%	12	42	49
CEMEA		213	-15.6	%	12.4	%		54	-7.8	%	20.4	%	1,619		159	-17.9	%	9.9	%	1,136	329	323
LAC		243	-2.9	%	13.4	%		93	-1.3	%	15.7	%	2,529		149	-3.8	%	12.0	%	1,042	417	450
US		748	8.4	%	8.4	%		628	9.2	%	9.2	%	12,204		120	4.4	%	4.4	%	892	624	789
Visa Inc.		1,752	1.3	%	9.6	%		1,168	5.4	%	10.8	%	21,046		584	-6.0	%	7.2	%	4,067	2,123	2,420
Visa Credit Programs
US	$	316	12.3	%	12.3	%	$	303	12.3	%	12.3	%	3,623	$	13	12.2	%	12.2	%	15	241	318
International		464	0.3	%	11.7	%		428	2.7	%	12.8	%	5,533		36	-21.7	%	0.6	%	169	489	546
Visa Inc.		780	4.8	%	12.0	%		731	6.4	%	12.6	%	9,156		49	-14.8	%	3.5	%	184	730	864
Visa Debit Programs
US	$	432	5.8	%	5.8	%	$	325	6.5	%	6.5	%	8,581	$	107	3.5	%	3.5	%	877	382	471
International		540	-6.4	%	9.4	%		111	-3.5	%	12.2	%	3,310		428	-7.1	%	8.7	%	3,006	1,011	1,085
Visa Inc.		972	-1.3	%	7.7	%		437	3.8	%	7.9	%	11,891		535	-5.1	%	7.6	%	3,883	1,393	1,556

	For the 3 Months Ended December 31, 2014
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		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	$	511	3.6	%	8.0	%	$	359	5.8	%	10.7	%	4,186	$	152	-1.4	%	1.9	%	974	698	797
Canada		66	-0.1	%	8.7	%		62	-0.1	%	8.7	%	671		5	0.2	%	9.0	%	11	42	49
CEMEA		265	-7.4	%	16.2	%		65	3.6	%	27.1	%	1,619		200	-10.4	%	13.1	%	1,225	325	321
LAC		286	-0.4	%	13.8	%		109	-0.6	%	15.3	%	2,697		177	-0.2	%	12.8	%	1,130	415	453
US		772	9.4	%	9.4	%		651	10.2	%	10.2	%	12,594		121	5.2	%	5.2	%	914	614	782
Visa Inc.		1,900	3.4	%	10.5	%		1,246	7.0	%	11.5	%	21,767		654	-2.9	%	8.7	%	4,254	2,093	2,402
Visa Credit Programs
US	$	341	13.7	%	13.7	%	$	327	13.9	%	13.9	%	3,956	$	13	9.2	%	9.2	%	16	236	313
International		512	1.9	%	11.3	%		468	4.0	%	12.2	%	5,775		44	-15.9	%	2.4	%	188	485	544
Visa Inc.		853	6.3	%	12.2	%		795	7.8	%	12.9	%	9,731		58	-11.2	%	3.9	%	204	721	857
Visa Debit Programs
US	$	431	6.2	%	6.2	%	$	324	6.6	%	6.6	%	8,638	$	108	4.7	%	4.7	%	898	377	469
International		616	-2.2	%	11.3	%		127	2.7	%	15.6	%	3,398		489	-3.4	%	10.3	%	3,152	994	1,076
Visa Inc.		1,047	1.1	%	9.1	%		450	5.5	%	9.0	%	12,036		597	-2.0	%	9.2	%	4,050	1,372	1,545

	For the 3 Months Ended September 30, 2014
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		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	$	506	9.1	%	9.0	%	$	352	11.9	%	11.8	%	4,000	$	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	9.9	%	9.9	%	12,315		124	6.0	%	6.0	%	951	590	754
Visa Inc.		1,885	8.0	%	10.3	%		1,217	10.2	%	11.5	%	20,950		667	4.2	%	8.3	%	4,152	2,044	2,341
Visa Credit Programs
US	$	327	12.7	%	12.7	%	$	313	12.8	%	12.8	%	3,734	$	14	11.8	%	11.8	%	17	230	304
International		506	7.6	%	10.4	%		458	9.0	%	11.3	%	5,554		49	-3.7	%	2.8	%	192	484	545
Visa Inc.		833	9.6	%	11.3	%		770	10.5	%	11.9	%	9,289		62	-0.6	%	4.7	%	209	714	850
Visa Debit Programs
US	$	429	6.7	%	6.7	%	$	319	7.2	%	7.2	%	8,580	$	110	5.4	%	5.4	%	934	360	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.		1,052	6.8	%	9.6	%		447	9.7	%	10.8	%	11,661		605	4.8	%	8.7	%	3,943	1,330	1,492

	For the 3 Months Ended June 30, 2014
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		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	$	488	7.1	%	9.6	%	$	338	11.1	%	12.6	%	3,821	$	151	-1.0	%	3.5	%	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	%	14.2	%		65	18.1	%	25.8	%	1,389		212	1.6	%	11.0	%	1,196	313	310
LAC		266	-1.3	%	10.0	%		101	0.3	%	12.1	%	2,408		165	-2.3	%	8.8	%	1,013	418	446
US		750	9.4	%	9.4	%		628	10.1	%	10.1	%	12,224		122	5.9	%	5.9	%	943	580	743
Visa Inc.		1,845	6.1	%	10.1	%		1,191	9.4	%	11.5	%	20,469		654	0.7	%	7.4	%	4,073	2,008	2,299
Visa Credit Programs
US	$	316	12.1	%	12.1	%	$	303	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	%	1.6	%	199	478	536
Visa Inc.		805	8.1	%	10.9	%		744	9.1	%	11.6	%	8,940		62	-1.9	%	3.2	%	215	701	832
Visa Debit Programs
US	$	433	7.4	%	7.4	%	$	325	8.1	%	8.1	%	8,650	$	109	5.6	%	5.6	%	927	356	447
International		607	2.7	%	11.1	%		123	15.0	%	22.9	%	2,879		484	0.0	%	8.4	%	2,932	950	1,020
Visa Inc.		1,040	4.6	%	9.4	%		448	9.9	%	11.3	%	11,529		593	1.0	%	7.8	%	3,859	1,307	1,467

	For the 12 Months Ended June 30, 2015
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		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	$	2,021	4.9	%	9.1	%	$	1,418	7.5	%	12.3	%	16,641	$	603	-0.8	%	2.2	%	3,922
Canada		248	-2.1	%	7.1	%		228	-2.3	%	6.9	%	2,598		20	0.2	%	9.7	%	47
CEMEA		996	-7.7	%	12.8	%		247	1.6	%	22.2	%	6,510		748	-10.5	%	10.0	%	4,733
LAC		1,041	-1.9	%	12.7	%		396	-1.9	%	14.5	%	10,312		646	-2.0	%	11.7	%	4,299
US		3,085	8.7	%	8.7	%		2,594	9.5	%	9.5	%	50,427		492	4.9	%	4.9	%	3,709
Visa Inc.		7,390	3.3	%	9.8	%		4,882	6.9	%	11.1	%	86,488		2,508	-3.2	%	7.4	%	16,710
Visa Credit Programs
US	$	1,335	12.5	%	12.5	%	$	1,282	12.6	%	12.6	%	15,385	$	54	9.1	%	9.1	%	65
International		1,972	2.5	%	11.5	%		1,806	4.6	%	12.6	%	22,751		166	-16.0	%	0.0	%	709
Visa Inc.		3,307	6.3	%	11.9	%		3,088	7.8	%	12.6	%	38,136		219	-11.0	%	2.1	%	774
Visa Debit Programs
US	$	1,750	6.0	%	6.0	%	$	1,312	6.6	%	6.6	%	35,042	$	438	4.4	%	4.4	%	3,645
International		2,333	-2.6	%	10.0	%		482	2.4	%	14.9	%	13,310		1,851	-3.8	%	8.8	%	12,291
Visa Inc.		4,083	0.9	%	8.3	%		1,795	5.4	%	8.7	%	48,352		2,289	-2.3	%	7.9	%	15,936

	For the 12 Months Ended June 30, 2014
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		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	$	1,926	7.4	%	11.8	%	$	1,319	9.7	%	14.2	%	14,630	$	608	2.8	%	7.2	%	3,532	658	754
Canada		253	1.4	%	8.1	%		233	1.6	%	8.2	%	2,390		20	-0.2	%	6.4	%	46	39	46
CEMEA		1,079	7.6	%	14.2	%		243	20.9	%	27.7	%	4,994		836	4.3	%	10.7	%	4,598	313	310
LAC		1,062	-0.6	%	10.6	%		403	1.5	%	13.8	%	9,629		659	-1.9	%	8.7	%	4,060	418	446
US		2,838	8.6	%	8.6	%		2,369	9.3	%	9.3	%	46,360		469	5.0	%	5.0	%	3,641	580	743
Visa Inc.		7,158	6.4	%	10.4	%		4,568	8.8	%	11.7	%	78,003		2,590	2.4	%	8.1	%	15,878	2,008	2,299
Visa Credit Programs
US	$	1,187	10.6	%	10.6	%	$	1,138	10.9	%	10.9	%	13,492	$	49	5.1	%	5.1	%	63	223	296
International		1,925	5.5	%	11.4	%		1,727	6.4	%	12.4	%	20,866		197	-1.5	%	2.7	%	767	478	536
Visa Inc.		3,112	7.4	%	11.1	%		2,865	8.1	%	11.8	%	34,359		247	-0.2	%	3.2	%	830	701	832
Visa Debit Programs
US	$	1,651	7.2	%	7.2	%	$	1,231	8.0	%	8.0	%	32,868	$	419	5.0	%	5.0	%	3,578	356	447
International		2,395	4.6	%	12.2	%		471	15.9	%	24.0	%	10,776		1,924	2.2	%	9.6	%	11,469	950	1,020
Visa Inc.		4,046	5.7	%	9.9	%		1,702	10.0	%	11.6	%	43,644		2,344	2.7	%	8.6	%	15,047	1,307	1,467

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 (Nominal USD)	Growth (Constant USD)
3 Months Ended
Jun 30, 2015	0%	8%
Mar 31, 2015	2%	8%
Dec 31, 2014	4%	8%
Sep 30, 2014	9%	10%
Jun 30, 2014	6%	7%
12 Months Ended
Jun 30, 2015	4%	9%
Jun 30, 2014	8%	9%

3. Visa Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.

Period	Processed Transactions (millions)	Growth
3 Months Ended
Jun 30, 2015	18,024	8%
Mar 31, 2015	16,980	11%
Dec 31, 2014	17,599	10%
Sep 30, 2014	16,991	10%
Jun 30, 2014	16,662	11%
12 Months Ended
Jun 30, 2015	69,595	10%
Jun 30, 2014	63,492	12%

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.