Visa Inc. Reports Fiscal Second Quarter 2016 Results

  • GAAP quarterly net income of $1.7 billion or $0.71 per share including a non-recurring, non-operating gain related to currency forward contracts
  • Adjusted quarterly net income of $1.6 billion or $0.68 per share excluding a non-recurring, non-operating gain related to currency forward contracts

SAN FRANCISCO--(BUSINESS WIRE)--Apr. 21, 2016-- Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal second quarter 2016. GAAP net income for the quarter, inclusive of a non-recurring, non-operating gain related to currency forward contracts, was $1.7 billion, or $0.71 per share. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.

During the fiscal second quarter, the Company entered into currency forward contracts to mitigate a portion of the foreign currency exchange rate risk associated with the upfront cash consideration to be paid in the anticipated Visa Europe acquisition. As a result, the Company recorded non-recurring, net unrealized gains of $116 million in non-operating income. Excluding this non-operating gain, adjusted net income for the quarter was $1.6 billion, an increase of 5% over the prior year. Adjusted earnings per share was $0.68, an increase of 7% nominally, or 12% in constant dollars, over the prior year. The Company’s adjusted quarterly net income and earnings per share are non-GAAP financial measures that are reconciled to their most directly comparable U.S. GAAP financial measures in the accompanying financial tables.

Net operating revenue in the fiscal second quarter of 2016 was $3.6 billion, an increase of 6% nominally or 9% on a constant dollar basis over the prior year, driven by continued growth in processed transactions and nominal payments volume. Currency rate shifts versus the prior year negatively impacted reported net operating revenue growth by approximately 3 percentage points.

“Visa reported solid financial results in the fiscal second quarter. The continued headwinds of the strong U.S. dollar, lower oil prices, and an uneven global economy are driving continued weak cross-border spend, but domestic spend continues at reasonably strong levels consistent with last quarter. In fact, most of our growth metrics look very similar to what we saw last quarter. The U.S. consumer remains strong, but we see weakness in China, Brazil, and oil based economies. Since we are not seeing any material improvements in economic trends, we are cautious as we head into the second half of fiscal 2016. The continued headwinds we see do not take away from the underlying growth in our business and our continued conviction in the great opportunities to grow global penetration of electronic payments for years to come,” said Charlie Scharf, Chief Executive Officer of Visa Inc.

Fiscal Second Quarter 2016 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2015 on which fiscal second quarter service revenue is recognized, was 12% over the prior year at $1.3 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2016, was 12% over the prior year at $1.3 trillion.

Cross-border volume growth, on a constant dollar basis, was 5% for the three months ended March 31, 2016.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2016, were 18.5 billion, a 9% increase over the prior year.

Fiscal second quarter 2016 service revenues were $1.7 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 10% over the prior year to $1.5 billion. International transaction revenues grew 8% over the prior year to $1.0 billion. Other revenues were $198 million, a decrease of 3% over the prior year. Client incentives, which are a contra revenue item, were $789 million and represent 17.9% of gross revenues.

Total operating expenses were $1.2 billion in the fiscal second quarter, a 6% increase over the prior year, primarily due to increases in personnel, general and administrative, and network and processing expenses.

The Company recognized interest expense of $125 million for the quarter ended March 31, 2016 as a result of the issuance of approximately $16.0 billion of fixed-rate senior notes in the quarter ended December 31, 2015.

The effective tax rate was 30.1% for the quarter ended March 31, 2016.

Cash, cash equivalents, and available-for-sale investment securities were $23.4 billion at March 31, 2016.

The weighted-average number of diluted shares of class A common stock outstanding was 2.4 billion for the quarter ended March 31, 2016.

Notable Events:

During the three months ended March 31, 2016, the Company repurchased 24.2 million shares of class A common stock, at an average price of $72.23 per share, using $1.8 billion of cash on hand. Fiscal year to date through March 31, 2016, the Company repurchased a total of 49.9 million shares of class A common stock, at an average price of $75.47 per share, using $3.8 billion of cash on hand. The Company has $4.0 billion of remaining funds, authorized by the board of directors, available for share repurchase under the current program.

On April 20, 2016, the board of directors declared a quarterly cash dividend of $0.14 per share of class A common stock (determined in the case of class B and C common stock on an as-converted basis) payable on June 7, 2016, to all holders of record of the Company’s class A, B and C common stock as of May 13, 2016.

Financial Outlook for Fiscal Full-Year 2016:

Visa Inc. reaffirms its financial outlook for the following metrics for fiscal full-year 2016:

  • Annual operating margin: Mid 60s; and
  • Annual free cash flow: About $7 billion.

Visa Inc. updates its financial outlook for the following metrics for fiscal full-year 2016:

  • Annual net revenue growth: 7% to 8% range on a constant dollar basis, with an expectation of about 3 percentage points of negative foreign currency impact;
  • Client incentives as a percentage of gross revenues: High-end of the 17.5% to 18.5% range;
  • Adjusted effective tax rate: About 30%; and
  • Annual adjusted diluted class A common stock earnings per share growth: Low double-digits on a constant dollar basis, with an expectation of about 4 percentage points of negative foreign currency impact. This now includes interest expense of about $390 million, or over 9 cents of earnings per share, which equates to almost 4 percentage points of reduced year-over-year growth.

Note: The financial outlook for fiscal full-year 2016 excludes any impact from the Visa Europe transaction.

Fiscal Second Quarter 2016 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 65,000 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”, "may," "projects," "could," "should," "will," "will continue" and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, 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:
    • increased regulation of fees, transaction routing, payment card practices or other aspects of the payments industry in the U.S., including new or revised regulations issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act;
    • increased regulation in jurisdictions outside of the U.S.;
    • increased government support of national payment networks outside the U.S.; 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, the U.S. and in other advanced and emerging markets;
    • 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; 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;
  • the transaction with Visa Europe may not be consummated on the terms currently contemplated or at all;
  • Visa Europe's business may not be successfully integrated with our business or we may not achieve the anticipated benefits of the transaction;
  • the costs and risks associated with the transaction with Visa Europe;
  • matters arising in connection with Visa Europe's or our efforts to comply with and satisfy applicable regulatory approvals and closing conditions relating to the transaction;
  • 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 more fully described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2015, and our subsequent reports on Forms 10-Q and 8-K.

You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise.

 

VISA INC.

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
         
March 31, September 30,
2016 2015
(in millions, except par value data)
Assets
Cash and cash equivalents $ 15,943 $ 3,518
Restricted cash—litigation escrow 1,061 1,072
Investment securities:
Trading 69 66
Available-for-sale 3,885 2,431
Settlement receivable 414 408
Accounts receivable 944 847
Customer collateral 1,050 1,023
Current portion of client incentives

291

303
Prepaid expenses and other current assets   646     353  
Total current assets

24,303

10,021
 
Investment securities, available-for-sale 3,577 3,384
Client incentives

540

110
Property, equipment and technology, net 1,883 1,888
Other assets 852 778
Intangible assets, net 11,335 11,361
Goodwill   11,836     11,825  
Total assets $ 54,326   $ 39,367  
 
 
Liabilities
Accounts payable $ 90 $ 127
Settlement payable 723 780
Customer collateral 1,050 1,023
Accrued compensation and benefits 376 503
Client incentives 1,132 1,049
Accrued liabilities 741 849
Accrued litigation   1,013     1,024  
Total current liabilities 5,125 5,355
 
Long-term debt 15,876
Deferred tax liabilities 3,256 3,273
Other liabilities   938     897  
Total liabilities   25,195     9,525  
 
 
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, 1,905 and 1,950 shares issued and outstanding at March 31, 2016 and September 30, 2015, respectively
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at March 31, 2016 and September 30, 2015

Class C common stock, $0.0001 par value, 1,097 shares authorized, 19 and 20 shares issued and outstanding at March 31, 2016 and September 30, 2015, respectively

Additional paid-in capital 17,645 18,073
Accumulated income 11,582 11,843
Accumulated other comprehensive loss, net:
Investment securities, available-for-sale 40 5
Defined benefit pension and other postretirement plans (126 ) (161 )
Derivative instruments classified as cash flow hedges (9 ) 83
Foreign currency translation adjustments   (1 )   (1 )
Total accumulated other comprehensive loss, net   (96 )   (74 )
Total equity   29,131     29,842  
Total liabilities and equity $ 54,326   $ 39,367  
 
 
VISA INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
      Three Months Ended     Six Months Ended
March 31, March 31,
2016     2015 2016     2015
(in millions, except per share data)
Operating Revenues
Service revenues $ 1,699 $ 1,577 $ 3,344 $ 3,115
Data processing revenues 1,473 1,340 2,952 2,723
International transaction revenues 1,045 964 2,076 1,934
Other revenues 198 204 396 408
Client incentives   (789 )   (676 )   (1,577 )   (1,389 )
Total operating revenues   3,626     3,409     7,191     6,791  
 
Operating Expenses
Personnel 528 483 1,027 992
Marketing 186 190 380 395
Network and processing 126 109 254 223
Professional fees 66 77 138 147
Depreciation and amortization 121 125 241 245
General and administrative 164 141 320 267
Litigation provision   1     3     1     3  
Total operating expenses   1,192     1,128     2,361     2,272  
Operating income   2,434     2,281     4,830     4,519  
 
Non-operating Income
Interest expense (132 ) (7 ) (161 ) (10 )
Other   139     8     411     35  
Total non-operating income   7     1     250     25  
Income before income taxes 2,441 2,282 5,080 4,544
Income tax provision   734     732     1,432     1,425  
Net income $ 1,707   $ 1,550   $ 3,648   $ 3,119  
 
Basic earnings per share
Class A common stock $ 0.71   $ 0.63   $ 1.51   $ 1.27  
Class B common stock $ 1.17   $ 1.04   $ 2.49   $ 2.09  
Class C common stock $ 2.85   $ 2.53   $ 6.05   $ 5.06  
 
Basic weighted-average shares outstanding
Class A common stock   1,909     1,963     1,923     1,969  
Class B common stock   245     245     245     245  
Class C common stock   19     20     19     21  
 
Diluted earnings per share
Class A common stock $ 0.71   $ 0.63   $ 1.51   $ 1.26  
Class B common stock $ 1.17   $ 1.04   $ 2.49   $ 2.08  
Class C common stock $ 2.84   $ 2.52   $ 6.04   $ 5.05  
 
Diluted weighted-average shares outstanding
Class A common stock   2,401     2,460     2,416     2,469  
Class B common stock   245     245     245     245  
Class C common stock   19     20     19     21  
 
         
VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
March 31,
2016 2015
(in millions)
Operating Activities
Net income $ 3,648 $ 3,119
Adjustments to reconcile net income to net cash provided by operating activities:
Client incentives 1,577 1,389
Fair value adjustment for the Visa Europe put option (255 )
Share-based compensation 97 93
Excess tax benefit for share-based compensation (43 ) (70 )
Depreciation and amortization of property, equipment, technology and intangible assets 241 245
Deferred income taxes (29 ) 173
Other 17 15
Change in operating assets and liabilities:
Settlement receivable (6 ) 107
Accounts receivable (97 ) (74 )
Client incentives (1,912 ) (1,479 )
Other assets (397 ) (467 )
Accounts payable (34 ) (44 )
Settlement payable (57 ) (206 )
Accrued and other liabilities 81 262
Accrued litigation   (12 )   (324 )
Net cash provided by operating activities   2,819     2,739  
 
Investing Activities
Purchases of property, equipment, technology and intangible assets (250 ) (202 )
Proceeds from sales of property, equipment and technology 10
Investment securities, available-for-sale:
Purchases (17,437 ) (1,267 )
Proceeds from maturities and sales 15,860 895
Acquisition of business (14 )
Purchases of / contributions to other investments (9 ) (2 )
Proceeds / distributions from other investments   4     9  
Net cash used in investing activities   (1,846 )   (557 )
 
Financing Activities
Repurchase of class A common stock (3,765 ) (1,855 )
Dividends paid (676 ) (591 )
Proceeds from issuance of senior notes 15,971
Debt issuance costs (96 )
Payments from litigation escrow account—U.S. retrospective responsibility plan 11 321
Cash proceeds from issuance of common stock under employee equity plans 49 46
Restricted stock and performance-based shares settled in cash for taxes (85 ) (106 )
Excess tax benefit for share-based compensation   43     70  
Net cash provided by (used in) financing activities   11,452     (2,115 )
Effect of exchange rate changes on cash and cash equivalents       1  
Increase in cash and cash equivalents 12,425 68
Cash and cash equivalents at beginning of year   3,518     1,971  
Cash and cash equivalents at end of period $ 15,943   $ 2,039  
 
Supplemental Disclosure
Income taxes paid, net of refunds $ 1,501 $ 1,376
Net unrealized gains on currency forward contracts $ 116 $
Accruals related to purchases of property, equipment, technology and intangible assets $ 38 $ 26
 
                     
VISA INC.
FISCAL 2016 AND 2015 QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
 
Fiscal 2016 Quarter Ended Fiscal 2015 Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2016 2015 2015 2015 2015
(in millions)
Operating Revenues
Service revenues $ 1,699 $ 1,645 $ 1,637 $ 1,550 $ 1,577
Data processing revenues 1,473 1,479 1,429 1,400 1,340
International transaction revenues 1,045 1,031 1,091 1,039 964
Other revenues 198 198 216 199 204
Client incentives   (789 )   (788 )   (802 )   (670 )   (676 )
Total operating revenues   3,626     3,565     3,571     3,518     3,409  
 
Operating Expenses
Personnel 528 499 521 566 483
Marketing 186 194 253 224 190
Network and processing 126 128 134 117 109
Professional fees 66 72 107 82 77
Depreciation and amortization 121 120 119 130 125
General and administrative 164 156 143 137 141
Litigation provision   1         11         3  
Total operating expenses   1,192     1,169     1,288     1,256     1,128  
Operating income   2,434     2,396     2,283     2,262     2,281  
 
Non-operating Income (Expense)
Interest expense (132 ) (29 ) 8 (7 )
Other   139     272         (102 )   8  
Total non-operating income (expense)   7     243         (94 )   1  
Income before income taxes 2,441 2,639 2,283 2,168 2,282
Income tax provision   734     698     771     471     732  
Net income $ 1,707   $ 1,941   $ 1,512   $ 1,697   $ 1,550  
 

VISA INC.
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
(UNAUDITED)

The Company's financial results during the first half of fiscal 2016 reflect the impact of significant non-operating items that the Company does not believe are indicative of its operating performance, as they are either non-recurring or have no cash impact. As such, the Company believes the presentation of adjusted financial results excluding the following two items provides a clearer understanding of its operating performance for the periods presented. There were no comparable adjustments recorded during the three or six months ended March 31, 2015.

  • Net unrealized gains on currency forward contracts. During the second quarter of fiscal 2016, the Company entered into currency forward contracts to mitigate a portion of the foreign currency exchange rate risk associated with the upfront cash consideration to be paid in the anticipated Visa Europe acquisition. As a result, the Company recorded non-recurring, net unrealized gains of $116 million, before tax, in non-operating income. Net of related tax expense, determined by applying applicable federal and state tax rates, the impact to income was $81 million.
  • Revaluation of Visa Europe put option (the "Put"). During the first quarter of fiscal 2016, the Company recorded a decrease of $255 million in the fair value of the Put, resulting in the recognition of non-cash, non-operating income in its financial results. This amount is not subject to income tax and therefore has no impact on the reported income tax provision.

Adjusted net income, effective income tax rate and diluted earnings per share 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 the as-reported net income, effective income tax rate and diluted earnings per share, which are calculated in accordance with U.S. GAAP, to the respective non-GAAP adjusted financial measures for the three and six months ended March 31, 2016:

               
Three Months Ended Six Months Ended
March 31, 2016 March 31, 2016
    Effective Diluted     Effective   Diluted
Income Tax Earnings per Income Tax Earnings per
Net Income

Rate(1)

Share(1)

Net Income

Rate(1)

Share(1)

(in millions, except percentages and per share data)
As reported $ 1,707 30 % $ 0.71 $ 3,648 28 % $ 1.51

Net unrealized gains on currency forward contracts

(81 ) % (0.03 ) (81 ) % (0.03 )
Revaluation of Visa Europe put option     %       (255 ) 2 %   (0.11 )
As adjusted $ 1,626   30 % $ 0.68   $ 3,312   30 % $ 1.37  

Diluted weighted-average shares outstanding, as reported

2,401 2,416
 
(1) Figures in the table may not recalculate exactly due to rounding. Effective income tax rate and diluted earnings per share figures are calculated based on unrounded numbers.
 

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended March 31, 2016, as well as the prior four quarterly reporting periods and the 12 months ended March 31, 2016 and 2015, 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 March 31, 2016

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 $ 513 3.6 % 9.3 % $ 378 10.1 % 15.0 % 4,749 $ 135 -11.1 % -3.9 % 1,008
Canada 51 -5.3 % 5.0 % 46 -5.6 % 4.7 % 656 5 -2.2 % 8.4 % 12
CEMEA 205 -3.2 % 8.5 % 57 5.0 % 17.4 % 2,186 148 -5.9 % 5.5 % 1,160
LAC 204 -16.0 % 9.3 % 79 -15.4 % 14.6 % 2,795 125 -16.4 % 6.1 % 1,081

US

  823 10.0 % 10.0 %   694 10.5 % 10.5 % 13,570   129 7.4 % 7.4 % 935
Visa Inc. 1,796 2.5 % 9.4 % 1,254 7.4 % 12.1 % 23,957 542 -7.2 % 3.6 % 4,197
 
Visa Credit Programs
US $ 349 10.5 % 10.5 % $ 334 10.5 % 10.5 % 4,063 $ 14 8.6 % 8.6 % 16

International

  477 3.0 % 12.5 %   447 4.4 % 13.7 % 6,269   30 -13.7 % -2.6 % 150
Visa Inc. 826 6.0 % 11.6 % 782 6.9 % 12.3 % 10,332 44 -7.5 % 0.7 % 166
 
Visa Debit Programs
US $ 475 9.7 % 9.7 % $ 360 10.5 % 10.5 % 9,506 $ 115 7.3 % 7.3 % 919

International

  496 -8.2 % 5.7 %   113 1.5 % 16.5 % 4,118   383 -10.7 % 2.9 % 3,111
Visa Inc. 970 -0.2 % 7.6 % 473 8.2 % 11.9 % 13,625 498 -7.1 % 3.9 % 4,030
                     
For the 3 Months Ended December 31, 2015
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 $ 524 2.5 % 10.4 % $ 387 7.8 % 15.6 % 4,900 $ 137 -10.0 % -2.1 % 1,003 740 840
Canada 59 -10.7 % 5.2 % 55 -10.9 % 4.9 % 723 4 -8.3 % 8.0 % 11 47 54
CEMEA 228 -13.5 % 6.0 % 60 -6.8 % 12.5 % 2,099 168 -15.7 % 3.8 % 1,236 336 326
LAC 237 -17.0 % 10.1 % 89 -17.6 % 13.9 % 2,914 147 -16.7 % 8.0 % 1,174 416 451

US

  842 9.0 % 9.0 %   714 9.7 % 9.7 % 13,970   128 5.7 % 5.7 % 935 648 820
Visa Inc. 1,890 -0.4 % 9.0 % 1,305 4.9 % 11.6 % 24,605 584 -10.6 % 3.8 % 4,359 2,186 2,490
 
Visa Credit Programs
US $ 372 9.1 % 9.1 % $ 358 9.2 % 9.2 % 4,393 $ 14 8.0 % 8.0 % 17 255 336

International

  504 -1.1 % 12.3 %   470 0.7 % 13.7 % 6,505   34 -20.7 % -3.9 % 164 502 561
Visa Inc. 876 3.0 % 10.9 % 828 4.2 % 11.7 % 10,898 49 -13.9 % -0.7 % 181 758 896
 
Visa Debit Programs
US $ 470 9.0 % 9.0 % $ 356 10.1 % 10.1 % 9,577 $ 114 5.5 % 5.5 % 918 392 484

International

  543 -11.8 % 6.2 %   121 -4.1 % 15.1 % 4,130   422 -13.7 % 3.9 % 3,260 1,036 1,110
Visa Inc. 1,013 -3.2 % 7.5 % 477 6.1 % 11.3 % 13,707 536 -10.3 % 4.2 % 4,179 1,429 1,594
 
   
For the 3 Months Ended September 30, 2015
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 $ 510 0.7 % 11.0 % $ 372 5.5 % 16.4 % 4,670 $ 138 -10.3 % -1.2 % 1,029 738 835
Canada 58 -12.0 % 5.2 % 54 -12.1 % 5.1 % 698 5 -11.3 % 6.0 % 12 43 50
CEMEA 232 -17.1 % 9.1 % 61 -9.8 % 16.9 % 1,915 171 -19.4 % 6.5 % 1,195 333 321
LAC 227 -17.5 % 10.8 % 85 -18.2 % 13.4 % 2,704 142 -17.1 % 9.3 % 1,093 415 450

US

  822 8.7 % 8.7 %   693 9.7 % 9.7 % 13,661   129 4.0 % 4.0 % 959 630 802
Visa Inc. 1,849 -1.8 % 9.6 % 1,265 3.9 % 12.0 % 23,647 585 -12.3 % 4.7 % 4,287 2,158 2,459
 
Visa Credit Programs
US $ 359 9.8 % 9.8 % $ 345 10.1 % 10.1 % 4,221 $ 14 2.9 % 2.9 % 18 250 329

International

  491 -2.8 % 14.0 %   456 -0.4 % 15.5 % 6,212   35 -25.4 % -2.6 % 164 499 558
Visa Inc. 850 2.2 % 12.2 % 800 3.9 % 13.1 % 10,433 50 -19.0 % -1.1 % 181 749 887
 
Visa Debit Programs
US $ 463 7.9 % 7.9 % $ 349 9.2 % 9.2 % 9,439 $ 115 4.1 % 4.1 % 942 380 473

International

  536 -13.9 % 7.0 %   116 -9.0 % 12.5 % 3,774   420 -15.1 % 5.6 % 3,165 1,029 1,099
Visa Inc. 999 -5.0 % 7.4 % 464 4.0 % 10.0 % 13,214 535 -11.6 % 5.2 % 4,106 1,410 1,572
 
   
For the 3 Months Ended June 30, 2015
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)