Visa : Q2 2020 Financial Results

Visa Inc. Reports Fiscal Second Quarter 2020 Results

San Francisco, CA, April 30, 2020 - Visa Inc. (NYSE: V)

• GAAP net income of $3.08B or $1.38 per share and non-GAAP net income of $3.10B or $1.39 per share
• Net revenues of $5.9B, an increase of 7%
• As a result of the COVID-19 outbreak, growth in the underlying business drivers slowed during the quarter, with significant declines in the month of March
• Returned $3.9B of capital to shareholders in the form of share repurchases and dividends

Q2 2020 Results

(Ended March 31, 2020)

in billions, except		GAAP	Non-GAAP(1)
		YoY		YoY
percentages and	USD		USD
per share data		Change	Change
Net Revenues	$5.9	7%	$5.9	7%
Net Income	$3.08	4%	$3.10	6%
Earnings Per	$1.38	6%	$1.39	9%
Share

1. Non-GAAPresults exclude equity investment gains and losses, amortization of acquired intangible assets and non-recurringacquisition-related costs.

Alfred F. Kelly, Jr., Chairman and Chief Executive Officer, Visa Inc., commented on the results:

"As we find ourselves in unprecedented times, Visa is guided by our vision, mission and values. Our top focus has been the safety of our employees and we remain extremely driven to deliver for our clients and shareholders. In this past quarter, we have renewed several key relationships and formed some exciting new partnerships, all in support of the opportunities that we see in consumer payments, new flows and value added services. Although the road ahead will likely be challenging for a number of quarters, our business model is resilient and our strategy to enable the movement of money globally is more relevant than ever."

Q2 2020 Key Business Drivers

(YoY increase / (decrease), volume in constant dollars)

Payments Volume	Cross-Border Volume	Processed Transactions
+5%	(2%)	+7%

Fiscal Second Quarter 2020 - Financial Highlights

GAAP net income in the fiscal second quarter was $3.08 billion or $1.38 per share, increases of 4% and 6%, respectively, over prior year's results. Current and prior year's results included $2 million of net losses and $84 million of net gains from equity investments, respectively. Current year's results also included $16 million related to the amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items, non-GAAP net income for the quarter was $3.10 billion or $1.39 per share, increases of 6% and 9%, respectively, over prior year's results (refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented). Non-GAAP earnings per share growth was approximately 9% on a constant-dollar basis. All references to earnings per share assume fully-diluted class A share count.

Net revenues in the fiscal second quarter were $5.9 billion, an increase of 7%, driven by the year-over-year changes in payments volume, cross-border volume and processed transactions, which were not significantly impacted by COVID-19 until the latter part of March. Net revenues growth was approximately 8% on a constant-dollar basis.

Payments volume for the three months ended December 31, 2019, on which fiscal second quarter service revenues are recognized, grew 8% over the prior year on a constant-dollar basis.

Payments volume for the three months ended March 31, 2020, grew 5% over the prior year on a constant-dollar basis.

Cross-border volume, on a constant-dollar basis, declined by 2% for the three months ended March 31, 2020. Excluding cross- border transactions within Europe, which have revenue yields similar to Europe's domestic volume, the decline on a constant- dollar basis was 5% in the quarter.

Total processed transactions, which represent transactions processed by Visa, for the three months ended March 31, 2020, were 34.9 billion, a 7% increase over the prior year.

Fiscal second quarter service revenues were $2.6 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 11% over the prior year to $2.7 billion. International transaction revenues grew 2% over the prior year to $1.8 billion. Other revenues of $392 million rose 20% over the prior year. Client incentives, which are a contra-revenue item, were $1.7 billion and represented 22.6% of gross revenues.

GAAP operating expenses were $1.9 billion for the fiscal second quarter, a 4% increase over the prior year's results, including the amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these operating expense items, non-GAAP operating expenses grew 3% over the prior year, primarily driven by personnel and depreciation and amortization costs.

GAAP non-operating expense was $95 million for the fiscal second quarter, including $2 million of net equity investment losses.

GAAP effective income tax rate was 19.4% for the quarter ended March 31, 2020, including the tax impacts from amortization of acquired intangible assets, non-recurringacquisition-related costs and net equity investment losses. Excluding the tax impacts from these items, the non-GAAP effective income tax rate was 19.5% for the quarter ended March 31, 2020.

Cash, cash equivalents and investment securities were $13.2 billion as of March 31, 2020.

The weighted-average number of diluted shares of class A common stock outstanding was 2.23 billion for the quarter ended March 31, 2020.

2

Other Notable Items

COVID-19 impacted both card present and card not present cross-border travel related spending, initially in Asia during February, and then globally and more significantly in March as the outbreak spread to the rest of the world. As countries imposed social distancing, shelter-in-place or total lock-down orders, domestic spending, most notably in travel, restaurants, entertainment and fuel, sharply declined week on week with significant deterioration in volume and transaction trends in the latter part of March.

On January 13, 2020, Visa announced it signed a definitive agreement to acquire Plaid, a network that makes it easy for people to securely connect their financial accounts to the apps they use to manage their financial lives. Visa will pay $4.9 billion cash consideration and $0.4 billion of retention equity and deferred equity consideration. This acquisition is subject to customary closing conditions, including ongoing regulatory reviews and approvals, which are expected to be completed by the end of 2020.

On March 31, 2020, Visa announced an offering of fixed-rate senior notes in an aggregate principal amount of $4.0 billion, with maturities ranging between 7 and 20 years, and interest rates from 1.9% to 2.7%. The weighted average interest rate is 2.16%. The notes were issued on April 2, 2020 and the net proceeds will be used for general corporate purposes.

During the three months ended March 31, 2020, Visa repurchased 17.8 million shares of class A common stock, at an average price of $180.10 per share, using $3.2 billion of cash on hand. In the six months ended March 31, 2020, Visa repurchased a total of

30.9 million shares of class A common stock, at an average price of $179.94 per share, using $5.6 billion of cash on hand. The Company had $7.9 billion of remaining authorized funds for share repurchase as of March 31, 2020.

On April 21, 2020, the board of directors declared a quarterly cash dividend of $0.30 per share of class A common stock (determined in the case of class B and C common stock and series B and C convertible participating preferred stock on an as- converted basis) payable on June 2, 2020, to all holders of record as of May 14, 2020.

Financial Outlook for Fiscal Full-Year 2020

The worldwide spread of COVID-19 has created significant uncertainty in the global economy and the extent to which COVID-19 will impact the Company's future results is difficult to reasonably estimate at this time; therefore we are not providing a fiscal full- year 2020 outlook.

Fiscal Second Quarter 2020 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 athttp://investor.visa.com. A replay of the webcast will be available for 30 days. Investor information, including supplemental financial information, is also available athttp://investor.visa.com.

3

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, the impact on our underlying business drivers and other volume and transaction trends as a result of COVID-19, our future operations, prospects, developments, strategies and business growth. Forward-looking statements generally are identified by words such as "believes," "estimates," "expects," "intends," "may," "projects," "outlook," "could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict.

Actual results could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to:

• impact of global economic, political, market, health and social events or conditions, including the impact of COVID-19;
• increased oversight and regulation of the global payments industry and our business;
• impact of government-imposed restrictions on international payment systems;
• outcome of tax, litigation and governmental investigation matters;
• increasingly intense competition in the payments industry, including competition for our clients and merchants;
• proliferation and continuous evolution of new technologies and business models;
• our ability to maintain relationships with our clients, merchants and other third parties;
• brand or reputational damage;
• management changes;
• exposure to loss or illiquidity due to settlement guarantees;
• uncertainty surrounding the impact of the United Kingdom's withdrawal from the European Union;
• a disruption, failure, breach or cyber-attack of our networks or systems;
• risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions and other strategic investments; and
• other factors 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, 2019, and our subsequent reports on Forms 10-Q and 8-K.

Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

About Visa Inc.

Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa.html,usa.visa.com/visa-everywhere/blog.html and @VisaNews.

	Contacts	Investor Relations	Media Relations
	Mike Milotich, 650-432-7644,	Will Stickney, 415-805-4892,
		[e-mail]	[e-mail]

4

Fiscal Second Quarter 2020 - Financial Summary

Q2 FISCAL 2020 INCOME STATEMENT SUMMARY

(in millions, except percentages and per		Three Months Ended	YoY Change
	March 31, 2020
share data)
	GAAP		Non-GAAP	GAAP	Non-GAAP
Re ve nue s
Service revenues	$	2,623	$	2,623	9%	9%
Data processing revenues		2,711		2,711	11%	11%
International transaction revenues		1,833		1,833	2%	2%
Other revenues		392		392	20%	20%
Client incentives		(1,705)		(1,705)	15%	15%
Net revenues		5,854		5,854	7%	7%
Operating Expenses
Personnel		940		938	5%	5%
Marketing		235		235	(3%)	(3%)
Network and processing		183		181	7%	6%
Professional fees		103		103	2%	2%
Depreciation and amortization		192		180	20%	13%
General and administrative		269		269	2%	2%
Litigation provision		8		8	(67%)	(67%)
Total operating expenses		1,930		1,914	4%	3%
Operating income		3,924		3,940	8%	8%
Non-operating expense		(95)		(93)	(367%)	95%
Effective tax rate		19.4%		19.5%	0 ppt	1 ppt
Net income	$	3,084	$	3,098	4%	6%
Earnings per share	$	1 .38	$	1 .39	6%	9%

Q2 FISCAL 2020 KEY BUSINESS DRIVERS

	YoY Change
	Constant	Nominal
Payments volume	5%	3%
Cross-border volume	(2%)	(4%)
Processed transactions	7%	7%

5

Visa Inc. Consolidated Balance Sheets (unaudited)

						March 31,					September 30,
						2020						2019
						(in millions, except par value data)
	Assets
	Cash and cash equivalents	$	9,740		$	7,838
	Restricted cash equivalents-U.S. litigation escrow		1,264						1,205
	Investment securities		2,411						4,236
	Settlement receivable		1,432						3,048
	Accounts receivable		1,516						1,542
	Customer collateral		1,698						1,648
	Current portion of client incentives		957						741
	Prepaid expenses and other current assets		889						712
			Total current assets		19,907						20,970
	Investment securities		1,064						2,157
	Client incentives		3,110						2,084
	Property, equipment and technology, net			2,776						2,695
	Goodwill		15,755						15,656
	Intangible assets, net		27,011						26,780
	Other assets		3,197						2,232
			Total assets	$	72,820					$	72,574
	Liabilities
	Accounts payable	$	161		$	156
	Settlement payable		1,869						3,990
	Customer collateral		1,698						1,648
	Accrued compensation and benefits		573						796
	Client incentives		4,376						3,997
	Accrued liabilities		1,998						1,625
	Current maturities of debt		3,999						-
	Accrued litigation		1,268						1,203
			Total current liabilities		15,942						13,415
	Long-term debt		13,893						16,729
	Deferred tax liabilities		4,796						4,807
	Other liabilities		3,604						2,939
			Total liabilities		38,235						37,890
	Equity
	Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows:
		Series A convertible participating preferred stock, none issued (the "class A equivalent preferred stock")		-					-
		Series B convertible participating preferred stock, 2 shares issued and outstanding at March 31, 2020 and			2,285						2,285
		September 30, 2019 (the "UK&I preferred stock")
		Series C convertible participating preferred stock, 3 shares issued and outstanding at March 31, 2020 and		3,177						3,177
		September 30, 2019 (the "Europe preferred stock")
	Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,693 and 1,718 shares issued and outstanding at			-					-
	March 31, 2020 and September 30, 2019, respectively
	Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at March 31, 2020		-					-
	and September 30, 2019
	Class C common stock, $0.0001 par value, 1,097 shares authorized, 11 shares issued and outstanding at March 31, 2020			-					-
	and September 30, 2019
	Right to recover for covered losses		(184)					(171)
	Additional paid-in capital		16,385						16,541
	Accumulated income		13,366						13,502
	Accumulated other comprehensive income (loss), net:
		Investment securities		6						6
		Defined benefit pension and other postretirement plans		(199)					(192)
		Derivative instruments		78						199
		Foreign currency translation adjustments			(329)					(663)
			Total accumulated other comprehensive income (loss), net		(444)					(650)
			Total equity			34,585						34,684
			Total liabilities and equity	$	72,820					$	72,574

6

Visa Inc. Consolidated Statements of Operations (unaudited)

Net revenues	$
Operating Expenses
Personnel
Marketing
Network and processing
Professional fees
Depreciation and amortization
General and administrative
Litigation provision
Total operating expenses
Operating income
Non-operating Income (Expense)
Interest expense, net
Investment income and other
Total non-operating income (expense)
Income before income taxes
Income tax provision
Net income	$
Basic Earnings Per Share	$
	Class A common stock
	Class B common stock	$
	Class C common stock	$
Basic Weighted-average Shares Outstanding
	Class A common stock
	Class B common stock
	Class C common stock
Diluted Earnings Per Share	$
	Class A common stock
	Class B common stock	$
	Class C common stock	$
Diluted Weighted-average Shares Outstanding
	Class A common stock
	Class B common stock
	Class C common stock

Three Months Ended				Six Months Ended
March 31,				March 31,
2020			2019				2020				2019
5,854			$	(in millions, except per share data)
			5,494		$	11,908	$	11,000
940
		894			1,922				1,701
235					241
				509				517
183					171			364				344
103					101
				209				192
192					160			374				319
269					264
				582				540
8					22			8				29
1,930					1,853			3,968				3,642
3,924					3,641			7,940				7,358
(118)				(140)
					(229)				(285)
23					176			92				234
(95)
			36			(137)				(51)
3,829					3,677			7,803				7,307
745					700			1,447				1,353
3,084			$		2,977		$	6,356			$	5,954
1.39			$
		1.31		$	2.85	$	2.61
2.25			$		2.13		$	4.62			$	4.25
5.54			$		5.23		$	11.40	$	10.44
1,703					1,748			1,708				1,754
245
				245			245				245
11					12			11				12
1.38			$
			1.31		$	2.85	$	2.61
2.25			$		2.13		$	4.62			$	4.25
5.54			$		5.23		$	11.38	$	10.42
2,228					2,279			2,234				2,285
245					245			245				245
11					12			11				12

7

Visa Inc. Consolidated Statements of Cash Flows (unaudited)

Six Months Ended

March 31,

		2020				2019
			(in	millions)
	Operating Activities
	Net income	$	6,356	$	5,954
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Client incentives		3,453			2,934
	Share-based compensation		215			211
	Depreciation and amortization of property, equipment, technology and intangible assets		374			319
	Deferred income taxes		(37)			256
	VE territory covered losses incurred		(13)			(162)
	Other		(84)			(106)
	Change in operating assets and liabilities:
	Settlement receivable		1,642			(23)
	Accounts receivable		38			(203)
	Client incentives		(4,323)			(3,142)
	Other assets		(496)			(245)
	Accounts payable		14			(48)
	Settlement payable		(2,165)			(38)
	Accrued and other liabilities		303			170
	Accrued litigation		65			(519)
	Net cash provided by (used in) operating activities		5,342			5,358
	Investing Activities
	Purchases of property, equipment and technology		(407)			(313)
	Investment securities:
	Purchases		(499)			(1,806)
	Proceeds from maturities and sales		3,420			2,038
	Acquisitions, net of cash acquired		(77)			-
	Purchases of / contributions to other investments		(30)			(236)
	Proceeds / distributions from other investments		2			10
	Other investing activities		32			(89)
	Net cash provided by (used in) investing activities		2,441			(396)
	Financing Activities
	Repurchase of class A common stock		(5,503)			(4,331)
	Dividends paid		(1,339)			(1,141)
	Proceeds from issuance of commercial paper		1,001			-
	Cash proceeds from issuance of common stock under employee equity plans		109			89
	Restricted stock and performance-based shares settled in cash for taxes		(155)			(103)
	Net cash provided by (used in) financing activities		(5,887)			(5,486)
	Effect of exchange rate changes on cash and cash equivalents		88			(171)
	Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		1,984			(695)
	Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period		10,832			10,977
	Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	12,816		$	10,282
	Supplemental Disclosure
	Income taxes paid, net of refunds	$	1,691	$	1,381
	Interest payments on debt	$	269	$	269
	Accruals related to purchases of property, equipment and technology	$	42	$	51

8

Visa Inc. Fiscal 2020 and 2019 Quarterly Results of Operations (unaudited)

				Fiscal 2020 Quarter Ended					Fiscal 2019 Quarter Ended
				March 31,				December 31,					September 30,				June 30,				March 31,
				2020				2019					2019				2019				2019
													(in millions)
	Net revenues	$	5,854	$	6,054	$	6,137	$	5,840	$	5,494
	Operating Expenses
	Personnel		940				982					871				872				894
	Marketing		235				274					306				282				241
	Network and processing		183				181					193				184				171
	Professional fees		103				106					149				113				101
	Depreciation and amortization		192				182					172				165				160
	General and administrative			269				313					341				315				264
	Litigation provision		8				-					370				1				22
	Total operating expenses			1,930				2,038					2,402				1,932				1,853
	Operating income		3,924				4,016					3,735				3,908				3,641
	Non-operating Income (Expense)
	Interest expense, net		(118)				(111)					(120)				(128)				(140)
	Investment income and other		23				69					96				86				176
	Total non-operating income (expense)		(95)				(42)					(24)				(42)				36
	Income before income taxes		3,829				3,974					3,711				3,866				3,677
	Income tax provision		745				702					686				765				700
	Net income		$	3,084			$	3,272				$	3,025			$	3,101			$	2,977

9

Visa Inc. Reconciliation of Non-GAAP Financial Results (unaudited)

We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations and may distort our longer-term operating trends. We consider non-GAAP measures useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance. Starting in fiscal 2020, we revised our non-GAAP methodology to exclude the impact of gains and losses on our equity investments, amortization of acquired intangible assets and acquisition-related costs for acquisitions that closed in fiscal 2019 and subsequent periods. Prior year amounts have been restated to conform to our current presentation.

• Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses and the related tax impacts associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business. During the three months ended March 31, 2020, we recorded net realized and unrealized losses of $2 million. During the six months ended March 31, 2020, we recorded net realized and unrealized gains of $11 million and related tax expense of $3 million. For the same prior- year comparable periods, we recorded net realized and unrealized gains of $84 million and $80 million, respectively, and related tax expense of $19 million and $18 million, respectively.
• Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as developed technology, customer relationships and brands acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount and the related tax impact to facilitate an evaluation of our current operating performance and comparison to our past operating performance. During the three and six months ended March 31, 2020, we recorded amortization of acquired intangible assets of $11 million and $22 million, respectively, and related tax benefit of $2 million and $5 million, respectively. There were no comparable amounts during the three and six months ended March 31, 2019 since we are only adjusting for transactions that closed in fiscal 2019 and subsequent periods.
• Acquisition-relatedcosts. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. It also includes retention equity and deferred equity compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts and the related tax impacts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business. During the three and six months ended March 31, 2020, we recorded acquisition-related costs of $5 million and $7 million, respectively, and related tax benefit of $2 million during both the three and six months ended March 31, 2020. There were no comparable amounts during the three and six months ended March 31, 2019 since we are only adjusting for transactions that closed in fiscal 2019 and subsequent periods.

10

Visa Inc. Reconciliation of Non-GAAP Financial Results - continued (unaudited)

Non-GAAP operating expense, non-operating income (expense), income tax provision, effective income tax rate, net income and diluted earnings per share should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. The following tables reconcile our as-reported financial measures, calculated in accordance with U.S. GAAP, to our respective non-GAAP financial measures for the three and six months ended March 31, 2020 and 2019.

As reported

(Gains) Losses on equity investments, net Amortization of acquired intangible assets Acquisition-related costs

Non-GAAP

As reported

(Gains) Losses on equity investments, net Amortization of acquired intangible assets Acquisition-related costs

Non-GAAP

As reported

(Gains) Losses on equity investments, net

Non-GAAP

As reported

(Gains) Losses on equity investments, net

Non-GAAP

Three Months Ended March 31, 2020

					Non-								Effective							Diluted
	Operating			operating			Income Tax					Net
			Income					Income Tax					Earnings
	Expenses			(Expense)				Provision			Rate(1)			Income			Per Share(1)
$					(in millions,			except percentages and per share data)
1,930		$	(95)		$	745		19.4 %	$	3,084		$	1.38
	-			2				-						2				-
	(11)			-
						2							9				-
	(5)			-				2							3				-
$	1,914		$	(93)		$	749		19.5 %	$	3,098		$	1.39
					Six Months Ended March 31, 2020
					Non-								Effective							Diluted
	Operating			operating			Income Tax					Net
			Income					Income Tax					Earnings
	Expenses			(Expense)				Provision			Rate(1)			Income			Per Share(1)
$					(in millions,			except percentages and per share data)
3,968		$	(137)		$	1,447		18.5 %	$	6,356		$	2.85
	-			(11)				(3)						(8)			-
	(22)			-
						5							17				0.01
	(7)			-				2							5				-
$	3,939			$	(148)			$	1,451				18.6 %		$	6,370			$	2.85
					Three Months Ended March 31, 2019
					Non-								Effective							Diluted
	Operating			operating			Income Tax					Net
			Income					Income Tax					Earnings
	Expenses			(Expense)				Provision			Rate(1)			Income			Per Share(1)
$					(in millions,		except percentages and per share data)
1,853		$	36		$	700		19.0 %	$	2,977		$	1.31
	-			(84)				(19)						(65)			(0.03)
$	1,853		$	(48)		$	681		18.9 %	$	2,912		$	1.28
						Six Months Ended March 31, 2019
					Non-								Effective							Diluted
	Operating			operating			Income Tax					Net
			Income					Income Tax					Earnings
	Expenses			(Expense)				Provision			Rate(1)			Income			Per Share(1)
$					(in millions,		except percentages and per share data)
3,642		$	(51)		$	1,353		18.5 %	$	5,954		$	2.61
	-			(80)				(18)						(62)			(0.03)
$	3,642			$	(131)			$	1,335				18.5 %		$	5,892			$	2.58

1. Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.

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