Visa Inc.
Fiscal First Quarter 2019 Financial Results
January 30, 2019
Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth and financial outlook for fiscal full-year 2019. 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:
• 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;
• impact of global economic, political, market and social events or conditions;
• 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;
• our ability to successfully integrate and manage 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, 2018, 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.
Fiscal First Quarter 2019 Results
Q1 2019
(Ending December 31, 2018)
in billions, except percentages and per share data | USD | YoY Change |
Net Revenues | $5.5 | 13% |
GAAP Net Income | $3.0 | 18% |
Adjusted Net Income(1) | $3.0 | 17% |
GAAP Earnings Per Share | $1.30 | 21% |
Adjusted Earnings Per Share(1) | $1.30 | 21% |
(1) Adjusted Net Income and Adjusted Earnings Per Share exclude special items in the prior fiscal year. There were no comparable adjustments in the current fiscal year.
• Underlying business drivers remained healthy: continued double-digit growth in payments volume and processed transactions; cross-border growth slowed
• Returned $2.9B of capital to shareholders in the form of share repurchases and dividends
• The board of directors authorized a new $8.5 billion share repurchase program
Note: Refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented.
US$ in billions, nominal, except percentages Quarter ended September
2017
2,112
2018
INTL = International
1,946
U.S. 840
U.S. 945
1,098
1,174
INTL 1,106
INTL 1,167
U.S. 449
U.S. 498
848
938
INTL 649
INTL 676
U.S. 391
U.S. 446
INTL 456
INTL 491
YoY Change
(nominal)
YoY Change
(constant)
Total Visa Inc. | Credit | Debit |
9% | 7% | 11% |
12% | 13% |
10%
*During the three months ended December 31, 2018, we updated our definition of payments volume to now include all disbursement volume related to Visa Direct, in addition to the funding volume previously included. All prior periods presented have been adjusted accordingly. Refer to the operational performance data for the impact of the definition change on the current and prior periods.
Note: On occasion, previously submitted volume information may be updated to reflect revised client submissions or other adjustments. Prior-period updates, other than the change to the payments volume definition, are not material. Figures may not recalculate exactly due to rounding. Percentage changes and totals are calculated based on unrounded numbers.
Constant-dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.
US$ in billions, nominal, except percentages
Quarter ended December
Current quarter payments volume and other select metrics are provided in the operational performance data supplement in the earnings release to provide more recent operating data. Service revenues continue to be recognized based on payments volume in the prior quarter.
2,196
2017 2018
Total Visa Inc.
Credit
Debit
*During the three months ended December 31, 2018, we updated our definition of payments volume to now include all disbursement volume related to Visa Direct, in addition to the funding volume previously included. All prior periods presented have been adjusted accordingly. Refer to the operational performance data for the impact of the definition change on the current and prior periods.
Note: On occasion, reported payments volume information may be updated to reflect revised client submissions or other adjustments. Prior-period updates, other than the change to the payments volume definition, are not material. Figures may not recalculate exactly due to rounding. Percentage changes and totals are calculated based on unrounded numbers. Constant-dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.
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Visa Inc. published this content on 30 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 30 January 2019 21:13:14 UTC