Visa Inc.
Fiscal Second Quarter 2019
Financial Results
April 24, 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.
2 Fiscal Second Quarter 2019 Financial Results | ©2019 Visa. All rights reserved. |
Fiscal Second Quarter 2019 Results
Q2 2019 | |||
(Ending March 31, 2019) | |||
in billions, except percentages and per share data | USD | YoY Change | |
Net Revenues | $5.5 | 8% | |
Net Income | $3.0 | 14% | |
Earnings Per Share | $1.31 | 17% | |
•Payments volume and processed transactions growth remained healthy; cross-border growth slowed in-line with expectations
•Increased earnings per share outlook for the fiscal full-year 2019 based on strong performance in the first half
•Returned $2.6B of capital to shareholders in the form of share repurchases and dividends
Note: Refer to the accompanying financial tables for further details.
3 Fiscal Second Quarter 2019 Financial Results | ©2019 Visa. All rights reserved. |
Payments Volume*
US$ in billions, nominal, except percentages
Quarter ended December
2017 | 2,051 | 2,197 | |||||||||||||
2018 | INTL = International | ||||||||||||||
U.S. | U.S. | ||||||||||||||
979 | |||||||||||||||
886 | 1,223 | ||||||||||||||
1,160 | 974 | ||||||||||||||
891 | |||||||||||||||
U.S. | |||||||||||||||
U.S. | |||||||||||||||
INTL | INTL | 478 | 519 | U.S. | U.S. | ||||||||||
408 | 461 | ||||||||||||||
1,164 | 1,218 | INTL | INTL | INTL | INTL | ||||||||||
682 | 704 | ||||||||||||||
483 | 514 | ||||||||||||||
YoY Change | Total Visa Inc. | Credit | Debit | ||||||||||||
7% | 5% | 9% | |||||||||||||
(nominal) | |||||||||||||||
YoY Change | 11% | 9% | 13% | ||||||||||||
(constant) |
*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. Please refer to the Operational Performance Data section of Exhibit 99.1 in Form 8-K filed on January 30, 2019 for more details on the impact from this update in payments volume definition.
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.
4 Fiscal Second Quarter 2019 Financial Results | ©2019 Visa. All rights reserved. |
Payments Volume*
US$ in billions, nominal, except percentages
Quarter ended March
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.
2018
2019
YoY Change
(nominal)
YoY Change
(constant)
2,018 | 2,089 | INTL = International | ||||
U.S. | U.S. | |||||
862 | 930 | 1,119 | 1,143 | |||
899 | 946 | |||||
U.S. | U.S. | |||||
INTL | U.S. | U.S. | 446 | 473 | U.S. | U.S. |
575 | INTL | 417 | 457 | |||
1,156 | 631 | INTL | INTL | |||
1,158 | INTL | INTL | ||||
U.S. | U.S. | |||||
673 | 669 | 482 | 489 | |||
277 Credit313 | ||||||
Total Visa Inc. | Debit | |||||
4% | INTL420 2% | INTL 09 | 5% | |||
8% | 7% | 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. Please refer to the Operational Performance Data section of Exhibit 99.1 in Form 8-K filed on January 30, 2019 for more details on the impact from this update in payments volume definition.
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.
5 Fiscal Second Quarter 2019 Financial Results | ©2019 Visa. All rights reserved. |
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Visa Inc. published this content on 24 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 April 2019 20:12:13 UTC