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Fiscal First Quarter 2021 Results

Net

Client Incentives

Diluted Class A

as a % of

Common Stock

YoY Increase / (Decrease)

Revenues

Gross Revenue

Operating Expense

Effective Tax Rate

Earnings Per Share

GAAP Nominal-Dollar Basis

(6%)*

24.6%

(10%)

16.6%

(3%)

Non-GAAPNominal-Dollar Basis(1)

(10%)

16.6%

(3%)

Foreign Currency Impact

(~0.5%)

~0.5%

(~1%)

Acquisition Impact

~0%

0%

(~0.5%)

0%

~0%

Adjusted Constant-Dollar Basis(2)

(7%)

24.6%

(10%)

16.6%

(4%)

  • Had we recognized service revenues on current quarter payments volume and other revenue components remained unchanged, it would have had minimal impact on our net revenue growth.
  1. Non-GAAPresults exclude equity investment gains and losses, amortization of acquired intangible assets for acquisitions in fiscal year 2019 and subsequent periods, and non-recurringacquisition-related costs.
  2. Adjusted financial results are on a constant-dollar basis and exclude the impact of the non-GAAP items and operating revenues and expenses of the acquired entities that were not in the entire quarter of the previous year and the incremental interest expense or forgone interest income as a result of funding the acquisition through debt or cash, respectively.

Note: Refer to Non-GAAP and Adjusted Constant-Dollar Results Footnote for further information.

1

Fiscal First Quarter 2021 Financial Results

©2021 Visa. All rights reserved.

Non-GAAP and Adjusted Constant-Dollar Results Footnote

We consider non-GAAP measures useful to investors because they provide greater transparency into management´s view and assessment of the Company´s ongoing operating performance by removing items management believes are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We believe these measures to be useful to enhance the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not associated with the Company´s core operations. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information.

We exclude the following to arrive at our Adjusted Constant-Dollar Financial Results:

  • non-GAAPimpacts of (refer to the financial tables in the earnings release for further details):
    • special items;
    • equity investment gains and losses;
    • amortization of acquired intangible assets for acquisitions in fiscal year 2019 and subsequent periods;
    • non-recurringacquisition-related costs;
  • impact of foreign currency to provide currency-neutral growth rates which management believes are a better reflection of the underlying performance of our business; and
  • impact of acquisitions, which include operating revenues and expenses of the acquired entities that were not in the entire quarter of the previous year and the incremental interest expense or forgone interest income as a result of funding the acquisition through debt or cash, respectively, which management believes enhances the comparability of our results. These amounts will be adjusted until we lap the quarter that the entity was acquired in, at which time there will be comparable results within each reported period.

2

Fiscal First Quarter 2021 Financial Results

©2021 Visa. All rights reserved.

Fiscal First Quarter 2021 Results

  • Payments volume, cross-border volume and processed transactions growth all improved versus the prior quarter
  • Returned $2.5B of capital to shareholders in the form of share repurchases and dividends
  • The board of directors authorized a new $8.0 billion share repurchase program, bringing total funds available for share repurchase to over $11 billion

In billions, except percentages and per share data. % change is calculated over the comparable prior-year period.

Q1 2021

USD

% Change

Net Revenues

$5.7

(6%)

GAAP Net Income

$3.1

(4%)

GAAP Earnings Per Share

$1.42

(3%)

Non-GAAP Net Income(1)

$3.1

(4%)

Non-GAAP Earnings Per Share(1)

$1.42

(3%)

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

Q1 2021 Key Business Drivers

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

Q1 2021

Payments Volume

5%

Cross-Border Volume Excluding Intra-Europe(1)

(33%)

Cross-Border Volume Total

(21%)

Processed Transactions

4%

  1. Cross-bordervolume excluding transactions within Europe.

3

Fiscal First Quarter 2021 Financial Results

©2021 Visa. All rights reserved.

Operational Performance Metrics Monthly Summary

U.S. Payments Volume Results

40%

Total

Credit

Debit

30%

20%

10%

0%

(10%)

(20%)

(30%)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1-21

50%

Total

Card Present

Card Not Present

Card Not Present, Excluding Travel

30%

10%

(10%)

(30%)

(50%)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1-21

Note: Results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics.

4

Fiscal First Quarter 2021 Financial Results

©2021 Visa. All rights reserved.

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Visa Inc. published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 08:09:04 UTC.