Slide 1: Mastercard Incorporated First Quarter 2022 Financial Results Conference Call
Mastercard Incorporated First Quarter 2022 Financial Results Conference Call April 28, 2022
Slide 2: Business Update
Business Update Key Trends Business Highlights Financial Overview ©2022 Mastercard April 28, 2022 2
Slide 3: 1st Quarter Selected Financial Performance
1st Quarter Selected Financial Performance ($ in millions, except per share data) 1Q 22 1Q 21 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Adjusted net revenue $ 5,136 $ 4,155 24% 27% Adjusted operating expenses 2,182 1,958 11% 13% Adjusted operating income 2,954 2,197 34% 40% Adjusted
Slide 4: 1st Quarter Gross Dollar Volume (GDV)
1st Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide United States Rest of World 17% Growth 14% Growth 19% Growth $1,709 $1,919 $1,800 $1,600 $1,299 $1,400 $1,165 $1,017 $1,200 $951 $1,000 $696 $620 $800 $544 $634 $600 $400 $902 $321 $758 $317 $531 $603 $200 $299 $227 $0 1Q21 1Q22 1Q21 1Q
Slide 5: 1st Quarter Switched Transactions and Cards
1st Quarter Switched Transactions and Cards 1 Switched Transactions Cards 22% Growth 4% Growth 4,000 40 2,897 3,000 2,781 Cards (in millions) Transactions (in billions) 29.0 381 30 408 23.8 2,000 20 2,373 2,517 1,000 10 0 0 1Q21 1Q22 1Q21 1Q22 Mastercard Cards Maestro Cards ©2022 Mastercard 1.As a r
Slide 6: 1st Quarter Adjusted Revenue
1st Quarter Adjusted Revenue ($ in millions) 1Q21 1Q22 $6,000 $5,136 $5,000 $4,155 $4,000 $2,912 $3,000 $2,135 $2,351 $1,798 $2,000 $1,395 $1,347 $1,584 $932 $1,000 $0 $-1,000 $-2,000 $-3,000 $(2,273) $(2,890) $-4,000 Domestic Cross-Border Transaction Other Rebates and Adjusted Net Growth Assessment
Slide 7: 1st Quarter Adjusted Operating Expenses
1st Quarter Adjusted Operating Expenses ($ in millions) 1Q21 1Q22 $3,000 $2,500 $2,182 $1,958 $2,000 $1,809 $1,676 $1,500 $1,000 $500 $192 $119 $181 $163 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 8% 52% 18% 11% Currenc
Slide 8: Business Update Through April 21st
st Business Update Through April 21 Year-over-year growth % Current period as a percentage of 20191 2022 2022 2022 2022 Apr 21 Apr 21 Jan Feb Mar Q1 Jan Feb Mar Q1 MTD MTD 2 Switched volume 27% 32% 23% 27% 23% 152% 156% 151% 153% 152% United States 16% 24% 12% 17% 11% 143% 143% 140% 142% 143% Worldw
Slide 9: Looking Ahead
Looking Ahead Further thoughts on 2022 ©2022 Mastercard April 28, 2022 9
Slide 10: Appendices
Appendices
Slide 11: Non-GAAP Reconciliation (Appendix A)
Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended March 31, 2022 Effective Diluted Operating Operating Operating Other Income income tax earnings per Net revenue expenses income margin (Expense) rate Net income share Reported - GAAP $ 5,167 $ 2,217 $ 2,950
Slide 12: Non-GAAP Reconciliation (Appendix A continued)
Appendix A (continued) Non-GAAP Reconciliation Three Months Ended March 31, 2022 as compared to the Three Months Ended March 31, 2021 Increase/(Decrease) Operating Operating Operating Effective income Diluted earnings Net revenue expenses income margin tax rate Net income per share Reported - GAAP 2
Slide 13: Non-GAAP Reconciliation (Appendix B)
Appendix B Non-GAAP Reconciliation 2022 financial outlook Prior 2022 vs. 2021 Updated 2022 vs. 2021 Increase/(Decrease) Increase/(Decrease) Net Revenue Operating Expenses Net Revenue Operating Expenses 1 Low-double- High-end of High-single- Forecasted Growth - GAAP High-teens digits mid-teens digits
Slide 14: Non-GAAP Reconciliation (Appendix C)
Appendix C Non-GAAP Reconciliation Second quarter 2022 financial outlook Q2'22 vs. Q2'21 Increase/(Decrease) Net Revenue Operating Expenses 1 Forecasted Growth - GAAP Mid-teens Mid-single-digits 2 Litigation provisions ** 3% High-end of high- Non-GAAP Growth Mid-teens single digits 3 Currency impact
Slide 15: Business Update Through April 21st Excluding Russia
Appendix D st 1 Business Update Through April 21 Excluding Russia 2 Year-over-year growth % Current period as a percentage of 2019 2022 2022 2022 2022 Apr 21 Apr 21 Jan Feb Mar Q1 Jan Feb Mar Q1 MTD MTD 3 Switched volume 27% 32% 25% 28% 27% 151% 154% 153% 153% 156% United States 16% 24% 12% 17% 11%