Slide 1: Fiscal Fourth Quarter 2024 Financial Results
Fiscal Fourth Quarter 2024 Financial Results October 29, 2024 ©2024 Visa. All rights reserved.
Slide 2: Fiscal Fourth Quarter 2024 Results
Fiscal Fourth Quarter 2024 Results Diluted Class A Net Operating Effective Income Common Stock YoY increase / (decrease) except for Effective Income Tax Rate Revenue Expenses Tax Rate Earnings Per Share GAAP Nominal-Dollar Basis 12% 7% 16.5% 17% Non-GAAP Nominal-Dollar Basis(1) 12% 11% 16.5% 16% For
Slide 3: Fiscal Fourth Quarter 2024 Results and Other Highlights
Fiscal Fourth Quarter 2024 Results and Other Highlights • Fiscal fourth quarter growth in payments volume, cross-border volume and processed transactions remained relatively stable • Share repurchases and dividends of $6.8B for fiscal fourth quarter • The board of directors increased Visa's quarterl
Slide 4: Operational Performance Metrics through October 21, 2024
Operational Performance Metrics through October 21, 2024 2024 U.S. Payments Volume Growth 2024 Processed Transactions Growth Total Credit Debit 14% 10% 12% 8% 10% 6% 8% 4% 2% 6% 0% 4% Jul Aug Sep Oct Jul Aug Sep Oct 1 - 21 1 - 21 2024 Cross-Border Volume Growth 2024 Cross-Border Volume Index vs. 5 Y
Slide 5: Total Payments Volume Growth
Total Payments Volume Growth Q3 FY2024 Q4 FY2024 8% 6% 6% 5% 5% 3% Nominal Credit Debit Total 9% 8% 8% 7% 7% 7% Constant Credit Debit Total Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these me
Slide 6: Payments Volume Growth: U.S. and International
Payments Volume Growth: U.S. and International Q3 FY2024 Q4 FY2024 U.S. International Visa 10% 8% 8% 8% 6% 6% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 3% 2% Nominal Credit Debit Total Credit Debit Total Credit Debit Total 12% 11% 10% 10% 9% 8% 8% 8% 8% 7% 7% 7% 5% 5% 5% 5% 5% 5% Constant Credit Debit Total Cre
Slide 7: Transactions and Cross-Border Volume Results
Transactions and Cross-Border Volume Results Q4 FY2024 Transactions Cross-Border 13% 13% 13% 10% 10% 9% Total Payments Processed Total Total Constant Nominal Constant (excluding (1) Transaction Count (in millions) Intra-Europe) (1) Cross-border volume excluding transactions within Europe. Credit 27,
Slide 8: Total Cards (in billions)
Total Cards (in billions) 2023 2024 Q3 FY2024 Credit Debit Total 4% 8% 7% 4.6 4.3 3.3 3.0 1.3 1.3 Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics. Fiscal Fourth Quarter 2024 Financia
Slide 9: Operational Performance Data Footnote
Operational Performance Data Footnote Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent operating data. Service revenue continues to be recognized based on payments volume in the prior quarter. Total transactio
Slide 10: Revenue Results
Revenue Results Q4 FY2024 30% 12% 8% 8% 9% 6% Service Data International Other Client Net Revenue Processing Transaction Revenue Revenue Incentives Revenue Revenue Reported Nominal USD (in millions) $4,199 $4,610 $3,468 $969 ($3,629) $9,617 Note: The chart results are calculated over the comparable
Slide 11: Operating Expenses Results
Operating Expenses Results Q4 FY2024 37% 11% 11% 7% 7% 5% 3% (92%) Network & Professional Depreciation & General & Litigation Total Personnel Marketing Operating Processing Fees Amortization Administrative Provision Expenses Reported Nominal USD (in millions) $1,609 $551 $208 $192 $274 $424 $10 $3,2
Slide 12: Free Cash Flow
Free Cash Flow Cash, cash equivalents and investment securities were $17.7 billion as of September 30, 2024. (in millions) Calculation of Free Cash Flow Q4 2024 Q4 2024 YTD Net cash provided by operating activities $6,664 $19,950 Less: capital expenditures (309) (1,257) Free cash flow(1) $6,355 $18,
Slide 13: Other Notable Items
Other Notable Items • On September 24, 2024, the U.S. Department of Justice filed a complaint in the U.S. District Court for the Southern District of New York against Visa alleging violations of the Sherman Act. The complaint alleges Visa has monopolized and attempted to monopolize general purpose d
Slide 14: Financial Outlook for Fiscal First Quarter and Fiscal Full-Year 2025
Financial Outlook for Fiscal First Quarter and Fiscal Full-Year 2025 Q1 2025 Full-Year 2025 YoY increase / (decrease) on an Adjusted Constant-Dollar Basis(1) High single-digit to Net Revenue Growth High single-digit low double-digit High single-digit to High single-digit to Operating Expense Growth
Slide 15: Appendix
Appendix ©2024 Visa. All rights reserved.
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures We present our results and our financial outlook on a non-GAAP basis, which exclude certain items that we believe 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
Slide 17: Non-GAAP Financial Measures - continued
Non-GAAP Financial Measures - continued • Lease consolidation costs. We recorded a charge within general and administrative expense associated with the consolidation of certain leased office spaces. We have excluded these amounts as they do not reflect the underlying performance of our business. • I
Slide 18: Reconciliation of GAAP to Non-GAAP Financial Results
Reconciliation of GAAP to Non-GAAP Financial Results Three Months Ended September 30, 2024 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Expenses (Expense) Provision(1) Tax Rate(2) Income Per Share(2) (in millions, except percentages and per share data) As reported
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended September 30, 2024 Network Depreciation General Total and Professional and and Litigation Operating YoY Personnel Marketing Processing Fees Amortization Administrative Provision Expenses Change (in millions, except p
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended December 31, 2023 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Expenses (Expense) Provision(1) Tax Rate(2) Income Per Share(2) (in millions, except percentages and per share data) A
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Twelve Months Ended September 30, 2024 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Per Expenses (Expense) Provision(1) Tax Rate(2) Income Share(2) (in millions, except percentages and per share data)
Slide 22: Reconciliation of Fiscal First Quarter 2025 Financial Outlook
Reconciliation of Fiscal First Quarter 2025 Financial Outlook Diluted Class A Common Stock Net Revenue Growth(1) Operating Expense Growth Earnings Per Share Growth YoY increase / (decrease) GAAP Nominal-Dollar Basis High single-digit Low double-digit High single-digit Non-GAAP Adjustments(2),(3) N/A
Slide 23: Reconciliation of Fiscal Full-Year 2025 Financial Outlook
Reconciliation of Fiscal Full-Year 2025 Financial Outlook Annual Diluted Class A Common Annual Net Revenue Growth(1) Annual Operating Expense Growth Stock Earnings Per Share Growth YoY increase / (decrease) High single-digit to GAAP Nominal-Dollar Basis Mid single-digit Low to mid-teens low double-d
Slide 24: Forward-Looking Statements
Forward-Looking Statements Our earnings release and related materials contain 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, an