Slide 1: Fiscal Third Quarter 2008 Financial Results
Visa Inc. Fiscal Third Quarter 2008 Financial Results July 30, 2008 Exhibit 99.2
Slide 2: Safe Harbor Reminder
Fiscal Q3 2008 Earnings Results Safe Harbor Reminder • The following materials and management’s discussion of them may contain “forward- looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended
Slide 3: Solid Fiscal Third Quarter Results
Fiscal Q3 2008 Earnings Results Solid Fiscal Third Quarter Results • Adjusted quarterly net income of $457 million or adjusted diluted earnings of $0.59 per share • Strong operating revenues of $1.6 billion, up 18% yearly on a pro forma basis • Continued positive secular trends • Business model resi
Slide 4: Payments Volume: Credit and Debit
Fiscal Q3 2008 Earnings Results ROW ROW $201 $229 U.S. $347 U.S. $388 U.S. ROW U.S. U.S. $264 $181 $177 ROW U.S. $195 $166 $24 $193 $35 $548 $357 $190 $652 $228 $424 Visa Inc. Credit Debit Quarter ended March US$ in billions, nominal YOY Growth Payments Volume 19% 19% 20% Note: Figures may not sum d
Slide 5: Payments Volume by Region
Fiscal Q3 2008 Earnings Results Quarter ended March US$ in billions, nominal 12% 27% 48% 31% 40% YOY Growth Payments Volume $347 $126 $31 $31 $12 $159 $46 $41 $17 $388 United States Asia Pacific (AP) Latin America and Caribbean (LAC) Canada Central and Eastern Europe, Middle East and Africa (CEMEA)
Slide 6: Transactions: Debit and Credit
Fiscal Q3 2008 Earnings Results Debit Credit 61% 39% 11,478 7,645 8,411 8,800 9,473 13,146 Total Transactions Processed Transactions Processed Transactions Quarter ended March in millions YOY Growth Transactions 15% 15% 13% Note: Processed transactions represent transactions involving Visa, Visa Ele
Slide 7: Total Cards
Fiscal Q3 2008 Earnings Results 1,426 1,629 Credit Debit Visa Inc. Quarter ended March in millions YOY Growth Total Cards 14% 15% 14%
Slide 8: Revenue Detail: Gross Revenues and Incentives
Fiscal Q3 2008 Earnings Results $1,540 ($175) $1,365 ($274) $1,887 $1,613 Q3 FY 2007 Pro Forma Q3 FY 2008 Actual Revenue Detail US$ in millions Gross Revenues Incentives Net Operating Revenues 23% 57% 18% YOY Growth
Slide 9: Revenue Detail by Fee Type
Fiscal Q3 2008 Earnings Results $661 $449 $311 $119 $539 $749 $449 $150 Q3 FY 2007 Pro Forma Q3 FY 2008 Actual Revenue Detail US$ in millions Service Fees Data Processing Fees International Transaction Fees Other Revenue YOY Growth 13% 20% 44% 26%
Slide 10: Operating Revenues, Expenses and Operating Margin
Fiscal Q3 2008 Earnings Results $1,365 $852 $513 $883 $1,613 $730 Net Operating Revenues Total Operating Expenses Operating Income Adjusted Operating Margin US$ in millions YOY Growth 7 ppts 18% 4% 42% 38% 45% Operating Margin Q3 FY 2007 Pro Forma Q3 FY 2008 Actual
Slide 11: Adjusted Operating Expenses
Fiscal Q3 2008 Earnings Results $293 $87 $244 $82 $108 $852 $38 $85 $84 $296 $271 $107 $40 $883 Q3 FY 2007 Pro Forma Q3 FY 2008 Actual Adjusted Operating Expenses US$ in millions Personnel Network, EDP & Communications Advertising, Marketing & Promotion Professional and Consulting Fees Depreciation
Slide 12: Other Financial Results
Fiscal Q3 2008 Earnings Results Other Financial Results • Capital expenditures during the fiscal third quarter were $86 million and over half are attributable to the build-out of our new data center • Cash, cash equivalents, restricted cash and investment securities available-for-sale of $8.4 billio
Slide 13: Financial Metrics through Fiscal Year 2010
Fiscal Q3 2008 Earnings Results 11-15% Annual net revenue growth Financial Metrics through Fiscal Year 2010 Annual adjusted operating margin Annual free cash flow (cash flow from operations plus cash reimbursements from litigation escrow less capital spending) Annual adjusted diluted class A common
Slide 14: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures
Slide 15: Pro Forma Quarterly Results of Operations
Fiscal Q3 2008 Earnings Results Pro Forma Quarterly Results of Operations (1) Visa Inc. had no operations prior to the reorganization on October 1, 2007. In order to provide insight into our operating results, the pro forma results of operations for the prior periods have been prepared for comparati
Slide 16: Pro Forma Results of Operations
Fiscal Q3 2008 Earnings Results (1) Visa Inc. had no operations prior to the reorganization on October 1, 2007. In order to provide insight into our operating results, the pro forma results of operations for the prior periods have been prepared for comparative purposes assuming that the reorganizati
Slide 17: Adjusted Operating Income and Net Income
Adjusted Operating Income and Net Income USS in millions Pro Forma forthe Pro Forma Forte FortneTnree _Forthe Ning Thwee Months "Nine Monthe For the Three Month Ended —-Monthe Endod ‘ended ‘onde Months Endod ‘Sine 30,2008 _June 30,2008 __June’0, 2007 __upe 30,2007 __Mareh 3, 2008, s wos asa s ms ms
Slide 18: Weighted Avg. Class A Common Stock Outstanding
Fiscal Q3 2008 Earnings Results Weighted Avg. Class A Common Stock Outstanding Used in the Calculation of Adjusted Diluted EPS (1) For the three months ended March 31, 2008 and nine months ended June 30, 2008, for GAAP purposes, the number of class A common shares outstanding is weighted to reflect
Slide 19: Adjusted Diluted Earnings per Share
Fiscal Q3 2008 Earnings Results Adjusted Diluted Earnings per Share Class A Common Stock • Management believes the presentation of adjusted operating income and adjusted net income provides a clearer understanding of the one-time items related to the Company's reorganization, initial public offering