Visa Inc. · NYSE:V
Visa — Q4 2019 Earnings Presentation
15 slides from Visa's earnings presentation, Oct 24, 2019
Slide 1: Visa Inc. Fiscal Fourth Quarter 2019 Financial Results
Visa Inc. Fiscal Fourth Quarter 2019 Financial Results October 24, 2019
Slide 2: Forward-Looking Statements
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 f
Slide 3: Fiscal Fourth Quarter 2019 Results
Fiscal Fourth Quarter 2019 Results Q4 2019 (Ended September 30, 2019) in billions, except percentages and per share data USD YoY Change Net Revenues $6.1 13% GAAP Net Income $3.0 6% Non-GAAP Net Income(1) $3.3 18% GAAP Earnings Per Share $1.34 9% Non-GAAP Earnings Per Share(1) $1.47 21% (1) Non-GAAP
Slide 4: Payments Volume (Quarter ended June)
Payments Volume* US$ in billions, nominal, except percentages Quarter ended June 2018 2,230 2,125 INTL = International 2019 U.S. U.S. 938 1020 1,186 1,219 939 1,011 U.S. U.S. 493 528 U.S. U.S. INTL INTL 493 445 1,187 1,209 INTL INTL INTL INTL 693 691 494 518 Total Visa Inc. Credit Debit YoY Change (
Slide 5: Payments Volume (Quarter ended September)
Payments Volume* US$ in billions, nominal, except percentages Quarter ended September 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 re
Slide 6: Transactions
Transactions in millions, except percentages Quarter ended September 2018 53,206 2019 47,997 34% 34% Credit 36,425 Credit 32,763 Credit Credit 38% 38% 66% 66% Debit Debit Debit 62% Total Transactions Processed Transactions YoY Change 11% 11% Note: Total transactions represent payments and cash trans
Slide 7: Total Cards
Total Cards in millions, except percentages Quarter ended June 2018 2019 3,404 3,272 2,175 2,276 1,097 1,129 Total Visa Inc. Credit Debit YoY Change 4% 3% 5% Note: The data presented is based on results reported quarterly by Visa clients on their operating certificates. Estimates may be utilized if
Slide 8: Revenue – Q4 2019
Revenue – Q4 2019 US$ in millions, except percentages Fiscal 2018 Fiscal 2019 7,830 6,936 6,137 5,434 21.7% 21.6% (1,502) (1,693) Gross Client Net Revenues Client Incentives as a Revenues Incentives % of Gross Revenues YoY Change 13% 13% 13% (0.1 ppt) Note: Figures may not recalculate exactly due to
Slide 9: Revenue Detail – Q4 2019
Revenue Detail – Q4 2019 US$ in millions, except percentages Fiscal 2018 Fiscal 2019 2,769 2,536 2,323 2,394 2,180 1,963 345 256 Service Revenues Data Processing International Other Revenues Revenues Transaction Revenues YoY Change 9% 16% 11% 35% Note: Figures may not recalculate exactly due to roun
Slide 10: Operating Margin – Q4 2019
Operating Margin – Q4 2019 US$ in millions, except percentages Reported GAAP Fiscal 2018 Non-GAAP Fiscal 2018 Reported GAAP Fiscal 2019 Non-GAAP Fiscal 2019 6,137 5,434 67% 63% 66% 61% 4,105 3,735 3,406 3,601 2,402 2,028 1,833 2,032 Net Revenues Operating Operating Operating Expenses Income Margin Y
Slide 11: Operating Expenses – Q4 2019
Operating Expenses – Q4 2019 US$ in millions, except percentages Reported GAAP Fiscal 2018 Non-GAAP Fiscal 2018 Reported GAAP Fiscal 2019 Non-GAAP Fiscal 2019 871 815 457 370 341 262 306 264 188 193 163 172 134 149 7 0 General & Litigation Provision Personnel Marketing Network & Professional Depreci
Slide 12: Other Financial Results and Highlights
Other Financial Results and Highlights • Cash, cash equivalents and investment securities of $14.2 billion as of September 30, 2019 • Adjusted free cash flow of $3.8 billion for the fiscal fourth quarter • Capital expenditures of $249 million during the fiscal fourth quarter • During the three month
Slide 13: Financial Outlook for Fiscal Full-Year 2020
Financial Outlook for Fiscal Full-Year 2020 13 Fiscal Fourth Quarter 2019 Financial Results ©2019 Visa. All rights reserved.
Slide 14: Appendix
Appendix
Slide 15: Calculation of Adjusted Free Cash Flow
Calculation of Adjusted Free Cash Flow Management believes that presentation of adjusted free cash flow is useful to measure Visa’s generation of cash available to first re-invest in the business and then return excess cash to shareholders through stock buybacks and cash dividends. During the three