Slide 1: First Quarter 2024 Financial Results Conference Call
Mastercard Incorporated First Quarter 2024 Financial Results Conference Call May 1, 2024
Slide 2: Business Update
Business Update Key Trends Business Highlights Financial Overview ©2024 Mastercard May 1, 2024 2
Slide 3: 1st Quarter Selected Financial Performance
1st Quarter Selected Financial Performance ($ in millions, except per share data) 1Q 24 1Q 23 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 6,348 $ 5,748 10% 11% Adjusted operating expenses 2,617 2,401 9% 9% Adjusted operating income 3,731 3,347 11% 12% Adjusted operating m
Slide 4: Gross Dollar Volume (GDV)
1st Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide United States Rest of World 10% Growth 6% Growth 13% Growth $2,400 $2,108 $2,290 $2,200 $2,000 $1,578 $1,800 $1,436 $1,600 $1,215 $1,106 $1,400 $1,200 $866 $1,000 $672 $712 $777 $800 $600 $1,075 $348 $400 $1,002 $330 $660 $711 $200 $342
Slide 5: Switched Transactions and Cards
1st Quarter Switched Transactions and Cards Switched Transactions Cards 13% Growth 8% Growth 4,000 3,377 40 36.7 3,120 371 32.5 3,000 387 Transactions (in billions) Cards (in millions) 30 2,000 20 3,006 2,733 1,000 10 0 0 1Q23 1Q24 1Q23 1Q24 Mastercard Cards Maestro Cards ©2024 Mastercard Note: Figu
Slide 6: Net Revenue
1st Quarter Net Revenue ($ in millions) 1Q23 1Q24 $7,000 $6,348 $6,000 $5,748 $5,000 1 1 $3,920 $4,000 $3,650 $3,000 $2,428 $2,098 $2,000 $1,000 $0 Value-added Growth Payment Network Services and Solutions Total Net Revenue GAAP 7% 16% 10% Currency-neutral 8% 15% 11% 1 Payment Network is presented n
Slide 7: Key Metrics related to the Payment Network
1st Quarter Key Metrics related to the Payment Network ($ in millions) 1Q23 1Q24 $4,000 $3,086 $3,000 $2,752 $2,470 $2,254 $2,238 $2,000 $1,849 $1,000 $212 $226 $0 Cross-Border Transaction Other Domestic Assessments Assessments Processing Assessments Network Assessments Increase/(Decrease) 10% 21% 1
Slide 8: Adjusted Operating Expenses
1st Quarter Adjusted Operating Expenses ($ in millions) 1Q23 1Q24 $3,000 $2,617 $2,500 $2,286 $2,401 $2,043 $2,000 $1,500 $1,000 $500 $167 $191 $216 $116 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 12% (31)% 13% 9% Curre
Slide 9: Business Update Through April 28th
th Business Update Through April 28 Year-over-year growth % 2023 2024 Q4 Jan Feb Mar Q1 Apr 28 MTD 1 Switched volume 11% 10% 14% 11% 12% 9% United States 5% 4% 9% 6% 7% 6% Worldwide less U.S. 15% 15% 18% 14% 15% 12% Switched transactions 12% 11% 15% 12% 13% 11% 1 Cross-border volume 18% 19% 20% 16%
Slide 10: Looking Ahead: Further thoughts for 2024
Looking Ahead Further thoughts for 2024 ©2024 Mastercard May 1, 2024 10
Slide 11: Appendices
Appendices
Slide 12: Non-GAAP Reconciliation (Appendix A)
Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended March 31, 2024 Diluted Operating Operating Operating Other income Effective Net earnings per expenses income margin (expense) income tax rate income share Reported - GAAP $ 2,744 $ 3,604 56.8 % $ (46) 15.4 %
Slide 13: Non-GAAP Reconciliation (Appendix A continued)
Appendix A (continued) Non-GAAP Reconciliation Three Months Ended March 31, 2024 as compared to the Three Months Ended March 31, 2023 Increase/(Decrease) Operating Operating Operating Effective income Net Diluted earnings expenses income margin tax rate income per share Reported - GAAP 5% 15 % 2.2 p
Slide 14: Non-GAAP Reconciliation: 2024 financial outlook
Appendix B Non-GAAP Reconciliation 2024 financial outlook Prior 2024 vs. 2023 Updated 2024 vs. 2023 Increase/(Decrease) Increase/(Decrease) Net Revenue Operating Expenses Net Revenue Operating Expenses 1 High-end of low- Low-end of low- Forecasted Growth - GAAP Mid-single-digits Mid-single-digits do
Slide 15: Non-GAAP Reconciliation: Second quarter 2024 outlook
Appendix C Non-GAAP Reconciliation Second quarter 2024 financial outlook Q2'24 vs. Q2'23 Increase/(Decrease) Net Revenue Operating Expenses 1 High-end of High-end of Forecasted Growth - GAAP high-single-digits high-single-digits 2 Litigation provisions ** ~1% High-end of High-end of Non-GAAP Growth