Visa announced 2 digit growth of the main indicators for the last quarter

30 iulie 2010

July 30, 2010 – For the fiscal third quarter 2010, ended June 30, service revenues were $873 million, an increase of 13% versus the prior year. Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2010 totaled 11.7 billion, were a positive 14% increase over the prior year.

GAAP net income for the quarter was $716 million or $0.97 per diluted class A common share.

All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 31% over the prior year to $792 million. International transaction revenues, which are driven by cross border payments volume, grew 25% over the prior year to $574 million. Other revenues, which include the Visa Europe licensing fee, were $183 million, up 15% over the prior year. Volume and support incentives, which are a contra revenue item, were $393 million, which represents 16% of gross revenues.

Payments volume growth, on a constant dollar basis for the three months ended March 31, 2010 on which fiscal third quarter service revenue is recognized, was a positive 13% over the prior year at $745 billion.

Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2010, was a positive 14% over the prior year at $803 billion.

Cross border volume growth, on a constant dollar basis, was a positive 17% for the three months ended June 30, 2010.

Total operating expenses on a GAAP basis were $892 million for the quarter, an 8% increase over the prior year.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $7.4 billion at June 30, 2010.

„Visa delivered a solid financial performance during our fiscal third quarter as we saw continued improvements in global cross border and payments volume growth,” said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. „As we look to the remainder of our fiscal 2010 year, we remain focused on integrating our recent acquisition of CyberSource, maintaining strong financial performance and expense control discipline.”

Financial Outlook:

Visa Inc. updates its financial outlook for the following metrics for 2010:

  • GAAP tax rate: 37% to 38% range; and
  • Capital expenditures: moderately above $200 million.

Visa Inc. affirms its financial outlook for the following metrics through 2010:

  • Annual net revenue growth: high end of the 11% to 15% range;
  • Volume and support incentives as a percent of gross revenues: high end of the 16% to 17% range;
  • Advertising, marketing and promotion expenses: less than $1 billion;
  • Annual operating margin: mid to high 50% range;
  • Annual diluted class A common stock earnings per share: growth greater than 20%; and
  • Annual free cash flow: in excess of $2 billion.

Visa Inc. affirms its financial outlook for the following metrics through 2011:

  • Annual diluted class A common stock earnings per share: growth greater than 20%; and
  • Annual free cash flow: in excess of $2 billion.

Source: Visa Inc.

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