Date of Report (Date of earliest event reported): | |||||||||||||||||
_______________________________________ | |||||||||||||||||
(Exact name of registrant as specified in its charter) | |||||||||||||||||
_______________________________________ | |||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||
(Registrant's telephone number, including area code) | |||||||||||||||||
NOT APPLICABLE | |||||||||||||||||
(Former name or former address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange of which registered | ||||||||||||
Exhibit Number | Exhibit Description | ||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
MASTERCARD INCORPORATED | ||||||||||||||
Date: | May 1, 2024 | By: | /s/ Craig Brown | |||||||||||
Craig Brown | ||||||||||||||
Assistant Corporate Secretary |
Earnings Release | |||||
First Quarter Operating Results | Increase / (Decrease) | |||||||||||||||||||||||||
$ in billions, except per share data | Q1 2024 | Q1 2023 | Reported GAAP | Currency-neutral | ||||||||||||||||||||||
Net revenue | $6.3 | $5.7 | 10% | 11% | ||||||||||||||||||||||
Operating expenses | $2.7 | $2.6 | 5% | 5% | ||||||||||||||||||||||
Operating income | $3.6 | $3.1 | 15% | 15% | ||||||||||||||||||||||
Operating margin | 56.8% | 54.6% | 2.2 ppt | 2.4 ppt | ||||||||||||||||||||||
Effective income tax rate | 15.4% | 17.2% | (1.9) ppt | (2.0) ppt | ||||||||||||||||||||||
Net income | $3.0 | $2.4 | 28% | 28% | ||||||||||||||||||||||
Diluted EPS | $3.22 | $2.47 | 30% | 31% | ||||||||||||||||||||||
Key First Quarter Non-GAAP Results 2 | Increase / (Decrease) | |||||||||||||||||||||||||
$ in billions, except per share data | Q1 2024 | Q1 2023 | As adjusted | Currency-neutral | ||||||||||||||||||||||
Net revenue | $6.3 | $5.7 | 10% | 11% | ||||||||||||||||||||||
Adjusted operating expenses | $2.6 | $2.4 | 9% | 9% | ||||||||||||||||||||||
Adjusted operating margin | 58.8% | 58.2% | 0.5 ppt | 0.7 ppt | ||||||||||||||||||||||
Adjusted effective income tax rate | 15.9% | 18.3% | (2.3) ppt | (2.4) ppt | ||||||||||||||||||||||
Adjusted net income | $3.1 | $2.7 | 16% | 16% | ||||||||||||||||||||||
Adjusted diluted EPS | $3.31 | $2.80 | 18% | 19% | ||||||||||||||||||||||
1 Mastercard-branded programs only; on a local currency basis. 2 The Key First Quarter Non-GAAP Results exclude the impact of gains and losses on the Company’s equity investments, special items as described on page 9 (“First Quarter Special Items”) and/or the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments. See page 9 for the Company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts. | ||||||||||||||||||||||||||
Q1 2024 Key Business Drivers (YoY growth) | |||||||||||||||||||||||
Gross dollar volume | Cross-border volume | Switched transactions | |||||||||||||||||||||
(local currency basis) | (local currency basis) | ||||||||||||||||||||||
up 10% | up 18% | up 13% |
2 |
3 |
Investor Relations: | Media Relations: | ||||
Devin Corr or Jud Staniar | Seth Eisen | ||||
investor.relations@mastercard.com | Seth.Eisen@mastercard.com | ||||
914-249-4565 | 914-249-3153 |
4 |
Consolidated Statement of Operations (Unaudited) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions, except per share data) | ||||||||||||||
Net Revenue | $ | 6,348 | $ | 5,748 | ||||||||||
Operating Expenses: | ||||||||||||||
General and administrative | 2,286 | 2,043 | ||||||||||||
Advertising and marketing | 116 | 167 | ||||||||||||
Depreciation and amortization | 216 | 191 | ||||||||||||
Provision for litigation | 126 | 211 | ||||||||||||
Total operating expenses | 2,744 | 2,612 | ||||||||||||
Operating income | 3,604 | 3,136 | ||||||||||||
Other Income (Expense): | ||||||||||||||
Investment income | 95 | 55 | ||||||||||||
Gains (losses) on equity investments, net | 6 | (212) | ||||||||||||
Interest expense | (150) | (132) | ||||||||||||
Other income (expense), net | 3 | 6 | ||||||||||||
Total other income (expense) | (46) | (283) | ||||||||||||
Income before income taxes | 3,558 | 2,853 | ||||||||||||
Income tax expense | 547 | 492 | ||||||||||||
Net Income | $ | 3,011 | $ | 2,361 | ||||||||||
Basic Earnings per Share | $ | 3.23 | $ | 2.48 | ||||||||||
Basic weighted-average shares outstanding | 933 | 953 | ||||||||||||
Diluted Earnings per Share | $ | 3.22 | $ | 2.47 | ||||||||||
Diluted weighted-average shares outstanding | 935 | 956 |
5 |
Consolidated Balance Sheet (Unaudited) | ||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions, except per share data) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 7,293 | $ | 8,588 | ||||||||||
Restricted security deposits held for customers | 1,861 | 1,845 | ||||||||||||
Investments | 364 | 592 | ||||||||||||
Accounts receivable | 4,231 | 4,060 | ||||||||||||
Settlement assets | 1,647 | 1,233 | ||||||||||||
Prepaid expenses and other current assets | 3,028 | 2,643 | ||||||||||||
Total current assets | 18,424 | 18,961 | ||||||||||||
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,304 and $2,237, respectively | 2,077 | 2,061 | ||||||||||||
Deferred income taxes | 1,329 | 1,355 | ||||||||||||
Goodwill | 7,545 | 7,660 | ||||||||||||
Other intangible assets, net of accumulated amortization of $2,284 and $2,209, respectively | 4,123 | 4,086 | ||||||||||||
Other assets | 9,104 | 8,325 | ||||||||||||
Total Assets | $ | 42,602 | $ | 42,448 | ||||||||||
Liabilities, Redeemable Non-controlling Interests and Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 790 | $ | 834 | ||||||||||
Settlement obligations | 1,824 | 1,399 | ||||||||||||
Restricted security deposits held for customers | 1,861 | 1,845 | ||||||||||||
Accrued litigation | 595 | 723 | ||||||||||||
Accrued expenses | 8,062 | 8,517 | ||||||||||||
Short-term debt | 2,086 | 1,337 | ||||||||||||
Other current liabilities | 1,687 | 1,609 | ||||||||||||
Total current liabilities | 16,905 | 16,264 | ||||||||||||
Long-term debt | 13,543 | 14,344 | ||||||||||||
Deferred income taxes | 345 | 369 | ||||||||||||
Other liabilities | 4,501 | 4,474 | ||||||||||||
Total Liabilities | 35,294 | 35,451 | ||||||||||||
Commitments and Contingencies | ||||||||||||||
Redeemable Non-controlling Interests | 22 | 22 | ||||||||||||
Stockholders’ Equity | ||||||||||||||
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,403 and 1,402 shares issued and 924 and 927 shares outstanding, respectively | — | — | ||||||||||||
Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding | — | — | ||||||||||||
Additional paid-in-capital | 5,920 | 5,893 | ||||||||||||
Class A treasury stock, at cost, 479 and 475 shares, respectively | (62,434) | (60,429) | ||||||||||||
Retained earnings | 64,959 | 62,564 | ||||||||||||
Accumulated other comprehensive income (loss) | (1,202) | (1,099) | ||||||||||||
Mastercard Incorporated Stockholders' Equity | 7,243 | 6,929 | ||||||||||||
Non-controlling interests | 43 | 46 | ||||||||||||
Total Equity | 7,286 | 6,975 | ||||||||||||
Total Liabilities, Redeemable Non-controlling Interests and Equity | $ | 42,602 | $ | 42,448 |
6 |
Consolidated Statement of Cash Flows (Unaudited) | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
(in millions) | |||||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 3,011 | $ | 2,361 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Amortization of customer incentives | 411 | 378 | |||||||||||||||
Depreciation and amortization | 216 | 191 | |||||||||||||||
(Gains) losses on equity investments, net | (6) | 212 | |||||||||||||||
Share-based compensation | 108 | 108 | |||||||||||||||
Deferred income taxes | 3 | (129) | |||||||||||||||
Other | 32 | 2 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (219) | (38) | |||||||||||||||
Settlement assets | (417) | 35 | |||||||||||||||
Prepaid expenses | (1,490) | (761) | |||||||||||||||
Accrued litigation and legal settlements | (127) | 9 | |||||||||||||||
Restricted security deposits held for customers | 16 | 40 | |||||||||||||||
Accounts payable | (21) | (184) | |||||||||||||||
Settlement obligations | 430 | (241) | |||||||||||||||
Accrued expenses | (446) | (506) | |||||||||||||||
Net change in other assets and liabilities | 171 | 442 | |||||||||||||||
Net cash provided by operating activities | 1,672 | 1,919 | |||||||||||||||
Investing Activities | |||||||||||||||||
Purchases of investment securities available-for-sale | (95) | (50) | |||||||||||||||
Purchases of investments held-to-maturity | (66) | (26) | |||||||||||||||
Proceeds from sales of investment securities available-for-sale | 22 | 4 | |||||||||||||||
Proceeds from maturities of investment securities available-for-sale | 67 | 51 | |||||||||||||||
Proceeds from maturities of investments held-to-maturity | 284 | 24 | |||||||||||||||
Purchases of property and equipment | (157) | (110) | |||||||||||||||
Capitalized software | (221) | (242) | |||||||||||||||
Purchases of equity investments | (8) | (22) | |||||||||||||||
Proceeds from sales of equity investments | — | 44 | |||||||||||||||
Other investing activities | — | (70) | |||||||||||||||
Net cash used in investing activities | (174) | (397) | |||||||||||||||
Financing Activities | |||||||||||||||||
Purchases of treasury stock | (1,992) | (2,878) | |||||||||||||||
Dividends paid | (616) | (545) | |||||||||||||||
Proceeds from debt, net | — | 1,489 | |||||||||||||||
Tax withholdings related to share-based payments | (170) | (76) | |||||||||||||||
Cash proceeds from exercise of stock options | 97 | 53 | |||||||||||||||
Other financing activities | — | 2 | |||||||||||||||
Net cash used in financing activities | (2,681) | (1,955) | |||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (95) | 37 | |||||||||||||||
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | (1,278) | (396) | |||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period | 10,465 | 9,196 | |||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period | $ | 9,187 | $ | 8,800 | |||||||||||||
7 |
8 |
Non-GAAP Reconciliations (QTD) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating margin | Other income (expense) | Effective income tax rate | Net income | Diluted earnings per share | |||||||||||||||||||||||||||||||||
($ in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||
Reported - GAAP | $ | 2,744 | 56.8 | % | $ | (46) | 15.4 | % | $ | 3,011 | $ | 3.22 | ||||||||||||||||||||||||||
(Gains) losses on equity investments 1 | ** | ** | (6) | — | % | (5) | (0.01) | |||||||||||||||||||||||||||||||
Litigation provisions 2 | (126) | 2.0 | % | ** | 0.5 | % | 87 | 0.09 | ||||||||||||||||||||||||||||||
Adjusted - Non-GAAP | $ | 2,617 | 58.8 | % | $ | (52) | 15.9 | % | $ | 3,093 | $ | 3.31 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating margin | Other income (expense) | Effective income tax rate | Net income | Diluted earnings per share | |||||||||||||||||||||||||||||||||
($ in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||
Reported - GAAP | $ | 2,612 | 54.6 | % | $ | (283) | 17.2 | % | $ | 2,361 | $ | 2.47 | ||||||||||||||||||||||||||
(Gains) losses on equity investments 1 | ** | ** | 212 | — | % | 176 | 0.18 | |||||||||||||||||||||||||||||||
Litigation provisions 3 | (211) | 3.7 | % | ** | 1.1 | % | 140 | 0.15 | ||||||||||||||||||||||||||||||
Adjusted - Non-GAAP | $ | 2,401 | 58.2 | % | $ | (71) | 18.3 | % | $ | 2,678 | $ | 2.80 |
Three Months Ended March 31, 2024 as compared to the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||||||||
Operating expenses | Operating margin | Effective income tax rate | Net income | Diluted earnings per share | ||||||||||||||||||||||||||||
Reported - GAAP | 5 | % | 2.2 | ppt | (1.9) | ppt | 28 | % | 30 | % | ||||||||||||||||||||||
(Gains) losses on equity investments 1 | ** | ** | — | ppt | (9) | % | (9) | % | ||||||||||||||||||||||||
Litigation provisions 2,3 | 4 | % | (1.7) | ppt | (0.5) | ppt | (3) | % | (3) | % | ||||||||||||||||||||||
Adjusted - Non-GAAP | 9 | % | 0.5 | ppt | (2.3) | ppt | 16 | % | 18 | % | ||||||||||||||||||||||
Currency impact 4 | — | % | 0.1 | ppt | (0.1) | ppt | 1 | % | — | % | ||||||||||||||||||||||
Adjusted - Non-GAAP - currency-neutral | 9 | % | 0.7 | ppt | (2.4) | ppt | 16 | % | 19 | % |
9 |
Mastercard Incorporated Operating Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the 3 Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GDV (Bil.) | Growth (USD) | Growth (Local) | Purchase Volume (Bil.) | Growth (Local) | Purchase Trans. (Mil.) | Purchase Trans. Growth | Cash Volume (Bil.) | Growth (Local) | Cash Trans. (Mil.) | Cards (Mil.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Mastercard Credit, Charge and Debit Programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
APMEA | $ | 570 | 1.6 | % | 6.5 | % | $ | 425 | 8.4 | % | 10,530 | 12.0 | % | $ | 146 | 1.2 | % | 1,446 | 944 | |||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 62 | 8.7 | % | 8.3 | % | 60 | 7.9 | % | 981 | 11.7 | % | 2 | 19.9 | % | 8 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | 740 | 13.5 | % | 15.8 | % | 589 | 17.2 | % | 16,603 | 16.5 | % | 150 | 10.3 | % | 922 | 837 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Latin America | 205 | 23.7 | % | 20.7 | % | 143 | 21.0 | % | 5,972 | 17.7 | % | 62 | 20.1 | % | 464 | 460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide less United States | 1,578 | 9.8 | % | 12.5 | % | 1,217 | 13.9 | % | 34,087 | 15.1 | % | 360 | 7.9 | % | 2,840 | 2,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 712 | 6.0 | % | 6.0 | % | 652 | 6.6 | % | 9,889 | 7.0 | % | 60 | 0.2 | % | 273 | 684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | 2,290 | 8.6 | % | 10.4 | % | 1,869 | 11.3 | % | 43,977 | 13.2 | % | 421 | 6.7 | % | 3,113 | 3,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mastercard Credit and Charge Programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide less United States | 711 | 7.8 | % | 12.0 | % | 673 | 12.0 | % | 14,788 | 12.8 | % | 38 | 11.3 | % | 163 | 802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 364 | 6.3 | % | 6.3 | % | 354 | 6.4 | % | 3,731 | 6.6 | % | 10 | 2.9 | % | 9 | 333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | 1,075 | 7.3 | % | 10.0 | % | 1,027 | 10.0 | % | 18,519 | 11.5 | % | 49 | 9.4 | % | 171 | 1,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mastercard Debit Programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide less United States | 866 | 11.6 | % | 13.0 | % | 544 | 16.5 | % | 19,299 | 17.0 | % | 322 | 7.5 | % | 2,677 | 1,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 348 | 5.7 | % | 5.7 | % | 298 | 6.8 | % | 6,159 | 7.3 | % | 50 | (0.3) | % | 265 | 351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | 1,215 | 9.8 | % | 10.8 | % | 842 | 12.8 | % | 25,458 | 14.5 | % | 372 | 6.4 | % | 2,942 | 1,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
For the 3 Months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GDV (Bil.) | Growth (USD) | Growth (Local) | Purchase Volume (Bil.) | Growth (Local) | Purchase Trans. (Mil.) | Purchase Trans. Growth | Cash Volume (Bil.) | Growth (Local) | Cash Trans. (Mil.) | Cards (Mil.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Mastercard Credit, Charge and Debit Programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
APMEA | $ | 562 | 2.5 | % | 10.8 | % | $ | 413 | 13.8 | % | 9,402 | 14.7 | % | $ | 148 | 3.1 | % | 1,489 | 904 | |||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 57 | 8.9 | % | 16.3 | % | 55 | 15.8 | % | 879 | 17.5 | % | 2 | 34.4 | % | 6 | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | 651 | 16.5 | % | 25.3 | % | 509 | 30.6 | % | 14,252 | 18.2 | % | 142 | 9.5 | % | 917 | 738 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Latin America | 166 | 20.6 | % | 20.4 | % | 117 | 21.8 | % | 5,074 | 17.2 | % | 49 | 17.1 | % | 406 | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide less United States | 1,436 | 10.7 | % | 18.3 | % | 1,095 | 22.1 | % | 29,607 | 16.9 | % | 341 | 7.7 | % | 2,819 | 2,099 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 672 | 8.6 | % | 8.6 | % | 612 | 9.0 | % | 9,239 | 6.7 | % | 60 | 4.4 | % | 278 | 635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | 2,108 | 10.0 | % | 15.0 | % | 1,707 | 17.0 | % | 38,846 | 14.3 | % | 401 | 7.2 | % | 3,097 | 2,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mastercard Credit and Charge Programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide less United States | 660 | 9.6 | % | 17.1 | % | 623 | 17.1 | % | 13,108 | 11.4 | % | 37 | 17.1 | % | 164 | 757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 342 | 14.6 | % | 14.6 | % | 332 | 14.3 | % | 3,499 | 13.9 | % | 10 | 26.9 | % | 9 | 314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | 1,002 | 11.3 | % | 16.2 | % | 956 | 16.1 | % | 16,607 | 12.0 | % | 47 | 19.1 | % | 173 | 1,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mastercard Debit Programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide less United States | 777 | 11.7 | % | 19.4 | % | 472 | 29.3 | % | 16,500 | 21.6 | % | 305 | 6.7 | % | 2,655 | 1,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 330 | 2.9 | % | 2.9 | % | 279 | 3.3 | % | 5,740 | 2.8 | % | 50 | 0.9 | % | 269 | 321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Worldwide | 1,106 | 8.9 | % | 13.9 | % | 751 | 18.2 | % | 22,240 | 16.1 | % | 355 | 5.8 | % | 2,924 | 1,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
APMEA = Asia Pacific / Middle East / Africa | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period. |
10 |
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