Press release of Visa Inc., dated July 29, 2009.

EX-99.1 2 dex991.htm PRESS RELEASE OF VISA INC., DATED JULY 29, 2009. Press release of Visa Inc., dated July 29, 2009.

Exhibit 99.1

LOGO

Visa Inc. Posts Solid Fiscal Third Quarter 2009 Earnings Results and Updates Longer-term Guidance

•

Adjusted quarterly net income of $744 million or $0.98 per diluted class A common share

•

Excluding the impact from the sale of the Company’s equity interest in VisaNet do Brasil, adjusted quarterly net income of $507 million or $0.67 per diluted class A common share

•

GAAP quarterly net income of $729 million or $0.97 per diluted class A common share

SAN FRANCISCO, CA, July 29, 2009 – Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal third quarter 2009 ended June 30, 2009. On an adjusted basis (reflective of restructuring and purchase amortization), net income for the quarter was $744 million, or $0.98 per diluted class A common share. Excluding the impact from the sale of the Company’s equity interest in VisaNet do Brasil, adjusted quarterly net income was $507 million or $0.67 per diluted class A common share. GAAP net income for the quarter was $729 million, or $0.97 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 756 million. The Company’s adjusted net income and adjusted diluted net income per class A common share are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.

Net operating revenue in the fiscal third quarter of 2009 was $1.6 billion, an increase of 2% over the prior year, driven by contributions across all revenue categories. Though slightly negative in the U.S., payments volume continued to grow on a constant dollar basis in all other regions globally. Processed transactions continued to post solid growth globally.

“With little real improvement in the economic backdrop, Visa still posted solid operational and financial performance results during the fiscal third quarter,” said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. “Throughout this challenging time, the resiliency of our debit products and our credit products overseas, continue to exemplify the resiliency and stability of our business model.”

“While we cannot predict the specific timing of a global economic turnaround, we remain committed to doing our part in delivering balanced growth to our shareholders over the long term,” added Saunders. “As we look forward to the remainder of our fiscal 2009 year and beyond, we will remain focused on leveraging our inherent operating scale, maintaining strong financial performance and expense control.”

Fiscal Third Quarter 2009 Financial Highlights:

Visa Inc.’s operational performance highlights for the fiscal third quarter, as measured by business activity through March 31, 2009, include:

•

Payments volume growth, on a nominal basis, was a negative 5% over the prior year at $617 billion;

•

Total volume, on a nominal basis and inclusive of cash volume, was $969 billion, a 7% decline over the prior year; and

•

Total cards carrying the Visa brands rose 6% worldwide over the prior year to over 1.7 billion.

Total processed transactions, which represent transactions processed by VisaNet through June 30, 2009, totaled 10.3 billion, an 8% increase over the prior year.

For the fiscal third quarter 2009, service revenues were $769 million, an increase of 3% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 12% over the prior year to $605 million. International transaction revenues, which are driven by cross-border payments volume, grew 2% over the prior year to $458 million. Other revenues, which include the Visa Europe licensing fee, were $158 million, up 6% over the prior year. Volume and support incentives, which are a contra revenue item, were $344 million, an increase of 25% over the prior year.

Adjusted total operating expenses were $804 million for the fiscal third quarter, a 9% decrease from the prior year’s adjusted total operating expenses of $883 million. Total operating expenses on a GAAP basis were $824 million for the quarter, a 15% decrease from the prior year.

Cash, cash equivalents, restricted cash, and investment securities were $6.1 billion at June 30, 2009.

Notable Events:

On June 30, 2009, Visa Inc. entered into a strategic alliance with Monitise plc, a UK based firm, to facilitate the delivery of Visa mobile payments and related services to consumers around the world. Concurrent with the strategic alliance, Visa has agreed to make a minority equity investment in Monitise. Monitise is a recognized expert in mobile financial services that operates payments and mobile banking services for some of the world’s leading financial institutions.

On July 1, 2009, Visa Inc. announced that Visa International, its wholly-owned subsidiary, sold 136,478,372 shares of Companhia Brasileira de Meios de Pagamento (“VisaNet do Brasil”), in connection with VisaNet do Brasil’s June IPO. Visa’s proceeds from the sale, net of underwriter discounts and fees, are approximately US$1 billion based on the then current exchange rates. Visa recorded a GAAP gain from the sale in the quarter ended June 30, 2009, net of tax, of $237 million. The gain reflects net proceeds received in July 2009, in excess of Visa International’s recorded book value of $535 million.

As previously announced, Visa has initiated a program to allow its class C stockholders to apply (prior to September 30, 2009) for an early termination of the transfer restrictions applicable to class C shares, for up to 30% of the class C shares held by each such stockholder as of July 1, 2009, subject to certain terms and conditions. The remaining class C shares will continue to be subject to the general transfer restrictions that expire on March 25, 2011 under Visa’s Certificate of Incorporation. Class C shares sold under this program will automatically convert to class A shares, tradable in the public market. The release of the class C shares does not increase the number of outstanding shares of the Company and there is no dilutive effect to the outstanding share count from these transactions.

On July 16, 2009, as planned, the Company deposited $700 million (“Loss Funds”) into the litigation escrow account previously established under the Company’s Retrospective Responsibility Plan. The deposit of the Loss Funds into the escrow account reduced the conversion rate applicable to the Company’s class B common stock outstanding from 0.6296 per class A share to 0.5824 per class A share. The deposit of Loss Funds has the effect of a repurchase of approximately 11.6 million class A common stock equivalents from the Company’s class B shareholders.

On July 22, 2009, the Board of Directors declared a quarterly divided in the aggregate amount of $0.105 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on September 1, 2009 to all holders of record of Visa’s class A, class B and class C common stock as of August 14, 2009.

Financial Outlook:

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

•

Annual adjusted operating margin in the low 50% range.

•

Capital expenditures around $300 million in 2009 while still representing 3 to 4% of gross revenues in 2010.

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

•

Annual net revenue growth of high single digits in 2009 and at the lower end of the 11% to 15% range in 2010, given certain economic recovery assumptions;

•

Annual adjusted diluted class A common stock earnings per share growth of greater than 20%;

•

Annual free cash flow in excess of $1 billion.

This outlook reflects an assumed 41% GAAP tax rate for fiscal year 2009, which reflects the tax impact of the Company’s sale of its equity interest in VisaNet do Brasil. The Company’s intent is to reduce this rate to a level around 35-36% over the next four years.

Fiscal Third Quarter 2009 Earnings Results Conference Call Details:

Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. EDT (2:00 p.m. PDT) today to discuss the financial results and business highlights.

All interested parties are invited to listen to the live webcast at http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days.

Investor information, including supplemental financial information, is available on Visa Inc.’s Investor Relations website at http://investor.visa.com.

###

About Visa Inc.

Visa Inc. operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.

Forward Looking Statements

Certain statements contained in this press release are 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, which are subject to the “safe harbor” created by those sections. These statements can be identified by the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will” and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa’s goals and expectations with respect to adjusted earnings per share, revenue, adjusted operating margin, and free cash flow, and the growth rate in those items, as well as other measures of economic performance.

By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed in Part 1, Item 1A – “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2008. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this presentation. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, ir@visa.com

Media Relations: Paul Cohen, 415-932-2564, globalmedia@visa.com

Visa Inc.

Selected Consolidated Statements of Operations

(unaudited)


	Three Months Ended June 30,						Nine Months Ended June 30,
	2009			2008			2009			2008
	(in millions except per share data)
Operating Revenues
Service revenues	$	769		$	749		$	2,366		$	2,273
Data processing revenues		605			539			1,703			1,525
International transaction revenues		458			449			1,409			1,209
Other revenues		158			150			462			409
Volume and support incentives		(344	)		(274	)		(908	)		(862	)

Total operating revenues		1,646			1,613			5,032			4,554


Operating Expenses
Personnel		262			310			809			882
Network, EDP and communications		97			84			282			245
Advertising, marketing and promotion		229			271			635			696
Professional and consulting fees		82			108			246			302
Depreciation and amortization		57			57			165			178
Administrative and other		96			85			225			234
Litigation provision		1			50			1			342

Total operating expenses		824			965			2,363			2,879

Operating income		822			648			2,669			1,675


Other Income (Expense)
Equity in earnings of unconsolidated affiliates		—			—			—			1
Interest expense		(30	)		(30	)		(90	)		(116	)
Investment income, net		504			97			557			172
Other		1			(1	)		1			35

Total other income		475			66			468			92

Income before income taxes and minority interest		1,297			714			3,137			1,767
Income tax expense		568			292			1,299			607

Income before minority interest		729			422			1,838			1,160
Minority interest		—			—			1			—


Net income	$	729		$	422		$	1,839		$	1,160


Basic net income per share
Class A common stock	$	0.97		$	0.51		$	2.42		$	1.44

Class B common stock	$	0.61		$	0.36		$	1.58		$	1.33

Class C common stock	$	0.97					$	2.42

Class C (series I) common stock				$	0.51					$	1.44

Class C (series II) common stock				$	0.12					$	0.75

Class C (series III and IV) common stock				$	0.51					$	1.44

Basic weighted average shares outstanding
Class A common stock		448			447			447			170

Class B common stock		246			246			246			363

Class C common stock		152						152

Class C (series I) common stock					125						213

Class C (series II) common stock					80						48

Class C (series III and IV) common stock					27						49

Diluted net income per share
Class A common stock	$	0.97		$	0.51		$	2.41		$	1.44

Class B common stock	$	0.61		$	0.36		$	1.58		$	1.33

Class C common stock	$	0.97					$	2.41

Class C (series I) common stock				$	0.51					$	1.44

Class C (series II) common stock				$	0.12					$	0.75

Class C (series III and IV) common stock				$	0.51					$	1.44

Diluted weighted average shares outstanding
Class A common stock		756			776			761			767

Class B common stock		246			246			246			363

Class C common stock		152						152

Class C (series I) common stock					125						213

Class C (series II) common stock					80						48

Class C (series III and IV) common stock					27						49

Visa Inc.

Selected Consolidated Balance Sheets

(unaudited)


	June 30, 2009			September 30, 2008
	(in millions, except par value and share data)
Assets
Cash and cash equivalents	$	4,200		$	4,979
Restricted cash - litigation escrow		1,141			1,298
Investment securities
Trading		83			—
Available-for-sale		47			355
Settlement receivable		998			1,131
Accounts receivable		419			342
Customer collateral		739			679
Current portion of volume and support incentives		217			256
Current portion of deferred tax assets		484			944
Prepaid expenses and other current assets		1,234			1,190


Total current assets		9,562			11,174

Restricted cash - litigation escrow		420			630
Investment securities, available-for-sale		181			244
Volume and support incentives		118			123
Property, equipment, and technology, net		1,170			1,080
Other assets		77			634
Intangible assets		10,883			10,883
Goodwill		10,213			10,213


Total assets	$	32,624		$	34,981


Liabilities
Accounts payable	$	106		$	159
Settlement payable		979			1,095
Customer collateral		739			679
Accrued compensation and benefits		296			420
Volume and support incentives		328			249
Accrued liabilities		587			306
Current portion of long-term debt		52			51
Current portion of accrued litigation		1,348			2,698

Redeemable class C (series III) common stock, no shares and 35,263,585 shares issued and outstanding, respectively		—			1,508


Total current liabilities		4,435			7,165

Long-term debt		46			55
Accrued litigation		905			1,060
Deferred tax liabilities		3,653			3,811
Other liabilities		786			613


Total liabilities		9,825			12,704


Temporary Equity and Minority Interest

Class C (series II) common stock, $0.0001 par value, no shares and 218,582,801 shares authorized, no shares and 79,748,857 shares issued and outstanding, net of subscription receivable, respectively	$	—		$	1,136

Minority interest		5			—


Total temporary equity and minority interest		5			1,136


Commitment and contingencies

Stockholders’ Equity
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none issued	$	—		$	—
Class A common stock, $0.0001 par value, 2,001,622,245,209 shares authorized, 449,407,746 and 447,746,261 issued and outstanding, respectively		—			—
Class B common stock, $0.0001 par value, 622,245,209 shares authorized, 245,513,385 issued and outstanding, respectively		—			—
Class C common stock, $0.0001 par value, 1,097,165,602 shares authorized, 151,605,798 issued and 151,581,349 outstanding at June 30, 2009		—			—
Class C (series I) common stock, $0.0001 par value, 813,582,801 shares authorized, 124,622,548 issued and 124,097,105 outstanding at September 30, 2008		—			—
Class C (series III) common stock, $0.0001 par value, 64,000,000 shares authorized, 26,949,616 issued and outstanding at September 30, 2008		—			—
Class C (series IV) common stock, $0.0001 par value, 1,000,000 shares authorized, 549,587 issued and outstanding at September 30, 2008		—			—
Additional paid-in capital		21,115			21,060
Class C treasury stock, 24,449 shares and 525,443 shares, respectively		(2	)		(35	)
Accumulated income		1,783			186
Accumulated other comprehensive loss, net		(102	)		(70	)

Total stockholders’ equity and accumulated income		22,794			21,141

Total liabilities, temporary equity and minority interest, and stockholders’ equity	$	32,624		$	34,981

Visa Inc.

Selected Consolidated Statements of Cash Flows

(unaudited)


	Nine Months Ended June 30,
	2009			2008
	(in millions)
Operating Activities
Net income	$	1,839		$	1,160
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of other investments		(473	)		—
Depreciation and amortization of property, equipment and technology		165			178
Share-based compensation		84			47
Tax benefit for share based compensation		(6	)		—
Restricted stock instruments settled in cash for taxes		(22	)		—
Fair value adjustment for liability under the framework agreement		—			(35	)
Interest earned on litigation escrow, net of tax		(14	)		(6	)
Net recognized loss on investment securities, including other-than-temporary impairment		8			12
Asset impairment on non-marketable equity investments		7			—
Gain on disposal of property, equipment and technology		—			(1	)
Minority interest		(1	)		—
Amortization of volume and support incentives		908			862
Accrued litigation and accretion		72			447
Equity in earnings of unconsolidated affiliates		—			(1	)
Deferred income taxes		316			136
Change in operating assets and liabilities:
Trading securities		10			—
Accounts receivable		(77	)		(24	)
Settlement receivable		133			(642	)
Volume and support incentives		(785	)		(980	)
Other assets		84			(76	)
Accounts payable		(53	)		(60	)
Settlement payable		(116	)		510
Accrued compensation and benefits		(124	)		(99	)
Accrued and other liabilities		438			52
Accrued litigation		(1,626	)		(1,220	)
Member deposits		—			(3	)


Net cash provided by operating activities		767			257


Investing Activities

Investment securities, available-for-sale:
Purchases		—			(1,504	)
Proceeds from sales and maturities		276			2,402
Distribution from money market investment		884			—
Cash acquired through reorganization		—			1,002
Purchases of/contributions to other investments		(1	)		(24	)
Dividends/distributions from other investments		1			22
Purchases of property, equipment and technology		(205	)		(323	)
Proceeds from sale of property, equipment and technology		—			4


Net cash provided by investing activities		955			1,579


Financing Activities
Proceeds from short-term borrowing		—			2
Payments on short-term borrowing		—			(2	)
Proceeds from sale of common stock, net of issuance costs $550		—			19,100
Tax benefit for share based compensation		6			—
Cash proceeds from exercise of stock options		20			—
Funding of litigation escrow account - Retrospective Responsibility Plan		(1,100	)		(3,000	)
Payments from litigation escrow account - Retrospective Responsibility Plan		1,481			1,015
Funding of tax escrow account for income tax withheld on stock proceeds		—			(116	)
Payments from tax escrow account		—			116
Payment for redemption of stock		(2,646	)		(13,446	)
Dividends paid		(240	)		—
Principal payments on debt		(8	)		(15	)
Principal payments on capital lease obligations		(4	)		(3	)


Net cash (used in) provided by financing activities		(2,491	)		3,651


Effect of exchange rate translation on cash and cash equivalents		(10	)		—

(Decrease) increase in cash and cash equivalents		(779	)		5,487
Cash and cash equivalents at beginning of year		4,979			275


Cash and cash equivalents at end of period	$	4,200		$	5,762


Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds	$	528		$	563
Amounts included in accounts payable and accrued liabilities related to purchases of property, equipment, and technology	$	25		$	27
Interest payments on debt	$	3		$	6
Common stock issued in acquisition	$	—		$	17,935
Cash dividend declared but not paid	$	—		$	93
Assets acquired in joint venture with note payable and equity interest issued	$	22		$	—

Selected Fiscal 2008 and 2009 Quarterly Results of Operations

US$ in millions


	Fiscal 2008 Quarter Ended						Fiscal 2009 Quarter Ended
	June 30, 2008			September 30, 2008			December 31, 2008			March 31, 2009			June 30, 2009
Operating Revenues
Service revenues	$	749		$	788		$	793		$	804		$	769
Data processing revenues		539			548			554			544			605
International transaction revenues		449			512			505			446			458
Other revenues		150			160			156			148			158
Volume and support incentives		(274	)		(299	)		(269	)		(295	)		(344	)

Total operating revenues		1,613			1,709			1,739			1,647			1,646

Operating Expenses
Personnel		310			317			275			272			262
Network, EDP and communications		84			94			93			92			97
Advertising, marketing and promotion		271			320			210			196			229
Professional and consulting fees		108			136			80			84			82
Depreciation and amortization		57			59			52			56			57
Administrative and other		85			98			63			66			96
Litigation provision		50			1,128			—			—			1

Total operating expenses		965			2,152			773			766			824

Operating income (loss)		648			(443	)		966			881			822

Other Income (Expense)
Equity in earnings of unconsolidated affiliates		—			—			(1	)		1			—
Interest expense		(30	)		(27	)		(30	)		(30	)		(30	)
Investment income, net		97			39			19			34			504
Other		(1	)		—			(1	)		1			1

Total other income (expense)		66			12			(13	)		6			475

Income (loss) before income taxes		714			(431	)		953			887			1,297
Income tax expense (benefit)		292			(75	)		379			352			568

Income (loss) before minority interest		422			(356	)		574			535			729
Minority interest		—			—			—			1			—

Net income (loss)	$	422		$	(356	)	$	574		$	536		$	729

Adjusted Operating Income and Net Income

US$ in millions


	Three Months Ended June 30, 2009			Three Months Ended June 30, 2008
Net income (as reported)	$	729		$	422
Addback: Income tax expense (as reported)		568			292

Net Income before taxes and minority interest (as reported)	$	1,297		$	714

Adjustments:
Litigation reserve ⁽¹⁾		—			50
Restructuring ⁽²⁾		3			15
Asset step-up amortization ⁽³⁾		17			17

Adjustments to operating income		20			82

Interest accretion on American Express settlement ⁽⁴⁾		8			11
Interest expense on Discover settlement ⁽⁵⁾		1			—
Investment income on Litigation Escrow and EU proceeds ⁽⁶⁾		(3	)		(33	)
Underwater contract (LIBOR adjustment) ⁽⁷⁾		—			1

Adjustments to non-operating income		6			(21	)

Total adjustments		26			61
Adjusted income before taxes and minority interest		1,323			775
Adjusted income tax expense ⁽⁸⁾		(579	)		(318	)

Adjusted net income	$	744		$	457


Operating income (as reported)	$	822		$	648
Addback: Adjustments to operating income		20			82

Adjusted operating income	$	842		$	730

Operating revenues (as reported)	$	1,646		$	1,613
Adjusted operating margin		51	%		45	%

Total operating expenses (as reported)	$	824		$	965
Less: Adjustments to operating expenses		(20	)		(82	)

Adjusted operating expenses	$	804		$	883

⁽¹⁾	Litigation reserve related to the covered litigation. Settlements of, or judgments in, covered litigation will be paid from the litigation escrow account.

⁽²⁾	Restructuring costs associated with workforce consolidation and elimination of overlapping functions.

⁽³⁾	Non-cash amortization and depreciation of the incremental basis in technology and building assets acquired in the reorganization.

⁽⁴⁾	Non-cash interest expense recorded on future payments to be made under the settlement agreement with American Express. These payments will be paid from the litigation escrow account.

⁽⁵⁾	Interest expense recorded on future payments to be made under the settlement agreement with Discover. These payments will be paid from the litigation escrow account.

⁽⁶⁾	Investment income earned during the period on all IPO proceeds and amounts held in the litigation escrow, including amounts the Company used in October 2008 to redeem all class C (series II) common stock and a portion of the class C (series III) common stock held by Visa Europe.

⁽⁷⁾

Other expense recorded in the periods presented as a result of changes in the Company’s estimated liability under the Framework Agreement, which governs its relationship with Visa Europe. The changes were primarily due to movement in the LIBOR rates in the periods presented. This liability was satisfied as part of the October 2008 redemptions described above.

⁽⁸⁾

Adjusted income tax expense for the three months ended June 30, 2009 reflects the GAAP effective tax rate for the current quarter, which is impacted by the sale of the equity interest in VisaNet do Brasil. Adjusted income tax expense for the three months ended June 30, 2008 reflects the normalized tax rate for fiscal 2008.

Reconciliation of Non-GAAP Adjusted Operating Expenses

US$ in millions


	Three Months Ended June 30, 2009							Three Months Ended June 30, 2008
	Actual		Adjustments			As Adjusted		Actual		Adjustments			As Adjusted
Personnel	$	262	$	(3	)⁽¹⁾	$	259	$	310	$	(15	)⁽¹⁾	$	295
Network, EDP and communications		97		—			97		84		—			84
Advertising, marketing and promotion		229		—			229		271		—			271
Professional and consulting fees		82		—			82		108		—			108
Depreciation and amortization		57		(17	)⁽²⁾		40		57		(17	)⁽²⁾		40
Administrative and other		96		—			96		85		—			85
Litigation provision		1		—			1		50		(50	)⁽³⁾		—

Total operating expenses	$	824	$	(20	)	$	804	$	965	$	(82	)	$	883

⁽¹⁾	Restructuring

⁽²⁾	Asset step-up amortization

⁽³⁾	Litigation reserve

Reconciliation of Non-GAAP Adjusted Non-operating Income

US$ in millions


	Three Months Ended June 30, 2009									Three Months Ended June 30, 2008
	Actual			Adjustments			As Adjusted			Actual			Adjustments			As Adjusted
Equity in earnings of unconsolidated affiliates	$	—		$	—		$	—		$	—		$	—		$	—
Interest expense		(30	)		9	⁽¹⁾		(21	)		(30	)		11	⁽¹⁾		(19	)
Investment income, net		504			(3	) ⁽²⁾		501			97			(33	) ⁽²⁾		64
Other		1			—			1			(1	)		1	⁽³⁾		—

Total other income	$	475		$	6		$	481		$	66		$	(21	)	$	45

⁽¹⁾	Interest accretion on American Express Settlement and interest expense on Discover Settlement

⁽²⁾	Investment income on Litigation Escrow funds and funds used in October 2008 for the repurchase of shares from Visa Europe

⁽³⁾	Underwater contract (LIBOR adjustment)

Class A Common Stock Adjusted Diluted Earnings Per Share

•

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 and other non-recurring events. These measures also adjust for expenses related to covered litigation that will be funded by the litigation escrow account. These items have an impact on our financial results but are either non-recurring or have no operating cash impact.

•

Recognizing that we have a very complex equity structure incorporating multiple classes and series of common stock, the Company has also presented adjusted diluted class A earnings per share calculated below based on adjusted net income and the weighted average number of diluted class A shares outstanding in the periods presented (adjusted in the prior period presented). This non-GAAP financial measure has been presented to illustrate our per share results reflecting our capital structure after the redemption of all class C (series II) common stock and a portion of class C (series III) common stock, which the Company redeemed in October 2008. Management believes this non-GAAP presentation provides the reader with a clearer understanding of our per share results by excluding these redeemed shares and allocating adjusted net income only to permanent equity.


	Three Months Ended June 30, 2009		Three Months Ended June 30, 2008
	*(in millions, except per share data)*
Adjusted net income	$	744	$	457
Weighted average number of diluted shares outstanding		756		779

Adjusted diluted earnings per share	$	0.98	$	0.59

Calculation of Free Cash Flow

US$ in millions


	Additions (+) / Reductions (-) to Net income		For the Nine Months Ended June 30, 2009
		Net income (as reported)	$	1,839
*Recurring Items:*
Capital Assets	+	Depreciation and amortization		165
	-	Capital expenditures		(205	)
Share-based Compensation	+	Share-based compensation		84
Litigation	+	Litigation provision		1
	+	Accretion expense		71
	-	Settlement payments		(1,642	)
Pension	+	Pension expense		43
	-	Pension contribution		(8	)
VisaNet do Brasil⁽¹⁾	-	Gain on sale of investment, pre-tax		(473	)
Taxes	+	Income tax expense		1,299
	-	Income taxes paid		(528	)
*Non-recurring Items⁽²⁾:*
Covered Litigation	+	Settlement payments funded by litigation escrow		1,481
	-	Tax benefit on settlement payments		(540	)
	+	Settlement payments funded by Morgan Stanley		49
		Total Free Cash Flow	$	1,636

(1)

In July 2009, Visa received total proceeds from the sale of its equity investment in VisaNet do Brasil of approximately $1 billion. Free cash flow for the quarter ended September 30, 2009 will reflect receipt of these proceeds, as well as the payment of associated taxes estimated to be approximately half this amount.

(2)	Adjustments to eliminate the cash impact of non-recurring items.

LOGO

Operational Performance Data

The tables below provide information regarding the operational results for the 3 months ended March 31, 2009, as well as the prior seven quarterly reporting periods and the 12 months ended March 31, 2009 and 2008, for cards carrying the Visa, Visa Electron and Interlink brands.

1. Branded Volume and Transactions

The tables present Payments Volume, Cash Volume, Total Volume, the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior periods are provided for volume-based data.


	For the 3 Months Ended March 31, 2009
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	229	-6.5	%	11.3	%	$	147	-7.8	%	10.2	%	2,176	$	82	-4.2	%	13.3	%	545	420	506
Canada		36	-23.3	%	-0.8	%		32	-22.2	%	0.5	%	347		4	-30.6	%	-10.3	%	9	23	31
CEMEA		108	-4.8	%	19.7	%		17	-0.4	%	19.5	%	294		91	-5.6	%	19.7	%	666	178	182
LAC		128	-10.3	%	16.1	%		42	-9.3	%	15.2	%	1,283		86	-10.7	%	16.6	%	775	313	341
US		468	-4.3	%	-4.3	%		379	-2.5	%	-2.5	%	7,502		89	-10.9	%	-10.9	%	708	480	664

Visa Inc.		969	-6.5	%	4.0	%		617	-5.5	%	2.0	%	11,602		352	-8.3	%	7.8	%	2,703	1,415	1,723

Visa Credit Programs
US	$	195	-15.5	%	-15.5	%	$	176	-9.7	%	-9.7	%	2,083	$	19	-47.0	%	-47.0	%	22	240	318
Rest of World		236	-11.9	%	7.3	%		204	-11.0	%	8.0	%	3,105		32	-17.7	%	3.1	%	131	418	480

Visa Inc.		431	-13.6	%	-4.4	%		380	-10.4	%	-1.0	%	5,187		51	-31.7	%	-23.7	%	153	658	798

Visa Debit Programs
US	$	272	5.8	%	5.8	%	$	202	4.7	%	4.7	%	5,419	$	70	9.4	%	9.4	%	686	241	346
Rest of World		265	-5.4	%	19.0	%		34	-2.5	%	25.3	%	996		231	-5.8	%	18.1	%	1,864	517	579

Visa Inc.		537	0.0	%	12.0	%		236	3.6	%	7.2	%	6,415		301	-2.7	%	16.0	%	2,550	757	925

	For the 3 Months Ended December 31, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	243	1.1	%	12.3	%	$	161	2.1	%	13.2	%	2,227	$	82	-0.9	%	10.5	%	533	414	501
Canada		43	-16.3	%	2.1	%		38	-15.4	%	3.2	%	395		4	-23.5	%	-6.6	%	9	23	30
CEMEA		136	18.5	%	34.5	%		20	11.9	%	30.3	%	306		117	19.7	%	35.2	%	708	174	179
LAC		144	-1.2	%	21.7	%		47	-0.4	%	21.3	%	1,344		97	-1.6	%	21.9	%	848	312	340
US		505	-2.0	%	-2.0	%		409	-1.0	%	-1.0	%	7,825		96	-5.7	%	-5.7	%	714	484	668

Visa Inc.		1,071	0.3	%	7.9	%		675	-0.9	%	4.4	%	12,097		396	2.5	%	14.3	%	2,812	1,407	1,718

Visa Credit Programs
US	$	230	-9.2	%	-9.2	%	$	203	-6.9	%	-6.9	%	2,375	$	27	-23.2	%	-23.2	%	28	258	334
Rest of World		266	-2.3	%	11.7	%		228	-1.6	%	12.0	%	3,228		37	-5.9	%	10.2	%	148	415	478

Visa Inc.		496	-5.6	%	0.9	%		431	-4.2	%	2.2	%	5,603		65	-14.1	%	-6.9	%	176	673	813

Visa Debit Programs
US	$	275	5.1	%	5.1	%	$	206	5.6	%	5.6	%	5,450	$	69	3.7	%	3.7	%	687	227	333
Rest of World		301	7.1	%	25.1	%		38	5.9	%	28.7	%	1,043		263	7.3	%	24.6	%	1,949	507	572

Visa Inc.		575	6.1	%	14.7	%		244	5.6	%	8.6	%	6,493		332	6.5	%	19.6	%	2,636	734	905

Operational Performance Data

March 31, 2009


	For the 3 Months Ended September 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	250	16.4	%	20.4	%	$	163	16.3	%	20.5	%	2,144	$	87	16.6	%	20.1	%	525	400	480
Canada		50	5.5	%	9.1	%		44	6.9	%	10.6	%	395		5	-4.9	%	-1.6	%	9	24	32
CEMEA		144	43.4	%	44.4	%		21	38.6	%	42.1	%	280		123	44.3	%	44.8	%	671	169	176
LAC		159	31.3	%	26.5	%		51	32.9	%	28.5	%	1,237		108	30.5	%	25.5	%	798	301	334
US		524	7.1	%	7.1	%		421	8.6	%	8.6	%	7,680		103	1.6	%	1.6	%	744	474	651

Visa Inc.		1,127	15.9	%	16.4	%		701	12.4	%	13.4	%	11,737		426	22.0	%	21.8	%	2,748	1,368	1,673

Visa Credit Programs
US	$	244	1.7	%	1.7	%	$	213	3.5	%	3.5	%	2,363	$	31	-9.2	%	-9.2	%	30	263	336
Rest of World		280	15.6	%	18.9	%		239	16.1	%	19.2	%	3,115		41	12.9	%	17.4	%	153	410	473

Visa Inc.		525	8.7	%	10.2	%		452	9.8	%	11.2	%	5,478		73	2.2	%	4.2	%	183	672	809

Visa Debit Programs
US	$	280	12.4	%	12.4	%	$	208	14.3	%	14.3	%	5,318	$	71	7.3	%	7.3	%	714	211	314
Rest of World		322	33.8	%	32.7	%		41	37.5	%	37.8	%	941		282	33.3	%	32.0	%	1,851	484	549

Visa Inc.		602	22.9	%	22.4	%		249	17.5	%	17.5	%	6,259		353	27.1	%	26.2	%	2,565	695	864

	For the 3 Months Ended June 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	250	24.3	%	21.1	%	$	162	22.4	%	18.9	%	2,032	$	88	28.0	%	25.5	%	498	387	472
Canada		51	14.3	%	10.3	%		45	14.5	%	10.4	%	383		6	13.0	%	9.0	%	9	24	31
CEMEA		131	45.8	%	40.7	%		19	37.8	%	38.1	%	255		112	47.2	%	41.2	%	640	159	168
LAC		155	35.4	%	22.9	%		50	40.3	%	27.5	%	1,160		105	33.2	%	20.8	%	754	303	328
US		526	8.8	%	8.8	%		423	9.7	%	9.7	%	7,661		103	4.9	%	4.9	%	738	465	642

Visa Inc.		1,113	19.2	%	16.5	%		699	15.2	%	13.6	%	11,490		414	26.6	%	21.8	%	2,639	1,338	1,642

Visa Credit Programs
US	$	246	4.7	%	4.7	%	$	213	5.0	%	5.0	%	2,333	$	34	2.9	%	2.9	%	29	262	335
Rest of World		278	21.7	%	17.9	%		238	22.6	%	18.3	%	2,969		40	16.4	%	15.3	%	146	404	464

Visa Inc.		524	13.1	%	11.3	%		450	13.6	%	11.6	%	5,303		74	9.8	%	9.3	%	175	666	798

Visa Debit Programs
US	$	280	12.6	%	12.6	%	$	210	15.0	%	15.0	%	5,327	$	69	5.9	%	5.9	%	708	203	308
Rest of World		309	39.4	%	31.0	%		38	40.3	%	31.9	%	860		271	39.3	%	30.8	%	1,756	470	536

Visa Inc.		589	25.2	%	21.5	%		248	18.2	%	17.3	%	6,187		340	30.9	%	24.9	%	2,464	673	844

	For the 3 Months Ended March 31, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	245	29.4	%	22.5	%	$	159	26.5	%	19.4	%	1,913	$	85	35.2	%	28.6	%	458	376	457
Canada		47	30.9	%	10.0	%		41	30.5	%	9.7	%	337		6	33.8	%	12.5	%	9	24	31
CEMEA		114	40.8	%	35.3	%		17	40.4	%	38.0	%	236		96	40.9	%	34.8	%	584	148	156
LAC		143	37.8	%	22.4	%		46	47.5	%	30.5	%	1,123		97	33.7	%	18.8	%	719	288	312
US		488	10.8	%	10.8	%		389	12.0	%	12.0	%	7,080		100	6.5	%	6.5	%	689	456	664

Visa Inc.		1,036	22.0	%	16.6	%		652	19.1	%	14.9	%	10,689		384	27.2	%	19.8	%	2,460	1,291	1,620

Visa Credit Programs
US	$	231	8.0	%	8.0	%	$	195	8.1	%	8.1	%	2,167	$	36	7.5	%	7.5	%	30	260	368
Rest of World		268	28.5	%	18.5	%		229	29.5	%	19.1	%	2,798		39	23.0	%	15.0	%	134	387	446

Visa Inc.		499	18.1	%	12.9	%		424	18.7	%	13.2	%	4,965		75	15.0	%	10.8	%	164	647	814

Visa Debit Programs
US	$	257	13.5	%	13.5	%	$	193	16.2	%	16.2	%	4,913	$	64	6.0	%	6.0	%	659	196	297
Rest of World		280	39.6	%	29.3	%		35	44.1	%	32.7	%	812		245	38.9	%	28.9	%	1,636	448	510

Visa Inc.		537	25.8	%	20.3	%		228	19.8	%	18.0	%	5,725		309	30.6	%	22.4	%	2,296	644	806

Operational Performance Data

March 31, 2009


	For the 3 Months Ended December 31, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	241	28.4	%	24.0	%	$	158	24.3	%	20.3	%	1,931	$	83	36.9	%	31.7	%	452	368	446
Canada		51	29.3	%	13.6	%		45	28.5	%	12.8	%	382		6	36.5	%	19.9	%	9	23	31
CEMEA		115	43.8	%	38.5	%		18	44.1	%	40.5	%	235		97	43.8	%	38.2	%	590	139	147
LAC		145	33.3	%	22.1	%		47	44.1	%	31.3	%	1,132		99	28.8	%	18.1	%	757	284	307
US		515	11.5	%	11.5	%		413	12.4	%	12.4	%	7,417		102	7.7	%	7.7	%	715	455	660

Visa Inc.		1,067	21.5	%	17.7	%		681	18.5	%	15.6	%	11,098		387	27.3	%	21.8	%	2,523	1,269	1,591

Visa Credit Programs
US	$	253	9.2	%	9.2	%	$	218	9.7	%	9.7	%	2,462	$	36	5.9	%	5.9	%	33	259	365
Rest of World		272	26.7	%	19.8	%		232	27.3	%	20.3	%	2,863		40	23.2	%	17.2	%	136	372	431

Visa Inc.		525	17.6	%	14.1	%		450	18.1	%	14.6	%	5,326		75	14.4	%	11.2	%	169	630	796

Visa Debit Programs
US	$	261	13.8	%	13.8	%	$	195	15.6	%	15.6	%	4,955	$	66	8.7	%	8.7	%	682	197	295
Rest of World		281	39.1	%	31.2	%		36	43.5	%	34.0	%	817		245	38.5	%	30.8	%	1,672	442	500

Visa Inc.		542	25.6	%	21.5	%		231	19.2	%	17.7	%	5,772		311	30.9	%	24.8	%	2,354	639	795

	For the 3 Months Ended September 30, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	215	25.6	%	20.6	%	$	140	22.1	%	17.5	%	1,796	$	74	32.8	%	26.8	%	417	348	427
Canada		47	22.7	%	12.9	%		42	21.4	%	11.8	%	362		6	33.0	%	22.5	%	9	23	31
CEMEA		101	43.0	%	38.8	%		15	39.0	%	35.6	%	211		85	43.8	%	39.4	%	545	125	136
LAC		121	26.7	%	18.9	%		38	38.5	%	29.5	%	1,004		83	21.9	%	14.6	%	691	267	289
US		489	9.7	%	9.7	%		388	10.8	%	10.8	%	7,039		101	5.7	%	5.7	%	730	440	642

Visa Inc.		973	18.4	%	15.8	%		623	15.9	%	13.8	%	10,411		349	23.3	%	19.3	%	2,392	1,203	1,526

Visa Credit Programs
US	$	240	6.7	%	6.7	%	$	206	8.5	%	8.5	%	2,314	$	35	-2.8	%	-2.8	%	34	253	358
Rest of World		243	22.5	%	17.1	%		206	23.6	%	17.8	%	2,654		37	16.4	%	13.5	%	128	353	410

Visa Inc.		483	14.1	%	11.6	%		412	15.6	%	12.9	%	4,968		71	6.2	%	4.8	%	162	607	769

Visa Debit Programs
US	$	249	12.7	%	12.7	%	$	182	13.5	%	13.5	%	4,724	$	67	10.7	%	10.7	%	696	187	284
Rest of World		241	36.0	%	28.6	%		29	39.6	%	31.3	%	718		211	35.5	%	28.3	%	1,534	409	473

Visa Inc.		490	23.1	%	20.0	%		212	16.5	%	15.6	%	5,442		278	28.6	%	23.6	%	2,230	596	757

	For the 3 Months Ended June 30, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	201	20.6	%	16.6	%	$	132	19.9	%	16.8	%	1,708	$	69	21.9	%	16.1	%	373	336	412
Canada		45	18.2	%	12.0	%		40	17.4	%	11.3	%	352		5	24.5	%	18.0	%	9	22	30
CEMEA		90	38.7	%	37.3	%		14	32.4	%	32.8	%	197		76	39.9	%	38.1	%	508	121	124
LAC		114	32.4	%	18.9	%		35	41.8	%	27.7	%	945		79	28.6	%	15.3	%	669	257	281
US		484	9.6	%	9.6	%		386	10.4	%	10.4	%	6,907		98	6.3	%	6.3	%	721	418	616

Visa Inc.		934	17.1	%	14.6	%		606	14.8	%	13.3	%	10,108		327	21.8	%	17.2	%	2,280	1,154	1,464

Visa Credit Programs
US	$	235	6.4	%	6.4	%	$	203	8.3	%	8.3	%	2,251	$	33	-4.3	%	-4.3	%	32	245	345
Rest of World		228	19.8	%	16.1	%		194	21.2	%	17.0	%	2,519		35	12.6	%	11.1	%	120	339	394

Visa Inc.		464	12.6	%	11.0	%		396	14.3	%	12.5	%	4,770		67	3.7	%	3.1	%	152	584	739

Visa Debit Programs
US	$	248	12.8	%	12.8	%	$	183	12.9	%	12.9	%	4,656	$	65	12.5	%	12.5	%	689	173	270
Rest of World		222	34.2	%	24.9	%		27	39.1	%	28.9	%	682		195	33.5	%	24.4	%	1,439	397	454

Visa Inc.		470	21.9	%	18.4	%		210	15.7	%	14.8	%	5,339		260	27.5	%	21.3	%	2,128	570	725

Operational Performance Data

March 31, 2009


	For the 12 Months Ended March 31, 2009
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	972	7.8	%	16.2	%	$	633	7.4	%	15.7	%	8,580	$	339	8.8	%	17.3	%	2,101	420	506
Canada		179	-5.4	%	5.6	%		160	-4.5	%	6.6	%	1,519		19	-12.2	%	-1.9	%	36	23	31
CEMEA		520	24.0	%	35.1	%		77	20.6	%	32.5	%	1,136		443	24.6	%	35.6	%	2,685	178	182
LAC		586	11.8	%	22.0	%		189	13.4	%	23.3	%	5,023		397	11.1	%	21.4	%	3,175	313	341
US		2,022	2.3	%	2.3	%		1,632	3.6	%	3.6	%	30,668		391	-2.6	%	-2.6	%	2,904	480	664

Visa Inc.		4,279	6.7	%	11.2	%		2,691	5.0	%	8.3	%	46,926		1,588	9.8	%	16.5	%	10,901	1,415	1,723

Visa Credit Programs
US	$	916	-4.6	%	-4.6	%	$	805	-2.0	%	-2.0	%	9,154	$	111	-19.8	%	-19.8	%	109	240	318
Rest of World		1,060	4.9	%	14.1	%		909	5.6	%	14.5	%	12,417		151	0.8	%	11.8	%	578	418	480

Visa Inc.		1,976	0.3	%	4.6	%		1,713	1.9	%	6.1	%	21,571		263	-9.1	%	-4.2	%	687	658	798

Visa Debit Programs
US	$	1,106	8.9	%	8.9	%	$	827	9.7	%	9.7	%	21,514	$	279	6.5	%	6.5	%	2,795	241	346
Rest of World		1,197	17.0	%	27.1	%		151	18.2	%	31.0	%	3,840		1,046	16.8	%	26.5	%	7,419	517	579

Visa Inc.		2,303	13.0	%	17.7	%		977	10.9	%	12.5	%	25,355		1,326	14.5	%	21.7	%	10,214	757	925

	For the 12 Months Ended March 31, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	901	26.2	%	20.9	%	$	590	23.3	%	18.5	%	7,347	$	312	31.9	%	25.6	%	1,701	376	457
Canada		190	25.2	%	12.2	%		167	24.4	%	11.5	%	1,433		22	32.0	%	18.3	%	37	24	31
CEMEA		419	41.7	%	37.5	%		64	39.2	%	36.7	%	879		355	42.1	%	37.7	%	2,227	148	156
LAC		524	32.7	%	20.5	%		167	43.2	%	29.7	%	4,204		357	28.3	%	16.6	%	2,836	288	312
US		1,976	10.4	%	10.4	%		1,575	11.4	%	11.4	%	28,443		401	6.6	%	6.6	%	2,855	456	664

Visa Inc.		4,010	19.8	%	16.2	%		2,563	17.1	%	14.4	%	42,306		1,447	25.0	%	19.5	%	9,655	1,291	1,620

Visa Credit Programs
US	$	960	7.6	%	7.6	%	$	821	8.7	%	8.7	%	9,195	$	139	1.5	%	1.5	%	129	260	368
Rest of World		1,011	24.5	%	17.9	%		860	25.6	%	18.5	%	10,834		150	18.8	%	14.1	%	518	387	446

Visa Inc.		1,971	15.6	%	12.4	%		1,682	16.7	%	13.3	%	20,028		289	9.8	%	7.3	%	648	647	814

Visa Debit Programs
US	$	1,016	13.2	%	13.2	%	$	754	14.6	%	14.6	%	19,248	$	262	9.5	%	9.5	%	2,726	196	297
Rest of World		1,023	37.4	%	28.5	%		127	41.8	%	31.7	%	3,029		896	36.8	%	28.0	%	6,281	448	510

Visa Inc.		2,039	24.2	%	20.1	%		881	17.8	%	16.6	%	22,278		1,158	29.5	%	23.0	%	9,007	644	806

Operational Performance Data

March 31, 2009

Footnote

The preceding tables present Payments Volume, Cash Volume, Total Volume, the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior periods are provided for volume-based data.

Payments Volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and Cash Volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total Volume represents Payments Volume plus Cash Volume.

Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa’s signature based and Interlink (PIN) debit programs.

The data presented is reported quarterly by Visa’s members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.

Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported (“Nominal USD”). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports period-over-period growth in Total Volume, Payments Volume and Cash Volume on the basis of local currency information (“Constant USD”). This presentation represents Visa’s historical methodology which may be subject to review and refinement.

Operational Performance Data

March 31, 2009

2. Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.


Period	Processed Transactions (millions)	Year-over-Year Growth
3 Months Ended
Jun 30, 2009	10,266	8	%
Mar 31, 2009	9,360	6	%
Dec 31, 2008	9,797	8	%
Sep 30, 2008	9,590	11	%
Jun 30, 2008	9,473	13	%
Mar 31, 2008	8,800	15	%
Dec 31, 2007	9,094	13	%
Sep 30, 2007	8,645	12	%

12 Months Ended
Jun 30, 2009	39,012	8	%
Jun 30, 2008	36,012	13	%