Visa Inc. Reports Fiscal Third Quarter 2020 Results San Francisco, CA, July 28, 2020 – Visa Inc. (NYSE: V) GAAP net income of $2.4B or $1.07 per share and non-GAAP net income of $2.3B or $1.06 per share Net revenues of $4.8B, a decrease of 17% While the underlying business drivers declined year-over-year due to the continuing impact of COVID-19, they improved each month throughout the quarter – meaningfully for payments volume and processed transactions and marginally for cross-border volume Returned $1.6B of capital to shareholders in the form of share repurchases and dividends Q3 2020 Results (Ended June 30, 2020) Alfred F. Kelly, Jr., Chairman and Chief Executive Officer, Visa Inc., commented on the results: GAAP Non-GAAP (1) in billions, except “We continue to focus on managing our YoY YoY percentages and business for the medium and long-term per share data USD Change USD Change despite the challenges of the global Net Revenues $4.8 (17%) $4.8 (17%) pandemic. In the quarter, we were pleased to see strong growth in areas that are strategically important, including Net Income $2.4 (23%) $2.3 (24%) eCommerce, tap to pay, new flows and value-added services. We remain committed Earnings Per Share $1.07 (22%) $1.06 (23%) to our strategy and are thoughtfully investing to fuel Visa’s future performance.” (1) Non-GAAP results exclude equity investment gains and losses, amortization of acquired intangible assets and non-recurring acquisition-related costs. Q3 2020 Key Business Drivers (YoY increase / (decrease), volume in constant dollars) Payments Volume Cross-Border Volume Processed Transactions (10%) Excluding Intra-Europe(1): (47%) (13%) Total: (37%) (1) Cross-border volume excluding transactions within Europe.
Fiscal Third Quarter 2020 — Financial Highlights GAAP net income in the fiscal third quarter was $2.4 billion or $1.07 per share, decreases of 23% and 22%, respectively, over prior year’s results. Current and prior year’s results included $51 million and $9 million of net gains from equity investments, respectively. Current and prior year’s results also included $17 million and $5 million, respectively, related to the amortization of acquired intangible assets and non-recurring acquisition-related costs. Excluding these items, non-GAAP net income for the quarter was $2.3 billion or $1.06 per share, decreases of 24% and 23%, respectively, over prior year’s results (refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented). Non-GAAP earnings per share decrease was approximately 22% on a constant-dollar basis. All references to earnings per share assume fully-diluted class A share count. Net revenues in the fiscal third quarter were $4.8 billion, a decrease of 17%, driven by the year-over-year declines in payments volume, cross-border volume and processed transactions. Net revenues decrease was approximately 16% on a constant-dollar basis. Payments volume for the three months ended March 31, 2020, on which fiscal third quarter service revenues are recognized, grew 4% over the prior year on a constant-dollar basis. Payments volume for the three months ended June 30, 2020, decreased 10% over the prior year on a constant-dollar basis. Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, declined 47% on a constant-dollar basis for the three months ended June 30, 2020. Including cross-border transactions within Europe, the decline on a constant-dollar basis was 37% in the quarter. Total processed transactions, which represent transactions processed by Visa, for the three months ended June 30, 2020, were 30.7 billion, a 13% decrease over the prior year. Fiscal third quarter service revenues were $2.4 billion, flat compared to 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 decreased 5% over the prior year to $2.5 billion. International transaction revenues declined 44% over the prior year to $1.1 billion. Other revenues of $314 million reflected an 8% reduction over the prior year. Client incentives, which are a contra- revenue item, were $1.5 billion and represented 23.8% of gross revenues. GAAP operating expenses were $1.8 billion for the fiscal third quarter, a 5% decrease over the prior year's results, including the amortization of acquired intangible assets and non-recurring acquisition-related costs in the current and prior year. Excluding these operating expense items, non-GAAP operating expenses decreased 5% over the prior year, primarily driven by marketing and general and administrative expenses reflecting our overall cost management strategy. GAAP non-operating expense was $67 million for the fiscal third quarter, including $51 million of net equity investment gains. GAAP effective income tax rate was 19.1% for the quarter ended June 30, 2020, including the tax impacts from net equity investment gains, amortization of acquired intangible assets and non-recurring acquisition-related costs. Excluding the tax impacts from these items, the non-GAAP effective income tax rate was 19.0% for the quarter ended June 30, 2020. Cash, cash equivalents and investment securities were $17.2 billion as of June 30, 2020. The weighted-average number of diluted shares of class A common stock outstanding was 2.21 billion for the quarter ended June 30, 2020. 2
Other Notable Items COVID-19 continues to have an impact globally. In the fiscal third quarter we saw spending improve each month as most countries began to relax domestic restrictions. In the U.S., as the quarter progressed, payments volume meaningfully improved, driven by the relaxing of shelter-in-place restrictions in a number of states. This helped to lift card present spending while eCommerce excluding travel spend remained consistently elevated, as consumers continued to shift their spend online. International markets are at various stages of reopening and recovery, with many large markets having a trajectory comparable to the U.S. Global processed transaction growth has slightly lagged payments volume growth, as the mix of spending shifted away from smaller purchases. Cross-border volume has improved only marginally through the quarter as travel has been heavily affected by most country borders remaining closed, partially offset by strong eCommerce spend excluding travel. On April 2, 2020 Visa issued fixed-rate senior notes in an aggregate principal amount of $4.0 billion, with maturities ranging between 7 and 20 years, and interest rates from 1.9% to 2.7%. The weighted-average interest rate is 2.16%. The net proceeds will be used for general corporate purposes. During the three months ended June 30, 2020, Visa repurchased 5.2 million shares of class A common stock, at an average price of $180.47 per share, using $0.9 billion of cash on hand. In the nine months ended June 30, 2020, Visa repurchased a total of 36.0 million shares of class A common stock, at an average price of $180.01 per share, using $6.5 billion of cash on hand. The Company had $7.0 billion of remaining authorized funds for share repurchase as of June 30, 2020. On July 20, 2020, the board of directors declared a quarterly cash dividend of $0.30 per share of class A common stock (determined in the case of class B and C common stock and series B and C convertible participating preferred stock on an as- converted basis) payable on September 1, 2020, to all holders of record as of August 14, 2020. Financial Outlook for Fiscal Full-Year 2020 The worldwide spread of COVID-19 has created significant uncertainty in the global economy and the extent to which COVID-19 will continue to impact the Company’s future results is difficult to reasonably estimate at this time; therefore we are not providing a fiscal full-year 2020 outlook. Fiscal Third Quarter 2020 Earnings Results Conference Call Details Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) 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 for 30 days. Investor information, including supplemental financial information, is also available at http://investor.visa.com. 3
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, the impact on our underlying business drivers and other volume and transaction trends as a result of COVID-19, our future operations, prospects, developments, strategies and business growth. Forward-looking statements generally are identified by words such as “anticipates,” “estimates,” “expects,” “intends,” “may,” “projects,” “outlook,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward- looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. Actual results could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to: impact of global economic, political, market, health and social events or conditions, including the impact of COVID-19; increased oversight and regulation of the global payments industry and our business; impact of government-imposed restrictions on international payment systems; outcome of tax, litigation and governmental investigation matters; increasingly intense competition in the payments industry, including competition for our clients and merchants; proliferation and continuous evolution of new technologies and business models; our ability to maintain relationships with our clients, merchants and other third parties; brand or reputational damage; management changes; exposure to loss or illiquidity due to settlement guarantees; uncertainty surrounding the impact of the United Kingdom’s withdrawal from the European Union; a disruption, failure, breach or cyber-attack of our networks or systems; risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions and other strategic investments; and other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2019, and our subsequent reports on Forms 10-Q and 8-K. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. About Visa Inc. Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa.html, usa.visa.com/visa-everywhere/blog.html and @VisaNews. Investor Relations Media Relations Contacts Mike Milotich, 650-432-7644, Will Stickney, 415-805-4892, InvestorRelations@visa.com Press@visa.com 4
Fiscal Third Quarter 2020 — Financial Summary Q3 FISCAL 2020 INCOME STATEMENT SUMMARY Three Months Ended (in millions, except percentages and per share YoY Change June 30, 2020 data) GAAP Non-GAAP GAAP Non-GAAP Revenues Service revenues$ 2,409 $ 2,409 0% 0% Data processing revenues 2,525 2,525 (5%) (5%) International transaction revenues 1,102 1,102 (44%) (44%) Other revenues 314 314 (8%) (8%) Client incentives (1,513) (1,513) (2%) (2%) Net revenues 4,837 4,837 (17%) (17%) Operating Expenses Personnel 941 939 8% 8% Marketing 174 174 (38%) (38%) Network and processing 172 171 (7%) (7%) Professional fees 95 94 (16%) (14%) Depreciation and amortization 197 184 19% 13% General and administrative 258 258 (18%) (18%) Litigation provision 1 1 (40%) (40%) Total operating expenses 1,838 1,821 (5%) (5%) Operating income 2,999 3,016 (23%) (23%) Non-operating expense (67) (118) 59% 134% Effective tax rate 19.1% 19.0% (1 ppt) (1 ppt) Net income$ 2,373 $ 2,347 (23%) (24%) Earnings per share$ 1.07 $ 1.06 (22%) (23%) Q3 FISCAL 2020 KEY BUSINESS DRIVERS YoY Change Constant Nominal Payments volume (10%) (12%) Cross-border volume excluding intra-Europe(1) (47%) (48%) Cross-border volume total (37%) (38%) Processed transactions (13%) (13%) (1) Cross-border volume excluding transactions within Europe. 5
Visa Inc. Consolidated Balance Sheets (unaudited) June 30, September 30, 2020 2019 (in millions, except per share data) Assets Cash and cash equivalents $ 13,898 $ 7,838 Restricted cash equivalents—U.S. litigation escrow 1,148 1,205 Investment securities 2,739 4,236 Settlement receivable 2,111 3,048 Accounts receivable 1,453 1,542 Customer collateral 1,759 1,648 Current portion of client incentives 1,150 741 Prepaid expenses and other current assets 753 712 Total current assets 25,011 20,970 Investment securities 547 2,157 Client incentives 3,168 2,084 Property, equipment and technology, net 2,746 2,695 Goodwill 15,791 15,656 Intangible assets, net 27,188 26,780 Other assets 3,433 2,232 Total assets $ 77,884 $ 72,574 Liabilities Accounts payable $ 153 $ 156 Settlement payable 2,725 3,990 Customer collateral 1,759 1,648 Accrued compensation and benefits 703 796 Client incentives 4,208 3,997 Accrued liabilities 2,397 1,625 Current maturities of debt 2,999 — Accrued litigation 1,156 1,203 Total current liabilities 16,100 13,415 Long-term debt 17,880 16,729 Deferred tax liabilities 4,728 4,807 Other liabilities 3,652 2,939 Total liabilities 42,360 37,890 Equity Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows: Series A convertible participating preferred stock, none issued (the “class A equivalent preferred stock”) — — Series B convertible participating preferred stock, 2 shares issued and outstanding at June 30, 2020 and 2,213 2,285 September 30, 2019 (the “UK&I preferred stock”) Series C convertible participating preferred stock, 3 shares issued and outstanding at June 30, 2020 and 3,085 3,177 September 30, 2019 (the “Europe preferred stock”) Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,687 and 1,718 shares issued and outstanding at — — June 30, 2020 and September 30, 2019, respectively Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at June 30, 2020 — — and September 30, 2019 Class C common stock, $0.0001 par value, 1,097 shares authorized, 11 shares issued and outstanding at June 30, 2020 — — and September 30, 2019 Right to recover for covered losses (24) (171) Additional paid-in capital 16,457 16,541 Accumulated income 14,072 13,502 Accumulated other comprehensive income (loss), net: Investment securities 4 6 Defined benefit pension and other postretirement plans (192) (192) Derivative instruments (39) 199 Foreign currency translation adjustments (52) (663) Total accumulated other comprehensive income (loss), net (279) (650) Total equity 35,524 34,684 Total liabilities and equity $ 77,884 $ 72,574 6
Visa Inc. Consolidated Statements of Operations (unaudited) Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 (in millions, except per share data) Net revenues $ 4,837 $ 5,840 $ 16,745 $ 16,840 Operating Expenses Personnel 941 872 2,863 2,573 Marketing 174 282 683 799 Network and processing 172 184 536 528 Professional fees 95 113 304 305 Depreciation and amortization 197 165 571 484 General and administrative 258 315 840 855 Litigation provision 1 1 9 30 Total operating expenses 1,838 1,932 5,806 5,574 Operating income 2,999 3,908 10,939 11,266 Non-operating Income (Expense) Interest expense, net (142) (128) (371) (413) Investment income and other 75 86 167 320 Total non-operating income (expense) (67) (42) (204) (93) Income before income taxes 2,932 3,866 10,735 11,173 Income tax provision 559 765 2,006 2,118 Net income $ 2,373 $ 3,101 $ 8,729 $ 9,055 Basic Earnings Per Share Class A common stock $ 1.07 $ 1.37 $ 3.92 $ 3.98 Class B common stock $ 1.74 $ 2.23 $ 6.37 $ 6.49 Class C common stock $ 4.29 $ 5.48 $ 15.70 $ 15.92 Basic Weighted-average Shares Outstanding Class A common stock 1,690 1,735 1,702 1,748 Class B common stock 245 245 245 245 Class C common stock 11 12 11 12 Diluted Earnings Per Share Class A common stock $ 1.07 $ 1.37 $ 3.92 $ 3.97 Class B common stock $ 1.74 $ 2.23 $ 6.36 $ 6.48 Class C common stock $ 4.29 $ 5.48 $ 15.68 $ 15.90 Diluted Weighted-average Shares Outstanding Class A common stock 2,214 2,265 2,227 2,278 Class B common stock 245 245 245 245 Class C common stock 11 12 11 12 7
Visa Inc. Consolidated Statements of Cash Flows (unaudited) Nine Months Ended June 30, 2020 2019 (in millions) Operating Activities Net income $ 8,729 $ 9,055 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Client incentives 4,966 4,480 Share-based compensation 322 321 Depreciation and amortization of property, equipment, technology and intangible assets 571 484 Deferred income taxes (116) 234 VE territory covered losses incurred (22) (170) Other (149) (204) Change in operating assets and liabilities: Settlement receivable 966 (127) Accounts receivable 108 (319) Client incentives (6,261) (4,778) Other assets (464) (172) Accounts payable 7 (22) Settlement payable (1,324) 280 Accrued and other liabilities 1,058 257 Accrued litigation (47) (577) Net cash provided by (used in) operating activities 8,344 8,742 Investing Activities Purchases of property, equipment and technology (568) (507) Investment securities: Purchases (549) (2,321) Proceeds from maturities and sales 3,675 3,870 Acquisitions, net of cash acquired (77) (136) Purchases of / contributions to other investments (254) (482) Proceeds / distributions from other investments 5 10 Other investing activities 76 (21) Net cash provided by (used in) investing activities 2,308 413 Financing Activities Repurchase of class A common stock (6,572) (6,480) Dividends paid (2,002) (1,706) Proceeds from issuance of senior notes 3,985 — Payment of deferred purchase consideration related to Visa Europe acquisition — (1,236) Cash proceeds from issuance of common stock under employee equity plans 142 127 Restricted stock and performance-based shares settled in cash for taxes (158) (106) Other financing activities (118) — Net cash provided by (used in) financing activities (4,723) (9,401) Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 173 (62) Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 6,102 (308) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 10,832 10,977 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 16,934 $ 10,669 Supplemental Disclosure Cash paid for income taxes, net $ 1,793 $ 1,992 Interest payments on debt $ 503 $ 503 Accruals related to purchases of property, equipment and technology $ 34 $ 87 8
Visa Inc. Fiscal 2020 and 2019 Quarterly Results of Operations (unaudited) Fiscal 2020 Quarter Ended Fiscal 2019 Quarter Ended June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 (in millions) Net revenues $ 4,837 $ 5,854 $ 6,054 $ 6,137 $ 5,840 Operating Expenses Personnel 941 940 982 871 872 Marketing 174 235 274 306 282 Network and processing 172 183 181 193 184 Professional fees 95 103 106 149 113 Depreciation and amortization 197 192 182 172 165 General and administrative 258 269 313 341 315 Litigation provision 1 8 — 370 1 Total operating expenses 1,838 1,930 2,038 2,402 1,932 Operating income 2,999 3,924 4,016 3,735 3,908 Non-operating Income (Expense) Interest expense, net (142) (118) (111) (120) (128) Investment income and other 75 23 69 96 86 Total non-operating income (expense) (67) (95) (42) (24) (42) Income before income taxes 2,932 3,829 3,974 3,711 3,866 Income tax provision 559 745 702 686 765 Net income $ 2,373 $ 3,084 $ 3,272 $ 3,025 $ 3,101 9
Visa Inc. Reconciliation of Non-GAAP Financial Results (unaudited) We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations and may distort our longer-term operating trends. We consider non-GAAP measures useful to investors because they provide greater transparency into management’s view and assessment of our ongoing operating performance. Starting in fiscal 2020, we revised our non-GAAP methodology to exclude the impact of gains and losses on our equity investments, amortization of acquired intangible assets and acquisition-related costs for acquisitions that closed in fiscal 2019 and subsequent periods. Prior year amounts have been restated to conform to our current presentation. • Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses and the related tax impacts associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business. During the three and nine months ended June 30, 2020, we recorded net realized and unrealized gains of $51 million and $62 million, respectively, and related tax expense of $11 million and $14 million, respectively. For the same prior-year comparable periods, we recorded net realized and unrealized gains of $9 million and $89 million, respectively, and related tax expense of $3 million and $21 million, respectively. • Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as developed technology, customer relationships and brands acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount and the related tax impact to facilitate an evaluation of our current operating performance and comparison to our past operating performance. During the three and nine months ended June 30, 2020, we recorded amortization of acquired intangible assets of $13 million and $35 million, respectively, and related tax benefit of $3 million and $8 million, respectively. For the same prior-year comparable periods, we recorded amortization of acquired intangible assets of $2 million. • Acquisition-related costs. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. It also includes retention equity and deferred equity compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts and the related tax impacts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business. During the three months ended June 30, 2020, we recorded acquisition- related costs of $4 million. During the nine months ended June 30, 2020, we recorded acquisition-related costs of $11 million and related tax benefit of $2 million. For the same prior-year comparable periods, we recorded acquisition-related costs of $3 million and related tax benefit of $1 million. 10
Visa Inc. Reconciliation of Non-GAAP Financial Results - continued (unaudited) Non-GAAP operating expense, non-operating income (expense), income tax provision, effective income tax rate, net income and diluted earnings per share should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. The following tables reconcile our as-reported financial measures, calculated in accordance with U.S. GAAP, to our respective non-GAAP financial measures for the three and nine months ended June 30, 2020 and 2019. Three Months Ended June 30, 2020 Non- operating Effective Diluted Operating Income Income Tax Income Tax Net Earnings Expenses (Expense) Provision Rate(1) Income Per Share(1) (in millions, except percentages and per share data) As reported $ 1,838 $ (67) $ 559 19.1 % $ 2,373 $ 1.07 (Gains) Losses on equity investments, net — (51) (11) (40) (0.02) Amortization of acquired intangible assets (13) — 3 10 — Acquisition-related costs (4) — — 4 — Non-GAAP $ 1,821 $ (118) $ 551 19.0 % $ 2,347 $ 1.06 Nine Months Ended June 30, 2020 Non- operating Effective Diluted Operating Income Income Tax Income Tax Net Earnings Expenses (Expense) Provision Rate(1) Income Per Share(1) (in millions, except percentages and per share data) As reported $ 5,806 $ (204) $ 2,006 18.7 % $ 8,729 $ 3.92 (Gains) Losses on equity investments, net — (62) (14) (48) (0.02) Amortization of acquired intangible assets (35) — 8 27 0.01 Acquisition-related costs (11) — 2 9 — Non-GAAP $ 5,760 $ (266) $ 2,002 18.7 % $ 8,717 $ 3.91 Three Months Ended June 30, 2019 Non- operating Effective Diluted Operating Income Income Tax Income Tax Net Earnings Expenses (Expense) Provision Rate(1) Income Per Share(1) (in millions, except percentages and per share data) As reported $ 1,932 $ (42) $ 765 19.8 % $ 3,101 $ 1.37 (Gains) Losses on equity investments, net — (9) (3) (6) — Amortization of acquired intangible assets (2) — — 2 — Acquisition-related costs (3) — 1 2 — Non-GAAP $ 1,927 $ (51) $ 763 19.8 % $ 3,099 $ 1.37 Nine Months Ended June 30, 2019 Non- operating Effective Diluted Operating Income Income Tax Income Tax Net Earnings Expenses (Expense) Provision Rate(1) Income Per Share(1) (in millions, except percentages and per share data) As reported $ 5,574 $ (93) $ 2,118 19.0 % $ 9,055 $ 3.97 (Gains) Losses on equity investments, net — (89) (21) (68) (0.03) Amortization of acquired intangible assets (2) — — 2 — Acquisition-related costs (3) — 1 2 — Non-GAAP $ 5,569 $ (182) $ 2,098 18.9 % $ 8,991 $ 3.95 (1) Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers. 11
Operational Performance Data The tables below provide information regarding the available operational results for the 3 months ended June 30, 2020, as well as the prior four quarterly reporting periods and the 12 months ended June 30, 2020 and 2019, for cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands. 1. Branded Volume and Transactions The tables present regional total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume and transactions for all periods. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data. For the 3 Months Ended June 30, 2020 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $475 (21.0%) (18.8%) $396 (18.2%) (16.1%) 7,042 $80 (32.2%) (29.7%) 702 3 4 Canada 62 (15.8%) (12.5%) 56 (18.4%) (15.2%) 844 7 15.6% 20.2% 7 63 62 CEMEA 239 (19.3%) (13.8%) 108 (12.4%) (5.0%) 4,949 131 (24.2%) (19.8%) 927 3 3 LAC 162 (30.6%) (14.3%) 73 (30.1%) (12.6%) 2,939 89 (31.0%) (15.6%) 841 2 2 US 1,091 (6.5%) (6.5%) 949 (7.0%) (7.0%) 16,095 142 (3.1%) (3.1%) 709 6 6 Europe 464 (17.5%) (14.1%) 372 (13.5%) (10.2%) 8,810 92 (30.7%) (27.1%) 570 19 22 Visa Inc. 2,494 (15.0%) (11.9%) 1,953 (12.4%) (9.9%) 40,679 541 (23.3%) (18.2%) 3,756 96 101 Visa Credit Programs US $424 (21.7%) (21.7%) $417 (21.0%) (21.0%) 4,903 $7 (50.3%) (50.3%) 8 - - International 562 (24.1%) (20.6%) 529 (23.5%) (19.9%) 9,319 33 (32.6%) (29.5%) 134 976 1,124 Visa Inc. 986 (23.1%) (21.1%) 946 (22.4%) (20.4%) 14,223 40 (36.6%) (34.3%) 142 976 1,124 Visa Debit Programs US $667 6.8% 6.8% $532 8.0% 8.0% 11,192 $135 2.0% 2.0% 701 - - International 841 (18.2%) (12.0%) 475 (8.3%) (2.7%) 15,264 366 (28.2%) (21.8%) 2,913 2,057 2,244 Visa Inc. 1,507 (8.8%) (4.6%) 1,007 (0.4%) 2.7% 26,456 501 (22.0%) (16.5%) 3,615 2,057 2,244 For the 3 Months Ended March 31, 2020 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $545 (8.9%) (7.1%) $437 (8.4%) (6.2%) 7,422 $108 (10.8%) (10.4%) 989 899 988 Canada 66 2.5% 3.6% 61 1.9% 3.0% 932 6 8.9% 10.1% 11 74 80 CEMEA 291 8.4% 9.3% 130 18.2% 19.4% 5,551 161 1.6% 2.3% 1,160 364 360 LAC 214 (6.8%) 5.3% 101 (0.7%) 14.2% 3,820 114 (11.6%) (1.5%) 1,028 456 495 US 1,123 4.9% 4.9% 983 5.7% 5.7% 17,624 139 (0.8%) (0.8%) 855 793 981 Europe 534 1.1% 4.0% 419 3.4% 6.0% 10,346 116 (6.4%) (2.7%) 814 516 565 Visa Inc. 2,773 0.5% 2.6% 2,130 2.3% 4.1% 45,694 643 (5.0%) (2.2%) 4,857 3,102 3,469 Visa Credit Programs US $507 3.9% 3.9% $492 3.9% 3.9% 5,941 $15 1.9% 1.9% 14 276 340 International 668 (6.5%) (3.4%) 624 (6.5%) (3.4%) 10,547 44 (6.6%) (4.1%) 186 711 801 Visa Inc. 1,175 (2.3%) (0.4%) 1,116 (2.2%) (0.3%) 16,488 59 (4.6%) (2.6%) 199 987 1,141 Visa Debit Programs US $615 5.7% 5.7% $491 7.6% 7.6% 11,683 $124 (1.1%) (1.1%) 842 517 641 International 983 0.7% 4.3% 523 7.7% 11.1% 17,522 460 (6.1%) (2.4%) 3,816 1,598 1,687 Visa Inc. 1,598 2.6% 4.8% 1,014 7.6% 9.4% 29,206 584 (5.1%) (2.2%) 4,658 2,115 2,328 12
For the 3 Months Ended December 31, 2019 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $629 2.1% 1.9% $511 3.7% 4.3% 8,171 $118 (4.5%) (7.4%) 1,072 903 996 Canada 79 4.4% 4.4% 73 4.1% 4.2% 1,058 6 7.9% 7.9% 11 72 75 CEMEA 322 11.8% 10.6% 142 24.9% 22.9% 5,637 180 3.3% 2.4% 1,276 364 362 LAC 254 1.0% 8.7% 116 7.2% 17.1% 4,111 138 (3.7%) 2.5% 1,236 449 488 US 1,200 7.1% 7.1% 1,055 7.8% 7.8% 19,011 145 2.1% 2.1% 921 787 973 Europe 596 4.5% 5.3% 462 7.8% 8.3% 11,328 134 (5.3%) (3.6%) 961 516 568 Visa Inc. 3,080 5.4% 6.0% 2,360 7.6% 8.2% 49,316 720 (1.3%) (0.5%) 5,476 3,091 3,463 Visa Credit Programs US $568 6.6% 6.6% $554 6.7% 6.7% 6,755 $14 1.3% 1.3% 15 276 345 International 780 3.6% 4.9% 731 4.2% 5.6% 11,594 49 (4.2%) (3.4%) 212 711 797 Visa Inc. 1,348 4.9% 5.6% 1,285 5.3% 6.1% 18,349 63 (3.0%) (2.4%) 227 987 1,142 Visa Debit Programs US $631 7.5% 7.5% $501 9.0% 9.0% 12,256 $130 2.2% 2.2% 905 511 628 International 1,100 4.8% 5.7% 574 11.9% 12.6% 18,711 526 (1.9%) (0.9%) 4,344 1,592 1,692 Visa Inc. 1,732 5.8% 6.4% 1,075 10.5% 10.9% 30,967 657 (1.1%) (0.3%) 5,249 2,103 2,321 For the 3 Months Ended September 30, 2019 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $610 1.8% 2.9% $494 3.8% 5.7% 7,908 $116 (6.0%) (7.5%) 988 872 973 Canada 77 8.1% 9.0% 71 8.0% 8.9% 1,051 6 9.4% 10.2% 12 67 68 CEMEA 308 11.3% 11.6% 133 25.5% 25.0% 5,397 175 2.5% 3.1% 1,259 361 358 LAC 240 4.2% 9.5% 108 11.5% 18.1% 3,821 132 (1.1%) 3.4% 1,213 438 475 US 1,168 7.3% 7.3% 1,021 8.1% 8.1% 18,784 148 2.1% 2.1% 951 766 937 Europe 579 2.1% 6.2% 442 4.8% 9.1% 10,873 137 (5.6%) (2.3%) 998 510 559 Visa Inc. 2,982 5.2% 6.8% 2,268 7.5% 9.1% 47,835 714 (1.3%) 0.1% 5,420 3,014 3,370 Visa Credit Programs US $547 6.7% 6.7% $533 6.8% 6.8% 6,602 $14 1.7% 1.7% 16 273 337 International 763 5.0% 7.2% 712 5.4% 7.6% 11,286 51 (0.2%) 2.1% 225 711 792 Visa Inc. 1,310 5.7% 7.0% 1,245 6.0% 7.3% 17,889 66 0.2% 2.0% 241 983 1,129 Visa Debit Programs US $621 7.8% 7.8% $488 9.4% 9.4% 12,181 $133 2.2% 2.2% 934 494 599 International 1,051 3.2% 5.9% 536 9.2% 13.2% 17,765 515 (2.3%) (0.6%) 4,245 1,537 1,641 Visa Inc. 1,672 4.9% 6.6% 1,024 9.3% 11.4% 29,946 648 (1.4%) (0.1%) 5,179 2,031 2,241 For the 3 Months Ended June 30, 2019 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $602 (1.9%) 3.0% $484 (0.3%) 5.4% 7,536 $118 (7.8%) (5.8%) 992 934 1,034 Canada 74 1.5% 5.5% 68 1.7% 5.6% 999 6 (0.2%) 3.6% 11 64 70 CEMEA 296 5.2% 8.5% 123 17.1% 20.7% 5,098 173 (1.9%) 1.4% 1,250 354 353 LAC 234 (2.6%) 7.3% 104 2.4% 15.4% 3,619 130 (6.3%) 1.7% 1,198 430 467 US 1,167 7.8% 7.8% 1,020 8.8% 8.8% 18,607 147 1.6% 1.6% 946 759 923 Europe 562 (2.6%) 5.2% 430 0.5% 8.0% 10,358 133 (11.5%) (3.0%) 1,003 506 554 Visa Inc. 2,935 2.4% 6.3% 2,229 4.9% 8.6% 46,218 706 (5.0%) (0.7%) 5,400 3,047 3,400 Visa Credit Programs US $542 7.0% 7.0% $528 7.1% 7.1% 6,392 $14 5.1% 5.1% 15 270 334 International 740 (0.6%) 5.9% 691 (0.3%) 6.3% 10,756 50 (4.8%) 1.0% 226 705 790 Visa Inc. 1,283 2.5% 6.4% 1,219 2.8% 6.7% 17,149 64 (2.8%) 1.9% 241 975 1,124 Visa Debit Programs US $624 8.5% 8.5% $492 10.7% 10.7% 12,215 $132 1.3% 1.3% 931 489 589 International 1,028 (1.2%) 4.7% 518 4.9% 11.4% 16,855 509 (6.7%) (1.5%) 4,228 1,583 1,687 Visa Inc. 1,652 2.3% 6.2% 1,010 7.6% 11.0% 29,069 642 (5.2%) (0.9%) 5,159 2,072 2,276 13
For the 12 Months Ended June 30, 2020 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $2,259 (6.5%) (5.1%) $1,838 (4.8%) (3.0%) 30,542 $421 (13.2%) (13.4%) 3,751 Canada 285 (0.3%) 1.1% 261 (1.2%) 0.2% 3,885 25 10.5% 12.1% 40 CEMEA 1,159 2.7% 4.4% 513 13.3% 15.4% 21,535 646 (4.4%) (2.9%) 4,622 LAC 870 (7.9%) 2.9% 397 (3.2%) 9.8% 14,691 473 (11.6%) (2.2%) 4,318 US 4,582 3.0% 3.0% 4,008 3.5% 3.5% 71,514 574 0.1% 0.1% 3,436 Europe 2,173 (2.5%) 0.4% 1,694 0.6% 3.3% 41,357 479 (11.9%) (8.7%) 3,343 Visa Inc. 11,329 (1.1%) 0.9% 8,711 1.1% 2.8% 183,524 2,618 (7.7%) (5.0%) 19,510 Visa Credit Programs US $2,047 (1.4%) (1.4%) $1,996 (1.1%) (1.1%) 24,202 $51 (11.3%) (11.3%) 53 International 2,773 (5.5%) (2.8%) 2,595 (5.1%) (2.4%) 42,747 178 (10.8%) (8.5%) 756 Visa Inc. 4,820 (3.8%) (2.2%) 4,591 (3.4%) (1.9%) 66,948 228 (10.9%) (9.1%) 809 Visa Debit Programs US $2,535 6.9% 6.9% $2,012 8.5% 8.5% 47,313 $523 1.3% 1.3% 3,383 International 3,975 (2.4%) 1.1% 2,108 5.0% 8.5% 69,262 1,867 (9.5%) (6.1%) 15,318 Visa Inc. 6,509 1.1% 3.3% 4,120 6.7% 8.5% 116,575 2,390 (7.3%) (4.6%) 18,701 For the 12 Months Ended June 30, 2019 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $2,415 1.1% 5.3% $1,930 3.2% 7.7% 28,933 $485 (6.5%) (3.3%) 4,094 934 1,034 Canada 286 2.3% 6.7% 264 2.5% 6.9% 3,812 22 (0.1%) 4.2% 45 64 70 CEMEA 1,129 2.2% 8.3% 453 13.8% 21.3% 18,279 676 (4.3%) 1.0% 4,927 354 353 LAC 945 (7.3%) 6.9% 410 (2.8%) 14.8% 13,884 535 (10.6%) 1.6% 4,819 430 467 US 4,447 8.8% 8.8% 3,874 9.9% 9.9% 70,964 573 1.9% 1.9% 3,716 759 923 Europe 2,228 (1.2%) 6.1% 1,685 1.3% 7.9% 39,321 543 (8.2%) 0.7% 4,079 506 554 Visa Inc. 11,451 2.8% 7.2% 8,616 5.9% 9.6% 175,193 2,835 (5.5%) 0.5% 21,681 3,047 3,400 Visa Credit Programs US $2,077 8.1% 8.1% $2,019 8.3% 8.3% 24,569 $57 2.7% 2.7% 60 270 334 International 2,933 0.9% 7.5% 2,734 1.4% 8.0% 41,086 199 (5.5%) 0.4% 874 705 790 Visa Inc. 5,010 3.8% 7.7% 4,754 4.2% 8.1% 65,655 256 (3.7%) 0.9% 934 975 1,124 Visa Debit Programs US $2,370 9.4% 9.4% $1,854 11.6% 11.6% 46,395 $516 1.8% 1.8% 3,656 489 589 International 4,070 (1.7%) 5.4% 2,008 4.9% 11.5% 63,143 2,062 (7.4%) 0.1% 17,091 1,583 1,687 Visa Inc. 6,441 2.1% 6.9% 3,862 8.0% 11.6% 109,539 2,579 (5.7%) 0.4% 20,747 2,072 2,276 14
2 . Cross-Border Volume The table below represents cross-border volume growth for cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands. Cross-border volume refers to payments and cash volume where the issuing country is different from the merchant country. Total Total Ex. Intra-Europe (1) Growth Growth Growth (Nominal (Constant (Constant Period USD) USD) USD) 3 Months Ended Jun 30, 2020 (38%) (37%) (47%) Mar 31, 2020 (4%) (2%) (4%) Dec 31, 2019 7% 9% 9% Sep 30, 2019 4% 7% 9% Jun 30, 2019 2% 7% 9% 12 Months Ended Jun 30, 2020 (8%) (5%) (8%) (1) Cross-border volumes excluding transactions within Europe drive our international transaction revenues. 3 . Visa Processed Transactions The table below represents transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa’s networks. Processed Transactions Period (millions) Growth 3 Months Ended Jun 30, 2020 30,676 (13%) Mar 31, 2020 34,941 7% Dec 31, 2019 37,775 11% Sep 30, 2019 36,425 11% Jun 30, 2019 35,428 12% 12 Months Ended Jun 31, 2020 139,817 4% 15
Footnote Payments volume, including Visa Direct volume, represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume 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 and 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 based on transactions processed by Visa and reported by Visa’s financial institution clients on their operating certificates. Estimates may be utilized if data is unavailable. On occasion, previously presented information may be updated. Prior period updates, if any, are not material. 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. International includes Asia Pacific, Canada, CEMEA, Europe 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 year-over-year 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. 16
