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Visa's Annual Report

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Visa's Annual Report Annual Report 2017 Annual Report 2017 Mission Statement To connect the world through the most innovative, reliable and secure digital payment network that enables individuals, businesses and economies to thrive. Financial Highlights (GAAP) In millions (except for per share data) FY 2015 FY 2016 FY 2017 Operating revenues $13,880 $15,082 $18,358 Operating expenses $4,816 $7,199 $6,214 Operating income $9,064 $7, 883 $12,144 Net income $6,328 $5,991 $6,699 Stockholders' equity $29,842 $32,912 $32,760 Diluted class A common stock earnings per share $2.58 $2.48 $2.80 Financial Highlights (ADJUSTED)1 In millions (except for per share data) FY 2015 FY 2016 FY 2017 Operating revenues $13,880 $15,082 $18,358 Operating expenses $4,816 $5,060 $6,022 Operating income $9,064 $10,022 $12,336 Net income $6,438 $6,862 $8,335 Diluted class A common stock earnings per share $2.62 $2.84 $3.48 Operational Highlights² 12 months ended September 30 (except where noted) 2015 2016 2017 Total volume, including payments and cash volume³ $7.4 trillion $8.2 trillion $10.2 trillion Payments volume³ $4.9 trillion $5.8 trillion $7.3 trillion Transactions processed on Visa's networks 71.0 billion 83.2 billion 111.2 billion Cards⁴ 2.4 billion 2.5 billion 3.2 billion Stock Performance The accompanying graph and chart compares the cumulative total return on $350 Visa’s common stock with the cumulative total return on Standard & Poor’s 500 Index and the Standard & Poor’s 500 Data Processing Index from September 30, $300 2012 through September 30, 2016. The comparison assumes $100 was invested on September 30, 2011, and that dividends were reinvested. Visa Inc.’s class B $250 and C common stock are not publicly traded or listed on any exchange or dealer quotation system. $200 Base Indexed Returns period (Fiscal Year Ended) $150 Company/Index 9/30/12 9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 $100 Visa Inc. 100 143 161 212 254 325 9/30/12 9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 S&P 500 Index 100 119 143 142 164 194 S&P 500 Data 100 140 159 190 221 290 Visa Inc. Processing Index S&P 500 Data Processing Index S&P 500 Index 1 For further discussion of fiscal years 2017, 2016 and 2015 non-GAAP adjusted operating expenses, operating income, net income and diluted earnings per share, see Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview - Adjusted financial results in this Annual Report. The per share amounts for the prior periods presented have been retroactively adjusted to reflect the four-for-one stock split effected in the second quarter of fiscal 2015. 2 Includes Europe results in fiscal fourth quarter 2016. 3 Total volume is the sum of payments volume and cash volume. Payments volume is the total monetary value of transactions for goods and services that are purchased on Visa-branded cards and payment products. Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks. Payments volume for the 12 months ended June 30 is the basis for service revenue for the 12 months ended September 30. For further discussion, see Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview - Nominal payments volume and transaction counts in this Annual Report. 4 These figures represent data for the quarters ended June 30, 2017, June 30, 2016 and June 30, 2015. Financial Highlights (GAAP) In millions (except for per share data) FY 2015 FY 2016 FY 2017 Operating revenues $13,880 $15,082 $18,358 A letter from Al Kelly Operating expenses $4,816 $7,199 $6,214 Operating income $9,064 $7, 883 $12,144 Net income $6,328 $5,991 $6,699 Dear Shareholders, Stockholders' equity $29,842 $32,912 $32,760 Globally, the past 12 months have been characterized by significant Diluted class A common stock earnings per share $2.58 $2.48 $2.80 political, economic and technological disruption. Throughout this period of change and uncertainty, Visa has delivered strong business Financial Highlights (ADJUSTED)1 In millions (except for per share data) results as we continue to lead the migration from cash to digital FY 2015 FY 2016 FY 2017 payments. Operating revenues $13,880 $15,082 $18,358 Operating expenses $4,816 $5,060 $6,022 Operating income $9,064 $10,022 $12,336 Net income $6,438 $6,862 $8,335 Diluted class A common stock earnings per share $2.62 $2.84 $3.48 Operational Highlights² 12 months ended September 30 (except where noted) 2015 2016 2017 Total volume, including payments and cash volume³ $7.4 trillion $8.2 trillion $10.2 trillion Payments volume³ $4.9 trillion $5.8 trillion $7.3 trillion Transactions processed on Visa's networks 71.0 billion 83.2 billion 111.2 billion Cards⁴ 2.4 billion 2.5 billion 3.2 billion Nearly six decades ago, Visa’s founder payment volume exceeded cash for the Dee Hock articulated a powerful vision: to first time in history. We believe Visa is well create the world’s best way to pay and be positioned to continue to lead this digital paid for everyone, everywhere. Today, this transformation. idea is as relevant and purposeful as it has We are excited about the opportunities ever been. and challenges ahead. To succeed, we will Economic and technological progress—a need to continue to adapt, evolve and rising middle class, contactless technology lead to meet the changes taking place in and mobile computing—are shaping technology, finance and commerce. commerce globally and accelerating the migration from cash to digital payments. Last year, for example, global digital on a constant dollar basis, was 80 percent 2017 Performance for the fiscal year. If we include Visa Europe Refining our in last year’s results, cross-border volume grew 11 percent on a constant dollar basis. Strategic Focus Visa’s strong performance in 2017 reflects the strength of our business model, global In the past 12 months, we continued the processing network, client partnerships, integration of Visa Europe and invested When I became CEO of Visa, six strategic strategic focus, powerful brand and in our strategic priorities, while keeping priorities were guiding our business focus exceptional talent. a close eye on expense management. and purpose. In the past 12 months, Excluding special items, adjusted operating we added a seventh—Leverage our We reported adjusted earnings per share expenses grew 19 percent over the prior World-Class Brand—in recognition of the growth of 22 percent to $3.48 and net year, primarily driven by the inclusion of strategic importance of the Visa brand. operating revenue growth of 22 percent Visa Europe's operating expenses following We also organized our strategic priorities to $18.4 billion for fiscal year 2017. These the acquisition. by those we consider foundational and results are driven by the integration of others that drive our global growth. Below Despite our growth in volume, an Visa Europe, as well as a global increase in is an update on each of the strategic estimated two billion people worldwide payments volume, cross-border volume imperatives. and processed transactions on VisaNet, our lack access to formal financial services, and core global payments processing network. last year $17 trillion was still transacted in cash and check globally within the Payments volume for the 12 months ended consumer to business channel. This is both September 30, 2017, grew 30 percent over a tremendous opportunity and imperative last year, on a constant dollar basis, or 11 for Visa as we work to grow our reach, percent inclusive of Visa Europe in prior value and social impact. year's results. Cross-border volume growth, 1 Adjusted earnings per share and adjusted operating expenses for the fiscal full-year 2017 include special items related to the legal entity reorganization of Visa Europe and certain other Visa subsidiaries, while prior year’s results include special items related to the Visa Europe acquisition. Please see reconciliation in Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Adjusted financial results. 2 Excludes Europe co-badge volume from prior year’s results. Foundational Strategic Priorities A unique attribute of VisaNet is its ability to analyze vast amounts of data in near- Transform Technology real time. In the past 12 months, we have In the past year, we continued to invest added researchers and data scientists to in VisaNet as a catalyst for advancing our our new Visa Research facility in Palo Alto. innovation agenda, as well as a driver of Among other things, the team is working our core product growth globally. These on behalf of our clients to identify how investments are focused on opening our machine learning within VisaNet could network to developers, as well as adding improve payment security and customer layers of security and operational resilience. loyalty. We are in the second year of As transaction volumes grow, we remain deconstructing VisaNet into focused focused on ensuring the reliability of components that we make available VisaNet. Last year, we implemented through simple, industry-standard, machine learning to predict potential Application Protocol Interfaces (APIs). service disruptions, allowing us to better These APIs are available through the Visa mitigate problems before they happen. Developer Platform, which hosts code and product specifications for developers to Champion Security create new products and services that our clients use to grow their business.
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