Visa Inc. Q4 2021 Financial Results

Visa Inc. Reports Fiscal Fourth Quarter and Full-Year 2021 Results

San Francisco, CA, October 26, 2021 - Visa Inc. (NYSE: V)

Fiscal Fourth Quarter Results:

• GAAP net income of $3.6B or $1.65 per share and non-GAAP net income of $3.5B or $1.62 per share
• Net revenues of $6.6B, an increase of 29%. Net revenues growth would have been approximately 22% if service revenues were recognized on current quarter's payments volume

Fiscal Full-Year Results:

• GAAP net income of $12.3B or $5.63 per share and non-GAAP net income of $12.9B or $5.91 per share
• Net revenues of $24.1B, an increase of 10%

Other Highlights:

• Indexed to 2019, fiscal fourth quarter payments volume, cross-border volume and processed transactions all increased from fiscal third quarter levels
• Returned $3.7B and $11.5B of capital to shareholders for fiscal fourth quarter and full-year, respectively, in the form of share repurchases and dividends
• The board of directors increased Visa's quarterly cash dividend 17% to $0.375 per share

Income Statement Summary

	Q4 2021	Full-Year 2021
In billions, except percentages and per share data. %
USD	% Change	USD	% Change
change is calculated over the comparable prior-year period.
Net Revenues	$6.6	29%	$24.1	10%
GAAP Net Income	$3.6	68%	$12.3	13%
GAAP Earnings Per Share	$1.65	70%	$5.63	15%
Non-GAAP Net Income(1)	$3.5	42%	$12.9	16%
Non-GAAP Earnings Per Share(1)	$1.62	44%	$5.91	17%

1. Non-GAAPresults exclude special items, equity investment gains and losses, amortization of acquired intangible assets, non-recurringacquisition-related costs and the related tax impacts.

Key Business Drivers

YoY increase / (decrease), volume in constant dollars	Q4 2021	Full-Year 2021
Payments Volume	17%	16%
Cross-Border Volume Excluding Intra-Europe(1)	46%	1%
Cross-Border Volume Total	38%	9%
Processed Transactions	21%	17%

Alfred F. Kelly, Jr.,

Chairman and Chief Executive Officer, Visa Inc., commented on the results:

"In a relatively tumultuous fiscal 2021, Visa delivered strong fourth quarter and full-year results, with double-digit net revenue, net income and EPS growth. Our performance was driven by the continuation of the recovery in many global economies and the increased diversification of our revenue with new flows and value added services. Looking ahead, Visa is even better positioned for the future as cross-border travel recovers and we continue to drive the rapid growth of digital payments and enable innovation in money movement globally."

1. Cross-bordervolume excluding transactions within Europe.

Fiscal Fourth Quarter 2021 - Financial Highlights

GAAP net income in the fiscal fourth quarter was $3.6 billion or $1.65 per share, an increase of 68% and 70%, respectively, over prior year's results. Current year's results included $101 million of net gains from equity investments and $21 million from the amortization of acquired intangible assets and non-recurringacquisition-related costs. Prior year's results included $357 million from special items related to the remeasurement of deferred tax balances and the resolution of a tax item, $39 million of net gains from equity investments and $17 million from the amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items and related tax impacts, non-GAAP net income for the quarter was $3.5 billion or $1.62 per share, increases of 42% and 44%, respectively, over prior year's results (refer to the accompanying financial tables for further details and a reconciliation of the GAAP to non-GAAP measures presented). Non-GAAP earnings per share growth was approximately 44% on a constant-dollar basis. All references to earnings per share assume fully-diluted class A share count.

Net revenues in the fiscal fourth quarter were $6.6 billion, an increase of 29%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenues increased approximately 28% on a constant-dollar basis. Had we recognized service revenues on current quarter's payments volume and other revenue components remained unchanged, net revenues would have increased approximately 22%.

Payments volume for the three months ended June 30, 2021, on which fiscal fourth quarter service revenue is recognized, increased 34% over the prior year on a constant-dollar basis.

Payments volume for the three months ended September 30, 2021, increased 17% over the prior year on a constant- dollar basis.

Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, increased 46% on a constant-dollar basis for the three months ended September 30, 2021. Total cross-border volume on a constant-dollar basis increased 38% in the quarter.

Total processed transactions, which represent transactions processed by Visa, for the three months ended September 30, 2021, were 45.3 billion, a 21% increase over the prior year.

Fiscal fourth quarter service revenues were $3.1 billion, an increase of 41% over 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 20% over the prior year to $3.4 billion. International transaction revenues grew 41% over the prior year to $1.9 billion. Other revenues of $490 million rose 36% over the prior year. Client incentives, a contra- revenue item, were $2.4 billion and represented 26.7% of gross revenues.

GAAP operating expenses were $2.2 billion for the fiscal fourth quarter, a 15% increase over the prior year's results, including the amortization of acquired intangible assets and non-recurringacquisition-related costs in the current and prior year. Excluding these operating expense items, non-GAAP operating expenses increased 15% over the prior year, primarily driven by marketing and personnel expenses.

GAAP non-operating expense was $17 million for the fiscal fourth quarter, including $101 million of net equity investment gains. Excluding this item, non-GAAPnon-operating expense was $118 million.

GAAP effective income tax rate was 16.6% for the quarter ended September 30, 2021, including the tax impacts from the non-GAAPitems. Excluding these items, the non-GAAP effective income tax rate was 16.5% for the quarter ended September 30, 2021.

Cash, cash equivalents and investment securities were $20.2 billion at September 30, 2021.

The weighted-average number of diluted shares of class A common stock outstanding was 2.17 billion for the quarter ended September 30, 2021.

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Fiscal Full-Year 2021 - Financial Highlights

GAAP net income in the fiscal full-year 2021 was $12.3 billion or $5.63 per share, an increase of 13% and 15%, respectively, over prior year's results. Current year's results included $152 million from a special item for additional indirect taxes related to prior periods and $1.0 billion from a special item related to the remeasurement of deferred tax balances, $712 million of net gains from equity investments and $72 million from the amortization of acquired intangible assets and non-recurring acquisition-relatedcosts. Prior year's results included $357 million from special items related to the remeasurement of deferred tax balances and the resolution of a tax item, $101 million of net gains from equity investments and $63 million from the amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items and related tax impacts, non-GAAP net income for the full-year was $12.9 billion or $5.91 per share, increases of 16% and 17%, respectively, over prior year's results (refer to the accompanying financial tables for further details and a reconciliation of the GAAP to non-GAAP measures presented). Non-GAAP earnings per share increase was approximately 17% on a constant-dollar basis.

Net revenues in the fiscal full-year 2021 were $24.1 billion, an increase of 10%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenues increase was approximately 10% on a constant-dollar basis.

Payments volume for the twelve months ended September 30, 2021, increased 16% over the prior year on a constant- dollar basis.

Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, increased 1% on a constant-dollar basis for the twelve months ended September 30, 2021. Total cross-border volume on a constant-dollar basis increased 9% for the fiscal year.

Total processed transactions, which represent transactions processed by Visa, for the twelve months ended September 30, 2021, were 164.7 billion, a 17% increase over the prior year.

Fiscal full-year 2021 service revenues were $11.5 billion, an increase of 17% over the prior year. Data processing revenues rose 17% over the prior year to $12.8 billion. International transaction revenues increased 4% over the prior year to $6.5 billion. Other revenues of $1.7 billion rose 17% over the prior year. Client incentives, a contra-revenue item, were $8.4 billion and represented 25.8% of gross revenues.

GAAP operating expenses were $8.3 billion for the fiscal full-year 2021, a 7% increase over the prior year's results, including the special item related to the additional indirect taxes in the current year and the amortization of acquired intangible assets and non-recurringacquisition-related costs in the current and prior year. Excluding these operating expense items, non-GAAP operating expenses increased 5% over the prior year, primarily driven by personnel and marketing expenses, partially offset by lower general and administrative expenses.

GAAP non-operating income was $259 million for the fiscal full-year 2021, including $712 million of net equity investment gains. Excluding this item, non-GAAPnon-operating expense was $453 million.

GAAP effective income tax rate was 23.4% for the fiscal full-year 2021, including the special item related to the remeasurement of deferred tax balances and the tax impacts from the non-GAAPitems. Excluding these items, the non- GAAP effective income tax rate was 17.0% for the fiscal full-year ended September 30, 2021.

The weighted-average number of diluted shares of class A common stock outstanding was 2.19 billion for the fiscal full- year ended September 30, 2021.

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Other Notable Items

On July 22, 2021, Visa announced it signed a definitive agreement to acquire Currencycloud, a global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments. The transaction is subject to regulatory approvals and other customary closing conditions.

During the three months ended September 30, 2021, Visa repurchased 13.2 million shares of class A common stock at an average price of $231.33 per share for $3.1 billion. In the twelve months ended September 30, 2021, Visa repurchased a total of 39.7 million shares of class A common stock at an average price of $219.34 per share for $8.7 billion. The Company had $4.7 billion of remaining authorized funds for share repurchase as of September 30, 2021.

On October 22, 2021, the board of directors declared an increase to Visa's quarterly cash dividend to $0.375 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C convertible participating preferred stock on an as-converted basis) payable on December 7, 2021, to all holders of record as of November 12, 2021.

Fiscal Fourth Quarter and Full-Year 2021 Earnings Results 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 athttp://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 90 days. Investor information, including supplemental financial information, is available on the Visa Investor Relations website athttp://investor.visa.com.

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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 the ongoing effects of the coronavirus ("COVID-19") pandemic, the measures taken in response, as well as the speed and strength of an economic recovery; our future operations, prospects, developments, strategies, business growth and anticipated timing and benefits of our acquisitions. 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 ongoing effects of the COVID-19 pandemic;
• increased oversight and regulation of the global payments industry and our business;
• impact of government-imposed obligations and/or 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, acquirers, processors, merchants, payments facilitators, ecommerce platforms, fintechs and other third parties;
• brand or reputational damage;
• exposure to loss or illiquidity due to settlement guarantees;
• 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, 2020, 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.

Contacts	Mike Milotich or Jennifer Como, 650-432-7644	Andy Gerlt, 650-432-2990
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