Visa : Q3 2021 Earnings Release

Visa Inc. Reports Fiscal Third Quarter 2021 Results

San Francisco, CA, July 27, 2021 - Visa Inc. (NYSE: V)

• GAAP net income of $2.6B or $1.18 per share and non-GAAP net income of $3.3B or $1.49 per share
• Net revenues of $6.1B, an increase of 27%. Net revenues growth would have been 39% if service revenues were recognized on current quarter's payments volume
• Our key business driver growth rates increased significantly from the COVID-19 impacted levels in 2020, making year-over-year comparisons difficult to interpret
• Indexed to 2019, fiscal third quarter payments volume, cross-border volume and processed transactions all accelerated from the fiscal second quarter
• Returned $2.9B of capital to shareholders in the form of share repurchases and dividends

Income Statement Summary

Q3 2021

In billions, except percentages and per share data. % change is	USD	% Change
calculated over the comparable prior-year period.
Net Revenues	$6.1	27%
GAAP Net Income	$2.6	9%
GAAP Earnings Per Share	$1.18	10%
Non-GAAP Net Income(1)	$3.3	39%
Non-GAAP Earnings Per Share(1)	$1.49	41%

1. Non-GAAPresults exclude a special item, 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	Q3 2021
Payments Volume	34%
Cross-Border Volume Excluding Intra-Europe(1)	53%
Cross-Border Volume Total	47%
Processed Transactions	39%

Alfred F. Kelly, Jr., Chairman and Chief Executive Officer, Visa Inc., commented on the results:

"Visa delivered another strong quarter as many key economies are well into a reopening-driven recovery. This was best demonstrated by credit and face-to-face spending bouncing back while debit and eCommerce volumes remained robust from accelerated cash digitization sparked by the pandemic. Additionally, cross- border travel spending improved as vaccination rates rose and more borders opened. Visa grew net revenues 27% and non-GAAP EPS 41% while continuing to make investments in strategies that will drive future growth."

1. Cross-bordervolume excluding transactions within Europe.

Fiscal Third Quarter 2021 - Financial Highlights

GAAP net income in the fiscal third quarter was $2.6 billion or $1.18 per share, an increase of 9% and 10%, respectively, over prior year's results. Current year's results included a $1.0 billion tax charge pertaining to a special item for remeasurement of deferred tax balances, $439 million of net gains from equity investments and $18 million from the amortization of acquired intangible assets and non-recurringacquisition-related costs. Prior year's results included $51 million of net gains from equity investments and $17 million from the amortization of acquired intangible assets and non- recurring acquisition-related costs. Excluding these items and related tax impacts, non-GAAP net income for the quarter was $3.3 billion or $1.49 per share, increases of 39% and 41%, 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 growth was approximately 39% 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 $6.1 billion, an increase of 27%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenues increased approximately 26% 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 39%.

Payments volume for the three months ended March 31, 2021, on which fiscal third quarter service revenue is recognized, increased 11% over the prior year on a constant-dollar basis.

Payments volume for the three months ended June 30, 2021, increased 34% over the prior year on a constant-dollar basis.

Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, increased 53% on a constant-dollar basis for the three months ended June 30, 2021. Total cross-border volume on a constant-dollar basis increased 47% in the quarter.

Total processed transactions, which represent transactions processed by Visa, for the three months ended June 30, 2021, were 42.6 billion, a 39% increase over the prior year, led by domestic transactions.

Fiscal third quarter service revenues were $2.8 billion, an increase of 17% 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 32% over the prior year to $3.3 billion. International transaction revenues grew 54% over the prior year to $1.7 billion. Other revenues of $409 million rose 31% over the prior year. Client incentives, a contra- revenue item, were $2.1 billion and represented 25.8% of gross revenues.

GAAP operating expenses were $2.1 billion for the fiscal third quarter, a 12% 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 12% over the prior year, primarily driven by an increase in personnel and marketing expenses.

GAAP non-operating income was $325 million for the fiscal third quarter, including $439 million of net equity investment gains. Excluding this item, non-GAAPnon-operating expense was $114 million.

GAAP effective income tax rate was 41.3% for the quarter ended June 30, 2021, including the special item and the tax impacts from the net equity investment gains, amortization of acquired intangible assets and non-recurring acquisition- related costs. Excluding these items, the non-GAAP effective income tax rate was 17.9% for the quarter ended June 30, 2021.

Cash, cash equivalents and investment securities were $20.4 billion at June 30, 2021.

The weighted-average number of diluted shares of class A common stock outstanding was 2.18 billion for the quarter ended June 30, 2021.

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Other Notable Items

On June 24, 2021, Visa announced it signed a definitive agreement to acquire Tink, a European open banking platform that enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data. The transaction is subject to regulatory approvals and other customary closing conditions.

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 June 30, 2021, Visa repurchased 9.5 million shares of class A common stock at an average price of $227.83 per share for $2.2 billion. In the nine months ended June 30, 2021, Visa repurchased a total of

26.5 million shares of class A common stock, at an average price of $213.38 per share, using $5.7 billion of cash on hand. The Company had $7.7 billion of remaining authorized funds for share repurchase as of June 30, 2021.

On July 23, 2021, the board of directors declared a quarterly cash dividend of $0.32 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 September 1, 2021, to all holders of record as of August 13, 2021.

Financial Outlook for Fiscal Full-Year2021

Given the continuing impact of COVID-19 and the significant uncertainty in the global economy, it is difficult to reasonably estimate the Company's annual results; therefore we are not providing a fiscal full-year 2021 outlook at this time.

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Fiscal Third Quarter 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 30 days. Investor information, including supplemental financial information, is available on Visa Inc.'s Investor Relations website athttp://investor.visa.com.

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, 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 impact of COVID-19, the measures taken in response, as well as the speed and strength of an economic recovery;
• 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 and other third parties;
• brand or reputational damage;
• exposure to loss or illiquidity due to settlement guarantees;
• 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, 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. Our 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
	Investor Relations	Media Relations
	[e-mail]	[e-mail]
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Fiscal Third Quarter 2021 - Financial Summary

Q3 FISCAL 2021 INCOME STATEMENT SUMMARY

		Three Months Ended		YoY Change
		June 30, 2021
(in millions, except percentages and per share data)		GAAP			Non-GAAP		GAAP		Non-GAAP
Revenues
Service revenues	$	2,828	$	2,828	17%	17%
Data processing revenues		3,327			3,327	32%	32%
International transaction revenues		1,696			1,696	54%	54%
Other revenues		409			409	31%	31%
Client incentives		(2,130)			(2,130)	41%	41%
Net revenues		6,130			6,130	27%	27%
Operating Expenses
Personnel		1,098			1,094	17%	17%
Marketing		268			268	54%	54%
Network and processing		186			185	8%	9%
Professional fees		108			108	13%	13%
Depreciation and amortization		204			191	3%	3%
General and administrative		204			204	(21%)	(21%)
Litigation provision		(2)			(2)	(309%)	(309%)
Total operating expenses		2,066			2,048	12%	12%
Operating income		4,064			4,082	36%	35%
Non-operating income/(expense)		325			(114)	(591%)	(3%)
Effective income tax rate		41.3%			17.9%		22 ppt		(1 ppt)
Net income	$	2,575	$	3,256	9%	39%
Earnings per share	$	1.18	$	1.49	10%	41%
Q3 FISCAL 2021 KEY BUSINESS DRIVERS
		YoY Change
		Constant			Nominal
Payments volume		34%			39%
Cross-border volume excluding intra-Europe(1)		53%			62%
Cross-border volume total		47%			59%
Processed transactions		39%			39%

1. Cross-bordervolume excluding transactions within Europe.
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