GAAP net operating revenue in Q1 2011 has increased 14 percent over the previous year and reached USD 2.2 billion. Currency fluctuations contributed a positive 1 percent towards quarterly net operating revenues.
Visa’s payments volume has registered a 14 percent growth and amounted to USD 829 billion for the three months ended September 30 in Q1 2011, compared to the same period of the previous year. For the three months ended in 31 December 2010, payments volume has grown with 15 percent and climbed to USD 897 billion, in comparison with same period of the previous year. Visa has reported a 15 percent cross border volume growth for the three months ended on 31 2010 December.
Total processed transactions, representing transactions processed by VisaNet, have increased 15 percent for the three months ended on 31 2010 December, over the prior year.
Service revenues in Q1 2011 have registered a 22 percent growth compared to the previous year and amounted to USD 1.0 billion.
The other revenue categories are recognized based on current quarter activity. Data processing revenues have jumped 10 percent over the prior year to USD 844 million. International transaction revenues, which are mainly driven by cross border payments volume, have grown 14 percent over the prior year to USD 630 million. Other revenues, including the Visa Europe licensing fee have seen a 15 percent growth to USD 161 million over the prior year. Client incentives, which are a contra revenue item, have registered USD 405 million and represent 15% of gross revenues.
Visa’s total operating expenses on a GAAP basis have witnessed a 17 percent growth to USD 872 million in Q1 compared with the same period of the previous year.
Cash, cash equivalents, restricted cash, and available-for-sale investment securities have climbed to USD 6.5 billion at 31 2010 December. Visas GAAP effective tax rate has grown 36 percent for Q1 ended on 31 December 2010.
During the three months ended on 31 December 2010, Visa repurchased 15.3 million shares at a price of USD 72.08 per share, for a total cost of USD 1.1 billion.
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