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©2022 Visa. All rights reserved. Fiscal Third Quarter 2022 Financial Results July 26, 2022
©2022 Visa. All rights reserved. Fiscal Third Quarter 2022
Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 1
YoY Increase / (Decrease)Net
RevenuesClient Incentives
Gross RevenuesOperating
ExpensesEffective Income
Tax RateDiluted Class A
GAAP Nominal-Dollar Basis 19% 26.1% 51% 10.9% 36%
Non-GAAP Nominal-Dollar Basis(2)N/A N/A 15% 13.3% 33%
Foreign Currency Impact ~3% ~2% ~3.5%
Acquisition Impact (~0.5%) 0.1% (~3%) (0.1%) ~1%
Adjusted Constant-Dollar Basis(2)21% 26.2% 14% 13.2% 37%
Adjusted Constant-Dollar Basis
excluding Russia-Related
Results(2)26% 26.1% 16% 13.2% 44%
(1) In March 2022, Visa suspended our operations in Russia. As a result, we are no longer generating revenue from domestic and cross-border activities related
(2) Refer to Non-GAAP and Adjusted Constant-Dollar Results Footnote and GAAP to Non-GAAP Operating Expenses Results for further information.Fiscal Third Quarter 2022 Results(1) Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 2
We use non-GAAP and adjusted constant-dollar financial measures of our performance, which exclude certain items that we believe are not representative of our
continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We consider non-GAAP and
adjusted constant-dollar measures useful to investors because they provide greater transparency into management’s view and assessment of our ongoing
operating performance. Non-GAAP and adjusted constant-dollar financial measures should not be relied upon as substitutes for, or considered in isolation from,
measures calculated in accordance with GAAP.
We exclude the following to arrive at our adjusted constant-dollar financial results:
•impact of non-GAAP items (refer to the financial tables in the earnings release for further details);
•impact of foreign currency to provide currency-neutral growth rates, which management believes are a better reflection of the underlying performance of our
business. Our results are denominated in U.S. dollars and are calculated each quarter by applying an established U.S. dollar/foreign currency exchange
rate for each local currency. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring financial performance, Visa Inc.
reports year-over-year growth using a fixed current year U.S. dollar/foreign currency exchange rate for the current and prior year periods; and
•impact of acquisitions, which include operating revenues and expenses of the acquired entities that were not reflected in the full quarter of the previous year
and the incremental interest expense or forgone interest income as a result of funding the acquisition through debt or cash, respectively, which management
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