Summary
MasterCard Inc. filed an 8-K on January 31, 2014, to report its financial results for the fourth quarter and full year ended December 31, 2013. The filing primarily serves to attach the press release and presentation materials used to discuss these results, which were also issued on January 31, 2014. Investors should note that the company utilizes and discloses non-GAAP financial measures, such as operating expenses, operating income, net income, earnings per diluted share, and effective tax rate, adjusted to exclude net incremental charges related to U.S. merchant litigations. Management's rationale for presenting these pro forma figures is to offer a clearer view of ongoing operational performance and facilitate period-over-period comparisons, as material litigation settlements are monitored separately. Additionally, MasterCard provides growth rates adjusted for currency fluctuations to better represent underlying business trends. The company also announced a conference call scheduled for the same day to discuss these results.
Key Highlights
- 1MasterCard released its Q4 and Full Year 2013 financial results on January 31, 2014.
- 2The 8-K filing includes Exhibit 99.1 (Press Release) and Exhibit 99.2 (Conference Call Presentation).
- 3The company disclosed non-GAAP financial measures, excluding charges from U.S. merchant litigations, to show ongoing operational performance.
- 4Key non-GAAP metrics include adjusted operating expenses, operating income, net income, and diluted EPS.
- 5Pro forma effective tax rate, excluding tax benefits from litigation, was also presented.
- 6MasterCard provided currency-adjusted growth rates to better reflect business performance.
- 7A conference call was scheduled for January 31, 2014, to discuss the 2013 financial results.