8-KRegulation FD

VISA INC. 8-K Report, Regulation FD Disclosure (Nov 23, 2022)

Filed November 23, 2022For Securities:V

Summary

Visa Inc. (V) filed an 8-K on November 23, 2022, to provide investors with updated preliminary volume and transaction data for October and November 2022. The report highlights continued year-over-year growth in U.S. payments volume, with both credit and debit segments showing positive trends. Notably, payments volume has also significantly surpassed pre-pandemic (2019) levels, indicating a robust recovery and expansion in domestic spending. Internationally, cross-border volume growth, excluding intra-Europe transactions, remains strong relative to 2019, though the pace has moderated slightly. Travel-related cross-border spending, both within and into the Asia Pacific region and into the U.S., shows improvement compared to pre-pandemic figures. The company also reported global processed transaction growth, reinforcing the overall positive operational trends. It's important to note that all reported figures from April 2022 onwards exclude operations in Russia.

Key Highlights

  • 1U.S. payments volume for November 2022 increased 9% year-over-year (Credit +10%, Debit +8%).
  • 2U.S. payments volume in November 2022 reached 147% of the 2019 pre-pandemic level.
  • 3Global processed transactions grew 10% year-over-year in November 2022 and were 140% of 2019 levels.
  • 4Cross-border volume excluding intra-Europe transactions was 133% of 2019 levels in November 2022.
  • 5Travel-related cross-border volume into and from the Asia Pacific region continued to improve relative to 2019.
  • 6Data presented is preliminary and excludes Russia-related volumes and transactions from April 2022 onwards.
  • 7The company noted that changes in exchange rate calculations for constant-dollar growth could result in different prior period growth rates than previously reported, but this does not affect revenues.

Frequently Asked Questions

This 8-K filing is primarily for Regulation FD disclosure, providing investors with preliminary volume and transaction data for October and November 2022. This allows investors to stay updated on Visa's operational performance.

Visa's performance significantly exceeds pre-pandemic levels. For November 2022, U.S. payments volume was 147% of the 2019 level, and global processed transactions were 140% of the 2019 level, indicating a strong recovery and growth beyond pre-COVID-19 activity.

No, as previously disclosed, Visa suspended operations in Russia in March 2022. Therefore, all reported volume and transaction data from April 2022 through November 2022, including the data in this filing, excludes Russia-related figures.

The filing uses constant-dollar growth rates for cross-border volume, which exclude the impact of foreign currency fluctuations. However, the company notes that the methodology for calculating these constant-dollar rates, based on the exchange rates at the beginning of fiscal years 2022 and 2023, can lead to different growth rate figures for prior periods than previously reported. This adjustment does not affect Visa's actual revenues.