Visa Reports Fiscal Third Quarter 2024 Results

San Francisco, CA, July 23, 2024 – Visa (NYSE: V)

• GAAP net income of $4.9B or $2.40 per share and non-GAAP net income of $4.9B or $2.42 per share

• Net revenue of $8.9B, an increase of 10% on a nominal and constant-dollar basis

• Growth in payments volume, cross-border volume and processed transactions remained relatively stable

• Share repurchases and dividends of $5.8B

Income Statement Summary

Q3 2024
In billions, except percentages and per share data. Ryan McInerney, Chief Executive
% change is calculated over the comparable prior-year period. USD % Change
Officer, Visa, commented on the
Net Revenue $8.9 10% results:
GAAP Net Income $4.9 17%
"Visa delivered strong results in the
GAAP Earnings Per Share $2.40 20% third quarter, with net revenue growth of
10%, GAAP EPS growth of 20% and
Non-GAAP Net Income(1) $4.9 9% non-GAAP EPS growth of 12%. Our
key business drivers were relatively
Non-GAAP Earnings Per Share(1) $2.42 12% stable, with payments volume up 7%,
(1)
Refer to Non-GAAP Financial Measures for further details and a reconciliation of
cross-border volume up 14% and
the GAAP to non-GAAP measures presented. processed transactions up 10%. During
the quarter, we expanded our
partnerships with many clients around
Key Business Drivers the world and announced several new
innovations that will help drive the
YoY increase / (decrease), volume in constant dollars Q3 2024 future of commerce."
Payments Volume 7%

Cross-Border Volume Excluding Intra-Europe(2) 14%

Cross-Border Volume Total 14%

Processed Transactions 10%

(2)
Cross-border volume excluding transactions within Europe.
Fiscal Third Quarter 2024 — Financial Highlights

GAAP net income in the fiscal third quarter was $4.9 billion or $2.40 per share, an increase of 17% and 20%, respectively,
over prior year’s results. Current year's results included special items of $118 million related to the release of the indirect
tax reserve previously recognized in fiscal 2021, $67 million related to the donation of investment securities to Visa
Foundation, and $10 million for a litigation provision associated with the interchange multidistrict litigation ("MDL") case.
Current year's results also included $22 million of net losses from equity investments and $76 million from the
amortization of acquired intangible assets and acquisition-related costs. Prior year’s results included a special item of
$456 million for the MDL, $85 million of net gains from equity investments and $65 million from the amortization of
acquired intangible assets and acquisition-related costs. Excluding these items and related tax impacts, non-GAAP net
income for the quarter was $4.9 billion or $2.42 per share, increases of 9% and 12%, respectively, over prior year’s
results (refer to Non-GAAP Financial Measures for further details). GAAP earnings per share growth was approximately
22% on a constant-dollar basis, which excludes the impact of foreign currency fluctuations against the U.S. dollar. Non-
GAAP earnings per share growth was approximately 13% on a constant-dollar basis. All references to earnings per share
assume fully diluted class A share count.
Net revenue in the fiscal third quarter was $8.9 billion, an increase of 10%, driven by the year-over-year growth in
payments volume, cross-border volume and processed transactions. Net revenue increased 10% on a constant-dollar
basis.
Payments volume for the three months ended March 31, 2024, on which fiscal third quarter service revenue is
recognized, increased 8% over the prior year on a constant-dollar basis.
Payments volume for the three months ended June 30, 2024 increased 7% over the prior year on a constant-dollar basis.

Cross-border volume excluding transactions within Europe, which drives our international transaction revenue, increased
14% on a constant-dollar basis for the three months ended June 30, 2024. Total cross-border volume on a constant-dollar
basis increased 14% in the quarter.
Total processed transactions, which represent transactions processed by Visa, for the three months ended June 30, 2024,
were 59.3 billion, a 10% increase over the prior year.
Fiscal third quarter service revenue was $4.0 billion, an increase of 8% over the prior year, and is recognized based on
payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data
processing revenue rose 9% over the prior year to $4.5 billion. International transaction revenue grew 9% over the prior
year to $3.2 billion. Other revenue of $780 million rose 31% over the prior year. Client incentives were $3.5 billion, up 11%
over the prior year.
GAAP operating expenses were $3.0 billion for the fiscal third quarter, a 4% decrease over the prior year's results,
primarily driven by a decrease in the litigation provision. GAAP operating expenses included the special items as well as
the amortization of acquired intangible assets and acquisition-related costs in the current and prior year. Excluding these
operating expense items, non-GAAP operating expenses increased 14% over the prior year, primarily driven by increases
in general and administrative, personnel and marketing expenses.

GAAP non-operating income was $51 million for the fiscal third quarter, including $22 million of net equity investment
losses. Excluding this item, non-GAAP non-operating income was $73 million.
GAAP effective income tax rate was 18.6% for the quarter ended June 30, 2024. Excluding the related tax impacts from
the non-GAAP items noted above, the non-GAAP effective income tax rate was 18.8% for the quarter ended June 30,
2024.
Cash, cash equivalents and investment securities were $19.7 billion at June 30, 2024.
The weighted-average number of diluted shares of class A common stock outstanding was 2.03 billion for the quarter
ended June 30, 2024.

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Other Notable Items
On May 8, 2024, Visa settled its previously announced exchange offer for class B-1 common stock. The exchange offer
allowed each participating holder of class B-1 common stock to exchange their shares of class B-1 common stock for a
combination of Visa's class B-2 common stock, Visa's class C common stock and, where applicable, cash in lieu of
fractional shares.
On June 25, 2024, the Eastern District of New York court denied the previously filed motion for preliminary approval of the
interchange multidistrict litigation injunctive relief class settlement.
At the closing of the acquisition of Visa Europe in June 2016, Visa issued convertible participating preferred stock to cover
certain expenses incurred by Visa in defending and resolving multilateral interchange fee-related claims asserted in the
UK and Europe. Visa is required to undertake periodic release assessments to determine if value should be released from
the series B and C preferred stock. The third release assessment occurred on June 21, 2024, the eighth anniversary of
the Visa Europe acquisition. Visa released approximately $2.7 billion of the as-converted value from its series B and C
preferred stock and issued series A preferred stock, effective July 19, 2024. This did not affect the fully diluted share
count.
During the three months ended June 30, 2024, Visa repurchased 17.2 million shares of class A common stock at an
average cost of $276.75 per share for $4.8 billion. The Company had $18.9 billion of remaining authorized funds for share
repurchases as of June 30, 2024.
On July 23, 2024, the board of directors declared a quarterly cash dividend of $0.520 per share of class A common stock
(determined in the case of all other outstanding common and preferred stock on an as-converted basis) payable on
September 3, 2024, to all holders of record as of August 9, 2024.

Financial Outlook
The earnings presentation contains the financial outlook for fiscal fourth quarter and fiscal full-year 2024. The
presentation and other related materials are available on Visa’s Investor Relations website at investor.visa.com.

Fiscal Third Quarter 2024 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 at 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 and operational performance data, is available
on the Visa Investor Relations website at investor.visa.com.

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Forward-Looking Statements

Our earnings release and related materials contain forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects,
developments, strategies, business growth, anticipated timing and benefits of our acquisitions, and financial outlook.
Forward-looking statements generally are identified by words such as “anticipates,” “believes,” “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 complex and evolving global regulations;
• increased oversight and regulation of the global payments industry and our business;
• impact of government-imposed obligations and/or restrictions on international payment systems;
• impact of laws and regulations regarding the handling of personal data and information;
• outcome of tax, litigation and governmental investigation matters, or changes in tax laws;
• increasingly intense competition in the payments industry, including competition for our clients and merchants;
• continued efforts to lower acceptance costs and challenge industry practices;
• our ability to maintain relationships with our clients, acquirers, processors, merchants, payments facilitators,
ecommerce platforms, fintechs and other third parties;
• brand or reputational damage;
• impact of global economic, political, market, health and social events or conditions, including conflicts and wars;
• our aspirations to address corporate responsibility and sustainability matters and considerations;
• exposure to loss or illiquidity due to settlement guarantees;
• proliferation and continuous evolution of new technologies and business models in the payments industry;
• 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, joint
ventures and other strategic investments;
• the conversions of our class C common stock issued in the class B-1 exchange offer or our outstanding series A,
B and C preferred stock into shares of class A common stock would result in voting dilution to, and could impact
the market price of, our existing class A common stock; 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, 2023, and any 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

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial
institutions and government entities across more than 200 countries and territories. Our mission is to connect the world
through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and
economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see
access as foundational to the future of money movement. Learn more at Visa.com.

Contacts Investor Relations

Jennifer Como, 650-432-7644
Media Relations
Fletcher Cook, 650-432-2990
[email protected] [email protected]

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Fiscal Third Quarter 2024 — Financial Summary

INCOME STATEMENT SUMMARY

Three Months Ended YoY Change
June 30, 2024
(in millions, except percentages and per share data)
GAAP
Revenue
Service revenue $ 3,967 8%
Data processing revenue 4,489 9%
International transaction revenue 3,194 9%
Other revenue 780 31%
Client incentives (3,530) 11%
Net revenue $ 8,900 10%
Total operating expenses 2,962 (4%)
Non-operating income (expense) 51 (58%)
Effective income tax rate 18.6% (1 ppt)
Net income $ 4,872 17%
Earnings per share $ 2.40 20%

Non-GAAP(1)
Total operating expenses $ 2,927 14%
Non-operating income (expense) 73 96%
Effective income tax rate 18.8% (1 ppt)
Net income $ 4,909 9%
Earnings per share $ 2.42 12%
(1)
Refer to Non-GAAP Financial Measures for further details.
NM - Not Meaningful

KEY BUSINESS DRIVERS

YoY Change

Constant Nominal
Payments volume 7% 5%
(2)
Cross-border volume excluding intra-Europe 14% 12%
Cross-border volume total 14% 12%
Processed transactions 10% 10%
(2)
Cross-border volume excluding transactions within Europe.

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Visa Consolidated Balance Sheets (unaudited)

June 30, September 30,

2024 2023
(in millions, except per share data)
Assets
Cash and cash equivalents $ 12,947 $ 16,286
Restricted cash equivalents—U.S. litigation escrow 1,596 1,764
Investment securities 3,697 3,842
Settlement receivable 2,128 2,183
Accounts receivable 2,521 2,291
Customer collateral 3,472 3,005
Current portion of client incentives 1,821 1,577
Prepaid expenses and other current assets 2,857 2,584
Total current assets 31,039 33,532
Investment securities 3,037 1,921
Client incentives 4,133 3,789
Property, equipment and technology, net 3,766 3,425
Goodwill 18,816 17,997
Intangible assets, net 26,243 26,104
Other assets 4,006 3,731
Total assets $ 91,040 $ 90,499
Liabilities
Accounts payable $ 331 $ 375
Settlement payable 2,576 3,269
Customer collateral 3,472 3,005
Accrued compensation and benefits 1,251 1,506
Client incentives 8,562 8,177
Accrued liabilities 4,732 5,015
Accrued litigation 1,688 1,751
Total current liabilities 22,612 23,098
Long-term debt 20,602 20,463
Deferred tax liabilities 5,119 5,114
Other liabilities 2,978 3,091
Total liabilities 51,311 51,766
Equity
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of June 30, 2024 and
September 30, 2023 1,425 1,698
Common stock, $0.0001 par value:
Class A common stock, 1,678 and 1,594 shares issued and outstanding as of June 30, 2024 and — —
September 30, 2023, respectively
Class B-1 and B-2 total common stock, 125 and 245 shares issued and outstanding as of June 30, — —
2024 and September 30, 2023, respectively
Class C common stock, 27 and 10 shares issued and outstanding as of June 30, 2024 and — —
September 30, 2023, respectively
Right to recover for covered losses (46) (140)
Additional paid-in capital 20,832 20,452
Accumulated income 18,578 18,040
Accumulated other comprehensive income (loss):
Investment securities (19) (64)
Defined benefit pension and other postretirement plans (145) (155)
Derivative instruments (120) (177)
Foreign currency translation adjustments (776) (921)
Total accumulated other comprehensive income (loss) (1,060) (1,317)
Total equity 39,729 38,733
Total liabilities and equity $ 91,040 $ 90,499

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Visa Consolidated Statements of Operations (unaudited)

Three Months Ended Nine Months Ended

June 30, June 30,
2024 2023 2024 2023
(in millions, except per share data)
Net revenue $ 8,900 $ 8,123 $ 26,309 $ 24,044

Operating Expenses
Personnel 1,573 1,481 4,655 4,333
Marketing 378 297 1,009 938
Network and processing 200 182 570 539
Professional fees 152 133 443 372
Depreciation and amortization 264 235 760 696
General and administrative 382 314 1,174 918
Litigation provision 13 457 452 798
Total operating expenses 2,962 3,099 9,063 8,594

Operating income 5,938 5,024 17,246 15,450

Non-operating Income (Expense)

Interest expense (196) (182) (465) (461)
Investment income (expense) and other 247 304 763 412
Total non-operating income (expense) 51 122 298 (49)

Income before income taxes 5,989 5,146 17,544 15,401

Income tax provision 1,117 990 3,119 2,809
Net income $ 4,872 $ 4,156 $ 14,425 $ 12,592

Basic Earnings Per Share

Class A common stock $ 2.40 $ 2.00 $ 7.09 $ 6.03
Class B-1 common stock $ 3.82 $ 3.20 $ 11.25 $ 9.65
Class B-2 common stock(1) $ 3.82 $ — $ 11.25 $ —
Class C common stock $ 9.62 $ 8.00 $ 28.35 $ 24.10

Basic Weighted-average Shares Outstanding

Class A common stock 1,610 1,614 1,591 1,623
Class B-1 common stock 97 245 196 245
Class B-2 common stock(1) 74 — 25 —
Class C common stock 29 10 16 10

Diluted Earnings Per Share

Class A common stock $ 2.40 $ 2.00 $ 7.08 $ 6.02
Class B-1 common stock $ 3.81 $ 3.19 $ 11.24 $ 9.64
Class B-2 common stock(1) $ 3.81 $ — $ 11.24 $ —
Class C common stock $ 9.60 $ 7.99 $ 28.31 $ 24.08

Diluted Weighted-average Shares Outstanding

Class A common stock 2,029 2,080 2,038 2,092
Class B-1 common stock 97 245 196 245
Class B-2 common stock(1) 74 — 25 —
Class C common stock 29 10 16 10
(1)
No shares of class B-2 common stock were outstanding prior to the class B-1 common stock exchange offer.

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Visa Consolidated Statements of Cash Flows (unaudited)

Nine Months Ended

June 30,
2024 2023
(in millions)
Operating Activities
Net income $ 14,425 $ 12,592
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives 10,135 8,858
Share-based compensation 662 591
Depreciation and amortization 760 696
Deferred income taxes (99) (253)
VE territory covered losses incurred (81) (21)
(Gains) losses on equity investments, net 48 111
Other 122 (7)
Change in operating assets and liabilities:
Settlement receivable 92 (373)
Accounts receivable (214) (228)
Client incentives (10,317) (8,188)
Other assets (173) (66)
Accounts payable (27) (51)
Settlement payable (765) 114
Accrued and other liabilities (1,216) (34)
Accrued litigation (66) 87
Net cash provided by (used in) operating activities 13,286 13,828

Investing Activities
Purchases of property, equipment and technology (948) (754)
Investment securities:
Purchases (4,443) (2,817)
Proceeds from maturities and sales 3,866 2,410
Acquisitions, net of cash and restricted cash acquired (915) —
Purchases of other investments (19) (81)
Settlement of derivative instruments — 402
Other investing activities (51) 22
Net cash provided by (used in) investing activities (2,510) (818)

Financing Activities
Repurchases of class A common stock (10,865) (8,350)
Repayments of debt — (2,250)
Dividends paid (3,176) (2,823)
Proceeds from issuance of class A common stock under equity plans 267 189
Restricted stock and performance-based shares settled in cash for taxes (189) (125)
Other financing activities 399 167
Net cash provided by (used in) financing activities (13,564) (13,192)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 74 844
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (2,714) 662

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 21,990 20,377
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 19,276 $ 21,039

Supplemental Disclosure
Cash paid for income taxes, net $ 4,699 $ 3,013
Interest payments on debt $ 534 $ 568
Accruals related to purchases of property, equipment and technology $ 30 $ 87

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Visa Quarterly Results of Operations (unaudited)

Fiscal 2024 Quarter Ended Fiscal 2023 Quarter Ended

June 30, March 31, December 31, September 30, June 30,
2024 2024 2023 2023 2023
(in millions)
Net revenue $ 8,900 $ 8,775 $ 8,634 $ 8,609 $ 8,123

Operating Expenses
Personnel 1,573 1,603 1,479 1,498 1,481
Marketing 378 338 293 403 297
Network and processing 200 189 181 197 182
Professional fees 152 160 131 173 133
Depreciation and amortization 264 249 247 247 235
General and administrative 382 452 340 412 314
Litigation provision 13 430 9 129 457
Total operating expenses 2,962 3,421 2,680 3,059 3,099

Operating income 5,938 5,354 5,954 5,550 5,024

Non-operating Income (Expense)

Interest expense (196) (82) (187) (183) (182)
Investment income (expense) and other 247 241 275 269 304
Total non-operating income (expense) 51 159 88 86 122

Income before income taxes 5,989 5,513 6,042 5,636 5,146

Income tax provision 1,117 850 1,152 955 990
Net income $ 4,872 $ 4,663 $ 4,890 $ 4,681 $ 4,156

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Visa Non-GAAP Financial Measures (unaudited)

We use non-GAAP financial measures of our performance which exclude certain items which 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. Constant-dollar financial measures are calculated by using a fixed current year U.S. dollar/
foreign currency exchange rate for each local currency for the current and prior year periods, which eliminates the impact
of foreign currency transactions in measuring financial performance. We consider non-GAAP measures useful to
investors because they provide greater transparency into management’s view and assessment of our ongoing operating
performance. Non-GAAP 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 from our GAAP financial results to arrive at our non-GAAP financial results:
• Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair
value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in
nature and are primarily private company investments. Gains and losses associated with these investments are
tied to the performance of the companies that we invest in and therefore do not correlate to the underlying
performance of our business.
• Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of
intangible assets such as technology, customer relationships and trade names acquired in connection with
business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets
are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our
core operations. As such, we have excluded this amount to facilitate an evaluation of our current operating
performance and comparison to our past operating performance.
• Acquisition-related costs. Acquisition-related costs consist primarily of one-time transaction and integration costs
associated with our business combinations. These costs include professional fees, technology integration fees,
restructuring activities and other direct costs related to the purchase and integration of acquired entities. These
costs also include retention equity and deferred compensation when they are agreed upon as part of the
purchase price of the transaction but are required to be recognized as expense post-combination. We have
excluded these amounts as the expenses are recognized for a limited duration and do not reflect the underlying
performance of our business.
• Litigation provision. Litigation provision includes significant accruals related to certain legal matters that are not
covered by the U.S. retrospective responsibility plan or the Europe retrospective responsibility plan (uncovered
legal matters) and additional accruals associated with the interchange multidistrict litigation which are covered by
the U.S. retrospective responsibility plan (U.S. covered litigation). Litigation provision associated with these
matters can vary significantly based on the facts and circumstances related to each matter and do not correlate to
the underlying performance of our business. During the three and nine months ended June 30, 2024 and 2023,
we have excluded these amounts to facilitate a comparison to our past operating performance.
• Lease consolidation costs. During the nine months ended June 30, 2024, we recorded a charge within general
and administrative expense associated with the consolidation of certain leased office spaces. We have excluded
these amounts as they do not reflect the underlying performance of our business.
• Indirect taxes. During the three and nine months ended June 30, 2024, as a result of the resolution of an audit,
we recognized a benefit within general and administrative expense related to the release of the reserve
previously recognized in fiscal 2021. This one-time benefit is not representative of our ongoing operations.
• Charitable contribution. During the three and nine months ended June 30, 2024, we donated investment
securities to the Visa Foundation and recognized a non-cash general and administrative expense. We have
excluded this amount as it does not reflect the underlying performance of our business.

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Visa Non-GAAP Financial Measures (unaudited) - continued

Non-GAAP operating expenses, non-operating income (expense), income tax provision, effective income tax rate, net
income and diluted earnings per share should not be relied upon as substitutes for, or considered in isolation from,
measures calculated in accordance with U.S. GAAP. The following tables reconcile our as-reported financial measures,
calculated in accordance with U.S. GAAP, to our respective non-GAAP financial measures:

Three Months Ended June 30, 2024

Non- Diluted
operating Income Effective Earnings
Operating Income Tax Income Net Per
Expenses (Expense) Provision(1) Tax Rate(2) Income Share(2)
(in millions, except percentages and per share data)
As reported $ 2,962 $ 51 $ 1,117 18.6% $ 4,872 $ 2.40
(Gains) losses on equity investments, net — 22 5 17 0.01
Amortization of acquired intangible assets (48) — 13 35 0.02
Acquisition-related costs (28) — 3 25 0.01
Litigation provision (10) — 2 8 —
Indirect taxes 118 — (29) (89) (0.04)
Charitable contribution (67) — 26 41 0.02
Non-GAAP $ 2,927 $ 73 $ 1,137 18.8% $ 4,909 $ 2.42

Nine Months Ended June 30, 2024

Non- Diluted
operating Income Effective Earnings
Operating Income Tax Income Net Per
Expenses (Expense) Provision(1) Tax Rate(2) Income Share(2)
(in millions, except percentages and per share data)
As reported $ 9,063 $ 298 $ 3,119 17.8% $ 14,425 $ 7.08
(Gains) losses on equity investments, net — 48 11 37 0.02
Amortization of acquired intangible assets (131) — 32 99 0.05
Acquisition-related costs (75) — 5 70 0.03
Litigation provision (434) — 97 337 0.17
Lease consolidation costs (57) — 13 44 0.02
Indirect taxes 118 — (29) (89) (0.04)
Charitable contribution (67) — 26 41 0.02
Non-GAAP $ 8,417 $ 346 $ 3,274 17.9% $ 14,964 $ 7.34

Three Months Ended June 30, 2023

Non- Diluted
operating Income Effective Earnings
Operating Income Tax Income Net Per
Expenses (Expense) Provision(1) Tax Rate(2) Income Share(2)
(in millions, except percentages and per share data)
As reported $ 3,099 $ 122 $ 990 19.2% $ 4,156 $ 2.00
(Gains) losses on equity investments, net — (85) (18) (67) (0.03)
Amortization of acquired intangible assets (41) — 9 32 0.02
Acquisition-related costs (24) — 1 23 0.01
Litigation provision (456) — 101 355 0.17
Non-GAAP $ 2,578 $ 37 $ 1,083 19.4% $ 4,499 $ 2.16

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Visa Non-GAAP Financial Measures (unaudited) - continued
Nine Months Ended June 30, 2023
Non- Diluted
operating Income Effective Earnings
Operating Income Tax Income Net Per
Expenses (Expense) Provision(1) Tax Rate(2) Income Share(2)
(in millions, except percentages and per share data)
As reported $ 8,594 $ (49) $ 2,809 18.2% $ 12,592 $ 6.02
(Gains) losses on equity investments, net — 111 25 86 0.04
Amortization of acquired intangible assets (130) — 28 102 0.05
Acquisition-related costs (69) — 5 64 0.03
Litigation provision (797) — 177 620 0.30
Non-GAAP $ 7,598 $ 62 $ 3,044 18.4% $ 13,464 $ 6.44
(1)
Determined by applying applicable tax rates.
(2)
Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are
calculated based on unrounded numbers.

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