Visa Investor Day
Forward-Looking Statements Reminder
VISA
identified
This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be
by terms such as "believe," "continue,"
," "early thoughts," "expect," "guiding principals," "over time," "preserve," "reinvest," "return excess cash," "trend" and similar references to
the future.
Examples of such forward-looking statements include, but are not limited to, statements we make about revenues, client incentives, expenses, operating margin, tax rate,
earnings per share, capital expenditures, free cash flow, financial inclusion, market penetration, innovation, investments, electronification of payments and the growth of those
items.
By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of future performance,
and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and
adversely from those forward-looking statements because of a variety of factors, including the following:
the impact of laws, regulations and marketplace barriers, including:
rules capping debit interchange reimbursement fees promulgated under the U.S. Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act;
rules under the Dodd-Frank Act expanding issuers' and merchants' choice among debit payment networks;
increased regulation inside and outside the United States and in other product categories;
increased government support of national payment networks outside the United States; and
rules about consumer privacy and data use and security;
developments in litigation and government intervention, including
°
those affecting interchange reimbursement fees, antitrust and tax;
°
any failure to make our multidistrict interchange litigation settlement effective; and
regulatory and litigation developments in Europe having direct or indirect impact on Visa Inc. and its subsidiaries or clients;
economic factors, such as:
an increase or spread of the European crisis involving sovereign debt and the euro;
governmental budgeting impasses;
cross-border activity and currency exchange rates;
material changes in our clients' performance compared to our estimates; and
other global economic, political, natural disaster, terrorist, and health conditions;
industry developments, such as competitive pressure, rapid technological developments and disintermediation from the payments value stream;
system developments, such as:
°
disruption of our transaction processing systems or the inability to process transactions efficiently;
account data compromises or increased fraudulent or other illegal activities involving our cards; and
issues arising at Visa Europe, including any failure to maintain interoperability between our systems, and any failure to indemnify for antitrust exposures
costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;
loss of organizational effectiveness or key employees, or change in strategies prompted by the risks outlined in this reminder or by unforeseen risks;
failure to integrate acquisitions successfully or to effectively launch new products and businesses; and
All risk factors and other matters discussed in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.
You should not place undue reliance on our forward-looking statements. Unless required to do so by law, we do not intend to update or revise any forward-looking statement,
because of new information or future developments or otherwise. This presentation contains certain prior-period non-GAAP financial measures, including previously released EPS
results for 2012. A reconciliation of these non-GAAP measures to GAAP accompanied their release and can be found in the company's Form 8-K filed with the U.S. Securities and
Exchange Commission ("SEC") on October 31, 2012, and Form 10-K filed with the SEC on November 16, 2012, which reconciliation is incorporated by reference as if set forth
fully herein.
3 | Visa Investor DayView entire presentation