Fiscal Second Quarter 2023 Financial Results
Non-GAAP and Adjusted Constant-Dollar Results Footnote
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 Reconciliation of GAAP to Non-GAAP Financial Results for further details and a reconciliation of the GAAP to non-
GAAP measures presented);
●
●
●
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, we report
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
believes enhances the comparability of our results. These amounts will be adjusted until we lap the quarter that the entity was acquired in, at which time
there will be comparable results within each reported period.
As previously disclosed, in March 2022, we suspended our operations in Russia. As a result, we are no longer generating revenue from domestic and cross-border
activities related to Russia. To eliminate the impact of Russia-related activities in our adjusted constant-dollar financial results, we have excluded relevant revenues
and expenses from all periods ("excluding Russia-related results").
VISA
Fiscal Second Quarter 2023 Financial Results
Ⓒ2023 Visa. All rights reserved.
3View entire presentation