Fiscal First Quarter 2022 Financial Results
Non-GAAP and Adjusted Constant-Dollar Results Footnote
We consider non-GAAP measures useful to investors because they provide greater transparency into management's view and assessment of the Company's
ongoing operating performance by removing items management believes are not representative of our continuing operations, as they may be non-recurring or
have no cash impact, and may distort our nger-term operating trends. We believe these easures to be useful to enhance the comparability of our results from
period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not associated with the
Company's core operations. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a
substitute for, GAAP financial information.
We exclude the following to arrive at our Adjusted Constant-Dollar Financial Results:
non-GAAP impacts of (refer to the financial tables in the earnings release for further details):
special item(s);
equity investment gains and losses;
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amortization of acquired intangible assets for acquisitions in fiscal year 2019 and subsequent periods;
non-recurring acquisition-related costs;
impact of foreign currency to provide currency-neutral growth rates which management believes are a better reflection of the underlying performance of our
business; and
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impact of acquisitions, which include operating revenues and expenses of the acquired entities that were not in the entire 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.
VISA
Fiscal First Quarter 2022 Financial Results
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