MasterCard 2015 Annual Report Download - page 36

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30
During the fourth quarter of 2015, MasterCard repurchased a total of approximately 8.1 million shares for $793 million at an
average price of $97.43 per share of Class A common stock. The Company’s repurchase activity during the fourth quarter of
2015 consisted of open market share repurchases and is summarized in the following table:
Period
Tota l Number
of Shares
Purchased
Average Price
Paid per Share
(including
commission cost)
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
Dollar Value of
Shares that may yet
be Purchased under
the Plans or
Programs 1
October 1 – 31 . . . . . . . . . . . . . . . . . . . . . . . . 1,912,149 $ 94.07 1,912,149 $ 1,119,663,418
November 1 – 30 . . . . . . . . . . . . . . . . . . . . . . 2,837,992 $ 99.42 2,837,992 $ 837,513,192
December 1 – 31 . . . . . . . . . . . . . . . . . . . . . . 3,388,704 $ 97.67 3,388,704 $ 4,506,532,273
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,138,845 $ 97.43 8,138,845
1 Dollar value of shares that may yet be purchased under the December 2014 Share Repurchase Program and the December 2015 Share Repurchase
Program is as of the end of the period.
ITEM 6. SELECTED FINANCIAL DATA
The statement of operations data presented below for the years ended December 31, 2015, 2014 and 2013, and the balance
sheet data as of December 31, 2015 and 2014, were derived from the audited consolidated financial statements of MasterCard
Incorporated included in Part II, Item 8. The statement of operations data presented below for the years ended December 31,
2012 and 2011, and the balance sheet data as of December 31, 2013, 2012 and 2011, were derived from audited consolidated
financial statements not included in this Report. The data set forth below should be read in conjunction with, and are qualified
by reference to, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and
our consolidated financial statements and notes thereto included in Part II, Item 8.
Years Ended December 31,
2015 2014 2013 2012 2011
(in millions, except per share data)
Statement of Operations Data:
Net revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,667 $ 9,441 $ 8,312 $ 7,391 $ 6,714
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,589 4,335 3,809 3,454 4,001
Operating income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,078 5,106 4,503 3,937 2,713
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,808 3,617 3,116 2,759 1,906
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.36 3.11 2.57 2.20 1.49
Diluted earnings per share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.35 3.10 2.56 2.19 1.48
Balance Sheet Data:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,269 $ 15,329 $ 14,242 $ 12,462 $ 10,693
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,287 1,494 — — —
Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,062 6,824 7,495 6,929 5,877
Cash dividends declared per share . . . . . . . . . . . . . . . . . . . . . . 0.67 0.49 0.29 0.12 0.06
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the consolidated financial statements and notes of MasterCard
Incorporated and its consolidated subsidiaries, including MasterCard International Incorporated (“MasterCard International”)
(together, “MasterCard” or the “Company”), included elsewhere in this Report. Certain prior period amounts have been reclassified
to conform to the 2015 presentation. For 2014 and 2013, net revenue and general and administrative expenses were revised to
correctly classify $32 million and $34 million, respectively, of customer incentive expenses as contra revenue instead of general
and administrative expenses. This revision had no impact on net income. Percentage changes provided throughout
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” were calculated on amounts rounded
to the nearest thousand.