Visa 2014 Annual Report Download - page 53
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Total operating expenses for fiscal 2014 were $5.0 billion, and included $450 million of litigation
provision related to the interchange multidistrict litigation. Excluding this provision, adjusted operating
expenses remained flat at $4.6 billion over prior year operating expenses, primarily due to a reduction
in professional fees and personnel expenses, offset by continued investments in infrastructure,
technology and network processing to support our global growth initiatives.
Adjusted financial results. Our financial results for fiscal 2014 and 2012 reflect the impact of
several significant items that we believe are not indicative of our operating performance in the prior or
future years, as they are either non-recurring, have no cash impact or are related to amounts covered
by the retrospective responsibility plan. As such, we believe the presentation of adjusted financial
results excluding the following amounts provides a clearer understanding of our operating performance
for the periods presented.
The following tables present our adjusted financial results for fiscal 2014 and 2012. There were no
comparable adjustments recorded during fiscal 2013.
Fiscal 2014
(in millions, except for percentages and per share
data)
Operating
Expenses
Operating
Margin
(1),(2)
Net Income
Attributable to
Visa Inc.
Diluted
Earnings Per
Share
(2)
As reported ............................ $ 5,005 61% $ 5,438 $ 8.62
Litigation provision(3) .................... (450) 4% 283(3) 0.45
As adjusted ........................... $ 4,555 64% $ 5,721 $ 9.07
Diluted weighted-average shares
outstanding, as reported 631
Fiscal 2013
(in millions, except for percentages and per share
data)
Operating
Expenses
Operating
Margin
(1),(2)
Net Income
Attributable to
Visa Inc.
Diluted
Earnings Per
Share
(2)
As reported ............................ $ 4,539 61% $ 4,980 $ 7.59
Diluted weighted-average shares
outstanding, as reported 656
Fiscal 2012
(in millions, except for percentages and per share
data)
Operating
Expenses
Operating
Margin
(1),(2)
Net Income
Attributable to
Visa Inc.
Diluted
Earnings Per
Share
(2)
As reported ............................ $ 8,282 21% $ 2,144 $ 3.16
Litigation provision(3) .................... (4,098) 39% 2,593(3) 3.82
Reversal of tax reserves(4) ............... — — (326) (0.48)
Impact of deferred tax adjustment(4) ........ — — (208) (0.31)
As adjusted ........................... $ 4,184 60% $ 4,203 $ 6.20
Diluted weighted-average shares
outstanding, as reported 678
(1) Operating margin is calculated as operating income divided by total operating revenues.
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