Visa 2015 Annual Report Download - page 54

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2015 for every share held as of the Record Date. Trading began on a split-adjusted basis on March 19,
2015. Holders of class B and C common stock did not receive a stock dividend. Instead, the
conversion rate for class B common stock increased to 1.6483 shares of class A common stock per
share of class B common stock, and the conversion rate for class C common stock increased to 4.0
shares of class A common stock per share of class C common stock. Immediately following the split,
the class A, B and C stockholders retained the same relative ownership percentages that they had
prior to the stock split. See Note 14—Stockholders’ Equity to our consolidated financial statements.
Reduction in as-converted class A common stock. During fiscal 2015, we repurchased 44 million
shares of our class A common stock in the open market using $2.9 billion of cash on hand. As of
September 30, 2015, we had remaining authorized funds of $2.8 billion. All share repurchase programs
authorized prior to October 2014 have been completed. In October 2015, our board of directors
authorized an additional $5.0 billion share repurchase program. See Note 14—Stockholders’ Equity to
our consolidated financial statements.
Nominal payments volume and transaction counts. Payments volume is the primary driver for our
service revenues, and the number of processed transactions is the primary driver for our data
processing revenues. Nominal payments volume over the prior year posted strong growth in the United
States, driven mainly by consumer credit. Nominal international payments volume growth was
negatively impacted by the overall strengthening of the U.S. dollar. On a constant-dollar basis, which
excludes the impact of exchange rate movements, our international payments volume growth rate for
the 12 months ended June 30, 2015(1) was 13% compared to 15% for the prior year comparable
period. Processed transactions sustained healthy growth reflecting the ongoing worldwide shift to
electronic currency.
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