Visa Inc. (V) Q3 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 25, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to Visa’s Fiscal Third Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

Jennifer Como

Thanks, Jordan. Good afternoon, everyone and welcome to Visa’s fiscal third quarter 2023 earnings call. Joining us today are Ryan McInerney, Visa’s Chief Executive Officer; Vasant Prabhu, Visa’s Vice Chair and Chief Financial Officer; and Chris Suh, Visa’s Chief Financial Officer Designate. This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC’s website and the Investor Relations section of our website. For non-GAAP financial information disclosed in this call, the related GAAP measures and reconciliation are available in today’s earnings release.

And with that, let me turn the call over to Ryan.

Ryan McInerney

Good afternoon and thank you for joining us. Our financial performance in the third quarter of 2023 was strong, with net revenues up 12% year-over-year. Non-GAAP earnings per share, was $2.16, up 9%. Overall, our global quarterly payments volume was up 9% year-over-year. In the U.S., quarterly payments volume was up 6%, as expected, primarily due to moderating inflation. Outside the U.S., international payments volume was up 12%. Excluding intra-Europe, total cross-border volume remained strong, up 22%, with cross-border travel volume at 136% of 2019. Processed transactions grew 10% year-over-year.

As I mentioned on our previous earnings call, my priorities are focused on doing everything that we can to accelerate our growth by executing our strategy, including supporting our go-to-market teams, delivering for our clients, shipping innovative products even faster and selling our solutions even more effectively. With those priorities in mind, I would like to review our progress across our three growth levers: consumer payments, new flows and value-added services.