Visa Inc. (NYSE:V) Q1 2024 Earnings Conference Call January 25, 2024 5:00 PM ET

Company Participants

Jennifer Como - Senior Vice President and Global Head of Investor Relations

Ryan McInerney - Chief Executive Officer

Chris Suh - Chief Financial Officer

Conference Call Participants

Tien-Tsin Huang - JPMorgan

Dan Perlin - RBC Capital Markets

Craig Maurer - FT Partners

Sanjay Sakhrani - KBW

Ken Suchoski - Autonomous Research

Harshita Rawat - Bernstein

Bryan Keane - Deutsche Bank

Andrew Jeffrey - Truist Securities

James Faucette - Morgan Stanley

Ashwin Shirvaikar - Citi

Timothy Chiodo - UBS

Jason Kupferberg - Bank of America

Operator

Welcome to Visa's Fiscal First Quarter 2024 Earnings Conference Call. All participants are in a listen-only mode until the question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.

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

Good afternoon, everyone, and welcome to Visa's Fiscal First Quarter 2024 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer. 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 the results 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 related materials available on our IR website.

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

Ryan McInerney

Hi, everyone. Good afternoon and thank you for joining us. We are off to a solid start in 2024. Consumer spending remained resilient with first-quarter year-over-year payments volume growth at 8%. U.S. payments volume grew 5% year-over-year. International payments volume grew 11%. Cross-border volume excluding intra-Europe rose 16% year-over-year in constant dollars with cross-border travel at 142% of 2019 levels, up from 139% in the fourth quarter. Processed transactions rose 9%. Our net revenues increased 9% with GAAP EPS up 20% and non-GAAP EPS up 11%.