Visa said fiscal fourth-quarter net revenue was $12.1 billion

Visa said fiscal fourth-quarter net revenue was $12.1 billion, up 13% from a year earlier on both a nominal and a constant-dollar basis. The company’s release, filed with the Securities and Exchange Commission and dated Oct. 27, says GAAP net income was $6.0 billion, or $3.19 a share, up 18% and 22%. Its non-GAAP net income was $6.6 billion, or $3.48 a share, up 13% and 17%. The reconciliation table shows GAAP net income of $6,002 million and non-GAAP net income of $6,552 million. Those non-GAAP figures are Visa’s, after the items it lists. They are not a second set of results calculated here.

The quarter ended Sept. 30. Payments volume in that quarter rose 9% on a constant-dollar basis, the release says. Cross-border volume excluding transactions within Europe rose 14%, and total cross-border volume rose 14%, both in constant dollars. Processed transactions were 74.2 billion, up 10%. Service revenue was $5.3 billion, up 14%. Data-processing revenue was $6.2 billion, up 16%. International transaction revenue was $4.1 billion, up 8%. Other revenue was $1.6 billion, up 40%. Client incentives were $5.1 billion, up 21%. GAAP operating expenses were $4.9 billion, up 7%. The GAAP effective tax rate was 18.5%, and the non-GAAP rate was 18.4%. Cash, cash equivalents and investment securities were $14.2 billion. The weighted-average diluted share count was 1.88 billion.

Visa said the quarter’s GAAP results included special items of $469 million for a litigation provision associated with the interchange multidistrict litigation case, $282 million related to a donation of investments to the Visa Foundation, and $37 million of deferred tax expense from a change in U.S. taxation of certain foreign earnings. It also said results included $155 million of net gains from equity investments and $75 million from amortization of acquired intangible assets and acquisition-related costs. That is the company’s description of the items it removed to reach the non-GAAP figures.

For the full fiscal year, net revenue was $45.9 billion, up 15%, or 14% in constant dollars. GAAP net income was $23.5 billion, or $12.32 a share. Non-GAAP net income was $25.3 billion, or $13.27 a share. Processed transactions for the year were 281.3 billion, up 9%. Payments volume rose 9% in constant dollars. Chief executive Ryan McInerney said in the release that Visa had what he called record net revenue of $46 billion. The table in the same release shows $45.9 billion. The “record” wording is his. The dollar figure used above is the table’s.

In the quarter, Visa said it repurchased about 11 million class A shares at an average cost of $369.12, for $4.0 billion. For the year, it said it repurchased about 61 million shares at an average cost of $335.49, for $20.5 billion, and that $24.4 billion of repurchase authorization remained on Sept. 30. The release says share repurchases and dividends together were $5.2 billion in the quarter and $25.6 billion for the year. On Oct. 27 the board declared a quarterly cash dividend of $0.780 a class A share, which the release describes as a 16% increase, payable Dec. 1 to holders of record on Nov. 10. The dividend and the buybacks are company actions. They are not a judgment on whether the shares should be owned.