Mastercard · Earnings release

Earnings Release

Mastercard Incorporated Reports Third Quarter 2024 Financial Results

•Third quarter net income of $3.3 billion, and diluted earnings per share (EPS) of $3.53

•Third quarter adjusted net income of $3.6 billion, and adjusted diluted EPS of $3.89

•Third quarter net revenue of $7.4 billion, an increase of 13%, or 14% on a currency-neutral basis

•Third quarter gross dollar volume up 10% and purchase volume up 11%, on a local currency basis

Purchase, NY - October 31, 2024 - Mastercard Incorporated (NYSE: MA) today announced financial results for the third quarter 2024.

“Our strong performance this quarter, with net revenue growth of 13%, or 14% on a currency-neutral basis, highlights how we are delivering across all aspects of our business. These results reflect healthy consumer spending and ongoing solid demand for our value-added services and solutions, where net revenue increased 18%, or 19% on a currency-neutral basis,” said Michael Miebach, Mastercard CEO. “We continue to invest in our suite of differentiated services to grow our addressable market, protect the ecosystem and add value in every transaction. This includes the planned acquisitions of Recorded Future and Minna Technologies, which are expected to add leading AI-powered threat intelligence and subscription management capabilities to meet the needs of our customers.”

Quarterly Results

Third Quarter Operating Results

Increase / (Decrease)

$ in billions, except per share data

Reported GAAP

Currency-neutral

Net revenue

Operating expenses

Operating income

4%

5%

Operating margin

Effective income tax rate

Net income

2%

3%

Diluted EPS

4%

5%

Key Third Quarter Non-GAAP Results 1

Increase / (Decrease)

$ in billions, except per share data

As adjusted

Currency-neutral

Net revenue

Adjusted operating expenses

Adjusted operating margin

Adjusted effective income tax rate

Adjusted net income

Adjusted diluted EPS

1 The Key Third Quarter Non-GAAP Results exclude the impact of gains and losses on the Company’s equity investments, special items as described on page 11 (“Third Quarter Special Items”) and/or the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 11 for the Company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.

(YoY growth)

Gross dollar volume

Cross-border volume

Switched transactions

(local currency basis)

(local currency basis)

The following information is provided to aid in understanding Mastercard’s third quarter 2024 results, versus the year ago period.

•Net revenue increased 13%, or 14% on a currency-neutral basis. The increase was attributable to growth in our payment network and our value-added services and solutions.

▪Payment network net revenue increased 10%, or 11% on a currency-neutral basis. Primary drivers of the increase were as follows:

•Gross dollar volume growth of 10%, on a local currency basis, to $2.5 trillion.

•Cross-border volume growth of 17% on a local currency basis.

•Switched transactions growth of 11%.

This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 17%, or 19% on a currency-neutral basis, primarily due to an increase in our key drivers as well as new and renewed deals.

▪Value-added services and solutions net revenue increased 18%, or 19% on a currency-neutral basis. The increase was driven primarily by growth in our underlying key drivers, strong demand for our consulting and marketing services, the scaling of our fraud and security and our identity and authentication solutions, and pricing.

•Total operating expenses increased 25%, or 12% excluding the impact of Third Quarter Special Items. The increase in as-reported operating expenses was primarily due to higher general and administrative expenses (including a restructuring charge in the third quarter of 2024) and litigation provisions. The increase in adjusted operating expenses was primarily due to higher general and administrative expenses.

•Other income (expense) was unfavorable $55 million versus the year ago period, primarily due to unrealized fair market value adjustments on marketable equity securities. Adjusted other income (expense) was favorable $3 million versus the prior year.

•The effective tax rate for the third quarter of 2024 was 15.6%, versus 15.0% for the comparable period in 2023. The adjusted effective tax rate for the third quarter of 2024 was 16.3%, versus 15.0% for the comparable period in 2023. Both the as-reported and as-adjusted effective tax rates were higher than the prior year rates primarily due to our ability in 2023 to claim more U.S. foreign tax credits generated in 2022 and 2023, partially offset by the establishment of a valuation allowance in 2023 as well as a change in our geographic mix of earnings in the current period.

•As of September 30, 2024, the Company’s customers had issued 3.4 billion Mastercard and Maestro-branded cards.

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Year-to-date Results

Year-to-date Operating Results

Increase / (Decrease)

$ in billions, except per share data

Reported GAAP

Currency-neutral

Net revenue

Operating expenses

Operating income

9%

Operating margin

Effective income tax rate

Net income

Diluted EPS

Key Year-to-date Non-GAAP Results 1

Increase / (Decrease)

$ in billions, except per share data

As adjusted

Currency-neutral

Net revenue

Adjusted operating expenses

Adjusted operating margin

Adjusted effective income tax rate

Adjusted net income

Adjusted diluted EPS

1 The Key Year-to-date Non-GAAP Results exclude the impact of gains and losses on the Company’s equity investments, special items as described on page 12 (“Year-to-date Special Items”) and/or the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 12 for the Company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.

Year-to-date 2024 Key Business Drivers

(YoY growth)

Gross dollar volume

Cross-border volume

Switched transactions

(local currency basis)

(local currency basis)

The following information is provided to aid in understanding Mastercard’s year-to-date 2024 results, versus the year ago period.

•Net revenue increased 11%, or 12% on a currency-neutral basis. The increase was attributable to growth in our payment network and our value-added services and solutions.

▪Payment network net revenue increased 8%, or 9% on a currency-neutral basis. Primary drivers of the increase were as follows:

•Gross dollar volume growth of 10%, on a local currency basis, to $7.2 trillion.

•Cross-border volume growth of 17% on a local currency basis.

•Switched transactions growth of 11%.

This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 17%, or 18% on a currency-neutral basis, primarily due to an increase in our key drivers as well as new and renewed deals.

3

▪Value-added services and solutions net revenue increased 17%, as reported and on a currency-neutral basis. The increase was driven primarily by growth in our underlying key drivers, strong demand for our consulting and marketing services, and the scaling of our fraud and security and our identity and authentication solutions.

•Total operating expenses increased 14%, primarily due to higher general and administrative expenses (including a restructuring charge in the third quarter of 2024) and litigation provisions. Excluding the impact of Year-to-date Special Items, adjusted operating expenses increased 10%, both as adjusted and on a currency-neutral basis, primarily due to higher general and administrative expenses.

•Other income (expense) was favorable $37 million versus the year ago period, primarily due to an increase in investment income and lower net losses related to unrealized fair market value adjustments on marketable and nonmarketable equity securities, partially offset by increased interest expense related to our debt portfolio. Adjusted other income (expense) was favorable $12 million versus the prior year, primarily due to an increase in investment income, partially offset by increased interest expense related to our debt portfolio.

•The effective tax rate for year-to-date 2024 was 16.1%, versus 18.6% for the comparable period in 2023. The adjusted effective tax rate for year-to-date 2024 was 16.6%, versus 19.0% for the comparable period in 2023. Both the as-reported and as-adjusted effective tax rates were lower than the prior year rates primarily due to the establishment of a valuation allowance in 2023, partially offset by our ability in 2023 to claim more U.S. foreign tax credits generated in 2022 and 2023. Additionally, a change in our geographic mix of earnings in 2024 contributed to the lower effective income tax rate compared to the prior year.

Return of Capital to Shareholders

During the third quarter of 2024, Mastercard repurchased 6.3 million shares at a cost of $2.9 billion and paid $611 million in dividends.

Through September 30, 2024, Mastercard repurchased 16.5 million shares at a cost of $7.6 billion and paid $1.8 billion in dividends.

Quarter-to-date through October 28, the Company repurchased 2.0 million shares at a cost of $983 million, which leaves $5.6 billion remaining under the approved share repurchase programs.

Third Quarter 2024 Financial Results Conference Call Details

At 9:00 a.m. ET today, the Company will host a conference call to discuss its third quarter 2024 results. The dial-in information for this call is 1-888-330-2508 (Toll-free) and 1-240-789-2735 (Toll dial-in), using passcode 6451878. A replay of the call will be available for 30 days and can be accessed by dialing 1-800-770-2030 (Toll-free) and 1-647-362-9199 (Toll dial-in), using passcode 6451878.

A live audio webcast of this call, along with presentation slides, can also be accessed through the Investor Relations section of the Company’s website at investor.mastercard.com.

Forward-Looking Statements

This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words “believe”, “expect”, “could”, “may”, “would”, “will”, “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the Company’s future prospects, developments and business strategies. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for

4

the Company’s ongoing obligations under the U.S. federal securities laws, the Company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.

Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors:

•regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging)

•the impact of preferential or protective government actions

•regulation of privacy, data, AI, information security and the digital economy

•regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation)

•the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions

•potential or incurred liability and limitations on business related to any litigation or litigation settlements

•the impact of competition in the global payments industry (including disintermediation and pricing pressure)

•the challenges relating to rapid technological developments and changes

•the challenges relating to operating a real-time account-based payments system and to working with new customers and end users

•the impact of information security incidents, account data breaches or service disruptions

•issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, consolidation amongst our customers, merchants’ continued focus on acceptance costs and unique risks from our work with governments)

•the impact of global economic, political, financial and societal events and conditions, including adverse currency fluctuations and foreign exchange controls

•reputational impact, including impact related to brand perception and lack of visibility of our brands in products and services

•the impact of environmental, social and governance matters and related stakeholders reaction

•the inability to attract and retain a highly qualified and diverse workforce, or maintain our corporate culture

•issues related to acquisition integration, strategic investments and entry into new businesses

•exposure to loss or illiquidity due to our role as guarantor as well as other contractual obligations and discretionary actions we may take

•issues related to our Class A common stock and corporate governance structure

For additional information on these and other factors that could cause the Company’s actual results to differ materially from expected results, please see the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent reports on Forms 10-Q and 8-K.

5

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

Contacts:

Investor Relations:

Media Relations:

Devin Corr or Jud Staniar

Seth Eisen

investor.relations@mastercard.com

Seth.Eisen@mastercard.com

6

Consolidated Statement of Operations (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions, except per share data)

(in millions, except per share data)

Net Revenue

$

$

$

$

Operating Expenses:

General and administrative

Advertising and marketing

Depreciation and amortization

Provision for litigation

—

Total operating expenses

Operating income

Other Income (Expense):

Investment income

Gains (losses) on equity investments, net

(6)

Interest expense

Other income (expense), net

7

3

Total other income (expense)

Income before income taxes

Income tax expense

Net Income

$

$

$

$

Basic Earnings per Share

$

$

$

$

Basic weighted-average shares outstanding

Diluted Earnings per Share

$

$

$

$

Diluted weighted-average shares outstanding

7

Consolidated Balance Sheet (Unaudited)

(in millions, except per share data)

Assets

Current assets:

Cash and cash equivalents

$

$

Restricted security deposits held for customers

Investments

Accounts receivable

Settlement assets

Prepaid expenses and other current assets

Total current assets

Property, equipment and right-of-use assets, net of accumulated depreciation and

Deferred income taxes

Goodwill

Other intangible assets, net of accumulated amortization of $2,453 and $2,209,

respectively

Other assets

Total Assets

$

$

Liabilities, Redeemable Non-controlling Interests and Equity

Current liabilities:

Accounts payable

$

$

Settlement obligations

Restricted security deposits held for customers

Accrued litigation

Accrued expenses

Short-term debt

Other current liabilities

Total current liabilities

Long-term debt

Deferred income taxes

Other liabilities

Total Liabilities

Commitments and Contingencies

Redeemable Non-controlling Interests

Stockholders’ Equity

Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,404 and 1,402 shares issued and 913 and 927 shares outstanding, respectively

—

—

Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding

—

—

Additional paid-in-capital

Class A treasury stock, at cost, 491 and 475 shares, respectively

Retained earnings

Accumulated other comprehensive income (loss)

Mastercard Incorporated Stockholders' Equity

Non-controlling interests

Total Equity

Total Liabilities, Redeemable Non-controlling Interests and Equity

$

$

8

Consolidated Statement of Cash Flows (Unaudited)

Nine Months Ended September 30,

(in millions)

Operating Activities

Net income

$

$

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of customer incentives

Depreciation and amortization

(Gains) losses on equity investments, net

Share-based compensation

Deferred income taxes

Other

Changes in operating assets and liabilities:

Accounts receivable

Settlement assets

Prepaid expenses

Accrued litigation and legal settlements

Restricted security deposits held for customers

Accounts payable

Settlement obligations

Accrued expenses

Net change in other assets and liabilities

Net cash provided by operating activities

Investing Activities

Purchases of investment securities available-for-sale

Purchases of investments held-to-maturity

Proceeds from sales of investment securities available-for-sale

Proceeds from maturities of investment securities available-for-sale

Proceeds from maturities of investments held-to-maturity

Purchases of property and equipment

Capitalized software

Purchases of equity investments

Proceeds from sales of equity investments

Other investing activities

(1)

Net cash used in investing activities

Financing Activities

Purchases of treasury stock

Dividends paid

Proceeds from debt, net

Payment of debt

—

Tax withholdings related to share-based payments

Cash proceeds from exercise of stock options

Net cash used in financing activities

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents

Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period

Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period

$

$

9

Non-GAAP Financial Information

Mastercard discloses the following non-GAAP financial measures: adjusted operating expenses, adjusted operating margin, adjusted other income (expense), adjusted effective income tax rate, adjusted net income and adjusted diluted earnings per share (as well as related applicable growth rates versus the comparable period in the prior year). As described more fully below, these non-GAAP financial measures exclude the impact of gains and losses on the Company’s equity investments which includes mark-to-market fair value adjustments, impairments and gains and losses upon disposition, as well as the related tax impacts. These non-GAAP financial measures also exclude the impact of special items, where applicable, which represent litigation judgments and settlements and certain one-time items, as well as the related tax impacts. The Company excludes these special items because management evaluates the underlying operations and performance of the Company separately from these recurring and nonrecurring items.

In addition, the Company presents growth rates adjusted for the impact of currency, which is a non-GAAP financial measure. Currency-neutral growth rates are calculated by remeasuring the prior period’s results using the current period’s exchange rates for both the translational and transactional impacts on operating results, as well as removing the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). The impact of currency translation represents the effect of translating operating results where the functional currency is different from the Company’s U.S. dollar reporting currency. The impact of the transactional currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency of the entity.

The impact of the related realized gains and losses resulting from the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses) is recognized in the respective financial statement line item on the statement of operations when the underlying forecasted transactions impact earnings.

The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company’s management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation.

The Company includes reconciliations of the requisite non-GAAP financial measures to the most directly comparable GAAP financial measures. The presentation of non-GAAP financial measures should not be relied upon as substitutes for the Company’s measures calculated in accordance with GAAP.

Non-GAAP Reconciliations (QTD)

Operating expenses

Operating margin

Other income (expense)

Effective income tax rate

Net

income

Diluted earnings per share

($ in millions, except per share data)

Reported - GAAP

$

%

$

%

$

$

(Gains) losses on equity investments 1

**

**

%

Litigation provisions 2

%

**

%

Restructuring charge 3

%

**

%

Adjusted - Non-GAAP

$

%

$

%

$

$

Operating expenses

Operating margin

Other income (expense)

Effective income tax rate

Net

income

Diluted earnings per share

($ in millions, except per share data)

Reported - GAAP

$

%

$

%

$

$

(Gains) losses on equity investments 1

**

**

6

—

%

5

—

Adjusted - Non-GAAP

$

%

$

%

$

$

Three Months Ended September 30, 2024 as compared to the Three Months Ended September 30, 2023

Increase/(Decrease)

Operating expenses

Operating margin

Effective income tax rate

Net

income

Diluted earnings per share

Reported - GAAP

%

ppt

ppt

2

%

4

%

(Gains) losses on equity investments 1

**

**

ppt

2

%

2

%

Litigation provisions 2

(7)

%

ppt

ppt

4

%

4

%

Restructuring charge 3

(7)

%

ppt

ppt

5

%

5

%

Adjusted - Non-GAAP

%

ppt

ppt

%

%

Currency impact 4

—

%

ppt

ppt

1

%

1

%

Adjusted - Non-GAAP - currency-neutral

%

ppt

ppt

%

%

Note: Tables may not sum due to rounding.

** Not applicable

Gains and Losses on Equity Investments

1.Q3’24 and Q3’23 net pre-tax losses of $62 million and $6 million, respectively, were primarily related to unrealized fair market value adjustments on marketable equity securities.

Third Quarter Special Items

2.Q3’24 pre-tax charges of $176 million were primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.

3.Q3’24 pre-tax charge of $190 million as a result of a restructuring action intended to streamline our organization, delivering efficiencies to enable reinvestment in our business to support the realization of our long-term growth opportunities.

Other Notes

4.Represents the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).

Non-GAAP Reconciliations (YTD)

Operating expenses

Operating margin

Other income (expense)

Effective income tax rate

Net income

Diluted earnings per share

($ in millions, except per share data)

Reported - GAAP

$

%

$

%

$

$

(Gains) losses on equity investments 1

**

**

%

Litigation provisions 2

%

**

%

Restructuring charge 3

%

**

%

Adjusted - Non-GAAP

$

%

$

%

$

$

Operating expenses

Operating margin

Other income (expense)

Effective income tax rate

Net income

Diluted earnings per share

($ in millions, except per share data)

Reported - GAAP

$

%

$

%

$

$

(Gains) losses on equity investments 1

**

**

%

Litigation provisions 4

%

**

%

Adjusted - Non-GAAP

$

%

$

%

$

$

Nine Months Ended September 30, 2024 as compared to the Nine Months Ended September 30, 2023

Increase/(Decrease)

Operating expenses

Operating margin

Effective income tax rate

Net income

Diluted earnings per share

Reported - GAAP

%

ppt

ppt

%

%

(Gains) losses on equity investments 1

**

**

ppt

—

%

—

%

Litigation provisions 2, 4

(2)

%

ppt

ppt

1

%

1

%

Restructuring charge 3

(2)

%

ppt

ppt

2

%

2

%

Adjusted - Non-GAAP

%

ppt

ppt

%

%

Currency impact 5

—

%

ppt

—

ppt

1

%

1

%

Adjusted - Non-GAAP - currency-neutral

%

ppt

ppt

%

%

Note: Tables may not sum due to rounding.

** Not applicable

Gains and Losses on Equity Investments

1.Year-to-date 2024 and 2023 pre-tax net losses of $69 million and $95 million, respectively, were primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.

Year-to-date Special Items

2.Year-to-date 2024 pre-tax charges of $400 million were primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation, settlements with a number of U.K. merchants and a legal provision associated with the ATM non-discrimination rule surcharge complaints.

3.Year-to-date 2024 pre-tax charge of $190 million as a result of a restructuring action intended to streamline our organization, delivering efficiencies to enable reinvestment in our business to support the realization of our long-term growth opportunities.

4.Year-to-date 2023 pre-tax charges of $231 million were primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.

Other Notes

5.Represents the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).

Mastercard Incorporated Operating Performance

GDV (Bil.)

Growth (USD)

Growth (Local)

Purchase Volume (Bil.)

Growth (Local)

Purchase Trans. (Mil.)

Purchase Trans. Growth

Cash Volume (Bil.)

Growth (Local)

Cash Trans. (Mil.)

Cards (Mil.)

All Mastercard Credit, Charge and Debit Programs

APMEA

$

%

%

$

%

%

$

%

Canada

%

%

%

%

2

%

7

Europe

%

%

%

%

%

Latin America

%

%

%

%

%

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

Mastercard Credit and Charge Programs

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

9

Worldwide

%

%

%

%

%

Mastercard Debit Programs

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

GDV (Bil.)

Growth (USD)

Growth (Local)

Purchase Volume (Bil.)

Growth (Local)

Purchase Trans. (Mil.)

Purchase Trans. Growth

Cash Volume (Bil.)

Growth (Local)

Cash Trans. (Mil.)

Cards (Mil.)

All Mastercard Credit, Charge and Debit Programs

APMEA

$

%

%

$

%

%

$

%

Canada

%

%

%

%

6

%

Europe

%

%

%

%

%

Latin America

%

%

%

%

%

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

Mastercard Credit and Charge Programs

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

Mastercard Debit Programs

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

APMEA = Asia Pacific / Middle East / Africa

Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.

Mastercard Incorporated Operating Performance

GDV (Bil.)

Growth (USD)

Growth (Local)

Purchase Volume (Bil.)

Growth (Local)

Purchase Trans. (Mil.)

Purchase Trans. Growth

Cash Volume (Bil.)

Growth (Local)

Cash Trans. (Mil.)

Cards (Mil.)

All Mastercard Credit, Charge and Debit Programs

APMEA

$

%

%

$

%

%

$

%

Canada

%

%

%

%

2

%

6

Europe

%

%

%

%

%

Latin America

%

%

%

%

%

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

Mastercard Credit and Charge Programs

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

Mastercard Debit Programs

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

GDV (Bil.)

Growth (USD)

Growth (Local)

Purchase Volume (Bil.)

Growth (Local)

Purchase Trans. (Mil.)

Purchase Trans. Growth

Cash Volume (Bil.)

Growth (Local)

Cash Trans. (Mil.)

Cards (Mil.)

All Mastercard Credit, Charge and Debit Programs

APMEA

$

%

%

$

%

%

$

%

Canada

%

%

%

%

5

%

Europe

%

%

%

%

%

Latin America

%

%

%

%

%

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

Mastercard Credit and Charge Programs

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%

%

Worldwide

%

%

%

%

%

Mastercard Debit Programs

Worldwide less United States

%

%

%

%

%

United States

%

%

%

%