PURCHASE, N.Y., Feb 03, 2011 (BUSINESS WIRE) — MasterCard Incorporated (NYSE:MA) today announced financial results for the fourth quarter 2010. The company reported net income of $415 million, up 41.2%, and earnings per diluted share of $3.16, up 41.1%, in each case versus the year-ago period.

  • Fourth-quarter net income of $415 million, or $3.16 per diluted share
  • Fourth-quarter net revenue increase of 10.7%, to $1.4 billion
  • Fourth-quarter gross dollar volume up 11.0% and purchase volume up 10.8%
  • Fourth-quarter operating income increase of 21.6%

 

Net revenue for the fourth quarter of 2010 was $1.4 billion, a 10.7% increase versus the same period in 2009. On a constant currency basis, net revenue increased 13.0% compared to the same period in 2009. Net revenue growth was driven by the impact of the following:

  • An increase in cross-border volumes of 18.7%;
  • An 11.0% increase in gross dollar volume on a local currency basis, to $752 billion; and
  • Pricing changes of approximately 5 percentage points.

These factors were partially offset by an increase in rebates and incentives primarily due to new and renewed agreements and increased volumes.

Worldwide purchase volume during the quarter was up 10.8% on a local currency basis versus the fourth quarter of 2009, to $567 billion. The number of processed transactions increased 6.3% compared to the same period in 2009, to 6.2 billion. As of December 31, 2010, the company’s customers had issued 1.6 billion MasterCard and Maestro-branded cards.

“2010 proved to be a good year for MasterCard. Our business momentum was fueled by products and solutions that create efficiencies for cardholders, businesses and governments while driving future growth,” said Ajay Banga, MasterCard president and chief executive officer. “Importantly, our strategic investments–including the acquisition of DataCash, our pending acquisition of Travelex’s program management business and the Telefónica joint venture–will continue to enhance our e-Commerce, prepaid, and mobile capabilities, positioning us at the forefront of global payments innovation.”

Banga continued, “We are pleased to have ended the year with a strong fourth quarter. Our net revenue was up almost 11%, with underlying growth showing quarter-over-quarter improvement in all regions, and our operating income grew nearly 22%.”

Total operating expenses increased 4.6%, to $869 million, during the fourth quarter of 2010 compared to the same period in 2009. Excluding currency fluctuations, operating expenses were up 6.1%. The increase in total operating expenses was driven by:

  • A 6.8% increase in advertising and marketing to $305 million, primarily due to customer-specific initiatives and sponsorships. Advertising and marketing spend grew 8.2% on a constant currency basis.
  • A 2.3% increase in general and administrative expenses, primarily due to increased investments in support of strategic growth initiatives and the inclusion of DataCash’s expenses, partially offset by lower severance costs. General and administrative expenses grew 3.9% on a constant currency basis.

In the fourth quarter of 2010, operating income increased 21.6% over the year-ago period and the company delivered an operating margin of 39.6%.

MasterCard reported other income of $13 million in the fourth quarter of 2010 versus other expense of $10 million in the fourth quarter of 2009. The change was driven by a decrease in interest expense due to lower interest accretion related to a litigation settlement, lower interest on tax liabilities and an increase in investment income.

MasterCard’s effective tax rate was 28.7% in the fourth quarter of 2010, versus a rate of 35.8% in the comparable period in 2009. The decrease was primarily due to a benefit recorded in connection with the repatriation of foreign earnings. Full-Year 2010 Results For the year ended December 31, 2010, MasterCard reported net income of $1.8 billion, or $14.05 per diluted share.

Net revenue for the full-year 2010 was $5.5 billion, an increase of 8.6% versus 2009. On a constant currency basis, net revenue increased 9.5%. Cross-border volume growth of 15.2% and gross dollar volume growth of 9.1%, contributed to the net revenue growth in the full-year period. In addition, a pricing contribution of approximately 5 percentage points was offset by an increase in rebates and incentives due to new and renewed customer agreements and increased volumes.

Total operating expenses decreased 1.8%, to $2.8 billion, for 2010 compared to 2009, primarily due to lower personnel costs, partially offset by increased expense related to strategic initiatives, marketing and travel and entertainment. Excluding currency fluctuations, total operating expenses decreased 1.1%.

Operating income increased 21.8% for 2010 versus 2009. The company’s operating margin was 49.7% for the full-year period.

Total other income was $5 million for the full-year 2010 versus total other expense of $42 million in 2009. This was driven by a decrease in interest expense primarily due to lower interest accretion related to previous litigation settlements.

MasterCard’s effective tax rate was 33.0% for the full-year 2010, versus a rate of 34.1% for the full-year 2009. The decrease was primarily due to benefits recorded in connection with the repatriation of foreign earnings. Fourth-Quarter and Full-Year Financial Results Conference Call Details At 9:00 a.m. ET today, the company will host a conference call to discuss its fourth-quarter and full-year financial results.

The dial-in information for this call is 866-314-5050 (within the U.S.) and 617-213-8051 (outside the U.S.) and the passcode is 18859734. A replay of the call will be available for one week following the meeting. The replay can be accessed by dialing 888-286-8010 (within the U.S.) and 617-801-6888 (outside the U.S.) and using passcode 31243954.

The live call and the replay, along with supporting materials, can also be accessed through the Investor Relations section of the company’s website at www.mastercard.com. About MasterCard Incorporated As a leading global payments company, MasterCard Incorporated prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard(R), Maestro(R), and Cirrus(R); its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass(TM) and MasterCard inControl(TM). MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Forward-Looking Statements Statements in this press release which are not historical facts, including statements about MasterCard’s plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for 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. Such forward-looking statements include, without limitation, statements related to MasterCard’s ability to continue to enhance its e-Commerce, prepaid and mobile capabilities through acquisitions and other strategic investments.

Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company’s filings with the Securities and Exchange Commission (SEC), including the company’s Annual Report on Form 10-K for the year ended December 31, 2009, the company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2010 and 2011, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.

MASTERCARD INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
               
     

Three Months Ended

December 31,

     

Twelve Months Ended

December 31,

      2010     2009       2010     2009
      (in millions, except per share data)
                           
Revenues, net     $ 1,438       $ 1,299         $ 5,539       $ 5,099  
Operating Expenses                          
General and administrative       518         507           1,852         1,935  
Advertising and marketing       305         286           782         756  
Litigation settlements       4         -           5         7  
Depreciation and amortization       42         38           148         141  
Total operating expenses       869         831           2,787         2,839  
Operating income       569         468           2,752         2,260  
Other Income (Expense)                          
Investment income, net       23         16           57         58  
Interest expense       (9 )       (23 )         (52 )       (115 )
Other income (expense), net       (1 )       (3 )         -         15  
Total other income (expense)       13         (10 )         5         (42 )
Income before income taxes       582         458           2,757         2,218  
Income tax expense       167         164           910         755  
Net income       415         294           1,847         1,463  
Income attributable to non-controlling interests       -         -           (1 )       -  
Net Income Attributable to MasterCard     $ 415       $ 294         $ 1,846       $ 1,463  
Basic Earnings per Share     $ 3.17       $ 2.25         $ 14.10       $ 11.19  
Basic Weighted Average Shares Outstanding       131         130           131         130  
Diluted Earnings per Share     $ 3.16       $ 2.24         $ 14.05       $ 11.16  
Diluted Weighted Average Shares Outstanding       131         130           131         130  
                                           
MASTERCARD INCORPORATED
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
           
           
           
     

December 31,

 

December 31,

      2010   2009
      (in millions, except share data)
ASSETS        
Cash and cash equivalents   $ 3,067     $ 2,055  
Investment securities available-for-sale, at fair value     831       824  
Investment securities held-to-maturity     300       -  
Accounts receivable     650       536  
Settlement due from customers     497       459  
Restricted security deposits held for customers     493       446  
Prepaid expenses     315       313  
Deferred income taxes     216       244  
Other current assets     85       126  
Total Current Assets     6,454       5,003  
           
Property, plant and equipment, at cost, net of accumulated depreciation     439       449  
Deferred income taxes     5       264  
Goodwill     677       309  
Other intangible assets, net of accumulated amortization     530       415  
Auction rate securities available-for-sale, at fair value     106       180  
Investment securities held-to-maturity     36       338  
Prepaid expenses     365       328  
Other assets     225       184  
Total Assets   $ 8,837     $ 7,470  
           
LIABILITIES AND EQUITY        
           
Accounts payable   $ 272     $ 290  
Settlement due to customers     636       478  
Restricted security deposits held for customers     493       446  
Obligations under litigation settlements     298       607  
Accrued expenses     1,315       1,225  
Other current liabilities     129       121  
Total Current Liabilities     3,143       3,167  
Deferred income taxes     74       80  
Obligations under litigation settlements     4       263  
Long-term debt     -       22  
Other liabilities     400       426  
Total Liabilities     3,621       3,958  

Commitments and Contingencies

       
Stockholders’ Equity        
Class A common stock, $.0001 par value; authorized 3,000,000,000 shares, 129,436,818 and      
  116,534,029 shares issued and 122,696,228 and 109,793,439 outstanding, respectively     -       -  
Class B common stock, $.0001 par value; authorized 1,200,000,000 shares, 8,202,380 and      
  19,977,657 issued and outstanding, respectively     -       -  

Class M common stock, $.0001 par value; authorized 0 and 1,000,000 shares, 0 and 1,812

     
 

shares issued and outstanding, respectively

    -       -  
Additional paid-in-capital     3,445       3,412  
Class A treasury stock, at cost, 6,740,590 shares, respectively     (1,250 )     (1,250 )
Retained earnings     2,915       1,148  
Accumulated other comprehensive income:        
  Cumulative foreign currency translation adjustments     105       212  
  Defined benefit pension and other postretirement plans, net of tax     (12 )     (15 )
  Investment securities available-for-sale, net of tax     2       (3 )
Total accumulated other comprehensive income     95       194  
Total Stockholders’ Equity     5,205       3,504  
Non-controlling interests     11       8  
Total Equity     5,216       3,512  
Total Liabilities and Equity   $ 8,837     $ 7,470  
                 
MASTERCARD INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
         
       

For the Twelve Months

Ended December 31,

        2010   2009
        (in millions)
Operating Activities        
Net income   $ 1,847     $ 1,463  
Adjustments to reconcile net income to net cash provided by        
  operating activities:        
  Depreciation and amortization     148       141  
  Share based payments     63       88  
  Stock units withheld for taxes     (126)       (28)  
  Tax benefit for share based compensation     (85)       (39)  
  Impairment of assets     4       16  
  Accretion of imputed interest on litigation settlements     35       86  
  Deferred income taxes     248       337  
  Other     2       (11 )  
  Changes in operating assets and liabilities:        
    Accounts receivable     (115 )     122  
    Income taxes receivable     (50 )     190  
    Settlement due from customers     (61 )     54  
    Prepaid expenses     (48 )     (113 )
    Obligations under litigation settlement     (603 )     (939 )
    Accounts payable     (19 )     34  
    Settlement due to customers     186       (66 )
    Accrued expenses     265       82  
    Net change in other assets and liabilities     6       (39 )
Net cash provided by operating activities     1,697       1,378  
             
Investing Activities        
  Acquisition of business, net of cash acquired     (498 )     (3 ) )
  Purchases of property, plant and equipment     (61 )     (57 )
  Capitalized software     (90 )     (83 )
  Purchases of investment securities available-for-sale     (329 )     (333 )
  Purchases of investment securities held-to-maturity     -       (300 )
 

Proceeds from sales of investment securities available-for-sale

    297       98  
  Proceeds from maturities of available-for-sale securities     110       36  
  Investment in nonmarketable equity investments     (67 )     (18 )
  Other investing activities     (3 )     (4 )
Net cash used in investing activities     (641 )     (664 )
             
Financing Activities        
  Tax benefit for share based compensation     85       39  
  Exercise of stock options     11       9  
  Dividends paid     (79 )     (79 )
  Investment in (redemption of) non-controlling interest     2       (5 )
  Payment of debt     -       (149 )
Net cash provided by (used in) financing activities     19       (185 )
Effect of exchange rate changes on cash and cash equivalents     (63 )     21  
Net increase in cash and cash equivalents     1,012       550  
Cash and cash equivalents – beginning of period     2,055       1,505  
Cash and cash equivalents – end of period   $ 3,067     $ 2,055  
                 

MASTERCARD INCORPORATEDOPERATING PERFORMANCE

                     
    For the 3 Months ended December 31, 2010
                Purchase       Purchase   Cash       Cash           Acceptance
All MasterCard Credit,   GDV   Growth   Growth   Volume   Growth   Trans.   Volume   Growth   Trans.   Accounts   Cards   Locations
Charge and Debit Programs   (Bil.)   (USD)   (Local)   (Bil.)   (Local)   (Mil.)   (Bil.)   (Local)   (Mil.)   (Mil.)   (Mil.)   (Mil.)
APMEA   $178   25.8%   19.1%   $121   19.5%   1,323   $58   18.1%   411   269   294   9.2
Canada   29   11.9%   7.1%   26   6.4%   291   3   14.3%   5   40   49   0.8
Europe   225   8.3%   14.0%   168   13.0%   2,130   57   17.1%   338   198   212   9.1

Latin America

  66   22.0%   20.0%   38   25.0%   626   28   13.9%   175   104   127   3.9
Worldwide less United States   499   16.0%   16.1%   353   15.8%   4,370   146   16.8%   929   612   682   23.0

United States

  253   2.1%   2.1%   214   3.3%   3,776   39   -4.0%   250   263   294   8.7
Worldwide   752   10.9%   11.0%   567   10.8%   8,146   185   11.7%   1,179   875   975   31.7
                                                 
MasterCard Credit and Charge Programs                                                
Worldwide less United States   353   11.5%   11.6%   300   13.4%   3,454   52   2.2%   234   447   507    

United States

  135   2.2%   2.2%   126   3.2%   1,547   9   -9.6%   7   143   171    
Worldwide   488   8.7%   8.8%   427   10.2%   5,001   61   0.4%   242   591   678    
                                                 
MasterCard Debit Programs                                                
Worldwide less United States   147   28.7%   28.6%   53   31.7%   916   94   27.0%   695   165   175    

United States

  118   2.0%   2.0%   88   3.6%   2,229   30   -2.3%   243   120   123    
Worldwide   265   15.2%   15.2%   141   12.6%   3,144   124   18.3%   937   284   297    
                                                 
                                                 
    For the 12 Months ended December 31, 2010    
                Purchase       Purchase   Cash       Cash            
All MasterCard Credit,   GDV   Growth   Growth   Volume   Growth   Trans.   Volume   Growth   Trans.   Accounts   Cards    
Charge and Debit Programs   (Bil.)   (USD)   (Local)   (Bil.)   (Local)   (Mil.)   (Bil.)   (Local)   (Mil.)   (Mil.)   (Mil.)    
APMEA   $619   27.3%   18.8%   $412   17.1%   4,849   $207   22.1%   1,507   269   294    
Canada   107   14.9%   4.2%   95   5.3%   1,078   12   -3.2%   20   40   49    
Europe   809   10.8%   13.5%   604   13.2%   7,867   205   14.3%   1,269   198   212    

Latin America

  221   23.1%   17.4%   125   22.4%   2,207   95   11.5%   646   104   127    
Worldwide less United States   1,755   17.9%   15.2%   1,236   14.7%   16,000   519   16.3%   3,443   612   682    

United States

  972   -0.3%   -0.3%   812   1.0%   14,317   160   -6.6%   1,016   263   294    
Worldwide   2,727   10.7%   9.1%   2,047   8.9%   30,317   679   9.9%   4,459   875   975    
                                                 
MasterCard Credit and Charge Programs                                                
Worldwide less United States   1,255   12.9%   10.0%   1,058   12.3%   12,808   197   -0.8%   922   447   507    

United States

  515   -2.0%   -2.0%   479   0.5%   5,853   36   -26.4%   30   143   171    
Worldwide   1,770   8.1%   6.2%   1,537   8.3%   18,661   233   -5.8%   952   591   678    
                                                 
MasterCard Debit Programs                                                
Worldwide less United States   500   32.8%   30.4%   177   31.3%   3,192   322   29.9%   2,520   165   175    

United States

  457   1.7%   1.7%   333   1.9%   8,464   124   1.2%   986   120   123    
Worldwide   957   15.9%   14.9%   510   10.5%   11,656   447   20.4%   3,507   284   297    
                                                 
                                                 
    For the 3 Months ended December 31, 2009    
                Purchase       Purchase   Cash       Cash            
All MasterCard Credit,   GDV   Growth   Growth   Volume   Growth   Trans.   Volume   Growth   Trans.   Accounts   Cards    
Charge and Debit Programs   (Bil.)   (USD)   (Local)   (Bil.)   (Local)   (Mil.)   (Bil.)   (Local)   (Mil.)   (Mil.)   (Mil.)    
APMEA   $142   34.9%   21.4%   $95   19.1%   1,139   $46   26.4%   337   247   268    
Canada   26   13.2%   -1.6%   24   1.7%   270   3   -24.9%   5   39   47    
Europe   208   17.3%   8.4%   156   9.6%   1,873   52   5.0%   295   185   199    

Latin America

  54   19.7%   11.0%   31   13.7%   516   23   7.6%   161   99   122    
Worldwide less United States   430   22.6%   12.0%   306   12.1%   3,798   124   11.6%   798   570   635    

United States

  248   -3.4%   -3.4%   207   -1.3%   3,673   41   -12.8%   257   279   314    
Worldwide   678   11.6%   5.8%   513   6.3%   7,470   165   4.4%   1,055   849   949    
                                                 
MasterCard Credit and Charge Programs                                                
Worldwide less United States   317   16.5%   5.8%   264   9.2%   3,114   52   -8.6%   234   444   501    

United States

  132   -13.0%   -13.0%   123   -7.8%   1,517   10   -49.5%   8   160   192    
Worldwide   449   6.0%   -0.5%   387   3.2%   4,630   62   -18.7%   242   604   693    
                                                 
MasterCard Debit Programs                                                
Worldwide less United States   114   43.3%   33.6%   42   34.8%   684   72   32.9%   564   126   134    

United States

  116   10.5%   10.5%   85   9.9%   2,156   31   12.1%   249   118   123    
Worldwide   230   24.7%   20.9%   126   17.1%   2,840   103   25.9%   813   245   257    
                                                 
                                                 
    For the 12 Months ended December 31, 2009    
                Purchase       Purchase   Cash       Cash            
All MasterCard Credit,   GDV   Growth   Growth   Volume   Growth   Trans.   Volume   Growth   Trans.   Accounts   Cards    
Charge and Debit Programs   (Bil.)   (USD)   (Local)   (Bil.)   (Local)   (Mil.)   (Bil.)   (Local)   (Mil.)   (Mil.)   (Mil.)    
APMEA   $486   15.2%   18.5%   $327   16.9%   4,167   $159   22.0%   1,177   247   268    
Canada   93   -8.8%   -2.7%   82   -0.3%   1,012   11   -17.4%   19   39   47    
Europe   730   -5.8%   4.5%   546   5.4%   6,904   184   2.0%   1,125   185   199    

Latin America

  179   -4.1%   9.1%   99   12.5%   1,889   80   5.1%   606   99   122    
Worldwide less United States   1,488   0.2%   8.8%   1,053   8.9%   13,972   435   8.5%   2,927   570   635    

United States

  975   -7.5%   -7.5%   804   -6.1%   14,245   172   -13.4%   1,039   279   314    
Worldwide   2,463   -3.0%   1.7%   1,857   1.8%   28,218   606   1.3%   3,966   849   949    
                                                 
MasterCard Credit and Charge Programs                                                
Worldwide less United States   1,112   -4.5%   3.6%   916   6.6%   11,577   195   -8.7%   927   444   501    

United States

  526   -16.8%   -16.8%   477   -12.8%   5,912   49   -42.2%   37   160   192    
Worldwide   1,637   -8.8%   -4.0%   1,393   -0.9%   17,488   244   -18.1%   963   604   693    
                                                 
MasterCard Debit Programs                                                
Worldwide less United States   377   16.8%   27.6%   137   26.7%   2,396   239   28.1%   2,001   126   134    

United States

  450   6.3%   6.3%   327   5.8%   8,334   123   7.9%   1,002   118   123    
Worldwide   826   10.9%   15.1%   464   11.2%   10,730   362   20.5%   3,003   245   257    
                                                 
APMEA = Asia Pacific / Middle East / Africa    

Note that columns in the tables above may not add due to rounding; growth represents change from the comparable year-ago period. Footnote The tables set forth the gross dollar volume (“GDV”), purchase volume, cash volume and the number of purchase transactions, cash transactions, accounts, cards and acceptance locations on a regional and global basis for MasterCard(R)-branded and MasterCard Electronic(TM)-branded cards. Growth rates over prior periods are provided for volume-based data.

Debit transactions on Maestro(R) and Cirrus(R)-branded cards, Mondex(R) transactions and transactions involving brands other than MasterCard are not included in the preceding tables.

For purposes of the table: GDV represents purchase volume plus cash volume and includes the impact of balance transfers and convenience checks; “purchase volume” means the aggregate dollar amount of purchases made with MasterCard-branded cards for the relevant period; and “cash volume” means the aggregate dollar amount of cash disbursements obtained with MasterCard-branded cards for the relevant period. The number of cards includes virtual cards, which are MasterCard-branded payment accounts in connection with which functional cards are not generally issued. Acceptance locations include merchant locations, ATMs and other locations where cash may be obtained.

The MasterCard payment product is comprised of credit, charge and debit programs, and data relating to each type of program is included in the tables. Debit programs include MasterCard-branded debit programs where the primary means of cardholder validation at the point of sale is for cardholders either to sign a sales receipt or enter a PIN. The tables include information with respect to transactions involving MasterCard-branded cards that are not processed by MasterCard and transactions for which MasterCard does not earn significant revenues.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which MasterCard volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. MasterCard reports period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of foreign currencies against the U.S. dollar in calculating such rates of change.

The data set forth in the GDV, purchase volume, purchase transactions, cash volume and cash transactions columns is provided by MasterCard customers and is subject to verification by MasterCard and partial cross-checking against information provided by MasterCard’s transaction processing systems. The data set forth in the accounts and cards columns is provided by MasterCard customers and is subject to certain limited verification by MasterCard. A portion of the data set forth in the accounts and cards columns reflects the impact of routine portfolio changes among customers and other practices that may lead to over counting of the underlying data in certain circumstances. In order to provide a true indication of how broadly our cards can be used, MasterCard seeks to provide the most accurate acceptance figures possible and to maintain that MasterCard acceptance is unsurpassed worldwide by periodically validating our results with third parties. The data set forth in the acceptance locations column is derived through a proprietary methodology designed to minimize the impact of multiple acquiring in certain markets. This data is based on information provided by our customers and other third parties and is subject to certain limited verification by MasterCard and partial cross-checking against information provided by MasterCard’s transaction processing systems. All data is subject to revision and amendment by MasterCard’s customers subsequent to the date of its release.

Performance information for prior periods can be found in the “Investor Relations” section of MasterCard’s website at www.mastercard.com.
SOURCE: MasterCard Incorporated MasterCard Incorporated Investor Relations: Barbara Gasper, 914-249-4565 investor_relations@mastercard.com or Media Relations: Chris Monteiro, 914-249-5826 chris_monteiro@mastercard.com