Visa announced financial results for the fiscal fourth quarter and full-year 2015. Q4 GAAP net income was $1.5 billion or $0.62 per share, an increase of 41% and 44% over the prior year.
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GAAP net income for the full-year 2015 was $6.3 billion or $2.58 per share, an increase of 16% and 20% over the prior year, respectively. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.
Net income in the fiscal fourth quarter was $1.5 billion or $0.62 per share, an increase of 12% and 14% over the prior year adjusted results, respectively. Adjusted net income for the full-year 2015 was $6.4 billion or $2.62 per share, an increase of 13% and 16% over the prior year’s adjusted results, respectively.
The company’s full-year 2015 adjusted financial results excluded a non-cash, non-operating expense recorded upon the revaluation of the Visa Europe put option of $110 million.
The company’s 2015 results included a one-time tax benefit of $239 million resulting from the successful resolution of uncertain tax positions with taxing authorities during the fiscal third quarter that related to prior years.
Prior year adjusted results excluded the impact of a special item related to amounts covered by the retrospective responsibility plan and related tax benefit during the fiscal fourth quarter.
Prior year results also included a one-time tax benefit of $191 million related to a deduction for prior years’ U.S. domestic production activities during the fiscal second quarter.
Net operating revenue in the fiscal fourth quarter of 2015 was $3.6 billion, an increase of 11% nominally or 13% on a constant dollar basis over the prior year. The strengthening of the U.S. dollar versus the prior year quarter negatively impacted net operating revenue growth by approximately 3 percentage points.
Net operating revenue for the fiscal full-year 2015 was $13.9 billion, an increase of 9% nominally or 12% on a constant dollar basis over the prior year, driven by solid revenue growth contributions from service, data processing and international transaction revenues.
The strengthening of the U.S. dollar versus the prior year negatively impacted net operating revenue growth by approximately 2.5 percentage points. ■