Mastercard(US:MA)2024-05-01 13:02Financial Performance - Q1 2024 - Net revenue increased by 11% on a currency-neutral basis, driven by growth in the payment network and value-added services[5] - Adjusted operating expenses increased by 9%, with minimal impact from acquisitions[6] - Adjusted operating income increased by 12%, including a minimal impact from acquisitions[7] - Adjusted net income and EPS both increased by 16% and 19% respectively, reflecting strong operating income growth and a lower tax rate[8] - Adjusted diluted EPS was $3.31, including a $0.07 contribution from share repurchases[10] - The company repurchased $2.0 billion of stock during the quarter and an additional $815 million through April 26, 2024[11] - Adjusted effective tax rate was 15.9% compared to 18.3% in the prior year[3] Revenue Breakdown - Payment Network net revenue increased by 8% on a currency-neutral basis, driven by domestic and cross-border transaction and volume growth[26] - Value-added Services and Solutions net revenue increased by 15%, driven by Consulting and Marketing services, Loyalty solutions, and Fraud and Security capabilities[26] - Payment Network is presented net of rebates and incentives of $4.1 billion for Q1'24 and $3.417 billion for Q1'23, representing a 20% year-over-year growth[29] Volume and Transaction Growth - Switched transactions grew by 13% year-over-year in Q1[23] - Card growth was 8%, with 3.4 billion Mastercard and Maestro-branded cards issued globally[23] - Worldwide gross dollar volume increased 10%, with the United States growing at 6% and the rest of the world at 13%[19] - Contactless payments represent approximately 67% of all in-person switched purchase transactions[23]