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Mastercard reported for 2021 q1

Published: 2021-04-29 00:00:00 ET (Before Market Open)
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EX-99.1 2 ma03312021-exx991xearnings.htm EX-99.1 Document

Earnings Release
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Mastercard Incorporated Reports First-Quarter 2021 Financial Results

First-quarter net income of $1.8 billion, or diluted earnings per share (EPS) of $1.83
First-quarter adjusted net income of $1.7 billion, or adjusted diluted EPS of $1.74
First-quarter net revenue of $4.2 billion, an increase of 4%, or 2% on a currency-neutral basis
First-quarter gross dollar volume up 8% and purchase volume up 10%
Purchase, NY - April29, 2021 - Mastercard Incorporated (NYSE: MA) today announced financial results for the first-quarter 2021.
“We started the year with good momentum, delivering positive net revenue growth this quarter, and are encouraged by the return of domestic spending levels to pre-pandemic trends,” said Michael Miebach, Mastercard CEO. “We continued to execute against our strategic objectives, as we signed notable new deals and broadened existing relationships with key global partners. We’ve made strong progress in delivering on our multi-rail strategy, as we integrate the Finicity and Nets corporate services teams. And, we continue to invest for the long-term, adding to our trust and digital identity capabilities with the planned acquisition of Ekata.”
Quarterly Results
First-Quarter Operating ResultsIncrease / (Decrease)
$ in billions, except per share data

Q1 2021Q1 2020Reported GAAPCurrency-neutral
Net revenue$4.2$4.04%2%
Operating expenses$2.0$1.89%6%
Operating income$2.2$2.2(1)%(1)%
Operating margin52.9%55.2%(2.3) ppt(1.8) ppt
Effective income tax rate16.5%14.8%1.8 ppt1.8 ppt
Net income$1.8$1.78%8%
Diluted EPS$1.83$1.689%10%
Key First-Quarter Non-GAAP Results 1
Increase / (Decrease)
$ in billions, except per share data

Q1 2021Q1 2020As adjustedCurrency-neutral
Net revenue$4.2$4.04%2%
Adjusted operating expenses$2.0$1.89%7%
Adjusted operating margin52.9%55.3%(2.4) ppt(2.0) ppt
Adj. effective income tax rate16.9%14.9%2.0 ppt2.0 ppt
Adjusted net income$1.7$1.8(6)%(6)%
Adjusted diluted EPS$1.74$1.83(5)%(5)%
1. The Key First-Quarter Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 9 (“Special Items”) and/or currency. See page 9 for the company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.



Q1 2021 Key Business Drivers
(YoY growth)
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Gross dollar volume
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Cross-border volume2
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Switched transactions2
(local currency basis)(local currency basis)
up 8%down 17%up 9%
2. Growth rates normalized to eliminate the effects of differing switching and carryover days between periods.

The following additional details are provided to aid in understanding Mastercard’s first-quarter 2021 results, versus the year-ago period:
Net revenue increased 4%, or 2% on a currency-neutral basis, which includes a 1 percentage point benefit from acquisitions. The increase was driven by the impact of the following factors:
Gross dollar volume growth of 8%, on a local currency basis, to $1.7 trillion.
Switched transactions growth of 9%.
Other revenues growth of 27% on both an as reported and currency-neutral basis. This includes a 3 percentage point increase due to acquisitions. The remaining growth was driven primarily by the company’s Cyber & Intelligence and Data & Services solutions.
These increases to net revenue were partially offset by:
Cross-border volume decline of 17% on a local currency basis.
Rebates and incentives growth of 6%, or 4% on a currency-neutral basis, primarily due to new and renewed deals and increased volumes, partially offset by mix.
Total operating expenses increased 9%. Excluding the impact of Special Items, adjusted operating expenses also increased 9%, or 7% on a currency-neutral basis. This includes a 4 percentage point increase from acquisitions and a 3 percentage point increase related to the differential in hedging gains and losses versus the year-ago period. Excluding these items, expenses were flat versus the year-ago period.
Other income (expense) was favorable $217 million versus the year-ago period, primarily due to net unrealized gains recorded on equity investments in the current period versus net unrealized losses in the prior period. Excluding this activity, adjusted other income (expense) was unfavorable $51 million versus the year-ago period, primarily due to increased interest expense related to debt issuances.
The effective tax rate for the first quarter of 2021 was 16.5%, versus 14.8% for the comparable period in 2020. The adjusted effective tax rate for the first quarter of 2021 was 16.9%, versus 14.9% for the comparable period in 2020, primarily due to lower discrete benefits related to share-based payments.
As of March31, 2021, the company’s customers had issued 2.8 billion Mastercard and Maestro-branded cards.
Return of Capital to Shareholders
During the first quarter of 2021, Mastercard repurchased approximately 3.9 million shares at a cost of $1.4 billion and paid $439 million in dividends. Quarter-to-date through April 26, the company repurchased approximately 1.1 million shares at a cost of $418 million, which leaves $8.1 billion remaining under the current repurchase program authorizations.



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First-Quarter 2021 Financial Results Conference Call Details
At 9:00 a.m. ET today, the company will host a conference call to discuss its first-quarter 2021 results. The dial-in information for this call is 833-714-0894 (within the U.S.) and 778-560-2664 (outside the U.S.). A replay of the call will be available for 30 days and can be accessed by dialing 800-585-8367 (within the U.S.) and 416-621-4642 (outside the U.S.), using passcode 8269413.
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 Mastercard’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 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 directly 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, 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, counter financing of terrorism, economic sanctions and anti-corruption; account-based payment systems and issuer practice legislation and 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 the global coronavirus (COVID-19) pandemic and containment taken in response
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 payment system and to working with new customers and end users
the impact of information security incidents, account data breaches or service disruptions
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issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, banking industry consolidation, merchants’ continued focus on acceptance costs and unique risks from our work with governments)
exposure to loss or illiquidity due to our role as guarantor and other contractual obligations
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 inability to attract, hire 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
issues related to our ClassA 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 December31, 2020 and any subsequent reports on Forms 10-Q and 8-K.
About Mastercard Incorporated
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Contacts:
Investor Relations:Media Relations:
Warren Kneeshaw or Gina AccordinoSeth Eisen
investor.relations@mastercard.comSeth.Eisen@mastercard.com
914-249-4565914-249-3153
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Consolidated Statement of Operations (Unaudited)
Three Months Ended March 31,
20212020
(inmillions,exceptpersharedata)
Net Revenue$4,155$4,009
Operating Expenses
General and administrative1,6761,494
Advertising and marketing119154
Depreciation and amortization163144
Provision for litigation6
Total operating expenses1,9581,798
Operating income2,1972,211
Other Income (Expense)
Investment income116
Gains (losses) on equity investments, net94(174)
Interest expense(107)(69)
Other income (expense), net53
Total other income (expense)(7)(224)
Income before income taxes2,1901,987
Income tax expense362294
Net Income$1,828$1,693
Basic Earnings per Share$1.84$1.68
Basic weighted-average shares outstanding9941,005
Diluted Earnings per Share$1.83$1.68
Diluted weighted-average shares outstanding9981,010
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Consolidated Balance Sheet (Unaudited)
March 31, 2021December 31, 2020
(inmillions,exceptper sharedata)
Assets
Current assets:
Cash and cash equivalents$7,246$10,113
Restricted cash for litigation settlement586586
Investments489483
Accounts receivable2,6482,646
Settlement due from customers1,6781,706
Restricted security deposits held for customers1,7591,696
Prepaid expenses and other current assets1,9991,883
Total current assets16,40519,113
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $1,441 and $1,390, respectively
1,8501,902
Deferred income taxes459491
Goodwill7,0514,960
Other intangible assets, net of accumulated amortization of $1,551 and $1,489, respectively
3,3211,753
Other assets5,7145,365
Total Assets$34,800$33,584
Liabilities, Redeemable Non-controlling Interests and Equity
Current liabilities:
Accounts payable$476$527
Settlement due to customers1,2971,475
Restricted security deposits held for customers1,7591,696
Accrued litigation841842
Accrued expenses5,2005,430
Current portion of long-term debt649649
Other current liabilities1,2531,228
Total current liabilities11,47511,847
Long-term debt13,22112,023
Deferred income taxes39186
Other liabilities3,2603,111
Total Liabilities28,34727,067
Commitments and Contingencies
Redeemable Non-controlling Interests2829
Stockholders’ Equity
ClassA common stock, $0.0001 par value; authorized 3,000 shares, 1,397 and 1,396 shares issued and 984 and 987 shares outstanding, respectively
Class B common stock, $0.0001 par value; authorized 1,200 shares, 8 shares issued and outstanding
Additional paid-in-capital4,9494,982
ClassA treasury stock, at cost, 413 and 409 shares, respectively(38,024)(36,658)
Retained earnings40,14038,747
Accumulated other comprehensive income (loss)(738)(680)
Mastercard Incorporated Stockholders' Equity
6,3276,391
Non-controlling interests9897
Total Equity6,4256,488
Total Liabilities, Redeemable Non-controlling Interests and Equity$34,800$33,584
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Consolidated Statement of Cash Flows (Unaudited)
Three Months Ended March 31,
20212020
(in millions)
Operating Activities
Net income$1,828$1,693
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer and merchant incentives338237
Depreciation and amortization163144
(Gains) losses on equity investments, net(94)174
Share-based compensation6552
Deferred income taxes3326
Other1120
Changes in operating assets and liabilities:
Accounts receivable(70)(3)
Settlement due from customers281,831
Prepaid expenses(562)(331)
Accrued litigation and legal settlements(2)(62)
Restricted security deposits held for customers63148
Accounts payable(15)(102)
Settlement due to customers(178)(1,564)
Accrued expenses(163)(622)
Net change in other assets and liabilities18218
Net cash provided by operating activities1,4631,859
Investing Activities
Purchases of investment securities available-for-sale(155)(74)
Purchases of investments held-to-maturity(38)(45)
Proceeds from sales of investment securities available-for-sale72179
Proceeds from maturities of investment securities available-for-sale2364
Proceeds from maturities of investments held-to-maturity7965
Purchases of property and equipment(65)(131)
Capitalized software(79)(78)
Purchases of equity investments(42)(135)
Acquisition of businesses, net of cash acquired(3,364)
Settlement of interest rate derivative contracts(175)
Other investing activities9(177)
Net cash used in investing activities(3,560)(507)
Financing Activities
Purchases of treasury stock(1,356)(1,383)
Dividends paid(439)(403)
Proceeds from debt, net1,2823,959
Tax withholdings related to share-based payments(121)(131)
Cash proceeds from exercise of stock options2331
Other financing activities527
Net cash (used in) provided by financing activities(606)2,100
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents(101)(88)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents(2,804)3,364
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period12,4198,969
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period$9,615$12,333
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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). These non-GAAP financial measures exclude the impact of gains and losses on the company’s equity investments which primarily 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 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 designated foreign exchange derivative contracts related to the company’s cash flow hedging activities. 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. The impact of the related realized gains and losses resulting from the company’s designated cash flow foreign exchange derivative contracts is recognized in the respective financial statement line item on the statement of operations when the underlying forecasted transactions impact earnings. The company believes the presentation of currency-neutral growth rates provides relevant information to facilitate an understanding of its operating results.
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 considered in isolation or as a substitute for the company’s related financial results prepared in accordance with GAAP.

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Non-GAAP Reconciliations (QTD)
Three Months Ended March 31, 2021
Operating expensesOperating marginOther Income (Expense)Effective income tax rateNet incomeDiluted earnings per share
($ in millions, except per share data)
Reported - GAAP$1,95852.9%$(7)16.5%$1,828$1.83
(Gains) losses on equity investments 1
****(94)0.4%(87)(0.09)
Non-GAAP$1,95852.9%$(101)16.9%$1,741$1.74
Three Months Ended March 31, 2020
Operating expensesOperating marginOther Income (Expense)Effective income tax rateNet incomeDiluted earnings per share
($ in millions, except per share data)
Reported - GAAP$1,79855.2%$(224)14.8%$1,693$1.68
(Gains) losses on equity investments 1
**** 1740.1%1460.14
Litigation provisions 2
(6)0.2**%5
Non-GAAP$1,79255.3%$(50)14.9%$1,844$1.83
Three Months Ended March 31, 2021 as compared to the Three Months Ended March 31, 2020
Increase/(Decrease)
Net revenueOperating expensesOperating marginEffective income tax rateNet incomeDiluted earnings per share
Reported - GAAP4%9%(2.3) ppt1.8 ppt8%9%
(Gains) losses on equity investments 1
******0.3 ppt(13)%(13)%
Litigation provisions 2
**—%(0.2) ppt— ppt—%(1)%
Non-GAAP4%9%(2.4) ppt2.0 ppt(6)%(5)%
Currency impact 3
(1)%(3)%0.5 ppt— ppt(1)%(1)%
Non-GAAP - currency-neutral2%7%(2.0) ppt2.0 ppt(6)%(5)%
Note:Tables may not sum due to rounding.
**Not applicable
Gains and Losses on Equity Investments
1. Q1’21 and Q1’20, net gains of $94 million and net losses of $174 million, respectively, were primarily related to unrealized fair market value adjustments on marketable and non-marketable equity securities.
Special Items
2. Q1’20 pre-tax charges of $6million related to litigation settlements with U.K. merchants.
Other Notes
3. Represents the translational and transactional impact of currency and the related impact of the company’s designated foreign exchange cash flow hedging activities.

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Mastercard Incorporated Operating Performance
For the 3 Months Ended March 31, 2021
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$5189.7%5.1%$3577.9%7,09912.3%$161(0.7)%1,621892
Canada448.6%2.4%423.2%648(0.8)%2(13.6)%464
Europe5037.5%4.8%3507.5%11,31210.6%153(0.7)%910673
Latin America103(3.3)%5.6%6911.8%3,1548.3%34(5.1)%268245
Worldwide less United States1,1677.5%4.9%8187.8%22,21310.4%350(1.2)%2,8041,874
United States54413.6%13.6%47914.0%7,8727.0%6510.6%311516
Worldwide1,7119.3%7.5%1,29610.0%30,0859.5%4150.5%3,1142,390
Mastercard Credit and Charge Programs
Worldwide less United States5320.7%(2.4)%497(1.5)%10,1164.3%35(13.7)%146725
United States226(0.5)%(0.5)%2201.4%2,414(2.0)%6(41.0)%6249
Worldwide7580.3%(1.8)%717(0.6)%12,5303.0%41(19.3)%152974
Mastercard Debit Programs
Worldwide less United States63613.9%11.9%32126.1%12,09716.1%3150.4%2,6581,149
United States31826.3%26.3%25927.4%5,45811.5%5921.6%305267
Worldwide95417.7%16.3%58026.7%17,55514.7%3743.2%2,9631,416

For the 3 Months ended March 31, 2020
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$4722.9%5.7%$3104.5%6,31913.0%$1628.1%1,728850
Canada403.1%4.1%394.2%6537.0%20.5%561
Europe4679.1%12.4%31312.6%10,23223.2%15411.9%1,059607
Latin America1071.9%12.5%7016.9%2,91417.8%374.9%288215
Worldwide less United States1,0865.4%9.1%7329.0%20,11818.5%3559.3%3,0811,733
United States4796.3%6.3%4207.2%7,3576.7%590.2%306478
Worldwide1,5655.6%8.2%1,1528.3%27,47515.1%4148.0%3,3882,211
Mastercard Credit and Charge Programs
Worldwide less United States528(0.4)%3.8%4883.4%9,69912.6%408.9%179705
United States2277.0%7.0%2176.6%2,4649.5%1014.2%9243
Worldwide7551.7%4.7%7054.4%12,16411.9%509.9%188948
Mastercard Debit Programs
Worldwide less United States55811.4%14.6%24422.0%10,41824.6%3159.4%2,9021,028
United States2525.6%5.6%2037.7%4,8935.4%49(2.3)%298235
Worldwide8109.6%11.6%44715.1%15,31117.7%3637.7%3,2001,263
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.
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Footnote
The tables set forth the gross dollar volume (“GDV”), purchase volume, cash volume and the number of purchase transactions, cash transactions and cards on a regional and global basis for Mastercard™-branded cards. Growth rates over prior periods are provided for volume-based data.
Debit transactions on Maestro®and Cirrus®-branded cards 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 and includes the impact of balance transfers and convenience checks obtained with Mastercard-branded cards for the relevant period. The number of cards includes virtual cards, which are Mastercard-branded payment accounts that do not generally have physical cards associated with them.
The Mastercard payment product is comprised of credit, charge, debit and prepaid programs, and data relating to each type of program is included in the tables. The tables include information with respect to transactions involving Mastercard-branded cards that are not switched 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 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 switching systems. The data set forth in the 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 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. All data is subject to revision and amendment by Mastercard or Mastercard’s customers.
Performance information for prior periods can be found in the Investor Relations section of the Mastercard website at investor.mastercard.com.
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in thousands of USD 2021 q1 2020 q1 change
 
net revenue (1) 4 155 000 4 009 000 +3.6%
operating expenses: general and administrative (2) 1 676 000 1 494 000 +12.2%
operating expenses: advertising and marketing (3) 119 000 154 000 -22.7%
operating expenses: depreciation and amortization (4) 163 000 144 000 +13.2%
operating expenses: provision for litigation (5) 0 6 000 -100.0%
total operating expenses (6) 1 958 000 1 798 000 +8.9%
operating income (7) 2 197 000 2 211 000 -0.6%
other income -expense: investment income (8) 1 000 16 000 -93.8%
other income -expense: gains -losses on equity investments net (9) 94 000 -174 000 +100.0%
other income -expense: interest expense (10) -107 000 -69 000
other income -expense: other income -expense net (11) 5 000 3 000 +66.7%
other income -expense: total other income -expense (12) -7 000 -224 000
other income -expense: income before income taxes (13) 2 190 000 1 987 000 +10.2%
other income -expense: income tax expense (14) 362 000 294 000 +23.1%
other income -expense: net income (15) 1 828 000 1 693 000 +8.0%
basic earnings per share (16) 1.84 1.68 +9.5%
basic weighted-average shares outstanding (17) 994 1 005 -1.1%
diluted earnings per share (18) 1.83 1.68 +8.9%
diluted weighted-average shares outstanding (19) 998 1 010 -1.2%
in thousands of USD 2021 q1   change
 
cash and cash equivalents (1) 7 246 000 10 113 000 -28.3% current assets
restricted cash for litigation settlement (2) 586 000 586 000 0.0% current assets
investments (3) 489 000 483 000 +1.2% current assets
accounts receivable (4) 2 648 000 2 646 000 +0.1% current assets
settlement due from customers (5) 1 678 000 1 706 000 -1.6% current assets
restricted security deposits held for customers (6) 1 759 000 1 696 000 +3.7% current assets
prepaid expenses and other current assets (7) 1 999 000 1 883 000 +6.2% current assets
total current assets (8) 16 405 000 19 113 000 -14.2% current assets
property equipment and right-of-use assets net of accumulated depreciation and amortization of $1 441 and $1 390 respectively (9) 1 850 000 1 902 000 -2.7% noncurrent assets
deferred income taxes (10) 459 000 491 000 -6.5% noncurrent assets
goodwill (11) 7 051 000 4 960 000 +42.2% noncurrent assets
other intangible assets net of accumulated amortization of $1 551 and $1 489 respectively (12) 3 321 000 1 753 000 +89.4% noncurrent assets
other assets (13) 5 714 000 5 365 000 +6.5% noncurrent assets
total assets (14) 34 800 000 33 584 000 +3.6% noncurrent assets
accounts payable (15) 476 000 527 000 -9.7% liabilities
settlement due to customers (16) 1 297 000 1 475 000 -12.1% liabilities
restricted security deposits held for customers (17) 1 759 000 1 696 000 +3.7% liabilities
accrued litigation (18) 841 000 842 000 -0.1% liabilities
accrued expenses (19) 5 200 000 5 430 000 -4.2% liabilities
current portion of long-term debt (20) 649 000 649 000 0.0% liabilities
other current liabilities (21) 1 253 000 1 228 000 +2.0% liabilities
total current liabilities (22) 11 475 000 11 847 000 -3.1% liabilities
long-term debt (23) 13 221 000 12 023 000 +10.0% liabilities
deferred income taxes (24) 391 000 86 000 +354.7% liabilities
other liabilities (25) 3 260 000 3 111 000 +4.8% liabilities
total liabilities (26) 28 347 000 27 067 000 +4.7% liabilities
redeemable non-controlling interests (27) 28 000 29 000 -3.4% liabilities
additional paid-in-capital (30) 4 949 000 4 982 000 -0.7% liabilities
classa treasury stock at cost 413 and 409 shares respectively (31) -38 024 000 -36 658 000 liabilities
retained earnings (32) 40 140 000 38 747 000 +3.6% liabilities
accumulated other comprehensive income -loss (33) -738 000 -680 000 liabilities
mastercard incorporated stockholders' equity (34) 6 327 000 6 391 000 -1.0% liabilities
non-controlling interests (35) 98 000 97 000 +1.0% liabilities
total equity (36) 6 425 000 6 488 000 -1.0% liabilities
total liabilities redeemable non-controlling interests and equity (37) 34 800 000 33 584 000 +3.6% liabilities
in thousands of USD 2021 q1 2020 q1 change
 
net income (1) 1 828 000 1 693 000 +8.0%
amortization of customer and merchant incentives (2) 338 000 237 000 +42.6%
depreciation and amortization (3) 163 000 144 000 +13.2%
-gains losses on equity investments net (4) -94 000 174 000 -154.0%
share-based compensation (5) 65 000 52 000 +25.0%
deferred income taxes (6) 33 000 26 000 +26.9%
other (7) 11 000 20 000 -45.0%
accounts receivable (8) -70 000 -3 000
settlement due from customers (9) 28 000 1 831 000 -98.5%
prepaid expenses (10) -562 000 -331 000
accrued litigation and legal settlements (11) -2 000 -62 000
restricted security deposits held for customers (12) 63 000 148 000 -57.4%
accounts payable (13) -15 000 -102 000
settlement due to customers (14) -178 000 -1 564 000
accrued expenses (15) -163 000 -622 000
net change in other assets and liabilities (16) 18 000 218 000 -91.7%
net cash provided by operating activities (17) 1 463 000 1 859 000 -21.3%
purchases of investment securities available-for-sale (18) -155 000 -74 000
purchases of investments held-to-maturity (19) -38 000 -45 000
proceeds from sales of investment securities available-for-sale (20) 72 000 179 000 -59.8%
proceeds from maturities of investment securities available-for-sale (21) 23 000 64 000 -64.1%
proceeds from maturities of investments held-to-maturity (22) 79 000 65 000 +21.5%
purchases of property and equipment (23) -65 000 -131 000
capitalized software (24) -79 000 -78 000
purchases of equity investments (25) -42 000 -135 000
acquisition of businesses net of cash acquired (26) -3 364 000 0
settlement of interest rate derivative contracts (27) 0 -175 000
other investing activities (28) 9 000 -177 000 +100.0%
net cash used in investing activities (29) -3 560 000 -507 000
purchases of treasury stock (30) -1 356 000 -1 383 000
dividends paid (31) -439 000 -403 000
proceeds from debt net (32) 1 282 000 3 959 000 -67.6%
tax withholdings related to share-based payments (33) -121 000 -131 000
cash proceeds from exercise of stock options (34) 23 000 31 000 -25.8%
other financing activities (35) 5 000 27 000 -81.5%
net cash -used in provided by financing activities (36) -606 000 2 100 000 -128.9%
effect of exchange rate changes on cash cash equivalents restricted cash and restricted cash equivalents (37) -101 000 -88 000
net increase -decrease in cash cash equivalents restricted cash and restricted cash equivalents (38) -2 804 000 3 364 000 -183.4%
cash cash equivalents restricted cash and restricted cash equivalents - beginning of period (39) 12 419 000 8 969 000 +38.5%
cash cash equivalents restricted cash and restricted cash equivalents - end of period (40) 9 615 000 12 333 000 -22.0%
in thousands of USD 2021 q1 2020 q1 change
 
Revenue 4 155 000 4 009 000 +3.6%
Operating profit 2 197 000 2 211 000 -0.6%
Net income 1 828 000 1 693 000 +8.0%
Depreciation and amortization 501 000 381 000 +31.5%
EPS basic 1.84 1.68 +9.5%
 
 
in thousands of USD 2021 q1   change
 
Total assets 34 800 000 33 584 000 +3.6%
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