MasterCard Incorporated (NYSE:MA) Q1 2019 Earnings Conference Call Transcript

Apr 30, 2019 • 09:00 am ET

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MasterCard Incorporated (NYSE:MA) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning. My name is Tasha, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Q1 2019 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session (Operator Instructions) Thank you.

I'd now like to turn the call over to your host Warren Kneeshaw, Head of Investor Relations. Please go ahead.

Executive
Warren Kneeshaw

Thank you, Tasha. Good morning, everyone, and thank you for joining us for our first quarter 2019 earnings call. With me today are Ajay Banga, our President and Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Ajay and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions. You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com. Additionally, the release was furnished with the SEC earlier this morning.

Our comments today regarding our financial results will be on a currency-neutral basis and exclude special items, unless otherwise noted. Both the release and the slide deck include reconciliations of non-GAAP measures to their GAAP equivalents. Please note that the growth rates we provide for switched volume, switched transactions and cross-border volume have been adjusted to normalize for the effects of differing switching days between periods. These adjustments have been made in current and prior quarters. This information is being provided so that you can better understand the underlying growth rates of these operating metrics. Our comments on the call today will be on the basis of these adjusted growth rates. We do not normalize GDV growth rates.

Finally, as set forth in more detail in our earnings release, I would like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days.

With that, I'll now turn the call over to our President and Chief Executive Officer, Ajay Banga.

Executive
Ajay Banga

Thank you, Warren, and good morning, everybody. We are off to a solid start this year. Revenues up 13%, EPS up 24% versus the year-ago, as Warren said, on a currency neutral basis and excluding special items. I think these results reflect our strong operational focus and our continued growth across each of our regions. And at the same time, we are continuing to invest in the business for the long term, as you probably noticed with some of our recent product and acquisition related announcements.

Let me start with the macroeconomic environment as usual. You may recall that last quarter we said that we expected solid