Visa reported financial results for the fiscal second quarter of 2016. Revenue grew 6% to $3.6 billion driven by a 7% increase in payments volume. Operating income increased 6% to $1.2 billion and operating margin remained steady at 67%. The company also repurchased $1.8 billion of stock during the quarter. Visa provided forward-looking statements noting various economic and regulatory factors that could impact actual results.
Tijdens de Swim conference op 03 en 04 september presenteerde zwim zijn meerjaren planning van de 4 tot 12 jarigen. Op deze Swim conference komen de trainers van heel Vlaanderen bijeen op uitnodiging van de Vlaamse zwemfederatie
Професійний інструментарій куратора змісту на допомогу сучасному українському...Ирина Карнаух
Презентація до виступу головного бібліотекаря Харківської державної наукової бібліотеки ім. В. Г. Короленка І. А. Карнаух на педагогічній майстерні «Деякі питання методичного забезпечення якості навчання» проф. В. М. Кухаренко в рамках ХІІІ Міжнародної зимової школи-семінару «Сучасні педагогічні технології в освіті». Місце проведення: Національний технічний університет «Харківський політехнічний інститут», Науково-технічна бібліотека, 26 січня 2016 р.
Tijdens de Swim conference op 03 en 04 september presenteerde zwim zijn meerjaren planning van de 4 tot 12 jarigen. Op deze Swim conference komen de trainers van heel Vlaanderen bijeen op uitnodiging van de Vlaamse zwemfederatie
Професійний інструментарій куратора змісту на допомогу сучасному українському...Ирина Карнаух
Презентація до виступу головного бібліотекаря Харківської державної наукової бібліотеки ім. В. Г. Короленка І. А. Карнаух на педагогічній майстерні «Деякі питання методичного забезпечення якості навчання» проф. В. М. Кухаренко в рамках ХІІІ Міжнародної зимової школи-семінару «Сучасні педагогічні технології в освіті». Місце проведення: Національний технічний університет «Харківський політехнічний інститут», Науково-технічна бібліотека, 26 січня 2016 р.
Vakbondsverantwoordelijke Marc Duplessis van ACOD vraagt minstens 50 extra personeelsleden voor de bewaking van koninklijke domeinen.
Op dit moment is de beveiliging in handen van een ploeg van een honderdtal politiemensen. ‘Maar die hebben ook nog andere domeinen om te bewaken. Om goed te zijn, zijn er zeker een 50-tal extra personeelsleden nodig. Dan pas wordt het haalbaar en leefbaar voor het personeel’, aldus de man in de media.
De vraag is of er wel 50 extra mensen nodig zijn, zeker als je weet dat er ook compleet lege koninklijke gebouwen dag en nacht bewaakt worden.
Zo is er kasteel van Fenffe dat vandaag leegstaat. Toch is daar bewaking. Ook het lege kasteel van Stuyvenberg wordt bewaakt. Zelfs het kasteel van Ciergnon wordt permanent bewaakt. Toch is de koning daar uiterst zelden.
Als de bewakers van dergelijke lege koninklijke gebouwen overgeplaatst worden naar Laken, dan is er geen personeelsprobleem meer. Misschien moet daar eens over nagedacht worden.
AWS June 2016 Webinar Series - Best Practices for Architecting Cloud Backup a...Amazon Web Services
Cloud backup is an ideal application for taking advantage of the low cost and extreme scale of cloud storage. Traditional tape and disk solutions require up-front purchase, regular capacity management and ongoing maintenance. This webinar will help you understand cloud backup options, and how they fit into your organizations. We will also share some overall design considerations.
Learning Objectives:
Learn how to choose a storage platform (object, block or file)
Learn how to optimize your storage tier (S3, SIA or Glacier)
Learn how to ingest data into AWS storage (Direct Connect et al)
Understand the AWS storage partner options
Learn about the design lifecycle management policies, and archive and compliance considerations
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
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Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
2. Fiscal Second Quarter 2016 Financial Results2
This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are identified by words such as "estimates," “believe,“ “outlook,” "will," "continue" and other similar expressions. Examples of forward-
looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings per share,
free cash flow, and the growth of those items.
By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future
performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual
results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following:
•the impact of laws, regulations and marketplace barriers, including:
•increased regulation of fees, transaction routing, payment card practices or other aspects of the payments industry in the U.S., including new or
revised regulations issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act;
•increased regulation in jurisdictions outside of the U.S.;
•increased government support of national payments networks outside the U.S.; and
•increased regulation of consumer privacy, data use and security;
•developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax;
•new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings;
•economic factors, such as:
•economic fragility in the Eurozone, the U.S. and in other advanced and emerging markets;
•general economic, political and social conditions in mature and emerging markets globally;
•general stock market fluctuations which may impact consumer spending;
•material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates; and
•material changes in our financial institution clients' performance compared to our estimates;
•industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network;
•system developments, such as:
•disruption of our transaction processing systems or the inability to process transactions efficiently;
•account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and
•failure to maintain systems interoperability with Visa Europe;
•the transaction with Visa Europe may not be consummated on the terms currently contemplated or at all;
•Visa Europe's business may not be successfully integrated with our business or we may not achieve the anticipated benefits of the transaction;
•the costs and risks associated with the transaction with Visa Europe;
•matters arising in connection with Visa Europe’s or our efforts to comply with and satisfy applicable regulatory approvals and closing conditions relating to
the transaction;
•the loss of organizational effectiveness or key employees;
•the failure to integrate acquisitions successfully or to effectively develop new products and businesses;
•natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and
•various other factors, including those more fully described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on
Form 10−K for the year ended September 30, 2015, and our subsequent reports on Forms 10-Q and 8-K.
You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking
statements as a result of new information, future developments or otherwise.
Forward-Looking Statements
3. Fiscal Second Quarter 2016 Financial Results3
Solid Fiscal Second Quarter Results
Net operating revenues of $3.6 billion, up 6% over prior year
Note: See appendix for reconciliation of adjusted non-GAAP financial measures to the closest comparable U.S. GAAP financial
measures.
Repurchased 24.2 million shares of class A common stock in
the open market at an average price of $72.23 per share, using
$1.8 billion of cash on hand
GAAP quarterly net income of $1.7 billion and $0.71 diluted
earnings per share
Adjusted quarterly net income of $1.6 billion and $0.68
diluted earnings per share
4. Fiscal Second Quarter 2016 Financial Results4
Quarter ended December
Payments Volume
US$ in billions, nominal, except percentages
INTL
593
INTL
591
INTL
467
INTL
470
INTL 126 INTL 121
U.S.
651
U.S.
714
U.S.
327
U.S.
358
U.S.
324
U.S.
356
1,244
1,305
795 828
450 477
INTL = International
Total Visa Inc. Credit Debit
YOY Change
(constant) 12% 12% 11%
YOY Change
(nominal)
4% 6%5%
Note: On occasion, previously submitted volume information may be updated to reflect revised client submissions or other adjustments. Prior
period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded
numbers. Constant dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.
2014
2015
5. Fiscal Second Quarter 2016 Financial Results5
Quarter ended March
Payments Volume
US$ in billions, nominal, except percentages
YOY Change
(constant)
12% 12% 12%
YOY Change
(nominal) 7% 8%7%
Note: Current quarter payments volume and other select metrics are provided in the operational performance data supplement in the press release
to provide more recent operating data. Service revenues continue to be recognized based on payments volume in the prior quarter. On occasion,
reported payments volume information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not
material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. Constant dollar
growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.
INTL
420
INTL
457
INTL 109 INTL 127
U.S.
575
U.S.
631
U.S.
277
U.S.
313
U.S.
298
U.S.
319
INTL
540
INTL
560 INTL
428
INTL
447
INTL 111 INTL 113
U.S.
628
U.S.
694
U.S.
303
U.S.
334
U.S.
325
U.S.
360
1,168
1,254
731 782
437 473
INTL = International
Total Visa Inc. Credit Debit
2015
2016
6. Fiscal Second Quarter 2016 Financial Results6
Quarter ended March
Transactions
in millions, except percentages
Note: Total transactions represent payments and cash transactions as reported by Visa clients on their operating certificates. On occasion,
previously submitted transaction information may be updated to reflect revised client submissions or other adjustments. Prior period updates are
not material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. Processed
transactions represent transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.
Credit
38%
YOY Change 12% 9%
Debit
62%
Credit
38%
63%
Debit
63%
Debit
37%
Credit
37%
Credit
25,090
28,154
16,980
18,475
Processed TransactionsTotal Transactions
2015
2016
7. Fiscal Second Quarter 2016 Financial Results7
Quarter ended December
Total Cards
in millions, except percentages
2,398
855
1,543
2,490
896
1,594
Visa Inc. Credit Debit
Note: The data presented is based on results reported quarterly by Visa clients on their operating certificates. Estimates may be utilized if data is
unavailable. On occasion, previously submitted card information may be updated to reflect revised client submissions or other adjustments. Prior
period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded
numbers.
YOY Change 5% 3%4%
2014
2015
8. Fiscal Second Quarter 2016 Financial Results8
4,085
(676)
3,409
4,415
(789)
3,626
Gross Revenues Client
Incentives
Net Operating
Revenues
Fiscal 2015
Fiscal 2016
Revenue – Q2 2016
US$ in millions, except percentages
Note: Figures may not recalculate exactly due to rounding. Percentages are calculated based on unrounded numbers.
YOY
Change 17% 6%8%
Fiscal 2016 % of
Gross Revenues 18% 82%
9. Fiscal Second Quarter 2016 Financial Results9
Revenue Detail – Q2 2016
US$ in millions, except percentages
Note: Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
1,577
1,340
964
204
1,699
1,473
1,045
198
Service Revenues Data Processing
Revenues
International
Transaction Revenues
Other Revenues
Fiscal 2015
Fiscal 2016
YOY
Change 10% 8%8% (3%)
10. Fiscal Second Quarter 2016 Financial Results10
Operating Margin – Q2 2016
US$ in millions, except percentages
Note: Operating margin is calculated as operating income divided by net operating revenues. Figures may not recalculate exactly due to rounding.
Percentages are calculated based on unrounded numbers.
3,409
1,128
2,281
3,626
1,192
2,434
Net Operating
Revenues
Total Operating
Expenses
Operating
Income
Fiscal 2015
Fiscal 2016
YOY
Change 6% 7%6% — ppt
67% 67%
Operating
Margin
11. Fiscal Second Quarter 2016 Financial Results11
Operating Expenses – Q2 2016
US$ in millions, except percentages
Note: Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
483
190
109
77
125 141
3
528
186
126
66
121
164
1
Personnel Marketing Network &
Processing
Professional
Fees
Depreciation &
Amortization
General &
Administrative
Litigation
Provision
Fiscal 2015
Fiscal 2016
YOY
Change
16% (15%)9% 16%(3%)(2%) (82%)
12. Fiscal Second Quarter 2016 Financial Results12
Other Financial Results
• Cash, cash equivalents and available-for-sale investment securities of $23.4
billion at the end of the fiscal second quarter
• Free cash flow of $830 million for the fiscal second quarter
• Capital expenditures of $124 million during the fiscal second quarter
13. Fiscal Second Quarter 2016 Financial Results13
Financial Outlook for Fiscal Year 2016
• 7% to 8% range on a constant dollar basis
• About 3 ppts of negative foreign currency impact
Annual net revenue growth
• High-end of the 17.5% - 18.5% range
Client incentives as % of
gross revenues
• Mid 60sAnnual operating margin
• About 30%Adjusted effective tax rate
• Low double-digits constant dollar EPS growth
• About 4 ppts of negative foreign currency impact
Annual adjusted diluted class
A common stock earnings per
share growth
• About $7 billionAnnual free cash flow
Note: The financial outlook for fiscal full-year 2016 excludes any impact from the Visa Europe transaction. Annual adjusted diluted class A common stock earnings per
share growth now includes interest expense of about $390 million, or over 9 cents of earnings per share, which equates to almost 4 ppts of reduced year-over-year
growth.
15. Fiscal Second Quarter 2016 Financial Results15
Reconciliation of Non-GAAP Financial Results
US$ in millions, except percentages and per share data
A-1
Net Income
Effective Income
Tax Rate(1)
Diluted Earnings
per Share(1)
Net Income
Effective Income
Tax Rate(1)
Diluted Earnings
per Share(1)
As reported 1,707$ 30 % 0.71$ 3,648$ 28 % 1.51$
Net unrealized gains on currency forward
contracts (81) —% (0.03) (81) —% (0.03)
Revaluation of Visa Europe put option — —% — (255) 2 % (0.11)
As adjusted 1,626$ 30 % 0.68$ 3,312$ 30 % 1.37$
Diluted weighted-average shares
outstanding, as reported 2,401 2,416
The Company's financial results during the first half of fiscal 2016 reflect the impact of significant non-operating items that the Company does not believe are
indicative of its operating performance, as they are either non-recurring or have no cash impact. As such, the Company believes the presentation of adjusted
financial results excluding the following two items provides a clearer understanding of its operating performance for the periods presented. There were no
comparable adjustments recorded during the three or six months ended March 31, 2015.
● Net unrealized gains on currency forward contracts. During the second quarter of fiscal 2016, the Company entered into currency forward contracts to
mitigate a portion of the foreign currency exchange rate risk associated with the upfront cash consideration to be paid in the anticipated Visa Europe
acquisition. As a result, the Company recorded non-recurring, net unrealized gains of $116 million, before tax, in non-operating income. Net of related tax
expense, determined by applying applicable federal and state tax rates, the impact to income was $81 million.
● Revaluation of Visa Europe put option (the "Put"). During the first quarter of fiscal 2016, the Company recorded a decrease of $255 million in the fair value of
the Put, resulting in the recognition of non-cash, non-operating income in its financial results. This amount is not subject to income tax and therefore has no
impact on the reported income tax provision.
Adjusted net income, effective income tax rate and diluted earnings per share are non-GAAP financial measures and should not be relied upon as substitutes for
measures calculated in accordance with U.S. GAAP. The following table reconciles the as-reported net income, effective income tax rate and diluted earnings per
share, which are calculated in accordance with U.S. GAAP, to the respective non-GAAP adjusted financial measures for the three and six months ended March 31,
2016:
Three Months Ended
March 31, 2016
Six Months Ended
March 31, 2016
(1)
Figures in the table may not recalculate exactly due to rounding. Effective income tax rate and diluted earnings per share figures are calculated based on
unrounded numbers.
16. Fiscal Second Quarter 2016 Financial Results16
Calculation of Free Cash Flow
US$ in millions
Additions (+) /
Reductions (-) to
Net income
Net income (as reported) 1,707 3,648
Capital Assets + Depreciation and amortization 121 241
- Capital expenditures (124) (250)
(3) (9)
Litigation + Litigation provision 1 1
- Settlement payments — (12)
+ Settlement payments funded by litigation escrow — 11
1 —
Long-term Debt + Interest expense (2)
125 149
Share-based Compensation + Share-based compensation 58 97
Pension - Pension credit (4) (3)
- Pension contribution (2) (4)
(6) (7)
Taxes + Income tax provision 734 1,432
- Income taxes paid
(3)
(1,422) (1,501)
(688) (69)
Visa Europe Put Option - Fair value adjustment — (255)
Other Assets and Liabilities - Net unrealized gains on currency forward contracts (116) (116)
Changes in Working Capital +/- Changes in other working capital accounts
(4)
(248) (668)
Total Free Cash Flow 830 2,770
Three Months Ended
March 31, 2016
Six Months Ended
March 31, 2016
A-2
(1) Funds returned to investors were greater than free cash flow generated as a result of the Company’s increased share buybacks during the current period. The Company did not
repurchase any shares during the fourth quarter of fiscal 2015.
(2) Includes accrued interest expense on the fixed-rate senior notes issued in December 2015. Interest is payable semi-annually beginning in June 2016.
(3) The estimated tax payments related to the first half of the fiscal year were paid in the fiscal second quarter.
(4) Includes changes in client incentives, trade receivable/payable, settlement receivable/payable and personnel incentives.
Management believes that presentation of free cash flow is useful to measure the Company’s generation of net income available to first re-invest in the business
and then return excess cash to shareholders through stock buybacks and cash dividends. During the three months ended March 31, 2016, we generated free cash
flow of $830 million, and returned $2.1 billion(1) to investors through stock buybacks of $1.8 billion, and dividends paid of $336 million. During the six months
ended March 31, 2016, we generated free cash flow of $2.8 billion, and returned $4.4 billion(1) to investors through stock buybacks of $3.8 billion, and dividends
paid of $676 million. Free cash flow is a non-GAAP performance measure and should not be relied upon as a substitute for measures calculated in accordance
with U.S. GAAP. The following table reconciles as-reported net income to non-GAAP free cash flow.