Let me also remind you that this presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements are not guarantees of future performance. And as a result of a variety of factors, actual results could differ materially from such statements. Additional information concerning these factors is available in the company’s filings with the SEC, which can be accessed through the SEC's website and the Investor Relations section of the Visa website. For historical non-GAAP or pro forma-related financial information disclosed in this call, related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal third quarter earnings press release. This release can also be accessed through the Investor Relations section of our website.With that, I'll turn the call over to Joe. Joseph Saunders Thanks, Jack, and thanks, everyone, for joining the call. Visa once again delivered strong earnings results. Against a backdrop of a recovering global economy, we posted net operating revenues of just over $2 billion, a 23% increase over the year-ago period. Revenues were driven by double-digit growth in payments volume, cross-border volume and Visa processed transactions coming from all areas of the globe. Net income on a GAAP basis was $716 million, a 45% increase over the prior year. Overall, we more than delivered on guidance with fiscal third quarter earnings on a GAAP basis at $0.97 per diluted share, a 49% increase over the third quarter of 2009. And these figures exclude the impact from the gain from the VisaNet do Brasil sale in the prior-year period. We also successfully completed a de facto $500 million stock repurchase, while continuing to invest in new initiatives that will fuel our future growth.
On today's call, I'm going to leave the more detailed view of our financials to Byron while I address a few items I'm sure are at the top of your mind. Let me begin by providing color on recent events that have unfolded in Washington.It's clear that the Wall Street Reform and Consumer Protection Act that was signed into law last week will reshape the U.S. debit landscape. However, precisely how the Wall will impact Visa's business and that of our financial institution clients is yet to be determined. As you may know, the Federal Reserve has embarked upon a rulemaking process to clarify the details of the legislation and how and when it will be implemented. We have an opportunity to inform their deliberations and we intend to participate in the process as a constructive voice. In parallel, we have teams at Visa focused on developing a range of business strategies that will enable us to compete effectively in the new environment once the details of the law become clear. So until the Fed finalizes the rules and until we finalize our mitigation response, it's not possible to specifically detail our actions. On the other hand, there are things that we do know. First, given the time frames outlined in the legislation, our business should not begin to feel the effects of the legislation until this time next year. Therefore, I do not anticipate any impact in FY '10. And looking ahead to 2011, I expect the impact will be modest and contained to our fourth fiscal quarter. With that, I feel confident reiterating our earnings per share guidance for fiscal 2011 at better than 20% growth. And per past practice, we will be updating other guidance metrics for 2011 on our October call. We do know that we are working with the best set of assets in the industry. We are the lowest cost provider of debit services. We have deep debit expertise, and we have a powerful brand. We also know that debit delivers tremendous value as evidenced by the growing appetite of consumers, governments and others to use the product and by merchants who accept it. Given our continuing discussions with our clients and the preliminary business strategy options that we have already developed, I'm very confident that we will effectively adapt to the new environment and continue to lead growth in this segment of the business. Read the rest of this transcript for free on seekingalpha.com