Net revenue growth was due to double-digit growth in gross-dollar volume, cross-border volume and processed transactions. Diluted EPS experienced year-over-year growth of 25.4%, higher than net income growth. The higher EPS growth was due to share-buyback activities in the past 12 months, which effectively reduced the share count from 126 million in the second quarter of 2012 to 122 million in this year's second quarter. What makes me like the business is its non-leveraged operations. As of June, Mastercard Inc (NYSE: MA ) booked more than $7 billion in equity, nearly $2.3 billion in cash, $2.7 billion in investment securities but no interest-bearing debt. MasterCard is the second-largest global payment company, with $2.4 trillion in total payment volume and more than 1 billion cards issued in 2012, just behind Visa Inc (NYSE: V ). Visa is really a global leader, with around $3.8 billion in total payment volume and around 2.1 billion cards issued.