10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2019 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2019 10-K (Filed: Nov 14, 2019) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2019 | Sept 30, 2018 | Sept 30, 2017 | |
| Net revenues | $ 22,977 | 20,609 | 18,358 |
| Operating Expenses | |||
| Personnel | 3,444 | 3,170 | 2,628 |
| Marketing | 1,105 | 988 | 922 |
| Network and processing | 721 | 686 | 620 |
| Professional fees | 454 | 446 | 409 |
| Depreciation and amortization | 656 | 613 | 556 |
| General and administrative | 1,196 | 1,145 | 1,060 |
| Litigation provision (Note 20) | 400 | 607 | 19 |
| Total operating expenses | 7,976 | 7,655 | 6,214 |
| Operating income | 15,001 | 12,954 | 12,144 |
| Non-operating Income (Expense) | |||
| Interest expense, net | (533) | (612) | (563) |
| Investment income and other | 416 | 464 | 113 |
| Total non-operating income (expense) | (117) | (148) | (450) |
| Income before income taxes | 14,884 | 12,806 | 11,694 |
| Income tax provision (Note 19) | 2,804 | 2,505 | 4,995 |
| Net income | 12,080 | 10,301 | 6,699 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Basic earnings per share (Note 15) (in dollars per share) | 5.32 | 4.43 | 2.80 |
| Basic weighted-average shares outstanding (Note 15) (in shares) | 1,742 | 1,792 | 1,845 |
| Diluted earnings per share (Note 15) (in dollars per share) | 5.32 | 4.42 | 2.80 |
| Diluted weighted-average shares outstanding (Note 15) (in shares) | 2,272 | 2,329 | 2,395 |
| Class B common stock | |||
| Basic earnings per share (Note 15) (in dollars per share) | 8.68 | 7.28 | 4.62 |
| Basic weighted-average shares outstanding (Note 15) (in shares) | 245 | 245 | 245 |
| Diluted earnings per share (Note 15) (in dollars per share) | 8.66 | 7.27 | 4.61 |
| Diluted weighted-average shares outstanding (Note 15) (in shares) | 245 | 245 | 245 |
| Class C common stock | |||
| Basic earnings per share (Note 15) (in dollars per share) | 21.30 | 17.72 | 11.21 |
| Basic weighted-average shares outstanding (Note 15) (in shares) | 12 | 12 | 14 |
| Diluted earnings per share (Note 15) (in dollars per share) | 21.26 | 17.69 | 11.19 |
| Diluted weighted-average shares outstanding (Note 15) (in shares) | 12 | 12 | 14 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2019 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2019 10-K (Filed: Nov 14, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2019 | Sept 30, 2018 | Sept 30, 2017 | |
| Net income | $ 12,080 | 10,301 | 6,699 |
| Other comprehensive income (loss), net of tax: | |||
| Investment securities: | |||
| Net unrealized gain (loss) | 20 | 94 | 60 |
| Income tax effect | (5) | (19) | (24) |
| Reclassification adjustments | 1 | (215) | 1 |
| Income tax effect | 0 | 50 | 0 |
| Defined benefit pension and other postretirement plans: | |||
| Net unrealized actuarial gain (loss) and prior service credit (cost) | (174) | 16 | 183 |
| Income tax effect | 36 | (5) | (54) |
| Reclassification adjustments | 9 | 5 | 32 |
| Income tax effect | (2) | (1) | (12) |
| Derivative instruments: | |||
| Net unrealized gain (loss) | 233 | 90 | (22) |
| Income tax effect | (25) | (24) | 15 |
| Reclassification adjustments | (85) | 32 | 33 |
| Income tax effect | 16 | (2) | (12) |
| Foreign currency translation adjustments | (1,228) | (352) | 1,136 |
| Other comprehensive income (loss), net of tax | (1,204) | (331) | 1,336 |
| Comprehensive income | 10,876 | 9,970 | 8,035 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2019 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2019 10-K (Filed: Nov 14, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2019 | Sept 30, 2018 | Sept 30, 2017 | |
| Operating Activities | |||
| Net income | $ 12,080 | 10,301 | 6,699 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Client incentives (Note 3) | 6,173 | 5,491 | 4,565 |
| Share-based compensation (Note 16) | 407 | 327 | 235 |
| Depreciation and amortization of property, equipment, technology and intangible assets | 656 | 613 | 556 |
| Deferred income taxes | 214 | (1,277) | 1,700 |
| VE territory covered losses incurred (Note 5) | (172) | (11) | (209) |
| Charitable contribution of Visa Inc. shares (Note 19) | 0 | 0 | 192 |
| Other | (271) | (64) | 54 |
| Change in operating assets and liabilities: | |||
| Settlement receivable | (1,533) | (223) | 94 |
| Accounts receivable | (333) | (70) | (54) |
| Client incentives | (6,430) | (4,682) | (4,628) |
| Other assets | (310) | 59 | (147) |
| Accounts payable | (24) | 3 | (30) |
| Settlement payable | 1,931 | 262 | (176) |
| Accrued and other liabilities | 627 | 1,760 | 465 |
| Accrued litigation (Note 20) | (231) | 452 | 1 |
| Net cash provided by (used in) operating activities | 12,784 | 12,941 | 9,317 |
| Investing Activities | |||
| Purchases of property, equipment and technology | (756) | (718) | (707) |
| Proceeds from sales of property, equipment and technology | 0 | 14 | 12 |
| Investment securities: | |||
| Purchases | (2,653) | (5,772) | (3,238) |
| Proceeds from maturities and sales | 3,996 | 3,636 | 5,012 |
| Acquisitions, net of cash and restricted cash acquired | (699) | (196) | (302) |
| Purchases of / contributions to other investments | (501) | (50) | (46) |
| Proceeds / distributions from other investments | 12 | 2 | 4 |
| Other investing activities | 10 | 0 | 0 |
| Net cash provided by (used in) investing activities | (591) | (3,084) | 735 |
| Financing Activities | |||
| Repurchase of class A common stock (Note 14) | (8,607) | (7,192) | (6,891) |
| Repayments of long-term debt | 0 | (1,750) | 0 |
| Dividends paid (Note 14) | (2,269) | (1,918) | (1,579) |
| Payment of deferred purchase consideration related to the Visa Europe acquisition | (1,236) | 0 | 0 |
| Proceeds from issuance of senior notes | 0 | 0 | 2,488 |
| Debt issuance costs | 0 | 0 | (15) |
| Cash proceeds from issuance of common stock under employee equity plans | 162 | 164 | 149 |
| Restricted stock and performance-based shares settled in cash for taxes | (111) | (94) | (76) |
| Net cash provided by (used in) financing activities | (12,061) | (10,790) | (5,924) |
| Effect of exchange rate changes on cash and cash equivalents | (277) | (101) | 236 |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (145) | (1,034) | 4,364 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 10,977 | 12,011 | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | 10,832 | 10,977 | 12,011 |
| Supplemental Disclosure | |||
| Income taxes paid, net of refunds | 2,648 | 2,285 | 3,038 |
| Interest payments on debt | 537 | 545 | 489 |
| Charitable contribution of investment securities to Visa Foundation | 0 | 195 | 0 |
| Accruals related to purchases of property, equipment and technology | 95 | 77 | 50 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2019 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2019 10-K (Filed: Nov 14, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2019 | Sept 30, 2018 | |
| Assets | ||
| Cash and cash equivalents | $ 7,838 | 8,162 |
| Restricted cash equivalentsU.S. litigation escrow (Note 4 and Note 5) | 1,205 | 1,491 |
| Investment securities (Note 6) | 4,236 | 3,547 |
| Settlement receivable | 3,048 | 1,582 |
| Accounts receivable | 1,542 | 1,208 |
| Customer collateral (Note 4 and Note 11) | 1,648 | 1,324 |
| Current portion of client incentives | 741 | 340 |
| Prepaid expenses and other current assets | 712 | 562 |
| Total current assets | 20,970 | 18,216 |
| Investment securities (Note 6) | 2,157 | 4,082 |
| Client incentives | 2,084 | 538 |
| Property, equipment and technology, net (Note 7) | 2,695 | 2,472 |
| Goodwill (Note 8) | 15,656 | 15,194 |
| Intangible assets, net (Note 8) | 26,780 | 27,558 |
| Other assets | 2,232 | 1,165 |
| Total assets | 72,574 | 69,225 |
| Liabilities | ||
| Accounts payable | 156 | 183 |
| Settlement payable | 3,990 | 2,168 |
| Customer collateral (Note 4 and Note 11) | 1,648 | 1,325 |
| Accrued compensation and benefits | 796 | 901 |
| Client incentives | 3,997 | 2,834 |
| Accrued liabilities | 1,625 | 1,160 |
| Deferred purchase consideration | 0 | 1,300 |
| Accrued litigation (Note 20) | 1,203 | 1,434 |
| Total current liabilities | 13,415 | 11,305 |
| Long-term debt (Note 9) | 16,729 | 16,630 |
| Deferred tax liabilities (Note 19) | 4,807 | 4,618 |
| Other liabilities | 2,939 | 2,666 |
| Total liabilities | 37,890 | 35,219 |
| Equity | ||
| Right to recover for covered losses (Note 5) | (171) | (7) |
| Additional paid-in capital | 16,541 | 16,678 |
| Accumulated income | 13,502 | 11,318 |
| Accumulated other comprehensive income (loss), net: | ||
| Investment securities | 6 | (17) |
| Defined benefit pension and other postretirement plans | (192) | (61) |
| Derivative instruments | 199 | 60 |
| Foreign currency translation adjustments | 663 | (565) |
| Total accumulated other comprehensive income (loss), net | (650) | 547 |
| Total equity | 34,684 | 34,006 |
| Total liabilities and equity | 72,574 | 69,225 |
| Class of Stock | ||
| Series A convertible participating preferred stock | ||
| Preferred stock | 0 | 0 |
| Series B convertible participating preferred stock | ||
| Preferred stock | 2,285 | 2,291 |
| Series C convertible participating preferred stock | ||
| Preferred stock | 3,177 | 3,179 |
| Class A common stock | ||
| Common stock | 0 | 0 |
| Class B common stock | ||
| Common stock | 0 | 0 |
| Class C common stock | ||
| Common stock | 0 | 0 |
| External Links | |
| VISA INC. (V) Fiscal Year 2019 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |