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: 2020 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2020 10-K (Filed: Nov 19, 2020) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2020 | Sept 30, 2019 | Sept 30, 2018 | |
| Net revenues | $ 21,846 | 22,977 | 20,609 |
| Operating Expenses | |||
| Personnel | 3,785 | 3,444 | 3,170 |
| Marketing | 971 | 1,105 | 988 |
| Network and processing | 727 | 721 | 686 |
| Professional fees | 408 | 454 | 446 |
| Depreciation and amortization | 767 | 656 | 613 |
| General and administrative | 1,096 | 1,196 | 1,145 |
| Litigation provision | 11 | 400 | 607 |
| Total operating expenses | 7,765 | 7,976 | 7,655 |
| Operating income | 14,081 | 15,001 | 12,954 |
| Non-operating Income (Expense) | |||
| Interest expense, net | (516) | (533) | (612) |
| Investment income and other | 225 | 416 | 464 |
| Total non-operating income (expense) | (291) | (117) | (148) |
| Income before income taxes | 13,790 | 14,884 | 12,806 |
| Income tax provision | 2,924 | 2,804 | 2,505 |
| Net income | 10,866 | 12,080 | 10,301 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Basic earnings per share (in dollars per share) | 4.90 | 5.32 | 4.43 |
| Basic weighted-average shares outstanding (in shares) | 1,697 | 1,742 | 1,792 |
| Diluted earnings per share (in dollars per share) | 4.89 | 5.32 | 4.42 |
| Diluted weighted-average shares outstanding (in shares) | 2,223 | 2,272 | 2,329 |
| Class B common stock | |||
| Basic earnings per share (in dollars per share) | 7.94 | 8.68 | 7.28 |
| Basic weighted-average shares outstanding (in shares) | 245 | 245 | 245 |
| Diluted earnings per share (in dollars per share) | 7.93 | 8.66 | 7.27 |
| Diluted weighted-average shares outstanding (in shares) | 245 | 245 | 245 |
| Class C common stock | |||
| Basic earnings per share (in dollars per share) | 19.58 | 21.30 | 17.72 |
| Basic weighted-average shares outstanding (in shares) | 11 | 12 | 12 |
| Diluted earnings per share (in dollars per share) | 19.56 | 21.26 | 17.69 |
| Diluted weighted-average shares outstanding (in shares) | 11 | 12 | 12 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2020 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2020 10-K (Filed: Nov 19, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2020 | Sept 30, 2019 | Sept 30, 2018 | |
| Net income | $ 10,866 | 12,080 | 10,301 |
| Other comprehensive income (loss), net of tax: | |||
| Investment securities: | |||
| Net unrealized gain (loss) | 1 | 20 | 94 |
| Income tax effect | 0 | (5) | (19) |
| Reclassification adjustments | (3) | 1 | (215) |
| Income tax effect | 1 | 0 | 50 |
| Defined benefit pension and other postretirement plans: | |||
| Net unrealized actuarial gain (loss) and prior service credit (cost) | (7) | (174) | 16 |
| Income tax effect | 1 | 36 | (5) |
| Reclassification adjustments | 18 | 9 | 5 |
| Income tax effect | (3) | (2) | (1) |
| Derivative instruments: | |||
| Net unrealized gain (loss) | (547) | 233 | 90 |
| Income tax effect | 119 | (25) | (24) |
| Reclassification adjustments | (81) | (85) | 32 |
| Income tax effect | 19 | 16 | (2) |
| Foreign currency translation adjustments | 1,511 | (1,228) | (352) |
| Other comprehensive income (loss), net of tax | 1,029 | (1,204) | (331) |
| Comprehensive income | 11,895 | 10,876 | 9,970 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2020 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2020 10-K (Filed: Nov 19, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2020 | Sept 30, 2019 | Sept 30, 2018 | |
| Operating Activities | |||
| Net income | $ 10,866 | 12,080 | 10,301 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Client incentives | 6,664 | 6,173 | 5,491 |
| Share-based compensation | 416 | 407 | 327 |
| Depreciation and amortization of property, equipment, technology and intangible assets | 767 | 656 | 613 |
| Deferred income taxes | 307 | 214 | (1,277) |
| VE territory covered losses incurred | (37) | (172) | (11) |
| Other | (145) | (271) | (64) |
| Change in operating assets and liabilities: | |||
| Settlement receivable | 1,858 | (1,533) | (223) |
| Accounts receivable | (43) | (333) | (70) |
| Client incentives | (8,081) | (6,430) | (4,682) |
| Other assets | (402) | (310) | 59 |
| Accounts payable | 21 | (24) | 3 |
| Settlement payable | (2,384) | 1,931 | 262 |
| Accrued and other liabilities | 923 | 627 | 1,760 |
| Accrued litigation | (290) | (231) | 452 |
| Net cash provided by (used in) operating activities | 10,440 | 12,784 | 12,941 |
| Investing Activities | |||
| Purchases of property, equipment and technology | (736) | (756) | (718) |
| Investment securities: | |||
| Purchases | (2,075) | (2,653) | (5,772) |
| Proceeds from maturities and sales | 4,510 | 3,996 | 3,636 |
| Acquisitions, net of cash and restricted cash acquired | (77) | (699) | (196) |
| Purchases of / contributions to other investments | (267) | (501) | (50) |
| Other investing activities | 72 | 22 | 16 |
| Net cash provided by (used in) investing activities | 1,427 | (591) | (3,084) |
| Financing Activities | |||
| Repurchase of class A common stock | (8,114) | (8,607) | (7,192) |
| Proceeds from issuance of senior notes | 7,212 | 0 | 0 |
| Repayments of debt | 0 | 0 | (1,750) |
| Dividends paid | (2,664) | (2,269) | (1,918) |
| Payment of deferred purchase consideration related to the Visa Europe acquisition | 0 | (1,236) | 0 |
| Cash proceeds from issuance of common stock under employee equity plans | 190 | 162 | 164 |
| Restricted stock and performance-based shares settled in cash for taxes | (160) | (111) | (94) |
| Payments to settle derivative instruments | (333) | 0 | 0 |
| Other financing activities | (99) | 0 | 0 |
| Net cash provided by (used in) financing activities | (3,968) | (12,061) | (10,790) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 440 | (277) | (101) |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 8,339 | (145) | (1,034) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 10,832 | 10,977 | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | 19,171 | 10,832 | 10,977 |
| Supplemental Disclosure | |||
| Cash paid for income taxes, net | 2,671 | 2,648 | 2,285 |
| Interest payments on debt | 537 | 537 | 545 |
| Charitable contribution of investment securities to Visa Foundation | 0 | 0 | 195 |
| Accruals related to purchases of property, equipment and technology | 38 | 95 | 77 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2020 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2020 10-K (Filed: Nov 19, 2020) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2020 | Sept 30, 2019 | |
| Assets | ||
| Cash and cash equivalents | $ 16,289 | 7,838 |
| Restricted cash equivalentsU.S. litigation escrow | 901 | 1,205 |
| Investment securities | 3,752 | 4,236 |
| Settlement receivable | 1,264 | 3,048 |
| Accounts receivable | 1,618 | 1,542 |
| Customer collateral | 1,850 | 1,648 |
| Current portion of client incentives | 1,214 | 741 |
| Prepaid expenses and other current assets | 757 | 712 |
| Total current assets | 27,645 | 20,970 |
| Investment securities | 231 | 2,157 |
| Client incentives | 3,175 | 2,084 |
| Property, equipment and technology, net | 2,737 | 2,695 |
| Goodwill | 15,910 | 15,656 |
| Intangible assets, net | 27,808 | 26,780 |
| Other assets | 3,413 | 2,232 |
| Total assets | 80,919 | 72,574 |
| Liabilities | ||
| Accounts payable | 174 | 156 |
| Settlement payable | 1,736 | 3,990 |
| Customer collateral | 1,850 | 1,648 |
| Accrued compensation and benefits | 821 | 796 |
| Client incentives | 4,176 | 3,997 |
| Accrued liabilities | 1,840 | 1,625 |
| Current maturities of debt | 2,999 | 0 |
| Accrued litigation | 914 | 1,203 |
| Total current liabilities | 14,510 | 13,415 |
| Long-term debt | 21,071 | 16,729 |
| Deferred tax liabilities | 5,237 | 4,807 |
| Other liabilities | 3,891 | 2,939 |
| Total liabilities | 44,709 | 37,890 |
| Commitments and contingencies (Note 18) | ||
| Equity | ||
| Right to recover for covered losses | (39) | (171) |
| Additional paid-in capital | 16,721 | 16,541 |
| Accumulated income | 14,088 | 13,502 |
| Accumulated other comprehensive income (loss), net: | ||
| Investment securities | 3 | 6 |
| Defined benefit pension and other postretirement plans | (196) | (192) |
| Derivative instruments | (291) | 199 |
| Foreign currency translation adjustments | 838 | (663) |
| Total accumulated other comprehensive income (loss), net | 354 | (650) |
| Total equity | 36,210 | 34,684 |
| Total liabilities and equity | 80,919 | 72,574 |
| Class of Stock | ||
| Series A convertible participating preferred stock | ||
| Preferred stock | 2,437 | 0 |
| Series B convertible participating preferred stock | ||
| Preferred stock | 1,106 | 2,285 |
| Series C convertible participating preferred stock | ||
| Preferred stock | 1,543 | 3,177 |
| 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 2020 | |
| 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 |