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: 2010 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2010 10-K (Filed: Nov 19, 2010) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2010 | Sept 30, 2009 | Sept 30, 2008 | |
| Operating Revenues | |||
| Service revenues | $ 3,497 | 3,174 | 3,061 |
| Data processing revenues | 3,125 | 2,430 | 2,073 |
| International transaction revenues | 2,290 | 1,916 | 1,721 |
| Other revenues | 713 | 625 | 569 |
| Volume and support incentives | (1,560) | (1,234) | (1,161) |
| Total operating revenues | 8,065 | 6,911 | 6,263 |
| Operating Expenses | |||
| Personnel | 1,222 | 1,228 | 1,314 |
| Network, EDP and communications | 425 | 393 | 339 |
| Advertising, marketing and promotion | 964 | 918 | 1,016 |
| Professional and consulting fees | 286 | 268 | 323 |
| Depreciation and amortization | 265 | 226 | 237 |
| Administrative and other | 359 | 338 | 332 |
| Litigation provision (Note 22) | (45) | 2 | 1,470 |
| Total operating expenses | 3,476 | 3,373 | 5,031 |
| Operating income | 4,589 | 3,538 | 1,232 |
| Other Income (Expense) | |||
| Equity in earnings of unconsolidated affiliates | (7) | 1 | |
| Interest expense | (72) | (115) | (143) |
| Investment income, net (Note 5) | 49 | 575 | 211 |
| Other | 79 | 2 | 35 |
| Total other income | 49 | 462 | 104 |
| Income before income taxes | 4,638 | 4,000 | 1,336 |
| Income tax expense | 1,674 | 1,648 | 532 |
| Net income including non-controlling interest | 2,964 | 2,352 | 804 |
| Loss attributable to non-controlling interest | 2 | 1 | |
| Net income attributable to Visa Inc. | 2,966 | 2,353 | 804 |
| Class of Stock | |||
| Class A common stock | |||
| Net income attributable to Visa Inc. | 1,940 | 1,397 | 232 |
| Basic earnings per share (Note 17) | 4.03 [1] | 3.10 | 0.96 |
| Basic weighted average shares outstanding (Note 17) | 482 | 451 | 239 |
| Diluted earnings per share (Note 17) | 4.01 | 3.10 | 0.96 |
| Diluted weighted average shares outstanding (Note 17) | 739 | 759 | 770 |
| Class B common stock | |||
| Net income attributable to Visa Inc. | 566 | 485 [2] | 284 |
| Basic earnings per share (Note 17) | 2.31 | 1.98 | 0.85 |
| Basic weighted average shares outstanding (Note 17) | 245 | 245 | 333 |
| Diluted earnings per share (Note 17) | 2.30 | 1.98 | 0.85 |
| Diluted weighted average shares outstanding (Note 17) | 245 | 245 | 333 |
| Class C common stock | |||
| Net income attributable to Visa Inc. | 451 | 460 | |
| Basic earnings per share (Note 17) | 4.03 | 3.10 | |
| Basic weighted average shares outstanding (Note 17) | 112 | 148 | |
| Diluted earnings per share (Note 17) | 4.01 | 3.10 | |
| Diluted weighted average shares outstanding (Note 17) | 112 | 148 | |
| Class C (series I) common stock | |||
| Net income attributable to Visa Inc. | 183 | ||
| Basic earnings per share (Note 17) | 0.96 | ||
| Basic weighted average shares outstanding (Note 17) | 191 | ||
| Diluted earnings per share (Note 17) | 0.96 | ||
| Diluted weighted average shares outstanding (Note 17) | 191 | ||
| Class C (series II) common stock | |||
| Net income attributable to Visa Inc. | 44 | ||
| Basic earnings per share (Note 17) | 0.79 | ||
| Basic weighted average shares outstanding (Note 17) | 56 | ||
| Diluted earnings per share (Note 17) | 0.79 | ||
| Diluted weighted average shares outstanding (Note 17) | 56 | ||
| Class C (series III and IV) common stock | |||
| Net income attributable to Visa Inc. | 42 | ||
| Basic earnings per share (Note 17) | 0.96 | ||
| Basic weighted average shares outstanding (Note 17) | 44 | ||
| Diluted earnings per share (Note 17) | 0.96 | ||
| Diluted weighted average shares outstanding (Note 17) | 44 | ||
| [1] Earnings per share calculated based on whole numbers, not rounded numbers. | The computation of average dilutive shares outstanding excluded approximately 3 million stock options for fiscal 2010 and less than 1 million for fiscal 2009 and 2008, respectively, because their effect would have been anti-dilutive. | |||
| [2] Net income attributable to Visa Inc. is allocated to each class and series of common stock on an as-converted basis. The weighted average numbers of shares of class B common stock outstanding on an as-converted basis used in the allocation of net income were 141 million, 157 million and 295 million for fiscal 2010, 2009 and 2008, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2010 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2010 10-K (Filed: Nov 19, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2010 | Sept 30, 2009 | Sept 30, 2008 | |
| Operating Activities | |||
| Net income including non-controlling interest | $ 2,964 | 2,352 | 804 |
| Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | |||
| Gain on sale of other investments | (6) | (473) | |
| Depreciation and amortization of property, equipment and technology | 265 | 226 | 237 |
| Share-based compensation | 131 | 115 | 74 |
| Excess tax benefit for share-based compensation | (14) | (7) | |
| Restricted stock instruments settled in cash for taxes | (14) | (22) | |
| Fair value adjustment for liability under the Framework Agreement | (35) | ||
| Fair value adjustment for the Visa Europe put option | (79) | ||
| Interest earned on litigation escrow, net of tax | (1) | (15) | (13) |
| Net recognized (gain) loss on investment securities, including other-than-temporary impairment | (21) | 5 | 34 |
| Asset impairment | 3 | 11 | 34 |
| Loss on disposal of property, equipment and technology | 2 | ||
| Amortization of volume and support incentives | 1,560 | 1,234 | 1,161 |
| Litigation provision and accretion | (18) | 95 | 1,601 |
| Equity in earnings of unconsolidated affiliates | 7 | (1) | |
| Deferred income taxes | 249 | 297 | (27) |
| Change in operating assets and liabilities: | |||
| Trading securities | (1) | 34 | |
| Accounts receivable | (7) | (102) | (24) |
| Settlement receivable | 203 | 526 | (543) |
| Volume and support incentives | (1,386) | (1,136) | (1,378) |
| Other assets | (41) | (109) | (158) |
| Accounts payable | (21) | (3) | (10) |
| Settlement payable | (245) | (461) | 451 |
| Accrued compensation and benefits | (26) | (23) | (115) |
| Accrued and other liabilities | 191 | 213 | (33) |
| Accrued litigation | (1,002) | (2,201) | (1,525) |
| Member deposits | (3) | ||
| Net cash provided by operating activities | 2,691 | 558 | 531 |
| Investing Activities | |||
| Investment securities, available-for-sale: | |||
| Purchases | (11) | (7) | (1,509) |
| Proceeds from sales and maturities | 67 | 297 | 2,458 |
| Distribution from money market investment | 89 | 884 | |
| Reclassification of money market investment | (983) | ||
| Purchases of/contributions to other investments | (17) | (48) | (25) |
| Proceeds from sale of other investments | 9 | 1,008 | |
| Dividends/distributions from other investments | 2 | 2 | 22 |
| Acquisition, net of cash received of $147 | (1,805) | ||
| Cash acquired through reorganization | 1,002 | ||
| Purchases of property, equipment and technology | (241) | (306) | (415) |
| Proceeds from disposal of property, equipment and technology | 3 | 4 | |
| Net cash (used in) provided by investing activities | (1,904) | 1,830 | 554 |
| Financing Activities | |||
| Proceeds from short-term borrowing | 2 | ||
| Payments on short-term borrowing | (2) | ||
| Proceeds from sale of common stock, net of issuance costs of $550 | 19,100 | ||
| Excess tax benefit for share-based compensation | 14 | 7 | |
| Cash proceeds from exercise of stock options | 56 | 32 | |
| Funding of litigation escrow account-Retrospective Responsibility Plan | (500) | (1,800) | (3,000) |
| Payment from litigation escrow account-Retrospective Responsibility Plan | 280 | 2,028 | 1,085 |
| Funding of tax escrow account for income tax withheld on stock proceeds | (116) | ||
| Payments from tax escrow account | 116 | ||
| Payment for redemption of stock | (2,646) | (13,446) | |
| Dividends paid | (368) | (318) | (93) |
| Principal payments on debt | (12) | (50) | (18) |
| Principal payments on capital lease obligations | (12) | (4) | (4) |
| Repurchase of class A common stock | (1,000) | ||
| Net cash (used in) provided by financing activities | (1,542) | (2,751) | 3,624 |
| Effect of exchange rate changes on cash and cash equivalents | 5 | 1 | (5) |
| (Decrease) increase in cash and cash equivalents | (750) | (362) | 4,704 |
| Cash and cash equivalents at beginning of year | 4,617 | 4,979 | |
| Cash and cash equivalents at end of year | 3,867 | 4,617 | 4,979 |
| Supplemental Disclosure of Cash Flow Information | |||
| Income taxes paid, net of refunds | 1,291 | 1,172 | 678 |
| Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment and technology | 31 | 18 | 32 |
| Interest payments on debt | 4 | 7 | 8 |
| Common stock issued in reorganization | 17,935 | ||
| Assets acquired in joint venture with note payable and equity interest issued | 22 | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2010 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2010 10-K (Filed: Nov 19, 2010) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2010 | Sept 30, 2009 | |
| Assets | ||
| Cash and cash equivalents | $ 3,867 | 4,617 |
| Restricted cash-litigation escrow (Note 4) | 1,866 | 1,365 |
| Investment securities | ||
| Trading (Note 5) | 60 | 59 |
| Available-for-sale (Note 5) | 124 | 56 |
| Settlement receivable | 402 | 605 |
| Accounts receivable | 476 | 444 |
| Customer collateral (Note 13) | 899 | 812 |
| Current portion of volume and support incentives | 175 | 214 |
| Current portion of deferred tax assets (Note 21) | 623 | 703 |
| Prepaid expenses and other current assets (Note 7) | 242 | 366 |
| Total current assets | 8,734 | 9,241 |
| Restricted cash-litigation escrow (Note 4) | 70 | 350 |
| Investment securities, available-for-sale (Note 5) | 24 | 168 |
| Volume and support incentives | 101 | 102 |
| Property, equipment and technology, net (Note 8) | 1,357 | 1,204 |
| Other assets (Note 7) | 197 | 125 |
| Intangible assets, net (Note 9) | 11,478 | 10,883 |
| Goodwill | 11,447 | 10,208 |
| Total assets | 33,408 | 32,281 |
| Liabilities | ||
| Accounts payable | 137 | 156 |
| Settlement payable | 406 | 634 |
| Customer collateral (Note 13) | 899 | 812 |
| Accrued compensation and benefits | 370 | 396 |
| Volume and support incentives | 418 | 284 |
| Accrued liabilities (Note 10) | 625 | 754 |
| Current portion of long-term debt (Note 11) | 12 | 12 |
| Current portion of accrued litigation (Note 22) | 631 | 1,394 |
| Total current liabilities | 3,498 | 4,442 |
| Long-term debt (Note 11) | 32 | 44 |
| Accrued litigation (Note 22) | 66 | 323 |
| Deferred tax liabilities (Note 21) | 4,181 | 3,807 |
| Other liabilities (Note 10) | 617 | 472 |
| Total liabilities | 8,394 | 9,088 |
| Commitments and contingencies (Note 19) | ||
| Equity | ||
| Additional paid-in capital | 20,794 | 21,160 |
| Accumulated income | 4,368 | 2,219 |
| Accumulated other comprehensive loss, net | ||
| Investment securities, available-for-sale | 3 | 10 |
| Defined benefit pension and other postretirement plans | (115) | (136) |
| Derivative instruments | (40) | (58) |
| Foreign currency translation gain (loss) | 1 | (4) |
| Total accumulated other comprehensive loss, net | (151) | (188) |
| Total Visa Inc. stockholders' equity | 25,011 | 23,189 |
| Non-controlling interest | 3 | 4 |
| Total equity | 25,014 | 23,193 |
| Total liabilities and equity | 33,408 | 32,281 |
| Class of Stock | ||
| Preferred stock | ||
| Preferred stock, $0.0001 par value, 25 shares authorized and none issued | ||
| Class A common stock | ||
| Common stock | ||
| Class B common stock | ||
| Common stock | ||
| Class C common stock | ||
| Common stock | ||
| Class C treasury stock (Note 16) | (2) | |
| External Links | |
| VISA INC. (V) Fiscal Year 2010 | |
| 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 |