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: 2012 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2012 10-K (Filed: Nov 16, 2012) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2012 | Sept 30, 2011 | Sept 30, 2010 | |
| Operating Revenues | |||
| Service revenues | $ 4,872 | 4,261 | 3,497 |
| Data processing revenues | 3,975 | 3,478 | 3,125 |
| International transaction revenues | 3,025 | 2,674 | 2,290 |
| Other revenues | 704 | 655 | 713 |
| Client incentives | (2,155) | (1,880) | (1,560) |
| Total operating revenues | 10,421 | 9,188 | 8,065 |
| Operating Expenses | |||
| Personnel | 1,726 | 1,459 | 1,222 |
| Network and processing | 414 | 357 | 425 |
| Marketing | 873 | 870 | 964 |
| Professional fees | 385 | 337 | 286 |
| Depreciation and amortization | 333 | 288 | 265 |
| General and administrative | 451 | 414 | 359 |
| Litigation provision (Note 21) | 4,100 | 7 | (45) |
| Total operating expenses | 8,282 | 3,732 | 3,476 |
| Operating income | 2,139 | 5,456 | 4,589 |
| Other Income (Expense) | |||
| Interest income (expense) | 29 | (32) | (72) |
| Investment income, net (Note 4) | 36 | 108 | 49 |
| Other | 3 | 124 | 72 |
| Total other income | 68 | 200 | 49 |
| Income before income taxes | 2,207 | 5,656 | 4,638 |
| Income tax provision | 65 | 2,010 | 1,674 |
| Net income including non-controlling interest | 2,142 | 3,646 | 2,964 |
| Loss attributable to non-controlling interest | 2 | 4 | 2 |
| Net income attributable to Visa Inc. | 2,144 | 3,650 | 2,966 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Net income attributable to Visa Inc. | 1,664 | 2,638 | 1,940 |
| Basic earnings per share (Note 16) | 3.17 | 5.18 | 4.03 |
| Basic weighted average shares outstanding (Note 16) | 524 | 509 | 482 |
| Diluted earnings per share (Note 16) | 3.16 | 5.16 | 4.01 [1] |
| Diluted weighted average shares outstanding (Note 16) | 678 | 707 [2] | 739 |
| Class B common stock | |||
| Net income attributable to Visa Inc. | 343 | 636 | 566 |
| Basic earnings per share (Note 16) | 1.40 | 2.59 | 2.31 |
| Basic weighted average shares outstanding (Note 16) | 245 | 245 | 245 |
| Diluted earnings per share (Note 16) | 1.39 | 2.58 | 2.30 |
| Diluted weighted average shares outstanding (Note 16) | 245 | 245 | 245 |
| Class C common stock | |||
| Net income attributable to Visa Inc. | 130 | 364 | 451 |
| Basic earnings per share (Note 16) | 3.17 | 5.18 | 4.03 |
| Basic weighted average shares outstanding (Note 16) | 41 | 70 | 112 |
| Diluted earnings per share (Note 16) | 3.16 | 5.16 | 4.01 |
| Diluted weighted average shares outstanding (Note 16) | 41 | 70 | 112 |
| [1] Earnings per share calculated based on whole numbers, not rounded numbers. | |||
| [2] Weighted-average dilutive shares outstanding is calculated on an as-converted basis, and includes incremental common stock equivalents, as calculated under the treasury stock method. The computation includes 3 million common stock equivalents for fiscal 2012 and 2011, and 2 million common stock equivalents for fiscal 2010, respectively, because their effect would have been dilutive, and excludes less than 1 million, 2 million and 3 million common stock equivalents for fiscal 2012, 2011 and 2010, respectivel | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2012 10-K (Filed: Nov 16, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2012 | Sept 30, 2011 | Sept 30, 2010 | |
| Net income including non-controlling interest | $ 2,142 | 3,646 | 2,964 |
| Other comprehensive income (loss), net of tax: | |||
| Investment securities, available-for-sale | |||
| Net unrealized gain (loss) | 4 | (1) | (10) |
| Income tax effect | (1) | 0 | 4 |
| Reclassification adjustment for net (gain) loss realized in net income including non-controlling interest | 0 | (4) | (1) |
| Income tax effect | 0 | 2 | 0 |
| Defined benefit pension and other postretirement plans | 0 | (117) | 35 |
| Income tax effect | 0 | 46 | (14) |
| Derivative instruments classified as cash flow hedges | |||
| Net unrealized gain (loss) | 3 | 18 | (28) |
| Income tax effect | (1) | (9) | 6 |
| Reclassification adjustment for net (gain) loss realized in net income including non-controlling interest | (14) | 62 | 61 |
| Income tax effect | 7 | (13) | (21) |
| Foreign currency translation adjustments | 7 | (9) | 5 |
| Other comprehensive income (loss), net of tax | 5 | (25) | 37 |
| Comprehensive income including non-controlling interest | 2,147 | 3,621 | 3,001 |
| Comprehensive loss attributable to non-controlling interest | 2 | 4 | 2 |
| Comprehensive income attributable to Visa Inc. | 2,149 | 3,625 | 3,003 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2012 10-K (Filed: Nov 16, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2012 | Sept 30, 2011 | Sept 30, 2010 | |
| Operating Activities | |||
| Net income including non-controlling interest | $ 2,142 | 3,646 | 2,964 |
| Adjustments to reconcile net income including non-controlling interest to net cash provided by (used in) operating activities: | |||
| Amortization of volume and support incentives | 2,155 | 1,880 | 1,560 |
| Fair value adjustment for the Visa Europe put option | 0 | (122) | (79) |
| Share-based compensation | 147 | 154 | 131 |
| Excess tax benefit for share-based compensation | (71) | (18) | (14) |
| Depreciation and amortization of property, equipment and technology | 333 | 288 | 265 |
| Litigation provision and accretion (Note 21) | 4,101 | 18 | (18) |
| Deferred income taxes | (1,690) | 164 | 249 |
| Other | (8) | (104) | (32) |
| Change in operating assets and liabilities: | |||
| Settlement receivable | (42) | (4) | 203 |
| Accounts receivable | (161) | (79) | (7) |
| Client incentives | (1,757) | (1,857) | (1,386) |
| Other assets | (26) | 2 | (42) |
| Accounts payable | (17) | 29 | (21) |
| Settlement payable | 270 | 36 | (245) |
| Accrued and other liabilities | (227) | 129 | 165 |
| Accrued litigation | (140) | (290) | (1,002) |
| Net cash provided by operating activities | 5,009 | 3,872 | 2,691 |
| Investing Activities | |||
| Purchases of property, equipment and technology | (376) | (353) | (241) |
| Proceeds from disposal of property, equipment and technology | 2 | 0 | 3 |
| Investment securities, available-for-sale: | |||
| Purchases | (4,140) | (1,910) | (11) |
| Proceeds from sales and maturities | 2,093 | 129 | 67 |
| Purchases of/contributions to other investments | (12) | (13) | (17) |
| Proceeds from sale of other investments | 22 | 116 | 11 |
| Acquisition, net of cash received of $17, $22, and $147, respectively (See Note 5) | (3) | (268) | (1,805) |
| Distribution from money market investment | 0 | 0 | 89 |
| Net cash used in investing activities | (2,414) | (2,299) | (1,904) |
| Financing Activities | |||
| Repurchase of class A common stock (Note 15) | (710) | (2,024) | (1,000) |
| Dividends paid (Note 15) | (595) | (423) | (368) |
| Deposits into litigation escrow accountretrospective responsibility plan (Note 3) | (1,715) | (1,200) | (500) |
| Payments from litigation escrow accountretrospective responsibility plan (Note 3) | 140 | 280 | 280 |
| Cash proceeds from exercise of stock options | 174 | 99 | 56 |
| Excess tax benefit for share-based compensation | 71 | 18 | 14 |
| Principal payments on debt | 0 | (44) | (12) |
| Principal payments on capital lease obligations | (6) | (10) | (12) |
| Payments for earn-out related to PlaySpan acquisition | (14) | 0 | 0 |
| Net cash (used in) provided by financing activities | (2,655) | (3,304) | (1,542) |
| Effect of exchange rate changes on cash and cash equivalents | 7 | (9) | 5 |
| Decrease in cash and cash equivalents | (53) | (1,740) | (750) |
| Cash and cash equivalents at beginning of year | 2,127 | 3,867 | |
| Cash and cash equivalents at end of year | 2,074 | 2,127 | 3,867 |
| Supplemental Disclosure of Cash Flow Information | |||
| Income taxes paid, net of refunds | 2,057 | 1,731 | 1,291 |
| Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment, technology and intangible assets | 67 | 36 | 31 |
| Interest payments on debt | 0 | 3 | 4 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2012 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2012 10-K (Filed: Nov 16, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2012 | Sept 30, 2011 | |
| Assets | ||
| Cash and cash equivalents | $ 2,074 | 2,127 |
| Restricted cash-litigation escrow (Note 3) | 4,432 | 2,857 |
| Investment securities (Note 4) | ||
| Trading | 66 | 57 |
| Available-for-sale | 677 | 1,214 |
| Settlement receivable | 454 | 412 |
| Accounts receivable | 723 | 560 |
| Customer collateral (Note 12) | 823 | 931 |
| Current portion of client incentives | 209 | 278 |
| Deferred tax assets (Note 20) | 2,027 | 489 |
| Prepaid expenses and other current assets (Note 6) | 301 | 265 |
| Total current assets | 11,786 | 9,190 |
| Investment securities, available-for-sale (Note 4) | 3,283 | 711 |
| Client incentives | 58 | 85 |
| Property, equipment and technology, net (Note 7) | 1,634 | 1,541 |
| Other assets (Note 6) | 151 | 129 |
| Intangible assets, net (Note 8) | 11,420 | 11,436 |
| Goodwill | 11,681 | 11,668 |
| Total assets | 40,013 | 34,760 |
| Liabilities | ||
| Accounts payable | 152 | 169 |
| Settlement payable | 719 | 449 |
| Customer collateral (Note 12) | 823 | 931 |
| Accrued compensation and benefits | 460 | 387 |
| Client incentives | 830 | 528 |
| Accrued liabilities (Note 9) | 584 | 562 |
| Accrued litigation (Note 21) | 4,386 | 425 |
| Total current liabilities | 7,954 | 3,451 |
| Deferred tax liabilities (Note 20) | 4,058 | 4,205 |
| Other liabilities (Note 9) | 371 | 667 |
| Total liabilities | 12,383 | 8,323 |
| Commitments and contingencies (Note 18) | ||
| Equity | ||
| Additional paid-in capital | 19,992 | 19,907 |
| Accumulated income | 7,809 | 6,706 |
| Accumulated other comprehensive income (loss), net | ||
| Investment securities, available-for-sale | 3 | 0 |
| Defined benefit pension and other postretirement plans | (186) | (186) |
| Derivative instruments classified as cash flow hedges | 13 | 18 |
| Foreign currency translation adjustments | (1) | (8) |
| Total accumulated other comprehensive loss, net | (171) | (176) |
| Total equity | 27,630 | 26,437 |
| Total liabilities and equity | 40,013 | 34,760 |
| Class of Stock | ||
| Preferred stock | ||
| Preferred stock, $0.0001 par value, 25 shares authorized and none issued | 0 | 0 |
| Class A common stock | ||
| Common stock (Note 15) | 0 | 0 |
| Class B common stock | ||
| Common stock (Note 15) | 0 | 0 |
| Class C common stock | ||
| Common stock (Note 15) | 0 | 0 |
| External Links | |
| VISA INC. (V) Fiscal Year 2012 | |
| 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 |