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: 2013 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2013 10-K (Filed: Nov 22, 2013) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2013 | Sept 30, 2012 | Sept 30, 2011 | |
| Operating Revenues | |||
| Service revenues | $ 5,352 | 4,872 | 4,261 |
| Data processing revenues | 4,642 | 3,975 | 3,478 |
| International transaction revenues | 3,389 | 3,025 | 2,674 |
| Other revenues | 716 | 704 | 655 |
| Client incentives | (2,321) | (2,155) | (1,880) |
| Total operating revenues | 11,778 | 10,421 | 9,188 |
| Operating Expenses | |||
| Personnel | 1,932 | 1,726 | 1,459 |
| Marketing | 876 | 873 | 870 |
| Network and processing | 468 | 414 | 357 |
| Professional fees | 412 | 385 | 337 |
| Depreciation and amortization | 397 | 333 | 288 |
| General and administrative | 451 | 451 | 414 |
| Litigation provision (Note 20) | 3 | 4,100 | 7 |
| Total operating expenses | 4,539 | 8,282 | 3,732 |
| Operating income | 7,239 | 2,139 | 5,456 |
| Non-operating income | 18 | 68 | 200 |
| Income before income taxes | 7,257 | 2,207 | 5,656 |
| Income tax provision | 2,277 | 65 | 2,010 |
| Net income including non-controlling interest | 4,980 | 2,142 | 3,646 |
| Loss attributable to non-controlling interest | 0 | 2 | 4 |
| Net income attributable to Visa Inc. | 4,980 | 2,144 [1] | 3,650 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Net income attributable to Visa Inc. | 3,959 | 1,664 | 2,638 |
| Basic earnings per share (Note 15) | 7.61 | 3.17 | 5.18 |
| Basic weighted-average shares outstanding (Note 15) | 520 | 524 | 509 |
| Diluted earnings per share (Note 15) | 7.59 [2] | 3.16 | 5.16 |
| Diluted weighted-average shares outstanding (Note 15) | 656 | 678 | 707 [3] |
| Class B common stock | |||
| Net income attributable to Visa Inc. | 786 | 343 | 636 |
| Basic earnings per share (Note 15) | 3.20 | 1.40 | 2.59 |
| Basic weighted-average shares outstanding (Note 15) | 245 | 245 | 245 |
| Diluted earnings per share (Note 15) | 3.19 | 1.39 | 2.58 |
| Diluted weighted-average shares outstanding (Note 15) | 245 | 245 | 245 |
| Class C common stock | |||
| Net income attributable to Visa Inc. | 216 | 130 | 364 |
| Basic earnings per share (Note 15) | 7.61 | 3.17 | 5.18 |
| Basic weighted-average shares outstanding (Note 15) | 28 | 41 | 70 |
| Diluted earnings per share (Note 15) | 7.59 | 3.16 | 5.16 |
| Diluted weighted-average shares outstanding (Note 15) | 28 | 41 | 70 |
| [2] Net income attributable to Visa Inc. is allocated based on proportional ownership on an as-converted basis. The weighted-average numbers of shares of as-converted class B common stock used in the income allocation were 103 million, 108 million and 123 million for fiscal 2013, 2012 and 2011, respectively. | |||
| [3] Weighted-average diluted shares outstanding are calculated on an as-converted basis, and include incremental common stock equivalents, as calculated under the treasury stock method. The computation includes 2 million common stock equivalents for fiscal 2013 and 3 million for fiscal 2012 and fiscal 2011, because their effect would have been dilutive. The computation excludes less than 1 million of common stock equivalents for fiscal 2013 and 2012, and 2 million for fiscal 2011 because their effect would have | |||
| [1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on whole numbers, not the rounded numbers presented. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2013 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2013 10-K (Filed: Nov 22, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2013 | Sept 30, 2012 | Sept 30, 2011 | |
| Net income including non-controlling interest | $ 4,980 | 2,142 | 3,646 |
| Other comprehensive income (loss), net of tax: | |||
| Investment securities, available-for-sale: | |||
| Net unrealized gain (loss) | 88 | 4 | (1) |
| Income tax effect | (33) | (1) | 0 |
| Reclassification adjustment for net loss (gain) realized in net income including non-controlling interest | 1 | 0 | (4) |
| Income tax effect | 0 | 0 | 2 |
| Defined benefit pension and other postretirement plans | 203 | 0 | (117) |
| Income tax effect | (77) | 0 | 46 |
| Derivative instruments classified as cash flow hedges: | |||
| Net unrealized gain | 39 | 3 | 18 |
| Income tax effect | (6) | (1) | (9) |
| Reclassification adjustment for net (gain) loss realized in net income including non-controlling interest | (29) | (14) | 62 |
| Income tax effect | 6 | 7 | (13) |
| Foreign currency translation adjustments | 0 | 7 | (9) |
| Other comprehensive income (loss), net of tax | 192 | 5 | (25) |
| Comprehensive income including non-controlling interest | 5,172 | 2,147 | 3,621 |
| Comprehensive loss attributable to non-controlling interest | 0 | 2 | 4 |
| Comprehensive income attributable to Visa Inc. | 5,172 | 2,149 | 3,625 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2013 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2013 10-K (Filed: Nov 22, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2013 | Sept 30, 2012 | Sept 30, 2011 | |
| Operating Activities | |||
| Net income including non-controlling interest | $ 4,980 | 2,142 | 3,646 |
| Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | |||
| Amortization of client incentives | 2,321 | 2,155 | 1,880 |
| Share-based compensation | 179 | 147 | 154 |
| Excess tax benefit for share-based compensation | (74) | (71) | (18) |
| Depreciation and amortization of property, equipment, technology and intangible assets | 397 | 333 | 288 |
| Deferred income taxes | 1,527 | (1,690) | 164 |
| Litigation provision and accretion (Note 20) | 3 | 4,101 | 18 |
| Fair value adjustment for the Visa Europe put option | 0 | 0 | (122) |
| Other | 50 | (8) | (104) |
| Change in operating assets and liabilities: | |||
| Income tax receivable | 37 | (67) | 28 |
| Settlement receivable | (345) | (42) | (4) |
| Accounts receivable | (38) | (161) | (79) |
| Client incentives | (2,336) | (1,757) | (1,857) |
| Other assets | (543) | 41 | (26) |
| Accounts payable | 40 | (17) | 29 |
| Settlement payable | 506 | 270 | 36 |
| Accrued and other liabilities | 702 | (227) | 129 |
| Accrued litigation (Note 20) | (4,384) | (140) | (290) |
| Net cash provided by operating activities | 3,022 | 5,009 | 3,872 |
| Investing Activities | |||
| Purchases of property, equipment, technology and intangible assets | (471) | (376) | (353) |
| Proceeds from disposal of property, equipment and technology | 0 | 2 | 0 |
| Investment securities, available-for-sale: | |||
| Purchases | (3,164) | (4,140) | (1,910) |
| Proceeds from sales and maturities | 2,440 | 2,093 | 129 |
| Purchases of / contributions to other investments | (3) | (12) | (13) |
| Proceeds / distributions from other investments | 34 | 22 | 116 |
| Acquisitions, net of cash received | 0 | (3) | (268) |
| Net cash used in investing activities | (1,164) | (2,414) | (2,299) |
| Financing Activities | |||
| Repurchase of class A common stock (Note 14) | (5,365) | (710) | (2,024) |
| Dividends paid (Note 14) | (864) | (595) | (423) |
| Deposits into litigation escrow accountretrospective responsibility plan (Note 3) | 0 | (1,715) | (1,200) |
| Payments from litigation escrow accountretrospective responsibility plan (Note 3) | 4,383 | 140 | 280 |
| Cash proceeds from exercise of stock options | 108 | 174 | 99 |
| Restricted stock and performance shares settled in cash for taxes | (64) | 0 | 0 |
| Excess tax benefit for share-based compensation | 74 | 71 | 18 |
| Payments for earn-out related to PlaySpan acquisition | (12) | (14) | 0 |
| Principal payments on capital lease obligations | (6) | (6) | (10) |
| Principal payments on debt | 0 | 0 | (44) |
| Net cash used in financing activities | (1,746) | (2,655) | (3,304) |
| Effect of exchange rate changes on cash and cash equivalents | 0 | 7 | (9) |
| Increase (decrease) in cash and cash equivalents | 112 | (53) | (1,740) |
| Cash and cash equivalents at beginning of year | 2,074 | 2,127 | |
| Cash and cash equivalents at end of year | 2,186 | 2,074 | 2,127 |
| Supplemental Disclosure | |||
| Income taxes paid, net of refunds | 595 | 2,057 | 1,731 |
| Non-cash accruals related to purchases of property, equipment, technology and intangible assets | 46 | 67 | 36 |
| Interest payments on debt | 0 | 0 | 3 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2013 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2013 10-K (Filed: Nov 22, 2013) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2013 | Sept 30, 2012 | |
| Assets | ||
| Cash and cash equivalents | $ 2,186 | 2,074 |
| Restricted cashlitigation escrow (Note 3) | 49 | 4,432 |
| Investment securities (Note 4): | ||
| Trading | 75 | 66 |
| Available-for-sale | 1,994 | 677 |
| Income tax receivable (Note 19) | 142 | 179 |
| Settlement receivable | 799 | 454 |
| Accounts receivable | 761 | 723 |
| Customer collateral (Note 11) | 866 | 823 |
| Current portion of client incentives | 282 | 209 |
| Deferred tax assets (Note 19) | 481 | 2,027 |
| Prepaid expenses and other current assets (Note 5) | 187 | 122 |
| Total current assets | 7,822 | 11,786 |
| Investment securities, available-for-sale (Note 4) | 2,760 | 3,283 |
| Client incentives | 89 | 58 |
| Property, equipment and technology, net (Note 6) | 1,732 | 1,634 |
| Other assets (Note 5) | 521 | 151 |
| Intangible assets, net (Note 7) | 11,351 | 11,420 |
| Goodwill | 11,681 | 11,681 |
| Total assets | 35,956 | 40,013 |
| Liabilities | ||
| Accounts payable | 184 | 152 |
| Settlement payable | 1,225 | 719 |
| Customer collateral (Note 11) | 866 | 823 |
| Accrued compensation and benefits | 523 | 460 |
| Client incentives | 919 | 830 |
| Accrued liabilities (Note 8) | 613 | 584 |
| Accrued litigation (Note 20) | 5 | 4,386 |
| Total current liabilities | 4,335 | 7,954 |
| Deferred tax liabilities (Note 19) | 4,149 | 4,058 |
| Other liabilities (Note 8) | 602 | 371 |
| Total liabilities | 9,086 | 12,383 |
| Commitments and contingencies (Note 17) | ||
| Equity | ||
| Additional paid-in capital | 18,875 | 19,992 |
| Accumulated income | 7,974 | 7,809 |
| Accumulated other comprehensive income (loss), net: | ||
| Investment securities, available-for-sale | 59 | 3 |
| Defined benefit pension and other postretirement plans | (60) | (186) |
| Derivative instruments classified as cash flow hedges | 23 | 13 |
| Foreign currency translation adjustments | (1) | (1) |
| Total accumulated other comprehensive income (loss), net | 21 | (171) |
| Total equity | 26,870 | 27,630 |
| Total liabilities and equity | 35,956 | 40,013 |
| 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 14) | 0 | 0 |
| Class B common stock | ||
| Common stock (Note 14) | 0 | 0 |
| Class C common stock | ||
| Common stock (Note 14) | 0 | 0 |
| External Links | |
| VISA INC. (V) Fiscal Year 2013 | |
| 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 |