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: 2018 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2018 10-K (Filed: Nov 16, 2018) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2018 | Sept 30, 2017 | Sept 30, 2016 | |
| Operating Revenues | |||
| Service revenues | $ 8,918 | 7,975 | 6,747 |
| Data processing revenues | 9,027 | 7,786 | 6,272 |
| International transaction revenues | 7,211 | 6,321 | 4,649 |
| Other revenue, net | 944 | 841 | 823 |
| Client incentives | (5,491) | (4,565) | (3,409) |
| Net operating revenues | 20,609 | 18,358 | 15,082 |
| Operating Expenses | |||
| Personnel | 3,170 | 2,628 | 2,226 [1] |
| Marketing | 988 | 922 | 869 |
| Network and processing | 686 | 620 | 538 |
| Professional fees | 446 | 409 | 389 |
| Depreciation and amortization | 613 | 556 | 502 |
| General and administrative | 1,145 | 1,060 | 796 |
| Litigation provision (Note 17) | 607 | 19 | 2 |
| Visa Europe Framework Agreement loss | 0 | 0 | 1,877 |
| Total operating expenses | 7,655 | 6,214 | 7,199 |
| Operating income | 12,954 | 12,144 | 7,883 |
| Non-operating Income (Expense) | |||
| Interest expense | (612) | (563) | (427) |
| Other | 464 | 113 | 556 |
| Total non-operating income (expense) | (148) | (450) | 129 |
| Income before income taxes | 12,806 | 11,694 | 8,012 |
| Income tax provision (Note 16) | 2,505 | 4,995 | 2,021 |
| Net income | 10,301 | 6,699 | 5,991 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Basic earnings per share (Note 12) (in dollars per share) | 4.43 | 2.80 | 2.49 |
| Basic weighted-average shares outstanding (Note 12) (in shares) | 1,792 | 1,845 | 1,906 |
| Diluted earnings per share (Note 12) (in dollars per share) | 4.42 | 2.80 | 2.48 |
| Diluted weighted-average shares outstanding (Note 12) (in shares) | 2,329 [2] | 2,395 | 2,414 |
| Class B common stock | |||
| Basic earnings per share (Note 12) (in dollars per share) | 7.28 | 4.62 | 4.10 |
| Basic weighted-average shares outstanding (Note 12) (in shares) | 245 | 245 | 245 |
| Diluted earnings per share (Note 12) (in dollars per share) | 7.27 | 4.61 | 4.09 |
| Diluted weighted-average shares outstanding (Note 12) (in shares) | 245 | 245 | 245 |
| Class C common stock | |||
| Basic earnings per share (Note 12) (in dollars per share) | 17.72 | 11.21 | 9.94 |
| Basic weighted-average shares outstanding (Note 12) (in shares) | 12 | 14 | 19 |
| Diluted earnings per share (Note 12) (in dollars per share) | 17.69 [3] | 11.19 | 9.93 |
| Diluted weighted-average shares outstanding (Note 12) (in shares) | 12 | 14 | 19 |
| [1] The Company did not include Visa Europes financial results in the Companys consolidated statements of operations from the acquisition date, June 21, 2016, through June 30, 2016 as the impact was immaterial. The Companys consolidated statement of operations for the year ended September 30, 2016 includes Visa Europes financial results for the three months ended September 30, 2016. | |||
| [2] 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 3 million common stock equivalents for fiscal 2018, and 5 million common stock equivalents for fiscal 2017 and 2016, because their effect would have been dilutive. The computation excludes 1 million of common stock equivalents for fiscal 2018, and 2 million of common stock equivalents for fiscal 2017 and | |||
| [3] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2018 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2018 10-K (Filed: Nov 16, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2018 | Sept 30, 2017 | Sept 30, 2016 | |
| Net income | $ 10,301 | 6,699 | 5,991 |
| Other comprehensive income (loss), net of tax: | |||
| Investment securities, available-for-sale: | |||
| Net unrealized gain | 94 | 60 | 51 |
| Income tax effect | (19) | (24) | (18) |
| Reclassification adjustment for net (gain) loss realized in net income | (215) | 1 | (3) |
| Income tax effect | 50 | 0 | 1 |
| Defined benefit pension and other postretirement plans: | |||
| Net unrealized actuarial gain (loss) and prior service credit | 16 | 183 | (106) |
| Income tax effect | (5) | (54) | 36 |
| Reclassification adjustment for net loss realized in net income | 5 | 32 | 10 |
| Income tax effect | (1) | (12) | (4) |
| Derivative instruments classified as cash flow hedges: | |||
| Net unrealized gain (loss) | 90 | (22) | (74) |
| Income tax effect | (24) | 15 | 9 |
| Reclassification adjustment for net loss (gain) realized in net income | 32 | 33 | (103) |
| Income tax effect | (2) | (12) | 35 |
| Foreign currency translation adjustments | (352) | 1,136 | (218) |
| Other comprehensive income (loss), net of tax | (331) | 1,336 | (384) |
| Comprehensive income | 9,970 | 8,035 | 5,607 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2018 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2018 10-K (Filed: Nov 16, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2018 | Sept 30, 2017 | Sept 30, 2016 | |
| Operating Activities | |||
| Net income | $ 10,301 | 6,699 | 5,991 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Client incentives | 5,491 | 4,565 | 3,409 |
| Fair value adjustment for the Visa Europe put option | 0 | 0 | (255) |
| Share-based compensation (Note 13) | 327 | 235 | 221 |
| Excess tax benefit for share-based compensation | 0 | 0 | (63) |
| Depreciation and amortization of property, equipment, technology and intangible assets | 613 | 556 | 502 |
| Deferred income taxes | (1,277) | 1,700 | (764) |
| Right to recover for covered losses recorded in equity (Note 2) | (11) | (209) | (9) |
| Charitable contribution of Visa Inc. shares (Note 11 and Note 16) | 0 | 192 | 0 |
| Other | (74) | 50 | 64 |
| Change in operating assets and liabilities: | |||
| Settlement receivable | (223) | 94 | 391 |
| Accounts receivable | (70) | (54) | (65) |
| Client incentives | (4,682) | (4,628) | (3,508) |
| Other assets | (160) | (252) | (315) |
| Accounts payable | 3 | (30) | 43 |
| Settlement payable | 262 | (176) | (302) |
| Accrued and other liabilities | 1,761 | 465 | 277 |
| Accrued litigation (Note 17) | 452 | 1 | (43) |
| Net cash provided by operating activities | 12,713 | 9,208 | 5,574 |
| Investing Activities | |||
| Purchases of property, equipment, technology and intangible assets | (718) | (707) | (523) |
| Proceeds from sales of property, equipment and technology | 14 | 12 | 0 |
| Investment securities, available-for-sale: | |||
| Purchases | (5,772) | (3,238) | (10,426) |
| Proceeds from maturities and sales | 3,636 | 5,012 | 9,119 |
| Acquisitions, net of cash received | (196) | (302) | (9,082) |
| Purchases of / contributions to other investments | (50) | (46) | (10) |
| Proceeds / distributions from other investments | 2 | 4 | 6 |
| Net cash (used in) provided by investing activities | (3,084) | 735 | (10,916) |
| Financing Activities | |||
| Repayments of long-term debt (Note 6) | (1,750) | 0 | 0 |
| Dividends paid (Note 11) | (1,918) | (1,579) | (1,350) |
| Proceeds from issuance of senior notes (Note 6) | 0 | 2,488 | 15,971 |
| Debt issuance costs (Note 6) | 0 | (15) | (98) |
| Deposit into U.S. litigation escrow accountU.S. retrospective responsibility plan (Note 2 and Note 17) | (600) | 0 | 0 |
| Payments from U.S. litigation escrow accountU.S. retrospective responsibility plan (Note 2 and Note 17) | 150 | 0 | 45 |
| Cash proceeds from issuance of common stock under employee equity plans | 164 | 149 | 95 |
| Restricted stock and performance-based shares settled in cash for taxes | (94) | (76) | (92) |
| Excess tax benefit for share-based compensation | 0 | 0 | 63 |
| Net cash (used in) provided by financing activities | (11,240) | (5,924) | 7,477 |
| Effect of exchange rate changes on cash and cash equivalents | (101) | 236 | (34) |
| (Decrease) increase in cash and cash equivalents | (1,712) | 4,255 | 2,101 |
| Cash and cash equivalents at beginning of year | 9,874 | 5,619 | |
| Cash and cash equivalents at end of year | 8,162 | 9,874 | 5,619 |
| Supplemental Disclosure | |||
| Series B and C convertible participating preferred stock issued in Visa Europe acquisition (Note 2) | 0 | 0 | 5,717 |
| Deferred purchase consideration recorded for Visa Europe acquisition (Note 2) | 0 | 0 | 1,236 |
| Income taxes paid, net of refunds | 2,285 | 3,038 | 2,842 |
| Interest payments on debt | 545 | 489 | 244 |
| Charitable contribution of available-for-sale investment securities to Visa Foundation | 195 | 0 | 0 |
| Accruals related to purchases of property, equipment, technology and intangible assets | 77 | 50 | 42 |
| Class of Stock | |||
| Class A common stock | |||
| Repurchase of common stock | (7,192) | (6,891) | (6,987) |
| Class C common stock | |||
| Repurchase of common stock | 0 | 0 | (170) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2018 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2018 10-K (Filed: Nov 16, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2018 | Sept 30, 2017 | |
| Assets | ||
| Cash and cash equivalents | $ 8,162 | 9,874 |
| Restricted cashU.S. litigation escrow (Note 2) | 1,491 | 1,031 |
| Investment securities (Note 3): | ||
| Trading | 98 | 82 |
| Available-for-sale | 3,449 | 3,482 |
| Settlement receivable | 1,582 | 1,422 |
| Accounts receivable | 1,208 | 1,132 |
| Customer collateral (Note 8) | 1,324 | 1,106 |
| Current portion of client incentives | 340 | 344 |
| Prepaid expenses and other current assets | 562 | 550 |
| Total current assets | 18,216 | 19,023 |
| Investment securities, available-for-sale (Note 3) | 4,082 | 1,926 |
| Client incentives | 538 | 591 |
| Property, equipment and technology, net (Note 4) | 2,472 | 2,253 |
| Goodwill (Note 5) | 15,194 | 15,110 |
| Intangible assets, net (Note 5) | 27,558 | 27,848 |
| Other assets | 1,165 | 1,226 |
| Total assets | 69,225 | 67,977 |
| Liabilities | ||
| Accounts payable | 183 | 179 |
| Settlement payable | 2,168 | 2,003 |
| Customer collateral (Note 8) | 1,325 | 1,106 |
| Accrued compensation and benefits | 901 | 757 |
| Client incentives | 2,834 | 2,089 |
| Accrued liabilities | 1,160 | 1,129 |
| Deferred purchase consideration | 1,300 | 0 |
| Current maturities of long-term debt (Note 6) | 0 | 1,749 |
| Accrued litigation (Note 17) | 1,434 | 982 |
| Total current liabilities | 11,305 | 9,994 |
| Long-term debt (Note 6) | 16,630 | 16,618 |
| Deferred tax liabilities (Note 16) | 4,618 | 5,980 |
| Deferred purchase consideration | 0 | 1,304 |
| Other liabilities | 2,666 | 1,321 |
| Total liabilities | 35,219 | 35,217 |
| Equity | ||
| Right to recover for covered losses (Note 2) | (7) | (52) |
| Additional paid-in capital | 16,678 | 16,900 |
| Accumulated income | 11,318 | 9,508 |
| Accumulated other comprehensive income (loss), net: | ||
| Investment securities, available-for-sale | (17) | 73 |
| Defined benefit pension and other postretirement plans | (61) | (76) |
| Derivative instruments classified as cash flow hedges | 60 | (36) |
| Foreign currency translation adjustments | 565 | 917 |
| Total accumulated other comprehensive income (loss), net | 547 | 878 |
| Total equity | 34,006 | 32,760 |
| Total liabilities and equity | 69,225 | 67,977 |
| Class of Stock | ||
| Series A convertible participating preferred stock | ||
| Preferred stock (Note 11) | 0 | 0 |
| Series B convertible participating preferred stock | ||
| Preferred stock (Note 11) | 2,291 | 2,326 |
| Series C convertible participating preferred stock | ||
| Preferred stock (Note 11) | 3,179 | 3,200 |
| Class A common stock | ||
| Common stock (Note 11) | 0 | 0 |
| Class B common stock | ||
| Common stock (Note 11) | 0 | 0 |
| Class C common stock | ||
| Common stock (Note 11) | 0 | 0 |
| External Links | |
| VISA INC. (V) Fiscal Year 2018 | |
| 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 |