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: 2021 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2021 10-K (Filed: Nov 18, 2021) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2021 | Sept 30, 2020 | Sept 30, 2019 | |
| Net revenues | $ 24,105 | 21,846 | 22,977 |
| Operating Expenses | |||
| Personnel | 4,240 | 3,785 | 3,444 |
| Marketing | 1,136 | 971 | 1,105 |
| Network and processing | 730 | 727 | 721 |
| Professional fees | 403 | 408 | 454 |
| Depreciation and amortization | 804 | 767 | 656 |
| General and administrative | 985 | 1,096 | 1,196 |
| Litigation provision | 3 | 11 | 400 |
| Total operating expenses | 8,301 | 7,765 | 7,976 |
| Operating income | 15,804 | 14,081 | 15,001 |
| Non-operating Income (Expense) | |||
| Interest expense, net | (513) | (516) | (533) |
| Investment income and other | 772 | 225 | 416 |
| Total non-operating income (expense) | 259 | (291) | (117) |
| Income before income taxes | 16,063 | 13,790 | 14,884 |
| Income tax provision | 3,752 | 2,924 | 2,804 |
| Net income | 12,311 | 10,866 | 12,080 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Basic earnings per share (in dollars per share) | 5.63 | 4.90 | 5.32 |
| Basic weighted-average shares outstanding (in shares) | 1,691 | 1,697 | 1,742 |
| Diluted earnings per share (in dollars per share) | 5.63 | 4.89 | 5.32 |
| Diluted weighted-average shares outstanding (in shares) | 2,188 | 2,223 | 2,272 |
| Class B common stock | |||
| Basic earnings per share (in dollars per share) | 9.14 | 7.94 | 8.68 |
| Basic weighted-average shares outstanding (in shares) | 245 | 245 | 245 |
| Diluted earnings per share (in dollars per share) | 9.13 | 7.93 | 8.66 |
| Diluted weighted-average shares outstanding (in shares) | 245 | 245 | 245 |
| Class C common stock | |||
| Basic earnings per share (in dollars per share) | 22.53 | 19.58 | 21.30 |
| Basic weighted-average shares outstanding (in shares) | 10 | 11 | 12 |
| Diluted earnings per share (in dollars per share) | 22.51 | 19.56 | 21.26 |
| Diluted weighted-average shares outstanding (in shares) | 10 | 11 | 12 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2021 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2021 10-K (Filed: Nov 18, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2021 | Sept 30, 2020 | Sept 30, 2019 | |
| Net income | $ 12,311 | 10,866 | 12,080 |
| Other comprehensive income (loss), net of tax: | |||
| Investment securities: | |||
| Net unrealized gain (loss) | (4) | 1 | 20 |
| Income tax effect | 1 | 0 | (5) |
| Reclassification adjustments | (1) | (3) | 1 |
| Income tax effect | 0 | 1 | 0 |
| Defined benefit pension and other postretirement plans: | |||
| Net unrealized actuarial gain (loss) and prior service credit (cost) | 178 | (7) | (174) |
| Income tax effect | (41) | 1 | 36 |
| Reclassification adjustments | 13 | 18 | 9 |
| Income tax effect | (3) | (3) | (2) |
| Derivative instruments: | |||
| Net unrealized gain (loss) | 19 | (547) | 233 |
| Income tax effect | (1) | 119 | (25) |
| Reclassification adjustments | 15 | (81) | (85) |
| Income tax effect | 1 | 19 | 16 |
| Foreign currency translation adjustments | (95) | 1,511 | (1,228) |
| Other comprehensive income (loss), net of tax | 82 | 1,029 | (1,204) |
| Comprehensive income | 12,393 | 11,895 | 10,876 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2021 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2021 10-K (Filed: Nov 18, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2021 | Sept 30, 2020 | Sept 30, 2019 | |
| Operating Activities | |||
| Net income | $ 12,311 | 10,866 | 12,080 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Client incentives | 8,367 | 6,664 | 6,173 |
| Share-based compensation | 542 | 416 | 407 |
| Depreciation and amortization of property, equipment, technology and intangible assets | 804 | 767 | 656 |
| Deferred income taxes | 873 | 307 | 214 |
| VE territory covered losses incurred | (147) | (37) | (172) |
| (Gains) losses on equity investments, net | (712) | (101) | (131) |
| Other | (109) | (44) | (140) |
| Change in operating assets and liabilities: | |||
| Settlement receivable | (468) | 1,858 | (1,533) |
| Accounts receivable | (343) | (43) | (333) |
| Client incentives | (7,510) | (8,081) | (6,430) |
| Other assets | (147) | (402) | (310) |
| Accounts payable | 88 | 21 | (24) |
| Settlement payable | 679 | (2,384) | 1,931 |
| Accrued and other liabilities | 929 | 923 | 627 |
| Accrued litigation | 70 | (290) | (231) |
| Net cash provided by (used in) operating activities | 15,227 | 10,440 | 12,784 |
| Investing Activities | |||
| Purchases of property, equipment and technology | (705) | (736) | (756) |
| Investment securities: | |||
| Purchases | (5,111) | (2,075) | (2,653) |
| Proceeds from maturities and sales | 5,701 | 4,510 | 3,996 |
| Acquisitions, net of cash and restricted cash acquired | (75) | (77) | (699) |
| Purchases of / contributions to other investments | (71) | (267) | (501) |
| Other investing activities | 109 | 72 | 22 |
| Net cash provided by (used in) investing activities | (152) | 1,427 | (591) |
| Financing Activities | |||
| Repurchase of class A common stock | (8,676) | (8,114) | (8,607) |
| Repayments of debt | (3,000) | 0 | 0 |
| Dividends paid | (2,798) | (2,664) | (2,269) |
| Proceeds from issuance of senior notes | 0 | 7,212 | 0 |
| Payment of deferred purchase consideration related to the Visa Europe acquisition | 0 | 0 | (1,236) |
| Cash proceeds from issuance of class A common stock under employee equity plans | 208 | 190 | 162 |
| Restricted stock and performance-based shares settled in cash for taxes | (144) | (160) | (111) |
| Payments to settle derivative instruments | 0 | (333) | 0 |
| Other financing activities | 0 | (99) | 0 |
| Net cash provided by (used in) financing activities | (14,410) | (3,968) | (12,061) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (37) | 440 | (277) |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 628 | 8,339 | (145) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 19,171 | 10,832 | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | 19,799 | 19,171 | 10,832 |
| Supplemental Disclosure | |||
| Cash paid for income taxes, net | 3,012 | 2,671 | 2,648 |
| Interest payments on debt | 643 | 537 | 537 |
| Accruals related to purchases of property, equipment and technology | 41 | 38 | 95 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2021 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2021 10-K (Filed: Nov 18, 2021) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2021 | Sept 30, 2020 | |
| Assets | ||
| Cash and cash equivalents | $ 16,487 | 16,289 |
| Restricted cash equivalentsU.S. litigation escrow | 894 | 901 |
| Investment securities | 2,025 | 3,752 |
| Settlement receivable | 1,758 | 1,264 |
| Accounts receivable | 1,968 | 1,618 |
| Customer collateral | 2,260 | 1,850 |
| Current portion of client incentives | 1,359 | 1,214 |
| Prepaid expenses and other current assets | 856 | 757 |
| Total current assets | 27,607 | 27,645 |
| Investment securities | 1,705 | 231 |
| Client incentives | 3,245 | 3,175 |
| Property, equipment and technology, net | 2,715 | 2,737 |
| Goodwill | 15,958 | 15,910 |
| Intangible assets, net | 27,664 | 27,808 |
| Other assets | 4,002 | 3,413 |
| Total assets | 82,896 | 80,919 |
| Liabilities | ||
| Accounts payable | 266 | 174 |
| Settlement payable | 2,443 | 1,736 |
| Customer collateral | 2,260 | 1,850 |
| Accrued compensation and benefits | 1,211 | 821 |
| Client incentives | 5,243 | 4,176 |
| Accrued liabilities | 2,334 | 1,840 |
| Current maturities of debt | 999 | 2,999 |
| Accrued litigation | 983 | 914 |
| Total current liabilities | 15,739 | 14,510 |
| Long-term debt | 19,978 | 21,071 |
| Deferred tax liabilities | 6,128 | 5,237 |
| Other liabilities | 3,462 | 3,891 |
| Total liabilities | 45,307 | 44,709 |
| Commitments and contingencies (Note 18) | ||
| Equity | ||
| Right to recover for covered losses | (133) | (39) |
| Additional paid-in capital | 18,855 | 16,721 |
| Accumulated income | 15,351 | 14,088 |
| Accumulated other comprehensive income (loss), net: | ||
| Investment securities | (1) | 3 |
| Defined benefit pension and other postretirement plans | (49) | (196) |
| Derivative instruments | (257) | (291) |
| Foreign currency translation adjustments | 743 | 838 |
| Total accumulated other comprehensive income (loss), net | 436 | 354 |
| Total equity | 37,589 | 36,210 |
| Total liabilities and equity | 82,896 | 80,919 |
| Class of Stock | ||
| Series A convertible participating preferred stock | ||
| Preferred stock | 486 | 2,437 |
| Series B convertible participating preferred stock | ||
| Preferred stock | 1,071 | 1,106 |
| Series C convertible participating preferred stock | ||
| Preferred stock | 1,523 | 1,543 |
| 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 2021 | |
| 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 |