10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
| ||||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2022 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2022 10-K (Filed: Nov 16, 2022) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2022 | Sept 30, 2021 | Sept 30, 2020 | |
| Net revenues | $ 29,310 | 24,105 | 21,846 |
| Operating Expenses | |||
| Personnel | 4,990 | 4,240 | 3,785 |
| Marketing | 1,336 | 1,136 | 971 |
| Network and processing | 743 | 730 | 727 |
| Professional fees | 505 | 403 | 408 |
| Depreciation and amortization | 861 | 804 | 767 |
| General and administrative | 1,194 | 985 | 1,096 |
| Litigation provision | 868 | 3 | 11 |
| Total operating expenses | 10,497 | 8,301 | 7,765 |
| Operating income | 18,813 | 15,804 | 14,081 |
| Non-operating Income (Expense) | |||
| Interest expense | (538) | (513) | (516) |
| Investment income (expense) and other | (139) | 772 | 225 |
| Total non-operating income (expense) | (677) | 259 | (291) |
| Income before income taxes | 18,136 | 16,063 | 13,790 |
| Income tax provision | 3,179 | 3,752 | 2,924 |
| Net income | 14,957 | 12,311 | 10,866 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Basic earnings per share (in dollars per share) | 7.01 | 5.63 | 4.90 |
| Basic weighted-average shares outstanding (in shares) | 1,651 | 1,691 | 1,697 |
| Diluted earnings per share (in dollars per share) | 7.00 | 5.63 | 4.89 |
| Diluted weighted-average shares outstanding (in shares) | 2,136 | 2,188 | 2,223 |
| Class B common stock | |||
| Basic earnings per share (in dollars per share) | 11.33 | 9.14 | 7.94 |
| Basic weighted-average shares outstanding (in shares) | 245 | 245 | 245 |
| Diluted earnings per share (in dollars per share) | 11.31 | 9.13 | 7.93 |
| Diluted weighted-average shares outstanding (in shares) | 245 | 245 | 245 |
| Class C common stock | |||
| Basic earnings per share (in dollars per share) | 28.03 | 22.53 | 19.58 |
| Basic weighted-average shares outstanding (in shares) | 10 | 10 | 11 |
| Diluted earnings per share (in dollars per share) | 28.00 | 22.51 | 19.56 |
| Diluted weighted-average shares outstanding (in shares) | 10 | 10 | 11 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2022 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2022 10-K (Filed: Nov 16, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2022 | Sept 30, 2021 | Sept 30, 2020 | |
| Net income | $ 14,957 | 12,311 | 10,866 |
| Other comprehensive income (loss): | |||
| Investment securities: | |||
| Net unrealized gain (loss) | (133) | (4) | 1 |
| Income tax effect | 28 | 1 | 0 |
| Reclassification adjustments | 0 | (1) | (3) |
| Income tax effect | 0 | 0 | 1 |
| Defined benefit pension and other postretirement plans: | |||
| Net unrealized actuarial gain (loss) and prior service credit (cost) | (168) | 178 | (7) |
| Income tax effect | 38 | (41) | 1 |
| Reclassification adjustments | 13 | 13 | 18 |
| Income tax effect | (3) | (3) | (3) |
| Derivative instruments: | |||
| Net unrealized gain (loss) | 917 | 19 | (547) |
| Income tax effect | (177) | (1) | 119 |
| Reclassification adjustments | (67) | 15 | (81) |
| Income tax effect | 2 | 1 | 19 |
| Foreign currency translation adjustments | (3,255) | (95) | 1,511 |
| Other comprehensive income (loss), net of tax | (2,805) | 82 | 1,029 |
| Comprehensive income | 12,152 | 12,393 | 11,895 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2022 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2022 10-K (Filed: Nov 16, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2022 | Sept 30, 2021 | Sept 30, 2020 | |
| Operating Activities | |||
| Net income | $ 14,957 | 12,311 | 10,866 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Client incentives | 10,295 | 8,367 | 6,664 |
| Share-based compensation | 602 | 542 | 416 |
| Depreciation and amortization of property, equipment, technology and intangible assets | 861 | 804 | 767 |
| Deferred income taxes | (336) | 873 | 307 |
| VE territory covered losses incurred | (43) | (147) | (37) |
| (Gains) losses on equity investments, net | 264 | (712) | (101) |
| Other | (94) | (109) | (44) |
| Change in operating assets and liabilities: | |||
| Settlement receivable | (397) | (468) | 1,858 |
| Accounts receivable | (97) | (343) | (43) |
| Client incentives | (9,351) | (7,510) | (8,081) |
| Other assets | (666) | (147) | (402) |
| Accounts payable | 67 | 88 | 21 |
| Settlement payable | 1,256 | 679 | (2,384) |
| Accrued and other liabilities | 1,055 | 929 | 923 |
| Accrued litigation | 476 | 70 | (290) |
| Net cash provided by (used in) operating activities | 18,849 | 15,227 | 10,440 |
| Investing Activities | |||
| Purchases of property, equipment and technology | (970) | (705) | (736) |
| Investment securities: | |||
| Purchases | (5,997) | (5,111) | (2,075) |
| Proceeds from maturities and sales | 4,585 | 5,701 | 4,510 |
| Acquisitions, net of cash and restricted cash acquired | (1,948) | (75) | (77) |
| Purchases of other investments | (86) | (71) | (267) |
| Other investing activities | 128 | 109 | 72 |
| Net cash provided by (used in) investing activities | (4,288) | (152) | 1,427 |
| Financing Activities | |||
| Repurchase of class A common stock | (11,589) | (8,676) | (8,114) |
| Repayments of debt | (1,000) | (3,000) | 0 |
| Dividends paid | (3,203) | (2,798) | (2,664) |
| Proceeds from issuance of senior notes | 3,218 | 0 | 7,212 |
| Cash proceeds from issuance of class A common stock under equity plans | 196 | 208 | 190 |
| Restricted stock and performance-based shares settled in cash for taxes | (120) | (144) | (160) |
| Payments to settle derivative instruments | 0 | 0 | (333) |
| Other financing activities | (198) | 0 | (99) |
| Net cash provided by (used in) financing activities | (12,696) | (14,410) | (3,968) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (1,287) | (37) | 440 |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 578 | 628 | 8,339 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 19,799 | 19,171 | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | 20,377 | 19,799 | 19,171 |
| Supplemental Disclosure | |||
| Cash paid for income taxes, net | 3,741 | 3,012 | 2,671 |
| Interest payments on debt | 607 | 643 | 537 |
| Accruals related to purchases of property, equipment and technology | 56 | 41 | 38 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2022 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2022 10-K (Filed: Nov 16, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2022 | Sept 30, 2021 | |
| Assets | ||
| Cash and cash equivalents | $ 15,689 | 16,487 |
| Restricted cash equivalentsU.S. litigation escrow | 1,449 | 894 |
| Investment securities | 2,833 | 2,025 |
| Settlement receivable | 1,932 | 1,758 |
| Accounts receivable | 2,020 | 1,968 |
| Customer collateral | 2,342 | 2,260 |
| Current portion of client incentives | 1,272 | 1,359 |
| Prepaid expenses and other current assets | 2,668 | 856 |
| Total current assets | 30,205 | 27,607 |
| Investment securities | 2,136 | 1,705 |
| Client incentives | 3,348 | 3,245 |
| Property, equipment and technology, net | 3,223 | 2,715 |
| Goodwill | 17,787 | 15,958 |
| Intangible assets, net | 25,065 | 27,664 |
| Other assets | 3,737 | 4,002 |
| Total assets | 85,501 | 82,896 |
| Liabilities | ||
| Accounts payable | 340 | 266 |
| Settlement payable | 3,281 | 2,443 |
| Customer collateral | 2,342 | 2,260 |
| Accrued compensation and benefits | 1,359 | 1,211 |
| Client incentives | 6,099 | 5,243 |
| Accrued liabilities | 3,726 | 2,334 |
| Current maturities of debt | 2,250 | 999 |
| Accrued litigation | 1,456 | 983 |
| Total current liabilities | 20,853 | 15,739 |
| Long-term debt | 20,200 | 19,978 |
| Deferred tax liabilities | 5,332 | 6,128 |
| Other liabilities | 3,535 | 3,462 |
| Total liabilities | 49,920 | 45,307 |
| Commitments and contingencies (Note 18 and Note 20) | ||
| Equity | ||
| Preferred stock | 2,324 | 3,080 |
| Common stock and additional paid-in capital | 19,545 | 18,855 |
| Right to recover for covered losses | (35) | (133) |
| Accumulated income | 16,116 | 15,351 |
| Accumulated other comprehensive income (loss), net: | ||
| Investment securities | (106) | (1) |
| Defined benefit pension and other postretirement plans | (169) | (49) |
| Derivative instruments | 418 | (257) |
| Foreign currency translation adjustments | (2,512) | 743 |
| Total accumulated other comprehensive income (loss), net | (2,369) | 436 |
| Total equity | 35,581 | 37,589 |
| Total liabilities and equity | 85,501 | 82,896 |
| External Links | |
| VISA INC. (V) Fiscal Year 2022 | |
| 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 |