$322.5 B

V Mkt cap, 16-Aug-2018

$5.2 B

Visa Revenue Q3, 2018
Visa Net income (Q3, 2018)2.3 B
Visa EBIT (Q3, 2018)2.9 B
Visa Cash, 30-Jun-20188.5 B
Visa EV330.6 B

Visa Income Statement

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

9.2 b10.4 b11.8 b12.7 b13.9 b15.1 b18.4 b

Revenue growth, %

13%13%8%9%9%22%

Sales and marketing expense

876 m900 m872 m869 m922 m

General and administrative expense

451 m507 m547 m796 m1.1 b

Operating expense total

1.3 b1.4 b1.4 b1.7 b6.2 b

Depreciation and amortization

556 m

EBIT

7.2 b7.7 b9.1 b7.9 b12.1 b

EBIT margin, %

61%61%65%52%66%

Interest expense

8 m3 m427 m563 m

Pre tax profit

7.3 b7.7 b9 b8 b11.7 b

Income tax expense

2 b65 m2.3 b2.3 b2.7 b2 b5 b

Net Income

6.3 b5.4 b6.3 b6 b6.7 b

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

3.2 b3.2 b3.2 b3.4 b3.4 b3.5 b3.6 b3.6 b3.6 b4.5 b4.5 b4.6 b4.9 b9.9 b5.2 b

Sales and marketing expense

186 m245 m228 m205 m190 m224 m194 m186 m189 m218 m193 m221 m223 m484 m240 m

General and administrative expense

108 m120 m126 m126 m141 m137 m156 m164 m246 m186 m406 m230 m236 m458 m230 m

Operating expense total

1.1 b1.1 b1.1 b1.1 b1.1 b1.3 b1.2 b1.2 b3.2 b1.4 b1.7 b1.5 b1.5 b3.3 b2.4 b

Depreciation and amortization

145 m298 m152 m

EBIT

2.1 b2 b2 b2.2 b2.3 b2.3 b2.4 b2.4 b428 m3.1 b2.8 b3 b3.3 b6.7 b2.9 b

EBIT margin, %

66%65%64%66%67%64%67%67%12%69%63%66%68%67%55%

Interest expense

29 m132 m131 m140 m135 m140 m154 m307 m155 m

Pre tax profit

2.1 b2.1 b2 b2.3 b2.3 b2.2 b2.6 b2.4 b422 m3 b2.7 b2.9 b3.2 b6.5 b2.8 b

Income tax expense

676 m463 m670 m693 m732 m471 m698 m734 m10 m909 m2.3 b855 m717 m1.3 b483 m

Net Income

1.4 b1.6 b1.4 b1.6 b1.6 b1.7 b1.9 b1.7 b412 m2.1 b430 m2.1 b2.5 b5.1 b2.3 b

Visa Balance Sheet

Annual

USDY, 2010Y, 2011Y, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

3.9 b2.1 b2.1 b2.2 b2 b3.5 b5.6 b9.9 b

Accounts Receivable

761 m822 m847 m1 b1.1 b

Inventories

187 m216 m353 m555 m550 m

Current Assets

7.8 b9.6 b10.9 b14.3 b19 b

Goodwill

11.7 b11.8 b11.8 b15.1 b15.1 b

Total Assets

36 b38.6 b40.2 b64 b68 b

Accounts Payable

184 m147 m127 m203 m179 m

Short-term debt

1.7 b

Current Liabilities

4.3 b6 b5.4 b8 b10 b

Long-term debt

15.9 b16.6 b

Total Debt

15.9 b16.6 b

Total Liabilities

31.1 b35.2 b

Common Stock

Preferred Stock

Additional Paid-in Capital

18.9 b18.3 b18.1 b17.4 b16.9 b

Total Equity

26.9 b27.4 b29.8 b32.9 b32.8 b

Debt to Equity Ratio

0.5 x0.5 x

Debt to Assets Ratio

0.2 x0.2 x

Financial Leverage

1.3 x1.4 x1.3 x1.9 x2.1 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

2.1 b1.8 b2.1 b2.1 b2 b2.1 b12.8 b15.9 b5.9 b5.8 b6.4 b7.4 b8.1 b8.1 b8.5 b

Accounts Receivable

840 m832 m824 m900 m896 m892 m922 m944 m1.1 b1.1 b1.1 b1.1 b1.3 b1.3 b1.2 b

Current Assets

7.8 b8.5 b9 b9.9 b10.1 b10.1 b25.5 b24.3 b14.4 b14.7 b15.5 b15.7 b17.3 b18.5 b

PP&E

2.4 b

Goodwill

11.7 b11.7 b11.7 b11.8 b11.8 b11.8 b11.8 b11.8 b15 b14.9 b14.8 b15 b15.2 b15.4 b15.2 b

Total Assets

36.2 b37.3 b37.7 b38.9 b38.8 b39.4 b55 b54.3 b63.9 b63.4 b63.2 b64 b67.2 b69 b68.2 b

Accounts Payable

101 m114 m101 m135 m81 m89 m118 m90 m115 m118 m120 m130 m108 m136 m145 m

Current Liabilities

4.4 b5 b5.3 b5.8 b5.4 b5.8 b5.4 b5.1 b7.8 b10.3 b10.2 b9.5 b8.4 b9.6 b10.9 b

Long-term debt

15.9 b15.9 b15.9 b14.1 b14.1 b14.1 b16.6 b16.6 b16.6 b

Total Debt

15.9 b15.9 b15.9 b14.1 b14.1 b14.1 b16.6 b16.6 b16.6 b

Total Liabilities

9.2 b10 b10.4 b10.9 b10.6 b10.8 b25.5 b25.2 b31 b31.6 b32.4 b32.1 b33.8 b34.9 b34.9 b

Common Stock

Preferred Stock

5.5 b5.5 b

Additional Paid-in Capital

18.7 b18.6 b18.4 b18.2 b18.1 b18 b17.8 b17.6 b17.5 b17.2 b17.1 b17 b16.8 b16.7 b16.7 b

Total Equity

27 b27.3 b27.3 b27.9 b28.2 b28.6 b29.5 b29.1 b32.8 b31.7 b30.8 b31.9 b33.4 b34.1 b33.3 b

Debt to Equity Ratio

0.5 x0.5 x0.5 x0.4 x0.5 x0.4 x0.5 x0.5 x0.5 x

Debt to Assets Ratio

0.3 x0.3 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

1.3 x1.4 x1.4 x1.4 x1.4 x1.4 x1.9 x1.9 x1.9 x2 x2.1 x2 x2 x2 x2 x

Visa Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

6.3 b5.4 b6.3 b6 b6.7 b

Depreciation and Amortization

397 m435 m494 m502 m556 m

Accounts Receivable

(38 m)(53 m)(19 m)(65 m)1.1 b

Inventories

550 m

Accounts Payable

40 m(56 m)(13 m)43 m179 m

Cash From Operating Activities

3 b7.2 b6.6 b5.6 b9.2 k

Cash From Investing Activities

(1.2 b)(941 m)(1.4 b)(10.9 b)735

Dividends Paid

(864 m)(1 b)(1.2 b)(1.4 b)(1.6 k)

Cash From Financing Activities

(1.7 b)(6.5 b)(3.6 b)7.5 b(5.9 k)

Income Taxes Paid

595 m2.7 b2.5 b2.8 b3 k

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

1.4 b3 b4.4 b1.6 b3.1 b4.8 b1.9 b3.6 b4.1 b2.1 b2.5 b4.6 b2.5 b5.1 b7.5 b

Depreciation and Amortization

109 m120 m125 m130 m120 m121 m120 m146 m131 m450 m

Accounts Receivable

(79 m)(71 m)(55 m)(78 m)(74 m)(64 m)(75 m)(97 m)(92 m)(89 m)(40 m)(34 m)(146 m)(113 m)(82 m)

Accounts Payable

(80 m)(68 m)(86 m)10 m(44 m)(52 m)(10 m)(34 m)(35 m)(102 m)(83 m)(71 m)(51 m)(26 m)(18 m)

Cash From Operating Activities

1.5 b3.5 b5.4 b1.8 b2.7 b4.9 b2 b2.8 b3.1 b2.5 b2.9 b6.4 b2.8 b5.6 b9.2 b

Purchases of PP&E

(523 m)

Cash From Investing Activities

(276 m)(106 m)(442 m)(636 m)(557 m)(1.3 b)(6.2 b)(1.8 b)(10.2 b)(417 m)2.3 b1.6 b(707 m)(1.1 b)(1.3 b)

Long-term Borrowings

(1.8 b)(1.8 b)

Dividends Paid

(254 m)(507 m)(758 m)(297 m)(591 m)(885 m)(340 m)(676 m)(1 b)(399 m)(795 m)(1.2 b)(458 m)(948 m)(1.4 b)

Cash From Financing Activities

(1.3 b)(3.7 b)(5.1 b)(1 b)(2.1 b)(3.4 b)13.5 b11.5 b9.5 b(1.7 b)(4.2 b)(6.3 b)(3.9 b)(6.4 b)(9.2 b)

Net Change in Cash

(1.4 b)

Income Taxes Paid

96 m1.4 b1.9 b57 m1.4 b1.9 b79 m1.5 b2 b96 m1.6 b2.2 b183 m1.2 b1.6 b

Visa Ratios

USDY, 2018

EV/EBIT

114.6 x

EV/CFO

35.9 x

Debt/Equity

0.5 x

Debt/Assets

0.2 x

Financial Leverage

2 x
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Visa Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017

Active Cards

2.20 b2.40 b3.01 b

Clients (Financial Institutions)

14 k14 k16.80 k

Countries

200 200 200 200 200 200 200 200 200 200 200 200

Currencies

160

Locations

107

Merchant Locations

44 m

Total Payment Volume

$1.22 t$1.24 t$1.17 t$4.88 t$1.26 t$1.31 t$1.25 t$5.65 t$1.86 t$1.80 t$1.73 t

Transactions

64.99 b70.97 b83.16 b

Transactions per Second

65 k
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Visa Human Capital

Visa's employees are reported to be approximately 40% female and 60% male.

Ethnicity

Y, 2017
Hispanic12 %
Asian36 %
White44 %
Other8 %

Gender

Y, 2017
Male60 %
Female40 %
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