Visa inc. (V)
CashFlow / Yearly
Sep'19Sep'18Sep'17Sep'16Sep'15Sep'14Sep'13Sep'12Sep'11Sep'10Sep'09Sep'08Sep'07
Operating Activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

12,080

10,301

6,699

5,991

6,328

5,438

4,980

2,142

3,646

2,964

2,352

804

-1,076

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives (Note 3)

6,173

5,491

4,565

3,409

2,861

2,592

2,321

2,155

1,880

1,560

1,234

1,161

489

Asset impairment

-

-

-

-

-

-

-

-

-

-

-

34

0

Loss on disposal of property, equipment and technology

-

-

-

-

-

-

-

-

-

-

-

-

-2

Minority interest

-

-

-

-

-

-

-

-

-

-

-

-

5

Fair value adjustment for the Visa Europe put option

-

-

-

-255

110

0

0

-

-122

-79

-

-

-

Amortization of investments, debt issuance cost and accretion of member deposits

-

-

-

-

-

-

-

-

-

-

-

-

11

Share-based compensation (Note 12)

407

327

235

221

187

172

179

147

154

131

115

74

0

Excess tax benefit for share-based compensation

-

-

-

63

84

90

74

71

18

14

7

-

0

Depreciation and amortization of property, equipment, technology and intangible assets

656

613

556

502

494

435

397

333

288

265

226

237

126

Deferred income taxes

214

-1,277

1,700

-764

195

-580

1,527

-1,690

164

249

297

-27

-874

Restricted stock instruments settled in cash for taxes

-

-

-

-

-

-

-

-

-

-

-

-

0

Fair value adjustment for liability under the Framework Agreement

-

-

-

-

-

-

-

-

-

-

-

-35

0

Interest earned on litigation escrow, net of tax

-

-

-

-

-

-

-

-

-

-

-

-13

0

Net recognized (gain) loss on investment securities, including other-than-temporary impairment

-

-

-

-

-

-

-

-

-

-

-5

-34

4

Net recognized gain on other investments, including other-than-temporary impairment

-

-

-

-

-

-

-

-

-

-

462

-

0

Equity in earnings of unconsolidated affiliates

-

-

-

-

-

-

-

-

-

-

-

1

40

VE territory covered losses incurred (Note 5)

-172

-11

-209

-9

0

0

-

-

-

-

-

-

-

Charitable contribution of Visa Inc. shares (Note 19)

0

0

192

0

0

-

-

-

-

-

-

-

-

Litigation provision (Note 20)

-

-

-

-

-

453

3

4,101

18

-18

95

1,601

2,913

Other

271

64

-54

-64

-24

-37

-50

8

104

32

35

-

-

Change in operating assets and liabilities:
Income tax receivable

-

-

-

-

-

-

-

67

-28

-

-

-

-

Trading securities

-

-

-

-

-

-

-

-

-

-

-34

-

0

Settlement receivable

1,533

223

-94

-391

-378

-13

345

42

4

-203

-526

543

-32

Accounts receivable

333

70

54

65

19

53

38

161

79

7

102

24

29

Client incentives

6,430

4,682

4,628

3,508

2,970

2,395

2,336

1,757

1,857

1,386

1,136

1,378

507

Other assets

310

-59

147

315

41

379

506

-41

26

42

109

158

172

Accounts payable

-24

3

-30

43

-13

-56

40

-17

29

-21

-3

-10

-20

Settlement payable

1,931

262

-176

-302

-552

107

506

270

36

-245

-461

451

-39

Accrued and other liabilities

627

1,760

465

277

118

513

702

-227

129

165

213

-33

-3

Accrued compensation and benefits

-

-

-

-

-

-

-

-

-

-

-23

-115

65

Accrued litigation (Note 14)

-231

452

1

-43

-432

998

-4,384

-140

-290

-1,002

-2,201

-1,525

-231

Member deposits

-

-

-

-

-

-

-

-

-

-

-

-3

-143

Net cash provided by (used in) operating activities

12,784

12,941

9,317

5,574

6,584

7,205

3,022

5,009

3,872

2,691

558

531

505

Investing Activities
Cash acquired through reorganization

-

-

-

-

-

-

-

-

-

-

-

1,002

0

Purchases of property, equipment and technology

756

718

707

523

414

553

471

376

353

241

306

415

160

Proceeds from sales of property, equipment and technology

0

14

12

0

10

0

0

2

0

3

-

4

0

Investment securities:
Purchases

2,653

5,772

3,238

10,426

2,850

2,572

3,164

4,140

1,910

11

7

1,509

3,070

Proceeds from maturities and sales

3,996

3,636

5,012

9,119

1,925

2,342

2,440

2,093

129

67

297

2,458

2,769

Distributions from money market investment

-

-

-

-

-

-

-

-

-

-

884

-

0

Dividends/distributions from other investments

-

-

-

-

-

-

-

-

-

-

-

22

1

Acquisitions, net of cash acquired

699

196

302

9,082

93

149

0

3

268

1,805

-

-

-

Reclassification of money market investment

-

-

-

-

-

-

-

-

-

-

-

983

0

Purchases of / contributions to other investments

501

50

46

10

25

9

3

12

13

17

48

25

3

Proceeds / distributions from other investments

12

2

4

6

12

0

34

22

116

11

1,010

-

0

Other investing activities

-10

0

0

-

-

-

-

-

-

-

-

-

-

Distribution from money market investment

-

-

-

-

-

-

-

-

-

89

-

-

-

Net cash provided by (used in) investing activities

-591

-3,084

735

-10,916

-1,435

-941

-1,164

-2,414

-2,299

-1,904

1,830

554

-463

Financing Activities
Repurchase of class A common stock (Note 10)

8,607

7,192

6,891

-

-

-

5,365

710

2,024

1,000

-

-

0

Payments for earn-out related to PlaySpan acquisition

-

-

-

-

-

-

12

14

0

0

-

-

-

Principal payments on capital lease obligations

-

-

-

-

-

-

6

6

10

12

4

4

4

Repayments of long-term debt

0

1,750

0

0

-

-

-

-

44

12

50

18

33

Dividends paid (Note 10)

2,269

1,918

1,579

1,350

1,177

1,006

864

595

423

368

318

93

0

Payment of deferred purchase consideration related to the Visa Europe acquisition

1,236

0

0

1,236

0

0

-

-

-

-

-

-

-

Series B and C convertible participating preferred stock issued in Visa Europe acquisition (Note 2)

-

-

-

5,717

0

0

-

-

-

-

-

-

-

Proceeds from issuance of senior notes

0

0

2,488

15,971

0

0

-

-

-

-

-

-

-

Debt issuance costs

0

0

15

98

0

0

-

-

-

-

-

-

-

Deposit into U.S. litigation escrow account—U.S. retrospective responsibility plan (Note 2 and Note 17)

-

-

-

0

-

450

0

1,715

1,200

500

1,800

3,000

0

Payments from U.S. litigation escrow account—U.S. retrospective responsibility plan (Note 2 and Note 17)

-

-

-

-45

426

999

-4,383

-140

-280

-280

2,028

-1,085

0

Cash proceeds from issuance of common stock under employee equity plans

162

164

149

95

82

91

108

174

99

56

32

-

0

Restricted stock and performance-based shares settled in cash for taxes

111

94

76

92

108

86

64

0

0

-

-

-

-

Proceeds from short-term borrowing

-

-

-

-

-

-

-

-

-

-

-

2

0

Payments on short-term borrowing

-

-

-

-

-

-

-

-

-

-

-

2

0

Proceeds from sale of common stock, net of issuance costs of $550

-

-

-

-

-

-

-

-

-

-

-

19,100

0

Excess tax benefit for share-based compensation

-

-

-

63

84

90

74

71

18

14

7

-

0

Funding of tax escrow account for income tax withheld on stock proceeds

-

-

-

-

-

-

-

-

-

-

-

116

0

Payments from tax escrow account

-

-

-

-

-

-

-

-

-

-

-

-116

0

Payment for redemption of stock

-

-

-

-

-

-

-

-

-

-

2,646

13,446

-

Net cash provided by (used in) financing activities

-12,061

-10,790

-5,924

7,477

-3,603

-6,478

-1,746

-2,655

-3,304

-1,542

-2,751

3,624

-37

Effect of exchange rate changes on cash and cash equivalents

-277

-101

236

-34

1

-1

0

7

-9

5

1

-5

0

Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

-145

-1,034

4,364

2,101

1,547

-215

112

-53

-1,740

-750

-362

4,704

5

Supplemental Disclosure
Income taxes paid, net of refunds

2,648

2,285

3,038

2,842

2,486

2,656

595

2,057

1,731

1,291

1,172

678

413

Interest payments on debt

537

545

489

244

0

0

-

-

3

4

7

8

4

Charitable contribution of investment securities to Visa Foundation

0

195

0

0

-

-

-

-

-

-

-

-

-

Accruals related to purchases of property, equipment and technology

95

77

50

42

81

62

46

67

36

31

18

32

6

Assets acquired in joint venture with note payable and equity interest issued

-

-

-

-

-

-

-

-

-

-

22

-

0

Common stock issued in reorganization

-

-

-

-

-

-

-

-

-

-

-

17,935

0