VISA INC. V Cash Flow

Visa inc. (V)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09	Dec'08
Operating Activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
3,084	3,272	3,025	3,101	2,977	2,977	2,845	2,329	2,605	2,522	2,140	2,059	430	2,070	1,931	412	1,707	1,941	1,512	1,697	1,550	1,569	1,073	1,360	1,598	1,407	1,192	1,225	1,270	1,293	1,662	-1,839	1,292	1,027	878	1,004	880	884	773	716	712	763	514	729	535	574
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives (Note 3)
1,705	1,748	1,693	1,546	1,478	1,456	1,502	1,374	1,289	1,326	1,346	1,147	1,031	1,041	993	839	789	788	802	670	676	713	768	638	587	599	680	521	567	553	563	614	497	481	576	448	451	405	421	393	372	374	326	344	295	269
Asset impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	2	1
Fair value adjustment for the Visa Europe put option
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-255	0	110	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation (Note 12)
99	116	86	110	111	100	85	89	85	68	52	67	71	45	69	55	58	39	48	46	48	45	42	41	44	45	40	41	50	48	35	36	38	38	32	32	42	48	36	34	29	32	31	20	32	32
Excess tax benefit for share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	12	8	7	36	6	8	12	58	8	14	14	54	10	8	6	50	29	15	9	18	6	4	1	7	1	5	3	5	1	0	6	0
Depreciation and amortization of property, equipment, technology and intangible assets
192	182	172	165	160	159	163	152	153	145	147	132	131	146	141	120	121	120	119	130	125	120	112	109	107	107	106	101	98	92	89	84	80	80	77	74	70	67	78	63	62	62	61	57	56	52
Deferred income taxes
10	-47	-20	-22	117	139	-144	-188	-26	-919	-15	15	1,623	77	-161	-574	-74	45	-1	23	76	97	-222	17	-394	19	-35	-18	-42	1,622	-263	-1,227	-234	34	-5	40	47	82	59	5	83	102	-19	-22	159	179
Restricted stock instruments settled in cash for taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	22	0
Interest earned on litigation escrow, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2	-5	-7
Net recognized (gain) loss on investment securities, including other-than-temporary impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3	13	1	3	0	-1	-7
Net recognized gain on other investments, including other-than-temporary impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2	0	-1	-	-	-	-
Equity in earnings of unconsolidated affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1
VE territory covered losses incurred (Note 5)
-9	-4	-2	-8	-71	-91	-2	-5	-1	-3	-44	-2	-69	-94	-9	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Litigation provision (Note 20)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	7	8	-33	23	24	23	25
Other
34	50	67	98	115	-9	26	28	-11	21	-24	-7	-10	-13	-21	-26	-12	-5	-9	0	-34	19	-27	2	-7	-5	-8	-7	-23	-12	-26	-2	-1	37	-3	96	-7	18	23	20	1	-12	-	-	-	-
Change in operating assets and liabilities:
Income tax receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-563	-178	1,162	26	11	142	-112	-	-	-	-	-	-	-	-	-	-	-	-
Trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	-3	9	-	-7	-5	9	-24	7	-10	-7
Settlement receivable
-1,825	183	1,406	104	-1,528	1,551	-16	-800	859	180	-52	-1,988	2,002	-56	-59	-338	-29	35	-296	25	179	-286	11	23	-136	89	340	-29	-371	405	11	-65	-1	97	7	8	-115	104	-14	-250	-70	131	-393	119	134	-386
Accounts receivable
-145	107	14	116	3	200	-12	-31	-33	146	20	-6	-49	89	-27	-5	22	75	-45	-10	-4	78	-2	-16	-8	79	-18	-23	1	78	-70	136	26	69	9	8	11	51	-50	-1	-34	92	25	47	-6	36
Client incentives
2,380	1,943	1,652	1,636	1,781	1,361	1,199	1,306	1,191	986	1,252	1,070	1,177	1,129	870	726	1,062	850	877	614	792	687	620	524	635	616	636	592	655	453	442	591	381	343	713	410	377	357	387	287	334	378	351	321	210	254
Other assets
619	-123	138	-73	208	37	38	-56	100	-141	-45	-109	367	-66	-237	155	420	-23	-301	-125	326	141	61	-32	273	77	196	-17	99	228	-41	-2	4	-2	56	-218	245	-57	15	-114	278	-137	193	-93	104	-95
Accounts payable
26	-12	-2	26	-2	-46	21	8	25	-51	41	12	19	-102	-	-	-	-	39	-8	-54	10	30	-18	12	-80	35	20	-16	1	41	36	-12	-82	76	4	-9	-42	41	16	-9	-69	50	34	-21	-66
Settlement payable
-2,383	218	1,651	318	-1,777	1,739	-117	-607	711	275	-157	-902	804	79	66	-311	-21	-36	-457	111	271	-477	25	208	-147	21	408	95	-350	353	-28	45	276	-23	-16	140	-112	24	-57	-172	-11	-5	-345	219	118	-453
Accrued and other liabilities
167	136	370	87	224	-54	352	433	181	794	530	-30	-351	316	-121	317	-236	317	-23	-121	-222	484	240	102	-163	334	351	133	256	-38	-361	93	-210	251	55	84	-237	227	-30	133	-96	158	-225	358	21	59
Accrued compensation and benefits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53	39	-129	-	13	48	-168	101	22	11	-157
Accrued litigation (Note 14)
-361	426	346	-58	-574	55	6	598	0	-152	-13	-1	2	13	3	-34	0	-12	-70	-38	-221	-103	-57	0	1,056	-1	0	0	0	-4,384	0	0	-70	-70	-90	-70	-59	-71	-105	-71	-71	-755	-575	-564	-533	-529
Net cash provided by (used in) operating activities
1,467	3,875	4,042	3,384	2,064	3,294	3,476	3,736	2,916	2,813	2,876	3,537	396	2,508	2,452	303	840	1,979	1,734	2,111	978	1,761	1,793	1,942	1,929	1,541	2,045	2,157	1,644	-2,824	1,369	1,257	1,097	1,286	868	1,395	603	1,006	893	1,218	609	-29	-209	349	233	185
Investing Activities
Purchases of property, equipment and technology
216	191	249	194	156	157	195	169	213	141	195	195	146	171	141	132	124	126	138	74	98	104	227	109	97	120	138	122	111	100	106	108	61	101	117	89	72	75	97	65	42	37	101	69	68	68
Proceeds from sales of property, equipment and technology
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2	-	-	-	0	-	-	-	-	-	-	-	-
Investment securities:
Purchases
99	400	-	-	682	1,124	-	-	-	1,636	1,361	794	51	1,032	-16,457	9,446	10,634	6,803	535	1,048	509	758	730	550	538	754	375	935	670	1,184	814	1,186	1,207	933	1,860	50	0	0	-	-	-	-	-	-	-	-
Proceeds from maturities and sales
2,218	1,202	126	1,832	805	1,233	847	1,018	695	1,076	716	324	3,184	788	-17,074	10,333	15,121	739	515	515	669	226	479	457	806	600	673	151	1,198	418	453	110	306	1,224	94	25	10	0	17	5	4	41	21	24	57	195
Purchases of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Distributions from money market investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	66	19	0	44	65	775
Acquisitions, net of cash acquired
0	77	563	136	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of / contributions to other investments
21	9	19	246	214	22	15	19	10	6	28	16	0	2	1	0	1	8	-	-	-	-	6	0	1	2	-	-	-	-	-	-	-	-	3	10	0	0	14	2	0	1	47	0	0	1
Proceeds / distributions from other investments
1	1	2	0	10	0	-	-	-	-	-	-	-	-	2	0	0	4	-	-	-	-	-	-	-	-	30	1	2	1	-	-	-	2	12	1	101	2	-	-	-	-	-	-	-	-
Other investing activities
4	-36	-31	-68	89	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
1,879	562	-1,004	809	-326	-70	-1,779	-168	-430	-707	-852	-681	2,685	-417	-757	-8,313	4,348	-6,194	-159	-719	79	-636	-499	-336	170	-276	190	-905	416	-865	-471	-1,173	-964	194	-1,874	-229	-123	-73	-1,894	-62	30	22	875	-1	55	901
Financing Activities
Repurchase of class A common stock (Note 10)
3,133	2,370	2,127	2,149	1,938	2,393	1,588	1,754	2,072	1,778	-	-	-	-	-	-	-	-	-	-	1,052	803	-	1,152	1,119	1,091	1,311	981	1,820	1,253	174	461	0	75	424	1,064	230	306	336	0	232	432	-	-	-	0
Payment for earn-out related to PlaySpan acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-12	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on capital lease obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1	0	5	0	0	1	5	0	2	1	7	2	1	2	7	0	0	4	0
Repayments of long-term debt
-	-	-	-	-	-	0	0	0	1,750	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35	2	4	3	3	3	3	3	42	4	2	2
Dividends paid (Note 10)
668	671	563	565	569	572	483	487	490	458	390	394	396	399	339	335	336	340	292	294	294	297	248	251	253	254	211	216	217	220	147	148	148	152	103	105	107	108	90	93	92	93	78	79	80	81
Proceeds from issuance of senior notes (Note 6)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	15,971	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2	19	77	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposit into U.S. litigation escrow account—U.S. retrospective responsibility plan (Note 2 and Note 17)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	150	0	0	1,565	0	0	400	800	-	-	-	-	700	0	0	1,100
Payments from U.S. litigation escrow account—U.S. retrospective responsibility plan (Note 2 and Note 17)
-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-34	0	-11	781	-34	-221	-100	-57	0	1,056	0	0	0	0	-4,383	-280	0	210	-70	-70	-70	-70	-70	-490	70	70	70	3,509	-542	-542	-397
Cash proceeds from issuance of common stock under employee equity plans
54	55	35	38	41	48	29	32	50	53	21	41	31	56	26	20	20	29	14	22	16	30	10	23	20	38	10	14	14	70	63	34	33	44	36	24	13	26	20	15	13	8	12	18	2	0
Excess tax benefit for share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	12	8	7	36	6	8	12	58	8	14	14	54	10	8	6	50	29	15	9	18	6	4	1	7	1	5	3	5	1	0	6	0
Proceeds from issuance of commercial paper (Note 8)
-	-	-	-	-	-	-	-	-	-	-	-	-	566	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted stock and performance-based shares settled in cash for taxes
8	147	-	3	2	101	-	2	0	88	-	7	6	60	-	4	4	81	-	-1	6	100	-	2	6	77	-	0	0	64	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payment for redemption of stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,646
Net cash provided by (used in) financing activities
-2,754	-3,133	-2,660	-3,915	-2,468	-3,018	-2,046	-2,211	-2,512	-4,021	380	-2,061	-2,513	-1,730	-1,991	-1,984	-2,082	13,534	-204	-1,284	-1,103	-1,012	-1,380	-1,368	-2,400	-1,330	-1,502	-1,176	-2,017	2,949	-393	-560	-37	-1,665	-450	-1,075	-658	-1,121	-340	-507	-243	-452	-260	477	464	-3,432
Effect of exchange rate changes on cash and cash equivalents
-39	127	-215	109	-103	-68	-12	-295	126	80	142	215	35	-156	28	-62	0	0	0	0	0	1	-1	0	0	0	-	-	-	-	-	-	-	-	-17	-3	6	5	3	-4	4	2	11	12	-2	-20
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
553	1,431	163	387	-833	138	-361	1,062	100	-1,835	2,546	1,010	603	205	-268	-10,056	3,106	9,319	1,371	108	-46	114	-87	238	-301	-65	733	76	43	-740	516	-484	100	-185	-1,473	88	-172	-183	-1,338	645	400	-457	417	837	750	-2,366
Supplemental Disclosure
Income taxes paid, net of refunds
1,346	345	656	611	1,213	168	636	452	1,014	183	799	628	1,515	96	799	542	1,422	79	594	516	1,319	57	713	551	1,296	96	117	57	376	45	482	504	1,014	57	480	236	986	29	314	218	734	25	644	204	320	4
Interest payments on debt
35	234	34	234	35	234	35	234	35	241	0	245	0	244	0	244	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	0	1	1	1	1	1	1	4	1	1	1
Accruals related to purchases of property, equipment and technology
-24	66	8	36	17	34	42	14	-5	26	15	-2	-32	69	13	-9	-2	40	14	41	5	21	20	15	7	20	19	-14	8	33	-18	33	10	42	19	-3	3	17	16	5	4	6	-7	-16	20	21
Assets acquired in joint venture with note payable and equity interest issued
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	22
Class A common stock
Repurchase of common stock
-	-	-	-	-	-	-	-	-	-	-	-	1,576	1,893	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-