VISA INC. V Cash Flow

Visa inc. (V)

CashFlow / TTM

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
12,482	12,375	12,080	11,900	11,128	10,756	10,301	9,596	9,326	7,151	6,699	6,490	4,843	6,120	5,991	5,572	6,857	6,700	6,328	5,889	5,552	5,600	5,438	5,557	5,422	5,094	4,980	5,450	2,386	2,408	2,142	1,358	4,201	3,789	3,646	3,541	3,253	3,085	2,964	2,705	2,718	2,541	2,352	0	0	0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives (Note 3)
6,692	6,465	6,173	5,982	5,810	5,621	5,491	5,335	5,108	4,850	4,565	4,212	3,904	3,662	3,409	3,218	3,049	2,936	2,861	2,827	2,795	2,706	2,592	2,504	2,387	2,367	2,321	2,204	2,297	2,227	2,155	2,168	2,002	1,956	1,880	1,725	1,670	1,591	1,560	1,465	1,416	1,339	1,234	0	0	0
Asset impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Fair value adjustment for the Visa Europe put option
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-255	-255	-145	-145	110	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation (Note 12)
411	423	407	406	385	359	327	294	272	258	235	252	240	227	221	200	191	181	187	181	176	172	172	170	170	176	179	174	169	157	147	144	140	144	154	158	160	147	131	126	112	115	115	0	0	0
Excess tax benefit for share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	63	57	57	62	84	86	92	94	90	92	86	78	74	93	100	103	71	48	37	29	18	13	14	16	14	14	9	12	7	0	0	0
Depreciation and amortization of property, equipment, technology and intangible assets
711	679	656	647	634	627	613	597	577	555	556	550	538	528	502	480	490	494	494	487	466	448	435	429	421	412	397	380	363	345	333	321	311	301	288	289	278	270	265	248	242	236	226	0	0	0
Deferred income taxes
-79	28	214	90	-76	-219	-1,277	-1,148	-945	704	1,700	1,554	965	-732	-764	-604	-7	143	195	-26	-32	-502	-580	-393	-428	-76	1,527	1,299	90	-102	-1,690	-1,432	-165	116	164	228	193	229	249	171	144	220	297	0	0	0
Restricted stock instruments settled in cash for taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Interest earned on litigation escrow, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Net recognized (gain) loss on investment securities, including other-than-temporary impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20	17	3	-5	0	0	0
Net recognized gain on other investments, including other-than-temporary impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Equity in earnings of unconsolidated affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
VE territory covered losses incurred (Note 5)
-23	-85	-172	-172	-169	-99	-11	-53	-50	-118	-209	-174	-172	-103	-9	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Litigation provision (Note 20)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-18	5	22	37	95	0	0	0
Other
249	330	271	230	160	34	64	14	-21	-20	-54	-51	-70	-72	-64	-52	-26	-48	-24	-42	-40	-13	-37	-18	-27	-43	-50	-68	-63	-41	8	31	129	123	104	130	54	62	32	0	0	0	-	-	-	-
Change in operating assets and liabilities:
Income tax receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	447	1,021	1,341	67	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-27	-13	-18	-34	0	0	0
Settlement receivable
-132	165	1,533	111	-793	1,594	223	187	-1,001	142	-94	-101	1,549	-482	-391	-628	-265	-57	-378	-71	-73	-388	-13	316	264	29	345	16	-20	350	42	38	111	-3	4	-17	-275	-230	-203	-582	-213	-9	-526	0	0	0
Accounts receivable
92	240	333	307	160	124	70	102	127	111	54	7	8	79	65	47	42	16	19	62	56	52	53	37	30	39	38	-14	145	170	161	240	112	97	79	20	11	-34	7	82	130	158	102	0	0	0
Client incentives
7,611	7,012	6,430	5,977	5,647	5,057	4,682	4,735	4,499	4,485	4,628	4,246	3,902	3,787	3,508	3,515	3,403	3,133	2,970	2,713	2,623	2,466	2,395	2,411	2,479	2,499	2,336	2,142	2,141	1,867	1,757	2,028	1,847	1,843	1,857	1,531	1,408	1,365	1,386	1,350	1,384	1,260	1,136	0	0	0
Other assets
561	150	310	210	227	119	-59	-142	-195	72	147	-45	219	272	315	251	-29	-123	41	403	496	443	379	514	529	355	506	269	284	189	-41	56	-160	81	26	-15	89	122	42	220	241	67	109	0	0	0
Accounts payable
38	10	-24	-1	-19	8	3	23	27	21	-30	0	0	0	-	-	-	-	-13	-22	-32	34	-56	-51	-13	-41	40	46	62	66	-17	18	-14	-11	29	-6	6	6	-21	-12	6	-6	-3	0	0	0
Settlement payable
-196	410	1,931	163	-762	1,726	262	222	-73	20	-176	47	638	-187	-302	-825	-403	-111	-552	-70	27	-391	107	490	377	174	506	70	20	646	270	282	377	-11	36	-5	-317	-216	-245	-533	-142	-13	-461	0	0	0
Accrued and other liabilities
760	817	627	609	955	912	1,760	1,938	1,475	943	465	-186	161	276	277	375	-63	-49	118	381	604	663	513	624	655	1,074	702	-10	-50	-516	-227	189	180	153	129	44	93	234	165	-30	195	312	213	0	0	0
Accrued compensation and benefits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-6	3	-34	-23	0	0	0
Accrued litigation (Note 14)
353	140	-231	-571	85	659	452	433	-166	-164	1	17	-16	-18	-43	-116	-120	-341	-432	-419	-381	896	998	1,055	1,055	-1	-4,384	-4,384	-4,384	-4,454	-140	-230	-300	-289	-290	-305	-306	-318	-1,002	-1,472	-1,965	-2,427	-2,201	0	0	0
Net cash provided by (used in) operating activities
12,768	13,365	12,784	12,218	12,570	13,422	12,941	12,341	12,142	9,622	9,317	8,893	5,659	6,103	5,574	4,856	6,664	6,802	6,584	6,643	6,474	7,425	7,205	7,457	7,672	7,387	3,022	2,346	1,446	899	5,009	4,508	4,646	4,152	3,872	3,897	3,720	3,726	2,691	1,589	720	344	558	0	0	0
Investing Activities
Purchases of property, equipment and technology
850	790	756	702	677	734	718	718	744	677	707	653	590	568	523	520	462	436	414	503	538	537	553	464	477	491	471	439	425	375	376	387	368	379	353	333	309	279	241	245	249	275	306	0	0	0
Proceeds from sales of property, equipment and technology
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-
Investment securities:
Purchases
0	0	-	-	0	0	-	-	-	3,842	3,238	-14,580	-5,928	4,655	10,426	27,418	19,020	8,895	2,850	3,045	2,547	2,576	2,572	2,217	2,602	2,734	3,164	3,603	3,854	4,391	4,140	5,186	4,050	2,843	1,910	0	0	0	-	-	-	-	-	-	-	-
Proceeds from maturities and sales
5,378	3,965	3,996	4,717	3,903	3,793	3,636	3,505	2,811	5,300	5,012	-12,778	-2,769	9,168	9,119	26,708	16,890	2,438	1,925	1,889	1,831	1,968	2,342	2,536	2,230	2,622	2,440	2,220	2,179	1,287	2,093	1,734	1,649	1,353	129	52	32	26	67	71	90	143	297	0	0	0
Purchases of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Distributions from money market investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	85	129	128	884	0	0	0
Acquisitions, net of cash acquired
776	776	699	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of / contributions to other investments
295	488	501	497	270	66	50	63	60	50	46	19	3	4	10	0	0	0	-	-	-	-	9	0	0	0	-	-	-	-	-	-	-	-	13	24	16	16	17	50	48	48	48	0	0	0
Proceeds / distributions from other investments
4	13	12	0	0	0	-	-	-	-	-	-	-	-	6	0	0	0	-	-	-	-	-	-	-	-	34	0	0	0	-	-	-	116	116	0	0	0	-	-	-	-	-	-	-	-
Other investing activities
-131	-46	-10	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
2,246	41	-591	-1,366	-2,343	-2,447	-3,084	-2,157	-2,670	445	735	830	-6,802	-5,139	-10,916	-10,318	-2,724	-6,993	-1,435	-1,775	-1,392	-1,301	-941	-252	-821	-575	-1,164	-1,825	-2,093	-3,473	-2,414	-3,817	-2,873	-2,032	-2,299	-2,319	-2,152	-1,999	-1,904	865	926	951	1,830	0	0	0
Financing Activities
Repurchase of class A common stock (Note 10)
9,779	8,584	8,607	8,068	7,673	7,807	7,192	0	0	0	-	-	-	-	-	-	-	-	-	-	0	0	-	4,673	4,502	5,203	5,365	4,228	3,708	1,888	710	960	1,563	1,793	2,024	1,936	872	874	1,000	0	0	0	-	-	-	0
Payment for earn-out related to PlaySpan acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on capital lease obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6	6	5	6	6	6	8	8	10	12	11	12	12	10	9	11	4	0	0	0
Repayments of long-term debt
-	-	-	-	-	-	1,750	1,750	1,750	1,750	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	44	12	13	12	12	51	52	51	50	0	0	0
Dividends paid (Note 10)
2,467	2,368	2,269	2,189	2,111	2,032	1,918	1,825	1,732	1,638	1,579	1,528	1,469	1,409	1,350	1,303	1,262	1,220	1,177	1,133	1,090	1,049	1,006	969	934	898	864	800	732	663	595	551	508	467	423	410	398	383	368	356	342	330	318	0	0	0
Proceeds from issuance of senior notes (Note 6)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	98	98	96	77	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposit into U.S. litigation escrow account—U.S. retrospective responsibility plan (Note 2 and Note 17)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,715	1,565	1,565	1,965	1,200	0	0	0	-	-	-	-	1,800	0	0	0
Payments from U.S. litigation escrow account—U.S. retrospective responsibility plan (Note 2 and Note 17)
-	-	-	-	-	-	-	-	-	-	-	0	-34	-34	-45	736	736	515	426	-412	-378	899	999	1,056	1,056	0	-4,383	-4,663	-4,663	-4,453	-140	70	0	-280	-280	-700	-560	-420	-280	3,719	3,107	2,495	2,028	0	0	0
Cash proceeds from issuance of common stock under employee equity plans
182	169	162	156	150	159	164	156	165	146	149	154	133	122	95	83	85	81	82	78	79	83	91	91	82	76	108	161	181	200	174	147	137	117	99	83	74	74	56	48	51	40	32	0	0	0
Excess tax benefit for share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	63	57	57	62	84	86	92	94	90	92	86	78	74	93	100	103	71	48	37	29	18	13	14	16	14	14	9	12	7	0	0	0
Proceeds from issuance of commercial paper (Note 8)
-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted stock and performance-based shares settled in cash for taxes
0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payment for redemption of stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,646	0	0	0
Net cash provided by (used in) financing activities
-12,462	-12,176	-12,061	-11,447	-9,743	-9,787	-10,790	-8,364	-8,214	-8,215	-5,924	-8,295	-8,218	-7,787	7,477	9,264	9,964	10,943	-3,603	-4,779	-4,863	-6,160	-6,478	-6,600	-6,408	-6,025	-1,746	-637	-21	1,959	-2,655	-2,712	-3,227	-3,848	-3,304	-3,194	-2,626	-2,211	-1,542	-1,462	-478	229	-2,751	0	0	0
Effect of exchange rate changes on cash and cash equivalents
-18	-82	-277	-74	-478	-249	-101	53	563	472	236	122	-155	-190	-34	-62	0	0	1	0	0	0	-1	0	0	0	-	-	-	-	-	-	-	-	-9	11	10	8	5	13	29	23	1	0	0	0
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
2,534	1,148	-145	-669	6	939	-1,034	1,873	1,821	2,324	4,364	1,550	-9,516	-7,013	2,101	3,740	13,904	10,752	1,547	89	219	-36	-215	605	443	787	112	-105	-665	-608	-53	-2,042	-1,470	-1,742	-1,740	-1,605	-1,048	-476	-750	1,005	1,197	1,547	-362	0	0	0
Supplemental Disclosure
Income taxes paid, net of refunds
2,958	2,825	2,648	2,628	2,469	2,270	2,285	2,448	2,624	3,125	3,038	3,038	2,952	2,859	2,842	2,637	2,611	2,508	2,486	2,605	2,640	2,617	2,656	2,060	1,566	646	595	960	1,407	2,045	2,057	2,055	1,787	1,759	1,731	1,565	1,547	1,295	1,291	1,621	1,607	1,193	1,172	0	0	0
Interest payments on debt
537	537	537	538	538	538	545	510	521	486	489	489	488	488	244	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3	3	4	4	4	7	7	7	7	0	0	0
Accruals related to purchases of property, equipment and technology
86	127	95	129	107	85	77	50	34	7	50	48	41	71	42	43	93	100	81	87	61	63	62	61	32	33	46	9	56	58	67	104	68	61	36	33	41	42	31	8	-13	3	18	0	0	0
Assets acquired in joint venture with note payable and equity interest issued
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22	0	0	0
Class A common stock
Repurchase of common stock
-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-