V FY 2009 Earnings Report — Visa Inc. Revenue & Financial Results | Market Cap Arena

FY 2009 Earnings

Reported November 20, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$6.9B	—	$6.3B	—	10.3%
Op. Income	$3.5B	—	$1.2B	—	187.2%
Gross Margin	76.5%	—	75.4%	—	1.1pp
Net Margin	34.0%	—	12.8%	—	21.2pp
EPS (Diluted)	$0.78	—	$0.24	—	225.0%
Free Cash Flow	$252M	—	$116M	—	117.2%

Revenue Flow

Item	Amount
REVENUE	$6.9B
Cost of Revenue	$1.6B
GROSS PROFIT	$5.3B
R&D Expenses	$0
Selling & Marketing	$918M
General & Administrative	$606M
SG&A Expenses	$1.5B
Other Expenses	$228M
Operating Expenses	$1.8B
Cost & Expenses	$3.4B
OPERATING INCOME	$3.5B
Interest Income	$0
Interest Expense	$115M
Other Income/Expenses	$462M
INCOME BEFORE TAX	$4.0B
Income Tax Expense	$1.6B
Net Income from Continuing Ops	$2.4B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.4B
Net Income Deductions	-$4M
BOTTOM LINE NET INCOME	$2.4B
D&A	$226M
EBIT	$4.1B
EBITDA	$4.3B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$6.9B
Cost of Revenue	$1.6B
GROSS PROFIT	$5.3B
R&D Expenses	$0
Selling & Marketing	$918M
General & Administrative	$606M
SG&A Expenses	$1.5B
Other Expenses	$228M
Operating Expenses	$1.8B
Cost & Expenses	$3.4B
OPERATING INCOME	$3.5B
Interest Income	$0
Interest Expense	$115M
Other Income/Expenses	$462M
INCOME BEFORE TAX	$4.0B
Income Tax Expense	$1.6B
Net Income from Continuing Ops	$2.4B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.4B
Net Income Deductions	-$4M
BOTTOM LINE NET INCOME	$2.4B
D&A	$226M
EBIT	$4.1B
EBITDA	$4.3B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$2.4B
Depreciation & Amortization	$226M
Stock-Based Compensation	$115M
Deferred Income Tax	$297M
Other Non-Cash Items	$829M
Change in Working Capital	-$3.3B
OPERATING CASH FLOW	$558M
Capital Expenditure	-$306M
Acquisitions (Net)	$0
Purchases of Investments	-$48M
Sales/Maturities of Investments	$1.3B
Other Investing Activities	$0
NET CASH FROM INVESTING	$1.8B
Net Debt Issuance	-$54M
Common Stock Repurchased	-$2.6B
Common Dividends Paid	-$318M
Other Financing Activities	$267M
NET CASH FROM FINANCING	-$2.8B
FREE CASH FLOW	$252M
Net Change in Cash	-$362M

Balance Sheet

Item	Amount
Cash & Equivalents	$4.6B
Short-Term Investments	$115M
Net Receivables	$1.2B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$9.2B
PP&E (Net)	$1.2B
Goodwill	$10.2B
Intangible Assets	$10.9B
Long-Term Investments	$168M
Tax Assets	$0
Other Non-Current Assets	$577M
TOTAL NON-CURRENT ASSETS	$23.0B
TOTAL ASSETS	$32.3B
Account Payables	$156M
Short-Term Debt	$12M
Deferred Revenue	$39M
Other Current Liabilities	$3.8B
TOTAL CURRENT LIABILITIES	$4.4B
Long-Term Debt	$44M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$3.8B
Other Non-Current Liabilities	$795M
TOTAL NON-CURRENT LIABILITIES	$4.6B
TOTAL LIABILITIES	$9.1B
Common Stock	$0
Additional Paid-In Capital	$21.2B
Retained Earnings	$2.2B
Treasury Stock	-$2M
Accum. Other Comp. Income	-$188M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$23.2B
Minority Interest	$4M
TOTAL EQUITY	$23.2B
TOTAL LIABILITIES & EQUITY	$32.3B
Total Debt	$56M
Net Debt	-$4.6B