V FY 2011 Earnings Report — Visa Inc. Revenue & Financial Results | Market Cap Arena

FY 2011 Earnings

Reported November 17, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$9.2B	—	$8.1B	—	13.9%
Op. Income	$5.5B	—	$4.6B	—	18.9%
Gross Margin	80.2%	—	79.6%	—	0.7pp
Net Margin	39.7%	—	36.8%	—	2.9pp
EPS (Diluted)	$0.89	—	$0.68	—	30.9%
Free Cash Flow	$3.5B	—	$2.5B	—	43.6%

Revenue Flow

Item	Amount
REVENUE	$9.2B
Cost of Revenue	$1.8B
GROSS PROFIT	$7.4B
R&D Expenses	$0
Selling & Marketing	$870M
General & Administrative	$751M
SG&A Expenses	$1.6B
Other Expenses	$295M
Operating Expenses	$1.9B
Cost & Expenses	$3.7B
OPERATING INCOME	$5.5B
Interest Income	$0
Interest Expense	$32M
Other Income/Expenses	$200M
INCOME BEFORE TAX	$5.7B
Income Tax Expense	$2.0B
Net Income from Continuing Ops	$3.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.6B
Net Income Deductions	-$12M
BOTTOM LINE NET INCOME	$3.6B
D&A	$288M
EBIT	$5.5B
EBITDA	$5.8B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$9.2B
Cost of Revenue	$1.8B
GROSS PROFIT	$7.4B
R&D Expenses	$0
Selling & Marketing	$870M
General & Administrative	$751M
SG&A Expenses	$1.6B
Other Expenses	$295M
Operating Expenses	$1.9B
Cost & Expenses	$3.7B
OPERATING INCOME	$5.5B
Interest Income	$0
Interest Expense	$32M
Other Income/Expenses	$200M
INCOME BEFORE TAX	$5.7B
Income Tax Expense	$2.0B
Net Income from Continuing Ops	$3.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.6B
Net Income Deductions	-$12M
BOTTOM LINE NET INCOME	$3.6B
D&A	$288M
EBIT	$5.5B
EBITDA	$5.8B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$3.6B
Depreciation & Amortization	$288M
Stock-Based Compensation	$154M
Deferred Income Tax	$164M
Other Non-Cash Items	$1.6B
Change in Working Capital	-$2.0B
OPERATING CASH FLOW	$3.9B
Capital Expenditure	-$353M
Acquisitions (Net)	-$268M
Purchases of Investments	-$1.9B
Sales/Maturities of Investments	$245M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$2.3B
Net Debt Issuance	-$54M
Common Stock Repurchased	-$2.0B
Common Dividends Paid	-$423M
Other Financing Activities	-$803M
NET CASH FROM FINANCING	-$3.3B
FREE CASH FLOW	$3.5B
Net Change in Cash	-$1.7B

Balance Sheet

Item	Amount
Cash & Equivalents	$2.1B
Short-Term Investments	$1.3B
Net Receivables	$1.1B
Inventory	$0
Other Current Assets	$4.6B
TOTAL CURRENT ASSETS	$9.2B
PP&E (Net)	$1.5B
Goodwill	$11.7B
Intangible Assets	$11.4B
Long-Term Investments	$711M
Tax Assets	$0
Other Non-Current Assets	$214M
TOTAL NON-CURRENT ASSETS	$25.6B
TOTAL ASSETS	$34.8B
Account Payables	$169M
Short-Term Debt	$0
Deferred Revenue	$63M
Other Current Liabilities	$2.1B
TOTAL CURRENT LIABILITIES	$3.5B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$4.2B
Other Non-Current Liabilities	$667M
TOTAL NON-CURRENT LIABILITIES	$4.9B
TOTAL LIABILITIES	$8.3B
Common Stock	$0
Additional Paid-In Capital	$19.9B
Retained Earnings	$6.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$176M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$26.4B
Minority Interest	$0
TOTAL EQUITY	$26.4B
TOTAL LIABILITIES & EQUITY	$34.8B
Total Debt	$0
Net Debt	-$2.1B