V FY 2012 Earnings Report — Visa Inc. Revenue & Financial Results | Market Cap Arena

FY 2012 Earnings

Reported November 15, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$10.4B	—	$9.2B	—	13.4%
Op. Income	$2.1B	—	$5.5B	—	-60.8%
Gross Margin	79.5%	—	80.2%	—	-0.8pp
Net Margin	20.6%	—	39.7%	—	-19.2pp
EPS (Diluted)	$0.56	—	$0.89	—	-37.1%
Free Cash Flow	$4.6B	—	$3.5B	—	31.7%

Revenue Flow

Item	Amount
REVENUE	$10.4B
Cost of Revenue	$2.1B
GROSS PROFIT	$8.3B
R&D Expenses	$0
Selling & Marketing	$873M
General & Administrative	$836M
SG&A Expenses	$1.7B
Other Expenses	$4.4B
Operating Expenses	$6.1B
Cost & Expenses	$8.3B
OPERATING INCOME	$2.1B
Interest Income	$46M
Interest Expense	$29M
Other Income/Expenses	$68M
INCOME BEFORE TAX	$2.2B
Income Tax Expense	$65M
Net Income from Continuing Ops	$2.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.1B
Net Income Deductions	-$7M
BOTTOM LINE NET INCOME	$2.1B
D&A	$333M
EBIT	$6.2B
EBITDA	$6.6B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$10.4B
Cost of Revenue	$2.1B
GROSS PROFIT	$8.3B
R&D Expenses	$0
Selling & Marketing	$873M
General & Administrative	$836M
SG&A Expenses	$1.7B
Other Expenses	$4.4B
Operating Expenses	$6.1B
Cost & Expenses	$8.3B
OPERATING INCOME	$2.1B
Interest Income	$46M
Interest Expense	$29M
Other Income/Expenses	$68M
INCOME BEFORE TAX	$2.2B
Income Tax Expense	$65M
Net Income from Continuing Ops	$2.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.1B
Net Income Deductions	-$7M
BOTTOM LINE NET INCOME	$2.1B
D&A	$333M
EBIT	$6.2B
EBITDA	$6.6B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$2.1B
Depreciation & Amortization	$333M
Stock-Based Compensation	$147M
Deferred Income Tax	-$1.7B
Other Non-Cash Items	$6.2B
Change in Working Capital	-$2.1B
OPERATING CASH FLOW	$5.0B
Capital Expenditure	-$376M
Acquisitions (Net)	-$3M
Purchases of Investments	-$4.2B
Sales/Maturities of Investments	$2.1B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$2.4B
Net Debt Issuance	-$6M
Common Stock Repurchased	-$710M
Common Dividends Paid	-$595M
Other Financing Activities	-$1.3B
NET CASH FROM FINANCING	-$2.7B
FREE CASH FLOW	$4.6B
Net Change in Cash	-$53M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.1B
Short-Term Investments	$743M
Net Receivables	$1.4B
Inventory	$0
Other Current Assets	$7.5B
TOTAL CURRENT ASSETS	$11.8B
PP&E (Net)	$1.6B
Goodwill	$11.7B
Intangible Assets	$11.4B
Long-Term Investments	$3.3B
Tax Assets	$0
Other Non-Current Assets	$151M
TOTAL NON-CURRENT ASSETS	$28.2B
TOTAL ASSETS	$40.0B
Account Payables	$152M
Short-Term Debt	$0
Deferred Revenue	$59M
Other Current Liabilities	$2.4B
TOTAL CURRENT LIABILITIES	$8.0B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$4.1B
Other Non-Current Liabilities	$371M
TOTAL NON-CURRENT LIABILITIES	$4.4B
TOTAL LIABILITIES	$12.4B
Common Stock	$0
Additional Paid-In Capital	$20.0B
Retained Earnings	$7.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$171M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$27.6B
Minority Interest	$0
TOTAL EQUITY	$27.6B
TOTAL LIABILITIES & EQUITY	$40.0B
Total Debt	$0
Net Debt	-$2.1B