V FY 2013 Earnings Report — Visa Inc. Revenue & Financial Results | Market Cap Arena

FY 2013 Earnings

Reported November 21, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$11.8B	—	$10.4B	—	13.0%
Op. Income	$7.2B	—	$2.1B	—	238.4%
Gross Margin	79.6%	—	79.5%	—	0.2pp
Net Margin	42.3%	—	20.6%	—	21.7pp
EPS (Diluted)	$1.90	—	$0.56	—	239.3%
Free Cash Flow	$2.6B	—	$4.6B	—	-44.9%

Revenue Flow

Item	Amount
REVENUE	$11.8B
Cost of Revenue	$2.4B
GROSS PROFIT	$9.4B
R&D Expenses	$0
Selling & Marketing	$876M
General & Administrative	$863M
SG&A Expenses	$1.7B
Other Expenses	$400M
Operating Expenses	$2.1B
Cost & Expenses	$4.5B
OPERATING INCOME	$7.2B
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$15M
INCOME BEFORE TAX	$7.3B
Income Tax Expense	$2.3B
Net Income from Continuing Ops	$5.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$5.0B
Net Income Deductions	-$19M
BOTTOM LINE NET INCOME	$5.0B
D&A	$397M
EBIT	$7.2B
EBITDA	$7.6B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$11.8B
Cost of Revenue	$2.4B
GROSS PROFIT	$9.4B
R&D Expenses	$0
Selling & Marketing	$876M
General & Administrative	$863M
SG&A Expenses	$1.7B
Other Expenses	$400M
Operating Expenses	$2.1B
Cost & Expenses	$4.5B
OPERATING INCOME	$7.2B
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$15M
INCOME BEFORE TAX	$7.3B
Income Tax Expense	$2.3B
Net Income from Continuing Ops	$5.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$5.0B
Net Income Deductions	-$19M
BOTTOM LINE NET INCOME	$5.0B
D&A	$397M
EBIT	$7.2B
EBITDA	$7.6B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$5.0B
Depreciation & Amortization	$397M
Stock-Based Compensation	$179M
Deferred Income Tax	$1.5B
Other Non-Cash Items	$2.3B
Change in Working Capital	-$6.4B
OPERATING CASH FLOW	$3.0B
Capital Expenditure	-$471M
Acquisitions (Net)	$471M
Purchases of Investments	-$3.2B
Sales/Maturities of Investments	$2.5B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$1.2B
Net Debt Issuance	-$6M
Common Stock Repurchased	-$5.4B
Common Dividends Paid	-$864M
Other Financing Activities	$4.5B
NET CASH FROM FINANCING	-$1.7B
FREE CASH FLOW	$2.6B
Net Change in Cash	$112M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.2B
Short-Term Investments	$2.1B
Net Receivables	$1.7B
Inventory	$0
Other Current Assets	$1.8B
TOTAL CURRENT ASSETS	$7.8B
PP&E (Net)	$1.7B
Goodwill	$11.7B
Intangible Assets	$11.4B
Long-Term Investments	$2.8B
Tax Assets	$0
Other Non-Current Assets	$610M
TOTAL NON-CURRENT ASSETS	$28.1B
TOTAL ASSETS	$36.0B
Account Payables	$184M
Short-Term Debt	$0
Deferred Revenue	$60M
Other Current Liabilities	$3.5B
TOTAL CURRENT LIABILITIES	$4.3B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$4.1B
Other Non-Current Liabilities	$602M
TOTAL NON-CURRENT LIABILITIES	$4.8B
TOTAL LIABILITIES	$9.1B
Common Stock	$0
Additional Paid-In Capital	$18.9B
Retained Earnings	$8.0B
Treasury Stock	$0
Accum. Other Comp. Income	$21M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$26.9B
Minority Interest	$0
TOTAL EQUITY	$26.9B
TOTAL LIABILITIES & EQUITY	$36.0B
Total Debt	$0
Net Debt	-$2.2B