V FY 2014 Earnings Report — Visa Inc. Revenue & Financial Results | Market Cap Arena

FY 2014 Earnings

Reported November 20, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$12.7B	—	$11.8B	—	7.8%
Op. Income	$7.7B	—	$7.2B	—	6.3%
Gross Margin	81.2%	—	79.6%	—	1.6pp
Net Margin	42.8%	—	42.3%	—	0.5pp
EPS (Diluted)	$2.15	—	$1.90	—	13.2%
Free Cash Flow	$6.7B	—	$2.6B	—	160.8%

Revenue Flow

Item	Amount
REVENUE	$12.7B
Cost of Revenue	$2.4B
GROSS PROFIT	$10.3B
R&D Expenses	$0
Selling & Marketing	$900M
General & Administrative	$835M
SG&A Expenses	$1.7B
Other Expenses	$888M
Operating Expenses	$2.6B
Cost & Expenses	$5.0B
OPERATING INCOME	$7.7B
Interest Income	$0
Interest Expense	$8M
Other Income/Expenses	$27M
INCOME BEFORE TAX	$7.7B
Income Tax Expense	$2.3B
Net Income from Continuing Ops	$5.4B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$5.4B
Net Income Deductions	-$17M
BOTTOM LINE NET INCOME	$5.4B
D&A	$435M
EBIT	$7.7B
EBITDA	$8.2B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$12.7B
Cost of Revenue	$2.4B
GROSS PROFIT	$10.3B
R&D Expenses	$0
Selling & Marketing	$900M
General & Administrative	$835M
SG&A Expenses	$1.7B
Other Expenses	$888M
Operating Expenses	$2.6B
Cost & Expenses	$5.0B
OPERATING INCOME	$7.7B
Interest Income	$0
Interest Expense	$8M
Other Income/Expenses	$27M
INCOME BEFORE TAX	$7.7B
Income Tax Expense	$2.3B
Net Income from Continuing Ops	$5.4B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$5.4B
Net Income Deductions	-$17M
BOTTOM LINE NET INCOME	$5.4B
D&A	$435M
EBIT	$7.7B
EBITDA	$8.2B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$5.4B
Depreciation & Amortization	$435M
Stock-Based Compensation	$172M
Deferred Income Tax	-$580M
Other Non-Cash Items	$3.0B
Change in Working Capital	-$1.3B
OPERATING CASH FLOW	$7.2B
Capital Expenditure	-$553M
Acquisitions (Net)	-$149M
Purchases of Investments	-$2.6B
Sales/Maturities of Investments	$2.3B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$941M
Net Debt Issuance	$0
Common Stock Repurchased	-$4.1B
Common Dividends Paid	-$1.0B
Other Financing Activities	-$1.4B
NET CASH FROM FINANCING	-$6.5B
FREE CASH FLOW	$6.7B
Net Change in Cash	-$215M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.0B
Short-Term Investments	$2.0B
Net Receivables	$1.7B
Inventory	$0
Other Current Assets	$3.8B
TOTAL CURRENT ASSETS	$9.6B
PP&E (Net)	$1.9B
Goodwill	$11.8B
Intangible Assets	$11.4B
Long-Term Investments	$3.0B
Tax Assets	$8M
Other Non-Current Assets	$928M
TOTAL NON-CURRENT ASSETS	$29.0B
TOTAL ASSETS	$38.6B
Account Payables	$147M
Short-Term Debt	$0
Deferred Revenue	$82M
Other Current Liabilities	$5.3B
TOTAL CURRENT LIABILITIES	$6.0B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$4.1B
Other Non-Current Liabilities	$1.0B
TOTAL NON-CURRENT LIABILITIES	$5.2B
TOTAL LIABILITIES	$11.2B
Common Stock	$0
Additional Paid-In Capital	$18.3B
Retained Earnings	$9.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$17M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$27.4B
Minority Interest	$0
TOTAL EQUITY	$27.4B
TOTAL LIABILITIES & EQUITY	$38.6B
Total Debt	$0
Net Debt	-$2.0B