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Visa Inc. (V) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

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Visa Inc.

CIK: 1403161 Ticker: V

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Visa Inc. Reports Fiscal Fourth Quarter and Full-Year 2022 Results
San Francisco, CA, October 25, 2022 – Visa Inc. (NYSE: V)
Fiscal Fourth Quarter Results:
GAAP net income of $3.9B or $1.86 per share and non-GAAP net income of $4.1B or $1.93 per share
Net revenues of $7.8B, an increase of 19%, or 23% on a constant-dollar basis
Fiscal Full-Year Results:
GAAP net income of $15.0B or $7.00 per share and non-GAAP net income of $16.0B or $7.50 per share
Net revenues of $29.3B, an increase of 22%, or 24% on a constant-dollar basis
Other Highlights:
Fiscal fourth quarter payments volume and processed transaction growth remained strong, while cross-border volume continued to recover
Returned $2.9B and $14.8B of capital to shareholders for fiscal fourth quarter and full-year, respectively, in the form of share repurchases and dividends
The board of directors increased Visa's quarterly cash dividend 20% to $0.45 per share and authorized a new $12.0B share repurchase program

Income Statement Summary
In billions, except percentages and per share data. % change is calculated over the comparable prior-year period.Q4 2022Full-Year 2022
Alfred F. Kelly, Jr., Chairman and Chief Executive Officer, Visa Inc., commented on the results:
USD% ChangeUSD% Change
Net Revenues
$7.819%$29.322%
GAAP Net Income
$3.910%$15.021%
"In Visa’s fiscal fourth quarter, we saw a continuation of many of the spending trends present throughout 2022: strength in consumer payments, resilience in eCommerce and ongoing recovery in cross-border travel. These trends contributed to robust full-year 2022 results, with net revenues, net income and EPS all up more than 20% year-over-year, despite broader macroeconomic uncertainty and geopolitical turmoil. As we look ahead, while some short-term uncertainty exists, we remain confident in Visa's long-term growth trajectory across consumer payments, new flows and value added services."
GAAP Earnings Per Share
$1.8613%$7.0024%
Non-GAAP Net Income(1)
$4.116%$16.024%
Non-GAAP Earnings Per Share(1)
$1.9319%$7.5027%
(1) Refer to the accompanying financial tables for further details and a reconciliation of the GAAP to non-GAAP measures presented.
Key Business Drivers
YoY increase / (decrease), volume in constant dollarsQ4 2022Full-Year 2022
Payments Volume10%15%
Cross-Border Volume Excluding Intra-Europe(2)
49%49%
Cross-Border Volume Total36%38%
Processed Transactions12%17%
(2) Cross-border volume excluding transactions within Europe.


The following information was filed by Visa Inc. (V) on Tuesday, October 25, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Visa Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Schedule Of Purchase Price Allocation (Details)
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents (Details)
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents (Tables)
Commitments
Commitments (Tables)
Commitments - Future Minimum Payments On Software Licenses (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Debt Maturities (Details)
Debt - Senior Notes (Details)
Derivative And Non-Derivative Financial Instruments
Derivative And Non-Derivative Financial Instruments (Tables)
Derivative And Non-Derivative Financial Instruments - Additional Information (Detail)
Derivative And Non-Derivative Financial Instruments - Schedule Of Derivative Instruments At Gross Value (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Basic And Diluted Earnings Per Share (Detail)
Enterprise-Wide Disclosures And Concentration Of Business
Enterprise-Wide Disclosures And Concentration Of Business (Tables)
Enterprise-Wide Disclosures And Concentration Of Business - Additional Information (Detail)
Enterprise-Wide Disclosures And Concentration Of Business - Long-Lived Net Property, Equipment And Technology Assets Classified By Major Geographic Area (Detail)
Fair Value Measurements And Investments
Fair Value Measurements And Investments (Tables)
Fair Value Measurements And Investments - Additional Information (Detail)
Fair Value Measurements And Investments - Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Available-For-Sale Securities (Detail)
Fair Value Measurements And Investments - Assets And Liabilities Measured (Details)
Fair Value Measurements And Investments - Contractual Maturity Of Debt Securities (Detail)
Fair Value Measurements And Investments - Investment Income (Detail)
Fair Value Measurements And Investments - Schedule Of Non-Marketable Equity Securities (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Income Before Taxes By Fiscal Year (Detail)
Income Taxes - Income Tax Expense By Fiscal Year (Detail)
Income Taxes - Information That Causes The Income Tax Expense To Differ From The Amount Of Income Tax Determined By Applying The Applicable U.S. Federal Statutory Rate Of 35% To Pretax Income (Detail)
Income Taxes - Reconciliation Of Beginning And Ending Unrecognized Tax Benefits By Fiscal Year (Detail)
Income Taxes - Tax Effect Of Temporary Differences That Give Rise To Significant Portions Of Deferred Tax Assets And Liabilities (Detail)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Additional Information (Detail)
Intangible Assets And Goodwill - Estimated Future Amortization Expense On Finite-Lived Intangible Assets (Detail)
Intangible Assets And Goodwill - Fair Value Of Intangible Assets And Related Accumulated Amortization Expense (Detail)
Intangible Assets And Goodwill - Schedule Of Goodwill (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Present Value Of Future Minimum Lease Payments (Details)
Legal Matters
Legal Matters (Tables)
Legal Matters - Additional Information (Detail)
Legal Matters - Legal Matters - Schedule Of Accrued Litigation For Both Covered And Non-Covered Litigation (Details)
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Tables)
Pension And Other Postretirement Benefits - Additional Information (Detail)
Pension And Other Postretirement Benefits - Amounts Recognized In Accumulated Comprehensive Income Before Tax (Detail)
Pension And Other Postretirement Benefits - Change In Pension Benefit Obligations, Plan Assets, Funded Status And Amounts Recognized In The Consolidated Balance Sheets (Detail)
Pension And Other Postretirement Benefits - Employer Contributions (Detail)
Pension And Other Postretirement Benefits - Net Periodic Pension And Other Postretirement Plan Cost (Detail)
Pension And Other Postretirement Benefits - Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Detail)
Pension And Other Postretirement Benefits - Pension Plan Assets (Detail)
Pension And Other Postretirement Benefits - Weighted Average Actuarial Assumptions (Detail)
Property, Equipment And Technology, Net
Property, Equipment And Technology, Net (Tables)
Property, Equipment And Technology, Net - Additional Information (Detail)
Property, Equipment And Technology, Net - Estimated Future Amortization Expense On Technology Placed In Service (Detail)
Property, Equipment And Technology, Net - Summary Of Property, Equipment And Technology, Net (Detail)
Revenues
Revenues (Tables)
Revenues - Additional Information (Details)
Revenues - Disaggregation Of Revenue (Details)
Settlement Guarantee Management
Settlement Guarantee Management (Tables)
Settlement Guarantee Management - Additional Information (Detail)
Settlement Guarantee Management - Collateral (Detail)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Assumptions Used To Estimate Fair Value Using Monte Carlo Model (Details)
Share-Based Compensation - Assumptions Used To Estimate The Fair Value Of Each Stock Option On The Date Of Grant Using A Black-Scholes Option Pricing Model (Detail)
Share-Based Compensation - Summary Of Option Activity (Detail)
Share-Based Compensation - Summary Of Performance-Based Shares Activity (Detail)
Share-Based Compensation - Summary Of Rsu Activity (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Effect Of Ve Territory Covered Losses Recovery On The Company Repurchasing Its Common Stock (Details)
Stockholders' Equity - Number Of Shares Of Class A Common Shares Outstanding On An As-Converted Basis (Detail)
Stockholders' Equity - Schedule Of As-Converted Class B Common Stock (Details)
Stockholders' Equity - Share Repurchases In The Open Market (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Detail)
Summary Of Significant Accounting Policies (Policies)
U.S. And Europe Retrospective Responsibility Plans
U.S. And Europe Retrospective Responsibility Plans (Tables)
U.S. And Europe Retrospective Responsibility Plans - Additional Information (Details)
U.S. And Europe Retrospective Responsibility Plans - Changes In Preferred Stock And Right To Recover Covered Losses (Details)
U.S. And Europe Retrospective Responsibility Plans - Changes In The U.S. Litigation Escrow Account (Detail)
Ticker: V
CIK: 1403161
Form Type: 10-K Annual Report
Accession Number: 0001403161-22-000081
Submitted to the SEC: Wed Nov 16 2022 4:06:43 PM EST
Accepted by the SEC: Wed Nov 16 2022
Period: Friday, September 30, 2022
Industry: Business Services

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