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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-33977
v-20200630_g1.gif
VISA INC.
(Exact name of Registrant as specified in its charter)
Delaware 26-0267673
(State or other jurisdiction
of incorporation or organization)
 (IRS Employer
Identification No.)
P.O. Box 8999 94128-8999
San Francisco,
California
(Address of principal executive offices) (Zip Code)
(650) 432-3200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  
As of July 24, 2020, there were 1,686,007,156 shares outstanding of the registrant’s class A common stock, par value $0.0001 per share, 245,513,385 shares outstanding of the registrant’s class B common stock, par value $0.0001 per share, and 10,859,763 shares outstanding of the registrant’s class C common stock, par value $0.0001 per share.


Table of Contents
VISA INC.
TABLE OF CONTENTS
 
  Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1.Financial Statements (Unaudited)
VISA INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30,
2020
September 30,
2019
 (in millions, except par value data)
Assets
Cash and cash equivalents $13,898  $7,838  
Restricted cash equivalents—U.S. litigation escrow (Note 4 and Note 5)1,148  1,205  
Investment securities (Note 6)2,739  4,236  
Settlement receivable 2,111  3,048  
Accounts receivable 1,453  1,542  
Customer collateral (Note 4 and Note 9)1,759  1,648  
Current portion of client incentives 1,150  741  
Prepaid expenses and other current assets 753  712  
Total current assets 25,011  20,970  
Investment securities (Note 6)547  2,157  
Client incentives 3,168  2,084  
Property, equipment and technology, net 2,746  2,695  
Goodwill 15,791  15,656  
Intangible assets, net 27,188  26,780  
Other assets 3,433  2,232  
Total assets $77,884  $72,574  
Liabilities
Accounts payable $153  $156  
Settlement payable 2,725  3,990  
Customer collateral (Note 4 and Note 9)1,759  1,648  
Accrued compensation and benefits 703  796  
Client incentives 4,208  3,997  
Accrued liabilities 2,397  1,625  
Current maturities of debt (Note 8)2,999    
Accrued litigation (Note 14)1,156  1,203  
Total current liabilities 16,100  13,415  
Long-term debt (Note 8)17,880  16,729  
Deferred tax liabilities 4,728  4,807  
Other liabilities 3,652  2,939  
Total liabilities 42,360  37,890  
Equity
Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows:
Series A convertible participating preferred stock, none issued (the “class A equivalent preferred stock”) (Note 10)
    
Series B convertible participating preferred stock, 2 shares issued and outstanding at June 30, 2020 and September 30, 2019 (the “UK&I preferred stock”) (Note 5 and Note 10)
2,213  2,285  
Series C convertible participating preferred stock, 3 shares issued and outstanding at June 30, 2020 and September 30, 2019 (the “Europe preferred stock”) (Note 5 and Note 10)
3,085  3,177  
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,687 and 1,718 shares issued and outstanding at June 30, 2020 and September 30, 2019, respectively (Note 10)
    
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at June 30, 2020 and September 30, 2019 (Note 10)
    
Class C common stock, $0.0001 par value, 1,097 shares authorized, 11 shares issued and outstanding at June 30, 2020 and September 30, 2019 (Note 10)
    
Right to recover for covered losses (Note 5)(24) (171) 
Additional paid-in capital 16,457  16,541  
Accumulated income 14,072  13,502  
Accumulated other comprehensive income (loss), net:
Investment securities 4  6  
Defined benefit pension and other postretirement plans (192) (192) 
Derivative instruments (39) 199  
Foreign currency translation adjustments (52) (663) 
Total accumulated other comprehensive income (loss), net (279) (650) 
Total equity 35,524  34,684  
Total liabilities and equity $77,884  $72,574  
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
June 30,
Nine Months Ended
June 30,
 2020201920202019
 (in millions, except per share data)
Net revenues $4,837  $5,840  $16,745  $16,840  
Operating Expenses
Personnel 941  872  2,863  2,573  
Marketing 174  282  683  799  
Network and processing 172  184  536  528  
Professional fees 95  113  304  305  
Depreciation and amortization 197  165  571  484  
General and administrative 258  315  840  855  
Litigation provision (Note 14)1  1  9  30  
Total operating expenses 1,838  1,932  5,806  5,574  
Operating income 2,999  3,908  10,939  11,266  
Non-operating Income (Expense)
Interest expense, net (142) (128) (371) (413) 
Investment income and other 75  86  167  320  
Total non-operating income (expense)(67) (42) (204) (93) 
Income before income taxes 2,932  3,866  10,735  11,173  
Income tax provision (Note 13)559  765  2,006  2,118  
Net income $2,373  $3,101  $8,729  $9,055  
Basic Earnings Per Share (Note 11)
Class A common stock $1.07  $1.37  $3.92  $3.98  
Class B common stock $1.74  $2.23  $6.37  $6.49  
Class C common stock $4.29  $5.48  $15.70  $15.92  
Basic Weighted-average Shares Outstanding (Note 11)
Class A common stock 1,690  1,735  1,702  1,748  
Class B common stock 245  245  245  245  
Class C common stock 11  12  11  12  
Diluted Earnings Per Share (Note 11)
Class A common stock $1.07  $1.37  $3.92  $3.97  
Class B common stock $1.74  $2.23  $6.36  $6.48  
Class C common stock $4.29  $5.48  $15.68  $15.90  
Diluted Weighted-average Shares Outstanding (Note 11)
Class A common stock 2,214  2,265  2,227  2,278  
Class B common stock 245  245  245  245  
Class C common stock 11  12  11  12  
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 Three Months Ended
June 30,
Nine Months Ended
June 30,
 2020201920202019
 (in millions)
Net income$2,373  $3,101  $8,729  $9,055  
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized gain (loss)(3) 5  2  20  
Income tax effect1  (1)   (5) 
Reclassification adjustments(1) 1  (3) 1  
Income tax effect1    1    
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost)
  (1) 2  (8) 
Income tax effect    (1) 1  
Reclassification adjustments9  2  15  2  
Income tax effect(2)   (3)   
Derivative instruments:
Net unrealized gain (loss)(106) (68) (247) 29  
Income tax effect23  14  54  (9) 
Reclassification adjustments(43) (22) (58) (69) 
Income tax effect9  4  13  13  
Foreign currency translation adjustments277  262  621  (419) 
Other comprehensive income (loss), net of tax165  196  396  (444) 
Comprehensive income$2,538  $3,297  $9,125  $8,611  

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Three Months Ended June 30, 2020
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
Income (Loss), Net
Total
Equity
 Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of March 31, 20202  3  1,693  245  11  $5,462  $(184) $16,385  $13,366  $(444) $34,585  
Net income2,373  2,373  
Other comprehensive income (loss), net of tax
165  165  
Comprehensive income2,538  
VE territory covered losses incurred (Note 5)
(9) (9) 
Recovery through conversion rate adjustment (Note 5 and 10)
(164) 169  5  
Vesting of restricted stock and performance-based shares
  
(1)
  
Share-based compensation, net of forfeitures (Note 12)
107  107  
Restricted stock and performance-based shares settled in cash for taxes
  
(1)
(3) (3) 
Cash proceeds from issuance of common stock under employee equity plans
  
(1)
33  33  
Cash dividends declared and paid, at a quarterly amount of $0.30 per class A common stock (Note 10)
(663) (663) 
Repurchase of class A common stock (Note 10)
(6) (65) (1,004) (1,069) 
Balance as of June 30, 20202  3  1,687  245  11  $5,298  $(24) $16,457  $14,072  $(279) $35,524  
(1)Increase or decrease is less than one million shares.









See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Nine Months Ended June 30, 2020
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
Income (Loss), Net
Total
Equity
 Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of September 30, 20192  3  1,718  245  11  $5,462  $(171) $16,541  $13,502  $(650) $34,684  
Net income 8,729  8,729  
Other comprehensive income (loss), net of tax
396  396  
Comprehensive income 9,125  
Adoption of new accounting standards (Note 1)
25  (25) —  
VE territory covered losses incurred (Note 5)
(22) (22) 
Recovery through conversion rate adjustment (Note 5 and 10)
(164) 169  5  
Conversion of class C common stock upon sales into public market
3    
(1)
—  
Vesting of restricted stock and performance-based shares
3  —  
Share-based compensation, net of forfeitures (Note 12)
322  322  
Restricted stock and performance-based shares settled in cash for taxes
(1) (158) (158) 
Cash proceeds from issuance of common stock under employee equity plans
1  142  142  
Cash dividends declared and paid, at a quarterly amount of $0.30 per class A common stock (Note 10)
(2,002) (2,002) 
Repurchase of class A common stock (Note 10)
(37) (390) (6,182) (6,572) 
Balance as of June 30, 20202  3  1,687  245  11  $5,298  $(24) $16,457  $14,072  $(279) $35,524  
(1)Increase or decrease is less than one million shares.








See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Three Months Ended June 30, 2019
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
Income (Loss), Net
Total
Equity
 Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of March 31, 20192  3  1,741  245  12  $5,464  $(163) $16,547  $12,513  $(86) $34,275  
Net income3,101  3,101  
Other comprehensive income (loss), net of tax
196  196  
Comprehensive income3,297  
VE territory covered losses incurred (Note 5)
(8) (8) 
Recovery through conversion rate adjustment (Note 5 and 10)
(2) 2    
Conversion of class C common stock upon sales into public market
  
(1)
  
(1)
—  
Vesting of restricted stock and performance-based shares
  
(1)
—  
Share-based compensation, net of forfeitures (Note 12)
110  110  
Restricted stock and performance-based shares settled in cash for taxes
  
(1)
(3) (3) 
Cash proceeds from issuance of common stock under employee equity plans
1  38  38  
Cash dividends declared and paid, at a quarterly amount of $0.25 per class A common stock (Note 10)
(565) (565) 
Repurchase of class A common stock (Note 10)
(13) (140) (2,009) (2,149) 
Balance as of June 30, 20192  3  1,729  245  12  $5,462  $(169) $16,552  $13,040  $110  $34,995  
(1)Increase or decrease is less than one million shares.



See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Nine Months Ended June 30, 2019
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
Income (Loss), Net
Total
Equity
 Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of September 30, 20182  3  1,768  245  12  $5,470  $(7) $16,678  $11,318  $547