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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, 2021

OR

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

Commission file number 001-33977
v-20210630_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, a smaller reporting company, or an emerging growth company. See the definitions 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 23, 2021, there were 1,687,643,027 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 10,188,730 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.
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PART I. FINANCIAL INFORMATION
ITEM 1.Financial Statements (Unaudited)
VISA INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30,
2021
September 30,
2020
 (in millions, except per share data)
Assets
Cash and cash equivalents$18,034 $16,289 
Restricted cash equivalents—U.S. litigation escrow894 901 
Investment securities1,206 3,752 
Settlement receivable1,663 1,264 
Accounts receivable1,852 1,618 
Customer collateral2,221 1,850 
Current portion of client incentives1,321 1,214 
Prepaid expenses and other current assets851 757 
Total current assets28,042 27,645 
Investment securities1,111 231 
Client incentives3,219 3,175 
Property, equipment and technology, net2,707 2,737 
Goodwill16,021 15,910 
Intangible assets, net28,023 27,808 
Other assets3,548 3,413 
Total assets$82,671 $80,919 
Liabilities
Accounts payable$172 $174 
Settlement payable2,376 1,736 
Customer collateral2,221 1,850 
Accrued compensation and benefits1,044 821 
Client incentives5,114 4,176 
Accrued liabilities2,196 1,840 
Current maturities of debt 2,999 
Accrued litigation900 914 
Total current liabilities14,023 14,510 
Long-term debt20,996 21,071 
Deferred tax liabilities6,240 5,237 
Other liabilities3,622 3,891 
Total liabilities44,881 44,709 
Equity
Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows:
Series A convertible participating preferred stock, less than one shares issued and outstanding at June 30, 2021 and September 30, 2020 (the “series A preferred stock”)538 2,437 
Series B convertible participating preferred stock, 2 shares issued and outstanding at June 30, 2021 and September 30, 2020 (the “UK&I preferred stock”)
1,071 1,106 
Series C convertible participating preferred stock, 3 shares issued and outstanding at June 30, 2021 and September 30, 2020 (the “Europe preferred stock”)
1,523 1,543 
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,689 and 1,683 shares issued and outstanding at June 30, 2021 and September 30, 2020, respectively
  
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at June 30, 2021 and September 30, 2020
  
Class C common stock, $0.0001 par value, 1,097 shares authorized, 10 and 11 shares issued and outstanding at June 30, 2021 and September 30, 2020, respectively
  
Right to recover for covered losses(24)(39)
Additional paid-in capital18,787 16,721 
Accumulated income15,294 14,088 
Accumulated other comprehensive income (loss), net:
Investment securities(1)3 
Defined benefit pension and other postretirement plans(187)(196)
Derivative instruments(371)(291)
Foreign currency translation adjustments1,160 838 
Total accumulated other comprehensive income (loss), net601 354 
Total equity37,790 36,210 
Total liabilities and equity$82,671 $80,919 
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,
 2021202020212020
 (in millions, except per share data)
Net revenues $6,130 $4,837 $17,546 $16,745 
Operating Expenses
Personnel 1,098 941 3,193 2,863 
Marketing 268 174 679 683 
Network and processing 186 172 538 536 
Professional fees 108 95 273 304 
Depreciation and amortization 204 197 602 571 
General and administrative 204 258 770 840 
Litigation provision(2)1 2 9 
Total operating expenses 2,066 1,838 6,057 5,806 
Operating income 4,064 2,999 11,489 10,939 
Non-operating Income (Expense)
Interest expense, net (131)(142)(388)(371)
Investment income and other 456 75 664 167 
Total non-operating income (expense)325 (67)276 (204)
Income before income taxes 4,389 2,932 11,765 10,735 
Income tax provision1,814 559 3,038 2,006 
Net income $2,575 $2,373 $8,727 $8,729 
Basic Earnings Per Share
Class A common stock $1.18 $1.07 $3.99 $3.92 
Class B common stock $1.92 $1.74 $6.47 $6.37 
Class C common stock $4.72 $4.29 $15.94 $15.70 
Basic Weighted-average Shares Outstanding
Class A common stock 1,691 1,690 1,693 1,702 
Class B common stock 245 245 245 245 
Class C common stock 10 11 11 11 
Diluted Earnings Per Share
Class A common stock $1.18 $1.07 $3.98 $3.92 
Class B common stock $1.91 $1.74 $6.46 $6.36 
Class C common stock $4.72 $4.29 $15.92 $15.68 
Diluted Weighted-average Shares Outstanding
Class A common stock 2,184 2,214 2,192 2,227 
Class B common stock 245 245 245 245 
Class C common stock 10 11 11 11 
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,
 2021202020212020
 (in millions)
Net income$2,575 $2,373 $8,727 $8,729 
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized gain (loss)(2)(3)(4)2 
Income tax effect1 1 1  
Reclassification adjustments(1)(1)(1)(3)
Income tax effect 1  1 
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost)
  (3)2 
Income tax effect  2 (1)
Reclassification adjustments7 9 13 15 
Income tax effect(2)(2)(3)(3)
Derivative instruments:
Net unrealized gain (loss)(95)(106)(112)(247)
Income tax effect22 23 28 54 
Reclassification adjustments14 (43)1 (58)
Income tax effect(2)9 3 13 
Foreign currency translation adjustments287 277 322 621 
Other comprehensive income (loss), net of tax229 165 247 396 
Comprehensive income$2,804 $2,538 $8,974 $9,125 

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, 2021
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 Series ASeries BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of March 31, 2021 
(1)
2 3 1,694 245 11 $3,347 $(41)$18,505 $15,513 $372 $37,696 
Net income2,575 2,575 
Other comprehensive income (loss), net of tax
229 229 
Comprehensive income2,804 
VE territory covered losses incurred(21)(21)
Recovery through conversion rate adjustment(40)38 (2)
Conversion of series A preferred stock upon sales into public market 
(1)
3 (175)175  
Conversion of class C common stock upon sales into public market
2 (1)— 
Vesting of restricted stock and performance-based shares
 
(1)
— 
Share-based compensation, net of forfeitures159 159 
Restricted stock and performance-based shares settled in cash for taxes
 
(1)
(2)(2)
Cash proceeds from issuance of class A common stock under employee equity plans 
(1)
54 54 
Cash dividends declared and paid, at a quarterly amount of $0.32 per class A common stock
(698)(698)
Repurchase of class A common stock(10)(104)(2,096)(2,200)
Balance as of June 30, 2021 
(1)
2 3 1,689 245 10 $3,132 $(24)$18,787 $15,294 $601 $37,790 
(1)Increase, decrease or balance 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, 2021
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 Series
A
Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of September 30, 2020 
(1)
2 3 1,683 245 11 $5,086 $(39)$16,721 $14,088 $354 $36,210 
Net income 8,727 8,727 
Other comprehensive income (loss), net of tax
247 247 
Comprehensive income 8,974 
Adoption of new accounting standards3 3 
VE territory covered losses incurred(38)(38)
Recovery through conversion rate adjustment(55)53 (2)
Conversion of series A preferred stock upon sales into public market 
(1)
28 (1,899)1,899  
Conversion of class C common stock upon sales into public market
2 (1)— 
Vesting of restricted stock and performance-based shares
3 — 
Share-based compensation, net of forfeitures434 434 
Restricted stock and performance-based shares settled in cash for taxes
(1)(142)(142)
Cash proceeds from issuance of common stock under employee equity plans
1 162 162 
Cash dividends declared and paid, at a quarterly amount of $0.32 per class A common stock
(2,102)(2,102)
Repurchase of class A common stock(27)(287)(5,422)(5,709)
Balance as of June 30, 2021 
(1)
2 3 1,689 245 10 $3,132 $(24)$18,787 $15,294 $601 $37,790 
(1)Increase, decrease or balance 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, 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(9)(9)
Recovery through conversion rate adjustment(164)169 5 
Vesting of restricted stock and performance-based shares
 
(1)
— 
Share-based compensation, net of forfeitures107 107 
Restricted stock and performance-based shares settled in cash for taxes
 
(1)
(3)(3)
Cash proceeds from issuance of class A 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
(663)(663)
Repurchase of class A common stock(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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Table of Contents
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 standards25 (25) 
VE territory covered losses incurred(22)(22)
Recovery through conversion rate adjustment(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

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
(2,002)(2,002)
Repurchase of class A common stock(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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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months Ended
June 30,
 20212020
 (in millions)
Operating Activities
Net income $8,727 $8,729 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives 5,980 4,966 
Share-based compensation 434 322 
Depreciation and amortization of property, equipment, technology and intangible assets 602 571 
Deferred income taxes 981 (116)
VE territory covered losses incurred (38)(22)
(Gains) losses on equity investments, net(611)(62)
Other (82)(87)
Change in operating assets and liabilities:
Settlement receivable (351)966 
Accounts receivable (220)108 
Client incentives (5,202)(6,261)
Other assets (164)(464)
Accounts payable 1 7 
Settlement payable 574 (1,324)
Accrued and other liabilities 639 1,058 
Accrued litigation (14)(47)
Net cash provided by (used in) operating activities 11,256 8,344 
Investing Activities
Purchases of property, equipment and technology (497)(568)
Investment securities:
Purchases (3,223)(549)
Proceeds from maturities and sales 5,286 3,675 
Acquisitions, net of cash acquired (75)(77)
Purchases of / contributions to other investments (50)(254)
Other investing activities 105 81 
Net cash provided by (used in) investing activities 1,546 2,308 
Financing Activities
Repurchase of class A common stock (5,709)(6,572)
Repayments of debt (3,000) 
Dividends paid (2,102)(2,002)
Proceeds from issuance of senior notes  3,985 
Cash proceeds from issuance of class A common stock under employee equity plans 162 142 
Restricted stock and performance-based shares settled in cash for taxes(142)(158)
Other financing activities (118)
Net cash provided by (used in) financing activities (10,791)(4,723)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
92 173 
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
2,103 6,102 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period19,171 10,832 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$21,274 $16,934 
Supplemental Disclosure
Cash paid for income taxes, net $2,134 $1,793 
Interest payments on debt $583 $503 
Accruals related to purchases of property, equipment and technology $52 $34 


See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1—Summary of Significant Accounting Policies
Organization. Visa Inc. (“Visa” or the “Company”) is a global payments technology company that enables innovative, secure and reliable electronic payments across more than 200 countries and territories. Visa and its wholly-owned consolidated subsidiaries, including Visa U.S.A. Inc. (“Visa U.S.A.”), Visa International Service Association (“Visa International”), Visa Worldwide Pte. Limited, Visa Europe Limited (“Visa Europe”), Visa Canada Corporation (“Visa Canada”), Visa Technology & Operations LLC and CyberSource Corporation, operate one of the world’s largest electronic payments network — VisaNet — which facilitates authorization, clearing and settlement of payment transactions and enables the Company to provide its financial institution and seller clients a wide range of products, platforms and value added services. Visa is not a financial institution and does not issue cards, extend credit or set rates and fees for account holders of Visa products. In most cases, account holder and merchant relationships belong to, and are managed by, Visa’s financial institution clients.
Consolidation and basis of presentation. The accompanying unaudited consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company consolidates its majority-owned and controlled entities, including variable interest entities (“VIEs”) for which the Company is the primary beneficiary. The Company’s investments in VIEs have not been material to its unaudited consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation.
The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q and, consequently, do not include all of the annual disclosures required by U.S. GAAP. Reference should be made to the Visa Annual Report on Form 10-K for the year ended September 30, 2020 for additional disclosures, including a summary of the Company’s significant accounting policies.
In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented.
Use of estimates. The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These estimates may change, as new events occur and additional information is obtained, and will be recognized in the unaudited consolidated financial statements in the period in which such changes occur. Future actual results could differ materially from these estimates. Coronavirus (“COVID-19”) has continued to create significant uncertainty in the global economy. There have been no comparable recent events that provide guidance as to the effect COVID-19 as a global pandemic may have, and, as a result, the ultimate impact of COVID-19 and the extent to which COVID-19 continues to impact the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Board Update (“ASU”) 2016-13, which requires the measurement and recognition of expected credit losses for financial assets and certain other instruments held at amortized cost. The Company adopted the standard effective October 1, 2020 using the modified retrospective transition method with comparative periods continuing to be reported using the previous applicable guidance. The adoption did not have a material impact on the consolidated financial statements.
In accordance with ASU 2016-13, the Company uses a forward-looking expected credit loss model for financial instruments measured at amortized cost. For available-for-sale debt securities, when credit loss indicators exist and a discounted cash flow approach results in a credit loss, the credit loss will be recorded through an allowance rather
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