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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 March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to        
Commission file number 001-33977
v-20220331_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 April 20, 2022, there were 1,645,719,350 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 10,045,333 shares outstanding of the registrant’s class C common stock, par value $0.0001 per share.


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

PART I. FINANCIAL INFORMATION
ITEM 1.Financial Statements (Unaudited)
VISA INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31,
2022
September 30,
2021
 (in millions, except per share data)
Assets
Cash and cash equivalents$12,299 $16,487 
Restricted cash equivalents—U.S. litigation escrow882 894 
Investment securities1,230 2,025 
Settlement receivable1,632 1,758 
Accounts receivable2,135 1,968 
Customer collateral2,309 2,260 
Current portion of client incentives1,309 1,359 
Prepaid expenses and other current assets2,295 856 
Total current assets24,091 27,607 
Investment securities2,296 1,705 
Client incentives3,256 3,245 
Property, equipment and technology, net3,120 2,715 
Goodwill18,143 15,958 
Intangible assets, net27,006 27,664 
Other assets3,896 4,002 
Total assets$81,808 $82,896 
Liabilities
Accounts payable$182 $266 
Settlement payable2,409 2,443 
Customer collateral2,309 2,260 
Accrued compensation and benefits877 1,211 
Client incentives5,436 5,243 
Accrued liabilities3,172 2,334 
Current maturities of debt3,548 999 
Accrued litigation769 983 
Total current liabilities18,702 15,739 
Long-term debt17,479 19,978 
Deferred tax liabilities6,081 6,128 
Other liabilities3,557 3,462 
Total liabilities45,819 45,307 
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 March 31, 2022 and September 30, 2021 (the “series A preferred stock”)
422 486 
Series B convertible participating preferred stock, 2 shares issued and outstanding at March 31, 2022 and September 30, 2021 (the “series B preferred stock”)
1,045 1,071 
Series C convertible participating preferred stock, 3 shares issued and outstanding at March 31, 2022 and September 30, 2021 (the “series C preferred stock”)
1,520 1,523 
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,648 and 1,677 shares issued and outstanding at March 31, 2022 and September 30, 2021 respectively
  
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at March 31, 2022 and September 30, 2021
  
Class C common stock, $0.0001 par value, 1,097 shares authorized, 10 shares issued and outstanding at March 31, 2022 and September 30, 2021
  
Right to recover for covered losses(120)(133)
Additional paid-in capital18,876 18,855 
Accumulated income14,651 15,351 
Accumulated other comprehensive income (loss), net:
Investment securities(41)(1)
Defined benefit pension and other postretirement plans(48)(49)
Derivative instruments(136)(257)
Foreign currency translation adjustments(180)743 
Total accumulated other comprehensive income (loss), net(405)436 
Total equity35,989 37,589 
Total liabilities and equity$81,808 $82,896 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
4

VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2022202120222021
 (in millions, except per share data)
Net revenues $7,189 $5,729 $14,248 $11,416 
Operating Expenses
Personnel 1,226 1,114 2,351 2,095 
Marketing 314 206 594 411 
Network and processing 190 179 380 352 
Professional fees 125 82 225 165 
Depreciation and amortization 207 201 405 398 
General and administrative 325 363 567 566 
Litigation provision 3 148 4 
Total operating expenses 2,387 2,148 4,670 3,991 
Operating income 4,802 3,581 9,578 7,425 
Non-operating Income (Expense)
Interest expense, net (134)(121)(268)(257)
Investment income and other (126)168 129 208 
Total non-operating income (expense)(260)47 (139)(49)
Income before income taxes 4,542 3,628 9,439 7,376 
Income tax provision895 602 1,833 1,224 
Net income $3,647 $3,026 $7,606 $6,152 
Basic Earnings Per Share
Class A common stock $1.70 $1.38 $3.54 $2.80 
Class B common stock $2.76 $2.24 $5.74 $4.55 
Class C common stock $6.82 $5.52 $14.16 $11.22 
Basic Weighted-average Shares Outstanding
Class A common stock 1,654 1,695 1,662 1,695 
Class B common stock 245 245 245 245 
Class C common stock 10 11 10 11 
Diluted Earnings Per Share
Class A common stock $1.70 $1.38 $3.54 $2.80 
Class B common stock $2.75 $2.24 $5.73 $4.54 
Class C common stock $6.81 $5.52 $14.15 $11.20 
Diluted Weighted-average Shares Outstanding
Class A common stock 2,142 2,193 2,150 2,196 
Class B common stock 245 245 245 245 
Class C common stock 10 11 10 11 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
5

VISA INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2022202120222021
 (in millions)
Net income$3,647 $3,026 $7,606 $6,152 
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized gain (loss)(40)(1)(50)(2)
Income tax effect8  10  
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost)
(2)(2)(1)(3)
Income tax effect 1  2 
Reclassification adjustments1 3 2 6 
Income tax effect   (1)
Derivative instruments:
Net unrealized gain (loss)77 280 191 (17)
Income tax effect(13)(57)(35)6 
Reclassification adjustments(33)5 (39)(13)
Income tax effect4  4 5 
Foreign currency translation adjustments(335)(1,011)(923)35 
Other comprehensive income (loss), net of tax(333)(782)(841)18 
Comprehensive income$3,314 $2,244 $6,765 $6,170 

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
6

VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Three Months Ended March 31, 2022
 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 December 31, 2021 
(1)
2 3 1,661 245 10 $2,995 $(111)$18,776 $14,606 $(72)$36,194 
Net income3,647 3,647 
Other comprehensive income (loss), net of tax
(333)(333)
Comprehensive income3,314 
VE territory covered losses incurred(9)(9)
Conversion of series A preferred stock upon sales into public market 
(1)
 
(1)
(8)8  
Conversion of class C common stock upon sales into public market
 
(1)
 
(1)
 
Share-based compensation, net of forfeitures190 190 
Vesting of restricted stock and performance-based shares
 
(1)
— 
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 plans2 54 54 
Cash dividends declared and paid, at a quarterly amount of $0.375 per class A common stock
(802)(802)
Repurchase of class A common stock(15)(149)(2,800)(2,949)
Balance as of March 31, 2022 
(1)
2 3 1,648 245 10 $2,987 $(120)$18,876 $14,651 $(405)$35,989 
(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.
7

VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Six Months Ended March 31, 2022
 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, 2021 
(1)
2 3 1,677 245 10 $3,080 $(133)$18,855 $15,351 $436 $37,589 
Net income 7,606 7,606 
Other comprehensive income (loss), net of tax
(841)(841)
Comprehensive income 6,765 
VE territory covered losses incurred(16)(16)
Recovery through conversion rate adjustment(29)29  
Conversion of series A preferred stock upon sales into public market 
(1)
1 (64)64  
Conversion of class C common stock upon sales into public market
 
(1)
 
(1)
 
Share-based compensation, net of forfeitures318 318 
Vesting of restricted stock and performance-based shares
2 — 
Restricted stock and performance-based shares settled in cash for taxes
 
(1)
(116)(116)
Cash proceeds from issuance of class A common stock under employee equity plans2 113 113 
Cash dividends declared and paid, at a quarterly amount of $0.375 per class A common stock
(1,611)(1,611)
Repurchase of class A common stock(34)(358)(6,695)(7,053)
Balance as of March 31, 2022 
(1)
2 3 1,648 245 10 $2,987 $(120)$18,876 $14,651 $(405)$35,989 
(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.
8

VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Three Months Ended March 31, 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 December 31, 2020 
(1)
2 3 1,696 245 11 $3,683 $(34)$18,063 $14,813 $1,154 $37,679 
Net income3,026 3,026 
Other comprehensive income (loss), net of tax
(782)(782)
Comprehensive income2,244 
VE territory covered losses incurred(7)(7)
Conversion of series A preferred stock upon sales into public market 
(1)
5 (336)336  
Conversion of class C common stock upon sales into public market
 
(1)
 
(1)
— 
Share-based compensation, net of forfeitures153 153 
Vesting of restricted stock and performance-based shares
 
(1)
— 
Restricted stock and performance-based shares settled in cash for taxes
 
(1)
(6)(6)
Cash proceeds from issuance of class A common stock under employee equity plans1 47 47 
Cash dividends declared and paid, at a quarterly amount of $0.32 per class A common stock
(701)(701)
Repurchase of class A common stock(8)(88)(1,625)(1,713)
Balance as of March 31, 2021 
(1)
2 3 1,694 245 11 $3,347 $(41)$18,505 $15,513 $372 $37,696 
(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.
9

VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Six Months Ended March 31, 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 6,152 6,152 
Other comprehensive income (loss), net of tax
18 18 
Comprehensive income 6,170 
Adoption of new accounting standards3 3 
VE territory covered losses incurred(17)(17)
Recovery through conversion rate adjustment(15)15  
Conversion of series A preferred stock upon sales into public market 
(1)
25 (1,724)1,724  
Conversion of class C common stock upon sales into public market
 
(1)
 
(1)
— 
Share-based compensation, net of forfeitures

275 275 
Vesting of restricted stock and performance-based shares
3 — 
Restricted stock and performance-based shares settled in cash for taxes
(1)(140)(140)
Cash proceeds from issuance of class A common stock under employee equity plans1 108 108 
Cash dividends declared and paid, at a quarterly amount of $0.32 per class A common stock
(1,404)(1,404)
Repurchase of class A common stock(17)(183)(3,326)(3,509)
Balance as of March 31, 2021 
(1)
2 3 1,694 245 11 $3,347 $(41)$18,505 $15,513 $372 $37,696 
(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.
10

VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended
March 31,
 20222021
 (in millions)
Operating Activities
Net income $7,606 $6,152 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives 4,865 3,850 
Share-based compensation 318 275 
Depreciation and amortization of property, equipment, technology and intangible assets 405 398 
Deferred income taxes 21 (27)
VE territory covered losses incurred (16)(17)
(Gains) losses on equity investments, net(104)(172)
Other (61)(48)
Change in operating assets and liabilities:
Settlement receivable 3 (127)
Accounts receivable (173)(165)
Client incentives (4,503)(3,262)
Other assets (291)(116)
Accounts payable (75)(41)
Settlement payable 111 210 
Accrued and other liabilities (173)(39)
Accrued litigation (212)(29)
Net cash provided by (used in) operating activities 7,721 6,842 
Investing Activities
Purchases of property, equipment and technology (440)(318)
Investment securities:
Purchases (1,948)(2,015)
Proceeds from maturities and sales 1,975 3,871 
Acquisitions, net of cash and restricted cash acquired (1,945)(75)
Purchases of / contributions to other investments (55)(30)
Other investing activities 81 41 
Net cash provided by (used in) investing activities (2,332)1,474 
Financing Activities
Repurchase of class A common stock (7,053)