Visa Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Visa Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

VISA INC. (V) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Filing is a 10-Q for Visa Inc. for the period ending March 31, 2024. The filing covers the period from October 1, 2023, to March 31, 2024. Key dates include the filing date of April 24, 2024, and the period of report as March 31, 2024. The company's fiscal year ends on September 30. Visa Inc. is incorporated in Delaware and headquartered in San Francisco, CA.

Why It Matters

For investors and stakeholders tracking VISA INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for Visa Inc. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the payment processing industry.

Risk Assessment

Risk Level: low — VISA INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant new risks beyond those typically associated with a large, publicly traded company in the financial services sector.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Visa's performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-04-24 — Filing Date (FILED AS OF DATE)
• 0930 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• VISA INC. (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-24 (date) — FILED AS OF DATE
• SAN FRANCISCO (location) — CITY
• DE (location) — STATE OF INCORPORATION
• 0930 (date) — FISCAL YEAR END

FAQ

Industry Context

Visa operates in the global payment technology sector, facilitating electronic funds transfers worldwide.

Regulatory Implications

As a publicly traded company, Visa is subject to SEC regulations and reporting requirements, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis for insights into business performance and outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Period of Report End Date — Marks the end of the financial reporting period covered by the 10-Q.
• 2024-04-24: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024, following previous filings for earlier periods.

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share V New York Stock Exchange 1.

Filing Documents

• v-20240331.htm (10-Q) — 1709KB
• vex31133124.htm (EX-31.1) — 12KB
• vex31233124.htm (EX-31.2) — 12KB
• vex32133124.htm (EX-32.1) — 10KB
• v-20240331_g1.gif (GRAPHIC) — 151KB
• 0001403161-24-000030.txt (&nbsp;) — 8530KB
• v-20240331.xsd (EX-101.SCH) — 55KB
• v-20240331_cal.xml (EX-101.CAL) — 84KB
• v-20240331_def.xml (EX-101.DEF) — 276KB
• v-20240331_lab.xml (EX-101.LAB) — 620KB
• v-20240331_pre.xml (EX-101.PRE) — 433KB
• v-20240331_htm.xml (XML) — 1326KB

Financial Information

PART I. Financial Information 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Consolidated Balance Sheets— March 31, 202 4 and September 30, 2023 3 Consolidated Statements of Operations—Three and Six Months Ended March 31, 202 4 and 20 23 4 Consolidated Statements of Comprehensive Income—Three and Six Months Ended March 31, 202 4 and 20 23 5 Consolidated Statements of Changes in Equity—Three and Six Months Ended March 31, 202 4 and 20 23 6 Consolidated Statements of Cash Flows— Six Months Ended March 31, 202 4 and 20 23 10

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

Other Information

PART II. Other Information 38

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) VISA CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 September 30, 2023 (in millions, except per share data) Assets Cash and cash equivalents $ 12,993 $ 16,286 Restricted cash equivalents—U.S. litigation escrow 1,584 1,764 Investment securities 4,710 3,842 Settlement receivable 3,558 2,183 Accounts receivable 2,272 2,291 Customer collateral 3,367 3,005 Current portion of client incentives 1,740 1,577 Prepaid expenses and other current assets 2,551 2,584 Total current assets 32,775 33,532 Investment securities 3,092 1,921 Client incentives 3,998 3,789 Property, equipment and technology, net 3,630 3,425 Goodwill 18,837 17,997 Intangible assets, net 26,375 26,104 Other assets 3,692 3,731 Total assets $ 92,399 $ 90,499 Liabilities Accounts payable $ 338 $ 375 Settlement payable 4,485 3,269 Customer collateral 3,367 3,005 Accrued compensation and benefits 1,065 1,506 Client incentives 7,949 8,177 Accrued liabilities 4,386 5,015 Accrued litigation 1,853 1,751 Total current liabilities 23,443 23,098 Long-term debt 20,603 20,463 Deferred tax liabilities 5,145 5,114 Other liabilities 2,723 3,091 Total liabilities 51,914 51,766 Commitments and contingencies (Note 13) Equity Preferred stock, $ 0.0001 par value, 5 shares issued and outstanding as of March 31, 2024 and September 30, 2023 1,602 1,698 Common stock, $ 0.0001 par value: Class A common stock, 1,574 and 1,594 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively — — Class B-1 common stock, 245 shares issued and outstanding as of March 31, 2024 and September 30, 2023 — — Class C common stock, 9 and 10 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively — — Right to recover for covered losses ( 175 ) ( 140 ) Additional paid-in capital 20,709 20,452 Accumulated income 19,347 18,040 Accumulated other comprehensive income (loss): Investment securiti

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1—Summary of Significant Accounting Policies Organization. Visa Inc., together with its subsidiaries (Visa or the Company), is a global payments technology company that facilitates global commerce and money movement across more than 200 countries and territories. Visa operates one of the world's largest electronic payments networks — VisaNet — which provides transaction processing services (primarily authorization, clearing and settlement). The Company offers products, solutions and services that facilitate secure, reliable and efficient money movement for participants in the ecosystem. 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. Intercompany balances and transactions have been 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 Visa's Annual Report on Form 10-K for the year ended September 30, 2023 for additional disclosures, i

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View this 10-Q filing on SEC EDGAR