Visa Inc. Files Q3 2024 10-Q Report

TL;DR

Visa's Q3 10-Q is in: financials look solid, common stock details updated.

AI Summary

Visa Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance and operations. The filing details various aspects of the company's business, including its common stock and other share classes, and notes related to its debt instruments such as the A2026, A2029, and A2034 Notes.

Why It Matters

This filing provides investors and analysts with the latest financial data and operational insights for Visa Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
• 20240724 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Visa Inc. (company) — Filer of the 10-Q report
• June 30, 2024 (date) — End of the reporting period
• A2026 Notes (dollar_amount) — Debt instrument mentioned
• A2029 Notes (dollar_amount) — Debt instrument mentioned
• A2034 Notes (dollar_amount) — Debt instrument mentioned

FAQ

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-20240630.htm (10-Q) — 1781KB
• vex31163024.htm (EX-31.1) — 12KB
• vex31263024.htm (EX-31.2) — 12KB
• vex32163024.htm (EX-32.1) — 10KB
• v-20240630_g1.gif (GRAPHIC) — 151KB
• 0001403161-24-000041.txt ( ) — 9098KB
• v-20240630.xsd (EX-101.SCH) — 59KB
• v-20240630_cal.xml (EX-101.CAL) — 86KB
• v-20240630_def.xml (EX-101.DEF) — 297KB
• v-20240630_lab.xml (EX-101.LAB) — 654KB
• v-20240630_pre.xml (EX-101.PRE) — 464KB
• v-20240630_htm.xml (XML) — 1419KB

Financial Information

PART I. Financial Information 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Consolidated Balance Sheets—June 30, 2024 and September 30, 2023 3 Consolidated Statements of Operations—Three and Nine Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income—Three and Nine Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity—Three and Nine Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows—Nine Months Ended June 30, 2024 and 2023 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 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

Other Information

PART II. Other Information 39

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41

Signatures

Signatures 42 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) VISA CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2024 September 30, 2023 (in millions, except per share data) Assets Cash and cash equivalents $ 12,947 $ 16,286 Restricted cash equivalents—U.S. litigation escrow 1,596 1,764 Investment securities 3,697 3,842 Settlement receivable 2,128 2,183 Accounts receivable 2,521 2,291 Customer collateral 3,472 3,005 Current portion of client incentives 1,821 1,577 Prepaid expenses and other current assets 2,857 2,584 Total current assets 31,039 33,532 Investment securities 3,037 1,921 Client incentives 4,133 3,789 Property, equipment and technology, net 3,766 3,425 Goodwill 18,816 17,997 Intangible assets, net 26,243 26,104 Other assets 4,006 3,731 Total assets $ 91,040 $ 90,499 Liabilities Accounts payable $ 331 $ 375 Settlement payable 2,576 3,269 Customer collateral 3,472 3,005 Accrued compensation and benefits 1,251 1,506 Client incentives 8,562 8,177 Accrued liabilities 4,732 5,015 Accrued litigation 1,688 1,751 Total current liabilities 22,612 23,098 Long-term debt 20,602 20,463 Deferred tax liabilities 5,119 5,114 Other liabilities 2,978 3,091 Total liabilities 51,311 51,766 Commitments and contingencies (Note 13) Equity Preferred stock, $ 0.0001 par value, 5 shares issued and outstanding as of June 30, 2024 and September 30, 2023 1,425 1,698 Common stock, $ 0.0001 par value: Class A common stock, 1,678 and 1,594 shares issued and outstanding as of June 30, 2024 and September 30, 2023, respectively — — Class B-1 and B-2 total common stock, 125 and 245 shares issued and outstanding as of June 30, 2024 and September 30, 2023, respectively — — Class C common stock, 27 and 10 shares issued and outstanding as of June 30, 2024 and September 30, 2023, respectively — — Right to recover for covered losses ( 46 ) ( 140 ) Additional paid-in capital 20,832 20,452 Accumulated income 18,578 18,040 Accumulated other comprehensive incom

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, in

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View this 10-Q filing on SEC EDGAR