Adjustments to Financial Statements
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- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2008
- Current Ratio since 2008
- Price to Book Value (P/BV) since 2008
- Analysis of Debt
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Adjustments to Total Assets
Visa Inc., adjusted total assets
US$ in millions
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Net deferred tax assets (reflected in Other assets). See details »
- Total Assets
- The total assets of the firm show a consistent upward trend from 2017 through 2022. Starting at $67,977 million in 2017, there is steady growth each year, reaching $85,501 million by 2022. This represents an increase of approximately 25.8% over the six-year period.
- Adjusted Total Assets
- Similar to total assets, the adjusted total assets also display a continuous increase throughout the observed timeframe. The value rose from $68,457 million in 2017 to $85,414 million in 2022. The trajectory closely follows that of total assets, indicating a stable adjustment pattern relative to the primary asset measurement.
- Comparative Insights
- The relationship between total assets and adjusted total assets remains consistent, with adjusted figures slightly higher by a small margin annually. The parallel movement suggests that the adjustments made do not significantly alter the overall asset base but likely account for valuation or accounting differences.
- Summary
- Overall, the asset base demonstrates growth, reflecting potential expansion, investment, or accumulation of resources. The steady increases without any periods of decline imply stable and sustained asset management or business development throughout the reported years.
Adjustments to Total Liabilities
Visa Inc., adjusted total liabilities
US$ in millions
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
- Total liabilities
- The total liabilities show an overall increasing trend from 2017 to 2022. Beginning at $35,217 million in 2017, the value remains relatively stable in 2018 but rises steadily thereafter, reaching $49,920 million by 2022. There is a marked increase between 2019 and 2020, which continues with smaller increments up to 2022.
- Adjusted total liabilities
- The adjusted total liabilities also display a consistent upward trajectory over the analyzed period. Starting at $29,798 million in 2017, the figure increases annually without any decreases, culminating at $44,588 million in 2022. The incremental growth appears most pronounced between 2019 and 2020, aligning with the pattern observed in total liabilities, followed by continued growth through 2022.
- Comparative observations
- Both total and adjusted total liabilities have increased significantly over the six-year period. Adjusted total liabilities consistently remain below the total liabilities by a margin that appears to widen slightly over time. The pace of growth in both metrics accelerates notably starting from 2019 into 2020, possibly reflecting strategic or operational changes affecting the company's financial structure.
Adjustments to Stockholders’ Equity
Visa Inc., adjusted equity
US$ in millions
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| As Reported | |||||||
| Equity | |||||||
| Adjustments | |||||||
| Less: Net deferred tax assets (liabilities)1 | |||||||
| After Adjustment | |||||||
| Adjusted equity | |||||||
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 Net deferred tax assets (liabilities). See details »
The equity and adjusted equity of the company show overall growth trends from 2017 to 2022, with some fluctuations observed near the end of the period.
- Equity
- Equity increased steadily from 32,760 million US dollars in 2017 to a peak of 37,589 million US dollars in 2021. In 2022, equity declined slightly to 35,581 million US dollars. This indicates a general positive trend in equity over the years, with a minor retracement in the final year observed.
- Adjusted Equity
- Adjusted equity also demonstrated an upward trajectory, increasing from 38,659 million US dollars in 2017 to 43,637 million US dollars in 2021. Similar to equity, adjusted equity experienced a decrease in 2022, dropping to 40,826 million US dollars. The adjusted equity values are consistently higher than the reported equity across all years, suggesting adjustments for items not captured in standard equity measures.
Overall, both equity measures reflect growth over the analyzed period, with a notable dip in the most recent year, which may warrant further investigation to understand underlying causes. The steady increase in equity values until 2021 highlights the company's capacity to build shareholder value over time.
Adjustments to Capitalization Table
Visa Inc., adjusted capitalization table
US$ in millions
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Current portion of operating lease liabilities (included in Accrued liabilities). See details »
3 Long-term portion of operating lease liabilities (included in Other liabilities). See details »
4 Net deferred tax assets (liabilities). See details »
The financial data reveals several notable trends in the company's capital structure over the six-year period from 2017 to 2022.
- Total reported debt
- Initially, total reported debt decreased slightly from 18,367 million USD in 2017 to 16,630 million USD in 2018 and remained relatively stable in 2019. However, a significant increase was observed in 2020, rising sharply to 24,070 million USD. This elevated debt level somewhat receded in 2021 to 20,977 million USD, but increased again in 2022 to 22,450 million USD, staying above pre-2020 levels.
- Equity
- Equity demonstrated a steady upward trend from 32,760 million USD in 2017 to a peak of 37,589 million USD in 2021. This reflects a consistent growth in shareholder equity over time. In 2022, equity decreased slightly to 35,581 million USD, indicating a modest decline but still at a higher level than the initial years.
- Total reported capital
- Total reported capital, which combines debt and equity, initially fluctuated slightly around 51,000 million USD from 2017 to 2019. A marked increase occurred in 2020, reaching 60,280 million USD, followed by a slight decline to 58,566 million USD in 2021 and a further small reduction in 2022 to 58,031 million USD. The jump in 2020 corresponds with the surge in reported debt in the same year.
- Adjusted total debt
- The adjusted total debt mirrors the pattern observed in reported debt. It decreased from 18,928 million USD in 2017 to 17,297 million USD in 2018 and remained stable in 2019. In 2020, adjusted total debt notably increased to 24,640 million USD, followed by a decline in 2021 to 21,551 million USD, before rising again in 2022 to 22,970 million USD. This pattern suggests similar adjustments and considerations affecting the debt figures.
- Adjusted equity
- Adjusted equity steadily increased from 38,659 million USD in 2017 to 43,637 million USD in 2021, reflecting a healthy growth trajectory. However, it declined in 2022 to 40,826 million USD, indicating a contraction following the steady rise in previous years.
- Adjusted total capital
- The adjusted total capital shows an overall ascending trend, moving from 57,587 million USD in 2017 to a peak of 66,024 million USD in 2020. After this peak, adjusted total capital decreased to 65,188 million USD in 2021 and continued to decline to 63,796 million USD in 2022. The growth peak aligns with the debt surge observed in 2020, followed by moderation in subsequent years.
Overall, the data indicates a period of increasing leverage starting in 2020, with debt levels rising sharply and total capital peaking in the same year. Equity, both reported and adjusted, exhibited consistent growth until 2021, followed by slight declines in 2022. The elevated debt levels post-2020 suggest potential strategic financing decisions or capital structure adjustments made by the company during this period. The moderation in total capital following the 2020 peak may reflect efforts to rebalance or deleverage after a period of expansion. These trends highlight the company's evolving capital management approach over the analyzed timeframe.
Adjustments to Reported Income
Visa Inc., adjusted net income
US$ in millions
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 Deferred income tax expense (benefit). See details »
The financial data demonstrates notable fluctuations in both net income and adjusted net income over the period analyzed.
- Net Income
- Net income shows a general upward trend from 2017 to 2022, starting at 6,699 million USD and increasing to 14,957 million USD. Significant year-to-year changes include a marked increase between 2017 and 2018, rising from 6,699 to 10,301 million USD, and a drop in 2020 to 10,866 million USD, which may reflect external or operational challenges during that year. Subsequently, net income resumes its growth trajectory, reaching its peak in 2022.
- Adjusted Net Income
- Adjusted net income exhibits greater variability, beginning at 9,733 million USD in 2017 and fluctuating over the years. It declines sharply in 2018 to 8,683 million USD, then rises in 2019 and 2020, reaching 11,090 and 12,202 million USD respectively. The highest figure is observed in 2021 at 13,264 million USD, followed by a decline to 11,816 million USD in 2022. This fluctuation suggests adjustments made to net income reflect certain operational or one-off factors impacting these years differently than the net income figures alone.
Overall, while net income displays a consistent long-term growth trend, adjusted net income is affected by episodic adjustments that result in a more variable pattern, though it remains generally elevated relative to the starting point in 2017. This indicates a complex underlying performance dynamic where accounting adjustments may mitigate some of the volatility in reported earnings.