Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Visa Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Net income	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)
Client incentives	10,295)	8,367)	6,664)	6,173)	5,491)	4,565)
Share-based compensation	602)	542)	416)	407)	327)	235)
Depreciation and amortization of property, equipment, technology and intangible assets	861)	804)	767)	656)	613)	556)
Deferred income taxes	(336)	873)	307)	214)	(1,277)	1,700)
VE territory covered losses incurred	(43)	(147)	(37)	(172)	(11)	(209)
(Gains) losses on equity investments, net	264)	(712)	(101)	(131)	—)	—)
Charitable contribution of Visa Inc. shares	—)	—)	—)	—)	—)	192)
Other	(94)	(109)	(44)	(140)	(74)	50)
Settlement receivable	(397)	(468)	1,858)	(1,533)	(223)	94)
Accounts receivable	(97)	(343)	(43)	(333)	(70)	(54)
Client incentives	(9,351)	(7,510)	(8,081)	(6,430)	(4,682)	(4,628)
Other assets	(666)	(147)	(402)	(310)	(160)	(252)
Accounts payable	67)	88)	21)	(24)	3)	(30)
Settlement payable	1,256)	679)	(2,384)	1,931)	262)	(176)
Accrued and other liabilities	1,055)	929)	923)	627)	1,761)	465)
Accrued litigation	476)	70)	(290)	(231)	452)	1)
Change in operating assets and liabilities	(7,657)	(6,702)	(8,398)	(6,303)	(2,657)	(4,580)
Adjustments to reconcile net income to net cash provided by operating activities	3,892)	2,916)	(426)	704)	2,412)	2,509)
Net cash provided by operating activities	18,849)	15,227)	10,440)	12,784)	12,713)	9,208)
Purchases of property, equipment and technology	(970)	(705)	(736)	(756)	(718)	(707)
Investment securities, purchases	(5,997)	(5,111)	(2,075)	(2,653)	(5,772)	(3,238)
Investment securities, proceeds from maturities and sales	4,585)	5,701)	4,510)	3,996)	3,636)	5,012)
Acquisitions, net of cash and restricted cash acquired	(1,948)	(75)	(77)	(699)	(196)	(302)
Purchases of other investments	(86)	(71)	(267)	(501)	(50)	(46)
Other investing activities	128)	109)	72)	22)	16)	16)
Net cash (used in) provided by investing activities	(4,288)	(152)	1,427)	(591)	(3,084)	735)
Repurchase of class A common stock	(11,589)	(8,676)	(8,114)	(8,607)	(7,192)	(6,891)
Repayments of debt	(1,000)	(3,000)	—)	—)	(1,750)	—)
Dividends paid	(3,203)	(2,798)	(2,664)	(2,269)	(1,918)	(1,579)
Proceeds from issuance of senior notes	3,218)	—)	7,212)	—)	—)	2,488)
Payment of deferred purchase consideration related to the Visa Europe acquisition	—)	—)	—)	(1,236)	—)	—)
Debt issuance costs	—)	—)	—)	—)	—)	(15)
Deposit into U.S. litigation escrow account, U.S. retrospective responsibility plan	—)	—)	—)	—)	(600)	—)
Payments from U.S. litigation escrow account, U.S. retrospective responsibility plan	—)	—)	—)	—)	150)	—)
Cash proceeds from issuance of class A common stock under equity plans	196)	208)	190)	162)	164)	149)
Restricted stock and performance-based shares settled in cash for taxes	(120)	(144)	(160)	(111)	(94)	(76)
Payments to settle derivative instruments	—)	—)	(333)	—)	—)	—)
Other financing activities	(198)	—)	(99)	—)	—)	—)
Net cash used in financing activities	(12,696)	(14,410)	(3,968)	(12,061)	(11,240)	(5,924)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(1,287)	(37)	440)	(277)	(101)	236)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	578)	628)	8,339)	(145)	(1,712)	4,255)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	19,799)	19,171)	10,832)	10,977)	9,874)	5,619)
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year	20,377)	19,799)	19,171)	10,832)	8,162)	9,874)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Visa Inc. net cash provided by operating activities increased from 2020 to 2021 and from 2021 to 2022.
Net cash (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Visa Inc. net cash (used in) provided by investing activities decreased from 2020 to 2021 and from 2021 to 2022.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Visa Inc. net cash used in financing activities decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

Visa Inc. (NYSE:V)

Cash Flow Statement