Visa 2013 Annual Report Download - page 109

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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2013
Note 13—Enterprise-wide Disclosures and Concentration of Business
The Company’s long-lived net property, equipment and technology assets are classified by major
geographic areas as follows:
September 30,
2013
September 30,
2012
(in millions)
United States ............................................... $ 1,621 $ 1,539
International ................................................ 111 95
Total ...................................................... $ 1,732 $ 1,634
Revenue by geographic market is primarily based on the location of the issuing financial
institution. Revenues earned in the United States were approximately 54%, 55% and 56% of total
operating revenues in fiscal 2013, 2012 and 2011, respectively. No individual country, other than the
United States, generated more than 10% of total operating revenues in these years.
A significant portion of Visa’s operating revenues is concentrated among its largest clients. Loss of
business from any of these clients could have an adverse effect on the Company. The Company did
not have any customer that generated greater than 10% of its net operating revenues in fiscal 2013,
2012 or 2011.
Note 14—Stockholders’ Equity
The number of shares of each class and the number of shares of class A common stock on an as-
converted basis at September 30, 2013, are as follows:
(in millions except conversion rate)
Shares
Outstanding
Conversion Rate
Into Class A
Common Stock
As-converted
Class A Common
Stock (1)
Class A common stock ..................... 508 — 508
Class B common stock ..................... 245 0.4206 103
Class C common stock .................... 27 1.0000 27
Total .................................... 638
(1) Figures in the table may not recalculate exactly due to rounding. As-converted class A common
stock is calculated based on whole numbers, not the rounded numbers presented.
Reduction in as-converted class A common stock. The following table presents share repurchases
in the open market during the following fiscal years:
(in millions, except per share data) 2013 2012
Shares repurchased in the open market(1) ............................ 33 6
Weighted-average repurchase price per share ........................ $ 161.94 $ 114.87
Total cost ...................................................... $ 5,365 $ 710
(1) All shares repurchased in the open market have been retired and constitute authorized but
unissued shares.
101