Visa 2015 Annual Report Download - page 11
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Employer of Choice
Our business will only be as good as
the talent we retain and attract. We
value those that have created the most
successful payments business in the world,
and we need those that understand the
next generation of payments. We seek
to be the employer of choice for those
who want to make a difference in helping
the world grow and believe there is no
better platform than Visa. We are proud
of recognition we’ve received, including
ranking #32 on Forbes’ World’s Most
Innovative Companies list and appearing
again as one of the World’s Most Ethical
Companies according to the Ethisphere
Institute.
Capital Management
We know that one of the most important
responsibilities we have is to manage our
capital in the most effective way possible.
Like most companies, we have choices, and
we have attempted to be as transparent
as we can about our views, and regularly
report back on our actions versus our
stated views.
Let me start by reiterating what we
have said consistently about our capital
management philosophy. We view our
priorities for capital usage as follows:
1. We believe the highest and best use
of our excess capital is reinvesting
organically in our business, followed
by acquisitions, to further our growth.
We treat decisions to invest our capital
organically and through acquisitions as
serious, independent, and analytically
rigorous decisions. We do not target a
specific amount but are happy if the
number is large. The more we reinvest
in our business, the better we feel about
our future.
2. After supporting our growth, we believe
in continuing to grow our dividend,
targeting a 20% payout ratio of trailing
12-month net income.
3. The final use of our excess capital is
buying back our stock. We have been
aggressive buyers of our stock and will
continue to do this, always with an
eye toward valuation. We understand
that when we buy back our stock we
are making an investment decision,
and so far our buyback program has
consistently proved to be beneficial for
our shareholders.
Our recent actions support the above
criteria.
Changing Organic Capital Investment
We have continued to consistently invest
organically in the business wherever
possible. We are not a capital-intensive
company relative to our free cash flow,
but we do carefully allocate it. Our
assets are our people, our ideas, and our
technology.
Historically the biggest driver of capital
usage was our hardware—i.e. the data
centers which processed seamlessly
the 71 billion transactions per year in
a safe, reliable, and efficient manner.
To that end, we continue to invest in
our data centers and do everything we
can to protect our network and our
infrastructure.