Visa 2015 Annual Report Download - page 46

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• we may fail to retain key personnel of Visa Europe;
• the transaction may divert the time and resources of our senior management and disrupt our
current operations to a greater degree than we currently contemplate;
• we may not be able to repurchase shares of our Class A common stock in amounts sufficient to
offset the dilution resulting from the preferred stock that we intend to issue as part of the
acquisition consideration; and
• we may incur higher costs to finance the transaction than we currently contemplate.
If we do not successfully implement the Visa Europe acquisition or the acquisition is not completed
on the terms we currently contemplate, our financial condition, results of operations and prospects
could be negatively impacted. In particular, although we currently expect the Visa Europe acquisition to
be mildly accretive to adjusted earnings per share in fiscal year 2017 (before one-time integration
costs), if the expenses associated with integrating Visa Europe into our operations and financing the
acquisition are higher than we currently contemplate, if we fail to achieve our revenue expectations due
to unexpected customer losses or otherwise, or if we do not achieve the benefits we anticipate from
revenue synergies, cost savings, and increased repurchases of Class A common stock, we may not
achieve this goal.
ITEM 1B. Unresolved Staff Comments
Not applicable.
ITEM 2. Properties
At September 30, 2015, we owned and leased approximately 3.3 million square feet of office and
processing center space in 43 countries around the world, of which approximately 1.9 million square
feet are owned and the remaining 1.4 million square feet are leased. Our corporate headquarters is
located in the San Francisco Bay Area and consists of four buildings that we own, totaling 0.9 million
square feet, and 0.1 million square feet of office space that we lease. We also own an office building in
Miami, Florida, totaling approximately 0.2 million square feet.
In addition, we own and operate two primary processing centers with adjacent office facilities in
the United States, totaling approximately 0.8 million square feet.
We believe that these facilities are suitable and adequate to support our ongoing business needs.
ITEM 3. Legal Proceedings
Refer to Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this
report.
ITEM 4. Mine Safety Disclosures
Not applicable.
33