In the second quarter of the 20th year, Visa's revenue fell predictably by 17%.
Visa adjusted its operating expenses well.
Visa's operating cash flow generated $ 3 billion, which, with a low capital expenditure of $ 161 million, gives Visa a free cash flow (FCF) of over $ 2.8 billion.
The higher the FCF, the better. In the case of Visa, there is no urgent need to save money. Shareholders are watching Visa's business grow and are delighted that FCF is covering quarterly dividend payments fivefold or more.
Visa has $ 13 billion in liquid assets in cash on its balance sheet.
Visa's short-term debt is about $ 3 billion, while the long-term debt has grown from $ 14 billion to $ 18 billion.
We look at the volume of liquid assets and see good coverage.
A neutral report from a good company with the hope of a further recovery.