Qurate Retail, Inc. Reports Second Quarter 2024 Financial Results
“We delivered a solid quarter of earnings in a continued challenged macro environment. While revenue was in line with overall discretionary retail, we expanded gross margins for the fifth consecutive quarter, generated
Second quarter 2024 headlines:
-
Qurate Retail revenue decreased 9% in US Dollars and 8% in constant currency(2)- Excluding Zulily(3), revenue decreased 5% in US Dollars and 4% in constant currency
-
Generated
$165 million in operating income -
Adjusted OIBDA(4) increased 4% in US Dollars to
$282 million and 7% in constant currency - QxH revenue decreased 4%
-
QVC International revenue decreased 5% in US Dollars- In constant currency, revenue was flat
- Cornerstone revenue decreased 14%
-
Reduced revolver balance
$70 million using operating cash flow
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three months ended
SECOND QUARTER 2024 FINANCIAL RESULTS |
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|
|
|
|
|
|
||||||||
(amounts in millions) |
2Q23 |
|
2Q24 |
|
% Change |
% Change Constant Currency(a) |
||||||||
Revenue |
|
|
|
|
|
|
||||||||
QxH |
$ |
1,618 |
|
$ |
1,558 |
|
(4 |
)% |
|
|||||
|
|
606 |
|
|
576 |
|
(5 |
)% |
— |
% |
||||
Cornerstone |
|
316 |
|
|
273 |
|
(14 |
)% |
|
|||||
Total Qurate Retail Revenue (excluding Zulily) |
|
2,540 |
|
|
2,407 |
|
(5 |
)% |
(4 |
)% |
||||
Zulily(b) |
|
109 |
|
|
— |
|
NM |
|
|
|||||
Total Qurate Retail Revenue (as reported) |
$ |
2,649 |
|
$ |
2,407 |
|
(9 |
)% |
(8 |
)% |
||||
|
|
|
|
|
|
|
||||||||
Operating Income (Loss) |
|
|
|
|
|
|
||||||||
QxH(c) |
$ |
303 |
|
$ |
106 |
|
(65 |
)% |
|
|||||
|
|
71 |
|
|
57 |
|
(20 |
)% |
(13 |
)% |
||||
Cornerstone(e) |
|
15 |
|
|
11 |
|
(27 |
)% |
|
|||||
Unallocated corporate cost |
|
(9 |
) |
|
(9 |
) |
— |
% |
|
|||||
Total Qurate Retail Operating Income (excluding Zulily) |
|
380 |
|
|
165 |
|
(57 |
)% |
(55 |
)% |
||||
Zulily(b) |
|
(14 |
) |
|
— |
|
NM |
|
|
|||||
Total Qurate Retail Operating Income (as reported) |
$ |
366 |
|
$ |
165 |
|
(55 |
)% |
(54 |
)% |
||||
|
|
|
|
|
|
|
||||||||
Adjusted OIBDA |
|
|
|
|
|
|
||||||||
QxH(c) |
$ |
185 |
|
$ |
194 |
|
5 |
% |
|
|||||
|
|
77 |
|
|
77 |
|
— |
% |
8 |
% |
||||
Cornerstone(e) |
|
25 |
|
|
19 |
|
(24 |
)% |
|
|||||
Unallocated corporate cost |
|
(7 |
) |
|
(8 |
) |
(14 |
)% |
|
|||||
Total Qurate Retail Adjusted OIBDA (excluding Zulily) |
$ |
280 |
|
$ |
282 |
|
1 |
% |
3 |
% |
||||
Zulily(b) |
|
(10 |
) |
|
— |
|
NM |
|
|
|||||
Total Qurate Retail Adjusted OIBDA (as reported) |
$ |
270 |
|
$ |
282 |
|
4 |
% |
7 |
% |
____________________ | ||
a) |
For a definition of constant currency financial metrics, see the accompanying schedules. |
|
b) |
|
|
c) |
In the second quarter of 2024, QxH recorded |
|
d) |
In the second quarter of 2024, |
|
e) |
In the second quarter of 2023, Cornerstone recorded |
QxH
QxH revenue declined due to a 5% decrease in units shipped and lower shipping and handling revenue, partially offset by a 2% increase in average selling price. QxH reported sales declines mainly in beauty, apparel and accessories, partially offset by growth in jewelry.
Operating income decreased primarily as a result of comparing against a
Adjusted OIBDA margin(4) increased due to higher product margins and lower administrative and fulfillment (warehouse and freight) expenses, partially offset by higher marketing costs. Product margins increased due to higher initial margins driven by Project Athens initiatives and mix shift to higher-margin products, partially offset by lower shipping and handling revenue. Fulfillment favorability was due to efficiencies from Project Athens and average selling price leverage. Administrative expenses declined due to lower costs for outside services related to Project Athens. Marketing expenses increased primarily due to the launch of QVC’s Age of Possibility campaign in April and associated brand marketing.
US Dollar denominated results were negatively impacted by exchange rate fluctuations due to the US Dollar strengthening 12% against the Japanese Yen and 1% against the Euro, partially offset by the US Dollar weakening 1% against the British Pound. The financial metrics presented in this press release also provide a comparison of the percentage change in QVC International’s results in constant currency to the comparable figures calculated in accordance with GAAP, where applicable.
QVC International’s revenue declined 5% in US Dollars. In constant currency, revenue was flat driven by a 4% increase in units shipped, offset by a 3% decrease in average selling price as well as higher returns.
Operating income decreased due to
Adjusted OIBDA margin increased due to higher product margins and lower marketing and administrative expenses, partially offset by higher fulfillment costs. Product margins increased due to mix shift to higher-margin products and favorable vendor negotiations, partially offset by unfavorable returns. Selling, general and administrative expenses decreased primarily due to lower marketing expenses and costs from outside services. Increased fulfillment costs were due to higher unit volume and increased wage and freight rates from inflationary pressures.
Cornerstone
Cornerstone revenue decreased due to continued softness in the home sector. Operating income and Adjusted OIBDA margin decreased due to the deleveraging of selling, general and administrative expenses, partially offset by lower supply chain costs.
SECOND QUARTER 2024 SUPPLEMENTAL METRICS |
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|
||||||
(amounts in millions unless otherwise noted) |
2Q23 |
|
2Q24 |
|
% Change |
% Change Constant Currency(a) |
||||||||
QxH |
|
|
|
|
|
|
|
|
||||||
Cost of Goods Sold % of Revenue |
|
66.2 |
% |
|
64.6 |
% |
(160 |
) bps |
|
|||||
Operating Income Margin (%)(b) |
|
18.7 |
% |
|
6.8 |
% |
(1,190 |
) bps |
|
|||||
Adjusted OIBDA Margin (%)(b) |
|
11.4 |
% |
|
12.5 |
% |
110 |
bps |
|
|||||
Average Selling Price |
$ |
51.29 |
|
$ |
52.51 |
|
2 |
% |
|
|||||
Units Sold |
|
|
|
|
|
|
(5 |
)% |
|
|||||
Return Rate(c) |
|
15.8 |
% |
|
15.9 |
% |
10 |
bps |
|
|||||
eCommerce Revenue(d) |
$ |
972 |
|
$ |
980 |
|
1 |
% |
|
|||||
eCommerce % of Total Revenue |
|
60.1 |
% |
|
62.9 |
% |
280 |
bps |
|
|||||
Mobile % of eCommerce Revenue(e) |
|
68.7 |
% |
|
70.6 |
% |
190 |
bps |
|
|||||
LTM Total Customers(f) |
|
8.3 |
|
|
7.9 |
|
(5 |
)% |
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Cost of Goods Sold % of Revenue |
|
63.5 |
% |
|
63.7 |
% |
20 |
bps |
|
|||||
Operating Income Margin (%)(g) |
|
11.7 |
% |
|
9.9 |
% |
(180 |
) bps |
|
|||||
Adjusted OIBDA Margin (%)(g) |
|
12.7 |
% |
|
13.4 |
% |
70 |
bps |
|
|||||
Average Selling Price |
|
|
|
|
|
|
(7 |
)% |
(3 |
)% |
||||
Units Sold |
|
|
|
|
|
|
4 |
% |
|
|||||
Return Rate(c) |
|
19.6 |
% |
|
20.4 |
% |
80 |
bps |
|
|||||
eCommerce Revenue(d) |
$ |
295 |
|
$ |
300 |
|
2 |
% |
6 |
% |
||||
eCommerce % of Total Revenue |
|
48.7 |
% |
|
52.1 |
% |
340 |
bps |
|
|||||
Mobile % of eCommerce Revenue(e) |
|
70.2 |
% |
|
76.1 |
% |
590 |
bps |
|
|||||
LTM Total Customers(f) |
|
4.2 |
|
|
4.1 |
|
(2 |
)% |
|
|||||
|
|
|
|
|
|
|
|
|
||||||
Cornerstone |
|
|
|
|
|
|
|
|
||||||
Cost of Goods Sold % of Revenue |
|
61.1 |
% |
|
57.9 |
% |
(320 |
) bps |
|
|||||
Operating Income Margin (%)(h) |
|
4.7 |
% |
|
4.0 |
% |
(70 |
) bps |
|
|||||
Adjusted OIBDA Margin (%)(h) |
|
7.9 |
% |
|
7.0 |
% |
(90 |
) bps |
|
|||||
eCommerce Revenue(d) |
$ |
242 |
|
$ |
207 |
|
(14 |
)% |
|
|||||
eCommerce % of Total Revenue |
|
76.6 |
% |
|
75.8 |
% |
(80 |
) bps |
|
____________________ | ||
a) |
For a definition of constant currency financial metrics, see the accompanying schedules. |
|
b) |
In the second quarter of 2024, QxH recorded |
|
c) |
Measured as returned sales over gross shipped sales in US Dollars. |
|
d) |
Based on net revenue. |
|
e) |
Based on gross US Dollar orders. |
|
f) |
LTM: Last twelve months. |
|
g) |
In the second quarter of 2024, |
|
h) |
In the second quarter of 2023, Cornerstone recorded |
FOOTNOTES
1) |
|
|
2) |
For a definition of constant currency financial metrics, see the accompanying schedules. Applicable reconciliations can be found in the financial tables at the beginning of this press release. |
|
3) |
Adjusted for the divestiture of Zulily on |
|
4) |
For definitions and applicable reconciliations of Adjusted OIBDA and Adjusted OIBDA margin, see the accompanying schedules. |
NOTES
Cash and Debt
The following presentation is provided to separately identify cash and debt information.
|
|
|
|
|
||||
(amounts in millions) |
|
|
||||||
Cash and cash equivalents (GAAP) |
$ |
1,102 |
|
$ |
1,210 |
|
||
|
|
|
|
|
||||
Debt: |
|
|
|
|
||||
QVC senior secured notes(a) |
$ |
3,086 |
|
$ |
3,086 |
|
||
QVC senior secured bank credit facility |
|
1,295 |
|
|
1,225 |
|
||
Total Qurate Retail Group Debt |
$ |
4,381 |
|
$ |
4,311 |
|
||
|
|
|
|
|
||||
Senior notes(a) |
|
792 |
|
|
792 |
|
||
Senior exchangeable debentures(b) |
|
780 |
|
|
779 |
|
||
Corporate Level Debentures |
|
1,572 |
|
|
1,571 |
|
||
|
$ |
5,953 |
|
$ |
5,882 |
|
||
Unamortized discount, fair market value adjustment and deferred loan costs |
|
(462 |
) |
|
(543 |
) |
||
|
$ |
5,491 |
|
$ |
5,339 |
|
||
|
|
|
|
|
||||
Other Financial Obligations: |
|
|
|
|
||||
Preferred stock(c) |
$ |
1,272 |
|
$ |
1,272 |
|
||
|
|
|
|
|
||||
|
|
2.5x |
|
3.1x |
____________________ | ||
a) |
Face amount of Senior Notes and Debentures with no reduction for the unamortized discount. |
|
b) |
Face amount of Senior Exchangeable Debentures with no adjustment for the fair market value adjustment. |
|
c) |
Preferred Stock has an 8% coupon, |
|
d) |
As defined in QVC’s credit agreement. A portion of expected cost savings are included in Adjusted EBITDA for purposes of the covenant calculations under QVC’s bank credit facility. |
Cash at
QVC’s bank credit facility has
As of
Important Notice:
This press release includes certain forward-looking statements, including statements about business strategies and initiatives (including QVC’s Age of Possibility) and their expected benefits, market potential, future financial performance and prospects and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to
NON-GAAP FINANCIAL MEASURES
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for
This press release also references certain financial metrics on a constant currency basis, which is a non-GAAP measure, for
SCHEDULE 1
The following table provides a reconciliation of Qurate Retail’s Adjusted OIBDA to its operating income (loss) calculated in accordance with GAAP for the three months ended
CONSOLIDATED OPERATING INCOME AND ADJUSTED OIBDA RECONCILIATION |
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|
|
|
|
|
|
|
|
|
|
||||||||||
(amounts in millions) |
2Q23 |
|
|
3Q23 |
|
|
4Q23 |
|
|
1Q24 |
|
|
2Q24 |
|
||||||
Qurate Retail Operating Income (Loss) |
$ |
366 |
|
$ |
151 |
$ |
(103 |
) |
$ |
145 |
|
$ |
165 |
|||||||
Depreciation and amortization |
|
104 |
|
|
105 |
|
|
98 |
|
|
99 |
|
|
96 |
|
|||||
Stock compensation expense |
|
14 |
|
|
10 |
|
|
13 |
|
|
16 |
|
|
3 |
|
|||||
Restructuring, penalties and fire related costs, net of (recoveries) (including |
|
(208 |
) |
|
19 |
|
|
— |
|
|
— |
|
|
18 |
|
|||||
Impairment of intangible assets(b) |
|
— |
|
|
— |
|
|
326 |
|
|
— |
|
|
— |
|
|||||
(Gains) losses on sale of assets and sale leaseback transactions(c) |
|
(6 |
) |
|
— |
|
|
6 |
|
|
(1 |
) |
|
— |
|
|||||
Qurate Retail Adjusted OIBDA |
$ |
270 |
|
$ |
285 |
|
$ |
340 |
|
$ |
259 |
|
$ |
282 |
|
____________________ | ||
a) |
In the second quarter of 2023, QxH recognized (i) a |
|
b) |
In the fourth quarter of 2023, QxH recognized a |
|
c) |
Includes a gain on the sale of an intangible asset primarily related to the sale of a channel positioning right in the second quarter of 2023, a loss related to the sale leaseback of a German property in the fourth quarter of 2023 and a gain related to the sale leaseback of a German property in the first quarter of 2024. |
SCHEDULE 2
The following table provides a reconciliation of Adjusted OIBDA for QVC and Cornerstone to that entity or such businesses' operating income (loss) calculated in accordance with GAAP for the three months ended
SUBSIDIARY ADJUSTED OIBDA RECONCILIATION |
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|
|
|
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|
|
|
|
|
|
|
||||||||||
(amounts in millions) |
2Q23 |
|
3Q23 |
4Q23 |
|
1Q24 |
|
2Q24 |
||||||||||||
QVC |
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss) |
$ |
374 |
|
$ |
154 |
$ |
(113 |
) |
$ |
157 |
|
$ |
163 |
|||||||
Depreciation and amortization |
|
94 |
|
|
98 |
|
91 |
|
|
92 |
|
|
88 |
|||||||
Stock compensation |
|
11 |
|
|
7 |
|
10 |
|
|
12 |
|
|
2 |
|||||||
Restructuring, penalties and fire related costs, net of (recoveries) (including |
|
(211 |
) |
|
19 |
|
— |
|
|
— |
|
|
18 |
|||||||
(Gains) losses on sale of assets and sale leaseback transactions |
|
(6 |
) |
|
— |
|
6 |
|
|
(1 |
) |
|
— |
|||||||
Impairment of intangible assets |
|
— |
|
|
— |
|
326 |
|
|
— |
|
|
— |
|||||||
Adjusted OIBDA |
$ |
262 |
|
$ |
278 |
$ |
320 |
|
$ |
260 |
|
$ |
271 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
QxH Adjusted OIBDA |
$ |
185 |
|
$ |
201 |
$ |
221 |
|
$ |
185 |
|
$ |
194 |
|||||||
QVC International Adjusted OIBDA |
$ |
77 |
|
$ |
77 |
$ |
99 |
|
$ |
75 |
|
$ |
77 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cornerstone |
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss) |
$ |
15 |
|
$ |
4 |
$ |
18 |
|
$ |
(3 |
) |
$ |
11 |
|||||||
Depreciation and amortization |
|
7 |
|
|
7 |
|
7 |
|
|
7 |
|
|
8 |
|||||||
Stock compensation |
|
1 |
|
|
— |
|
2 |
|
|
2 |
|
|
— |
|||||||
Restructuring costs |
|
2 |
|
|
— |
|
— |
|
|
— |
|
|
— |
|||||||
Adjusted OIBDA |
$ |
25 |
|
$ |
11 |
$ |
27 |
|
$ |
6 |
|
$ |
19 |
|||||||
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION |
|||||||
(unaudited) |
|||||||
|
|
|
|
|
|
||
|
|
|
|
|
|||
|
|
2024 |
|
2023 |
|||
|
|
|
amounts in millions |
||||
Assets |
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,210 |
|
|
1,121 |
|
Trade and other receivables, net of allowance for credit losses |
|
|
897 |
|
|
1,308 |
|
Inventory, net |
|
|
1,122 |
|
|
1,044 |
|
Other current assets |
|
|
187 |
|
|
209 |
|
Total current assets |
|
|
3,416 |
|
|
3,682 |
|
Property and equipment, net |
|
|
488 |
|
|
512 |
|
Intangible assets not subject to amortization |
|
|
5,824 |
|
|
5,862 |
|
Intangible assets subject to amortization, net |
|
|
457 |
|
|
526 |
|
Operating lease right-of-use assets |
|
|
619 |
|
|
635 |
|
Other assets, at cost, net of accumulated amortization |
|
|
135 |
|
|
151 |
|
Total assets |
|
$ |
10,939 |
|
|
11,368 |
|
Liabilities and Equity |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
|
|
762 |
|
|
895 |
|
Accrued liabilities |
|
|
787 |
|
|
983 |
|
Current portion of debt |
|
|
856 |
|
|
642 |
|
Other current liabilities |
|
|
138 |
|
|
97 |
|
Total current liabilities |
|
|
2,543 |
|
|
2,617 |
|
Long-term debt |
|
|
4,483 |
|
|
4,698 |
|
Deferred income tax liabilities |
|
|
1,468 |
|
|
1,531 |
|
Preferred stock |
|
|
1,272 |
|
|
1,270 |
|
Operating lease liabilities |
|
|
612 |
|
|
615 |
|
Other liabilities |
|
|
140 |
|
|
148 |
|
Total liabilities |
|
|
10,518 |
|
|
10,879 |
|
Equity |
|
|
328 |
|
|
385 |
|
Non-controlling interests in equity of subsidiaries |
|
|
93 |
|
|
104 |
|
Total liabilities and equity |
|
$ |
10,939 |
|
|
11,368 |
|
|
|||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION |
|||||||
(unaudited) |
|||||||
|
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|
|
|
|
||
|
|
Three months ended |
|||||
|
|
|
|||||
|
|
2024 |
|
2023 |
|||
|
|
amounts in millions |
|||||
Revenue: |
|
|
|
||||
Total revenue, net |
$ |
2,407 |
|
2,649 |
|
||
|
|
|
|
||||
Operating costs and expenses: |
|
|
|
||||
Cost of goods sold (exclusive of depreciation shown separately below) |
|
1,532 |
|
1,734 |
|
||
Operating expense |
|
178 |
|
193 |
|
||
Selling, general and administrative, including stock-based compensation |
|
418 |
|
466 |
|
||
Restructuring, penalties and fire related costs, net of (recoveries) |
|
18 |
|
(208 |
) |
||
Depreciation and amortization |
|
96 |
|
104 |
|
||
Gain on sale of assets and leaseback transactions |
|
— |
|
(6 |
) |
||
|
|
2,242 |
|
2,283 |
|
||
Operating income (loss) |
|
165 |
|
366 |
|
||
|
|
|
|
||||
Other income (expense): |
|
|
|
||||
Interest expense |
|
(119 |
) |
(123 |
) |
||
Dividend and interest income |
|
15 |
|
14 |
|
||
Realized and unrealized gains (losses) on financial instruments, net |
|
(10 |
) |
(14 |
) |
||
Loss on disposition of Zulily, net |
|
— |
|
(64 |
) |
||
Other, net |
|
(4 |
) |
6 |
|
||
|
|
(118 |
) |
(181 |
) |
||
Earnings (loss) before income taxes |
|
47 |
|
185 |
|
||
Income tax (expense) benefit |
|
(15 |
) |
(66 |
) |
||
Net earnings (loss) |
|
32 |
|
119 |
|
||
Less net earnings (loss) attributable to the noncontrolling interests |
|
12 |
|
12 |
|
||
Net earnings (loss) attributable to |
$ |
20 |
|
107 |
|
||
|
|||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION |
|||||||
(unaudited) |
|||||||
|
|
|
|
|
|
||
|
|
Six months ended |
|||||
|
|
|
|||||
|
|
2024 |
|
2023 |
|||
|
|
amounts in millions |
|||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net earnings (loss) |
$ |
40 |
|
152 |
|
||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
195 |
|
204 |
|
||
Stock-based compensation |
|
19 |
|
30 |
|
||
Realized and unrealized (gains) losses on financial instruments, net |
|
17 |
|
46 |
|
||
Gain on sale of assets and sale leaseback transactions |
|
(1 |
) |
(119 |
) |
||
Gain on insurance proceeds, net of fire related costs |
|
— |
|
(228 |
) |
||
Insurance proceeds received for operating expenses and business interruption losses |
|
— |
|
226 |
|
||
Loss on disposition of Zulily |
|
— |
|
64 |
|
||
Deferred income tax expense (benefit) |
|
(60 |
) |
25 |
|
||
Other, net |
|
6 |
|
6 |
|
||
Changes in operating assets and liabilities |
|
|
|
||||
Decrease (increase) in accounts receivable |
|
395 |
|
403 |
|
||
Decrease (increase) in inventory |
|
(84 |
) |
131 |
|
||
Decrease (increase) in prepaid expenses and other assets |
|
39 |
|
61 |
|
||
(Decrease) increase in trade accounts payable |
|
(122 |
) |
(220 |
) |
||
(Decrease) increase in accrued and other liabilities |
|
(151 |
) |
(313 |
) |
||
Net cash provided (used) by operating activities |
|
293 |
|
468 |
|
||
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Capital expenditures |
|
(94 |
) |
(105 |
) |
||
Expenditures for television distribution rights |
|
(13 |
) |
(107 |
) |
||
Cash proceeds from dispositions of investments |
|
6 |
|
71 |
|
||
Cash paid for disposal of Zulily |
|
— |
|
(28 |
) |
||
Proceeds from sale of fixed assets |
|
6 |
|
200 |
|
||
Insurance proceeds received for fixed asset loss |
|
— |
|
54 |
|
||
Payments for settlements of financial instruments |
|
— |
|
(179 |
) |
||
Proceeds from settlements of financial instruments |
|
— |
|
167 |
|
||
Other investing activities, net |
|
(3 |
) |
(1 |
) |
||
Net cash provided (used) by investing activities |
|
(98 |
) |
72 |
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Borrowings of debt |
|
1,660 |
|
1,002 |
|
||
Repayments of debt |
|
(1,716 |
) |
(1,320 |
) |
||
Dividends paid to noncontrolling interest |
|
(22 |
) |
(24 |
) |
||
Dividends paid to common shareholders |
|
(4 |
) |
(7 |
) |
||
Indemnification agreement settlement |
|
— |
|
25 |
|
||
Other financing activities, net |
|
(3 |
) |
(2 |
) |
||
Net cash provided (used) by financing activities |
|
(85 |
) |
(326 |
) |
||
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash |
|
(21 |
) |
(7 |
) |
||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
89 |
|
207 |
|
||
Cash, cash equivalents and restricted cash at beginning of period |
|
1,136 |
|
1,285 |
|
||
Cash, cash equivalents and restricted cash at end period |
$ |
1,225 |
|
1,492 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807854065/en/
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