| $m |
Notes |
FY2025
(unaudited) |
FY2024 |
FY2023 |
| Cash Flow from Operating Activities: |
|
|
|
|
| Net income (loss) |
|
15 |
18 |
(209) |
| Adjustments to reconcile net income (loss) to net cash provided by Operating Activities: |
|
|
|
|
| Depreciation and amortisation before landlord contributions on leased properties |
14/16 |
357 |
333 |
386 |
| Depreciation of landlord contributions (cost reimbursements) on leased properties |
16 |
(64) |
(80) |
(93) |
| Operating lease cost |
15 |
1,419 |
1,394 |
1,444 |
| Share-based compensation |
5/21 |
6 |
2 |
7 |
| Deferred income tax (benefit) expense |
6 |
(9) |
(7) |
12 |
| Allowance for credit losses |
|
18 |
13 |
19 |
| Share of (income) loss from equity method investments |
|
(4) |
- |
1 |
| Impairment of long-lived assets and goodwill |
15/16 |
29 |
83 |
143 |
| (Gain) loss on disposal |
|
(24) |
(45) |
18 |
| Gain on extinguishment of debt |
|
(1) |
(16) |
- |
| Increase (decrease) in provision |
|
1 |
2 |
(31) |
| Changes in operating assets and liabilities: |
|
|
|
|
| Accounts receivable and prepaid expenses |
|
243 |
(58) |
(30) |
| Other current assets and non-current asset |
|
8 |
(67) |
27 |
| Accounts payable, accrued expenses, and other liabilities |
|
11 |
34 |
114 |
| Deferred revenue |
|
(236) |
(10) |
(13) |
| Customer deposits |
|
2 |
21 |
34 |
| Operating lease liabilities |
|
(1,465) |
(1,424) |
(1,488) |
| Proceeds from landlord contributions on leased properties[1] |
|
49 |
56 |
57 |
| Other operating activities, net |
|
9 |
23 |
1 |
| Net cash provided by operating activities |
|
364 |
272 |
399 |
| |
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
|
| Purchases of property and equipment |
16 |
(195) |
(137) |
(189) |
| Additions to intangible assets |
14 |
(28) |
(31) |
(44) |
| Acquisition of companies, net of cash acquired |
13 |
- |
(3) |
(7) |
| Other investing activities, net |
|
6 |
- |
- |
| Net cash used for investing activities |
|
(217) |
(171) |
(240) |
| |
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
|
| Proceeds from issuance of long-term debt |
17 |
2 |
808 |
1,237 |
| Proceeds from issue of Euro bonds |
17 |
337 |
669 |
- |
| Payment of debt issuance cost |
|
(5) |
(30) |
- |
| Repayment of long-term debt |
17 |
(6) |
(1,278) |
(1,443) |
| Repayment of convertible bonds |
17 |
(195) |
(228) |
- |
| Dividends paid |
19 |
(14) |
(17) |
- |
| Share buybacks |
19 |
(130) |
- |
- |
| Contingent consideration payment on acquisition of companies |
13 |
- |
(1) |
(6) |
| Share issuance to fund exercise of employees share awards |
21 |
15 |
- |
- |
| Other financing activities, net |
|
- |
(2) |
(3) |
| Net cash provided by (used for) financing activities |
|
4 |
(79) |
(215) |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash |
|
5 |
(15) |
3 |
| Changes in cash, cash equivalents and restricted cash |
|
151 |
22 |
(56) |
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
156 |
7 |
(53) |
| Cash, cash equivalents and restricted cash at beginning of period[2] |
|
148 |
141 |
194 |
| Cash, cash equivalents and restricted cash at end of period2 |
|
304 |
148 |
141 |
[1] During the years ended 31 December 2025, 2024, and 2023, the total cash proceeds from landlord contributions on leased properties were $49 million, $56 million, and $57 million, respectively. These amounts include cost reimbursements of $7 million, $8 million, and $27 million, as well as lease incentives of $42 million, $48 million, and $30 million. This is offset by the non-cash amortisation of previous landlord contributions on leased properties receivable of $130 million (2024: $117 million).
[2] Restricted cash is presented within Other current assets and Other non-current assets. Refer to Footnote 2, Description of the Business and Summary of Significant Accounting Policies, for further details. All cash in cash and cash equivalents is unrestricted.
