|
Year Ended December 31, |
| (in millions ($)) |
2024 |
2023 |
2022 |
| Cash Flows from Operating Activities: |
|
|
|
| Net income (loss) |
18 |
(209) |
(192) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
253 |
293 |
265 |
| Operating lease cost |
1,394 |
1,444 |
1,436 |
| Stock-based compensation |
2 |
7 |
5 |
| Deferred income tax (benefit) expense |
(7) |
12 |
(79) |
| Allowance for (recovery of) credit losses |
13 |
19 |
(8) |
| Share of loss from equity method investments |
- |
1 |
1 |
| Impairment of goodwill and other assets |
83 |
143 |
84 |
| (Gain) loss on disposal of assets |
(45) |
18 |
(23) |
| Gain on extinguishment of debt |
(16) |
- |
- |
| Increase (decrease) in provision |
2 |
(31) |
47 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable and prepaid expenses |
(58) |
(30) |
(111) |
| Other current assets and non-current asset |
(67) |
27 |
(12) |
| Accounts payable, accrued expenses, and other liabilities |
34 |
114 |
60 |
| Deferred revenue |
(10) |
(13) |
91 |
| Customer deposits |
21 |
34 |
41 |
| Operating lease liabilities |
(1,424) |
(1,488) |
(1,486) |
| Proceeds from landlord contributions1 |
56 |
57 |
63 |
| Other operating activities, net |
23 |
1 |
3 |
| Net cash provided by operating activities |
272 |
399 |
185 |
| |
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Purchases of property and equipment |
(137) |
(189) |
(251) |
| Additions to intangible assets |
(31) |
(44) |
(18) |
| Acquisition of companies, net of cash acquired |
(3) |
(7) |
(398) |
| Proceeds from sales of business, net of cash disposed |
- |
- |
2 |
| Other investing activities, net |
- |
- |
1 |
| Net cash used for investing activities |
(171) |
(240) |
(664) |
| |
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Proceeds from issuance of long-term debt |
808 |
1,237 |
1,684 |
| Proceeds from issue of Euro bonds |
669 |
- |
- |
| Payment of debt issuance cost |
(30) |
- |
- |
| Repayment of long-term debt |
(1,278) |
(1,443) |
(1,165) |
| Repayment of convertible bonds |
(228) |
- |
- |
| Dividends paid |
(17) |
- |
- |
| Issuance of noncontrolling interests |
- |
- |
69 |
| Purchase of treasury shares |
- |
- |
(6) |
| Contingent consideration payment on acquisition of companies |
(1) |
(6) |
- |
| Other financing activities, net |
(2) |
(3) |
- |
| Net cash (used for) provided by financing activities |
(79) |
(215) |
582 |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash |
(15) |
3 |
(14) |
| Changes in cash, cash equivalents and restricted cash |
22 |
(56) |
103 |
| Net increase (decrease) in cash, cash equivalents and restricted cash |
7 |
(53) |
89 |
| Cash, cash equivalents and restricted cash at beginning of period2 |
141 |
194 |
105 |
| Cash, cash equivalents and restricted cash at end of period2 |
148 |
141 |
194 |
1 During the years ended December 31, 2024, 2023, and 2022, the total proceeds from landlord contributions were $56 million, $57 million, and $63 million, respectively. These amounts include reimbursements for costs of $8 million, $27 million, and $23 million, as well as lease incentives of $48 million, $30 million, and $40 million.
2 Restricted cash is presented within Other current assets and Other non-current assets. Refer to Footnote 1, Description of the Business and Summary of Significant Accounting Policies, for further details.
