Bed Bath & Beyond Inc. Reports Fiscal 2020 Fourth Quarter & Full Year Results DELIVERS 3 CONSECUTIVE QUARTER OF COMPARABLE SALES AND PROFIT GROWTH COMPLETES FISCAL YEAR 2020, A YEAR OF FAST-PACED TRA

The following excerpt is from the company's SEC filing.
Consecutive Quarter of Comparable Sales Growth, +4% (Total Enterprise); +6% (BBB banner
Q4 GAAP Net Income of $9 Million; Adjusted Net Income of $47 Million
Q4 GAAP EPS - Diluted $0.08; Adjusted EPS - Diluted $0.40
Q4 Adjusted EBITDA Increases 13% to $168 Million; Adjusted EBITDA Margin Increases 160 bps to 6.4%
Reaffirms Fiscal 2021 Outlook on Net Sales of $8.0-$8.2 Billion and Adjusted EBITDA of $500-$525 Million
Projects Faster Improvement of Gross Debt-to-EBITDA Ratio of <3x in Fiscal 2021
Increases 3-Year Share Repurchase Program to $1 Billion from $825 Million
Continues Positive Net Sales Tr ends In Early Fiscal 2021; Expects Q1 Core Banner
Sales Growth of +65 to +70%
UNION, New Jersey, April 14, 2021 --- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today reported financial results for the fourth quarter of fiscal 2020 ended February 27, 2021.
Mark Tritton, Bed Bath & Beyond’s President and CEO said, “Fiscal 2020 was a year of fast-paced transformation in which we reformed the past, overcame extraordinary circumstances of the present, and established a firm foundation for the future. Despite the challenges created by the COVID-19 pandemic, we relentlessly focused on taking purposeful and bold steps to transform our entire organization and remained true to our plans to rebuild our authority in Home and restore this iconic Company. Importantly, we prioritized the health and wellbeing of our associate teams, customers and communities and I am so proud of how our people have come together to deliver for one another and the millions of people who count on us.
“We are excited to start fresh in 2021 with our sharpened size and scale, a healthier portfolio of core banners and a stronger financial position to execute the first phase of our 3-year transformation journey. As our transformation continues to take hold, we will show up differently for our customers with enhanced omnichannel experiences and modern stores, new communications and differentiated Owned Brands that will elevate the shopping experience and make it even easier to shop with the new Bed Bath & Beyond.”
Q4 Highlights
Comp Sales growth on Total Enterprise, including digital comp growth of
Comp Sales growth on Bed Bath & Beyond banner
Comp Sales growth in Bed Bath & Beyond’s Top 5 destination categories combined
Consistent Execution of Transformation Strategy Drives Earnings Growth
31.5%
Gross Margin; Adjusted Gross Margin increases 20bps to
increase in Adjusted EBITDA
million;
160bps
expansion in Adjusted EBITDA Margin
million of GAAP Net Income; Adjusted Net Income of
million
$0.08
of Reported Net Earnings per Diluted Share; excluding special items, Adjusted Net Earnings per Diluted
Fiscal 2020 Highlights
Demonstrated business agility and financial strength during year of unprecedented challenges; Built robust foundation to successfully execute 3-year growth plan
consecutive quarters of comparable sales growth and adjusted gross margin improvement
billion in digital sales
million new digital customers (+95% vs fiscal 2019), of which
million are new to brand
of digital revenue fulfilled by stores; including
Buy Online Pickup In Store (BOPIS)
billion approximate
reduction in gross debt
million in capital return to shareholders through accelerated share repurchases of approximately
million shares, representing approximately
of shares outstanding, at an estimated average share price of
per share
billion in liquidity
Bed Bath & Beyond stores closed as part of network optimization program, ahead of schedule
non-core banner divested (Cost Plus World Market); portfolio transformation complete
Year of Fast-Paced Transformation Expected to Enhance Strategic Position for Sustained Success
Reaffirming fiscal 2021 outlook for Net Sales and Adjusted EBITDA of between $8.0 - $8.2 billion and between $500 - $525 million, respectively
Expecting to launch at least 8 customer-inspired Owned Brands, including first quarter launches of Nestwell™, Haven™ and Simply Essential™
Projecting faster improvement in gross debt-to-EBITDA ratio to <3x in fiscal 2021
Investing in growth and transformation with CAPEX spend of approximately $400 million
Strengthening capital return to shareholders by increasing 3-year share repurchase authorization program to $1 billion from $825 million; increasing fiscal 2021 share repurchases to $325 million from $300 million
Fiscal 2020 Fourth Quarter Highlights (December-January-February)
Comparable sales increased for the third consecutive quarter, with Total Enterprise comparable sales growth of 4%, led by strong digital growth of approximately 86%. Comparable store sales decreased 20%.
The Bed Bath & Beyond banner had comparable sales growth of 6%, benefitting from strong digital growth of approximately 99%, and was driven by key destination categories including Bedding, Bath, Kitchen Food Prep, Indoor Décor and Home Organization. These top 5 categories had strong comp sales growth of 12% (combined) and represented almost two-thirds of total Bed Bath & Beyond banner sales in the fourth quarter.
The buybuy BABY banner returned to delivering comparable sales growth in the quarter, led by strong digital growth of over 50%, which represented almost two-thirds of BABY banner sales.
Net sales of $2.6 billion decreased 16% compared to the prior year period, driven by impacts from previously planned non-core banner divestitures and permanent store closures. Excluding these impacts of approximately 12%, Core banner
net sales decreased approximately 3%, primarily due to store closing activity consistent with the Company’s network optimization program. Total store net sales decreased 27%, and total digital net sales increased 86%.
Gross margin of 31.5% decreased 110 basis points compared to the prior year period.
Excluding special items, adjusted gross margin
increased 20 basis points to 32.8%, primarily driven by optimization of promotion and markdowns, favorable product mix and leverage of distribution and fulfillment costs, partially offset by higher digital channel mix, including significant industrywide freight cost increases.
SG&A expense of $763 million decreased $264 million compared to the prior year period. Adjusted SG&A
expense decreased $190 million compared to the prior year period, driven primarily by reductions from the non-core banner divestitures and lower occupancy expense on a smaller base of stores.
Net earnings per diluted share of $0.08 includes approximately $38 million from special items. Excluding special items, adjusted net earnings per diluted share
was $0.40. Special items include the net loss on sale of businesses, non-cash impairment charges related to certain store-level assets, charges recorded in connection with the restructuring and transformation initiatives, which includes markdowns and inventory reserves related to the planned assortment transition to Owned Brands and the income tax impact of these items.
increased 13% to $168 million, primarily due to higher comparable sales coupled with adjusted gross margin expansion and SG&A expense reduction.
Cash flow from operations of $76 million and $14 million used in cash flow from investing, inclusive of $66 million of capital expenditures. Positive free cash flow
of $62 million.
Cash, cash equivalents and restricted cash balance of approximately $1.4 billion increased $384 million compared to the prior year period.
Total Liquidity
of approximately $2.1 billion, including the Company’s asset based revolving credit facility.
During the Company’s fiscal fourth quarter conference call with analysts and investors, it will discuss its outlook for fiscal 2021 and its long-term financial goals to strengthen and accelerate growth and unlock and drive sustainable total shareholder return. With the non-core banner divestitures now complete, the Company is reaffirming its previously communicated fiscal 2021 Net Sales and Adjusted EBITDA outlook of between $8.0 - $8.2 billion and between $500 - $525 million, respectively. The Company also announced an increase in its 3-year share repurchase program to $1 billion from $825 million.
Fiscal 2021 Full-Year Outlook
Fiscal 2021 First Quarter Outlook:
The Company’s fiscal 2021 first quarter net sales will be impacted by comparisons to last year when the majority of its stores were closed due to the COVID-19 pandemic, as well as by non-core banner divestitures and its ongoing fleet optimization program. To provide further perspective on its portfolio transformation and the quarterly comparisons of Core Go-Forward
banners, the Company has provided below a quarterly summary of fiscal 2019 and 2020 net sales, on both a reported basis and on a Core Go-Forward basis. The Core Go-Forward banners include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist.
Directionally, the Company expects its fiscal 2021 first quarter net sales, on a reported basis, to increase by over 40% versus the prior year period when the vast majority of its stores were closed due to the COVID-19 pandemic and in spite of non-core banner divestitures. Excluding the impact from divested businesses in both periods, the Company expects first quarter net sales growth of its Core Go-Forward banners to be much higher by approximately +65 to +70%.
The Company expects to show sequential improvement in gross margin as the fiscal year progresses. Directionally, it expects adjusted gross margin in the fiscal 2021 first quarter to be in the 34% range and expects to deliver between $80 and $90 million in adjusted EBITDA.
Additional details on the Company’s fiscal 2021 outlook and visibility on the first quarter will be provided during its conference call as well as in its investor presentation available on the investor relations section of the Company’s website at
http://bedbathandbeyond.gcs-web.com/investor-relations
Additional Information – Quarterly Summary of Fiscal 2019 and Fiscal 2020 Net Sales
The following table shows a quarterly summary of the Company’s fiscal 2019 and 2020 net sales on both a reported basis and on a Core Go-Forward basis, which excludes sales from divested banners.
The Company is providing this additional transparency to help analysts and investors gain further perspective on the Company’s recent portfolio transformation and the quarterly comparisons of the Core Go-Forward banners which include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist.
Fiscal 2020 Fourth Quarter Conference Call and Investor Presentation
Bed Bath & Beyond Inc.’s fiscal 2020 fourth quarter conference call with analysts and investors will be held today at 8:00am EDT and may be accessed by dialing 1-888-424-8151, or if international, 1-847-585-4422, using passcode number 9775756#. A live audio webcast of the conference call, along with the earnings press release, investor presentation and supplemental financial disclosures, will also be available on the investor relations section of the Company's website at
. The webcast will be available for replay after the call for a period of at least one year.
The Company has also made available an Investor Presentation on the investor relations section of the Company's website at
http://bedbathandbeyond.gcs-web.com/events-and-presentations.
The Company’s four Core banners include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist.
Adjusted Gross Margin, Adjusted SG&A, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted EPS are non-GAAP financial measures. For more information about non-GAAP financial measures, see “Non-GAAP Information” below.
Gross debt includes bonds, borrowings under the Company’s asset-based revolving credit facility and operating and finance lease liabilities.
Total Liquidity includes cash & investments and availability under the Company’s asset-based revolving credit facility.
Leverage ratio calculated using Moody’s gross debt/EBITDA ratios.
The Company expects to “Recapture” sales in the fiscal 2021 first quarter that were lost in the prior year period due to temporary store closures. In the subsequent quarters of fiscal 2021, the Company expects to “Sustain” comparable sales levels relative to the solid comparable sales base it experienced in these same quarters during fiscal 2020.
For financial planning purposes, the Company expects total enterprise comparable sales in its fiscal 2021 second quarter through fourth quarter to be flat versus a strong fiscal 2020 base during the prior year periods of fiscal 2020.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home.
The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets.
Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com, bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca, harmondiscount.com, facevalues.com, and decorist.com.
As of February 27, 2021, the Company had a total of 1,020 stores, including 834 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 132 buybuy BABY stores and 54 stores under the names Harmon, Harmon Face Values or Face Values.
During the fiscal 2020 fourth quarter, the Company opened 3 buybuy BABY stores, 1 Bed Bath & Beyond store, and 1 Harmon Face Values store and closed 118 Bed Bath & Beyond stores. The joint venture to which the Company is a partner operates 10 stores in Mexico under the name Bed Bath & Beyond.
Non-GAAP Information
This press release contains certain non-GAAP information, including adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA margin, adjusted gross margin, adjusted net earnings per diluted share, and free cash flow. Non-GAAP information is intended to provide visibility into the Company’s core operations and excludes special items, including the effects of the net loss on the sale of businesses, charges recorded in connection with the restructuring and transformation initiatives, which includes markdowns and inventory reserves related to the planned assortment transition to Owned Brands, non-cash impairment charges related to tradenames and certain long-lived assets and the income tax impact of these items. The Company’s definition and calculation of non-GAAP measures may differ from that of other companies. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported GAAP financial results. For a reconciliation to the most directly comparable US GAAP measures and certain information relating to the Company’s use of Non-GAAP financial measures, see “Non-GAAP Financial Measures” below.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21 E of the Securities Exchange Act of 1934 including, but not limited to, the Company’s progress and anticipated progress towards its long-term objectives, as well as more generally the status of its future liquidity and financial condition and its outlook for the Company’s fiscal 2021 first quarter and for its 2021 fiscal year. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, goal, preliminary, and similar words and phrases, although the absence of those words does not necessarily mean that statements are not forward-looking. The Company’s actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment; risks associated with the COVID-19 pandemic and the governmental responses to it, including its impacts across the Company’s businesses on demand and operations, as well as on the operations of the Company’s suppliers and other business partners, and the effectiveness of the Company’s actions taken in response to these risks; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts; unusual weather patterns and natural disasters; competition from existing and potential competitors across all channels; pricing pressures; liquidity; the ability to achieve anticipated cost savings, and to not exceed anticipated costs, associated with organizational changes and investments, including the Company’s strategic restructuring program and store network optimization strategies; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, merchandise and other costs and expenses; potential supply chain disruption due to trade restrictions, and other factors such as natural disasters, pandemics, including the COVID-19 pandemic, political instability, labor disturbances, product recalls, financial or operational instability of suppliers or carriers, and other items; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company’s plans for new stores; the ability to establish and profitably maintain the appropriate mix of digital and physical presence in the markets it serves; the ability to assess and implement technologies in support of the Company’s development of its omnichannel capabilities; the ability to effectively and timely adjust the Company’s plans in the face of the rapidly changing retail and economic environment, including in response to the COVID-19 pandemic; uncertainty in financial markets; volatility in the price of the Company’s common stock and its effect, and the effect of other factors, including the COVID-19 pandemic, on the Company’s capital allocation strategy; risks associated with the ability to achieve a successful outcome for the Company’s business concepts and to otherwise achieve its business strategies; the impact of intangible asset and other impairments; disruptions to the Company’s information technology systems, including but not limited to security breaches of systems protecting consumer and employee information or other types of cybercrimes or cybersecurity attacks; reputational risk arising from challenges to the Company’s or a third party product or service supplier’s compliance with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; reputational risk arising from third-party merchandise or service vendor performance in direct home delivery or assembly of product for customers; changes to statutory, regulatory and legal requirements, including without limitation proposed changes affecting international trade; changes to, or new, tax laws or interpretation of existing tax laws; new, or developments in existing, litigation, claims or assessments; changes to, or new,
accounting standards; and foreign currency exchange rate fluctuations. Except as required by law, the Company does not undertake any obligation to update its forward-looking statements.
CONTACTS:
INVESTORS: Janet M. Barth, (908) 613-5820 OR
IR@bedbath.com
MEDIA:
Eric Mangan,
eric.mangan@bedbath.com
Public.Relations@bedbath.com
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
Twelve Months Ended
February 29, 2020
2,619,141
3,106,822 
9,233,028
11,158,580 
Cost of sales
1,793,653
2,093,166 
6,114,947
7,616,920 
    Gross profit
825,488
1,013,656 
3,118,081
3,541,660 
Selling, general and administrative expenses
762,998
1,027,041 
3,224,363
3,732,498 
Goodwill and other impairments
67,821 
127,341
509,226 
Restructuring and transformation initiative expenses
54,554
102,202
Loss on sale of businesses, including impairment of assets held for sale
22,705
    Operating loss
(23,652)
(81,206)
(336,887)
(700,064)
Interest expense, net
18,566
15,370 
76,913
64,789 
Gain on extinguishment of debt
(77,038)
    Loss before benefit for income taxes
(42,218)
(96,576)
(336,762)
(764,853)
Benefit for income taxes
(51,277)
(31,162)
(185,989)
(151,037)
    Net income (loss)
(65,414)
(150,773)
(613,816)
Net income (loss) per share - Basic
(0.53)
(1.24)
(4.94)
Net income (loss) per share - Diluted
Weighted average shares outstanding - Basic
115,055
123,347 
121,446
124,352 
Weighted average shares outstanding - Diluted
117,286
Dividends declared per share
The following table reconciles non-GAAP financial measures presented in this press release or that may be presented on the Company’s fourth quarter conference call with analysts and investors. The Company believes that these non-GAAP financial measures provide management, analysts, investors and other users of the Company’s financial information with meaningful supplemental information regarding the performance of the Company’s business. These non-GAAP financial measures should not be considered superior to, but in addition to other financial measures prepared by the Company in accordance with GAAP, including the year-to-year results. The Company’s method of determining these non-GAAP financial measures may be different from other companies’ methods and, therefore, may not be comparable to those used by other companies and the Company does not recommend the sole use of this non-GAAP measure to assess its financial and earnings performance. For reasons noted above, the Company is presenting certain non-GAAP financial measures for its fiscal 2020 fourth quarter. In order for investors to be able to more easily compare the Company’s performance across periods, the Company has included comparable reconciliations for the 2019 period in the reconciliation tables below. The Company is not providing a reconciliation of its guidance with respect to Adjusted EBITDA because the Company is unable to provide this reconciliation without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Non-GAAP Reconciliation
Three Months Ended February 27, 2021
Loss on Sale of Businesses
Loss on sale-leaseback, including transaction fees
Restructuring and Transformation Expenses
Impairment charges
Total income tax impact
Total Impact
Gross Profit
33,198 
858,686
(54,554)
(Loss) earnings before (benefit) provision for income taxes
22,705 
87,752 
8,883 
119,340 
77,122
Tax (benefit) provision
81,297 
30,020
Effective tax rate
(82.6)
(81,297)
38,043
47,102
Net earnings per share - Diluted
Weighted average shares outstanding- Basic
Weighted average shares outstanding- Diluted
Reconciliation of Net Income (loss) to EBITDA and Adjusted EBITDA
Depreciation and amortization
78,328
(6,141)
72,187
54,676
81,611
113,199
167,875
EBITDA as % of net sales
(1) If a company is in a net loss position, then for earnings per share purposes, diluted weighted average shares outstanding are equivalent to basic weighted average shares outstanding.
Three Months Ended February 29, 2020
Impairment Charges
32,840 
41,308 
141,969 
45,393
29,666 
(1,496)
(35.6)
Net (loss) income
(29,666)
112,303
46,889
Net (loss) earnings per share - Diluted
123,754
Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA
87,390
148,153
Condensed Consolidated Balance Sheets
November 28, 2020
Assets
Current assets:
    Cash and cash equivalents
1,352,984
1,462,612 
1,000,340 
    Short term investment securities
385,642 
    Merchandise inventories
1,671,909
1,780,891 
2,093,869 
    Prepaid expenses and other current assets
595,152
196,487 
248,342 
    Assets held-for-sale
524,551 
98,092 
        Total current assets
3,620,045
3,964,541 
3,826,285 
Long term investment securities
19,545
19,847 
20,380 
Property and equipment, net
918,418
905,251 
1,430,604 
Operating lease assets
1,587,101
1,615,969 
2,006,966 
Other assets
311,821
486,002 
506,280 
Total Assets
6,456,930
6,991,610 
7,790,515 
Liabilities and Shareholders' Equity
Current liabilities:
    Accounts payable
986,045
865,418 
944,194 
    Accrued expenses and other current liabilities
636,329
698,827 
675,776 
    Merchandise credit and gift card liabilities
312,486
304,530 
340,407 
    Current operating lease liabilities
360,061
390,875 
463,005 
    Liabilities related to assets held-for-sale
448,805 
43,144 
        Total current liabilities
2,294,921
2,708,455 
2,466,526 
Other liabilities
82,279
123,067 
204,926 
Operating lease liabilities
1,509,767
1,531,830 
1,818,783 
Income taxes payable
102,664
38,034 
46,945 
Long term debt
1,190,363
1,190,265 
1,488,400 
        Total liabilities
5,179,994
5,591,651 
6,025,580 
Shareholders' equity:
Preferred stock - $0.01 par value; authorized - 1,000 shares; no shares issued or outstanding
Common stock - $0.01 par value; authorized - 900,000 shares; issued 343,241, 343,484 and 343,683 shares, respectively; outstanding 109,621, 121,215 and 126,528 shares, respectively
3,434 
3,436 
Additional paid-in capital
2,152,135
2,058,358 
2,167,337 
Retained earnings
10,225,253
10,215,743 
10,374,826 
Treasury stock, at cost; 233,620, 222,269 and 217,155 shares, respectively
(11,048,284)
(10,812,841)
(10,715,755)
Accumulated other comprehensive loss
(55,600)
(64,735)
(64,909)
Total shareholders' equity
1,276,936
1,399,959 
1,764,935 
Total liabilities and shareholders' equity
Consolidated Statements of Cash Flows
(in thousands, unaudited)
Cash Flows from Operating Activities:
    Net earnings (loss)
    Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
        Depreciation and amortization
87,390 
340,912
342,511 
        Loss on sale-leaseback transaction
27,357 
        Goodwill and other impairments
        Gain on debt extinguishment
        Loss on sale of businesses, including impairment of assets held for
          sale
        Stock-based compensation
9,564 
31,594
45,676 
        Deferred income taxes
192,095
(59,917)
148,741
(145,543)
        Other
(3,446)
        Decrease (increase) in assets:
           Merchandise inventories
156,182
430,547 
64,947
506,334 
           Trading investment securities
           Other current assets
(385,492)
108,674 
(387,172)
(4,781)
           Other assets
4,247 
        Increase (decrease) increase in liabilities:
           Accounts payable
70,843
(270,194)
168,556
(124,206)
           Accrued expenses and other current liabilities
(82,217)
(7,967)
15,538
61,864 
           Merchandise credit and gift card liabilities
2,971 
(12,110)
1,154 
           Income taxes payable
63,834
5,089 
54,958
(22,783)
           Operating lease assets and liabilities, net
(43,621)
(17,139)
(32,813)
(2,899)
           Other liabilities
(33,184)
10,539 
(26,758)
14,054 
    Net cash provided by operating activities
75,706
333,814 
268,108
590,941 
Cash Flows from Investing Activities:
    Purchase of held-to-maturity investment securities
(386,500)
(443,500)
    Redemption of held-to-maturity investment securities
545,000 
    Capital expenditures
(65,761)
(89,049)
(183,077)
(277,401)
    Proceeds from sale-leaseback transaction
267,277 
    Net proceeds from sale of businesses
51,748
534,457
    Net cash (used in) provided by investing activities
(14,013)
(208,272)
737,880
91,376 
Cash Flows from Financing Activities:
Borrowing of long-term debt
236,400
Repayments of long-term debt
(457,827)
Repurchase of common stock, including fees
(102,828)
(332,529)
(99,710)
Prepayment under share repurchase agreement
(47,550)
Payment of dividends
(21,142)
(23,108)
(85,482)
Payment of deferred financing fees
(7,690)
Proceeds from exercise of stock options
2,346 
    Net cash used in financing activities
(150,423)
(19,374)
(632,304)
(182,846)
    Effect of exchange rate changes on cash, cash equivalents and
      restricted cash
(1,090)
    Net (decrease) increase in cash, cash equivalents and restricted cash,
      including cash balances classified as assets held-for-sale
(86,983)
105,078 
378,759
498,494 
Change in cash balances classified as held-for-sale
(4,815)
100,263 
383,574
493,679 
Cash, cash equivalents and restricted cash:
    Beginning of period
1,494,207
923,387 
1,023,650
529,971 
    End of period
1,407,224
1,023,650 

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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