VF Corporation Reports In-Line Fourth Quarter Revenue and Earnings, Declares Dividend of $0.30 Per Share, and Issues Fiscal 2024 Outlook

DENVER–(BUSINESS WIRE)–VF Corporation (NYSE: VFC) today announced financial results for its fourth quarter (Q4’FY23) and fiscal year ended April 1, 2023 (FY23) in line with guidance.

Q4’FY23 Financial Highlights

  • Revenue $2.7 billion, down 3% (flat in constant dollars)
  • Earnings (loss) per share (EPS) $(0.55) vs. Q4’FY22 $0.21; Adjusted EPS $0.17 vs. Q4’FY22 $0.45

FY23 Financial Highlights

  • Revenue $11.6 billion, down 2% (up 3% in constant dollars)
  • EPS $0.31 vs. FY22 $3.10; Adjusted EPS $2.10 vs. FY22 $3.18

Benno Dorer, Interim President and CEO, said:

“We delivered quarterly results in line with our guidance, led by ongoing strength in The North Face® and our International business, with accelerating momentum in Greater China. As a result, we were able to close the fiscal year with 10 out of 12 brands flat or growing revenue, and five up double digits, despite the challenging consumer environment. At the same time, we significantly improved our supply chain performance while the work to turn around Vans® is progressing according to plan, as we navigate the known near-term challenges. Looking ahead to FY24, I am confident that we have the right plan to deliver improved operating performance and financial results, while we thoughtfully invest to deliver strong and consistent shareholder returns over the long term.”

Q4’FY23 Operating Highlights

  • Continued broad-based strength in The North Face®, up 12% (up 16% in constant dollars)
  • Vans® down 14% (down 12% in constant dollars), illustrating the beginning of growth in APAC in constant dollars while the Americas remained negative
  • International business up 2% (up 8% in constant dollars)
    • EMEA region delivered its eighth consecutive quarter of growth in constant dollars
    • Greater China up 3% (up 10% in constant dollars) led further sequential improvement in the APAC region
  • Americas region down 7%, primarily driven by reductions in the US Wholesale business
  • Supply chain performance improving behind better execution, with increased on-time performance and a reduction in inventory of $299 million during Q4’FY23, as anticipated
  • The Company recorded a non-cash impairment charge of $313 million related to the Supreme® brand
  • Recognized as one of the World’s Most Ethical Companies by Ethisphere for 2023, the seventh consecutive year for VF

FY24 Financial Outlook

  • Total VF revenue flat to up slightly in constant dollars, including Q1’FY24 revenue down high-single digits in constant dollars reflecting a challenging US Wholesale environment
  • Gross margin up at least 100 basis points, benefiting from a lower promotional environment across the marketplace
  • Operating margin expansion, driven by the higher gross margins supporting modest increases in SG&A
  • EPS of $2.05 to $2.25, including more than $(0.30) from the adverse effect of higher interest, unfavorable foreign currency, assumed normalized incentive compensation and a higher tax rate
  • Free cash flow of about $900 million

Matt Puckett, CFO, said: “FY24 will be a year of progress as initiatives underway begin to drive results. We will be laser-focused on execution amidst an increasingly difficult near-term environment, particularly in US wholesale. We expect to improve our operating performance and financial results, highlighted by increasing gross margins, EBITDA growth, and strong cash generation, all of which supports our plan to de-lever. I remain confident VF is well positioned to return to sustainable and profitable growth beginning in FY24.”

Summary Revenue Information

(Unaudited)

 

 

Three Months Ended March

 

Twelve Months Ended March

(Dollars in millions)

 

 

2023

 

 

2022

 

% Change

 

% Change

(constant

currency)

 

 

2023

 

 

2022

 

% Change

 

% Change

(constant

currency)

Brand:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vans®

 

$

857.0

 

$

991.2

 

(14

)%

 

(12

)%

 

$

3,682.9

 

$

4,161.9

 

(12

)%

 

(8

)%

The North Face®

 

 

859.5

 

 

769.5

 

12

%

 

16

%

 

 

3,612.7

 

 

3,259.7

 

11

%

 

17

%

Timberland®

 

 

395.6

 

 

434.9

 

(9

)%

 

(6

)%

 

 

1,784.7

 

 

1,823.1

 

(2

)%

 

4

%

Dickies®

 

 

191.5

 

 

197.0

 

(3

)%

 

0

%

 

 

725.2

 

 

837.7

 

(13

)%

 

(11

)%

Other Brands

 

 

436.0

 

 

432.1

 

1

%

 

5

%

 

 

1,807.0

 

 

1,759.4

 

3

%

 

9

%

VF Revenue

 

$

2,739.6

 

$

2,824.7

 

(3

)%

 

0

%

 

$

11,612.5

 

$

11,841.8

 

(2

)%

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Region:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

1,449.6

 

$

1,563.6

 

(7

)%

 

(7

)%

 

$

6,682.7

 

$

6,805.3

 

(2

)%

 

(1

)%

EMEA

 

 

901.3

 

 

883.4

 

2

%

 

8

%

 

 

3,411.7

 

 

3,399.3

 

0

%

 

12

%

APAC

 

 

388.7

 

 

377.7

 

3

%

 

10

%

 

 

1,518.1

 

 

1,637.2

 

(7

)%

 

1

%

VF Revenue

 

$

2,739.6

 

$

2,824.7

 

(3

)%

 

0

%

 

$

11,612.5

 

$

11,841.8

 

(2

)%

 

3

%

International

 

 

1,436.4

 

 

1,406.0

 

2

%

 

8

%

 

 

5,569.1

 

 

5,663.5

 

(2

)%

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Channel:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

$

1,148.8

 

$

1,156.8

 

(1

)%

 

3

%

 

$

5,231.4

 

$

5,404.1

 

(3

)%

 

1

%

Wholesale (a)

 

 

1,590.8

 

 

1,667.9

 

(5

)%

 

(2

)%

 

 

6,381.1

 

 

6,437.8

 

(1

)%

 

4

%

VF Revenue

 

$

2,739.6

 

$

2,824.7

 

(3

)%

 

0

%

 

$

11,612.5

 

$

11,841.8

 

(2

)%

 

3

%

All references to periods ended March 2023 relate to the 13-week and 52-week fiscal periods ended April 1, 2023 and all references to periods ended March 2022 relate to the 13-week and 52-week fiscal periods ended April 2, 2022.

Note: Amounts may not sum due to rounding

(a) Royalty revenues are included in the wholesale channel for all periods.

All per share amounts are presented on a diluted basis. This release refers to “reported” and “constant dollar” amounts, terms that are described under the heading below “Constant Currency – Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” amounts are the same. This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading below “Discontinued Operations – Occupational Workwear Business.” Unless otherwise noted, results presented are based on continuing operations. This release also refers to “adjusted” amounts, a term that is described under the heading below “Adjusted Amounts – Excluding Transaction and Deal Related Activities, Costs Related to Specified Strategic Business Decisions, Noncash Impairment Charges, Pension Settlement Charge and a Tax Item.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.

Fourth Quarter Fiscal 2023 Income Statement Review

  • Revenue decreased 3% (flat in constant dollars) to $2.7 billion driven by a decline in the Americas region primarily due to a challenging wholesale environment, partially offset by increases in the EMEA and APAC regions.
    • The North Face® revenue $0.9 billion, up 12% (up 16% in constant dollars)
    • Vans® revenue $0.9 billion, down 14% (down 12% in constant dollars)
  • Gross margin decreased 230 basis points to 49.6%, primarily driven by elevated promotional activity and increased product costs, partially offset by pricing actions. On an adjusted basis, gross margin decreased 260 basis points to 49.6%.
  • Operating income (loss) on a reported basis was $(161) million. On an adjusted basis, operating income decreased 32% (down 25% in constant dollars) to $152 million. Operating margin on a reported basis was (5.9)%. Adjusted operating margin decreased 230 basis points to 5.6%.
  • Earnings (loss) per share was $(0.55) on a reported basis. On an adjusted basis, earnings per share decreased 62% (down 55% in constant dollars) to $0.17.

Full Year Fiscal 2023 Income Statement Review

  • Revenue decreased 2% (up 3% in constant dollars) to $11.6 billion, driven by performance at The North Face® and strength in EMEA, partially offset by declines in Vans® and Dickies®.
  • Gross margin decreased 200 basis points to 52.5%, primarily driven by elevated promotional activity and increased product costs, partially offset by pricing actions and lower freight. On an adjusted basis, gross margin decreased 220 basis points to 52.6%.
  • Operating income on a reported basis was $328 million. On an adjusted basis, operating income decreased 27% (down 20% in constant dollars) to $1.1 billion. Operating margin on a reported basis was 2.8%. Adjusted operating margin decreased 330 basis points to 9.8%.
  • Earnings per share was $0.31 on a reported basis. On an adjusted basis, earnings per share decreased 34% (down 26% in constant dollars) to $2.10.

Balance Sheet and Cash Flow Highlights

Inventories were up 62% compared with the same period last year, with on-hand inventories up 46% excluding in-transit inventory which increased approximately $254 million, primarily driven by core and excess replenishment inventory. VF returned approximately $117 million of cash to shareholders through dividends during the quarter and $703 million of cash to shareholders through dividends during the fiscal year.

Dividend Declared

VF’s Board of Directors declared a quarterly dividend of $0.30 per share, payable on June 20, 2023, to shareholders of record on June 12, 2023. Subject to approval by its Board of Directors, VF intends to continue to pay quarterly dividends.

Webcast Information

VF will host its fourth quarter fiscal 2023 conference call beginning at 4:30 p.m. Eastern Time today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

Presentation

A presentation on fourth quarter fiscal 2023 results will be available at ir.vfc.com today before the conference call and will be archived at the same location.

About VF

Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans®, The North Face®, Timberland® and Dickies®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.

Constant Currency – Excluding the Impact of Foreign Currency

This release refers to “reported” amounts in accordance with U.S. generally accepted accounting principles (“GAAP”), which include translation and transactional impacts from foreign currency exchange rates. This release also refers to “constant dollar” amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors.

Discontinued Operations – Occupational Workwear Business

On June 28, 2021, VF completed the sale of its Occupational Workwear business. The Occupational Workwear business was comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also included a license for certain Dickies® occupational workwear products that were historically sold through the business-to-business channel. Accordingly, the company has reported the operating results and cash flows of the business in discontinued operations for all periods through the date of sale.

Adjusted Amounts – Excluding Transaction and Deal Related Activities, Costs Related to Specified Strategic Business Decisions, Noncash Impairment Charges, Pension Settlement Charge and a Tax Item

The adjusted amounts in this release exclude transaction and deal related activities associated with the acquisition of the Supreme® brand. Total transaction and deal related activities include integration costs of approximately $0.3 million in fiscal 2023.

The adjusted amounts in this release exclude costs related to VF’s business model transformation primarily driven by Corporate actions and resulting restructuring costs, and a transformation initiative for our Asia-Pacific regional operations. Total costs were approximately $72 million in fiscal 2023.

The adjusted amounts in this release exclude noncash impairment charges related to the Supreme® reporting unit goodwill and indefinite-lived trademark intangible asset of approximately $313 million in the fourth quarter of fiscal 2023 and $735 million in fiscal 2023. The impairment charges in the second quarter of fiscal 2023 were driven by non-operating factors including higher interest rates and foreign currency fluctuations. The impairment charges in the fourth quarter of fiscal 2023 related to lower financial projections and increased risk of achieving management’s forecasts.

The adjusted amounts in this release exclude a noncash pension settlement charge. The pension settlement charge resulted from the purchase of a group annuity contract, which was an action taken to streamline administration, manage financial risk associated with pension plans, and to transfer a portion of the liability associated with VF’s U.S. pension plan to an insurance company. Total expense was approximately $92 million in fiscal 2023.

The adjusted amounts in this release exclude a discrete tax benefit of approximately $95 million in fiscal 2023 related to a favorable adjustment to VF’s transition tax liability pursuant to the Tax Cuts and Jobs Act based on examinations by the IRS.

Combined, the above items negatively impacted earnings per share by $0.72 during the fourth quarter of fiscal 2023 and $1.79 during fiscal 2023. All adjusted amounts referenced herein exclude the effects of these amounts.

Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. The company also provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results.

Forward-looking Statements

Certain statements included in this release are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF’s plans, objectives, projections and expectations relating to VF’s operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the level of consumer demand for apparel and footwear; disruption to VF’s distribution system; changes in global economic conditions and the financial strength of VF’s customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products; disruption and volatility in the global capital and credit markets; VF’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; VF’s ability to maintain the image, health and equity of its brands; intense competition from online retailers and other direct-to-consumer business risks; third-party manufacturing and product innovation; increasing pressure on margins; VF’s ability to implement its business strategy; VF’s ability to grow its international, direct-to-consumer and digital businesses; VF’s ability to find and amplify consumer tailwinds, build brands on multiple growth horizons and leverage platforms for speed to scale and efficiency; retail industry changes and challenges; VF’s ability to create and maintain an agile and efficient operating model and organizational structure; VF’s and its vendors’ ability to maintain the strength and security of information technology systems; the risk that VF’s facilities and systems and those of our third-party service providers may be vulnerable to and unable to anticipate or detect data or information security breaches and data or financial loss; VF’s ability to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; foreign currency fluctuations; stability of VF’s vendors’ manufacturing facilities and VF’s ability to establish and maintain effective supply chain capabilities; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; VF’s ability to recruit, develop or retain key executive or employee talent or successfully transition executives; continuity of members of VF’s management; changes in the availability and cost of labor; VF’s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment such as the impairment charges related to the Supreme® reporting unit goodwill and indefinite-lived trademark intangible asset; maintenance by VF’s licensees and distributors of the value of VF’s brands; VF’s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio; business resiliency in response to natural or man-made economic, public health, political or environmental disruptions; changes in tax laws and additional tax liabilities, including for the timing of income inclusion associated with our acquisition of the Timberland® brand in 2011; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflict in Ukraine; changes to laws and regulations; adverse or unexpected weather conditions, including any potential effects from climate change; VF’s indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; VF’s ability to pay and declare dividends or repurchase its stock in the future; climate change and increased focus on environmental, social and governance issues; risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis, including the coronavirus (COVID-19) global pandemic; and tax risks associated with the spin-off of our Jeanswear business completed in 2019. More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed with the SEC, including VF’s Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.

VF CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended March

 

Twelve Months Ended March

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net revenues

 

$

2,739,613

 

 

$

2,824,664

 

 

$

11,612,475

 

 

$

11,841,840

 

Costs and operating expenses

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

1,381,589

 

 

 

1,358,792

 

 

 

5,515,796

 

 

 

5,386,393

 

Selling, general and administrative expenses

 

 

1,205,820

 

 

 

1,273,480

 

 

 

5,033,977

 

 

 

4,823,243

 

Impairment of goodwill and intangible assets

 

 

313,087

 

 

 

 

 

 

735,009

 

 

 

 

Total costs and operating expenses

 

 

2,900,496

 

 

 

2,632,272

 

 

 

11,284,782

 

 

 

10,209,636

 

Operating income (loss)

 

 

(160,883

)

 

 

192,392

 

 

 

327,693

 

 

 

1,632,204

 

Interest expense, net

 

 

(49,237

)

 

 

(30,930

)

 

 

(164,632

)

 

 

(131,463

)

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

(3,645

)

Other income (expense), net

 

 

(5,879

)

 

 

9,659

 

 

 

(119,774

)

 

 

26,154

 

Income (loss) from continuing operations before income taxes

 

 

(215,999

)

 

 

171,121

 

 

 

43,287

 

 

 

1,523,250

 

Income tax expense (benefit)

 

 

(1,107

)

 

 

90,678

 

 

 

(75,297

)

 

 

306,981

 

Income (loss) from continuing operations

 

 

(214,892

)

 

 

80,443

 

 

 

118,584

 

 

 

1,216,269

 

Income from discontinued operations, net of tax

 

 

 

 

 

399

 

 

 

 

 

 

170,672

 

Net income (loss)

 

$

(214,892

)

 

$

80,842

 

 

$

118,584

 

 

$

1,386,941

 

Earnings (loss) per common share – basic (a)

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.55

)

 

$

0.21

 

 

$

0.31

 

 

$

3.12

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

0.44

 

Total earnings (loss) per common share – basic

 

$

(0.55

)

 

$

0.21

 

 

$

0.31

 

 

$

3.55

 

Earnings (loss) per common share – diluted (a)

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.55

)

 

$

0.21

 

 

$

0.31

 

 

$

3.10

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

0.43

 

Total earnings (loss) per common share – diluted

 

$

(0.55

)

 

$

0.21

 

 

$

0.31

 

 

$

3.53

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

388,062

 

 

 

387,604

 

 

 

387,763

 

 

 

390,291

 

Diluted

 

 

388,062

 

 

 

389,002

 

 

 

388,370

 

 

 

392,411

 

Cash dividends per common share

 

$

0.30

 

 

$

0.50

 

 

$

1.81

 

 

$

1.98

 

 

Basis of presentation of condensed consolidated financial statements: VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. For presentation purposes herein, all references to periods ended March 2023 relate to the 13-week and 52-week fiscal periods ended April 1, 2023 and all references to periods ended March 2022 relate to the 13-week and 52-week fiscal periods ended April 2, 2022.

(a) Amounts have been calculated using unrounded numbers.

VF CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

 

 

March

 

March

 

 

2023

 

2022

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and equivalents

 

$

814,887

 

$

1,275,943

Accounts receivable, net

 

 

1,610,295

 

 

1,467,842

Inventories

 

 

2,292,790

 

 

1,418,673

Other current assets

 

 

434,737

 

 

425,622

Total current assets

 

 

5,152,709

 

 

4,588,080

Property, plant and equipment, net

 

 

942,440

 

 

1,041,777

Goodwill and intangible assets, net

 

 

4,621,234

 

 

5,394,158

Operating lease right-of-use assets

 

 

1,372,182

 

 

1,247,056

Other assets

 

 

1,901,923

 

 

1,071,137

Total assets

 

$

13,990,488

 

$

13,342,208

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Short-term borrowings

 

$

11,491

 

$

335,462

Current portion of long-term debt

 

 

924,305

 

 

501,051

Accounts payable

 

 

936,319

 

 

562,992

Accrued liabilities

 

 

1,673,651

 

 

1,915,892

Total current liabilities

 

 

3,545,766

 

 

3,315,397

Long-term debt

 

 

5,711,014

 

 

4,584,261

Operating lease liabilities

 

 

1,171,941

 

 

1,023,759

Other liabilities

 

 

651,054

 

 

888,436

Total liabilities

 

 

11,079,775

 

 

9,811,853

Stockholders’ equity

 

 

2,910,713

 

 

3,530,355

Total liabilities and stockholders’ equity

 

$

13,990,488

 

$

13,342,208

 

VF CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

Twelve Months Ended March

 

 

 

2023

 

 

 

2022

 

Operating activities

 

 

 

 

Net income

 

$

118,584

 

 

$

1,386,941

 

Income from discontinued operations, net of tax

 

 

 

 

 

170,672

 

Income from continuing operations, net of tax

 

 

118,584

 

 

 

1,216,269

 

Impairment of goodwill and intangible assets

 

 

735,009

 

 

 

 

Depreciation and amortization

 

 

262,324

 

 

 

266,935

 

Reduction in the carrying amount of right-of-use assets

 

 

383,199

 

 

 

410,132

 

Other adjustments

 

 

(2,154,911

)

 

 

(1,035,138

)

Cash provided (used) by operating activities – continuing operations

 

 

(655,795

)

 

 

858,198

 

Cash provided by operating activities – discontinued operations

 

 

 

 

 

6,090

 

Cash provided (used) by operating activities

 

 

(655,795

)

 

 

864,288

 

Investing activities

 

 

 

 

Business acquisitions, net of cash received

 

 

 

 

 

3,760

 

Proceeds from sale of businesses, net of cash sold

 

 

 

 

 

616,928

 

Proceeds from sale of assets

 

 

99,499

 

 

 

32,542

 

Proceeds from sale and maturities of short-term investments

 

 

 

 

 

598,806

 

Capital expenditures

 

 

(165,925

)

 

 

(245,449

)

Software purchases

 

 

(95,326

)

 

 

(82,871

)

Other, net

 

 

(26,301

)

 

 

(19,456

)

Cash provided (used) by investing activities – continuing operations

 

 

(188,053

)

 

 

904,260

 

Cash used by investing activities – discontinued operations

 

 

 

 

 

(525

)

Cash provided (used) by investing activities

 

 

(188,053

)

 

 

903,735

 

Financing activities

 

 

 

 

Contingent consideration payment

 

 

(56,976

)

 

 

 

Net increase (decrease) from short-term borrowings and long-term debt

 

 

1,226,522

 

 

 

(182,292

)

Share repurchases

 

 

 

 

 

(350,004

)

Cash dividends paid

 

 

(702,846

)

 

 

(773,205

)

Proceeds from issuance of Common Stock, net of payments for tax withholdings

 

 

(2,794

)

 

 

36,654

 

Cash provided (used) by financing activities

 

 

463,906

 

 

 

(1,268,847

)

Effect of foreign currency rate changes on cash, cash equivalents and restricted cash

 

 

(80,822

)

 

 

(73,299

)

Net change in cash, cash equivalents and restricted cash

 

 

(460,764

)

 

 

425,877

 

Cash, cash equivalents and restricted cash – beginning of year

 

 

1,277,082

 

 

 

851,205

 

Cash, cash equivalents and restricted cash – end of period

 

$

816,318

 

 

$

1,277,082

 

Contacts

Investor Contact:
Allegra Perry

ir@vfc.com

Media Contact:

Colin Wheeler

corporate_communications@vfc.com

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