XML 30 R4.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net revenues $ 1,990 $ 1,730 $ 3,709 $ 3,331
Cost of revenues 1,375 1,186 2,552 2,295
Gross profit 615 544 1,157 1,036
Selling, general, and administrative expenses 472 418 930 810
Operating income 143 126 227 226
Interest expense, net 37 35 75 69
Investment (income) expense and other, net (2) 2 (2) 5
Other expense, net 35 37 73 74
Income before income taxes 108 89 154 152
Income tax provision 31 20 42 38
Net income 77 69 112 114
Net income (loss) attributable to common shareholders:        
Conversion of Series B Preferred Stock 0 0 0 (372)
Net income (loss) attributable to common shareholders $ 69 $ 69 $ 100 $ (265)
Net income (loss) per common share:        
Basic (in dollars per share) $ 0.17 $ 0.15 $ 0.24 $ (0.68)
Diluted (in dollars per share) $ 0.16 $ 0.15 $ 0.24 $ (0.68)
Weighted average shares outstanding:        
Basic (in shares) 415,269,213 407,312,999 415,560,022 390,964,706
Diluted (in shares) 427,649,550 413,593,378 422,271,774 390,964,706
Series A Preferred Stock        
Net income (loss) attributable to common shareholders:        
Less income allocable to Series A Preferred Stock $ (8) $ 0 $ (12) $ 0
Series B Preferred Stock        
Net income (loss) attributable to common shareholders:        
Stock dividend on Series B Preferred Stock $ 0 $ 0 $ 0 $ (7)