Table 5: Adjusted EBITDA and Free Cash Flow (unaudited)
| ($ in millions) | Three months ended | Full-year | |||||||||||||||||
|
December 31,
2021 |
October 3,
2021 |
December 31,
2020 | 2021 | 2020 | |||||||||||||||
| Net income (loss) | $ | 610 | $ | 526 | $ | 320 | $ | 1,906 | $ | 80 | |||||||||
| Reconciling items to adjusted net income | |||||||||||||||||||
| Financial (income) expense | 123 | 93 | 137 | 403 | 417 | ||||||||||||||
| (Benefit) provision for income taxes | 72 | 95 | 5 | 272 | (83 | ) | |||||||||||||
| Depreciation | 145 | 139 | 139 | 551 | 547 | ||||||||||||||
| Amortization | 165 | 167 | 177 | 711 | 1,441 | ||||||||||||||
| Adjusted net income | $ | 1,115 | $ | 1,020 | $ | 778 | $ | 3,843 | $ | 2,402 | |||||||||
| Reconciling items to adjusted EBITDA | |||||||||||||||||||
| Results of equity-accounted investees | 2 | (3 | ) | 1 | 2 | 4 | |||||||||||||
| Restructuring | — | — | 38 | 1 | 78 | ||||||||||||||
| Stock based costs | 88 | 81 | 89 | 353 | 384 | ||||||||||||||
| Merger-related costs | — | — | — | — | 8 | ||||||||||||||
| Other incidental items 1) | 10 | 8 | 1 | 33 | (101 | ) | |||||||||||||
| Adjusted EBITDA | $ | 1,215 | $ | 1,106 | $ | 907 | $ | 4,232 | $ | 2,792 | |||||||||
| Trailing twelve month adjusted EBITDA | $ | 4,232 | $ | 3,924 | $ | 2,792 | $ | 4,232 | $ | 2,792 | |||||||||
| 1) Excluding amortization related to: | |||||||||||||||||||
| — other incidental items | $ | — | $ | — | $ | 2 | $ | — | $ | 8 | |||||||||
| ($ in millions) | Three months ended | Full-year | |||||||||||||||||
|
December 31,
2021 |
October 3,
2021 |
December 31,
2020 | 2021 | 2020 | |||||||||||||||
| Net cash provided by (used for) operating activities | $ | 785 | $ | 924 | $ | 1,029 | $ | 3,077 | $ | 2,482 | |||||||||
| Net capital expenditures on property, plant and equipment | (266 | ) | (200 | ) | (103 | ) | (766 | ) | (388 | ) | |||||||||
| Non-GAAP free cash flow | $ | 519 | $ | 724 | $ | 926 | $ | 2,311 | $ | 2,094 | |||||||||
| Non-GAAP free cash flow as percent of Revenue | 17 | % | 25 | % | 37 | % | 21 | % | 24 | % | |||||||||
