Condensed Consolidated Cash Flows (unaudited)
|
|
Six Months Ended |
|||||
U.S. dollars in millions |
|
July 1, 2023 |
|
July 2, 2022 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
||
Net income (loss) |
|
$ |
(107) |
|
$ |
(67) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
||
Depreciation of property and equipment |
|
|
15 |
|
|
10 |
|
Share-based compensation |
|
|
127 |
|
|
76 |
|
Amortization of intangible assets |
|
|
251 |
|
|
282 |
|
Exchange rate differences on cash and cash equivalents |
|
|
5 |
|
|
3 |
|
Deferred income taxes |
|
|
(10) |
|
|
2 |
|
Interest on Dividend Note to related party, net |
|
|
— |
|
|
9 |
|
Interest with related party, net |
|
|
16 |
|
|
27 |
|
Other |
|
|
— |
|
|
(3) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||
Decrease (increase) in trade accounts receivable |
|
|
29 |
|
|
(59) |
|
| Decrease (increase) in other current assets |
|
|
21 |
|
|
29 |
|
| Decrease (increase) in inventories |
|
|
(150) |
|
|
(1) |
|
| Increase (decrease) in accounts payable, accrued expenses and related party payable |
|
|
3 |
|
|
(5) |
|
| Increase (decrease) in employee-related accrued expenses and long term benefits |
|
|
(2) |
|
|
(81) |
|
| Increase (decrease) in other current liabilities |
|
|
(2) |
|
|
(3) |
|
| Decrease (increase) in other long term assets |
|
|
1 |
|
|
17 |
|
| Increase (decrease) in long-term liabilities |
|
|
— |
|
|
(3) |
|
| Net cash provided by operating activities |
|
|
197 |
|
|
233 |
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
||
| Purchase of property and equipment |
|
|
(58) |
|
|
(53) |
|
| Repayment of loan due from related party |
|
|
— |
|
|
733 |
|
| Issuance of loan to related party |
|
|
— |
|
|
(336) |
|
| Net cash provided by (used in) investing activities |
|
|
(58) |
|
|
344 |
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
||
| Net transfers from Parent |
|
|
— |
|
|
121 |
|
| Dividend paid |
|
|
— |
|
|
(336) |
|
| Share-based compensation recharge |
|
|
(12) |
|
|
(186) |
|
| Deferred offering costs |
|
|
— |
|
|
(14) |
|
| Net cash provided by (used in) financing activities |
|
|
(12) |
|
|
(415) |
|
| Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
(5) |
|
|
(3) |
|
| Increase in cash, cash equivalents and restricted cash |
|
|
122 |
|
|
159 |
|
| Balance of cash, cash equivalents and restricted cash, at beginning of year |
|
|
1,035 |
|
|
625 |
|
| Balance of cash, cash equivalents and restricted cash, at end of period |
|
$ |
1,157 |
|
$ |
784 |
|
