Condensed Consolidated Cash Flows (unaudited)
|
|
Nine Months Ended |
|||||||
U.S. dollars in millions |
|
September 30, 2023 |
|
October 1, 2022 |
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
||||
Net income (loss) |
|
$ |
(90 |
) |
|
$ |
(112 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
||||
Depreciation of property and equipment |
|
|
24 |
|
|
|
17 |
|
|
Share-based compensation |
|
|
190 |
|
|
|
112 |
|
|
Amortization of intangible assets |
|
|
362 |
|
|
|
413 |
|
|
Exchange rate differences on cash and cash equivalents |
|
|
9 |
|
|
|
6 |
|
|
Deferred income taxes |
|
|
(13 |
) |
|
|
(8 |
) |
|
Interest on Dividend Note to related party, net |
|
|
— |
|
|
|
20 |
|
|
Interest with related party, net |
|
|
16 |
|
|
|
20 |
|
|
| Other |
|
|
(1 |
) |
|
|
(3 |
) |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
||||
| Decrease (increase) in trade accounts receivable |
|
|
6 |
|
|
|
(67 |
) |
|
| Decrease (increase) in other current assets |
|
|
16 |
|
|
|
28 |
|
|
| Decrease (increase) in inventories |
|
|
(241 |
) |
|
|
(8 |
) |
|
| Increase (decrease) in accounts payable, accrued expenses and related party payable |
|
|
21 |
|
|
|
22 |
|
|
| Increase (decrease) in employee-related accrued expenses and long term benefits |
|
|
(12 |
) |
|
|
(67 |
) |
|
| Increase (decrease) in other current liabilities |
|
|
(5 |
) |
|
|
10 |
|
|
| Decrease (increase) in other long term assets |
|
|
3 |
|
|
|
15 |
|
|
| Increase (decrease) in long-term liabilities |
|
|
— |
|
|
|
(3 |
) |
|
| Net cash provided by operating activities |
|
|
285 |
|
|
|
395 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
||||
| Purchase of property and equipment |
|
|
(75 |
) |
|
|
(79 |
) |
|
| Repayment of loan due from related party |
|
|
— |
|
|
|
734 |
|
|
| Issuance of loan to related party |
|
|
— |
|
|
|
(336 |
) |
|
| Net cash provided by (used in) investing activities |
|
|
(75 |
) |
|
|
319 |
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
||||
| Net transfers from Parent |
|
|
— |
|
|
|
99 |
|
|
| Dividend paid |
|
|
— |
|
|
|
(336 |
) |
|
| Share-based compensation recharge |
|
|
(29 |
) |
|
|
(200 |
) |
|
| Deferred offering costs |
|
|
— |
|
|
|
(14 |
) |
|
| Net cash provided by (used in) financing activities |
|
|
(29 |
) |
|
|
(451 |
) |
|
| Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
(9 |
) |
|
|
(6 |
) |
|
| Increase in cash, cash equivalents and restricted cash |
|
|
172 |
|
|
|
257 |
|
|
| 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 |
|
$ |
1,207 |
|
|
$ |
882 |
|
|
