Quarterly report pursuant to Section 13 or 15(d)

Combined Statements of Cash Flows (Unaudited)

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Combined Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
OPERATING ACTIVITIES    
Net (loss) income $ (35,974) $ 53,399
Adjustments to reconcile net (loss) income to cash provided by operating activities:    
Depreciation and amortization 15,219 16,025
Stock-based compensation 7,160 11,473
Provision for doubtful accounts 18,012 2,985
Other (18,346) (1,068)
Changes in operating assets and liabilities:    
Accounts receivable 50,319 4,355
Inventories 20,510 (69,655)
Due from former parent 0 548,301
Accounts payable (37,988) 43,331
Income taxes (1,810) 5,692
Accrued liabilities (9,760) 230
Due to former parent 0 (16,065)
Other assets and liabilities (2,915) (18,852)
Cash provided by operating activities 4,427 580,151
INVESTING ACTIVITIES    
Capital expenditures (11,895) (9,300)
Software purchases (25,605) 0
Collection of notes receivable from former parent 0 517,940
Other (1,673) 1,081
Cash (used) provided by investing activities (39,173) 509,721
FINANCING ACTIVITIES    
Borrowings under revolving credit facility 512,500 0
Repayments under revolving credit facility (287,500) 0
Proceeds from issuance of term loans 0 1,050,000
Payment of deferred financing costs (4,346) (12,993)
Repayments of term loans 0 (50,000)
Repayment of notes payable to former parent 0 (269,112)
Net transfers to former parent 0 (1,814,682)
Dividends paid (31,877) 0
Proceeds from issuance of Common Stock, net of shares withheld for taxes (1,854) 0
Other (718) (14,169)
Cash provided (used) by financing activities 186,205 (1,110,956)
Effect of foreign currency rate changes on cash and cash equivalents (1,991) 995
Net change in cash and cash equivalents 149,468 (20,089)
Cash, cash equivalents and restricted cash – beginning of year 106,808 96,776
Cash, cash equivalents and restricted cash – end of period $ 256,276 $ 76,687