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
 9 Months Ended
Sep. 26, 2020
Sep. 28, 2019
OPERATING ACTIVITIES    
Net income $ 24,811 $ 67,901
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 24,384 23,020
Stock-based compensation 9,738 17,798
Provision for doubtful accounts 19,642 5,386
Non-cash impairment of intangible asset 0 32,636
Other (17,337) (8,904)
Changes in operating assets and liabilities:    
Accounts receivable (16,250) (52,525)
Inventories 23,777 (79,534)
Due from former parent 0 548,301
Accounts payable 58,534 34,831
Income taxes 4,406 1,715
Accrued liabilities 3,330 14,278
Due to former parent 0 (16,065)
Other assets and liabilities (5,352) (10,457)
Cash provided by operating activities 129,683 578,381
INVESTING ACTIVITIES    
Property, plant and equipment expenditures (16,481) (11,750)
Capitalized computer software (30,038) (898)
Collection of notes receivable from former parent 0 517,940
Proceeds from sales of assets 13,068 2,049
Other (3,651) (422)
Cash (used) provided by investing activities (37,102) 506,919
FINANCING ACTIVITIES    
Borrowings under revolving credit facility 512,500 30,000
Repayments under revolving credit facility (387,500) (30,000)
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) (31,763)
Proceeds from issuance of Common Stock, net of shares withheld for taxes (2,800) (514)
Other (885) (10,868)
Cash provided (used) by financing activities 85,092 (1,139,932)
Effect of foreign currency rate changes on cash and cash equivalents 770 (1,340)
Net change in cash and cash equivalents 178,443 (55,972)
Cash, cash equivalents and restricted cash – beginning of year 106,808 96,776
Cash, cash equivalents and restricted cash – end of period $ 285,251 $ 40,804