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
3 Months Ended
Mar. 28, 2020
Mar. 30, 2019
OPERATING ACTIVITIES    
Net (loss) income $ (2,712) $ 15,413
Adjustments to reconcile net (loss) income to cash (used) provided by operating activities:    
Depreciation and amortization 7,385 7,703
Stock-based compensation 2,466 7,685
Provision for doubtful accounts 9,339 2,730
Other (12,600) (512)
Changes in operating assets and liabilities:    
Accounts receivable (1,765) (48,473)
Inventories (36,566) (44,926)
Due from former parent 0 256,803
Accounts payable 3,664 12,935
Income taxes (3,676) 1,311
Accrued liabilities (15,049) 9,426
Due to former parent 0 (12,268)
Other assets and liabilities 4,097 (1,340)
Cash (used) provided by operating activities (45,417) 206,487
INVESTING ACTIVITIES    
Capital expenditures (10,423) (5,300)
Software purchases (8,781) 0
Other (3,104) (20)
Cash used by investing activities (22,308) (5,320)
FINANCING ACTIVITIES    
Borrowings under revolving credit facility 512,500 0
Repayments under revolving credit facility (37,500) 0
Repayment of notes payable to former parent 0 (27,245)
Net transfers to former parent 0 (173,485)
Dividends paid (31,877) 0
Proceeds from issuance of Common Stock, net of shares withheld for taxes (1,855) 0
Other 2,566 5,081
Cash provided (used) by financing activities 443,834 (195,649)
Effect of foreign currency rate changes on cash and cash equivalents (3,551) 651
Net change in cash and cash equivalents 372,558 6,169
Cash, cash equivalents and restricted cash – beginning of year 106,808 96,776
Cash, cash equivalents and restricted cash – end of period $ 479,366 $ 102,945