Consolidated Cash Flows (unaudited)
|
|
Year Ended |
||||||
U.S. dollars in millions |
|
December 31,
|
|
December 25,
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
Net income (loss) |
|
$ |
(82 |
) |
|
$ |
(75 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation of property and equipment |
|
|
23 |
|
|
|
17 |
|
Share-based compensation |
|
|
174 |
|
|
|
97 |
|
Amortization of intangible assets |
|
|
544 |
|
|
|
509 |
|
Exchange rate differences on cash and cash equivalents |
|
|
6 |
|
|
|
— |
|
Deferred income taxes |
|
|
(9 |
) |
|
|
(29 |
) |
Interest on Dividend Note, net |
|
|
18 |
|
|
|
— |
|
Interest with related party, net |
|
|
12 |
|
|
|
20 |
|
Other |
|
|
(2 |
) |
|
|
— |
|
| Changes in operating assets and liabilities: |
|
|
|
|
||||
| Decrease (increase) in trade accounts receivables |
|
|
(114 |
) |
|
|
(62 |
) |
| Decrease (increase) in other current assets |
|
|
(10 |
) |
|
|
(17 |
) |
| Decrease (increase) in inventories |
|
|
(16 |
) |
|
|
31 |
|
| Increase (decrease) in account payables and accrued expenses |
|
|
58 |
|
|
|
59 |
|
| Increase (decrease) in employee-related accrued expenses and long term benefits |
|
|
(52 |
) |
|
|
36 |
|
| Increase (decrease) in other current-liabilities |
|
|
(16 |
) |
|
|
20 |
|
| Decrease (increase) in other long term assets |
|
|
17 |
|
|
|
(7 |
) |
| Increase (decrease) in long-term liabilities |
|
|
(5 |
) |
|
|
— |
|
| Net cash provided by operating activities |
|
|
546 |
|
|
|
599 |
|
|
|
|
|
|
|
||||
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
||||
| Purchase of property and equipment |
|
|
(111 |
) |
|
|
(143 |
) |
| Repayment of loan due from related party |
|
|
1,635 |
|
|
|
460 |
|
| Issuance of loan to related party |
|
|
(336 |
) |
|
|
(474 |
) |
| Other |
|
|
(1 |
) |
|
|
— |
|
| Net cash provided by (used in) investing activities |
|
|
1,187 |
|
|
|
(157 |
) |
|
|
|
|
|
|
||||
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
| Business combination deferred consideration payment |
|
|
— |
|
|
|
(90 |
) |
| Net transfers from Parent |
|
|
84 |
|
|
|
181 |
|
| Dividend paid |
|
|
(337 |
) |
|
|
— |
|
| Share-based compensation recharge |
|
|
(280 |
) |
|
|
— |
|
| Proceeds from initial public offering, net of offering costs |
|
|
1,034 |
|
|
|
— |
|
| Equity transaction in connection with the legal purchase of Moovit entities |
|
|
(900 |
) |
|
|
— |
|
| Repayment of Dividend Note with related party |
|
|
(918 |
) |
|
|
— |
|
| Net cash provided by (used in) financing activities |
|
|
(1,317 |
) |
|
|
91 |
|
|
|
|
|
|
|
||||
| Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
(6 |
) |
|
|
(1 |
) |
| Increase in cash, cash equivalents and restricted cash |
|
|
410 |
|
|
|
532 |
|
| Balance of cash, cash equivalents and restricted cash, at beginning of year |
|
|
625 |
|
|
|
93 |
|
| Balance of cash, cash equivalents and restricted cash, at end of year |
|
$ |
1,035 |
|
|
$ |
625 |
|
