| (a) | Accumulated other comprehensive loss is net of tax. |
| (b) | Consists of $7.8 paid to repurchase subordinate voting shares (SVS) for cancellation under our normal course issuer bid during the first quarter of 2022, substantially offset by the reversal of $7.5 accrued as of December 31, 2021 for the estimated contractual maximum number of permitted SVS repurchases (Contractual Maximum Quantity) under an automatic share purchase plan (ASPP) executed in December 2021 for such purpose (see note 7). |
| (c) | Consists of $34.8 paid to repurchase SVS for delivery obligations under our SBC plans during the first quarter of 2022, substantially offset by the reversal of $33.8 accrued as of December 31, 2021 for the estimated Contractual Maximum Quantity under a separate ASPP executed in December 2021 for such purpose (see note 7). |
| (d) | Consists of $10.6 paid to repurchase SVS for cancellation during the first quarter of 2023 and $5.0 accrued as of March 31, 2023 for the contractual maximum spend for SVS repurchases for cancellation under an ASPP executed in February 2023 for such purpose (see note 7). |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
CELESTICA INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions of U.S. dollars)
(unaudited)
| Three months ended | ||||||||
| March 31 | ||||||||
| Note | 2022 | 2023 | ||||||
| Cash provided by (used in): | ||||||||
| Operating activities: | ||||||||
| Net earnings for the period | $ | 21.8 | $ | 24.7 | ||||
| Adjustments to net earnings for items not affecting cash: | ||||||||
| Depreciation and amortization | 35.9 | 38.3 | ||||||
| Employee SBC expense | 7 | 14.6 | 22.0 | |||||
| Total return swap fair value adjustments | — | 0.2 | ||||||
| Other charges | 8 | 0.3 | — | |||||
| Finance costs | 9.8 | 21.7 | ||||||
| Income tax expense | 9.0 | 13.0 | ||||||
| Other | 0.7 | 3.3 | ||||||
| Changes in non-cash working capital items: | ||||||||
| Accounts receivable | 16.9 | 133.5 | ||||||
| Inventories | (237.8 | ) | (53.0 | ) | ||||
| Other current assets | (10.5 | ) | 8.6 | |||||
| Accounts payable, accrued and other current liabilities and provisions | 183.8 | (129.2 | ) | |||||
| Non-cash working capital changes | (47.6 | ) | (40.1 | ) | ||||
| Net income tax paid | (9.2 | ) | (10.8 | ) | ||||
| Net cash provided by operating activities | 35.3 | 72.3 | ||||||
| Investing activities: | ||||||||
| Purchase of computer software and property, plant and equipment | (16.4 | ) | (33.1 | ) | ||||
| Net cash used in investing activities | (16.4 | ) | (33.1 | ) | ||||
| Financing activities: | ||||||||
| Repayments under term loans | 6 | (4.6 | ) | (4.6 | ) | |||
| Lease payments | (11.2 | ) | (11.3 | ) | ||||
| Issuance of capital stock | 0.1 | — | ||||||
| Repurchase of capital stock for cancellation | 7 | (7.8 | ) | (10.6 | ) | |||
| Purchase of treasury stock for stock-based plans | 7 | (34.8 | ) | — | ||||
| SBC cash settlement | 7 | — | (49.8 | ) | ||||
| Finance costs paid (a) | 6 | (8.0 | ) | (18.7 | ) | |||
| Net cash used in financing activities | (66.3 | ) | (95.0 | ) | ||||
| Net decrease in cash and cash equivalents | (47.4 | ) | (55.8 | ) | ||||
| Cash and cash equivalents, beginning of period | 394.0 | 374.5 | ||||||
| Cash and cash equivalents, end of period | $ | 346.6 | $ | 318.7 | ||||
(a) Finance costs paid include debt issuance costs paid of nil and $0.8 in Q1 2023 and Q1 2022, respectively.
