Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES:    
Net loss $ (71,300,000) $ (78,300,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 82,200,000 89,800,000
Stock-based compensation expense 11,500,000 16,400,000
Amortization of debt issuance costs 4,200,000 2,300,000
Provision for doubtful accounts 1,400,000 0
Inventory obsolescence write down 1,400,000 500,000
Change in deferred income taxes (18,400,000) (21,800,000)
Loss (gain) on disposal of property, plant and equipment 200,000 (400,000)
(Gain) loss on foreign currency transactions (500,000) 4,800,000
Increase (decrease) in fair values of warrant liabilities 19,100,000 (39,500,000)
Amortization of inventory step-up 0 6,300,000
Goodwill impairment 0 55,200,000
Loss on disposal of business 6,200,000 0
Other (600,000) 100,000
Changes in operating assets and liabilities:    
Accounts receivable 29,300,000 25,500,000
Costs in excess of billings on uncompleted contracts (21,000,000.0) (16,900,000)
Inventories (18,100,000) (18,300,000)
Prepaid expenses and other current assets (100,000) 0
Accounts payable (6,200,000) 300,000
Accrued expenses and other current liabilities (5,400,000) 1,500,000
Deferred contract revenue and liabilities (7,800,000) (3,300,000)
Other assets 0 100,000
Other liabilities (1,700,000) 3,700,000
Net cash provided by operating activities 4,400,000 28,000,000.0
Net Cash Provided by (Used in) Investing Activities [Abstract]    
Proceeds from sale of business 1,000,000.0 0
Purchases of property, plant, and equipment and badges (15,800,000) (15,300,000)
Proceeds from net investment hedge derivative contracts 1,900,000 0
Sales of property, plant, and equipment 0 800,000
Net cash used in investing activities (12,900,000) (14,500,000)
FINANCING ACTIVITIES:    
Issuances of common stock 150,000,000.0 0
Common stock issuance costs (200,000) 0
Stock repurchased to satisfy tax withholding for vesting restricted stock units (400,000) 0
Principal repayments (127,300,000) (2,100,000)
Other financing (300,000) (300,000)
Net cash provided by (used in) financing activities 21,800,000 (2,400,000)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 800,000 (4,400,000)
Net increase in cash, cash equivalents, and restricted cash 14,100,000 6,700,000
Cash, cash equivalents, and restricted cash at beginning of period 75,000,000.0 85,300,000
Cash, cash equivalents, and restricted cash at end of period $ 89,100,000 $ 92,000,000.0