Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES:    
Net loss $ (52.5) $ (84.2)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 115.8 122.8
Stock-based compensation expense 11.9 17.7
Amortization of debt issuance costs 2.3 5.0
Provision for doubtful accounts 2.3 1.5
Inventory obsolescence write down 3.7 1.7
Change in deferred income taxes (19.9) (27.3)
Loss on disposal of property, plant and equipment 0.1 0.3
Loss on foreign currency transactions 0.3 1.0
Increase in fair values of warrant liabilities 5.3 6.3
(Gain) loss on disposal of business (1.2) 6.5
Other 1.4 (0.6)
Changes in operating assets and liabilities:    
Accounts receivable 21.6 15.3
Costs in excess of billings on uncompleted contracts (24.9) (16.4)
Inventories (12.1) (14.8)
Prepaid expenses and other current assets 6.7 (0.8)
Accounts payable (4.6) (15.3)
Accrued expenses and other current liabilities 2.6 (0.7)
Deferred contract revenue and liabilities (19.4) 7.7
Other assets (0.5) 1.2
Other liabilities (0.6) 1.3
Net cash provided by operating activities 38.3 28.2
INVESTING ACTIVITIES:    
Acquisitions of businesses, net of cash and cash equivalents acquired (1.0) 0.0
Proceeds from business disposal 1.2 1.0
Purchases of property, plant, and equipment and badges (37.1) (25.2)
Proceeds from net investment hedge derivative contracts 2.8 2.9
Other investing 0.0 (1.0)
Net cash used in investing activities (34.1) (22.3)
FINANCING ACTIVITIES:    
Issuances of common stock 0.0 150.0
Common stock issuance costs 0.0 (0.2)
Stock repurchased to satisfy tax withholding for vesting restricted stock units (1.0) (0.4)
Deferred financing costs (1.3) 0.0
Principal repayments 0.0 (127.3)
Proceeds from cash flow hedge derivative contracts 0.9 0.3
Other financing (0.6) (0.4)
Net cash (used in) provided by financing activities (2.0) 22.0
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1.0 (0.8)
Net increase in cash, cash equivalents, and restricted cash 3.2 27.1
Cash, cash equivalents, and restricted cash at beginning of period 130.5 75.0
Cash, cash equivalents, and restricted cash at end of period $ 133.7 $ 102.1