Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES:    
Net loss $ (42.9) $ (19.0)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 41.3 44.9
Stock-based compensation expense 5.5 7.9
Amortization of debt issuance costs 3.5 1.0
Provision for doubtful accounts 0.8 (0.2)
Inventory obsolescence write down 1.0 0.2
Change in deferred income taxes (7.1) (10.4)
Loss (gain) on disposal of property, plant and equipment 0.8 (0.7)
Loss (gain) on foreign currency transactions (0.3) 1.5
Increase (decrease) in fair values of warrant liabilities 13.4 (19.9)
Other 0.0 0.1
Changes in operating assets and liabilities:    
Accounts receivable 19.1 17.6
Costs in excess of billings on uncompleted contracts (8.6) (5.2)
Inventories (13.9) (0.9)
Prepaid expenses and other current assets (0.3) 1.7
Accounts payable (2.5) (6.8)
Accrued expenses and other current liabilities (8.5) (0.9)
Deferred contract revenue (3.6) (0.3)
Other assets 0.4 0.0
Other liabilities (0.8) 0.8
Net cash (used in) provided by operating activities (2.7) 11.4
INVESTING ACTIVITIES:    
Purchases of property, plant, and equipment and badges (7.5) (8.7)
Sales of property, plant, and equipment 0.0 0.8
Net cash used in investing activities (7.5) (7.9)
FINANCING ACTIVITIES:    
Issuances of common stock 150.0 0.0
Common stock issuance costs (0.2) 0.0
Term loan principal repayments (125.0) 0.0
Principal repayments 0.0 (0.4)
Other financing (0.2) (0.2)
Net cash provided by (used in) financing activities 24.6 (0.6)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 0.7 (1.0)
Net increase in cash, cash equivalents, and restricted cash 15.1 1.9
Cash, cash equivalents, and restricted cash at beginning of period 75.0 85.3
Cash, cash equivalents, and restricted cash at end of period $ 90.1 $ 87.2