Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES:    
Net loss $ (26.5) $ (42.9)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 38.8 41.3
Stock-based compensation expense 3.6 5.5
Amortization of debt issuance costs 0.7 3.5
Provision for doubtful accounts 0.8 0.8
Inventory obsolescence write down 1.2 1.0
Change in deferred income taxes (7.5) (7.1)
Loss on disposal of property, plant and equipment 0.3 0.8
Loss (gain) on foreign currency transactions 0.8 (0.3)
Increase in fair values of warrant liabilities 5.7 13.4
Changes in operating assets and liabilities:    
Accounts receivable 24.2 19.1
Costs in excess of billings on uncompleted contracts (8.2) (8.6)
Inventories (5.6) (13.9)
Prepaid expenses and other current assets 4.2 (0.3)
Accounts payable (5.4) (2.5)
Accrued expenses and other current liabilities (12.3) (8.5)
Deferred contract revenue and liabilities (9.1) (3.6)
Other assets (0.2) 0.4
Other liabilities 0.5 (0.8)
Net cash provided by (used in) operating activities 6.0 (2.7)
INVESTING ACTIVITIES:    
Acquisitions of businesses, net of cash and cash equivalents acquired (1.0) 0.0
Purchases of property, plant, and equipment and badges (12.8) (7.5)
Proceeds from net investment hedge derivative contracts 0.9 0.0
Net cash used in investing activities (12.9) (7.5)
FINANCING ACTIVITIES:    
Issuances of common stock 0.0 150.0
Common stock issuance costs 0.0 (0.2)
Principal repayments 0.0 (125.0)
Proceeds from net cash flow hedge derivative contracts 0.3 0.0
Other financing (0.1) (0.2)
Net cash provided by financing activities 0.2 24.6
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2.1) 0.7
Net (decrease) increase in cash, cash equivalents, and restricted cash (8.8) 15.1
Cash, cash equivalents, and restricted cash at beginning of period 130.5 75.0
Cash, cash equivalents, and restricted cash at end of period $ 121.7 $ 90.1