v3.24.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 29.0 $ 89.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 61.8 56.7
Share-based compensation expenses 23.7 22.0
Non-cash interest expense 5.6 3.6
Deferred income taxes (27.5) (8.4)
Inventory write-downs 11.4 16.9
Foreign exchange transaction loss 4.5 1.0
Loss on extinguishment of debt 10.5 0.0
Other 2.8 3.4
Changes in operating assets and liabilities:    
Receivables (5.1) (16.6)
Inventories (6.6) 50.7
Prepaid expenses and other current assets (6.4) (17.5)
Accounts payable (3.5) (0.8)
Royalty overrides (19.2) (21.3)
Other current liabilities 41.2 15.3
Other (5.9) (12.4)
Net cash provided by operating activities 116.3 181.8
Cash flows from investing activities:    
Purchases of property, plant, and equipment (69.2) (68.6)
Other 0.2 0.1
Net cash used in investing activities (69.0) (68.5)
Cash flows from financing activities:    
Borrowings from senior secured credit facility and other debt, net of discount 961.7 71.0
Principal payments on senior secured credit facility and other debt (1,413.8) (146.7)
Repayment of convertible senior notes (197.0) 0.0
Proceeds from senior secured notes, net of discount 778.4 0.0
Repayment of senior notes (344.3) 0.0
Debt issuance costs (20.9) (1.8)
Share repurchases (5.7) (9.4)
Other 1.4 1.6
Net cash used in financing activities (240.2) (85.3)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (13.3) 3.0
Net change in cash, cash equivalents, and restricted cash (206.2) 31.0
Cash, cash equivalents, and restricted cash, beginning of period 595.5 516.3
Cash, cash equivalents, and restricted cash, end of period $ 389.3 $ 547.3

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