Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 50.4 $ 24.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 30.7 29.2
Share-based compensation expenses 11.6 11.9
Non-cash interest expense 4.1 2.1
Deferred income taxes (13.1) (12.1)
Inventory write-downs 11.4 4.7
Foreign exchange transaction loss (gain) 1.4 (1.4)
Other (1.4) 1.3
Changes in operating assets and liabilities:    
Receivables (20.0) (7.7)
Inventories (16.7) (6.7)
Prepaid expenses and other current assets (2.3) (7.6)
Accounts payable 11.5 1.3
Royalty overrides (32.7) (27.7)
Other current liabilities (26.5) 8.9
Other (8.2) (6.7)
Net cash provided by operating activities 0.2 13.8
Cash flows from investing activities:    
Purchases of property, plant, and equipment (18.3) (32.9)
Other (0.5) 0.1
Net cash used in investing activities (18.8) (32.8)
Cash flows from financing activities:    
Borrowings from senior secured credit facility and other debt 65.0 161.2
Principal payments on senior secured credit facility and other debt (70.3) (120.7)
Repayment of convertible senior notes 0.0 (197.0)
Repayment of senior notes (65.0) 0.0
Share repurchases (2.2) (2.3)
Other 0.3 0.6
Net cash used in financing activities (72.2) (158.2)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 3.7 (5.8)
Net change in cash, cash equivalents, and restricted cash (87.1) (183.0)
Cash, cash equivalents, and restricted cash, beginning of period 438.1 595.5
Cash, cash equivalents, and restricted cash, end of period $ 351.0 $ 412.5