Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 142.7 $ 76.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 91.9 92.4
Share-based compensation expenses 33.2 36.7
Non-cash interest expense 12.3 9.4
Deferred income taxes 5.3 (52.7)
Inventory write-downs 21.4 17.0
Foreign exchange transaction loss 1.6 11.9
Loss on extinguishment of debt 0.0 10.5
Other (1.2) 3.8
Changes in operating assets and liabilities:    
Receivables (25.6) (3.6)
Inventories (29.8) (41.7)
Prepaid expenses and other current assets 8.9 (3.7)
Accounts payable 12.4 0.9
Royalty overrides (4.3) (2.3)
Other current liabilities (13.8) 62.1
Other (20.0) (1.3)
Net cash provided by operating activities 235.0 215.8
Cash flows from investing activities:    
Purchases of property, plant, and equipment (61.9) (96.3)
Acquisitions of business and assets (25.5) 0.0
Proceeds from sale and leaseback transaction, net of related expenses 0.0 37.9
Other (2.6) (0.6)
Net cash used in investing activities (90.0) (59.0)
Cash flows from financing activities:    
Borrowings from senior secured credit facility and other debt, net of discount 552.3 1,117.7
Principal payments on senior secured credit facility and other debt (543.9) (1,655.0)
Repayment of convertible senior notes 0.0 (197.0)
Proceeds from senior secured notes, net of discount 0.0 778.4
Repayment of senior notes (262.3) (344.3)
Debt issuance costs (0.1) (22.4)
Share repurchases (8.1) (5.7)
Other (0.7) 2.0
Net cash used in financing activities (262.8) (326.3)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 7.7 (8.1)
Net change in cash, cash equivalents, and restricted cash (110.1) (177.6)
Cash, cash equivalents, and restricted cash, beginning of period 438.1 595.5
Cash, cash equivalents, and restricted cash, end of period $ 328.0 $ 417.9