Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 61.2 $ 50.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29.4 30.7
Share-based compensation expenses 10.6 11.6
Non-cash interest expense 4.2 4.1
Deferred income taxes 0.3 (13.1)
Inventory write-downs 5.9 11.4
Foreign exchange transaction (gain) loss (0.4) 1.4
Other (1.5) (1.4)
Changes in operating assets and liabilities:    
Receivables (14.3) (20.0)
Inventories 4.2 (16.7)
Prepaid expenses and other current assets (6.4) (2.3)
Accounts payable (12.1) 11.5
Member compensation liabilities (36.9) (33.5)
Other current liabilities 81.3 (25.7)
Other (11.7) (8.2)
Net cash provided by operating activities 113.8 0.2
Cash flows from investing activities:    
Purchases of property, plant, and equipment (10.9) (18.3)
Other (0.3) (0.5)
Net cash used in investing activities (11.2) (18.8)
Cash flows from financing activities:    
Borrowings from senior secured credit facility and other debt 67.0 65.0
Principal payments on senior secured credit facility and other debt (72.2) (70.3)
Repayment of senior notes 0.0 (65.0)
Share repurchases (0.7) (2.2)
Other 7.9 0.3
Net cash provided by (used in) financing activities 2.0 (72.2)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (6.9) 3.7
Net change in cash, cash equivalents, and restricted cash 97.7 (87.1)
Cash, cash equivalents, and restricted cash, beginning of period 375.3 438.1
Cash, cash equivalents, and restricted cash, end of period $ 473.0 $ 351.0