Quarterly Financial Information (unaudited and as restated) (Tables)

12 Months Ended

Dec. 31, 2020

Select quarterly financial information is presented in the tables below for the quarterly periods (in millions, except per share amounts):


2020 (as restated)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales
Net sales - products	$	647.2	$	750.2	$	891.1	$	1,020.1
Net sales - services	250.1		255.5		270.9		285.4
Net sales	897.3		1,005.7		1,162.0		1,305.5
Costs and expenses
Cost of sales - products	463.2		515.3		596.7		715.1
Cost of sales - services	147.1		144.0		152.3		163.2
Cost of sales	610.3		659.3		749.0		878.3
Selling, general and administrative expenses	264.8		226.3		251.7		265.5
Loss on extinguishment of debt	174.0		—		—		—
Change in fair value of warrant liabilities	(60.6)		82.2		87.7		34.4
Other deductions, net	34.4		49.5		126.2		41.6
Interest expense, net	68.9		30.1		26.4		25.0
Earnings (loss) before income taxes	(194.5)		(41.7)		(79.0)		60.7
Income tax expense	13.8		14.3		24.5		20.2
Net earnings (loss)	$	(208.3)	$	(56.0)	$	(103.5)	$	40.5

Earnings (loss) per share:
Basic	$	(0.87)	$	(0.17)	$	(0.32)	$	0.12
Diluted	$	(0.87)	$	(0.17)	$	(0.32)	$	0.12
Weighted-average shares outstanding
Basic	240,656,864		328,411,705		328,411,705		330,335,268
Diluted	240,656,864		328,411,705		328,411,705		333,294,298


2019	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales
Net sales - products	$	813.3	$	865.3	$	799.4	$	878.1
Net sales - services	241.5		268.8		271.3		293.4
Net sales	1,054.8		1,134.1		1,070.7		1,171.5
Costs and expenses
Cost of sales - products	566.2		613.6		561.4		607.9
Cost of sales - services	141.4		153.3		158.0		176.4
Cost of sales	707.6		766.9		719.4		784.3
Selling, general and administrative expenses	286.4		263.3		259.3		291.8
Loss on extinguishment of debt	—		—		—		—
Other deductions, net	38.8		28.1		31.6		47.5
Interest expense, net	77.8		78.7		77.7		76.2
Earnings (loss) before income taxes	(55.8)		(2.9)		(17.3)		(28.3)
Income tax expense (benefit)	18.5		16.0		(3.6)		5.6
Net earnings (loss)	$	(74.3)	$	(18.9)	$	(13.7)	$	(33.9)

Earnings (loss) per share:
Basic and diluted	$	(0.63)	$	(0.16)	$	(0.12)	$	(0.29)
Weighted-average shares outstanding
Basic and diluted	118,261,955		118,261,955		118,261,955		118,261,955

The following represents the reconciliation of our unaudited interim Consolidated Statements of Earnings (Loss) and our Consolidated Statements of Comprehensive Income for the three-months ended March 31, June 30, September 30, and December 31, 2020.


	Three Months Ended						Three Months Ended						Three Months Ended						Three Months Ended
	March 31 2020						June 30 2020						September 30 2020						December 31 2020
	As Reported		Restatement Impacts		As Restated		As Reported		Restatement Impacts		As Restated		As Reported		Restatement Impacts		As Restated		As Reported		Restatement Impacts		As Restated
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss)
Change in fair value of warrant liabilities	$	—	$	(60.6)	$	(60.6)	$	—	$	82.2	$	82.2	$	—	$	87.7	$	87.7	$	—	$	34.4	$	34.4
Income (loss) from Continuing Operations before income taxes	$	(255.1)	$	60.6	$	(194.5)	$	40.5	$	(82.2)	$	(41.7)	$	8.7	$	(87.7)	$	(79.0)	$	95.1	$	(34.4)	$	60.7
Income (loss) from Continuing Operations	$	(268.9)	$	60.6	$	(208.3)	$	26.2	$	(82.2)	$	(56.0)	$	(15.8)	$	(87.7)	$	(103.5)	$	74.9	$	(34.4)	$	40.5
Net income (loss)	$	(268.9)	$	60.6	$	(208.3)	$	26.2	$	(82.2)	$	(56.0)	$	(15.8)	$	(87.7)	$	(103.5)	$	74.9	$	(34.4)	$	40.5
Comprehensive income (loss)	$	(321.5)	$	60.6	$	(260.9)	$	16.9	$	(82.2)	$	(65.3)	$	16.9	$	(87.7)	$	(70.8)	$	137.5	$	(34.4)	$	103.1

Earnings (loss) per share
Basic	$	(1.12)	$	0.25	$	(0.87)	$	0.08	$	(0.25)	$	(0.17)	$	(0.05)	$	(0.27)	$	(0.32)	$	0.23	$	(0.11)	$	0.12
Diluted	$	(1.12)	$	0.25	$	(0.87)	$	0.08	$	(0.25)	$	(0.17)	$	(0.05)	$	(0.27)	$	(0.32)	$	0.22	$	(0.10)	$	0.12

The following represents the reconciliation of our unaudited interim Consolidated Statement of Earnings (loss) and our Consolidated Statements of Comprehensive Income for the six-months ended June 30, 2020 and nine-months ended September 30, 2020.


	Six Months Ended						Nine Months Ended
	June 30 2020						September 30 2020
	As Reported		Restatement Impacts		As Restated		As Reported		Restatement Impacts		As Restated
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss)
Change in fair value of warrant liabilities	$	—	$	21.6	$	21.6	$	—	$	109.3	$	109.3
Income (loss) from Continuing Operations before income taxes	$	(214.6)	$	(21.6)	$	(236.2)	$	(205.9)	$	(109.3)	$	(315.2)
Income (loss) from Continuing Operations	$	(242.7)	$	(21.6)	$	(264.3)	$	(258.5)	$	(109.3)	$	(367.8)
Net income (loss)	$	(242.7)	$	(21.6)	$	(264.3)	$	(258.5)	$	(109.3)	$	(367.8)
Comprehensive income (loss)	$	(304.6)	$	(21.6)	$	(326.2)	$	(287.7)	$	(109.3)	$	(397.0)

Earnings (loss) per share
Basic	$	(0.85)	$	(0.08)	$	(0.93)	$	(0.86)	$	(0.36)	$	(1.22)
Diluted	$	(0.85)	$	(0.08)	$	(0.93)	$	(0.86)	$	(0.36)	$	(1.22)

The following represents the reconciliation of our unaudited interim Consolidated Balance Sheets as of three month ended March 31, June 30, and September 30.



	March 31 2020						June 30 2020						September 30 2020
	As Reported		Restatement Impacts		As Restated		As Reported		Restatement Impacts		As Restated		As Reported		Restatement Impacts		As Restated
Consolidated Balance Sheets
Warrant liabilities	$	—	$	55.7	$	55.7	$	—	$	137.9	$	137.9	$	—	$	225.6	$	225.6
Total liabilities	$	4,298.0	$	55.7	$	4,353.7	$	4,379.0	$	137.9	$	4,516.9	$	4,400.0	$	225.6	$	4,625.6
Additional paid-in capital	$	1,635.9	$	(116.3)	$	1,519.6	$	1,638.0	$	(116.3)	$	1,521.7	$	1,641.9	$	(116.3)	$	1,525.6
Accumulated deficit	$	(1,269.5)	$	60.6	$	(1,208.9)	$	(1,243.3)	$	(21.6)	$	(1,264.9)	$	(1,259.1)	$	(109.3)	$	(1,368.4)
Total equity (deficit)	$	331.9	$	(55.7)	$	276.2	$	350.9	$	(137.9)	$	213.0	$	371.7	$	(225.6)	$	146.1