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CONSOLIDATED STATEMENTS OF CASH FLOW
€ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 460.2 $ 76.6 $ 119.6
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:      
Depreciation 74.3 72.0 69.1
Amortization 196.7 230.4 157.9
Deferred income taxes (131.6) (8.6) (69.8)
Amortization of debt discount and issuance costs 7.9 7.5 6.3
Gain on tax receivable agreement 0.0 0.0 (59.2)
Change in fair value of warrant liabilities 157.9 (90.9) 61.9
Asset impairments 0.0 0.0 8.7
Stock-based compensation 25.0 24.7 23.2
Payment of contingent consideration 0.0 (8.7) 0.0
Gain on sale of property, plant and equipment 0.0 (3.7) 0.0
Changes in tax receivable agreement 0.0 0.0 7.7
Changes in operating working capital 66.7 (449.2) (132.8)
Other 43.4 (2.9) 18.3
Net cash provided by (used for) operating activities 900.5 (152.8) 210.9
Cash flows from investing activities:      
Capital expenditures (127.9) (100.0) (73.4)
Investments in capitalized software (6.7) (11.0) (11.2)
Proceeds from disposition of property, plant and equipment 12.4 3.9 9.8
Acquisition of business (28.8) (5.0) (1,163.7)
Proceeds from sale of business 11.9 0.0 21.7
Net cash provided by (used for) investing activities (139.1) (112.1) (1,216.8)
Cash flows from financing activities:      
Borrowings from ABL revolving credit facility and short-term borrowings 224.9 790.8 0.0
Repayments of ABL revolving credit facility and short-term borrowings (459.9) (555.8) 0.0
Proceeds from the issuance of long-term debt 0.0 0.0 850.0
Repayment of long-term debt (27.1) (16.4) (21.8)
Payment of debt issuance costs 0.0 (0.6) (13.8)
Payment of tax receivable agreement 0.0 (100.0) 0.0
Payment of contingent consideration 0.0 (12.8) 0.0
Dividend payment (9.5) (3.8) (3.8)
Proceeds from the exercise of warrants 0.0 0.0 107.5
Exercise of employee stock options 27.4 3.1 4.1
Employee taxes paid from shares withheld (3.3) (4.3) (7.3)
Net cash provided by (used for) financing activities (247.5) 100.2 914.9
Effect of exchange rate changes on cash and cash equivalents 1.5 (9.2) (4.5)
Increase (decrease) in cash, cash equivalents and restricted cash 515.4 (173.9) (95.5)
Beginning cash, cash equivalents and restricted cash 273.2 447.1 542.6
Ending cash, cash equivalents and restricted cash 788.6 273.2 447.1
Changes in operating working capital      
Accounts receivable (272.5) (375.8) (117.4)
Inventories (54.0) (211.4) (125.7)
Other current assets 0.0 (28.8) 2.1
Accounts payable (17.7) 132.8 105.1
Deferred revenue 274.2 67.6 55.3
Accrued expenses and other liabilities 91.5 (22.0) (43.4)
Income taxes 45.2 (11.6) (8.8)
Total changes in operating working capital 66.7 (449.2) (132.8)
Supplemental Disclosures      
Cash paid during the year for interest 176.7 132.8 75.1
Cash paid during the year for income tax, net 153.0 104.6 97.3
Property and equipment acquired during the year for capital lease obligations 2.9 4.3 0.7
Noncash Supplemental Disclosure      
Seller provided financing for the disposition of property, plant and equipment $ 0.0 $ 12.2 $ 0.0