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Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Total paper and other revenue $ 72.8 $ 69.2 $ 145.3 $ 137.6
Machine lease revenue 13.6 12.7 26.4 25.5
Net revenue 86.4 81.9 171.7 163.1
Cost of goods sold 54.7 51.7 107.7 105.4
Gross profit 31.7 30.2 64.0 57.7
Selling, general and administrative expenses 27.3 16.3 55.2 43.5
Depreciation and amortization expense 8.3 8.1 16.7 16.1
Other operating expense, net 1.3 1.4 2.1 2.6
Income (loss) from operations (5.2) 4.4 (10.0) (4.5)
Interest expense 5.3 5.9 11.5 11.6
Foreign currency (gain) loss 0.1 0.7 (1.3) 0.9
Other non-operating income, net (17.9) (0.4) (17.9) (0.7)
Income (loss) before income tax expense (benefit) 7.3 (1.8) (2.3) (16.3)
Income tax expense (benefit) 1.8 0.3 0.3 (1.8)
Net income (loss) $ 5.5 $ (2.1) $ (2.6) $ (14.5)
Basic and diluted income (loss) per share        
Basic (in usd per share) $ 0.07 $ (0.03) $ (0.03) $ (0.18)
Diluted (in usd per share) $ 0.07 $ (0.03) $ (0.03) $ (0.18)
Weighted average number of shares outstanding – Class A and C – basic        
Basic (in shares) 83,071,520 82,432,158 82,876,914 82,285,291
Diluted (in shares) 83,123,636 82,432,158 82,876,914 82,285,291
Other comprehensive income (loss), before tax        
Foreign currency translation adjustments $ (0.1) $ (1.2) $ (2.2) $ 0.9
Interest rate swap adjustments (0.8) (1.0) (3.4) (3.1)
Total other comprehensive loss, before tax (0.9) (2.2) (5.6) (2.2)
Benefit for income taxes related to other comprehensive income (loss) (0.1) (0.4) 0.0 (1.2)
Total other comprehensive loss, net of tax (0.8) (1.8) (5.6) (1.0)
Comprehensive income (loss), net of tax $ 4.7 $ (3.9) $ (8.2) $ (15.5)
Class A common stock        
Basic and diluted income (loss) per share        
Basic (in usd per share) $ 0.07 $ (0.03) $ (0.03) $ (0.18)
Diluted (in usd per share) $ 0.07 $ (0.03) $ (0.03) $ (0.18)
Weighted average number of shares outstanding – Class A and C – basic        
Basic (in shares) 80,150,421 79,511,059 79,955,815 79,364,192
Diluted (in shares) 80,202,537 79,511,059 79,955,815 79,364,192
Class C common stock        
Basic and diluted income (loss) per share        
Basic (in usd per share) $ 0.07 $ (0.03) $ (0.03) $ (0.17)
Diluted (in usd per share) $ 0.07 $ (0.03) $ (0.03) $ (0.17)
Weighted average number of shares outstanding – Class A and C – basic        
Basic (in shares) 2,921,099 2,921,099 2,921,099 2,921,099
Diluted (in shares) 2,921,099 2,921,099 2,921,099 2,921,099
Paper revenue        
Total paper and other revenue $ 67.5 $ 63.3 $ 133.7 $ 127.6
Other revenue        
Total paper and other revenue $ 5.3 $ 5.9 $ 11.6 $ 10.0