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Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Total paper and other revenue $ 78.6 $ 69.6 $ 223.9 $ 207.2
Machine lease revenue 13.6 13.2 40.0 38.7
Net revenue 92.2 82.8 263.9 245.9
Cost of goods sold 57.8 51.3 165.5 156.7
Gross profit 34.4 31.5 98.4 89.2
Selling, general and administrative expenses 28.8 20.9 84.0 64.4
Depreciation and amortization expense 8.2 8.1 24.9 24.2
Other operating expense, net 1.6 0.9 3.7 3.5
Income (loss) from operations (4.2) 1.6 (14.2) (2.9)
Interest expense 9.3 6.8 20.8 18.4
Foreign currency (gain) loss 0.2 (0.7) (1.1) 0.2
Other non-operating income, net (3.1) (0.1) (21.0) (0.8)
Loss before income tax benefit (10.6) (4.4) (12.9) (20.7)
Income tax benefit (2.5) (1.1) (2.2) (2.9)
Net loss $ (8.1) $ (3.3) $ (10.7) $ (17.8)
Basic and diluted loss per share        
Basic (in usd per share) $ (0.10) $ (0.04) $ (0.13) $ (0.22)
Diluted (in usd per share) $ (0.10) $ (0.04) $ (0.13) $ (0.22)
Weighted average number of shares outstanding – Class A and C – basic and diluted        
Basic (in shares) 83,227,887 82,322,957 82,994,759 82,297,985
Diluted (in shares) 83,227,887 82,322,957 82,994,759 82,297,985
Other comprehensive income (loss), before tax        
Foreign currency translation adjustments $ 3.6 $ (1.9) $ 1.4 $ (1.0)
Interest rate swap adjustments 0.0 (2.2) (3.4) (5.3)
Total other comprehensive income (loss), before tax 3.6 (4.1) (2.0) (6.3)
Provision (benefit) for income taxes related to other comprehensive income (loss) (0.8) 0.1 (0.8) (1.1)
Total other comprehensive income (loss), net of tax 4.4 (4.2) (1.2) (5.2)
Comprehensive loss, net of tax $ (3.7) $ (7.5) $ (11.9) $ (23.0)
Class A common stock        
Basic and diluted loss per share        
Basic (in usd per share) $ (0.10) $ (0.04) $ (0.13) $ (0.22)
Diluted (in usd per share) $ (0.10) $ (0.04) $ (0.13) $ (0.22)
Weighted average number of shares outstanding – Class A and C – basic and diluted        
Basic (in shares) 80,306,788 79,401,858 80,073,660 79,376,886
Diluted (in shares) 80,306,788 79,401,858 80,073,660 79,376,886
Class C common stock        
Basic and diluted loss per share        
Basic (in usd per share) $ (0.10) $ (0.03) $ (0.13) $ (0.21)
Diluted (in usd per share) $ (0.10) $ (0.03) $ (0.13) $ (0.21)
Weighted average number of shares outstanding – Class A and C – basic and diluted        
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 $ 71.3 $ 64.8 $ 205.0 $ 192.4
Other revenue        
Total paper and other revenue $ 7.3 $ 4.8 $ 18.9 $ 14.8