v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:      
Net loss $ (298.2) $ (505.0) $ (217.0)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 79.4 233.3 241.2
Loss (gain) on extinguishment of debt   196.0 (40.3)
Gain on derivatives   (52.1) (73.5)
Deferred income taxes   1.3 1.1
Unrealized loss (gain) on investments in Hycroft   (11.8) 1.7
Impairment of equity security 10.3 10.3  
Amortization of net discount (premium) on corporate borrowings to interest expense   11.4 (20.1)
Amortization of deferred financing costs to interest expense   7.3 6.7
PIK interest expense   28.7  
Non-cash portion of stock-based compensation   17.7 15.1
Equity in earnings of non-consolidated entities, net of distributions   0.5 (3.3)
Lease incentives   27.5 26.0
Deferred rent   (82.6) (82.1)
Net periodic benefit cost   0.9 1.5
Change in assets and liabilities:      
Receivables   68.8 98.6
Other assets   (0.9) (12.8)
Accounts payable   (119.9) (82.6)
Accrued expenses and other liabilities   (48.6) (91.0)
Other, net   (29.3) (23.6)
Net cash used in operating activities   (246.5) (254.4)
Cash flows from investing activities:      
Capital expenditures   (162.7) (155.8)
Proceeds from disposition of long-term assets   1.6 0.3
Investments in non-consolidated entities   (4.0)  
Other, net   1.2 1.5
Net cash used in investing activities   (163.9) (154.0)
Cash flows from financing activities:      
Net proceeds from equity issuances   169.6 243.0
Scheduled principal payments under Term Loan borrowings   (15.1) (15.1)
Principal payments under finance lease obligations   (3.0) (3.5)
Cash used to pay deferred financing costs   (37.6) (45.7)
Debt extinguishment costs   (2.4) (2.3)
Taxes paid for restricted unit withholdings   (4.4) (2.2)
Net cash provided by financing activities   134.3 72.1
Effect of exchange rate changes on cash and cash equivalents and restricted cash   12.2 2.0
Net decrease in cash and cash equivalents and restricted cash   (263.9) (334.3)
Cash and cash equivalents and restricted cash at beginning of period   680.8 911.4
Cash and cash equivalents and restricted cash at end of period 416.9 416.9 577.1
Cash paid during the period for:      
Interest   285.5 298.4
Income taxes paid, net   4.4 (0.1)
Schedule of non-cash activities:      
Construction payables at period end 51.7 51.7 41.8
Deferred financing costs payable   3.4 0.4
First Lien Notes due 2029      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt 99.0 99.0  
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]   599.6  
Senior Subordinated Notes due 2025      
Cash flows from financing activities:      
Principal payments under notes   (42.8)  
Repurchase of Senior Subordinated Notes due   (1.3) (12.9)
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]     2.1
Senior Subordinated Notes due 2026      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt 0.3 0.3 (1.3)
Cash flows from financing activities:      
Principal payments under notes   (41.9)  
Repurchase of Senior Subordinated Notes due     (6.0)
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]     2.4
Term loan due 2029      
Cash flows from financing activities:      
Proceeds from issuance of debt     27.0
Second Lien Notes due 2026      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt (6.6) (6.6) (38.5)
Cash flows from financing activities:      
Repurchase of Senior Subordinated Notes due     (83.2)
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]     2.3
Term Loan due 2026      
Cash flows from financing activities:      
Principal payments under Term Loan due 2026     (27.0)
Second Lien Subordinated Notes due 2026      
Cash flows from financing activities:      
Principal payments under notes   (131.2)  
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]     227.6
Second Lien Notes Exchanged for 2029 Term Loans      
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]     104.2
Second Lien Notes in Exchange for 2030 Exchangeable Notes      
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]     414.4
Senior Secured Notes due 2029      
Cash flows from financing activities:      
Proceeds from issuance of debt   244.4  
6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt 103.3 103.3  
Gain on derivatives 1.4 42.6 $ 73.5
Amortization of net discount (premium) on corporate borrowings to interest expense   4.4  
Amortization of deferred financing costs to interest expense   0.9  
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]   143.0  
Senior secured exchangeable notes due 2030      
Adjustments to reconcile net loss to net cash used in operating activities:      
Gain on derivatives 9.5 9.5  
Amortization of net discount (premium) on corporate borrowings to interest expense 1.0    
Amortization of deferred financing costs to interest expense 0.1    
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange [1]   194.4  
Cancellation of Senior Secured Exchangeable Notes due 2030 pursuant to principal adjustment feature Principal only $ 39.9 $ 39.9 [1]  
[1] See Note 1—Basis of Presentation and Note 6—Corporate Borrowings and Finance Lease Liabilities for further information on debt extinguishments and refinancing transactions.

Source

10-Q PDF
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