v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (202.1) $ (163.5)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 76.1 81.6
Gain on extinguishment of debt   (5.8)
Gain on derivative liability (45.1)  
Deferred income taxes 0.9 0.5
Unrealized loss (gain) on investments in Hycroft (2.8) 1.0
Amortization of net discount (premium) on corporate borrowings to interest expense 4.2 (11.2)
Amortization of deferred financing costs to interest expense 1.9 2.5
PIK interest expense 8.6  
Non-cash portion of stock-based compensation 5.7 4.3
Equity in earnings from non-consolidated entities, net of distributions 0.1 (2.4)
Lease incentives 4.2 4.6
Deferred rent (26.8) (28.1)
Net periodic benefit cost 0.3 0.7
Change in assets and liabilities:    
Receivables 73.9 58.8
Other assets (14.4) (23.7)
Accounts payable (134.4) (48.1)
Accrued expenses and other liabilities (109.5) (62.5)
Other, net (10.8) 3.0
Net cash used in operating activities (370.0) (188.3)
Cash flows from investing activities:    
Capital expenditures (47.0) (50.5)
Other, net 0.1 0.5
Net cash used in investing activities (46.9) (50.0)
Cash flows from financing activities:    
Net proceeds (disbursements) from equity issuances 169.6 (0.5)
Scheduled principal payments under Term Loan borrowings (5.0) (5.0)
Principal payments under finance lease obligations (0.8) (1.2)
Cash used to pay deferred financing costs (0.1) (0.1)
Taxes paid for restricted unit withholdings (4.4) (2.2)
Net cash provided by (used in) financing activities 158.0 (9.0)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 5.8 (3.4)
Net decrease in cash and cash equivalents and restricted cash (253.1) (250.7)
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 427.7 660.7
Cash paid during the period for:    
Interest 92.9 77.8
Income taxes paid, net 0.9 0.2
Schedule of non-cash activities:    
Construction payables at period end 28.5 23.8
Other third-party equity issuance costs payable   0.1
Second Lien Subordinated Notes due 2026    
Schedule of non-cash activities:    
Extinguishment of Second Lien Notes due 2026 in exchange for share issuance   $ 19.9
Second Lien Subordinated Notes due 2025    
Cash flows from financing activities:    
Repurchase of Senior Subordinated Notes due 2025 $ (1.3)  

Source

10-Q PDF
XBRL