XML 142 R125.htm IDEA: XBRL DOCUMENT v3.25.4
Schedule I - Condensed Financial Information of the Registrant - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES:      
Net income (loss) $ 29.8 $ (36.6) $ (98.7)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation expense 15.2 15.6 21.9
Amortization of debt issuance costs 4.2 3.1 3.1
Change in deferred income taxes (22.3) (23.8) (30.9)
Increase in fair values of warrant liabilities 0.0 5.3 24.8
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (9.4) (2.6) (14.0)
Accrued expenses and other current liabilities (0.3) 11.3 2.6
Other liabilities (3.1) 0.5 (0.7)
Net cash provided by operating activities 143.3 99.1 95.2
INVESTING ACTIVITIES:      
Net cash used in investing activities (694.6) (43.7) (64.7)
FINANCING ACTIVITIES:      
Issuances of common stock 425.0 0.0 150.0
Common stock issuance costs (15.3) 0.0 (0.3)
Purchases of stock for treasury 49.6 0.0 0.0
Proceeds from issuance of convertible senior notes, net of bank costs 755.0 0.0 0.0
Third-party issuance costs for convertible senior notes (1.4) 0.0 0.0
Purchase of capped calls related to convertible senior notes (82.6) 0.0 0.0
Net cash provided by (used in) financing activities 775.9 (3.3) 22.6
Net increase in cash, cash equivalents, and restricted cash 239.6 45.1 55.5
Cash, cash equivalents, and restricted cash at beginning of period 175.6 130.5 75.0
Cash, cash equivalents, and restricted cash at end of period 415.2 175.6 130.5
Parent Company      
OPERATING ACTIVITIES:      
Net income (loss) 29.8 (36.6) (98.7)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation expense 15.1 15.3 21.9
Amortization of debt issuance costs 1.9 0.0 0.0
Change in deferred income taxes (11.5) 0.4 0.0
Increase in fair values of warrant liabilities 0.0 5.3 24.8
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (3.2) 1.5 (0.9)
Accrued expenses and other current liabilities 3.8 0.2 0.0
Other liabilities (35.7) 13.9 52.9
Net cash provided by operating activities 0.2 0.0 0.0
INVESTING ACTIVITIES:      
Investments in subsidiaries (1,050.1) 0.0 0.0
Net cash used in investing activities (1,050.1) 0.0 0.0
FINANCING ACTIVITIES:      
Issuances of common stock 425.0 0.0 0.0
Common stock issuance costs (14.9) 0.0 0.0
Purchases of stock for treasury 31.0
Proceeds from issuance of convertible senior notes, net of bank costs 755.0 0.0 0.0
Third-party issuance costs for convertible senior notes (1.4) 0.0 0.0
Purchase of capped calls related to convertible senior notes (82.6) 0.0 0.0
Net cash provided by (used in) financing activities 1,050.1 0.0 0.0
Net increase in cash, cash equivalents, and restricted cash 0.2 0.0 0.0
Cash, cash equivalents, and restricted cash at beginning of period 0.0 0.0 0.0
Cash, cash equivalents, and restricted cash at end of period $ 0.2 $ 0.0 $ 0.0