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Prospectus Supplement
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| | | | S-49 | | | |
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Nine Months Ended
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Twelve
Months Ended September 28, 2023 |
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Year Ended December 31,
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September 28,
2023 |
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September 29,
2022 |
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2022
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2021
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2020
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(in millions)
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Consolidated Statement of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenues
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| | | $ | 4,235.0 | | | | | $ | 3,709.5 | | | | | $ | 5,555.1 | | | | | $ | 5,029.6 | | | | | $ | 3,953.0 | | | | | $ | 3,404.8 | | |
Cost of sales(1)
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| | | | 4,320.2 | | | | | | 3,611.4 | | | | | | 5,689.8 | | | | | | 4,981.0 | | | | | | 4,070.8 | | | | | | 3,845.5 | | |
Selling, general and administrative(2)
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| | | | 217.2 | | | | | | 203.8 | | | | | | 292.6 | | | | | | 279.2 | | | | | | 279.9 | | | | | | 237.4 | | |
Restructuring costs
|
| | | | 7.2 | | | | | | 0.2 | | | | | | 7.2 | | | | | | 0.2 | | | | | | 8.2 | | | | | | 73.0 | | |
Loss on Disposal of Assets
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—
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—
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—
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—
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| | | | | 22.9 | | |
Research and development
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| | | | 33.9 | | | | | | 36.5 | | | | | | 47.8 | | | | | | 50.4 | | | | | | 53.3 | | | | | | 38.8 | | |
Other specified expenses(3)
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| | | | 5.7 | | | | |
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—
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| | | | | 5.7 | | | | |
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—
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—
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—
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Operating loss
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| | | | (349.2) | | | | | | (142.4) | | | | | | (488.0) | | | | | | (281.2) | | | | | | (459.2) | | | | | | (812.8) | | |
Interest expense and financing fee amortization
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| | | | (221.1) | | | | | | (170.8) | | | | | | (294.4) | | | | | | (244.1) | | | | | | (242.6) | | | | | | (195.3) | | |
Other (expense) income, net
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| | | | (120.0) | | | | | | 30.2 | | | | | | (164.3) | | | | | | (14.1) | | | | | | 146.6 | | | | | | (77.8) | | |
Loss before income taxes and equity in
net loss of affiliates |
| | | | (690.3) | | | | | | (283.0) | | | | | | (946.7) | | | | | | (539.4) | | | | | | (555.2) | | | | | | (1,085.9) | | |
Income tax benefit (provision)
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| | | | (1.1) | | | | | | (18.4) | | | | | | 12.1 | | | | | | (5.2) | | | | | | 17.2 | | | | | | 220.2 | | |
Equity in net loss of affiliates
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| | | | (0.2) | | | | | | (1.2) | | | | | | (0.6) | | | | | | (1.6) | | | | | | (2.8) | | | | | | (4.6) | | |
Net loss
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| | | $ | (691.6) | | | | | $ | (302.6) | | | | | $ | (935.2) | | | | | $ | (546.2) | | | | | $ | (540.8) | | | | | $ | (870.3) | | |
Less Noncontrolling interest in earnings of subsidiary
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| | | | 0.0 | | | | | | 0.0 | | | | | | 0.5 | | | | | | 0.5 | | | | | | 0.0 | | | | | | 0.0 | | |
Net loss attributable to common shareholders
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| | | $ | (691.6) | | | | | $ | (302.6) | | | | | $ | (934.7) | | | | | $ | (545.7) | | | | | $ | (540.8) | | | | | $ | (870.3) | | |
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Nine Months Ended
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Twelve
Months Ended September 28, 2023 |
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Year Ended December 31,
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September 28,
2023 |
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September 29,
2022 |
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2022
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2021
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2020
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(in millions)
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Consolidated Balance Sheet Data (at period end):
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
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| | | $ | 374.1 | | | | | $ | 670.5 | | | | | $ | 374.1 | | | | | $ | 658.6 | | | | | $ | 1,478.6 | | | | | $ | 1,873.3 | | |
Accounts receivable, net
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| | | | 610.3 | | | | | | 527.8 | | | | | | 610.3 | | | | | | 489.5 | | | | | | 461.6 | | | | | | 484.4 | | |
Inventory, net
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| | | | 1,690.0 | | | | | | 1,392.4 | | | | | | 1,690.0 | | | | | | 1,470.7 | | | | | | 1,382.6 | | | | | | 1,422.3 | | |
Property, plant and equipment, net
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| | | | 2,084.1 | | | | | | 2,215.4 | | | | | | 2,084.1 | | | | | | 2,205.9 | | | | | | 2,385.5 | | | | | | 2,503.8 | | |
Total assets
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| | | | 6,538.1 | | | | | | 6,713.6 | | | | | | 6,538.1 | | | | | | 6,666.2 | | | | | | 7,737.3 | | | | | | 8,383.9 | | |
Total debt
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| | | | 3,875.2 | | | | | | 3,783.4 | | | | | | 3,875.2 | | | | | | 3,868.6 | | | | | | 3,792.2 | | | | | | 3,873.6 | | |
Long-term debt
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| | | | 3,811.0 | | | | | | 3,428.0 | | | | | | 3,811.0 | | | | | | 3,814.9 | | | | | | 3,742.7 | | | | | | 3,532.9 | | |
Total equity
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| | | | (855.7) | | | | | | (45.6) | | | | | | (855.7) | | | | | | (243.8) | | | | | | 448.8 | | | | | | 857.0 | | |
Other Financial Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
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| | | $ | (339.5) | | | | | $ | (367.4) | | | | | $ | (366.7) | | | | | $ | (394.6) | | | | | $ | (63.2) | | | | | $ | (744.9) | | |
Net cash used in investing activities
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| | | | (76.5) | | | | | | (88.8) | | | | | | (143.2) | | | | | | (155.5) | | | | | | (163.8) | | | | | | (502.0) | | |
Net cash provided by (used in) financing activities
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| | | | 134.1 | | | | | | (334.5) | | | | | | 207.6 | | | | | | (261.0) | | | | | | (163.5) | | | | | | 769.5 | | |
Purchase of property, plant, & equipment
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| | | | (76.5) | | | | | | (82.7) | | | | | | (115.4) | | | | | | (121.6) | | | | | | (150.6) | | | | | | (118.9) | | |
EBITDA(4) | | | | | (111.4) | | | | | | 111.3 | | | | | | (166.1) | | | | | | 56.6 | | | | | | (129.6) | | | | | | (536.7) | | |
Adjusted EBITDA(4)
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| | | | 295.4 | | | | | | 346.3 | | | | | | 365.7 | | | | | | 416.6 | | | | | | 159.8 | | | | | | 19.1 | | |
Free cash flow(5)
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| | | | (416.0) | | | | | | (450.1) | | | | | | (482.1) | | | | | | (516.2) | | | | | | (213.8) | | | | | | (863.8) | | |
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Nine Months Ended
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Twelve
Months Ended September 28, 2023 |
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Year Ended December 31,
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September 28,
2023 |
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September 29,
2022 |
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2022
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2021
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2020
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(in millions)
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Net loss attributable to common shareholders
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| | | $ | (691.6) | | | | | $ | (302.6) | | | | | $ | (934.7) | | | | | $ | (545.7) | | | | | $ | (540.8) | | | | | $ | (870.3) | | |
Add (subtract) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncontrolling interest in earnings of subsidiary
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| | | | 0.0 | | | | | | 0.0 | | | | | | (0.5) | | | | | | (0.5) | | | | | | 0.0 | | | | | | 0.0 | | |
Equity in net loss of affiliates
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| | | | 0.2 | | | | | | 1.2 | | | | | | 0.6 | | | | | | 1.6 | | | | | | 2.8 | | | | | | 4.6 | | |
Income tax (benefit) provision
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| | | | 1.1 | | | | | | 18.4 | | | | | | (12.1) | | | | | | 5.2 | | | | | | (17.2) | | | | | | (220.2) | | |
Other (income) expense, net
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| | | | 120.0 | | | | | | (30.2) | | | | | | 164.3 | | | | | | 14.1 | | | | | | (146.6) | | | | | | 77.8 | | |
Interest expense and financing fee amortization
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| | | | 221.1 | | | | | | 170.8 | | | | | | 294.4 | | | | | | 244.1 | | | | | | 242.6 | | | | | | 195.3 | | |
Operating loss
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| | | $ | (349.2) | | | | | $ | (142.4) | | | | | $ | (488.0) | | | | | $ | (281.2) | | | | | $ | (459.2) | | | | | $ | (812.8) | | |
Depreciation and amortization
expense |
| | | | 236.9 | | | | | | 253.2 | | | | | | 320.8 | | | | | | 337.1 | | | | | | 327.6 | | | | | | 277.6 | | |
Amortization expense(a)
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| | | | 0.9 | | | | | | 0.5 | | | | | | 1.1 | | | | | | 0.7 | | | | | | 2.0 | | | | | | (1.5) | | |
EBITDA | | | | $ | (111.4) | | | | | $ | 111.3 | | | | | $ | (166.1) | | | | | $ | 56.6 | | | | | $ | (129.6) | | | | | $ | (536.7) | | |
Adjustments to EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Employee stock based compensation
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| | | $ | 27.8 | | | | | $ | 28.7 | | | | | $ | 35.7 | | | | | $ | 36.6 | | | | | $ | 25.8 | | | | | $ | 24.2 | | |
Forward-loss charges
|
| | | | 315.8 | | | | | | 136.6 | | | | | | 429.5 | | | | | | 250.3 | | | | | | 241.5 | | | | | | 370.3 | | |
Cumulative catch-up adjustments
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| | | | 49.4 | | | | | | 26.2 | | | | | | 50.9 | | | | | | 27.7 | | | | | | 5.0 | | | | | | 30.4 | | |
Loss on disposition of assets
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| | | | 0.9 | | | | | | 0.8 | | | | | | 1.2 | | | | | | 1.1 | | | | | | 4.1 | | | | | | 26.4 | | |
Russian sanctions (excluding forward losses)
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| | | | — | | | | | | 41.9 | | | | | | 1.0 | | | | | | 42.9 | | | | | | — | | | | | | — | | |
M&A-related expenses
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| | | | — | | | | | | 0.6 | | | | | | 0.6 | | | | | | 1.2 | | | | | | 4.8 | | | | | | 31.5 | | |
Restructuring costs
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| | | | 7.2 | | | | | | 0.2 | | | | | | 7.2 | | | | | | 0.2 | | | | | | 8.2 | | | | | | 73.0 | | |
Other specified expenses(3)
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| | | | 5.7 | | | | | | — | | | | | | 5.7 | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted EBITDA
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| | | $ | 295.4 | | | | | $ | 346.3 | | | | | $ | 365.7 | | | | | $ | 416.6 | | | | | $ | 159.8 | | | | | $ | 19.1 | | |
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Nine Months Ended
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Twelve
Months Ended September 28, 2023 |
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Year Ended December 31,
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September 29,
2022 |
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September 28,
2023 |
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2022
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2021
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2020
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(in millions)
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Net cash used in operating
activities |
| | | $ | (339.5) | | | | | $ | (367.4) | | | | |
$
|
(366.7)
|
| | | | $ | (394.6) | | | | | $ | (63.2) | | | | | $ | (744.9) | | |
Subtract | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant, & equipment
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| | | | (76.5) | | | | | | (82.7) | | | | | | (115.4) | | | | | | (121.6) | | | | | | (150.6) | | | | | | (118.9) | | |
Free cash flow
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| | | $ | (416.0) | | | | | $ | (450.1) | | | | | $ | (482.1) | | | | | $ | (516.2) | | | | | $ | (213.8) | | | | | $ | (863.8) | | |
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As of September 28, 2023
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(Amounts in millions, except share amounts)
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Actual
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As Adjusted
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Cash and cash equivalents(1)
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| | | $ | 374.1 | | | | | $ | | | |
Credit Agreement
|
| | | | 589.5 | | | | | | 589.5 | | |
7.500% Senior Secured Second Lien Notes due 2025(2)
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| | | | 1,200.0 | | | | | | 0.0 | | |
5.500% Senior Notes due 2025
|
| | | | 20.8 | | | | | | 20.8 | | |
3.850% Senior Notes due 2026
|
| | | | 300.0 | | | | | | 300.0 | | |
4.600% Senior Notes due 2028
|
| | | | 700.0 | | | | | | 700.0 | | |
9.375% Senior Secured First Lien Notes due 2029
|
| | | | 900.0 | | | | | | 900.0 | | |
Second Lien Notes Refinancing debt(3)(4)
|
| | | | 0.0 | | | | | | 1,200.0 | | |
% Exchangeable Senior Notes due 2028(3)(5)
|
| | | | 0.0 | | | | | | 200.0 | | |
Finance Leases and other(6)
|
| | | | 204.6 | | | | | | 204.6 | | |
Total Debt
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| | | $ | 3,914.9 | | | | | $ | 4,114.9 | | |
Equity: | | | | | | | | | | | | | |
Class A common stock, par value $0.01 per share; 200,000,000 shares authorized,
105,304,482 shares issued and outstanding as of September 28, 2023; shares issued and outstanding on an as adjusted basis(7) |
| | | | 1.1 | | | | | | | | |
Additional paid-in capital
|
| | | | 1,205.3 | | | | | | 1,205.3 | | |
Retained earnings
|
| | | | 540.9 | | | | | | 540.9 | | |
Accumulated other comprehensive loss
|
| | | | (150.0) | | | | | | (150.0) | | |
Total Equity
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| | | $ | (855.7) | | | | | | | | |
Total Capitalization
|
| | | $ | 3,059.2 | | | | | $ | | | |
|
Public offering price per share
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Historical net tangible book value per share as of September 28, 2023
|
| | | $ | (16.02) | | |
|
Increase in as adjusted net tangible book value per share attributable to this offering
|
| | | | | | |
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As adjusted net tangible book value per share after this offering
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| | | | | | |
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Dilution per share to new investors purchasing common stock in this offering
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You should consult your tax advisor regarding the United States federal income and estate tax consequences of acquiring, holding and disposing of common stock in your particular circumstances, as well as any tax consequences that may arise under the laws of any state, local or non-U.S. taxing jurisdiction.
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Name
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Number of Shares
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Morgan Stanley & Co. LLC
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Goldman Sachs & Co. LLC
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J.P. Morgan Securities LLC
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BofA Securities, Inc.
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Citigroup Global Markets Inc.
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Total:
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Total
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Per
Share |
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No
Exercise |
| |
Full
Exercise |
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Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discounts and commissions to be paid by:
Us |
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to us
|
| | | $ | | | | | $ | | | | | $ | | | |
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