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8-K - FORM 8-K - Spirit AeroSystems Holdings, Inc. | d72487e8vk.htm |
Exhibit 99
Spirit AeroSystems Holdings, Inc.
3801 S. Oliver
Wichita, KS 67210
www.spiritaero.com
3801 S. Oliver
Wichita, KS 67210
www.spiritaero.com
Spirit AeroSystems Holdings, Inc. Reports First Quarter 2010 Financial Results; Reports
Revenues of $1.043 Billion and Fully Diluted EPS of $0.40 Per Share
| First quarter 2010 Revenues of $1.043 billion | |
| Operating Income of $93 million; Operating Margins of 8.9 percent | |
| Fully Diluted Earnings Per Share of $0.40 per share | |
| Cash and Cash Equivalents were $187 million | |
| Total backlog of approximately $28.0 billion |
Wichita, Kan., April 29, 2010 Spirit AeroSystems Holdings, Inc. [NYSE: SPR] reported first
quarter 2010 financial results reflecting revenue growth, as ship set deliveries for large
commercial aircraft increased from the same period in 2009.
Spirits first quarter 2010 revenues increased to $1.043 billion, up from $887 million for the
same period of 2009, as deliveries in the prior year quarter were negatively impacted by the
residual effects of the Machinists strike at Boeing. Operating income was $93 million, compared
to $98 million for the same period in 2009, reflecting the expected profitability of the current
contract accounting blocks; a pre-tax $8 million unfavorable cumulative catch-up adjustment; and
improved period expenses. Net income for the quarter was $56 million, or $0.40 per fully diluted
share, compared to $63 million, or $0.45 per fully diluted share, in the same period of 2009,
reflecting operating performance and increased interest expense, partially offset by tax benefits
primarily resulting from the completion of the Internal Revenue Service examination for 2005 and
2006. (Table 1)
Table 1. Summary Financial Results
1st Quarter | ||||||||||||
($ in millions, except per share data) | 2010 | 2009 | Change | |||||||||
Revenues |
$ | 1,043 | $ | 887 | 18 | % | ||||||
Operating Income |
$ | 93 | $ | 98 | (5 | %) | ||||||
Operating Income as a % of Revenues |
8.9 | % | 11.0 | % | (210) BPS | |||||||
Net Income |
$ | 56 | $ | 63 | (11 | %) | ||||||
Net Income as a % of Revenues |
5.3 | % | 7.1 | % | (180) BPS | |||||||
Earnings per Share (Fully Diluted) |
$ | 0.40 | $ | 0.45 | (11 | %) | ||||||
Fully Diluted Weighted Avg Share Count |
140.4 | 139.9 |
Page 1
It was a solid first quarter for our core businesses and we continue to make progress on
development programs as we grow and diversify our company, said President and Chief Executive
Officer Jeff Turner. Revenues increased as we continued to execute our backlog and meet
development milestones on our new programs, Turner continued. In particular, we successfully
completed the Critical Design Review with our Sikorsky CH-53K customer; delivered the fourth wing
for the Gulfstream G250 program; shipped the fifth Gulfstream G650 wing, inlet, and thrust reverser
units; and continue to support the respective flight test activities. In addition, the
787 program continues to make progress as we begin to flow in the early stages of low-rate
production. Its exciting to see the progress on the 787 and we look forward to a long and
successful program. While we made progress in the first quarter, 2010 remains challenging as we
transition development programs into the initial stages of production, Turner added.
As for the outlook of the commercial aerospace market, Turner maintained, the down-cycle
hasnt materialized for large commercial aircraft and the market appears to be firming-up. With
these changing dynamics, the long-term prospects for Spirit are
improving as we have strategically
partnered with world-class customers on the next generation of large commercial, business and
regional jets. Because this product foundation is solid and the global economic outlook shows
improvement, we are becoming more optimistic regarding the outlook for the commercial aerospace
market. However, we remain concerned about certain segments of the business jet market. Our backlog remains
strong and our strategy squarely focused on being the market leader in terms of total value
creation for customers, employees, and shareholders over the long-term, Turner concluded.
Spirits backlog at the end of the first quarter of 2010 remained stable from the previous
quarter at $28.0 billion. Spirit calculates its backlog based on contractual prices for products
and volumes from the published firm order backlogs of Airbus and Boeing, along with firm orders
from other customers.
Page 2
Spirit updated its contract profitability estimates during the first quarter of 2010,
resulting in a pre-tax $8 million ($0.04 per share) unfavorable cumulative catch-up adjustment
associated with the transition of the Hawker 850XP program back to Hawker Beechcraft by 2012 and increased cost incurred on the Sikorsky CH-53K program as we supported the
successful Critical Design Review. In comparison, Spirit recognized a $3 million unfavorable
cumulative catch-up adjustment for the first quarter of 2009.
Cash flow from operations was a ($110) million use of cash for the first quarter of 2010,
compared to a ($149) million use of cash for the first quarter of 2009, primarily driven by
improvements of $44 million in working capital compared to the same period of 2009. This
improvement was the result of the slowing of new program inventory growth and favorable accounts
receivable performance in the first quarter of 2010, partially offset by improved accounts payable
terms in the same period of 2009. (Table 2)
Table 2. Cash Flow and Liquidity
1st Quarter | ||||||||
($ in millions) | 2010 | 2009 | ||||||
Cash Flow from Operations |
($110 | ) | ($149 | ) | ||||
Purchases of Property, Plant & Equipment |
($69 | ) | ($54 | ) | ||||
April 1, | December 31, | |||||||
2010 | 2009 | |||||||
Liquidity |
||||||||
Cash |
$187 | $369 | ||||||
Total Debt |
$897 | $894 |
Cash balances at the end of the first quarter 2010 were $187 million and debt balances
were $897 million. At the end of the first quarter, the companys $729 million revolving credit
facility remained undrawn. The facility will step down to $409 million in capacity in June 2010,
with approximately $19 million of the credit facility reserved for financial letters of credit.
The companys credit ratings remained unchanged at the end of the first quarter with a BB
rating at Standard & Poors and a Ba3 rating at Moodys.
2010 Outlook
Spirit revenue guidance for the full-year 2010 remains unchanged and is expected to be between
$4.0 and $4.2 billion based on Boeings 2010 delivery guidance of 460 - 465 aircraft; anticipated
B787 deliveries; expected Airbus deliveries in 2010 of approximately 480 - 490 aircraft; internal
Spirit forecasts for non-OEM production activity and other customers; and foreign exchange rates
consistent with fourth quarter 2009 levels.
Page 3
Fully diluted earnings per share guidance for 2010 also remains unchanged and is expected to
be between $1.50 and $1.70 per share.
Cash flow from operations, less capital expenditures, is expected to be approximately ($250)
million use of cash in the aggregate, with capital expenditures of approximately $325 million.
Anticipated capital expenditures in 2010 include approximately $100 million of tooling associated
with the Airbus A350 XWB program. Cash flow from operations, less
capital expenditures, is expected to be significantly improved in
2011. (Table 3)
The effective tax rate is now forecasted to be approximately 27 percent for 2010, which
assumes the benefit attributable to the extension of the U.S. research tax credit.
Risk to our financial guidance includes, among other factors: reduced demand for our core
products; higher than forecasted non-recurring and recurring costs on our development programs;
mid-range business jet market risks; our ability to achieve anticipated productivity and cost
improvements; the ability to resolve significant 787 program claims with Boeing; and the outcome of
ongoing labor negotiations.
Table 3. Financial Outlook
2009 Actual | 2010 Guidance | |||||||
Revenues |
$4.1 billion | $4.0 - $4.2 billion | ||||||
Earnings Per Share (Fully Diluted) |
$ | 1.37 | $ | 1.50 - $1.70 | ||||
Effective Tax Rate |
29.7 | % | ~27%* | |||||
Cash Flow from Operations |
($14) million | ~$75 million | ||||||
Capital Expenditures |
$228 million | ~$325 million | ||||||
Customer Reimbursement |
$115 million | N/A** |
* | Effective tax rate guidance, among other factors, assumes the benefit attributable to the extension of the U.S. research tax credit (Assumes ~2.5% benefit) | |
** | Although calculations for years through 2009 included customer reimbursements, these payments concluded in December 2009 so this will not be included in future results. |
Page 4
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements reflect
our current expectations or forecasts of future events. Forward-looking statements generally can
be identified by the use of forward-looking terminology such as may, will, expect,
anticipate, intend, estimate, believe, project, continue, plan, forecast, or other
similar words, or the negative thereof, unless the context requires otherwise. These statements
reflect managements current views with respect to future events and are subject to risks and
uncertainties, both known and unknown. Our actual results may vary materially from those
anticipated in forward-looking statements. We caution investors not to place undue reliance on any
forward-looking statements. Important factors that could cause actual results to differ materially
from those reflected in such forward-looking statements and that should be considered in evaluating
our outlook include, but are not limited to, the following: our ability to continue to grow our
business and execute our growth strategy, including the timing and execution of new programs; our
ability to perform our obligations and manage costs related to our new commercial and business
aircraft development programs and the related recurring production; potential reduction in the
build rates of certain Boeing aircraft including, but not limited to, the B737 program, the B747
program, the B767 program and the B777 program, and build rates of the Airbus A320 and A380
programs, which could be negatively impacted by continuing weakness in the global economy and
economic challenges facing commercial airlines, and by a lack of business and consumer confidence
and the impact of continuing instability in the global financial and
credit markets; the inability
to resolve significant claims with Boeing related to non-recurring and recurring costs on the B787
program; declining business jet manufacturing rates and customer cancellations or deferrals as a
result of the weakened global economy; the success and timely execution of key milestones such as
certification and delivery of Boeings new B787 and Airbus new A350 XWB (Xtra Wide-Body) aircraft
programs, including receipt of necessary regulatory approvals and customer adherence to their
announced schedules; our ability to enter into supply arrangements with additional customers and
the ability of all parties to satisfy their performance requirements under existing supply
contracts with Boeing and Airbus, our two major customers, and other customers and the risk of
nonpayment by such customers; any adverse impact on Boeings and Airbus production of aircraft
resulting from cancellations, deferrals or reduced orders by their customers or from labor disputes
or acts of terrorism; any adverse impact on the demand for air travel or our operations from the
outbreak of diseases such as the influenza outbreak caused by the H1N1 virus, avian influenza,
severe acute respiratory syndrome or other epidemic or pandemic outbreaks; returns on pension plan
assets and impact of future discount rate changes on pension obligations; our ability to borrow
additional funds or refinance debt; competition from original equipment manufacturers and other
aerostructures suppliers; the effect of governmental laws, such as U.S. export control laws, the
Foreign Corrupt Practices Act, environmental laws and agency regulations, both in the U.S. and
abroad; the cost and availability of raw materials and purchased components; our ability to
successfully extend or renegotiate our primary collective bargaining contracts with our labor
unions; our ability to recruit and retain highly skilled employees and our relationships with the
unions representing many of our employees; spending by the U.S. and other governments on defense;
the possibility that our cash flows and borrowing facilities may not be adequate for our additional
capital needs or for payment of interest on and principal of our indebtedness; our exposure under
our revolving credit facility to higher interest payments should interest rates increase
substantially; the outcome or impact of ongoing or future litigation and regulatory actions; and
our exposure to potential product liability and warranty claims. These factors are not exhaustive,
and new factors may emerge or changes to the foregoing factors may occur that could impact our
business. As with any projection or forecast, these statements are inherently susceptible to
uncertainty and changes in circumstances. Except to the extent required by law, we undertake no
obligation to, and expressly disclaim any obligation to, publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
Page 5
Appendix
Segment Results
Fuselage Systems
Fuselage Systems segment revenues for the first quarter of 2010 were $516.2 million, up 19.9
percent over the same period last year, as deliveries in the prior year quarter were negatively
impacted by the residual effects of the Machinists strike at Boeing. Operating margin for the
first quarter of 2010 was 14.7 percent as compared to 17.4 percent during the same period of 2009,
reflecting the expected profitability of the current contract accounting blocks and a pre-tax $5
million unfavorable cumulative catch-up adjustment primarily associated with increased costs
incurred on the Sikorsky CH-53K program. In comparison, a pre-tax $2 million unfavorable
cumulative catch-up adjustment was realized during the first quarter of 2009.
Propulsion Systems
Propulsion Systems segment revenues for the first quarter of 2010 were $274.4 million, up 20.7
percent over the same period last year, as deliveries in the prior year quarter were negatively
impacted by the residual effects of the Machinists strike at Boeing. Operating margin for the
first quarter of 2010 was 12.2 percent, as compared to 17.0 percent in the first quarter of 2009,
primarily reflecting the expected profitability of the current contract accounting blocks and lower
profitability associated with the downturn in the aftermarket business. During the first quarter
of 2009, the segment realized a favorable pre-tax $3 million cumulative catch-up adjustment.
Wing Systems
Wing Systems segment revenues for the first quarter of 2010 were $248.9 million, up 12.7
percent over the same period last year, as deliveries in the prior year quarter were negatively
impacted by the residual effects of the Machinists strike at Boeing. Operating margin for the
first quarter of 2010 was 7.6 percent as compared to 8.8 percent during the same period of 2009,
reflecting the expected profitability of the current contract accounting blocks and a pre-tax $3
million unfavorable cumulative catch-up adjustment primarily associated with the decision to exit
the Hawker Beechcraft 850XP program by 2012. During the first quarter of 2009, the segment realized an
unfavorable pre-tax $4 million cumulative catch-up adjustment.
Page 6
Table 4. Segment Reporting
(unaudited) | ||||||||||||
1st Quarter | ||||||||||||
($ in millions) | 2010 | 2009 | Change | |||||||||
Segment Revenues |
||||||||||||
Fuselage Systems |
$ | 516.2 | $ | 430.5 | 19.9 | % | ||||||
Propulsion Systems |
$ | 274.4 | $ | 227.4 | 20.7 | % | ||||||
Wing Systems |
$ | 248.9 | $ | 220.9 | 12.7 | % | ||||||
All Other |
$ | 3.8 | $ | 8.6 | (55.8 | %) | ||||||
Total Segment Revenues |
$ | 1,043.3 | $ | 887.4 | 17.6 | % | ||||||
Segment Earnings from Operations |
||||||||||||
Fuselage Systems |
$ | 75.9 | $ | 74.9 | 1.3 | % | ||||||
Propulsion Systems |
$ | 33.6 | $ | 38.7 | (13.2 | %) | ||||||
Wing Systems |
$ | 18.9 | $ | 19.5 | (3.1 | %) | ||||||
All Other |
$ | 0.3 | $ | 0.4 | (25.0 | %) | ||||||
Total Segment Operating Earnings |
$ | 128.7 | $ | 133.5 | (3.6 | %) | ||||||
Unallocated Corporate SG&A Expense |
($35.0 | ) | ($35.5 | ) | (1.4 | %) | ||||||
Unallocated Research & Development Expense |
($0.7 | ) | ($0.2 | ) | 250.0 | % | ||||||
Total Earnings from Operations |
$ | 93.0 | $ | 97.8 | (4.9 | %) | ||||||
Segment Operating Earnings as % of Revenues |
||||||||||||
Fuselage Systems |
14.7 | % | 17.4 | % | (270) BPS | |||||||
Propulsion Systems |
12.2 | % | 17.0 | % | (480) BPS | |||||||
Wing Systems |
7.6 | % | 8.8 | % | (120) BPS | |||||||
All Other |
7.9 | % | 4.7 | % | 320 BPS | |||||||
Total Segment Operating Earnings as % of Revenues |
12.3 | % | 15.0 | % | (270) BPS | |||||||
Total Operating Earnings as % of Revenues |
8.9 | % | 11.0 | % | (210) BPS |
Contact information:
Investor Relations: Alan Hermanson (316) 523-7040
Media: Debbie Gann (316) 526-3910
On the web: http://www.spiritaero.com
Page 7
Spirit Ship Set Deliveries
(One Ship Set equals One Aircraft)
(One Ship Set equals One Aircraft)
2009 Spirit AeroSystems Deliveries
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Total 2009 | ||||||||||||||||
B737 |
74 | 96 | 93 | 87 | 350 | |||||||||||||||
B747 |
3 | 1 | 3 | 4 | 11 | |||||||||||||||
B767 |
3 | 3 | 3 | 3 | 12 | |||||||||||||||
B777 |
21 | 21 | 21 | 19 | 82 | |||||||||||||||
B787 |
2 | 2 | 2 | 5 | 11 | |||||||||||||||
Total |
103 | 123 | 122 | 118 | 466 | |||||||||||||||
A320 Family |
105 | 101 | 94 | 108 | 408 | |||||||||||||||
A330/340 |
26 | 23 | 28 | 23 | 100 | |||||||||||||||
A380 |
| 2 | 5 | 4 | 11 | |||||||||||||||
Total |
131 | 126 | 127 | 135 | 519 | |||||||||||||||
Hawker 850XP |
18 | 13 | 6 | 7 | 44 | |||||||||||||||
Total Spirit |
252 | 262 | 255 | 260 | 1,029 | |||||||||||||||
2010 Spirit AeroSystems Deliveries
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD 2010 | ||||||||||||||||
B737 |
94 | 94 | ||||||||||||||||||
B747 |
3 | 3 | ||||||||||||||||||
B767 |
3 | 3 | ||||||||||||||||||
B777 |
21 | 21 | ||||||||||||||||||
B787 |
5 | 5 | ||||||||||||||||||
Total |
126 | 126 | ||||||||||||||||||
A320 Family |
102 | 102 | ||||||||||||||||||
A330/340 |
25 | 25 | ||||||||||||||||||
A380 |
1 | 1 | ||||||||||||||||||
Total |
128 | 128 | ||||||||||||||||||
Hawker 850XP |
5 | 5 | ||||||||||||||||||
Total Spirit |
259 | 259 | ||||||||||||||||||
Page 8
Spirit AeroSystems Holdings, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Condensed Consolidated Statements of Operations
(unaudited)
For the Three Months Ended | ||||||||
April 1, 2010 | April 2, 2009 | |||||||
($ in millions, except per share data) | ||||||||
Net revenues |
$ | 1,043.3 | $ | 887.4 | ||||
Operating costs and expenses: |
||||||||
Cost of sales |
901.1 | 737.3 | ||||||
Selling, general and administrative |
39.3 | 38.4 | ||||||
Research and development |
9.9 | 13.9 | ||||||
Total operating costs and expenses |
950.3 | 789.6 | ||||||
Operating income |
93.0 | 97.8 | ||||||
Interest expense and financing fee amortization |
(14.0 | ) | (9.1 | ) | ||||
Interest income |
0.1 | 2.6 | ||||||
Other income (expense), net |
(5.5 | ) | 1.5 | |||||
Income before income taxes and equity in net |
||||||||
income/(loss) of affiliate |
73.6 | 92.8 | ||||||
Income tax provision |
(17.8 | ) | (30.2 | ) | ||||
Income before equity in net income/(loss) of affiliate |
55.8 | 62.6 | ||||||
Equity in net income/(loss) of affiliate |
(0.3 | ) | 0.1 | |||||
Net income |
$ | 55.5 | $ | 62.7 | ||||
Earnings per share |
||||||||
Basic |
$ | 0.40 | $ | 0.46 | ||||
Shares |
137.3 | 137.1 | ||||||
Diluted |
$ | 0.40 | $ | 0.45 | ||||
Shares |
140.4 | 139.9 |
Page 9
Spirit AeroSystems Holdings, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
Condensed Consolidated Balance Sheets
(unaudited)
April 1, 2010 | December 31, 2009 | |||||||
($ in millions) | ||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 186.6 | $ | 369.0 | ||||
Accounts receivable, net |
235.1 | 160.4 | ||||||
Inventory, net |
2,286.2 | 2,206.9 | ||||||
Other current assets |
75.3 | 116.6 | ||||||
Total current assets |
2,783.2 | 2,852.9 | ||||||
Property, plant and equipment, net |
1,320.3 | 1,279.3 | ||||||
Pension assets |
176.9 | 171.2 | ||||||
Other assets |
160.8 | 170.4 | ||||||
Total assets |
$ | 4,441.2 | $ | 4,473.8 | ||||
Current liabilities |
||||||||
Accounts payable |
$ | 411.5 | $ | 441.3 | ||||
Accrued expenses |
182.8 | 165.5 | ||||||
Current portion of long-term debt |
9.0 | 9.1 | ||||||
Advance payments, short-term |
243.3 | 237.4 | ||||||
Deferred revenue, short-term |
88.1 | 107.1 | ||||||
Other current liabilities |
30.2 | 21.8 | ||||||
Total current liabilities |
964.9 | 982.2 | ||||||
Long-term debt |
593.9 | 591.1 | ||||||
Bond payable, long-term |
293.7 | 293.6 | ||||||
Advance payments, long-term |
683.0 | 727.5 | ||||||
Deferred revenue and other deferred credits |
39.1 | 46.0 | ||||||
Pension/OPEB obligation |
64.3 | 62.6 | ||||||
Other liabilities |
179.6 | 197.0 | ||||||
Shareholders equity |
||||||||
Preferred stock, par value $0.01, 10,000,000 shares authorized, no
shares
issued and outstanding |
| | ||||||
Common stock, Class A par value $0.01, 200,000,000 shares authorized,
105,212,099 and 105,064,561 shares issued and outstanding, respectively |
1.0 | 1.0 | ||||||
Common stock, Class B par value $0.01, 150,000,000 shares authorized,
35,522,202 and 35,669,740 shares issued and outstanding, respectively |
0.4 | 0.4 | ||||||
Additional paid-in capital |
952.8 | 949.8 | ||||||
Accumulated other comprehensive loss |
(69.3 | ) | (59.7 | ) | ||||
Retained earnings |
737.3 | 681.8 | ||||||
Total shareholders equity |
1,622.2 | 1,573.3 | ||||||
Noncontrolling interest |
0.5 | 0.5 | ||||||
Total equity |
1,622.7 | 1,573.8 | ||||||
Total liabilities and shareholders equity |
$ | 4,441.2 | $ | 4,473.8 | ||||
Page 10
Spirit AeroSystems Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Condensed Consolidated Statements of Cash Flows
(unaudited)
For the Three Months Ended | ||||||||
April 1, 2010 | April 2, 2009 | |||||||
($ in millions) | ||||||||
Operating activities |
||||||||
Net Income |
$ | 55.5 | $ | 62.7 | ||||
Adjustments
to reconcile net income to net cash provided by (used in) operating activities |
||||||||
Depreciation expense |
27.3 | 30.7 | ||||||
Amortization expense |
3.1 | 2.2 | ||||||
Accretion of long-term receivable |
| (2.5 | ) | |||||
Employee stock compensation expense |
2.3 | 2.8 | ||||||
(Gain)/loss from foreign currency transactions |
8.1 | (0.7 | ) | |||||
(Gain)/loss on disposition of assets |
| 0.2 | ||||||
Deferred taxes |
6.0 | (2.2 | ) | |||||
Pension and other post-retirement benefits, net |
(2.3 | ) | 0.4 | |||||
Grant income |
(0.5 | ) | (0.2 | ) | ||||
Equity in net income/(loss) of affiliate |
0.3 | (0.1 | ) | |||||
Changes in assets and liabilities |
||||||||
Accounts receivable |
(78.9 | ) | (121.6 | ) | ||||
Inventory, net |
(88.1 | ) | (235.4 | ) | ||||
Accounts payable and accrued liabilities |
(11.8 | ) | 134.2 | |||||
Advance payments |
(38.6 | ) | (24.1 | ) | ||||
Deferred revenue and other deferred credits |
(24.2 | ) | (27.6 | ) | ||||
Other |
31.6 | 32.1 | ||||||
Net cash (used in) operating activities |
(110.2 | ) | (149.1 | ) | ||||
Investing activities |
||||||||
Purchase of property, plant and equipment |
(69.2 | ) | (54.4 | ) | ||||
Long-term receivable |
| 28.8 | ||||||
Other |
(0.8 | ) | 0.3 | |||||
Net cash (used in) investing activities |
(70.0 | ) | (25.3 | ) | ||||
Financing activities |
||||||||
Proceeds from revolving credit facility |
| 100.0 | ||||||
Payments on revolving credit facility |
| (25.0 | ) | |||||
Proceeds from government grants |
| 0.5 | ||||||
Principal payments of debt |
(2.0 | ) | (1.9 | ) | ||||
Net cash provided by (used in) financing activities |
(2.0 | ) | 73.6 | |||||
Effect of exchange rate changes on cash and cash equivalents |
(0.2 | ) | (0.1 | ) | ||||
Net (decrease) in cash and cash equivalents for the period |
(182.4 | ) | (100.9 | ) | ||||
Cash and cash equivalents, beginning of the period |
369.0 | 216.5 | ||||||
Cash and cash equivalents, end of the period |
$ | 186.6 | $ | 115.6 | ||||
Page 11