Financial Performance - Net sales for Q3 2024 were $868 million, a 1% decrease compared to the prior year, driven by an 8% decrease in sales volumes offset by a 7% increase in prices due to higher raw material costs[3]. - The net loss for Q3 2024 was $87 million, worsening by $49 million from the prior year, primarily due to increased interest, tax, and restructuring expenses[3]. - Adjusted EBITDA for Q3 2024 was $66 million, which is $25 million higher than the previous year, reflecting improved results across most business segments[3]. - Net sales for the three months ended September 30, 2024, were $867.7 million, a decrease of 1.5% from $879.0 million in the same period of 2023[16]. - Gross profit for the three months ended September 30, 2024, was $80.6 million, significantly up from $31.3 million in the prior year, reflecting a gross margin improvement[16]. - Net loss for the nine months ended September 30, 2024, was $230.6 million, compared to a net loss of $436.3 million for the same period in 2023[16]. - Total net sales for the nine months ended September 30, 2024, were $2,691.7 million, down from $2,837.9 million in the prior year[19]. - Adjusted Net Loss for September 2024 was $(57.5) million, compared to $(36.3) million in September 2023, marking a 58% increase in adjusted losses[21]. Cash Flow and Capital Expenditures - Free Cash Flow for Q3 2024 was negative $3 million, showing a sequential improvement of $53 million, aided by a $16 million decrease in trade working capital[1]. - Cash provided by operating activities for the nine months ended September 30, 2024, was $(99.3) million, a decline from $131.2 million in the same period of 2023[18]. - Free Cash Flow for the three months ended September 2024 was $(3.4) million, a decrease from $15.8 million in the same period of 2023[25]. - Capital expenditures for the three months ended September 2024 were $(12.2) million, slightly down from $(13.5) million in the same period of 2023[25]. Segment Performance - Engineered Materials segment reported net sales of $207 million, a 12% increase year-over-year, driven by higher sales volumes and prices[4]. - Latex Binders segment net sales were $242 million, an 8% increase, with a 12% impact from higher prices offsetting a 4% decrease in volumes[4]. - Polystyrene segment net sales decreased by 28% to $151 million, primarily due to a 35% drop in sales volume[4]. - Americas Styrenics Adjusted EBITDA was $4 million, down $15 million from the prior year due to unplanned outages and lower styrene margins[4]. Future Projections - The company expects a net loss of between $81 million and $71 million for Q4 2024, with Adjusted EBITDA projected to be between $40 million and $50 million[5]. - Forecasted Adjusted EBITDA for the three months ending December 31, 2024, is projected to be between $40 million and $50 million[23]. Restructuring and Cost Savings - Restructuring initiatives are anticipated to yield cost savings of $25 million in 2025 and full run rate savings of $30 million by the end of 2026[1]. Balance Sheet and Liabilities - Total assets decreased to $2,882.8 million as of September 30, 2024, down from $3,029.2 million at the end of 2023[17]. - Current liabilities increased to $814.2 million as of September 30, 2024, compared to $672.6 million at the end of 2023[17]. - The company experienced a significant increase in inventories, rising to $434.8 million as of September 30, 2024, from $404.7 million at the end of 2023[17]. Interest and Expenses - Interest expense for the three months ended September 30, 2024, was $72.3 million, compared to $46.6 million in the same period of 2023, indicating increased borrowing costs[16]. - Interest expense, net for September 2024 increased to $72.3 million from $46.6 million in September 2023, reflecting a 55% rise[21]. - Depreciation and amortization for September 2024 was $48.3 million, compared to $38.2 million in September 2023, reflecting a 26% increase[21].

Trinseo (TSE) shares soared 15.8% in the last trading session to close at $6.60. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 32.9% gain over the past four weeks. Shares of Trinseo gained since it announced significant restructuring initiatives that will position the company for long-term growth. The company is consolidating its Engineered Materials, Plastics Solutions and Polystyrene businesses beginning Oct. 1, 2024. This mo ...

Baloncici/iStock via Getty Images Executive Summary Trinseo (NYSE:TSE) is a global plastic products' manufacturer spun out of Dow Chemical Company 15 years ago. The company's focus has gone from commodity feedstock to value added engineered materials and latex binders to various end users, like housing, automotive, medical, and consumer electronics companies. The current business environment has caused the company to lose sales and experience compressed margins. However, the company has recently seen an imp ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $67 million for Q2 2024, which was in line with previous guidance and included $10 million of unfavorable net timing from falling styrene prices [11] - Free cash flow remained negative at $56 million, with cash used in operations amounting to $42 million [12] - The company ended the quarter with $108 million in cash and $352 million in total liquidity [12] Business Line Data and Key Metrics Changes - The engineered materials segment experienced its highest sales volumes and adjusted EBITDA since Q2 2022, driven by moderating input costs and steady demand [6] - Despite a 5% decline in overall volumes, mix improvement led to higher year-over-year adjusted EBITDA, particularly in targeted growth areas such as case and battery applications, latex binders, and automotive compounds [11] Market Data and Key Metrics Changes - The MMA market is currently tight across all regions, with improved volumes in architectural coatings contributing to this tightening effect [28] - European volumes in PMMA have shown a strong recovery compared to last year, indicating geographical variations in market performance [21] Company Strategy and Development Direction - The company is committed to sustainability, having made significant progress towards its 2030 sustainability goals, including advancements in recycling technologies [7][10] - The planned sale of the Americas Styrenics joint venture is progressing, with a joint sales process expected to begin this quarter [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining higher profitability levels despite a challenging macroeconomic environment and weak end market demand [14] - The company anticipates Q3 adjusted EBITDA to be similar to Q2, with expectations for free cash flow to turn positive in the second half of the year [13] Other Important Information - The company has entered into a new accounts receivable securitization facility, extending the maturity date from 2025 to January 2028, emphasizing liquidity preservation as a top priority [12] - The PMMA depolymerization facility in Italy is expected to utilize a novel recycling process, although specific EBITDA contributions and timelines are not yet available [30] Q&A Session Summary Question: Free cash flow expectations for the balance of the year - Management expects Q3 free cash flow to be neutral and Q4 to be positive, but full-year free cash flow will remain negative due to high styrene prices earlier in the year [16] Question: Restructuring spending and cost savings - Management confirmed that the $100 million cost savings from restructuring and natural gas hedges are still expected for 2024 [19] Question: End market performance in engineered materials - Management noted steady demand in automotive and strong performance in building and construction applications, particularly in Europe [21] Question: Normal earnings power of the company - Management indicated that predicting normal earnings power is challenging due to geopolitical and market uncertainties, but improvements are expected from ongoing actions [26] Question: Timeline for PMMA facility contributions - Management stated that the PMMA facility is a demonstration project, and specific EBITDA contributions or timelines are not currently available [30] Question: Cash interest and liquidity preservation - Management explained the decision to capitalize interest payments to preserve liquidity in the current downturn, with a focus on maintaining financial flexibility [35] Question: Sale of Americas Styrenics joint venture - Management expressed confidence that the joint sales process will minimize previous concerns from potential buyers about entering a joint venture [36]

Trinseo (TSE) came out with a quarterly loss of $1.46 per share versus the Zacks Consensus Estimate of a loss of $1.09. This compares to loss of $1.92 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -33.94%. A quarter ago, it was expected that this plastics and latex maker would post a loss of $2.07 per share when it actually produced a loss of $1.94, delivering a surprise of 6.28%. Over the last four quarters, the company ha ...

Trinseo PLC (TSE) — a specialty material solutions provider — announced the opening of its polymethyl methacrylate (PMMA) depolymerization facility in Rho, Italy. This pilot facility marks a significant advancement in the company's commitment to sustainability, leveraging next-generation recycling technology to promote a circular infrastructure for acrylic solutions, in line with Trinseo's 2030 Sustainable Product Portfolio Goals. Trinseo expressed enthusiasm about the new facility, stating that it represen ...

Europe Asia 5 Q1'24 Q1'23 6 U.S. 4 • Styrene purchased via a mix of spot and contract prices • Q1 price increase contributed to working capital build, the majority of which we believe will reverse over the balance of the year Net Sales & Net Income ($MM) Q1'24 Q1'23 Net Sales Net Income Adjusted EBITDA* ($MM) Engineered Materials $4 ($12) Q1'24 Q1'23 Vol Price FX Total 3% (12%) 1% (8%) • Higher year-over-year volumes in paper & board applications, primarily in Asia Pacific • Adjusted EBITDA was $2 million a ...

Financial Data and Key Metrics Changes - The first quarter adjusted EBITDA was $45 million, in line with previous guidance, including $13 million of favorable net timing from rising styrene prices [35][36] - Cash used in operations during the quarter was $66 million, resulting in free cash flow of negative $82 million, attributed to a $61 million increase in trade working capital [53] - The company ended the quarter with $171 million of cash and $423 million of liquidity, including undrawn bank facilities [54] Business Line Data and Key Metrics Changes - Engineering materials are expected to generate above $20 million in EBITDA for Q2, reflecting a recovery in demand [59] - The MMA market saw margin expansion due to supply tightness, with March prices significantly higher in Europe [46] - The company anticipates a favorable mix in 2024, with engineering materials growing faster than the broader portfolio [71] Market Data and Key Metrics Changes - European spot styrene prices increased by about 60% in Q1 due to industry outages, leading to margin expansion at America’s Styrenics [35] - The MMA market in Europe is currently net short, with demand for architectural coatings tightening the market [48] - The company is about 20% below historical run rate volumes compared to normal demand, indicating potential for recovery [97] Company Strategy and Development Direction - The company is committed to integrating modern recycling technologies and has seen a record amount of products containing recycled material sold in Q1, a 65% increase over the prior year [33] - A sale process for the company’s interest in America’s Styrenics has commenced, with expectations for a definitive agreement by early 2025 [32] - The company plans to close its virgin polycarbonate production line in Germany due to soft demand and price declines, while continuing to focus on sustainable product offerings [32][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive earnings momentum continuing into Q2, supported by tightness in styrene and MMA markets [55] - The company remains cautious about the overall demand environment, indicating that Q1 profitability is expected to be the low point of the year [36] - Management noted that while there are signs of improvement, the overall market remains challenging, and they are prioritizing liquidity [56] Other Important Information - The company has engaged local works council in Germany regarding the potential closure of its polycarbonate production line, reflecting ongoing challenges in the market [32] - The company is taking actions to moderate lower margin sales to conserve working capital, with minimal impact on earnings [54] Q&A Session All Questions and Answers Question: Can you quantify the impact of the turnaround in Q1? - The impact of the turnaround was approximately $8 million in earnings, with styrene prices not accelerating until March [62] Question: What kind of interest are you seeing in marketing the AmSty JV? - There has been interest from several strategic and financial parties, but active marketing has not yet begun [81] Question: How do you characterize the mix as volumes rise? - The company expects a favorable mix with higher margin product sales as volumes rise, particularly in engineering materials [59][71] Question: How far below normal levels is demand currently? - The company is about 20% below historical run rate volumes, with a potential $25 million per quarter EBITDA impact for every 10% recovery [97]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36473 Trinseo PLC (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

[First Quarter 2024 Financial & Strategic Overview](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results%20and%20Provides%20Second%20Quarter%20Outlook) This section provides a comprehensive overview of Trinseo's financial performance and key strategic initiatives during the first quarter of 2024 [First Quarter 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) Trinseo reported a wider net loss of $76 million on $904 million net sales, a 9% decrease, while Adjusted EBITDA improved to $45 million due to favorable timing and better margins Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | $904 million | $996 million | | Net Loss | $(76) million | $(49) million | | Diluted EPS | $(2.14) | $(1.40) | | Adjusted Net Loss* | $(69) million | $(35) million | | Adjusted EPS* | $(1.94) | $(1.01) | | EBITDA* | $38 million | $29 million | | Adjusted EBITDA* | $45 million | $36 million | - Net sales decreased **9%** year-over-year, with a **7%** decrease attributed to lower prices and weak markets, and a **3%** decrease due to lower sales volumes from the Terneuzen styrene facility closure[4](index=4&type=chunk) - The Q1 net loss of **$76 million** was **$27 million** worse than the prior year, while Adjusted EBITDA increased by **$9 million** to **$45 million**, driven by higher margins and a **$13 million** favorable net timing impact[5](index=5&type=chunk)[3](index=3&type=chunk) [Operational and Strategic Highlights](index=1&type=section&id=First%20Quarter%202024%20Operational%20and%20Strategic%20Highlights) Negative free cash flow of $82 million was driven by working capital, while liquidity remained strong, and strategic divestitures and plant closures are underway - Free Cash Flow was negative **$82 million**, impacted by a **$61 million** increase in trade working capital due to seasonality and a more than **50%** increase in styrene monomer prices[3](index=3&type=chunk) - The company ended the quarter with **$171 million** in cash and approximately **$252 million** in additional liquidity from undrawn financing facilities, with the Accounts Receivable Securitization Facility's capacity increased by **$36 million**[3](index=3&type=chunk) - Strategic initiatives include commencing the sale process for Americas Styrenics and the potential closure of the Stade, Germany polycarbonate plant, projected to increase annual profitability by **$15 million** to **$20 million**[3](index=3&type=chunk) [Management Commentary and Outlook](index=2&type=section&id=2024%20Outlook) This section presents management's insights on Q1 2024 performance and the company's financial and operational outlook for the second quarter [Management Commentary on Q1 2024 Performance](index=2&type=section&id=Management%20Commentary%20on%20Q1%202024%20Performance) Management observed steady Q1 improvements, anticipating continued margin expansion as destocking ends and working capital reverses in Q3 - Management believes destocking has ended in some value chains, leading to significant margin expansion in Engineered Materials and Americas Styrenics in March[6](index=6&type=chunk) - The increase in working capital was larger than typical seasonality due to significantly higher styrene costs, expected to reverse and release working capital in Q3[6](index=6&type=chunk) [Second Quarter 2024 Outlook](index=2&type=section&id=Second%20Quarter%202024%20Outlook) Q2 2024 outlook projects significant profitability improvement driven by operational turnarounds, seasonal demand, and favorable market conditions, with improved free cash flow Q2 2024 Guidance | Metric | Q2 2024 Forecast | | :--- | :--- | | Net Loss | $53 million to $38 million | | Adjusted EBITDA | $60 million to $75 million | - Profitability is expected to improve significantly due to the completion of the Americas Styrenics turnaround and seasonal strength in building and construction applications[8](index=8&type=chunk) - Continued tightness in styrene and MMA markets is expected to support higher margins, with free cash flow also projected to improve sequentially[8](index=8&type=chunk) - Liquidity preservation remains the company's top priority despite positive earnings momentum and adequate access to liquidity[8](index=8&type=chunk) [Segment Performance Analysis](index=2&type=section&id=First%20Quarter%20Results%20and%20Commentary%20by%20Business%20Segment) This section details the financial performance and key drivers for each of Trinseo's business segments in the first quarter of 2024 [Reporting Segment Changes](index=2&type=section&id=Reporting%20Segment%20Changes) Effective January 1, 2024, the Feedstocks reporting segment was eliminated, with its historical results reallocated to consuming segments - As of January 1, 2024, the Feedstocks reporting segment has been eliminated, with its historical results now included within the Latex Binders, Plastics Solutions, and Polystyrene segments[7](index=7&type=chunk) [Engineered Materials](index=2&type=section&id=Engineered%20Materials) Engineered Materials' net sales declined 8% to $189 million, but Adjusted EBITDA significantly improved to $4 million due to higher MMA margins Engineered Materials Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | $189.2 million | $206.2 million | | Adjusted EBITDA | $4.3 million | $(11.7) million | - The **$16 million** year-over-year increase in Adjusted EBITDA was mainly due to higher MMA-related margins, lower natural gas hedge losses, and fixed cost under-absorption in the prior year[9](index=9&type=chunk) [Latex Binders](index=2&type=section&id=Latex%20Binders) Latex Binders' net sales decreased 3% to $241 million, while Adjusted EBITDA slightly increased to $26 million due to modest volume and margin gains Latex Binders Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | $241.5 million | $249.0 million | | Adjusted EBITDA | $25.7 million | $24.0 million | - Net sales were down **3%** YoY, with a **7%** price decrease partially offset by a **3%** volume increase in paper and board applications[9](index=9&type=chunk) [Plastics Solutions](index=2&type=section&id=Plastics%20Solutions) Plastics Solutions' net sales fell 12% to $266 million due to weak markets, while Adjusted EBITDA remained stable at $23 million Plastics Solutions Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | $265.7 million | $300.3 million | | Adjusted EBITDA | $22.7 million | $23.6 million | - Adjusted EBITDA was stable as lower ABS margin was almost entirely offset by a favorable net timing variance caused by increasing styrene costs during the quarter[9](index=9&type=chunk) [Polystyrene](index=2&type=section&id=Polystyrene) Polystyrene net sales decreased 14% to $208 million, but Adjusted EBITDA rose to $13 million due to favorable timing and lower fixed costs Polystyrene Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | $207.6 million | $240.8 million | | Adjusted EBITDA | $12.6 million | $8.9 million | - Adjusted EBITDA increased by **$4 million** YoY, as favorable net timing and lower fixed costs from the Terneuzen plant closure offset price and margin pressure[9](index=9&type=chunk) [Americas Styrenics](index=2&type=section&id=Americas%20Styrenics) Americas Styrenics reported Adjusted EBITDA of $6 million, a $12 million decrease, primarily due to a planned turnaround Americas Styrenics Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Adjusted EBITDA | $6.1 million | $17.6 million | - The **$12 million** year-over-year decrease in Adjusted EBITDA was caused by a planned turnaround at its largest styrene production facility[9](index=9&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=TRINSEO%20PLC%20Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the specified periods [Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 net sales were $904 million, with gross profit increasing to $60.6 million, but a net loss of $75.5 million due to higher interest expense Q1 2024 Statement of Operations (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net sales | $904.0 | $996.3 | | Gross profit | $60.6 | $37.2 | | Operating income (loss) | $(3.3) | $(30.2) | | Interest expense, net | $63.0 | $38.3 | | Net loss | $(75.5) | $(48.9) | | Net loss per share- diluted | $(2.14) | $(1.40) | [Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets were $3.0 billion, with cash decreasing to $166.4 million, while long-term debt remained stable and shareholders' equity became more negative Balance Sheet Highlights (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $166.4 | $259.1 | | Total assets | $2,989.4 | $3,029.2 | | Long-term debt, net | $2,276.7 | $2,277.6 | | Total liabilities | $3,337.4 | $3,297.2 | | Shareholders' equity | $(348.0) | $(268.0) | [Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash used in operating activities was $66.2 million, leading to an $89.6 million net decrease in cash, ending at $166.4 million Cash Flow Summary (in millions) | Line Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | $(66.2) | $45.4 | | Capital expenditures | $(15.7) | $(21.8) | | Cash used in investing activities | $(11.0) | $(21.8) | | Cash used in financing activities | $(9.2) | $(20.5) | | Net change in cash | $(89.6) | $5.4 | | Cash and cash equivalents—end of period | $166.4 | $217.1 | [Notes to Financial Statements](index=8&type=section&id=TRINSEO%20PLC%20Notes%20to%20Condensed%20Consolidated%20Financial%20Information) This section provides supplementary notes to the condensed consolidated financial information, including segment net sales and non-GAAP reconciliations [Net Sales by Segment](index=8&type=section&id=Note%201%3A%20Net%20Sales%20by%20Segment) Net sales by segment are detailed, showing a total of $904 million in Q1 2024, a decline from $996.3 million in Q1 2023 Net Sales by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Engineered Materials | $189.2 | $206.2 | | Latex Binders | $241.5 | $249.0 | | Plastics Solutions | $265.7 | $300.3 | | Polystyrene | $207.6 | $240.8 | | **Total Net Sales** | **$904.0** | **$996.3** | [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Note%202%3A%20Reconciliation%20of%20Non-GAAP%20Performance%20Measures%20to%20Net%20Income) This note reconciles GAAP Net Loss to non-GAAP measures like EBITDA and Adjusted EBITDA, providing insights into core operational performance and Q2 2024 forecasts [Reconciliation of Net Loss to EBITDA and Adjusted EBITDA (Q1 2024 vs Q1 2023)](index=9&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20EBITDA%20and%20Adjusted%20EBITDA%20%28Q1%202024%20vs%20Q1%202023%29) Q1 2024 Net Loss of $75.5 million reconciled to Adjusted EBITDA of $45.0 million, reflecting adjustments for interest, taxes, D&A, and restructuring charges Reconciliation of Net Loss to Adjusted EBITDA (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net loss** | **$(75.5)** | **$(48.9)** | | Interest expense, net | 63.0 | 38.3 | | Provision for (benefit from) income taxes | 5.4 | (16.7) | | Depreciation and amortization | 45.0 | 56.0 | | **EBITDA** | **$37.9** | **$28.7** | | Restructuring and other charges | 9.4 | 3.7 | | Other items | (2.3) | 3.9 | | **Adjusted EBITDA** | **$45.0** | **$36.3** | [Reconciliation of Forecasted Net Loss to Adjusted EBITDA (Q2 2024 Outlook)](index=10&type=section&id=Reconciliation%20of%20Forecasted%20Net%20Loss%20to%20Adjusted%20EBITDA%20%28Q2%202024%20Outlook%29) Q2 2024 forecast projects Adjusted EBITDA between $60 million and $75 million, reconciling to a Net Loss of $53 million to $38 million Q2 2024 Forecast Reconciliation (in millions) | Metric | Q2 2024 Forecast | | :--- | :--- | | Adjusted EBITDA | $60 - $75 | | Interest expense, net | ~$63 | | Provision for income taxes | ~$4 | | Depreciation and amortization | ~$46 | | **Net Loss** | **$(53) - $(38)** | [Reconciliation of Free Cash Flow](index=10&type=section&id=Note%203%3A%20Reconciliation%20of%20Non-GAAP%20Liquidity%20Measures%20to%20Cash%20from%20Operations) This section reconciles cash from operations to Free Cash Flow, showing a negative $81.9 million in Q1 2024 compared to positive $23.6 million in Q1 2023 Free Cash Flow Reconciliation (in millions) | Line Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | $(66.2) | $45.4 | | Capital expenditures | (15.7) | (21.8) | | **Free Cash Flow** | **$(81.9)** | **$23.6** |