$MAIR
Madison Air Solutions Corp
CIK:0002098430|SEC Filings
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Statement of Cash Flows [Abstract] | ||
| Net Income (loss) | $ 113.5 | $ 77.0 |
| (Income) loss from discontinued operations, net of taxes | 0.0 | (1.0) |
| Adjustments to reconcile net income to net cash flows from operating activities | ||
| Depreciation and amortization | 107.7 | 82.5 |
| Deferred income taxes | 9.6 | (13.2) |
| Equity appreciation rights | 25.4 | 22.0 |
| Non-cash interest expense | 8.2 | 7.9 |
| Purchase accounting inventory adjustment | 0.0 | 7.0 |
| (Gain) loss on extinguishment of debt | 27.7 | 0.0 |
| Other (gains) losses, net | (0.4) | (3.5) |
| Other | 0.7 | 0.1 |
| Changes to assets and liabilities, net of acquisitions and divestitures | ||
| Accounts receivable | (128.6) | (23.3) |
| Inventories | (53.2) | (23.1) |
| Accounts payable and accrued expenses | 35.3 | 13.8 |
| Customer deposits and deferred revenue | 11.2 | 21.9 |
| Other assets and liabilities, net | (0.7) | (7.7) |
| Net cash flows provided by operating activities - continuing operations | 156.4 | 160.4 |
| Net cash flow provided by (used in) operating activities - discontinued operations | 0.0 | (0.3) |
| Net cash flows provided by (used in) operating activities | 156.4 | 160.1 |
| Purchase of property, plant and equipment | (16.5) | (10.5) |
| Proceeds from disposal of property, plant and equipment | 0.1 | 2.5 |
| Purchase of available-for-sale marketable securities | 0.0 | (39.3) |
| Capitalized software development costs | (0.6) | 0.0 |
| Proceeds from the sale of available-for-sale marketable securities | 0.0 | 119.8 |
| Issuance of related party loan | 0.0 | (95.0) |
| Acquisitions of businesses, net of cash acquired | 0.0 | (2,290.1) |
| Net cash flows provided by (used in) investing activities - continuing operations | (17.0) | (2,312.6) |
| Net cash flows provided by (used in) investing activities - discontinued operations | 0.0 | 7.0 |
| Net cash flows provided by (used in) investing activities | (17.0) | (2,305.6) |
| Proceeds from the issuance of common stock | 2,667.6 | 0.0 |
| Payment of underwriting fees and offering costs | (92.4) | 0.0 |
| Contributions | 0.0 | 157.5 |
| Debt principal payments | (2,632.7) | (6.8) |
| Proceeds from issuance of debt | 0.0 | 1,732.5 |
| Proceeds from related party loan | 0.0 | 95.0 |
| Distributions to Holdings | 31.0 | (13.9) |
| Distributions to and redemptions of noncontrolling interests | 0.0 | (0.2) |
| Contributions from noncontrolling interests | 0.0 | 5.5 |
| Payments of financing fees | (4.9) | (9.6) |
| Taxes paid related to net share settlement of equity awards | (53.7) | 0.0 |
| Payments on financing leases | (1.2) | (1.1) |
| Net cash flows provided by (used in) financing activities | (86.3) | 1,958.9 |
| Effects of exchange rate changes on cash | 0.3 | 0.1 |
| Net change in cash and cash equivalents | 53.4 | (186.5) |
| Cash and cash equivalents at the beginning of the period | 208.4 | 339.9 |
| Cash and cash equivalents at the end of period | 261.8 | 153.4 |
| Supplemental cash flow disclosures: | ||
| Cash paid for interest | 180.7 | 87.2 |
| Supplemental disclosures of non-cash operating, investing, and financing activities: | ||
| Exchange of noncontrolling interests for Class A common stock | 2,208.4 | 0.0 |
| Tax attribution to Holdings from reorganization transaction (Note 9) | 41.1 | 0.0 |
| Acquisition of Research Products - rollover equity (Note 5) | $ 0.0 | $ 217.3 |
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $ 261.8 | $ 208.4 |
| Accounts receivable, net | 601.5 | 475.4 |
| Inventories (Note 7) | 460.1 | 408.4 |
| Prepaid expenses and other current assets | 46.5 | 43.8 |
| Total current assets | 1,369.9 | 1,136.0 |
| Property, plant and equipment, net (Note 8) | 361.5 | 371.7 |
| Goodwill (Note 6) | 3,314.8 | 3,318.5 |
| Other intangible assets, net (Note 6) | 3,146.0 | 3,231.8 |
| Other long-term assets | 154.0 | 119.1 |
| Total assets | 8,346.2 | 8,177.1 |
| Liabilities and Equity (Deficit) | ||
| Accounts payable | 335.9 | 260.1 |
| Customer deposits and deferred revenue | 139.5 | 128.3 |
| Accrued expenses and other current liabilities (Note 10) | 274.4 | 265.2 |
| Current maturities of long-term debt (Note 11) | 2.2 | 27.8 |
| Total current liabilities | 752.0 | 681.4 |
| Long-term debt (Note 11) | 3,051.5 | 5,622.6 |
| Deferred income taxes (Note 9) | 702.4 | 651.1 |
| Other long-term liabilities | 189.7 | 257.0 |
| Total liabilities | 4,695.6 | 7,212.1 |
| Commitments and contingencies (Note 21) | ||
| Redeemable noncontrolling interests | 0.9 | 882.9 |
| Shareholders' equity (deficit) | ||
| Additional paid-in capital | 3,587.1 | 0.0 |
| Retained earnings (accumulated deficit) | 96.5 | (6.3) |
| Accumulated other comprehensive income (loss) | (33.9) | (30.7) |
| Total shareholders' equity (deficit) | 3,649.7 | (37.0) |
| Noncontrolling interests | 0.0 | 119.1 |
| Total equity | 3,649.7 | 82.1 |
| Total liabilities and equity | 8,346.2 | 8,177.1 |
| Class A Common Stock | ||
| Shareholders' equity (deficit) | ||
| Common stock | 0.0 | 0.0 |
| Class B Common Stock | ||
| Shareholders' equity (deficit) | ||
| Common stock | $ 0.0 | $ 0.0 |