Vertiv Holdings Co

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

VRT$194.22-3.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net income (loss)	$460.2	$76.6	$119.6
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation	74.3	72.0	69.1
Amortization	196.7	230.4	157.9
Deferred income taxes	(131.6)	(8.6)	(69.8)
Amortization of debt discount and issuance costs	7.9	7.5	6.3
Gain on tax receivable agreement	—	—	(59.2)
Change in fair value of warrant liabilities	157.9	(90.9)	61.9
Asset impairments	—	—	8.7
Stock-based compensation	25.0	24.7	23.2
Payment of contingent consideration	—	(8.7)	—
Gain on sale of property, plant and equipment	—	(3.7)	—
Changes in tax receivable agreement	—	—	7.7
Changes in operating working capital	66.7	(449.2)	(132.8)
Other	43.4	(2.9)	18.3
Net cash provided by (used for) operating activities	900.5	(152.8)	210.9
Cash flows from investing activities:
Capital expenditures	(127.9)	(100.0)	(73.4)
Investments in capitalized software	(6.7)	(11.0)	(11.2)
Proceeds from disposition of property, plant and equipment	12.4	3.9	9.8
Acquisition of business	(28.8)	(5.0)	(1,163.7)
Proceeds from sale of business	11.9	—	21.7
Net cash provided by (used for) investing activities	(139.1)	(112.1)	(1,216.8)
Cash flows from financing activities:
Borrowings from ABL revolving credit facility and short-term borrowings	224.9	790.8	—
Repayments of ABL revolving credit facility and short-term borrowings	(459.9)	(555.8)	—
Proceeds from the issuance of long-term debt	—	—	850.0
Repayment of long-term debt	(27.1)	(16.4)	(21.8)
Payment of debt issuance costs	—	(0.6)	(13.8)
Payment of tax receivable agreement	—	(100.0)	—
Payment of contingent consideration	—	(12.8)	—
Dividend payment	(9.5)	(3.8)	(3.8)
Proceeds from the exercise of warrants	—	—	107.5
Exercise of employee stock options	27.4	3.1	4.1
Employee taxes paid from shares withheld	(3.3)	(4.3)	(7.3)
Net cash provided by (used for) financing activities	(247.5)	100.2	914.9
Effect of exchange rate changes on cash and cash equivalents	1.5	(9.2)	(4.5)
Increase (decrease) in cash, cash equivalents and restricted cash	515.4	(173.9)	(95.5)
Beginning cash, cash equivalents and restricted cash	273.2	447.1	542.6
Ending cash, cash equivalents and restricted cash	$788.6	$273.2	$447.1
Changes in operating working capital
Accounts receivable	$(272.5)	$(375.8)	$(117.4)
Inventories	(54.0)	(211.4)	(125.7)
Other current assets	—	(28.8)	2.1
Accounts payable	(17.7)	132.8	105.1
Deferred revenue	274.2	67.6	55.3
Accrued expenses and other liabilities	91.5	(22.0)	(43.4)
Income taxes	45.2	(11.6)	(8.8)
Total changes in operating working capital	$66.7	$(449.2)	$(132.8)
Supplemental Disclosures
Cash paid during the year for interest	$176.7	$132.8	$75.1
Cash paid during the year for income tax, net	153.0	104.6	97.3
Property and equipment acquired during the year for capital lease obligations	2.9	4.3	0.7
Noncash Supplemental Disclosure
Seller provided financing for the disposition of property, plant and equipment	—	12.2	—

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