Vertiv Holdings Co
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
VRT$194.22-3.1%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three months ended March 31, 2024 | Three months ended March 31, 2023 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | $(5.9) | $50.3 |
| Adjustments to reconcile net income (loss) to net cash used for operating activities: | ||
| Depreciation | 19.8 | 17.7 |
| Amortization | 48.9 | 48.9 |
| Deferred income taxes | (7.6) | 3.4 |
| Amortization of debt discount and issuance costs | 2.1 | 2.7 |
| Change in fair value of warrant liabilities | 176.6 | (4.2) |
| Changes in operating working capital | (99.7) | (86.9) |
| Stock-based compensation | 9.2 | 5.5 |
| Other | (5.9) | 4.6 |
| Net cash provided by (used for) operating activities | 137.5 | 42.0 |
| Cash flows from investing activities: | ||
| Capital expenditures | (35.8) | (27.8) |
| Investments in capitalized software | (0.7) | (2.0) |
| Proceeds from disposition of property, plant and equipment | — | 12.4 |
| Net cash provided by (used for) investing activities | (36.5) | (17.4) |
| Cash flows from financing activities: | ||
| Borrowings from ABL revolving credit facility and short-term borrowings | 190.0 | 100.2 |
| Repayments of ABL revolving credit facility and short-term borrowings | (190.0) | (110.2) |
| Repayment of long-term debt | (5.3) | (10.9) |
| Dividend payment | (9.3) | — |
| Repurchase of common stock | (599.9) | — |
| Exercise of employee stock options | 14.4 | 2.2 |
| Employee taxes paid from shares withheld | (3.0) | (0.1) |
| Net cash provided by (used for) financing activities | (603.1) | (18.8) |
| Effect of exchange rate changes on cash and cash equivalents | (6.0) | 1.8 |
| Increase (decrease) in cash, cash equivalents and restricted cash | (508.1) | 7.6 |
| Beginning cash, cash equivalents and restricted cash | 788.6 | 273.2 |
| Ending cash, cash equivalents and restricted cash | $280.5 | $280.8 |
| Changes in operating working capital | ||
| Accounts receivable | $9.9 | $(90.1) |
| Inventories | (106.5) | (79.5) |
| Other current assets | (31.7) | (1.2) |
| Accounts payable | 9.8 | (62.3) |
| Deferred revenue | 100.0 | 144.2 |
| Accrued expenses and other liabilities | (68.5) | (16.5) |
| Income taxes | (12.7) | 18.5 |
| Total changes in operating working capital | $(99.7) | $(86.9) |
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