XML 18 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 31.7 $ (208.3)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 16.9 14.2
Amortization of intangibles 35.3 36.3
Deferred income taxes (7.5) (3.6)
Amortization of debt discount and issuance costs 1.8 5.9
Loss on extinguishment of debt 0.4 174.0
Change in fair value of warrant liabilities 13.6 (60.6)
Changes in operating working capital (44.6) (139.2)
Stock based compensation 5.6 0.7
Changes in tax receivable agreement 1.8 9.0
Other 5.7 (23.1)
Net cash provided by (used for) operating activities 60.7 (194.7)
Cash flows from investing activities:    
Capital expenditures (16.8) (6.7)
Investments in capitalized software (1.1) (1.8)
Net cash used for investing activities (17.9) (8.5)
Cash flows from financing activities:    
Borrowings from ABL revolving credit facility 0.0 324.2
Repayments of ABL revolving credit facility 0.0 (193.1)
Borrowing on Term Loan, net of discount 0.0 2,189.0
Repayment of Prior Notes 0.0 (1,370.0)
Payment of redemption premiums 0.0 (75.0)
Payment of debt issuance costs 0.0 (11.2)
Proceeds from reverse recapitalization, net 0.0 1,827.0
Payment to Vertiv Stockholder 0.0 (341.6)
Proceeds from the exercise of warrants 107.5 0.0
Exercise of employee stock options 0.9 0.0
Net cash provided by financing activities 102.9 279.3
Effect of exchange rate changes on cash and cash equivalents (3.1) (6.4)
Increase (decrease) in cash, cash equivalents and restricted cash 142.6 69.7
Beginning cash, cash equivalents and restricted cash 542.6 233.7
Ending cash, cash equivalents and restricted cash 685.2 303.4
Changes in operating working capital    
Accounts receivable 47.1 63.8
Inventories (68.4) (46.0)
Other current assets (5.3) 1.4
Accounts payable 20.7 (42.3)
Accrued expenses and other liabilities (41.5) (120.3)
Income taxes 2.8 4.2
Changes in operating working capital (44.6) (139.2)
Term Loan due 2027    
Cash flows from financing activities:    
Repayments of Term Loan and Prior Term Loan (5.5) 0.0
Term Loan due 2023    
Cash flows from financing activities:    
Repayments of Term Loan and Prior Term Loan $ 0.0 $ (2,070.0)