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Consolidated Statements of Cash Flow
€ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 119.6 $ (327.3) $ (140.8)
Adjustments to reconcile net income (loss) to net cash used for operating activities:      
Depreciation 69.1 60.3 57.1
Amortization 157.9 142.8 145.8
Deferred income taxes (69.8) (1.4) (13.8)
Amortization of debt discount and issuance costs 6.3 10.5 27.9
Loss on extinguishment of debt 0.4 174.0 0.0
Gain on tax receivable agreement (59.2) 0.0 0.0
Change in fair value of warrant liabilities 61.9 143.7 0.0
Asset impairments 8.7 21.0 0.0
Stock-based compensation 23.2 13.0 0.0
Changes in tax receivable agreement 7.7 21.3 0.0
Changes in operating working capital (132.8) (60.8) (36.4)
Other 17.9 11.8 17.7
Net cash provided by (used for) operating activities 210.9 208.9 57.5
Cash flows from investing activities:      
Capital expenditures (73.4) (44.4) (47.6)
Investments in capitalized software (11.2) (8.3) (22.7)
Proceeds from disposition of property, plant and equipment 9.8 7.0 5.0
Acquisition of Business, net of cash acquired (1,163.7) 0.0 0.0
Proceeds from sale of Business 21.7 0.0 0.0
Net cash provided by (used for) investing activities (1,216.8) (45.7) (65.3)
Cash flows from financing activities:      
Borrowings from ABL revolving credit facility and short-term borrowings 0.0 346.2 491.8
Repayments of ABL revolving credit facility and short-term borrowings 0.0 (493.7) (591.2)
Proceeds from the issuance of long-term debt 850.0 2,189.0 114.2
Repayment of long-term debt (21.8) (3,456.5) 0.0
Payment of redemption premiums 0.0 (75.0) 0.0
Payment of debt issuance costs (13.8) (11.2) 0.0
Proceeds from reverse recapitalization, net 0.0 1,832.5 0.0
Payment to Vertiv Stockholder 0.0 (341.6) 0.0
Dividend Payment (3.8) (3.3) 0.0
Proceeds from the exercise of warrants 107.5 156.5 0.0
Exercise of employee stock options 4.1 0.0 0.0
Employee taxes paid from shares withheld (7.3) 0.0 0.0
Other financing 0.0 (2.2) 0.0
Net cash provided by (used for) financing activities 914.9 140.7 14.8
Effect of exchange rate changes on cash and cash equivalents (4.5) 5.0 1.4
Increase (decrease) in cash, cash equivalents and restricted cash (95.5) 308.9 8.4
Beginning cash, cash equivalents and restricted cash 542.6 233.7 225.3
Ending cash, cash equivalents and restricted cash 447.1 542.6 233.7
Changes in operating working capital      
Accounts receivable (117.4) (114.8) 39.8
Inventories (125.7) (38.5) 85.5
Other current assets 2.1 7.8 (41.6)
Accounts payable 105.1 78.2 (140.8)
Accrued expenses and other liabilities 11.9 13.3 34.8
Income taxes (8.8) (6.8) (14.1)
Total changes in operating working capital 132.8 60.8 36.4
Supplemental Disclosures      
Cash paid during the year for interest 75.1 167.0 271.5
Cash paid during the year for income tax, net 97.3 64.7 48.7
Property and equipment acquired during the year for capital lease obligations $ 0.7 $ 5.4 $ 1.8