XML 22 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOW
€ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 76.6 $ 119.6 $ (327.3)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:      
Depreciation 72.0 69.1 60.3
Amortization 230.4 157.9 142.8
Deferred income taxes (8.6) (69.8) (1.4)
Amortization of debt discount and issuance costs 7.5 6.3 10.5
Loss on extinguishment of debt 0.0 0.4 174.0
Gain on tax receivable agreement 0.0 (59.2) 0.0
Change in fair value of warrant liabilities (90.9) 61.9 143.7
Asset impairments 0.0 8.7 21.0
Stock-based compensation 24.7 23.2 13.0
Payment of contingent consideration (8.7) 0.0 0.0
Gain on sale of property, plant and equipment (3.7) 0.0 0.0
Changes in tax receivable agreement 0.0 7.7 21.3
Changes in operating working capital (449.2) (132.8) (60.8)
Other (2.9) 17.9 11.8
Net cash provided by (used for) operating activities (152.8) 210.9 208.9
Cash flows from investing activities:      
Capital expenditures (100.0) (73.4) (44.4)
Investments in capitalized software (11.0) (11.2) (8.3)
Proceeds from disposition of property, plant and equipment 3.9 9.8 7.0
Acquisition of Business, net of cash acquired (5.0) (1,163.7) 0.0
Proceeds from sale of Business 0.0 21.7 0.0
Net cash provided by (used for) investing activities (112.1) (1,216.8) (45.7)
Cash flows from financing activities:      
Borrowings from ABL revolving credit facility and short-term borrowings 790.8 0.0 346.2
Repayments of ABL revolving credit facility and short-term borrowings (555.8) 0.0 (493.7)
Proceeds from the issuance of long-term debt 0.0 850.0 2,189.0
Repayment of long-term debt (16.4) (21.8) (3,456.5)
Payment of redemption premiums 0.0 0.0 (75.0)
Payment of debt issuance costs (0.6) (13.8) (11.2)
Proceeds from reverse recapitalization, net 0.0 0.0 1,832.5
Payment to Vertiv Stockholder 0.0 0.0 (341.6)
Payment of tax receivable agreement (100.0) 0.0 0.0
Payment of contingent consideration (12.8) 0.0 0.0
Dividend Payment (3.8) (3.8) (3.3)
Proceeds from the exercise of warrants 0.0 107.5 156.5
Exercise of employee stock options 3.1 4.1 0.0
Employee taxes paid from shares withheld (4.3) (7.3) 0.0
Other financing 0.0 0.0 (2.2)
Net cash provided by (used for) financing activities 100.2 914.9 140.7
Effect of exchange rate changes on cash and cash equivalents (9.2) (4.5) 5.0
Increase (decrease) in cash, cash equivalents and restricted cash (173.9) (95.5) 308.9
Beginning cash, cash equivalents and restricted cash 447.1 542.6 233.7
Ending cash, cash equivalents and restricted cash 273.2 447.1 542.6
Changes in operating working capital      
Accounts receivable (375.8) (117.4) (114.8)
Inventories (211.4) (125.7) (38.5)
Other current assets (28.8) 2.1 7.8
Accounts payable 132.8 105.1 78.2
Accrued expenses and other liabilities 45.6 11.9 13.3
Income taxes (11.6) (8.8) (6.8)
Total changes in operating working capital (449.2) (132.8) (60.8)
Supplemental Disclosures      
Cash paid during the year for interest 132.8 75.1 167.0
Cash paid during the year for income tax, net 104.6 97.3 64.7
Property and equipment acquired during the year for capital lease obligations 4.3 0.7 5.4
Noncash Supplemental Disclosure      
Seller provided financing for the disposition of property, plant and equipment $ 12.2 $ 0.0 $ 0.0