For the year ending 2025-12-31, VRT had $557,600K increase in cash & cash equivalents over the period. $1,893,800K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Deferred income taxes | 22,600 | -54,500 | -131,600 | -8,600 |
| Amortization of debt discount and issuance costs | 5,900 | 7,000 | 7,900 | 7,500 |
| Loss on extinguishment of debt | - | - | - | 0 |
| Gain on tax receivable agreement | - | - | 0 | 0 |
| Change in fair value of warrant liabilities | 0 | 449,200 | 157,900 | -90,900 |
| Asset impairments | - | - | 0 | 0 |
| Stock-based compensation | 45,900 | 34,600 | 25,000 | 24,700 |
| Payment of contingent consideration | - | 0 | 0 | 8,700 |
| Gain on sale of property, plant and equipment | - | 0 | 0 | 3,700 |
| Changes in tax receivable agreement | - | - | 0 | 0 |
| Other | 58,700 | -3,900 | 43,400 | -2,900 |
| Accounts receivable | 547,500 | 280,300 | 272,500 | 375,800 |
| Inventories | 164,700 | 369,300 | 54,000 | 211,400 |
| Other current assets | 72,900 | 63,700 | 0 | 28,800 |
| Accounts payable | 381,200 | 343,100 | -17,700 | 132,800 |
| Deferred revenue | 717,500 | 434,500 | 274,200 | - |
| Accrued expenses and other liabilities | 93,100 | 7,000 | 91,500 | 45,600 |
| Income taxes | -67,400 | 42,800 | 45,200 | -11,600 |
| Total changes in operating working capital | -339,300 | -114,100 | -66,700 | 449,200 |
| Amortization | 211,500 | 195,400 | 196,700 | 230,400 |
| Depreciation | 97,100 | 81,600 | 74,300 | 72,000 |
| Net income (loss) | 1,332,800 | 495,800 | 460,200 | 76,600 |
| Net cash provided by (used for) operating activities | 2,113,800 | 1,319,300 | 900,500 | -152,800 |
| Investments in capitalized software | 6,400 | 17,100 | 6,700 | 11,000 |
| Purchase of short-term investments | 539,600 | - | - | - |
| Proceeds from maturities of short-term investments | 450,000 | - | - | - |
| Proceeds from disposition of property, plant and equipment | 0 | 0 | 12,400 | 3,900 |
| Acquisition of businesses, net of cash acquired | 1,184,800 | 17,600 | 28,800 | 5,000 |
| Proceeds from sale of business | 0 | 0 | 11,900 | 0 |
| Capital expenditures | 220,000 | 167,000 | 127,900 | 100,000 |
| Net cash provided by (used for) investing activities | -1,500,800 | -201,700 | -139,100 | -112,100 |
| Borrowings from abl revolving credit facility and short-term borrowings | 0 | 270,000 | 224,900 | 790,800 |
| Repayments of abl revolving credit facility and short-term borrowings | 0 | 270,000 | 459,900 | 555,800 |
| Proceeds from the issuance of long-term debt | - | - | 0 | 0 |
| Repayment of long-term debt | 20,900 | 21,100 | 27,100 | 16,400 |
| Payment of redemption premiums | - | - | - | 0 |
| Payment of debt issuance costs | - | 0 | 0 | 600 |
| Proceeds from reverse recapitalization, net | - | - | - | 0 |
| Payment to vertiv stockholder | - | - | - | 0 |
| Payment of tax receivable agreement | - | 0 | 0 | 100,000 |
| Payment of contingent consideration | - | 0 | 0 | 12,800 |
| Dividend payment | 66,600 | 42,200 | 9,500 | 3,800 |
| Proceeds from the exercise of warrants | - | - | 0 | 0 |
| Repurchase of common stock | 0 | 599,900 | - | - |
| Exercise of employee stock options | 26,400 | 33,000 | 27,400 | 3,100 |
| Employee taxes paid from shares withheld | 11,200 | 21,900 | 3,300 | 4,300 |
| Other financing | - | - | - | 0 |
| Net cash provided by (used for) financing activities | -72,300 | -652,100 | -247,500 | 100,200 |
| Effect of exchange rate changes on cash and cash equivalents | 16,900 | -21,900 | 1,500 | -9,200 |
| Increase (decrease) in cash, cash equivalents and restricted cash | 557,600 | 443,600 | 515,400 | -173,900 |
| Cash and cash equivalents at beginning of period | 1,232,200 | 788,600 | 273,200 | 447,100 |
| Cash and cash equivalents at end of period | 1,789,800 | 1,232,200 | 788,600 | 273,200 |
Vertiv Holdings Co (VRT)
Vertiv Holdings Co (VRT)