Vertiv Holdings Co

NYSE-VRT

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,034.2	812.3	666.2	495.8	581.4	498.9
Net Income
Net Earnings
Depreciation & Amortization	291.3	284.8	279.9	277	274.9	274.2
Depreciation
Amortization
Stock Based Compensation	47.5	41.4	36.6	34.6	32	30.4
Stock-Based Compensation
Other Adjustments	282.9	265.5	293.4	397.8	208.3	221.8
Deferred Income Taxes
Amortization of Debt Discount and Issuance Costs
Gain on Sale of Business
Loss on Extinguishment of Debt
Gain on Tax Receivable Agreement
Change in Fair Value of Warrant Liabilities
Asset Impairments
Payment of Contingent Consideration
Gain on Sale of Property, Plant and Equipment
Changes in Tax Receivable Agreement
Other
Changes in Trade Receivables	—	—	—	-280.3	-133.3	-118
Accounts Receivable
Changes in Inventories	—	—	—	-369.3	47.5	-181.6
Inventories
Changes in Accounts Payable	—	—	—	343.1	27.2	149.2
Change in Accounts Payable
Accounts Payable
Changes in Accrued Expenses	—	—	—	7	46	55.6
Accrued Expenses and Other Liabilities
Changes in Income Taxes Payable	—	—	—	42.8	38.5	4.8
Income Taxes
Changes in Unearned Revenue	—	—	—	434.5	89.6	367.6
Deferred Revenue
Changes in Other Operating Activities	—	—	—	-63.7	-31	-179
Change in Receivable from GS DC Sponsor I LLC
Professional Fees Paid by GS Sponsor LLC on Behalf of the Company
Other Current Assets
Cash from Operating Activities	1,560.1	1,426.5	1,485.1	1,319.3	1,250.3	1,123.9
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-187.4	-178.6	-167.7	-167	-154.1	-144.2
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Disposition of Property, Plant and Equipment
Purchases of Intangible Assets	-7.4	-8.7	-18.7	-17.1	-17.7	-15.8
Investments in Capitalized Software
Payments for Business Acquisitions	—	—	—	-17.6	—	—
Acquisition of Businesses, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from Sale of Business
Cash from Investing Activities	-973.7	-303	-204	-201.7	-188.7	-176.9
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	270	—	335.2
Proceeds from GS DC Sponsor I LLC Promissory Note
Borrowings from ABL Revolving Credit Facility
Borrowings from ABL Revolving Credit Facility and Short-Term Borrowings
Repayments of Short-Term Debt	—	—	—	-270	—	-335.2
Repayment of GS DC Sponsor I LLC Promissory Note
Repayments of ABL Revolving Credit Facility
Repayments of ABL Revolving Credit Facility and Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from the Issuance of Long-Term Debt
Repayments of Long-Term Debt	-20.9	-21	-21.1	-21.1	-21.2	-21.3
Repayment of Long-Term Debt
Repayment on Prior Term Loan
Repayment of Prior Notes
Net Issuance / (Repayments) of Long-Term Debt	-20.9	-21	-21.1	-21.1	-21.2	-21.3
Issuance of Common Shares	30	22.4	19.9	33	29.5	41
Proceeds from Sale of Class B Common Stock to GS Sponsor LLC
Proceeds from the Exercise of Warrants
Exercise of Employee Stock Options
Repurchases of Common Shares	-8.4	-7.8	-25.6	-621.8	-22	-21.9
Repurchase of Common Stock
Employee Taxes Paid from Shares Withheld
Net Issuance / (Repurchases) of Common Shares	21.6	14.6	-5.7	-588.8	7.5	19.1
Common Share Dividends Paid	-56.7	-51.9	-47.1	-42.2	-37.6	-33
Dividend Payment
Other Financing Activities	—	—	—	—	—	—
Payment of Redemption Premiums
Payment of Debt Issuance Costs
Proceeds from Reverse Recapitalization, Net
Payment to Vertiv Stockholder
Payment of Tax Receivable Agreement
Payment of Contingent Consideration
Other Financing
Cash from Financing Activities	-56	-58.3	-73.9	-652.1	-651.2	-630.3
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	1,372.7	1,247.9	1,317.4	1,152.3	1,096.2	979.7
NOPAT	1,239.8	1,057.1	929	885.8	982.3	916.8
Levered Free Cash Flow	1,117.2	897.5	757.3	979.1	898.8	824.2
Unlevered Free Cash Flow	1,343.7	1,163.3	1,041.2	1,390.2	1,320.9	1,263.4
Net Change in Cash	530.4	1,065.2	1,207.2	465.5	410.4	316.7