Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2020 |
Sep. 30, 2019 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (258.5)
|
$ (106.9)
|
| Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
| Depreciation |
42.9
|
42.7
|
| Amortization |
107.8
|
109.2
|
| Deferred income taxes |
(7.7)
|
(8.3)
|
| Amortization of debt discount and issuance costs |
9.0
|
21.2
|
| Loss on extinguishment of debt |
174.0
|
0.0
|
| Asset impairment |
21.7
|
0.0
|
| Changes in operating working capital |
(102.1)
|
(104.2)
|
| Other |
27.3
|
(11.8)
|
| Net cash provided by (used for) operating activities |
14.4
|
(58.1)
|
| Cash flows from investing activities: |
|
|
| Capital expenditures |
(21.3)
|
(27.9)
|
| Investments in capitalized software |
(4.9)
|
(15.5)
|
| Proceeds from disposition of property, plant and equipment |
0.0
|
5.0
|
| Net cash used for investing activities |
(26.2)
|
(38.4)
|
| Cash flows from financing activities: |
|
|
| Borrowings from ABL revolving credit facility |
324.2
|
381.8
|
| Repayments of ABL revolving credit facility |
(370.5)
|
(462.2)
|
| Proceeds from short-term borrowings |
22.0
|
0.0
|
| Repayment of short-term borrowings |
(3.8)
|
0.0
|
| Proceeds from the issuance of 10.00% Notes |
0.0
|
114.2
|
| Borrowing on Term Loan, net of discount |
2,189.0
|
0.0
|
| Repayment of Prior Notes |
(1,370.0)
|
0.0
|
| Payment of redemption premiums |
(75.0)
|
0.0
|
| Payment of debt issuance costs |
(11.2)
|
0.0
|
| Proceeds from reverse recapitalization, net |
1,832.5
|
0.0
|
| Payment to Vertiv Stockholder |
(341.6)
|
0.0
|
| Other financing |
(2.3)
|
0.0
|
| Net cash provided by financing activities |
112.3
|
33.8
|
| Effect of exchange rate changes on cash and cash equivalents |
(1.9)
|
(3.1)
|
| Increase (decrease) in cash, cash equivalents and restricted cash |
98.6
|
(65.8)
|
| Beginning cash, cash equivalents and restricted cash |
233.7
|
225.3
|
| Ending cash, cash equivalents and restricted cash |
332.3
|
159.5
|
| Changes in operating working capital |
|
|
| Accounts receivable |
(76.5)
|
42.4
|
| Inventories |
(64.5)
|
43.2
|
| Other current assets |
8.0
|
(32.3)
|
| Accounts payable |
20.8
|
(161.4)
|
| Accrued expenses and other liabilities |
(2.8)
|
(1.2)
|
| Income taxes |
12.9
|
5.1
|
| Term Loan due 2027 |
|
|
| Cash flows from financing activities: |
|
|
| Repayments of Term Loan and Prior Term Loan |
(11.0)
|
0.0
|
| Term Loan due 2023 |
|
|
| Cash flows from financing activities: |
|
|
| Repayments of Term Loan and Prior Term Loan |
$ (2,070.0)
|
$ 0.0
|