Company: VRT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001628280-25-005905
Chunk: 3

Company: Vertiv Holdings Co
Filing Date: 2025-02-18
Form: 10-K
Item: Item 16
Chunk 3
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 accounting for uncertain tax positions. Our procedures included testing controls over management’s review of the valuation of the reserves for uncertain tax positions, including the assumptions used to estimate the reserves, as well as management’s controls over the completeness and accuracy of the data used within the Company’s analyses of its uncertain tax positions. Our audit procedures included, among others, evaluating the assumptions utilized by the Company to assess its uncertain tax positions by jurisdiction.  We also tested the completeness and accuracy of the underlying data used in the Company’s analyses of its uncertain tax positions. We evaluated certain legal opinions and other supporting documentation prepared from external advisors and internal legal counsel, examined the Company's communications with the relevant tax authorities and read the minutes of the meetings of the committees of the board of directors. We involved tax professionals with specialized skill and knowledge to assist in our evaluation of the tax technical merits of the Company’s assessment, including the assessment of whether the tax positions are more likely than not to be sustained, the amount of the potential benefits to be realized, and the application of relevant income tax law. We also assessed the Company’s disclosure of uncertain tax positions.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2016.

Grandview Heights, Ohio

February 18, 2025

58

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

VERTIV HOLDINGS CO

(Dollars in millions except for per share data)Year Ended December 31, 202420232022Net salesNet sales - products$6,393.5 $5,406.1 $4,335.3 Net sales - services1,618.3 1,457.1 1,356.2 Net sales8,011.8 6,863.2 5,691.5 Costs and expensesCost of sales - products4,099.4 3,575.7 3,219.1 Cost of sales - services978.2 887.0 856.3 Cost of sales5,077.6 4,462.7 4,075.4 Operating expensesSelling, general and administrative expenses1,374.0 1,312.3 1,178.3 Amortization of intangibles184.2 181.3 215.8 Restructuring costs5.3 28.6 0.7 Foreign currency (gain) loss, net9.3 16.