Company: VRT
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001674101-25-000024
Chunk: 67

Company: Vertiv Holdings Co
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 future will be affected by many factors, including our credit rating, economic conditions, and the overall liquidity of capital markets. There can be no assurance that we will continue to have access to the capital and financing markets on acceptable terms.

31

Summary Statement of Cash Flows

Nine Months Ended September 30, 2025 and 2024

(Dollars in millions)20252024$ Change% ChangeNet cash provided by (used for) operating activities$1,134.9 $894.1 $240.8 26.9 %Net cash provided by (used for) investing activities(892.7)(120.7)(772.0)(639.6)Net cash provided by (used for) financing activities(44.3)(640.4)596.1 93.1 Capital expenditures(126.7)(106.3)(20.4)(19.2)Investments in capitalized software(4.7)(14.4)9.7 67.4 

Net Cash provided by (used for) Operating Activities

Net cash provided by operating activities was $1,134.9 in the first nine months of 2025, a $240.8 increase in cash generation compared to the first nine months of 2024. Net income from operations of $887.2 included $356.5 of net non-cash expense items, consisting of depreciation and amortization of $220.3, deferred taxes of $92.2, non-cash stock-based compensation expense of $38.7, and amortization of debt discount and issuance costs of $5.3. Trade working capital utilized $140.7 in the first nine months of 2025 compared to $69.2 provided in the first nine months of 2024.

Net Cash provided by (used for) Investing Activities

Net cash used for investing activities was $892.7 in the first nine months of 2025 compared to net cash used for investing activities of $120.7 in the first nine months of 2024. The increased use of cash over the comparable period was primarily driven by purchases of short-term investments of $539.6 and the acquisition of businesses of $221.7.

Net Cash provided by (used for) Financing Activities

Net cash used for financing activities was $44.3 in the first nine months of 2025 compared to $640.4 used for financing activities in the first nine months of 2024. The decrease in cash