Company: VRT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001674101-25-000008
Chunk: 86

Company: Vertiv Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 86
---
 Attorney’s Office for the Southern District of New York, which relate to the allegations made in those actions. The Company is actively responding to these matters. In January 2024, the Mexican tax administration service, the Servicio de Administracion Tributaria (the "SAT"), initiated a process to suspend the importer registration of one of the Company's wholly owned Mexico subsidiaries, Tecnología del Pacífico S.A. de C.V. (“TDP”), in connection with a contested customs tax audit for the period April 2016 to February 2018. After further investigation and discussion with SAT, TDP agreed to make payments and fees totaling approximately $10.1 which were paid in the first quarter of 2024. The Company intends to seek reimbursement of this amount as an undue payment from SAT, for which the outcome is currently unknown and no receivable has been established.The Company is unable at this time to predict the outcome of these matters, including whether any proceedings may be instituted in connection with the government inquiries, or the amount of any cost associated with their resolution, except as noted above.

18

Bank Guarantees and BondsIn the ordinary course of business, we are required to commit to bank guarantees and bonds that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in progress. As of June 30, 2025 the outstanding value of bank guarantees and bonds totaled $166.2.At, June 30, 2025 other than as described above, there were no known contingent liabilities (including guarantees, taxes and other claims) that management believes were or will be material in relation to the Company’s Unaudited Condensed Consolidated Financial Statements, nor were there any material commitments outside the normal course of business.

(13) SUBSEQUENT EVENTOn July 17, 2025, the Company announced the execution of a definitive agreement related to the acquisition of the Great Lakes Data Rack and Cabinets family of companies (the "Acquisition"). The closing of the Acquisition is subject to customary closing conditions. The Acquisition is expected to close in the third quarter of 2025.

19

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless the context otherwise indicates or requires, references to “the Company,” “Vertiv,” “we,” “us” and “our” refer to Vertiv Holdings Co, a Delaware corporation, and its consolidated subsidiaries. In addition, dollar amounts