10-K 0001674101-26-000008 (2026-02-13) vs 10-K 0001628280-25-005905 (2025-02-18)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 12,765 |
21.1% |
| MD&A | Item 7 | 5,211 |
25.8% |
| Legal Proceedings | Item 3 | 952 |
3.9% |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 243 words changed in this paragraph; it is 56% similar to last year's version.
Variability in the mix and profitability of domestic and international activities, identification and resolution of various tax uncertainties, changes in tax laws and rates or other regulatory actions regarding taxes taxes, including the implementation of any global minimum tax for corporations, and the extent to which we are able our ability to realize net operating loss and other carryforwards included in deferred tax assets and avoid potential adverse outcomes included in deferred tax liabilities, among other matters, may significantly impact our effective income tax rate in the future. Our Further, our effective tax rate in any given financial reporting period may be materially impacted by the mix and level of earnings or losses by jurisdiction as well as the discrete recognition of taxable events and exposures. Changes in tax laws and rates or other regulatory actions may significantly impact the positions taken with regard to tax contingencies and we may be subject to audit and review by tax authorities, which may result in future taxes, interest and penalties. Additionally, final laws enacting the Organization for Economic Co-operation and Development's global minimum tax framework ("Pillar Two Laws") are effective beginning in 2024 in the European Union and other countries where we do business. The Company faces uncertainty related to the potential implementation of Pillar Two Laws in other countries where we operate. We are continuing to monitor the legislative process and evaluate the potential impact of implementation of Pillar Two Laws by other countries. We are regularly subject to audits by tax authorities. Although we believe our tax estimates are reasonable, the final determination of tax audits and any related litigation could be materially different from our historical income tax provisions and accruals. Economic and political pressures to increase tax revenue in various jurisdictions may make resolving tax disputes more difficult and may lead to unpredictability in our tax estimates. The results of an audit or litigation could adversely affect our financial statements in the period or periods for which that determination is made and may have negative impacts on future periods as well. Additionally, actions brought by such foreign taxing authorities could impact our licenses, permits, or certifications in that jurisdiction, which could affect our ability to operate in that jurisdiction. If we lost our ability to operate in jurisdictions, especially those where we have manufacturing facilities, our results of operations and financial performance could be materially impacted.
Source: Item 1A, 10-K 0001674101-26-000008 vs Item 1A, 10-K 0001628280-25-005905
MD&A 129 words changed in this paragraph; it is 36% similar to last year's version.
•Capacity Expansion: We have strategically invested in expanding our global capacity expansion to meet both current and anticipated additional customer demand. For example, since acquiring E&I in demand across key infrastructure segments. Since late 2021, we have approximately Vertiv has more than doubled our its manufacturing capacity for switchgear, busbar and integrated power solutions by through the opening of new facilities and adding production to capacity increases at existing facilities. Additionally, in order to operations worldwide. These expansions support our thermal management activity, we opened a new manufacturing facility in Pune, India in 2024. We also recently opened a new facility in Pelzer, South Carolina ability to support the production of modular solutions, modular deliver critical power systems infrastructure at scale for data centers and other infrastructure systems. We anticipate continuing to invest in capacity globally to provide the geographic presence that our customers need, mission-critical applications amid accelerating demand, particularly driven by AI and the ability to rapidly scale and to ensure resiliency. high-performance computing workloads.
Source: Item 7, 10-K 0001674101-26-000008 vs Item 7, 10-K 0001628280-25-005905
Legal Proceedings 69 words changed in this paragraph; it is 65% similar to last year's version.
In November 2023, following the filing of the putative securities class action and the Sullivan Action described above, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) and a parallel request for documents from the U.S. Attorney’s Office for the Southern District of New York, which relate to the allegations made in those actions. The Company is actively responding responded to these matters. requests. Since 2024, the Company has not received any further requests from the U.S. Attorney’s Office for the Southern District of New York relating to this matter. On December 30, 2025, the SEC’s Division of Enforcement informed the Company that it had concluded its investigation as to the Company and did not intend to recommend any enforcement action against the Company at this time.
Source: Item 3, 10-K 0001674101-26-000008 vs Item 3, 10-K 0001628280-25-005905
Every change, by type
Sentences and paragraphs of VRT's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-18.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Our recent acquisitions have added to our sales pipeline and backlog. The contracts associated with our acquisitions may have differing terms, allowing customers to reduce firm orders or terminate contracts, with varying costs.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
Our customers’ markets could suffer disruption due to a number of factors, including government policy changes, local zoning decisions, community opposition or temporary or permanent local moratoria that limit or restrict the siting,
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
•Increasing Demand - As the demand for our products increases, or if we experience unexpected large orders, we will need to increase production and obtain sufficient supply of materials. If we fail to meet this increased customer demand in a timely manner, or at all, of if we fail to obtain the necessary raw materials or otherwise satisfy the performance obligations in our contracts related to these orders, we could be subject to penalty provisions, liquidated damages or other claims. Additionally, our reputation and customer relationships could be damaged and we could lose revenue and market share.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
These risks may be enhanced in emerging markets, and additional risks not encountered in established countries may also occur, including more frequent foreign currency exchange rate fluctuations, foreign state takeovers of our facilities, trade protectionism, state-initiated industry consolidation or other similar government actions or control; difficulty enforcing agreements and collecting receivables through certain foreign legal systems; longer collection cycles and financial instability among customers; political or social instability that may hinder our ability to send personnel abroad or cause us to move our operations to facilities in countries with higher costs and less efficiencies; difficulties associated with repatriating earnings generated or held abroad in a tax-efficient manner, changes in tax laws, or tax inefficiencies; and exposure to wage, price and capital controls, local labor conditions and regulations, including local labor disruptions and rising labor costs which we may be unable to recover in our pricing to customers. Consequently, our exposure to these conditions which may exist in or otherwise impact the emerging markets that we enter may have an adverse effect on our business, results of operations and financial condition.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
We have debt, including existing outstanding indebtedness as of December 31, 2025, as detailed elsewhere in this Annual Report. Further, we may be able to incur additional debt in the future and the terms of the credit agreements governing the Senior Secured Credit Facilities and the indenture governing the Notes will not prohibit us from doing so subject to certain limitations.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
This forum selection clause may discourage claims or limit stockholders’ ability to submit claims in a judicial forum that they find favorable and may result in additional costs for a stockholder seeking to bring a claim. While we believe the risk of a court declining to enforce this forum selection clause is low, if a court were to determine the forum selection clause to
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
We are required to implement and maintain effective disclosure controls and procedures and internal control over financial reporting, which requires significant investment in personnel, systems, and processes. Our management and other personnel must devote substantial time and attention to these compliance obligations, which may divert resources from operational and strategic initiatives. We expect to continue incurring significant expenses and dedicating substantial management effort to maintain compliance with SOX and other public company requirements.
Read it in 10-K 2026-02-13 at sec.gov ↗
RemovedRisk Factors
Operations in emerging markets can also present risks that are not encountered in countries with well-established economic and political systems, including:
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•changes or instability in a region’s economic or political conditions, including actual or anticipated military or political conflicts, could make it difficult for us to anticipate future business conditions, cause operational delays, complicate permitting and other regulatory matters and make our customers less willing to make cross-border investments;
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•inadequate infrastructure, including lack of adequate power and water supplies, transportation, raw materials and parts;
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•foreign state takeovers of our facilities, trade protectionism, state-initiated industry consolidation or other similar government actions or control;
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•changes in and compliance with international, national or local regulatory and legal environments, including laws and policies affecting trade, economic sanctions, foreign investment, labor relations, foreign anti-bribery and anti-corruption;
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•the difficulty of enforcing agreements and collecting receivables through certain foreign legal systems;
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•trade regulations, tariffs, boycotts and embargoes, which could impair our ability to obtain materials necessary to fulfill contracts, pursue business or establish operations in such countries;
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•fluctuations in freight costs, limitations on shipping and receiving capacity, and other disruptions in the transportation and shipping infrastructure;
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•political or social instability that may hinder our ability to send personnel abroad or cause us to move our operations to facilities in countries with higher costs and less efficiencies;
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•difficulties associated with repatriating earnings generated or held abroad in a tax-efficient manner, changes in tax laws, or tax inefficiencies; and
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
•exposure to wage, price and capital controls, local labor conditions and regulations, including local labor disruptions and rising labor costs which we may be unable to recover in our pricing to customers.
Read it in 10-K 2025-02-18 at sec.gov ↗
RemovedRisk Factors
Wars, conflicts and other types of geopolitical tensions, and any resulting sanctions by the U.S., European Union and other countries may contribute to inflation, market disruptions and increased volatility in commodity prices more acutely in the U.S. and Europe and a slowdown in global economic growth.
Read it in 10-K 2025-02-18 at sec.gov ↗
RewordedRisk Factors
In addition, third party claims of infringement by us or customers using our product, products, regardless of the merit of these claims, can be time-consuming, costly to defend, and may could ultimately require that we develop or substitute non-infringing technologies, redesign affected products, divert management’s attention and resources away from our business, require us to enter into settlement or license agreements that may not be commercially reasonable, pay significant damage awards, including treble damages if we were found to be willfully infringing, or temporarily or permanently cease engaging in certain activities or offering certain products or services in some or all jurisdictions, and any of the foregoing could adversely impact our business.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
For example, As a public company, we are required subject to comply with certain of the requirements of significant legal, accounting, and regulatory requirements, including the Sarbanes-Oxley Act and Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules and regulations subsequently implemented by of the SEC, and the rules listing standards of the NYSE, including the establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. NYSE.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
As restrictions on resale end and registration statements remain available for use, the The sale or possibility of sale of shares by the former owners of E&I and other investors under existing resale registration statements could have the effect of increasing the volatility in our share price or causing the market price of our securities could decline if the holders of currently restricted shares sell them or are perceived by the market as intending to sell them. decline.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
These include, for example, We regularly move data across borders to operate, and consequently are subject to a number of continuously evolving and developing privacy and data protection laws and regulations both domestically and around the world, including, the General Data Protection Regulation ("GDPR") in Europe, the California Privacy Rights and Enforcement Act of 2020 ("CPRA") in the U.S., and the Personal Information Protection Law ("PIPL") in China.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Our ability to comply with the Restrictive covenants and restrictions contained in the credit agreements governing the our Senior Secured Credit Facilities, the indenture governing the Notes Notes, and any future debt agreements, is not fully within could restrict our control and breaches of such covenants or restrictions could trigger adverse consequences. operating flexibility.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Changes in our executive management team, including our executive chairman, may also cause disruptions in, and harm to, our business and failure to have an effective succession plan in place for our key executive officers could significantly delay or prevent us from achieving our business and/or development objectives and could materially harm our business.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Any such These information systems, including sensitive data stored or maintained by third parties, may be vulnerable to disruption, downtime, attack or breach that could compromise such information systems, resulting in disruptions or interruptions in our business operations or fraud, ransom attack or theft of our, or our customers', customers' and suppliers', proprietary or sensitive information which could be accessed, publicly disclosed, misused, stolen or lost.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
The global scope of our operations, especially in emerging markets, business poses specific operational risks and challenges with respect challenges, including those relating to operations, disruptive global events and forces, compliance with laws laws, and enforcement of consistent company-wide standards and procedures. procedures; additional or exacerbated risks may exist in emerging markets.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
While it is difficult to anticipate the duration and extent of any conflict, or the impact of any prolonged conflict and commensurate sanctions and penalties may have on our operations, any Any sanctions imposed or actions taken by the U.S. or other countries, and any retaliatory measures could increase our costs, reduce our sales and earnings or otherwise have an adverse effect on our operations.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Our ability to comply with the these covenants and other restrictions contained in the credit agreements governing the Senior Secured Credit Facilities, the indenture governing the Notes and any future debt agreements, such documents is not fully within our control control, and breaches of such covenants or restrictions could trigger adverse consequences.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Our ability to realize the expected synergies and benefits of an acquisition include, or investment includes, among other things, our ability to complete the timely integration of operations and systems, organizations, standards, controls, technologies, policies, and procedures, policies and technologies, adequately protecting against downside risk of an investment or inability to realize on upside success, difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects from the combination; combination or investment; and difficulties in managing the expanded operations of a significantly larger and more complex combined business.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Large companies, such as communication network and cloud/hyperscale and colocation data center providers, Larger customers often require more favorable terms and conditions in our contracts, that are more favorable to the customer, which could result in downward pricing pressures on our business.
Read it in 10-K 2026-02-13 at sec.gov ↗
Quiet changesRisk Factors
In addition, legal matters are generally expensive and time-consuming to defend, settle, and/or resolve, and may require us to implement certain remedial measures that could prove costly or disruptive to our business and operations.
Read it in 10-K 2026-02-13 at sec.gov ↗
Quiet changesRisk Factors
The expectations and assumptions underlying any such initiatives and goals would be necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and measuring and reporting on many ESG these matters.
Read it in 10-K 2026-02-13 at sec.gov ↗
Quiet changesRisk Factors
Our business plan is may be dependent on access to funding through the capital markets.
Read it in 10-K 2026-02-13 at sec.gov ↗
Quiet changesRisk Factors
We are a holding company and will depend on the ability of our subsidiaries to pay dividends.
Read it in 10-K 2026-02-13 at sec.gov ↗
Quiet changesRisk Factors
Compliance with these requirements increases our legal and financial compliance costs and makes some certain activities more time-consuming and costly.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
We are continually analyzing and implementing strategic measures in an effort to minimize the financial and operational impacts of the new and proposed tariffs on our business operations, including, but not limited to, continued expansion of domestic manufacturing, alternative sourcing of components and parts regionally, increased sourcing of components and parts that qualify under applicable trade agreements, and continued evaluation of our ability to incorporate tariff impacts into pricing decisions for our products and services.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
We are also continually monitoring the evolving macroeconomic environment, including monitoring inflationary and recessionary pressures resulting from the ongoing tariffs and geopolitical climate. These additional pressures could significantly impact the labor markets, exchange rates, customer demand, supply chain, capital markets and other economic conditions in the jurisdictions we operate throughout 2026 and beyond. As we monitor this ever-changing situation, we have been adjusting, and will continue to adjust, our operational plans in an effort to mitigate the impact of these pressures on our business and financial performance.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
•Capacity Expansion: We have strategically invested in expanding our global capacity to meet both current and anticipated customer demand across key infrastructure segments. Since late 2021, Vertiv has more than doubled its manufacturing capacity for switchgear, busbar and integrated power solutions through the opening of new facilities and capacity increases at existing operations worldwide. These expansions support our ability to deliver critical power infrastructure at scale for data centers and other mission-critical applications amid accelerating demand, particularly driven by AI and high-performance computing workloads.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
To further support growth in thermal management solutions, we opened a new state-of-the-art manufacturing facility and test laboratory in Pune, India in 2024. This site significantly enhances our ability to produce a broad range of cooling products — from in-row and wall-mount units to large direct expansion and free-cooling systems — while serving both domestic and global customers.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
We expanded our domestic infrastructure solutions manufacturing footprint in 2024 with the addition of a 215,000-square-foot facility in Pelzer, South Carolina. This facility accelerates production of modular solutions, integrated power systems and other prefabricated infrastructure, enabling customers to reduce installation time and rapidly scale deployments.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Looking ahead, we anticipate continuing to invest in capacity globally to ensure that we provide the geographic presence and operational resiliency our customers require, with the ability to rapidly scale in response to evolving demand.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
In addition to organic capacity growth, we expanded our solution capabilities through strategic acquisitions aligned with demand trends. In August 2025, we acquired the Great Lakes Data Racks & Cabinets family of companies ("Great Lakes") for approximately $200 million, which enhances our rack, cabinet and integrated white-space infrastructure offerings, strengthening our position in delivering comprehensive solutions for AI, high-density computing, edge and hyperscale environments. Great Lakes’ manufacturing operations in the U.S. and Europe broaden our execution capacity and accelerate the availability of pre-engineered rack and integrated infrastructure systems that address market needs for performance, scalability, and faster time to deployment.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
•Strengthened Services Capabilities: We continue to see attractive opportunities in our services business as customers increasingly prioritize reliability, performance optimization, and lifecycle management across more complex and mission-critical digital infrastructure environments. The growth of AI and high-density computing is further increasing the importance of services that support uptime, efficiency, and long-term system performance.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Our services portfolio spans project-based and lifecycle offerings with an increasing emphasis on software-enabled and data-driven capabilities that allow us to engage earlier in the deployment cycle and remain embedded throughout the operational life of customer infrastructure.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
We have continued to enhance these capabilities through targeted investments and acquisitions. These acquisitions strengthen our software and automation capabilities, enabling advanced analytics, orchestration, and AI-driven insights across complex infrastructure environments. For example, our acquisition of Purge Rite Intermediate, LLC ("PurgeRite") in December 2025 expands our thermal services capabilities, supporting system cleanliness, reliability, and performance, particularly in liquid-cooled and hybrid cooling applications. Refer to "Note 2 - Acquisitions" for additional information on this acquisition. Together, these investments support our integrated systems-level approach and strengthen the value proposition of our services offering.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
•Strategic Partnerships: We continue to pursue strategic partnerships and investment opportunities that enhance our technology capabilities and support the delivery of scalable, resilient infrastructure solutions as customer requirements evolve. As data center and critical infrastructure environments become more power-dense and complex, collaboration across the ecosystem is increasingly important to meeting performance, efficiency, and reliability needs.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Our partnership with NVIDIA supports the development of advanced power and thermal infrastructure aligned with next-generation AI and high-performance computing architectures, while our collaboration with Oklo reflects exploration of alternative energy solutions that could support future data center power requirements. In addition, our partnership with Caterpillar strengthens our capabilities in distributed power generation and backup solutions for critical infrastructure applications.
Read it in 10-K 2026-02-13 at sec.gov ↗
RemovedMD&A
•Capacity Expansion: We have invested in capacity expansion to meet current and anticipated additional customer demand. For example, since acquiring E&I in late 2021, we have approximately doubled our manufacturing capacity for switchgear, busbar and integrated solutions by opening new facilities and adding production to existing facilities. Additionally, in order to support our thermal management activity, we opened a new manufacturing facility in Pune, India in 2024. We also recently opened a new facility in Pelzer, South Carolina to support the production of modular solutions, modular power systems and other infrastructure systems. We anticipate continuing to invest in capacity globally to provide the geographic presence that our customers need, and the ability to rapidly scale and to ensure resiliency.
Read it in 10-K 2025-02-18 at sec.gov ↗
RewordedMD&A
(Dollars in millions) 2025 2024 2023 $ Change % Change Net cash provided by (used for) operating activities $ 2,113.8 $ 1,319.3 $ 900.5 $ 418.8 46.5% 794.5 60.2% Net cash provided by (used for) investing activities (1,500.8) (201.7) (139.1) (62.6) 45.0 (1,299.1) 644.1 Net cash provided by (used for) financing activities (72.3) (652.1) (247.5) (404.6) 163.5 579.8 (88.9) Capital expenditures (220.0) (167.0) (127.9) (39.1) 30.6 (53.0) 31.7 Investments in capitalized software (6.4) (17.1) (6.7) (10.4) 155.2 10.7 (62.6)
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
The imposition of new U.S. tariffs and foreign country retaliatory tariffs, as well as the possibility of retaliatory tariffs or the proposed imposition of additional or similar tariffs tariffs, in jurisdictions where we have manufacturing facilities or where our clients customers operate would could increase our cost of doing business. business and could significantly impact our financial performance.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Management bases its estimates and judgments on historical experience, expected future outcomes, and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
The $29.7 $64.3 decrease is primarily driven by a $16.4 $33.0 increase of interest income, income and a $12.2 $26.1 reduction to interest expense as a result of our Term Loan amendments, and a $7.9 decrease in interest due to lower ABL Revolving Credit Facility borrowings during the period. amendments.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
We, through our subsidiaries, are party to certain indebtedness arrangements, including the Senior Secured Notes, Notes due 2028, with an outstanding principal amount of $850.0 as of December 31, 2024 2025 (the “Notes”), the Term Loan, Loan due 2027, 2032, with an outstanding principal amount of $2,097.0 $2,076.1 as of December 31, 2024 2025 (the “Term Loan”), and the ABL Revolving Credit Facility, Facility due 2029, with a maturity date extended through an amendment in 2024, providing up to $800.0 of revolving borrowings, with separate sublimits for letters of credit and swingline borrowings and an uncommitted accordion of up to $200.0, for which none was outstanding as of December 31, 2024 2025 (the “ABL Revolving Credit Facility” and collectively with the Term Loan, the “Senior Secured Credit Facilities”).
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
For example, in 2024, we expanded and strengthened We’re strengthening our supply base and manufacturing footprint in the US U.S. and other strategic jurisdictions around the world as part of our overall capacity strategy to grow with customer demand in the US. U.S. and other jurisdictions.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
The Company has invested in developing new product, services, and solutions to serve this growing industry, is With this, we are increasing capacity to support additional demand for AI infrastructure as necessary necessary, and we will continue to invest to support additional growth driven by AI.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Net cash used for investing activities was $1,500.8 in 2025 compared to $201.7 in 2024 compared to net cash used for investing activities of $139.1 in 2023. 2024.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Operating profit (loss) in 2024 2025 was $175.2, $222.1, an increase of $27.8 $46.9, or 26.8%, compared with 2023 mainly driven by sales from product mix. 2024.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
This includes adding includes, but is not limited to, continuing to add regional sourcing and manufacturing options capabilities and capacity to complement our existing global supply chain.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
We expect to have capital expenditures (including capitalized software) of $250 $425 to $300 $525 in 2025. 2026 in order to support capacity expansion across the business.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Operating profit (loss) in 2024 2025 was $439.4, an increase $377.4, a decrease of $141.7 $62.0, or 14.1%, compared with 2023. 2024.
Read it in 10-K 2026-02-13 at sec.gov ↗
