$VRT
Vertiv Holdings Co

2021 Q1 Form 10-Q Financial Statement

#000162828021008627 Filed on May 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.098B $897.3M
YoY Change 22.41%
Cost Of Revenue $740.4M $610.3M
YoY Change 21.32% -13.75%
Gross Profit $358.0M $287.0M
YoY Change 24.74% -140.56%
Gross Profit Margin 32.59% 31.98%
Selling, General & Admin $250.1M $264.8M
YoY Change -5.55% -7.54%
% of Gross Profit 69.86% 92.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.90M $14.20M
YoY Change 19.01% 0.0%
% of Gross Profit 4.72% 4.95%
Operating Expenses $250.1M $264.8M
YoY Change -5.55% -7.54%
Operating Profit $79.80M -$12.20M
YoY Change -754.1% -98.77%
Interest Expense $24.10M $68.90M
YoY Change -65.02% -11.44%
% of Operating Profit 30.2%
Other Income/Expense, Net
YoY Change
Pretax Income $41.70M -$194.5M
YoY Change -121.44% 248.57%
Income Tax $10.00M $13.80M
% Of Pretax Income 23.98%
Net Earnings $31.70M -$208.3M
YoY Change -115.22% 180.35%
Net Earnings / Revenue 2.89% -23.21%
Basic Earnings Per Share $0.09 -$0.87
Diluted Earnings Per Share $0.09 -$0.87
COMMON SHARES
Basic Shares Outstanding 349.6M shares 240.7M shares
Diluted Shares Outstanding 353.4M shares 240.7M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $677.2M $293.2M
YoY Change 130.97% 48766.67%
Cash & Equivalents $677.2M $293.2M
Short-Term Investments
Other Short-Term Assets $183.4M $183.0M
YoY Change 0.22% 60900.0%
Inventory $511.1M $445.5M
Prepaid Expenses
Receivables $1.295B $1.144B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.666B $2.066B
YoY Change 29.07% 212914.98%
LONG-TERM ASSETS
Property, Plant & Equipment $413.0M $412.7M
YoY Change 0.07%
Goodwill $599.8M $596.3M
YoY Change 0.59%
Intangibles $1.263B $1.385B
YoY Change -8.85%
Long-Term Investments
YoY Change
Other Assets $201.6M $162.0M
YoY Change 24.44% 12361.54%
Total Long-Term Assets $2.495B $2.564B
YoY Change -2.69% 266.36%
TOTAL ASSETS
Total Short-Term Assets $2.666B $2.066B
Total Long-Term Assets $2.495B $2.564B
Total Assets $5.161B $4.630B
YoY Change 11.48% 560.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $737.8M $591.7M
YoY Change 24.69% 76567.22%
Accrued Expenses $869.2M $746.7M
YoY Change 16.41% 149240.0%
Deferred Revenue $232.6M $188.0M
YoY Change 23.72%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.00M $22.20M
YoY Change -0.9%
Total Short-Term Liabilities $1.645B $1.378B
YoY Change 19.39% 64860.87%
LONG-TERM LIABILITIES
Long-Term Debt $2.127B $2.419B
YoY Change -12.07%
Other Long-Term Liabilities $455.1M $388.7M
YoY Change 17.08% 1506.2%
Total Long-Term Liabilities $2.582B $2.808B
YoY Change -8.04% 11501.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.645B $1.378B
Total Long-Term Liabilities $2.582B $2.808B
Total Liabilities $4.433B $4.298B
YoY Change 3.13% 16259.88%
SHAREHOLDERS EQUITY
Retained Earnings -$1.300B -$1.270B
YoY Change 2.36% -25500.26%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $728.7M $276.2M
YoY Change
Total Liabilities & Shareholders Equity $5.161B $4.630B
YoY Change 11.48% 560.59%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $31.70M -$208.3M
YoY Change -115.22% 180.35%
Depreciation, Depletion And Amortization $16.90M $14.20M
YoY Change 19.01% 0.0%
Cash From Operating Activities $60.70M -$194.7M
YoY Change -131.18% 477.74%
INVESTING ACTIVITIES
Capital Expenditures $16.80M $6.700M
YoY Change 150.75% -37.38%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$17.90M -$8.500M
YoY Change 110.59% -21.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.827B
YoY Change -100.0%
Debt Paid & Issued, Net $1.464B
YoY Change
Cash From Financing Activities $102.9M $279.3M
YoY Change -63.16% -570.2%
NET CHANGE
Cash From Operating Activities $60.70M -$194.7M
Cash From Investing Activities -$17.90M -$8.500M
Cash From Financing Activities $102.9M $279.3M
Net Change In Cash $142.6M $69.70M
YoY Change 104.59% -168.0%
FREE CASH FLOW
Cash From Operating Activities $60.70M -$194.7M
Capital Expenditures $16.80M $6.700M
Free Cash Flow $43.90M -$201.4M
YoY Change -121.8% 353.6%

Facts In Submission

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DESCRIPTION OF BUSINESSVertiv Holdings Co ("Holdings Co", and together with its majority-owned subsidiaries, “Vertiv”, "we", "our", or "the Company"), formerly known as GS Acquisition Holdings Corp ("GSAH"), provides mission-critical infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments. Vertiv’s offerings include power conditioning and uninterruptible power systems, thermal management, integrated data center control devices, software, monitoring, and service. Vertiv manages and reports results of operations for three business segments: Americas; Asia Pacific; and Europe, Middle East & Africa.
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CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
11100000 USD
CY2021Q1 vrt Tax Receivable Agreement
TaxReceivableAgreement
153300000 USD
CY2020Q4 vrt Tax Receivable Agreement
TaxReceivableAgreement
155600000 USD
CY2021Q1 vrt Tax Receivable Agreement Effect Of One Percentage Point Change On Fair Value
TaxReceivableAgreementEffectOfOnePercentagePointChangeOnFairValue
9000000.0 USD
CY2021Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
2700000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
116500000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
155600000 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
133400000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
2300000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
16900000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
153300000 USD
CY2020Q1 vrt Percent Of Tax Savings Under Tax Receivable Agreement Prior To Closing Date
PercentOfTaxSavingsUnderTaxReceivableAgreementPriorToClosingDate
0.65
CY2020Q1 vrt Percent Of Tax Savings Under Tax Receivable Agreement Expected After Closing Date
PercentOfTaxSavingsUnderTaxReceivableAgreementExpectedAfterClosingDate
0.35
CY2020Q1 vrt Tax Receivable Agreement Period Covered
TaxReceivableAgreementPeriodCovered
P12Y
CY2020Q1 vrt Percent Of Tax Savings Under Tax Receivable Agreement Prior To Closing Date
PercentOfTaxSavingsUnderTaxReceivableAgreementPriorToClosingDate
0.65
CY2020Q1 vrt Tax Receivable Agreement Period Covered
TaxReceivableAgreementPeriodCovered
P12Y
CY2020Q1 vrt Percent Of Tax Savings Under Tax Receivable Agreement Prior To Closing Date
PercentOfTaxSavingsUnderTaxReceivableAgreementPriorToClosingDate
0.65
CY2020Q1 vrt Tax Receivable Agreement Period Covered
TaxReceivableAgreementPeriodCovered
P12Y
CY2020Q1 vrt Tax Receivable Agreement Estimated Payments Undiscounted
TaxReceivableAgreementEstimatedPaymentsUndiscounted
191500000 USD
CY2021Q1 vrt Interest Expense Tax Receivable Agreement
InterestExpenseTaxReceivableAgreement
1800000 USD
CY2020Q1 vrt Interest Expense Tax Receivable Agreement
InterestExpenseTaxReceivableAgreement
9000000.0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Before Tax After Reclassification Adjustment Attributable To Parent
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionBeforeTaxAfterReclassificationAdjustmentAttributableToParent
4100000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Before Tax After Reclassification Adjustment Attributable To Parent
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionBeforeTaxAfterReclassificationAdjustmentAttributableToParent
25900000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
2700000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
0 USD
CY2021Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
10000000.0 USD
CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
0.0 USD
CY2021Q1 vrt New Operating Segments Identified
NewOperatingSegmentsIdentified
2 segment
CY2021Q1 vrt New Operating Segments Identified
NewOperatingSegmentsIdentified
2 segment
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1098400000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
897300000 USD
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
6900000 USD
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1800000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
79800000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-12200000 USD
CY2021Q1 us-gaap Assets
Assets
5161400000 USD
CY2020Q4 us-gaap Assets
Assets
5073800000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1098400000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
897300000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
31700000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-208300000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
349603701 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
240656864 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3844884 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
353448585 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
240656864 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.87
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.87

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