$VRT
Vertiv Holdings Co

2023 Q2 Form 10-Q Financial Statement

#000162828023013730 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.734B $1.521B $1.156B
YoY Change 23.92% 31.54% 5.28%
Cost Of Revenue $1.140B $1.026B $852.8M
YoY Change 10.92% 20.26% 15.18%
Gross Profit $594.0M $495.5M $303.6M
YoY Change 59.89% 63.21% -15.2%
Gross Profit Margin 34.25% 32.58% 26.25%
Selling, General & Admin $327.6M $308.7M $292.2M
YoY Change 13.91% 5.65% 16.83%
% of Gross Profit 55.15% 62.3% 96.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $67.30M $17.70M $17.90M
YoY Change -12.6% -1.12% 5.92%
% of Gross Profit 11.33% 3.57% 5.9%
Operating Expenses $371.6M $308.7M $292.2M
YoY Change 29.21% 5.65% 16.83%
Operating Profit $222.4M $130.3M -$45.20M
YoY Change 748.85% -388.27% -156.64%
Interest Expense -$100.4M $46.80M $29.30M
YoY Change -400.6% 59.73% 21.58%
% of Operating Profit -45.14% 35.92%
Other Income/Expense, Net
YoY Change
Pretax Income $112.9M $87.70M $20.40M
YoY Change 256.15% 329.9% -51.08%
Income Tax $29.70M $37.40M $11.90M
% Of Pretax Income 26.31% 42.65% 58.33%
Net Earnings $83.20M $50.30M $8.500M
YoY Change 309.85% 491.76% -73.19%
Net Earnings / Revenue 4.8% 3.31% 0.74%
Basic Earnings Per Share $0.22 $0.13 $0.02
Diluted Earnings Per Share $0.22 $0.12 -$0.23
COMMON SHARES
Basic Shares Outstanding 379.7M shares 377.6M shares 376.0M shares
Diluted Shares Outstanding 382.4M shares 381.7M shares 379.7M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $274.9M $276.1M $288.5M
YoY Change 41.41% -4.3% -57.4%
Cash & Equivalents $274.9M $276.1M $288.5M
Short-Term Investments
Other Short-Term Assets $160.6M $169.1M $126.7M
YoY Change 8.22% 33.46% -30.92%
Inventory $920.2M $903.5M $774.5M
Prepaid Expenses
Receivables $2.023B $1.992B $1.534B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.378B $3.341B $2.724B
YoY Change 20.07% 22.64% 2.17%
LONG-TERM ASSETS
Property, Plant & Equipment $663.4M $496.4M $485.3M
YoY Change 40.02% 2.29% 17.51%
Goodwill $1.299B $1.295B $1.318B
YoY Change 1.21% -1.69% 119.69%
Intangibles $1.747B $1.787B $2.055B
YoY Change -9.3% -13.04% 62.76%
Long-Term Investments
YoY Change
Other Assets $168.7M $117.5M $277.1M
YoY Change -39.92% -57.6% 37.45%
Total Long-Term Assets $3.878B $3.915B $4.187B
YoY Change -3.37% -6.5% 67.8%
TOTAL ASSETS
Total Short-Term Assets $3.378B $3.341B $2.724B
Total Long-Term Assets $3.878B $3.915B $4.187B
Total Assets $7.257B $7.255B $6.911B
YoY Change 6.29% 4.98% 33.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $941.9M $917.0M $887.5M
YoY Change 8.61% 3.32% 20.29%
Accrued Expenses $538.4M $496.4M $972.3M
YoY Change -41.27% -48.95% 11.86%
Deferred Revenue $520.0M $502.9M $293.9M
YoY Change 84.79% 71.11% 26.35%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $21.80M $21.80M $21.80M
YoY Change 0.0% 0.0% -0.91%
Total Short-Term Liabilities $2.056B $1.972B $1.904B
YoY Change 12.91% 3.56% 15.7%
LONG-TERM LIABILITIES
Long-Term Debt $2.927B $3.156B $2.946B
YoY Change -6.1% 7.12% 38.53%
Other Long-Term Liabilities $430.9M $223.1M $357.4M
YoY Change 25.96% -37.58% -21.47%
Total Long-Term Liabilities $3.358B $3.379B $3.304B
YoY Change -2.93% 2.28% 27.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.056B $1.972B $1.904B
Total Long-Term Liabilities $3.358B $3.379B $3.304B
Total Liabilities $5.599B $5.705B $5.457B
YoY Change 2.25% 4.54% 23.11%
SHAREHOLDERS EQUITY
Retained Earnings -$1.009B -$1.092B -$1.207B
YoY Change -14.96% -9.5% -7.13%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.658B $1.551B $1.454B
YoY Change
Total Liabilities & Shareholders Equity $7.257B $7.255B $6.911B
YoY Change 6.29% 4.98% 33.9%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $83.20M $50.30M $8.500M
YoY Change 309.85% 491.76% -73.19%
Depreciation, Depletion And Amortization $67.30M $17.70M $17.90M
YoY Change -12.6% -1.12% 5.92%
Cash From Operating Activities $253.6M $42.00M -$132.2M
YoY Change -223.29% -131.77% -317.79%
INVESTING ACTIVITIES
Capital Expenditures $26.30M $27.80M $15.10M
YoY Change -198.5% 84.11% -10.12%
Acquisitions
YoY Change
Other Investing Activities $0.00 $12.40M
YoY Change -100.0%
Cash From Investing Activities -$26.30M -$17.40M -$18.20M
YoY Change -17.03% -4.4% 1.68%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -225.1M -$18.80M -$1.500M
YoY Change -245.23% 1153.33% -101.46%
NET CHANGE
Cash From Operating Activities 253.6M $42.00M -$132.2M
Cash From Investing Activities -26.30M -$17.40M -$18.20M
Cash From Financing Activities -225.1M -$18.80M -$1.500M
Net Change In Cash 2.200M $7.600M -$150.6M
YoY Change -102.67% -105.05% -205.61%
FREE CASH FLOW
Cash From Operating Activities $253.6M $42.00M -$132.2M
Capital Expenditures $26.30M $27.80M $15.10M
Free Cash Flow $227.3M $14.20M -$147.3M
YoY Change -226.98% -109.64% -435.54%

Facts In Submission

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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(1) DESCRIPTION OF BUSINESS</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Vertiv Holdings Co ("Holdings Co", and together with its majority-owned subsidiaries, “Vertiv”, “we”, “our”, or “the Company”), formerly known as GS Acquisition Holdings Corp, provides mission-critical infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments. Vertiv’s offerings include AC and DC power management products, thermal management products, integrated rack systems, modular solutions, management systems for monitoring and controlling digital infrastructure, and services. Vertiv manages and reports results of operations for three reportable segments: Americas; Asia Pacific; and Europe, Middle East &amp; Africa.</span></div>
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