2023 Q3 Form 10-Q Financial Statement

#000162828023026777 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.743B $1.734B
YoY Change 17.66% 23.92%
Cost Of Revenue $1.115B $1.140B
YoY Change 6.01% 10.92%
Gross Profit $627.6M $594.0M
YoY Change 46.19% 59.89%
Gross Profit Margin 36.02% 34.25%
Selling, General & Admin $327.2M $327.6M
YoY Change 10.84% 13.91%
% of Gross Profit 52.14% 55.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.20M $67.30M
YoY Change -9.91% -12.6%
% of Gross Profit 10.87% 11.33%
Operating Expenses $327.2M $371.6M
YoY Change -6.67% 29.21%
Operating Profit $250.9M $222.4M
YoY Change 218.81% 748.85%
Interest Expense $43.50M -$100.4M
YoY Change -189.14% -400.6%
% of Operating Profit 17.34% -45.14%
Other Income/Expense, Net
YoY Change
Pretax Income $145.8M $112.9M
YoY Change 364.33% 256.15%
Income Tax $51.70M $29.70M
% Of Pretax Income 35.46% 26.31%
Net Earnings $94.10M $83.20M
YoY Change 343.87% 309.85%
Net Earnings / Revenue 5.4% 4.8%
Basic Earnings Per Share $0.25 $0.22
Diluted Earnings Per Share $0.24 $0.22
COMMON SHARES
Basic Shares Outstanding 380.5M shares 379.7M shares
Diluted Shares Outstanding 388.2M shares 382.4M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $500.0M $274.9M
YoY Change 93.8% 41.41%
Cash & Equivalents $500.0M $274.9M
Short-Term Investments
Other Short-Term Assets $178.6M $160.6M
YoY Change 6.5% 8.22%
Inventory $921.7M $920.2M
Prepaid Expenses
Receivables $2.021B $2.023B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.621B $3.378B
YoY Change 21.76% 20.07%
LONG-TERM ASSETS
Property, Plant & Equipment $508.6M $663.4M
YoY Change 9.14% 40.02%
Goodwill $1.284B $1.299B
YoY Change 2.97% 1.21%
Intangibles $1.674B $1.747B
YoY Change -7.08% -9.3%
Long-Term Investments
YoY Change
Other Assets $122.5M $168.7M
YoY Change -63.79% -39.92%
Total Long-Term Assets $3.793B $3.878B
YoY Change -1.55% -3.37%
TOTAL ASSETS
Total Short-Term Assets $3.621B $3.378B
Total Long-Term Assets $3.793B $3.878B
Total Assets $7.414B $7.257B
YoY Change 8.6% 6.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $931.9M $941.9M
YoY Change 5.55% 8.61%
Accrued Expenses $555.4M $538.4M
YoY Change -38.31% -41.27%
Deferred Revenue $543.3M $520.0M
YoY Change 94.94% 84.79%
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $21.80M $21.80M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $2.102B $2.056B
YoY Change 14.31% 12.91%
LONG-TERM LIABILITIES
Long-Term Debt $2.923B $2.927B
YoY Change -9.33% -6.1%
Other Long-Term Liabilities $231.6M $430.9M
YoY Change -32.99% 25.96%
Total Long-Term Liabilities $3.155B $3.358B
YoY Change -11.62% -2.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.102B $2.056B
Total Long-Term Liabilities $3.155B $3.358B
Total Liabilities $5.700B $5.599B
YoY Change 2.53% 2.25%
SHAREHOLDERS EQUITY
Retained Earnings -$915.0M -$1.009B
YoY Change -21.49% -14.96%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.714B $1.658B
YoY Change
Total Liabilities & Shareholders Equity $7.414B $7.257B
YoY Change 8.6% 6.29%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $94.10M $83.20M
YoY Change 343.87% 309.85%
Depreciation, Depletion And Amortization $68.20M $67.30M
YoY Change -9.91% -12.6%
Cash From Operating Activities $248.7M $253.6M
YoY Change 5552.27% -223.29%
INVESTING ACTIVITIES
Capital Expenditures $27.40M $26.30M
YoY Change -210.48% -198.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$27.40M -$26.30M
YoY Change 10.48% -17.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.200M -225.1M
YoY Change -92.11% -245.23%
NET CHANGE
Cash From Operating Activities 248.7M 253.6M
Cash From Investing Activities -27.40M -26.30M
Cash From Financing Activities 7.200M -225.1M
Net Change In Cash 228.5M 2.200M
YoY Change 222.74% -102.67%
FREE CASH FLOW
Cash From Operating Activities $248.7M $253.6M
Capital Expenditures $27.40M $26.30M
Free Cash Flow $221.3M $227.3M
YoY Change 657.88% -226.98%

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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:120%">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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AssetsFairValueDisclosure
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CY2022Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
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CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
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CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
17600000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-4300000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
41400000 usd
CY2023Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
46000000.0 usd
CY2022Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-38900000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
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CY2023Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
9500000 usd
us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
21100000 usd
us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
6800000 usd
CY2022Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
6800000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
9500000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
17600000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1734100000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1399400000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3255200000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2555800000 usd
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-7500000 usd
CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
205800000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
26200000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
336100000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-19000000.0 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
83200000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
20300000 usd
us-gaap Net Income Loss
NetIncomeLoss
133500000 usd
us-gaap Net Income Loss
NetIncomeLoss
28800000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
379938365 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
376594660 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
379039072 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
376285196 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
83200000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
20300000 usd
us-gaap Net Income Loss
NetIncomeLoss
133500000 usd
us-gaap Net Income Loss
NetIncomeLoss
28800000 usd
CY2023Q2 vrt Dilutive Securities Effect On Basic Earnings Per Share Dilutive Warrant Liabilities
DilutiveSecuritiesEffectOnBasicEarningsPerShareDilutiveWarrantLiabilities
0 usd
CY2022Q2 vrt Dilutive Securities Effect On Basic Earnings Per Share Dilutive Warrant Liabilities
DilutiveSecuritiesEffectOnBasicEarningsPerShareDilutiveWarrantLiabilities
0 usd
vrt Dilutive Securities Effect On Basic Earnings Per Share Dilutive Warrant Liabilities
DilutiveSecuritiesEffectOnBasicEarningsPerShareDilutiveWarrantLiabilities
0 usd
vrt Dilutive Securities Effect On Basic Earnings Per Share Dilutive Warrant Liabilities
DilutiveSecuritiesEffectOnBasicEarningsPerShareDilutiveWarrantLiabilities
-133800000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
83200000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
20300000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
133500000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
379938365 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
376594660 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
379039072 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
376285196 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2208018 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2412845 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
663194 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2077117 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
382351210 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
377257854 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
381116189 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
378493214 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2021Q3 vrt Loss Contingency Barred From Recovery Value
LossContingencyBarredFromRecoveryValue
9000000.0 usd
CY2021Q3 vrt Loss Contingency Disgorgement Value
LossContingencyDisgorgementValue
10000000.0 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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