VRT 10-K Annual Reports

Vertiv Holdings Co. (VRT) reported robust growth in its 2025 fiscal year, with net sales increasing by 27.7% to $10,229.9 million, up from $8,011.8 million in 2024. This significant expansion was driven by higher sales volumes across its product and service offerings, with particular strength noted in the Americas segment which saw a 41.9% increase in net sales. The company's strategic investments in capacity expansion, including new facilities and acquisitions like Great Lakes Data Racks & Cabinets, are positioning it to capitalize on the accelerating demand in data centers, especially those driven by AI and high-performance computing workloads. Despite facing cost inflation, particularly related to tariffs, Vertiv managed to maintain its gross profit margin at a relatively stable 36.3% in 2025, thanks to improved price realization and operational leverage. The company also demonstrated a commitment to shareholder returns, increasing its quarterly cash dividend and continuing its share repurchase program, with $2.4 billion remaining for future repurchases. Vertiv's outlook suggests continued investment in capacity, innovation in thermal management, and strengthening of its services capabilities to support future growth.

Vertiv Holdings Co. (VRT) has filed its 2024 10-K report, detailing a significant year of growth driven by increased demand in its core markets. The company reported net sales of $8,011.8 million, a 16.7% increase over the prior year, reflecting strong performance across all its geographic segments, particularly in the Americas and Europe, Middle East & Africa. This growth was underpinned by robust order backlog, which grew to $7,178.8 million, indicating sustained demand for its critical digital infrastructure solutions, especially those supporting data centers and AI workloads. The company highlighted strategic investments in capacity expansion and product innovation, particularly in thermal management solutions to support emerging technologies like AI. Vertiv also emphasized its focus on operational excellence, customer relationships, and building a high-performance culture. Despite macroeconomic headwinds and ongoing supply chain challenges, Vertiv demonstrated improved gross profit margins and operating profit, signaling effective pricing strategies and productivity gains. The company reaffirmed its commitment to financial strength and expects continued growth, supported by a healthy backlog and strategic investments in its global infrastructure.

Vertiv Holdings Co. (VRT) reported strong revenue growth of 20.6% year-over-year, reaching $6.86 billion for the fiscal year 2023. This growth was primarily driven by increased sales volumes and pricing actions, particularly in the Americas segment, which saw a 40.9% revenue increase. The company's gross profit margin improved significantly to 35.0% from 28.4% in the prior year, benefiting from higher volumes, effective pricing strategies offsetting commodity cost increases, and improved fixed cost leverage. Despite challenges in the Asia Pacific region due to economic slowdown and foreign currency headwinds, the company demonstrated robust operational performance. The backlog also grew to $5.53 billion, indicating strong future demand, especially with the growing influence of Artificial Intelligence (AI) workloads on data center infrastructure. Vertiv continues to invest in capacity expansion and advanced cooling technologies to capitalize on these trends. The company also announced a substantial $3.0 billion stock repurchase program, signaling confidence and a commitment to returning value to shareholders.

Vertiv Holdings Co. reported a strong revenue increase of 13.9% in 2022, reaching $5.7 billion, driven by higher sales volumes and the inclusion of E&I sales. Despite this top-line growth, the company experienced a 14.0% decrease in operating profit and a 36.0% decline in net income compared to 2021, primarily due to a significant increase in the cost of sales (up 17.3%) and higher interest expenses. The company's backlog saw substantial growth, increasing to $4.75 billion from $3.19 billion in the prior year, indicating robust future demand. This growth is attributed to strong market demand and extended lead times from ongoing global supply chain challenges. Vertiv's strategic priorities include customer focus, operational excellence, fostering innovation, building a high-performance culture, and reinforcing financial strength. Key challenges for Vertiv include persistent supply chain constraints, material and labor cost increases, and foreign currency headwinds, which are expected to continue impacting profitability in 2023. The company is actively managing these challenges through pricing actions and supply chain enhancements. Investors should monitor the company's ability to navigate these cost pressures and effectively realize sales from its substantial backlog.

Vertiv Holdings Co. reported significant revenue growth in 2021, driven by increased demand across its data center, communication network, and commercial & industrial sectors. The company's net sales grew by 14.4% to $4.998 billion, a substantial increase from the prior year. This growth was supported by positive impacts from foreign currency, the acquisition of E&I Engineering, and a general global economic recovery. Despite the top-line growth, gross profit as a percentage of sales decreased from 33.7% in 2020 to 30.5% in 2021, primarily due to higher commodity, freight, and labor costs stemming from supply chain constraints. The company's backlog significantly increased to $3.191 billion by the end of 2021, signaling strong future demand, though it also highlights potential pricing challenges as cost increases may not be immediately reflected. Vertiv addressed its debt structure by issuing Senior Secured Notes and amending its Term Loan Credit Agreement, aiming to manage its financial position. Management expresses confidence in near-term liquidity supported by operating cash flow and debt arrangements, while acknowledging the ongoing impacts of supply chain disruptions and cost pressures expected to persist into 2022.

Vertiv Holdings Co (VRT) filed an amended Annual Report on Form 10-K/A for the year ended December 31, 2020. The primary purpose of this amendment was to restate its previously issued consolidated financial statements. This restatement was necessitated by a re-evaluation of the accounting treatment for warrants, in light of guidance issued by the SEC concerning warrants issued by Special Purpose Acquisition Companies (SPACs). As a result, Vertiv reclassified its Public Warrants and Private Placement Warrants from equity to liabilities, recognizing fair value adjustments in earnings. This restatement increased the net loss for 2020 by $143.7 million and increased total liabilities by $156.2 million, with a corresponding decrease in equity. The company's core business involves designing, manufacturing, and servicing critical digital infrastructure technology for data centers, communication networks, and commercial & industrial environments globally. The report highlights the impact of the COVID-19 pandemic on 2020 net sales, which decreased by 1.4% to $4,370.6 million. Despite the sales decline, gross profit margin improved slightly due to cost control measures and operational efficiencies. The company also initiated a restructuring program aimed at achieving $85.0 million in annualized cost savings by 2023. Significant risk factors remain, including competition, long sales cycles, supply chain management, cybersecurity, and potential future net losses. The company also disclosed material weaknesses in its internal controls over financial reporting related to IT general controls and the aggregation of control deficiencies, with an ongoing remediation plan in place. The report indicates that as of December 31, 2020, the company was no longer an emerging growth company, leading to increased compliance costs.

Vertiv Holdings Co.'s 2020 Form 10-K, filed in March 2021, details the company's performance as a global leader in critical digital infrastructure technology. The report highlights the impact of the COVID-19 pandemic on sales, which saw a slight decrease of 1.4% to $4.37 billion, primarily affecting the Americas segment. Despite revenue headwinds, the company improved its gross profit margin to 33.7% and significantly reduced selling, general, and administrative expenses by 8.4%, demonstrating effective cost management. The company completed a significant business combination in February 2020, leading to a substantial refinancing of its debt and a strengthening of its balance sheet, though it also incurred significant one-time costs related to debt extinguishment. A key area of focus is the company's ongoing efforts to remediate material weaknesses in its internal control over financial reporting, particularly concerning IT general controls and the aggregation of control deficiencies. While these weaknesses did not result in material misstatements in the financial statements for 2020, they indicate areas requiring significant management attention and investment to ensure robust financial reporting moving forward. The company's backlog stood at $1.84 billion as of December 31, 2020, suggesting potential for future revenue growth, with the majority expected to be fulfilled within one year.

Vertiv Holdings Co.'s (VRT) 2019 10-K filing provides a detailed look at its executive team, corporate governance structure, and compensation practices as it prepared for its business combination. The report highlights the extensive experience of its board of directors and executive officers, many of whom have deep backgrounds in industrial technology, private equity, and finance. Key leadership roles are clearly defined, including Executive Chairman David M. Cote and CEO Rob Johnson, with a comprehensive list of other officers overseeing critical functions like finance, operations, and regional management. The filing also delves into the compensation structure for its named executive officers for the 2019 fiscal year, emphasizing a mix of base salary, annual incentives tied to financial performance (EBITDAR, cash, SG&A, sales growth), and transformational bonuses. Significant focus is placed on long-term incentives, including the "2017 Transaction Exit Bonus Plan," designed to align executive rewards with the company's value growth leading up to potential exit events. The report details the extensive preparation for the upcoming business combination, including the adoption of new incentive plans and offer letters for executive compensation, signaling a transition to a publicly traded entity with a strengthened leadership team and a performance-driven compensation framework.

This 2018 Form 10-K for Vertiv Holdings Co (VRT), filed in March 2019, primarily details the company's corporate governance, executive team, and related party transactions, as it was a newly formed SPAC at the time. The report confirms that disclosure controls and procedures were effective as of December 31, 2018. Notably, the company had no internal control report for financial reporting due to its transition period as a newly public entity. A significant point for investors is the Sponsor Commitment from GS Sponsor LLC, providing up to $2.0 million in liquidity for ordinary course expenses through June 2018, with no additional equity interest gained by the sponsor. The filing also highlights the experienced leadership team, including CEO David M. Cote, who has a strong background from Honeywell. It details the roles and affiliations of the Board of Directors and the committee structures (Audit, Compensation, Nominating & Corporate Governance), emphasizing the independence of key directors. A crucial aspect for investors to consider is the potential for conflicts of interest arising from the multiple affiliations of officers and directors, particularly those associated with Goldman Sachs, as they have fiduciary duties to other entities that could be presented with business opportunities before Vertiv.