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VRT · Vertiv Holdings

26 filings

10-Q

VRT 10-Q Quarterly Reports

Vertiv Holdings - 26 quarterly reports

Filing record · 2018–202610-K910-Q268-K115

2026-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2026
Vertiv Holdings Co. (VRT) reported a strong third quarter of 2026, with significant increases in net sales and operating profit, driven by robust demand in data centers, particularly for AI and high-performance computing applications. Net sales grew by 61.2% year-over-year to $4.31 billion, with notable contributions from higher sales volumes and strategic acquisitions. The company's profitability also saw substantial improvement. Gross profit increased by 62.6% to $1.64 billion, leading to an operating profit of $983.8 million, up 90.4% from the prior year's quarter. This margin expansion was attributed to operational leverage and improved project execution. For the first nine months of the year, net sales increased by 39.3% to $10.24 billion, and operating profit grew by 65.0% to $2.06 billion. Financially, Vertiv significantly bolstered its cash position, ending the quarter with $3.51 billion in cash and cash equivalents. The company also completed a major acquisition of UtilityInnovation Group (UIG) for $1.45 billion shortly after the quarter's end, further strengthening its position in the power systems market. The company reiterated its positive outlook, driven by continued AI-related demand and strategic investments in capacity expansion.
Oct 28, 2026
2026-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2026
Vertiv Holdings Co. reported robust financial performance for the second quarter and first half of 2026, demonstrating significant year-over-year growth in net sales and operating profit. Net sales for the second quarter increased by 24.1% to $3.3 billion, driven by strong demand, particularly in the Americas and Asia Pacific regions, and bolstered by strategic acquisitions. Gross profit margin expanded to 37.7% from 34.0% in the prior year, reflecting favorable product and service mix, and operational leverage. Net income surged by 53.5% to $497.8 million for the quarter. For the first half of the year, net sales grew 26.7% to $5.9 billion, with net income rising 81.7% to $887.9 million. Key drivers for this growth include strong demand for data center infrastructure, particularly for AI and high-performance computing applications, alongside strategic capacity expansions and technology portfolio enhancements. The company's proactive management of supply chain challenges and macroeconomic uncertainties, through diversification and hedging strategies, appears to be contributing to its positive financial trajectory. Vertiv's balance sheet shows a substantial increase in cash and cash equivalents, providing strong liquidity.
Jul 29, 2026
2026-Q1
Vertiv Holdings Quarterly Report for Q1 Ended Mar 31, 2026
Vertiv Holdings Co. reported a strong first quarter for 2026, demonstrating significant growth and improved profitability. Net sales surged by 30.1% year-over-year to $2,649.5 million, driven by robust demand across its product and service offerings. This top-line growth, coupled with improved gross margins to 37.7% and operational leverage, translated into a substantial increase in operating profit, which grew by 51.4% to $440.1 million. The company's financial performance was bolstered by strong execution, particularly in the Americas segment, which saw a 53.1% increase in net sales. Management highlighted strategic investments in capacity expansion to meet the burgeoning demand for data center infrastructure driven by AI and high-performance computing. The company also successfully refinanced its debt during the quarter, issuing $2.1 billion in senior unsecured notes and establishing a new $2.5 billion revolving credit facility, strengthening its financial flexibility.
Apr 22, 2026
2025-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2025
Vertiv Holdings Co. reported a strong third quarter of 2025, with net sales increasing by 29.0% year-over-year to $2.68 billion, driven by robust growth across all segments, particularly in the Americas. This top-line performance translated into a significant surge in net income, which more than doubled to $398.5 million, or $1.02 per diluted share, compared to $176.6 million, or $0.46 per diluted share, in the prior year's quarter. The company also demonstrated improved profitability, with gross profit margin expanding to 37.8% from 36.5% in the prior year, supported by favorable product and service sales mix and operational leverage. The nine-month period also showed substantial growth, with net sales up 29.7% to $7.35 billion and net income soaring to $887.2 million from $348.8 million in the same period last year. Vertiv's strategic initiatives, including capacity expansion and the recent acquisition of Great Lakes Data Racks & Cabinets, appear to be yielding positive results. The company ended the quarter with a healthy cash position and significant availability under its revolving credit facility, positioning it well to manage its operations and pursue future growth opportunities.
Oct 22, 2025
2025-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2025
Vertiv Holdings Co. reported robust financial results for the second quarter and first half of 2025, demonstrating significant top-line growth and improved profitability. Net sales surged by 35.1% in the second quarter and 30.1% for the first half of the year, driven by strong performance across all key segments, particularly the Americas. This growth was fueled by increased sales volumes in both product and service offerings, with a notable positive impact from foreign currency fluctuations. The company also showcased improved operational efficiency, as evidenced by a significant increase in net income. For the second quarter, net income more than doubled to $324.2 million, up from $178.1 million in the prior year. This profitability jump was supported by a decrease in interest expense and the absence of warrant liability adjustments seen in the prior year. Despite a slight dip in gross margin due to product mix and tariffs, the overall operational leverage and effective cost management led to a substantial increase in operating profit.
Jul 30, 2025
2025-Q1
Vertiv Holdings Quarterly Report for Q1 Ended Mar 31, 2025
Vertiv Holdings Co (VRT) reported a strong first quarter of 2025, demonstrating significant year-over-year growth in net sales and a substantial swing to profitability. Net sales increased by 24.2% to $2.04 billion, driven by robust volume increases across all segments, particularly in the Americas and Asia Pacific. The company effectively managed its cost of sales, which grew by 25.8% largely due to higher volumes, leading to a gross profit increase of 21.2% and a slight compression in gross margin to 33.7% from 34.6% in the prior year, attributed to sales mix and tariffs. Vertiv's profitability saw a dramatic improvement, with net income reaching $164.5 million compared to a net loss of $5.9 million in the first quarter of 2024. This turnaround was significantly influenced by the absence of a large, one-time charge related to the change in fair value of warrant liabilities, which impacted the prior year's results, and an increase in operating profit driven by higher sales and improved operational efficiencies. The company ended the quarter with a healthy cash position of $1.47 billion, and its outlook remains positive, with continued investments in capacity expansion and product innovation, especially in areas like AI and thermal management, poised to drive future growth.
Apr 23, 2025
2024-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2024
Vertiv Holdings Co reported a strong third quarter for 2024, demonstrating significant top-line growth and improved profitability. Net sales increased by 19.0% year-over-year, driven by robust demand across all business segments, particularly in the Americas and Europe, Middle East & Africa regions. This revenue growth, combined with effective pricing strategies and operational efficiencies, led to a substantial expansion in gross profit margin, which improved to 36.5% from 36.0% in the prior year quarter. The company also saw a notable increase in operating profit, up 48.1% year-over-year, reflecting disciplined cost management despite some increases in SG&A and restructuring costs. Net income surged by 87.7%, highlighting the company's ability to translate sales growth into enhanced shareholder value. Vertiv's strategic investments in capacity expansion and product development, particularly in areas like Artificial Intelligence and thermal management, position it well to capitalize on future market trends. The company maintained a strong liquidity position, with significant cash and equivalents and availability under its credit facility, supporting ongoing operations and growth initiatives.
Oct 25, 2024
2024-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2024
Vertiv Holdings Co. reported a strong second quarter and first half of 2024, demonstrating significant growth in net sales and operating profit. Net sales increased by 12.6% for the quarter and 10.3% for the first half, driven by higher sales volumes across its product and services offerings. The company also achieved substantial gross profit margin expansion, moving from 34.3% in Q2 2023 to 38.0% in Q2 2024, and from 33.5% to 36.4% for the six-month period, attributed to increased volumes and effective pricing strategies overcoming inflationary pressures. The company's operating profit saw a robust increase of 63.3% for the quarter and 60.2% for the six-month period, reflecting improved operational efficiencies and sales leverage. Vertiv is strategically investing in capacity expansion and innovation, particularly to capitalize on the growing demand from Artificial Intelligence (AI) workloads and thermal management opportunities. The company maintains a positive outlook, supported by its strong backlog, strategic investments, and a healthy liquidity position with ample availability under its ABL Revolving Credit Facility.
Jul 26, 2024
2024-Q1
Vertiv Holdings Quarterly Report for Q1 Ended Mar 31, 2024
Vertiv Holdings Co. reported a net loss of $5.9 million ($0.02 per diluted share) for the first quarter of 2024, a significant shift from a net income of $50.3 million ($0.12 per diluted share) in the same period last year. This reversal was largely driven by a substantial $176.6 million charge related to the change in fair value of warrant liabilities, compared to a $4.2 million gain in Q1 2023. Despite the net loss, the company demonstrated top-line growth, with net sales increasing by 7.8% to $1,639.1 million, driven by higher sales volumes across all segments. Gross profit also saw a healthy increase of 14.3% to $566.4 million, with margins improving to 34.6% from 32.6% year-over-year, attributed to pricing actions outpacing inflationary costs and increased volumes. The company also highlighted strategic investments in capacity expansion and advancements in thermal management, particularly for AI-driven workloads, indicating a positive outlook for future demand.
Apr 26, 2024
2023-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2023
Vertiv Holdings Co (VRT) reported strong financial results for the third quarter and first nine months of 2023, showcasing significant year-over-year growth in net sales and operating profit. Net sales increased by 17.7% and 46.2% in gross profit for Q3 2023 compared to the prior year, driven by higher sales volumes and effective price realization that more than offset inflationary pressures. The company's strategic focus on critical infrastructure and solutions appears to be paying off, particularly in the Americas segment, which saw a substantial 40.8% increase in net sales and a 120.5% rise in operating profit for the quarter. While supply chain challenges are abating and lead times are improving, the company anticipates continued, though reduced, inflationary pressures and supply chain constraints into the fourth quarter of 2023. Vertiv is proactively managing these challenges through pricing actions and capacity expansion, especially in anticipation of potential increased demand from the Artificial Intelligence (AI) trend. The company ended the quarter with a healthy cash position and strong availability under its ABL Revolving Credit Facility, indicating a solid liquidity outlook for the near term.
Oct 27, 2023
2023-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2023
Vertiv Holdings Co. (VRT) reported strong financial performance for the second quarter and first half of 2023, demonstrating significant year-over-year growth in net sales and a substantial improvement in profitability. Net sales for the second quarter increased by 23.9% to $1.73 billion, driven by higher sales volumes and effective price realization that outpaced inflationary pressures. This momentum continued into the first half of the year, with net sales growing by 27.4% to $3.26 billion. The company's operational efficiency and pricing strategies led to a robust expansion in gross profit margin to 34.3% in Q2 2023, up from 26.5% in the prior year, and operating profit surged to $205.8 million from $26.2 million. This improved profitability, coupled with better management of working capital, resulted in a significant increase in cash flow from operations. The Americas segment, in particular, showed exceptional growth in both sales and operating profit. Vertiv's outlook remains positive, with expectations for continued order normalization and inventory optimization throughout the remainder of 2023, despite ongoing, though abated, supply chain and inflationary concerns.
Aug 2, 2023
2023-Q1
Vertiv Holdings Quarterly Report for Q1 Ended Mar 31, 2023
Vertiv Holdings Co (VRT) reported a significant turnaround in its financial performance for the first quarter of 2023 compared to the same period in the prior year. The company achieved substantial revenue growth, driven by increased sales volumes and effective price realization, particularly in the Americas and Europe, Middle East & Africa regions. This top-line expansion, coupled with improved gross margins, translated into a strong rebound in profitability, with net income rising dramatically year-over-year. Despite ongoing supply chain challenges and inflationary pressures, Vertiv demonstrated resilience by navigating these headwinds. The company's strategic pricing actions and operational efficiencies contributed to a healthier gross profit margin, even as cost of sales increased. While SG&A expenses saw a modest rise, they decreased as a percentage of sales, indicating improved operating leverage. The company also saw a significant reduction in losses related to the change in fair value of warrant liabilities, further bolstering its net income. Vertiv's improved cash flow from operations highlights progress in its working capital initiatives and operational execution.
Apr 28, 2023
2022-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2022
Vertiv Holdings Co. reported its third-quarter 2022 financial results, showing a notable increase in net sales driven by strong performance in the Americas segment and contributions from the E&I Engineering acquisition. Despite revenue growth of 20.5% year-over-year to $1,481.1 million, the company experienced a significant decrease in net income, falling by 62.3% to $21.2 million. This decline was largely attributed to increased costs of sales, up 24.2%, driven by commodity and logistic expenses, supply chain constraints, and higher volumes, which led to a compressed gross profit margin. Additionally, higher interest expenses and changes in the fair value of warrant liabilities impacted profitability. The company highlighted ongoing supply chain constraints and cost increases as persistent challenges, though it is implementing pricing strategies to mitigate these effects. Vertiv also noted an inventory build to support future demand and a significant expansion in its backlog. The company is managing its liquidity through its ABL Revolving Credit Facility and expects sufficient cash to fund operations and growth. A CEO transition was also announced, with Rob Johnson retiring at year-end and Giordano Albertazzi taking over as CEO on January 1, 2023.
Oct 31, 2022
2022-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2022
Vertiv Holdings Co. reported its second-quarter and first-half 2022 results, showing a notable increase in net sales year-over-year driven by the acquisition of E&I Engineering and continued demand in critical infrastructure solutions. However, the company experienced a significant decrease in gross profit margin due to rising costs of sales, including commodity and logistics expenses, and ongoing supply chain constraints. While net sales grew, operating profit declined substantially for both the quarter and the year-to-date period, largely impacted by increased costs and the change in fair value of warrant liabilities. Despite these challenges, Vertiv is actively managing these pressures through pricing actions and supply chain initiatives. The company's liquidity remains adequate, supported by its cash position and revolving credit facility. Investors should monitor the company's ability to mitigate cost pressures and improve margins while navigating the macroeconomic environment, particularly supply chain disruptions and inflation, which are key factors influencing profitability.
Aug 3, 2022
2022-Q1
Vertiv Holdings Quarterly Report for Q1 Ended Mar 31, 2022
Vertiv Holdings Co. reported its first quarter 2022 results, showing a year-over-year increase in net sales to $1,156.4 million, up 5.3%. This growth was primarily driven by the inclusion of E&I Engineering's sales, partially offset by negative foreign currency impacts and lower sales from a divested business. Despite the top-line growth, the company experienced a significant decline in operating profit, reporting a loss of $45.2 million compared to a profit of $79.8 million in the prior year's quarter. This was largely due to a substantial increase in the cost of sales (up 15.2%), driven by higher commodity and logistics costs, and supply chain constraints, which significantly compressed gross profit margins from 32.6% to 26.3%. Additionally, selling, general, and administrative expenses increased, and amortization of intangibles rose due to the recent E&I acquisition. The company's net income also saw a sharp decrease, falling to $8.5 million from $31.7 million in Q1 2021. This was exacerbated by a significant gain from the change in fair value of warrant liabilities in the prior year ($13.6 million loss in Q1 2022 versus a $94.9 million gain in Q1 2021). The company continues to navigate supply chain challenges and inflationary pressures, which are expected to persist throughout 2022. While the company has implemented pricing actions, these have not fully offset the rising costs in the current quarter.
May 2, 2022
2021-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2021
Vertiv Holdings Co. reported a solid third quarter for 2021, demonstrating revenue growth and a significant improvement in net income compared to the prior year period. Net sales increased by 5.8% to $1.23 billion, driven by strong performance across all segments, particularly in Europe, Middle East & Africa (EMEA), which saw an impressive 18.7% rise in net sales. This growth was achieved despite ongoing supply chain challenges and increased commodity and logistics costs, which did impact gross profit margin. The company also achieved profitability, with net income of $56.2 million, a substantial improvement from a net loss of $103.5 million in the same quarter last year. This turnaround is partly attributable to a significant decrease in restructuring costs and a favorable change in the fair value of warrant liabilities. Vertiv's strategic focus on critical infrastructure solutions and services appears to be paying off, with positive contributions from all product and service offerings. The company also successfully closed a significant acquisition of E+I Engineering shortly after the quarter ended, funded in part by an $850 million debt offering, positioning it for future growth. While the company navigates persistent supply chain issues expected to continue into early 2022, the overall financial results indicate a positive operational trend. Investors should monitor the company's ability to manage rising costs and supply chain disruptions while integrating the newly acquired business. The improvement in operating profit across all segments, especially the significant turnaround in EMEA, is a key positive takeaway from this filing.
Nov 1, 2021
2021-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2021
Vertiv Holdings Co reported strong top-line growth in the second quarter and first half of 2021, with net sales increasing by 25.3% and 23.9% respectively, year-over-year. This growth was driven by broad demand across its product and service offerings, favorable foreign currency movements, and a recovery from the COVID-19 pandemic. Despite increased sales, gross profit margins saw a slight decrease due to rising commodity and logistic costs. The company also experienced an increase in SG&A expenses, partly due to the lapsing of COVID-19 related cost-saving measures from the prior year. Operationally, the company returned to profitability in the second quarter of 2021, reporting a net income of $9.7 million, a significant improvement from a net loss of $56.0 million in the same period last year, and a net income of $41.4 million for the first half of 2021 compared to a loss of $264.3 million in the prior year. The company also showed improved cash flow from operations. Vertiv is actively managing its debt, having amended its Term Loan Credit Agreement to reduce interest rate margins. The company's liquidity appears solid, with significant cash on hand and availability under its ABL Revolving Credit Facility. However, investors should note the disclosure of material weaknesses in internal control over financial reporting, though remediation plans are in place.
Aug 2, 2021
2021-Q1
Vertiv Holdings Quarterly Report for Q1 Ended Mar 31, 2021
Vertiv Holdings Co. reported strong top-line growth in the first quarter of 2021, with net sales increasing by 22.4% year-over-year to $1,098.4 million. This growth was driven by a broad recovery across its segments, particularly in the Asia Pacific region, and strong demand for its critical infrastructure and solutions. The company successfully returned to profitability, reporting a net income of $31.7 million, a significant improvement from the net loss of $208.3 million in the prior year's comparable quarter. The company also demonstrated effective cost management, with Selling, General, and Administrative (SG&A) expenses decreasing as a percentage of sales. This operational efficiency, combined with increased gross profit margins, contributed to a substantial increase in operating profit. Vertiv continues to focus on managing its debt, with a notable reduction in interest expense due to refinancing activities and lower outstanding borrowings.
May 3, 2021
2020-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2020
Vertiv Holdings Co (VRT) reported its third-quarter and nine-month results for the period ending September 30, 2020. The company saw an 8.5% increase in net sales for the third quarter, reaching $1.162 billion, driven by strong performance in APAC and EMEA regions, and a recovery from COVID-19 impacts. However, for the nine-month period, net sales decreased by 6.0% to $3.065 billion, largely due to the pandemic's adverse effects. The company's financial results were significantly impacted by restructuring charges, including $71.1 million in the third quarter related to workforce reductions and footprint optimization. Despite the sales increase in Q3, the company reported a net loss of $15.8 million for the quarter, compared to a loss of $13.7 million in the prior year. The nine-month period resulted in a net loss of $258.5 million, a substantial increase from the $106.9 million loss in the same period last year, heavily influenced by a $174 million loss on extinguishment of debt related to debt refinancing. Vertiv has also identified material weaknesses in its internal control over financial reporting, which it is actively working to remediate.
Nov 5, 2020
2020-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2020
Vertiv Holdings Co (VRT) reported its second quarter 2020 results, showing a decrease in net sales by 11.3% year-over-year to $1,005.7 million. This decline was primarily attributed to the impacts of the COVID-19 pandemic, affecting sales volume, project timing, and foreign currency exchange rates. Despite lower sales, the company managed to improve its gross profit margin to 34.4% from 32.4% in the prior year, driven by cost efficiencies and favorable pricing, while also reducing Selling, General, and Administrative (SG&A) expenses by 14.1% through cost-saving initiatives. Financially, Vertiv demonstrated improved liquidity with cash and cash equivalents increasing significantly. The company also completed a substantial debt refinancing in March 2020, reducing its debt service requirements and extending maturity profiles. However, the company reported a net loss of $242.7 million for the first six months of 2020, largely due to a significant loss on the extinguishment of debt ($174.0 million) related to the refinancing activities. The company also disclosed material weaknesses in its internal control over financial reporting, related to IT general controls and the aggregation of open control deficiencies, for which a remediation plan is in place.
Aug 5, 2020
2020-Q1
Vertiv Holdings Quarterly Report for Q1 Ended Mar 31, 2020
Vertiv Holdings Co reported a net loss of $268.9 million for the first quarter of 2020, a significant increase from the $74.3 million net loss in the prior year period. This widened loss was largely driven by a substantial $174.0 million loss on the extinguishment of debt related to a comprehensive debt refinancing completed in March 2020. Net sales also decreased by 14.9% to $897.3 million, impacted by approximately $80 million due to the COVID-19 pandemic, alongside project timing and foreign currency headwinds. Despite the top-line decline and net loss, the company completed a significant business combination in February 2020, transforming its capital structure and operational framework. Management highlighted the ongoing impact of the COVID-19 pandemic, which is expected to continue affecting results throughout 2020. The company is focusing on its global leadership in mission-critical infrastructure for data centers and communication networks. Key financial activities in the quarter included a major debt refinancing and the completion of the business combination, which has reshaped the balance sheet. Investors should monitor the ongoing impact of the pandemic and the company's ability to manage its debt and operational efficiency in a challenging economic environment.
May 7, 2020
2019-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2019
This Form 10-Q, filed November 5, 2019, is for GS Acquisition Holdings Corp, a blank check company (SPAC), not Vertiv Holdings Co (VRT) as the request stated. The filing contains no operating business. Its only income is dividend income on $690 million raised in its June 2018 IPO and held in a Trust Account. As of September 30, 2019, the Trust Account held about $704 million including accrued dividends, and the company held $194,528 of cash outside the trust. The filing does not name an acquisition target, so the Vertiv merger is not discussed here. If you need Vertiv's own financials, a different filing is required. For the nine months ended September 30, 2019, the company reported net income of $7.57 million, driven by $11.3 million of dividend income partly offset by $1.7 million of G&A expenses and $2.0 million of income tax. The company is a shell with no revenue. Its working capital deficit was $604,436 at quarter-end, and it relies on a sponsor commitment of up to $2.0 million, of which $700,000 had been received. Management and the auditors flag substantial doubt about going concern. The company must complete an initial business combination by June 12, 2020, or redeem the public shares at the trust value per share, which is about $10.20 based on the trust balance. The capital structure is 69,000,000 Class A shares (66,079,922 classified as redeemable) and 17,250,000 Class B founder shares. Warrants outstanding total 33,533,317: 23,000,000 public warrants and 10,533,333 private placement warrants, each exercisable at $11.50. A $24.15 million deferred underwriting fee is payable only if a deal closes, and it is recorded as a liability. Investors should focus on the deadline, the going concern language, and the dilution from the warrants and deferred fee if a business combination is announced.
Nov 5, 2019
2019-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2019
This is the Q2 2019 Form 10-Q for GS Acquisition Holdings Corp, a blank check (SPAC) company, filed August 6, 2019. The filing does not cover Vertiv Holdings Co (VRT). Vertiv completed its business combination with GS Acquisition Holdings in February 2020, so this document predates that merger. The company has no operations or revenue. Its only income is dividend income on the roughly $700.9 million held in a U.S. Trust Account, invested in a Goldman Sachs Treasury money market fund. For the three months ended June 30, 2019, it reported dividend income of $3.91 million, G&A expenses of $0.43 million, and net income of $2.75 million. For the six months, net income was $5.44 million on $7.77 million of dividend income. Income tax expense of $1.45 million for the six months relates mainly to trust dividends. The balance sheet is light on operating assets. Cash outside the trust was $225,175 at June 30, 2019, with a working capital surplus of $58,740. Total liabilities were $24.66 million, of which $24.15 million is a deferred underwriting commission payable only if a business combination closes. The company has 69,000,000 Class A public shares and 17,250,000 Class B founder shares outstanding. Of the Class A shares, 66,136,054 are classified as temporary equity at redemption value, about $673.1 million, which is standard SPAC accounting. The sponsor has committed up to $2.0 million of liquidity through June 12, 2020, and has provided $700,000 so far. Management says no additional outside financing is needed before a business combination. The key investor question is whether the company can find and complete a target business before its 24-month deadline of June 12, 2020. If it does not, public shares must be redeemed at trust value, and the warrants (33,533,333 outstanding) expire worthless. Note that the filing contains a typographical error, citing the trust balance as of "June 30, 3019" in Note 1.
Aug 6, 2019
2019-Q1
Vertiv Holdings Quarterly Report for Q1 Ended Mar 31, 2019
GS Acquisition Holdings Corp reported its first-quarter 2019 results as a blank check company formed to effect an Initial Business Combination. For the three months ended March 31, 2019, the company reported net income of $2,694,579, compared with a net loss of $(596) in the prior-year period. Management states that its income consists solely of dividends earned, with dividend income of $3,860,055 for the quarter, offset by general and administrative expenses of $448,988 and income tax provision of $716,488. The company had no operating revenues, and its activity has been limited to identifying and evaluating prospective acquisition targets since its June 12, 2018 public offering. As of March 31, 2019, the company held $698,564,743 of cash and cash equivalents in the Trust Account, plus $1,343,200 of accrued dividends receivable, for total assets of $700,877,687. Cash held outside the Trust Account was $632,698, with a working capital deficit of $290,914 stated by management. The filing notes deferred underwriting compensation of $24,150,000, payable only upon completion of an Initial Business Combination. Management states it does not believe it will need to raise additional funds before an Initial Business Combination, though it may need financing to complete one. The company's public offering sold 69,000,000 units at $10.00 per unit, with each unit including one-third of a redeemable warrant exercisable at $11.50 per share. If no Initial Business Combination is completed within 24 months of the June 12, 2018 closing, the company will redeem public shares at a per-share price equal to the Trust Account balance, less up to $100,000 for dissolution expenses and taxes payable. The GSAM Member provided a commitment of up to $2.0 million in liquidity through June 12, 2020 for ordinary course expenses.
May 8, 2019
2018-Q3
Vertiv Holdings Quarterly Report for Q3 Ended Sep 30, 2018
Vertiv Holdings Co (VRT), formerly GS Acquisition Holdings Corp, is a blank check company focused on completing an initial business combination. As of the period ending September 30, 2018, the company had not yet identified or completed an acquisition, and its operations primarily consisted of formation activities and its initial public offering (IPO) on June 12, 2018. The company raised substantial capital through its IPO and a concurrent private placement of warrants, with the majority of these funds placed in a trust account. The financial statements reflect the significant capital raised and the structure of a special purpose acquisition company (SPAC). The company generated nominal income from interest and dividends on its trust account investments and incurred administrative and offering-related expenses. A key feature is the substantial amount of Class A common stock classified outside of permanent equity due to its redemption feature, which is standard for SPACs pending a business combination.
Nov 6, 2018
2018-Q2
Vertiv Holdings Quarterly Report for Q2 Ended Jun 30, 2018
GS Acquisition Holdings Corp. (now Vertiv Holdings Co. under a new corporate structure not fully detailed in this specific filing but implied by the prompt's framing) is presenting its quarterly report for the period ending June 30, 2018. As a "blank check company" or Special Purpose Acquisition Company (SPAC), its primary activity since its inception in April 2016 has been its formation and the completion of its Initial Public Offering (IPO) on June 12, 2018. The company's financial statements reflect its status as a shell company with no operating revenue; its income is derived solely from dividend income on its cash reserves held in a trust account. The report details the significant capital raised through the IPO, totaling $690 million, alongside a $15.8 million private placement of warrants. The vast majority of these funds are held in a trust account, intended to finance a future "Initial Business Combination." The company has 24 months from the IPO closing date to identify and complete this acquisition, failing which it will be obligated to redeem its public shares. The company has incurred substantial offering costs and a deferred underwriting commission, which are contingent upon the successful completion of an acquisition.
Aug 7, 2018