VRT 10-Q Quarterly Reports

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Vertiv Holdings Co (VRT), operating as a blank check company (GS Acquisition Holdings Corp.) at the time of this filing, reported a net income of $7.57 million for the nine months ended September 29, 2019, an increase from $2.68 million in the prior year period. This income was solely derived from dividends earned, as the company's primary activity remains the identification and evaluation of potential acquisition targets for an Initial Business Combination. The company held approximately $194,528 in cash and cash equivalents outside of its trust account, which contained $690 million, as of September 30, 2019. A significant note for investors is the company's going concern status, with a stated deadline of June 12, 2020, to complete an Initial Business Combination. Failure to do so would trigger dissolution and redemption of public shares, raising substantial doubt about its ability to continue as an ongoing business.

This 10-Q filing for Vertiv Holdings Co (VRT), operating as GS Acquisition Holdings Corp. at the time, pertains to the period ending June 30, 2019. As a special purpose acquisition company (SPAC), the Company's primary activities revolve around identifying and evaluating potential acquisition targets for an Initial Business Combination. The report highlights the Company's financial position, characterized by significant cash reserves held in a trust account, intended to fund a future business combination. Net income for the six months ended June 30, 2019, was primarily derived from dividends earned, reflecting the interim stage of its operations. Investor focus should be on the Company's progress towards its Initial Business Combination. The report details the significant cash raised from its June 2018 IPO and private placement, which is earmarked for this purpose. While the Company has incurred operating expenses, including administrative support and deferred underwriting fees, it anticipates having sufficient funds for its pre-acquisition activities. However, uncertainties remain regarding the successful completion of a business combination and potential future funding needs.

Vertiv Holdings Co (VRT), operating as a blank check company (GS Acquisition Holdings Corp.) at the time of this May 2019 filing, is focused on identifying and completing an Initial Business Combination. The company reported a net income of $2.7 million for the first quarter of 2019, primarily driven by dividend income, a significant improvement from a negligible loss in the prior year period. This positive net income is not reflective of operational profits but rather the financial positioning of a SPAC awaiting its target acquisition. Liquidity remains strong, with approximately $632,698 in cash and cash equivalents held outside the Trust Account and $690 million held within the Trust Account in money market funds as of March 31, 2019. The company anticipates sufficient funds to cover pre-acquisition operating expenses, supported by a commitment from GS Sponsor LLC for up to $2.0 million in liquidity if needed. The deferred underwriting discount of $24.15 million will be paid upon the successful completion of an Initial Business Combination, which remains the primary objective and a key determinant of the company's future financial structure.

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.

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.