Summary
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.
Financial Highlights
34 data points| Revenue | $1.05B |
| Cost of Revenue | $707.60M |
| Gross Profit | $347.20M |
| SG&A Expenses | $286.40M |
| Interest Expense | $77.80M |
| Net Income | -$74.30M |
| EPS (Basic) | $-0.63 |
| EPS (Diluted) | $-0.63 |
| Shares Outstanding (Basic) | 118.26M |
| Shares Outstanding (Diluted) | 118.26M |
Key Highlights
- 1The company, GS Acquisition Holdings Corp., is a SPAC actively seeking an Initial Business Combination.
- 2Reported net income of $2.7 million for Q1 2019, primarily from investment income, a significant increase from a loss in Q1 2018.
- 3Strong liquidity position with $632,698 in cash outside the Trust Account and $690 million within the Trust Account as of March 31, 2019.
- 4Deferred underwriting fees of $24.15 million are contingent upon the completion of a business combination.
- 5No material market or interest rate risk exposure as of March 31, 2019, due to short-term investments in money market funds.
- 6Disclosure controls and procedures were deemed effective by management.
- 7No off-balance sheet arrangements or long-term contractual obligations (excluding the administrative support agreement and deferred underwriting fees).