Vertiv Holdings Co. Q2 2024 10-Q Filing
Ticker: VRT · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 1674101
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Vertiv's Q2 2024 10-Q is in, showing performance vs. last year. Check the numbers!
AI Summary
Vertiv Holdings Co. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance across product and service segments for Q2 2024 and the first half of the year, comparing it to the same periods in 2023. Specific financial figures for revenue, profit, and other key metrics are presented within the report.
Why It Matters
This filing provides investors with the latest financial performance data for Vertiv Holdings Co., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — The filing contains detailed financial data which requires careful analysis to fully assess risks and opportunities.
Key Numbers
- Q2 2024 — Quarterly Performance (Financial results for the second quarter of 2024 are detailed.)
- First Half 2024 — Year-to-Date Performance (Financial results for the first six months of 2024 are detailed.)
- 2023 — Prior Year Comparison (Financial results are compared against the corresponding periods in 2023.)
Key Players & Entities
- Vertiv Holdings Co (company) — Filer of the 10-Q
- GS Acquisition Holdings Corp (company) — Former company name
- 20240630 (date) — Conformed period of report
- 20240726 (date) — Filed as of date
FAQ
What were Vertiv's total revenues for the second quarter of 2024?
The filing provides data for the period 2024-04-01 to 2024-06-30, which represents Q2 2024, but specific revenue figures are not listed in the provided text.
How did Vertiv's product segment performance in Q2 2024 compare to Q2 2023?
The filing indicates data points for us-gaap:ProductMember for both 2024-04-01 to 2024-06-30 (Q2 2024) and 2023-04-01 to 2023-06-30 (Q2 2023), suggesting a comparison is available within the full document.
What is the company's fiscal year end?
The company's fiscal year ends on December 31 (1231).
What is Vertiv's primary industry classification?
Vertiv Holdings Co. is classified under ELECTRONIC COMPONENTS, NEC [3679].
Does the filing mention any specific financial instruments like interest rate swaps?
Yes, the filing includes data points related to us-gaap:InterestRateSwapMember for various periods in 2024 and 2023.
Filing Stats: 4,872 words · 19 min read · ~16 pages · Grade level 6.5 · Accepted 2024-07-26 16:35:49
Key Financial Figures
- $0.0001 — which registered Class A common stock, $0.0001 par value per share VRT New York Stock
- $0 — mpany's Class A common stock, par value $0.0001, outstanding. TABLE OF CONTENTS
Filing Documents
- vrt-20240630.htm (10-Q) — 1266KB
- q22024ex102amendedemployme.htm (EX-10.2) — 11KB
- q22024exno311section302-vrt.htm (EX-31.1) — 10KB
- q22024exno312section302-vrt.htm (EX-31.2) — 10KB
- q22024exno321section906-vrt.htm (EX-32.1) — 4KB
- q22024exno322section906-vrt.htm (EX-32.2) — 4KB
- 0001628280-24-033173.txt ( ) — 6959KB
- vrt-20240630.xsd (EX-101.SCH) — 36KB
- vrt-20240630_cal.xml (EX-101.CAL) — 66KB
- vrt-20240630_def.xml (EX-101.DEF) — 230KB
- vrt-20240630_lab.xml (EX-101.LAB) — 547KB
- vrt-20240630_pre.xml (EX-101.PRE) — 412KB
- vrt-20240630_htm.xml (XML) — 1165KB
- Financial Information
Part I - Financial Information Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Earnings (Loss) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.
Controls and Procedures
Controls and Procedures 28
- Other Information
Part II - Other Information Item 1.
Legal Proceedings
Legal Proceedings 29 Item 1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31
SIGNATURES
SIGNATURES 32 1 Table of contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) VERTIV HOLDINGS CO (Dollars in millions except for per share data) Three months ended June 30, 2024 Three months ended June 30, 2023 Six months ended June 30, 2024 Six months ended June 30, 2023 Net sales Net sales - products $ 1,555.2 $ 1,360.4 $ 2,825.5 $ 2,546.9 Net sales - services 397.6 373.7 766.4 708.3 Net sales 1,952.8 1,734.1 3,591.9 3,255.2 Costs and expenses Cost of sales - products 981.0 912.9 1,827.3 1,732.4 Cost of sales - services 230.6 227.2 457.0 433.3 Cost of sales 1,211.6 1,140.1 2,284.3 2,165.7 Operating expenses Selling, general and administrative expenses 363.8 327.6 677.8 636.3 Amortization of intangibles 45.8 45.4 91.8 90.6 Restructuring costs ( 2.5 ) 9.1 ( 2.2 ) 22.2 Foreign currency (gain) loss, net 0.2 7.5 3.4 10.6 Other operating expense (income) ( 2.1 ) ( 1.4 ) ( 1.8 ) ( 6.3 ) Operating profit (loss) 336.0 205.8 538.6 336.1 Interest expense, net 44.8 46.9 83.8 93.7 Loss on extinguishment of debt 1.1 — 1.1 — Change in fair value of warrant liabilities 25.4 46.0 202.0 41.8 Income (loss) before income taxes 264.7 112.9 251.7 200.6 Income tax expense (benefit) 86.6 29.7 79.5 67.1 Net income (loss) $ 178.1 $ 83.2 $ 172.2 $ 133.5 Earnings (loss) per share: Basic $ 0.48 $ 0.22 $ 0.46 $ 0.35 Diluted $ 0.46 $ 0.22 $ 0.44 $ 0.35 Weighted-average shares outstanding: Basic 374,734,093 379,938,365 376,934,638 379,039,072 Diluted 384,488,069 382,351,210 387,001,428 381,116,189 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 2 Table of contents UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) VERTIV HOLDINGS CO (Dollars in millions) Three months ended June 30, 2024 Three months ended June 30, 2023 Six months ended June 30, 2024 Six months ended June 30, 2023 Net income (loss) $ 178.1 $ 83.2 $ 172.2 $ 133.5 Other comprehensive