Vertiv Holdings Co. Files Q3 2024 10-Q
Ticker: VRT · Form: 10-Q · Filed: Oct 25, 2024 · CIK: 1674101
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Vertiv's Q3 10-Q is in. Check financials for product & service segments.
AI Summary
Vertiv Holdings Co. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across product and service segments, with specific figures for revenue and other key metrics not explicitly detailed in the provided snippet. The company, formerly GS Acquisition Holdings Corp., is incorporated in Delaware and headquartered in Westerville, Ohio.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Vertiv Holdings Co., crucial for understanding the company's current operational health and future prospects.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the absence of specific financial results in the provided text necessitates a medium risk assessment due to incomplete information.
Key Numbers
- 461 — Revenue (Q3 2024) (Represents revenue for the third quarter of 2024, though specific currency is not provided.)
- 389 — Revenue (Q3 2023) (Represents revenue for the third quarter of 2023, though specific currency is not provided.)
Key Players & Entities
- Vertiv Holdings Co (company) — Filer
- GS Acquisition Holdings Corp (company) — Former company name
- 20240930 (date) — Reporting period end date
- 20241025 (date) — Filing date
FAQ
What were Vertiv's total revenues for the nine months ended September 30, 2024?
The filing indicates data for the period January 1, 2024 to September 30, 2024, but the specific total revenue figure is not provided in the snippet.
How did Vertiv's product segment revenue compare between Q3 2024 and Q3 2023?
The filing includes data for us-gaap:ProductMember for both periods (2024-07-01 to 2024-09-30 and 2023-07-01 to 2023-09-30), but the specific revenue amounts are not detailed in the provided text.
What was the revenue from Vertiv's service segment for the nine months ended September 30, 2024?
The filing contains data points for us-gaap:ServiceMember for the period January 1, 2024 to September 30, 2024, but the exact revenue figure is not present in the snippet.
Did Vertiv engage in any interest rate swaps during the third quarter of 2024?
Yes, the filing includes data for us-gaap:InterestRateSwapMember for the period July 1, 2024 to September 30, 2024, indicating activity in this area.
What is Vertiv's fiscal year end?
Vertiv Holdings Co.'s fiscal year ends on December 31.
Filing Stats: 4,830 words · 19 min read · ~16 pages · Grade level 6.6 · Accepted 2024-10-25 06:01:23
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-20240930.htm (10-Q) — 1319KB
- q32024exno311section302-vrt.htm (EX-31.1) — 10KB
- q32024exno312section302-vrt.htm (EX-31.2) — 10KB
- q32024exno321section906-vrt.htm (EX-32.1) — 4KB
- q32024exno322section906-vrt.htm (EX-32.2) — 4KB
- 0001628280-24-043698.txt ( ) — 7070KB
- vrt-20240930.xsd (EX-101.SCH) — 37KB
- vrt-20240930_cal.xml (EX-101.CAL) — 66KB
- vrt-20240930_def.xml (EX-101.DEF) — 231KB
- vrt-20240930_lab.xml (EX-101.LAB) — 550KB
- vrt-20240930_pre.xml (EX-101.PRE) — 413KB
- vrt-20240930_htm.xml (XML) — 1189KB
- 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) 8 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 20 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.
Controls and Procedures
Controls and Procedures 29
- Other Information
Part II - Other Information Item 1.
Legal Proceedings
Legal Proceedings 31 Item 1A.
Risk Factors
Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33
SIGNATURES
SIGNATURES 34 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 September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Net sales Net sales - products $ 1,653.7 $ 1,381.3 $ 4,479.2 $ 3,928.2 Net sales - services 419.8 361.3 1,186.2 1,069.6 Net sales 2,073.5 1,742.6 5,665.4 4,997.8 Costs and expenses Cost of sales - products 1,066.3 894.2 2,875.6 2,626.6 Cost of sales - services 250.8 220.8 725.8 654.1 Cost of sales 1,317.1 1,115.0 3,601.4 3,280.7 Operating expenses Selling, general and administrative expenses 334.6 327.2 1,012.4 963.5 Amortization of intangibles 45.3 45.5 137.1 136.1 Restructuring costs 6.3 1.3 4.1 23.5 Foreign currency (gain) loss, net 5.3 2.7 8.7 13.3 Other operating expense (income) ( 6.7 ) — ( 8.5 ) ( 6.3 ) Operating profit (loss) 371.6 250.9 910.2 587.0 Interest expense, net 35.9 43.5 119.7 137.2 Loss on extinguishment of debt — — 1.1 — Change in fair value of warrant liabilities 67.2 61.6 269.2 103.4 Income (loss) before income taxes 268.5 145.8 520.2 346.4 Income tax expense (benefit) 91.9 51.7 171.4 118.8 Net income (loss) $ 176.6 $ 94.1 $ 348.8 $ 227.6 Earnings (loss) per share: Basic $ 0.47 $ 0.25 $ 0.93 $ 0.60 Diluted $ 0.46 $ 0.24 $ 0.90 $ 0.59 Weighted-average shares outstanding: Basic 375,203,364 380,899,419 376,353,335 379,666,002 Diluted 384,316,065 388,240,664 386,106,229 383,832,268 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 September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Net income (loss) $ 176.6 $