Vertiv Holdings (VRT) FY2022 results: revenue $5.7 billion, up 13.9% on the year

Vertiv Holdings Co. (VRT) reported revenue of $5.7 billion for fiscal 2022, the year ended 31 December 2022, up 13.9% on the year before. Net income was $77 million, down 36.0%, and diluted earnings per share $-0.04. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$5.7 billion

+13.9% on the year

FY2018FY2022

Operating margin

3.9%

5.2% a year earlier

FY2018FY2022

Net income

$77 million

-36.0% on the year

FY2018FY2022

Diluted EPS

-$0.04

FY2018FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	5,692	4,998	4,371	+13.9%
Cost of revenue	4,075	3,475	2,897	+17.3%
Gross profit	1,616	1,523	1,474	+6.1%
Gross margin	28.4%	30.5%	33.7%
Research and development	282	266	229	+5.9%
Selling, general and administrative	1,178	1,109	1,008	+6.2%
Operating income	223	260	214	-14.0%
Operating margin	3.9%	5.2%	4.9%
Interest expense	147	90.6	150	+62.6%
Pre-tax income	167	166	-255	+0.5%
Income tax	90.4	46.6	72.7	+94.0%
Effective tax rate	54.1%	28.0%	n/a
Net income	76.6	120	-327	-36.0%
Net margin	1.3%	2.4%	-7.5%
Diluted EPS	-$0.04	$0.33	-$1.07

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-153	211	209
Capital expenditure	100	73.4	44.4	+36.2%
Free cash flow	-253	138	164
Free cash flow margin	-4.4%	2.8%	3.8%
Cash from investing	-112	-1,217	-45.7
Cash from financing	100	915	141	-89.0%
Depreciation and amortisation	302	227	203	+33.2%
Share-based compensation	24.7	23.2	13.0	+6.5%
Buybacks	0.0	n/a	n/a
Dividends paid	3.8	3.8	3.3	0.0%
Diluted shares, weighted	378m	360m	307m	+5.0%
Shares outstanding at period end	377m	376m	342m	+0.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,442	1,418	512	+1.7%
Debt	3,191	2,972	2,152	+7.4%
Operating lease liabilities	130	114	107	+14.8%
Other liabilities	2,332	2,436	2,302	-4.2%
Total liabilities and equity	7,096	6,940	5,074	+2.2%
Fixed assets	489	489	428	+0.0%
Goodwill	1,285	1,330	607	-3.4%
Intangible assets	1,816	2,138	1,302	-15.1%
Cash and equivalents	261	439	535	-40.7%
Receivables	1,889	1,536	1,354	+22.9%
Inventory	822	616	447	+33.4%
Other assets	534	390	401	+36.9%
Total assets	7,096	6,940	5,074	+2.2%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.