Vertiv Holdings Co. Q3 FY2023 results: revenue $1.7 billion, up 17.7% on the year

Vertiv Holdings Co. (VRT) reported revenue of $1.7 billion for Q3 FY2023, the quarter ended 30 September 2023, up 17.7% on the same quarter a year earlier. Net income was $94 million, up 343.9% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$1.7 billionup 17.7%

Net income$94 millionup 343.9%

Diluted EPS$0.24

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,743	n/a	n/a	n/a
Cost of revenue	1,115	n/a	n/a	n/a
Gross profit	628	n/a	n/a	n/a
Gross margin	36.0%	n/a	n/a
Selling, general and administrative	327	n/a	n/a	n/a
Operating income	251	n/a	n/a	n/a
Operating margin	14.4%	n/a	n/a
Interest expense	43.5	n/a	n/a	n/a
Pre-tax income	146	n/a	n/a	n/a
Income tax	51.7	n/a	n/a	n/a
Effective tax rate	35.5%	n/a	n/a
Net income	94.1	n/a	n/a	n/a
Net margin	5.4%	n/a	n/a
Diluted EPS	$0.24	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	249	n/a	n/a	n/a
Capital expenditure	26.5	n/a	n/a	n/a
Free cash flow	222	n/a	n/a	n/a
Free cash flow margin	12.8%	n/a	n/a
Depreciation and amortisation	68.2	n/a	n/a	n/a
Share-based compensation	6.5	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	0.0	n/a	n/a	n/a
Diluted shares, weighted	388m	n/a	n/a	n/a
Shares outstanding at period end	381m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	7,414	n/a	n/a	n/a
Cash and equivalents	500	n/a	n/a	n/a
Receivables	2,021	n/a	n/a	n/a
Inventory	922	n/a	n/a	n/a
Goodwill	1,284	n/a	n/a	n/a
Long-term debt	2,945	n/a	n/a	n/a
Shareholders' equity	1,714	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,743	1,865	1,639	1,953	2,074	2,346	2,036	2,638	2,676	2,880	2,650	3,274
Cost of revenue	1,115	1,182	1,073	1,212	1,317	1,476	1,350	1,742	1,665	1,759	1,650	2,039
Gross profit	628	683	566	741	756	870	686	897	1,011	1,121	1,000	1,235
Gross margin	36%	37%	35%	38%	36%	37%	34%	34%	38%	39%	38%	38%
SG&A	327	349	314	364	335	362	346	396	414	462	457	494
Operating income	251	285	203	336	372	457	291	442	517	580	440	638
Operating margin	14%	15%	12%	17%	18%	19%	14%	17%	19%	20%	17%	19%
Interest expense	43.5	42.9	39.0	44.8	35.9	30.7	25.3	21.3	22.8	16.7	-4.4	17.4
Pre-tax income	146	187	-13.0	265	268	245	265	421	492	563	438	620
Tax rate	35%	-24%	n/a	33%	34%	40%	38%	23%	19%	21%	11%	20%
Net income	94.1	233	-5.9	178	177	147	164	324	398	446	390	498
Net margin	5%	12%	-0%	9%	9%	6%	8%	12%	15%	15%	15%	15%
Diluted EPS	$0.24	$0.61	-$0.02	$0.46	$0.46	$0.38	$0.42	$0.83	$1.02	$1.14	$0.99	$1.27
Operating cash flow	249	356	138	378	378	425	303	323	509	979	767	1,100
Capital expenditure	26.5	47.8	35.8	34.1	36.4	60.7	36.5	45.0	45.2	93.3	113	173
Free cash flow	222	308	102	344	342	364	267	278	464	886	654	926
Buybacks	0.0	0.0	600	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a
Dividends paid	0.0	9.5	9.3	9.4	9.4	14.1	14.2	14.2	14.2	24.0	23.9	23.9
Shares outstanding	381m	382m	374m	375m	375m	381m	381m	382m	382m	383m	384m	385m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0001628280-23-035351: the filing on EDGAR. All of Vertiv Holdings Co.'s filings: EDGAR company page.

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