Vertiv Holdings (VRT) FY2023 results: revenue $6.9 billion, up 20.6% on the year

Vertiv Holdings Co. (VRT) reported revenue of $6.9 billion for fiscal 2023, the year ended 31 December 2023, up 20.6% on the year before. Net income was $460 million, up 500.8%, and diluted earnings per share $1.19. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$6.9 billion

+20.6% on the year

FY2018FY2023

Operating margin

12.7%

3.9% a year earlier

FY2018FY2023

Net income

$460 million

+500.8% on the year

FY2018FY2023

Diluted EPS

$1.19

FY2018FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	6,863	5,692	4,998	+20.6%
Cost of revenue	4,463	4,075	3,475	+9.5%
Gross profit	2,400	1,616	1,523	+48.5%
Gross margin	35.0%	28.4%	30.5%
Research and development	304	282	266	+7.6%
Selling, general and administrative	1,312	1,178	1,109	+11.4%
Operating income	872	223	260	+290.4%
Operating margin	12.7%	3.9%	5.2%
Interest expense	180	147	90.6	+22.3%
Pre-tax income	534	167	166	+219.6%
Income tax	73.5	90.4	46.6	-18.7%
Effective tax rate	13.8%	54.1%	28.0%
Net income	460	76.6	120	+500.8%
Net margin	6.7%	1.3%	2.4%
Diluted EPS	$1.19	-$0.04	$0.33

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	900	-153	211
Capital expenditure	128	100	73.4	+27.9%
Free cash flow	773	-253	138
Free cash flow margin	11.3%	-4.4%	2.8%
Cash from investing	-139	-112	-1,217
Cash from financing	-248	100	915
Depreciation and amortisation	271	302	227	-10.4%
Share-based compensation	25.0	24.7	23.2	+1.2%
Buybacks	0.0	0.0	n/a
Dividends paid	9.5	3.8	3.8	+150.0%
Diluted shares, weighted	386m	378m	360m	+2.1%
Shares outstanding at period end	382m	377m	376m	+1.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,015	1,442	1,418	+39.7%
Debt	2,941	3,191	2,972	-7.8%
Operating lease liabilities	141	130	114	+8.1%
Other liabilities	2,902	2,332	2,436	+24.4%
Total liabilities and equity	7,998	7,096	6,940	+12.7%
Fixed assets	560	489	489	+14.4%
Goodwill	1,330	1,285	1,330	+3.5%
Intangible assets	1,673	1,816	2,138	-7.9%
Cash and equivalents	780	261	439	+199.5%
Receivables	2,118	1,889	1,536	+12.1%
Inventory	884	822	616	+7.6%
Other assets	652	534	390	+22.1%
Total assets	7,998	7,096	6,940	+12.7%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.