Vertiv Holdings Co. Q1 FY2024 results: revenue $1.6 billion, up 7.8% on the year

Vertiv Holdings Co. (VRT) reported revenue of $1.6 billion for Q1 FY2024, the quarter ended 31 March 2024, up 7.8% on the same quarter a year earlier. Net income was -$6 million, and diluted earnings per share $-0.02. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$1.6 billionup 7.8%

Net income-$6 million

Diluted EPS$-0.02

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,639	1,865	n/a	n/a
Cost of revenue	1,073	1,182	n/a	n/a
Gross profit	566	683	n/a	n/a
Gross margin	34.6%	36.6%	n/a
Selling, general and administrative	314	349	n/a	n/a
Operating income	203	285	n/a	n/a
Operating margin	12.4%	15.3%	n/a
Interest expense	39.0	42.9	n/a	n/a
Pre-tax income	-13.0	187	n/a	n/a
Income tax	-7.1	-45.3	n/a	n/a
Effective tax rate	n/a	-24.2%	n/a
Net income	-5.9	233	n/a	n/a
Net margin	-0.4%	12.5%	n/a
Diluted EPS	-$0.02	$0.61	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	138	356	n/a	n/a
Capital expenditure	35.8	47.8	n/a	n/a
Free cash flow	102	308	n/a	n/a
Free cash flow margin	6.2%	16.5%	n/a
Depreciation and amortisation	68.7	68.9	n/a	n/a
Share-based compensation	9.2	6.2	n/a	n/a
Buybacks	600	0.0	n/a	n/a
Dividends paid	9.3	9.5	n/a	n/a
Diluted shares, weighted	379m	386m	n/a	n/a
Shares outstanding at period end	374m	382m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	7,591	7,998	n/a	n/a
Cash and equivalents	276	780	n/a	n/a
Receivables	2,097	2,185	n/a	n/a
Inventory	987	884	n/a	n/a
Goodwill	1,323	1,330	n/a	n/a
Long-term debt	2,937	2,941	n/a	n/a
Borrowings, as the company tags them	n/a	2,968	n/a	n/a
Operating lease liabilities	n/a	141	n/a	n/a
Shareholders' equity	1,393	2,015	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 31 March 2024, filed 26 April 2024, accession 0001628280-24-018417: the filing on EDGAR. All of Vertiv Holdings Co.'s filings: EDGAR company page.

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