EX-99.2 3 exhibit992vrt030920.htm EX-99.2 Document

Quarterly Financial Information
The following quarterly financial information is being furnished in this exhibit to provide investors with eight quarters of historical data.

Non-GAAP Financial Measures
Financial statements included in this press release have been prepared in accordance with GAAP. Vertiv has included certain non-GAAP financial measures in this press release, as further described below, that may not be directly comparable to other similarly titled measures used by other companies and therefore may not be comparable among companies. For purposes of Regulation G and Section 10(e) of Regulation S-K, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of operations, balance sheets, or statement of cash flows of the company; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from most directly comparable measure so calculated and presented. Pursuant to the requirements of Regulation G, Vertiv has provided reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.

Reconciliation of GAAP and non-GAAP Financial Measures
To supplement our consolidated financial statements that have been prepared in accordance with GAAP, we have included certain non-GAAP financial measures in this press release, as further defined below. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors' ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company's performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.

Vertiv’s non-GAAP financial measures include:

•EBITDA, which represents earnings (loss) from continuing operations before interest expense, income tax expense (benefit), and depreciation and amortization; and
•Adjusted EBITDA, which represents EBITDA, adjusted to exclude certain unusual or non-recurring items, certain non-cash items and other items that are not indicative of ongoing operations; and
•Organic sales, which represents net sales excluding the impact of foreign exchange rate fluctuations and purchase accounting.
1

Vertiv Holdings, LLC
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited)

2019 Quarterly Data

(In millions)Three months ended March 31, 2019Three months ended June 30, 2019Three months ended September 30, 2019Three months ended December 31, 2019Year ended December 31, 2019
Net sales
Net sales - products$813.3  $865.3  $799.4  $878.1  $3,356.1  
Net sales - services241.5  268.8  271.3  293.4  1,075.1  
Net sales1,054.8  1,134.1  1,070.7  1,171.5  4,431.2  
Cost of sales
Cost of sales - products566.2  613.6  561.4  607.9  2,349.2  
Cost of sales - services141.4  153.3  158.0  176.4  629.0  
Cost of sales707.6  766.9  719.4  784.3  2,978.2  
Selling, general and administrative expenses286.4  263.3  259.3  291.8  1,100.8  
Other deductions, net38.8  28.1  31.6  47.5  146.1  
Interest expense, net77.8  78.7  77.7  76.2  310.4  
Loss from operations before income taxes(55.8) (2.9) (17.3) (28.3) (104.3) 
Income tax expense (benefit)18.5  16.0  (3.6) 5.6  36.5  
Net Loss$(74.3) $(18.9) $(13.7) $(33.9) $(140.8) 
























2

Vertiv Holdings, LLC
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited)

2018 Quarterly Data
(In millions)Three months ended March 31, 2018Three months ended June 30, 2018Three months ended September 30, 2018Three months ended December 31, 2018Year ended December 31, 2018
Net sales
Net sales - products$711.7  $808.8  $796.8  $913.0  $3,230.3  
Net sales - services239.0  277.2  280.5  258.6  1,055.3  
Net sales950.7  1,086.0  1,077.3  1,171.6  4,285.6  
Cost of sales
Cost of sales - products490.9  558.2  560.1  665.3  2,274.5  
Cost of sales - services136.4  158.6  159.2  136.5  590.7  
Cost of sales627.3  716.8  719.3  801.8  2,865.2  
Selling, general and administrative expenses305.9  320.7  293.8  303.4  1,223.8  
Other deductions, net56.4  40.5  69.2  12.6  178.8  
Interest expense, net68.3  71.3  73.9  75.3  288.8  
Loss from continuing operations before income taxes(107.2) (63.3) (78.9) (21.5) (271.0) 
Income tax expense (benefit)(45.2) 158.6  (81.1) 17.7  49.9  
(Loss) gain from continuing operations(62.0) (221.9) 2.2  (39.2) (320.9) 
Earnings (loss) from discontinued operations - net of income taxes—  7.4  —  (0.5) 6.9  
Net Loss$(62.0) $(214.5) $2.2  $(39.7) $(314.0) 

3

Vertiv Holdings, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

2018 and 2019 Quarterly Data

(in millions)March 31, 2018June 30, 2018September 30, 2018December 31, 2018March 31, 2019June 30, 2019September 30, 2019December 31, 2019
ASSETS
Current assets
Cash and cash equivalents$216.5  $110.0  $99.4  $215.1  $112.6  $110.1  $149.3  $223.5  
Accounts receivable, less allowances1,133.2  1,172.7  1,208.0  1,251.8  1,195.4  1,263.4  1,208.0  1,212.2  
Inventories455.8  465.4  491.3  486.5  489.6  451.9  443.2  401.0  
Other current assets115.6  99.5  110.2  141.9  164.4  167.2  162.8  180.7  
Assets held for sale—  —  18.3  —  —  —  —  —  
Total current assets1,921.1  1,847.6  1,927.2  2,095.3  1,962.0  1,992.6  1,963.3  2,017.4  
Property, plant and equipment, net486.7  477.2  440.2  441.7  436.7  430.1  415.2  428.2  
Other assets
Goodwill638.0  633.7  629.1  634.0  632.0  632.7  618.0  605.8  
Other intangible assets, net1,693.4  1,619.8  1,592.4  1,564.2  1,539.8  1,504.3  1,457.6  1,441.6  
Deferred income taxes26.4  24.6  21.5  10.4  3.4  4.5  4.2  9.0  
Other61.4  58.7  50.8  48.8  153.2  163.2  152.9  155.4  
Total other assets2,419.2  2,336.8  2,293.8  2,257.4  2,328.4  2,304.7  2,232.7  2,211.8  
Total assets$4,827.0  $4,661.6  $4,661.2  $4,794.4  $4,727.1  $4,727.4  $4,611.2  $4,657.4  
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings$115.0  $95.0  $—  $—  $—  $—  $—  $—  
Accounts payable639.9  701.0  733.2  778.2  713.6  669.4  613.4  636.8  
Accrued expenses and other liabilities744.2  708.9  737.4  804.3  859.5  851.9  832.4  867.7  
Income taxes18.4  16.2  22.8  23.9  29.6  37.0  25.5  15.2  
Total current liabilities1,517.5  1,521.1  1,493.4  1,606.4  1,602.7  1,558.3  1,471.3  1,519.7  
Long-term debt, net3,165.3  3,171.2  3,324.2  3,427.8  3,374.5  3,445.8  3,479.5  3,467.3  
Deferred income taxes177.9  303.5  193.6  160.0  146.2  139.7  138.8  124.7  
Other long-term liabilities127.8  118.8  132.9  140.5  211.6  221.8  217.8  250.5  
Total liabilities4,988.5  5,114.6  5,144.1  5,334.7  5,335.0  5,365.6  5,307.4  5,362.2  
Equity
Class A Units, 850,000 issued and outstanding—  —  —  —  —  —  —  —  
Class B Units, 150,000 issued and outstanding—  —  —  —  —  —  —  —  
Additional paid-in capital277.7  277.7  277.7  277.7  277.7  277.7  277.7  277.7  
Accumulated deficit(608.0) (822.4) (820.1) (859.8) (934.1) (953.0) (966.7) (1,000.6) 
Accumulated other comprehensive income (loss)168.8  91.7  59.5  41.8  48.5  37.1  (7.2) 18.1  
Total equity(161.5) (453.0) (482.9) (540.3) (607.9) (638.2) (696.2) (704.8) 
Total liabilities and equity$4,827.0  $4,661.6  $4,661.2  $4,794.4  $4,727.1  $4,727.4  $4,611.2  $4,657.4  

4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)

2019 Quarterly Data

(In Millions)Three months ended March 31, 2019Three months ended June 30, 2019Six months ended June 30, 2019Three months ended September 30, 2019Nine months ended September, 2019Three months ended December 31, 2019Year ended December 31, 2019
Cash flows from operating activities:
Net loss$(74.3) $(19.0) $(93.3) $(13.6) $(106.9) $(33.9) $(140.8) 
Adjustments to reconcile net (loss) earnings to net cash provided by (used by) operating activities:
Depreciation14.2  14.2  28.4  14.3  42.7  14.4  57.1  
Amortization35.4  36.8  72.2  37.0  109.2  36.6  145.8  
Deferred income taxes(3.5) (6.9) (10.4) 2.1  (8.3) (5.5) (13.8) 
Amortization of debt discount and issuance costs7.5  7.2  14.7  6.5  21.2  6.7  27.9  
Changes in operating working capital(11.9) (78.0) (89.9) (14.3) (104.2) 67.8  (36.4) 
Other(1.1) (2.2) (3.3) (8.5) (11.8) 29.5  17.7  
Net cash provided by (used for) operating activities(33.7) (47.9) (81.6) 23.5  (58.1) 115.6  57.5  
Cash flows from investing activities:
Capital expenditures(10.7) (12.3) (23.0) (4.9) (27.9) (19.7) (47.6) 
Investments in capitalized software(3.9) (6.7) (10.6) (4.9) (15.5) (7.2) (22.7) 
Proceeds from disposition of property, plant and equipment3.8  1.2  5.0  —  5.0  —  5.0  
Net cash used for investing activities(10.8) (17.8) (28.6) (9.8) (38.4) (26.9) (65.3) 
Cash flows from financing activities:
Borrowings from ABL revolving credit facility113.4  138.4  251.8  130.0  381.8  110.0  491.8  
Repayments of ABL revolving credit facility(172.8) (188.3) (361.1) (101.1) (462.2) (129.0) (591.2) 
Proceeds from issuance of long term debt, net—  114.2  114.2  —  114.2  —  114.2  
Net cash (used for) provided by financing activities(59.4) 64.3  4.9  28.9  33.8  (19.0) 14.8  
Effect of exchange rate changes on cash and cash equivalents1.4  (1.1) 0.3  (3.4) (3.1) 4.5  1.4  
(Decrease) increase in cash, cash equivalents, and restricted cash(102.5) (2.5) (105.0) 39.2  (65.8) 74.2  8.4  
Beginning cash, cash equivalents, and restricted cash225.3  122.8  225.3  120.3  225.3  159.5  225.3  
Ending cash, cash equivalents, and restricted cash$122.8  $120.3  $120.3  $159.5  $159.5  $233.7  $233.7  
Changes in operating working capital
Accounts receivable$56.3  $(67.8) $(11.5) $53.9  $42.4  $(2.6) $39.8  
Inventories(3.1) 37.7  34.6  8.6  43.2  42.3  85.5  
Other current assets(28.2) (5.7) (33.9) 1.6  (32.3) (9.3) (41.6) 
Accounts payable(64.2) (41.9) (106.1) (55.3) (161.4) 20.6  (140.8) 
Accrued expenses18.0  (10.9) 7.1  (8.3) (1.2) 36.0  34.8  
Income taxes9.3  10.6  19.9  (14.8) 5.1  (19.2) (14.1) 
Total changes in operating working capital$(11.9) $(78.0) $(89.9) $(14.3) $(104.2) $67.8  $(36.4) 

5

Vertiv Holdings, LLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)

2018 Quarterly Data

(In Millions)Three months ended March 31, 2018Three months ended June 30, 2018Six months ended June 30, 2018Three months ended September 30, 2018Nine months ended September, 2018Three months ended December 31, 2018Year ended December 31, 2018
Cash flows from operating activities:
Net earnings (loss)$(62.0) $(214.6) $(276.6) $2.3  $(274.3) $(39.7) $(314.0) 
Adjustments to reconcile net earnings (loss) to net cash provided by (used by) operating activities:
Depreciation16.0  16.4  32.4  14.8  47.2  13.2  60.4  
Amortization38.7  40.3  79.0  38.7  117.7  38.9  156.6  
Deferred income taxes(21.1) 116.5  95.4  (105.5) (10.1) (30.2) (40.3) 
Amortization of debt discount and issuance costs6.2  6.1  12.3  6.5  18.8  6.7  25.5  
Gain on sale of business—  (7.4) (7.4) —  (7.4) 0.5  (6.9) 
Changes in operating working capital(138.9) (11.6) (150.5) (9.2) (159.7) 49.7  (110.0) 
Other6.2  (11.3) (5.1) 21.3  16.2  (9.4) 6.8  
Net cash (used for) provided by operating activities(154.9) (65.6) (220.5) (31.1) (251.6) 29.7  (221.9) 
Cash flows from investing activities:
Capital expenditures(12.9) (17.5) (30.4) (14.6) (45.0) (19.6) (64.6) 
Investments in capitalized software(2.4) (5.7) (8.1) (19.6) (27.7) (13.5) (41.2) 
Proceeds from disposition of property, plant and equipment—  —  —  —  —  18.0  18.0  
Acquisition of business, net of cash acquired(121.2) (3.1) (124.3) —  (124.3) —  (124.3) 
Sale of business—  4.4  4.4  —  4.4  —  4.4  
Net cash used for investing activities(136.5) (21.9) (158.4) (34.2) (192.6) (15.1) (207.7) 
Cash flows from financing activities:
Borrowings from ABL revolving credit facility155.0  110.0  265.0  150.8  415.8  149.3  565.1  
Repayments of ABL revolving credit facility(40.0) (130.0) (170.0) (100.0) (270.0) (50.0) (320.0) 
Net cash provided by (used for) financing activities115.0  (20.0) 95.0  50.8  145.8  99.3  245.1  
Effect of exchange rate changes on cash and cash equivalents4.9  1.0  5.9  3.9  9.8  1.8  11.6  
(Decrease) increase in cash, cash equivalents, and restricted cash(171.5) (106.5) (278.0) (10.6) (288.6) 115.7  (172.9) 
Beginning cash, cash equivalents, and restricted cash398.2  226.7  398.2  120.2  398.2  109.6  398.2  
Ending cash, cash equivalents, and restricted cash$226.7  $120.2  $120.2  $109.6  $109.6  $225.3  $225.3  
Changes in operating working capital
Accounts receivable$(21.7) $(39.6) $(61.3) $(35.3) $(96.6) $(43.0) $(139.6) 
Inventories(43.0) (9.6) (52.6) (25.9) (78.5) 4.8  (73.7) 
Other current assets(9.8) 1.6  (8.2) (2.6) (10.8) (55.7) (66.5) 
Accounts payable(36.2) 58.6  22.4  28.2  50.6  51.3  101.9  
Accrued expenses(8.2) (32.6) (40.8) 28.5  (12.3) 62.5  50.2  
Income taxes(20.0) 10.0  (10.0) (2.1) (12.1) 29.8  17.7  
Total changes in operating working capital$(138.9) $(11.6) $(150.5) $(9.2) $(159.7) $49.7  $(110.0) 

6

Vertiv Holdings, LLC

Reconciliation from Net loss to EBITDA and adjusted EBITDA

2019 Quarterly Data

(In millions)
(In millions)Three months ended March 31, 2019Three months ended June 30, 2019Three months ended September 30, 2019Three months ended December 31, 2019Year ended December 31, 2019
Net earnings (loss)$(74.3) $(18.9) $(13.7) $(33.9) $(140.8) 
Interest expense77.8  78.7  77.7  76.2  310.4  
Income tax expense18.5  16.0  (3.6) 5.6  36.5  
Depreciation and amortization49.6  51.0  51.3  51.1  202.9  
EBITDA$71.6  $126.8  $111.7  $99.0  $409.0  
Cost to achieve operational initiatives11.1  10.1  13.4  17.2  51.8  
Digital project implementation costs16.2  8.5  8.0  12.0  44.7  
Transition costs5.4  3.6  6.4  0.7  16.1  
Foreign currency (gains) / losses3.5  (5.3) (4.8) 5.2  (1.4) 
Acquisition costs—  —  —  0.5  0.5  
Advisory fee1.3  2.4  1.2  1.3  6.2  
Impact of purchase accounting0.5  0.4  0.6  0.5  2.0  
Loss on asset disposals0.4  0.1  (0.3) 0.2  0.5  
Reserve for warranty item—  —  —  4.4  4.4  
Inventory adjustment—  —  —  7.7  7.7  
  Total adjustments38.4  19.8  24.5  49.7  132.5  
Adjusted EBITDA$110.0  $146.6  $136.2  $148.7  $541.5  

Adjustments by financial statement line item:
Three months ended March 31, 2019Three months ended June 30, 2019Three months ended September 30, 2019Three months ended December 31, 2019Year ended December 31, 2019
Net sales$0.5  $0.4  $0.6  $0.5  $2.0  
Cost of sales0.6  0.1  0.2  11.1  12.1  
Selling, general and administrative expenses32.7  21.9  22.7  23.2  100.5  
Other deductions, net4.6  (2.6) 1.0  14.9  17.9  
Total adjustments$38.4  $19.8  $24.5  $49.7  $132.5  

7

Vertiv Holdings, LLC

Reconciliation from Net loss to EBITDA and adjusted EBITDA

2018 Quarterly Data

(In millions)
Three months ended March 31, 2018Three months ended June 30, 2018Three months ended September 30, 2018Three months ended December 31, 2018Year ended December 31, 2018
Net earnings (loss)$(62.0) $(214.5) $2.2  $(39.7) $(314.0) 
Earnings (loss) from discontinued operations - net of income tax—  7.4  —  (0.5) 6.9  
Earnings (loss) from continuing operations$(62.0) $(221.9) $2.2  $(39.2) $(320.9) 
Interest expense68.3  71.3  73.9  75.3  288.8  
Income tax (benefit) expense(45.2) 158.6  (81.1) 17.7  49.9  
Depreciation and amortization54.7  56.7  53.5  52.1  217.0  
EBITDA$15.8  $64.7  $48.5  $105.9  $234.8  
Cost to achieve operational initiatives26.8  23.6  16.9  32.6  99.9  
Digital project implementation costs17.0  19.7  16.5  22.3  75.5  
Transition costs16.5  22.2  14.4  17.6  70.7  
Foreign currency (gains) / losses3.9  (4.3) 0.6  (5.6) (5.4) 
Contingent consideration1.5  1.5  18.7  (31.7) (10.0) 
Acquisition costs—  —  7.1  —  7.1  
Advisory fee1.3  1.3  1.2  1.2  5.0  
Impact of purchase accounting1.0  1.0  1.0  2.9  5.9  
Reserve for customer dispute—  4.0  —  3.3  7.3  
Loss on asset disposals0.2  —  2.8  0.1  3.1  
Reserve for warranty item—  —  —  8.5  8.5  
  Total adjustments68.2  69.0  79.2  51.2  267.6  
Adjusted EBITDA$84.0  $133.7  $127.7  $157.1  $502.4  

Adjustments by financial statement line item:
Three months ended March 31, 2018Three months ended June 30, 2018Three months ended September 30, 2018Three months ended December 31, 2018Year ended December 31, 2018
Net sales$1.0  $1.0  $1.0  $1.0  $4.0  
Cost of sales2.0  2.7  8.6  13.1  26.4  
Selling, general and administrative expenses44.9  62.2  34.9  58.3  200.4  
Other deductions, net20.3  3.1  34.7  (21.2) 36.8  
Total adjustments$68.2  $69.0  $79.2  $51.2  $267.6  

8

Vertiv Holdings, LLC

Reconciliation of Net Cash Provided By (Used For) Operating Activities to Free Cash Flow

(In millions)

Quarterly Data
Three months ended March 31, 2019Three months ended June 30, 2019Three months ended September 30, 2019Three months ended December 31, 2019Year ended December 31, 2019
Net cash provided by (used for) operating activities$(33.7) $(47.9) $23.5  $115.6  $57.5  
Capital expenditures(10.7) (12.3) (4.9) (19.7) (47.6) 
Investments in capitalized software(3.9) (6.7) (4.9) (7.2) (22.7) 
Proceeds from disposition of PP&E3.8  1.2  —  —  5.0  
Free cash flow$(44.5) $(65.7) $13.7  $88.7  $(7.8) 


Three months ended March 31, 2018Three months ended June 30, 2018Three months ended September 30, 2018Three months ended December 31, 2018Year ended December 31, 2018
Net cash provided by (used for) operating activities$(154.9) $(65.6) $(31.1) $29.7  $(221.9) 
Capital expenditures(12.9) (17.5) (14.6) (19.6) (64.6) 
Investments in capitalized software(2.4) (5.7) (19.6) (13.5) (41.2) 
Proceeds from disposition of PP&E—  —  —  18.0  18.0  
Free cash flow$(170.2) $(88.8) $(65.3) $14.6  $(309.7) 

9

Vertiv Holdings, LLC

Reconciliation of Segment EBIT to Adjusted EBITDA by Region

2019 Quarterly Data

(In millions)
(A) Segment EBIT (per FN17, Segment Information)
Three months ended March 31, 2019Three months ended June 30, 2019Three months ended September 30, 2019Three months ended December 31, 2019Year ended December 31, 2019
Americas$87.1  $101.1  $82.4  $83.7  $354.3  
APAC20.4  46.2  50.2  33.2  150.0  
EMEA20.6  16.7  19.5  7.5  64.3  
Corporate(106.1) (88.2) (91.7) (76.5) (362.5) 
Earnings before interest and taxes$22.0  $75.8  $60.4  $47.9  $206.1  
Interest expense, net(77.8) (78.7) (77.7) (76.2) (310.4) 
Loss before taxes$(55.8) $(2.9) $(17.3) $(28.3) $(104.3) 
(B) Depreciation and Amortization
Americas$30.9  $30.7  $29.8  $30.8  $122.2  
APAC9.0  8.9  8.7  8.8  35.4  
EMEA5.9  5.9  5.9  6.3  24.0  
Corporate3.8  5.5  6.9  5.1  21.3  
Total$49.6  $51.0  $51.3  $51.0  $202.9  
(C) EBITDA Adjustments
Americas$6.6  $4.3  $7.9  $27.8  $46.6  
APAC5.4  (1.4) (2.4) 17.1  18.7  
EMEA5.7  5.8  4.6  19.8  35.9  
Corporate20.8  11.2  14.3  (15.0) 31.3  
Total$38.5  $19.9  $24.4  $49.7  $132.5  
(A) + (B) + (C) = Adjusted EBITDA
Americas$124.6  $136.1  $120.1  $142.3  $523.1  
APAC34.8  53.7  56.5  59.1  204.1  
EMEA32.2  28.4  30.0  33.6  124.2  
Corporate(81.5) (71.5) (70.5) (86.3) (309.9) 
Total$110.1  $146.7  $136.1  $148.7  $541.5  

10

Vertiv Holdings, LLC

Reconciliation of Segment EBIT to Adjusted EBITDA by Region

2018 Quarterly Data

(In millions)
(A) Segment EBIT (per FN17, Segment Information)
Three months ended March 31, 2018Three months ended June 30, 2018Three months ended September 30, 2018Three months ended December 31, 2018Year ended December 31, 2018
Americas$60.6  $91.4  $70.2  $78.8  $301.0  
APAC17.4  36.6  38.9  43.7  136.6  
EMEA(5.3) 10.7  7.0  17.4  29.8  
Corporate(111.6) (130.7) (121.1) (86.1) (449.6) 
Earnings before interest and taxes$(38.9) $8.0  $(5.0) $53.8  $17.8  
Interest expense, net(68.3) (71.3) (73.9) (75.3) (288.8) 
Loss before taxes$(107.2) $(63.3) $(78.9) $(21.5) $(271.0) 
(B) Depreciation and Amortization
Americas$32.2  $34.3  $32.1  $32.1  $130.7  
APAC10.0  9.9  9.4  8.5  37.8  
EMEA9.9  9.6  9.0  7.3  35.8  
Corporate2.6  2.9  3.0  4.2  12.7  
Total$54.7  $56.7  $53.5  $52.1  $217.0  
(C) EBITDA Adjustments
Americas$14.0  $13.1  $23.9  $12.7  $63.7  
APAC6.0  1.9  2.0  6.9  16.8  
EMEA10.1  2.3  7.1  24.2  43.7  
Corporate38.1  51.7  46.1  7.4  143.4  
Total$68.2  $69.0  $79.1  $51.2  $267.6  
(A) + (B) + (C) = Adjusted EBITDA
Americas$106.8  $138.8  $126.2  $123.6  $495.4  
APAC33.4  48.4  50.3  59.1  191.2  
EMEA14.7  22.6  23.1  48.9  109.3  
Corporate(70.9) (76.1) (72.0) (74.5) (293.5) 
Total$84.0  $133.7  $127.6  $157.1  $502.4  

11

Vertiv Holdings, LLC

Sales by Product and Service Offering

Quarterly Data

(In millions)


Three months ended March 31
20192018ΔΔ %Organic Δ %
Americas:
Infrastructure & solutions$359.4  $284.3  $75.1  26.4 %27.5 %
Services & software solutions152.2  157.5  (5.3) (3.4)%(3.0)%
IT & Edge infrastructure42.8  56.6  (13.8) (24.4)%(24.4)%
$554.4  $498.4  $56.0  11.2 %11.9 %
Asia Pacific:
Infrastructure & solutions$138.4  $134.6  $3.8  2.8 %8.8 %
Services & software solutions85.2  83.8  1.4  1.7 %7.6 %
IT & Edge infrastructure35.4  37.1  (1.7) (4.6)%0.8 %
$259.0  $255.5  $3.5  1.4 %7.2 %
EMEA:
Infrastructure & solutions$141.0  $99.5  $41.5  41.7 %51.8 %
Services & software solutions68.6  62.7  5.9  9.4 %17.4 %
IT & Edge infrastructure31.8  34.6  (2.8) (8.1)%(2.3)%
$241.4  $196.8  $44.6  22.7 %31.3 %
Total:
Infrastructure & solutions$638.8  $518.4  $120.4  23.2 %27.3 %
Services & software solutions306.0  304.0  2.0  0.7 %4.1 %
IT & Edge infrastructure110.0  128.3  (18.3) (14.3)%(11.1)%
$1,054.8  $950.7  $104.1  10.9 %14.7 %


Three months ended June 30
20192018ΔΔ %Organic Δ %
Americas:
Infrastructure & solutions$346.8  $307.4  $39.4  12.8 %13.3 %
Services & software solutions165.7  165.9  (0.2) (0.1)%0.1 %
IT & Edge infrastructure62.6  64.9  (2.3) (3.5)%(3.5)%
$575.1  $538.2  $36.9  6.9 %7.2 %
Asia Pacific:
Infrastructure & solutions$194.6  $196.4  $(1.8) (0.9)%4.1 %
Services & software solutions86.8  88.4  (1.6) (1.8)%3.2 %
IT & Edge infrastructure41.9  40.2  1.7  4.2 %9.5 %
$323.3  $325.0  $(1.7) (0.5)%4.5 %
EMEA:
Infrastructure & solutions$131.2  $125.7  $5.5  4.4 %10.4 %
Services & software solutions73.4  61.4  12.0  19.5 %26.5 %
IT & Edge infrastructure31.1  35.7  (4.6) (12.9)%(7.8)%
$235.7  $222.8  $12.9  5.8 %11.9 %
Total:
Infrastructure & solutions$672.6  $629.5  $43.1  6.8 %9.9 %
Services & software solutions325.9  315.7  10.2  3.2 %6.1 %
IT & Edge infrastructure135.6  140.8  (5.2) (3.7)%(0.9)%
$1,134.1  $1,086.0  $48.1  4.4 %7.4 %





12

Three months ended September 30
20192018ΔΔ %Organic Δ %
Americas:
Infrastructure & solutions$321.9  $329.2  $(7.3) (2.2)%(1.9)%
Services & software solutions179.8  169.2  10.6  6.3 %5.9 %
IT & Edge infrastructure44.0  54.8  (10.8) (19.7)%(17.0)%
$545.7  $553.2  $(7.5) (1.4)%(1.0)%
Asia Pacific:
Infrastructure & solutions201.5  185.1  16.4  8.9 %11.0 %
Services & software solutions78.4  81.7  (3.3) (4.0)%(2.2)%
IT & Edge infrastructure43.8  52.3  (8.5) (16.3)%(14.3)%
$323.7  $319.1  $4.6  1.4 %3.5 %
EMEA:
Infrastructure & solutions$104.1  $106.4  $(2.3) (2.2)%1.6 %
Services & software solutions67.0  61.2  5.8  9.5 %14.4 %
IT & Edge infrastructure30.2  37.4  (7.2) (19.3)%(16.6)%
$201.3  $205.0  $(3.7) (1.8)%2.1 %
Total:
Infrastructure & solutions$627.5  $620.7  $6.8  1.1 %2.5 %
Services & software solutions325.2  312.1  13.1  4.2 %5.5 %
IT & Edge infrastructure118.0  144.5  (26.5) (18.3)%(15.9)%
$1,070.7  $1,077.3  $(6.6) (0.6)%0.9 %


Three months ended December 31
20192018ΔΔ %Organic Δ %
Americas:
Infrastructure & solutions$327.4  $325.5  $1.9  0.6 %1.0 %
Services & software solutions181.7  177.2  4.5  2.5 %2.8 %
IT & Edge infrastructure44.6  53.1  (8.5) (16.0)%(15.1)%
$553.7  $555.8  $(2.1) (0.4)%0.1 %
Asia Pacific:
Infrastructure & solutions228.5  207.8  20.7  10.0 %10.7 %
Services & software solutions85.4  85.2  0.2  0.2 %0.8 %
IT & Edge infrastructure58.0  51.6  6.4  12.4 %14.3 %
$371.9  $344.6  $27.3  7.9 %8.8 %
EMEA:
Infrastructure & solutions$137.9  $149.9  $(12.0) (8.0)%(5.3)%
Services & software solutions74.5  81.9  (7.4) (9.0)%(6.6)%
IT & Edge infrastructure33.5  39.4  (5.9) (15.0)%(15.0)%
$245.9  $271.2  $(25.3) (9.3)%(7.1)%
Total:
Infrastructure & solutions$693.8  $683.2  $10.6  1.6 %2.6 %
Services & software solutions341.6  344.3  (2.7) (0.8)%0.1 %
IT & Edge infrastructure136.1  144.1  (8.0) (5.6)%(4.5)%
$1,171.5  $1171.6  $(0.1) — %1.0 %