UNITED STATES | ||||||||||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||||||||||
Washington, D.C. 20549 | ||||||||||||||
FORM | ||||||||||||||
CURRENT REPORT | ||||||||||||||
PURSUANT TO SECTION 13 OR 15(d) OF THE | ||||||||||||||
SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||
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(State or other Jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||
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Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||||||
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Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||||||||
Emerging growth company | |||||||||||||||||
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||||||||||||||
Exhibit No. | Exhibit Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: April 28, 2021 | Vertiv Holdings Co | ||||
/s/ David Fallon | |||||
Name: David Fallon | |||||
Title: Chief Financial Officer |
Prior FY2021 Guidance | FY2021 Guidance | 2Q 2021 Guidance | |||||||||||||||
Net sales | $4,750M - $4,800M | $4,875M - $4,925M | $1,190M - $1,230M | ||||||||||||||
Organic net sales growth | 6.5% - 7.5% | 9.5% - 10.5% | 15.0% - 19.0% | ||||||||||||||
Adjusted operating profit | $565M - $585M | $585M - $605M | $120M - $130M | ||||||||||||||
Adjusted operating margin | 11.9% - 12.2% | 12.0% - 12.3% | 10.0% - 10.6% | ||||||||||||||
Adjusted EPS | $1.01 - $1.06 | $1.08 - $1.14 | $0.22 - $0.24 | ||||||||||||||
Free cash flow | $275M - $295M | $290M - $310M |
First Quarter 2021 | First Quarter 2020 (as restated) | ||||||||||
Net sales | |||||||||||
Net sales - products | $ | 844.0 | $ | 647.2 | |||||||
Net sales - services | 254.4 | 250.1 | |||||||||
Net sales | 1,098.4 | 897.3 | |||||||||
Costs and expenses | |||||||||||
Cost of sales - products | 593.4 | 463.2 | |||||||||
Cost of sales - services | 147.0 | 147.1 | |||||||||
Cost of sales | 740.4 | 610.3 | |||||||||
Operating expenses | |||||||||||
Selling, general and administrative expenses | 250.1 | 264.8 | |||||||||
Amortization of intangibles | 31.8 | 32.4 | |||||||||
Restructuring costs | 2.0 | (1.1) | |||||||||
Foreign currency (gain) loss, net | (6.9) | 1.8 | |||||||||
Other operating expense (income) | 1.2 | 1.3 | |||||||||
Operating profit (loss) | 79.8 | (12.2) | |||||||||
Interest expense, net | 24.1 | 68.9 | |||||||||
Loss on extinguishment of debt | 0.4 | 174.0 | |||||||||
Change in fair value of warrant liabilities | 13.6 | (60.6) | |||||||||
Income (loss) before income taxes | 41.7 | (194.5) | |||||||||
Income tax expense | 10.0 | 13.8 | |||||||||
Net income (loss) | $ | 31.7 | $ | (208.3) | |||||||
Earnings (loss) per share: | |||||||||||
Basic | $ | 0.09 | $ | (0.87) | |||||||
Diluted | $ | 0.09 | $ | (0.87) | |||||||
Weighted-average shares outstanding: | |||||||||||
Basic | 349,603,701 | 240,656,864 | |||||||||
Diluted | 353,448,585 | 240,656,864 |
March 31, 2021 | December 31, 2020 (as restated) | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 677.2 | $ | 534.6 | |||||||
Accounts receivable, less allowances of $21.7 and $22.3, respectively | 1,294.5 | 1,354.4 | |||||||||
Inventories | 511.1 | 446.6 | |||||||||
Other current assets | 183.4 | 183.2 | |||||||||
Total current assets | 2,666.2 | 2,518.8 | |||||||||
Property, plant and equipment, net | 413.0 | 427.6 | |||||||||
Other assets: | |||||||||||
Goodwill | 599.8 | 607.2 | |||||||||
Other intangible assets, net | 1,262.7 | 1,302.5 | |||||||||
Deferred income taxes | 18.1 | 20.9 | |||||||||
Other | 201.6 | 196.8 | |||||||||
Total other assets | 2,082.2 | 2,127.4 | |||||||||
Total assets | $ | 5,161.4 | $ | 5,073.8 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt and short-term borrowings | $ | 22.0 | $ | 22.0 | |||||||
Current portion of warrant liabilities | — | 68.5 | |||||||||
Accounts payable | 737.8 | 730.5 | |||||||||
Accrued expenses and other liabilities | 869.2 | 901.8 | |||||||||
Income taxes | 16.4 | 18.8 | |||||||||
Total current liabilities | 1,645.4 | 1,741.6 | |||||||||
Long-term debt, net | 2,126.9 | 2,130.5 | |||||||||
Deferred income taxes | 104.0 | 116.5 | |||||||||
Warrant liabilities | 101.3 | 87.7 | |||||||||
Other long-term liabilities | 455.1 | 485.4 | |||||||||
Total liabilities | 4,432.7 | 4,561.7 | |||||||||
Equity | |||||||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | — | — | |||||||||
Common stock, $0.0001 par value, 700,000,000 shares authorized, 351,516,790 and 342,024,612 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | — | — | |||||||||
Additional paid-in capital | 1,975.6 | 1,791.8 | |||||||||
Accumulated deficit | (1,299.5) | (1,331.2) | |||||||||
Accumulated other comprehensive (loss) income | 52.6 | 51.5 | |||||||||
Total equity (deficit) | 728.7 | 512.1 | |||||||||
Total liabilities and equity | $ | 5,161.4 | $ | 5,073.8 |
First Quarter 2021 | First Quarter 2020 (as restated) | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 31.7 | $ | (208.3) | |||||||
Adjustments to reconcile net loss to net cash used for operating activities: | |||||||||||
Depreciation | 16.9 | 14.2 | |||||||||
Amortization | 35.3 | 36.3 | |||||||||
Deferred income taxes | (7.5) | (3.6) | |||||||||
Amortization of debt discount and issuance costs | 1.8 | 5.9 | |||||||||
Loss on extinguishment of debt | 0.4 | 174.0 | |||||||||
Change in fair value of warrant liabilities | 13.6 | (60.6) | |||||||||
Changes in operating working capital | (44.6) | (139.2) | |||||||||
Stock based compensation | 5.6 | 0.7 | |||||||||
Changes in tax receivable agreement | 1.8 | 9.0 | |||||||||
Other | 5.7 | (23.1) | |||||||||
Net cash provided by (used for) operating activities | 60.7 | (194.7) | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (16.8) | (6.7) | |||||||||
Investments in capitalized software | (1.1) | (1.8) | |||||||||
Net cash used for investing activities | (17.9) | (8.5) | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings from ABL revolving credit facility | — | 324.2 | |||||||||
Repayments of ABL revolving credit facility | — | (193.1) | |||||||||
Borrowing on Term Loan, net of discount | — | 2,189.0 | |||||||||
Repayment on Term Loan | (5.5) | — | |||||||||
Repayment on Prior Term Loan | — | (2,070.0) | |||||||||
Repayment of Prior Notes | — | (1,370.0) | |||||||||
Payment of redemption premiums | — | (75.0) | |||||||||
Payment of debt issuance costs | — | (11.2) | |||||||||
Proceeds from reverse recapitalization, net | — | 1,827.0 | |||||||||
Payment to Vertiv Stockholder | — | (341.6) | |||||||||
Proceeds from the exercise of warrants | 107.5 | — | |||||||||
Exercise of employee stock options | 0.9 | — | |||||||||
Net cash provided by financing activities | 102.9 | 279.3 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (3.1) | (6.4) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 142.6 | 69.7 | |||||||||
Beginning cash, cash equivalents and restricted cash | 542.6 | 233.7 | |||||||||
Ending cash, cash equivalents and restricted cash | $ | 685.2 | $ | 303.4 | |||||||
Changes in operating working capital | |||||||||||
Accounts receivable | $ | 47.1 | $ | 63.8 | |||||||
Inventories | (68.4) | (46.0) | |||||||||
Other current assets | (5.3) | 1.4 | |||||||||
Accounts payable | 20.7 | (42.3) | |||||||||
Accrued expenses and other liabilities | (41.5) | (120.3) | |||||||||
Income taxes | 2.8 | 4.2 | |||||||||
Total changes in operating working capital | $ | (44.6) | $ | (139.2) |
First Quarter | |||||||||||||||||||||||||||||
2021 | 2020 | Δ | Δ% | Organic Δ% | |||||||||||||||||||||||||
Net sales (1) | |||||||||||||||||||||||||||||
Americas | $ | 501.5 | $ | 466.7 | $ | 34.8 | 7.5 | % | 7.9 | % | |||||||||||||||||||
APAC | 357.4 | 223.9 | 133.5 | 59.6 | % | 53.6 | % | ||||||||||||||||||||||
EMEA | 239.5 | 206.7 | 32.8 | 15.9 | % | 8.8 | % | ||||||||||||||||||||||
$ | 1,098.4 | $ | 897.3 | $ | 201.1 | 22.4 | % | 19.5 | % | ||||||||||||||||||||
Adjusted operating profit (loss) | |||||||||||||||||||||||||||||
Americas | $ | 126.4 | $ | 91.5 | $ | 34.9 | 38.1 | % | |||||||||||||||||||||
APAC | 53.1 | 20.9 | 32.2 | 154.1 | % | ||||||||||||||||||||||||
EMEA | 33.4 | 20.8 | 12.6 | 60.6 | % | ||||||||||||||||||||||||
Corporate (2) | (101.3) | (113.0) | 11.7 | (10.4) | % | ||||||||||||||||||||||||
$ | 111.6 | $ | 20.2 | $ | 91.4 | 452.5 | % | ||||||||||||||||||||||
Adjusted operating profit (loss) margins (3) | |||||||||||||||||||||||||||||
Americas | 25.2 | % | 19.6 | % | 5.6 | % | |||||||||||||||||||||||
APAC | 14.9 | % | 9.3 | % | 5.6 | % | |||||||||||||||||||||||
EMEA | 13.9 | % | 10.1 | % | 3.8 | % | |||||||||||||||||||||||
Vertiv | 10.2 | % | 2.3 | % | 7.9 | % | |||||||||||||||||||||||
First Quarter | |||||||||||||||||||||||||||||
2021 | 2020(1) | Δ | Δ % | Organic Δ % | |||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||
Critical infrastructure & solutions | $ | 279.2 | $ | 239.8 | $ | 39.4 | 16.4 | % | 16.9 | % | |||||||||||||||||||
Services & spares | 154.2 | 161.6 | (7.4) | (4.6) | % | (4.1) | % | ||||||||||||||||||||||
Integrated rack solutions | 68.1 | 65.3 | 2.8 | 4.3 | % | 4.6 % | |||||||||||||||||||||||
$ | 501.5 | $ | 466.7 | $ | 34.8 | 7.5 | % | 7.9 | % | ||||||||||||||||||||
Asia Pacific: | |||||||||||||||||||||||||||||
Critical infrastructure & solutions | $ | 216.3 | $ | 116.3 | $ | 100.0 | 86.0 | % | 83.2 | % | |||||||||||||||||||
Services & spares | 95.5 | 79.3 | 16.2 | 20.4 | % | 16.1 | % | ||||||||||||||||||||||
Integrated rack solutions | 45.6 | 28.3 | 17.3 | 61.1 | % | 40.6 | % | ||||||||||||||||||||||
$ | 357.4 | $ | 223.9 | $ | 133.5 | 59.6 | % | 53.6 | % | ||||||||||||||||||||
EMEA: | |||||||||||||||||||||||||||||
Critical infrastructure & solutions | $ | 132.4 | $ | 105.4 | $ | 27.0 | 25.6 | % | 18.0 | % | |||||||||||||||||||
Services & spares | 72.1 | 65.4 | 6.7 | 10.2 | % | 3.4 | % | ||||||||||||||||||||||
Integrated rack solutions | 35.0 | 35.9 | (0.9) | (2.5) | % | (8.0) | % | ||||||||||||||||||||||
$ | 239.5 | $ | 206.7 | $ | 32.8 | 15.9 | % | 8.8 | % | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Critical infrastructure & solutions | $ | 627.9 | $ | 461.5 | $ | 166.4 | 36.1 | % | 33.5 | % | |||||||||||||||||||
Services & spares | 321.8 | 306.3 | 15.5 | 5.1 | % | 2.8 | % | ||||||||||||||||||||||
Integrated rack solutions | 148.7 | 129.5 | 19.2 | 14.8 | % | 9.6 | % | ||||||||||||||||||||||
$ | 1,098.4 | $ | 897.3 | $ | 201.1 | 22.4 | % | 19.5 | % |
Operating profit (loss) (1) | First Quarter 2021 | First Quarter 2020 | |||||||||
Americas | $ | 126.4 | $ | 91.5 | |||||||
Asia Pacific | 53.1 | 20.9 | |||||||||
Europe, Middle East & Africa | 33.4 | 20.8 | |||||||||
Total reportable segments | 212.9 | 133.2 | |||||||||
Foreign currency gain (loss) | 6.9 | (1.8) | |||||||||
Corporate and other | (108.2) | (111.2) | |||||||||
Total corporate, other and eliminations | (101.3) | (113.0) | |||||||||
Amortization of intangibles | (31.8) | (32.4) | |||||||||
Operating profit (loss) | $ | 79.8 | $ | (12.2) |
First Quarter 2021 | First Quarter 2020 | ||||||||||
Net cash provided by (used for) operating activities | $ | 60.7 | $ | (194.7) | |||||||
Capital expenditures | (16.8) | (6.7) | |||||||||
Investments in capitalized software | (1.1) | (1.8) | |||||||||
Free cash flow | $ | 42.8 | $ | (203.2) |
First Quarter 2021 | First Quarter 2020 | ||||||||||
Operating profit (loss) | $ | 79.8 | $ | (12.2) | |||||||
Amortization of intangibles | 31.8 | 32.4 | |||||||||
Adjusted operating profit (loss) | $ | 111.6 | $ | 20.2 | |||||||
First Quarter 2021 | First Quarter 2020 | Δ | ||||||||||||||||||
Vertiv net sales | 1,098.4 | 897.3 | 201.1 | |||||||||||||||||
Vertiv operating profit | 79.8 | (12.2) | 92.0 | |||||||||||||||||
Vertiv operating profit % | 7.3 | % | (1.4) | % | 8.7 | % | ||||||||||||||
Amortization of intangibles | 31.8 | 32.4 | (0.6) | |||||||||||||||||
Vertiv adjusted operating profit | 111.6 | 20.2 | 91.4 | |||||||||||||||||
Vertiv adjusted operating profit % | 10.2 | % | 2.3 | % | 7.9 | % | ||||||||||||||
First Quarter 2021 | |||||||||||||||||||||||||||||||||||||||||
Operating profit (loss) | Interest expense, net | Loss on extinguishment of debt | Change in Warrant Liability | Income tax expense | Net income (loss) | Diluted EPS (1) | |||||||||||||||||||||||||||||||||||
GAAP | $ | 79.8 | $ | 24.1 | $ | 0.4 | $ | 13.6 | $ | 10.0 | $ | 31.7 | $ | 0.09 | |||||||||||||||||||||||||||
Amortization of intangibles | 31.8 | — | — | — | 31.8 | 0.09 | |||||||||||||||||||||||||||||||||||
Change in warrant liability | — | — | — | (13.6) | — | 13.6 | 0.04 | ||||||||||||||||||||||||||||||||||
Pro-forma share count | — | — | — | — | — | — | (0.01) | ||||||||||||||||||||||||||||||||||
Non-GAAP Adjusted | $ | 111.6 | $ | 24.1 | $ | 0.4 | $ | — | $ | 10.0 | $ | 77.1 | $ | 0.21 | |||||||||||||||||||||||||||
First Quarter 2020 (as restated) | |||||||||||||||||||||||||||||||||||||||||
Operating profit (loss) | Interest expense, net | Loss on extinguishment of debt | Change in Warrant Liability | Income tax expense | Net income (loss) | Diluted EPS (1) | |||||||||||||||||||||||||||||||||||
GAAP | $ | (12.2) | $ | 68.9 | $ | 174.0 | $ | (60.6) | $ | 13.8 | $ | (208.3) | $ | (0.87) | |||||||||||||||||||||||||||
Amortization of intangibles | 32.4 | — | — | — | — | 32.4 | 0.13 | ||||||||||||||||||||||||||||||||||
Change in warrant liability | — | — | — | 60.6 | — | (60.6) | (0.25) | ||||||||||||||||||||||||||||||||||
Pro-forma share count | — | — | — | — | — | — | 0.34 | ||||||||||||||||||||||||||||||||||
Non-GAAP Adjusted | $ | 20.2 | $ | 68.9 | $ | 174.0 | $ | — | $ | 13.8 | $ | (236.5) | $ | (0.65) |
Full Year 2021 (2) | |||||||||||||||||||||||||||||||||||||||||
Operating Profit | Interest expense, net | Loss on extinguishment of debt | Change in Warrant Liability | Income tax expense | Net income (loss) | Diluted EPS (1) | |||||||||||||||||||||||||||||||||||
GAAP | $ | 469.0 | $ | 87.0 | $ | 0.4 | $ | 13.6 | $ | 107.0 | $ | 261.0 | $ | 0.72 | |||||||||||||||||||||||||||
Amortization of intangibles | 126.0 | — | — | — | — | 126.0 | 0.35 | ||||||||||||||||||||||||||||||||||
Change in warrant liability | — | — | — | (13.6) | — | 13.6 | 0.04 | ||||||||||||||||||||||||||||||||||
Non-GAAP Adjusted | $ | 595.0 | $ | 87.0 | $ | 0.4 | $ | — | $ | 107.0 | $ | 400.6 | $ | 1.11 |
Second Quarter 2021 (2) | |||||||||||||||||||||||||||||||||||||||||
Operating Profit | Interest expense, net | Loss on extinguishment of debt | Change in Warrant Liability | Income tax expense | Net income (loss) | Diluted EPS (1) | |||||||||||||||||||||||||||||||||||
GAAP | $ | 93.0 | $ | 20.0 | $ | — | $ | — | $ | 23.0 | $ | 50.0 | $ | 0.14 | |||||||||||||||||||||||||||
Amortization of intangibles | 32.0 | — | — | — | — | 32.0 | 0.09 | ||||||||||||||||||||||||||||||||||
Change in warrant liability | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Non-GAAP Adjusted | $ | 125.0 | $ | 20.0 | $ | — | $ | — | $ | 23.0 | $ | 82.0 | $ | 0.23 |
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