Company: VRT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001628280-25-005905
Chunk: 302

Company: Vertiv Holdings Co
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 302
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.3 2.9 1.6 %Restructuring costs5.3 28.6 (23.3)(81.5)%Foreign currency (gain) loss, net9.3 16.0 (6.7)(41.9)%Other operating expense (income)(6.0)(9.9)3.9 (39.4)%Operating profit (loss)1,367.4 872.2 495.2 56.8 %Interest expense, net150.4 180.1 (29.7)(16.5)%Loss on extinguishment of debt2.4 0.5 1.9 380.0 %Change in fair value of warrant liabilities449.2 157.9 291.3 184.5 %Income tax expense269.6 73.5 196.1 266.8 %Net income (loss)$495.8 $460.2 $35.6 7.7 %

Net Sales

Net sales were $8,011.8 in 2024, an increase of $1,148.6, or 16.7%, compared with $6,863.2 in 2023. The increase in sales is primarily driven by higher sales volumes, partially offset by the negative impacts from foreign currency of $53.6. Product sales increased $974.0, which included negative impacts from foreign currency of $41.7. Services & spares sales increased $174.6, including the negative impacts from foreign currency of $11.9.

Excluding intercompany sales, net sales were $4,500.6 in the Americas, $1,717.8 in Asia Pacific and $1,793.4 in Europe, Middle East & Africa. Movements in net sales by segment and offering are each detailed in the Business Segments section below.

Cost of Sales

Cost of sales were $5,077.6 in 2024, an increase of $614.9, or 13.8% compared to 2023. The increase in cost of sales was primarily driven by the impact of higher volumes. Gross profit was $2,934.2 in 2024, or 36.6% of sales, compared to $2,400.5, or 35.0% of sales in 2023. Margin increased primarily due to higher sales volume and improved price realization.

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