Company: VRT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001674101-25-000008
Chunk: 92

Company: Vertiv Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 Amortization of intangibles46.9 45.8 1.1 2.4 Restructuring costs1.9 (2.5)4.4 176.0 Foreign currency (gain) loss, net2.3 0.2 2.1 1,050.0 Other operating expense (income)7.5 (2.1)9.6 457.1 Operating profit (loss)442.4 336.0 106.4 31.7 Interest expense, net21.3 44.8 (23.5)(52.5)Loss on extinguishment of debt— 1.1 (1.1)(100.0)Change in fair value of warrant liabilities— 25.4 (25.4)(100.0)Income tax expense96.9 86.6 10.3 11.9 Net income (loss)$324.2 $178.1 $146.1 82.0 %

Net Sales

Net sales were $2,638.1 in the second quarter of 2025, an increase of $685.3, or 35.1%, compared with $1,952.8 in the second quarter of 2024. The increase in sales was primarily driven by higher sales volumes and positive impacts from foreign currency of $20.6. Product sales increased $601.6, which included positive impacts from foreign currency of $17.7. Services & Spares sales increased $83.7, which included positive impacts from foreign currency of $2.9.

Excluding intercompany sales, net sales were $1,602.3 in the Americas, $560.2 in Asia Pacific, and $475.6 in Europe, Middle East & Africa. Movements in net sales by segment and offering are each detailed in the Business Segment section below.

Cost of Sales

Cost of sales were $1,741.5 in the second quarter of 2025, an increase of $529.9, or 43.7% compared to the second quarter of 2024. The increase in cost of sales was primarily driven by the impact of higher sales volumes. Gross profit was $896.6 in the second quarter of 2025, or 34.0% of sales, compared to $741.2, or 38.0% of sales in the second quarter of 202