Page 1

EX - 99.1 2 exhibit991vrt04282021.htm EX - 99.1 ● News Release Vertiv Delivers 22.4 % Net Sales Growth ; Achieves Record Backlog ; Raises Full Year Guidance ● VERTIV . Strong net sales growth of 22.4 % and organic net sales growth of 19.5 % ( ¹ ) compared with last year's first quarter - with strength in all regions . Orders up 21 % versus last year's first quarter fueling a record backlog of $ 2.1 billion . Operating profit of $ 80 million and adjusted operating profit of $ 112 million , with operating profit margin of 7.3 % and adjusted operating profit margin of 10.2 % . Adjusted operating margin 790 basis points higher than prior year first quarter . Net cash from operating activities of $ 61 million increased $ 255 million , and free cash flow of $ 43 million increased $ 246 million from prior year first quarter . Strong quarter - end liquidity of $ 1.1 billion . Earnings per share of $ 0.09 and adjusted earnings per share of $ 0.21 exceeding guidance . Vertiv raises full year 2021 net sales , adjusted operating profit and adjusted EPS guidance . COLUMBUS , Ohio April 28 , 2021 - Vertiv Holdings Co ( NYSE : VRT ) , a global provider of critical digital infrastructure and continuity solutions , today reported first quarter 2021 net sales of $ 1,098 million , an increase of $ 201 million , or 22.4 % , compared with last year's first quarter , and up 19.5 % excluding the impact of foreign currency . Increased net sales were fueled by continued strengthening of the company's global position in the growing cloud and colocation data center market segments . APAC regional net sales were up 59.6 % ( 53.6 % organic ) favorably impacted by recovery from COVID - 19 pressures compared to the prior year quarter , and lifted by continued growth in data center and telecommunication infrastructure projects . EMEA regional net sales increased 15.9 % ( 8.8 % organic ) with strength in colocation markets . The Americas regional net sales increased 7.5 % ( 7.9 % organic ) driven by strength in hyperscale data center demand for critical infrastructure and solutions . Orders in the first quarter were up 21 % compared with last year's first quarter , lifted by continued growth in cloud and colocation markets . Vertiv's backlog continued to strengthen , reaching a record $ 2.1 billion at the end of March , increasing approximately $ 300 million from the end of December 2020 and $ 500 million from the prior year quarter . Net income was $ 32 million , a $ 240 million improvement versus the prior year quarter , driven by a one - time $ 174 million loss from the extinguishment of debt that occurred in first quarter 2020 , $ 71 million higher gross profit resulting from higher sales and $ 45 million lower interest expense , which was partially offset by a $ 74 million increase in the fair value measurement of warrant liabilities . Adjusted operating profit of $ 112 million increased $ 92 million and adjusted operating profit margin expanded 790 basis points , with favorable impacts from volume and lower fixed costs , all compared to the same quarter last year . Earnings per share of $ 0.09 and adjusted earnings per share of $ 0.21 , an improvement of $ 0.96 and $ 0.86 , respectively , from the prior year quarter , was driven by a $ 0.48 benefit from a one - time loss on debt extinguishment in the first quarter of 2020 , a $ 0.25 benefit from higher adjusted operating profit and a $ 0.12 benefit from lower interest expense resulting from the debt paydown and refinancing that occurred in 2020 . 1