- Raises Full Year 2023 Guidance Range
- Authorizes $3 Billion Share Repurchase Plan Over Four
Years
- Raises 2023 Dividend
Vertiv (NYSE: VRT), a global provider of critical digital
infrastructure and continuity solutions, will host its previously
announced Investor Conference today at the New York Stock Exchange
from 10 a.m. to 3 p.m. Eastern Time. Vertiv’s management team will
update investors on the Company’s vision and strategy, current
business and operations, accelerated growth opportunities and
financial performance. A webcast of the live event and presentation
materials can be accessed in the Investor Relations section of
Vertiv’s website at investors.vertiv.com. A replay of Vertiv’s 2023
Investor Conference will also be available for 30 days following
the webcast and can be accessed at investors.vertiv.com.
Vertiv also announced that effective today, its Board of
Directors approved a share repurchase program authorizing the
company to repurchase up to $3 billion of common stock over the
next four years. The program is intended to provide the company
with flexibility in returning capital to shareholders. Vertiv
expects that the repurchases will be effected from time-to-time
through open market purchases, privately negotiated transactions,
Rule 10b5-1 plans, accelerated stock repurchases, block trades,
derivative contracts or otherwise, including in compliance with
Rule 10b-18. The specific timing of any repurchases will be
determined at management’s discretion and will depend on a number
of factors, including available liquidity, the company's stock
price, the company's financial outlook, and alternative investment
options. The share repurchase program does not obligate Vertiv to
repurchase any specific dollar amount or number of shares and the
Board's authorization of the program may be modified, suspended or
discontinued at any time.
Vertiv’s Board has declared an increase in the company’s annual
cash dividend for 2023 to $0.025 per share of the company’s Class A
common stock. The cash dividend will be payable on December 27,
2023 to shareholders of record of Class A common stock at the close
of business on December 11, 2023.
The company has increased 2023 financial guidance as it
continues to see strong market demand for its critical digital
infrastructure products and services.
Current
Full Year 2023 Guidance(3)
Previous
Full Year 2023 Guidance
Net sales
$6,875M - $6,895M
$6,826M - $6,851M
Organic net sales growth(2)
21.9% - 22.3%
20.9% - 21.4%
Adjusted operating profit(1)
$1,035M - $1,045M
$1,020M - $1,030M
Adjusted operating margin(2)
15.0% - 15.2%
14.6% - 15.4%
Adjusted diluted EPS(1)
$1.72 - $1.76
$1.69 - $1.73
Adjusted free cash flow(2)
$600M - $650M
$600M - $650M
(1)
This release contains certain non-GAAP
metrics. For reconciliations to the relevant GAAP measures and an
explanation of the non-GAAP measures and reasons for their use,
please refer to sections of this release entitled “Non-GAAP
Financial Measures” and “Reconciliation of GAAP and non-GAAP
Financial Measures.”
(2)
This is a forward-looking non-GAAP
financial measure that cannot be reconciled for those reasons set
forth under “Non-GAAP Financial Measures” of this release.
(3)
In connection with our Investor Conference
being held today, we have decided to update our existing guidance
to factor in our financial performance through the end of October
and our current outlook for the remainder of the year to address
this special circumstance. We do not anticipate making a practice
of issuing interim guidance in future and no inference should be
made from the failure to do so. Please refer to the cautionary
language under “Forward Looking Statements” below.
About Vertiv
Vertiv (NYSE: VRT) brings together hardware, software, analytics
and ongoing services to enable its customers’ vital applications to
run continuously, perform optimally and grow with their business
needs. Vertiv solves the most important challenges facing today’s
data centers, communication networks and commercial and industrial
facilities with a portfolio of power, cooling and IT infrastructure
solutions and services that extends from the cloud to the edge of
the network. Headquartered in Westerville, Ohio, USA, Vertiv does
business in more than 130 countries. For more information, and for
the latest news and content from Vertiv, visit Vertiv.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27 of the Securities Act, and Section 21E of the Securities
Exchange Act. These statements are only a prediction. Actual events
or results may differ materially from those in the forward-looking
statements set forth herein. Readers are referred to Vertiv’s
filings with the Securities and Exchange Commission, including its
most recent Annual Report on Form 10-K and any subsequent Quarterly
Reports on Form 10-Q for a discussion of these and other important
risk factors concerning Vertiv and its operations. Vertiv is under
no obligation to, and expressly disclaims any obligation to, update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
Non-GAAP Financial
Measures
Information reconciling certain forward-looking GAAP measures to
non-GAAP measures related to full-year 2023 guidance, including
organic net sales growth, adjusted free cash flow and adjusted
operating margin, is not available without unreasonable effort due
to high variability, complexity and uncertainty with respect to
forecasting and quantifying certain amounts that are necessary for
such reconciliations. For those reasons, we are unable to compute
the probable significance of the unavailable information, which
could have a potentially unpredictable, and potentially
significant, impact on our future GAAP financial results.
See “Reconciliation of GAAP and Non-GAAP Financial Measures” in
this release for Vertiv’s reconciliations of non-GAAP financial
measures to the most directly comparable GAAP financial
measures.
Reconciliation of GAAP and non-GAAP Financial
Measures
Vertiv Holdings Co
2023 Adjusted Guidance
Reconciliation of Diluted EPS
to Adjusted Diluted EPS
Full Year 2023
Operating profit
(loss)
Interest expense, net
Change in Warrant
Liability
Income tax expense
Net income (loss)
Diluted EPS(1)
GAAP
$
862.4
$
179.5
$
103.4
$
187.3
$
392.2
$
1.01
Amortization of intangibles
177.6
—
—
—
177.6
0.46
Change in warrant liability
—
—
(103.4
)
—
103.4
0.27
Non-GAAP Adjusted
$
1,040.0
$
179.5
$
—
$
187.3
$
673.2
$
1.74
(1)
Diluted EPS and adjusted diluted EPS based
on 386.1 million shares (includes 380.2 million basic shares and a
weighted average 5.9 million potential dilutive stock options and
restricted stock units).
Category: Financial News
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version on businesswire.com: https://www.businesswire.com/news/home/20231128608893/en/
For investor inquiries, please contact: Lynne Maxeiner
Vice President, Global Treasury & Investor Relations Vertiv T
+1 614-841-6776 E : lynne.maxeiner@vertiv.com
For media inquiries, please contact: Peter Poulos
FleishmanHillard for Vertiv T +1 646-284-4991 E:
peter.poulos@fleishman.com
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