EX-99.2
3
exhibit992vrt-02212024.htm
EX-99.2 SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATIONS
Document
EXHIBIT 99.2
The presentation of certain prior period amounts will be reclassed beginning in 2024 to align with how Vertiv leadership reviews results and operates the business.
Reclassification of Sales by Product and Service Offering:
The Company’s previously reported disaggregated revenue by product and service offering will combine previously reported critical infrastructure & solutions and integrated rack solutions and they will collectively be managed as products.
The following is a summary of the impact for each quarter for the fiscal year 2020:
Sales by Product and Service Offering:
Three months ended March 31, 2020
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
240.0
$
113.1
$
105.4
$
458.5
Services & spares
161.6
79.7
65.1
306.4
Integrated rack solutions
65.0
31.2
36.2
132.4
Total
$
466.6
$
224.0
$
206.7
$
897.3
Updated Disclosure
Products
$
305.0
$
144.3
$
141.6
$
590.9
Services & spares
161.6
79.7
65.1
306.4
Total
$
466.6
$
224.0
$
206.7
$
897.3
Three months ended June 30, 2020
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
251.1
$
196.8
$
99.4
$
547.3
Services & spares
161.1
86.1
64.7
311.9
Integrated rack solutions
72.5
39.9
34.1
146.5
Total
$
484.7
$
322.8
$
198.2
$
1,005.7
Updated Disclosure
Products
$
323.6
$
236.7
$
133.5
$
693.8
Services & spares
161.1
86.1
64.7
311.9
Total
$
484.7
$
322.8
$
198.2
$
1,005.7
Three months ended September 30, 2020
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
278.7
$
239.6
$
138.2
$
656.5
Services & spares
168.3
94.8
77.9
341.0
Integrated rack solutions
85.0
45.2
34.3
164.5
Total
$
532.0
$
379.6
$
250.4
$
1,162.0
Updated Disclosure
Products
$
363.7
$
284.8
$
172.5
$
821.0
Services & spares
168.3
94.8
77.9
341.0
Total
$
532.0
$
379.6
$
250.4
$
1,162.0
1
Three months ended December 31, 2020
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
304.4
$
281.2
$
186.7
$
772.3
Services & spares
171.6
105.7
80.5
357.8
Integrated rack solutions
81.3
55.1
39.1
175.5
Total
$
557.3
$
442.0
$
306.3
$
1,305.6
Updated Disclosure
Products
$
385.7
$
336.3
$
225.8
$
947.8
Services & spares
171.6
105.7
80.5
357.8
Total
$
557.3
$
442.0
$
306.3
$
1,305.6
Year ended December 31, 2020
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
1,074.2
$
830.7
$
529.7
$
2,434.6
Services & spares
662.6
366.3
288.2
1,317.1
Integrated rack solutions
303.8
171.4
143.7
618.9
Total
$
2,040.6
$
1,368.4
$
961.6
$
4,370.6
Updated Disclosure
Products
$
1,378.0
$
1,002.1
$
673.4
$
3,053.5
Services & spares
662.6
366.3
288.2
1,317.1
Total
$
2,040.6
$
1,368.4
$
961.6
$
4,370.6
The Company’s previously reported disaggregated revenue by product and service offering will combine previously reported critical infrastructure & solutions and integrated rack solutions and they will collectively be managed as products.
The following is a summary of the impact for each quarter for the fiscal year 2021:
Sales by Product and Service Offering:
Three months ended March 31, 2021
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
279.9
$
216.3
$
132.0
$
628.2
Services & spares
153.6
95.2
71.8
320.6
Integrated rack solutions
67.9
46.0
35.7
149.6
Total
$
501.4
$
357.5
$
239.5
$
1,098.4
Updated Disclosure
Products
$
347.8
$
262.3
$
167.7
$
777.8
Services & spares
153.6
95.2
71.8
320.6
Total
$
501.4
$
357.5
$
239.5
$
1,098.4
2
Three months ended June 30, 2021
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
305.3
$
239.8
$
181.7
$
726.8
Services & spares
179.6
106.3
77.3
363.2
Integrated rack solutions
80.0
51.9
38.4
170.3
Total
$
564.9
$
398.0
$
297.4
$
1,260.3
Updated Disclosure
Products
$
385.3
$
291.7
$
220.1
$
897.1
Services & spares
179.6
106.3
77.3
363.2
Total
$
564.9
$
398.0
$
297.4
$
1,260.3
Three months ended September 30, 2021
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
291.9
$
234.0
$
180.4
$
706.3
Services & spares
180.2
104.4
80.8
365.4
Integrated rack solutions
65.1
56.2
35.9
157.2
Total
$
537.2
$
394.6
$
297.1
$
1,228.9
Updated Disclosure
Products
$
357.0
$
290.2
$
216.3
$
863.5
Services & spares
180.2
104.4
80.8
365.4
Total
$
537.2
$
394.6
$
297.1
$
1,228.9
Three months ended December 31, 2021
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
312.5
$
281.6
$
245.0
$
839.1
Services & spares
191.7
115.6
82.2
389.5
Integrated rack solutions
79.7
61.7
40.5
181.9
Total
$
583.9
$
458.9
$
367.7
$
1,410.5
Updated Disclosure
Products
$
392.2
$
343.3
$
285.5
$
1,021.0
Services & spares
191.7
115.6
82.2
389.5
Total
$
583.9
$
458.9
$
367.7
$
1,410.5
Year ended December 31, 2021
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
1,189.6
$
971.7
$
739.1
$
2,900.4
Services & spares
705.1
421.5
312.1
1,438.7
Integrated rack solutions
292.7
215.8
150.5
659.0
Total
$
2,187.4
$
1,609.0
$
1,201.7
$
4,998.1
Updated Disclosure
Products
$
1,482.3
$
1,187.5
$
889.6
$
3,559.4
Services & spares
705.1
421.5
312.1
1,438.7
Total
$
2,187.4
$
1,609.0
$
1,201.7
$
4,998.1
3
The Company’s previously reported disaggregated revenue by product and service offering will combine previously reported critical infrastructure & solutions and integrated rack solutions and they will collectively be managed as products.
The following is a summary of the impact for each quarter for the fiscal year 2022:
Sales by Product and Service Offering:
Three months ended March 31, 2022
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
294.3
$
183.8
$
183.5
$
661.6
Services & spares
164.7
104.6
68.2
337.5
Integrated rack solutions
76.1
44.4
36.8
157.3
Total
$
535.1
$
332.8
$
288.5
$
1,156.4
Updated Disclosure
Products
$
370.4
$
228.2
$
220.3
$
818.9
Services & spares
164.7
104.6
68.2
337.5
Total
$
535.1
$
332.8
$
288.5
$
1,156.4
Three months ended June 30, 2022
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
368.9
$
243.0
$
234.8
$
846.7
Services & spares
187.6
112.9
68.7
369.2
Integrated rack solutions
90.7
51.3
41.5
183.5
Total
$
647.2
$
407.2
$
345.0
$
1,399.4
Updated Disclosure
Products
$
459.6
$
294.3
$
276.3
$
1,030.2
Services & spares
187.6
112.9
68.7
369.2
Total
$
647.2
$
407.2
$
345.0
$
1,399.4
Three months ended September 30, 2022
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
417.3
$
265.7
$
224.3
$
907.3
Services & spares
203.6
113.3
71.1
388.0
Integrated rack solutions
91.7
57.1
37.0
185.8
Total
$
712.6
$
436.1
$
332.4
$
1,481.1
Updated Disclosure
Products
$
509.0
$
322.8
$
261.3
$
1,093.1
Services & spares
203.6
113.3
71.1
388.0
Total
$
712.6
$
436.1
$
332.4
$
1,481.1
4
Three months ended December 31, 2022
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
527.9
$
256.8
$
275.0
$
1,059.7
Services & spares
198.7
110.9
76.3
385.9
Integrated rack solutions
107.1
57.5
44.4
209.0
Total
$
833.7
$
425.2
$
395.7
$
1,654.6
Updated Disclosure
Products
$
635.0
$
314.3
$
319.4
$
1,268.7
Services & spares
198.7
110.9
76.3
385.9
Total
$
833.7
$
425.2
$
395.7
$
1,654.6
Year ended December 31, 2022
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
1,608.4
$
949.3
$
917.6
$
3,475.3
Services & spares
754.6
441.7
284.3
1,480.6
Integrated rack solutions
365.6
210.3
159.7
735.6
Total
$
2,728.6
$
1,601.3
$
1,361.6
$
5,691.5
Updated Disclosure
Products
$
1,974.0
$
1,159.6
$
1,077.3
$
4,210.9
Services & spares
754.6
441.7
284.3
1,480.6
Total
$
2,728.6
$
1,601.3
$
1,361.6
$
5,691.5
The Company’s previously reported disaggregated revenue by product and service offering will combine previously reported critical infrastructure & solutions and integrated rack solutions and they will collectively be managed as products.
The following is a summary of the impact for each quarter for the fiscal year 2023:
Sales by Product and Service Offering:
Three months ended March 31, 2023
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
561.4
$
168.3
$
225.0
$
954.7
Services & spares
188.4
104.1
78.1
370.6
Integrated rack solutions
112.5
40.6
42.7
195.8
Total
$
862.3
$
313.0
$
345.8
$
1,521.1
Updated Disclosure
Products
$
673.9
$
208.9
$
267.7
$
1,150.5
Services & spares
188.4
104.1
78.1
370.6
Total
$
862.3
$
313.0
$
345.8
$
1,521.1
5
Three months ended June 30, 2023
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
636.0
$
234.3
$
250.9
$
1,121.2
Services & spares
207.9
110.1
86.2
404.2
Integrated rack solutions
115.5
51.4
41.8
208.7
Total
$
959.4
$
395.8
$
378.9
$
1,734.1
Updated Disclosure
Products
$
751.5
$
285.7
$
292.7
$
1,329.9
Services & spares
207.9
110.1
86.2
404.2
Total
$
959.4
$
395.8
$
378.9
$
1,734.1
Three months ended September 30, 2023
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
670.8
$
244.3
$
223.2
$
1,138.3
Services & spares
206.2
103.1
84.0
393.3
Integrated rack solutions
126.2
41.2
43.6
211.0
Total
$
1,003.2
$
388.6
$
350.8
$
1,742.6
Updated Disclosure
Products
$
797.0
$
285.5
$
266.8
$
1,349.3
Services & spares
206.2
103.1
84.0
393.3
Total
$
1,003.2
$
388.6
$
350.8
$
1,742.6
Three months ended December 31, 2023
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
692.3
$
264.5
$
278.1
$
1,234.9
Services & spares
220.8
112.4
90.7
423.9
Integrated rack solutions
106.5
53.5
46.6
206.6
Total
$
1,019.6
$
430.4
$
415.4
$
1,865.4
Updated Disclosure
Products
$
798.8
$
318.0
$
324.7
$
1,441.5
Services & spares
220.8
112.4
90.7
423.9
Total
$
1,019.6
$
430.4
$
415.4
$
1,865.4
Year ended December 31, 2023
Americas
Asia Pacific
Europe, Middle East, & Africa
Total
As Previously Disclosed
Critical infrastructure & solutions
$
2,560.5
$
911.4
$
977.2
$
4,449.1
Services & spares
823.3
429.7
339.0
1,592.0
Integrated rack solutions
460.7
186.7
174.7
822.1
Total
$
3,844.5
$
1,527.8
$
1,490.9
$
6,863.2
Updated Disclosure
Products
$
3,021.2
$
1,098.1
$
1,151.9
$
5,271.2
Services & spares
823.3
429.7
339.0
1,592.0
Total
$
3,844.5
$
1,527.8
$
1,490.9
$
6,863.2
6
Reallocation of Corporate Costs to Business Segments:
Beginning in 2024 the Company will allocate centralized engineering, research and development, and information technology costs from corporate to the respective business segment.
The following is a summary of the impact for each quarter for the fiscal year 2020 on adjusted operating profit (loss)(1) and adjusted operating margin(2):
As Previously Disclosed
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2020
Americas
$
91.5
$
130.0
$
133.1
$
142.4
$
497.0
Asia Pacific
20.9
56.1
53.6
66.5
197.1
Europe, Middle East & Africa
20.8
27.5
0.9
56.3
105.5
Total reportable segments
133.2
213.6
187.6
265.2
799.6
Foreign currency gain (loss)
(1.8)
(2.8)
(11.7)
(9.7)
(26.0)
Corporate and other
(111.2)
(108.0)
(108.3)
(103.9)
(431.4)
Total corporate, other and eliminations
(113.0)
(110.8)
(120.0)
(113.6)
(457.4)
Amortization of intangibles
(32.4)
(32.2)
(32.5)
(31.6)
(128.7)
Operating profit (loss)
$
(12.2)
$
70.6
$
35.1
$
120.0
$
213.5
Amortization of intangibles
32.4
32.2
32.5
31.6
128.7
Adjusted operating profit (loss)
$
20.2
$
102.8
$
67.6
$
151.6
$
342.2
Updated Disclosure
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2020
Americas
$
54.0
$
94.5
$
94.9
$
101.2
$
344.6
Asia Pacific
—
36.2
31.1
44.1
111.4
Europe, Middle East & Africa
4.2
12.2
(14.9)
39.1
40.6
Total reportable segments
58.2
142.9
111.1
184.4
496.6
Foreign currency gain (loss)
(1.8)
(2.8)
(11.7)
(9.7)
(26.0)
Corporate and other
(36.2)
(37.3)
(31.8)
(23.1)
(128.4)
Total corporate, other and eliminations
(38.0)
(40.1)
(43.5)
(32.8)
(154.4)
Amortization of intangibles
(32.4)
(32.2)
(32.5)
(31.6)
(128.7)
Operating profit (loss)
$
(12.2)
$
70.6
$
35.1
$
120.0
$
213.5
Amortization of intangibles
32.4
32.2
32.5
31.6
128.7
Adjusted operating profit (loss)
$
20.2
$
102.8
$
67.6
$
151.6
$
342.2
Adjusted operating profit (loss)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2020
Americas
$
54.0
$
94.5
$
94.9
$
101.2
$
344.6
Asia Pacific
—
36.2
31.1
44.1
111.4
Europe, Middle East & Africa
4.2
12.2
(14.9)
39.1
40.6
Corporate(1)
(38.0)
(40.1)
(43.5)
(32.8)
(154.4)
$
20.2
$
102.8
$
67.6
$
151.6
$
342.2
Adjusted operating margins (2)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2020
Americas
11.6
%
19.5
%
17.8
%
18.2
%
16.9
%
Asia Pacific
—
%
11.2
%
8.2
%
10.0
%
8.1
%
Europe, Middle East & Africa
2.0
%
6.2
%
(6.0)
%
12.8
%
4.2
%
Vertiv
2.3
%
10.2
%
5.8
%
11.6
%
7.8
%
(1)Adjusted operating profit (loss) is adjusted at the Corporate segment for amortization of intangibles. There are no adjustments at the reportable segment level between operating profit (loss) and adjusted operating profit (loss).
(2)Adjusted operating margins calculated as adjusted operating profit (loss) divided by net sales.
7
The following is a summary of the impact for each quarter for the fiscal year 2021 on adjusted operating profit (loss)(1) and adjusted operating margin(2):
As Previously Disclosed
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2021
Americas
$
126.4
$
128.6
$
113.4
$
72.8
$
441.2
Asia Pacific
53.1
62.8
69.4
68.1
253.4
Europe, Middle East & Africa
33.4
62.4
59.0
62.8
217.6
Total reportable segments
212.9
253.8
241.8
203.7
912.2
Foreign currency gain (loss)
6.9
(4.1)
(4.9)
(1.1)
(3.2)
Corporate and other
(108.2)
(115.6)
(123.5)
(157.5)
(504.8)
Total corporate, other and eliminations
(101.3)
(119.7)
(128.4)
(158.6)
(508.0)
Amortization of intangibles
(31.8)
(31.9)
(31.6)
(49.0)
(144.3)
Operating profit (loss)
$
79.8
$
102.2
$
81.8
$
(3.9)
$
259.9
Amortization of intangibles
31.8
31.9
31.6
49.0
144.3
Mergers and acquisitions costs
—
—
18.0
30.1
48.1
Litigation settlement costs
—
—
—
18.7
18.7
Adjusted operating profit (loss)
$
111.6
$
134.1
$
131.4
$
93.9
$
471.0
Updated Disclosure
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2021
Americas
$
87.4
$
85.5
$
67.4
$
25.9
$
266.2
Asia Pacific
30.3
41.6
44.4
43.7
160.0
Europe, Middle East & Africa
15.8
45.4
40.5
43.6
145.3
Total reportable segments
133.5
172.5
152.3
113.2
571.5
Foreign currency gain (loss)
6.9
(4.1)
(4.9)
(1.1)
(3.2)
Corporate and other
(28.8)
(34.3)
(34.0)
(67.0)
(164.1)
Total corporate, other and eliminations
(21.9)
(38.4)
(38.9)
(68.1)
(167.3)
Amortization of intangibles
(31.8)
(31.9)
(31.6)
(49.0)
(144.3)
Operating profit (loss)
$
79.8
$
102.2
$
81.8
$
(3.9)
$
259.9
Amortization of intangibles
31.8
31.9
31.6
49.0
144.3
Mergers and acquisitions costs
—
—
18.0
30.1
48.1
Litigation settlement costs
—
—
—
18.7
18.7
Adjusted operating profit (loss)
$
111.6
$
134.1
$
131.4
$
93.9
$
471.0
Adjusted operating profit (loss)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2021
Americas
$
87.4
$
85.5
$
67.4
$
25.9
$
266.2
Asia Pacific
30.3
41.6
44.4
43.7
160.0
Europe, Middle East & Africa
15.8
45.4
40.5
43.6
145.3
Corporate(1)
(21.9)
(38.4)
(20.9)
(19.3)
(100.5)
$
111.6
$
134.1
$
131.4
$
93.9
$
471.0
Adjusted operating margins (2)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2021
Americas
17.4
%
15.1
%
12.5
%
4.4
%
12.2
%
Asia Pacific
8.5
%
10.5
%
11.3
%
9.5
%
9.9
%
Europe, Middle East & Africa
6.6
%
15.3
%
13.6
%
11.9
%
12.1
%
Vertiv
10.2
%
10.6
%
10.7
%
6.7
%
9.4
%
(1)Adjusted operating profit (loss) is adjusted at the Corporate segment for amortization of intangibles, merger and acquisition costs, and litigation settlement costs. There are no adjustments at the reportable segment level between operating profit (loss) and adjusted operating profit (loss).
(2)Adjusted operating margins calculated as adjusted operating profit (loss) divided by net sales.
8
The following is a summary of the impact for each quarter for the fiscal year 2022 on adjusted operating profit (loss)(1) and adjusted operating margin(2):
As Previously Disclosed
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2022
Americas
$
57.9
$
82.5
$
115.2
$
170.5
$
426.1
Asia Pacific
41.5
68.5
83.3
81.1
274.4
Europe, Middle East & Africa
33.2
61.8
57.4
82.2
234.6
Total reportable segments
132.6
212.8
255.9
333.8
935.1
Foreign currency gain (loss)
1.3
(2.9)
(0.2)
(1.9)
(3.7)
Corporate and other
(121.4)
(127.9)
(121.5)
(121.4)
(492.2)
Total corporate, other and eliminations
(120.1)
(130.8)
(121.7)
(123.3)
(495.9)
Amortization of intangibles
(57.7)
(55.8)
(54.2)
(48.1)
(215.8)
Operating profit (loss)
$
(45.2)
$
26.2
$
80.0
$
162.4
$
223.4
Amortization of intangibles
57.7
55.8
54.2
48.1
215.8
Adjusted operating profit (loss)
$
12.5
$
82.0
$
134.2
$
210.5
$
439.2
Updated Disclosure
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2022
Americas
$
12.6
$
33.1
$
68.4
$
124.1
$
238.2
Asia Pacific
18.5
42.1
59.4
56.9
176.9
Europe, Middle East & Africa
14.3
42.1
38.1
62.1
156.6
Total reportable segments
45.4
117.3
165.9
243.1
571.7
Foreign currency gain (loss)
1.3
(2.9)
(0.2)
(1.9)
(3.7)
Corporate and other
(34.2)
(32.4)
(31.5)
(30.7)
(128.8)
Total corporate, other and eliminations
(32.9)
(35.3)
(31.7)
(32.6)
(132.5)
Amortization of intangibles
(57.7)
(55.8)
(54.2)
(48.1)
(215.8)
Operating profit (loss)
$
(45.2)
$
26.2
$
80.0
$
162.4
$
223.4
Amortization of intangibles
57.7
55.8
54.2
48.1
215.8
Adjusted operating profit (loss)
$
12.5
$
82.0
$
134.2
$
210.5
$
439.2
Adjusted operating profit (loss)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2022
Americas
$
12.6
$
33.1
$
68.4
$
124.1
$
238.2
Asia Pacific
18.5
42.1
59.4
56.9
176.9
Europe, Middle East & Africa
14.3
42.1
38.1
62.1
156.6
Corporate(1)
(32.9)
(35.3)
(31.7)
(32.6)
(132.5)
$
12.5
$
82.0
$
134.2
$
210.5
$
439.2
Adjusted operating margins (2)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2022
Americas
2.4
%
5.1
%
9.6
%
14.9
%
8.7
%
Asia Pacific
5.6
%
10.3
%
13.6
%
13.4
%
11.0
%
Europe, Middle East & Africa
5.0
%
12.2
%
11.5
%
15.7
%
11.5
%
Vertiv
1.1
%
5.9
%
9.1
%
12.7
%
7.7
%
(1)Adjusted operating profit (loss) is adjusted at the Corporate segment for amortization of intangibles. There are no adjustments at the reportable segment level between operating profit (loss) and adjusted operating profit (loss).
(2)Adjusted operating margins calculated as adjusted operating profit (loss) divided by net sales.
9
The following is a summary of the impact for each quarter for the fiscal year 2023 on adjusted operating profit (loss)(1) and adjusted operating margin(2):
As Previously Disclosed
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2023
Americas
$
190.6
$
239.8
$
254.0
$
274.4
$
958.8
Asia Pacific
39.1
62.6
74.1
72.7
248.5
Europe, Middle East & Africa
64.9
100.6
96.9
117.6
380.0
Total reportable segments
294.6
403.0
425.0
464.7
1,587.3
Foreign currency gain (loss)
(3.1)
(7.5)
(2.7)
(2.7)
(16.0)
Corporate and other
(116.0)
(144.3)
(125.9)
(131.6)
(517.8)
Total corporate, other and eliminations
(119.1)
(151.8)
(128.6)
(134.3)
(533.8)
Amortization of intangibles
(45.2)
(45.4)
(45.5)
(45.2)
(181.3)
Operating profit (loss)
$
130.3
$
205.8
$
250.9
$
285.2
$
872.2
Amortization of intangibles
45.2
45.4
45.5
45.2
181.3
Adjusted operating profit (loss)
$
175.5
$
251.2
$
296.4
$
330.4
$
1,053.5
Updated Disclosure
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2023
Americas
$
145.8
$
191.7
$
206.5
$
218.4
$
762.4
Asia Pacific
16.6
38.2
49.7
42.9
147.4
Europe, Middle East & Africa
46.1
79.9
76.7
95.0
297.7
Total reportable segments
208.5
309.8
332.9
356.3
1,207.5
Foreign currency gain (loss)
(3.1)
(7.5)
(2.7)
(2.7)
(16.0)
Corporate and other
(29.9)
(51.1)
(33.8)
(23.2)
(138.0)
Total corporate, other and eliminations
(33.0)
(58.6)
(36.5)
(25.9)
(154.0)
Amortization of intangibles
(45.2)
(45.4)
(45.5)
(45.2)
(181.3)
Operating profit (loss)
$
130.3
$
205.8
$
250.9
$
285.2
$
872.2
Amortization of intangibles
45.2
45.4
45.5
45.2
181.3
Adjusted operating profit (loss)
$
175.5
$
251.2
$
296.4
$
330.4
$
1,053.5
Adjusted operating profit (loss)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2023
Americas
$
145.8
$
191.7
$
206.5
$
218.4
$
762.4
Asia Pacific
16.6
38.2
49.7
42.9
147.4
Europe, Middle East & Africa
46.1
79.9
76.7
95.0
297.7
Corporate(1)
(33.0)
(58.6)
(36.5)
(25.9)
(154.0)
$
175.5
$
251.2
$
296.4
$
330.4
$
1,053.5
Adjusted operating margins (2)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year 2023
Americas
16.9
%
20.0
%
20.6
%
21.4
%
19.8
%
Asia Pacific
5.3
%
9.7
%
12.8
%
10.0
%
9.6
%
Europe, Middle East & Africa
13.3
%
21.1
%
21.9
%
22.9
%
20.0
%
Vertiv
11.5
%
14.5
%
17.0
%
17.7
%
15.3
%
(1)Adjusted operating profit (loss) is adjusted at the Corporate segment for amortization of intangibles. There are no adjustments at the reportable segment level between operating profit (loss) and adjusted operating profit (loss).
(2)Adjusted operating margins calculated as adjusted operating profit (loss) divided by net sales.