7Baggers

Vertiv
(NYSE:VRT) 

VRT stock logo

Vertiv Holdings Co designs, manufactures and services critical digital infrastructure technologies and lifecycle services for data centers, communication networks, and commercial and industrial environments in the Americas, Asia Pacific, Europe, the Middle East, and Africa. The company is headquarte...

Founded: 2016
Founder: Ralph Liebert 
CEO: Giordano Albertazzi  
Sector: REAL ESTATE & CONSTRUCTION
Industry: BLANK CHECKS
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At a glance:
  • Benefiting from Data Center and AI Infrastructure Spending: Vertiv is positioned to gain from continued expansion in data centers and AI-related compute, which drives demand for power, cooling, and infrastructure solutions.
  • Margin Expansion and Operating Leverage Are Key Focus Areas: Recent performance has highlighted improving profitability, with execution on pricing, mix, and productivity initiatives supporting margin expansion and operating leverage.
  • Backlog and Orders Reflect Demand Momentum, But Can Be Cyclical: Order trends and backlog have supported growth visibility, though demand can be influenced by hyperscaler spending cycles, project timing, and customer capex normalization.
  • Supply Chain and Component Availability Have Improved vs. Prior Periods: Easing supply constraints and better lead times can support on-time delivery and working-capital efficiency, though electronics and freight costs remain important variables.
  • Key Risks: Competition, Execution, and Customer Concentration: Vertiv operates in competitive markets for thermal management and power systems; results depend on project execution and exposure to large customers and concentrated end markets.
Bull Thesis:
  • Surging AI/ML Data Center Demand: The exponential growth of AI and machine learning applications is driving unprecedented demand for high-density data centers, requiring advanced power and cooling solutions that Vertiv specializes in, positioning it as a key beneficiary of this secular trend.
  • Expanding Edge Computing Market: Beyond hyperscale, the proliferation of IoT and real-time data processing is fueling the need for distributed edge computing infrastructure. Vertiv's modular and scalable solutions are well-positioned to capture a significant share of this growing market segment.
  • Robust Order Backlog & Revenue Visibility: Vertiv continues to report a strong and growing order backlog, providing significant revenue visibility for the coming quarters. This indicates sustained customer demand and a solid foundation for future revenue growth.
  • Improving Profitability and Margin Expansion: Through operational efficiencies, strategic pricing initiatives, and a favorable product mix towards higher-value solutions, Vertiv has demonstrated consistent improvement in its gross and operating margins, leading to enhanced earnings potential.
Bear Thesis:
  • Cyclicality of Data Center Capital Expenditures: Despite current tailwinds, data center infrastructure spending can be cyclical. A broader economic downturn, a slowdown in enterprise IT investment, or a pause in hyperscale build-outs could temper demand for Vertiv's products and services.
  • Persistent Supply Chain & Input Cost Pressures: Vertiv remains exposed to potential disruptions in global supply chains and volatility in raw material and component costs. These factors could impact production schedules, delivery times, and put pressure on profit margins.
  • Intense Competition and Pricing Pressure: The data center infrastructure market is highly competitive with established players like Eaton and Schneider Electric, as well as specialized vendors. This intense competition could lead to pricing pressure, impacting Vertiv's market share and profitability.
  • Sensitivity to Interest Rates and Capital Investment Climate: Higher interest rates can increase the cost of capital for data center developers and operators. This could potentially slow down new construction or expansion projects, thereby impacting Vertiv's order intake and revenue growth.
Main Competitors:
  • Eaton ($ETN) (UPS systems, power distribution, data center infrastructure), Eaton is a direct and major competitor, particularly in power management (Uninterruptible Power Supplies, Power Distribution Units) and broader data center infrastructure solutions. They offer a comprehensive portfolio that significantly overlaps with Vertiv's, targeting similar enterprise, colocation, and hyperscale data center customers globally.
  • Schneider Electric ($SU) (APC by Schneider Electric (UPS, racks, cooling), EcoStruxure (DCIM)), Schneider Electric, through its APC brand and EcoStruxure platform, is a strong competitor offering a wide range of power, cooling, racks, and Data Center Infrastructure Management (DCIM) solutions. They often provide more integrated and bundled solutions for data centers and critical infrastructure, competing directly across Vertiv's core offerings.
  • ABB ($ABB) (Power protection (UPS), power distribution, industrial automation), ABB competes in specific segments, especially in large-scale UPS systems, industrial power solutions, and electrification products crucial for data center and critical infrastructure power delivery. While broader in scope, their power solutions directly rival Vertiv's offerings for high-power applications.
  • Legrand ($LR) (Raritan (KVM, PDUs), Server Technology (PDUs), Starline (busway)), Legrand, through its acquired brands like Raritan and Server Technology, competes in key data center infrastructure niches such as intelligent PDUs, KVM switches, and busway power distribution systems, which are critical components where Vertiv also operates, often focusing on modularity and efficiency.
  • Rittal (IT racks, enclosures, climate control, modular data centers), Rittal is a significant competitor, particularly in IT racks, enclosures, and integrated cooling solutions for data centers and industrial applications. They offer modular data center solutions and pre-engineered infrastructure that directly compete with Vertiv's infrastructure and thermal management offerings.
Moat:
Vertiv operates in a highly competitive global market for critical digital infrastructure. Its competitive moat is primarily built on deep engineering expertise in power and thermal management, a robust global service and support network, and established relationships with major data center, telecom, and industrial clients. Competition is intense, driven by other large diversified industrial players (Eaton, Schneider Electric, ABB), specialized infrastructure providers (Legrand, Rittal), and emerging players focused on specific technologies like liquid cooling or modular solutions. Key competitive factors include product innovation (efficiency, density, sustainability), reliability, global reach, and the ability to offer integrated solutions and comprehensive lifecycle services.
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 
                                    
      net sales
    		2,649,500,000 2,880,000,000 2,675,800,000 2,638,100,000 2,036,000,000 2,346,400,000 2,073,500,000 1,952,800,000 1,639,100,000 1,865,400,000 1,742,600,000 1,734,100,000 1,521,100,000 1,654,600,000 1,481,100,000 1,399,400,000 1,156,400,000 1,410,500,000 1,228,900,000 1,260,300,000 1,098,400,000 1,305,700,000 1,162,000,000 1,005,700,000 897,300,000        
      yoy
    		30.13% 22.74% 29.05% 35.09% 24.21% 25.79% 18.99% 12.61% 7.76% 12.74% 17.66% 23.92% 31.54% 17.31% 20.52% 11.04% 5.28% 8.03% 5.76% 25.32% 22.41%            
      qoq
    		-8.00% 7.63% 1.43% 29.57% -13.23% 13.16% 6.18% 19.14% -12.13% 7.05% 0.49% 14.00% -8.07% 11.71% 5.84% 21.01% -18.01% 14.78% -2.49% 14.74% -15.88% 12.37% 15.54% 12.08%         
      net sales - products
    		2,135,800,000 2,360,500,000 2,214,400,000 2,166,000,000 1,649,700,000 1,914,300,000 1,653,700,000 1,555,200,000 1,270,300,000 1,477,900,000 1,381,300,000 1,360,400,000 1,186,500,000 1,295,500,000 1,135,400,000 1,055,000,000 849,400,000 1,108,000,000 926,000,000 976,500,000 844,000,000 1,020,300,000 891,100,000 750,200,000 647,200,000        
      net sales - services
    		513,700,000 519,500,000 461,400,000 472,100,000 386,300,000 432,100,000 419,800,000 397,600,000 368,800,000 387,500,000 361,300,000 373,700,000 334,600,000 359,100,000 345,700,000 344,400,000 307,000,000 302,500,000 302,900,000 283,800,000 254,400,000 285,400,000 270,900,000 255,500,000 250,100,000        
      costs and expenses
    		                                
      cost of sales - products
    		1,348,400,000 1,466,400,000 1,398,400,000 1,470,300,000 1,112,100,000 1,223,800,000 1,066,300,000 981,000,000 846,300,000 949,100,000 894,200,000 912,900,000 819,500,000 917,400,000 838,500,000 807,400,000 655,800,000 856,500,000 678,400,000 686,200,000 593,400,000 715,200,000 596,700,000 515,300,000 463,200,000        
      cost of sales - services
    		301,400,000 292,200,000 266,700,000 271,200,000 237,400,000 252,400,000 250,800,000 230,600,000 226,400,000 232,900,000 220,800,000 227,200,000 206,100,000 225,500,000 213,300,000 220,500,000 197,000,000 180,300,000 168,800,000 164,800,000 147,000,000 163,100,000 152,300,000 144,000,000 147,100,000        
      cost of sales
    		1,649,800,000 1,758,600,000 1,665,100,000 1,741,500,000 1,349,500,000 1,476,200,000 1,317,100,000 1,211,600,000 1,072,700,000 1,182,000,000 1,115,000,000 1,140,100,000 1,025,600,000 1,142,900,000 1,051,800,000 1,027,900,000 852,800,000 1,036,800,000 847,200,000 851,000,000 740,400,000 878,300,000 749,000,000 659,300,000 610,300,000        
      operating expenses
    		                                
      selling, general and administrative expenses
    		456,700,000 461,600,000 414,300,000 395,600,000 346,300,000 361,600,000 334,600,000 363,800,000 314,000,000 348,800,000 327,200,000 327,600,000 308,700,000 303,300,000 295,200,000 287,600,000 292,200,000 329,400,000 257,800,000 271,700,000 250,100,000 265,500,000 251,700,000 226,300,000 264,800,000        
      amortization of intangibles
    		77,600,000 59,300,000 48,200,000 46,900,000 46,000,000 47,100,000 45,300,000 45,800,000 46,000,000 45,200,000 45,500,000 45,400,000 45,200,000 48,100,000 54,200,000 55,800,000 57,700,000 49,000,000 31,600,000 31,900,000 31,800,000            
      restructuring costs
    		-4,900,000 20,800,000 30,700,000 1,900,000 1,100,000 1,200,000 6,300,000 -2,500,000 300,000 5,100,000 1,300,000 9,100,000 13,100,000 600,000 -1,500,000 800,000 800,000 2,100,000 -3,800,000 1,100,000 2,000,000            
      foreign currency loss
    		-1,600,000 6,200,000 900,000 2,300,000 2,600,000 600,000 5,300,000 200,000 3,200,000 2,700,000 2,700,000 7,500,000 3,100,000 1,900,000 200,000 2,900,000 -1,300,000 1,100,000 4,900,000 4,100,000 -6,900,000            
      other operating expense
    		31,800,000 -6,400,000 -100,000 7,500,000 -200,000 2,500,000 -6,700,000 -2,100,000 300,000 -3,600,000  -1,400,000 -4,900,000 -4,600,000 1,200,000 -1,800,000 -600,000 -4,000,000 700,000 -1,700,000 1,200,000            
      operating profit
    		440,100,000 579,900,000 516,700,000 442,400,000 290,700,000 457,200,000 371,600,000 336,000,000 202,600,000 285,200,000 250,900,000 205,800,000 130,300,000 162,400,000 80,000,000 26,200,000 -45,200,000 -3,900,000 81,800,000 102,200,000 79,800,000            
      yoy
    		51.39% 26.84% 39.05% 31.67% 43.48% 60.31% 48.11% 63.27% 55.49% 75.62% 213.63% 685.50% -388.27% -4264.10% -2.20% -74.36% -156.64%                
      qoq
    		-24.11% 12.23% 16.79% 52.18% -36.42% 23.04% 10.60% 65.84% -28.96% 13.67% 21.91% 57.94% -19.77% 103.00% 205.34% -157.96% 1058.97% -104.77% -19.96% 28.07%             
      operating margin %
    		16.61% 20.14% 19.31% 16.77% 14.28% 19.49% 17.92% 17.21% 12.36% 15.29% 14.40% 11.87% 8.57% 9.82% 5.40% 1.87% -3.91% -0.28% 6.66% 8.11% 7.27% 0% 0% 0% 0% NaN% NaN% NaN% NaN% NaN% NaN% NaN% 
      interest expense
    		-4,400,000 16,700,000 22,800,000 21,300,000 25,300,000 30,700,000 35,900,000 44,800,000 39,000,000 42,900,000 43,500,000 46,900,000 46,800,000 45,800,000 38,800,000 33,400,000 29,300,000 24,100,000 22,400,000 20,000,000 24,100,000 25,000,000 26,400,000 30,100,000 68,900,000        
      loss on extinguishment of debt
    		6,200,000  1,700,000   1,300,000  1,100,000             400,000    174,000,000        
      income before income taxes
    		438,300,000 563,200,000 492,200,000 421,100,000 265,400,000 245,200,000 268,500,000 264,700,000 -13,000,000 187,300,000 145,800,000 112,900,000 87,700,000 83,500,000 31,400,000 31,700,000 20,400,000 21,600,000 91,900,000 11,000,000 41,700,000 -51,500,000 8,700,000 40,500,000 -255,100,000        
      income tax expense
    		48,200,000 117,600,000 93,700,000 96,900,000 100,900,000 98,200,000 91,900,000 86,600,000 -7,100,000 -45,300,000 51,700,000 29,700,000 37,400,000 56,900,000 10,200,000 11,400,000 11,900,000 -400,000 35,700,000 1,300,000 10,000,000 20,200,000 24,500,000 14,300,000 13,800,000        
      net income
    		390,100,000 445,600,000 398,500,000 324,200,000 164,500,000 147,000,000 176,600,000 178,100,000 -5,900,000 232,600,000 94,100,000 83,200,000 50,300,000 26,600,000 21,200,000 20,300,000 8,500,000 22,000,000 56,200,000 9,700,000 31,700,000 74,900,000 -15,800,000 26,200,000 -268,900,000 -3,176,317 2,123,979 2,747,555 2,694,579 2,348,869 2,296,093 386,382 
      yoy
    		137.14% 203.13% 125.65% 82.03% -2888.14% -36.80% 87.67% 114.06% -111.73% 774.44% 343.87% 309.85% 491.76% 20.91% -62.28% 109.28% -73.19% -70.63% -455.70% -62.98% -111.79% -2458.08% -843.89% 853.58% -10079.30% -235.23% -7.50% 611.10%     
      qoq
    		-12.46% 11.82% 22.92% 97.08% 11.90% -16.76% -0.84% -3118.64% -102.54% 147.18% 13.10% 65.41% 89.10% 25.47% 4.43% 138.82% -61.36% -60.85% 479.38% -69.40% -57.68% -574.05% -160.31% -109.74% 8365.78% -249.55% -22.70% 1.97% 14.72% 2.30% 494.25%  
      net income margin %
    		14.72% 15.47% 14.89% 12.29% 8.08% 6.26% 8.52% 9.12% -0.36% 12.47% 5.40% 4.80% 3.31% 1.61% 1.43% 1.45% 0.74% 1.56% 4.57% 0.77% 2.89% 5.74% -1.36% 2.61% -29.97% -Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% 
      earnings per share:
    		                                
      basic
    		1.02 1.16 1.04 0.85 0.43 0.39 0.47 0.48 -0.02 0.61 0.25 0.22 0.13 0.07 0.06 0.05 0.02 0.06 0.16 0.03 0.09   0.08         
      diluted
    		0.99 1.14 1.02 0.83 0.42 0.38 0.46 0.46 -0.02 0.6 0.24 0.22 0.12 0.16 0.06 0.05 -0.23 0.06 0.15 0.03 0.09   0.08         
      weighted-average shares outstanding:
    		                                
      basic
    		382,921,496 381,712,181 382,025,408 381,482,996 380,845,511 376,418,933 375,203,364 374,734,093 379,135,184 380,144,059 380,899,419 379,938,365 378,129,786 376,730,519 377,016,981 376,594,660 375,972,294 355,544,632 352,482,900 352,199,184 349,603,701   328,411,705         
      diluted
    		392,128,170 390,652,824 390,928,669 389,846,827 390,109,650 386,325,058 384,316,065 384,488,069 379,135,184 386,226,267 388,240,664 382,351,210 381,683,511 378,224,051 377,444,002 377,257,854 379,692,729 360,140,323 363,198,701 356,652,811 353,448,585   331,136,080         
      change in fair value of warrant liabilities
    		     180,000,000 67,200,000 25,400,000 176,600,000 54,500,000 61,600,000 46,000,000 -4,200,000 33,100,000 9,800,000 -38,900,000 -94,900,000 9,600,000 -32,500,000 71,200,000 13,600,000            
      asset impairments
    		                  8,700,000              
      net sales:
    		                                
      costs and expenses:
    		                                
      other deductions
    		                     41,800,000 126,200,000 49,500,000 34,400,000        
      earnings per share:
    		                                
      basic and diluted
    		                     0.26 -0.05  -1.12        
      weighted-average shares outstanding:
    		                                
      basic and diluted
    		                     307,076,397 328,411,705  240,656,864        
      revenues
    		                                
      dividend income
    		                         2,934,235 3,539,155 3,912,187 3,860,055 3,637,474 3,155,923 613,686 
      general and administrative expenses
    		                         -6,009,726 -850,575 -433,713 -448,988 -660,801 -252,407 -122,900 
      income before income tax provision
    		                         -3,075,491 2,688,580 3,478,474     
      provision for income tax
    		                         -100,826 -564,601 -730,919  -627,804 -607,423 -104,404 
      weighted-average number of shares outstanding of class a common stock:
    		                          69,000,000 69,000,000     
      basic and diluted net income per share, class a
    		                         -0.04 0.02 0.03 0.03 0.03 0.03  
      weighted-average number of shares outstanding of class b common stock:
    		                          17,250,000 17,250,000     
      basic and diluted net income per share, class b
    		                         -0.04 0.02 0.03 0.03 0.03 0.03  
      income before income tax benefit
    		                            3,411,067 2,976,673 2,903,516 490,786 
      income tax benefit
    		                            -716,488    
      weighted-average shares outstanding of class a common stock
    		                         69,000,000   69,000,000 69,000,000 69,000,000 69,000,000 
      weighted-average shares outstanding of class b common stock
    		                         17,250,000   17,250,000 17,250,000 17,250,000 17,250,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 
                                      
        assets
      		                                
        current assets:
      		                                
        cash and cash equivalents
      		2,150,600,000 1,728,400,000 1,396,000,000 1,640,800,000 1,467,300,000 1,227,600,000 908,700,000 579,700,000 275,800,000 780,400,000 500,000,000 274,900,000 276,100,000 260,600,000 258,000,000 194,400,000 288,500,000 439,100,000 743,600,000 708,800,000 677,200,000 534,600,000 324,300,000 369,700,000 293,200,000        
        short-term investments
      		349,900,000 99,500,000 544,600,000 98,200,000                             
        accounts receivable, less allowances
      		3,148,700,000 3,109,000,000 2,810,700,000 2,831,000,000 2,310,500,000 2,362,700,000 2,328,500,000 2,218,800,000 2,097,100,000 2,185,200,000 2,020,700,000 2,022,600,000 1,991,900,000 1,888,800,000 1,743,800,000 1,676,200,000 1,534,300,000 1,536,400,000 1,386,100,000 1,374,000,000 1,294,500,000 1,354,400,000 1,288,700,000 1,185,000,000 1,144,000,000        
        inventories
      		1,834,600,000 1,456,500,000 1,437,100,000 1,413,300,000 1,383,500,000 1,244,400,000 1,255,200,000 1,103,700,000 987,100,000 884,300,000 921,700,000 920,200,000 903,500,000 822,000,000 804,300,000 794,600,000 774,500,000 616,300,000 577,400,000 551,400,000 511,100,000 446,600,000 465,500,000 467,900,000 445,500,000        
        other current assets
      		500,800,000 426,100,000 360,800,000 318,700,000 300,400,000 267,100,000 312,200,000 289,200,000 271,800,000 151,600,000 178,600,000 160,600,000 169,100,000 187,300,000 167,700,000 148,400,000 126,700,000 106,800,000 154,400,000 215,200,000 183,400,000 183,200,000 172,600,000 180,600,000 183,000,000        
        total current assets
      		7,984,600,000 6,819,500,000 6,549,200,000 6,302,000,000 5,461,700,000 5,101,800,000 4,804,600,000 4,191,400,000 3,631,800,000 4,001,500,000 3,621,000,000 3,378,300,000 3,340,600,000 3,158,700,000 2,973,800,000 2,813,600,000 2,724,000,000 2,698,600,000 2,861,500,000 2,849,400,000 2,666,200,000 2,518,800,000 2,251,100,000 2,203,200,000 2,065,700,000 709,053,424 548,341 515,881 969,744 1,176,968 1,394,472 1,811,153 
        property, plant and equipment
      		997,500,000 921,800,000 698,000,000 666,400,000 637,400,000 625,100,000 593,200,000 571,100,000 565,300,000 560,100,000 508,600,000 503,300,000 496,400,000 489,400,000 466,000,000 473,800,000 485,300,000 489,300,000 388,400,000 409,200,000 413,000,000 427,600,000 406,900,000 407,100,000 412,700,000        
        other assets:
      		                                
        goodwill
      		2,023,700,000 2,033,700,000 1,444,200,000 1,374,100,000 1,339,800,000 1,321,100,000 1,348,900,000 1,321,900,000 1,322,800,000 1,330,300,000 1,284,300,000 1,299,400,000 1,295,400,000 1,284,700,000 1,247,300,000 1,283,900,000 1,317,700,000 1,330,100,000 588,600,000 603,100,000 599,800,000 607,200,000 611,700,000 600,000,000 596,300,000        
        other intangible assets
      		1,806,000,000 1,894,800,000 1,507,800,000 1,454,100,000 1,462,700,000 1,487,100,000 1,572,900,000 1,577,600,000 1,615,900,000 1,672,900,000 1,674,100,000 1,746,800,000 1,787,300,000 1,816,100,000 1,801,600,000 1,926,000,000 2,055,200,000 2,138,200,000 1,191,300,000 1,235,100,000 1,262,700,000 1,302,500,000 1,311,700,000 1,341,100,000 1,385,300,000        
        deferred income taxes
      		177,800,000 179,600,000 258,500,000 291,500,000 269,200,000 303,300,000 296,900,000 160,900,000 159,300,000 159,800,000 46,700,000 48,200,000 52,600,000 46,400,000 43,300,000 49,000,000 51,700,000 47,900,000 15,400,000 16,500,000 18,100,000 20,900,000 13,900,000 8,200,000 7,900,000        
        right-of-use assets
      		330,800,000 303,000,000 283,700,000 244,900,000 203,700,000 202,100,000 186,600,000 180,000,000 185,100,000 173,500,000 157,100,000 160,100,000 165,600,000 166,400,000                   
        other
      		79,700,000 60,000,000 74,900,000 73,200,000 76,600,000 92,000,000 88,300,000 105,400,000 111,200,000 100,400,000 122,500,000 120,500,000 117,500,000 134,000,000 295,000,000 280,800,000 277,100,000 235,500,000 216,500,000 218,700,000 201,600,000 196,800,000 176,400,000 170,300,000 162,000,000        
        total other assets
      		4,418,000,000 4,471,100,000 3,569,100,000 3,437,800,000 3,352,000,000 3,405,600,000 3,493,600,000 3,345,800,000 3,394,300,000 3,436,900,000 3,284,700,000 3,375,000,000 3,418,400,000 3,447,600,000 3,387,200,000 3,539,700,000 3,701,700,000 3,751,700,000 2,011,800,000 2,073,400,000 2,082,200,000 2,127,400,000 2,113,700,000 2,119,600,000 2,151,500,000        
        total assets
      		13,400,100,000 12,212,400,000 10,816,300,000 10,406,200,000 9,451,100,000 9,132,500,000 8,891,400,000 8,108,300,000 7,591,400,000 7,998,500,000 7,414,300,000 7,256,600,000 7,255,400,000 7,095,700,000 6,827,000,000 6,827,100,000 6,911,000,000 6,939,600,000 5,261,700,000 5,332,000,000 5,161,400,000 5,073,800,000 4,771,700,000 4,729,900,000 4,629,900,000 709,053,424 705,562,140 702,715,354 700,877,687 697,339,051 695,164,081 692,424,839 
        liabilities and equity
      		                                
        current liabilities:
      		                                
        current portion of long-term debt
      		 20,900,000 20,900,000 21,000,000 21,000,000 21,000,000 21,200,000 21,200,000 21,200,000 21,800,000 21,800,000 21,800,000 21,800,000 21,800,000 21,800,000 21,800,000 21,800,000 21,800,000 21,800,000 21,800,000     22,200,000        
        accounts payable
      		1,951,700,000 1,756,400,000 1,718,900,000 1,605,100,000 1,407,100,000 1,316,400,000 1,239,700,000 1,098,200,000 983,700,000 986,400,000 931,900,000 941,900,000 917,000,000 984,000,000 882,900,000 867,200,000 887,500,000 858,500,000 768,800,000 766,400,000 737,800,000 730,500,000 655,800,000 613,400,000 591,700,000  1,234,290 511,483 771,777 644,208 200,911 126,022 
        deferred revenue
      		2,461,800,000 1,814,700,000 1,131,900,000 1,257,300,000 1,095,100,000 1,063,300,000 1,016,200,000 888,800,000 735,000,000 638,900,000 543,300,000 520,000,000 502,900,000                    
        accrued expenses and other liabilities
      		856,200,000 771,600,000 681,400,000 578,500,000 534,200,000 612,600,000 623,700,000 600,600,000 541,800,000 611,800,000 555,400,000 538,400,000 496,400,000 872,400,000 900,300,000 916,700,000 972,300,000 953,400,000 825,600,000 897,200,000 869,200,000 901,800,000 876,800,000 761,600,000 746,700,000        
        income taxes
      		73,500,000 43,400,000 23,700,000 152,600,000 126,600,000 83,700,000 124,200,000 74,000,000 56,600,000 46,500,000 49,100,000 33,400,000 33,500,000 19,700,000 33,400,000 14,700,000 22,200,000 21,100,000 30,600,000 25,400,000 16,400,000 18,800,000 27,900,000 23,300,000 17,600,000        
        total current liabilities
      		5,343,200,000 4,407,000,000 3,576,800,000 3,614,500,000 3,184,000,000 3,097,000,000 3,489,200,000 3,079,800,000 2,709,900,000 2,305,400,000 2,101,500,000 2,055,500,000 1,971,600,000 1,897,900,000 1,838,400,000 1,820,400,000 1,903,800,000 1,854,800,000 1,646,800,000 1,710,800,000 1,645,400,000 1,673,100,000 1,601,600,000 1,440,500,000 1,378,200,000 30,752,104 1,234,504 511,697 2,121,585 1,277,528 1,451,427 923,278 
        long-term debt
      		2,922,200,000 2,892,100,000 2,897,600,000 2,900,500,000 2,904,100,000 2,907,200,000 2,909,600,000 2,913,700,000 2,916,100,000 2,919,100,000 2,923,100,000 2,927,400,000 3,156,000,000 3,169,100,000 3,223,800,000 3,117,500,000 2,946,300,000 2,950,500,000 2,118,400,000 2,122,800,000 2,126,900,000 2,130,500,000 2,234,800,000 2,409,000,000 2,418,900,000        
        long-term lease liabilities
      		270,400,000 245,200,000 231,400,000 203,100,000 172,200,000 171,400,000 155,300,000 149,900,000 153,300,000 142,600,000 125,900,000 127,600,000 132,500,000 132,000,000                   
        other long-term liabilities
      		398,200,000 494,000,000 316,700,000 310,100,000 286,000,000 282,300,000 283,600,000 268,500,000 264,100,000 262,000,000 231,600,000 224,400,000 223,100,000 219,600,000 320,000,000 342,100,000 357,400,000 368,200,000 484,200,000 492,300,000 455,100,000 485,400,000 446,800,000 418,300,000 388,700,000        
        total liabilities
      		9,155,200,000 8,271,100,000 7,307,600,000 7,280,800,000 6,784,700,000 6,698,200,000 7,077,700,000 6,570,800,000 6,198,000,000 5,983,600,000 5,700,400,000 5,598,500,000 5,704,600,000 5,653,800,000 5,559,900,000 5,475,400,000 5,456,900,000 5,521,900,000 4,476,000,000 4,588,300,000 4,432,700,000 4,405,500,000 4,400,000,000 4,379,000,000 4,298,000,000 30,752,104 25,384,504 24,661,697 26,271,585 25,427,528 25,601,427 25,073,278 
        equity
      		                                
        preferred stock, 0.0001 par value...
      		                                
        common stock, 0.0001 par value...
      		                                
        additional paid-in capital
      		2,927,000,000 2,895,200,000 2,883,200,000 2,858,200,000 2,829,600,000 2,821,400,000 2,151,800,000 2,141,000,000 2,745,200,000 2,711,300,000 2,698,300,000 2,677,000,000 2,662,000,000 2,630,700,000 2,621,900,000 2,612,600,000 2,607,400,000 2,597,500,000 1,987,300,000 1,978,500,000 1,975,600,000 1,804,300,000 1,641,900,000 1,638,000,000 1,635,900,000     271,932 2,620,802 4,916,910 
        retained earnings
      		1,394,100,000 1,027,900,000 606,300,000 222,000,000                      4,997,949 4,997,984 4,997,990 4,997,980    
        accumulated other comprehensive income
      		-76,200,000 18,200,000 19,200,000 45,200,000 -75,200,000 -148,800,000 33,100,000 -65,100,000 -38,800,000 -4,500,000 -69,400,000 -9,800,000 -18,900,000 -46,200,000 -189,400,000 -74,300,000 53,600,000 35,600,000 32,000,000 55,000,000 52,600,000 51,500,000 -11,100,000 -43,800,000 -34,500,000        
        total equity
      		4,244,900,000 3,941,300,000 3,508,700,000 3,125,400,000 2,666,400,000 2,434,300,000 1,813,700,000 1,537,500,000 1,393,400,000 2,014,900,000 1,713,900,000 1,658,100,000 1,550,800,000 1,441,900,000 1,267,100,000 1,351,700,000 1,454,100,000 1,417,700,000 785,700,000 743,700,000 728,700,000 668,300,000 371,700,000 350,900,000 331,900,000        
        total liabilities and equity
      		13,400,100,000 12,212,400,000 10,816,300,000 10,406,200,000 9,451,100,000 9,132,500,000 8,891,400,000 8,108,300,000 7,591,400,000 7,998,500,000 7,414,300,000 7,256,600,000 7,255,400,000 7,095,700,000 6,827,000,000 6,827,100,000 6,911,000,000 6,939,600,000 5,261,700,000 5,332,000,000 5,161,400,000 5,073,800,000 4,771,700,000 4,729,900,000 4,629,900,000        
        accumulated deficit
      		    -88,000,000 -238,300,000 -371,200,000 -538,400,000 -707,100,000 -691,900,000 -915,000,000 -1,009,100,000 -1,092,300,000 -1,142,600,000 -1,165,400,000 -1,186,600,000 -1,206,900,000 -1,215,400,000 -1,233,600,000 -1,289,800,000 -1,299,500,000 -1,187,500,000 -1,259,100,000 -1,243,300,000 -1,269,500,000        
        warrant liabilities
      		         195,000,000 140,500,000 78,900,000 32,900,000 58,700,000 25,600,000 15,800,000 54,700,000 149,600,000 140,000,000 172,500,000 101,300,000            
        current portion of warrant liabilities
      		      464,200,000 397,000,000 371,600,000                        
        treasury stock
      		        -605,900,000                        
        current portion of long-term debt and short-term borrowings
      		                    22,000,000 22,000,000 41,100,000 42,200,000         
        cash
      		                         955,457 194,528 225,175 632,698 835,544 984,923 1,811,153 
        cash and cash equivalents held in trust account
      		                         706,486,486 703,920,190 700,931,980 698,564,743 694,883,137 692,697,154 690,000,000 
        accrued dividends receivable held in trust account
      		                         918,719 1,093,609 1,267,493 1,343,200 1,278,946 1,072,455 613,686 
        prepaid expenses
      		                         692,762 353,813 290,706 337,046 341,424 409,549  
        liabilities and stockholders’ equity
      		                                
        accounts payable and offering costs
      		                         6,602,104       
        deferred underwriting compensation
      		                         24,150,000 24,150,000 24,150,000 24,150,000 24,150,000 24,150,000 24,150,000 
        income tax payable
      		                          214 214 810,927 94,439 711,635 104,212 
        commitments and contingencies
      		                                
        class a common stock
      		                         673,301,313 675,177,635 673,053,656 669,606,098 666,911,522 664,562,652 662,351,552 
        stockholders’ equity:
      		                                
        class a common stock, 0.0001 par value...
      		                         333 292 286 299 290 290 282 
        class b common stock, 0.0001 par value...
      		                         1,725 1,725 1,725 1,725 1,725 1,725 1,725 
        total stockholders’ equity
      		                         5,000,007 5,000,001 5,000,001 5,000,004 5,000,001 5,000,002 5,000,009 
        total liabilities and stockholders’ equity
      		                         709,053,424 705,562,140 702,715,354 700,877,687 697,339,051 695,164,081 692,424,839 
        accrued offering costs
      		                            538,881 538,881 538,881 693,044 
        receivable from gs sponsor llc
      		                                
        retained earnings/
      		                             4,726,054 2,377,185 81,092 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 
                                       
          cash flows from operating activities:
        		                               
          net income
        		390,100,000 445,600,000 398,500,000 324,200,000 164,500,000 147,000,000 176,600,000 178,100,000 -5,900,000 232,600,000 94,100,000 83,200,000 50,300,000 26,600,000 21,200,000 20,300,000 8,500,000 22,000,000 56,200,000 9,700,000 31,700,000     -3,176,317 2,123,979 2,747,555 2,694,579 2,348,869 2,296,093 
          adjustments to reconcile net income to net cash from operating activities:
        		                               
          depreciation
        		27,500,000 26,200,000 24,500,000 23,500,000 22,900,000 20,900,000 20,800,000 20,100,000 19,800,000 19,700,000 18,900,000 18,000,000 17,700,000 18,700,000 17,800,000 17,600,000 17,900,000 17,500,000 16,400,000 18,300,000 16,900,000 17,400,000 14,400,000 14,300,000 14,200,000       
          amortization
        		80,200,000 62,100,000 50,900,000 49,800,000 48,700,000 50,100,000 48,100,000 48,300,000 48,900,000 49,200,000 49,300,000 49,300,000 48,900,000 51,800,000 57,900,000 59,400,000 61,300,000 52,400,000 35,000,000 35,200,000 35,300,000 35,000,000 35,800,000 35,700,000 36,300,000       
          deferred income taxes
        		-28,200,000 -69,600,000 69,100,000 -10,200,000 33,300,000 -1,400,000 -50,300,000 4,800,000 -7,600,000 -130,900,000 -2,300,000 -1,800,000 3,400,000 13,400,000 -12,800,000 -4,600,000 -4,600,000 -47,500,000 0 -14,800,000 -7,500,000 6,300,000 -1,800,000 -2,300,000 -3,600,000       
          amortization of debt discount and issuance costs
        		1,600,000 600,000 1,000,000 2,100,000 2,200,000 1,500,000 1,400,000 2,000,000 2,100,000 1,600,000 1,600,000 2,000,000 2,700,000 100,000 2,600,000 2,500,000 2,300,000 1,700,000 1,300,000 1,500,000 1,800,000 1,500,000 1,400,000 1,700,000 5,900,000       
          stock-based compensation
        		17,000,000 7,200,000 14,200,000 13,300,000 11,200,000 8,800,000 8,100,000 8,500,000 9,200,000 6,200,000 6,500,000 6,800,000 5,500,000 4,600,000 6,300,000                 
          changes in operating working capital
        		227,800,000 480,000,000 -45,500,000 -90,400,000 -4,800,000 44,900,000 72,800,000 96,100,000 -99,700,000 84,500,000 17,700,000 51,400,000 -86,900,000 -1,200,000 -70,200,000 -261,700,000 -116,100,000 27,200,000 -33,900,000 -81,500,000 -44,600,000 41,300,000 66,500,000 -34,200,000 -134,400,000       
          change in fair value of contingent consideration
        		33,200,000                               
          other
        		17,600,000 26,800,000 -4,000,000 10,600,000 25,300,000 -26,600,000 33,500,000 -4,900,000 -5,900,000 38,800,000 1,300,000 -1,300,000 4,600,000 37,300,000 -28,200,000 -7,500,000 -4,500,000 2,700,000 -4,200,000 13,700,000 5,700,000 -15,500,000 26,200,000 19,300,000 -18,200,000       
          net cash from operating activities
        		766,800,000 978,900,000 508,700,000 322,900,000 303,300,000 425,200,000 378,200,000 378,400,000 137,500,000 356,200,000 248,700,000 253,600,000 42,000,000 180,700,000 4,400,000 -205,700,000 -132,200,000 36,500,000 54,400,000 59,300,000 60,700,000 194,500,000 136,100,000 73,000,000 -194,700,000    3,478,760 -149,379 -587,067 
          cash flows from investing activities:
        		                               
          capital expenditures
        		-112,600,000 -93,300,000 -45,200,000 -45,000,000 -36,500,000 -60,700,000 -36,400,000 -34,100,000 -35,800,000 -47,800,000 -26,500,000 -25,800,000 -27,800,000 -38,300,000 -23,500,000 -23,100,000 -15,100,000 -30,100,000 -12,900,000 -13,600,000 -16,800,000 -23,100,000 -8,100,000 -6,500,000 -6,700,000    0 0 0 
          free cash flows
        		654,200,000 885,600,000 463,500,000 277,900,000 266,800,000 364,500,000 341,800,000 344,300,000 101,700,000 308,400,000 222,200,000 227,800,000 14,200,000 142,400,000 -19,100,000 -228,800,000 -147,300,000 6,400,000 41,500,000 45,700,000 43,900,000 171,400,000 128,000,000 66,500,000 -201,400,000    3,478,760 -149,379 -587,067 
          investments in capitalized software
        		-1,400,000 -1,700,000 -1,500,000 -900,000 -2,300,000 -2,700,000 -2,800,000 -10,900,000 -700,000 -3,300,000 -900,000 -500,000 -2,000,000 -3,000,000 -1,300,000 -3,600,000 -3,100,000 -1,700,000 -4,100,000 -4,300,000 -1,100,000 -3,400,000 1,300,000 -4,400,000 -1,800,000       
          purchase of short-term investments
        		-348,400,000 0 -441,500,000                             
          proceeds from maturities of short-term investments
        		100,000,000                               
          investments in affiliates
        		-13,900,000                               
          acquisition of businesses, net of cash acquired
        		-400,000 -963,100,000                              
          net cash from investing activities
        		-376,700,000 -608,100,000 -709,900,000 -144,000,000 -38,800,000 -81,000,000 -39,200,000 -45,000,000 -36,500,000 -68,000,000 -27,400,000 -26,300,000 -17,400,000 -37,400,000 -24,800,000 -31,700,000 -18,200,000 -1,170,100,000 -10,900,000 -17,900,000 -17,900,000 -19,500,000 -6,800,000 -10,900,000 -8,500,000     0 0 
          cash flows from financing activities:
        		                               
          proceeds from the issuance of long-term debt
        		2,100,000,000                               
          repayment of long-term debt
        		-2,076,100,000 -5,200,000 -5,200,000 -5,200,000 -5,300,000 -5,200,000 -5,300,000 -5,300,000 -5,300,000 -5,300,000 -5,400,000 -5,500,000 -10,900,000 -5,500,000 0 -5,400,000 -5,500,000               
          dividend payment
        		-23,900,000 -24,000,000 -14,200,000 -14,200,000 -14,200,000 -14,100,000 -9,400,000 -9,400,000 -9,300,000                       
          exercise of employee stock options
        		23,500,000 4,400,000 9,000,000 11,700,000 1,300,000 8,000,000 1,400,000 9,200,000 14,400,000 4,500,000 12,900,000 7,800,000 2,200,000 1,800,000 200,000 100,000 1,000,000 1,500,000 500,000 1,200,000 900,000           
          employee taxes paid from shares withheld
        		-11,600,000 -3,200,000 -1,000,000 -300,000 -6,700,000 -400,000 -3,500,000 -15,000,000 -3,000,000 -500,000 -300,000 -2,400,000 -100,000 0 0   -100,000 -200,000             
          net cash from financing activities
        		11,900,000 -28,000,000 -11,400,000 -8,000,000 -24,900,000 -11,700,000 -16,800,000 -20,500,000 -603,100,000 -10,800,000 7,200,000 -225,100,000 -18,800,000 -144,500,000 91,200,000 155,000,000 -1,500,000 828,400,000 -5,200,000 -11,200,000 102,900,000 28,400,000 -181,200,000 14,200,000 279,300,000     0 -239,163 
          effect of exchange rate changes on cash and cash equivalents
        		-600,000 2,800,000 800,000 9,000,000 4,300,000 -17,700,000 7,500,000 -5,700,000 -6,000,000 6,200,000 -3,700,000 -2,800,000 1,800,000 5,700,000 -7,400,000 -8,800,000 1,300,000 700,000 -3,500,000 1,400,000 -3,100,000 6,900,000 4,300,000 200,000 -6,400,000       
          increase in cash, cash equivalents and restricted cash
        		401,400,000 345,600,000 -211,800,000 179,900,000 243,900,000 314,800,000 329,700,000 307,200,000 -508,100,000 283,600,000 224,800,000 -600,000 7,600,000 4,500,000 63,400,000 -91,200,000 -150,600,000 -304,500,000 34,800,000 31,600,000 142,600,000 210,300,000 -47,600,000 76,500,000 69,700,000       
          beginning cash, cash equivalents and restricted cash
        		1,789,800,000 0 0 0 1,232,200,000 0 0 0 788,600,000 0 0 0 273,200,000 0 0 0 447,100,000 0 0 0 542,600,000 0 0 0 233,700,000       
          ending cash, cash equivalents and restricted cash
        		2,191,200,000 345,600,000 -211,800,000 179,900,000 1,476,100,000 314,800,000 329,700,000 307,200,000 280,500,000 283,600,000 224,800,000 -600,000 280,800,000 4,500,000 63,400,000 -91,200,000 296,500,000 -304,500,000 34,800,000 31,600,000 685,200,000 210,300,000 -47,600,000 76,500,000 303,400,000       
          accounts receivable
        		-57,700,000 -207,700,000 41,000,000 -462,400,000 81,600,000 -89,900,000 -75,300,000 -125,000,000 9,900,000 -135,800,000 -7,800,000 -32,700,000 -96,200,000 -118,800,000 -87,200,000 -165,000,000 -4,800,000 -49,600,000 -39,400,000 -75,500,000 47,100,000 -38,300,000 -103,700,000         
          inventories
        		-384,200,000 -21,600,000 -5,600,000 -8,900,000 -128,600,000 -4,500,000 -140,700,000 -117,600,000 -106,500,000 47,500,000 -5,000,000 -17,000,000 -79,500,000 -9,100,000 -15,200,000 -26,700,000 -160,400,000 22,000,000 -40,400,000 -38,900,000 -68,400,000 26,000,000 2,400,000 -22,400,000 -44,500,000       
          other current assets
        		-88,500,000 -32,200,000 -16,800,000 5,600,000 -29,500,000 -16,600,000 -16,200,000 800,000 -31,700,000  21,100,000 2,500,000 4,900,000 -24,600,000 5,800,000 4,500,000 -14,500,000 -300,000 10,500,000 -2,800,000 -5,300,000 -200,000 9,200,000 -2,600,000 1,400,000       
          accounts payable
        		202,800,000 19,100,000 92,600,000 183,000,000 86,500,000 84,200,000 128,600,000 120,500,000 9,800,000 27,200,000 -8,300,000 25,700,000 -62,300,000 90,600,000 21,600,000 -12,400,000 33,000,000 42,000,000 12,200,000 30,200,000 20,700,000 57,400,000 41,900,000 22,300,000 -43,400,000       
          deferred revenue
        		651,200,000 668,100,000 -122,100,000 148,100,000 23,400,000 62,800,000 117,000,000 154,700,000 100,000,000 89,600,000 23,300,000 17,100,000 144,200,000                   
          accrued expenses and other liabilities
        		-95,400,000 47,900,000 88,500,000 36,300,000 -79,600,000 -10,200,000 25,600,000 60,100,000 -68,500,000 46,000,000 18,000,000 44,000,000 -16,500,000 61,300,000 -1,100,000 -45,100,000 30,500,000 6,200,000 21,700,000 25,500,000 -41,500,000 16,100,000 113,200,000 4,300,000 -120,300,000       
          income taxes
        		-400,000 6,400,000 -123,100,000 7,900,000 41,400,000 19,100,000 33,800,000 2,600,000 -12,700,000 38,500,000 -23,600,000 11,800,000 18,500,000 -600,000 5,900,000 -17,000,000 100,000 6,900,000 1,500,000 -20,000,000 2,800,000 -19,700,000 3,500,000 5,200,000 4,200,000       
          total changes in operating working capital
        		227,800,000 480,000,000 -45,500,000 -90,400,000 -4,800,000 44,900,000 72,800,000 96,100,000 -99,700,000 84,500,000 17,700,000 51,400,000 -86,900,000 -1,200,000 -70,200,000 -261,700,000 -116,100,000 27,200,000 -33,900,000 -81,500,000 -44,600,000 41,300,000 66,500,000 -34,200,000 -134,400,000       
          change in fair value of warrant liabilities
        		     180,000,000 67,200,000 25,400,000 176,600,000 54,500,000 61,600,000 46,000,000 -4,200,000 33,100,000 9,800,000 -38,900,000 -94,900,000 9,600,000 -32,500,000 71,200,000 13,600,000           
          proceeds from disposition of property, plant and equipment
        		         0 0 0 12,400,000     3,700,000              
          proceeds from sale of business
        		                               
          borrowings from abl revolving credit facility and short-term borrowings
        		     0 0 80,000,000 190,000,000 300,000 64,900,000 59,500,000 100,200,000 212,400,000 130,800,000 371,800,000 75,800,000               
          repayments of abl revolving credit facility and short-term borrowings
        		     0 0 -80,000,000 -190,000,000 -300,000 -64,900,000 -284,500,000 -110,200,000 -274,300,000 -26,800,000 -194,700,000 -60,000,000               
          repurchase of common stock
        		      0 0 -599,900,000                       
          supplemental disclosures
        		                               
          cash paid during the year for interest
        		                               
          payment of contingent consideration
        		             0 0 0 -8,700,000               
          gain on sale of property, plant and equipment
        		                               
          acquisition of business
        		                               
          payment of debt issuance costs
        		                     0          
          payment of tax receivable agreement
        		             -75,000,000 -12,500,000                 
          repurchase of common shares
        		                               
          cash paid during the year for income tax
        		                               
          property and equipment acquired during the year for capital lease obligations
        		                               
          noncash supplemental disclosure
        		                               
          seller provided financing for the disposition of property, plant and equipment
        		                               
          gain on tax receivable agreement
        		                               
          asset impairments
        		                               
          changes in tax receivable agreement
        		                 4,400,000 1,700,000 -200,000 1,800,000           
          proceeds from the exercise of warrants
        		                 0 0 0 107,500,000           
          acquisition of business, net of cash acquired
        		             0 0                 
          debt issuance costs
        		                               
          loss on extinguishment of debt
        		                 0 0 0 400,000 0 0 0 174,000,000       
          payment of redemption premiums
        		                     0 0 0 -75,000,000       
          proceeds from reverse recapitalization
        		                     0 0 5,500,000 1,827,000,000       
          payment to vertiv stockholder
        		                     0 0 0 -341,600,000       
          other financing
        		                     100,000          
          asset impairment
        		                               
          stock based compensation
        		                6,600,000  5,700,000 6,200,000 5,600,000           
          borrowings from abl revolving credit facility
        		                     0 0 0 324,200,000       
          repayments of abl revolving credit facility
        		                     -100,000,000 -171,400,000 -6,000,000 -193,100,000       
          proceeds from short-term borrowings
        		                     0 1,800,000         
          repayment of short-term borrowings
        		                     -19,400,000          
          borrowing on term loan, net of discount
        		                     0 0 0 2,189,000,000       
          repayment on term loan
        		                  -5,500,000 -5,400,000 -5,500,000 -5,500,000 -5,500,000         
          repayment on prior term loan
        		                     0 0 0 -2,070,000,000       
          repayment of prior notes
        		                     0 0 0 -1,370,000,000       
          capitalized software write-off
        		                               
          adjustments to reconcile net loss to net cash from operating activities:
        		                               
          net loss
        		                     74,900,000 -15,800,000 26,200,000 -268,900,000       
          gain on sale of business
        		                               
          proceeds from the issuance of 10.00% notes
        		                               
          payment of debt issuance cost
        		                       0 -11,200,000       
          accounts receivables
        		                        68,200,000       
          change in operating assets and liabilities:
        		                               
          increase in dividend receivable
        		                         174,890 173,884 75,707 -64,254  -458,769 
          (increase) in prepaid expenses
        		                               
          decrease in receivable from gs dc sponsor i llc
        		                             0 0 
          increase in accounts payable
        		                         4,828,934 722,807 -260,294 127,569 443,297 74,889 
          increase in accrued tax payable
        		                         -214 0 -810,713 716,488 -617,196 607,423 
          net cash from /(used in) operating activities
        		                               
          proceeds from sponsor commitment
        		                         1,300,000 0     
          proceeds from sale of units in public offering
        		                             0 0 
          proceeds from sale of private placement warrants
        		                             0 0 
          payment of underwriting discounts
        		                             0 0 
          payment of offering costs
        		                             0 -239,163 
          proceeds from gs dc sponsor i llc promissory note
        		                             0 0 
          repayment of gs dc sponsor i llc promissory note
        		                             0 0 
          increase in cash and restricted cash
        		                               
          cash and restricted cash and cash equivalents at beginning of year
        		                               
          cash and restricted cash and cash equivalents at end of year
        		                               
          49
        		                               
          increase in prepaid expenses
        		                               
          decrease in deferred offering costs
        		                          0     
          net cash from / (used in) operating activities
        		                          2,957,563     
          proceeds from sale of class a common stock to public
        		                               
          net cash provided by/ (used in) financing activities
        		                          0     
          increase / (decrease) in cash and restricted cash
        		                          2,957,563     
          cash and restricted cash and cash equivalents, at beginning of period
        		                          0     
          cash and restricted cash and cash equivalents, at end of period
        		                          2,957,563     
          item 2.
        		                               
          decrease in prepaid expenses
        		                           46,340 4,378   
          increase in deferred tax receivable
        		                               
          increase / (decrease) in cash and restricted cash and cash equivalents
        		                            3,478,760   
          cash and restricted cash and cash equivalents at beginning of period
        		                            695,718,681   
          cash and restricted cash and cash equivalents at end of period
        		                            699,197,441   
          dividend earned on investments held in trust account
        		                               
          (increase) in dividend receivable
        		                               
          professional fees paid by gs sponsor llc on behalf of the company
        		                               
          proceeds deposited into trust account
        		                             0 0 
          proceeds from sale of class b common stock to gs sponsor llc
        		                               
          increase in cash
        		                             -149,379 -826,230 
          cash at beginning of year
        		                               
          cash at end of year
        		                               
          supplemental disclosure of cash flow information:
        		                               
          cash paid out of trust account during the year for income taxes
        		                               
          supplemental disclosure of non-cash financing activities:
        		                               
          accrued offering costs
        		                             0 -154,163 
          deferred underwriting compensation
        		                             0 0 
          interest earned on investments held in trust account
        		                               
          cash at beginning of period
        		                               
          cash at end of period
        		                              -826,230 
          supplemental disclosure of non-cash financing activities