Vertiv Holdings

Good morning. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to Vertiv's third quarter 2022 earnings conference call. All lines have been placed on mute to prevent any background noise. And please note, this call is being recorded. I would now like to turn the program over to your host for today's conference call, Lynn Maxeiner, Vice President of Investor Relations. Please go ahead.

Thank you, Bailey. Good morning and welcome to Virta's Third Quarter 2022 Earnings Conference Call. Joining me today are Virta's Executive Chairman Dave Cody, Chief Executive Officer Rob Johnson, Chief Financial Officer David Fallon, and Chief Operating Officer and President America's Giordano Albertazzi. Before we begin, I point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of Virta. These forward-looking statements are subject to material risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We refer you to the cautionary language included in today's earnings release, and you can learn more about these risks in our annual and quarterly reports and other filings with the SEC. Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events. During this call, we will also present both GAAP and non-GAAP financial measures. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release and in the investor slide deck found on our website at investors.bird.com. With that, I'll turn the call over to Executive Chairman Dave Cody.

Our third quarter performance continues to support the profile of improvement that we presented in February of this year. Our financial performance escalated in the third quarter as we anticipated, helped by a record level of price that was realized as quota. We are doing things differently, especially in the Americas, and we are seeing that translate to an improved financial performance. I know demand is becoming a bigger question for all companies given the macroeconomic environment. Demand reigns strong for Vertiv, the data center and market as a true secular demand story. Data is just going to continue to grow. We continue to execute on operational improvements and I'm pleased to report good progress in Americas reflected in their adjusted operating margins improvement. The work in the Americas is far from done, but there are very encouraging signs. Our operational focus is paying off and we anticipate this will be visible in our Q4 results in the Americas. We have another significant step up in operational performance plan for this quarter. Similar to our last earnings call, David will walk you through in detail why we believe this will happen, and it will sound very consistent with our previous discussion. We made an announcement earlier this month on our CEO succession plan. Giordano Albertazzi has been named COO in addition to his duties as America's president until we find a replacement, and will succeed Rob Johnson as the CEO on January 1 next year. I work closely with Gio and feel confident he brings the right leadership and experience to drive Virta's performance. I want to again thank Rob for all he has done as CEO over the past six years in building Virta's strong competitive position and foundation for sustained growth. As we are in the final quarter of this year, I know attention is focused squarely on the setup for 2023. We've provided adjusted operating profit guidance earlier than usual. for 2023 that represents a 60% increase over our current guidance for 2022. People have asked about our visibility, given the world is a complicated place right now. While visibility isn't perfect, the management team feels confident in their ability to execute and deliver Q4 and what it portends for 2023, which should be a very good year for Virta and for our shareholders. So with that, I'll turn the call over to Rob.