Vertiv Holdings

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

Great, thank you, Bricka. Good morning and welcome to Virta's fourth quarter and full year 2022 earnings conference call. Joining me today are Virta's Executive Chairman, Dave Cody, Chief Executive Officer, Giordano Albertazzi, and Chief Financial Officer, David Fallon. Before we begin, I would like to 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's. 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 made 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.vertib.com. With that, I'll turn the call over to Executive Chairman Dave Cody.

Well, 2022 was quite a year of transformation at Vertib. A year focused on driving price, America's improvement, and progress on a high-performing culture. After a very disappointing 2021, we developed an ambitious plan to turn around the performance of the business over the next four quarters. Four-quarter results demonstrated marked improvement consistent with the profit profile we shared last February. Our adjusted free cash flow performance, however, was not what it should have been, largely because of working capital. have consistently said the fourth quarter 22 performance will position us well for 23 and we believe that it has we are increasing our view on 2023 adjusted operating profit guidance primarily due to far that foreign exchange and that represents an over 75 percent increase year over year and our adjusted free cash flow is anticipated to improve significantly because of higher income and less working capital usage. The demand environment continues to look good, and we're entering 2023 with significant backlog. Jio's focus on improved execution on everything is already apparent, and it's certainly demonstrated in the improved performance of the Americas. I'm very excited about where the company is headed with Jio's leadership. So with that, I'll turn the call over to Jio. Thank you, Dave.