Vertiv Holdings

good morning my name is lauren and i will be your conference operator today at this time i would like to welcome everyone to vertif's second quarter 2023 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 host for today's conference call lynn maxine and vice president of investor relations

Great. Thank you, Lauren. Good morning and welcome to VIRTUS second quarter 2023 earnings conference call. Joining me today are VIRTUS 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 VIRTUS. 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.vertive.com. With that, I'll turn the call over to Executive Chairman Dave Cody.

Well, these last few quarters have been a lot more enjoyable to report. We had another strong quarter of performance at Vertiv, which positions us very well to achieve our significantly increased 2023 outlook. Adjusted free cash flow, adjusted operating profit, sales and margins all performed very well. And operational execution continues to improve. We've raised our full year guidance because of our strong first half performance. We also have the very pleasant effect of a strengthening balance sheet. The data center and market continues to look very healthy. And there is an incremental tailwind from AI coming. And that tailwind should provide additional opportunities over many years for Vertiv because our technology will matter. A great market position, a great industry where we can differentiate with technology. These attributes are what attracted me to Vertiv over four years ago, and they are truer today than ever. We're obviously pleased with the results, but there is so much more to come. There's a lot of upside, not just in the market and our technology, but also just continuing to fix legacy process issues and building a high performance culture which didn't exist. Gio and his team are off to a great start, and there is a lot of work left to be done. But it is also supports more consistent execution over the long term. So with that, I'll turn the call over to Gio.