Good morning. My name is Nadia, and I'll be your conference operator today. At this time, I would like to welcome everyone to Vertiv's Fourth Quarter and Full Year 2024 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, Lynne Maxeiner, Vice President of Investor Relations. Great. Thank you, Nadia. Good morning and welcome to Vertiv's Fourth Quarter and Full Year 2024 Earnings Conference Call. Joining me today are Vertiv's Executive Chairman, Dave Cote, Chief Executive Officer, Giordano Albertazzi, and Chief Financial Officer, Dave Fallon. We have one hour for the call today. During the Q&A portion of the call, please be mindful of others in the queue and limit yourself to one question. And if you have a follow-up question, please rejoin the queue. 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 Vertiv. 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.vertiv.com. With that, I'll turn the call over to Executive Chairman, Dave Cote. I'd say we executed the fourth quarter in a quite convincing way, beating our sales guidance significantly and seeing that growth translate very nicely into EPS and cash flow. This is a strong reflection of the continuing transformation underway at Vertiv, and it's building a very nice track record of consistently delivering outperformance. I'd have to say over the last two or three months, I've been actually quite surprised to see the overreactions to any kind of news in our stock, whether it was the Stargate up, the DeepSeek big crush downward, which made no sense given that the news implying lower cost to compute, meaning more data, meaning more data centers, meaning more Vertiv was actually good, not negative. Today, seeing the reaction to at least from analyst reports is a reaction to orders. Again, orders are quite strong for us. If you take a look at orders historically, they're always lumpy. They're just the way it is. It's just a lumpy quarter- to quarter. And it seems to be masking the really good news we had in the fourth quarter regarding Americas orders, especially as you look at hyper and colo, which is a focus for everyone, extraordinarily strong. And that all seems to be getting masked. There's nothing I can do and nothing Gio and his team can do about what it means to those kinds of overreactions. What we can manage is continued outperformance of the company when it comes to sales, earnings, and cash flow. We delivered another great year in 2024, and that set a firm foundation for outperformance in 2025 and beyond. And I continue to believe that the best is still ahead. We have just an absolutely terrific position in a very good industry that's going to go on for a long time, given the digital age has a long way to go, and there's nothing that replaces data centers at this point or anything even on the horizon that says it can replace it. So I expect our continued outperformance to, well, continue for a long time. My confidence is born not just from being in great end markets, but from the benefits we're seeing from our seed planting in R&D, customer relationships, and CapEx. I'm more convinced sitting here today, you know, I should add, in a damn good management team. I'm quite impressed with Gio and his team. I'm more convinced sitting here today that Vertiv is well positioned to keep winning now and winning later. It's a great combination for our shareholders. With that, I'll turn it over to Gio. Thank you very much, Dave. Thank you. With that, we turn to slide three. As Dave said, this was another great quarter. Clearly, a strong close to another year of very strong performance altogether. Adjusted earnings per share were $0.99. It means a 77% increase versus prior year. It's a direct reflection of the substantial increase in profitability. Q4 organic sales growth of 27%, with a sales growth of over 20% in both Americas and APAC, and over 30% in EMEA. Our trailing 12-month orders remained strong at 30%, about 30%. We are particularly encouraged by the Americas trailing 12 months, as they said, which are up over 50%. More to come on this in the next few slides. The strong flow through to profit from our large beat on sales was visible, with adjusted operating profit of $504 million and adjusted operating margin of 21.5%, which expanded 380 basis points compared to the prior year. Adjusted free cash flow generation was $362 million in Q4 and over $1.1 billion for the full year. Our net leverage reduced to 1x as we finished the year. We entered 2025 with a very strong balance sheet, which gives us a lot of optionality relative to capital deployment. In 2024, we deployed $600 million of share repurchase and announced an increase in our dividend of 50%. We increased our ER&D by $50 million, doubling down on the technology and new products that continue to separate Vertiv from competition. We anticipate our adjusted EPS for 2025 to be between $3.5 and $3.6, consistent with the guidance we provided in November. We have increased our estimated 2025 sales at approximately $9.2 billion midpoint. This is about $75 million higher than our implied sales guidance in November, despite projected FX headwinds and the Q4 overdelivery. We enter 2025 stronger than we have ever been. Let's go now to slide four. As mentioned, our trailing 12-month order growth is 30%. Americas TTM organic orders were up 50% in total, with, of course, particularly strong Colo and hyperscale orders. This suggests a strong market, as well as a very strong Vertiv presence in the market. Southeast Asia and Australia, New Zealand, and India trailing 12-month orders were up significantly as well. We saw weakness in EMEA in Q4, as some project activity had a shift in timing to 2025. We are quite pleased with what we are seeing and winning in the market. And it supports our revenue projection for 2025, as does our strong backlog, which is up 30% year- on- year despite FX headwinds. This is a backlog to sales ratio of 78%, well above the 69% we had a year ago relative to 24 actual sales. We believe our strong backlog and new product pipeline sets up very well for many years. As Dave noted in his remark, we have heard consistently also from the largest hyperscalers, the likely compute and LLM efficiency should drive more AI adoption. Most of these hyperscalers have confirmed significant increases in their CapEx spend to support AI. This means large investments in data center builds that need our equipment and services. That sounds like very good news indeed for Vertiv. Let's now go to slide four. We are in slide four. Sorry, we go to the right side of slide four. Supply chain resilience continues to strengthen. We have matured as an organization in this area. We have been successfully working to drive geographic balance, and we continue doing so. We have multiple sources of supply to deal with geographical uncertainty. We believe price-cost will be positive for 2025. While questions remain relative to potential tariff impacts, we have been adding regional sourcing and manufacturing options to complement our existing global supply chain. The situation with tariffs remains very fluid, so it would be premature to discuss it in detail. At the same time, it is worth mentioning we have, of course, built scenarios and playbooks aimed at strategically mitigating some of the tariff impacts. To be clear, although there is much uncertainty regarding the scope and breadth of tariffs, we believe we are well prepared and take strategic actions to help mitigate risks. For example, in 2024, we expanded and strengthened our supply base and manufacturing footprint in the United States as part of our overall capacity strategy to grow with the customer demand we see in the U.S. Vertiv Operating System is truly becoming part of the culture that is translating into tangible productivity gains. It is also liberating capacity needed to support the strong demand trajectory in combination with our ongoing footprint expansion. Let's now move to slide five. I want to highlight the importance and the strength of our power portfolio. Much of the recent focus has been on thermal technology, which, of course, we love. There is an equally exciting story around power for Vertiv. Complex technology changes are happening in the data center at a speed the industry has not seen before. AI is going to drive the need for much more power and much more complexity around the distribution of that power in a data center. You have heard say the system matters, well, the system matters more than ever before. It is important to understand how the entire system functions together and to design the infrastructure in a way that maximizes efficiency and reliability, and now more than ever in a way that is future-proof. While the increasing densification and challenges of enabling AI data centers, we see more and more opportunities to further integrate power conversion, distribution, and thermal management in ways that can simplify the critical mechanical and electrical infrastructure. Let's now move to slide six. First, let's be clear. We are a market leader in power management and have the complete power train. This includes all the power gear listed on the left side of the slide. Power management represents approximately one-third of our total business, and we have been in this market for decades at global scale. When we engage with our customers on their system designs, our full view of the power system enables us to help them properly scope the solution and right-size each element of the infrastructure. We offer a holistic view of the total infrastructure and have access to and engagement with customers regarding their full facility design and challenges. Our visibility into the future of the IT loads and our leading R&D allow us to partner with our customers to make their infrastructure, very importantly, future-proof. Our differentiators for power, which apply broadly across our portfolio, also include global and leading services, scale, and well-established customer relationships. We can package different elements of the critical infrastructure together per the customer system design in a pre-engineered and validated way within Vertiv manufacturing facilities before being deployed to the customer side via modules or skids. This offers tremendous value and flexibility to our customers. We see high demand for these solutions, and we are well positioned to capture that growth. We now turn to slide seven. Technology is at the core of what we do, and we have unique abilities in the market. For example, Vertiv's expertise and capabilities in both AC power and DC power conversion and power distribution enable us to work with customers to evaluate different system design approaches to best meet their needs. Our technology and portfolio are clear differentiators in the market. We are helping to define the roadmaps of the future. On the right side of the slide are some examples of recent innovations. Many, many of you got to see some of our innovative technologies at SC24. Very flexible solutions to give customers the ability to adapt to their infrastructure and adapt the infrastructure to the changing conditions within the data center, helping them to future-proof their infrastructure. As we sit at the table with the largest customers and technology partners in the world, we have the honor and important responsibility to help them navigate increasingly technical complex infrastructure requirements, and then we scale. Vertiv can talk technical and scale evolution with our customers at levels most cannot. Let's go to slide eight. We announced a small acquisition in December, BSE, which has high efficiency, high capacity, centrifugal chiller technology, and heat reuse technology. This technology is increasingly used to support high-density compute applications. The approach here is quite like the one we took with CoolTera a little over a year ago. These are technology-based acquisitions early on the technology maturity curve that reinforce organic progress and can scale globally. We are very excited to add this technology to our portfolio. When we look at the right side of this slide, we have a strong balance sheet. We have ample liquidity, and net leverage is at 1x. Our capital deployment priorities remain consistent with what we described in November. We will focus growth investments, organic or inorganic. We also have optionality with our share repurchase program, which has $2.4 billion remaining under the board authorization. We have optionality with our dividends. We announced a 50% increase to $0.15 annually back in November, and we expect to double that amount over the five-year planning period. We committed to achieving and maintaining investment-grade ratings and continue to make progress. With that, over to you, David. Perfect. Thanks, Gio. Turning to slide nine, this slide summarizes our fourth quarter financial results: adjusted EPS of $0.99, which was 77% higher than last year's fourth quarter, and this was primarily driven by higher adjusted operating profit, but also continuing the balance sheet theme, favorably influenced by lower interest expenses. Strong free cash flow and improved balance sheet allowed us to execute two term loan repricings in the past 12 months. Our organic net sales increased approximately 27%, driven by double-digit growth across all three regions, with EMEA leading the way at 33%. Fourth quarter sales were more than $200 million higher than the midpoint of guidance, with upside across all three regions. As we entered the fourth quarter, we certainly had the backlog and the capacity to overdeliver on our expectations, but we also had a significant number of new product launches, which sometimes introduces timing risk. And sometimes customers request a deferral of year-end shipments from December into January. However, our customers generally wanted product as soon as available, and our plants executed exceptionally well to mitigate new product launch risk, and as a result, we significantly overdelivered the top line across all three regions, approximately $200 million higher than what we guided. Adjusted operating profit of $504 million was 53% higher than last year, and this was driven by higher volume and continued improvement in commercial execution, including price-cost. Adjusted operating margin of 21.5%, up 380 basis points from the fourth quarter of 2023, and 110 basis points higher than guidance, certainly provides a very strong foundation for 2025. We generated $362 million of adjusted free cash flow in the quarter, $135 million higher than guidance, driven by higher adjusted operating profit and continued improvement with trade working capital, which includes accounts receivable, inventory, accounts payable, and deferred revenue. trade working capital as a percentage of annualized fourth quarter sales declined to 13.1% at year-end, down from 18.5% at the end of 2023, so good progress with working capital in 2024, but as always, never satisfied, and there's still a ton of opportunity going forward. Next, turning to slide 10, this slide summarizes our fourth quarter segment results. As mentioned, we saw robust top-line growth across all three regions, each one up more than 25% from last year's fourth quarter. Americas had another strong quarter, organic sales up 25%, with growth continuing in a convincing way across co-location and hyperscale markets. Adjusted operating margin in the Americas expanded 420 basis points to 25.6%, driven by commercial execution and operational leverage. Moving to the right on the slide, APAC sales increased 27% organically, with strength throughout the region, including China, which grew in the upper teens from last year's fourth quarter. While we are certainly pleased to see this growth in China, we are not confident it is an inflection point. We still see broad economic uncertainty as we enter 2025, but we continue to monitor signs of market growth and green shoots. So I guess I can invoke the obligatory CFO statement related to China. We are cautiously optimistic. Top-line growth in India and rest of Asia continue to be strong as AI starts its penetration in those regions. We believe, based upon our strong AI value proposition, we will continue to expand market share across both India and the rest of Asia. APAC's adjusted operating margin increased 260 basis points from last year's fourth quarter, with benefits from operational leverage and regional mix. Finally, to the far right, EMEA organic sales increased 33%, which was driven by strong demand from co-location and hyperscale customers across several product lines, but notably switchgear. Adjusted operating margin for EMEA increased 370 basis points, with benefits from operational leverage and productivity. EMEA once again prevailed in the margin race with the Americas this quarter and for the full year. But we expect the 2025 race to become increasingly competitive, and we look forward to continued improvement in both regions. Next, turning to slide 11, this provides a summary of full year 2024 results. It was another strong year across the board. And at this time last year, I mentioned how it is always a good thing on this slide when the orange bars are significantly higher than the gray bars. And we are pleased to see this once again for 2024 versus 2023. And unless we switch colors, we expect this to be the case going forward, including in 2025, which we will review in just a few moments. 2024 adjusted EPS of $2.85 represents a 61% increase from prior year, primarily driven by higher adjusted operating profit, but also favorably influenced by lower interest expense, as I mentioned a few slides back. Organic sales were up 18%, with strong performance across all three regions, all double digits higher, demonstrating that we are well positioned and winning in our end markets across the globe. Adjusted operating profit increased by nearly $500 million, with adjusted operating margin of 19.4%, up 410 basis points from 23, driven by both improved variable contribution margin and lower fixed costs as a percentage of sales. Our 2024 margin performance, including exiting the year at 21.5%, provides confidence for our full year 2025 margin guidance of 21%, as well as our long-term target of 25% by 2029. Last year, we experienced a step function in our adjusted free cash flow, and we took another step upwards in 2024. We generated over $1.1 billion in adjusted free cash flow this past year, which translates into a conversion of 103% after converting 114% last year. Our net leverage at the end of 2024 was approximately one times. So we continue to execute well, building a track record of financial strength and consistency, which provides significant flexibility with capital deployment, as Gio mentioned, while also developing a balance sheet to achieve investment-grade ratings. Before moving off this slide, looking one last time at the numbers on the slide, it's hard not to be pleased with our results. EPS up 61%, sales up 18%, AOP up 47%, and cash flow up 46%. It is a testament to our strategy and execution, and hopefully it instills confidence that we honor our financial commitments. But once again, pleased but never satisfied, 2024 is now behind us. In fact, we are already planning for 2026, but we still need to execute this year, and we summarize our outlook for 2025 in the next two slides. Moving to page 12, this slide summarizes our first quarter guidance. For avoidance of doubt, this first quarter and full year guidance does not contemplate any recent or proposed changes in policies by the current U.S. administration, including the potential impact from tariffs, with the exception of incremental direct tariffs on China imports, which have a relatively immaterial impact on our financials. We are expecting adjusted EPS of $0.60 for the first quarter, up 40% from last year, and that's primarily driven by higher adjusted operating profit. First quarter organic sales are expected to be up 19%, with Americas up in the low 20s, APAC mid-20s, and EMEA low teens, with this organic growth offset by an approximately $30 million foreign exchange headwind. We anticipate first quarter adjusted operating profit of $325 million and adjusted operating margin of 16.9%, up 170 basis points from last year's first quarter. Although we do not provide explicit guidance, we expect first quarter adjusted free cash flow to be slightly higher than the first quarter of 2024. Next, turning to slide 13, our full year 2025 guidance. All metrics are relatively consistent with the preliminary outlook we provided at our November investor event, reconfirming our confidence in the market backdrop and our ability to execute. Our adjusted EPS is expected to be $3.55 at the midpoint, 25% higher than 2024, with this increase primarily driven by higher adjusted operating profit and lower interest expense, partially offset by higher share count from the warrant exercise in the fourth quarter. 2025 sales are projected to be approximately $9.2 billion at the midpoint, approximately $75 million higher than the implied sales guidance in November. This increase is despite an estimated incremental $125 million foreign exchange headwind. So on an absolute dollar basis, organic sales are up approximately $200 million from our November outlook. Of course, our full year organic growth is lower on a percentage basis from what we presented a few months ago, 16% at the midpoint versus 17%. But this is primarily due to the significant $200 million top line beat in the fourth quarter. Maybe from another perspective, if we compare our current 2025 sales guidance to the $2.8 billion we expected for 2024 in November, organic sales in 2025 actually climbs to 19% on an apples-to-apples basis. Once again, on a dollar basis, our outlook for organic sales is approximately $200 million higher today than in November. And this is reflective of our growing confidence in the market and our ability to continue to drive value for our customers. On a regional basis, we expect the Americas to continue strong growth in the low 20s. Low teens growth in APAC is primarily driven by India and the rest of Asia, and after strong top-line growth in 2024 of 21%, including 33% in the fourth quarter, we expect high single-digit growth in EMEA based upon more challenging comparables, but we continue to monitor catalysts for higher growth in that region as AI expands within that market, and we have better visibility as we progress through the year. Adjusted operating profit expected to be up 25% to $1.935 billion, consistent with the midpoint of our 2025 outlook we provided in November, and once again, similar to sales, we are covering an incremental foreign exchange headwind in adjusted operating profit driven by a stronger U.S. dollar. Higher year-over-year adjusted operating profit is primarily driven by volume, commercial execution, and productivity, partially offset by higher OpEx investment and growth capacity and ER&D, which we expect to be approximately $160 million combined in 2025. We are projecting adjusted free cash flow of $1.3 billion at the midpoint, including $275 million in CapEx or 3% of sales, demonstrating our continued commitment to invest in the growing market. Once again, we expect another year where the orange bars are nicely above the gray bars. And this projected strong performance in 2025 should further solidify a strong foundation for continued top-line and bottom-line growth in 2026 and beyond. So with that said, I turn it back over to Gio. Well, thank you. Thank you, David. Certainly, very strong numbers all together. And we go to slide 14. I believe we are in an excellent position to achieve our five-year framework across all financial metrics. So I'm quite comfortable reiterating the five-year financial framework we presented in November. The market remains robust. We have good visibility to the future. We have a close collaboration with our customers and technology partners. We have a relentless focus on execution. As we sit here today, I am more confident in this outlook than ever before. So next, we go to slide 15. The focus areas for 2025 are very consistent with what you heard from us many times, and they are core to the value creation model. We are laser-focused. We have very strong and long-standing relationships across the ecosystem of data center infrastructure. Enabling the success of our customers is essential to our success. We do this with speed and scale. Vertiv operating system continues to mature through our entire organization as the way we do business every day and becomes our core operating model that we continually optimize and improve to drive best practices and productivity throughout the organization. We intend to stay price-cost positive every year, including 2025. We are able to do this by an intense focus on commercial execution, where technology, delivery, and customer experience are all accelerated to lead the transformation and acceleration of the entire industry. We made progress in trade working capital, but still a long way from fully optimized. Speed is central in everything we do, including the cash conversion cycle. We have another strong year of growth ahead, and we continue with an intense focus on making sure we accelerate our operational leverage to drive strong financial results. Our cash flow has strengthened significantly and provides great flexibility relative to the capital deployment options discussed earlier. We go now to slide 16. This is a summary of our plans and guidance for 2025. 2025 will be a year of robust acceleration in the industry and certainly anticipated. We continue to raise the bar as a company to capture the enduring growth that is ahead. Vertiv is so much stronger than in the past. We intend to lead the transformation and acceleration of the industry, strengthening our enduring competitive advantages. I am committed to hold myself, so I continue to hold myself and my team directly accountable to do just that. With that, over to the operator and Q&As. Thank you. We will now begin the question and answer session. In order to ask a question, please press Star, then the number one on your telephone keypad. In the interest of time, please limit yourself to one question. And if you have a follow-up question, please rejoin the queue. We'll pause for just a moment to compile the Q&A. Our first question goes to Andy Kaplowitz of Citigroup. Andy, please go ahead. Good morning, everyone. Nice quarter. Thank you. Good morning. Good morning. Gio, you mentioned the timing of orders in EMEA influenced your Q4 result. Can you give us more color on the European weaknesses? Dave, I think, mentioned you have better visibility later in the year in Europe. So do you expect to see improved orders in Europe at some point in 2025? And then when you look forward in terms of order trajectory with the understanding that comps do get tougher, I know you don't want to talk about orders too much, but obviously people care. Do you expect your trailing 12-month order growth to still be well into that double digits each quarter, even as comps get more difficult? There's a lot of questions packed in one, Andy, so let me. I'm going to get one, Gio, so okay. Multilayered. Let's put it this way. Good job there. So let me start with EMEA. We certainly saw a movement that was mature enough to be singled out and mentioned and shared to all of you. I'm very encouraged by the pipelines that we see in EMEA. We've been talking about EMEA several times as an area where the, if you will, wave of AI happens at a lag relative to specifically North America. But then I say also in many respects to what we see in places like Asia, as an example. By the same token, we know that it's a fairly regulated place, so that is also probably helping or probably explaining some of these dynamics. At the same time, I don't want to kind of not to highlight. I want certainly to highlight the strong performance of EMEA in 2024 and the strong year. So I'm positive about the outlook out there. When it comes to, in general, our outlook for orders, we will continue to talk in terms of trailing 12. We believe in a good trailing 12 going forward in 2025 and one that fully supports our model, the model that we have shared with you in November. So positive there. And my positivity really comes from the many news that you've seen in the market about investment, and especially confirmed and strengthened by the pipelines that we see robust and continue to grow. Leave it at that. Thanks. Thank you. The next question goes to Amit Daryanani of Evercore ISI. Amit, please go ahead. Yep. Thanks for taking my question and congrats on a nice sprint. Gio, I'm hoping you can just talk about how do you see Vertiv's opportunity longer term on two fronts. One, if we start to see inferencing getting pulled in a little bit more quicker, doing what we're seeing with DeepSeek, for example, what does that mean for Vertiv? And then secondarily, the second part of this maybe is if you end up in a scenario where custom silicon gets more deployed in AI clusters versus NVIDIA, how do you think that plays out for Vertiv? I know you have a great relationship with NVIDIA and you have their roadmap very well, but I'd love to understand how does that change if the silicon is Marvell or Broadcom or someone else? Any insight from those two fronts would be great. Thank you. Yeah, absolutely. Well, thanks a lot, Amit. And the two aspects here are very clear. So I must say that we are very, let's say, agnostic, whether it's inference or training. In many respects, we see a lot of the data center design already being thought in terms of hybrid application. So an acceleration of AI adoption, an acceleration towards inference that might be suggested by what we saw recently, also taking, of course, DeepSeek into consideration, if anything, can only be good for the industry and for Vertiv as a whole. But even if we go and double-click on that and say, "Hey, infrastructure for inference may be more edge, more enterprise." We've been doing edge and enterprise very, very well forever. You know that we have strengthened our hyperscale and large core presence very convincingly in the last few years, but we have not at all lost our more distributed base muscle. So if you will, there is an ambidextrous dexterity there that can be put fully to work to our advantage. When it comes to custom silicon, of course, we work a lot and we admire NVIDIA a lot, and that comes from kind of a general working very well together. But again, silicon is silicon. Servers are servers. So loads are loads. We like the densification. We like the very high power per rack trajectory that I think is true across the board. But as we know, we can play very well in a high-density, high-liquid cooling or a more, let's say, traditionally more air type of infrastructure and environment. And the same is absolutely true also for the power. So I think we are agnostic. And when we were anyway thinking about our revenue per megawatt, also thinking about kind of a good mix of applications. Extremely helpful, Gio. Thank you. Thank you. The next question goes to Steve Tusa of J.P. Morgan. Steve, please go ahead. Hi, how are you? Very well. Doing very well, Steve. Can you just maybe explain? I know there was a bit of revenue overdrive in the fourth quarter, but from a timing perspective, the first quarter seems to be worse than or at least down more than normal seasonality quite substantially. How do we look at those revenues from the fourth quarter in context of that? And how are you planning the first quarter thinking about seasonality? I think that we should look at the first quarter in absolute terms. If you look at the first quarter in absolute terms, we have a very, very strong quarter here in our guidance. Now, of course, Q4 was particularly strong. We should not look at Q1 as a quarter-to-quarter, really look at the first quarter sales as the acceleration that has taken place with a 19% organic growth in the first quarter. I feel very, very good about what that tells us about our overall trajectory. David, I don't know if you want to add anything there. Just from a numbers perspective, actually, if you look at our first quarter sales in 2025 as a percentage of the full-year guide, it's actually higher than what we actually saw in 2024. So I would say that there's actually a step up in 2025 versus the first quarter of last year. So certainly reflective in the 19% sales growth versus the 16% full-year sales growth, and then also a 31% increase in adjusted operating profit. Okay. And then just one follow-up for me, but obviously, there's a lot of focus on orders, I think, for good reason. Everybody's trying to discern the trend relative to these CapEx numbers, the pipelines that are obviously pretty eye-popping. You're now two quarters kind of stepped down relative to what we see at your customers and the way they're spending in these pipelines. What is that disconnect? Is there some sort of disconnect between you guys and, I mean, everybody else talking about doubling their data center businesses? I admit, obviously, that's a lower base for some of these guys. But what is that disconnect between you and your customer spending that seems to have opened up here over the last two quarters? I don't think there is a disconnect, quite honestly. If you look at our orders trajectory last year, if you think about a 60% year-on-year growth in the first half of the last year, that's a lot of growth. When our customers talk about their CapEx, of course, they also talk about a lot of the silicon part of their CapEx, not only data centers. So I feel pretty good about our visibility of the market and what we win in the market. So I don't think there is a disconnect. Right. So over time, you connect to that. Over time, you're connected to those dynamics. This is the third part of the question. But no, we are very well connected with the markets, very well aware of what happens, very encouraged by our pipeline. We do not see that disconnect, and we do not believe that disconnect exists. Okay. Great. Thank you. Thank you. The next question goes to Andrew Obin of Bank of America. Andrew, please go ahead. Hey, it's good morning. Can you hear me? Yep, Andrew. Loud and clear. Excellent. Yeah, thank you. So I think Dave, in the beginning of the call, sort of noted that Americas' orders were extraordinarily strong. So I guess maybe could you comment within that, what's extraordinarily strong? And then thermal versus power and distributed IT, I think one of your competitors indicated distributed IT is weak. And just, I guess, going back to EMEA, extraordinarily strong Americas orders with flat orders overall sort of imply particular weakness in EMEA and maybe missing a couple of billion-dollar data center projects. I know that I'm the third person asking it, but there seems to be a disconnect between your revenue growth, between your optimism and these numbers. Thank you. Andrew, thank you. As we said in many points in our deck as we were going through our deck, we're very pleased with the orders in the Americas and with the pipeline in the Americas, but the pipeline is also EMEA, as I was vocally mentioning at the beginning of this conversation, and that's particularly true if you look at colo and cloud part of our orders in the Americas, so the market is growing. We are seeing that, and we are successful in going after that market. When it comes to the mix, we see a pretty balanced mix here. Of course, the distributed IT is, by the nature of that market, growing much slower as we vocally shared with you in November already, and it's no surprise, no secret. But certainly, that doesn't mean that white space business for us isn't in an uncomfortable place. So we're pretty pleased about the mix of growth there and orders. I cannot elaborate much more on EMEA than I did already. From what we see in EMEA, the pipeline is there, the market is slower, and we expect a pickup during the course of 2025 because that's what our pipelines tell us. Really appreciate it. Thank you so much. Thank you. Thank you. The next question goes to Nigel Coe of Wolfe Research. Nigel, please go ahead. Thanks. Good morning. So Gio, the comment on EMEA, I know I don't want to beat this horse to death or anything, but you did take down your outlook from high teens in mid-November to high single digits in EMEA. So just wondering, are we seeing projects pushing to the right, or are there some regulatory issues or, I don't know, power constraints? So just wondering, what are you seeing in EMEA? Just a bit more information that would be helpful. And then just maybe going back to the comments from the chairman around the stock price and things, just wondering, what have you got baked in for capital deployments? And at what point do you weigh in on the buybacks? Just to say now. So yeah, clearly, again, EMEA had a very strong fourth quarter when it comes to revenue. I like to continue to stress this point because it's a very important point. But yes, if you look at the orders and the fact that we talk about orders being pushed into 2025, there is clearly a movement to the right of some of the pipeline. Again, what we see here is regulatory slower decision-making, all of the above at the same time. What we hear in the market is not only us, but it's also public information, is that that is going to accelerate in 2025. That's what we read. That's what we hear talking to our customers, and this is what we see looking at our pipelines. When it comes to capital deployment and buybacks, what we said in November is still valid. We have a robust M&A process and pipeline. We continue to be very focused on that, but opportunities have their time. And again, we will not go and do a meaningful acquisition just for the sake of it. We want to make sure that we are super true to the value model that we have shared with you. When it comes to buyback, we saw us taking an opportunistic posture last year, and we've been very, very clear about the fact that we will continue to be opportunistic in our approach. So let's see how things unfold, and if the right moment comes, we have the means and we have the authorization from the board. Okay. Thanks, Gio. Thank you. The next question goes to Jeff Sprague of Vertical Research Partners. Jeff, please go ahead. Thank you. Good morning, everyone. Maybe we could talk about just the tariff playbook here a little bit. You gave a little bit of color commentary in the opening remarks, expanded your U.S. manufacturing a bit. But can you give us a sense of kind of the exposures, maybe size those for us? What% of your U.S. sales, for example, are sourced in the U.S. or some similar metric we can kind of get our arms around the order of magnitude that we're talking about here? Thanks, Jeff, for the question. We do not disclose what products are built, whether that's true for the Americas. That's true for everywhere in the world. One thing that we like to mention is that we actually have more plants in the U.S. than we have in Mexico. But that said, again, we feel prepared, we have the right playbooks to deploy, to work on minimizing the impact. So let's really wait until we know better what really will be out there so that we can be more accurate. I think right now, there'll be speculation as to exactly what the impact could be or not be. Maybe just a quick follow-up for me also. Just thinking about your total available market, right, the three to 3.5 million per megawatt you've talked about, including liquid cooling. Just wonder if your capture against that is moving up. When you hear people future-proofing, integrated solutions, modularization, which would mean you're bringing stuff more into your factory as opposed to it being done by craft labor on site, right? All this would suggest kind of a higher dollar capture for Vertiv relative to maybe historical metrics. Can you provide any context to that thought? Well, I think if we go back to the history of our, let's say, range of capture per megawatt, we moved up a little bit in November last year relative to the previous period. So we believe that the range that we gave, $2.75 million to $3.5 million per megawat t, is pretty much telling the story. Now, again, where exactly it moves in this spectrum, it depends on many things. It may be in some element, regional specific, design specific, the type of vertical, the type of market, and the type of, let's say, application. So do we see us playing within this range and this segment that we gave you? Absolutely. But I think it's a narrow enough band for us to share with all of you. If that band moves in any direction, we'll certainly be sharing that with you. Thank you. Thank you. The next question goes to Nicole DeBlase of Deutsche Bank. Nicole, please go ahead. Yeah, thanks. Good morning, guys. Just wanted to start on yet another question on orders. Just a clarification first. When you guys talked about slot orders in 4Q, I presume that's organic. It doesn't include the FX headwind. And then just thinking about what you're actually seeing in the pipeline, is there any possible way that you could quantify the level of pipeline growth that you're seeing? Just trying to get a bit of confidence in whether dollar orders can continue to step up as we move throughout 2025. Thank you. Yes. I think the answer to the first part of your question is yes, organic. That is. When it comes to pipeline, we won't all be specific on exactly what the pipeline is. What we're seeing is robust pipeline growth quarter on quarter, certainly significant year-on-year, quite significant year-on-year pipeline growth if we compare ourselves, let's say, 31st of December relative to 31st of December prior year. And that is very encouraging. And that kind of supports very, very well our long-term plans and strategies. And the good thing is well balanced across the various regions. And another element that we like is that kind of the visibility out, so the horizon has extended as well. Now, we are very, very kind of meticulous in the way we manage our pipelines and very consistent year-on-year. So what we see is encouraging and heading in the right direction. Thank you. I'll pass it on. Thank you. The final question goes to Mark Delaney of Goldman Sachs. Mark, please go ahead. Yes. Thank you very much for taking my question. You spoke a bit already on the 1Q revenue outlook as a% of the full-year guide, but I'm hoping you can provide some more details on your expectation for the shape of the year from a top-line perspective, and specifically if Blackwell's supply chain readiness or other supply chain factors are gating the revenue growth in the first half. And then on that topic, in particular with supply chain readiness, have you seen any changes in delivery schedules as a result of that? Thank you. Yeah. I can address the first part, Mark. If you look at the shape of the year from a top-line perspective and really from a profitability perspective, just like prior years, we expect sequentially increases each quarter as we progress through the year. From a percentage of the whole, similar to the first quarter, which is comparable, maybe a little bit higher than what we saw last year, we would see the cadence as a percentage of total sales each quarter in 2025 to be similar to what we saw in 2024. And that's also the case as it relates to adjusted operating profit. The second part of the question was about supply chain and whether supply chain is supporting the growth and plans. I wholeheartedly say yes, we see a good supply chain well supporting our plans. Thank you. Thank you. This concludes our question and answer session. I would like to turn the conference back over to Gio Albertazzi for any closing remarks. Thank you. Thank you very much. Certainly, thank you for all your questions. I'd like to thank the entire Vertiv team for the passion and dedication in taking care of our customers, delivering results, and being the thought leader in our industry. We plan to build on the momentum of 2024 and deliver another very strong year in 2025. With that, thanks everyone for joining us today. We truly, truly appreciate your support. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.