Okay, great. Thank you everybody for joining us. My name is Mark Delaney, and I have the pleasure of covering Vertiv for Goldman Sachs. I am very pleased to have with me today, Gio Albertazzi, Vertiv's CEO, and Craig Chamberlin, Vertiv's CFO. Thanks for joining. Thank you for having us. Thank you. Gio, maybe we could start with one on the top-line environment. At your Investor Day in May, the company raised its organic revenue CAGR target to 20% to 22% for 2025 through 2030, and that is up from the previous five-year forecast of 12% to 14% that had been given at the 2024 investor event. Maybe start with helping investors better understand what is driving that acceleration. Well, certainly a combination of things. First of all, the market, it continues to be strong. If anything, it has been strengthening, and even in our July earnings call, we reiterated the message of strong market, if anything, strengthening. Strengthening pipelines, more visibility, elements of sales cycle acceleration, so that going in the right direction. Our position in the market continues to be strengthening. So stronger and stronger. Certainly, that was very true when we had our May investor conference, a year and a half pretty much after our previous one. Again, we continue to strengthen our portfolio, our role in the industry as thought leaders and innovators, but innovators at scale, very important. Also, the evolution of the portfolio is conducive to capturing more of that market. I'm sure we will have opportunities to go through elements of that too, during the course of the conversation today. All things pointing in the right direction, in a market that is strong and, if anything, is showing signs of further strengthening. One of the key things we've discussed previously is it's not just about the revenue CAGR, but also what you're seeing with the pipeline. The company has seen that pipeline expanding, and you also talked about an expanding pipeline on the 2Q earnings call. Can you elaborate on what's driving that increase in the pipeline? Well, there is a combination of factors. The underlying market is strengthening. We have seen that in many ways, in multiple public declaration of hyperscalers, various type of players, even the frontier labs that are gradually becoming hyperscalers themselves. The industry is becoming broader and more active across the board. What used to be predominantly an American type of market acceleration, we have seen geographically way more widespread than it was in the past. Again, something we've been vocal about quite constantly in the last three to six months. That acceleration is happening globally, pretty much everywhere in the world. Again, the fact that we are expanding portfolio, and as we have explained several times, adding layers of value to a foundation of product component technologies, the UPSs, the chillers, the CDUs, the switchgear, you name them, the sidecars. Adding to that a system-level layer, products, converged products like OneCore and SmartRun, all the way to strengthening and expanding our services portfolio, all elements that contribute to that expansion. Very helpful. There's been a lot of discussion recently in the industry around the potential for volatility and what data center build-outs may look like in terms of maybe policy restrictions on where data centers can be built or capital needs of some of these projects, and can they be financed. As you observe some of these things, I'm curious if you're seeing that have any implications for the pipeline. Well, again, we not only look at the pipeline, we talk a lot with our customers in the industry in general. Of course, the pipeline is also the result of that all. We see no sign of weakening. If anything, we're seeing the pipeline getting stronger and stronger, and our customers' resolve and building plan continue to evolve in the right direction. It is clearly true that the environment has complexities, as you were explaining. The industry has demonstrated over the years to be able to look at what we believe are pacing items and address them with solutions to continue the expansion. The expansion will continue as the demand for compute capacity will continue to expand. We have no doubt about the fact that demand for compute power, especially AI compute power, but not only, will continue to expand. That's what we say. The other aspect is very important to look at those challenges as opportunities. Vertiv is providing solutions to address some of the concerns, if you will, that are behind some postures in the general discourse. From closed loop cooling to elements of increasing efficiency in the way we operate the powertrain. We were vocal at our earnings call in July talking about PurgeRite, so everything that is fluid management and a product called NearZero that basically, the data center not only will recirculate water, so no consumption, no use of water during running the data center, but also minimized to NearZero the consumption of water during commissioning. So, all elements of a portfolio that is more and more addressing the concerns. Again, an example of how the industry is moving towards addressing the challenges that are thrown at it. Well, speaking of solutions, you announced a proposed acquisition just very recently, Utility Innovation Group. Craig, maybe you can take this one, but talk about what that brings in terms of the breadth of solutions that Vertiv will be offering and any financial commentary you can share. Yeah, I think when we think of the UIG and kind of the step functional change it will do for us, it is another one of these assets when we look at what we are doing inorganically of what do we need in the portfolio to continue moving us forward and put us in a position to capitalize on the growth. Where UIG comes into the fold and what we see it being able to help us look for is the opportunity to influence the way the powertrain will be constructed, as you think of the way it goes into the actual data center. UIG is putting us in a position where when they design and develop an architecture, the way that behind the meter power will go, it is strictly in that conversation from the standpoint of influencing that. We thought it was a great spot to go in and act on that. It is an acquisition where, again, a spot where we think what is not in the portfolio that can help us continue to grow and continue to help us influence the way that the data center market moves. It is again, one of these ones where if we went back a year ago, it is something like PurgeRite, where we saw it come up and we were like, "Hey, it is an advantageous thing for us to get today, and we can grow it going forward." It gives us in a different position and in a different, I would say, light in the way that we think about the way that the data center architecture is being constructed. I think when you look at the way that we structured the deal, again, we like the way we structured the deal. If the earn-out happens, we would be really happy to pay the earn-out. For us, it is a home run of an acquisition. On the topic of solutions, can you give a sense of how much of Vertiv's revenue comes from solutions currently and how that might evolve over the next, say, three to five years? I don't think we ever define it in terms of solutions. We always look at services and products, but products in and of themselves can be different ways in the way they're deployed. When we say solutions, again, it's looking at the total architecture of the product basis. So, you can either do a point product delivery, you can do what I say a construction around an architecture of either the thermal chain or the powertrain, and you can even do all the way up to a Vertiv SmartRun deployment, or then you could go all the way to a Vertiv OneCore deployment, and all those are levels of solutions. We don't really break it out into the terms of the way of, hey, we're defining or we're developing solutions. What we like to be able to have is a portfolio of solutions that can be delivered and, I'd say, executed at a point product level, at a system level, and at what we would say an architecture level. So, for us, it is ensuring that we can deliver the customer multiple layers of outcomes that will help them address what they're facing. So, it's whether that is, "Hey, we want this level of a UPS that does this. We want to be able to do that. We want a powertrain that does this. We want to be able to do that." We want to be able to think of it in terms of what our customers want and need, and a portfolio that can address all of that. When we think of internal development and external development, that's the forefront thought of the strategy, is how do you ensure your portfolio is going to be able to address, one, what I call the intense development and design of a point product that can deliver efficiency and effectiveness, all the way to a data center that can do all the things that need to be orchestrated together to create efficiency and effectiveness for your customer. So, I wouldn't go in and say, "Hey, we're always going to go deliver a solution." It's the level of which that solution would come out. That makes sense. Well, given the demand that the company has been seeing, as well as some of the solutions that you're providing to customers, that led to quite a bit of conversation around supply chain on the last earnings call. Maybe talk a little bit more around some of the supply chain congestion that Vertiv spoke about on the 2Q earnings call and what's leading to that. Yeah, I would say that we get very specific. That was not a generic situation. It was specifically referred to our converged infrastructure solution products, à la OneCore and SmartRun. Products that have intrinsically a high level of complexity. That complexity is exactly the value proposition. With products like SmartRun and especially OneCore, we are removing complexity from a construction site. We are industrializing something that is a field project. That creates a lot of value for the customer. That is phenomenal in terms of, we call it tokenomics, in terms of a product that is designed or, let's say, a data center that is optimized from an engineering standpoint as a product, and then is delivered in ways that minimize that time to token. Certainly, creating a lot of value for the customer, removing the complexity on the side. Clearly, that means that that complexity is with Vertiv, and we are industrializing something that industrial was not. We're driving this data center product, and the way the execution of that works is two aspects. One is more multidimensional, require much more coordination across factories, and that's the muscle that we've been reinforcing a lot. Second is, it can have some variability in terms of, okay, is revenue recognized this day or maybe four days later because some of the components are converging in the integration factory? Those dynamics are always there in the nature. I go back, it's not about supply chain, it's about coordination and maturity in this kind of insourcing and the complexity and returning to our customer extraordinary value for that. We believe that is very potent, and the return we see from the market is certainly corroborating that. We feel good about two things. One is the trajectory on which we are in terms of honing in that, managing that additional level of complexity, i.e., full industrialized something that nobody has industrialized yet. The other hand of forward looking in the fact that the type of outlook that we have given fully incorporates elements of, well, let's say the wiggle room against possible hiccups. We feel very good about the trajectory, but we are extraordinarily excited about the role of that offering in the market. You spoke about building some of the muscle to deliver these full solutions that are bringing a lot of value to your customers. Are there other elements you need to do to also alleviate these kinds of challenges going forward, like having more integration capability at Vertiv and investments like that? Oh, yeah. I would say that clearly in this type of converged product offering, and I talk product when we really mean what the world looks at an entire system, but we use product very deliberately. Clearly, integration is a capability, is a fundamental capability. We are not talking about the integration like we have done for 25, 30 years, the power modules, et cetera. This is a different scale. That scale is required capacity, and that capacity is being deployed. That is a constant deployment of capacity to follow a demand that is certainly very encouraging. That is helpful. Given everything, you are seeing around demand and some of these timing challenges, can you speak a bit on lead times and to what extent Vertiv's lead times have changed? Well, it is really specific to the individual technology type of product, market, but also size of deployment. We do not feel we are-- We believe we are very competitive and meeting the market expectation in general with our lead times. Again, when we talk about large projects, be them delivered as a modular or like a lot of our business is about just products being shipped on a kind of a point product basis to our customers, we feel we are in a good place. Okay. Maybe we can talk about some of those specific products and a lot of different opportunities I think were underpinning the 20% to 22% five-year forward kicker you gave at the Investor Day. One of those was around 800 volt, and I think you guys on your other tech part of the Investor Day spoke a bit about that. But speak more on the opportunities you see, any challenges that are coming with 800 volt. Well, I want to go back to a conversation with Investor Day and reiterate it certainly in our earnings call in July. We do not see a univocal solution or the industry going in one direction. We firmly believed in May, and if anything, we are even more convinced that the future is multi-architecture. Different type of use cases, different type of customer groups will have different type of power infrastructures. Everything around 800 VDC, be it happening at individual port with a sidecar or all the way to the entire data hall, so a native end-to-end 800 VDC is something we feel very good about. In terms of our roadmaps and how we are moving along those roadmaps, I would say that we are pretty nicely delivering on the timelines that we shared with you in May, and we reiterated in July with customers' validations ongoing. Some of the products already in the offering cycle. We feel pretty good about that. Again, underlying all this is the fact that the complexity of the powertrain is increasing simply because the performance required are increasing. That's always a, let's say, favorable environment for us in terms of content, in terms of differentiating with our know-how and breadth of portfolio. By the way, further expanded now with the recent announced acquisition, that will, again, help us to start the orchestration- Early as Craig was saying, very early in the process, but also physically very early, just behind the meter. So, very exciting. Lots of different types of 800 volt products and innovation happening. Maybe remind investors when Vertiv expects to begin shipping 800 volt products. It really varies because we will see, and it's less about Vertiv, it's more about what we see happening on the demand side. We'll start to see an acceleration in everything sidecar happening in 2027, probably second half of 2027. When it comes to fully native end-to-end powertrain, 800 volt powertrain, that would probably be commercially back end of 2027, volumes 2028. Okay. Vertiv will deliver a whole range of products, right? There'll be some changes around what you bring with UPS and batteries, sidecars, maybe even a solid state transformer. I mean- Sure Would investors expect all of those from Vertiv? Yeah, absolutely. The whole portfolio and being able to excel in every part of the portfolio is our mantra, what we have demonstrated over the years. Also, because we want to sit in front of the customer and not have an agenda. Our agenda is really to maximize their business opportunities, their business model. If we are a one-trick pony, it's either 800 VDC or starvation for us, well, that agenda becomes predominant, and we want to be there for our customers instead. Craig, maybe I can turn to you on the financials of 800 volt. What does it mean for revenue per megawatt? We would articulate it a little bit like we did in the Investor Day. It does give us the opportunity to have more content. We would look at that and we would say, "Hey," depending on how the architecture is constructed, there are opportunities there for us, definitely. Whether you are going to the sidecar, whether you are going to go to a pod level, whether you are going to go into the actual data center, it will construct a little bit differently each way, Mark, but I think there are opportunities for us in each way that we would deploy that. That is where I think Gio and I continue to think about what the customer wants is, hey, we want to be able to solution ourselves the right way for different levels of architectures and what I would say the customer deployment is going to be, so that we can address all of those. In each one of those aspects, and as Scott walked them through pretty proficiently at the Investor Day, we see opportunities for growth in each one of those. Maybe we could transition to the cooling side of the business. Gio, talk about where Vertiv is innovating on that part of the portfolio. Multiple levels. Of course, if we follow the heat flow, so we start from the chip. Strategic Thermal Labs is an acquisition we, small acquisition we like a lot because it gives us an opportunity to be very early and very inside the silicon development. We see opportunity of orchestration at a primary, secondary fluid network level and orchestration with everything cooling. The liquid cooling technology continues to evolve. We continue to add capacity to this part of the business that is growing in a very convincing way for us. Clearly, the design, the evolution on the CDU and the liquid cooling part of the portfolio, certainly not stopping. The other part, not to ignore the air cooling, but in the interest of time, going outside of the building straight and talking about heat rejection, that's an area that is very dynamic. Everything chiller, dry coolers, everything that high water temperature for efficiency reasons. There are a lot of moving parts. We feel good about our technology. We're very excited about the ThermoKey acquisition on the dry cooler side. Again, it's not going to be one technology or the other, it's a combination. Again, it's always a combination of organic, inorganic also in this space. We are super excited, and we see a lot of attention around what we call a trim cooler. That is really physically a hybrid between a dry cooler, so no mechanical refrigeration, just free cooling, and the chiller. That really extends the range of when you can operate a data center and on a free cooling basis, an extremely efficient way from an energy standpoint, and still have that reserve of cooling boost, if you will, for the days that are too hot to run on free cooling. So best of both worlds, certainly at scale. Mark, I think what you'll hear kind of as a continuation through the conversation here is, exactly what Gio was saying on the thermal side of the house is, how do you ensure that you can sit at a table with a customer and have a portfolio that will address what they're asking? Whether that is the ambient temperature is going to be different in Minnesota than it is going to be in West Texas. All right, well, how do we architect the right thermal chain for you depending on where you're going to deploy at or how you're going to deploy. That comes back to the powertrain side as well. Our thoughts about having the right portfolio influence a lot of the conversations that we're having when we say, "Hey, what do we need to go do organically and inorganically?" Organically, something like the Vertiv CoolLoop Trim Cooler, where we saw these conversations going on. On the powertrain side, it's the UIG situation where we saw these conversations going on around behind the meter and how do we make sure that we're there to address not just the concerns of our customers, but the outputs that they want and the solutions that they want. Earlier we were talking about the way that the environment's going and the questions that our customers are being asked about how to deploy data centers. Again, we want solutions there that would be able to help them deploy in a faster manner and to answer the questions that they're getting from certain jurisdictions or governments. Yeah. Maybe kind of thinking about the products and solutions more generally that Vertiv offers, maybe talk about where you're seeing the most momentum, because I think your targets from the financial analyst day did suggest you're taking share. So, anything in particular that's driving that share gain? I would say, one, it is our ability to have a portfolio of product that's very wide and very broad. We did talk about last fourth quarter of a ramp in orders around our infrastructure solutions business, and that would be what we'd say a deployment in Vertiv SmartRun and Vertiv OneCore, and that we believe is a competitive advantage and that we like that competitive advantage. So, definitely in the fourth quarter, we saw the ramp there. Again, I would say the portfolio that we have, and the structure that we have always is in that situation in the way that we're talking about it, to give ourselves an advantage when we sit at the table to pull through more content. That is, again, the conversation you have when you start with a UIG and you say, "How do you pull through more content and being able to drive the architecture the way that you want it?" There are other opportunities in that in the thermal chain side of it that we were talking about and driving a thermal chain that acts all together. Whether or not you need to ensure that you turn on the Vertiv CoolLoop Trim Cooler at a certain time, well, that means you need to influence the way that that architecture and structure is going, and whether you have a layer on top of that that has Next Predict or a solutions and controls basis that we would have, that we could articulate and deploy with that. For us, it is this portfolio that all sings together, and it gives you the opportunity to not just structure a point solution, but a system level solution, and then beyond a system level solution, what I am going to say is an opportunity to have a controls infrastructure that allows you to orchestrate that entire system. So, it is layers when you think about it, and that gives you the opportunity to be more share of wallet and potentially more, not potentially, but what we would like to see is a gain in market share. Very helpful. Some of the hyperscalers have taken steps to develop their own power and cooling products. What implications, if any, have there been to Vertiv? I would say that this is not new to the industry, and I have been very vocal about that. Probably the industry is receiving a level of scrutiny such that people see new things and behaviors that have been there for at least almost two decades or at least a good decade. So, there is nothing new there. But the majority of the hyperscalers who, at least partially, because no one is pure in that type of approach- need to rely on players that can support them with technology know-how and depth. It's never saying hyperscaler X operates their own IP and hence the door is closed. No, door is never closed for two reasons. It's not all their own IP, and even when it's their own IP, there is a lot of opportunity to do things together because, again, the ability to operate at scale and make technology and domain know-how available and share that experience, super important. Mm-hmm. Maybe could ask some financial related questions. At the Investor Day, the company introduced a target for 27% plus adjusted operating margins by 2030, and that was up from your prior 25% plus target. What are some of the biggest drivers of the margin expansion as you look forward? Yeah. I think we pointed to a couple whenever we were talking about Investor Day, and it is ensuring that we can continue to scale and get leverage on our, I'd say our volume, for sure. And that's on basically what I would say a base call space is you get leverage on that and ensuring that you can go and deliver on that. So that's definitely one of them out there, Mark. The other one would be what I call an efficient operational output. So we look at our manufacturing facilities and how do we ensure that we are driving the right level of productivity in our shops, and that's labor and overhead productivity and ensuring that we get the right level of productivity through a purchasing of materials perspective. You get volume and scale there. You should be able to leverage that up and I'd say in the past, it's some spot where we probably haven't been as effective as we could've been. So, it's the next step function for us to go drive more efficiency in the shops as we see this volume come through. So those are two particular areas that we would think would add to that additional margin expansion. We'll continue to push through positive price cost and ensuring that we can cover our inflation and drive that. I think that's something that we've been pretty adept at being able to do, and that continues on at probably a little bit lower of a scale, but much more driving it through the leverage perspective and the shop productivity perspective. That, I would say, is going to drive more of that margin expansion in the second half, but that is the way we layered it in when we looked at the Investor Day. Have you had to have more of those conversations around price cost with customers? I mean, you talk about supply chain complexity, there is the tariff environment that has been ongoing, the competitive landscape. Any kind of additional work you need to do in order to maintain that price cost positive outlook? No. I think it is what we have had historically put in place over the last couple, I would say, year or so is really driving ensuring that we understand what the outlook looks like from an inflation perspective and pricing that in accordingly. Understanding that the tariff market can change on you pretty dynamically, and when it does change, how do you ensure that you have the right triggers in your contracts and the conversations that you have with your customers to put that into a pricing mechanism? It is an ongoing steady review and cycle behind it so that we do not ever think that we are comfortable. When I say, "Don't ever think we are comfortable," how do you make sure you understand your input costs on a regular basis, and that you have the mechanism to drive the right costing perspective and the right pricing perspective out of that? That goes for inflation, and it also goes for tariffs. On the back of tariffs, you also have other things you can do internally, and we say that those are countermeasures, and those are everything from where you buy from to how you deploy to those things are in there as well. So that has a little bit of a double layer to it, is ensuring that you have countermeasures that you can pull on, but also the way that you build it into your pricing mechanism. As Vertiv's mix shifts more towards solutions, including prefabrication, doing more in terms of services, what does that mean for your incremental margins? Yeah. I would say from an infra solutions business or SmartRun OneCore, you look at the face of the P&L. On a product basis, the infra solutions basis is somewhat in line with that product's margin. So it might have a little bit of mix in there, but nothing that we would say is material. But it is right in line with that because it is a kind of a combination of everything that we do. Now, as you build up more product, it would be a little bit of a mix dilutive if it moves faster than services. Because again, our products margins are a little bit lower than what our services margins are. So, what we are looking at in terms of the outlook at Investor Day was growing services at similar paces that we are growing the products business, and that kind of what it would mute out any ability that would be there from a mix perspective. If products would move faster, you would have a feeling of a different mix there. Gio, maybe we can close with a question for you on how you think about deploying capital. Obviously, you just announced the UIG deal pretty recently. Yes. But you have a lot of cash generation you expect and a good balance sheet. So, any key priorities for capital that you would like to talk about? Well, we have shown that we do the right moves when the right opportunity presents itself. We continue to believe that, and very importantly, investing in ourselves in terms of R&D and capacity is extremely important. And I would say what you have seen so far is certainly indicative of what we like doing. I think we have, ahead of us, great opportunities for further growth organically with elements of inorganic that are very important, and we will continue to fuel that. We feel very good about the direction of travel. Great. Well, we are out of time. I would like to thank both Craig and Gio for joining us. Thanks, Mark. Thank you for having us.