Vertiv Holdings Co (NYSE:VRT) Q1 2022 Earnings Conference Call April 27, 2022 11:00 AM ET

Company Participants

Lynne Maxeiner – Vice President-Investor Relations

Dave Cote – Executive Chairman

Rob Johnson – Chief Executive Officer

David Fallon – Chief Financial Officer

Gary Niederpruem – Chief Strategy and Development Officer

Conference Call Participants

Jeff Sprague – Vertical Research Partners

Andy Kaplowitz – Citigroup

Scott Davis – Melius Research

Steve Tusa – JPMorgan

Amit Daryanani – Evercore

Nicole DeBlase – Deutsche Bank

Andrew Obin – Bank of America

Mark Delaney – Goldman Sachs

Nigel Coe – Wolfe Research

Lance Vitanza – Cowen

Operator

Good morning. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to Vertiv’s First Quarter 2022 Earnings Conference Call. [Operator Instructions] 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.

Lynne Maxeiner

Thank you, Joe. Good morning, and welcome to Vertiv’s First Quarter 2022 Earnings Conference Call. Joining me today are Vertiv’s Executive Chairman, Dave Cote; Chief Executive Officer, Rob Johnson; Chief Financial Officer, David Fallon; and Chief Strategy and Development Officer, Gary Niederpruem.

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 moments of Vertiv. These forward-looking statements are subject to material risks and uncertainties and that could cause actual results to differ materially from those in the forward-looking statements. We refer you to the cautionary language inclusion in today’s earnings release, and you can learn more about these risks in our annual report, our proxy statement 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.vertiv.com.

With that, I’ll turn the call over to Executive Chairman, Dave Cote.

Dave Cote

Good morning. We do recognize our first quarter guidance was a low bar. However, it’s also important to note that we did better than that. We’ve been addressing key shortfalls, including execution of an aggressive pricing plan, taking a realistic look at inflationary pressures, creating a more action-focused America’s culture, and changing management in areas of the business that did not execute well.