Vertiv Holdings Co (NYSE:VRT) Q4 FY2023 Earnings Conference Call February 21, 2024 11:00 AM ET
Company Participants
Dave Cote - Executive Chairman
Giordano Albertazzi - Chief Executive Officer
David Fallon - Chief Financial Officer
Lynne Maxeiner - VP of Investor Relations
Conference Call Participants
Andrew Obin - Bank of America
Lance Vitanza - TD Cowen
Nigel Coe - Wolfe Research
Amit Daryanani - Evercore
Scott Davis - Melius Research
Jeff Sprague - Vertical Research
Nicole DeBlase - Deutsche Bank
Mark Delaney - Goldman Sachs
Sahil Manocha - Citigroup
Steve Tusa - JPMorgan
Operator
Good morning. My name is Brica, and I'll be your conference operator for today. At this time, I would like to welcome everyone to the Vertiv's Fourth Quarter and Full Year 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 your host for today's conference call, Lynne Maxeiner, Vice President of Investor Relations. Please go ahead.
Lynne Maxeiner
Great, thank you, Brica. Good morning, and welcome to Vertiv's fourth quarter and full year 2023 earnings conference call. Joining me today are Vertiv's Executive Chairman, Dave Cote; Chief Executive Officer, Giordano Albertazzi; and Chief Financial Officer, David Fallon.
Before we begin, I'd 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 risks 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 our 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
Well, 2023 was a great year for Vertiv and our share owners, we created tremendous value. Our stock price increased 252% in 2023, putting us well ahead of the number one performer in all of the S&P 500 and its up very well again so far this year. We announced the capital allocation strategy at our November Investor Conference and is very flexible and we believe is structured well to provide additional benefits to share owners and is a great reflection of the cash generating capability of the company. A very nice and exceptionally promising change from where we were.