Vertiv Holdings Co Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Q2 2024 marked another period of strong performance, continuing momentum from Q1.
  • Organic sales grew 14% year-over-year, led by 17% growth in the Americas and 14% growth in EMEA.
  • Orders surged 57% year-over-year and 10% sequentially, pushing book‑to‑bill to 1.4x.
  • Trailing 12‑month orders remained strong in the 30–35% range, indicating durable demand.
  • Adjusted operating profit reached $382M, up $131M from Q2 2023, with margin expanding 510 basis points to 19.6%.
  • Adjusted free cash flow was $333M, over $100M higher than last year.

Market & Demand Commentary

  • Hyperscale and co-location demand remains a primary driver of growth globally.
  • High‑density and liquid‑cooled AI infrastructure is accelerating demand for Vertiv solutions.
  • Americas show the strongest AI‑related order momentum; EMEA and APAC also seeing early AI‑related upticks.
  • Enterprise demand stabilizing and showing early AI‑driven improvement in the Americas—potentially above the prior enterprise growth assumption of 3–5% presented at the November Investor Day.
  • Telecom remains soft; commercial & industrial markets remain healthy.

Competitive Positioning

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Operator: Good morning, my name is Brica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vertiv's Second Quarter 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. You may begin. Lynne Maxeiner: Great, thank you, Brica. Good morning and welcome to Vertiv's second quarter 2024 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 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 uncertainty 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

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