Vertiv Holdings Co Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

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.

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 3-6 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.

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 near zero 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.

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.