day Thank Thank and you, much you good everyone. Dave. very
ship So, particular, in up across management up quarter more We were quarter our as capacity organically the in our XX%, strong we in over we a chain sales, Monterrey to XX% delivered than and and increased EMEA first up Americas able facility. led very thermal world, typical XX%. supply a QX first strengthened by
we the year's growing FX, in-line peak. our Book-to-bill was with the QX in by was XXXX, from driven Xx normalization high and consistent year, serve and ratio February. historical versus trend to comparison very were industry. demand last down have referred of year-end backlog remained orders expectations, XXXX exceptionally high an flat had XX% the with first to excluding we the our This We quarter. backlog capacity starting the the and Orders, with
this further on X. review Slide will we when elaborate I
our $XX was of manufacturing guidance. million operating volume combination margin $XXX adjusted largely was a by and from chain end higher efficiency driven which was supply contribution expected of The than coming profit than variable beat top and million, Our efficiency. higher additional the
strong We the are cash guidance. results. with raising the at flow quarter another in higher free Adjusted generation than $XXX our full-year cash story, was adjusted quarter. operating first by good $XX profit given million A $XX guidance midpoint, million the our million
Although pleased is first know to we still with do. quarter very work our performance well there
and cash we $XXX at the We previous understand are opportunity but flow there for year inventory. holding the is i.e. mid-point, adjusted improvement the free for certainly million in ample guidance
to We capital processes trade execution. our and working are operational rigor strengthen continuing around
full-year, good at a overall, is quarter and we time. So and one start, focused the a that delivering on squarely are
to let Slide turn us X. And
view changes We X end the of the at ago have months no from to on market the February.
general of We encouraging uncertainty the to macro around around see headlines cognizant continue we the activity. and pipeline tech environment, are
Some as build-outs. cloud digesting Others capacity. are customers their opportunity using an accelerate are hyperscale this to
is Some growth moderate continuing. hyperscalers we CapEx are investment moderating healthy that still this growth, growth. see And
softer of been year, the several the Additionally, which in we market half reacceleration has second quarters. China, especially in see over last some the
Dave everything in acceleration industry. intelligence mentioned, by the significant story our of artificial further the is space. As tech secular growth demonstrated is there in This
We to expertise of the are given thermal AI AI management Vertiv complexity market deep and support win pipelines distinctly are areas orders. to seeing future the leadership controls, uniquely is the in in our our and vital here, and infrastructures. domain which investment first cycle positioned signs of like
move X. Slide Let's to
are, enterprise. in most colo’s, and general, markets healthy. importantly, Investment continues across hyperscale, First markets,
encouraging. and project Our activity pipeline regularly remains remains and pipeline strong. activity pipeline diligently, review We
XX%. including First are foreign declined the to are important other of quarter orders, unfold. that exchange, dynamics impact There
comments then. So, we provided details additional have slide. in next the More
investments the Let me go to in AI. back
infrastructure heard is next cooling and applications’ starts investment to visible The in gradual and industry, and an liquid-ready AI partner increase hybrid net be infrastructure and to a agnostic demand have the to risk acceleration, participants. liquid the race, our environment will race in this capacity AI capacity net to into as transition acceleration power an this in as turn from designed. a of the Vertiv and pipeline. characterized density, benefits higher facility choice migration You in a arms demand may it air generally
infrastructure in Vertiv believe encouraged I backlog, as not infrastructure some view is we and advanced today, positioned AI our the even system Vertiv. are for potential AI orders do portfolio, space well center Already technology our there anyone in as are through data systems. by infrastructure represents and control expertise the that else
tightness we So is lot. XX incrementally it us of suppliers last better. of driven is helping pockets qualification the are supply chain, There months still a the additional electronics, in relentless but have in
activity lower back enduring are offset. and to built Any starting us according robust pricing favorable remind spot up to more that process anticipate at also I good expectations. both like that historic We cost are helps case levels have of Inflation. that in in is developing to price trend metal environment overall that and upwards, trending versus levels to inflation. plan a consistent freight, we although reduced buy a with they cost XXXX, XXXX on
now to X. Let's move Slide
Let an elaborate here challenging me XX% times. normalization orders exceptionally comparison on lead last future quarter up QX order orders, poses and from with Indeed, year's XXXX. of first QX the
talked in quarter XXXX. last quarter-to-quarter order large is first believe some projects, variation but year's see will February to real. timing sense. normalization about that We We exceptionally very due was of in this We
giving customers orders hyperscale large that requirements and extended period. their covered us for were colocation In the XXXX,
the in due lead secure As they time the challenging out supply our long-term. industry. thermal chain to the months business. and I mentioned, situation particularly of wanted was some behavior going needed to capacity pronounced They XX-plus in line That
year. anticipate Now but to forward. them that We much better than are improving, be, they where not last lead to continue going yet our times improve we want will
and the customers are customers. normal or Now will of that our for say, what impact lead creates ship cadence. the industry. more pocket, our patterns much would does I timing we at but ultimately comfortable times a short-term not orders healthy is releasing normalizing. are are This improving, air just to Order This volume more business
what that leave us? So does
demand. XXXX, ratio that at from at encouraged reflects an QX shipment believe the unfavorable believe an strong organic good Xx. And signaling XXXX, end the even comparison improves Worth were market at we remain XX%. order quarter X-year here. backlog will book-to-bill CAGR most our approximately quarterly in are year-over-year with sales remains that XX% same extremely in that it had We increased we XXXX is We of end where level the our
versus including a will turn crystal have seems hear anticipate still for QX but year, that to from when XXXX. what investment be reduction quarters. I to half ball It to we AI, orders a in substantial orders improving year-over-year But XXXX customers, later prior remain into of get what into relative We I hard cycle second positive a optimistic to is QX. reforming with
Over I'll it over through David. that, David, us pass financials. walk said who Having will to you, the to
