Vertiv: Hyperscaler channel checks re-iterate our belief that product quality concerns are overblown (n=5)

We conducted five channel checks with hyperscaler employees to ask if they see structural concerns on product / service quality and shipment timings at Vertiv. While we acknowledge this is a small sample set (n = 5), we think coupled with our earlier assessment, this offers a reasonably high-confidence perspective on where the company stands. Product quality: All five employees we spoke to were largely satisfied with Vertiv's product quality. There were some pockets of areas for improvement however, these were not consistently flagged as issues across all customers. QA/QC did come up as an area for improvement, but customers also seemed to acknowledge that this was more due to growth than something they see as a structural issue with the company. Most importantly, they all expressed both an intent and willingness to continue working with Vertiv as a key equipment partner. Service quality: Seen as an area of strength, with conversations highlighting Vertiv's services footprint, and cont