All right. Good afternoon, everyone, and welcome to ADI's 2026 and inaugural Investor Day. Thank you. I'm Hunter Blankenbaker, Senior Director of Investor Relations here at ADI, and on behalf of the board and the management team, thank you for joining us today. Before we begin, I have a few housekeeping items. I want to get through these really fast because we have some outstanding presentations today. All right. I've been delivering forward-looking statements for north of 20 years, and they never get more exciting. Let's go. I'd like to remind everyone that today's presentation includes forward-looking statements, including our expectations regarding future performance and outlook. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Please refer to today's presentation and our SEC filings, including our Form 10, which was filed with the SEC. Second, we'll also be discussing non-GAAP financial measures today. Reconciliations to the most directly comparable GAAP measures can be found in the appendix to today's presentation and on our recently launched investorrelations.adiglobal.com website. All right, turning to the agenda. We're going to start today with our President and Chief Executive Officer, Rob Aarnes, who will discuss our strategy, market opportunity, and our long-term vision as a standalone company. Rob will be followed by Marco Cardazzi, our Chief Merchandising Officer, and Stu Tisdale, our Chief Digital Experience Officer. After Stu, we'll have a short break, and then Allie Copeland, our Chief Operating Officer, will lead us out of the break. One note: I did want to mention that Michael Carlet, our Chief Financial Officer, is not here today due to a long-standing family commitment. Kevin Prush, our SVP of Strategic Finance, will present our financials and longer-term outlook. We'll conclude today with a Q&A session with the management team. If you're listening in online, you can email questions to investorrelations@adiglobal.com, and I would encourage you to submit those at any point during today's presentation. Okay. Now, before I turn it over to Rob and we watch a short video, I want to briefly set the stage for today. In July of 2025, Resideo took a strategic and transformative action to begin the spin-off of ADI. For both companies, this marks an exciting new chapter with greater strategic focus, financial flexibility, and capital allocation priorities that are tailored to the respective growth opportunities of each company. Today is about introducing the standalone ADI story and sharing why we believe the company is well-positioned to create long-term value for our customers, our suppliers, our employees, and our investors. With that, I'll turn it over to the video. At ADI, we exist to power a safer, smarter, more connected world. Behind every business, home, and system that performs when it matters most are dedicated professionals. Behind them is ADI. We equip pros with the products and services they need to design, deploy, and maintain mission-critical systems that help businesses thrive, families connect, and communities grow. When safety and security are on the line, there's no margin for error, and that responsibility drives ADI to set the standard for reliability by delivering the right products at the right time. Through innovation and proven performance, we are set to lead the industry forward, enabling the future of how the world works and lives. That's why pros rely on ADI. Ladies and gentlemen, please welcome to the stage Rob Aarnes. What are the makings of a dynamite investment thesis for a distribution business? Well, I'm going to give you four. Number 1, businesses with category-leading positions in both large and growing addressable industries. Number 2, businesses that are data-driven, bullish on technology, committed to a digital-first approach, all in an effort to deliver a preeminent omnichannel experience. Number 3, businesses with multiple levers to deliver above-market growth, not just in the core categories that they play in, but a suite of complementary categories to go with it. The last one, most importantly, clear levers to drive expanded operating margins and consistent cash flow. Ladies and gentlemen, that is what you have with ADI Global Distribution right here on the screen. I will tell you, and you will hear this all day today from myself, my leadership team. We're not just resting on the fact that we're going to leverage these attributes to outpace our peers, which you can count on us to do. We're actually thinking bigger than that. We want to actually redefine what this industry is capable of delivering. To convert our technology, our scale, into a long-term systematic growth engine. Most importantly, to deliver consistent, durable value creation for our shareholders. Welcome, everyone. My name is Rob Aarnes, President and incoming CEO for ADI Global Distribution. I can sit up here and say I'm excited, I'm energized, and you're going to get that feel from me all day today. The reality is that I am fired up about this opportunity. I've been here 14 years. The leadership team that you're going to hear present today has been here an equal amount of time, we understand what's at stake with this opportunity, the opportunity we have. I'm going to tell you right now, we are going to grab it by the horns and take full advantage of it. You can count on us to do so. At just under $5 billion in revenue, 100,000 customers strong, we are the largest distributor worldwide of commercial and residential security, residential AV, fire and life safety. We partner with over 1,000 suppliers to bring 500,000 products as close to our customers as possible by way of our close to 200 physical stocking locations worldwide. I'm biased, absolutely am, because I couldn't be more proud of this team, 4,100 of the most talented, dedicated, competitive team members in all of industrial distribution, and I stake my reputation on that. The revenue mix of the business, primarily here in the Americas, 88%, 12% international. You're going to hear us talk a lot about what I would call our secret weapon, exclusive brands. Brands that are only available to the ADI customer base. That represents about 18% of our mix, oh, by the way, 300% more in terms of margin, 3x the margin of our branded product line, which is the other 82%. Terrific opportunity to expand that and really have a game-changing effect on our overall P&L. In terms of overall product or category mix, we are heavily commercial, 70% and 30%. 70% commercial, 30% residential. No surprise, the majority of our mix is rooted in security, about 55%. Got a middle chunk there in audiovisual split between residential and pro. Fire and life safety at 10, data communications at five. With special note on the page, Pro AV and Datacom representing what we call expansion or complementary categories, complementing specifically the security business. Let's hold on that for a sec, because this is important. The most pervasive trend in the industry, certainly since I've been here, more so in the last decade, has been this concept of technology convergence. It's going to be no surprise to anybody. Basically, the convergence of OT and IT. Operational technology onto IT advanced active networks. Plainly put, in our language, security, fire and life safety, data communications, Pro AV, all on the same network. Why is that important? It's created a phenomenal opportunity, a real game-changing opportunity for our integrators to take advantage of this and build capabilities to win the entire job. Whereas 10, 12 years ago, our customer base was filled with security integrators, and that's where they stayed. They stayed in their lane all the way down the line. Today, not the case. It's been a terrific enabler. If I would tell you, I think about when I joined in 2013, the 2012 timeframe, look, we've almost tripled the size of the business in that timeframe. This is the single biggest driver of growth. The growth didn't just come to us. We had to build the capabilities to be an enabler for our integrators. Really the birth of the master systems integrator. The infrastructure, the pre-installation support, registration, complex project design, enhancing our supply chain operations to provide staging and kitting capabilities for these dealers, right? Also, as we were doing this, created a bit of a moat around ourselves. Tough to replicate what we do, or more importantly, disintermediate us. That trend was pervasive in the last few years, especially in the commercial space, but also in the residential space, but not to the same degree. We still see some of our residential security dealers playing in AV and vice versa, but the real trend happened in the commercial side, and it's still happening today. What did that generate? I mentioned it a bit earlier, that's what you see on the screen here. I want to spend a couple of minutes here because I'm going to double down on a couple things here. The growth trajectory, which is obvious, is what you see up in front of me. There was a period of time before this. 2018 is when we spun from Honeywell. We all understand that date. I joined in 2012. Between 2012 and the time we spun, being part of a $40 billion manufacturing company, being a distribution business, we were about $1.5 billion at the time, it was tough. We learned a lot. We thrived. For those of you who were here yesterday, you saw kind of distribution margins versus manufacturing margins. When it came to investments, really doubled down on the business. A lot of our profit dollars went elsewhere. That was just part of the deal. What did it do? What was the byproduct of that? We had to embrace the good old-fashioned blue-collar, gritty, go-to-market, customer by customer. As one of our lead salespeople always tells us, belly to belly, getting it done the hard way. We thrived. We grew the business from roughly $1.5 billion, $1.6 billion in 2012 to almost $2.7 billion when we spun. That was purely organic, building an engine for organic growth, a culture that I like to say, kind of a "The Athlete's Competitive Mindset." Waking up every day not just to compete, to compete to win, no matter what the obstacles are. That's proven beneficial for us over the last few years, especially. Really over the last 18 months. Of course, since we spun, thriving from $2.7 billion to $4.8 billion. 5% of that was an organic growth CAGR, 9% reported, 12% on an EBITDA, adjusted EBITDA CAGR, supported by seven acquisitions, six of which were tuck-ins, which we started in 2020, culminating in the $1.4 billion acquisition of Snap One, which we completed in mid-2024. Every great business needs a strong competitive moat. That's exactly what this slide actually pulls off. When you look at the individual components, you might say, "Hey, for a distribution business, aren't those kind of par for the course table stakes?" To some degree. To do it globally, each one of these things to be executed at a very high level, each one being a competitive advantage, the collective of these being an extreme competitive advantage, very tough to disintermediate or replicate what we do with our scale. Local inventory, I told you in the beginning, push as close to our customers as possible. Important to note, when I say customers, and all of my team says customers today, we are talking about the pro. We do not do end arounds. We do not go straight to the end user. We are committed to the pro. We have been since day one. Our pros know that. It's why we're the most trusted out there in the industry. Deep assortment, 1,000 suppliers, 500,000 products available in most cases today or the next day. I'm going to let Stu talk about a game-changing piece of our value proposition, our digital platforms. Over $1.4 billion going through our e-commerce channels right now with deep and growing customer engagement. Our secret weapon, our exclusive brands, $800 million of product that 3x the margins of our base business. Loads of opportunity there. The majority of that product line is residential AV. Came over with the Snap acquisition. We've now got an R&D engine that we can actually point to produce more meaningful NPI in the light commercial space, where there's 100,000 ADI customers versus Snap team had about 15,000. Real opportunity there. Actually, we're starting to expect more capabilities for us. Pre-installation support, post-installation support, 24/7 monitoring, complete asset lifecycle management. You name it. Pick up any time rooms where they can access product 24/7. There's a whole series of value-added services that we've invested in. Why? Our customers told us that's exactly what they need from us, all in an effort to help them lower their cost to serve, make them stickier with ADI. Again, now you've got this biased thing coming out from me, which again, you're going to hear 1.7 or 1,700 of the most elite salespeople out there in the industry. Our growth speaks to that. Now let's talk about upside. I've talked about the fact that we are the leaders in our core businesses, and some might say, "Well, geez, how much room do you have to grow?" Well, we got a lot of room. The total addressable space is $65 billion. Roughly 55% of that goes through distribution. You're talking still in the high mid $35 plus billion of opportunity there. Security and fire, res AV being our category leaders. We're category leaders in those spots, but only 15% and 10% of the total size of that addressable space. Plenty of room to grow. What's most exciting on that slide is the opportunity in our emerging categories, our converging categories, Datacom and Pro AV. Both these categories, and Marco will highlight this, are in the low double-digit range, in some cases, well above 20% growth on a quarterly basis. We built a heck of a business here, highly complementary to what's going on with our security integrators, we're going to continue to double down here. All that comes together to deliver + mid-single digit growth between now and over the next five years. How is demand generated in the channel? It's interesting. It's two very different sides when I talk commercial versus residential. On the commercial side, I love this because it's very resilient to any macroeconomic factors, driven more so by technology. Technology advancements, not necessarily dependent on new construction, which is exactly what you want. You want a supplier base like we have, 1,000 of them, that are fiercely committed to continue and to kind of take advantage of that, right? Actually put out product routinely, NPI, that leapfrogs the previous product. I love our supplier base, especially on the commercial side, because they do this so well. What does that translate to? Well, it's not uncommon to see a chain of retail stores, chain of banking institutions, that maybe just two or three years ago installed a video surveillance system with access control points and said, "Hey, listen." Because that business, those verticals, are so sensitive to protecting patients, patrons, consumers. They're always fiercely committed to making sure that their safety is paramount and investing in technology, the latest that's out there. What do they do? They can rip that stuff out that was just replaced a few years ago, put in new product. That's one of the most resilient parts, if not the most resilient factors about the commercial demand in that particular end market. The residential side, a little different. Residential side, a bit more reliant upon, at least in our business, the housing market, new and existing home sales. You know what I mean? Everybody in this room understands how depressed that macro space is right now. We get it. When you're talking about a Resi AV category, which is more entertainment experience-based, well, that's a little more disposable income required for that space. That can have an effect on us versus when we have booms in housing. There was some recent legislation, maybe that helps out. That's the way demand is generated in each one of these two sectors. You see it play out right here. How do we see that actually affecting us, both in the short and the medium term? Well, no surprise, all of our commercial categories, we're seeing positive momentum. We see that both in the short term and in the medium term. Datacom, Pro AV, we're going to continue to invest, accelerate growth, boots on the ground infrastructure, strengthening our go-to-market, our product offering, all those things. The residential side, look, in the short term, in security, we see a bit of flatness there. Resi AV, it's going to be down, and it's down for a while until we actually see a bit more of an upswing in the residential housing market. It is what it is. Does that mean at ADI that we just kind of throw our hands in the air and say, "Oh, we're exposed to Resi AV." It is what it is. We can't do anything about end market demand. We can sure as heck do a heck of a lot about strengthening our position, continuing to launch meaningful NPI, attract new customers where we can so that we are in the best possible position to actually grow and take advantage of when that actual rebound happens. Nobody is sitting on their hands. We're doing everything we can to best position ourselves. There's a lot about this organization that I am proud of in my time here, the people, the culture. One of the things that is another plus about ADI is this, I use this term a lot, this maniacal focus on the customer. What I mean by that is, a lot of companies say that, but we actually take a lot of actions. For one, 50,000 to 70,000 surveys go out every single year. They give us the NPS data, but more so, digging in to no matter what kind of customer you are with us, what are the most important capabilities you need from your distributor to influence your buying decision? As you can imagine, 10, 12 years ago, when I got here, those top five attributes, fast-forward to today, they're totally different. Why do I tell you that story? That's exactly how we have allocated capital, in different expense or different investments to actually go build these capabilities that our dealers were telling us you need to have. Technology convergence was one, you're seeing some on the slide here. That's channel convergence. That's the first one I talked about in my opening pitch. Digital emergence. This was a big one that actually almost outpaced all of distribution. This seismic shift into our dealers wanting to do all their research online. Stu's going to talk a lot about this. Pricing transparency, which we never had to deal with at the distribution business, but we got through all of that, and now we've built a mousetrap that is truly dynamite and game-changing. One of the best experiences in all of industrial distribution. Models have evolved. There's an expectation. Give us brands, like exclusive brands, that allow us to compete with great technology at lower price points. Offer services that help us lower our cost to serve. We, as integrators, meaning our customers, can focus on what we do best and not things like supply chain monitoring, if you will, if in fact, we don't want to play in that space. Cybersecurity. Remote storage and monitoring. These kind of things some of our integrators have and some don't. They've wanted to pass those capabilities to us, and we have gladly built those capabilities over time. Makes our customers that much stickier. Then, of course, technology acceleration, AI. This is obviously a pervasive trend right now, no question about it. Stu's going to talk a little bit about this. We've got it deployed across the organization. We just got recognized. I don't want to steal his thunder. He's going to tell you about that. Bottom line is we're taking that very seriously. There's many parts where we have deployed to improve our user experience, improve tools for our sales team, but we're also being very measured. Yes, do we want to use this to drive OPEX productivity? Without question. I think one of the things you got to know about AI, most of you probably know this, it's not free. It costs money. As we're seeing some of our peers out there claiming, "Hey, we're going to drive X amount of savings, X amount of productivity." How much are you spending? How much tech debt are you avoiding by making sure you're doing it in a methodical, measured way? That's exactly how we are going to approach it going forward. I'm bullish on what that can actually produce for us, as well as continuing to enhance our user experiences, both online and in our stores. Okay, let's talk about our strategy. Pretty important here. We first launched this or introduced this strategic framework in March of 2021, strangely enough, at Resideo's very first Investor Day. Not the spin date, but the Investor Day. I think that was one of Jay's coming out parties in March of 2021. It was all remote then because we were still in lockdown. We introduced this framework, and it's held true ever since. The pieces underneath it have changed as, again, we've gotten more feedback from our customers, capabilities that they've wanted us to build, but this framework holds true. These five pillars coming together. First of all, that dynamite omni-channel experience, all touch points best in class, and all the investments that go with that. Innovation, and it's not necessarily being an innovative organization. To some degree, there's some of that. It's ensure that our products, both exclusive brands as well as our branded products, are innovative. They're cutting edge. They're providing our dealers, our integrators, with opportunities to win jobs at the end user level in the verticals that they play in. Expansion into high growth accretive categories. For us, it's been Pro AV and Datacom, but there's additional white space there. There absolutely is. Services. I beat that one to death, continuing to add services to our offering to make our customers stickier. That underpinning across it all, which I mentioned earlier, the culture of the organization, high execution, high accountability, high let's get things done no matter what the obstacles are. What does all this translate into? Here's the trajectory. $4.8 billion we exited in 2025, 6.2% fully loaded, like standalone adjusted EBITDA, driving to circa $6 billion by 2030 at north of 8%, with kind of the key drivers underneath. Continue to double down in our category leadership positions. Omni-channel, omni-channel, omni-channel. It's not just a buzzword. It is a real thing for us. It is a true competitive advantage. We will continue to double down there. Our exclusive brand, Secret Weapon, expanding that into light commercial categories, continuing to invest in Pro AV Datacom, maybe some other white spaces down the road, value-added services, this concept of execution excellence. I want to spend a couple of slides on this. The organization in the last 18 months, for those of you that have followed us, has been through an absolute grind. Sometimes timing is with you, sometimes timing works against you. Either way, you seize the day, you seize the opportunity when they're placed in front of you. We had the opportunity to grab Snap One in mid-2024. We did it. Big acquisition for us, the biggest in our history. We were nine months out at that point with an organization that was fully focused on a significant ERP change, which Allie will talk about. Big time disruption. The same day we flipped the switch on our systems platform upgrade that was 40 years old, we announced the spin from Resideo. All those resources, all of that kind of distraction coming at once, I certainly would have mapped it out that way if I had my choice, but sometimes you don't have that choice. We took on all those things in parallel, not one after the other. Where you at, Strat? Okay. A man up here in the front gave me a great analogy, and I got to give him credit for it yesterday because he agreed it was hard. He said, "Listen, it's kind of like you get married, you have twins, you move, and you buy a new home all in the exact same year." Right? I mean, think about that. You wouldn't wish that. If you could time it and plan it out, you wouldn't do it. A new job. A new job. That's the other thing. Thank you, Dev. A new job, right? Yeah, just to add on, right? That's exactly what the business done. Again, I'm going to tell you right now, again, so many different moments where I've been so proud of this business. Embraced the change, got it done, persevered. Where are we today? Well, our technology stack is completely upgraded. Our e-com capabilities are expanding by the minute, as Stu will tell you. We're a more nimble fit for purpose ADI, even more prepared to unlock intrinsic value within the organization and stand alone as a publicly traded company. That I have conviction in. I would not have wanted to do these things before or I mean after, right? We were spinning, because now we're in a position to actually leverage it, but it was a lot, and it was hard. It's behind us. Now we're in a position to actually leverage the benefits that came from that really hard work. Some of those benefits are what you see here today. During that 18 months, actually up until summer of last year, we had a load of momentum after the Snap acquisition. We had realized $75 million in synergies at that time, about a year and a half earlier than we had predicted or projected. Flipped the switch, we ran into a lot of turbulence. We just did. That put some things on hold. A lot of the integration work still lies ahead of us, but it's not nearly as transformational as what was behind us. Real estate synergies, organizational alignments, store and DC footprint collapsing and consolidating, all basically equating to about $80 million plus in run rate cost that we'll execute by the end of 2027. This has nothing to do with the health of the business. These are redundant costs that we don't need right here today. We don't need them. It's just a matter of getting through this, and it's going to take us some time, but you can hold us to this number. Between Allie, Marco, and the team, we'll deliver this for you. Now kind of the money slide. I'm sure everybody's probably flipped to this page in your deck or certainly Kevin's section. The big opportunities ahead, $4.8 billion-$6 billion, 4%-6% growth CAGR, really leveraging our current drivers of Pro AV, Datacom, doubling down in our category leading positions in security, our omni-channel footprint, exclusive brands, which also has a dramatic effect on gross margin expansion as we look to increase our exclusive brands mix, increase the digital mix of customers. Stu will talk about that. That's also a higher margin segment for us. That translating into adjusted EBITDA growth from $295 million to around $500 million. Of course, continuing to produce cash flow at an 80%-85% conversion rate, about $1 billion cumulative over this timeframe. We've proven we can do it, we've got the tools, I've no doubt this team's going to deliver. Speaking of team, again, here's my bias that's going to come out. This is a dynamite team. This is a team with loads of experience. Everybody you're going to hear present today, I think I mentioned this already, has been with me for over 10 years. It's the same team that produced that growth, the same team that led us through those transformational initiatives, it's the same team that's going to lead us to those 2030 objectives that you saw on the previous slide. I have absolute conviction that this group possesses the experience and the leadership, the resiliency to be able to do that. Equally as exciting is a fit-for-purpose board. Excited about this team. We set out in February to build a new board for ADI, we kind of put a bit of a first string together. Let's go get these folks. Distribution experience, deep industry knowledge, multiple board-level experience to be able to bring sage wisdom into the boardroom for us. Man, you want to talk about just one of the more humbling, kind of honored teams to be part of. I mean, this board is absolutely equipped to take us to the next level. You see the names there. I won't run through all of them. The experience, the backgrounds, sitting around the boardroom table. These folks engage with my team. We are in great shape. Great hands. Go forward. I'm going to finish where I started. Those critical pieces that make up a dynamite investment thesis, you see on the screen here. Category leading positions in large addressable industries. Check. We got it. Preeminent omnichannel one-stop-shop, I would even say best in class, committed to digital-first. Check. Got it. Multiple levers for above-market growth. Check. Core categories, expansion categories, value-added services, large customer base, exclusive brands offering. Check. Attractive margin upside and potential cash flow. Talked a lot about that, too, right? The impact our exclusive brands can have on that, the impact that a higher digital mix can have on that. Clear signs and clear levers that we can pull to deliver and continue to leverage all of these things. Everyone, I appreciate you listening to my opening. I am now going to turn things over to the dynamite leadership team that I just talked about, and I will be up at the end to facilitate Q&A. Thank you. ADI equips professional installers with the industry's leading products. The technology behind the world's security, AV, fire and safety, and Datacom systems. ADI stays ahead of what's next, delivering leading products from the industry's most trusted brands. Our brand partnerships are built on long-standing relationships. Over the next few years, the relationship between Samsung and ADI will continue to grow. There's so many new technologies coming. We're at a seven-year mark for replacement cycle from the pandemic, when we saw a huge surge in business. I think the relationship is timed well, and we're stronger than we've ever been together. I see us evolving into bigger and bigger partners. We provide unmatched access to customers, suppliers look to ADI as the partner to grow their brands through our expertise, analytics, and scale. ADI is one of our strongest partners with a global reach. The forward-leaning technology presence that you have. If I look at ADI performance, it's really taking us closer to the customers. ADI is the right partner. It's a meteoric growth that we've had with them. We started doing a couple million dollars to honestly, hundreds of millions of dollars worth of business with them annually. ADI also offers a portfolio of exclusive manufactured in-house brands, custom-engineered for real-world performance and competitive advantage. From commercial to residential applications, these products are designed to innovate and elevate, driving forward smart working and living spaces. With over 500,000 products from more than 1,000 suppliers, ADI delivers the scale and depth pros rely on and growth opportunities for our suppliers, expanding their reach, accelerating adoption, and enabling shared sustainable growth. Well, ADI is extremely knowledgeable when they talk to their customers. Samsung makes a complex product sometimes, or at least a complex selection of products. ADI does make it easier for the customers when they come in to identify what suits their needs. We work closely, train with ADI a lot, and we have a lot of trust in ADI, and that they're getting good information when customers come to them. The global nature of your distribution and your closeness to the customer is what makes ADI far more than just a vendor for us. It's truly a partnership. Ladies and gentlemen, please welcome to the stage Marco Cardazzi. Having the right product at the right time in the right place is incredibly important for the survival of the professional's business. My name is Marco Cardazzi. I'm Chief Merchandising Officer for ADI. Today I'm going to show you how we simplify that for both the supplier and the pro, making ADI their indispensable partner of choice as a distributor. Start with a day in the life of a supplier. It starts the day after they sign that ADI agreement, quickly getting to work and engaging with my team on creating curated go-to-market plans that are specific for that supplier's customer segment and product type. If you look at the corners of this room, you'll see two large, round, globe-looking-like things. Those are cameras. Those cameras are specific for installations of this scale and magnitude. That go-to-market plan is going to be drastically different than the suppliers whose cameras are in a gas station or your home. The assortment levels are going to be different. We bring decades of experience, data-driven insight into making sure the products are housed in the right place at the right levels at the right time. From there, they quickly start to engage with our sales team. That enterprise-level installation that goes into a building like this is going to engage with our national accounts team and our outside sales team much more than our store sales team. From there, we start to create demand for them through various channels, online, in-store, customer ride-alongs, trainings with our various sales team members, all in hopes of driving more and more growth through ADI for that supplier. Performance is monitored from everything from on a weekly basis with our inventory and demand planning teams, quarterly basis with my team, and what I consider a best-in-class solution for the supplier, real-time data at the tip of their fingers through a business intelligence platform that we supply to them for a cost, that they could monitor inventory levels at every ADI location. They could look at accounts payable or accounts receivable for them data. More importantly, they could monitor real-time sales data. How are they doing in a certain region? How are they doing nationally or globally? This could not only help them grow through ADI, but also give them insight into potential deficiencies into their own teams. For example, if they are growing nationally in the U.S., except in the Northeast, they quickly check their inventory levels. Yeah, there is product there. They quickly check if the marketing that we are providing is national. Yes, they signed up for a national package. That quickly turns into looking internally. They might find that their rep in the Northeast has never visited an ADI branch. More times than not, our suppliers have found ways to improve their own teams by utilizing the data that ADI provides to them. All in an effort to continually improve and expand the business, doubling down on what's working, tweaking what's sort of working, and changing course if something's not working at all. This is all done through one distributor contact, a category manager, one inventory demand planning person at ADI, one accounts receivable or accounts payable person at ADI. Simplification for the supplier. Imagine if they had to do this through 30 or 40 regional distributors. It'd take a lot more effort by them, and it wouldn't be a cohesive go-to-market plan. They certainly don't have 100,000 customers to do that with. What we offer is unmatched scalability for that supplier. Again, after that agreement is signed, they get access to 20 shipping locations, 200 storefronts, 1,700 new salespeople to sell their product. Yes, 100,000 new potential customers. Access to real-time data so they can make intelligent, data-driven decisions for their business. This is all the stuff that Larry Newman mentioned, where he took his business through ADI from a few million dollars, and he's right to literally hundreds of millions of dollars through ADI. For the pros, it's access to product, whether it's in the core product segment that they work in, or whether it's the training and knowledge to expand their business. Give you an example of a customer that I called many years ago in a home I had bought on Long Island. I wanted to get video cameras installed. Called one of my supplier contacts. They hooked me up with a local installer, came over to see my house, said, "You know, I'm doing this as a friend because you're a recommendation from" Nine video cameras for an install. I started to talk to one of the fire reps, was actually Honeywell Fire that was there. We had to learn more about the fire business. That's the majority of my installs. It's more lucrative. My staff is in and out of the locations. I've grown my business to be bigger in fire than it was in video surveillance. We offer this pro exclusive brands to help improve their margins, create stickiness with their customer, all the while doing the same for us. A support system that we offer them that will literally cost them hundreds of thousands of dollars if they were to build it on their own. This is a sampling of our line card. Some of these brands you may be familiar with, some of them not. Some of them repeat because they offer products in different categories. Not only am I proud of this line card, but I'm proud of the relationships that me and my team have cultivated over the years with these suppliers. These are true partnerships. These are not just suppliers, not just a business transaction. There's a lot of success stories I could go into, but I'll give you one example. Under the video surveillance section here, there's a brand called Exacq. Exacq was started about 20 years ago in Indiana by three individuals. Around 2011, I started to engage with them about getting them to sell through distribution. They were only selling direct at the time, low scale. They were hesitant. Finally got them to do it. Took about nine months or so. Year one with us, they did $30 million. Year two, $42 million. They told us that over 90% of it was through new customers. Four years later, they sold that business to JCI, Johnson Controls, a name you might be familiar with, for $150 million. That's one of many examples where ADI's created wealth for those suppliers. It really is a two-way street to create value for our suppliers as a partnership. We give them that scalability that they can't otherwise get unless they spend millions and millions of dollars. We give them data-driven and in-market knowledge from my team to the operations team, to the sales team on what works, where it works, more importantly, why something won't work. The ability to showcase their product through marketing exponentially better than they do on their own. More times than not, our marketing team will receive marketing from the supplier. It's very much a features versus benefits thing. They focus a lot more on features, but benefit is what sells products. Take cameras, for example. I use cameras because it's an easy one. More times than not, we'll get marketing from a supplier that says 0.005 lux. Nobody, not even the installer, really knows what that means. If I told you, and which is what we do, we translate that, and we'll say, "Facial recognition in almost complete darkness." For the pro that needs to install a camera in the back parking lot of a store that's almost completely dark, that'll sell this camera a lot more than 0.005 lux. We provide them that capability, that knowledge. An extension of customer service and support that I think again is second to none in the industry. With logistics, credit holding, customer support, reverse logistics. Again, that real-time analytics platform that I don't know of anybody else that's doing it, gives them access to real-time data to improve their business. For ADI, stronger positioning with that supplier and leverage, dedicated ADI resources, usually the ability to get first-hand availability to their NPI or new product introductions. We take that successful playbook, we put it into our expansion categories, the model continues. The growth continues. You'll see with Pro AV and Datacom, which we have on here, 8X and 2X growth respectively. We've added 50 new suppliers, over 50 new suppliers since we began this journey, over 30,000 new SKUs have been added. $600 million from organic and inorganic growth, producing new customers for those suppliers that they would not have had access to prior, while introducing new segments of opportunity to our core customers. Rob talked about exclusive brands as our secret weapon. It certainly is. It's about 18% of our total revenue today. Our goal is to get to the low 20s at three times the margin rate of our national brands. We've grown the portfolio to $800 million. A lot of that came through the Snap One acquisition and some of that through organic growth. It truly is a profit driver for us. Our portfolio ranges from the simple product, opening price point type of product, all the way to complex solutions across about a dozen brands. Many of these are installer-led designs that are highly acclaimed in the industry. We put out about 400 SKUs each and every year through these brands. What's next for our exclusive brands? Rob touched on it also a little bit. One thing we're going to do, we're going to continue to build for the pro install industry. We're going to continue to build for the resi AV space. It's what made that portfolio successful, it's going to continue to drive a lot of success. What we're also going to do, we're going to leverage the CapEx-like R&D that we've acquired from that Snap One acquisition, leverage our 100,000 commercial customers that we have at ADI, and expand that NPI into the commercial segment. There's a ton of opportunity here, and we've already begun. Episode Business Music Solutions is a Pro AV solution for buildings like this, a gym, a mall, where you can stream live audio, intercom systems across the building. It's already been selling. It's doing exceptionally well. We're going to continue to build on that momentum and introduce new product. WattBox plus OvrC. OvrC, if I go back a couple of years, was an incredible introduction by Snap that really allows for the installer to solve a problem from their home or office at your home or office. How many times have you called tech support and they said, "Hey, did you try restarting that device?" OvrC does that at the tip of one's finger from the comfort of their home or office. Does more than that, actually. A proactive installer might see that one of your networks is about to go down or has been down. That quickly, they can restart that network before you even wake up in the morning. Think about how powerful that would be in, let's say, a doctor's office, where they need to wake up the next morning and make sure that their insurance systems work or their appointment scheduling data is available. With OvrC in the commercial sector, it does. More commercial products are in development. A WattBox system that does power management and power conditioning, a Luma NVR that does enterprise-level video surveillance recording, and Triad Pro AV audio. ADI solves real problems for suppliers and professionals. We ensure that product is in the right place at the right time so that installer could manage their business, could expand their business, and ensure that their customers are happy. We enable suppliers to find new customers. Remember the example I've told you about, the video surveillance installer who came to my house and went into fire. That's one of hundreds of thousands of examples. We improve profitability for the pro, whether that's by giving them exclusive brand hardware or like that OvrC example, where they don't have to roll a truck, go out and visit anyone, solve the problem from the comfort of their own home. ADI's mission is to continue to be the indispensable partner of choice for the pros and suppliers, we're just getting started. Our Chief Experience Digital Officer is someone who started with me probably around the same time, I think a year later. He's done an incredible job bringing our e-commerce and digital experience to new levels. If you give him the opportunity, he'll talk about digital all day long. Ladies and gentlemen, Rob Tinsdale. I think our customers are remarkable business owners. They juggle everything it takes to run a small to medium business. That includes generating their own leads, making sales calls, negotiating contracts, managing projects, and on top of it all, they integrate complex building electronics. These are the true professionals that bring safety and security solutions to life, and their success depends on us. That's both inspiring and humbling to me, and it's a responsibility that our team is proud to carry. That's why, over the last 10 years, we've wrapped a digital experience around the entire pro buying journey. That starts the moment a pro walks the job site with a potential client. Tasks that used to rely on paper and pen and several phone calls into customer support, those are now handled in minutes with ADI's digital tools. With our mobile app, pros can build a project list on the spot, check real-time inventory at the store, and confirm pricing. Pros can do all of this where the work happens. Many distributors, they operate under what would be considered traditional business hours. With ADI's omnichannel experience, pros can do business on their schedule. What pros love about the experience is they don't have to wait for the store to be open. If you're one of our customers, you can take an existing quote that you receive from the salesperson that same day, at any time of day, and you can convert that to an order on our digital platforms. You can also order digitally and arrange a store pickup during business hours or after business hours. Last, you can order digitally and schedule local delivery directly to your job site. The results have been the majority of pros who buy from ADI each week, they're now digitally active. We believe we have the operationally essential omnichannel platform built for the pro. What fascinates me about our customers is they are always on. They're doing installations during the day, and then they're planning, and they're researching, and oftentimes they're buying after hours. Which is why my team has built an omnichannel experience that caters to where the pro wants to buy, when the pro wants to buy, and how they want to buy. Our job is to understand the pro, and their world, it never sits still. Why do I say that? New technology drives industry growth. New technology creates new use cases for safety and security solutions. New technology creates new system integration possibilities. I'll tell you how I got this insight. I was talking to a customer one day, I asked him, I said, "What do you love about our stores?" He said, "I'm a busy business owner. I don't have time to keep up to date with all the new technology in the industry. Your stores allow me to get my hands on what's new. I can stay current on the technology, and I have access to a knowledgeable technical salesperson right in the store." He also went on to say, "To grow my business in today's industry, I need to install larger systems. That means very often integrating new technology. When I'm on an installation, I frequently encounter situations I did not anticipate. It's critical for my business and my team to have the same-day product availability that ADI's local stores offer me. I tell this because our digital experience is an extension of the store. It enhances the pro's connection to ADI. They stay current on new technology, they complete installations faster, they solve problems in real time. Sure, there are other distributors out there with a website and a handful of stores, but nobody delivers the omni-channel capabilities at ADI scale, built for the way the pro works. One of my favorite ways to stay close to customers is really simple. I like to watch their online shopping sessions. That's a first-hand look at what they need, and it always reminds me how quickly those needs are evolving. What I'm seeing is really strong uptake around buy online, pick up in-store experience. Today, more than 30% of our digital orders are actually picked up in the store by the pro. Pros love the convenience of our digital experience, and they value the proximity of our stores. That gives us purpose to build stronger omni-channel capabilities. When we've done that, pros have rewarded us, and the economics are compelling. Digitally engaged customers spend on average 10 times more than customers who don't engage with us digitally. I'm excited about the future because in a recent internal study just a few months back, more than 50% of our customers told us they expect to buy more digitally from ADI over the next three years. This is not just an e-commerce program, this is a sales and marketing transformation strategy. All of this really is a huge win for Allie's store and sales team. Their team can now redirect valuable selling time away from routine customer support activities to higher value activities, complex selling, and deeper account growth. I think this is a major unlock for ADI as we move forward. It's worth remembering, why do customers come to the website? They come because it's part of their job. They're here to get something done, our job is to allow them to do that as quickly and as effortlessly as possible. I love this fact about our industry. You may be a pro that focuses on fire and life safety solutions, or you may be a pro that focuses on residential AV home theater and automation solutions. These businesses operate structurally very similar. They all have installers and technicians. They all have a fleet of work vans. They do design and build, they do retrofit and upgrades, and they do service work. That's why our digital experience feels personal. It understands the job the pro is trying to complete and what products and technologies they specialize in. Here's another fact about our industry. Pros are mobile businesses. Their office is often a job site. That's precisely why we built the ADI mobile app. Our customers can access ADI wherever the work takes them. We're one of the only distributors in our industry with a native mobile app for iOS and Android, and our app users and our app transactional revenue are growing at very fast pace. I think all of this shows we put tremendous work into making the experience work the way our pros work. I'm incredibly proud of our digital growth. It's made our customers more efficient, and it's strengthened the ADI business in a meaningful way. Back in 2018, when digital was just 10% of our revenue, if you needed something from ADI, you typically called. That meant the sales team spent the majority of their day doing the customer support team's job. We made a very deliberate investment in the customer experience, and the impact has been huge. More than 30% of our revenue is now transacted self-service through our digital platforms. We're approaching nearly 2 million orders per year. What's better is that we're processing those digital orders on average at higher gross margins. The technology investments we made during that period have given us the ability to fine-tune pricing at scale. The value goes just beyond transactions as well. When customers engage with us across channels, they stay with us longer. Retention is significantly stronger. We're not stopping here. Our focus, our company's investment in the customer experience never ends. When I stepped into this role a few years ago, there was one question that would keep me up at night. It was: Did we have the technology stack that could truly scale with the digital growth that we expected and future acquisitions? My experience told me that when technical debt piles up in these massive transformation projects, they drag on. It steals focus from what matters most to customers. The past 24 months, we've done the hard work to change that. We've either replaced or refreshed several of the most important systems that power our omnichannel value proposition. That includes website search, our pricing systems, and then most notably, our omnichannel ERP that connects our field sales teams to our stores, to our distribution centers, and ultimately, to our e-commerce websites. The hard work is behind us, and we can now focus entirely on what customers feel every day. There's lots of discussion in the wholesale distribution industry about AI. Companies are spending on AI and asking: Where's the value? Here's what I've found. AI has helped ADI deliver better customer outcomes, and it's turned into real measurable value. We've been at this for two years now, and I remember back several years ago, we asked customers, "Hey, what would it take to use our website more?" They didn't sugarcoat the answer. They told us, "I would love to use your website more, but your search sucks. I can't find the products that I need." That feedback, it was a turning point for us. At our scale, we really didn't think we could improve website product search without the help of AI, so we acted. It worked. We integrated AI-enabled search and pricing onto our website. Our customers found products faster. They bought more online, and they bought more from search. Now they're transacting more and more at those prices. I think this is important because at ADI's scale, AI can consume the vast data it needs to learn every day and continuously make the experience more relevant. We're not stopping here. Just earlier today, ADI was included as one of six distributors out of a total of 25 in the platinum category for AI usage. Of those six distributors, ADI, there was only one other distributor under $10 billion in sales. The bottom line, AI is embedded and is core to how we deliver the experience today. What I love about our leadership team, we're relentlessly data-driven. Allie and Marco and I, we meet regularly. The numbers drive every decision that we make. As we move forward, our digital growth algorithm is going to zero in on what matters most to customers quantitatively. Pros come to our website because it's part of their job. Our role is simple. Allow pros to get in, get out, get their order on time, and get to the installation. That means listening closely to pros, staying ahead of their omnichannel needs, and continuing to act as an extension of our store, enhancing the connectivity to ADI. The data is also clear on what's next. Increasing digital adoption, it builds more loyal customers. It unlocks Allie's store and sales team to go redirect focus to higher value selling activities. We're not guessing on the value of AI. We're measuring it. The results are showing that it's working today for us. We're going to let the data lead. We're going to focus on what drives real results. Finally, as I conclude today, I'd like to return to where I began. The pros that bring safety and security solutions to life, they rely on ADI to run their business. We built a digital experience that wraps around the entire pro buying journey. It extends the value of our stores and our sales team. As a result, our customers have become very digitally active. When pros adopt the ADI omnichannel platform, they buy significantly more, they have better retention, and we transact those digital orders on average at higher margins. You don't have to take my word that we're an omnichannel leader. In late 2025, the B2B e-commerce Association awarded ADI among a very competitive distributor group as the 2025 Enterprise E-commerce B2B Distributor of the Year. I think the real win is what that proves. Our leadership team has a relentless commitment to improving the customer experience and enabling profitable growth. Thank you. Okay, we are going to take a 15-minute break. Ladies and gentlemen, please be back in the room at 1:25. Thank you. Ladies and gentlemen, our program will resume momentarily. Please take your seats. Ladies and gentlemen, our program will resume momentarily. Please take your seats. Every day, professional installers rely on ADI to help them design, source, and deliver reliable systems that protect and connect today's world. Our customers count on us not just for products, but for expertise. Because in our industry, success is built on trust. We need to select the highest quality parts that are available and put those in the best way. I need those to be available quickly, because usually there's a time essence to the customer's needs. We need to protect that premise, building, home quickly with high quality parts, and I know that I can get those from ADI and trust that they'll work when we need them to, which is to protect people's homes and families and businesses. Our teams combine deep product knowledge with decades of industry experience, helping pros tackle complex projects and grow their businesses. We always wanted someone that's going to come alongside of us and really understand what our obstacles are, what our problems are, and put those in the forefront of the partnership. The things that you solve for me allow me to unlock and solve things for our clients. Working with ADI has helped our business succeed because of their distribution network, right? We can trust that they will deliver the parts that we need on time, and that's really the core of our business, showing up on time and meeting our customer needs. They've proven that time and time again over the years. With our store network, digital capabilities, and dedicated sales team, we stay close to our customers. Whether it's a single install or a large scale project, we provide the products, services, and support that pros need every step of the way. They understand our business. They understand our needs. They understand the ebb and flow. To have a national footprint and to have the pricing and purchasing ability to help me and still maintain that smaller company closeness is the best of both worlds for us with ADI. ADI has become a trusted partner across the industries we serve. This trust has transformed ADI into the indispensable partner of choice for our pros, laying the foundation for our continued growth. I truly believe that the leadership at ADI, the leadership at our organization, I believe we really, truly created a culture that exemplifies what a true partnership is about. The trust of knowing that for 25 years we've partnered and we've been there with each other at ADI, I can trust that you'll be there again in the next 25 years. Ladies and gentlemen, please welcome to the stage, Allie Copeland. Welcome back, everyone. I will say, though, rather than stay in this room, I want to take everyone here out into the real world for just a moment, because what ADI does does not live on slide decks. We show up in the places and spaces where safety, connectivity, and performance matter. I'm Allie Copeland, the Chief Operating Officer at ADI, and I've spent my career in industrial distribution. You could say I'm passionate about supply chain. It's something I absolutely love. I also see the world a little differently because of that. I see how our world gets built, connected, and delivered. Once you start to look at the world that way, I promise you're going to see ADI everywhere. Not too far from here, in a few nights, the World Cup final is going to happen. Where some of you may see a game, I see systems. I see audiovisual screens that make every single seat the best seat in the house. I see cameras on the concourse. I see sensors and life safety products that keep the fans safe from the moment they enter that stadium until the lights go out. I see everything that's connected and the fact that it has to work seamlessly. What I'm going to tell you is that does not just happen. It starts at ADI with our project pipeline, where our sales teams are identifying opportunities with our customers and our supplier partners. They're registering those big projects, looking for ways to expand margin opportunities, looking for ways to make the job more efficient, or ways to use technology to solve problems. We consult on those bill of materials. We work with our demand plan team to make sure that the inventory is staged. We run it through sourcing to make sure that it's ready and it's where it needs to be for the customer. While that all may look seamless when the product shows up at the job site ready to go, it's truly a coordinated system that ADI sits in the center of. That's the world that ADI operates in. As I mentioned, none of it happens by accident. It requires that orchestration. ADI, we often sit in the middle of our customers, our integrator partners, technology partners, and we're putting it all together. I can think of many global projects that I can highlight. If you happen to be vacationing in Germany this summer and you end up on a cruise ship, look around. There's Axis cameras there on a recent project that we just did, keeping folks safe. Or maybe if you're in Spain and you visit an Amazon distribution center, there's a project that we recently did with a ton of life safety products, making sure that every employee not only gets to work every day, but goes home safe at the end of it. We're not just moving product. What ADI is doing is enabling execution in critical systems. Here's a little secret. This is what makes us different. Why are we special? Joey with Kimberlite said it if you were paying attention in the video. She used the word understanding. Understanding. Think about that for a minute. We understand the pros business. If you look at this behind me, you've got several channels. You've got security & fire, residential AV, professional AV, and Datacom. While they are all converging around networking together, they're still very distinct channels with specific needs and specific nuances and specific project support that they all have. We understand that better than anyone else, and when you combine that with that national footprint and that proximity, it is a moat that is untouched. We take that understanding, we take that channel understanding, and we further segment our customers into various categories, if you will, or segmentation. We turn that into a unified operating model based on that understanding of their business, where we assign sales coverage, pricing methodology, assortment, and all of that shows up in loyalty and growth. 54 is our NPS score, fantastic NPS score. Every year, our customers in a five-year CAGR regularly sell mid-single-digit growth, outpacing the industry, because we're constantly growing with them, and that's based on that understanding that we have of their business. That understanding and that operating model converts that proximity into sustained growth. Couldn't say this enough. Proximity is our moat. It starts with digital. Stu talked about it. More than 70% are engaged there every single day. It flows through because customers don't want to hold inventory and they don't want to have warehouses, nor should they. That's what ADI is for. They want to be able to take on a project like a large stadium or an airport without having to make large capital expenditures to be able to support that. That's what ADI is for. Tim, the CEO of Bay Alarm, said it. He needs flexibility. He needs to know that the inventory is there. He needs to be able to take on a big project and scale up fast, that's what ADI is there for. We recently took on a job with Google, a data center in Belgium, where we put camera and cables in. Same thing. They needed to rely on that global network to know that they could get the job, they could take the job, and they could get it done. We currently have 200 stores globally. About 160 of those are here in the Americas in almost every major metropolitan city. We can get product to our customers in as little as an hour because we understand how they run their business. They run their business on the expertise that we give them, and they run their business on the proximity that we have to get them the product they need to finish the job. You don't just have to take my word for it. There's a visual behind you, much easier to show you. Just a few miles from here in Manhattan, there's a store. That store is where our day-to-day experience comes to life. Our stores are purpose-built for our professionals with an assortment that is matched based on what specific vertical they primarily operate in. They're going to meet salespeople there that have an incredible expertise of those product categories, that are able to understand how things can come together, make assortment recommendations, look for white space that maybe that integrator has not yet identified. Curated product assortment that Marco talked about. We've got an assortment in our stores. We also have thousands more SKUs that are in our distribution centers that can get to those stores as soon as next day. They will go into our locations to get what they need to finish the job. In our industry, speed equals productivity. That is money in the bank for them, and productivity is loyalty. I talked a little bit about the first two, trust, convenience. How does that then translate into growth? Stu mentioned that we are a data-driven organization. Marco mentioned it. Rob mentioned it, and that absolutely extends into operations and selling as well. Our team is data-driven. We use tons of tools. We use AI technology. We use Sales IQ with Salesforce is one great example right now, where we're using technology to help our team identify where the white space is in our customers to make sure we can consultatively sell to them. We have the trust, more than 40 years of it. We have the convenience of more than 200 stores globally, as well as a distribution network that can hit 98% of the U.S. within two days. We take that data and look at things like new products. We're constantly launching our own new products, top brands in our exclusive brand, as well as three-piece partnerships, where we're constantly bringing new products. Rob mentioned that 3-5-year retrofit cycle. That's critical with our products, right? Technology from 5 years ago, we all probably remember watching the news back in the day, you'd see there was an incident that happened, and they showed CCTV footage, and it was grainy. It was terrible. How much better that footage has gotten over the years. How much quicker emergency response teams can respond to things because of how much better the technology is getting, how software can start to get predictive and do those things, right? Predictive and say, "Hey, alert, look what's going on over here." Not just security, though. Even if you think about it in retail spaces, where new products can tell you things about the consumers. Sometimes I don't like it because when we look at the technology, it says my age is older than it is. There's technology. It's not just about keeping a store safe. You can go into a retail store now and identify the age of the consumers. How long do they queue? What are they doing? All of that happens because of the technology and the new products that ADI is constantly introducing and bringing into the market. There's a lot more around new products. Marco mentioned there is tons of light commercial exclusive brands that are white space in our business that we're going to bring to our customer base. Ton of upside, margin accretive upside, which is critical. Services, we're also always looking at how we can make it easier. Time is money for our customers, anytime we can reduce friction, we see it in loyalty. Anytime we can make the project go off without a hitch, they're going to look to us to do the next project with them. Last, certainly not least, would be expansion, growing into new categories as you can expand. Marco gave a great example, the fire example. A customer that started off in CCTV, through that experience with ADI, was able to move into the fire industry, was able to grow his business, was able to get more profit through a more margin accretive category and line. This growth system that we have, it's not passive. It's a repeatable model that compounds value for our customers over time and compounds value in our business over time. I'll also say it's important to note, we don't just sell product. If you're an industrial distributor, selling product is table stakes. That's part of the job. You have to be able to solve problems, that's what we do. I've taken you out. We went to, what was it? The World Cup. Hopefully, no one here has been to the New York Department of Corrections or plans to go there anytime in the near future. If you happen to be there, multimillion-dollar camera project with an enterprise customer that you'll find. Great example of a project where this started all the way at the top of the pipeline where we did system design, we helped with the bill of materials development, we did project staging for that, some other things that are really important, again, value add that a distributor offers is working capital. We have project-based credit lines, again, staging so that they don't have to make heavy capital investments in warehousing and storage. Those are all critical pieces for our customers, that's something that they look for in their distributor partner. We, bar none, do it nationally with that specific, very specific understanding of this industry. It creates stickiness and a deeper relationship with our customers. I have to take a deep breath for this slide because this one is extremely personal to me. Before I was the chief operating officer, I was the chief transformation officer, one of my jobs was to steward us through that incredible change. I had very long hair at the time. I had a panic attack, chopped it all off. After I went through an ERP conversion, I almost cut bangs into my hair. I'm looking at a very male audience, I know you're not going to get that joke. Go home tonight, ask your wives what happens when women get bangs. It's never good, okay. What I'll tell you is there's a big difference between the ADI that spun in 2018 and the ADI that's here today. If I were going to give you a caption or a meme picture of ADI back in 2018, I would have captioned it fully depreciated asset We were on a 40-year green screen ERP system that no one under 30 knew what it was. When they would come in, they were like, "Oh, is this an antique? What is going on here?" Right. Old ERP system. We were probably the only billion-dollar distributor in the U.S. that did not have a warehouse management system. That's right. We didn't have a WMS. We didn't have any of those tools. Our ERP was old. Our warehouses were also operating at a capacity of about 95%. If you know anything about warehouse capacity, once you start getting past 90%, you're losing a ton of efficiency because you're having to rework and move product all over. This was the state of affairs in 2018. It was tough. As Rob mentioned, you had a team that was just so dedicated and so passionate that we got through it. The benefit and the negatives to that, there's a flip side here, is we went through a rapid amount of transformation in an incredibly short period of time. In the last 18 months, on a Monday morning, we flipped a switch and took our entire U.S. business live on a new ERP, a modern platform ERP. We also put a WMS system in that day, a demand planning system in that day on a Monday morning. That's huge. That's messy. That's hard. When I was interviewing people to come to work with us during that time, I'd say to them, "This is going to be like working on NASCAR pit row. You're going to have a car coming at you 100 miles an hour, you are going to have to change the tires out, put the engine block in, and keep that sucker in pole position. If that scares you, it's probably not the place you want to come work. If you like that, if that turns you on, if you're getting jazzed, you're going to love working here." We went through, again, a massive amount of transformation over a short period of time, and we had to do that while continuing to run the business. You might be sitting out there and saying, "Well, why did you guys do that?" I go back to in 2018, we were a fully depreciated asset. We had to build the infrastructure for the future. If we had more time to do it, we had the ability to do it chronologically, and we had the ability to build that infrastructure and then do the acquisition, we certainly would have, timing didn't work out that way. Our team was forced to confront the fact that we needed to build a foundation that was going to be built to scale and support a 10% growth kicker over the next decade. I'm incredibly proud of the fact that we leaned into that. I'm incredibly proud of the fact that it did not take us five years to do an ERP project or another two years of regional rollouts. We hit the turbulence head on, then we put it behind us. You don't do that just for the fun of it. You do it because you're looking to unlock operating leverage and capture value, that's the position that we're in today. We put that ERP in July of last year in the Americas. We stabilized that business over the next six months and returned it to growth. Now we get to focus on the fun part, which is, all right, why'd you do it? We're going to get operating leverage and value capture from that. Rob talked about this. We have identified $80 million in annual run rate operating savings that we will achieve by the end of 2027. I'm going to double click on those a little bit, this isn't just a number. These are actions that now that we've got the big, heavy lift of the transformation behind us, we can actually start to implement. Let's talk about what we've already done. We've taken $30 million out of the business that'll be out of the business in the back half of this year. How did we do it? First and foremost, we did an org structure realignment, about 2% reduction in force that we completed Q2 of 2026. We continue to capture synergies with the Snap integration. We have a ton of real estate right now. I mentioned those 200 stores, about 160 in the Americas. 40 of those stores are actually duplicate stores in the same market. We call it an adjacent market, right? Let's take a major metro city like Houston. In Houston, I have three pieces of real estate as a result of acquisitions. What I'm able to do now, and what's going to also enable us to leverage that technology convergence where the customers are coming together, is collapse that real estate into one superstore, if you will, that has the full assortment of audio-video products, Datacom products, security, fire, life safety, all under one roof. It's also going to help us with cross-sell because as customers come in, as Marco mentioned, they start seeing those other product categories that they didn't have exposure to, and our sales team can work with them to identify where that white space may be in their business and help them grow with that. Store footprint redundancies, we've already done five this year. We have five more in the back half of the year. These three actions are what's primarily driving the $30 million. Again, that's already been taken out of the business. This is actions that have already been executed. That's $60 million annualized. $30 million that you'll see in the back half, $60 million annualized. There's more to go. We have $20 million of additional actions that we've identified that we'll be working on in 2027 to deliver an additional $20 million. When you add that up, that's $80 million that you'll have. What does that look like? We're going to continue to look at our org structure where it makes sense to do that. We're going to continue to optimize our distribution centers. I mentioned those DCs before, 96% capacity. We are going to go from 15 distribution centers down to 10. The great benefit with that is that we use the center of gravity study with our customer base. You're going to see some freight savings as a result of that and better proximity to customers being able to get to the customers faster in some cases. Also because it's 2026, we have a warehouse management system that's going to increase our productivity, and we were able to get buildings much more fit for purpose than what we had years and years ago. If you think about it, I'm talking buildings with higher ceilings so that we can optimize our cubic capacity and continue to be more productive in our distribution center. That's where you get economy of scale as a distributor. As robotics continues to grow and other things like AI and our warehouse management system, that's just going to continue to increase the productivity based on those buildings. Store footprint redundancies, I hit on this. When we bought Snap, there were 40 stores. They had 44. Forty of them are in the same market. In some cases, they are literally across the street from each other. We are not closing stores. We are consolidating those stores into a larger store with a complete assortment from both audio, video, security, fire, life safety, and Datacom. One large store that has all of that assortment in it, that again, optimizes that convergence that's taking place across the customers in the industry. We have 20 stores that we will complete in 2027. That means 30 of them will be fully consolidated at the end of 2027. We will have a few more that will stretch into 2028. Platform consolidations, another fun one. I talked about the ERP. We had 17 different ERPs. That's a lot. We are now down to eight, so we have done some good things there. Our end state will be around three. We will have an international business ERP, we will have an ERP that handles our manufacturing business, and we will have an ERP in North America that handles the Americas business. A little bit more to go, but all of that infrastructure and foundation is laid for that. Last piece, AI automation deployment. You heard us talk about AI. Here's what I want to say about it. I am not a fan of AI for the sake of AI. I firmly believe you put AI in because it simplifies the business and/or it creates a better experience for your customers. That's where you unlock value from it. We put AI in this year with a particular piece of software that I am very excited to share to tell you how we are using it. Here's what it is. Professionals practice. We have over 1,700 professional salespeople in our organization. I am telling you they are professional salespeople. Here's why, because my salespeople practice. They use software that enables them to use agentic AI to actually do prep sales calls with an agentic agent. They can actually do a sales call, record it, and it is going to give them instantaneous feedback on things like, "Here's a sales cue you might have missed," or, "Here's white space based on that customer data that you could have brought up." Their manager can watch that and give coaching and feedback. If you have somebody that just really kills it, you can also use that as training for other reps. To take you back to that World Cup analogy, no one on that field just showed up that day and said, "Well, we are here to play a game." They practice. They know what the competitive landscape looks like. They know what their play calls are. We are using AI to ensure that we can do those things as well. When I say we have a professional sales force out there, I mean a professional sales force, not a sales force that is just showing up and winging it across the table from the customer. When you put all of this together, it creates better customer and better business outcomes. All right. I am getting ready to close. Thanks for bearing with me. As you think about AI, I want you to think about a few things. I want you to think about the fact that we show up where it matters. Safety and security matters. We have spent 40 years building trust that our customers absolutely value. We've spent the last 18 months rebuilding our foundation, our network, our ERP systems. Major heavy lifts. That puts us in a position today where we can execute, and we can convert that execution into consistent, profitable growth. Before we transition to financials, I'm a mom. I have four kids, very proud of them, and we love to make up games. We make up the most ridiculous games in our family. I'm sure you guys maybe have played the I Spy game with your kids. We love to play the I Spy game. So I'm going to give you guys a little game to play. In this room, there is a lot of equipment that ADI sells. There's security cameras, there's networking. There's audiovisual equipment. I want you to look around this room and spy how many pieces of equipment that you can see that we sell. I'll give you a hint. It's north of 10. Then I want you to think about the fact when you're going home tonight, that that's one room in one building. Then I want you to think about all of Manhattan. Then I want you to think about all of New York. Then I want you to think about the globe. When you've done that, you see the world the way I see it. Thank you. Hi, everyone. I'm Michael Carlet, the soon to be Chief Financial Officer of ADI. As many of you know, I previously spent over a decade as the CFO at Snap One and was thrilled when we were able to merge that business into ADI. Upon the completion of that transaction, I was privileged to join Resideo and have served as their CFO for the last two years. With the anticipated spin of ADI, I'm excited to be joining Rob and his team in helping lead ADI in this next phase. While I had hoped to join you in person, a longstanding family commitment conflicted with this investor day. In my place, I'm very pleased to introduce Kevin Prush, who will lead the discussion on our financial targets and outlook. Kevin has been with Resideo since the spin from Honeywell and has spent much of that tenure as the CFO of the ADI segment. Upon completion of the separation, Kevin will serve as our Senior Vice President of Strategic Finance and lead our efforts over investor relations, capital markets, and corporate development. Thank you for your time and interest in ADI. I look forward to seeing many of you in the future. Ladies and gentlemen, please welcome to the stage Kevin Prush. Thank you, Mike, for that intro. Today, I want to focus on one question: Why do we believe ADI is uniquely positioned to deliver profitable growth and meaningful margin expansion to our investors over the years ahead? As Mike mentioned, my name's Kevin Prush, and I lead strategic finance here at ADI. I've been with the business for over a decade, dating back to the Honeywell days, alongside the leadership team that you met earlier today. Over that time, we have navigated key economic cycles, we've integrated acquisitions, we've modernized our tech stack, and gained share. I've seen firsthand what this business is capable of, and I believe we are in the strongest position in our history. The investment case is straightforward. We play in attractive markets, we hold leading positions in our core categories, and we've invested significantly to strengthen our positioning. What excites me most is that we've laid the foundation and we're just in the early days of capturing value. What you've heard throughout the day is the strength of ADI's competitive position, and this slide shows the financial result of all those efforts. Today, ADI stands at nearly $5 billion of revenue, with market-leading positions in attractive, growing categories, a differentiated operating model, and significant opportunities to expand both margins and cash flow. The gross margin of 22.3% that you see here reflects our ability to drive results, operate at scale, and operate efficiently, all while driving favorable mix. Before we move on, I want to take a moment to pause on EBITDA, because we have a few different distinctions that we want to make here. There's actually three different versions of 2025 adjusted EBITDA that I want to introduce you to that you'll see throughout the presentation today. The first is $359 million. That represents ADI's segment operating profit within the Resideo framework. The second is $318 million. That represents ADI's carve-out financials, such as those you'd find in the Form 10, sort of the sum of the parts with a full Resideo corporate allocation. The third, and most important to the audience here today, is the $295 million you see on the screen. That represents the true earnings power of ADI as a standalone public company, including fully loaded, expected and anticipated public company costs and corporate allocations. There's a full reconciliation in the appendix. Importantly, we view this $295 million simply as our starting point, not our destination. Over the course of today, you've heard a lot about our investments. Rob mentioned our investments in scale. Marco mentioned our investments in our offering. Stu walked you through, in detail, our investments in digital and customer experience. Allie walked you through the investments we've made in our operating model. I'm excited to tell you we're just starting to receive delivered returns on those investments. As our growth and our margin initiatives continue to mature, we believe that ADI has a significant opportunity to expand earnings and create substantial shareholder value. Now, when I look at this period from 2023 to 2025, what stands out isn't the historic growth rates. What stands out is what the team accomplished while operating in a highly challenging, oftentimes chaotic environment. Over this three-year period, we truly transformed the business. We acquired and integrated Snap One, a $1.4 billion acquisition. We turned over a 40-year-old ERP system. The reason you are all here today, we prepared ADI to become a publicly traded standalone company. Any one of these would require a significant amount of management focus. We successfully executed all three. Now, what you see here today are the carve-out financials as per our Form 10 filings, as I mentioned a minute ago. Our revenue, while growing, was impacted by the turbulent macro environment that we were operating in. We used that time period to strengthen the business, investing in our digital capabilities, doubling down on our emerging categories, modernizing our tech stack, and we have positioned ADI to truly benefit when the macro conditions improve. The earnings profile here reflects the deliberate investments we've made, which have weighed moderately on our near-term EBITDA conversion, but created the foundation for the future. Now notably, this is a CapEx-light business. About 1% of our revenues in a given year are dedicated to capital expenditure. 75% of that, roughly, is dedicated to growth as opposed to maintenance. That results in very strong cash conversion. You'll notice the spike in 2025, where we invested significantly in our ERP system and the real estate footprint optimization that Allie walked you through a minute ago. Typically, our EBITDA less CapEx, which is a good proxy for our cash flow conversion, is in the 80%-90% range, again, providing great flexibility for the company. Now, the message from this slide isn't that we spent the last three years navigating through turbulence. The message here is that we spent the last three years building a stronger company. Let me bring together everything you've heard so far today and explain why we believe ADI has a compelling pathway to sustained earnings growth and shareholder creation over the medium term. You saw this slide in Rob's deck earlier. If you look at the dark blue column, what stands out to me is not simply our revenue growth outlook. It's the combination of that revenue growth, gross margin expansion, and accelerated earnings power. We believe ADI is well-positioned to consistently grow above underlying market demand with that 4%-6% CAGR coming from multiple vectors, including share gains in core markets, increased penetration in our emerging categories, increased penetration with our existing customer base, and further expansion into Pro AV and Datacom. Taken together, these drivers take us from $4.8 billion to $6 billion by 2030. Importantly, the top-line revenue growth is accompanied by meaningful margin expansion, 40 to 50 basis points over time, or about 10 basis points per year on average. This expansion model is not reliant on the macro improving, but instead driven by improved mix and exclusive brands and digital, more on that in a second, and continued efficiencies in our operating model. Most importantly, though, through operating leverage, higher margin growth, and combined with productivity and cost discipline, we're targeting $500 million plus of standalone adjusted EBITDA by 2030, growing EBITDA at 10% on average over that time, more than 2x the rate of revenue growth. The result here is a clear path to substantial incremental earnings power over the next five years. What gives us conviction in this 200 basis point margin expansion story is that it is driven largely by initiatives largely within our control. This isn't a story that depends on a materially improved macro, but it's a story driven by mix improvement, digital adoption, exclusive brands, productivity gains, and operating leverage. Beginning with mix, you heard Marco mention earlier that exclusive brands, it's about 18% of our mix, and those sales are at multiples higher margin than the 3P or third-party product that we sell. Even modest mix gains here translate to meaningful profit. Shifting over to digital, Stu used the word "unlock." I really like that word. I'm going to steal that here. Digital unlocks an awful lot for us. It drives loyalty with our customers. We give them a way to shop that they want to shop, and it becomes an economic engine to drive about 200 basis points higher margin per sale than our offline sales. Very complementary to the in-store experience. That stands at about 30% revenue today. A lot of runway to grow. We're consistently improving the customer experience while driving loyalty, that results in stronger business economics. Stu also mentioned our AI-enabled dynamic pricing, which allows more of our revenue to drop to the bottom line. We're able to make smarter decisions in real time. Of course, we control our exclusive brands pricing as well. That's completely in our hands. Couple that with operating leverage. The action's already taken. Allie did a great job of walking you through the $30 million in-year savings that we've already identified and we've already actioned, which translates to $80 million annualized reduction in our burn rate on a go-forward basis. That creates a ton of efficiency for the business, and we're just in the early innings on seeing that return. Ultimately, this isn't simply a margin expansion story. It's a story about converting GDP plus revenue growth into disproportionate earnings growth. We're transforming the $295 million EBITDA business that we're running today into the $500 million EBITDA business we're building for tomorrow. As we prepare to become a publicly traded standalone company, one of the most important messages that I'd like investors to take away from today is that we're starting from a position of financial strength. We're coming off a very successful capital raise, we've intentionally designed a capital structure that provides flexibility, supports our growth, and gives us a clear path to creating sustained shareholder value. At spin, we expect to be at a 3.0 turns net leverage, which is consistent for what you would expect of a business of our size and our scale and our cash generation profile. Most importantly, we have a clear and disciplined path to reduce that leverage over time. One of the advantages of the ADI model is the ability to generate substantial cash flow, I shared that with you a few minutes ago, with relatively little capital investment, again, about 1% of revenue a year. That means a significant portion of our earnings drops directly into cash flow. That gives us considerable flexibility to navigate economic cycles, invest in attractive growth opportunities, and remain reliable stewards of capital. The business model has a natural de-leveraging mechanism built in, and at the same time, we'll maintain substantial liquidity of about $650 million upon spin between cash on the balance sheet, that's $150 million you see here, and then $500 million in a revolving credit facility that we expect to remain undrawn. What excites me about this next chapter is three characteristics. One, our ability to generate cash consistently. Two, our ability to rapidly de-lever. Three, our financial flexibility. This combination allows us to invest in growth, strengthen the balance sheet, and ultimately, create long-term shareholder value. As I stand here today, our priorities are clear. Grow organically, expand margins, generate cash, de-leverage the balance sheet. De-leveraging and organic growth come first in that order. M&A is an additional value creation lever that we can use selectively as the balance sheet strengthens. Against that backdrop, we'll remain disciplined, pursue tuck-in acquisitions at first that expand our capabilities, strengthen our position in attractive categories, and are financially accretive. Over time, as the balance sheet continues to strengthen, we can pursue larger or broader M&A opportunities and explore further avenues to create cash and return it to our shareholders. Our criteria will not change. We will deploy capital only where we believe we can generate attractive returns, enhance our strategic position, and create long-term value. Whether we're investing in organic growth, reducing our leverage, or pursuing corporate development, every dollar of capital that ADI spends will be deployed with a high ROIC focus. First and foremost, I'd like to reiterate that our financial targets and our growth algorithm that we've shared here today are built around organic growth, margin expansion, and disciplined execution, and we do not necessarily need M&A to deliver the model that we've outlined here today. However, ADI does have a strong track record of using M&A to strengthen and complement our existing business. Rob walked you through this earlier. We've done seven acquisitions since 2020, one truly transformational in Snap One, the others more tuck-in. Our CAGR over the last five or so years is 9% reported, 5% of that is organic, so the rest is through disciplined and successful M&A. We've used those tuck-in acquisitions to enhance our capabilities, enhance our customer relationships, build new relationships, and strengthen our market position. Looking ahead, as I mentioned, our near-term focus is on tuck-in opportunities that are complementary, can be integrated quickly, and are accretive in the short term. We're particularly interested in opportunities that expand our presence in attractive growth categories, offer differentiated products or capabilities, and help us serve our customers in the space where we already have a proven right to win. As our balance sheet strengthens over time, as I mentioned earlier, flexibility will increase and our philosophy will remain unchanged. We will simply deploy capital only where we believe it generates the strongest return for our shareholders. Before I invite the rest of the leadership team to join me back on stage for Q&A, I'd like to offer some closing thoughts. Again, this was Rob's closing slide. I think it's important to reiterate here. As I reflect on everything you've heard today, I think the ADI investment thesis that Rob laid out and was supported by proof points from Marco, Stu, and Allie is remarkably straightforward. We participate in attractive markets where we hold leading positions that we've built over decades. We've built a differentiated omnichannel platform that creates value for our customers, our shareholders, our suppliers, and our employees, our four most important constituents. We have multiple growth vectors that support our ability to grow above underlying market demand. Importantly, we believe that growth is accompanied by meaningful opportunities to expand our margins and generate substantial cash flow. When you put those pieces together, you get a business capable of delivering revenue growth, expanding earnings, and generating cash simultaneously, that's what gives us the confidence in our ability to create sustainable and substantial long-term shareholder value, the best is yet to come. Thank you. Now, just a quick bit of housekeeping. We're going to take a quick five-minute break so the team can set us up to take your questions, so please come back in five minutes. Thank you. Ladies and gentlemen, please be back in your seats at 2:15 P.M. Thank you. Ladies and gentlemen, our program will resume momentarily. Please take your seats. Ladies and gentlemen, please welcome to the stage Hunter Blankenbaker. All right. Got a few people moving in here. Just going to briefly introduce the team back up here for the Q&A session. For those listening online or if you're in the room and you're a little shy, you can email investorrelations@adiglobal.com for questions. Now I'll bring the team up. Just while we're putting mics in the room, we do have some mics in the room. If you have a question, just raise your hand. We have two mics in the room, and we'll work around. While we're waiting on the mics, I do have one question that came in during the presentation. As you think about the long-term targets, what are the key risks to achieving the revenue growth and margin expansion opportunities? I'll take that one. First, I would say that You heard from the team today. We feel like we're very well positioned to execute on our revenue and margin opportunities. You heard about the transformation work that we went through in the last 18 months. We're on the other side of that now. We're a more mature organization. A lot of that turbulence is getting further and further in the rear-view mirror. We're now in a position to unlock significant intrinsic value in the organization, really leverage the flywheel that is ADI. A lot of the growth drivers you heard today around omni-channel expansion categories continue to strengthen our position in the commercial security space. We're seeing that momentum. With that, along with the work that Marco's going to do in exclusive brands, higher digital mix, all these things coming together give me a lot of confidence that going forward, we'll be able to achieve our financial algorithms. Good. Thank you, Dan. Thank you. Let me first say congratulations to the team, Jay, and the board. You guys have gone through a lot, and it's pretty impressive to get to where you are now. Thank you. Rob, I'll ask you one question, then based on your answer, I'm going to wrap it up and ask another follow-up. The ERP disruption, I think you described it as you lost some share, but you didn't lose customers. I guess the last conference call you focused on how focused the whole entire organization was with metrics and work streams and getting much of that share back. Can you give us an update on how the share recapture has gone and is going? I feel bullish about where we are now versus where we were certainly six to eight months ago with Allie's cutting her hair and thinking about growing bangs, that kind of thing. I'm going to let her take the answer part of this, too. The one thing that I was maybe most proud of, outside of just the resilience the team showed, and believe me, between all of us up here being in multiple locations, our stores, our DCs. I see a lot of our store leadership teams out there, and the work that they had to go through to hold on to our customers was outstanding. I really think it was miraculous. A true testament to who we are. What Dan's talking about, it wasn't unusual in the back half of last year to walk into our stores, and one of the things we prided ourselves on was speed. Customers came in, they got out. They came in, they see maybe one person at the counter, they got their products. They knew they weren't going to wait for more than a few seconds, and they were out of there. Not uncommon to come in and maybe see three or four customers deep during that timeframe. The team was working hard to take care of them, and sometimes they didn't have the time. In a lot of cases, we had locations right across the street, so they walked across the street. They continued to buy from us, just maybe not as much. I think I'll let Allie talk about some of the data and the tools we had to give us those insights, then how she directed the team to get after the share that might have gone elsewhere. I think one of the things that's very important and that our team focuses on is leading indicators. I tell everybody, revenue numbers, that's the newspaper. That's what happened yesterday. It kind of doesn't matter. We really focus on leading indicators, looking at our pipeline, our opportunity detection, our unique buying customers and counts and what we're seeing week-over-week, month-over-month. What I can say is all of those indicators have positively indicated recovery, especially in that day-to-day run rate business right now. The team's done just exceptionally well continuing to make contact with those customers, letting them know, again, that turbulence that Rob mentioned of the first couple of months when you're in a new ERP are behind us. Our pipeline is in a very strong position right now as well as opportunity detection. We feel very good with that. Great. I'll follow up with that a little bit. Allie, I thought you described it really well. The company has done so much hard work, kicking hard like a duck to keep everything afloat, but it really hasn't dropped down to the bottom line yet. You haven't seen it yet. Like you said, you haven't been doing this for fun. If I look at the 200 basis points over five years of margin expansion, it seems like a lot of that is coming front-loaded here and the bottom line, and investors will really see it flow through in 2027. You have $80 million plus of cost. If you just take two years of a 3% revenue growth, you have $300 million in revenue at 10% contribution margin is another $30 million there, I guess, conservatively. It just seems like 2027, you add 100 there to 295. You're looking at halfway to what you were thinking about. It's just such a big delta from where you're going. I think it's important for investors. I know this is supposed to be long-term, and I'm not trying to pin you down on 2027. You give all the numbers. It's just math. Am I thinking about that the right way? You just take last year, you have $80 million of cost. You have your two years of revenue. We're looking at $400 million plus next year, which is halfway already to your target. Not saying you're being conservative, not asking for 2027 numbers, but it's just math. What am I missing here? By the way, great question. Completely understand why you're asking it, and probably on everybody else's mind. We were very confident in putting the numbers up here because this is a team that's going to go, that's executed. A lot of it is already being executed, and we have a line of path to the $27 as well. The one thing, Dan, that I would add to that is these are gross numbers. Gross numbers, not net numbers. If they were net numbers, I'd say, "Yeah, go ahead and add it to the 295, and this is what we got." There's still investment going on in the business in the areas that we mentioned today, and omni-channel, boots on the ground and Pro AV and Datacom, and we can't just stop that. We've got to continue to strengthen the flywheel there so we remain competitive, and more importantly, the momentum that we're seeing coming out of the turbulence next year, we're still able to hold onto it, capture it, and exceed accelerated growth. If we stopped all that and we just relied on the cost takeout, then we're cutting our way to profitability, and what then would scare me is what happens in 2028, 2029, because our competitors are gunning for us every single day. We got to measure our approach between going after taking redundant cost out, but also continuing to invest in the business. Okay. Okay. We can go here and then here, and then I have a couple online. Actually, please go ahead. Yep. Thank you. Keith Hughes, Truist. Two questions. First, on acquisitions that you're de-levering. I totally get that you need to do that. Once you hit the two odd times, how aggressive would you be on M&A? We've seen other distributors do five, six deals a year as they roll up smaller players. Is that something at least potentially could be in the wheelhouse for ADI? I would love to get to that part. That position, right, where we're able to do that. We've built a real thirst for M&A. For those of us, I've been here a long time, mainly when we were part of Honeywell, we didn't get to do any of that stuff. Right? When we spun out from Resideo or from Honeywell, we were now able to invest in the business, get into things like M&A, and build a real muscle memory around it. We understand that's a critical part of our growth going forward. The numbers we showed up here today do not include any of that. You know that, Kevin reiterated that. We've got a bit of a plus and a curse in the next couple of years. I think this is what you were alluding to. To protect the tax-free nature of the spin, we can only do so much when it comes to M&A, right? There's thresholds we need to live behind, or the IRS comes calling and says, "Give us some dollars." We want to avoid that. We don't want to burden our shareholders with that. We've got some operational excellence areas that we want to double down on. All the transformational stuff you saw here, Allie talked about it, the roadmap of store consolidations, platform consolidations, three ERP systems, one e-commerce site, so that when we get to the other end of that, let's say 18 months after we spin, there is a rigorous playbook we can put in place that drives integrations in 12-18 months. We have to take advantage of this timeframe we have right now because we may never get it again to get so operationally efficient that M&A going forward is we're capable of five a year, like you just said. Right? Today, though, that would be a tall order. We need to take advantage of this next few years. I don't know, Allie, Kevin, anything that I mentioned there? I would just say, when I think about the next 18 months right now, to Rob's point, it's about really getting that infrastructure so that we could execute on true tuck-ins and do it very quickly and very efficiently. I think what you're seeing is we're putting that infrastructure in place. We're still in the middle of our network optimization on our distribution centers. Stu's working on getting us down to one website for e-commerce experience. All of those things, once those are in place, are going to enable those tuck-ins to happen much more methodically and much more recipe, I would say. We still have to finish that. Tuck-in's kind of what we're limited to in the next couple of years. Kevin mentioned high bar, though, for those. EBITDA accretive, obvious synergies, growth opportunities, maybe gets us into a new category. Not a difficult integration. High bar on what we will do in the next year and a half. Certainly after that, what you should take confidence in also is that we're going to get there, but also that Snap One is not the last transformational M&A deal that we have and want to do going forward. Tuck-ins are great, but let's face it, we got some big lofty objectives over the next five years, and we'd love another transformational deal to be part of that. Just one other question on the cost savings, the $80 million. How much incremental will you get in 2027 as part of that $80 million cumulative? Great question. There was a plus next to that, right? The $80 million plus, and I mentioned that's a net number. I think one thing you can rely on the group to do is that we will continue to look at every single area of opportunity to drive efficiency in the business. Ali, this is part of Ali's slides. I don't know if Ali and Kevin you want to talk about 2027 and what's up here versus maybe what's in the sites elsewhere. I think, again, it's a gross number. I'm an operator, so I'm going to break it down as an operator would, right? When you're doing these cost takeout initiatives, there's a period where you're actually increasing the investment before you can take the cost out. Let's think about our distribution centers. You have to have a distribution center that you set up and that you make the investment in before you can collapse the other two. A lot of that activity is started to take place once we stabilize from the ERP conversion, and we could do that. A lot of that's going to happen in 2027, so you'll see the cost takeout, but it won't be fully annualized until 2028 from the activity that we're doing in 2027. Again, in 2027, you're potentially going to see some investment because as I'm consolidating stores, as I'm consolidating distribution centers, there's kind of a front-load cost associated with, okay, where is my distribution center going and what investment do I need to make so that I can execute on the collapse? Even before the cost, is there a number in 2027 that you think you'll hit as part of the plan? Total takeout? Orders of magnitude, I think the way Allie laid it out is we have about $30 million coming out this year in-year. Most of that we'll see in the back half. Roughly, you could double that. That gets you to $60 million. Add another $20 million worth of actions for next year. Again, these are round numbers, that gets you to the $80 million of annualized run rate cost takeout by the time we exit 2027. That's the way I look at it. Thank you. Okay. Let's go over here. Thank you. Tomo from JP Morgan. We'd like to ask you about the culture that creates dynamite teams and if you could share some of the data such as retention rates and employee engagement surveys, that kind of data. What would you say key factors you prioritize to achieve your financial targets in this context, please? I'll take the first one, which is a great subject. Thank you for asking. It's one of the things I would say, and I want you to hear from the team, too, not just me, that I know we're all very, very proud of the culture of this organization. How it was formed in the tough days when we were with Honeywell and thriving in that organization, a fierce commitment to our customers. We jokingly reference part of our tactical execution culture in the hallways as a GSD culture. You know what that stands for? No? It stands for get shit done, right? We're pretty proud of that. It's on email monikers and things like that. It does not mean we're not strategic. It's just this kind of permeated culture within the organization that drives our team. We also have this standard that we call above the line, below the line. Above the line is where we empower our teams to see things, grab a hold of initiatives, not have to go run around corners and get permission, solve problems, and do it as a team. Below the line, finger-pointing, somebody else will come along and save me, duck your head in the sand, none of that. If you have that kind of mindset, you typically don't last a whole long time, and you just opt out. Allie said it best, too, which is something, when I interview folks, I think everybody else interview folks, she probably pioneered this, but she's like, "Hey, listen, it's not for everybody." You want to work hard, you want to be successful, you want to make some money, especially if you're a salesperson, you want to be rewarded, you want to live in a very engaged culture where it's not kind of singular focus, it's link arms together as a team and get across the freeway on this great, beautiful flywheel we have, then you're going to do well here. I would say if I look across the organization, 4,100 people, the majority kind of live up to that standard. You talked about attrition. Our attrition compared to traditional industrial distribution is much lower. We don't publish these numbers, 1% a month, something like that, less than 12% a year, something much lower than average in the distribution space. That's a bit of feel for our culture. I don't know if Allie, Kevin, you want to talk more about that. I would add two things. Tenure is a blessing in our organization. We have a substantial amount of tenure. That was one of the reasons why the ERP transition was so hard. We have a lot of people that have lived their whole careers in ADI and worked on the ADONIS system. That was one of the challenges that we went through when we talk about that turbulence of bringing people onto some new platforms and new systems. I'm incredibly proud of how tenured individuals, 25, 30 years, working at our stores were able to meet that. The other thing I'll say, and I mentioned I've spent 25 years in industrial distribution. I'm just a gritty girl from South Philly, and I absolutely love distribution and that industry. We're dealing with the trade, we're dealing with other just blue-collar people that are looking to get it done and that are just gritty and resilient every single day. I think that's what attracts people to this industry, and it's also what keeps us here because we feel a sense of community and a sense of purpose in what we're doing. Again, I think that that's why you see the tenure and why individuals like myself, I didn't go to school for supply chain back then. That wasn't a course. Now it is. It's much more popular, but I found an incredible community in it, just I think that you'll find that any individual that you speak to in our company, they just love that kind of gritty, get it done, take care of the customer attitude. I personally just love it. That's why I stay. I agree with that. I'll add two things to what you heard from Rob and Allie today. Rob talked a little bit about the above the line, below the line culture, I'm glad you asked the question because we could talk about our culture all day. I've been here a long time. I've never heard someone utter the words, "That's not my job." It's always next man up. We're a team. We win together. The other thing that Rob alluded to is that we don't only listen to our customers, we listen to our employees. We survey our employees regularly and want to hear them out. "What would you like to see differently? What's working? What's not working? What keeps you up at night?" Then we make meaningful changes to the way we operate based on those responses that we get from our employees. Just as much as we love to hear from our customers and make them happy, we want to make our employees happy, too. Yeah. There's this whole flywheel around, you mentioned employee surveys. Whole flywheel around that. The surveys we do once a year, the focus groups with management teams, very transparent with the results, with an expectation and accountability from our leaders that whatever those scores are that we identify that our team members told us are opportunities for us to improve, we build capabilities, we invest whatever it is to ensure that they feel appreciated, their voices have dignity and meaning. That's a lot of effort to do something like that. We place a lot of weight on that, and it's a rigorous process we go through every single year. You had a second question that I apologize I can't remember. Did we answer everything for you? Yeah. Okay. Absolutely. If I may follow up one another questions. On the target of 40, 50 basis points for gross margin growth seems a bit somewhat conservative given the mix and pricing that you talk about. When it comes to like exclusive brands, it's three times higher than the average, data-driven client engagement is powerful. What would you say? Shouldn't these like initiatives enable a higher gross margin targets? Like what would you say some upside from here? We're always trying to drive higher gross margin targets than what you see on the screen here. We actually think that's pretty aggressive. One of the reasons is, if you just look at it as a starting point, 40 to 50 basis points from the end of 2025 to 2030, it's actually a bit deceiving. Kevin, maybe you want to talk about the actual starting point based on the headwinds, the tailwinds we had last year, which translated into headwinds this year. Exactly. Yeah, Rob nailed it. If you look at 2025, if you remember, obviously a very chaotic tariff-related environment. We capitalized on that environment. We took opportunities to sell our product at higher prices because the market demanded it or allowed for it before our costs caught up to us. We obviously carry inventory. That resulted in about a 40-basis point tailwind in 2025 that just naturally doesn't repeat this year. The starting point is actually probably a little bit lower than the reported results would indicate. It takes a little longer to build out of that headwind that Rob mentioned. I do see. I think that one thing the team gets really excited about, and maybe Marco, you can talk about, just double down on the work that you've done since you've assumed the role as Chief Merchandising Officer. By the way, Marco now, 6 months ago, we gave him this title, well-earned. We put exclusive brands, product development, all of our third-party relationships, supplier relationships, marketing, of course, e-commerce, all under marketing, and really bring one unified go-to-market together on this. We've known we've needed to branch out, leverage those R&D dollars to do more light commercial. That's got to be a big driver for us, but it doesn't happen overnight. You want to talk about maybe the next roadmap in the next year and a half a bit? Yeah. I touched on it in my presentation. The commercial space is a huge ability for us to drive more NPI from the exclusive brand portfolio. Right now, I mentioned it's heavy residential AV. A lot of that came over from the Snap acquisition. What also came over with the Snap acquisition was a ton of R&D capabilities through our JDM and contract manufacturing. Datacom's in the house. Wait, what happened? Oh, shit. I didn't see Mike. I thought Mike had set up that rover. Okay, keep going. It's all through JDM and CM partnerships, and we're going to leverage that because of that CapEx light R&D that I mentioned and introduce more and more products into the commercial space. The roadmap is continuing to build out, but you'll see a lot more in 2027 in terms of the ratio of commercially applicable products to take that 18% share of our exclusive brand portfolio today into that low 20s. I honestly look at this business. Look, resi AV has its challenges right now. It does. The macro environment is tough, and it's a pretty big category for us at 3x the margins. This is about the long-term play, and we have a unique set of levers that a lot of our distribution peers do not have. An 18% exclusive brands mix today at 3x the margin of our base business. Moving that mix to 21%, 22%. If anybody wants to do math in the audience, do that math. That's a significant P&L game changer. You talked about the work Stu talked about, all of our advancements in digital. That's every single order at an average of 2% higher gross margin when it transacts online. That's one of the fastest-growing parts of the business. It's the stickiest part of the business. You couple that with 30% of the business today. You couple that with EDI from our large customers. That's another 10%. You've got sales order automation. The total touchless revenue coming through the business is right around the 40% range. Remarkable opportunity. All those are higher-margin plays. The remarkable opportunity, as you see the mix increase there, as we continue to enhance the user experience, our sales team, you really don't have to add a bunch of salespeople to the mix because they've got more time now where transactional business moves to online channels. That's by design. What do you got? What do you get there? You get a higher margin mix with those two things coming together. You get fixed cost leverage by holding your cost steady, and the whole business wins. These are real levers that we have. Our expansion categories growing at low double digits. There's plenty of demand in the channel there. You saw 47% growth, I think, Marco, you showed, right? 43%, 47% since we started those four or five years ago. There's real levers here to expand margins over the next five years. Okay. I'll take one from online. When you benchmark your digital sales as a percent of revenue at 30% today, that's pretty high from an industry perspective. Where do we see that going over time? Man, I feel like I just answered that. Just a combination of everything. Stu, as Marco said, is best equipped to talk anything digital. I'm going to let him talk and answer that one. Sure. When you drive into the airport in the morning, I see our customers on the road at 6:00 A.M., they never struck me as digitally active, they are. The pros run a workflow-driven business. They go to a job site, they have to create a design, they have to figure out what technology maps together. In that journey, think of it as a 100-mile journey, there are tons more opportunities to digitize how the pro engages with ADI. That's what gives me confidence. Placing an order, which is really the 30% that we talked about, is but one mile marker on that 100-mile journey. I see a lot of opportunity to continue to digitize that entire experience. As a digital leader, I can tell you that when we release new features, when we make interacting with ADI more convenient, we see growth. We see more engagement, we see more ordering. We've got a really exciting roadmap up ahead of us. Of course, we've talked a lot about AI and some of the other changes in the e-commerce industry, we've got a really exciting roadmap ahead of us. I'm very confident. I'll add to that, too. There's still a lot of transactional customers in the business. That's fine. They still buy with us. That's great. Stu coined this term that I got to give him credit for, which has kind of driven our whole mantra around here. It says We're on a mission to turn order takers into market makers. Think about that. Our sales team, which Allie talked about, we're investing in. They're fantastic. They're elite. Do we necessarily want them just entering orders, when that can be done online, or do we want them zeroed in, engaged with the customers that really need them the most, that have the most opportunity to expand their offering, expand Exclusive Brands assortment, and make them even stickier to bring additional wallet share into ADI? That's a real opportunity here as those two things work together. We have a question in the room. Yeah. Can you talk about the $1 billion cumulative cash flow from ops target? Historically, your free cash flow as a percent of net income was much lower than that is implied to be, I was wondering what's driving that. Yeah. There's a lot that we did to drive that, including management of our kind of network and capital numbers, supplier terms, customer terms, collections, all those things, which I think we really do well. Kevin, if you want to maybe talk about the $1 billion and what gives us confidence that we'll hit that. Yeah. I think you covered the big drivers of what's going to improve that cash flow over time. I do want to remind you that what we're referring to, and I had it on my slides, is defined as adjusted EBITDA less capital expenditure. That's what we're using as a proxy for our cash flow in the short term. Kind of an operating cash flow, won't include things like taxes, for example. That $1 billion is before interest tax? Yes. I would consider the definition of that to be adjusted EBITDA less CapEx. Oh, got it. What about actual free cash flow or cash flow from operations? How should that look as a% of, call it net income or EBITDA? Yeah, we're not specifically providing that yet. We're still working on modeling that out as we head into the spin. Should there be a difference in how you're managing the working capital between now and when you were a segment within Resideo? How we're managing working capital? I don't think so. As Rob mentioned, we hold ourselves to a pretty high standard. We look at our inventory levels that we need to maintain to support our customers, make sure our supply is where it needs to be at the right time, and at the same time, managing our flows of payables and receivables adequately. If we look at the kind of building blocks of working capital, we hold ourselves to a pretty high standard already, and we're going to continue that going forward. Got it. Thanks. Then one more quick one. I think they called out the P&S business $175 million of revenue from you guys. I was just curious if that is going to keep going. Is that at market terms? Are you paying a margin on it or getting a deal on it? The answer to your question is an emphatic yes. P&S Resideo, it's a top 10 supplier for us. Tom and I are committed to continuing to strengthen that commercial relationship. We will have a commercial agreement in place. As they are a critical supplier to us today, they will be a critical supplier to us going forward. They're the largest supplier we have in our residential security space, and we don't see that changing anytime soon. Unless you, Marco, anything to add on that? The only thing I would add there about the math is that the P&S business has to make an adjustment. They have to pro forma that revenue back into their P&L because it's adjusted out or eliminated at the Resideo level today because we're intercompany. It's an intercompany sale. They make an adjustment for that in their pro formas. Nothing changes in our P&L as a result of that. Okay. Thanks. Sorry, Allie, I think you were going to expand on that relationship. No. Marco? No, that's good. Oh. No. Covered it. All right. We have a couple on Exclusive Brands online. One is, we're at 18% today, how do we see that progressing throughout the next couple of years? The other is, can you give us an update on Exclusive Brands in commercial? Sure. Marco is the best one to answer that. I'm really proud of what he has done in the last really six months since he took over the position, digging deep into the current pipeline, really looking where we've got opportunities to rationalize the current assortment, strengthen the areas in Pro AV where we need to continue to double down on, shift some of those R&D dollars over to commercial, where we've got 100,000 customers that sit on the legacy ADI side. If you want to expand on that a bit, it'd be great. Absolutely. I think one of the first things we did, we don't really talk about it too much, was we did a brand rationalization exercise. There was a bit of brand proliferation as we saw the two companies come together. Some crossover product where we were able to leverage our position with the factories and get a better position with them, I would say. I talked about it earlier, the roadmap as we continue to build, we're not going to stop progressing into that residential AV controller, networking space, providing entertainment for our customers. It's what's made Snap One incredibly successful. It continues to be a good business for us, we're going to take that R&D and those teams and look for opportunities to, one, as Rob just pointed out, rationalize that offering. Not to remove anything that's worthwhile, maybe tighten it up a bit use that bandwidth to expand into that commercial side. I named a couple of the areas that we've started already, you'll see more and more expansion. There are going to be some categories where we don't expand into that we service today because high liability reasons or just the 3P nature of that market. In most cases, we'll start to see more and more products available in those commercial categories. I gave you two great examples earlier with Episode Business Music. Really taking residential AV whole house music and bringing it into a commercial space. Right? It's not that of a breakthrough of a piece, it's higher margin, there's a lot more, as Allie pointed out, there's a lot more rooms like this than there are houses in the city. Secondly, the OvrC, which if you just think about once that starts to get more and more traction, the ability for our pros to not have to run a truck or leave their office and disturb a customer or have a building open up in the middle of the night because they need to fix their network before the next morning, that's going to be huge. We're going to continue to drive that 18% up into that low 20s, just by the natural progression of more and more products into the commercial space. The team has already begun that work, it's pretty much full speed ahead. I will also just give Marco a lot of credit here too, because it may be on folks' minds. It's how do you guys navigate the third party or branded product lines with our exclusive brands product line, especially when it's now 18%? This team has done a masterful job. The entire category strategist team has done a great job over the last 10 years, eight years since we introduced exclusive brands, strategically placing them into where they need to be placed by price points, by function, so you don't have a ton of competition. Our entire 1,000-plus suppliers, they get it's a key part of our program. In many cases, they've wanted to fight to keep shelf space. That's been beneficial to ADI, but it scared the heck out of me eight, nine years ago, right, in terms of what the potential damage could have been on the third party side. We haven't missed a beat. No, I would agree. Look, in some cases, especially early on, there were a lot of suppliers that were not true manufacturers, that were just really going overseas and white-labeling product and didn't provide any demand generation activities, value-added services. Those were rationalized out of the portfolio a long time ago. I think what we're left with today is true partnerships, as I mentioned earlier, in a 3P offering. We're going to continue to expand the exclusive brand to hit customer segments and parts of the market where we're not going to directly compete with those suppliers because they provide a value, we provide a value to them, and we're not going to damage those relationships. I think we've done, to Rob's point, as he said, a masterful job of navigating that. There's something else I want to add on that, too, that if you guys think back to Rob's slide where he talked about the fact that you've got the residential market, right, which has a lot of macro trends that's tied to new construction versus commercial, which has that 3-5 natural retrofit and upgrade schedule. That's the other reason that that exclusive brand into light commercial is so critical, because it helps us de-risk some of that reliance on residential new construction. Today, our exclusive brand mix would be heavily weighted towards residential. This helps us create much better diversity and mix of that EV portfolio to be able to penetrate on the commercial side, which is going to naturally have a much more resilient 3-5-year upgrade cycle. I think that's also something that's really critical to tether into as we make those expansions. You may want to also double down on the fact that you are not, and I think the group kind of knows you by now, but you are not waiting for the product development cycle to launch a meaningful set of NPI into the light commercial space. There are plenty of current product lines, products within the EV line that Snap had in terms of its arsenal that are very relevant to ADI's 100,000 customers. There's plenty of opportunity to get after that. Yeah, huge- You want to talk about- space there. Huge, huge white space. I'd say probably 60% of the legacy ADI customers purchase those exclusive brand products today. That means there's 40% white space in my mind. Now some might be larger enterprise customers, but that's all upside for us. So we're 100% focused on that and going after that. As those new products get introduced, we're going to be well-positioned to capitalize on that. All right. We have time for one or two more. I've got a couple online. If anyone has one in the room, happy to take that. Okay. We'll go online. When you talk about your organic revenue growth of 4%-6%, how are you thinking about the resi AV market, and can you do that with resi being kind of down to flat to negative? In today's market, today's world, I don't think anybody would stand up here and say in the resi AV space, you can deliver 4%-6% growth based on the macro, the dynamics of the market. I would be irresponsible if I said that. I showed a slide where the arrow was pointing down, and that is just something we're going to have to navigate around for the short term. We don't think it's going to be long term. We do think it's going to come back. We're under-homed right now. They've been down 15%. New homes have been down. Home sales have been down 15% since 2021. There's demand there, and we're going to do everything we can to strengthen our position until it does come back so we can capitalize on the rebound. In the meantime, you heard a few things up here that we are doing to aggressively mitigate that. Double down on the categories where we have leading positions. We're seeing a nice comeback based on all of our commercial work we've done in our commercial categories since we went through that transition last year. Pro AV and Datacom continue to be really strong. Stu's channel and Datacom continues to impress. Really doing some remarkable work there. Lastly, I would say, back to what Allie just said, while the exclusive brands category is primarily resi AV, and that's where it's lived and where we got it from Snap, a huge opportunity exists with the legacy ADI customer base, the security customers, 40% of which, let's not even quantify that, 40,000 customers in our database have yet to buy an exclusive brands product. Believe me, Allie is pretty tight about that, and she's absolutely going to fix that going forward. We have some weaponry here, if you will, some tools to be able to mitigate that, and it's just a matter of how fast we can execute. Okay. How about we do one more, and then we'll close it out? Okay. Okay. The question is, what changes operationally from being an independent company relative to being part of Resideo? It's a good question. What I would say is not a whole lot. I'll let Marco, Allie talk about our suppliers and our customers. We've been going to market as ADI since the first day that I got here. Our customers know us as ADI. Our suppliers know us as ADI. They knew at some point we were owned by Honeywell. Didn't really get in the way of anything we were trying to do go-to-market wise. Same thing when we were part of Resideo. They knew that Resideo owned us, and that's fine, or we were part of that. In terms of any kind of operational feel downstream, I don't see anything just based on the way we've operated in the last few years. Would you agree, Marco? I would agree. That's the message that's been communicated to the suppliers, the discussions that I've had, my team has had with them. It's business as usual, really, post-spin with them. That's a major leg of the stool. For them to feel that way and communicate it early, I think that's very important. Customers, too, Allie? Yeah. Again, I don't think much changes. I think the change is with the investment community. Yes. Being part of Resideo, it was an interesting story, is what I would say, right? You had this manufacturer. Now what changes is just the intimacy with which we get to share and tell our story with you and your ability to really understand what our business is doing at, I think, just a much more intimate level. That's the big change, and that's also what gets us very excited as a leadership team. Strategic priorities, capital allocation, mind share within the leadership team. Certainly, those kind of things absolutely change, which ultimately will drive some benefit downstream eventually. In terms of the day-to-day, the customers, suppliers that interact with us, our team members won't feel a whole lot different. Great. I think that's all we have time for today. Rob, you want to- First of all, thank you very much. Maybe I went too far here. Thank you very much, everyone, for joining us today, listening to our story. This was definitely our coming out party. First time we've been able to just tell the ADI story. Hopefully, you got excited about not only what we've been through, but more importantly, about where we're going. The team, as you heard today, has a load of conviction around delivering on our financial algorithms. We know exactly what's at stake here. We've been waiting for well over a decade for this moment, certainly on October third, October fourth, where the wings get to sprout. We get to set our strategic priorities, write the next chapter with a great group of investors, great board members, the whole thing. We've got all the pieces and parts to really leverage and take advantage of this opportunity. We hope you'll join us for the ride because it is going to be exciting. Thanks everyone for today. Appreciate it. Great questions.