Thank you for standing by. My name is Maria, and I will be your conference operator today. At this time, I would like to welcome everyone to the Barnes & Noble Education Fiscal 2023 Q4 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer question session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Mr. Hunter Blankenbaker, Vice President of Investor Relations. Mr. Blankenbaker, please go ahead. Okay, great. Thanks, Maria, and good morning, everyone, and welcome to our fiscal 2023 Q4 earnings conference call. Joining us today are Jonathan Shar, Executive Vice President, BNED Retail, and President, Barnes & Noble College, Mike Miller, our EVP of Corporate Development and Affairs and our Chief Legal Officer, and Jason Snagowski, our SVP and Treasurer. Mike Huseby, our Chief Executive Officer, will not be on the call today due to a family emergency. Before we begin the call, I'd like to remind you that statements we make on today's call are covered by the safe harbor disclaimer contained in our press release and public documents. The contents of this call are property of Barnes & Noble Education and are not for rebroadcast or use by any other party without prior written consent of Barnes & Noble Education. During this call, we will make forward-looking statements with predictions, projections, and other statements about future events. These statements are based upon current expectations and assumptions that are subject to risks and uncertainties, including those contained in our press release and public filings with the Securities and Exchange Commission. The company disclaims any obligation to update any forward-looking statements that may be made or discussed during this call. With that, I'll now turn the call over to Mike Miller. Thanks, Hunter. Good morning, everyone. We appreciate you joining us today. While the operating environment remained challenging in fiscal 2023 and our results did not meet our expectations, we made significant progress to transform and strengthen the business for sustained, profitable growth. In the H2 of fiscal 2023, we took decisive action to reduce our cost structure and increase operating efficiency across all aspects of our business. We appropriately aligned our costs with revenue in what we believe is the new normal of the post-pandemic operating environment. We also accelerated the transition of the schools we serve to our more profitable, subscription-like First Day Complete, or FDC, Equitable Access model. The Equitable Access model is rapidly becoming the industry standard for institutions, faculty, publishers, and most importantly, students. In fiscal 2023, FDC grew 88%, we added a record number of schools for the fall 2023 term. Through this innovative, Equitable Access program, we've changed the momentum of the course material business and have grown course material revenue for two consecutive years. Additionally, we divested our Digital Student Solutions business to deepen our focus and capital allocation on our continued transition to First Day Complete and growing our general merchandise business. Lastly, as disclosed last week, we strengthened our liquidity and financial position to accelerate the execution of our strategy for the benefit of BNED's students, educators, faculties, alumni, fans, employees, and shareholders. Under the terms of the agreement, we've extended the maturity of our debt facilities, amended certain covenants, and modified certain other agreements that restricted our ability to operate efficiently. We are pleased to have worked constructively to reach a resolution with our financial stakeholders and strategic partners that preserves value for our investors today and enables us to evaluate the best long-term opportunities for the company. Given the significant changes we made to our business in fiscal 2023, we are entering fiscal 2024 a more efficient company with a clear focus on our greatest strengths and opportunities and well-positioned for profitable growth over the next several years. With that as a backdrop, I'll provide a review of our Q4 and fiscal 2023 financial results before turning it over to Jonathan Shar to review our fiscal 2024 strategic initiatives. Following that, I'll discuss our fiscal 2024 guidance and closing remarks. Now, let's turn to our results. Consolidated fiscal 2023 revenue from continuing operations of $1.5 billion grew by 3.2%. Consolidated adjusted EBITDA grew by $2.2 million to a negative $8.1 million. Moving on to our retail segment, fiscal 2023 total retail revenue increased by $52.1 million, or 3.6% to $1.5 billion, driven by strong First Day Complete, First Day of a Course, and general merchandise sales. Total course materials revenue increased 1.8%, driven by a 48% increase in First Day and First Day Complete revenues, offset by a 9.4% decline in the traditional a la carte model. The higher growth, First Day and First Day Complete revenues comprised approximately 33% of course material revenue in fiscal 2023. In fiscal 2024, First Day and First Day Complete will approach the majority of course material revenue, which provides enhanced predictability in the course material business. Total retail gross comp store sales in fiscal 2023 increased 3.2%. Retail gross comparable course material sales grew 0.4%, and general merchandise gross comparable store sales increased 8.6%, aided by a strong performance in emblematic general merchandise and cafe and convenience. Fiscal 2023 retail non-GAAP adjusted EBITDA of $10.6 million increased $2 million, primarily due to a $52 million revenue increase, offset by higher cost of sales and selling and administrative costs. For the Q4, retail sales of $235.4 million decreased 4.1%, due primarily to a 3.1% decline in course material and a 6.5% decrease in general merchandise. Within course materials, a 60% increase in FDC revenue was offset by a 9.9% decrease in a la carte sales. 116 campus stores utilized BNC's First Day Complete courseware delivery program during the Spring 2023 term at institutions representing 580,000 in total enrollment. Within general merchandise, growth in cafe and convenience was offset by declines in supply product and emblematic sales. The year-over-year decline in emblematic sales was driven by a decrease in the commission rate as part of the Fanatics and Lids agreement, which called for an adjustment in commission rates as the relationship matured. Q4 retail selling and administrative expenses decreased $3.8 million, or 5.2%, compared to the prior year period, due to the company's initiatives to drive efficiencies, simplify organizational structure, and reduce non-essential costs and lower incentive compensation expense. Q4 retail non-GAAP adjusted EBITDA was -$10 million, as compared to $4.2 million in the prior year period. Retail non-GAAP adjusted EBITDA declined due to lower Q4 revenue and lower Q4 gross profit, which included a shift in the mix of buying patterns from physical textbooks to lower-margin digital course materials within the company's a la carte course material model. Additionally, higher inventory reserves, an increase in shrink and higher markdowns impacted gross margin by approximately $6.5 million versus the Q4 of last year. Moving on to wholesale, fiscal 2023 revenue decreased 5.2% to $106.4 million. In the H1 of the year, supply constraints from the lack of used book inventory and the shift to digital course materials caused revenue to decline on a year-over-year basis. In the back half of the year, we saw an easing of supply constraints and more textbook purchasing opportunities, enabling us to fill increasing demand at BNC and other bookstores. This enabled wholesale revenue growth in the third and Q4s. Fiscal 2023 wholesale non-GAAP adjusted EBITDA declined slightly to $3.2 million from $3.8 million in the prior year. Turning to fiscal 2024, we're confident in our ability to grow the top line through our primary growth initiatives, general merchandise and First Day Complete. We are also fully committed to disciplined expense management. We will continue to optimize our cost structure to drive increased revenue and adjusted EBITDA. I'd now like to turn the call over to Jonathan to take a deeper look at our 2024 growth initiatives. Thanks, thanks, Mike, and good morning, everyone. I'll begin today with one of our key growth initiatives, First Day Complete. Feedback from students, faculty, administration, and academic leadership on First Day Complete continues to be excellent. In May, through a proprietary research platform, Barnes & Noble College Insights, we conducted a survey with students who participated in the First Day Complete program during the Spring 2023 semester. These students reported overwhelmingly that through the subscription-like course material model, they had a better customer experience, were better prepared, and ultimately achieved improved academic success, confirming BNC's Equitable Access program is making a positive impact on student outcomes. Some key insights from the survey include: 83% of survey participants said the program had a positive impact on their classroom success. 86% said they were better prepared for the academic term. 75% stated it helped them achieve better grades. 91% stated that they found it convenient to have their course materials bundled, 78% stated that First Day Complete increases the likelihood they will continue their education at their current school. With this perspective in mind, it's not surprising that we added a record number of schools for the 2023 fall semester. Currently, 157 campus stores are committed to utilize First Day Complete for the upcoming fall 2023 term. This represents undergraduate and now postgraduate enrollment, based upon the positive response to the program, of approximately 800,000 students, a 46% enrollment increase versus the fall of 2022. Additionally, several schools have already committed to launching FDC in January, in the spring 2024 semester, and we already have signed commitments for fall 2024, plus a robust pipeline of hundreds of schools that are discussing making the transition to FDC next academic year. Beyond our equitable access offering, we also see a great opportunity to continue to grow our general merchandise business. We made significant progress throughout fiscal 2023 on our emblematic product assortment, merchandising execution, and seamless omni-channel retail experience through our strategic partnership with Fanatics and Lids, which led to an impressive 8.6% growth in gross comparable store sales and general merchandise. We are entering fiscal 2024 and our fall rush period from a position of strength, that will allow us to continue to differentiate BNED schools, ensure their brands continue to resonate with their extended campus communities, and continue to implement initiatives that allow us to further innovate and optimize assortment for the unique needs of our customers. In addition to strengthening our emblematic offering, we continue to evolve and amplify our non-emblematic general merchandise business. One initiative we are particularly excited about is the launch of Be Well, Be You. Stress and anxiety on college campuses is a large and growing issue. According to the latest Student Voice survey from Inside Higher Ed and College Pulse, three in four students say that stress negatively impacts their ability to focus, learn, and succeed academically, and that reducing stress is their number one health goal. Be Well, Be You, our Be Well, Be You collection offers a wide range of health and wellness products, as well as on-campus and online educational events to help the campus community live with less stress and more joy. Within wholesale, MBS became the primary supplier for more than 100 additional accounts due to one of its largest competitors exiting the market. As a result, we expect fiscal 2024 wholesale revenue to modestly grow for the first time in two years. MBS has established itself as the provider in the industry, and the team is excited to play a bigger role in supporting higher education and meeting the long-tail demand of physical course materials. From an expense standpoint, we are committed to ongoing efficiency and cost discipline. The team has built a deep rigor on managing staffing levels and other components of store payroll, which is our largest expense line item. We have established payroll guidelines aimed at maximizing sales while staying within our allocated payroll budget. By implementing these guidelines, we believe our stores will be better positioned to achieve their sales targets while maintaining financial discipline, and we are already seeing the positive results. Now I'll turn the call back over to Mike to discuss our guidance and closing remarks. Thanks, Jonathan. Moving on to guidance from continuing operations. As we execute on our growth and cost reduction initiatives, we expect total consolidated revenue to be slightly higher year-over-year, driven by the growth of First Day Complete and general merchandise, offset by declines in an a la carte course materials. Gross profit dollars will be higher. However, we expect gross profit margin to be flat to down relative to fiscal 2023, driven by the continued shift to digital from physical. We expect S&A dollars to be down year-over-year as we realize the full year benefit of our cost reduction initiatives and maintain cost discipline, including payroll and closing unprofitable stores. Given these factors, we expect fiscal 2024 non-GAAP adjusted EBITDA to be approximately $40 million. Before closing, I want to recognize our outstanding employees across the country who have helped drive significant change to transform our company. They have done this while keeping the Barnes & Noble Education mission front and center as we continue to support our students and institutions. This past year revealed the true character of BNED and its values. Finally, in connection with our recent credit facility agreement, we announced that we are continuing the ongoing review of strategic alternatives available to the company to ensure we are maximizing value and best positioning our business for the future. BNED plays an extremely valuable and valued role within the higher education ecosystem, we are committed to executing on the best path forward for the company and our stakeholders. We will not be commenting further on this until the board of directors has concluded that disclosure is appropriate or required. We believe we have taken the right steps to position BNED on the path towards sustainable, profitable growth and delivering value for our shareholders over the long term. Underpinning all of our actions is our commitment to helping colleges and universities meet and exceed their highest priority goals and remove barriers for students by providing greater access, affordability, convenience, and ultimately, greater academic success. We are very excited about the next phase of BNED's journey, and we're looking forward to sharing this vision with you. That concludes today's prepared remarks, and now we'll take any questions you may have. Our first question comes from the line of Alex Fuhrman, Craig-Hallum Capital Group. Please go ahead. Hey, guys. Thanks for taking my question. You know, great progress, it sounds like on, on the First Day Complete side of things, getting more schools signed up for the, the upcoming fall semester, and it sounds like you're expecting First Day and First Day Complete to be the majority of required courseware material sales this year. Can you walk me kind of through, you know, not to, you know, immediately, as you're giving guidance for this year, start thinking about next year, but you know, can you walk me through kind of what the next few years look like in terms of the, the, the transition to getting, you know, substantially all of your schools onto First Day Complete in the future? You know, should we expect, you know, there to be meaningful churn in the schools? Can you kind of update us on, on kind of how that transition to being, you know, substantially all on First Day Complete is going, and, and how long that will take? Yeah, Alex Fuhrman, it's Jonathan. Thanks for the thanks for the question. You know, we're really excited about the growth of First Day Complete. As we said during the call, we have 157 campus stores committed to First Day Complete for this fall, and several more are already committed to launching in the spring term within this academic and fiscal year, and even discussing it with many more. Already, as we noted, have schools you know, contractually committed to the following year and having discussion with hundreds of other schools. You know, we expect that to continue to grow significantly, you know, not only for the balance of our fiscal 2024, but starting in fall semester 2024, which is our fiscal 2025. Really driven by the fact that, you know, we're scaling. We saw a record number of new campus stores being added, and really, it's about the impact it's making in higher education for all the key stakeholders and the fact that it's having a significant positive impact on student outcomes. Our teams are having conversations every day with clients that are very student-centric and focused on impacting growth and working through those transitions. We expect to, you know, continue to transition schools, have the majority of our campuses on First Day Complete, and continue to grow just based on the positive impact for really everyone in the ecosystem, you know, institutions, ourselves, publishers, and most importantly, the students. Hey, Alex. Okay, that's really. Alex, it's Hunter. I just wanna kind of comment one thing, if you think about, I think you heard this a lot through the, the prepared remarks, our overall strategy is really based on just driving profitability, that is a core focus of ours. We're, you know, really engaging with the schools to, you know, make that transition. There may be instances where we close stores, right? We closed 127 stores in FY 2023. We obviously opened some, net was, net was 63. You know, really, profitability is our, our main driver here, just go ahead. Yeah. No, thanks, guys. That's, that's. Thanks, both of you. That's, that's really helpful. I guess what I'm part of what I'm trying to understand here is, you know, it's been, it's been a little while since we've had, you know, an update, just given, you know, the timing of your, your fiscal year and, and, and the negotiations you guys have been doing on the, on the credit side of things. I guess I'm trying to understand, is it, is it still, you know, the, the intention to be substantially out of the a la carte required materials business, you know, one, two, three years from now, as you guys have kind of gone, you know, through your P&L with a fine-tooth comb over the last four or five months, you know, is there, is there maybe more of a willingness to keep some of those stores open in, in certain or keep some of the, you know, required material businesses open a la carte in, in some more of those instances? Or should we expect that this is basically the last year you're gonna have a la carte required materials in, in a significant way? No, no, we'll, we'll continue to have. We'll continue to support institutions from an a la carte basis. As Hunter said, you know, we're really looking at the profitability of stores on an individual basis, and that, you know, there are stores that are profitable, and we're driving growth based on, you know, initiatives like we referenced during the call and general merchandise that are helping us grow the profitability of those stores. We will continue to support, you know, stores and the a la carte course material model, but the industry is moving really quickly to the model. We're leading the way and the industry leader in that, but, you know, across the entire higher education landscape, that's where, that's where the model is moving based on the impact. We're focused on having discussions every day, even with stores and clients that have profitable stores and really strong general merchandising businesses that are growing, there's interest in, interest in moving to that model. We're committed to that, and we're committed to helping achieve the highest priority goals of our customers, and to a, you know, very consistently, one of those goals is enhancing the student experience and student outcomes. That's why, you know, we're really focused on that, making incredible progress, and we'll continue to see that accelerate. Okay, that's, that's really helpful. If you guys mind just commenting on what you're seeing, just in terms of enrollment at your partner schools, and I guess you won't know for sure, you know, until you get past some of these drop/add dates. I, I imagine at this point, you know, most of your residential schools must, must, you know, know how many kids are moving into the dorms, later this month. So, you know, anything to call out, you know, positive or negative in terms of enrollment, trends for this year? Curious if you're starting to see, you know, a return of, of more international college students. Yeah, Alex, it's really too early for us to tell at this point. You know, we'll have a lot more visibility into that in the next 30 to 60 days. At this point, it's, it's still too early, and most institutions need to get through their add-drop periods to really have that number locked down. You get more and more visibility as classes start, and you're in that 1st and 2nd week as well. You know, unfortunately, a little too early for that at this point. Sure. No, that makes that makes sense. I, you know, I guess at this point, we're, we're, you know, pretty much one quarter into the year. I know the, the summer term is, is, you know, generally, and obviously a, a, a low volume period for you guys with not a lot of, of people on, on campus. You know, what, what have you seen on the general merchandise side of the business, you know, to the extent that there has been traffic in your stores? You know, have people been gravitating. You, you mentioned, you know, carrying more of an assortment of, of, you know, non-emblematic as well as emblematic apparel. Is that, is that something that you've seen a lot of demand and interest for? Is that, is that something that's been selling this summer? Yeah, we're seeing, you know, we're, we're seeing a really good demand for, for, for, you know, for general merchandise, various categories. You know, we're really excited about the assortment and what we have ready for consumers and really well merchandised in our stores for consumers for this, you know, back-to-school period. General merchandise and the opportunity to continue to see growth in general merchandise is something that we're focused on, excited about, and, and think that we're really well positioned to continue to see growth. Then there is some sort of exciting components of that, that we've seen over the last couple of months. Really, it's about, you know, back to school and rush and being prepared for that, which, which we are. We think our growth initiatives and focus, really have us, you know, right now, operating from a position of strength in that business. Alex, the only thing I might add to that is, you know, you're right, we're, we're well into the Q1, it's not done. When we laid out our guidance that we just provided, we incorporated those Q1 trends into the guidance. Some of that commentary around general merchandise growth and, you know, having good progress thus far on store profitability, all incorporated into the guidance. We're, we're moving on track here. That's great. Thank you both very much. Our next call comes from Mr. Ryan MacDonald with Needham. Please go ahead. Thanks for taking my questions. Maybe on the First Day Complete transition, just to clarify, Is the guidance for fiscal 2024 today inclusive of the expectation of incremental schools churning? And I'd just be curious, you know, what you're seeing, you know, thus far, through the transition in terms of mix of schools that have chosen to adopt versus that are choosing to churn. Yeah, Ryan, thanks for the question. It's, it's Jonathan. Yeah, the, the fiscal 2024, you know, our plan and, and guidance, include, our all of our First Day Complete assumptions, all of our, you know, total store assumptions, both new store opens and closes for the year. It all factors that in, inclusive of the, you know, the, you know, new stores, transition or, or stores transitioning to First Day Complete in the, in the spring as well, you know, beyond the 157 that we, that we referenced, that are, that are, supporting the program this fall. That, that is built into to the, to the model. In terms of sort of what we're seeing in terms of transitions, I would say that, that, you know, we're really excited about what we saw. As, as we mentioned, we had a record number of stores that In terms of growth, and in terms of stores, to get to the 157, and we're continuing to add to that, already have others transition. We did close certain stores that were unprofitable and couldn't get to that model, this fiscal year. But, you know, as Hunter said, as we've referenced, we're really focusing on profitability, and that is what is built into our fiscal 2024 plan and guidance. I appreciate the increased focus on profitability. As we think about the amended and extended credit facility, can you talk about sort of the updated terms there? Then, you know, what sort of flexibility does this give you over the next 12 months, and are, are there any milestones that you need to hit, I guess, as you're progressing towards the, the updated sort of extension deadline? Ryan, this is, excuse me, this is Jason. I'll answer that. The amend and extend that we undertook stretched out the maturities of both the ABL and the term loan. The ABL is now out till the end of December 2024. The term loan is stretched out through March 2025. I would say that the, the additional covenants that we now have are nothing that we haven't been undertaking before previously. We've been managing through this for the past few years, and everything that we are doing now is just managing and monitoring through this current agreement. This agreement has also provided us ample liquidity and additional liquidity to allow us to fund our operations from day one of that signing. So it, it. A lot of the, what we did with our current bank group was obvious support that they showed us. This is a bank group who understands our business and has worked with us since 2015. I would just say, Ryan. Go on. This is Mike Miller. I would just add, I would just add that, you know, the new amend and extend gives us, you know, the flexibility and the support and the growth platform, not just for fall rush, but through spring, spring rush as well, which, as you know, are our most critical seasons. So it gives us the runway to really pivot and continue this turnaround and, and really see the success of our initiatives with First Day Complete and in general, merchandise really take hold. As far as, as far as milestones, you know, as you know, there are two new board members that will be added to the board and who will be in the constituting a Strategic Alternatives Committee. That is in short order, you know, within the next week or so, they need to be appointed to the board. That's the most, you know, eminent milestone that we have. Okay. That's a helpful color. I appreciate that. On the Fanatics Lids partnership, I, I noticed a comment during the call about sort of a changing of the commission structure there. Can you just provide a little bit more color about what, what the changes are there? Then, I guess, how you're feeling about the growth and the, the potential profitability of that partnership moving forward. Mike, why don't you take the first part of that question, and maybe Jonathan can tag on the second part of that? Yeah, sure. There were adjustments from both the e-commerce and in-store revenue share arrangements for the next year, as the business continues to mature and rather the strategic partnership continues to mature. There were adjustments to the revenue percentages that were made, and they will revert, you know, after 12 months. Yeah, from a, from a business trajectory standpoint, you know, as, as we said in for fiscal 2023, our general merchandise gross comparable store sales increased almost 9%. Really, that was aided in that strong performance, performance aided by emblematic general merchandise and some of the other non-emblematic businesses. We're really excited about the growth that we saw, the impact of the, of the product assortment, differentiated product assortment, really unmatched customer experience, both in-store and online. Think there'll be, you know, really significant growth in that business as we go forward for fiscal 2024 and beyond. We're very excited from a business trajectory standpoint, from a how the assortment is reflecting the local, you know, the local, you know, sort of demands of each store and also national trends. That combination is really powerful and proving to be really powerful, exciting new brands we're introducing into the mix. So we expect that to continue to be a growth driver and really continue to be a strategic advantage for us with our stores as they help, you know, sort of build their brands and create an exciting destination on campus for visitors to, to come and really have, you know, a must-visit place on campus, when you're on campus and online. We're really excited, and we think that it's gonna continue to see growth, and it's a very strategic initiative for us to, to leverage the power of the partnership. Before we leave that point, I just wanted to say that, you know, both Fanatics and Lids and our partners at VitalSource really were true partners with BNED through the amend and extend process, and, you know, really helped get that done through various amendments to our current agreements with them. On behalf of the management and the board, you know, we are very thankful for their continued support and partnership. Excellent. Thanks for taking my questions. I will now turn the call back over to Mr. Hunter Blankenbaker, Vice President of Investor Relations, for closing remarks. Great. Thanks, Maria. That completes our call today. We're gonna go focus on our fall rush, and we look forward to having our Q1 earnings call in early September. Thanks, everybody. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.