Good morning, everyone. I'm Rich Leland, Vice President of Finance and Corporate Treasurer for Masonite, and welcome to our 2023 Investor Day. The team has put together a thorough review of our business and strategy, and we're excited to share it with you over the course of the morning. Before we begin, let me remind you that today's presentation will include forward-looking statements. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. More information about risks can be found under the heading Risk Factors in Masonite's most recently filed annual report on Form 10-K and our subsequent Form 10-Q, which are available at sec.gov and at Masonite.com. The forward-looking statements made during the presentation speak only as of today, and we undertake no obligation to update or revise any of these statements. Today's presentation also includes certain non-GAAP financial measures. Please refer to the reconciliations, which can be found on our website and in the appendix of today's presentation. Today's presentation is being simulcast on our website and will be archived there for at least 1 year. Our agenda for today will begin with an overview of our business and the Doors That Do More strategy from Howard Heckes, our President and CEO. We'll then have presentations on each pillar of the strategy, starting with Howard, covering the product leadership pillar. He'll be followed by Chris Ball, our President of Global Residential, and Jennifer Renaud, our Chief Marketing Officer, who will discuss the Win the Sale pillar. After a short break, Randy White, our Senior Vice President of Operations and Supply Chain, will present on our third pillar, Delivering Reliable Supply. Finally, Russ Tiejema, our Chief Financial Officer, will tie it all together with a long-range financial model for the company. Following these presentations, we'll host a question and answer session, including all of the presenters. I encourage you to submit your questions into the queue as early as possible, to help ensure that we get to your questions in a timely manner. I know we are all excited to get going, so I'll now turn it over to Howard. Good morning, and thank you for being with us today. I'm Howard Heckes, President and CEO of Masonite. Today, I'm joined by several members of the executive leadership team, and we are excited to share the Masonite story and vision. Since we last met, a lot has changed, yet we continue to execute on the key elements of our Doors That Do More strategy. Doors haven't evolved for many, many years, often going unnoticed and overlooked. We've even referred to interior doors as the invisible man of the house. However, with people spending more time in their homes, even working from home, today, doors are no longer invisible. They are becoming invaluable, and that is the theme of our Investor Day, Invisible to Invaluable. We're gonna spend the next few hours sharing how we think about product leadership in making Masonite doors even more valuable. We're gonna talk about our marketing and customer engagement initiatives to make Masonite, the brand, more valuable to our channel partners and consumers. We're gonna talk about our vertically integrated and scaled manufacturing assets, supported by our Mvantage operating system and how we make Masonite, the partner, more valuable. Finally, we're gonna talk about the financial glide path that makes Masonite, the business, more valuable to our shareholders. Let's get started. Why invest in Masonite? At the highest level, we have the right team, the right strategy, and the right assets to enable us to win in the market. We have a strong track record of execution and believe we are well-positioned to deliver exceptional shareholder value and returns. We are a vertically integrated market leader, manufacturing door components, panels, and complete solutions, servicing both the residential repair, remodel, and new construction markets. Further, we have a very healthy balance sheet that allows us the flexibility to fund our organic and inorganic growth initiatives and return capital to shareholders. We are intensely focused on unlocking continued margin expansion in the business. Our Mvantage lean operating system is embedded in our DNA and focused on eliminating waste and driving efficiency. We are disciplined in our approach to maintaining price cost favorability, and we are building significant capability to develop and commercialize differentiated new products at accretive margins. One of the key differentiators for Masonite is our integrated strategy that we call Doors That Do More. We will go into much greater detail on all three pillars of our strategy over the course of this morning. Finally, we have ambitious but achievable financial goals with significant top and bottom line opportunities to outgrow the market, while delivering over $1 billion in free cash flow and expanding EBITDA margins up to 20% by 2027, which ultimately should drive significant shareholder returns. I am very proud of the executive team we have built here at Masonite, with their diverse set of skills, education, and experiences. Our entire leadership team lives in Tampa Bay and works from our Ybor City headquarters and has prior experience at many blue-chip organizations, including General Motors, Microsoft, Stanley Black & Decker, Whirlpool, Chamberlain, and Newell. I've been fortunate to work with some very fine companies and leaders in my career, and I would put our executives up against the best of them. This team delivers. At Masonite, our purpose is to help people walk through walls. We do this literally by selling over 30 million doors per year. We do it figuratively by removing the barriers that prevent our employees from realizing their full potential at work and by supporting the people and communities where we operate. I think our founder, William Mason, would be proud. Nearly 100 years ago, he was searching for a way to turn waste into worth by utilizing the scrap from a local sawmill in central Mississippi. He developed the process to convert waste wood into a useful hardboard product, a process we still use today in manufacturing interior door facings. His concern for the environment was ahead of its time, but his focus on people, product, and planet remains an important foundation for our business today. I encourage you to review our most recent corporate ESG report, which can be found on our website at www.masonite.com/esg. Let's take a deeper look into our business. Our most important assets are the approximately 10,000 talented employees we have located around the world. As I mentioned earlier, our employees help develop, manufacture, market, and sell over 30 million doors per year, and in 2022, we generated $2.9 billion in net sales and $446 million in Adjusted EBITDA. We report on the business in 3 segments. The North American residential segment is approximately 80% of the consolidated company, with the balance split equally between the Europe segment, a residential door business primarily in the United Kingdom, and our non-residential architectural segment. As you may know, earlier this year, we commenced a strategic review of the architectural business, given our increasingly residential-focused Doors That Do More strategy, and it is possible that this business will be divested in the future. When we consider our core residential business, we estimate that 55% supports residential repair and remodel, or triple R, with products sold primarily through the retail channel and direct to contractors in our United Kingdom business. The balance supports new construction, sold primarily through 1- and 2-step wholesale distribution. Geographically, the vast majority of the core residential business is in North America, with nearly 90% coming from the United States and Canada. Finally, approximately 55% of our revenue comes from interior doors, with exterior contributing 30% and components, including those sold by Endura, at 15%. Masonite is the largest domestic door manufacturer. While we have many reputable competitors, both large and small, we believe that scale and focus are important to our success. We also believe that as the market leader, we are obligated to drive the transformation of the door category to deliver what homeowners deserve from their doors. We've talked to thousands of homeowners, contractors, and architects over the last several years and heard loud and clear that people want their doors to do more. Doors are complicated, more complicated than many people realize, and Masonite has the most complete door design and manufacturing capabilities in the industry. As a vertically integrated manufacturer, we produce many of the components that go into a door: stiles and rails, various solid core inserts made from wheat straw or particleboard, wood, fiberglass, and steel door facings, and glass inserts. We then take these components and assemble them into a door panel. We also have the ability to take these door panels and provide additional pre-finishing and pre-hanging services at one of our door fabrication locations for our retail customers. Exterior door panels can be pre-finished with components we manufacture through our recent Endura acquisition, including door frames, sills, astragals, and locking hardware, creating a beautiful door system. Our extensive capabilities provide us with the unique ability to innovate across the entire door system and bring additional value to our customers and Masonite. There are two important reasons to think about door systems. First, it allows us to deliver on our promise of Doors That Do More. The door panel is an important part of the system, but it works in concert with the frames, sills, and hardware to provide a complete solution for the homeowner. As such, when you're focused on solving life and living problems like better security, privacy, or connectivity, engineering the entire door system is critical in order to optimize the solution. Second, the average unit price of a complete door system is significantly greater than a door panel. This slide demonstrates that. Starting in the lower left, if you index the price of a basic hollow core panel to 1, moving right, you can see that a better solid core panel with 70% more sound-dampening material is approximately twice the price. Moving up, if you pre-hang that same solid core panel, you are now at 3 times the price, reflecting the additional value that has been added. In simple terms, selling 1 pre-hung, solid core interior door generates the same revenue as selling 3 hollow core panels. Moving to entry doors. With a basic steel door panel indexed to 1, a better fiberglass pre-hung door system with a glass unit would be approximately 5 times the price, and our new industry first, M-Pwr, powered and connected smart door is 25 times. This is a powerful tailwind for Masonite, and we believe designing differentiated, value-added door systems that solve life and living problems can drive growth in any housing cycle. The focus on value-added door systems is a critical part of delivering our aggressive growth plan. Today, we play primarily in the North American residential interior and exterior door panel market. This market is approximately $6 billion, and Masonite would serve a significant share of this marketplace, about 30%. If you include pre-finished door systems, the total addressable market, or TAM, would increase to $21 billion. A pre-finished system includes a door panel hung in a frame with hinges, perhaps glass, a sill, and pre-finished with paint or stain. This also includes hinged and sliding patio doors. Finally, when you add hardware, including locks, handles, and smart access control, the finished product you are familiar with, the marketplace becomes $27 billion, and our share becomes less than 10% of this much larger market opportunity. There is plenty of white space available for us to grow, but our aggressive plan is not based on significant share gain in the door panel category. Rather, it is based on capturing more value by developing, manufacturing, and marketing door solutions. Our significant free cash flow gives us the flexibility to capture this value, both organically and through strategic M&A, which Russ will discuss in more detail later this morning. We love the mid- to long-term secular tailwinds of our industry. Remember that our core North American residential business is approximately 55% residential repair, remodel, and 45% tied to new construction. The long-term macros are favorable for both markets. Historically, the United States has averaged 1.5 million new housing starts per year. This dropped precipitously during the global financial crisis, finally returning to that level in 2021. As a result, current estimates for the number of homes underbuilt range from 1.5-4.5 million units. For perspective, at the midpoint, that would require more than 50 million doors. Furthermore, the supply of homes for sale is at a 20-year low, and the recent mix of single-family homes, which have more doors per unit than multifamily, is well below the long-term average. Supporting the R&R end of market growth, consider that the average age of a single-family home in the United States has gone from 27 years in 1991 to 42 years in 2022, making the likelihood of repairs and remodels even greater. Further, substantial home equity appreciation has created financial capacity for remodeling, as higher mortgage rates may be keeping people in their current homes longer. While demand in 2023 has weakened, we remain confident that these secular trends will provide long-term tailwinds in the North American residential end markets for both new construction and R&R. Nearly three years ago, we developed our Doors That Do More strategic plan shortly after I joined the company. A growth plan focused on reducing the cyclicality of our business and allowing us to outperform the market and our peers. The strategy has three components. There's an operational pillar that we call Deliver Reliable Supply. This focuses on our unrelenting efforts to be the best supplier in the industry by providing high-quality products and exceptional service to our customers. The last several years have certainly provided some supply chain challenges, but I am proud of our team and the terrific progress we have made on this part of our strategy. You will hear from Randy White, our SVP of Operations and Supply Chain, later this morning about our specific initiatives in this area. The next pillar is Drive Product Leadership. Our mission here is to develop differentiated and innovative products that solve life and living problems. Our end customers tell us consistently that they expect their doors to play an important role in privacy, security, style, light, comfort, and connectivity. Our product and innovation teams are hard at work developing products that make life and living better for homeowners. I'll talk more about this in just a few minutes. Finally, we intend to Win the Sale. This is the sales and marketing pillar that drives customer engagement to create and capture end market demand by building our brand and investing in our channel partnerships. Chris Ball, our President of Global Residential, and Jennifer Renaud, our Chief Marketing Officer, will spend time later today explaining our efforts here. This strategy has been our North Star since we introduced it in 2020 and continues to be so today. While each of these pillars can stand alone and drive improvements in our business, it is at the intersection that transformation happens, and I believe the integrated nature of the strategy is what sets Masonite apart from all the others. Our strategy is working. In the three years since focusing our business around these three pillars, we have delivered impressive financial results. Our net sales have grown $700 million, a 10% compound annual growth rate. We have increased adjusted EBITDA by 58% and increased margins by 240 basis points to 15.4%. Our adjusted EPS has grown to $9.73, an impressive 39% CAGR. Finally, our return on invested capital has increased from approximately 8.4% to just over 18% over the past three years, a 29% CAGR. I am certainly very proud of these outstanding results, but I believe the best is yet to come as we further unlock the power of our Doors That Do More strategy. Before we do a deeper dive into each of the pillars of the strategy, I'd like to share with you a summary of our key messages for the day. If you only remember four things, I hope that it's these four. One, Masonite is the industry leader in doors, with a strategy to unlock sales and margin growth through differentiated products based on good, better, and best solutions for homeowners. Two, we are focused on creating and capturing demand for these higher-value products by developing deeper customer relationships and a push-pull marketing and sales strategy to win at the point of sale. Three, our vertical integration and Mvantage operating system are competitive advantages to delivering a consistent and reliable supply of high-quality, cost-efficient products that customers value.... And finally, four, we have a strong team, tightly aligned around aggressive but attainable objectives for growth and cash flow generation, and a capital allocation strategy that will deliver outsized shareholder returns. Let's get into the details and shift our attention to the product leadership pillar of the strategy. Doors are everywhere, and most people don't really think about them. It's almost as if they're invisible. But without doors, life would be soggy. Dad, the bears are coming! We're done. Noisy. Hello, Emily. I'm so sorry. Well, chaotic. Because doors do a lot, and at Masonite, we don't just make doors. We make doors that do more. So your home is more comfortable. Honey. Open, honey! Open. Less out of control. More stylish. And more connected. Hey. Hey, I hope you're hungry. What'd you get? Doors That Do More. Masonite. A day without doors is not a good day. I think you would agree that doors have been overlooked and certainly undervalued. Doors provide security, privacy, light, comfort, connectivity, and style, and of course, keep the raccoons out. This is a typical American single-family home, approximately 2,300 sq ft, three bedrooms with an optional fourth bedroom or office, two and a half baths, a two-car garage with a covered porch in front and a patio in the backyard. A home you could find just about anywhere in the country. So how many doors are in this typical American home? If you guessed 20, you've passed the test. Let's take a closer look. There are typically 3 entry doors, 1 front door that perhaps has glass and maybe even a sidelight or two to enhance curb appeal, a door leading into the house from the garage, and a back door, which might be a steel hinge door or a sliding patio door. Inside, there are 17 doors, 1 on each bedroom and bathroom, plus 7 closet doors, a door into the pantry, a laundry room, and a door to the basement. What's interesting here is that 8 of these 17 doors, the bedroom, the bathroom, and the laundry doors, are prime candidates for solid core doors. That is 47% of the interior doors for this house. Furthermore, there are options for up to 4 more interior doors. The open space to the left as you enter the home can serve as an open dining area, or the homeowner could choose to add French doors with glass to make a beautiful home office. Upstairs, there's space for a fourth bedroom, which would add 2 more doors, a bedroom door, plus a closet door. Alternatively, the homeowner could choose to leave this room open as a loft or playroom for the family. These options are very typical in most floor plans, and in this case, could add 23% more interior doors to the home. Does this look familiar? In these homes, very basic steel entry doors and 6-panel hollow core interior doors are often used. While completely functional, these doors are rarely loved and why we have referred to interior doors as the invisible man of the house. In the days when doors were invisible, it didn't matter much, but today, the world is changing, and doors are playing an increasingly important role in how you enjoy your home. Recent secular trends help explain why doors are playing a more important role in the quality of life. First, more people are spending at least part of the week working from home. In fact, recent data suggests that over 40% of employees either work from home or have adopted a hybrid work model. This trend ideally requires a space that provides improved privacy with a closed door. Annual energy inflation in the United States has averaged over 4.5% since 1958. Exterior doors that keep the cold winter and the hot summer outside will save money. An increasing appreciation for natural light, bringing the outside in, as people are spending more time in their homes. Concern about crime, particularly in urban and larger suburban areas, continues to increase throughout the country, and doors can and should provide peace of mind that your family and belongings are safe. The adoption of smart homes, now nearing 15%, is expected to be over 28% by 2027, making it more likely homeowners will seek to bring power and connectivity to their primary entry doors. Finally, as home values continue to appreciate, homeowners are becoming more willing to remodel and invest in these important home upgrades. So that typical home we've been talking about, the one with the basic steel entry door and the hollow core interior doors, well, homeowners no longer need to settle for that. Masonite has solutions available to give homeowners what they really want and deserve. Consumers consistently tell us they value six key attributes when thinking about their doors: light, style, comfort, privacy, security, and connectivity. We have solutions that address all of these and more. The Masonite VistaGrande exterior door provides 18% more light than our typical full light door, and development efforts are underway to add even more glass to our exterior doors. The Masonite barn doors are an easy way to add style and increase flexibility to your home. In a short 90 minutes, most DIYers can turn an open room into a space that can easily be closed off for privacy and looks great. The Masonite Performance Door System, a Masonite square-edged fiberglass door panel with Endura components, including the patented articulating sill, corner pads, and weather stripping, is 64% better at keeping air and water out than the leading competitor. In the extreme heat we have all seen this summer, that translates to lower utility bills. The Masonite solid core doors are built with 70% more sound-dampening material. When you need peace and quiet, and your middle schooler retreats to their bedroom for band practice, you will especially appreciate the performance of a solid core door. The patent-pending Masonite M-Pwr Smart Door is controlled by a proprietary app from your phone. It has an integrated video doorbell and smart lock, an embedded battery backup to ensure continuous power, and programmable lighting around the frame that can be set for dusk to dawn or motion-activated. Now, let's think about these solutions in the context of the typical American home we were talking about earlier. To make for a better living experience, a homeowner could consider solid core doors for any room that requires privacy or creates noise, like bedrooms, bathrooms, and the laundry room. A nice stile and rail door with glass on the home office would allow the kids to see if you're on an important call before barging in. A stylish barn door in the loft can provide a great look as well as the option to close the room off, if needed. On the external doors, the Masonite Performance Door System provides curb appeal and keeps the elements out where they belong. Selecting all of these impactful upgrades might cost the homeowner a modest 1% of the value of the home, or around $4,000. Consumers routinely spend more than this on upgrades that provide aesthetic value only. These are upgrades that provide both aesthetics and improved functionality, making your home a more enjoyable place to live. So will homeowners be willing to pay for doors that do more? For the third time since 2019, we've completed research to confirm this hypothesis, and doors continue to be a tremendous value in the minds of consumers. Generally, homeowners would expect to pay $200 just for an interior door panel, not including any hardware or the frame. Today, you can find this product for around $65 at retail, just above the price where a homeowner would consider the door too cheap and must be of poor quality and well below their perceived bargain price of $100. Furthermore, 80% of homeowners we surveyed that were either planning to buy a door or had recently purchased one, indicated they would spend more based on current retail prices to buy a door with added benefits like privacy, light, or style, than settle for a basic opening price point door. We know that different homeowners have different needs, and one size doesn't fit all. Our opening price point hollow core doors are a perfect solution for closets. A louvered stile and rail door works well for ventilation in the laundry room, while a stile and rail door with glass is perfect for the office or study. Since each location in the home has a different need, we offer a wide range of good and better options for customers at a variety of different price points. So whether you want the basic door package or the better living experience I described earlier, we have a wide variety of options available to choose from. Interestingly, because doors have not evolved for many years, it's really difficult to find the best doors, but we're working to change that, too. So when we consistently heard that homeowners wanted their doors to do more, we listened and have created a robust new product development pipeline. Over the last several years, we have built both technical and process competency at the Masonite Innovation Center, our research and development center in West Chicago, Illinois, which we believe is the largest facility of its kind in the industry. The team consists of user experience experts who interact with homeowners and channel partners to uncover latent needs. These use cases are delivered to a technical team, which now consists of electrical and electronic engineers, acoustic experts, material scientists, regulatory and systems engineers, who brainstorm hundreds of ideas that enter the generative phase of the product development funnel, which are condensed into product concepts for further development, testing, and ultimately commercialization. We have also added prototyping and testing capabilities. Overall, we've tripled our investment in R&D since 2019, and the investment is paying off. Our stage gate process has over 30 unique programs in development, from early in the discover stage to nearing launch. The programs range from important derivatives, such as new door style or a component change, to transformational projects, both for our business and the category. We are answering the call as a market leader to deliver Doors That Do More. Masonite is uniquely positioned to capture this significant growth opportunity. We believe our focus on better and best doors represents the potential for $500 million in incremental revenue by the year 2027. Roughly half will come from either new product platforms that have already been launched, such as the M-Pwr Smart Door and the Masonite Performance Door System, or others that are currently under development, with the other half coming from the ongoing mix shift we discussed toward higher-value products like solid core and fiberglass doors and door systems. We have done the research and know what homeowners want. We have built the team, added capabilities, and are focused on delivering these differentiated solutions. As doors continue to become more visible, the demand will grow. Even the best products won't sell themselves. It's important that we continue to improve our great relationships with our long-standing channel partners and begin to establish closer relationships with homeowners and influencers. And that's what winning the sale is all about. I'd like to introduce Chris and Jennifer to tell you more. Good morning! I'm Chris Ball, President of Global Residential. I'm Jennifer Renaud, Chief Marketing Officer. As you have heard, the Doors That Do More strategy has three pillars, and each plays an important role in differentiating Masonite in the market and allowing us to unlock meaningful growth opportunities. Howard just walked us through the pillar on product leadership. Now, I would like to talk about how our execution of our Win the Sale pillar is positioning us to increase our engagement with customers. I'll be back in a few minutes to discuss how we'll be more effectively creating and capturing demand for our products. As Howard discussed, product leadership is a significant revenue opportunity for us, and winning the sale is about turning this opportunity into reality. But what does it take to get these great doors into new and existing homes? How do we shift the mix and commercialize new innovations? To start, it takes strong channel partnerships with wholesalers and retailers that connect Masonite to tens of thousands of points of sale across our markets. Let's take a minute to review, at a high level, a visual representation of how our route to market currently works and where we see opportunities. On the left, you have manufacturers like Masonite that sell to retail and wholesale channel partners, which are our direct customers. On the right, you have homeowners, pros, and a variety of influencers who play an important role in helping buyers decide which doors to choose. In the middle is the point of sale, where orders are placed and the sale is made. Let's dive a little deeper into the left side of the slide. As you can imagine, the stronger and more successful our retail and wholesale partners are, the stronger and more successful Masonite will be. Investing in our channel relationships has always been a priority for us, and our strong partnerships are a primary reason we are a market leader. Our top 20 customers have been with us for an average of 25 years, and we are intent on leveraging our Doors That Do More strategy to continue strengthening our customer base. To this end, earlier this year, we implemented a new go-to-market strategy in North America to strengthen our channel partnerships and identify how Masonite can better support our customers in achieving their strategic growth objectives. There are three layers to this collaborative approach: creating a shared vision and clear set of priorities, developing a joint business plan, and partnering to deliver best-in-class execution of day-to-day sales operations. Howard outlined the significant revenue opportunity available from shifting mix and commercializing new product innovations. My team has these objectives clearly in mind when we are having strategic conversations with our partners. Let me give you a few examples. Perhaps the best example of this new approach is the successful collaboration we've had over the past year with The Home Depot. While discussing priorities during our strategic planning sessions, it was clear that we had a shared vision to tell our product leadership story together. We reviewed our product pipeline, and they saw the win-win opportunity to help commercialize some of our most compelling innovations. That work led to the nationwide rollout of a new barn door program and the introduction of our Masonite Performance Door System. Just last month, we partnered on the exclusive retail launch of our M-Pwr Smart Doors. All of our customers can benefit from Masonite's product leadership, but some have an even more acute need for the reliable supply capabilities that make us a leader. For example, some customers that are growing with M&A or opening new branches have turned to Masonite to set up new supply chains or replace vendors that no longer meet their needs. Through August of this year, Masonite has added nearly 200 new points of sale, and we expect that number to continue to grow. The most recent example of a joint business plan focused on leveraging reliable supply is our new Dallas-area hybrid production and distribution center, where we are providing a three-day QuickShip program developed in partnership with one of our large wholesalers in that area. We have many more examples of how we are deepening our relationships with channel partners, but you don't have to take it from me. Let's listen to what some of our customers have to say. Specialty Building Products is the fastest growing distributor of building materials in North America. To support this growth, we work with the most respected manufacturers and the best and most innovative brands in the building products industry. When it comes to doors, Masonite is absolutely our partner of choice. We have grown together with their full product portfolio. The Lowe's strategy is rooted in serving our customers, both pro customers and consumers alike. They know that they can trust us to provide solutions for the total home, thanks in part to the strong relationships we have with our suppliers. Masonite is just a tremendous example of that. Masonite's field sales team supports our frontline associates at the local level with comprehensive product training and proactive service in the aisle. We rely on Masonite's account team to contribute expertise, insights, to drive localization, and to elevate our product assortment right down to stocking the optimal selection of solid core doors at our stores. Masonite has been a key partner for us for many years. We see the Doors That Do More strategy as a competitive edge and a way for us to continue growing together. The joint business planning and category management work we're doing together is helping us map out a clear path to growth. The dedicated teams at Masonite play an important role in helping us get the most out of the Doors That Do More strategy, and to both drive pro penetration in the millwork category and accelerate our online business. As you can tell, the efforts we're making to deepen engagement with our customers are having a strong, positive impact on both our relationships and our collective results, and we're very grateful to them for their collaboration and enthusiasm... I hope I've given you a good idea of what we are doing through our Win the Sale pillar to differentiate Masonite and capture demand with our channel partners. But what about the opportunity we have to create demand and generate pull for our brand with homeowners? This is a new capability that Jen and her team are building for Masonite, and we're seeing some very encouraging early results. That's right, Chris. Let's take a closer look at the right side of the slide to put things in perspective. What Chris just took us through is the important work we are doing to strengthen our relationships and capture demand with retailers and wholesalers. But that is not going to be enough to help us realize the full potential of our great product lineup. We need to help educate homeowners about the options they have for Doors That Do More and raise the visibility of the Masonite brand, so that we get the most out of our product leadership initiatives. Historically, there has been limited engagement between the upstream OEMs and homeowners, pros, and influencers. Manufacturers have had a tendency to push their products into the channel, with customer engagement beginning and ending with retail and wholesale channel partners. We know we need to engage differently if we're going to consistently win at the point of sale. In addition to expanding our collaboration with retailers and wholesalers, we are also strengthening our relationships with builders, remodelers, architects, and designers. They know the Masonite brand, but they don't necessarily know what makes the Masonite brand unique. So we are increasing our down-channel presence to engage with these important influencers in the door purchasing process. Through this work earlier this year, we secured an exclusive regional program with a national builder, and our new builder-focused sales team is working to replicate this success in other markets to help pull additional demand through wholesale distribution. We are also working on initiatives to shift homeowners from being uninformed and indifferent to being more engaged in the buying process. Our goal is to help them understand the role doors play in solving life and living problems around the home and the options available to them, whether it's bringing in light, helping them feel more secure, mitigating sound, or creating versatile, more functional spaces. We have taken a fresh look at the buyer's journey to better understand how consumers, builders, and remodelers make decisions around door purchases and what the shopping experience is like for them. Here, you can see an end-to-end snapshot of the homeowner buyer's journey. Unfortunately, it can be a complex and frustrating experience. Our goal is to ease that process as much as possible and reduce the friction at each point along the way. As you can see, the journey starts with a trigger or inspiration. A trigger might be the need to create a home office somewhere in the house or convert a rarely used formal dining room or living room into a multifunction space. Inspiration might come in the form of a beautiful picture of a front entry door that you see on Pinterest or on a home decor magazine, an advertisement on a streaming television program, or even a visit to a friend's house who has Masonite solid core doors that gets you thinking about upgrading. The initial part of the journey is the most exciting part of the process for people, right up until the point where they start researching exactly which door they want and where to buy it. Buyers are then exposed to hundreds of different choices, with limited content or resources to help them understand which option is right for them. We've heard stories of consumers stymied in this part of the process for anywhere from 7 days to 7 years, believe it or not. Without a doubt, this is the biggest pain point, and we believe a major reason why some people don't change out their doors, even when they would like to. I frequently ask people if they have at least one door in their home that they would like to replace or upgrade, and I have yet to receive "no" as an answer. So at the beginning of the journey, we want to assist the buyer to create awareness for our door solutions and the Masonite brand. One of our objectives is to be significantly more active in the media space by building relationships with consumer and trade magazines and leveraging social media channels. We are harnessing the power of current trends, leveraging our expertise, and using the attention we are getting from our first-of-its-kind M-Pwr smart doors to reach millions of potential buyers. Our objective here is to drive awareness, consideration, and preference for the Masonite brand and to lead the buyer to investigate additional resources and content we have available to them, either in-store or online at masonite.com. In the past month alone, our marketing efforts have resulted in over 353 million impressions for the Masonite brand. The trigger and inspiration phase of a project is exciting, and we need to capitalize on that excitement by orienting the homeowners or their designers to the availability of door solutions for different types of construction and home improvement projects. Then, when we have them engaged, we need to make it easy to get them to the point of sale and eventual installation of their Masonite doors. So we are also intently focused on actions to simplify and streamline the research and decision-making part of the buyer's journey. We are dedicating more resources to training salespeople and other influencers, and we are continuing to improve the in-store experience with new displays and materials to help buyers find the right Masonite door solution for their needs. We also have an opportunity to use Masonite.com to help consumers and influencers through the process. We are launching a new website with robust content that makes it easier to understand the options, to find the perfect solution, and to locate a convenient point of sale. The new Masonite.com is loaded with great new features, but I think two that are going to make a big difference for buyers are the visualizer and the back-end content distribution tools. The visualizer, as you might imagine, will allow buyers to create a digital rendering of the front of their home or any room with a new Masonite door in the style and color of their choosing. It is hard for some to picture what a new door would look like in their environment, so the visualizer uses augmented reality to give the homeowner confidence in the end result. Working collaboratively with our retail partners, we have been developing robust product information pages on our dot-com platforms to include better descriptions and more images and videos to accelerate decision-making.... These new backend content distribution tools are giving us the ability to instantaneously push the newest and most up-to-date content on our products and door solutions to our partner websites, like HomeDepot.com and Lowes.com, as well as distributor and dealer websites, and of course, masonite.com. This not only gives buyers better access to information, but will also help us make our Doors That Do More messaging more consistent and grow our brand awareness. As the largest designer, manufacturer, and marketer of doors in North America, Masonite should absolutely be the first place that buyers turn to when researching doors and door options, and the new masonite.com will be a big step forward to inspire and assist homeowners in selecting the perfect doors. Masonite has always aspired to be the partner of choice for our customers, and we are building upon our historically strong channel relationships to drive growth in new ways. As you've heard today, our win the sale pillar of our Doors That Do More strategy is about creating and capturing demand by engaging with homeowners, builders, and remodelers earlier in the buying journey, and by helping accelerate the growth of our channel partners to make Masonite the partner and brand of choice. Our win the sale pillar is about taking our products from invisible to invaluable in the channel, which will unlock demand and solidify Masonite as the most valued door brand with channel partners and homeowners. You've now heard Howard describe our great products and how Jen and I are working with our teams to drive demand. But if our products aren't available, homeowners can't buy them. Fortunately, we have Randy White and his outstanding operations team to make sure that doesn't happen. After a 5-minute break, Randy will present how we are delivering on the final pillar of the Doors That Do More strategy: consistent and reliable supply. Nearly a century ago, William H. Mason invented a revolutionary process to transform waste wood into durable pressed hardboard. At Masonite, we are building on this legacy as we transform the door industry by creating innovative solutions that make life and living better for homeowners today. At the Masonite Innovation Center, our engineers have secured hundreds of patents and design, test, and certify materials, processes, and components to create advanced door systems like Masonite M-Pwr Smart Doors and the Performance Door System. These new products incorporate frame and sill components from Endura Products, a company acquired in 2023 as part of a strategy to unlock the value of seamlessly integrated door systems. Enabling this strategy is our vertically integrated business model, which uniquely positions us to deliver consistent and reliable supply to our customers, with more than 30 million doors produced annually. Despite appearances, there is much more to a door and to manufacturing them than you might realize. Masonite has a global sourcing and manufacturing network that includes component plants, interior and exterior door assembly facilities, door fabrication plants, and distribution sites. Our largest components plants are highly automated, utilizing logs, chips, and waste wood to create a fiber material that is then converted into door facings using a scientific process developed over decades. Additional component plants specialize in manufacturing steel and fiberglass door facings, stiles, rails, cores, engineered door frames, sills, and more. In our interior door plants, the facings and other components come together to produce either standard hollow core doors or Masonite solid core doors with 70% more sound-dampening material. In other assembly plants, we make exterior doors by injecting insulating foam between steel or fiberglass facings, often integrating decorative glass inserts to enhance natural light in a home. Lastly, at our door fabrication facilities, we apply finishing touches, such as painting and framing, before packaging them for delivery. At Masonite, we've only just begun to unlock the power of Doors That Do More. As we enter our second century, we'll continue to innovate and create exceptional value for our customers, employees, shareholders, and people who pass through our doors every day. Hello, everyone. I'm Randy White, Senior Vice President of Operations and Supply Chain, and today I want to speak with you about another pillar of our Doors That Do More strategy: delivering reliable supply. Our goal at Masonite is to be the most reliable supplier with the highest quality in the industry. We feel this is critical to support our brand, our value proposition, and our customers. As you can probably tell from the video we just saw, there is more to designing and producing doors than most people realize. It looks complex, and it is, but at Masonite, we're fortunate to have the assets, skills, and capabilities that enable us to manage this complexity effectively and efficiently. So what does it take to deliver on a promise of consistent quality and reliable supply for thousands of customers? First, it takes scale. Masonite's the largest producer of doors in North America. We make over 30 million of them a year, enough to circle the globe almost twice if you laid them all end to end. The sheer size of our operations gives us not just the ability to service customers from coast to coast, but our experience, expertise, and resources enable us to do it consistently, which has made Masonite an industry leader. Second, our ability to deliver reliable supply is enhanced by a vertically integrated manufacturing network. We produce the majority of the key components for our doors within our own factories, giving us better control over quality specifications, inventory planning, and responsiveness to unforeseen changes in the marketplace. Where we don't produce a component ourselves, we have strong supplier partnerships. Within our plant network, we also have the ability to convert door panels into complete door systems, a capability that was enhanced with our recent acquisition of Endura. Finally, delivering over 30 million high-quality doors per year is only possible when your network is tied together with an effective operating system. Mvantage is the foundation we use to drive efficiency and operational excellence, ensuring our teams have the training and tools they need to identify and eliminate waste from our processes, while constantly raising the bar on quality and reliability for the benefit of our customers. Masonite has an experienced team of sourcing professionals who purchase raw materials from around the world. They have invested significant effort over many years to optimize our supplier network, to both mitigate risk and achieve an appropriate balance of quality, reliability, and total landed cost. While we leverage low-cost suppliers in Asia and Latin America, nearly two-thirds of our material supply comes from the United States. Domestically sourced products may at times be higher cost, but often provide a nice trade-off in terms of tighter control of quality specifications, improved responsiveness to changing demand, and greater flexibility in inventory management. The range of raw materials we source is very broad, but can be grouped into four primary commodity baskets. Wood-related materials comprise our largest basket and make up about one-half of our total spend. Our wood buy is very diverse, and as a result, does not readily align to any particular index, in part because we source a significant amount of waste wood. In fact, we utilize nearly 200,000 tons of repurposed and recycled material every year, which is more than a quarter of our total wood used, and ranges from chips to recycled paper core products and wheat straw. Wood products go into most aspects of our door manufacturing process, including door facings, stiles and rails, and core material. Chemicals will be our second largest category of spend. This will range from paint and adhesives used across all of our product families, to plastics, resins, and fiberglass components used principally in assembling our exterior doors. Next would be steel, which is primarily used to make steel door facings, but also comes in the form of door hardware, like hinges. And finally, we have a broad category of smaller commodities, including things like glass and packaging materials. Our sourcing and engineering teams coordinate closely in managing our procurement across each of these baskets, leveraging the capabilities of our technical team in West Chicago to qualify materials to exacting quality standards under a wide range of use cases and environmental conditions. Masonite has three main types of facilities: components plants, door assembly plants, and door fabrication plants, which can provide pre-hanging, finishing, and distribution services for complete door systems. In total, we have roughly 14 million sq ft under roof across this extensive network. Our 16 components plants primarily service our own door manufacturing operations, but we also supply certain components to third parties, including door frame and hardware components from Endura Products. We have 32 door assembly plants and 15 door fabrication and distribution sites in our network that are strategically positioned to optimize logistics, while also affording us the flexibility to shift production across our network when regional demand fluctuations occur. This is an important enabler of our ability to consistently provide high levels of service to our customers. Masonite has invested steadily over the past 4 years to upgrade our operational capabilities, expand capacity in lower cost regions, and introduce targeted automation to improve efficiency. Between 2019 and 2022, we reduced the number of sites we operate in total, but the composition of these sites has changed significantly as we took older facilities offline and opened new ones. Shown here are examples of some of our recent upgrades. Our Verdi, Nevada, component plant, opened in 2019, produces stiles and rails for use in our interior door assembly operations. This site is highly automated and replaced an older facility, which used limited technology and was reliant on significantly more manual labor. We opened a new interior door assembly plant in Tijuana, Mexico, in late 2019, to better service the Western US and replace an aged facility in California. In 2022, we opened a new interior door assembly plant in Fort Mill, South Carolina, ideally situated along the Eastern US logistics corridor. This plant features new automated material handling systems to improve safety, quality, and productivity. Also, in 2022, we opened a new exterior door assembly plant in Stoke-on-Trent, England, allowing us to consolidate production from five separate facilities into one, and in turn, optimize our material flow. Finally, in May of this year, we opened a new hybrid door fabrication and distribution facility near Dallas, Texas. This facility was launched in collaboration with channel partners as a result of joint business planning focused on optimizing our collective supply chains. In addition to providing door fabrication capabilities to support the retail channel, as Chris noted earlier, this facility also serves as a hub for a new three-day delivery program for wholesale distribution in that region, further enhancing the value we offer as a leading door brand in a high-growth market. All of these plants were designed and configured to leverage proven Mvantage best practices from around our network related to material flow, quality systems, and inventory management. More importantly, each of these new locations plays a key role in supporting the competitive service proposition that we offer to our customers. Let's listen to what one of our customers has to say about the value we are creating for them through our investments in reliable supply. At Builders FirstSource, our team works hard every day to help builders and contractors keep their projects on schedule by getting quality materials to the job site on time, as promised. Consistent and reliable supply from our vendor partners is critical.... Masonite's ability to supply doors when and where we require across North America is a key capability that has huge value to us. A great example of how Masonite is delivering on the Doors That Do More strategy is the new distribution center near our headquarters in Texas. This facility provides best-in-class lead times for some of our highest demand products, and has become an important part of our supply chain to service the strong housing market in Texas and beyond. We have relied on Masonite for many years, and our relationship today goes well beyond placing and filling orders. They have become a strategic partner in helping to enable our growth as a company. It's satisfied customers like this that inspire us to go the extra mile every day and find new opportunities to take our service to new levels. I am incredibly fortunate to work with an experienced and dedicated team who are committed to this goal. The impressive group of highly trained and talented professionals we have brought together at Masonite is comprised of both long-tenured employees who have deep knowledge of our industry and newer employees who bring experience with the latest technologies in adjacent industrial sectors. Within our operations team, we have over 600 leaders that have been with Masonite for over five years, and collectively, this group has accumulated almost 7,000 years of Masonite experience. Let's take a moment to talk more about Mvantage. This is what we call our lean operating system at Masonite, and it is the foundation of all we do to deliver consistent, reliable supply. In the past, you may have heard us describe three methods for activating Mvantage in our operations: plant transformations, where large-scale layout changes are implemented to improve material flow; performance improvement teams or PIT crews, that surgically tackle specific areas of inefficiency; and training and standards, our comprehensive set of tools and operating standards used in every plant to identify and eliminate waste from our processes. However, there are a number of specific tools we utilize to support these methods. Things like standard workplace organizational principles, referred to as 5S+1 in the world of lean manufacturing, drive a common look and feel in every Masonite factory. Value stream mapping visually illustrates material and information flows and identifies bottlenecks. Visual controls on the factory floor very quickly highlight abnormal operating conditions. Put simply, Mvantage is used to develop and consistently adhere to high-quality operating processes that are safe, efficient, and free of waste. Underlying the Mvantage operating system is a culture of continuous improvement across Masonite. We have a dedicated team of continuous improvement experts who drive our most important CI initiatives, while also training and certifying our team members at each site in the process. The concept of Kaizen, or good change, is a perfect example. It is universally associated with lean manufacturing. However, activating Kaizen in a way that embeds a culture of continuous improvement is often what differentiates successful companies. At Masonite, we do this by routinely engaging employees at all levels of the organization in Kaizen workshops, where they are directly involved in the process of identifying good change for their work area or site. When our CI team conducts a project at one of our plants, they train local site personnel to conduct Kaizen workshops themselves as a part of the process. We've trained hundreds of employees in this manner, and they are conducting thousands of Kaizen events each year. In this way, we are embedding continuous improvement into our day-to-day operating rhythm and amplifying the culture of lean principles that is foundational to our strong operational execution. Let's talk about a couple of examples that help illustrate some of the benefits we are getting from Mvantage. The first goes to the heart of our strategic pillar, Focused on Reliable Supply. One key performance measure we use to evaluate our performance is On Time and Complete, or OTC. OTC measures how often we get 100% of an order to a customer when they expect it. We offer our customers thousands of SKUs, largely on a made-to-order basis, which can make consistent OTC challenging. To address this, last year, we implemented an initiative to standardize, simplify, and automate our scheduling, capacity management, and inventory management processes using lean tools and new software technologies. To help accommodate demand variability, we also implemented work-in-process supermarkets to provide inventory buffers and shorten production cycle times. And finally, we implemented tools that allow us to better measure supplier performance to drive improved accountability into our supply chain. Our customers tell us that OTC performance is one of the things that helps differentiate Masonite in the market, and our team is focused on ensuring we meet or exceed their expectations to enable joint growth opportunities. Our second example is a plant transformation project conducted at our Monterrey, Mexico, door assembly plant. Monterrey is one of our older factories in our network, which historically leveraged low-cost labor to compensate for a less than optimal plant layout. Knowing there was a significant opportunity to increase our output from this facility, we launched a transformation project centered around three work streams. First, we trained our workforce on lean tools and methodologies to enable a site-wide 5S+1 transformation and implementation of standard work and performance management systems. Second, we completed a value stream map of the plant to identify all the steps in the manufacturing process.... Focused on eliminating identified constraints to maximize the efficiency of material flow through the end-to-end process. Third, we took steps to improve our inventory and material replenishment processes to maximize runtime of the production lines. The local team embraced the process and invested significant time in each work stream, ultimately doubling the plant's capacity in the process. But what happened next illustrates the real power of Mvantage in amplifying a continuous improvement culture at Masonite. After our CI team wrapped up the project and moved on to their next assignment, the local team leveraged their training and identified ways to streamline material management and free up additional floor space, which ultimately allowed for the installation of additional equipment that tripled the original capacity for interior door production. A huge win for the plant and for Masonite. Let me sum up what I hope you've taken away from my remarks today. While Masonite is a large and complex business, we have an experienced and talented team, supported by the right tools and systems that allow us to execute at a very high level. Our scale and vertical integration enables us to produce tens of millions of doors each year, all while leveraging a strong culture of lean operating principles to improve efficiency and optimize our network. We are proud of our track record of strong operational execution, but there's even more we can do to set Masonite further apart, and we are investing in ways to be an even more valuable partner. To that end, we will continue working on initiatives to enhance our operational capabilities, realize the benefits of targeted automation, and further optimize our footprint in a way that extends our competitive advantages and creates value for both Masonite and our customers. I hope you've sensed my personal enthusiasm about this topic today, but I appreciate that operational excellence might not be everyone's passion. I have no doubt, however, that you are all eager to hear our next speaker, Russ Tiejema, who will now walk you through the financial outlook, which ties together all the benefits we derive from the three pillars of our integrated Doors That Do More strategy. Thanks, Randy, and thanks everyone for your attention this morning as we've walked through the details of our Doors That Do More strategy. So far, we've heard Howard talk about the role product leadership plays in giving homeowners ways to improve life and living with better doors, literally Doors That Do More. We've heard from Chris about how we are collaborating with channel partners to drive our mutual growth, and from Jen about the approaches we are taking to engage with homeowners and create awareness for our products and the Masonite brand, both key aspects to winning the sale. We've heard from Randy about how our unwavering commitment to reliable supply supports our mission to be the most valued provider in our category. Now, I'm pleased to have an opportunity to tie this all together into an updated long-range financial outlook for the company. These are the key points I'll cover. First, I'd like to offer brief commentary about the progress we've made toward financial goals we outlined in the Centennial Plan announced at our last Investor Day in April 2021. Second, I'll discuss the key drivers of our anticipated organic growth through 2027, and how both end market dynamics and the initiatives covered earlier today will influence this. Third, I'll review the levers we have to deliver higher margins in pursuit of achieving a 20% adjusted EBITDA margin for the company, which remains our aspiration. And finally, I will outline the strong cash generation we expect these actions will create, and how we plan to deploy that cash to support growth, including through M&A. So let's first ground ourselves in the progress we've made to date toward our 2025 Centennial Plan objectives, which were to roughly double the consolidated net sales of the company compared to 2020, reach an adjusted EBITDA margin of approximately 20%, and deliver sector-leading returns on invested capital. You may recall that our Centennial Plan targeted $3 billion in net sales by 2025 from general market growth and our work to drive higher average unit prices, plus another $1 billion of incremental revenue derived from a combination of Doors That Do More product innovations and M&A. Through year-end 2022, as expected, we were still in very early stages of commercializing new product innovations, and we had not yet closed on our acquisition of Endura Products or other M&A transactions. Even so, we are arguably ahead of the glide path required to reach the $3 billion from market and AUP growth, due in large part to our steadfast focus on taking price actions where necessary to stay ahead of inflation and maintain a favorable price-cost relationship. That strategy allowed us to fully offset over $300 million of material cost inflation in 2021 and 2022, as well as higher than usual wage and benefit inflation in our factories. All else equal, our Adjusted EBITDA margin in 2022 would have increased from the 16.1% we delivered in 2020, had it not been for our architectural business, which dealt with a severe contraction in commercial construction early in the pandemic, as well as acute post-pandemic supply chain issues. Similar to organic revenue growth, return on invested capital has been a bright spot. From 2020 to 2022, we more than doubled ROIC to over 18%. While I think we'd all agree the last 3 years presented a number of unexpected challenges, it also offered us an opportunity to showcase the agility and exceptional execution of our team.... We are leveraging our Doors That Do More strategy to position the company for continued growth and even stronger financial results as end market conditions improve. In addition to the disciplined approach to price-cost management I just noted, and great work by our global sourcing team to manage stresses across our supply chain, we also reacted quickly to market softening that began in the second half of 2022, by developing a cost management plan, which included restructuring our commercial team and optimizing our manufacturing footprint in North America. Implementation of those actions began late last year and accelerated this year as part of our 2023 playbook. Our objective has been very clear: preserve margins in a soft market environment while simultaneously continuing to invest in future growth initiatives, and position the company with a stronger, leaner operating platform to deliver meaningful margin increases as volume growth returns. Many of you have heard of us refer to this as coiling the spring, as we look ahead to stronger end markets beginning in 2024. Speaking of those end markets, let's walk through our specific assumptions and how they impact our expected revenue growth through 2027. Starting from the midpoint of our net sales guidance for full year 2023, we thought it was appropriate to first reset our revenue baseline to exclude the architectural segment, since it is increasingly likely that our strategic review may result in that business being divested. Pro forma for that potential outcome, our 2023 net sales baseline would reset to approximately $2.5 billion. We see this growing organically to $3.5 billion by 2027. Let's walk through the assumptions behind that outlook. Over this period, we expect low single-digit growth across our end markets. In our core North American residential business, this results from compound annual growth rates in the range of 3%-4% for new construction and 1%-2% for triple R. For new housing, projections by the National Association of Home Builders indicate that the early signs of recovery we are now seeing in housing permits will likely turn into steady expansion in new home starts by the second half of 2024. Our growth assumption implies that housing starts return to an average of 1.5 million over this plan horizon. Our modest triple R growth assumption is arguably conservative, given continued aging of existing housing stock and other secular tailwinds. While our business in Europe is a much smaller driver of our consolidated revenues, we expect to see growth there as well, as the U.K. recovers from what is presently a particularly difficult macro backdrop. Finally, it's important to note that we are embedding modest, like-for-like price increases in the end market growth portion of this net sales bridge, essentially to offset comparable rates of overall inflation we expect over this period. While material costs will likely moderate somewhat from recent historic highs, we expect continued labor and overhead inflation. This combination of new construction, triple R, and modest pricing equate to a consolidated end market CAGR of approximately 4.5% through 2027. Our strategy to outgrow the overall market is what we've spent much of our time on today. Let's summarize how we see these strategies come to life in terms of incremental revenue attributed to our growth initiatives, equivalent to approximately $500 million by 2027. As noted earlier, we would attribute approximately one half of this opportunity to improve mix based on products similar to those we offer today, and the other half to our development of new and higher-value product innovations and door systems. Let's drill down further in each of these areas. With respect to product mix, Howard outlined how we see a meaningful opportunity in providing higher-value products to both renovation projects and new home buyers. While upselling the mix of doors has only a modest impact on the price of a new home, it has the potential to double the revenue per door we would realize. We believe that our initiatives to shift mix increasingly toward products such as solid core interior and fiberglass exterior, could conservatively yield $150 million of incremental annual revenue. To put that in context, this is the equivalent of shifting interior doors to solid core and exterior doors to fiberglass by less than 10 percentage points each. Adjacent to this objective of shifting product mix in new construction and renovation projects, our focus on building brand leadership and enhancing our route to market capabilities also provides a means to use mix in attacking an enormous pool of latent demand, the installed base of interior doors in North America, most of which are hollow core. We continue to explore ways to tap into this market by strategies such as leveraging the scaled remodeler channel in ways that make it easier for consumers to replace and upgrade doors in an existing home. We believe this could turn into a purely incremental revenue opportunity of over $100 million annually by the latter years of our outlook. Think about it in these terms: If only 0.1% of the roughly 2 billion interior doors installed in North American homes were replaced each year, each by a solid core door panel, and for the sake of round numbers, let's say at a realized AUP of $100. That represents a $200 million market opportunity annually. This is clearly a huge opportunity for our category. With respect to new product innovations, we see significant upside to our overall AUP as we scale high-value exterior systems still in early stages of being commercialized, such as M-Pwr and the Masonite Performance Door System... and launch new programs in our development pipeline, many of which target high-value categories like premium exterior and connected door applications. We believe this high-value product pipeline could represent as much as $250 million of incremental revenue opportunity by 2027. Again, to put this in context, if we converted just over 1% of our exterior door volume to M-Pwr, our revenue capture would be in excess of $100 million annually. And as you saw in the illustrative product pipeline Howard showed earlier this morning, we have multiple additional concepts being developed that we believe have the opportunity to individually approach as much as $50 million annually once at scale. Inclusive of the growth from these mix and new product initiatives, we project total organic growth over the four-year period to be in the range of 8%-9%, reaching $3.5 billion by 2027. Our aspiration to grow Masonite revenues to $4 billion or more remains unchanged, however, and our focused M&A strategy is intended to help support that. More on this in a minute. Here is how we see our organic growth benefiting our Adjusted EBITDA margin over the four-year period. Similar to the net sales bridge, we present this consolidated margin outlook starting from the implied midpoint of our full year guidance for 2023, and then include a pro forma adjustment to remove the approximately 130 basis points dilution attributable to the architectural segment. This translates to an Adjusted EBITDA margin of 16.6% in 2023 on that basis. We see a clear pathway to improve this further by approximately 300 basis points between now and 2027, based on three primary drivers. The first is volume leverage in our North American residential business. The actions we've taken as part of our 2023 playbook have helped create an even stronger and leaner business model. This should allow us to realize incremental margins of at least 30%-35% on volume growth associated with the anticipated end market recovery. A second driver is price-cost management and margin leverage on mix. We remain committed to our philosophy of capturing fair value for our products and managing to price-cost favorability. Per my comments earlier, we are planning for low single-digit price over the plan horizon, mirroring the overall inflation rate we are assuming across many of our cost baskets. As Randy illustrated earlier, we also have a rigorous approach to driving cost efficiency in our supply chain and continuous improvement across our operations, yielding savings that accrue to margin. Further, we expect our high-value new product innovations, once scaled, will collectively deliver margins accretive to the current portfolio average. These factors all combine to deliver incremental margin pass-through. Third, and finally, we anticipate that our Europe segment will return to the mid-teens Adjusted EBITDA margin profile it delivered pre-pandemic. Much of this will be from operating leverage, from increased volumes as macro conditions improve in the UK. But our Europe team is also working on initiatives to improve product mix, particularly in the areas of prefinished exterior systems and pre-hung interior door sets. As a result of these drivers, we expect to deliver a consolidated, Adjusted EBITDA margin of between 19% and 20% by 2027. The net sales and margin assumptions I just walked through are anticipated to deliver cumulative Adjusted EBITDA of approximately $2.4 billion over the four-year period of 2024 to 2027. Before we walk through how those P&L results are expected to translate to cash generation and capital deployment, it's worth spending a moment to highlight our ongoing working capital initiatives. As we announced earlier this year, Masonite has embarked on a multi-year initiative to strategically reduce the working capital required to operate our business. What we refer to as core working capital, that is accounts receivable plus inventory, less accounts payable, but excluding accrued expenses, peaked at 25% of trailing twelve months net sales in mid-2022. This compares to a historical average of approximately 21%. While there are some logical reasons for this expansion, it serves as a fulcrum point to rethink how we manage working capital overall in the business. As such, we laid out a bold objective to optimize our core working capital with initiatives that address each component. For receivables, we have simplified and standardized our customer payment terms to accelerate collections. For payables, we have implemented extended payment terms across our supply base, while also launching vendor financing programs to assist our suppliers with their own cash flow management. And for inventory, we are optimizing raw material placement across our factory network by normalizing safety stocks, standardizing components, and increasing our use of centralized warehousing and vendor-managed inventory. We are targeting to reduce core working capital to a high teens% of net sales over the next four years, and I'm pleased to report that our progress thus far has been impressive. We expect to reach the 20% level by the end of 2023, and working capital reductions through the second quarter alone were a key contributor to our very strong first half free cash flow of $160 million. This optimization strategy is a key enabler to offsetting much of the working capital investment typically required in a business delivering high single-digit revenue growth. As a result, our cash flow pro forma reflects only a modest incremental investment in working capital through 2027, with cash tax payments and interest expense, the more significant uses of cash over the four-year period. Based on these assumptions, the $2.4 billion of cumulative adjusted EBITDA is expected to translate to approximately $1.7 billion of cumulative operating cash flow from 2024 through 2027. I'll cover capital deployment further in a minute, but you'll note that we are assuming capital spending of approximately $600 million through 2027, yielding cumulative free cash flow of $1.1 billion. Let's turn to how we would expect to utilize our strong operating cash flows. When combined with the incremental debt we could assume currently, while remaining within our target net leverage ratio of 3x trailing twelve months adjusted EBITDA, this implies approximately $2.2 billion of cash will be available to deploy over the four-year period. We have consistently applied a capital allocation strategy for several years, which first prioritizes organic investment in the business in ways that enhance our operational capabilities and activate our Doors That Do More strategy. This would include investments to optimize our manufacturing footprint, such as the new facilities Randy highlighted earlier, and new products and IT system capabilities. Our second priority continues to be inorganic growth by leveraging M&A in ways that expand our presence in tightly adjacent product categories and support one or more of our strategic pillars. Recall from the net sales bridge I showed earlier, that we expect to pursue M&A that could yield at least $500 million of incremental net sales by 2027. As an illustration, let's assume that acquisitions supporting that revenue growth represent assets that deliver approximately 20% EBITDA margins and transact at roughly 10x EBITDA on average. This, in turn, implies approximately $1 billion would be deployed against this part of our capital allocation strategy. Finally, there would be approximately $600 million of residual cash generation available to deploy against continued share repurchase or debt reduction strategies, should that be preferable at various points of the cycle. Before I wrap up, I'd like to give additional perspective on how we assess M&A opportunities. When evaluating potential M&A targets, we rigorously apply two filters. First, and arguably the most important, is assessing strategic fit in the context of our Doors That Do More strategy. In other words, do we see clear alignment against one or more of the three pillars? Assets supporting our product leadership pillar are perhaps the most obvious, insofar that they would typically enhance our ability to offer higher value door systems or represent closely adjacent product categories. Endura was an example of an enhancing asset, given its capabilities in key door systems components, such as frames, sills, and multi-point locking systems. Assets that provide security and access technologies would be logical future areas we could prioritize. An example of a close adjacency in the residential door space would be expansion in patio doors, a category we currently participate in only with hinged door panels. This category could benefit longer term by the same innovation trends we are advancing in the entry door space, such as powered and connected offerings. Our win the sale pillar could be further supported by the acquisition of assets that carry strong brands or unique down channel reach to dealers and installers. Our reliable supply pillar could be further supported by assets that increase our capacity in key growth categories, such as fiberglass exterior doors, or which may offer new capabilities to simplify and improve product configuration or distribution. Assuming clear strategic alignment is confirmed, the second filter we apply is financial. In short, is the investment expected to achieve an internal rate of return in excess of our cost of capital, even when conservatively discounted? Can we reasonably expect synergies that support the required valuation to transact, while also incorporating any offsetting investments to properly integrate the business? After factoring in financing costs, can we reasonably expect the transaction to be EPS accretive, exiting the second full year of ownership? Assuming that both strategic and financial screens are met, we will proceed with an acquisition and formulate an integration approach specific to the asset. For cases where full integration is appropriate, our playbook and success to date with Endura provide confidence in our approach. Okay, with that, I'll close by summarizing the financial objectives we've laid out for the business through 2027. First, the growth initiatives our team is working on intently, combined with relatively modest end market tailwinds we expect over the next four years, position us to deliver average organic revenue growth of 8%-9% annually. To this, we see a pathway to $4 billion or more of consolidated net sales by 2027 by thoughtfully leveraging M&A to support our strategic pillars. Second, our aspiration to achieve a 20% Adjusted EBITDA margin for our consolidated business is unchanged, and during this plan horizon, we see multiple levers that credibly position us to approach that level. And third, the strong earnings growth our plan is designed to deliver, combined with the focus our team is applying to working capital management, is expected to yield in excess of $1 billion of free cash flow through 2027, which provides substantial firepower to continue investing in the future growth of our business and returning capital to our investors. We view these financial objectives as ambitious yet attainable, and key enablers to unlocking what we believe is a higher and more appropriate valuation for the benefit of our shareholders. With that, I'm going to pass it back to Howard now, so he can provide some closing remarks before we gather the team for our Q&A session. ... It's always fun to tell the Masonite story, and I really appreciate you taking the time to listen. I hope that you've learned a thing or two about our business and share in our enthusiasm for the future. The opportunities in front of us are plentiful, and we're just getting started. Earlier today, I mentioned four key messages that I would ask you to take away from our time together. One, Masonite is the industry leader in doors, with a strategy to unlock sales and margin growth through differentiated products based on good, better, and best solutions for homeowners. Doors can, should, and will make a difference in life and living. Once invisible, now invaluable. Masonite is leading the way in developing and commercializing doors that literally do more. Two, we are focused on creating and capturing demand for these higher-value products by developing deeper customer relationships and a push-pull marketing and sales strategy to win at the point of sale. Our partnerships are long-standing and invaluable. We are committed to deepening our relationships to create win-win scenarios. Furthermore, we're building the Masonite brand with homeowners and influencers so that they understand the true value of doors and ask for Masonite by name. Three, our vertical integration and Mvantage operating system are competitive advantages to delivering a consistent and reliable supply of high-quality, cost-efficient products that customers value. Operating 63 facilities around the world, making over 30 million doors in tens of thousands of different flavors is difficult, but we've got this. Continuous improvement is in our DNA. Our ops team has literally thousands of years of experience. It's all in a day's work for this team, and I rest easy knowing that our supply chain is rock solid. 4, and finally, we have a strong team, tightly aligned around aggressive but attainable objectives for growth and cash flow generation, and a capital allocation strategy that will drive outsized shareholder returns. Our team is talented, committed, and focused. Our business is healthy and generates a lot of cash. Our balance sheet is strong. We are in a great position to execute the plans we have discussed today and deliver exceptional results. We will now take a short 10-minute break to reset for Q&A. When we come back, we will have all of our presenters on stage with me. In the meantime, we encourage you to start submitting your questions via our online platform. Thank you. ... Welcome back, everyone. My name is Marcus Devlin, Director of Investor Relations here at Masonite. And here on stage with me, I have all of our presenters from this morning. At this time, we'd like to begin the Q&A portion of our program. If you have a question, feel free to enter it into the chat box on our website platform. We'll try to get to as many as possible this morning. We have about 40 minutes allocated for Q&A today. At that time, Howard will wrap up with some closing remarks, and we should be on track to end about 11:30 A.M. on schedule. At this time, we can start with our first question, which comes from the office of Reuben Garner at Benchmark. The question is, "Howard, you referenced an opportunity for upgrades on 47% of doors in the home. What number or percentage of those doors are upgraded in the average home today? That's a great question, Reuben. Thank you. If you remember, I was talking about that typical American home that has 20-20 doors. 17 of those are interior doors, and we said 8 of those 17 should be solid core doors because they're rooms that need some privacy or create noise: bedrooms, bathrooms, and the laundry room. That's 47%. The reality is, there's so many more opportunities to upgrade doors in your home. You think about a barn door to close off space. You think about that front entry door being a fiberglass door with maybe some side lights, or that office door being a stile and rail door with glass. And so while there's no common answer because some homes have 100% of their doors upgraded, there's a real opportunity and an evolution as things are changing, as people are spending more time in their homes, and they're realizing that their doors could play a more important role and do more. And so we don't have a fixed number for what that number is today, but we know it's changing, and we know it's changing in our favor. Thanks for the question. Great. Thanks, Howard. The next question comes from the office of Tim Wojs at Baird. The question is: How big is the multifamily business within North American Residential from a revenue perspective? Chris- Sure. If you can take that. So our overall North American business is really balanced between the new construction as well as the repair remodel segment. As we talk about the new construction segment of our business, we look at our share across both multifamily and single family being very consistent. And one of the important notes as we look at the last year, as we've seen the overall housing downturn happen, we've seen multifamily actually become a larger percentage of the total business. But this is one of those pieces where when you look at the door installations of multifamily compared to single family, there's actually a higher number of doors in single family compared to multi. Howard referenced earlier today around the 20 doors per home that we estimate. So this is one of those extra factors as we look at coming out of this housing cycle. This is a really nice tailwind for us as we look at the number of installed doors in projects. Thanks, Chris. The next question comes from Steven Ramsey at Thompson Research Group. On supply chain and production network improvements, clearly, it's all cohesive. What are the biggest movers to help improve service levels to customers and improve margins? Randy? Excellent. Thanks for the question, Steven. That's a great question. I'll talk about the margin piece first. For us, it's all about driving advantage and leveraging the tools in that system to identify and eliminate waste from our processes. Then, it's also about driving those efficiencies inside our existing factories. The second piece of that would be about taking older, less efficient facilities offline and bringing online newer, more efficient facilities. From a margin perspective, it's all about, you know, the advantage operating system. Now, think about from a service perspective, I'll talk about the vertical integrated supply chain and how we leverage that to be, you know, to take our service levels to a higher—our service to a higher level. Great example of that is our Dallas hybrid facility, where, you know, we're working to improve our service levels there. But as I think about that, let me take a step back and say, look, you saw in the More to a Door video, how complex it is for us to make a door. But I think we're really, really good at it, and we know how to make a door. And we make 30 million of them a year. We make them across thousands of SKUs in a generally, you know, made-to-order model. And what we're looking to do here is provide a higher level of service than we're able to provide in that made-to-order model with a quick ship replenishment model out of our Dallas hybrid facility. So it's another step in that evolution of how do we provide better service to our customers and be more resilient. It's something that we're looking to do and maybe even grow that into other areas of our business. So just a couple things, you know, leveraging Mvantage, leveraging the vertically integrated supply chain to really have that service resiliency and ability to take our service to a higher level. Great. Thanks, Randy. The next question is from Stanley Elliott at Stifel. It looks like: Why is the assumption in triple R about 1%-2%? I assume he's talking about growth here. If such an opportunity with exterior doors and interior doors exist, this would seem low if existing home sales remain muted. I'll go ahead and take that one. Yeah. Stanley, thanks for the question. I think I actually commented during my prepared remarks that one could argue, perhaps, that our- ... assumptions for Triple R growth are a little bit conservative, and it's for exactly those reasons. We see secular tailwinds impacting the industry that we think are not only good for the new construction piece, right? The mix of from hollow core to solid and from steel to fiberglass that Howard talked about during his remarks, but also the fact that people are looking for more from their homes when they're doing renovations, and we see that impacting the door business as well. Now, as homes turn over, that's typically an impetus for renovation work, but we're also seeing people, in some cases, stay in their homes longer and do more renovations in place, potentially, given the current interest rate environment. All of those things, we think, provide a good backdrop for remodeling demand over the next few years, and the efforts that we're putting into marketing and developing higher value door systems that people will pay more money for, and demand in their homes, that's where we see opportunity. So we wanna see how the market plays out and how the background plays in what demand looks like, but we think that easily, that 1%-2% should occur, if not even to a greater degree. Thanks, Russ. It looks like I might have another one for you here, Russ, as well. All right. Next one comes from one of our institutional investors: If architectural is divested, and given your good cash flow generation and relatively low debt level, can you elaborate a bit on capital allocation? Would you be interested in one large acquisition or prefer multiple smaller ones? In the U.S. or also looking to Europe, how does this impact additional buybacks? Great question. Let me go back and remind everyone quickly what our capital allocation strategy is. And we talked a little bit about this during the prepared remarks portion of the program, right? First and foremost is always investing organically into the business. Secondly is M&A, what this question really speaks to. And then third would be returns to shareholders, that we've been using share repurchase as our form of distributing capital back to the investor base. Specific to M&A, we evaluate M&A, as I mentioned, through two lenses. The first lens is always strategic. We're going to be looking for assets that are tightly aligned or adjacent to what we already do. Expanding into categories unrelated to doors or door systems and the use of doors in the home, not a priority for us. In the near term, the priority would more likely be on North American residential assets as opposed to in other regions of the globe. I wouldn't wanna speculate on what size those acquisitions may take. What I will say is that more sizable acquisitions, like Endura Products, often don't bring with them any more integration lift than numerous small assets. To the extent that we can find reasonably sized assets that can scale the growth of the business more quickly and give us the ability to integrate seamlessly, as we have been doing thus far with Endura, those would be the types of assets that we'll prioritize. Great, thanks. Next question from Michael Rehaut at J.P. Morgan: Your new EBITDA goal is in contrast to your prior goal of 20%+ by 2025, given at your April 2021 Investor Day. What has changed since then? Of your margin drivers outlined then, what has gone to plan and what has not been anticipated? I'll go ahead and take that one as well, Marcus. Let's start here. And I tried to outline a little bit during my prepared remarks, what has really occurred since we outlined those goals at our 2021 Investor Day. But let me break it down a little bit more specifically into things that kind of were unexpected, perhaps, as compared to what we thought at that time and what has been as expected. And I would say in the unexpected category, number one on the list is the inflationary environment that we've all dealt with. As I mentioned earlier in my prepared remarks, we put through significant pricing actions to more than offset over $300 million worth of material cost inflation, and we've also continued to see inflation at higher rates in our manufacturing plants. So if I look at the inflationary environment in material and the inflationary and labor supply issues that we have seen in our factories, those are two items that we would not have expected when we laid out our Centennial Plan goals. And the third, I would say, perhaps somewhat related, is just general supply chain volatility. We've had incredibly fragile supply chains over the last couple of years, and it's required our operations and our sourcing teams to be extremely nimble. All right, so that takes me now to what is expected. If you look at what the sourcing team has done in concert with the R&D organization to qualify new suppliers, build a more diverse global supply chain, and deal with that supply chain volatility, they've done a great job, and that's exactly what we would have expected. The other thing that I would say has been as expected is we've built a lot of muscle into the R&D organization to prepare us for launching some of these high-value, new product innovations. Now, in fairness, they've spent a lot more of their time than planned working with Randy's supply chain group on qualifying these suppliers. So that's probably been, at the margin, a headwind to our ability to scale innovation efforts. But we've put some investments into that team that have really unlocked a lot of capability, and now we're at the point with supply chains more stable, operations more stable, and with a macro environment that should improve over the next year or two, we're now very well positioned to start leveraging that machine to launch high-value products at an increasingly quick pace. Great. Thanks, Russ. Next question from Noah Merkousko at Stephens: Is there any way you can break down the current mix of good, better, best price doors, as it exists today, and, where that mix needs to go to achieve your margin target? Yeah, Marcus, let me take that one. Thanks for the question, Noah. Today, about two-thirds of our business, about two-thirds, is what we would consider good. That means one-third we would consider better, and as I said, it's really hard to find what we would call a best door today. That's something that we're, we're working on. So two-thirds good, one-third better. Better meaning stile and rail, or solid core, or fiberglass, or barn doors, or anything pre-finished, or doors with glass. Two-thirds, one-third. When we talk about our $500 million opportunity, we sort of assigned $150 million to mix. So when you think about that, it's about 7% of our revenue today, and we've been growing mix historically over the last year and a half or so at 1%-3% per quarter. If we can continue that, call it 2% growth annually for the next four years, we'll get to that 7% of sales mix. So, we believe we're on track. We, we know that people are thinking about their doors more often, and so there's some tailwinds there, and when we put our marketing engine in place and start to proactively tell people, it'll even get better. Absolutely. Next question comes in. Jen, this might be a good one for you. It is a question from one of our investors: Jen, you talked a lot about engaging more down the channel and building the Masonite brand. Are you planning a significant increase in marketing spend over the next several years, and could that include building a direct-to-consumer business? Great. Thanks, Marcus. We will continue to invest in marketing directly to our homeowners and contractors, as we've done, you know, up to date and over the last couple of years, in order to drive mix shift and you know, share in some areas as well. It is an important move for us to continue to engage that way, and what we've done up to this point, you know, has really been a cost-efficient and, you know, very effective model. We have invested over time to really learn a lot about our, you know, our strategic value targets, as we've talked about in the past, you know, so that we know how they purchase and where they purchase. So, you know, spending the dollars that we spend today, you know, really matters and really works for us, and it's, you know, helping us build awareness, drive preference and consideration, and of course, getting purchase and loyalty. To the part two of the question around, you know, are we, you know, are we selling direct to consumers? We are marketing direct to consumers. We are absolutely investing in, driving that engagement with, homeowners and contractors, so that we can build that, you know, build that business. We are not transacting, however, directly with consumers. We are still, you know, working with our existing, marketing model and our routes to market, so that we can work with our most loyal and preferred, retailers and dealers in order to, you know, sell the products that we want to sell. Great. Thanks, Jen. Next question from Steven Ramsey at Thompson Research Group: Pricing being a low single-digit contributor seems to say you aren't considering another major step up like you took in late 2019, early 2020, but it is, more steady and conservative. Am I assessing this correctly? It's a great question, Steven. You're referencing a step change we made in pricing in 2019, 2020. That was because we really believed, and we talked to consumers, and we learned that we weren't capturing fair value, and consumers expected to pay more for their doors. That perceived value difference is still there today, as we've referenced. We've done that study 3 times in the past 4 years, and consumers expect to pay more for doors. We also think there's a big mix opportunity, as consumers tell us, 8 out of 10, that they're willing to pay more for doors that do more. So we're gonna do the right thing for the market at the right time, and when I talk about the market, I talk about our channel partners, I talk about everybody through that channel that Chris walked through today. So we'll put a number in our model that we do think is conservative, but we'll continue to do the right thing for us and our customers and the channel. Thanks, Howard. Next question coming in from Tim Wojs at Baird: On the volume outlook, are there any assumptions around the average size of home, especially as builders have started to shrink footprint again to improve affordability? Is there a rule of thumb around square footage and impact on average doors per unit? It's a great question, Tim, and we've studied this a lot. What we find is about every 180 sq ft is a door. That's sort of a general rule of thumb. And you're right, houses got smaller for 7 or 8 years in a row, and then interestingly, they were just starting to increase in size as this inflation that Russ referenced hit, and now it's turning again because of an affordability issue. However, doors are becoming more visible in homes, and homeowners are more aware. 40%, up to 40% of people are at least spending part of their week working from home, and if you're working from home, it means you're on calls, it means you need some level of privacy, and what people learned during the pandemic is they might have only had a bedroom or a bathroom that they could close. So an office is becoming a more important room in many homes. So the number, that 20, has been pretty consistent over the years. For every 180 sq ft or so, you get a new door. But we believe that as people are spending more time in their homes, the demand for doors is gonna increase. Absolutely. Great. The next question is from. Let's see, we've got Noah Merkousko again from Stephens: Will the M&A targets all be margin accretive? And are there ample 20% EBITDA margin companies out there that you can acquire? I'll take that one. Thanks for the question, Noah. It's hard to predict at any particular point in time, what assets are gonna be available in market and what the financial profile of those assets are going to be. But generally speaking, we see plenty of opportunities, particularly in some of the adjacencies that I talked about earlier, as being strong margin businesses. When you think about all the various components that go around producing a high value and innovative door system, Endura Products was one-- was just one example, that was frame components and, and generally a little bit lower on the margin rate, although we see a pathway to significantly improve that business as well. But some of the other assets that can be interesting around security and access control, and other tightly adjacent door categories that I mentioned, we see plenty of opportunity to bring assets into the portfolio, that certainly should not be meaningfully dilutive, and in some cases, could actually be accretive to the overall margin of the fleet that we have, the product fleet we have in our portfolio currently. Thanks, Russ. Next, coming in from Steven Ramsey at Thompson Research Group: How much of the M*Power door conversion are you assuming in the 2027 sales and EBITDA targets? How much is the upside? Well, I'll tell you what, let me take that, too, since I mentioned during my prepared remarks that there was an example that we offered for context, which was, if we simply converted a percentage point of our external or exterior door sales from the current steel or fiberglass panels that we're transacting currently to a complete M-Pwr system, that alone is worth approximately $100 million worth of revenue lift. So we don't have a specific target that we're disclosing within that $250 million worth of new product innovation, but I shared that example specifically to give context that with higher value systems come incredible revenue growth opportunities. Because if you're selling a system for, you know, in the case of M-Pwr, call it $4,000, as opposed to a fiberglass door panel for 10% of that, you can see there's a huge revenue lift opportunity. And, and Howard talked about some of the product programs that are in the product development pipeline right now, and many of those programs, we think that once they are at scale, could have the opportunity to represent up to $50 million individually. So you put those together, and that's what gives us confidence that there is a lot of revenue growth opportunity, perhaps indexed more to the, the latter years of the plan horizon, but a lot of revenue growth opportunity from innovation. Absolutely. Next question coming in, looks like it might be a good one for, for Chris here. "I hear the good, better, best message, and it makes sense. I also understand, you're not selling direct to consumers, so how do you get the channel working with you on this strategy?" This is coming in from one of our investors, Chris. Okay. No, that's a great question. So we got a chance today to talk a lot about how we create and then capture demand. So create demand with our homeowners, and then make sure we're capturing it with our channel partners. And from a channel partner standpoint, it all starts with joint business planning. This is about lining up our Doors That Do More strategy and our pillars we walked you through today, with what each one of the customers has as their priorities. And as you look at the good, better, best question that you're asking here, one of the things that we really like to start with is the development cycle and bringing our strategic partners into our research and development labs. We'll have them come through and look at our pipeline of innovation. We'll talk about how we can go through and commercialize it, and everything from that first discussion through to when we launch it, we've had plans in place about how we make sure we've done in-market training, make sure that we're building the right capabilities with their sales force and with ultimately, the ability to reach homeowners. So if you really look at the slide we had earlier around joint business planning and starting with a strategy and lining up the strategy, taking it all the way from development through to execution, that's the playbook we have in place to make sure we're bringing good, better, best product to life in the market. All right, thanks, Chris. Next question from Tim Wojs at Baird: "Could you give us an update on what you're currently seeing in the marketplace around things like pricing, volume, and costs? There's a number of things there. Maybe I'll start and, Russ- Okay. you can- Fair enough ... you can jump in. Market obviously remains choppy. We expected the business to be down between down 5% and flat this year, including the acquisition of Endura. That included some assumptions like new construction down 20% and R&R down in the high single digits. What we've actually seen is slightly better new construction and slightly worse residential repair models. Through the first half, things are sort of performing as we expected. I will say, though, that I think we're all optimistic that we might see a bit of a rebound in Q4 and into 2024. I think as we sit here today and as interest rates almost hit 8% last week, 7.8% and change, it's going to continue to be choppy through Q4 and probably into 2024. But the long-term macros of the business, the long-term demand profile, we are very confident in.... There are tailwinds. Housing is underbuilt, aging housing stock. There's gonna continue to be tailwinds from a macro perspective and from a secular perspective, as people work from home, as powered and connected smart homes become more relevant. And so from a demand perspective, we think things absolutely will improve in time. From a pricing perspective, you can imagine in a down cycle, capacity becomes available, and there are some people who strategically choose to lower price to protect share. We prefer to protect margins in times like this. So it's a bit different depending on, depending on the competitor and, the region. Was there another part of that question? Cost. Uh, cost. Yeah. Yes. Fortunately, Randy and the team, and Randy spent a bunch of time on the supply chain, and that has stabilized a lot. Mm-hmm In the last number of years. Now, we planned for deflation in the low to mid-single digits, heavily weighted toward the second half. It's been stubbornly higher than we anticipated. Some things have come off, like logistics. We're starting to see wood move a little bit, but it has been a bit higher than we anticipated going into the year. We still expect to see a little deflation here in the back half. Mm-hmm. Great, thanks. Another question from one of our investors coming in: Do you foresee additional relationships with the national home builders? How might, how might this impact AUP and mix? And should your end market mix between new housing and triple R change meaningfully? That's a great question. You know, one of the things that we really talk about, and then we went through it today with the model around how we target the marketplace around our channel partners. We look at the routes to market, really primarily going through our wholesalers, but we do have relationships with major builders. If you look at that description that we talked about with how we create demand and capture it, one of the things that Jen and her team have spent a lot of time doing, is making sure that we have the right materials, so that we can partner with our customers to go and talk with the home builders, as well as have our sales force go in and directly support that work. So as you look at our overall business within North America, again, that relatively even split between retail and our wholesaler, new construction side of the marketplace, the builders are a key component of it. And one of the things that's really exciting about a lot of those discussions is, the builders have a great opportunity to tell some of these wonderful stories we have around the Performance Door System and the air and water performance that we have with our product. Barn doors create a nice upgrade opportunity. One of the things that we've seen is, when we're able to share our story and have those strategic discussions with the builders, as well as bringing in our wholesale partners, it really starts to unlock this whole story we're talking about with Doors That Do More, and specifically around how we can jointly create value and ultimately have happy homeowners, which everyone in the value chain truly appreciates. Definitely. Next question coming in from Joe Ahlersmeyer from Deutsche Bank: How much of your EBITDA margin expansion is coming from mix benefits to the top line? In other words, is higher AUP both higher sales AUP and higher gross profit and EBITDA AUP? Okay. Let me take a shot at that one, 'cause I think the essence of the question... And And I appreciate the question, Joe, but I think the essence is, how to think about this whole mix and innovation machine as it relates to margin of the business in the future versus margin today. So it's probably a good thing to do, is level set how we think about or how we see the margin profile in the current product portfolio that Masonite sells. And, as Howard mentioned earlier, a lot of our business is in the good category, with some in the better. You could argue that the best category in the door category generally is very, very nascent in its beginnings, the M-Pwr door probably being the best example of how we're developing products that really address the best segment of the market. But across the current portfolio that we sell, you don't see meaningful differences in margin rate necessarily. What you see are meaningful differences in average unit price. Howard talked about that during his presentation, where he walked the progression in average unit selling price from a hollow-core door panel all the way up through various pre-hung systems made of fiberglass. So we think about the profitability capture as being driven by the mix shift from solid core... I'm sorry, hollow core to solid core and from steel to fiberglass. Where the margin opportunities start to come in is once we scale some of these higher innovation projects, like the Masonite Performance Door System, like M-Pwr, like some of the other interesting product portfolio moves that we have planned in our pipeline. That's where as we get deeper into the plan horizon, you start to see some of that margin accretion from product development specifically. But the, the mix itself that we're going to be layering in, we believe pretty linearly across the plan in mixing up to solid core and to fiberglass doors, that's gonna be more around driving EBITDA dollars from the higher average unit prices that those products represent. Understood. Thanks. Another question coming in from one of our investors for Howard: It looks like you mentioned Masonite having a unique ability to innovate across the entire door system and capture the opportunity for better and best products. Can you explain what you mean or give us some examples? Yes, great question. Thank you. I think there's several reasons why this can and should be a competitive advantage for Masonite. First of all, it's part of a clearly stated objective. It's the first pillar in our Doors That Do More strategy, and it's about product leadership, so we're focused on it. Second, we've built a terrific capability at our Masonite Innovation Center in West Chicago, both with talent and with processes and prototyping capabilities. So we have what we think is the largest dedicated door development facility, certainly in North America, there in West Chicago, filled with a bunch of talented people who are thinking about this. And then when I think about these needs, and we talk about the fact that consumers are asking for products that solve life and living problems, we're vertically integrated. So we're making the components, the stiles and rails, the facings, the core, the door panel, and now with the acquisition of Endura Products, the frames, the sills, some locking hardware, and so we can innovate around that entire system. And when we have consumers that say things like, "I want comfort, that's important to me," and we think about an articulating sill with our square-edged panel and the weather stripping and corner pads, we can create a product that's better at providing comfort. Or when we have a customer that says, "I want more privacy," and we think about how we integrate those components, the core, the stiles and rails, the facings, we can create more privacy. Having a dedicated research and development center, we think one of the best, if not the best in the industry, being focused and being vertically integrated, I believe, gives us a competitive advantage to deliver these good, better, and best solutions. Excellent. Thank you. Another question coming in from one of our investors on Europe. Europe continues to be a very challenging region. Do you expect a scenario where that business can rebound towards its historic margins, and get back into that range in the foreseeable future? You know, maybe I can take that, and Howard, you may have some thoughts to share on the broader macro environment. But when you look at our business in Europe, as many of you know, it's principally the residential business in the UK is what we serve, and we serve both the new housing market and the renovation market. We do it differently. In the new construction market, it's primarily an interior door business for us, and for the remodeling market, it's primarily an exterior door business for us, but it's in the form of fully finished exterior door systems sold, in that case, direct to contractor. Both businesses have been under a lot of pressure just because of the general inflationary backdrop that has hit, in many respects, the U.K., even more aggressively than here in the U.S., the consumer's been under a lot of pressure. That initially has created a big drag in demand in the remodeling channel, which has impacted our high-margin exterior door business. We're also seeing some weakness, though, in new construction, just because of, again, the general macro backdrop. But if you look at what that business delivered in margin profile pre-pandemic, it was mid to high teens. And particularly when the economy is stable and people are renovating into what is a very aged housing stock in the U.K., that plays to the strength that we have built in the U.K. with our exterior finished door set business, which again, is a high-margin business. It's a very high AUP business, and we see recovery in that longer term as the overall macro environment in the U.K. improves. And in many respects, the U.K. is a bit of a microcosm of the U.S. market, right? It's much, much smaller, but it also has an aging housing stock that is going to continue to need renovation in future years. Great. Sounds like another significant opportunity over there. Another question coming in from Reuben Garner at Benchmark: Can you help bridge us between the previous 2025 EBITDA margin target of 20% and the new 2027 target of 19%-20%? Divesting architectural adds, is it just lower volume outlook that detracts, or are there other drivers? Yeah, Reuben, let me, let me take a shot at this one, because in many respects, you could argue that the last two years simply pushed out to the right our margin growth targets, in light of the huge amount of inflation that I, I commented on previously. And while we've taken a significant pricing to stay ahead of that inflation, the ability to drive margin accretion from pricing actions has been hindered somewhat in what's been a very volatile supply chain environment with a lot of inflation across most of our cost baskets. As we look ahead to 2027, that 20% EBITDA margin goal that we laid out as part of our Centennial Plan at the last Investor Day is still where we are aiming to take the company. But we're looking at the next few years with what is still an admittedly choppy near-term environment in new housing, which will impact how quickly volumes recover in North America, which in turn will impact how quickly we're able to deliver volume leverage in the North American residential business. And we just felt that it was prudent to put a range around that margin improvement that we see by 2027 of 19%-20%. But it doesn't change in any way our conviction that the business can and should deliver at that 20% EBITDA margin range. But we've got to work through the near-term choppiness and then start to lean into the product innovation that really creates a margin accretion machine as we get into the outer years of the plan. Thanks, Russ. Thanks. One more question from one of our investors: Could you contrast the margin and ROE profile of interior doors relative to exterior doors? Well, I'm gonna take a shot at that one. Take a shot. All right. Let's start here. The interior door business is a very capital-intensive business, and for those of you that follow the company, you know that we have a network of components plants. Five of those components plants are door facings plants. They're very, very large industrial complexes. They require a lot of capital. That was part of the reason why, in early 2020, we took to market significant price increases, recognizing that not only did consumers expect to pay more for the product, but there was a significant amount of capital tied up in serving that part of the business, and we felt we were not capturing fair value for that product. That capital intensity exists today. For anyone that is producing door facings, it is a complex business. It requires a lot of technical know-how, and it does require a fair bit of a capital intensity. The exterior door side of the business also has its own complexities, but for different reasons. We're vertically integrated there as well, as many of you know. We also produce our own steel and fiberglass door facings, but it is a much less capital-intensive part of the business than the interior side. When we think about the returns on capital across the business, though, we're always looking to manage the portfolio to drive as high a return on capital as possible, and we apply that thinking not only to our existing portfolio management, but to future projects, right? We're looking to make continued significant investments into the business, both in manufacturing capabilities, some of the things that Randy talked about earlier, product innovations, IT systems, et cetera. Those projects are always assessed through the lens of: What does the return on capital look like for deploying capital against that portion of our allocation strategy, as opposed to M&A, or for that matter, repurchasing our own shares? Thank you, Russ. All right, another question coming in from an investor for us today: Looking at M&A, the opportunity to go into patio doors seems to be a logical area to grow, but isn't this already a competitive section of the market? Yeah, Marcus, let me, let me take that. Patio doors are... I'd call it a near adjacency. In fact, we participate in the patio door market today with our, hinged, exterior door, patio door. I would say that we think it's a big market. We think it's a $4 billion-$5 billion market, some of which is very well served by big brands, and they do a terrific job. There could be a part of the market, however, that's underserved and might benefit from, some infused innovation, for example. If that's the case, and if there's some of these life and living problems that we think we can solve, it may indeed be a real interesting opportunity for growth. Thanks, Howard. Another one, it looks like it might be coming back to you, Russ. A question from Stanley Elliott at Stifel: It looks like CapEx expectations have stepped up from prior Analyst Day target of $100 million per year. You've also done a nice job of upgrading and modernizing facilities of late, too. Is this step up for new products? Is it to build out more hybrid facilities? And also, can you speak to the ROIC targets from the spend as well as the strategic versus maintenance spending breakdown? Okay. There's a lot in there, Stanley. Thank you for the question. I'm gonna try to catch all parts of it. You know, first of all, with respect to... I'm gonna kinda start from the back and we'll work forward. With respect to, I think it was return on invested capital, right? And how we think about that. Right. It continues to be an area of focus, right? While we haven't specifically laid it out there as a target in our objectives that we laid out at this Investor Day, return on invested capital is a key metric that we continue to track on all the projects that we implement, whether it is one of the projects in Randy's plant network, one of our product programs, et cetera. So rest assured, that that is gonna continue to be a focus. The question about the step up, though, in CapEx, from where we've been to where we are headed, there are a couple of things driving this. First of all, we see a lot of opportunity in these accretive, high-innovation, high-AUP products, and you'll see us invest increasingly into that portion of the organic stack within our capital allocation strategy. We think there's some more opportunity there. On the manufacturing side, I think Randy, you know, previewed this a little bit during his comments and even during the Q&A. We've done a lot to refresh the factory network. I'm glad that's been acknowledged. There's more to do, right? We still have a very large factory network here in North America. Some of those facilities are relatively aged. We have been making investments into the lower-cost or more automated portions of the factory network, the new plant in Tijuana, as an example, expanded capacity at Monterrey, which Randy talked about during his presentation earlier, and higher levels of automation in the new Fort Mill plant. We think that there are opportunities to continue on that investment regime to improve automation and cost positioning across the rest of the factory, so you should expect to see more investment in that part of the business. And then the final thing that I would offer is that with investments in other companies on the M&A side, will naturally come some additional M&A. I'm sorry, some additional CapEx. So I've provisioned in the outlook for our capital spending the likelihood that with acquired assets, we're going to be investing in the product portfolio and operational bases of those businesses as well. Okay, Russ, thanks for the breakdown. It looks like we have time for about one more question, team. The question is, again, from one of our investors: Even in the mid-2000s, in the housing boom of the mid-2000s, EBITDA margins couldn't sustain above 20%. What gives you the confidence in pricing power and in the strategy to achieve these, results sustainably? It's a great- You wanna take it home? Yeah, I'll try to take it home, Marcus. Thank you. It's a great question, and it is the essence of the Doors That Do More strategy. People have spent a lot more time in their homes of late, and they're expecting more from their doors, and we're here to deliver. With that more comes greater AUP and greater margin. We also understand the value that consumers expect to pay and the value that doors are adding to homes, and we're taking advantage of that through our price-cost philosophy and maintaining price-cost favorability. I think people now believe that doors are no longer invisible, but they're invaluable, and that's what's gonna be drive our sustained margin improvement in years to come. Thanks, Howard. That concludes our Q&A session today. I'd now like to invite Howard to make a couple of closing remarks. Thanks, Marcus, and thanks to the leadership team for telling the story, but thanks specifically to the more than 10,000 employees of Masonite who execute every single day to make it happen. Doors That Do More is our North Star. Each of the three pillars stands alone, but it's really at the intersection where the transformation happens, and I'm really excited to come back in future periods and give you updates about how we're taking our products, our brand, and our business from invisible to invaluable. Thanks for taking time to be with us today, and thanks for your interest in Masonite.