Welcome to Emerson InMotion, our 2022 investor conference. I'm Colleen Mettler, Vice President of Investor Relations. Thank you for joining us in person today and online. Before we begin, it's my job and pleasure to remind you of our safe harbor statement and non-GAAP measures referenced throughout the day. All financial metrics in our presentation today are on a continuing operations basis unless otherwise noted. Finally, our presentation is now available for download on our website. Today, you will hear from members of Emerson's executive leadership team on how we are transforming Emerson, greening through automation, accelerating organic growth, and unlocking value. Welcome to Emerson. Setting Emerson in motion means setting our sights on a bold future. We must transform, accelerate, and unlock our lead in automation to solve for the next century. Our times demand it. It's our time to deliver it. Go boldly. Emerson. Good morning, everyone. I'd like to welcome all our investors who are here, those who are joining us online, members of the management team who have joined us today, and Jim Turley, who's Chair of the Board, who's with us here today as well. 22 months ago, we embarked on a bold journey, and I think Kathy's videos that she's produced for our latest campaign really capture the spirit of Emerson and the spirit that we're putting into the company today. It was a intentional journey with significant focus and engagement. The most visible way and apparent way that you've witnessed this is through the transformation of our portfolio. The actions that we took, both related to AspenTech, the AspenTech investment, as well as the divestitures of InSinkErator, TOD, and of course, Climate Technologies. We've created a pure play automation company with an incredibly significant value creation opportunity, which we're gonna talk about today. What I want you to take away from what we'll say is that this Emerson is one that is based on three very important principles. The first is that people will always be at the center of everything that we do. Many of you have heard me talk about that's an element that we've worked very hard inside of our company for the last 22 months, and I'll talk about it a little bit later. Number 2, differentiated operational performance has not changed in the 22 months that I've been CEO and will not change going forward. That is a hallmark of who we are. The macro environments are challenging, they're unknown. In folio, we continue to perform and deliver phenomenal financial results. Thirdly, the portfolio. The management of the portfolio that aligns to the underlying secular market trends to support growth. Very important for us. We'll talk about that today and how we're going to successfully do that. We think it's a value. We're very excited today to share the story with you. I'm going to kick it off, and then as Colleen said, I'll hand it off to Mike Train. What is Emerson today? It is a pure play automation company. That's what we've transformed in 22 months into. The value creation levers that we'll speak about the business, the portfolio management going forward, and operational excellence. I'll go through each of those three, and Ram will go in-depth on the organic growth piece. That's a very important lever for us as we think about the journey going forward. We've also revamped how we think about managing the company. The company today is very different from the company of the 1970s, even the company of the 1990s when I joined, and the company of the early 2000s. It is a pure play company with a singular aligned automation technology stack. Management process itself has to evolve and change, and it has to foster the elements of value creation that we want to stress, such as organic growth. We'll talk about how that evolves in culture. How do we empower and trust our management teams to deliver those results? That is at the core of what's important for us as we think about how we manage the business and create value going forward. The commitment we're making to our shareholders today is the following: underlying sales growth of 4-7% through the cycle, incrementals of 35% on that sales growth. If you recall, we talked historically in my tenure of 30% incrementals. We're now at 35%, and I feel very confident. Free cash flow conversion in this company will be very strong at about 100%. We'll speak through the disciplined capital allocation model going forward in the business as well. Obviously, it's something we've been very conscientious of in the execution of transactions that we've done today in my tenure. Before I go into the value creation opportunities, I just wanna spend a few moments on 2022 and the 2023 guide that we gave at the earnings call this past November. 2022 was a phenomenal year for this company. It was a year which was- environments. None of us foresaw a war in Europe. None of us foresaw continued COVID shutdowns in China. None of us foresaw the degree to which the supply chain and logistics were going to be stressed. Again, the operational diligence, the management processes that we have in the business enabled us to deliver the results in 2022, which we are very proud of. Underlying sales growth of 9%, 140 basis points in adjusted EBITDA improvement, margin improvement, and EPS growth of 16%. We guided 2023, and we are reiterating that guide today to you. Again, the environment is slightly better, but it's still challenging. We have confidence that we can execute into 2023. Underlying sales growth at that midpoint is 7.5%. Again, that is based on strong demand, customer-based demand across all the industries that we serve, process, hybrid, and discrete. Mid to high thirties incrementals on that sales growth, which is well within our long-term guide on incrementals. Adjusted EPS growth of 4 to 4.15, that is on the continuing operating basis of the company, which you see here in the middle slide. Feel really good. Free cash flow should be right about 100%. We will work the balance sheet very hard. As you know, the inventory positions were challenging as we went through the year, but we see that alleviating as challenges with supply chain, particularly related to electronics, have gotten slightly better. Feel confident about the guide and feel good about where we sit today as we start our year. In many ways, you can think of this as we've gotten smaller to become more efficient and to become more focused. The company today is $14 billion in size. It is a automation company, but it is aligned to secular macro trends that will deliver significant growth going forward. It is also a more profitable company. It has industry in Frank Dell'Aquila's section with adjusted segment margins at 23%. We play in a huge sandbox, $230 billion TAM, which gives us ample opportunity for organic growth and for M&A as we go forward and think about how we build our company. The steps we've taken to date, you're all very familiar with, have been highly transformational. Here they are from an M&A perspective, beginning with the acquisitions we've made over the last 22 months. We spent a pro- controlling position in AspenTech, Micromine, Mita-Teknik, and Fluxa. Not only have those businesses given us a significant software component to Emerson, but they've exposed us to new and growing markets such as power renewables, life sciences, and metals and mining. All very important. Those businesses have brought double-digit growth expectation, very high GPs, and very high EBITDAs to the company. In turn, we have sold exclusive of Daniel, of course, and the gross proceeds from those divestitures are $18 billion in value. Historically, those are good businesses, and many of us grew up with. They didn't quite fit the cohesiveness of what we're trying to create as a business. They were slower growth, surely, slightly lower margin than the RemainCo and the new, and the new company. They were good businesses, and we found great homes for those businesses and important opportunities for value creation for those businesses going forward. These are the transactions, and the resulting is this company here. $14 billion company, 23% adjusted EBITDA, 13% of our sales in software. What we've done there is a pure software number, about $1 billion of ACV, serving about a $130 billion installed base of product around the world. United States with phenomenal regionalized footprint around the world and serving a diverse set of industries as outlined here on the right. One of the most differentiating elements of this new company is our technology stack. It is un-completely unparalleled in the industry. Devices, intelligent devices that generate the data are either in sensing or in the muscle that moves things around in plants, the control systems that act and make decisions that enable our customers to truly differentiate their operations, drive efficiency and productivity into their business. This business is underpinned by four very important macros. These are macros that we believe are sustainable through the cycle here. They're not going away tomorrow. Digital transformation. I've stood on this stage three years ago, I believe it was, and talked about digital transformation. That's not gone away. The position that we have today with AspenTech has made that even more ability. I don't think many CEOs would have stood on stage one year ago and talked about that. A war in Europe has brought the importance of energy availability, energy transition, and affordability to the forefront. Very important. That goes right alongside the importance of sustainability and decarbonization, and we'll give you a sense for what our customers are thinking about and how they're managing both sides of that equation. That is an important macro going forward. Lastly, of course, nearshoring. Whether it's semiconductor, pharmaceuticals, a number of other industries, EV, battery production, there are a number of trends there that will again, support growth in the portfolio and in the Emerson company that we're speaking about today. Produce today and spend most of the day talking about is based on these three levers, organic growth, portfolio management, and operational excellence. These differentiated levers and how we go about executing within each of those will generate the metrics and the commitments that we're making. The 4-7 underlying growth, the 35% incrementals, the double-digit. Those are the three we'll spend time on, and I'll walk through each of those, and we'll go in-depth as we go through the day. Organic growth first. As we think about organic growth, and you think about the historical Emerson, our underlying growth rate has been in the low single digits. This is a very significant opportunity. How do we turn a low single-digit company in terms of underlying growth into that 4-7% range? There are two very important levers. One is you have to participate in markets that are growing. It seems easy to say, do that. The second is we need to rejuvenate and accelerate meaningful breakthrough innovation in our company. We have a storied history of innovation in our company. We have reinvented the automation space multiple times with intelligent devices, with control systems, with software. Yet, I stand here today, and we have the breakthrough growth platforms first. The Emerson revenue is depicted in the pie chart there, in the donut. 30% of our sales today are related to 3 very important growth platforms: energy transition, industrial software, and priority discrete- metal and mining as an example. Those 30% of our sales will grow in that double-digit range. That's very important that we continue to drive more of our portfolio and expose more of our portfolio to those markets. We have the technology position, we have the M&A opportunity as well there to continue to expand. Just the exposure of those, the third of our sales is very meaningful to the underlying growth going forward in the company. The markets are big, as depicted here on the chart, they're growing in mid for the business. The remainder of the company is in the traditional markets, those will grow in that lower single digit through the cycle, the blend of the two is how we arrive at that 4%-7%. The other element, the second element is innovation. This gives you a bit of a perspective of the history of innovation at Emerson. Again, we've been leaders in transformation and automation, the analog to digital. It's been done through transformative new to the world technologies in pressure sensing, Digital Valve Controllers, and of course, DeltaV innovation. We were the number five player in distributed control system when we introduced. We continue to innovate in the industry. CHARMs, safety elements, wireless. Those are all innovations that we brought to the industry in more recent years that continue to advance our position as an innovative leader in process, discrete, and the hybrid industries. We wanna build on that heritage. We wanna build on that incredible in the automation space. Today, we'll be announcing that we're naming a new Chief Technology Officer in the company. He's here with us today, Peter Zornio. Peter has a broad set of responsibilities of importance in the business. Number one, the processes. The processes that are going to be required to rejuvenate innovation in the company. It's required in the approaches to innovation. The second is focused on four very critical technologies, which Ram will go into in depth here, that are disruptive in nature and are sizable enough to make a difference at the top line of this company. From disruptive sensing technologies will enable us to get to drive the industry into self-optimizing operations. Very important, very focused investments that we will fund through the P&L that we presented here today. Very excited about that. Let's now turn. Before I turn into the portfolio, one other comment. Innovation is going to be so gonna talk about metrics around innovation consistently with you. Our company today is significantly less capital-intensive than Emerson was prior to the portfolio activity. Approximately 2% CapEx versus the 3% in 2021. Our R&D or innovation spend as a percent of sales go forward to get even larger as we go forward. That varies if you think about the technology stack between devices, control, and software, but overall, we see an opportunity to expand programs. We have over 5,000 engineers around the world. Approximately half of those are software engineers, and the other half electrical mechanical engineers. The percent of our new sales that are from products introduced in the last 5 years it sits at 25%. A really strong base of innovation, a legacy of innovation in our company, and now a new leadership working alongside Ram and the business leaders to truly drive and accelerate the meaningfulness of transformative. Talk about the portfolio here. I know I've spoken to many of you over the last 22 months about the portfolio. You've been very inquisitive about it. Honestly, I've been able to speak as openly as I could through the time without telling the full story. I also committed to you that I would tell you the full story today. Perspective of how we arrived, where we arrived. The vision that the management team of the company had was to create a higher growth, more cohesive, profitable portfolio with ample room for M&A and for organic investments. We worked that with our board of directors off right at the beginning of 2021. It culminated with this meeting, a 2-day meeting up in the Twin Cities with our board, in which we debated the vision. We debated the math around. Started to execute. We got lucky in a few spots. We worked really hard in most of them to arrive where we are today. Furthermore, we went through a rigorous set of work to identify opportunities for M&A through an understanding of the market landscapes, connectivity, cohesiveness to technology stacks and exposure to important underlying macros in the business. All that work was ongoing through most of 2021 and into 2022. Let me walk you through the analysis. The Emerson, if you go back to 2021, consisted of 5 cores. 3 cores, which are depicted here at the top, which were connected. They had cohesiveness amongst them. The discrete automation core, the process hybrid automation core, and the cores that were somewhat disconnected. That is the Climate Technologies and the home products. Good businesses, we've already talked. They're very good businesses, but yet not connected to the automation cores up above. We put in place a strategy then to go and action the disconnected elements. We started a rigorous process to identify potential adjacencies. The idea was not just to subtract, but what do we add and how do we add? How do we think about what's relevant to create a world-class global automation company? We started by just thinking through the macros. What are the critical macro turn nature that will be relevant going forward in an automation space? Those are listed here on the chart. Out of those 15, we identified 17 potential adjacent markets. We evaluated all 17 of these in depth, we placed them on this chart based on 2 dimensions. The first of market M&A optionality, 'cause obviously, relative market share in M&A is important, in action. The second dimension is the relatedness to the cohesive cores of Emerson. From a technology perspective, from a customer perspective, from a differentiating perspective, how related are they? We plotted them. There were 4 markets that we identified as primary focus. That does not mean that there are not others within the 17 that we will ultimately pursue. Special software, test & measurement, factory automation, and smart grid solutions. These shouldn't come as a surprise to most of you, and maybe there's 1 or 2 that you need to understand a little bit more about. Most of these are consistent with some of the things that we've been doing or have been doing, and they should be. The whole point is to be connected and cohesive, but to be exposed. Intent here. We do believe that these are, there's significant strong fit with our technology stack, which is important alongside the growth and the cohesive elements to it. Overall, if you take these four adjacencies, it's a $100 billion TAM, large opportunities, and I will show you details on each of the four in a moment. Mid to from a growth perspective and operating margins of 20% or higher. The very attractive markets or segments of markets that we'll talk about. That's no surprise here, and you know a lot about this space. We've been speaking about it now for a year as we announced the AspenTech transaction. The industrial software space as we've prioritized it is a $35 billion TAM. That's a priority TAM in what is a much broader space, of course. high single-digit to low double-digit growth rates going forward and really focused on life sciences, chemical, energy transition, and metals and mining. That's where we've been active to date, and we'll continue to be active going forward. It's not industrial software for the sake of industrial software. It has to be aligned to our process, discrete, and hybrid customer journeys in terms of workflow automation. We've outlined some focus segments here in the middle of the chart. Particularly importance being environmental and safety and health, which is an area that's growing at a very high rate. MES, which we're particularly interested in, and enterprise asset management. We'll continue to work those, but we feel very, very good about where we are today with AspenTech and the opportunities that it gives us going forward. On 2 important dimensions, the first are the synergies. A lot of work between the 2 businesses to identify white space, both in terms of geography, industry, and customer by customer. We have a very robust commercial model that we built to enable both sales teams to win in pursuit. Between white space pursuits and new projects or capital deployment opportunities, the opportunities are very significant. We've also, in the short 8 months since we've closed this transaction, nearly 8 months, we've tested the governance model of this company. Again, 2 public companies, 2 boards, 2 CEOs. We've transacted two M&A transactions to date. The governance model is robust, it's working well, and we feel very confident that this structure will continue to enable us to scale industrial software, to diversify our opportunity, and to continue to move to where the share of wallet in our customer spend is going. It'll help address much of what we'll talk about later today, such as sustainability and energy transition. That's very important. The second market is test and measurement. This one may be new. The test and measurement space is much larger than $35 billion in size, but this is the priority target segments that we've identified. Market growth in the mid-to-single-digit. There's very strong alignment here from a technology stack perspective. If you think about the technology stack in test and measurement, it's device, and it's control, and it's software. It is more discrete in terms of the verticals that you see across the top. It exposes us to markets that are highly differentiated from the markets that we traditionally have served, semiconductor, electrical vehicles. There's an aerospace component to that. We're very focused in terms of the segments as well, in terms of modular devices, humidity gases, and data acquisition. We believe that the underlying macros, whether it's semiconductor investments and availability, what's the electrical vehicle investments, sustainability and others, will drive significant opportunities for value creation for us here. The technology stack alignment is very important in this space for us. The third is factory automation. We've talked about discrete a number of times. It's important. It's a large space. We are prioritizing a $20 billion segment of that space. You're familiar with the business that we built. We have a phenomenal pneumatics offering, and you recall the Aventics acquisition we've done. We now have a really good PLC and IPC offering with the GE Intelligent Platforms business that we talked about a few years ago here, and we want to build on that. We're thinking very, very carefully around the segments that are, that are critical here, that are relevant to build an important factory automation business. Of course, software will be a part of this, but we're also working on intelligent sensors, electricity as a theme, so electrical linear motion versus using compressed air in plants to move things around, a very important element. Machine vision. In a small segment, but an important segment that we think we can differentiate around, industrial robotics. Those are all within this target $20 billion segment as we're thinking about factory automation within a what is a much broader opportunity. The fourth and last that we'll talk about today is smart grid solutions. Again, we spoke about this at the time of the OSI acquisition, you may recall. The underlying fundamentals really haven't changed since OSI 2 years ago. It's aging grid, it's renewables, it is different sources of energy coming onto the grid, electrons flowing in different ways, and an opportunity to upgrade and manage the infrastructure. It's a $10 billion TAM. If you really think about smart grid, it's a $300 billion TAM. $10 billion is where we're prioritizing and really focused around advanced sensors and relays, if you think about substation controls, distributed control, and transmission and distribution software within that. About $3 billion of the $10 billion is software in this, in this particular look here. Again, we're active in all four of these areas, some a little bit more advanced than others. We do understand that we have capital that we can deploy. We've been very diligent working with the Board in terms of defining these opportunities, but these are the hunting grounds, for lack of a better term, for the company going in the near term. I want to switch now and speak a little bit about our operational excellence. I said at the offset, this is part of our DNA. This is how the management that's in this room and around the world that delivers these results grew up. That's not going to change. We will refine, and I'll speak to you in a few moments how we're refining the management process, but the ability to make commitments and deliver, no matter what the macros are, is an important part of how we're wired, and that is a commitment that we'll continue to make to you, our shareholders around the world. In 2019, we stood on the stage, and we made a commitment to return the company to historical peak margins. Since that time that we stood on the stage, our adjusted EBITDA is up 480 basis points. We exceeded our commitment. We met our commitment back in 2021 and exceeded the commitment of 24% EBITDA this year, which was a year earlier than we had committed back in 2019. We feel really good about that. This wasn't just a simple cost out exercise. We transformed how we do business in the company. Nearly a third of our facilities across Emerson were impacted, either closed, consolidated, or downsized through this process. Almost 10% of salaried headcount was impacted as we went through this process. Structures were changed of how we do business, how we manage, how we innovate, how we sell. It made us leaner, it made us more effective, more efficient. It led to $650 million of annualized savings. It's a really well-executed program, executed by many that are in this room with you today. We're not done. Chuck Knight used to say that restructuring is a way of life. There'll always be restructuring opportunities in a business. There are always opportunities to drive productivity and efficiency, no matter how good you think your business is running. We now have another opportunity. Our company is smaller. We have an opportunity to look at the size and structure of the corporate organization and the platform organizations that we historically have used to run the company. Our commitment is eliminating the platform overhead. We took significant steps there already. Right-sizing the corporate structure to what is now aligning to what is a pure play opportunity in the company. Expanding shared services, which will create a significant amount of value across the company. Of course, our corporate headquarters relocation to space that's adequate in terms of size for our needs. Our commitment that we made around the climate technology stands. No stranded costs and $100 million annualized cost savings by 2024. That commitment that we'll make and hold to. What are the profit levers that we have to deliver 35% incrementals? I said, you know, there are always going to be profit opportunities here. Obviously, there are cost programs that we drive diligently in our operations every day. Cost reductions in manufacturing, in design, in the way that we sell. But beyond that, there are significant opportunities here around five important levers. The first I already mentioned is around centralizing of functions. Today, as we sit here, we've done a great job in shared services around IT and finance, using best cost hubs to drive transactional elements around those functions. We have two additional very important opportunities in legal and in HR, and we're working those aggressively right now. The second is around factory automation. Labor availability came to the forefront during the pandemic, particularly here in the United States, and many manufacturers, not just us, struggled with absenteeism and labor. We put in an important factory automation program across key manufacturing plants. This is not every plant. Not every plant can benefit here. You have to realize you have to have product that can be made by robots or assisted by cobots. We have a $50 million opportunity in just six manufacturing plants to drive high significant amount of automation, be it in assembly or material movement that we're putting to the business. Best cost. There are always best cost opportunities. In the last year, we've opened four new best cost facilities in Mexico and in India and in Romania. In the plans, we have three additional underway. We'll continue to drive that opportunity going forward across the business. Regionalization has been one of the key differentiating elements that we've used to be able to execute in a moment of time where it's difficult to get material from point A to point B. A little over 80% of everything that we buy and sell is regionalized. It's done within a region. That stability of supply chain and logistics has really differentiated our performance as we've gone through a challenging 2022 period of time. Lastly, M&A execution. The team that delivered this phenomenal performance with VNC sits here in this room. Ram spearheaded that for us. He reported to you on this stage for a number of years. That work was hard. That company needed a lot of work, but it is a great story. It's a testament to what our management process and executional diligence can deliver. Over $300 million of 5-year synergies delivered, 790 basis points of profit improvement in that business. Phenomenal business today, that's integrated as part of our final control business and highly differentiated in the energy transition story. The management process has to change, and it has to change to adapt to who we are. The single biggest way that I as CEO can impact the culture of this company is the management process and the management system. How do we enable and empower, trust our managers to deliver the results that I've just expressed? The design of the original management system that most of us here grew up managing in was back in the 1970s. We had 60-plus different operating companies. There were very little synergies between them, and they were managed as small individual businesses and then rolled up at the top. That management system was one that was very stringent. It was designed to deliver results around profitability, but it didn't have the right levers to really drive innovation and growth within the business. The company evolved greatly through the 1980s, 1990s and early 2000s, but today we've arrived at a point where underlying organic growth is of core importance. We have to reset the management process to enable the management of the company to deliver on those results and to be able to execute on those important levers. How are we gonna do that? This is the system that we'll be talking about. It is based on four very important elements. The first is innovation, so that's this, that systematic approach to identifying and executing, pursuing commercially viable opportunities. Very important. The second is commercial excellence. How do we sell? We, we believe that we have phenomenal channels and phenomenal sales management and incredible customer intimacy. It can be better. The way we manage price, the way that we manage our ability to differentiate our technology, all of that is incredibly relevant, and we're gonna think about those approaches on go-to-market and customer very carefully. The third is world-class M&A. We've talked about that already, but really driving those capabilities to understand the portfolio. You know, studying 17 markets is incredibly important because when an opportunity arises, you already understand the space. It's not a surprise. You're ready to go. We'll continue that work, which was spearheaded here at corporate. The fourth is the operational execution that I've been talking about, which is the legacy of our top quartile operational results. All of that will be managed with the layer of the Emerson management process, which is our monthly, quarterly, and annual cadences that we have around profitability, financial results, and growth. Of course, it's all encompassed within the element of culture and how we empower our teams to deliver results. That is the singular most important element here. Many of you asked, and I appreciate those who asked me specifically to talk about culture. I remember at my first dinner with Andy when I became CEO, he asked me about it and asked me, "Why are you talking about culture first and foremost?" I really believe that the single biggest part of my job every day is talent. How do we retain and attract talent? Why does somebody choose to come work at Emerson versus X, Y, and Z? People wanna work where there's purpose and where the values of the company align with their own personal beliefs, where the technology can be differentiated. This is why I put culture at the forefront of everything we do. Not because it's easy. This is the hardest thing that any company can change. The hardest thing. Portfolio's difficult, but this is harder. We've done a tremendous amount of work. We were lucky to be able to bring in a great Chief People Officer who's here with us today, Elizabeth Adefioye. She brought a lot of tools to the table. She's gone through this journey before. It wasn't her first rodeo. She gets to do it in a bigger scale here. Just in the short time, 12 months that she's been with us, the elements that are on this chart are designed and implemented and rolled out in the organization. Time will tell. We wanna bring everybody on the journey with us. We don't alienate folks. It's an important dimension which we believe is incredibly tied to value creation of Emerson as we go forward. I'm very excited about the work that's been done. I could talk about the tide to value creation of Emerson as we go forward. I'm very excited about the work that's been done. I could talk about this for hours. I'm very passionate about it, but I think it's highly differentiated. It will make us a true world-class company as we go forward. We didn't change there. Our board was very adamant, as I was, that we needed our pay for performance to be modernized and aligned. I spoke about this in my first year. We went out and addressed the long-term incentives of our company, from incentives and targets that have been tied to GDP, to incentives that are tied to operating EPS plans. We put those in place. We have a total shareholder return multiplier that is based on our performance versus our peers and market as well. This year, as you read in the proxy, we have changed our short-term cash bonuses at corporate too. Gone are discretionary bonuses entirely from the company. All bonuses are paid for performance in the business, which means they're tied to financial metrics and metrics that support our cultural journey as well, diversity, inclusion, and of course, sustainability. All those are tied in what we are going to be compensated on. This is the management team that is here today and that is delivering these results. It's two-thirds of this team is either in new roles or new to the company since I've been CEO. It's a phenomenal, high-performing team with functional responsibilities and operational defined roles and responsibilities. The group presidents of the company will report to Ram Krishnan as Operating Officer. He has the responsibility to deliver the operating results of the business. The functional leaders will drive the key important functional dimensions that I described throughout my presentation. As we go forward, and of course, people will retire over time, and as we go forward, we will use a mix of both internal and outside hires, as I have already in this team to augment this management team. That's the plan. We're going to go through the organic growth lever in depth here in a few moments, but this plan can deliver differentiated financial performance. We have a phenomenal differentiated technology stack. We have exposure to some of the world's most important macros that will drive growth going forward. We have a great opportunity to not just drive underlying organic growth in the business, to expand what we do through M&A and be very disciplined around how we think about our technology stack and our customer opportunities. With that, I'd like to turn the floor over to Mike Train, our Chief Sustainability Officer, to talk about a very important element of our journey. Thanks for your time. Good morning, everybody. Let me add my welcome to everyone in the room. It's so great before we started. We welcome everybody online as well, the new medium to be able to attach everybody and bring them to our discussions. As Lal mentioned, I have a new role since the last time we met. I'm having a blast leading our sustainability effort at the company. If you think about sustainability in broad strokes with Emerson, it's a top priority. Our portfolio is a sustainability portfolio. We have our own Greening of Emerson mission that I'm very focused on. Of course, our voice matters and our ability to engage and discuss and amplify others out there is super important to what we're doing. Sustainability is core to our competitive advantage, and it's also core to establishing this exceptional culture that Lal talked to. Our people are enthusiastic about our mission and looking forward to making the impact that we can. I think we're all excited about our role. We're excited about our role in a net zero world. I want to share a little bit of what we're doing here this morning with you. The first thing is we introduced our framework to you in the last investor conference, and this is our three pillars of Greening of Emerson. Things we need to do, what we need to focus on, our contribution, if you will, to the net zero world, engaging our supply chain and others in that journey. Greening with Emerson, this is our discussions with governments, research institutions, industry groups, communities, talking about what is it really gonna take to take the action, to get the progress, to get to a net zero world. Finally, I think the most important one is the Green by Emerson. This is our portfolio. We have a sustainability portfolio. Lal touched a little bit on that a moment. I want to take you through some more of that. I think we have the ability to make a huge impact in the world, and I think we've got great opportunity and great value creation opportunity that goes along with that. Let me walk you through the pieces of that here this morning. I want to start with the Greening of Emerson. Back in 2019, we announced our first-ever long-term target of any kind in the company, and that was a carbon intensity reduction target of 20%, based on a 2018 baseline. At 2028 sort of being the intended view, endpoint there. I'm happy to report with the conclusion of fiscal year 2022 in September, we have achieved and surpassed that target, which is great. 6 years early plan, but we put the focus on it. We've been driving it, and we're making those things happen. In addition, in June, when we issued the ESG report, we brought forward a full complete footprinting of our activities, including all of our Scope 3 activities, and we brought out new targets, net zero targets, challenging targets, ambitious targets, aligned with the Science Based Targets initiative view of the world. We submitted those targets to them. Our 2030 near term targets have been approved by them. That means, approved means you're in line with the needs of climate science and the pacing on that to get to a net zero 2050 world. By 2045, our intention is to have our complete value chain captured in at net zero. Tremendous targets. Enthused our employees are excited about this. They believe in it. We had a lot of debate as a good management team should. We had a lot of discussion with the board as a good management team should, we brought those targets to you publicly in the June timeframe. I'm very excited about that. I think our customers and our suppliers and everybody's taking a lot of notice of that. I think they're interested in how we think about it, the how, the roadmaps, how we're gonna make that happen, and I think we've got a credible path to that. We think about that roadmap. It features a few things that we're focused on. In our own facilities, energy and emissions treasure hunts. We're going into our facilities, focused effort, finding those opportunities to save energy. Saving energy first is the best strategy in the sustainability universe. On average, in our treasure hunts, we've been getting about 15% type of levels of reduction identified. We've started to implement those. Ultimately, I wanna drive that to about 25% between now and that 2030 near-term target that we have. Sourcing renewable energy, renewable electricity, and also some on-site generation. We've been active on that, very active on that in the last 15 months and have gotten to the level of about 25% of our global electricity now covered with renewable electricity capabilities. The target for that is 100% by 2023. That's a tough target if you think about where we are, where we operate. You know, we're doing that in North America, we're doing that in Europe, but I've gotta get it done in China, India, Southeast Asia, et cetera. We're a little bit blessed. We have a Scope 1 and a Scope 2 footprint that kind of favors electricity. Three-quarters electricity, about a quarter in terms of combustion, direct combustion on sites. We're going to work on that Scope 1 combustion capability as well. How do we electrify some of those processes? How do we source renewable natural gas, which we're very involved in with our portfolio, into some of our facilities? Ultimately, if we still need that combustion to get a high temperature process in manufacturing, looking to hydrogen, again, we have a lot of touch around that. We have a lot of knowledge around that in utilizing that in some of our own facilities. I'm pretty excited about what we're doing in this space. I love sharing what we're doing. We try to share that openly. I think everybody's on this journey together, and it's not that proprietary. We all want the world to get to that net, net zero, uh, capability, and we're driving that forward. Uh, greening with. Uh, not gonna give it a huge treatment this morning, but very critical category. Emerson has this incredible reach, right? We're all-- we operate all over the world. We know the governments around the world. We know what's going on in innovation. We have a technological perspective. We have a commercial perspective, and we get to bring that perspective to these discussions with government leaders and with research institutions and with industry groups and communities, as I mentioned a moment ago. The discussions typically are focused on a couple of spaces. Innovation, big space. How do, how do we make innovation happen? How do we get some at scale things to happen so we can prove them out and understand what's gonna go into the roadmaps and the different elements around the whole energy system that's out there today? Policy. Policy plays a huge role here. We need to be working together to see how we drive that forward with either funding sources, with regulatory activities. The governments, they wanna have a point of view on what's technologically possible, what's commercially feasible, how do they get the most commitment and the most adoption to take place? Again, I think we have a very unique position to be a seat at that table, convening those dialogues and having those important discussions. Very excited about this space. I spend a lot of time on this personally, there are others in the company as well also equally involved in driving these conversations. That's the greening of Emerson. That's the greening with Emerson. Finally, I wanna get to the greening by Emerson and greening through automation. I think automation is critical for the world to reach net zero. It is the thing that will be able to enable everybody to make their progress and move forward. You think about the work we need to do around energy efficiency, the work we need to do around energy transition, that digitalization feature, that automation feature, and ultimately Emerson's relevance is very high in this space. The challenges we look forward is we need to reduce emissions. We gotta cut them in half every decade. By 2030s, we need to cut them in half. 2040s, we gotta cut them in half. 2050s, we have to cut them in half if we're gonna get to that net zero world. I think we're all trying to drive in that way. Again, as I mentioned before, Lal suggested we have a $130 billion install base. We have a lot of touch with those customers around the world. Energy efficiency is still number one mission. Again, using automation to drive that energy efficiency, those emissions reductions is paramount. We've got a couple examples listed for you here. I referenced Colgate, great customer in the consumer product goods space. You know, cutting 15% of their energy usage, really utilizing Emerson technologies to go after that. They documented that and shared that with the world that we were able to work together to make that happen. We do that time and again across all different kinds of sectors that we touch through our automation capabilities. Energy transition. I am very excited. I spent a lot of time on energy transition. I'm willing to go onto the side of the room later with you to talk about that a little bit. There is so much going on in this space, and we're very excited and enthused for it. You know, the markets I think that we've talked to you're familiar with, LNG, nuclear, renewables, storage. How do you get a daily storage? How do you get a seasonal storage? Lots of discussions around that. Clean fuels, making a fuel from a biowaste, potentially. Hydrogen. Hydrogen generation on one hand, but also hydrogen movement and hydrogen end use cases. We span that whole entire hydrogen ecosystem that's out there. Ultimately carbon capture and how that plays out. One of the things we did this year is we conducted a scenario analysis as suggested by the TCFD. We're engineers. We got into it. We modeled significantly what happens in energy transition. We looked at the three scenarios of the International Energy Agency, the Stated Policies Scenario, where the world kind of stays the way it is now, which is not what's gonna happen, but that's sort of the baseline, if you wanna think about it that way. If the world stays there, we go to 4 degrees Celsius. That's about 7.5 degrees Fahrenheit for my American friends. That's not a good outcome for the world, I don't think. Obviously, the world and the governments around the world are working on that. The Announced Pledges Scenario is kind of in that middle. This is what the commitments have added up to so far for the 2030, for the 2050 net zero world, where that goes. There's a third scenario, a long-range scenario, called the Sustainable Development Scenario. They've done a derivation of that now for net zero. Again, if the world transitions fully and goes after it and gets energy efficiency and gets energy transition accomplished. What does that world look like from a scenario analysis? We tested all of those scenarios in the work that we did. We did the transition risk around that. PwC supported us in the preparation of that. Really appreciate their thought process they brought to us there. It doesn't matter which scenario you look at or what pace energy transition happens, Emerson is relevant. We have a great business and we're ready to move forward. I think we're in a great position there. Ram will talk to you in a moment about the energy transition market opportunities directly for Emerson and how that translates as we go forward. Lal mentioned our portfolio, the work we've been doing on our portfolio. We have a terrific portfolio for sustainability, as I commented a moment ago. In the software space, AspenTech today now is at 100 models that are sustainability-related, being able to model and simulate, provide design capabilities for, as we look ahead, tremendous value that we've got in the design and the implementation of these different spaces. Of course, we have the control and automation features that go along with that, with all of our control systems expertise, those intelligent devices and so forth. We're working on all elements of that portfolio, both in an innovation sense and, of course, with some of the portfolio moves that we've been making. I think the great part about this space is customers trust us. You know, we have been engaged with them for many years and decades in some cases with established customers. They trust what we do from an automation standpoint. They believe in what we can do. We've got the global reach to support them, and they're very committed in working with Emerson very closely in their own sustainability journeys. The fun part for me is we're also getting very well established with the emerging entrants to these spaces, the ones that are trying to bring those disruptive or those energy system transition technologies to a commercial level. Again, they've been selecting Emerson and leaning on trying to bring those disruptive or those energy system transition technologies to a commercial level. Again, they've been selecting Emerson and leaning on our automation capabilities, leaning on our global reach to be able to help bring them forward as well. A lot of fun there, as we look ahead from a portfolio and a customer perspective. If you think about the mission of the world, and the sustainability imperatives, there's 4 that are listed here. Energy efficiency and emissions reduction, first and foremost, still exceptionally important and driving on that. The renewable and clean energy forms around geothermal, wind, solar, hydroelectric, nuclear. Nuclear's come back into discussion in a very big way. We won't see a lot of progress in the 2020s, I mean, but when we get to the 2030s, where I think we're going to see a lot of activity in the nuclear space. Clean and low carbon fuels, biofuels, biomass. I love talking about sustainable aviation fuel. I need it to decarbonize 800,000 tons of carbon in my own footprint, and we're helping these companies build the capacity to serve the world, which I think is really exciting. I mentioned the hydrogen infrastructure. Finally, electrification and resource circularity. You know, working on that whole value chain from the mining elements through the processing elements to the assembly, let's say the battery element. Of course, it's end of life and how we do recycling or recovery of those minerals at the end of that. Automation plays across that entire space. 70% of our Emerson sales are tied to the sustainability-enabling technologies. Makes sense. It's digitalization, it's automation, and we have the ability to make a big impact as we go forward. We're excited about where we are in sustainability. Our people are very excited about it, very committed, very driven. I think we're attracting talent because of our purpose and our mission and the culture we're trying to create. I'm excited about our growth opportunities. We have momentum with energy system transition. We have Emerson relevance, and we're moving to a net zero world, and we're very excited about it. Thank you very much. Appreciate the opportunity to address you today. Thank you, Mike. Thank you, Lal. Thanks all of you for your attention. You've heard from us today, but after about a 10-minute break, you're gonna get to hear from our customers. We're gonna break now. Everyone return back to your seats at about 10:15 A.M. Eastern Time. Thanks. I had a dream so big and loud. I jumped so high, I touched the clouds. Whoa-oh-oh-oh-oh-oh-oh. Whoa-oh-oh-oh-oh-oh-oh. I stretched my hands out to the sky. We danced with monsters through the night. Whoa-oh-oh-oh-oh-oh-oh. Whoa-oh-oh-oh-oh-oh-oh. I'm never gonna look back. Whoa. I'm never gonna give it up. No. Please don't wake me now. 2, 3, 4. This is gonna be the best day of my life. My life. This is gonna be the best day of my life. My life. I howled at the moon with friends. The sun came crashing in. Whoa-oh-oh-oh-oh-oh-oh. Whoa-oh-oh-oh-oh-oh-oh. All the possibilities. No limits, just epiphanies. Whoa-oh-oh-oh-oh-oh-oh. Whoa-oh-oh-oh-oh-oh-oh. I'm never gonna look back. Whoa. I'm never gonna give it up. No. Just don't wake me now. This is gonna be the best day of my life. My life. I hear it calling outside my window. I feel it in my soul. Soul. The stars were burning so bright. The sun was out till midnight. I say we lose control. Control. This is gonna be the best day of my life. My life. This is gonna be the best day of my life. My life. This is gonna be the best day of my life. Everything is looking up, everybody up now. This is gonna be the best day of my life. My life. Not a soul up ahead and nothing behind. There's a desert in my blood and a storm in the rise. Am I the king of nothing at all? You're the queen of nothing at all. Will I remember the fight and I forget the pain? I got my hand in your pocket and my key on your chain. Am I the king of nothing at all? You're the queen of nothing at all. Oh, through the wilderness. You and I, we're walking through the emptiness. Oh, my heart is a mess. Is it the only defense, not to die? Taking this one step at a time. Got your back if you got mine. Oh, one foot in front of the other. Ooh. Hey. One foot in front of the other. Ooh. Hey. One foot in front of the other. One foot in front of the other. Ooh, we have each other. One foot in front of the other. Not a soul on the road, not a star in the sky. It's a desert in my heart and I know where to hide. I'm the king of nothing at all. You're my queen of nothing at all. Well, out here in the dust, if you don't have trust, ain't nothing left of us. This is the exodus, they just tested us. They can't flex with us, they can't rest with us, they can't mess with us. Oh, through the wilderness. How come even together, there can be loneliness? Oh, our hearts are a mess. It's our only defense to brave the wilderness. Cross my heart and hope to die. Taking this one step at a time. I got your back if you got mine. Oh, one foot in front of the other. Ooh. Hey. One foot in front of the other. Ooh. Hey. One foot in front of the other. Wilderness. One foot in front of the other. Ooh, we have each other. One foot in front of the other. Out here in the dust. Oh, through the wilderness. How come even together there can be loneliness? Oh, our hearts are a mess, but it's our only defense to brave the wilderness. Cross my heart and hope to die. Taking this one step at a time. One in front of the other. One foot in front of the other. One foot in front of the other. Wilderness. One foot in front of the other. We have each other. One foot in front of the other. In the cold land of the free. One foot in front of the other. Don't you know? That we have each other. One foot in front of the other. Yeah. I used to think maybe you loved me, now, baby, I'm sure. I just can't wait till the day when you knock on my door. Every time I go for the mailbox, I'm walking on sunshine. Whoa. I'm walking on sunshine. Whoa. I'm walking on sunshine. Whoa. Don't it feel good. Hey. All right now. Hear me. Now, know that it's true. I don't want to spend my whole life just waiting for you. I don't want you back for the weekend, not back for a day. No, no. I said, baby, I just want you back, and I want you to stay. Oh, yeah. I'm walking on sunshine. Whoa. I'm walking on sunshine. Whoa. I'm walking on sunshine. Whoa. Don't it feel good. Hey. All right now. Don't it feel good. Yeah. Oh, yeah. Don't it feel good. Walking on sunshine. Walking on sunshine. Yeah, I feel alive, I feel the love, I feel the love that's really real. I feel alive, I feel the love, I feel the love that's really real. And I'm walking on sunshine. Whoa. I'm walking on sunshine. Whoa. I'm walking on sunshine. Whoa. And don't it feel good. Hey. All right now. And don't it feel good. I say it, say it, say it again now. And don't it feel good. Oh, yeah, now. And don't it feel good. Now, don't it, don't it, don't it, don't it, don't, don't it feel good. Now, say it, say it, say it again now. And don't it feel good. Now, don't it, don't it, don't it, don't it, don't it, don't it feel good. Now, tell me, tell me, tell me again now. And don't it feel good. Oh, yeah. And don't it feel good. Now, don't it feel good. Oh, yeah. Oh, yeah. Oh, yeah. Oh, yeah, yeah, yeah. Oh, yeah. Oh, yeah. Oh, yeah, yeah, yeah, yeah, yeah. Oh, yeah, yeah. Yeah, yeah, yeah, yeah. Oh, yeah. Been on a dream. How can I explain? Talking to myself. Will I see again? We are always running for the thrill of it, thrill of it. Always pushing up the hill, searching for the thrill of it. On and on and on we are calling out and out again. Never looking down, I'm just in awe of what's in front of me. Is it real now? Two people come one. I can feel love. Two people come one. Love, you found me. Now it's changing all the time. Living in a rhythm where the minutes working overtime. We are always running for the thrill of it, thrill of it. Always pushing up the hill, searching for the thrill of it. On and on and on we are calling out and out again. Never looking down, I'm just in awe of what's in front of me. Is it real now? Two people come one. I can feel love. Two people come one. Is it real now? Two people come one. I can feel love. Two people come one. Decarbonization. As I think about my kids, and I think about the future, and I think about all the noise you hear on a day-to-day basis, it can be daunting. Catastrophic climate change. 8 billion people. A warning from health experts. Need to help keep operations running. When I think about what we're going to be able to do, being able to rely on strong partners, the solutions that we're able to invent and bring to the world, it gives me incredible pride and motivation to work a little bit harder every day. The pharmaceutical business is said to be data-driven, but that's not true. We maybe use 5% to 10% of the data we have in our equipment, in our machinery, in our control systems. We don't use the data to optimize in terms of we have a product that needs to get out in 2 days, it has to be at the patient. How do you control that better with data and making data-driven decisions? Software is where modern companies like think about what digital technologies, sensor technologies, chips, machine learning, the use of data and interpreting data. All this is going to give people If we're producing hydrogen, when we think about that hydrogen molecule, what industry is it best used to support? You know, is it going to support a long duration energy storage? Are we gonna look to store that hydrogen molecule under its for refining application or long haul transport? You know, we're not just solving for the power sector, we're solving for the most efficient way to decarbonize across multiple verticals, that's where I see a really important role for Emerson to help solve that challenge. In our business, to have partner is crucial. We are not expert in everything. We are expert into producing, to sell polyethylene in reliable and safe way. To have this kind of partnership that we have with Emerson, using a very strong relationship with our engineers and Emerson engineers. It's no small task, and the speed was unprecedented. Emerson was able to help us meet tight deadlines, software, hardware, and services delivery, usually while things were changing daily. They had a strong commitment to helping us meet our goals. I think the results, they speak for themselves. As we think about moving into the renewable space, what I'm really focused on from an optimization standpoint is I would really call it standardization. I want to be able to have a fleet of technicians to be able to be dispatched across my renewable fleet. If it's a battery, if it's a solar panel, maybe it's a wind turbine. That's why I'm excited about what Emerson's doing in investing in the future, because they're thinking about being that platform for that renewable transition, and that will enable us to serve our customers at a high reliability with a lower cost. It's not only about the technology that Emerson provides to us already, it's the approach and the collaboration with us to work in a conceptual program and deliver with that to all our production sites so that we can be successful. Lights. Good morning. Over the next 45 minutes, I'm going to walk you through our framework to drive differentiated organic growth within this company. Our biggest lever in drive to be a part of this transformation, this leadership team. It's been an outstanding 22 months. We've accomplished a lot, but there's a lot more to do, and it is a real exciting time to be at Emerson. As you heard from our customers, we're certainly facing a strong period of investment for automation driven by the key mega trends that Lal voiced. Digital transformation, energy security and affordability, sustainability and decarbonization and nearshoring. All these will drive significant investments in automation. We're really well-positioned to capture these investments. I'll lay this out over the next 45 minutes. As the leading automation partner for our customers, the undisputed technology leader across the technology stack, deep domain expertise across process, hybrid, and discrete end markets, and unmatched customer relationships. Our organic growth framework, the 4%-7% framework by two very important levers. Growth platforms, equipping the energy transition, accelerating in industrial software, and advancing our position with the AspenTech platform, and then scaling in priority discrete and hybrid end markets. Frankly, if you put all that together, a $140+ billion TAM, these markets represent 30% of our sales today, and we're uniquely positioned to scale as these markets benefit from the secular tailwinds that I described. Breakthrough innovation, very, very critical. Market disruption opportunities driven by a revamped innovation process, which I'll outline with bets in 4 key technology areas, all those automation architecture. That's the framework, and we're making targeted and intentional investments to advance these opportunities. Our growth platforms, I'll lay this out one at a time, are clearly aligned to the shifting needs of our customers. It's important to note that we're really well-positioned in our core markets, and frankly, the near-term growth rates in our core markets are going to be healthy. Obviously, the long-term growth rates are something we're watching very carefully. Today, where we sit with a $130 billion installed base, our customers making optimization investments, a strong capital cycle in these core markets. We feel very good about the core, which gives us an opportunity to build our future. In priority, discrete, and hybrid end markets, which I'll lay out, factory automation as an example, semiconductors, battery manufacturing, certainly life sciences and metals and mining. There, the longer term growth rates are attractive. Short term, near-term growth rates are attractive as well, and we have a unique opportunity to position ourselves there. Certainly our customers making their energy transition investments as they drive their sustainability journey. The top right of the chart, you can see unique markets that are going to be very favorable to us. Hydrogen, energy transition market. As you know, we're really well-positioned there, and we'll lay this out for you. Certainly, our customer relationships and installed base really allows us to drive a very balanced growth strategy. Win the core in the near term that gives us the opportunity to build the future in discrete and hybrid end markets and play the game in the energy transition investments which will be. We're clearly building from a position of strength. 30% of our sales today, $4.4 billion in the new company, is exposed to these 3 growth platforms, energy transition, industrial software, and the priority discrete and hybrid end markets. A $140+ billion TAM, very attractive growth rates, and these will be supported over the long term by the secular tailwinds. The core will grow at low single digits, and as Lal described, that gives us the framework to drive 4%-7% through the cycle. The key will be to deliver double-digit growth in these energy growth platforms defined by the 3 markets you see on the chart. Starting with our energy transition plate. 6 critical end markets that are key to the world's decarbonization efforts. LNG, nuclear, renewables, and energy storage from established markets that we've talked to you about in the past to emerging opportunities, all defined by a $12 billion TAM. Now, to put it in perspective, our upstream oil and gas TAM is about $13 billion today. Over this planning period, these markets will, in totality, surpass the size of our upstream oil and gas market, get to about $18 billion over this planning period. Certainly, as existing customers shift their spend, as well as new entrants make significant incremental investments in these markets. Now, automation will play a very critical role in the enablement and cost competitiveness of each of these end markets. Our technology stack, as you can see on this chart, is highly relevant. If you take an opportunity like LNG, we've talked to you about that in the past, $10 million of automation opportunity per MTPA of liquefaction capacity that's added. Nation content per reactor. We have a leading position across all categories of the tech stack in nuclear. In addition, there will be significant opportunities on life cycle extensions in nuclear reactors. Then a new market like hydrogen, $40 million per gigawatt of electrolyzer capacity. Significant new capital investments are planned across all these markets. LNG. I'll describe that in more detail, 250 MTPA to 2030, the largest LNG wave we're experiencing now. Nuclear. Mike talked about nuclear. 55 new reactors planned out to 2030. That wave in itself is north of $2 billion. Then you can see hydrogen, 135 gigawatts of announced electrolyzer capacity out to 2030. As a matter of perspective or reference, 6.8 gigawatts of capacity installed today. You can see the magnitude of these million-dollar business for us today expected to grow double digits through the cycle. Very important for us to execute on these six markets, but as I will show you, the automation stack is very relevant, and automation is gonna be very important for the enablement and cost competitiveness of these markets as they develop. Now, as you can see on this chart, we're clearly establishing ourselves as the leaders in this market, a trusted partner for our customers, evidenced by 50+% win rates in LNG and hydrogen. 90% of the world's nuclear reactors use Emerson content, 60,000 wind turbines as well. We are the number one automation partner for the world's largest renewable diesel facility in Louisiana. A lot of momentum being generated. The experience and installed base we're building is a sustainable competitive advantage as this market scales. The funnel is expanding. Our opportunity funnel, and we've shared this with you during our earnings calls, this funnel versus last year, same time last year, is up by $1 billion. Funnel defined by renewables, hydrogen, clean fuels, and carbon capture is driving the growth. That number is up from $700 million last year to $1.7 billion. The LNG portion of the funnel is a significant number as well, and several LNG projects, which I'll show you shortly, continue to accelerate towards FID. The scale of this funnel or the size of this funnel is fundamentally 3 times that of upstream oil and gas, which goes back to the point that this is a space that is rapidly expanding, and we, as Emerson, are making accelerated investments in new products, sales and marketing resources, and the focused business development that's needed to capture more than our fair share of the opportunity here. LNG. Certainly, the European energy crisis we're in today is accelerating the third wave of LNG and the build-out of the global-needed pace. As we've shared with you in the past, Emerson has had a leading role in the build-out of the LNG infrastructure from an automation perspective. If you look at the first, more than 50-plus% of that, the Qatargas Alliance and our installed base in Qatar is testimony to the participation we had there. The second wave that happened in the 11-20 timeframe, that was fundamental investment that happened in Australia, Russia, and right here in the U.S., another 140 MTPA of capacity, projects like Chevron Gorgon in Australia, significant installed base in that wave. But the wave we are seeing now is the largest of them all. 250 MTPA of capacity that will come online, 170 under construction, and another 100 that'll get FID decisions made over the next 2-3 years. You can see the scope of opportunity, $10 million for MTPA on liquid gas, which is going to be very important in Europe and Asia, which receive the LNG, then $4 million of opportunity for LNG carrier. Clearly, a huge opportunity for us as Emerson and a very important wave. The largest, most marquee opportunity we're pursuing right now is Qatargas, the North Field expansion, a $30 billion investment being made, 23 MTPA of capacity that'll be added, which represents almost $300+ million of automation scope for Emerson. We're well-positioned across the technology stack to participate in that opportunity. The wave of projects at LNG as we sit here today is a $1 billion funnel. Certainly very important in the near term, and this gives us the tailwind to execute growth while we build out our other strategies in software and diversification. Hydrogen. A new market, and certainly hydrogen uses are expanding with investments that are accelerating across the board. As I indicated, 135 gigawatts of new electrolyzer capacity has automation content per gigawatt. You can do the math. High levels of automation are being deployed as customers design in top quartile performance. That's the unique aspect of the hydrogen market, is automation is being built in in these new installations, which is a very important development for us. Distinct new voices are emerging in the new hydrogen landscape, new end users, new EPCs and new OEMs. We're having to work tailored approaches to win with each one of these stakeholders. It's important to note that we're really well positioned in this space. 130 new hydrogen products have been launched by our business unit. We're very focused here. We're making the right investments in terms of sales, marketing and business development resource. You can't underestimate the importance of software here. The role of AspenTech in electrolysis design, production optimization, or even the optimization of the hydrogen supply chain, unique capabilities and a differentiator for us. None of our competitors have the capability across the technology stack that we do. A traditional market like LNG, where we're well positioned, we're replicating the same capability in a new market like hydrogen with the full tech stack to be present with that opportunity. These energy transition markets, very important. An $800 million business for us. We feel very good about driving double-digit growth here. Now, shifting to our second growth platform, industrial software. Towards industrial software, we see that it's defined by a pretty large TAM at $35 billion, high single digits to low double digits growth. Our customers are spending at 2x from a software perspective versus traditional PPE. Really, the role of software is to help our customers address the dual challenge that they face, which is expanding production to meet-- journey. The role of software, the simulation, that opportunity that software provides, is going to be a very important element for customers to address their dual challenge. It's certainly an area that we're seeing tremendous interest and demand from our customers. In addition, market needs around digital transformation, the convergence of IT and OT environments, the ubiquitous nature of data, the democratization of data, coupled with the availability of modern technologies like cloud, the edge, the hyper-converged infrastructure, AI, ML, will drive a software-defined automation paradigm. I'll lay that out for you. With our AspenTech platform, we have an unparalleled software portfolio and a position to capitalize on this inflection point. As you can see, the capability we now have across the life cycle of an asset, from design to operations to asset performance management and maintenance, in addition to the collect, analyze, and visualize of the data as we convert data generated by the tech stack into actionable insights, unparalleled capability. A $1.8 billion software business in revenue, $1 billion of ACV represents 13% of our sales. A unique position, and we are really poised to separate from the competition as we execute on the synergies with AspenTech. When we announced the AspenTech transaction, we laid out a framework of how we view the synergies, and there were four elements: revenue, technology, business model transformation, and cost. As Lal indicated, we're very happy. Six months into it, the progress we're making on these synergies. I'll get into the revenue synergies in more detail, but the cross-selling opportunities across two domains governed by a strong commercial agreement. I'll lay out how we view customer white space as an opportunity, and then the project opportunity defined by the pipeline of project pursuit we're driving. Very important. That remains on track. The technology opportunities, significant. It's very critical to our innovation roadmap. The embedded solutions into our control systems with the historian, with advanced process control, with the multivariate analysis, which is critical for life sciences. All of these capabilities that Aspen brings to our control systems will differentiate our position in the marketplace. In addition to the seamless integration of the APM suites across both companies or digital twins in the power industry, for example, several technology opportunities are being executed which will truly differentiate our position, and Aspen has played a very critical role there. The business model transformation, Antonio and his team, very experienced in doing that. That journey continues with the OSI business and the subsurface science and engineering business. That's gaining momentum. Finally, the cost synergies, which fundamentally is optimizing spend through joint R&D and SG&A remain on track. We're very happy with the synergy 6 months into it. Certainly, the revenue opportunities, the cross-selling opportunities defined by these two domains is where we're driving significant progress. If you view the customer white space, this framework's how we're actually thinking about it. 70% of the Emerson control systems, and we have 16,000 installed, do not have level three software that AspenTech has in its portfolio. That's a immediate opportunity that our sales organization is pursuing. 9,000 of those systems are in life sciences and power. Two target industries where we have significant presence and strength that we can pull Aspen into. 14,000 asset management systems or machinery and device health systems where we have an opportunity to integrate Aspen's APM capability, the Aspen Mtell and Aspen Fidelis product line, into integrated APM suites. Five market expansion opportunities, China, India, Germany, Qatar, and Kuwait, and then the Southern Cone, which is Argentina, Chile, and Peru, where we have unique opportunities with our installed base to pull in Aspen. That's the kind of the framework we've laid out for customer white space. Certainly, the joint pursuit on greenfield projects is a huge opportunity as well. Significant early momentum being generated here. Our $7 billion project funnel is every one of those projects is an opportunity to pull in Aspen, 460 active projects being driven. Obviously, the $3.5 billion funnel we laid out for the energy transition opportunities all fit in. That is a huge opportunity for us to continue to drive. We're certainly very happy with the momentum we're driving. Our global teams are pursuing a $165 million incremental opportunity funnel, all within 6 months of closing this transaction, defined by the framework that I described in the previous slide. The early wins we're seeing are pulling in process simulation and advanced process control offerings of AspenTech into chemical and power, which is core industries for us. Spend is underway in those industries, and we can pull in those offerings. The greenfield wins in important energy transition segments like clean fuels and plastics recycling is very important because they set the tone to building the future. The point I wanna make here is the core traditional markets, yes, we're winning, but I think the capability that we're building for these emerging energy transition opportunities with AspenTech is a true differentiator. We feel very good about the early momentum. A lot more work to do. Certainly, the customer white space opportunity is significant and one we will have to execute as well as the geographic expansion opportunities. More to come here, but pleased with the momentum that we have generated to date. In conclusion on software, these early synergy successes, the technology collaboration that's underway, and the leading portfolio that we have from a software perspective will separate us from the competition as an automation company. A $1.8 billion business, a $1 billion of ACV, double-digit growth in the East ACV at 45+% EBITDA margins. A rule of 55 company sets us apart in the industrial software landscape. Certainly, as it relates to any automation company, but in many ways, as it relates to any other software company that's out there. In addition, as Lal described, we remain committed to scaling our software platform through bolt-on acquisitions, through the likes of Fluxa, which is an acquisition we made in life sciences on process knowledge management or recipe management, the acquisition of Micromine in metals and mining or inmation that gives us the asset information management portal capability, all critical acquisitions to strengthen our software offering. Also our commitment around new market segments like enterprise asset management, field service management, EHS, all relevant adjacencies that can build out our software capability. Very important, both in terms of the dimension of organic growth that we're driving through synergies, the technology collaboration, but also the inorganic opportunities we have to scale our software business. Moving to our third growth platform, driving premium growth in prioritized end markets in discrete and hybrid, and the prioritized markets are shown. Large markets, $97 billion. If you add them together, $80 billion in factory automation, $7 billion TAM in life sciences and a $10 billion TAM in metals and mining. As I will show you what relevant in all three markets, the trends, the secular trends are gonna be favorable in all three markets. We are $1.8 billion in sales, relevant 13% of the overall sales of Emerson are in these three markets with good growth opportunities for us to drive this going forward. If you take factory automation, for example, the fundamental investments that'll happen in semicon, in battery manufacturing, the nearshoring dynamic that's being driven in factory automation as well as sustainability should drive good demand. Similarly, in life sciences, continuous manufacturing, personalized medicine, drug development, or pipeline acceleration investments, which are fundamentally software and data-driven investments, should drive good growth opportunities for us in life sciences. Finally, in metals and mining, the digital transformation that's underway, the capital investment in copper and lithium, and then the decarbonization efforts will also drive fundamental investments in metals and mining. We're excited about these three opportunities. I'll show you that we're relevant from a tech stack perspective across all three markets, and we're in a unique position to separate from the competition over this planning period. Starting with factory automation. You know, we, as Lal described, we have built a highly relevant portfolio here through strategic M&A. The Aventics acquisition in 2018 at the bottom of the stack gave us a very relevant pneumatic portfolio, the foundation of this business. The GE Intelligent Platform acquisition in 2019 gave us capability in PLCs and IPCs, and we'll show you the new product development work we're doing there to differentiate ourselves, particularly at the edge. The Progea acquisition in 2020 gave us the SCADA and the visualization capability. We have built out an industry-leading floor-to-cloud technology stack for the relevant factory automation markets that I described. Our strong foundation here in terms of the installed base, our participation in 9 out of the top 10 semiconductor manufacturers, our participation in the EV manufacturing industry really gives us a strong foundation to build on and enables us to capture the future investments that'll happen here. It's very important to note that we've significantly advanced our technology stack here through new product development. We haven't stayed still over the last 3 years. A leading pneumatics portfolio with Aventics, continuing to build out our electrification solutions. The PACSystems platform is a differentiated solution at the edge, which integrates high-speed control, motion analytics, and visualization, a true game changer for us in many of the markets we play in, coupled with the Progea capability that gives us the visualization and SCADA. We feel we really have a very differentiated field-to-cloud technology stack that puts us in a strong position globally to capitalize on the fundamental investments that'll get made in this space. In life sciences, again, a very important market for us, a strong foundation built based on our control systems business. An installed base of 4,000 control systems in the 24 of the top 25 life sciences companies. As you can note on the chart, 75% of the Western COVID vaccines that were developed in the U.S. or North America and Europe used Emerson Automation and software. We're very relevant in life sciences. It's important to note that the next phase of innovation that'll happen here will be driven by the automation of manual workflows and the seamless data transfer between drug development and production that'll drive pipeline acceleration. Data and software is the next frontier in life sciences. The capabilities we now have with the bolt-on acquisitions, as well as AspenTech, with multivariate analysis, production execution, and our PKM or process knowledge management software capability puts us in a unique position to differentiate, build on the strength of our control systems, but use the software capabilities we now have to differentiate and expand. With a billion-dollar pipeline funnel, a lot of near- shoring and reshoring investments that are gonna be made, personalized medicine or the industry term here is ATMP, advanced therapeutic medicinal products, the investments that'll happen there, the role of software and data puts us in a unique position to capitalize on these opportunities over this planning period. Finally, in metals and mining. Almost a $500 million business for us. We serve 800+ customers, 2,000+ mining sites, and we have a $4 billion installed base. We are relevant here. You can see the capability we now have from a tech stack perspective. We've always had strong capabilities in valves and instrumentation, as well as the addition of the PLC IPC capability. Again, similar to life sciences, digital transformation and sustainability trends will drive automation, but more importantly, software-intensive capital investments in the mining industry. A great point in time to bring on Micromine into our portfolio. Leading mining software company across the life cycle of a mine, exploration, design, and operation software models the mine end to end. The ability to differentiate with Micromine as we pursue the $300 million project funnel, primarily in the Americas and Australia, related to copper and lithium, where we have strong sales presence, we're very excited here. Growing this double digits is also built into our plan. The theme here is very consistent. We're zoning in on 3 very important markets: factory automation, life sciences, and metals and mining, strengthening our technology stack, making the right new product development or acquisition moves to position ourselves, making the right investments and channel on a global scale to capture what is fundamentally grassroot investments that will be made across these 3 markets. That's our 3 growth platforms. I'll shift gear to talk about our second lever, breakthrough innovation, which is a very, very important lever and a fundamental culture shift that we're trying to drive. It will be focused on market disruption opportunities across the stack, executed through a revamped innovation process driven by our new Chief Technology Officer. I'll describe technology bets in 4 key areas, all equally important to define tomorrow's automation architecture. Now, as Lal described, over the last 30 years as an automation company, we've fundamentally transformed the process automation landscape. Several disruptive advances in innovation, the drive from analog to digital, centralized control to control in the field, performance diagnostics versus reactive maintenance driven by our instrumentation and Digital Valve Controllers, the use of commercial off-the-shelf technology that drove our DeltaV product line from a number 5 position in the market to number 1, all powered by the Plantweb digital ecosystem. We really moved the industry from analog control to a digitally connected plant. By doing this, we established leadership positions across the technology stack in pressure transmitters, temperature transmitters, Digital Valve Controllers. You can see the installed base we have in intelligent devices, our control systems business, both in power as well as in process, and our strong customer presence across energy customers, chemical customers, power customers. A phenomenal journey. At the bottom two layers of the stack, a lot of work was done to establish our position, and while doing that, we built out our innovation capability with the 5,000-plus R&D engineers and 15 innovation hubs that Lal showed. Innovation capability with the 5,000-plus R&D engineers and 15 innovation hubs that Lal showed. We're in a unique position and a unique point in time to do this again. Now as we look to the future, the market needs that I described earlier around IT/OT convergence, ubiquitous data, the need for autonomous operations by customers have created an inflection point, and the customer demands for a new automation paradigm that'll drive a self-optimizing plant, we, as Emerson and AspenTech, are uniquely positioned to lead the industry towards this vision. A new automation architecture that is built around a cohesive Enterprise Operations Platform that'll use modern technologies like cloud, edge, the hyper-converged infrastructure, and AI and ML to drive analytics. That is gonna be the next frontier. As an automation company with the Aspen platform and our leadership position in sensing and control, we will drive that change. Now, to enable this journey, we're revamping our innovation process. Obviously, a software-centric innovation vision will require a fundamental redesign on many components of our innovation process. These will be tightly integrated into our management system under the leadership of Peter, and it will involve a balanced approach with toolkits and resources that will deploy by the business units around innovation strategy, pathways around capability assessments and scaling enablers, the approaches we take to innovation, particularly software-centric innovation, and most importantly, the talent side of it. The revamp process will drive increased R&D spend. We're gonna make focused R&D spend. I'll show you the areas where we'll be making the bets, but we'll drive these new product vitality metrics that we will track across the company. This will vary by business. The vitality and software will be different to the vitality we'll drive in our control systems business versus intelligent devices, but all important to capitalize on the market disruption opportunities and meeting customer needs to enable above-market growth. A programmatic approach to innovation. We've done it in the past. We will do it again, but with a bent towards software to drive the disruption in the automation market that we can certainly lead from an industry standpoint. Our innovation focus will be across these four critical technology domains, all equally important to drive the vision of a self-optimizing plant. Revamping our core sensing platforms, the foundation of the business for enhanced performance, connectivity, and process insights. A lot of great programs underway across the company. As we executed our cost reset plan, we protected these investments. Very important to the foundation of the company, our next-gen pressure transmitter, next-gen Coriolis for the chemical industry, radar-on-a-chip which will completely reinvigorate our level platform across a wide span of markets. Reinventing our wireless portfolio to expand the markets that we can reach with our wireless product line. All very important investments underway within the company. The biggest one, though, will be driving a dramatic shift to a software-defined control system in an OT edge environment running on a hyper-converged infrastructure that'll fundamentally enable Enterprise Operations with the control system, not plant by plant, but across the enterprise. A huge program for us. Peter and the team in Austin is driving significant progress here. The collaboration with AspenTech in the APM Space Performance management software for the self-optimizing plant, which will transform enterprise asset management and transform the reliability game for us. An integrated offering between our capability and Aspen across asset performance management, a very important investment area. Finally, sustainable technology solutions in our product businesses. Our hydrogen portfolio, our electric actuation portfolio, our low emission valves, very critical to capitalize on the sustainability opportunity and help our customers address the new challenge. What's important to note here is the focus. Yes, we're gonna make bets. It's gonna be in these areas, and these are very, very important to drive the future of the automation industry. I think in conclusion, I wanna leave you with the note that we're truly committed. This is the vision of where we wanna take the automation architecture of tomorrow. One that is software defined, built on flexible computing domains that seamlessly interact and engage with a common, consistent data model that will drive ease of use. Functional systems, production, reliability, safety and sustainability as suites of software in a cohesive Enterprise Operations Platform. Think Aspen's capability plus our control software capability in an Enterprise Operations Platform. That'll drive tremendous value to our customers at an enterprise level and unlock significant value for Emerson as an automation company as we drive our vision towards software. In conclusion, two very important levers, growth platforms, three growth platforms and breakthrough innovation to give us the framework to drive 4%-7% differentiated organic growth in a 2%-3% automation market. We feel very, very good. We're going to make the right investments and drive the right level of progress, and we're very excited about the journey. Thank you. With that, I'm going to introduce Frank Dell'Aquila, who will walk you through our financial roadmap on how we plan to unlock value. All right. Thank you, Ram. Thank you, Ram. Good morning, everyone. Clearly, Emerson is undergoing a remarkable transformation. For me personally, over the last 20 months, it's really been a privilege and a lot of fun to be part of this with this management team. We've laid out for you today a strategy around value creation and provided a lot of the implementation details around that strategy. What I'd like to do for the next 15 minutes or so is kind of take you through it, recap much of what you've heard, but take you through it through a financial lens and kind of the financial philosophy and foundation that's the underpinning of really everything we do and that enables us to build out the platform the way it's been outlined to you this morning. This first chart is one we included in our earnings deck, but I think it bears repeating this morning, or reviewing. It walks through the key elements of the value creation proposition that we have for our shareholders. The portfolio actions that we've taken to date, basically have focused us down to a core world-class global automation company, okay. One that compares very favorably to our peers. Of course, we have the addition of AspenTech, which provides world-class industrial software capability and a wealth of synergy opportunities that have been articulated this morning, and we're well on our way to delivering on those synergies. We also have $10 billion of after-tax divestiture proceeds from the InSinkErator transaction, and we will when we close the Climate Technologies transaction sometime in the middle of the year. We've committed to $2 billion of share repurchase. That leaves $8 billion of after-tax proceeds and a very strong balance sheet to deploy in shareholder-friendly ways. A word on the ClimateTech transaction. We talked about this on the earnings call, but I think it bears repeating. We thought long and hard about the ways to divest the ClimateTech business. We think we did it in a very shareholder-friendly way when we looked at all of the alternatives. We think we've balanced the maximization of upfront proceeds to deploy, to deliver the strategy that we've talked about this morning, with significant back-end participation somewhere down the road when the when our partner ultimately exits the business. We've got a $2 and a quarter billion note that's relatively senior in the cap structure that will accumulate interest over the life of the deal. We also have a 45% non-controlling equity participation, which we believe will accrete and provide additional value for our shareholders over time as that business thrives, given the macro tailwinds that it has and under the stewardship of our partner. All in all, we think this is a compelling value proposition. We're not sure that it's fully understood, and I think it bears repeating this morning. Lal clearly defined the dimensions of our value creation proposition: organic growth, portfolio management, and operational excellence. This morning, we've provided clear plans for how we intend to work each of those levers and deliver value for our shareholders. The goal is to deliver the world-class financial performance that you see on the right side of the chart. What I'd like to do now is to go into a bit more detail on how each of these levers will be measured and how we intend to deliver that value. Initially, the framework to achieve mid-single digit through the cycle growth is pretty simple. As Ram said, pretty simple to conceive, not as simple to execute. We have a great degree of confidence in our ability to deliver that path that you see on the chart. Basically, our current portfolio grows, we think at 2%-3%. The portfolio strategy that we've articulated today, investing in the four priority spaces that we've identified, industrial software, test and measurement, factory automation, and smart grid solutions. These four spaces collectively have a $100 billion TAM and mid-single to high single-digit growth. When we execute on the build-out of our portfolio through M&A in those spaces, we believe we will add another 1-2 points of underlying growth through the cycle. Finally, the organic growth initiatives that Ram reviewed in detail, our commercial focus on the portions of our portfolio that grow today, given the macro tailwinds that they have, and focused and managed innovation spend under Peter's leadership as we focus on our core automation portfolio. We're gonna measure our progress. We'll do that through several metrics. One is new product vitality. Basically, the proportion of our sales that derive from new products introduced over the previous 5 years. We believe our innovation spend will drive that growth and will drive that metric from 25% today to significantly higher than that over time. We're also gonna drive the software content in our business higher. Today, at 13%, we believe we're at the top of our peer group, and that's a pure measurement. It's pure software. We intend to continue to drive that higher, both organically through the initiatives you heard this morning and through acquisitions, both at AspenTech and standalone industrial software, as well as in our core automation business at Emerson. We'll be focused on annual contract value, which is a key metric for AspenTech, which will help us gauge the degree of progress we're making on the business model transformation for the two businesses that we contributed to AspenTech as part of the transaction. Finally, the growth platforms, which today comprise 30% of our business, which we believe we can grow to a significantly larger proportion over the next several years. While we do this, we believe we have significant runway for further margin expansion. In 2020, we presented to you a comprehensive cost reset program. We set the bar high. Since then, we've improved margins nearly 500 basis points on adjusted EBITDA basis, and we achieved the targets, as Lal said, that we set out one year early. We have multiple levers we believe to drive incremental margins from the current level of around 30% to the mid-30s over time. A key element of that is our profit review process, which is embedded in our management system. An annual review in depth of the critical profit drivers in each of our businesses on a 3-year rolling basis. And that lets us work the cost reduction, productivity initiatives that offset inflation and enable us to expand margin on a continual basis. We have a significant cost out opportunity that Lal discussed, both by virtue of becoming a focused automation company, where we're able to drive out costs associated with the platforms as a multi-industry business, but also a significant opportunity in corporate as well. We have work streams in flight across all of the functional areas, law, IT, HR, and finance, where we believe through centralization and standardization, we can improve service levels, we can drive productivity, improve the quality of our data, and reduce costs. All of those are part of the $100 million cost out target that we believe we can achieve on a run rate basis by the end of fiscal 2024. Finally, as we remix the portfolio organically and inorganically, we will naturally drive margins higher as the business mix becomes richer. As we go through this journey, we will maintain our historical commitment to disciplined capital allocation. Our priorities are unchanged from what they have been historically. Organic growth is our best investment opportunity. We are gonna be refocused along the lines that Ram just described by having our targeted focused innovation spend, driving our opportunities on our growth platforms. We have the ability to expand our innovation spend inside of our P&L. We will be a less capital-intensive business going forward, going from about 3.5% to about 2%-2.5% of sales on a run rate basis. There's headroom for us to make smart, focused investments in innovation. Acquisitions. I'll say more about that in a few minutes. Obviously, that's a big question in everybody's mind. We're gonna have a lot of dry powder after we close the Climate Tech acquisition and a clean balance sheet. Okay. We will be patient, strategic, and disciplined around acquisitions. Okay? We wanna drive the change. We wanna build out the portfolio, but we are gonna do it in a measured, financially responsible way. We are committed to the dividend, and share repurchase will continue to be a part of our capital allocation strategy. M&A. A few words about M&A. We will be disciplined across all three dimensions that you see on this chart. We have gone through a rigorous process with our board, with our management team, with our advisors to define the target areas where we are going to invest. We have a very clear roadmap. Anything we do in the M&A space will be cohesive with our existing technology stack and will provide end market diversification. When you look at the four verticals that we've defined as our preferred areas for investment, each of them, by definition, will diversify our end markets. They will be accretive to growth and margins when they're done at scale, we will require cash-on-cash returns in excess of our risk-adjusted cost of capital by year five. That is a discipline we've always had in M&A, it's a discipline we will continue to have as we build out the portfolio. We will also be operationally disciplined. We talked about the VNC acquisition of about five or six years ago. Had tremendous margin improvement and operational improvement on an asset that was quite frankly, challenged. We know how to do that. The people who did it are in the room, and we will have very clear synergy identification, clear integration plans, and a dedicated centralized team to drive those just as we are doing today with AspenTech. We embark on this process from a very, very strong financial position. We have $10 billion of after-tax divestiture proceeds. We've committed $2 billion to share repurchase. We will begin this process with $8 billion of proceeds available to us and a clean balance sheet. When we close the Climate Tech transaction, we will have negative net leverage. We have a tremendous amount of runway to build out our portfolio within the bounds of a strong balance sheet and a strong investment-grade credit rating. We have been mindful of our balance sheet and our credit rating through over many years, through downturns, through previous downsizings. Financial flexibility has served us well. We keep this in mind as we make financial decisions. We will continue to focus on that. We understand that we have fixed income investors as well. The debt markets have been very friendly to us over the years, most recently when we financed the AspenTech acquisition in December of last year. That is a priority for us as we balance our approach to building out the platform. We continue to be committed to returning cash to our shareholders. We are very proud of the 66 years of increasing quarterly dividends. On October 31st, on our earnings call, we announced a 67th year of increase. This will be the primary means of returning cash to our shareholders. We are committed to the dividend. We have the cash flow, and we expect to be adding to the cash flow by doing value and cash accretive acquisitions that enables us to continue to return cash to our shareholders in the form of a dividend. Share repurchase will be continued to be used as it has been historically, basically to modulate our capital allocation and our returns to our shareholders based on what other opportunities we have higher up in the priority list, mainly organic growth and strategic acquisitions and other variables in the financial markets. With that's a quick tour and a quick summary of what we talked about here today. What I wanted to do was provide some context from a financial standpoint. The company is changing in very exciting ways, some of the basic principles around finance and how we run our company are gonna be much the same as they have been in the past. We just wanted to make it clear that we can go down this journey, which is very exciting for our shareholders, in a way that is responsible and provides continuity with much of what we've done in the past. With that, I'd like to turn briefly to our financial reporting. We mentioned on the call that we would talk today about segments, and we are in fact going to make a change to our financial reporting segments in 2023. You can see on the chart, in 2023, we will go from four reporting segments to six. An 8-K was posted on our website this morning, which provides detail around those new segments for 2021 and 2022. That will give you a start in terms of the data and the organization around the segments and how we're gonna talk about the business going forward. As you can see from the chart, AspenTech remains a reporting segment, and the major change is that automation solutions will become four reporting segments. There is no change. We have an integrated global automation solutions business. This change is being made for financial reporting because we believe the granularity around the four pieces of the business will be helpful to investors for reasons that I'll show you in a moment. The sixth segment will be Safety and Productivity, which is the professional tools business that we retained after the divestiture of Climate Technologies and InSinkErator, and that's part of the program going forward, and we have renamed it Safety and Productivity. Why do we do this? We have market-leading profitability across the breadth of our business, and we think by breaking down the Automation Solutions business into its component pieces, you have a better opportunity to see that. I think it helps unlock the perception and around the value opportunity that we have. It's easier to comp the business this way because you can see into the distinct lines of business. It was difficult to comp the business before, and we're very proud, frankly, of the levels of profitability that you see here across these four segments, as well as through the breadth of the rest of the business. We are going to talk about the business as two groupings: software and control and intelligent devices. We believe that makes sense in terms of having a conversation around the strategy of the business and the performance of the business. There will not be any group structures associated with that. There will not be any management overhead associated with that. It is purely a way of grouping the segments to talk about the business. We will continue to guide at the Emerson level. At the top of the company, we will provide MD&A at the group level to provide some additional insight into the business performance and how we are running. I know that's a lot. That's a big change, a bit to wrap your minds around. Obviously, we'll have a lot of conversations about that, I'm sure, over the coming days and weeks, but we wanted to reveal that to you today, and I would encourage you to take a look at the 8-K to familiarize yourself with that. With that, I'll close out this section by reiterating the guidance as Lal did. We guided on October 31st. There is no change to the guidance for the Q1 or for the year. This chart you see here is identical to the one that you saw on the earnings call. We understand that the macro is uncertain and unsettled. We factor that in. We don't forecast recessions, but when we look at our end market opportunities, at the growth drivers in the business, at the growth platforms that Ram discussed, we feel very confident in reiterating the guide for the quarter and for the year. With that, we hope this really helped you understand the pervasive transformation that's underway at Emerson, I hope last few minutes helped you understand the financial context for that change. We're all excited about the transformation. We hope you can understand that. We want to thank all of you who are here in person and all of those who participated on the live stream as well. We really value your time, that you would choose to spend it with us this morning. We hope it's been helpful. Thank you very much. This concludes our presentation for this morning.