Good morning, and thank you for joining us for The ODP Corporation's third quarter 2022 earnings conference call and Investor Day meeting. This is Tim Perrott. I am here with Gerry Smith, our CEO, Anthony Scaglione, our Executive Vice President and CFO, as well as several members of Gerry's executive team. We will begin our presentation this morning with an overview of our third quarter 2022 results and accomplishments. Gerry will provide an update on the business, focusing much of his commentary on our accomplishments in the quarter, including our operational performance and the progress we have made on all of our initiatives to drive shareholder value. After Gerry's commentary, Anthony will then review the company's financial results, including highlights of our divisional performance. Following this review, we will begin our virtual Investor Day meeting, highlighting our realigned 4BUsiness unit structure and their respective strategies, along with our capital allocation plans and long-term performance targets. This program will be followed by a live question-and-answer session with our management team that you will hear from at Investor Day, answering your questions submitted via our online portal provided when you signed up to attend the Investor Day meeting. We encourage you to submit your questions during each section of the presentation and get in the queue as early as possible to help ensure that we get to your questions in a timely manner. We will endeavor to address as many questions as possible during the Q&A session. Before we begin our program, I need to inform you that certain comments made on this call and in our presentation today may include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the company's current expectations concerning future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially. A detailed discussion of these risks and uncertainties are contained in the company's filings with the U.S. Securities and Exchange Commission. During the call, we will use some non-GAAP financial measures as we describe business performance. The SEC filings, as well as the earnings press release, presentation slides that accompany today's comments, and reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are all available on our website at investor.theodpcorp.com. Today's call and slide presentation is being simulcast on our website and will be archived there for at least one year. I will now turn the call over to Gerry Smith. Gerry? Thank you, Tim. Good morning to everyone joining our call today. We appreciate you joining us this morning. We are really excited to be here with you today, not only to discuss our results and accomplishments for the third quarter, but also to host our 2022 Investor Day meeting, which will immediately follow this webcast. During our virtual Investor Day event, me and members of my executive team will provide an in-depth review of our realigned business unit structure and respective growth strategies and highlight our capital allocation plans, long-range targets, and our strategy to deliver sustainable shareholder value. Our entire management team, in fact, I would say our entire company, is fired up about this event and the path we have set for the future. Before we get to this, I wanna provide a brief review of our accomplishments and results for the third quarter. This quarter, we will keep our commentary light, given the Investor Day will provide much more detail on each business unit performance and the changes we have made to our operating structure on a go-forward basis. As we highlight our performance, I'd like to mention that beginning this quarter, we are reporting results for each of our 4BUsiness units. Anthony will provide more information on the moving parts later in the presentation. Now turning to our accomplishments for the third quarter, beginning on slide four. First and foremost, in our continued effort and commitment to driving shareholder value, we repurchased approximately $70 million of shares over the period post the conclusion of our tender offer, and I'm happy to announce that today our board of directors has approved a new $1 billion buyback authorization that we will address further at Investor Day. Also, we are encouraged by our performance throughout the year, and we are reaffirming our guidance for full year 2022. Let me say that again. We are reaffirming guidance for 2022. Anthony will have more details on this later in the call. I'd also like to briefly highlight our new 4BU operating structure as shown on slide five. I'm happy to report that we've completed the realignment of our operating structure that supports our new 4BUsiness unit model. These 4BUs will work seamlessly together to allow us to pursue new growth opportunities, to improve asset utilization, and to more fully reflect the power of our businesses and unlock shareholder value. Everything that we've done over the past few years have led us to this point in our journey. It is a culmination of a significant amount of work by our team, and it is a reflection of the power of the assets that we control, the flexibility of our platform, and the growing demand from our customers from the services and products we provide. We will cover much more in our Investor Day presentation. However, I would like to briefly highlight these business units. First up is ODP Business Solutions. This is essentially our enterprise contract business from our prior BSD segment. This division serves small, medium, and enterprise-level companies with both core business supplies as well as other categories including Cleaning and Break room, Jan/San, Tech, Workspaces, and Copy and Print Services. We have built a very strong customer base, and this business continues to exhibit strong growth and is clearly on a path to expand its margins back to and beyond pre-COVID levels. Its role in the portfolio is to expand margins, drive growth, and cash flow. Next up is Office Depot, which for the first time is a true omnichannel consumer business as we have combined our retail store footprint with our e-commerce platform that was previously included in our BSD business segment. Office Depot will continue to be a strong generator of cash flow for the business, and now as an omnichannel business, we see continued stabilization going forward. Next is VEYER, which is our supply chain and logistics company that we have developed for more than three decades and has been previously embedded as a primary support cost function for our business. We have separated VEYER as its own operating segment, leveraging its world-class capabilities to bring its strong value proposition to both internal and external customers. VEYER's capabilities include nationwide coverage, next-day delivery options, desk-side delivery, and can provide services such as just-in-time logistics, as well as leverage its proprietary tools like flow path analytics to provide greater insight to drive efficiencies across our network. These are all capabilities that only a few supply chain operators possess today. VEYER will serve its internal clients, ODP Business Solutions and Office Depot, through established arm's-length commercial agreements and continue to utilize excess capacity to serve external third parties with less than truckload and backhaul services. Over time, VEYER will expand its capabilities to full logistics and 3PL services. We are very excited about Varis' path, and we expect it will help us more fully utilize our assets and generate strong EBITDA contribution in the future. Finally, Varis. Varis is a transformative, digitally native B2B procurement platform business that we've been creating over the last couple of years. Varis is focused on creating a more modern experience for B2B buyers and suppliers. Varis provides a unique experience for its customers and helps solve many of the pain points that exist in the market today. It allows buyers to reduce costs, control spend, improve compliance, automate payment options, and gain greater spend visibility. For suppliers, it reduces customer acquisition costs, improves ability to predict and plan for demand, and expands channels to reach more customers. You'll hear much more about our progress at Varis during our Investor Day meeting, including how this unique platform creates a different channel opportunity for growth, supports our B2B distribution business, and creates a highly scalable digital platform for the future. Overall, we're excited about how this new four B structure unlocks our potential and allows us to provide greater transparency into the value of our businesses. Now turning to the third quarter performance highlights as shown on slide six. Our team again rose to the challenge and delivered solid operating performance in the third quarter, despite the continued industry-wide challenges related to inflation and supply chain constraints. Our revenue performance was in line with last year as return-to-the-office trends helped drive stronger top-line performance at ODP Business Solutions, which was offset by lower revenue in our Office Depot business unit. Office Depot's revenues were lower related to fewer stores and service relative to last year, as well as lower comparable traffic trends as COVID conditions continued to recover and as we experienced softer demand during a highly competitive back-to-school season. Our low-cost model approach, combined with our flexible pricing and distribution strategies, helped to drive solid operating results despite the continued challenging backdrop in the quarter. That said, operating income was lower than last year, largely related to the revenue mix between ODP Business Solutions and Office Depot, and as we hurdled the peak year of investment for Varis. As Varis continues to accelerate, we expect this impact to decelerate on a comparable basis. Also in the quarter, VEYER continued to provide strong support for its internal and external customers, and Varis made solid progress toward launching its platform on a wider scale. Additionally, we continue to be focused on enhancing shareholder value and bought back shares during the quarter, buying back nearly 2 million shares during the quarter. Overall, we are encouraged by our performance this year, and we are reaffirming our full year guidance for 2022. Under our 4BU structure, we remain well-positioned with a flexible business model and a low-cost approach as we close out the year. We're also excited about the $1 billion share repurchase plan that we've put in place. From an operating perspective, I am pleased to see the progress we are making at ODP Business Solutions, driving strong top-line results and significantly improving margins. With that, I will now turn the call over to Anthony Scaglione, our CFO, for a more detailed review of our financial results. Thank you, Gerry, and good morning, everyone. I'm happy to be here today to discuss our financial results for the third quarter of 2022 and excited about our Investor Day meeting that follows this presentation. Before I begin, I'd like to say how proud I am of our entire team for remaining focused and continuing to drive solid results against a challenging industry backdrop and in light of all the work to prepare and realign our operations under our 4BU strategy. I would like to recognize our team for all the hard work in getting us into a position to report our results under the 4BUsiness unit structure. We truly have a world-class team, and thank you again. For the quarter, our entire team rose to meet the continued macroeconomic challenges. While inflation remains at its highest level in over 40 years and supply chain challenges persist, we continued to deliver upon our low-cost model approach and utilize the strengths of our various routes to market to help drive results. Now turning to the highlights of our financial results as shown on slide eight. Consistent with previous quarters, we have provided our results on both a GAAP and adjusted basis. We generated total revenue of over $2 billion in the third quarter, flat with Q3 of last year. This was an impressive result as we had 75 fewer stores in service compared to the same period last year. Our top-line results were driven by strong revenue growth at ODP Business Solutions as return-to-office trends continued to improve, offset by lower revenue at Office Depot, driven by fewer stores in service and lower traffic. We generated stronger sales at ODP Business Solutions in both core supplies and in our adjacency categories, offset by lower sales in omnichannel consumer business in certain categories that were in high demand during the pandemic last year, as well as lower back-to-school volumes. GAAP operating income in the quarter was $84 million, down from $104 million last year. Lower operating income relative to last year is largely related to revenue mix between ODP Business Solutions and Office Depot, along with higher year-on-year investment in Varis. We are incurring our peak year of gross expense related to Varis this year as we are nearing the full launch of this innovative platform. As Gerry stated earlier, as we fully launch the platform, we expect to rapidly grow and scale the business, generating strong revenue growth with a defined path to cash flow breakeven. Included in operating income was $11 million of charges, consisting of $8 million in costs, largely related to our realignment activities and facilitating our ability to stand up our B2C, B2B, and VEYER routes to market. The remaining $3 million is associated with non-cash asset impairment charges, primarily related to the company's retail store locations. Excluding these and other items, our adjusted operating income for the quarter was $95 million, compared to $122 million in Q3 of last year. This includes $28 million of unallocated and other expenses in the third quarter of 2022. Our adjusted EBITDA was $131 million for the quarter, compared to $162 million in last year's third quarter. This includes adjusted depreciation and amortization expense of $32 million and $36 million in the third quarters of 2022 and 2021, respectively. Excluding the after-tax impact for the items mentioned earlier, adjusted net income for the third quarter was $73 million or $1.48 per diluted share compared to adjusted net income of $96 million or $1.76 per diluted share in the prior year period. Turning to cash flow. Operating cash flow in the quarter was $163 million, which included $22 million of restructuring and other spend. This result was up compared to operating cash flow of $121 million last year. The year-over-year change in operating cash flow largely related to changes in working capital, including disciplined inventory management. A good example of this was our approach to building inventory in advance of the back-to-school season. As we analyzed the market environment and inventory levels industry-wide, we expected this back-to-school season to be more competitive and more promotional in nature. Given this, we took a highly disciplined approach to our inventory build with levels that we expected to be appropriate given this environment. As you heard from Gerry, the market for back-to-school was, in fact, highly competitive and somewhat softer in terms of demand versus last year and our expectations. Capital expenditures in the quarter were $25 million compared to $19 million in the prior year period, reflecting targeted growth investments in our digital transformation, supply chain, and e-commerce. Adjusting for cash charges associated with our realignment and restructuring plans in the quarter of approximately $22 million, adjusted free cash flow in the quarter was $160 million. Now turning to slide nine. Before I begin my discussion of our business unit performance, I would like to highlight some of the segment reporting changes that we have implemented this quarter aligned with our 4BU structure. Beginning this quarter, we're reporting on a 4BUsiness unit segment structure. As shown, these segments are ODP Business Solutions, our B2B distribution business, Office Depot, our omnichannel consumer business, VEYER, our supply chain and procurement business, and Varis, our digital platform procurement business. One of the primary changes I would highlight is our e-commerce business, officedepot.com, which was previously reflected in our BSD segment, will now be reflected in our consumer business, Office Depot. ODP Business Solutions is now a pure-play B2B enterprise distribution business serving small, medium, and enterprise-level companies. ODP Business Solutions includes the contract business of the former BSD division, as well as its acquired regional distribution businesses or the Federation Companies and Grand & Toy in Canada. VEYER, which was previously had its operations embedded and allocated to both our retail and BSD segments, is now its own segment as they continue to support the supply chain needs of our consumer and B2B business and pursue new third-party relationships to further optimize their assets and capabilities. We are excited about the path for VEYER, generating EBITDA in the near term from utilizing excess capacity and positioning this business for long-term 3PL services in the future. The work we have done to report under our 4BU structure was a heavy lift, and I would like to again thank our entire team for the hard work and rising up to meet this challenge. We are excited to share more during our Investor Day meeting in just a few minutes. Now turning to our business unit performance, starting with ODP Business Solutions, as shown on slide 10. ODP Business Solutions continues to deliver improving results as the return-to-office trends gain further traction, generating revenue of just over $1 billion in Q3, up 9% in the quarter relative to Q3 of last year. Our core contract business, our Federation Companies, and our Grand & Toy business in Canada all delivered strong year-over-year growth. As a reminder, our Federation Companies are the regional tuck-in acquisitions we have executed upon over the past few years, expanding our distribution reach in previously underserved markets. You will hear more about this during our Investor Day presentation. From a product and services standpoint, we saw stronger demand across the board for core supplies as well as for our adjacency categories, including Jan/San, Cleaning and Breakroom, Workspaces, Tech, and Copy and Print services. ODP Business Solutions operating performance continued to improve significantly over last year, generating operating income of $48 million in the quarter, up 41% over last year. This represented a 100 basis point increase as a percentage of sales. Strong sales of core supplies and efficient operations and pricing discipline helped to mitigate inflationary pressures and positioned us to drive these strong results. I would add that the work we started at the beginning of the year, utilizing our data-driven approach and performing line-level reviews of customer contracts, is helping us identify margin opportunities in this business, meeting customer demands in the most efficient way. Now turning to our consumer division results as shown on slide 11. Our Office Depot consumer division again drove solid operating results in the third quarter, continuing to provide a strong value proposition to our home office, education, consumer and small business customers. Reported revenue in the quarter was down 8% to $1.1 billion, driven partially by 75 fewer retail stores in service this year versus last year related to planned store closures as well as lower store traffic. We closed 11 stores in the quarter, ending the quarter with approximately 1,000 stores in service. Lower sales for product categories previously in high demand during the pandemic contributed to lower year-over-year revenues. A good example of this is cleaning products as well as tech. Additionally, demand in our back-to-school categories was slightly lower given the aforementioned more intense competitive environment this year. Partially offsetting lower demand and same-store sales traffic in the quarter was higher conversion rates and average order values, leading to strong increases in sales per shopper. We saw continued strong demand for our Copy and Print services as well as email and shipping services, offset by lower demand in core categories and cleaning. We are happy to report that our omnichannel presence on a same-store basis continued to grow with strong BOPUS sales in the quarter. Supporting this success is our 20-minute pickup guarantee, which continues to drive strong customer satisfaction. From an operating perspective, we continue to deliver solid operating margin performance in the quarter despite the lower traffic and higher supply chain and inflationary cost challenges. We generated operating income of $83 million in the quarter, or 7% as a percentage of sales compared to $108 million last year. Lower operating income compared to last year was primarily driven by lower sales and higher costs and impacts related to inflation. Now turning to slide 12. I wanted to highlight financial results and provide insight into VEYER's operations. As we mentioned earlier, we have separated VEYER into its own business and reporting unit moving forward. VEYER specializes in B2B and consumer business service delivery with core competencies in distribution, fulfillment, transportation, global sourcing and purchasing, which also includes our global sourcing operations in Asia. VEYER provides services primarily to its internal customers, ODP Business Solutions and Office Depot, as well as to other external third parties, a business you will hear more about at Investor Day. We believe that as an independent business unit with an aligned go-to-market strategy and focus, VEYER will be well positioned to not only provide low cost services to its internal customers, but also more fully utilize its capacity to further pursue services for third parties. This is a great opportunity to generate organic EBITDA from our existing investments and over time, build upon its world-class capabilities to provide full 3PL services to third parties in the future. In terms of VEYER operating profit, VEYER provides product sourcing and supply chain services to its internal customers, ODP Business Solutions and Office Depot, through market-based commercial agreements, as well as external sales to third parties. Internal product sourcing sales or VEYER's procurement business is generated through a service fee to the cost of products we resource from third-party vendors, net of the impact of any vendor offsets and certain other adjustments. Internal sales of services represents VEYER's supply chain and logistics support services, which include warehousing, shipping and handling, returns and other services. These internal sales of services are done at a service fee over cost. Upon our enterprise consolidation, internal sales are eliminated. External sales represent supply chain services provided to third parties, as well as product sales by our Asia sourcing operations to third parties. For the quarter, VEYER drove sales of $1.5 billion, predominantly supporting the purchasing and supply chain operations of ODP Business Solutions and Office Depot. Included in this amount was $7 million in sales to external parties. VEYER's operating income for the third quarter was $9 million, up from $7 million last year, driven by growth in freight collection activities and mix. Through our vendor consolidation capabilities, where VEYER picks up products directly from third party vendors, we are able to reduce product costs and improve asset utilization and profitability. This is a business we see growing over time and one we will highlight for investors going forward, given the unique nature for how this EBITDA flows to ODP as a contra expense benefit. Now turning briefly to Varis on slide 13. You'll hear much more about Varis at our Investor Day meeting that follows today's call, so I will be brief. Varis is our digitally native B2B procurement platform that is focused on transforming digital commerce between buying organizations and suppliers. Varis aims to provide a more modern and convenient experience connecting buyers and suppliers in a way that solves the pain points that exist today, saves money for its customers, and removes friction through a digital experience. Varis has been in development for the past two years and has made terrific progress. The platform is nearing its full market launch this month and continues to add customers and suppliers to its network. Keeping in mind that the platform has not yet launched from a results perspective, Varis generated about $2 million in revenue in the quarter. This is primarily subscription-based revenue derived from existing customers that we acquired on the BuyerQuest platform. If you recall, we purchased BuyerQuest in early 2021 to fast-forward the development of Varis' tech stack. On a go-forward basis, we expect that this will be the peak year of investment for Varis as we ready the platform for launch, turn on the revenue flywheel, and scale the business in the future quarters. Related to this preparation, Varis' operating loss was $17 million in the quarter. Prentis Wilson, President of Varis, will provide a full review of Varis' capabilities and value proposition during our upcoming meeting. Now briefly turning to our balance sheet on slide 14. Our balance sheet continues to be a source of strength, ending the quarter with total liquidity of approximately $1.4 billion, consisting of $473 million in cash and cash equivalents and $934 million in availability under our asset-based lending facility. Total debt at the end of the quarter was approximately $191 million. From an overall capital allocation perspective, we have continued to take action to enhance shareholder returns. First, in the quarter, after the waiting period post the tender offer and through the end of the quarter, we retired approximately 1.9 million shares for about $70 million. Adding this to our share repurchases last year, we have returned approximately $375 million to shareholders since the beginning of 2021. Additionally, and as you will hear more about in our Investor Day meeting, our board approved a new share repurchase plan, a significant testament to the value we see in our business. Lastly, on slide 15 and as shown, we are reaffirming our full year guidance for the year. With that, I will turn the call back over to Tim. Thank you, Anthony. In closing, I just want to remind our listeners that after a brief pause, we will begin our virtual Investor Day meeting. During this meeting, you will hear from Gerry Smith and members of his team highlighting our 4BUsiness unit structure and respective strategies, along with our capital allocation plans and long-term targets. We will have a question and answer session after this meeting in which we encourage you to submit questions as early as possible and as the presentation progresses in order to allow us time to efficiently get to as many questions as possible. Thank you, and this concludes our review of the results for the third quarter of 2022. We began our business nearly 40 years ago with the needs of other businesses in mind. Our vision, to help change the way people and organizations worked for the better. First, by providing the essentials they needed every day. By anticipating how the world was changing and evolving our business to meet the needs of our customers, big and small. Making the most of our unique assets, we built capabilities to serve our customers through an integrated omnichannel platform, an expansive distribution network, and an innovative new technology platform. It is this robust ecosystem that now powers our bold new vision for fueling the future of work. From that startup business with a dream to the corporate enterprise with a constant eye towards expansion, our mission today is to transform how things are done tomorrow, to be the reliable partner that helps businesses grow and thrive, and helps enable the digital transformation for the future of business, to meet the changing needs of the next generation, help streamline and improve the way they work, and empower companies to get more done. Today, we invite you to be a part of our journey in shaping the future of business. Hi, I'm Gerry Smith, CEO of The ODP Corporation, and I want to welcome you to the 2022 Investor Day meeting. I'm so excited to be here with you this morning to tell you about the newly realigned ODP Corporation and our strategy to unlock the power of our business to drive sustained value for our shareholders. The powerful opening video that you saw highlights the strong foundation that we've built over the 35 years, as well as our evolutionary path as we unlock the power of our assets, expand our value proposition, and create a more valuable business. Over the past few years, and since our last Investor Day over four years ago, we recognized that many of the elements of the market environment began to change, creating both opportunities as well as challenges. The pandemic changed the way people work and interact. Business customers demanded a wider range of products and services and sought a more modern digital environment in which to operate. Providing reliable service to customers became table stakes, raising the bar for dependable supply chain operations. Recognizing these factors, we've gone through a full strategic review of our own, gaining valuable insight into unlocking the power of our assets, providing greater stability into our business, and identifying new avenues for growth. All of this has led us to where we are today, a much stronger company with a newly realigned foundation with four distinct business units working together to unlock value. As you will hear today, as a testament to our commitment to our shareholders, we announced a $1 billion share repurchase plan through 2025 that, when combined with our strong operational growth goals, we expect will lead to a near doubling of our earnings per share over the next three years. All this creates a very clear path to drive and return value to our shareholders, and we're very excited to be here with you today to tell you about this framework and how we will drive shareholder value now and in the future. Now, turning to our business today. ODP is a leading provider of business product and services delivered through a unique set of assets and world-class capabilities. We have built a strong business with a rich and dynamic history that spans over three decades, creating value for our customers and helping businesses and consumers succeed, grow and thrive. Our success was built upon a strong foundation that is enabled by our differentiated assets. These assets include over 22 million customers, including over 7.5 million business customers, a world-class supply chain reaching 98.5% of the population with next day service, with global sourcing capabilities as well. Multiple routes to market with sales professionals, an award-winning e-commerce platform and a strong retail store presence. Importantly, a strong liquidity profile with a consistent cash flow generation machine that allows us to return capital to shareholders and invest in our future. All of this, coupled with our low cost business model, our operational excellence approach, and our 5C Culture, have positioned us to deliver strong performance in the past, now and into the future. Through this foundation, the ODP of today drives $8.5 billion in annual revenue, generates over $400 million in EBITDA, and has been a consistent and strong generator of free cash flow, averaging between $200 million and $300 million annually over the past several years. All of this has positioned us to return significant amounts of cash to our shareholders, a key focus of our company. Taken together, we have leveraged these unique assets to help us navigate the market-wide challenges the industry has faced over the last several years. These challenges include everything from a global pandemic and supply chain disruptions to historic inflation, as well as secular shifts in demand for our products. Because of this, many B2B distributors, wholesalers and retailers have struggled. However, we are happy to say, with our focus on operational excellence and using our competitive advantages and our assets, ODP has thrived delivering strong performance throughout these challenges. We did so by remaining true to our low cost business model and staying focused on supporting our customers in any environment. We leveraged our supply chain assets and provided even more services at the request of several of our customers. We flexed our operating model and utilized our routes to market, providing support for professionals as they transition from the office to a hybrid work environment. We aided schools through the uncharted waters of online and hybrid learning. We provided key support for hospitals and healthcare workers during a global pandemic, and we continue to support small businesses as they face the very same global challenges we faced at a local level. Through it all, we remain committed to our low cost business model and maintain a strong balance sheet, including a net cash positive position. I believe this is a huge value for our company, especially when considering how many other companies took on leverage and are now exposed to higher interest rates and tighter financing conditions. We've learned a lot by successfully managing through these tough conditions, and we are a stronger company today because of it. We remain shareholder focused. As I mentioned, we are announcing today a commitment to allocate $1 billion in return of capital to our shareholders through our share repurchase program through 2025. This increases our existing allocation and is supported by our strong balance sheet and operational excellence plan that is expected to generate significant cash flow over the next several years. You'll hear more on our share repurchase plan a little later today. Now, turning to a key component of our success, our low cost business model is one of the areas I'm most proud of and remains a cornerstone of our operating strategy. This was derived from my background of 30 years in technology hardware, where managing unit costs were so important, where every penny counted. I spent years and years driving operational excellence and a low cost focus, and we brought that focus into ODP, and that helped us create a model that I believe is highly unique. This approach has led us to significantly lower our operating cost base, helping us to move from a highly fixed cost business to a more variable operating structure. This approach has served us well and helped ODP thrive through economic cycles of the pandemic. We drove efficiency throughout our business, finding new ways to better serve our customers and drive our operations. To highlight some of the actions supporting our low cost model approach, we utilized a zero-based budgeting approach throughout our business acceleration program, driving efficiencies throughout our business. We optimized our store footprint and lease exposure through our Maximized B2B initiative. We focused on cash flow and COGS across our business as well early on in 2017 and 2018 and kept this focus across the enterprise. In total, we eliminated over $500 million in operating costs over the last five years, a tremendous accomplishment for the company and a key element in changing our prior trajectory. We would not be in our strong EBITDA position today if it wasn't for our operational focus, our low-cost model, and driving these cost savings over the last five years. We built a culture committed to continuous improvement. We instilled this into the DNA of our company, where every employee treats the company's money as their own. We continuously look for operational cost improvements in the future as well. I personally believe you can never stop driving out cost in the business. As I said before, I am proud of this accomplishment, taking over $500 billion of operating costs out of our business and keeping our low-cost model front and center. This has radically changed the prior trajectory that our business was on and has positioned us for a profitable future. We've executed well and delivered strong performance against challenging market conditions. We've exceeded expectations, delivered strong operating results, and generated consistent free cash flow against these conditions. We're positioned to deliver solid results again this year. We're on track to deliver approximately $8.5 billion in revenue, over $400 million in EBITDA, with both strong free cash flow generation and growth in EPS in 2022. We remain focused on managing our business through the lens of creating long-term value for our shareholders. As I said earlier, since the start of my tenure in early 2017, we returned approximately $750 million to shareholders, primarily through share repurchases. As a component of this, in the last two years, we've accelerated that effort and returned approximately $450 million to shareholders. As I said earlier, we remain focused on enhancing returns for our shareholders through our $1 billion share repurchase plan through 2025. With our history of operational excellence, we will continue to take our disciplined approach to all areas of our realigned business. Through this period, we are balancing the return of capital to shareholders with a targeted investment in our business for continued growth in the future. These high-impact and high-return investments were focused in a few areas. First, we made selective investments to enhance our supply chain capabilities, including just-in-time delivery algorithms and analytics software. Next, we made disciplined investments focusing on developing our digital platform capability, Varis, allowing us to participate in the very large and growing business commerce marketplace. This is an important element to future-proof our business for the long term. You will hear more on this from Prentis Wilson, President of Varis, later in the presentation. We're also continuing to make high-return investments in our federation strategy. This strategy is cost-effectively allowing us to expand our distribution presence to high-value and underserved markets in the U.S. and generate strong ROI. We've also expanded our tech presence to improve the customer experience in our consumer business. This is generating strong returns, and I'm so proud of the operational performance Kevin Moffitt, President of Office Depot, has driven on Net Promoter Score, raising this metric to a level that is truly world-class in retail. Over the last few years, we've taken several strategic actions to improve the trajectory of our business, learning many lessons along the way. These actions largely centered around reducing costs and providing greater flexibility in our business. First, through our zero-based budgeting approach contained in our business acceleration program, we drove operational efficiencies across our business. We also drove cost out of our business by optimizing our store footprint and lowering our lease exposure through our Maximized B2B plan. We executed our federation strategy, cost-effectively expanding our distribution presence, and embarked on our public company reorganization, creating flexibility and was the first step in aligning our assets to unlock value. Through implementing all these actions over the last few years, we learned a lot, and this has reinforced the sources and value for our business. We learned that continuing to maintain our commitment to our low-cost model is key for driving operational excellence, maintaining a strong balance sheet, and generating strong free cash flow. As I've stated many times before, the low-cost business model wins. A great example of this is the work that we've done in turning our retail business from a declining business with a very challenging future to a customer-focused cash engine that we believe will be operating comp positive by 2025. We've realized the full value of our unique asset base of our B2B business and our supply chain and omnichannel presence all working in concert to create value. Through my prior experience of running large supply chain operations in the tech space, we realized we have a world-class supply chain asset that has unique capabilities and expansive reach that few supply chains have. We are in the very early stages of unlocking that value, which we believe will unlock further value for ODP shareholders. We realize the power of leveraging our decades-long B2B relationships and focus. Building this unique asset positions us to derive greater value in the future. These lessons have led us to realign our business model and structure, positioning our company to derive greater shareholder value now and in the future. All of this has led us to a realigned operating model designed to improve our operational position, pursue growth opportunities, and more fully reflect the power of our businesses. With our realigned structure, we have created four synergistic, clearly defined business units, positioning ODP to derive greater shareholder value. First is ODP Business Solutions, a leading B2B solutions provider focused on growth, driving our margin profile back to pre-pandemic levels, and generating cash that will continue to benefit from return to office trends. Second is Office Depot, which now, for the first time, is truly an omnichannel consumer business with a strong retail store footprint and an award-winning e-commerce platform. Office Depot is a key cash generation engine for ODP. With excellent leadership, we've generated strong, consistent EBITDA while also improving the customer experience through strong NPS scores. Next up is VEYER, our world-class supply chain services and sourcing provider, focused on delivering best-in-class services to ODP's internal customers at a low cost while partially leveraging its existing capacity to provide services to third-party customers. Today, VEYER's unique and valuable assets and capabilities have been unleashed. We've transformed VEYER from a cost center to its own focused business and profit center to capture full value of these unique assets today and help drive a new narrative for our shareholders in valuing this business in the future. Finally, Varis. Varis is a transformative, digitally native B2B procurement platform that we've been creating over the last couple of years. Varis is focused on creating a more modern experience for B2B buyers and suppliers. You'll hear much more about our progress at Varis, and specifically how this creates an opportunity for hypergrowth and value, as well as provides ODP with the opportunity to future-proof and secure our digital future in a high-value market segment. Our 4BU structure is supported by ODP, and each business unit will help to unlock value by enabling a greater stability and focus for our business while providing avenues for growth, which we expect will command higher multiples over time. Our realigned 4BUsiness unit model positions ODP for success in several ways. Our business units work together, reinforce each other, take advantage of scale, and leverage the breadth of our ecosystem. For example, Business Solutions and Office Depot both will benefit from the scaled supply chain and procurement services offered through VEYER. Varis benefits from decades of procurement expertise and B2B relationships and the reach of ODP Business Solutions. By unleashing the value of VEYER, we are transitioning from a cost center to a focused business unit and profit center that allows for greater utilization of our world-class supply chain assets and positions this business unit to pursue growth and drive additional EBITDA, all which enhances shareholder value over time. All of our business units will now have the ability to improve asset utilization, focus go-to-market strategies, and align incentives to drive customer value and growth. All of this is supported by our corporate center that provides efficient shared services and optimized capital allocation and will continue to drive our 5C Culture across our business. This structure has us in a better position to achieve our vision. Our vision moving forward is clear. To empower every business, professional, and consumer with the products and services they need to achieve more every day. In achieving our vision, we create value for shareholders. We create stability, growth, and new opportunities through our 4BU model and by deploying a disciplined capital management strategy. We balance target investments in our future with capital returns to our investors. This vision is only possible through our people. Our people are the center of all we do. We invest in our people by attracting a great management and associate team through our culture and associate resource groups. Our foundation is our outstanding 5C Culture, which is Customer, Commitment, Creativity, Change, and Caring. These 5Cs drive strong community support and focus on sustainability, diversity, and environmental improvements. Personally, I'm extremely proud of creating this 5C Culture when I joined the company. This is our foundation. I learned this through my history at two previous companies, seeing firsthand how important culture is in driving high-impact organizations with a sense of purpose. As I carried these learnings and brought this into Office Depot, it's been fundamental to our DNA for driving our low-cost model and our customer focus. It's fundamental to make sure we span across all of the 5Cs, because in doing so, we become a stronger and more effective company. You'll hear much more about this from Zoe Maloney, our Chief Human Resources Officer, in a few minutes. As we operate our business, our realigned model will drive greater value and visibility for our shareholders. It all starts with our disciplined capital allocation plan, which will prioritize the highest value opportunities across our 4BUs with a committed focus on returning capital to shareholders, which we discussed earlier in the presentation. Each of our BUs play an important portfolio role. First, we will drive strong free cash flow generation through our omnichannel consumer business, our value and cash engine, as well as our B2B distribution business. Second, we will drive margin expansion and growth through ODP Business Solutions, which you'll hear more from David Centrella later in the presentation, as it continues to recover from the conditions related to the pandemic and supply chain challenges, and as it expands its assortments of products and services. As well as through VEYER, our supply chain services business, as we leverage existing capacity to better serve internal customers and generate growth in services to third-party customers at high service levels and competitive prices. Finally, we are driving significant growth with the creation and building of our digital platform business, Varis, which is launching this quarter after successful bookings and supplier growth with a team that has already successfully built a $25 billion B2B platform business. I will follow up with additional comments on Varis at the end of the presentations. We believe our new structure will provide greater transparency into performance of each business unit and will allow investors further insight into the powerful value of our assets, which should drive further shareholder appreciation over time. We are excited for this journey, and our framework will generate strong value for our shareholders. First and foremost, we provide a very clear and defined capital allocation plan that's focused on returning capital to shareholders and selecting investments to drive the future of our business. As I said before, we're committing $1 billion over the next three years in return of capital. Next, we will continue our relentless focus on our low-cost model across our new business units. As I stated previously, our low-cost model approach is the cornerstone of our strategy and has delivered outstanding results over the last five years. It is fundamental to the success of our company in the past and going forward. Finally, we will maximize the strong EBITDA and cash flow conversion from our cash engines. We will look for opportunities to partner and create synergies using a limited cash investment approach in the future across some of our other assets we've discussed. It is worth noting that we have no plans for any major M&A. Let me repeat this. No plans for any major M&A. We will, however, look for attractive federation tuck-in opportunities to help us provide future value as we grow our businesses, but we will not engage in any major M&A over the next three years. Taken together, all these actions will significantly drive our earnings per share, nearly doubling earnings per share over the next three years. We've listened to our investor base and believe that together this adds up to a very compelling investment story. Underpinning our value proposition, we will be disciplined and transparent in our capital allocation, prioritizing the highest value opportunities across the BUs and the return of capital to shareholders, including the plans of the share buybacks of $1 billion, which I discussed earlier. You'll hear more about this from Anthony Scaglione later in the process. We will continue to generate stable cash flows from our core engines, maximizing the unique value of all of our assets. We're combining near-term stability and cash generation while setting up for the long-term growth via ODP Business Solutions, VEYER, and Varis. All this is wrapped around a newly transparent 4BU model structure that allows investors to measure and monitor the performance of business units across the company and should help each business unit command a different comparative multiple against peers. This BU structure will allow investors to properly value our business, and over time, we expect will lead to an improved consolidated multiple. Today, you'll hear more about the components of that strategy from our exceptionally talented team, including Anthony, Zoe, David, Kevin, John, and Prentis. Now I'll turn it over to Zoe to share more about our winning 5C Culture. Hello, I'm Zoe Maloney, our Chief Human Resources Officer for The ODP Corporation. Our 5C Culture is built on a foundation of five key cultural values that drive exceptional performance in everything that we do. We focus on the skills and behaviors that matter most, shaping our culture through actions. Across our functions, roles, and business units, every associate at every level of responsibility focuses on developing strengths within each of our 5C values. At The ODP Corporation, our 5C Culture is not treated as an abstract concept, and today I will share how we live and walk the 5C Culture and its principles every day. We care deeply about our people, and we are invested in their success. Associates build their careers through growth opportunities in a supportive environment, and we offer real-time coaching opportunities through stretch assignments and development programs as our organization evolves. Leaders and associates also receive targeted training on key skills, customized development action plans, and support for effective change management to ensure their success in a dynamic environment. Through internal promotion opportunities, our associate recognition program, and incentive programs, we empower our employees for further growth and development. We are devoted to supporting our diverse team, educating ourselves, and creating an environment where our associates can bring their whole and authentic selves to work. Last year, we received more than 15 awards for our diversity and inclusion work. We've awarded $15.4 million to 20 D&I projects to date, exceeding our goal by $1 million. Our annual Diverse Suppliers Catalog highlights hundreds of products from our diverse vendor base of more than 450 suppliers. In 2019, we joined the National Diversity Council, collaborating with organizations across the private, public, and nonprofit sectors to champion diversity and inclusion. We have more than 2,400 active members across 10 associate resource groups, which foster a diverse and inclusive and safe workplace. Our customers. Sustainability has long been important to our customers. Through our close partnership, we help them reach their sustainability goals. For nearly 20 years, we have shown our continuous commitment as a responsible corporation through multiple sustainability initiatives in both our workplace and marketplace. In addition to adding a sustainability training module for new hires, we're also adding how to recycle labels in 100% of private label products by 2025. We are working to identify top customers with emissions and plastic reduction initiatives to communicate our ESG story and share cost, emissions, and plastic savings data quarterly to our customers. We build upon our D&I and ESG goals through our commitment to community impact. By establishing new volunteer programs, we use our creativity to innovate solutions to problems in the communities around us and in which we do business. Across our multiple mentorship programs, we affect change, driving progress and building a better future for the next generation. We empower education by offering our Start Proud and mentoring programs from early childhood to college and career attainment. We strengthen communities by hosting events through our Days of Service and Seasons of Service campaigns. We champion entrepreneurship by supporting the Elevate Together initiative and organizations that foster entrepreneurial leadership, especially diversity-led and in economically distressed communities. In closing, we live our 5C Culture every day by caring and investing in our people, upholding our commitment as a responsible corporation and partnering with our customers on their sustainability goals, driving change through mentorship programs, and using our creativity to positively impact our communities. Our 4BUsiness unit model empowers our team to achieve these incredible results by focusing on the 5C values. Now David Centrella, President of ODP Business Solutions, will kick off the business unit portion of our presentation. Hi, I'm David Centrella, EVP and President of ODP Business Solutions. With decades of experience, ODP Business Solutions is a trusted partner and an industry leader in providing customized workplace solutions in a wide variety of categories, including paper, supplies, ink and toner, Jan/San, furniture, technology, print and promo, and even customer proprietary items. These categories collectively generate approximately $4 billion of revenue each year. We help companies thrive through our dedicated sales professionals and our award-winning e-commerce platform. We work closely with our customers to understand and solve their unique business requirements. Our business is evolving because the world of business is evolving. We're adapting to meet shifting customer demands, stay ahead of competitors as we enter new markets, and take advantage of technological innovations that help drive greater productivity and supports our low-cost operating model. Are your Workspaces working for your business? Is your tech savvy? Need a partner focused on health and safety? How can you make employees feel at home at work? Are you getting your message out there? Is your supplier meeting your demands? Find the right answers with the products, services, and support for your evolving business needs. ODP Business Solutions. Our value proposition is to offer a highly customized, efficient experience for our customers. We're one of the largest players in the office supplies space. We already have an impressive customer base and are particularly strong in relatively stable industries like education, healthcare, hospitality, and the public sector. We offer differentiated value. We have a dedicated sales team with a national footprint and a local focus. These account teams help improve work efficiency, and our solution consultants focused on helping our customers achieve their business goals through powerful insights. We provide a highly customizable digital customer experience, including subscription services and reporting and analytic tools. We also provide tailored spend reporting and purchasing controls to give clients visibility into their spend and manage multiple authorized buyers. We work with customers to provide curated assortments and personalized pricing to meet their needs, including increasingly important ESG requirements. All of this support is accompanied by specialized delivery options, including next day and desktop delivery, subscription services, and in-store pickup. We are continuing to grow our EDI and Varis integration options. These options make ordering products from ODP easier, while also making it more difficult for end users to go outside of our ecosystem to make purchases. Varis allows us to add more value for our customers. We can give them a great experience and expand their access to more buying options, and it allows us to keep them engaged and serve them more often. We offer solutions to service hybrid and remote work, providing solutions to work smarter from anywhere with products that support collaboration and a more flexible office model. All of this differentiates us from our competitors and builds a relationship of trust and growth with our clients. We have three main strategic priorities, category growth, customer growth, and margin growth. For category growth, we're focused on maintaining our traditional supplies business, supporting customers with their evolving needs, and supporting their workplaces, wherever those workplaces may be. We're gaining share in the highly attractive adjacency businesses and offering existing customers the opportunity to save money by consolidating vendors and leveraging our national distribution footprint. For customer growth, we're continuing to expand our customer base through targeted customer acquisition, utilizing our current capabilities to support corporate ESG programs and leveraging our existing strengths in the public sector. We're also continuing our highly successful federation strategy by engaging in strategic M&A to acquire new SMB customers while also expanding in underserved markets. Our margin growth strategic priority is focused on expanding our EBITDA to greater than 5% by 2025 and returning to pre-pandemic levels. We'll do so in part by following our low-cost business model, ensuring disciplined pricing practices, and reducing operating costs. The space we play in is large, with a total addressable market of over $130 billion. This includes $10 billion in traditional office supplies, like paper and ink and toner, that are the entry point to our customers' accounts, and $120 billion in adjacencies. Each of these markets we offer top OEM brands and are also proud to offer our own high-quality private brand products. Our adjacencies include Jan/San, Workspace Interiors, Breakroom, Technology, and Print, Promo and Apparel. We have deep experience in tech solutions and add value to our customers by supporting their purchases and integrating new products into their workplace. We've worked hard to expand our portfolio beyond the traditional office supply business to capture share in growing adjacency markets. Based on our current market share, we see stable and high growth potential across our adjacencies. This is especially true for our Jan/San business that's growing rapidly post-COVID and in furniture, where we currently have a strong foothold. We also have the capabilities in place to be competitive in Tech and Print, Promo and Apparel. For our technology offering, we're more than just a tech products provider. We have over 30 years of experience offering highly customized solutions in networking, storage, digital protection, and lifecycle management. For Print, Promo and Apparel, we have a single source web platform, ODP 360, to offer thousands of customized products for marketing, promotion, and team apparel, all of which can be provided through customizable company storefronts. Our adjacency experts expand our share of wallet while building customer loyalty. Here is one of our clients in their own words. Lionakis is an outstanding design firm. Their focus on education and healthcare and corporate environments really make them stand out. I've worked with Workspace Interiors before on a couple past projects. I'm able to rely on them to bring me the most current, the most innovative furniture solutions out there. Through that relationship we formed over the years, he had an opportunity to do their own offices. I wanted to create a culture of movement and collaboration. A lot of height adjustability within their workstations, monitor arms for their monitors to adjust for the individual. We decided on the fabrics and finishes for the credenzas, for the panels. We're a busy firm, and we can't have a whole lot of downtime, so we had to create a full logistics plan. Friday night, we began by tearing down all the furniture after 3:00 P.M., and Saturday morning, we installed the furniture. It was an incredible install. It's really impressive how different an open office is. Being able to stand and sit is really great. Being able to just walk very quickly over to somebody, collaborate. They were amazed. We're doing the rest of the building now, and so it's a positive reaction. They're a great partner. They listened, and they understood. We're starting to see a really cool culture change in our office. Return to office and return to classroom will be tailwind for our business in 2023. COVID has changed the way our clients do business. Some are back in the office, some are remote, and some are hybrid. We've implemented numerous programs to serve our customers wherever they choose to do business. For work-from-home and hybrid clients, we offer employee purchase programs as well as delivery, subscription, and store pickup programs. For work-from-office clients, we have teams dedicated to workplace planning and technology infrastructure support. The return-to-office trend is a tailwind for these teams that we expect to continue through 2023. Our public sector business is of high strategic importance. It's one of the largest and most consistent markets for traditional office supplies. This sector is also resilient during times of inflation and recession. Our relationships within the public sector are extremely strong, and we're leveraging strategic partnerships to grow our adjacency sales with existing accounts and add net new public sector agencies to our portfolio. Our federation strategy is a disciplined and financially accretive approach to developing and growing in the highly profitable and highly competitive SMB market. Through this measured approach, we identify synergies with regional players that have a strong presence in secondary and tertiary markets that are typically hard and expensive to penetrate. Simultaneously, we leverage our buying power and procurement expertise to realize strong return on invested capital of 15%-20% with expanding margins over time. Our method of acquiring these regional dealers has provided us with a lower cost SMB customer acquisition model. As environmental, social, and governance, or ESG, is becoming a higher priority in boardrooms around the world, ODP Business Solutions has become a valued partner in supporting our customers' individual goals and objectives. ESG is a core component of our corporate values and our business. We believe it's not only the right thing to do, it's also the smart thing to do. We help our customers with support on three key questions. How does your business intend to reduce its environmental footprint? How can your business support the community? How does your business create opportunities for economic prosperity? We can leverage our purchasing power, supply chain, and supplier relationships to get our customers where they want to be. For instance, Highmark Products, an ODP private brand, is not just eco-conscious, but also manufactured by people who are visually impaired. Highmark recently won the 2022 Safer Choice Partner of the Year Award from the EPA. We differentiate ourselves from competitors with a wide variety of Tier 1 and 2 suppliers. This is particularly valuable for companies that are tracking their ESG goals. Tier 1 allows members to purchase directly from certified minority-owned businesses. Tier 2 allows members to purchase directly from ODP Business Solutions, and a percentage of diversity spend comes from diverse vendor products. We will grow our EBITDA margin to over 5% by 2025, back to pre-pandemic levels. Return to office will continue to be a tailwind for us. Our business is being run differently now. Our price management, cost optimization, and leaner 4BUsiness unit structure will grow our bottom line. As demand normalizes, we'll leverage recovering top-line revenues to invest in more cost optimization and sell our adjacencies to improve margin rate with existing clients. Our approach is about being measured and disciplined. As mentioned earlier, we'll expand into high-growth adjacencies, drive our disciplined pricing approach, and in this tactic, it's about ensuring our pricing discounts are commensurate with customer spend and that we effectively manage our contract terms and conditions. We will leverage our private brand. This tactic is about driving increased penetration in our private brand products, which is a win-win for our customer and ODP Business Solutions. In most cases, we can provide lower price options to our customers at increased margins for ODP Business Solutions, and that's the win-win. Lastly, through our low-cost business model approach, we will diligently be reviewing our internal processes and procedures. In addition, we'll benefit from VEYER's increasing supply chain scale, eliminating and reducing costs so we can share these savings with our customers and investors and remain hyper-competitive. Considering everything I've just shared, here's our vision for the business in 2025. In order to reach our revenue and EBITDA targets, our key investment priorities are to expand markets, gain share in attractive adjacency categories, and continue executing on our successful federation strategy. Thank you for your time today. Now I'll turn it over to Kevin Moffitt to share more about our consumer business. It's a moment, hopefully many, freeing yet fleeting. It's a destination, a process, a purpose. We're not born with it. We're made to work for it, and not just hours, sometimes lifetimes. It's not inherited or given. It's earned. It's defined differently by anyone you ask, yet it defines who we are or who we want to become. It's never perfect. There's no magic formula to reach it or achieve it. Sometimes it's planned or happens by chance. It can be a masterpiece or an incredible, beautiful mess. It takes guts, grit, drive, heart, a whole lot of work, and a little bit of luck. It means being brave even when broken, throwing doubt to the wind, doubling down on a dream, acing that final test, making progress on that work in progress, changing a future generation's journey for the better, having a real impact on the world. With every heartbeat and every heartbreak, every stepping stone and every milestone, every open door and the closed ones too, you walk the line and bide your time, dreaming of the day you can finally say, "I did it. I made it. I conquered. I'm here." We know you won't stop there. For that moment and in all the moments that matter before and after, we'll be there. Hi, I'm Kevin Moffitt, Executive Vice President and President of Office Depot. For 35 years, office Depot has supported our customers' success, helping millions of people achieve their business and educational goals. Today, we're excited to relaunch the Office Depot business as an integrated omnichannel retailer, serving 22 million active customers through our network of 1,000 stores, our website officedepot.com, our mobile apps, and our digital presence on online marketplaces, affiliate websites, and social media networks. The world has changed dramatically during the past few years as COVID-19 has changed people's perceptions and expectations of how and where they work. Even through these challenges, our team of over 15,000 retail associates have demonstrated a commitment to supporting our customers, generating record high customer satisfaction scores, and maintaining efficient, profitable operations. Because of their dedication and focus, our business has remained highly profitable, generating significant EBITDA, cash flow, and value for our shareholders. Now, with small businesses reemerging, children returning fully to schools, and millions of professionals permanently adopting remote and hybrid work styles, we see many opportunities to improve our business in the future by combining the strengths of our stores and our e-commerce platform. Our goal is simple, to serve our small business, home office, and educational customers better than anyone else can by providing a unique combination of value, convenience, and customer engagement. Our five key strategies for success are improving our tools to connect and personalize our customer's experience while investing in targeted digital marketing vehicles to drive qualified traffic to our stores and our websites. Expanding our assortment to new adjacencies relevant to our core customer segments, including Arts and Crafts, Home Office Organization and Decor, and Small Business Services. Integrating our newly combined omnichannel assets, expanding our industry-leading in-store pickup program while improving our online and mobile conversion rate and average order size. Optimizing our store footprint and carefully managing expenses to remain highly profitable over the next three years, generating significant cash to fund key investments across The ODP Corporation portfolio. Finally, growing our core culture, giving back to our local communities, and supporting equal opportunities in education and entrepreneurship. These five strategies will drive us forward, and they all begin with our customers. Oh my gosh, Office Depot. I've used Office Depot since I was in my teens. With back to school, like who hasn't used Office Depot? It's a household name. Right now, as an adult and as a small business owner, that's my one-stop shop for all of my office supplies, whether it's paper, inkjets, printers. Everyone that I've interacted with from Office Depot have really blown me away. They're the leading experts in this space. We operate in a highly competitive industry. More than ever, our customers demand solutions that save them time and money. With the often overwhelming number of choices available to them, they also seek support and guidance. That's why we strive to create strong, long-term relationships with our customers. Over 80% of the time, our customers are greeted and engaged as soon as they enter our stores with questions designed to personalize the experience and help identify the best solutions suited to their individual needs. Very few of our competitors even attempt to provide the level of service found every day at our stores. Our focus on providing outstanding customer service has led to dramatic improvements in our Net Promoter Score. We recently achieved a new record score of over 72 NPS, which is over 1,000 basis points higher than our scores just a few years ago. As we look forward, we know that our customers' needs are shifting, and it's critical that we shift with them. While it's not easy predicting what the new normal will look like, given the current economic disruptions we're all facing, some patterns appear to be stabilizing. First, a significant number of former full-time office workers will continue to work remotely or in a hybrid model going forward. Office Depot is well-positioned to serve their needs through our convenient omnichannel network. At the same time, the number of small businesses is growing. By the end of 2022, there will be 33 million small businesses in the United States, up 12% over the past five years. 99% of all businesses in the U.S. have 20 employees or less, the sweet spot for our omnichannel retail business. In the education space, two years of remote learning have created a significant learning gap, particularly in reading and math. At the same time, schools are experiencing an unprecedented staffing crisis. Helping teachers, students, and parents stay organized, productive, and healthy has never been more important. Across all three of our core customer segments, new challenges are creating new opportunities that Office Depot is well-positioned to support. Today, we have over 15 million loyalty program members, including 6 million small businesses and 1 million teachers, a great foundation for future growth. Expanding that program and tailoring our value propositions to the specific needs of each customer segment is a key focus for us. Remaining competitive will require us to become even more agile and responsive to changing customer behaviors in the future. Selective investments in customer data management and automated digital marketing capabilities will allow us to present targeted messaging and personalized promotions. Combined, these efforts will help us increase brand preference while driving traffic, customer acquisition, and lifetime value within our three core segments. Just as our customers' behaviors have shifted during the last three years, so have their needs for products and services, and we see significant opportunities to innovate our assortment to better match our customers' demand in the future. Our business services capabilities are industry-leading, with key strengths in Copy and Print, marketing services, shredding, and shipping. Every associate in our stores receives training certification in business services, and every store has self-service and full-service options to support customers' individualized needs, supplemented by a network of advanced regional print centers capable of enterprise-level production. The business services category is a great and growing business for us, driving significant traffic into our stores, generating high margin rates, and remaining relatively protected from competitors. Looking forward, we see opportunities for further growth through adjacent services and partnerships to leverage our strong production capacity. For our small business and home office customers, we are a leader in workspace furniture, technology, and tech services. Our in-store assortment of office chairs and desks is unmatched, including many exclusive brands and styles, and complemented by thousands of additional choices available online. Every store offers furniture assembly, technology repair, and even in-home and in-office installation services, and we plan to build on these strengths by expanding our assortment into home office organization, storage, and decor. For our education customers, we see opportunities to leverage our strengths in core school supplies and expand further into Arts and Crafts, classroom decor, and student desks and chairs. As a newly integrated omnichannel retailer, we can leverage our digital platform to test and learn which specific SKUs will drive additional customer demand with minimal financial risk or investment in inventory. Those SKUs that are successful can then be piloted in our stores at a district or regional level to minimize working capital exposure. Across all our products and services, our goal is to enable our customers to shop where, when, and how they choose, and our diverse omnichannel capabilities provide many convenient options. Today, our 20-minute store pickup promise is the fastest program of its kind and the only one backed up by a $20 guarantee. Our pickup promise is a significant competitive advantage for us. Store pickup sales have nearly doubled in the last few years and now make up a third of total online sales. We offer both curbside pickup and self-service pickup kiosks at all store locations. Not only is store pickup a convenient option for our customers, it also provides significant financial advantages to Office Depot, as distribution costs are lower for products fulfilled through our store footprint versus shipped to residential addresses. Every store also has the ability to ship products directly to our customers, which allows us to optimize where to source orders in the most economically efficient way while carefully managing inventory levels at each location. Our stores also enable our customers to choose same-day delivery for thousands of items, supported by our partner network, including Instacart, Shipt, DoorDash, and Uber. Same-day delivery sales are up significantly versus pre-pandemic norms. All of these capabilities are enabled through our e-commerce website, officedepot.com, and mobile apps for iPhone and Android. We're planning significant improvements to our e-commerce shopping experience in the next year, all designed to increase conversion rate and average order size. We also plan to make it easier to find local stores and browse local inventory, driving more in-store traffic and increasing opportunities for deeper customer engagement with higher attachment rates. When you're a CEO of your own business, I wanna make sales, I wanna make profit. Every customer walking into the store wants to be heard. We have a conversation with them, five minutes, 10 minutes, get to know them a little bit better. It's not just about that day, it's about every future dollar they could spend with us. We have the fastest pickup time. They want the merchandise quickly. They want services quickly. While they're there, "Hey, here's a $10 coupon for your next purchase." Now we've got a repeat customer. Being CEO of my store means that no one knows my clients and my community better than I do. They come back to us because we can take care of their business, and we can serve their needs. We see each of our 1,000 stores as a local small business led by a general manager who we see as the CEO of their business and our primary connection point into their community. Their job is to grow their business by building a team that's passionate about serving our customers while carefully managing costs to maximize profitability. Our focus on empowering our local store teams has led to outstanding results as our stores have generated both record high customer satisfaction and record high profit margins over the past few years. As we look forward, we will continue to be very disciplined in optimizing our store footprint to generate maximum profit and cash flow. We carefully review each location's financial performance when making renewal, extension, and closure decisions, assessing local sales transfer opportunities to maximize the health of the chain as a whole. As our customer assortment and omnichannel strategies help to stabilize sales over the next three years, we aim to create a sustainable fleet of highly cash accretive store locations. We expect store count to be between 800 and 900 stores by the end of 2025, with each store generating an average of $3.5 million in sales and $300,000 in EBITDA annually. In addition to managing our store footprint, we'll pursue a number of initiatives to maximize profitability and cash creation. First, we will launch new tools to automate and optimize pricing and promotion from an omnichannel perspective. As part of this effort, we plan to increase our sales mix into private brand products, which are significantly more profitable than national brand alternatives. Outside of pricing and assortment optimization, we will remain diligent around every cost line in our P&L, including property, labor, distribution costs, and travel. Through all of these efforts, we expect our business to remain financially healthy and highly cash accretive far into the future. At Office Depot, our culture is centered on achieving great results together as a unified and diverse team and making positive contributions to the communities we serve. As Zoe Maloney shared with you, we are proud advocates of our 5C Culture. Our retail associates are leaders in our associate resource groups, promoters of our donation programs, and active supporters of our local schools and small business organizations. There you have it. Building stronger connections with our customers, innovating our assortment of products, services, and solutions, improving our omnichannel capabilities, generating strong EBITDA and cash flow, living our culture, and giving back to our communities. This is what drives us forward as a team and as a business. By effectively executing on these strategies, we'll drive to flat same-store sales by 2025, reversing a decade of negative reported comparable retail sales. During those three years, we expect to generate a total of between $800 million and $850 million in EBITDA at a consistent 7% EBITDA to sales ratio. We look forward to continuing to serve our customers and support our communities far into the future. Office Depot, imagine success. Now let me turn it over to EVP and President of VEYER, John Gannfors. Hi, I'm John Gannfors, EVP and President of VEYER. Today, I'll introduce you to our new business unit and new brand, VEYER, that's built upon nearly four decades of providing supply chain services to our customers. We have a very talented leadership team and workforce that specializes in B2B and B2C service delivery and a superior supply chain asset base we've developed over time that allows us to provide exceptional service and value to the customers we serve. I think for the first time, VEYER is actually gonna be able to contribute as a supply chain to the top-line revenue. You know, I think that the focus is shifting from, call it a support arm. Being able to service other customers gives us the ability to prove what we can accomplish. The energy in every building throughout the network is just electric. They know there's a lot of potential. They know that we can grow our business. Supply chain is really, really good at what we do. We know when you look at our fill rate and our service levels, they're world-class. Now we control our own destiny, and our success is dependent upon us. At the core of our asset base is our distribution network. With more than 100 facilities and 9 million sq ft of distribution space, we have coverage in all the key markets we serve. Our workforce of approximately 4,000 team members ensure we deliver nearly 80 million cartons per year at the highest quality standards. Logistics and transportation assets and partnerships complement our distribution network capability. We have a robust network of dedicated national and international carrier partnerships supporting ocean, line haul, LTL, and national small parcel capacity. We have our own 600 vehicles in the VEYER delivery fleet and a last-mile delivery service that is second to none. Our local and global sourcing offices select, source, and purchase billions of dollars of products each year in office product categories, technology, furniture, cleaning, and break room, including private brands, all of which we distribute for our customers throughout our network. These assets are supported by best-in-class technology that ensures the highest level of service, reduces VEYER's operating costs, and decreases working capital requirements for our customers. Two examples of our technical advantages include VEYER's proprietary cost visibility technology that enables insights into all handling costs by SKU type, by channel, and by customer, ensuring we're always providing competitive costs and driving efficiencies, and our highly effective just-in-time algorithms that enable true flow-through distribution of goods within our supply chain, which greatly reduces working capital requirements for retailers. With these unique capabilities and assets, we're well-positioned to compete and win in the third-party logistics market. With our network coverage, we can reach 98.5% of the U.S. population in one day across multiple distribution points, whether they're retail stores, consumer homes, as well as businesses. Nationwide next-day delivery is a key differentiator for VEYER. We also serve some of the country's most sophisticated customers, delivering billions of dollars of goods to many of the country's largest businesses. They trust us to deliver their orders on time and to multiple locations with service to their loading docks, to their front doors, or to an employee's desktop. As a trusted partner to these customers, in many cases, our drivers have secure badge access into their facilities and campuses. The existing scale from ODP's consumer and B2B businesses positions VEYER to deliver world-class capabilities at market-competitive prices. We have an end-to-end capability allowing us to serve our customers across a broad set of services from sourcing to distribution to last-mile delivery. This is truly a unique end-to-end capability. There are multiple opportunities across this spectrum of services where we unlock value for VEYER and our customers. We have a decades-long track record of serving complex customers, a full suite of supply chain services, and the capability to deliver next day to nearly the entire U.S. population. VEYER is in a great position to compete and win in the 3PL market. With one of the larger distribution assets in the U.S., we have thoughtfully deployed our capability to ensure high-quality service levels balanced with cost optimization. Our distribution network ensures coverage in all major markets to allow us to provide B2B and B2C customers high-quality service that's reliable and resilient. Our network is a key enabler to our value proposition. The strategic placement of VEYER's distribution, fulfillment, and transportation assets enables us to provide high service levels to a variety of customer types, distribution to retail stores, fulfillment of e-commerce orders, and B2B customers. Our ability to pick, pack, and ship everything from paperclips to apparel to case water and bulk furniture sets us apart from many of the traditional competitors in the space. Again, we have decades of experience providing these services to Office Depot and ODP Business Solutions, and now offer these services to new clients to expand our business. The third-party logistics market is a large, attractive, and growing market sized at more than $600 billion in the United States and growing at a 5% CAGR. We have a perfectly timed opportunity to leverage our asset base and unlock value for ODP and our customers by actively participating in this market. In fact, our capability matches nearly perfectly with the 3PL market segments where there's customer demand for the services we provide and the capabilities we have today. We will monetize these assets to fully maximize the utilization of our current network and unlock its value. Our ability to offer comprehensive end-to-end distribution and fulfillment at scale, along with best-in-class service levels, meets a real market need desired by a variety of customer types. Whether retailers, e-commerce brands, or consumer packaged good manufacturers, they all need to support their customers, and each have supply chain needs that we can fulfill with VEYER services. We are already getting feedback from our existing clients that our services stand out in this market. This strong validation of our value proposition gives me confidence that we have a right to win in this marketplace. Supply chains faced challenges in 2021, customers came to us asking to access our network to solve their business-critical needs, another indication of the demand and opportunity we have at VEYER. Let's hear from two of our valued customers, Infinity Global and Flow Hydration, as they describe the services we provide for their businesses. VEYER came along at a real critical state for Flow Hydration as we continued to expand throughout the U.S. What VEYER brought to the table is a really good solution where we have distribution centers around the country. They have the last mile, where their trucks are out there delivering to the consumer on a daily basis. We have an integrated system with VEYER. The dashboards, the inventory reports have been very easy for us to make real-time decisions, to optimize our opportunities, and close gaps to continue to deliver great customer service. VEYER also ships pallets. They're doing a dual distribution network for us. On one hand, they're shipping the product to the consumer. On the other hand, they're shipping product to the retailer. VEYER provides a significant cost savings for us. They have taken time to understand our business and work to address our challenges to meet the demands of our customers. The fact that we could press one button and create one order release to VEYER does definitely help us tremendously. VEYER's partnership enables us to scale our business with a partner that can continue to help us grow across the U.S. Our focus is to unlock the value of our supply chain assets with a strategy that builds upon the success we have with our current customers and the decades of experience we have providing supply chain services. We will continue to deliver exceptional service and competitive pricing to Office Depot and ODP Business Solutions to ensure they achieve their business objectives and remain highly competitive in the markets they serve. We accomplish this by driving a low-cost business model with a focus on continuous improvement. In addition, we will continue to scale our business by monetizing our assets. We accomplish this through growth with new clients and continued modernization of key functionality to ensure we always provide great value to our customers. We have signed commercial agreements in place with Office Depot and ODP Business Solutions to ensure we provide them with competitive prices and best-in-class service levels they're accustomed to. Anthony will share a little more about what that looks like in his upcoming section. To ensure we offer a clear and compelling value proposition, we embrace ODP's low-cost business model and continually focus on high utilization and lowering costs across the business. A great example of this is our Lean Six Sigma team that drives training programs and hundreds of projects per year, targeting operational improvements and increased productivity that lowers our cost to serve while encouraging a culture of continuous improvement. At the same time, we remain focused on customer service and providing high quality and differentiated services. Our services range includes private brand product development and sourcing, distribution and fulfillment, including enhanced next-day desktop delivery, single, bulk, pallet, and truckload services, as well as returns processing and handling. We have demonstrated our capability to minimize retail inventory and working capital requirements with our robust field-proven algorithms, and increase cost visibility with our proprietary cost visibility technology, all of which generates value for our business from our tiered services model. The value we bring to our new customers is clear. VEYER helps clients grow and scale their businesses by enabling them to transform their service levels and align their costs by leveraging our capabilities. With a world-class supply chain operating at scale, we ensure that customers have a partner they can trust to deliver value with decades of experience and can provide benefits from the economics of a large operation to keep them competitive. The same capabilities and services that our internal customers rely upon us for translates to our new customers. All customers generally prioritize similar criteria when selecting a partner. Do they have competitive costs, scale and service quality, and a trusted capable team? VEYER checks all those boxes. We also have exceptional national coverage, capacity and reach, and end-to-end services powered by leading technologies, all of which translates into the strong value proposition we have today. We have a reliable and resilient supply chain that we'll continue to ensure delivers the capabilities that enable us to better serve our customers. We have leading technology capability deployed in our operations, modernized network design, planning, and allocation tools, transportation management, and visibility tools, as well as warehouse management systems, are the backbone of our technology stack. We continue to execute to our modernization roadmap, enhancing and adding new functionality and capabilities to better serve our customers. To fully leverage our existing assets and to position VEYER to compete externally will remain a priority. Our focus is to maximize our current asset utilization and unlock value from the asset base we have today. As I've mentioned, at the core of our business model is our focus on continuous improvement, low cost, and delivering high-quality service and support to our customers. Our path to unlock value begins by adding new customers that'll take advantage of our scale and service capabilities. As we further monetize our assets and take full advantage of our capacity and capability, we create a flywheel effect. Our strategy delivers growth, which supports our modernization roadmap, which ultimately enhances our value proposition with functionality that our customers desire. With it, we attract and retain more customers. This is a reinforcing cycle that we've already started to deploy, and my team and I are excited about this model and the value it will deliver to the business. In summary, our goal is to continue to provide great service to our internal customers and to use our existing assets to drive third-party growth, and we'll continue to modernize our capabilities to unlock the full value of VEYER. VEYER as an independent business unit will allow us to unleash our differentiated capabilities to pursue third-party growth. For 2025, we expect to deliver $90 million+ in total EBITDA. Of that amount, we're targeting $30 million+ in EBITDA contribution from external customers, and we expect our profitability to be in line with that of other 3PLs. Now I'll turn it over to Prentis Wilson to share more about Varis, ODP's B2B digital procurement platform. Hello, everybody. I'm Prentis Wilson, and I lead Varis. I'm excited to be here today to tell you about our journey and tell you about our business and the problems we're solving and the value that we're creating. Varis is a technology-based procurement platform. We're essentially rethinking the B2B procurement space for both buyers and suppliers. Our focus is on indirect procurement, and we're simplifying the entire process, really solving needs that we know are out there on both sides of the equation. Varis is a digital procurement and commerce platform. Varis powers buyers and suppliers to connect, contract, and transact together. Employees find everything they need in one place. Pre-negotiated pricing from trusted suppliers deliver hard dollar savings. Our patented consumer-like purchasing experience drives employee productivity, and Varis digitizes and automates finance and accounts payable processes. Varis drives growth for suppliers. Suppliers directly connect and contract with new customers. We reduce customer acquisition costs while promoting long-term relationships because helping suppliers thrive goes beyond price. We're transforming the complete procurement ecosystem for buying organizations and the suppliers who serve them. I've been in the B2B procurement space for north of 25 years now. I've been running procurement businesses, whether it's building transformational, technology-based procurement platforms or running procurement organizations. I've had a lot of time in this space to really understand the needs of the customer, needs of the supplier, and really the pain points in between, and I'm really excited about the opportunity in front of Varis, the approach we're taking, and the progress and momentum we're making. We've made significant progress to date in terms of the technology, our platform, customer validation, and the feedback we're getting from both buyers and suppliers, and I'm really, like really excited about what's in front of us. Now, to build a platform like this, you have to have deep know-how and deep capability. I'm really, really excited about our team. If you're gonna build a platform like ours, there's no better team in my mind on the planet to go do this. We have significant expertise and know-how and demonstrated results building transformational B2B procurement technology. Now, when we look at how we're architecting Varis, we're architecting it to uniquely solve these challenges. We've spent a lot of time with both buyers and suppliers understanding what their pain points are, understanding the difficulties in this entire procurement ecosystem, and it's huge. When you look at the opportunity, the indirect procurement alone in the U.S., according to Forrester, is an $8 trillion market segment in terms of all the services and goods that companies need to buy and procure to be able to operate. Now, the technology that's available to these businesses in some cases doesn't meet the needs. Some of these companies still use paper or fax machines or emails to try to transact. A lot of the buyers attempt to secure customer agreements or drive contract compliance, and it's almost impossible because on the buy side, the technology to adhere to those contracts or to be able to direct those purchases doesn't exist. Everybody needs a better way, and that's what Varis is focused on solving. Now, what we do is we bring together lots of different technologies. Essentially, there's a number of point solutions out there today that attempt to solve various parts of the problem, but nobody really integrates everything into one package that says complete solution, and that's what Varis is doing. We're bringing the consumer-like, super convenient buying experience that people demand and are used to in their personal lives with a trusted network of suppliers and pre-negotiated or pre-established agreements along with a world-class set of technology and procurement technology that's designed to serve the needs of both the buying community and the supplying community all in one convenient package. No one offers exactly what we offer, and we hear it repeated. We hear that repeatedly from our customers that are giving us feedback and adopting our platform as well as the suppliers that use it. It's really obvious when you actually see the technology live, so let's go into a demo and actually hear from our customers that are using our technology. A lot of what we do is maintenance management where it's all indirect parts, so at Naval Air Station Whidbey Island, which was our pilot site, we have $3 billion in plant value. That includes hangars, facilities, utilities, vehicles, so the parts spectrum is huge. Our procurement processes were not good. We had challenges in ordering parts. Before, each site buyer kinda chose what vendor. Most of them didn't know what the best available discounts were. One of our technicians would spend 30-45 minutes just processing a purchase request over a 15-step process, losing valuable time that they should be repairing an asset. Our technicians do enjoy using the Varis platform. The shopping experience is easy, and it's streamlined, and that's really what we need. If you're a technician in the field, you're busy repairing a chiller or a pump. You don't wanna spend time trying to hunt down a part. You wanna make it easy. Varis Connections allows us to get access to discounted pre-screened vendors quickly, arguably instantly, whereas before it might have taken us a year of research negotiating with a company, and that's translated to over 5% in additive savings at Whidbey or about $100,000 per year. The very first week we got the first order from the first customer. It was 270-something orders, and it takes us at least months if not years to get to that point with a new customer. What Varis is actually doing is connecting. They're connecting the supplier and a customer, and that is unique, and that is the easiest way I have to get in front of and meet a mid-market customer. A mid-market customer will generally be big enough that they can benefit from scale from consolidating purchases through multiple departments or multiple locations, but they're oftentimes too small to be on the radar of the bigger distributors. Varis helps us acquire customers and connects us to customers and relationships that are difficult for us to access on our own. It's an incredible opportunity because it's an underserved marketplace. What we're trying to be is really what the customer wants, which is a competitive price but other things, great information about the product, service after the sale, quick fulfillment, having the product on the shelf. Varis has something. It's lightning in a bottle. It's, call it what you want, a game changer. It has a user experience, assortment, competitive price, and oversight, control over the process. There's not a single other platform that does that. In addition to the fact that Varis connects us with customers, it makes how we do business more efficient and lets us focus on the things that are going to be more profitable for us. Now we're working with some of the manufacturers directly that we weren't working with before, so it expands our assortment, our relationships that we need to put in place in order to service this customer. It's a no-brainer for us, and when we talk to customers, it's a no-brainer for them too. It's great to hear from our customers who are using our technology, and when you look at these customers, to date, we've had 100% customer retention since the acquisition of BuyerQuest. Not only are those customers staying with us, but we see a 64% increase in spend under management. That's they're increasing their adoption 64% year-over-year since the acquisition, which shows strong value and strong capability that we're offering for them. Our platform scales super easily. We're now at north of 21,000 unique locations, including everything from manufacturing organizations to some of the largest, world's largest quick service restaurants. Don't just take it from our customers. Even some of the leading industry analysts in the field recognize our solution, Varis. When you look at both customer scores as well as the industry analyst scores, Varis is the value leader way up on the right in terms of our e-procurement capability. We're really excited about this technology, and we're excited about the capabilities we have, and what we're most excited about is the opportunity to take that technology and scale it down market to the mid-market and SMB space. When you look at the business that we inherited or that we acquired from BuyerQuest, lots of large enterprises using our technology on a subscription base, generating annual recurring revenue, which is a great business. We're really excited about the opportunity to take that technology and really bring it down market to the mid-market and SMB space. Here we can go into solving clear customer problems and really bringing technology to bear in a world where, again, people are dealing with fax machines or emails. You have customers who spend $700,000 a year, for example, in certain categories, and they have contracts to drive that spend to specific suppliers, yet they have no technology to be able to do that. Both the suppliers lose out and the buyers lose out when that's the case. Well, through our technology, this segment of customer now can get control of their purchases and can direct their purchases to the suppliers that they want to engage in. One great example of how we're taking our technology and moving down market is with our partnership with Microsoft. With Microsoft, we're partnering with the Dynamics 365 platform, with their Business Central customer base, and we're essentially taking Varis' procurement technology and embedding it into the Business Central ERP suite, creating significant value for a targeted SMB segment, which increases the value for both us and Microsoft and creates clear value for the suppliers and buyers that use that platform. As we take our technology and move down market, we're accelerating that growth by really building on the subscription-based model that we acquired through BuyerQuest and adding onto it or expanding with a GMV-based model. That GMV-based model really helps us reduce the hurdle rate for these mid-market and SMB customers, enabling them to adopt our platform quicker. It also helps us to monetize the value we're creating as we increase growth and drive value for the supplier community. Varis is making super fast progress. If you think about it, I was announced at the beginning of 2021. We acquired BuyerQuest in conjunction with the demand that we saw from our customer base. We began building the team. We launched our technology. We developed a full integration with Microsoft, and we've begun now getting referenceable customers, getting proof points, and getting real customer adoption and driving growth, all in a super short amount of time. As we look forward, our focus is on efficiently scaling the platform, continuing to build out capabilities, and as we look out into the far future, the way we've architected our platform enables us to add new capabilities that we can monetize in the future. Varis is a logical expansion of The ODP Corporation. ODP has super strong assets in the B2B space and a long tenure with B2B customers. If you think about the existing technologies, adding a procurement technology on top of the existing assets is a logical addition, because we can continue to expand the value that ODP can create, but we can also add value for the existing businesses. If you think about ODP Business Solutions, for example, there's a broad set of customers that ODP Business Solutions supports today that can get extreme value out of Varis, where there's partnerships where we can create value for ODP, driving growth for ODP Business Solutions and their existing customer base, and where ODP's customers can continue to accelerate the growth of Varis. For example, we're working with a customer today who spends roughly $700,000 in a category, and they can't direct those purchases appropriately to ODP Business Solutions, even though they want to, and partly because they lack that technology. Just by using Varis, ODP gets a significant increase in growth from an existing customer, and that customer gets the technology that they need to better manage their suppliers. Now, Varis technology business is a hyper-growth business any way you look at it. If you look today from 2022 looking forward, by 2025, we expect the business to grow to be north of $120 million in revenue. That's hyper-growth. Even beyond that, if you look at the business, we'll turn cash flow positive at the end of 2025, and that we'll exit 2025 with strong exit velocity and a lot of growth trajectory in front of us. As we look to the future, we're exploring alternative funding sources for Varis. Essentially, the core platform for Varis is in place. We have clear growth trajectory in front of us. We have strong reference customers and clear market fit with a compelling value proposition. Because of the size of the opportunity in front of us, we think there's significant value in us seeking alternative funding sources by partnering with Perella Weinberg to raise external capital. By doing so, it helps us accelerate the growth and capture additional growth opportunities in the future. This will externally validate Varis' value proposition and provide a valuation reference point for ODP shareholders. Now I'd like to hand things over to our EVP and CFO, Anthony Scaglione. Hi, I'm Anthony Scaglione, Executive Vice President and Chief Financial Officer for The ODP Corporation. I'm super excited to be here today to tell you more about our realigned foundation and our path to creating long-term sustainable value for shareholders. Before we go into the specifics, let me walk you through our new four-segment operating and reporting structure. We've recast our financials from two reporting segments to four reporting segments with the following key changes. We've moved our e-commerce business, officedepot.com, which previously was part of Business Solutions, into Office Depot. Combining our consumer e-commerce business and our brick-and-mortar retail business positions Office Depot to become a true omnichannel provider, aligning its go-to-market strategies to address the needs of small businesses, education customers, and consumers. Moving our e-commerce business out of ODP Business Solutions has also positioned ODP Business Solutions to sharpen its focus on pursuing growth and driving margin through our B2B distribution platform, capturing the growing needs of enterprise-level companies as well as small and medium-sized businesses. Next, we've stood up our supply chain and logistics business. Previously, there was a cost center allocated to our operating segments. By creating this new segment, we are transforming it from a cost center to a commercial profit center to help further leverage existing assets and pursue external growth opportunities. We have now aligned the assets and reporting for Varis into a new segment, which historically was reported as part of our corporate segment. While I recognize there are a lot of moving parts in a new reporting structure, and there is an increase in intercompany relationships, primarily among their ODP Business Solutions and Office Depot, let me walk you through some of the details supporting our new routes to market. First off, the work we undertook as part of our strategic evaluation process earlier this year gave us a head start in creating more formal relationships between each of the entities, and I want to thank the entire transformation team for the significant lift. Today, there are formal commercial agreements in place for Office Depot and Business Solutions to procure goods as well as supply chain services from there. These agreements contain arm's length market-based pricing and provisions, driving transparency to the true costs for these services. Varis revenue from Office Depot and ODP Business Solutions will be eliminated in our consolidated reporting to avoid double counting. However, as VEYER is now its own profit center, outside of the fees it collects for the services it provides its captive customers, it will pursue growth opportunities with third parties, a business you heard about from John. This will help drive EBITDA growth over time, above and beyond the EBITDA generated from serving its internal customers. This is an exciting opportunity for ODP as we continue to maximize the value of our supply chain assets. This quarter, we have completed the organizational realignment required to support the 4BU structure, and all of our employees are truly energized by the possibilities the 4BU model brings. By creating the 4BU structure, we have further aligned our assets and go-to-market strategies, and this will provide greater transparency into performance of each business unit, which should lead to further opportunities for value creation. This 4BU model underlies our algorithm for shareholder value by optimizing the business for stability and EBITDA growth while enabling transparency into performance and market-based comparability. We have three main building blocks for driving shareholder value. First, as you've heard from Gerry, we will continue to embrace our low-cost business model across the enterprise. Our commitment to our low-cost model continues to be a core tenet of our business. Second, we will focus on strong EBITDA and cash flow conversion. We're driving stability in Office Depot and ODP Business Solutions with a focus on cash generation, including the continued optimization of our retail footprint and a laser focus on margin improvement and adjacency growth in Business Solutions. We are also strengthening our EBITDA growth by further utilizing our assets through VEYER to pursue and win new third-party customers along with doing more with existing customers. Through Varis, we're leveraging the strength of our B2B relationships and our procurement expertise to secure our digital future and enhance long-term growth. Third, and this has been a key focus area for me when I joined ODP two years ago. A clear capital allocation plan that balances investment in the business with returning capital to shareholders. Now let me tell you about our 4BUsiness unit structure and each BU's role in our algorithm for shareholder value. Each of our business units have a unique role to play in our portfolio over the next three years. ODP Business Solutions offers the opportunity for EBITDA expansion and sales growth as this division continues to benefit from back-to-work trends as we pursue growth in high-value adjacency categories. Our omnichannel retail business has been our cash engine, and we will continue to rationalize our store footprint, execute on the plan that Kevin described earlier, and drive the business to get to flat, I'll say flat positive, same-store sales by 2025. Standing up VEYER will allow us to be laser-focused on ensuring we stay vigilant in being the lowest cost provider for serving our internal customers while driving plans for external EBITDA growth. Varis, which is our digitally native strategy and path to driving a new avenue of growth over time. These synergistic business units benefit from shared management, whether that's shared buying power between business solutions and Office Depot, combined procurement experience and technology expertise of ODP Business Solutions and Varis, or the benefits derived from the structure to refine focus. Over time, we expect to evolve even further. Today marks the beginning of a multi-year journey as we transition. Over time, we will more closely align incentives to multi-year objectives of each business unit and ODP Corporation. We will also move gradually towards BU-level capital structures and hurdle rates, all the while keeping our focus on the low-cost strategy, maximizing our business unit structure. Our 4BU structure will be supported by our enterprise capital allocation plan. Our disciplined capital allocation plan will prioritize the highest value opportunities across our business units. We expect to deploy approximately $1.4 billion of liquidity generated from both cash from operations and leverage over the next three years. We will balance our continued commitment to returning capital to shareholders with strategic and selective investments for the future. In terms of returning capital, we plan to buy back $1 billion worth of shares over three years. We are also planning for approximately $350 million in CapEx in the same period, a range that remains in line with CapEx levels over the past few years. Lastly, we will look to selective opportunities to continue to grow our Federation strategy. As we manage our business dynamically, we will look for additional opportunities to drive high-value projects across the business. Across our portfolio, we plan to deploy capital in the highest value opportunities with 60%-70% allocated to drive growth through growth CapEx and federation M&A, and the balance deployed for operational CapEx maintenance projects. Within ODP Business Solutions, that means selective investments in growing adjacencies and tuck-in M&A through our federation strategy. In Office Depot, we'll continue to be selective with capital, prioritizing e-commerce capabilities to better serve our customers and drive growth. VEYER is focused on ways to lower costs for internal customers and better enable third-party growth by utilizing existing assets and through modernized technology, which means we do not anticipate investing in capacity in the near term. Varis is scaling to lower operating costs and adding high-value monetizable functionality. As Varis becomes self-sustaining, CapEx will shift towards growing the other business units more aggressively. As Prentis has mentioned, we aim to bring outside investment to help solidify Varis' value proposition and accelerate its exciting growth journey. Across the enterprise, the investments we will make will help maximize value for our shareholders, allow us to pursue future growth while continuing to maintain a fortress balance sheet and liquidity profile. We are truly on an exciting journey. To put this journey into perspective, let me first recap the last few years. We've seen declining revenue in 2019 to 2021 as we've dealt with closed stores and dealt with the challenges of the pandemic. Looking forward, we expect to inflect our revenue path and deliver flat to slightly positive revenue growth by 2025. We will do this by continuing to optimize our retail footprint with a plan for positive comps by 2025, building on Business Solutions momentum, and by standing up Varis to pursue new avenues of growth. Couple that with our continued low-cost business model. We expect to expand EBITDA margin to more than 6% of revenue by 2025, with a continued focus on cash conversion. As a result, this plan will drive stability in our top line, help maximize growth in EBITDA, and when combined with our capital allocation plan, will drive strong EPS growth. Going forward, we believe we're prepared to be a stronger business and are well equipped to tackle economic cycles. As you heard from Gerry earlier, we have a strong foundation and ecosystem that we can flex. We are well prepared and well-versed in navigating economic cycles. Some of this can be enabled through an acceleration of our ongoing low-cost business model, assessing our store footprint and cost to serve, leveraging our ample liquidity available through our ABL and other assets, and adapting our investment allocations. These levers give us confidence to navigate economic cycles. To track our performance, we will also provide guideposts along the way. You've heard the word transparency throughout today. We wanna make sure investors have transparency into the performance of each business unit, the value each is delivering, and the progress along our strategic journey. As such, beginning in fiscal 2023, we will provide clear key performance indicators along this journey to help track and measure execution against our strategy. Here are some of the metrics we have aligned on across each business unit to help provide insight into ODP's progress and value proposition for shareholders. As we embark on the next three-year journey, it's important to highlight the milestones we will hit as we exit 2025. We will deliver a consumer business that will enable us to stabilize revenue and begin to show positive comps as we leverage the full benefit of an integrated omnichannel strategy. We will return ODP Business Solutions to pre-pandemic margins and cash flow while growing adjacencies. We have the right to win in many adjacency categories, and I'm super excited about what Dave and his leadership team will deliver. We will have positioned VEYER as a true third-party supply chain and logistics company with EBITDA contribution exceeding $30 million. The Varis flywheel will be well on its way with significant revenue growth and positive cash flow. Finally, having a conviction in the value of ODP, we would have returned $1 billion in shareholder capital. I'm extremely excited about ODP's future and look forward to delivering on these commitments over the next few years. With that, I will hand it over to Gerry for closing remarks. Our entire team is excited about our realigned structure and how this positions ODP to unlock the power of our business. As you heard, it all starts with our disciplined capital allocation plan, which will prioritize the highest value opportunities across our 4BUs and return capital to shareholders. Each of our business units has an important role to play in unlocking this value and providing greater transparency into our high-value business segments. First, Office Depot, now a true omnichannel consumer business with an efficient retail footprint and an award-winning e-commerce platform, is and will continue to be a strong free cash flow engine. As you heard from Kevin, we've changed the trajectory of this business and have a clear path for the future. Next, ODP Business Solutions, our B2B distribution business with dedicated sales professionals and an expanding portfolio of products and services will be a driver of growth, margin expansion, and cash flow generation as it continues to benefit from the recovery of the pandemic and captures new avenues of growth. Through VEYER, our world-class logistics and supply chain business, we will pursue new avenues for long-term growth and margin expansion. VEYER will leverage its existing capacity to better serve internal customers and generates growth in services to third-party customers. We're excited to unleash VEYER's unique and valuable assets to ensure we realize their full value. Finally, Varis, our digital platform business that creates a modern and differentiated marketplace experience for buyers and suppliers, will drive hyper-growth over the next several years with a path to cash flow positive by 2025. Varis, which is launching this quarter after successful bookings and supplier growth with a team that has already built a $25 billion business, helps to solidify our business for the long term. In order to further accelerate our growth objectives and validate our business model at Varis, we are evaluating potential strategic investors who may participate in the next phase of funding. We've engaged Perella Weinberg to help us identify these potential strategic investors who can participate in the equity of Varis. This can help us create a separately valued component The ODP Corporation, validating the progress and potential of Varis so far. By monetizing a portion of the equity in Varis, we will reduce ODP's future capital commitment while providing ODP investors with the continued opportunity to participate in the tremendous upsides we see in the growth of this business. We expect to provide more on this in the coming quarters. In total, we believe our new structure will provide greater transparency into the performance of each business unit for investors to value appropriately. We are excited about this journey and the value we plan to deliver. This adds up to a very compelling investor story. We will generate stable cash flows from our core cash engines. We will maximize the unique value of our assets. We are combining near-term stability and cash generation while setting this up for long-term growth via Business Solutions, VEYER, and Varis. All this is wrapped up in a newly transparent 4BU structure that lets investors measure and monitor the performance of our business units across the company. This transparent 4BU structure will allow our investors to properly value our business and change our multiple today from the current distressed retailer for the entire company to one of value creation through the share buyback focus, the cash engine of retail, and the three expansion opportunities across ODP Business Solutions, VEYER, and Varis. Supporting our strategy, we will be disciplined and transparent in our capital allocation, prioritizing the highest value opportunities across BUs and the return of capital to our shareholders, including plans for share buybacks of $1 billion, which we're very excited about. We hope you enjoyed today's presentation and are as excited about The ODP Corporation's future as we are. Now after a brief pause, we'll open up our panel of speakers for Q&A. Thank you for attending today. Hi, welcome to the Q&A portion of our meeting today. I'm Tim Perrott, head of investor relations for The ODP Corporation, and I'm here with Gerry Smith, our CEO, and all the members of our team who you heard from today. Before we go into Q&A, I just wanted to toss it over to Gerry, see if he had any opening comments. Thanks, Tim. We're super excited to be here with you today, and thanks for joining our Investor Day. Want to take a few quick moments to reaffirm a few things. First of all, from a Q3 perspective and for the 2022 year, Anthony and I both reaffirm our guidance for the year. I wanted to redeliver that message that we're confident in our operating results and we're gonna continue to deliver this year. From an Investor Day perspective, super excited about the $1 billion share repurchase plan, and also the ability to almost nearly double our earnings per share. Additionally, I think a really key point for all our investors is we have an outstanding operating model we call the low-cost business model. We have driven over $500 million of operating savings, that does not include any store closures by the way, over the last five years, and it's really repositioned us from an EBITDA perspective and put us in this position today that allows us to return capital to shareholders. Again, that's all from having a strong balance sheet. We're super excited from the ability to unleash these 4BUsiness units. I think that's so important from a transparency perspective, and it gives us a great confidence that, as investors, you're gonna be able to see the value of these 4BUsiness units, and that transparency across our cash engine of Office Depot, across ODP Business Solutions for growth and earnings, across unleashing our assets with VEYER, and our future digital platform. I think it gives us growth across all segments with Varis, gives us a chance to expand multiples. Thank you for being here today. We're excited. Tim, let's dive into the questions. Great. Thank you, Gerry, and thank you to all of our listeners today for submitting questions. We actually received a lot of questions, as you might imagine, and from a procedural standpoint, what we've done, since many of the questions are either the same questions or on the same topic, is we've grouped these together by topic, and we will address these as we go forward. With that, I'm gonna start with you, Gerry. One of the key narratives that you've heard today, that investors have heard today, is our commitment to enhancing value for shareholders. The first question is: Given the market environment, given the potential for recession, how confident are you that we'll be able to deliver on our $1 billion share repurchase plan? We're committed to share buyback. I think it's important to look back and say, "What did we do through the pandemic?" We have great operational execution, we have the low-cost model, we have our 5C Culture. We've demonstrated we can deliver results through all periods of time, and we're committed to this. You know, we expect we're gonna maintain the aggressiveness in our share buyback program that you saw in Q3. Additionally, we also made it clear we have no major acquisitions. Now, we're still gonna invest in growth. All this is in the plan. We can invest for growth in the future, but extremely committed to the share buyback program going forward. Anthony, I'll let you add some color as well. Sure. Thanks, Gerry. First and foremost, I think you've heard from both Gerry and I today about our commitment to returning capital and more importantly, the value we see in ODP. You know, we feel a disciplined buyback, you know, maintaining that consistency and stability is in the best interest of our long-term shareholders. Gerry just mentioned we will be aggressive in the short term as we see there's opportunities to continue with the pace that we executed on in Q3, and we feel really confident with the plan over the next three years. Tim, the last thing I'll add is we both think the stock's undervalued. Right. Right. Absolutely. That's why we're doing it. Yeah. Great. Thanks. Thanks so much. You know, I'll turn to another key part of the narrative today, which is at ODP Business Solutions and returning back to 5%+ margins. The question here, and this is a very good question, I'm gonna turn to David, is. Why can't EBITDA margins get higher than 5% and why can't you do it sooner? Tim, I think I've gotten that question every single day since I took over my new role. Gerry, did you submit that question? I did, David. I'm the guy that asks every day. Yeah. Yeah. I'll Maybe even higher than 5 in the future, Dave. You never know. That's true. All kidding aside, you know, the 5% EBITDA's a floor. We fully expect to exceed that goal. You know, strong margins in this quarter proves that we can do it. You know, we've done a lot of strategic actions. We've worked with our customers. We're addressing some of our unprofitable customers. We're looking at, you know, how we can leverage our fixed cost infrastructure a little better. We're partnering with our customers to try to drive purchasing efficiencies. Reducing small orders. We're looking for opportunities to deploy our sales organization in a more optimized fashion. We have a great inside sales organization that can help us do that. We look at. You'll see some margin expansion through changes in our assortment mix, private brand penetration. leveraging our Federation strategy will also improve our overall margin mix. You know, I wanna be clear, you know, the 5% is a floor, but we do plan to get to 5% on a consistent basis while also making margin investments for targeted customer acquisition and adjacency penetration. Excellent. David, I'm gonna stay with you on this as well. Another question that came in, a key part of our narrative and our strategy is executing upon our adjacency categories, high value categories that we can bring to customers. The question is, can you tell us more about your adjacency strategy, as well as any insights on specific customer traction? Yeah. That's a great question. First of all, you know, we've already got a really solid adjacency business at almost $1.8 billion. The way we got that business was because we have a really strong core supply business. We have almost 30% market share in core supplies, and that has given us the really strong relationships that are needed to get the credibility to go into some of these other categories. You know, as I look at the adjacency space, we've got about 40% of our business now in adjacencies, but the TAM, or the total addressable market, is over $120 billion. The growth opportunity there is really, really big. In fact, our furniture business today is over $500 million. Our Cleaning and Breakroom and facilities business is almost $800 million. Our technology business, almost $400 million. In Print, Promo and Apparel, over $100 million. We've already got some credibility. We have great customer relationships in that space. We've got great vendor relationships in that space. We're deep into product categories. The best part of it is our customers already buy these categories, so we don't have to convince them to buy these categories. We just have to convince them to buy from us. I think we have a pretty compelling value proposition to do that. You know, I'm super excited about how much we can bring to the table for our customers and help them reduce the number of vendors that they have, save them money, and really create some growth opportunities for this company going forward. Great. That's excellent. Thank you, David. I'm gonna turn now to both VEYER and Varis. I'm gonna be sending this question to both John and Prentis. Could you give some specific examples of transactions with external customers at VEYER and at Varis that generate incremental revenue? Maybe John, you can go first, and then we'll pan to. Sure, I'd be glad to. You know, I think as you heard today on the testimonials that, you know, we have one great example with Infinity Global where we provide distribution and fulfillment for their apparel brand, Le Tigre. That's a great example of the type of customer we're looking for and the type of services we wanna provide. You also heard from Flow Hydration as well, where we provide distribution of their water products. Great opportunities for us, and these are the type of opportunities we're gonna go after. Great. Prentis? Awesome. Yeah, I'll give a couple of examples. It's important to point out every customer that we acquire through Varis drives incremental revenue for both Varis and ODP. A couple of interesting examples though, looking at, there's a customer who just went live over the last month. When we look at them, they went live. Over the first four weeks, they ramped up to 80% of their locations that are spread across a geographical area. But importantly, they're generating north of $2 million a year in terms of run rate and their purchases, and that revenue is going directly to the suppliers on our platform, including ODP. These are all now net new wins for the suppliers through Varis. That generates revenue for Varis, it generates revenue for the suppliers on our platform, and it's saving that customer money. Another interesting example is we're working with a customer, an ODP customer, and a lot of times we find these mid-market customers, they lack the technology to really direct their purchases where they want them to be. You have a customer who has a contract with ODP whose intention is to spend a certain amount of money, but they don't have the tools to go do that. When that customer ramps on our platform, what happens is ODP Business Solutions now gets more revenue from an existing customer because the customer now has the tools to transact those purchases where they want. All the suppliers now in the Varis platform get incremental revenue, and Varis gets revenue from those transactions. It's a complete win-win all the way around. No, that's great. Thanks. Thanks so much to both John and Prentis. On a related question on both VEYER and Varis, but maybe from a different perspective, and I'm gonna direct this question to Anthony. The question is, what would 2022 cash flow be if you stripped out Varis and VEYER? Great question. So VEYER, if you think about VEYER's primary operations, continues to support our internal B2B, both ODP Business Solutions and Office Depot. It's in the early stages, as John just mentioned, of launching the third-party business. As you look at that business and the utilization of the assets, it's cash flow positive today. As you look at 2022 from an operating standpoint for Varis, 2022 is our peak year of investment, as we mentioned, and cash flow to date roughly has been equal to what we outlined at the beginning of the year. Cash flow to date is around $40 million. Great. Thank you so much. I want to add a comment. All these investments, and number one, VEYER is using existing capacity. I mean, we're not adding capacity in VEYER. We're leveraging that asset, so there's not a huge investment. There are investments in modernizing. We would've did that as a cost center anyway. From a Varis perspective, all this is built into our long range plan. We have all this into account already, so there's no incremental investments over and above. I want people, investors to understand, $1 billion, you know, is secure and committed. This is also committed for this. We wanna make sure we continue to have other avenues for multiple expansion, value creation, and growth expansion as well. Excellent follow-up. Thank you so much, Gerry. Appreciate that. This next question is gonna go to John as well with VEYER. Getting a lot of questions regarding differentiation because I think we've seen a lot of news from other companies that have supply chain assets in some form that are trying to leverage those in a different way. The question is, could you explain what really differentiates VEYER's capabilities from those other integrated supply chains and other 3PLs that are out in the market today? Could you expand on that? Absolutely. The short answer is the breadth of our offering. If you really look at the capabilities that we have, we're nearly perfectly matched with the 3PL market, and we have capabilities to provide product development, sourcing, distribution, fulfillment, last mile, returns processing, and that's what truly makes us unique and differentiates us against other players in the market. We're really excited to be able to feature these capabilities to new customers at market competitive prices and leverage our large network, our next day delivery and, you know, our end-to-end distribution and fulfillment capabilities. We're really excited about the opportunity, and we are uniquely positioned for sure. Excellent. Tim, you know, delivering to 98.5% of the zip codes the next day, I've ran supply chains 25 years. this is a great asset, and I, Anthony, both said it multiple times. We think it's important to unlock the value of this asset because most people don't recognize how valuable this asset is. Mm-hmm. Companies can't just go out and build this. Right. You know, 9 million sq ft, that would, that'd be hundreds of millions of dollars for people to try to do. We've got capacity, let's leverage it, let's turn this into value for our shareholders. Exactly. Yeah, I would just add, and John mentioned it. It's really the utilization of the assets that we have in place. It's optimizing that utilization and driving that incremental EBITDA. When you look at the conversion or the unit economics, it's highly accretive to the overall business, and one of the areas that we're gonna be leaning into. That's great. As well as delivery directly to the desktop too, which is a big... big advantage that not others have the capability to do. I'm gonna turn now. We've got a few questions, which I think involves talent. This is, I think, a great question because we've been on an interesting journey over the last several years as we have come to this point in our strategy, and the question is for Zoe. In light of that journey we've been on, how are we attracting talent? Yeah, that's a great question and just so fundamental to our continued success and, you know, I'm proud of the fact that we have always been able to attract top talent across all of our business areas and parts of the organization. You know, it hasn't been easy over the last stretch, but we've managed it really well and that's been a critical component. Continuing to identify ways that we have individualized commitments to our associates in terms of their incentive programs, et cetera, directly aligned with the business performance, we've been able to continue to attract that talent into the organization and it's really exemplified in our 5C Culture. You heard a lot about that from me and Gerry and others, earlier this morning, and that is a fundamental draw, both to new candidates and associates joining the organization as well as our existing associates, and they live it and breathe it on a daily basis, and new hires see that as well, and it's a key attractor. We continue to plan for that on the journey and be able to operate effectively. Oh, that's great. That's excellent. I'm gonna turn now to a topic that is a really key message from our narrative today. Specifically, and I would say ingrained in our DNA is our low cost business model. I'm gonna read this question directly and word for word. Gerry, can you elaborate on the specific strategies The ODP Corporation will use as it prioritizes a low cost operating model? Yeah. I think you said it well, Tim. If you go back, this is one of the things I'm most proud of in my tenure here and what this team here has delivered. I mean, taking out $500 million in operating costs in the last five years, think of the difference in the company if we hadn't done that. We did that. It's part of, it's our 5C Culture. We have a rigorous, what I call BMS or business management system. I mean, Dave, Zoe, and I, we're and John and Kevin, all involved intimately, and before Prentis and Anthony joined, but of our zero-based budgeting type of approach, we took 17 different work streams, looked at benchmarks, dug in, but as I said in my piece, it's in our DNA. All of us are challenging our teams, our teams are challenging each other. How do we drive cost differently? How do we use transformation projects or, you know, Lean Six Sigma or workout methodologies to drive cost out of this business? When we started, it took a while, but now it's part of our DNA, and I think it's a huge competitive advantage for us. You look at our balance sheet position now, we drove through the pandemic, we're stronger. It's because we have the low cost model. We all think about it, we all talk about it, and it has helped us fuel our ability for this $1 billion share buyback as well. Strong balance sheet, ability to execute well, and we're gonna continue to do it going forward. I always say the low cost model wins. It does. We're looking at the next, what's next year? What else can we take out cost-wise? It's about efficiency, productivity and running the business better. Excellent. Yeah. The low cost model wins. Anthony w hy don't you join a few comments? Sure, sure. I think the most relevant one is when I first joined ODP a little over two years ago, I sat with Gerry and he walked me through the [inaudible] and the programs that they put in place, and my initial reaction was, okay, it's a one-time cost type of exercise. We're gonna move on and continue to drive the business forward. I really realized that it was embedded into the DNA. I think that's the most important takeaway here. Low cost is the way we operate each and every day. From a shared services perspective, specifically, we're constantly looking at ways of working better, redesigning processes. We have a tremendous internal automation team that has put in place some great initiatives to eliminate low value work. We're always looking at ways to engage with our partners to drive, you know, further costs out. Part of our DNA is probably the best way to encapsulate the low cost business model. Kevin, do you wanna? Yeah, I mean, obviously the most visible part of our expense management process has been around optimizing our real estate footprint. You know, we've done, I think, an outstanding job of really making decisions as we've gone through that process to optimize cash flow. What's not as visible are all of the detailed decisions that we make to manage the individual line items of our P&Ls as well. Every single line, distribution costs, Dave talked about travel and expense, right? Even things that seem small, when you look at the big picture, they add up over time. Especially when you're thinking about a chain of 1,000 stores, every little piece you can make, every little change you can make, can really drive tremendous value across the organization. One of the things we're most proud of is really focusing in on efficiency and operations, and trying to maximize the amount of time that we have our associates focusing in on client engagement versus doing repetitive, menial tasks. We've done a lot of work on operational efficiency, and I know, John, you've done some similar things in supply chain as well. You wanna share that? Yeah, absolutely. I mean, I think, you know, operating a large supply chain, you have to be focused on cost, right? We fully embrace the low-cost model. We drive a culture of continuous improvement. We have Lean Six Sigma teams that drive hundreds of projects to drive efficiencies out of the business. We also have proprietary just-in-time algorithms that allow us to minimize the working capital for retailers. Obviously with your- Much appreciated. with your business. Much appreciated, John. Right? We've done a really great job of managing labor and labor costs in a really challenging environment. You know, maybe Zoe, I'll pass it to you. You can talk about a little bit across the enterprise on that. Yeah. It's a great segue. Again, such a point of pride in the organization around driving the low-cost model, going back to our zero-based budgeting. Initiatives and, you know, really a part of it having to become that DNA was really around empowering our associates to pause and look and see what can we do differently, asking for that feedback. The number of times we did roundtables, you know, Gerry and I and the rest of the team. With associates asking, you know, where are we having waste? Where are we needing to make efficiency changes? Where do we have opportunity for automation? Really unleashing that feedback from the organization was so critical, and, you know, especially in our supply chain and, you know, really that's been able to help stabilize the retention, you know, over the last few years. As we get even more efficient in our operations, we've been able to, you know, help mitigate some of those labor market challenges across, not only, you know, Kevin's business, John's business, but elsewhere in the organization. Super passionate about this topic and very proud of this team and the entire organization. Thanks, Zoe. Hey, Dave, why don't you give a few comments. You've done a great job this year taking over and changing that trajectory of that business from a profitability perspective. A lot of that's low-cost model, but love your comments. Yeah. Thanks, Gerry. Yeah, when I took over the business, one of the first things I did was kind of look at the business from top to bottom. There were lots of opportunities to kind of rethink the top line and where, you know, how well we're passing on cost increases, the things that you just kind of need to do the blocking and tackling. There was also a lot of opportunities to kind of rethink how we're looking at it from an expense structure. One of the things I rolled out, I copied my friend Kevin over here, was being the CEO of your business. Every single person within the ODP business group knows that they have to be the CEO of their business. They need to think top to bottom. They need to think about every dollar they spend. Kevin mentioned travel and entertainment. We have to have every single person in our organization thinking every single dollar that they spend matters to the bottom line. We've got the whole organization aligned around it. We're working with John and the supply chain team, really thinking about how can we optimize our customer deliveries. You know, we're working with Zoe from a hiring perspective, making sure we're paying our folks at appropriate levels. Quite frankly, we're working with Varis and Prentis's team to try to find ways to lower our end users' costs. Prentis, why don't you speak a little about how we're partnering together to grow the Varis platform? Yeah, I'd be happy to do that. Look, I think if you think about how we've architected Varis and how we've built the platform, we built essentially a B2B grade commerce platform that's designed sort of B2B first. The way we built it is we built it such that it lowers the cost for suppliers to be able to serve their customers and helps drive compliance and growth. I gave you the example earlier around how we're driving incremental revenue, but just picking up on that, there's thousands and thousands of customers at ODP that can benefit from that model that drives incremental revenue, but also as ODP and frankly other suppliers who are following the exact same playbook with us use our platform, it lowers their cost to serve. They're getting a commerce platform that they don't have to fund, grow, expand, and invest in, that they get the benefit from, and then they get a benefit from the growth that comes out of it as well. Excellent. Thanks to everybody for the commentary. I'm gonna turn the table over more on the consumer side for a minute. We haven't heard a lot yet from Kevin, but you did talk about our store rationalization and optimization. Kevin, being our cash generation part of our business, strong cash flow, the question is regarding store footprint and transfer rate. Why aren't you completing your store footprint optimization earlier than 2025? Will the transfer rate kind of change for the remaining 100-200 stores and kind of what it's been traditionally? Right. Well, first I wanna say the Office Depot team is thrilled about our future and we're really excited and aligned on our number one business priority, which is to generate cash and EBITDA for the organization. We really power investments across the ODP portfolio and create significant shareholder value. I just wanna take the opportunity to thank our retail associates, who just have done an amazing job. Contributing to the financial health of our organization during the last three very, very challenging years. You know, Dave talked about CEOs of their businesses. You know, Gerry and I committed many years ago to really treating and empowering our local teams to run their businesses locally, and it's generated incredible results. As a result of that positivity, we've been able to exceed expectations and maintain operations in more locations than we originally planned. You know, as an individual store comes up for renewal or extension or closure decision, we run a very thorough and disciplined process that we've been activating for years that looks at a number of data points, including sales, traffic, profitability, local stores in the market that are transfer targets for that store, as well as lease terms and even some information about the market, the competitive market, localized demographics. We take all of that information together, and we're really trying to find what is the optimal way that we can generate the most value through that location and the decision that we make around it. In all cases, that process and those decisions have led to an extremely profitable chain at this point. In fact, o ver 95% of our locations are EBITDA positive currently. That's a testimony to you and the team and great leadership and organization. Thank you. Well, it really talks about that culture. That's not what a lot of people think probably externally, but 95% of the stores are. I think that would be surprising to many people. Yes. That's impressive. It really does talk about the culture of accountability and client engagement. Low-cost model that we've built. Great culture. The results are there to show it. We know we've generated record high profitability margins and customer satisfaction over the last several years. We look forward and look to implement our new omnichannel strategy from an integrated perspective, as Gerry said, the first time in the company's history that we have an integrated omnichannel retail company really focused on connecting the dots between e-commerce and the stores. We're excited to even make a stronger, more positive impact on results, and have a healthier and more sustainable business for the future. Excellent. Great. Thanks, Kevin. I appreciate that. I'm gonna turn a question now over to Gerry, and this question involves M&A and divestitures. We've gone through a lot over the past two years. Oh, yeah. In terms of doing a strategic review of parts of our business. Are divestitures still a part of the ODP long-term plan? Well, first, Tim, you know, we're excited by 4BU strategy. I wanna answer this first 'cause I think it's super important. You know, we've set up a structure where there are these independent units. There's commercial agreements between you know VEYER and you know ODP and Office Depot. You know, we have a corporate structure that looks over the top and makes sure we have efficient capital allocations, expenses, but we have transparency. We've never had transparency before, and I think there's a multiple expansion opportunity I keep talking about that we're valued as a retailer, but there's other three units that have a lot of value as well. Now, number one thing we do here at Office Depot, what I focus on as a CEO, is how do I maximize shareholder value? Not just in the short term, in the long term. I think our $1 billion, you know, share repurchase plan today is testimony to that. But we also do have, I think you had a great slide that showed we also have some investment from a growth and maintenance of our capital as well. I think it's balanced. We'll never not look at that, Tim. What we will always look at every opportunity is what's the way we maximize shareholder value. That's the filter we use. 4BU structure, it gives us an opportunity to allow transparency for the first time to our shareholders and they can help have that evaluation as well. Yeah. We're committed to driving shareholder value. Right. No, that's excellent. Always through the lens of creating the most value for shareholders as possible. That's great. Gerry, I'm gonna stick with you because we, you know, for the first time, really unveiled 4BU structure today and gave a lot of in-depth look at the opportunities and our strategies, but here's a great question. What led you to 4BU model in terms of what was the process and going forward and creating that? Well, I think one of the most effective way for people, for leaders to be effective is to learn, observe and we learned a ton. We learned so much from going through potential sale process, potential separation, all this. We dis cussed it. Our board supported it. Our board asked great questions and have done a great job. We learned so much through that process, and we went bak and we captured those learnings and we think, again, why we think we're better together, you know, number one is creating this low cost operating model, but it's really an operating engine that It just produces cash and value for the company. I think the second piece we said, and through some of this process, some of the, you know, partners we were having conversations with. They saw the value of the assets, and we, you know, we knew there was value there. Anthony and I were able to look and say, "Wow, you know, how do we unlock those values even more?" I think that's the Varis opportunity that's out there. We're excited about that. You need future growth. We're gonna continue to. I mean, Dave's done a fantastic job. It's a floor of a five-point business. I push him literally every day. I have a nickname for him that has a higher digit than five. You know, we want that growth as well, but it. Our Federation's done a tremendous job. I wanna thank our Federation leaders. We operate differently than most companies. We want them to have those sales relationships with customers because that's the asset is the customer and that relationship, and we have a ton of customers, and those are valuable for us. Obviously, well, you know, lastly, it's having the ability to, "Hey, let's not just be a short-term company. Let's make sure we protect these investments for investors for a long period of time as well." You know, we didn't lever up. We kept our balance sheet strong, and the investment in Varis is that. We looked at all the assets of VEYER and Dave's business and said, "Hey, let's go build this B2B procurement platform." I mean, Prentis and his team built a $25 billion platform B2B successfully. I mean, there's a bunch of the team that did that here. They have those learnings. Back to the learning key, and we're gonna go leverage that. Super excited with 4BU structure. You know, we're gonna go out and talk to a lot of our investors here in the very near future, starting today, and go on the road. We're super happy with the transparency and the opportunity for growth, and most importantly, deriving a multiple expansion because right now we're a retail focused multiple. We should be retail. Kevin's done a brilliant job with his business. We have all these three other opportunities to create value, plus we have the share buyback that's gonna drive value as well because, you know, nearly doubling earnings per share over three, next three years is gonna drive value as well. I won't be specific on a target, but the reality is all these things together with our cash engine and our culture is gonna deliver value for the business. Excellent. Thank you, Gerry. I appreciate that, and I'm gonna stick with the four... B2B model topic for right now, and maybe from a different perspective. In Anthony's presentation today, I think we heard moving over time from a single capital structure to 4BU capital structure. The question is, just what does that transition entail? Sure. First off, maybe I'll just echo Gerry's comments around the transparency. I think that's a really important element, and hopefully investors today, both new and existing investors, see that we're much more than probably what we're known for. The ability to grow the adjacencies, the ability to grow our supply chain assets just gives us a tremendous opportunity going forward. When we look at our capital structure, you know, clearly there's an opportunity in front of us to provide transparency to our investors as we look at the assets through that lens. As we start to think about the standalone balance sheets, the standalone operating units, it really gives us an opportunity to take a look at capital structure more holistically from an enterprise perspective, but also more tactically and strategically from a business unit's perspective. This is really gonna drive, in my opinion, the ability to be a more strategic capital structure over time. Great. Thank you. Part of that 4BU structure is obviously one of our newest platforms is Prentis and Varis. I am gonna direct this question more towards Gerry and then others can jump in on other commentary. We heard about external funding possibilities for Varis to help fast-forward the plan. The question is, why are you looking for external funding for Varis? First thing I'm gonna say is I am super excited by Varis and Prentis and the team. You know, Prentis, you know, and I met, and we had this vision lock of what B2B, you know, technology procurement platforms should look like. We both have extensive experience in this space, and it's a unique asset. I mean, it is a unique asset addressing a huge market need, and so we're super excited about that. Now, you know, what we need to do though is get validation because we're doing a tech platform startup within a public company, which is unusual, but again, it provides a lot of value for growth that's within the future and future-proofs the company as well. Again, you saw the sharing opportunities and leveraging these assets, again, driving shareholder value. We do think it validates the value proposition. It also gives us a value reference point as well, and I believe it becomes a win-win for shareholder because as we said in some of our statements, that you know some of the future investment from a cash flow perspective will be shared by a partner, and we've just started the process. As I said, we've got a great investment bank in Perella Weinberg and super happy with that team, and you know we'll continue to update and be transparent with our investors as we make progress here. I think it's a win-win for all, but Anthony, I'd love you to add some unique Yeah Color and comments as well. I think you nailed it, Gerry. I think it provides an unlock of value, and it also provides a reference point for our investors, and it allows us to enter an ecosystem that could accelerate the platform. These are all the win-win attributes that make- Make this partnership with Perella a win-win. Excellent. I'm gonna stay on the topic of Varis for a minute because we are getting a lot of questions on Varis' suppliers. I'm gonna turn this question to Prentis, and I'm gonna read the question specifically. Why would suppliers want to sell on Varis, on the Varis platform, and how has early traction been? What have we seen? That's a great question. I think it's really important to point out when we started Varis from day one, we made it really, really clear that suppliers are customers and buyers are customers, and we're gonna create compelling value for both, and that's exactly what we're doing. It's super interesting when you're building a commerce platform like ours, particularly when there's a bunch of the folks on the team that came from Amazon and you show up, it takes them a bit, a minute to sort of understand exactly what we're doing and how we're doing it. Once they connect, the value's pretty clear. I would sort of think about it this way. When we know how B2B transactions should be. We've architected the platform to support that, and we're fostering relationships between buyers and suppliers, durable ones, and that brings extreme value. We're helping, in particular, these suppliers grow their business in a very difficult segment when you look at the mid-market segment in particular. We're driving a lot of growth. In fact, just last week we were meeting with a supplier, and we were engaged with them as we were sort of talking about and strategizing additional growth opportunities, and we just looked back over the last four months, and we saw we brought $10.5 million of incremental growth, incremental revenue growth to that particular supplier, and it didn't cost them anything to go after that. I mean, it's super efficient, and it's an efficient platform for them to be able to grow. Huge, huge wins. When you look at the momentum to date and progress, I couldn't be more thrilled with the momentum. In fact, once suppliers understand the platform and how it works, we've seen super strong growth. In fact, right now, when I look at the suppliers that we've acquired to date, we've acquired enough suppliers and enough breadth of categories to hit our full revenue goals for next year. Now we're just adding on top of that and expanding that platform. Even when I look at these suppliers, it's super interesting. What we see is that we see what we start to call a triple win. Suppliers start to engage, first they wanna understand, then once they understand, then they're excited about the growth, then they see the growth. Now many of these suppliers are becoming customers. They're like, "Hey, we want to use this for ourselves. We want to use it to buy our supplies because we see how this thing works, and we think we can benefit from it." They start to look at the idea of, "Wait a minute, this thing's super efficient. Your commerce platform is better than ours for a certain segment of customers." They're actually moving their customers from their own commerce solution into Varis because they know that they can get more value there. We couldn't be more thrilled about the value there. Tim, just a couple quick comments. Why that's successful is it's creating value for both buyers. For the customers as well as the suppliers. From a supplier perspective, the go-to-market, it's way less inexpensive. It's hard to cover, as Dave knows, you know, small and medium business from a coverage model perspective and mid-market as well. Yeah. From a customer perspective, it's really hard. I I mean, they're not enterprise-level customers. It's expensive to go buy a. I won't name the name, but a subscription-based model that's you know hundreds of thousands of dollars a year. Ours is a GMV model, and I think that with a small subscription potentially, but that brings tremendous value for both buyers and sellers. The value prop has to work, and I think it's a superior business model for this segment, and we're super excited by the potential. Oh, that's great. I think we heard from either the supplier or buyer today when they used the term lightning in a bottle, which I think. Lightning in a bottle. Interesting. No, that's excellent. I appreciate that. I'm gonna stick with Varis for a minute, and this is for Prentis, so this is more of a tactical question, but, will Varis hold inventory, and will that affect working capital? Yeah. Look, we're a technology platform. Our focus right now is on facilitating transactions and establishing connections and relationships between buyers and suppliers, and we're driving a focus and innovation in that particular area. We have no plans to own inventory or invest in inventory. We have world-class suppliers on our platform to do that, and we'll let them continue to do so. Great. No, thank you. Appreciate that. I'm gonna turn now to Anthony. Some of the. You know, we put out in our investor day meeting today some longer range targets, three-year targets, and what we're where we're gonna drive the business. Some of the questions that I'm getting on our web portal is about the confidence that we have in our three-year plan. What could cause our outlook to differ? Here's another one that goes along with that is what keeps you up at night? I can go for a few minutes of what keeps me up at night. Seriously, you know, we have a lot of confidence. As you saw in today's presentations, we have multiple routes to market. We have powerful BU strategies across each of the portfolio. We have the low-cost business model that is embedded in there, and we have tools on our balance sheet as well to pull the levers. I think we can remain nimble in any environment. Great. Excellent. I'm gonna stick with you for just another one. This is on CapEx. Could you provide additional clarity as it relates to CapEx and any of the tuck-in M&A investments? Sure, sure. First and foremost, you know, no material M&A. I think that's gonna be a key focus area. We'll continue to look at opportunities in Dave's business. As it relates to the federation strategy that's been a proven strategy. As Gerry mentioned, and as Dave mentioned in his prepared remarks, it's a strategy that works. It's a lower cost acquisition strategy, and we see a lot of opportunities. We also see opportunities with the rest of the portfolio. If there's partnerships, joint ventures that can help us accelerate, we'll always consider that. But as we think about CapEx in general, we've been disciplined in the two years I've been here. Absolutely ... when I look back, we've been extremely disciplined in our CapEx, very transparent in where those CapEx dollars are going, and I think you're gonna see that going forward as well. We've laid out a plan that's in line with our historical CapEx levels, and when you combine that with the generation of the cash flow and the confidence we have in our business model, gives us confidence that with the CapEx investments and our capital allocation back to shareholders, that we're gonna achieve the three-year results. Great. Super. We are running tight on time, so I'm gonna try to hit these quickly. Kevin, this is a question for you. Just given the industry trends, why do you believe, or why do you have confidence that you can hit y our flat to positive same-store sales? Yeah, I mean, we do work in a challenging and highly competitive industry, which is why, you know, the key to us maintaining, sustaining our cash flows over time is to stabilize and ultimately grow, have positive sales. Our entire organization is aligned to that. If you go into any of our stores, our associates know that our primary goal operationally is to grow sales at every location every day, and all of our incentives in the retail business are aligned to that, promoting that theme, including our very innovative all associate bonus program- Mm-hmm that we rolled out several years ago. We've seen the impact of those programs. Mm-hmm on sales per shopper and Net Promoter Score, and Gerry, as you know, timing is everything. Yeah. We talked about the 1,400 basis points of growth in NPS over the last several years, but actually last week, our retail stores. Record achieved a new record high of 74.1 NPS. That's a high NPS score. We really know that this- That's world-class. This is working, the strategy is working. If we can get customers to engage and come into our stores. Mm-hmm ... if we can improve the demand and traffic patterns that we have through our omnichannel strategy that I talked about, we know we'll generate positive results. The strategies are really clear. We have to improve our connections with our customers to improve customer acquisition and retention. We have to expand and innovate our portfolio so that we have more attractive products to those customers, and we need to continually improve our omnichannel experience. Mm-hmm. Our in-store pickup, best in class in terms of speed and the guarantee. 2020 that supports it. We're really proud of these programs, and as we look forward, we know it's never going to be easy. No day in retail is easy. With our united team and our excitement for the future and a really clear and integrated omnichannel strategy, we know that our chances of success are very high. Mm-hmm. Awesome. Tim, I know we're tight on time, but from the time Kevin took over this team, the retail business was heading in a glide path to the ground. It's been completely turned around with I wanna thank the entire, you know, B2C team. Great leadership, great culture, CEO of the store, driving the cost model, Net Promoter Score from a dramatic improvement. I mean, I used to hold the phone up, walk in the store and test how long it would take for a customer to engage me. We had some cranky early conversations probably a few times. We did. I would say some direct conversations, Gerry. Now, I mean, a 74 Net Promoter Score is world-class. Yeah. I just wanna thank the team because this is a huge competitive advantage for us. This engine's in place, it's a cash engine, but it's also. We've never taken advantage of the omnichannel yet, and I'm super excited and bullish on that opportunity that Kevin's gonna unleash over the three-year plan as well. Yeah. Yeah. Thank you, Gerry. Thank you, Gerry and Kevin. Appreciate that. This question's gonna go to Zoe. How has employee attrition trended through the sale offer as well as 4BU restructuring? Yeah, great question, and, you know, I'm smiling because as you heard, you know, over the last couple of hours, you know, there's so much excitement around 4BU model, inside the organization as well, and it creates additional opportunity for our employees across all of the different business areas, and there's a lot of momentum and excitement around that. You know, interestingly, our internal data shows that our turnover has stayed pretty steady despite some of the challenges that we talked about in terms of the super hot, you know, hot talent market, et cetera. Especially important in being able to stabilize, like I mentioned earlier, in John and Kevin's areas, you know, around that employment. We'll always continue to monitor it. For now we're confident that we'll continue to be able to maintain the excitement and attraction around retaining our associates through 4BU model. Excellent. Well, I have one more question, and then I was gonna turn it to Gerry for closing thoughts, but I'm gonna turn this one to John. You bet. At VEYER. What technology are you investing in for our supply chain? Yeah. We have a modernization roadmap, and what that is, it's really investing in our technology stack. What it's not is investing in more capacity. We're gonna sell into that capacity. You know, the modernization roadmap allows us to ensure we have a reliable, capable supply chain. We have a lot of great partnerships in this space that provide planning and allocation, transportation management, warehouse management, network design tools, and these are all leading companies, leading technologies, and we'll continue to enhance those capabilities. We'll continue to invest in those areas that allow us to differentiate and drive value to our customers and ensure we're cost competitive, and you know, we're really excited about that and these are already baked into our three-year plan. Oh, great. Yeah. That's a great point. Well, with that, I'm gonna turn it over to Gerry for any closing thoughts. Sure. First of all, thank you for the people on the call today and for joining us. I wanna thank my team. I think we have a world-class team here, and a world-class team is how you drive success as well. Team, thank you. You know, we've delivered through challenging times before, and I think that, you know, whether there's, you know, how deep the recession is, we don't know, but it doesn't matter, we're gonna focus on operating our business. It's a testimony to our low cost model, our operating excellence. I think the opportunity to go forward with 4BU structure is tremendous. You saw with the value of the transparency, the four pillars today. I'm recommitting again the $1 billion share repurchase, and we expect to be aggressive as we were before, and I think our actions will speak louder than words, and that's gonna drive value for our shareholders. Nearly doubling EPS across all of this is just executing to our long range plan. We expect to have a lot of value creation. Very importantly, we also believe, and I've said it a number of times, there's a huge opportunity for multiple expansion as well, and with that transparency of seeing this value across each of the businesses, that's also an opportunity to create value as well. Thank you everyone for joining us today. We're excited that you were here, and we look forward to delivering against our commitments. Anthony and I and Tim look forward to talking to many of our shareholders in the very near future as well. Thank you, and have a great day.