Thank you, everyone. I'm Michael Lasser, the hardline broadline and food retail analyst from UBS. We could not be more excited to have ODP Corporation with us, including Gerry Smith, who is an honor and pleasure to be here. We are very grateful that you're here. We are also joined by the co-CFOs, Max Hood and Adam Haggard, as well as Tim Perrott, who runs the investor relations function. We are certain that Katherine Moore is back at home listening on the webcast, and she'll appreciate that we say hello to her. With that being said, we're going to start out with a few opening remarks from Gerry, and there is a lot that we can dive into. I'm looking forward to it. No, perfect. Thanks for having us, Michael. We appreciate it greatly. We are excited to be here today. We think we have a value story that makes a lot of sense. Obviously, a bit of a challenging 2024, and I know we'll get into that in more detail. If you look at the opportunities in front of us, some of the recent announcements we've had, we're excited with the hospitality business, which I really want to dig in with you on that, as well as the supply chain opportunities that are emerging, as well as our Optimized for Growth plan as well. We think we're tremendously undervalued as a company. You just go look at our asset value. Balance sheet value of Veyer alone is over $800 million. I ran a $60 billion supply chain at Lenovo for 10 years, and to build the supply chain we have now would cost you $1 billion-$1.5 billion to go off and go do. When you have a market cap below $500 million, you get frustrated. I think that as we go through this day, we want to show you the path of, unlike some retailers or other B2B people in contracting markets, which is what we have, we have a path to growth through this hospitality arrangement with one of the largest two hospitality providers in the world, as well as a lot of other opportunities we've had in our traditional business, as well as the path we're seeing from a retail perspective as well. Yep. All very helpful comments. Gerry, if I had to characterize your tenure at ODP Corporation, you came in eyes wide open and you said, "Hey, we've got to act assertively. We've got a great business here, but the market is changing very rapidly. Let's take some actions and not sit still and take effort." With that being said, last year was a tough year. Very tough. Not for ODP Corporation in isolation, the markets that you serve, the consumer. With all that being said, give us a sense of why it's been challenging and what ODP Corporation is doing to regain the traction that you're working to achieve. From a business model strategic perspective, the two fundamental challenges are obviously a third of the business is retail or 40%-ish. All retail sectors have headwinds, pressures. We saw that from our retail perspective. Then our core market, traditional market, office supplies and adjacencies around that have been declining for over probably a 15, 20-year period. We saw some acceleration of that in 2024, a little bit more stabilization in Q1. That is sort of a double whammy from a strategic perspective. We do believe with the assets, our focus over the last year is how do we get to a pivot where we get value creation, we get looked at differently by our investor base. We have done that. We have done a really good job over the last eight years of taking cost out. You and I have talked multiple times on that. I think that's candidly kept us where we're at and we're in a strong balance sheet position still. I did start making investments five, six years ago on building out the software capability where I call it tech stack of our supply chain. That's been a CapEx investment for five or six years. That's done now. That allowed us to win business with one of the largest social media e-commerce companies that I know two of my kids use. I'm pretty old, but. Grandkids are very young. He's got that youthful glow to him. My grandkids are too young to use, but it's the biggest market segment. We signed a deal in early August to be one of their partners. We ramped that up very quickly. They took basically two of our facilities, and we had a test through the peak period, which we were very we learned a lot. They learned a lot. I think we're well positioned for future business with them as well. That sort of opened up the eyes in the industry going, "Wow, that's a big partner." Strategically, that's really important. The biggest thing we have to do is how do we go make sure our fixed cost structure of the business is in the right position? Are we structuring or Optimized for Growth? Restructuring plan was not just cost-based, it's growth-based. That addresses it because we're taking out some fixed costs that we think is not necessary at this time. The hospitality pivot, which I'll go into a lot of detail in a second, but across the three growth vectors, across growing our traditional business, we had the deal we signed in November, $150 million a year. We're starting to ramp that up. We just signed a deal with CoreTrust for the private sector adjacency products. CoreTrust is the second largest GPO in the office supply space. The first is OMNIA is one of. General Procurement. General procurement, yeah. Sorry. No, I'm good. These folks see a lot of different businesses, so we want to. General Procurement. It is a traditional general procurement organization that companies use to do their buying for them. There are two big players in the space. One is our largest, and now we have that relationship in not the core office supplies, but the adjacency businesses around that. That is a really big opportunity because we have met with their CNO, I met multiple times. We are excited by that potential. In the traditional business, it is a real growth potential across the business. More to come on that. Go try to stabilize and grow the traditional piece. Obviously the hospitality piece is by far, I believe, Michael, the biggest inflection point in the last 15 or 20 years. That is not a market you can just say, "Hey, I want to go into and enter this market." We do ship to that partner today, our traditional products. Once they start recognizing some of our they were having a challenge, and I'll get into a lot of detail on this, of there's two main distributor competitors in that space. One is struggling execution-wise. The other one has higher margins in their traditional businesses and can't really grow too much. It's about a $16 billion market in what we call the OS&E space from a hotel room perspective. Think sheets and towels, amenity products, shampoos, soaps, irons, ironing boards, hangers, bedding, mattresses. All that product is a $16 billion market growing at a 4-6% CAGR. Two really important things. One that you always ask me, well, what about the e-commerce giant? They can't get into that because the group purchasing organizations for hospitality, they prescribe to the franchises, "You have to buy this curated set of products," which is a preventative measure for there's no leakage, unlike our traditional segment where you have more leakage. That's one. It's invitation only. We got invited in. We went through a rigorous process with one of the top two people in the space. By going through that and passing that and getting that validation, A, gives us scale. Very importantly, it brings us about 60 suppliers that are different suppliers in our core traditional business. We've engaged those. We've had contracts with those. We're ramping them up, connecting them via EDI. A lot of ramp-up process. We have just done two press releases on what I call the paper. It is the paper and ink and toner of the hospitality industry, amenities and towels and sheets. Sobel is the exclusive partner for Four Seasons, for Hilton, for a number of chains across the world, one of the leading manufacturers. We have entered into an agreement with them to be a partner and a lot more opportunities go to market on that. Now we have the supply base. Now we have the affirmation of scale from one of the largest partners in the world. Now it is about driving execution and ramping the business up. We are excited because it is the same sales motion. It is the same supply chain motion. Why we won the deal and the partner procurement person stood on stage and said, "You won because of your supply chain capability." All that CapEx investment we've had for five or six years, all that execution experience in the office supply industry for 30 years, that's the reason they had to find a distributor partner that could go off and have that customized delivery like we do every single day. We have the muscle. We have the motion. Now we have the partners. Now we have the scale and size and affirmation of the leaders. We're getting a ton of inbound calls from other players in the space. That's the $16 billion piece. What we're excited about is there's a $60 billion market. Sixteen of the sixty is the room. You think about cruise ships. You think about senior homes. You think about hospitals. You think about prisons. You think about dorms and universities. All those are opportunities, and we're having a number of conversations with current customers saying, "Didn't know you did that." It is very early. It took us nine months to go off and do it. We put a lot of cash in to build up some of the inventory across that piece. We just turned it on two, three weeks ago. In the back half of the year, we're going to start seeing some revenue results across that. To be honest with you, I'm excited because I think we're, again. We'll both. It's logical. We know who we're competing against. We know there's execution risk. We know we can outperform. We have visibility tools in our supply chain software, costing tools that people don't have. We have some competitive advantage from a distribution perspective. There's a moat around it. Yeah. There's a lot to unpack there. It's interesting. One way that you could frame this is, listen, ODP Corporation has experienced challenge for the last few years, which in turn has propelled it to act and say, "Hey, we got to figure out ways that we can grow this business and move into adjacent markets." It's interesting because one of the hallway conversations that's taking place with companies and investors is, "Wow, we're in a very dynamic, challenging environment. ODP Corporation's been in a challenging environment for a while." It's as though this environment is now even more challenging than you've been dealing with for a while. A, is that fair? If you could give us some insight to how you're thinking about the day-to-day tariffs and DOGE and everything. I want to unpack everything that you're doing that's repositioned this business. No, I think we're used to the, say, the intensity of the cycle, right? I mean, when you're in declining sectors, we did it, as we talked about before. We pulled hundreds of millions of dollars of SG&A out of the business. We run our business very tightly, but you're still fighting a challenge from a pressure perspective. Yeah, we focused on tariffs before. The first time the tariff engine came, we had 85% of our inventory coming from overseas and China. That's down to about 30% now. Now, some people, when tariffs went away and changed the administration, they shifted back to China. We didn't. We said, "No, we're staying." We stayed in Vietnam, Indonesia, Malaysia, other places from a diversification perspective. Yes, tariffs are a headwind, but we have the mechanism to drive that into costs, into unit costs from a partner perspective. We're always transparent and say, "When it comes, we're going to pass it through." I will say it's a bit of a ping-pong ball every day. What goes down, what goes up. What's going on? Yeah, but we moved early and we're positioned. We have the flexibility of just we know what our inventory cycle is and we're watching. As we get closer to making a decision, we will drive that cost through. Will that change demand? It could. You're also getting the upside from a cost perspective. We're also pushing back on our partners to say, "How much of this is really the tariff? How much is the price? Are you trying to get extra margin on this?" We're doing that day-to-day battle, but we have the management system in place. We've experienced this before. I don't want to be laissez-faire. I I mean, sort of, "Hey, it's extra work." Absolutely. We're pivoting. We're moving. ODP Corp's equipped to manage through it, without a doubt. With all that being said, I do want to turn to some of the strategies that you had started to unpack. Before we get to hospitality, let's talk about retail a little bit. The strategy has been, and retail has ODP Corporation, along with OfficeMax, had been one of the really consequential founders of this big box office supply market. There's still a lot of cash flow and margin to be harvested. With that being said, ODP Corporation has talked about a different approach to how it's going to focus on retail with the fourth quarter. If you could outline that and shed a little light on that. Our optimized per growth plan actually brings us a ton of flexibility. We won't make any significant CapEx investments in the future. We will manage our store chain based on four-wall cash flow and four-wall EBITDA. You got to manage both. 96% of our chain is cash flow positive in each store. We will also look at the fixed cost structure around that. What I mean by that is, in the supply chain, retail does have some mechanism, the cross-docks and some other pieces are retail specific. We are looking at, and we've already announced the restructuring and did some WARN notifications. Some of our supply chain locations that we still think we can cover with the same SLA levels, we're going to close a few of our supply chain. That has been announced. The three of us are trying to get at the fixed cost structure of the business. We think there's an EBITDA lift in the future as we drive that out of the business. In fact, the overall restructuring plan, and it's all theoretical, would be there's not a it's actually $380 million EBITDA cumulative positive over the life of the plan. It's cash generation. What we're doing is the message we're giving our teams is, if you perform well as a store and you're beating comp, your comp from the plan, and you're showing that positivity, we'll manage you for cash and margin. The main message for investors out there is we're going to manage this for cash and margin. We had the flexibility to build to him. Our lease liabilities, we really started this in 2020. You and I have talked about it before with Maximize B2B. It's almost the same plan. COVID changed things because everyone got a bump. We're going back to that core of that plan. Adam and Max and team have done a great job. Our lease liability is 2.9 years as an average. We don't have massive lease liability out there like a lot of other chains. We'll keep managing that. Theoretically, if a store is EBITDA positive, Adam was telling an example earlier, we will renew that for one or two years and keep that flexibility so we don't have long-term lease exposure. Long-term, it's how do we maximize the retail business for cash and margin? We're not going to go off and do store in the store or new store footprints or try to do anything from a huge capital perspective. We are running better than planned here in January and February. We have done some promotions that we think are valuable. We are just going to keep looking at that, of how does Kevin and his team keep driving to a smaller and smaller negative comp. Got you. If they continue to do that, we'll keep the chain. We'll keep flexibility in place. If there's challenging economic headwinds or a recession, we're positioned to go off and accelerate some of the store closures if we need to. Messages are maintaining max flexibility, optimizing for cash flow and profitability, and going into this eyes wide open. Exactly. Okay. That's fair. Pivoting over to the B2B business, where a lot of the focus, a lot of the action has been. It's been an interesting environment for the contract business. It's always been a very competitive segment. Has it become more competitive? Why would that be the case? In the 2024 year, very competitive with the other main competitor in the space. They were refined. They were looking at, I think I won't talk for Stefan or the team, but I think they were aggressive. We were aggressive. That goes in cycles. If you go back and look at over the years, it's every three or four years, there's a headbutting starts and then. I wouldn't want to headbutt with Gerry. That's for sure. We're both competitive. We're going to do that. It seems to tamper out and we have our wins and we go back. I think we're running that cycle. I mean, obviously, we would never collude with a competitor. That would never happen. I think that we respect them. I think that over a period of time, that will probably subside some and we'll go forward. We wouldn't announce the Maximize B2B plan and say we're pivoting B2B if we only had the B2B business, the traditional B2B business. We have this opportunity in hospitality and we'll talk about Veyer as well, but Veyer, with the success they had with that e-commerce giant, we also got some additional, we're getting some nice new logos and some other wins in place. I mean, the three levers I'm pulling to absorb the fixed cost structure to drive our EBITDA higher and to create cash for the business, well, there's four. One is the restructuring plan, but it's grow the core, fight in the core, grow the Veyer logos and look at these opportunities because, again, it absorbs fixed costs, as John puts logos in to absorb the supply chain capacity. Obviously, the hospitality piece could dramatically change if you look at the size of the market and just even if we're somewhat successful in a $16 billion market, that's a big impact. If we're somewhat successful in a $60 billion market, it's a huge impact. I think the opportunity is wide open, especially that we know our competitive field. The other two people have strategic issues they have to face. One is capped from a real true long-term growth perspective. The other is very challenged from an execution performance perspective, which is why we were invited in, why we were vetted so hard. We passed the vet. Now we almost have a stamp of approval that says, "Okay, you got through them." We have literally had one inbound that said, "You got through them. We're not even going to. We're good. We're good. We're not even going to go through a qualification process. To just summarize, the mindset is, "Listen, we've got a very financial, a lot of financial flexibility. We've got all these emerging businesses. We're covering our costs. We're okay with a little bit of temporary competitiveness because we're going to come out of this in a really good spot. And the business that we're winning today will hold on to on the other side of it." Is that fair? Yeah. One piece is we still have a very strong balance sheet as well. Unlike a lot of other people who two, three turns, four turns, we do not have that. That's a competitive advantage. Which is a competitive advantage for us. We tried saying in our earnings, last earnings, that we do not see that getting worse. We see that improving. We definitely have that confidence now, and we did make some investments in cash in Q4 to buy the inventory for tariffs, ahead of the tariffs, to buy inventory into the hospitality ramp. As we ramped up the 3PL e-commerce customer, there was some investment in that as well. All that should flow through cash flow-wise as we get into the first half of the year. I want to talk about the big customer win. Before we do, on the B2B side, there is a lot of uncertainty, as we have characterized throughout this conversation. Do you expect that to have an influence on how some of your B2B customers are going to operate? Are they saying to you, "Hey, we don't know what tomorrow is going to look like, so we'll. We saw that in a lot of 2024 as well. I. Coming back to the point where. We've already seen it. We've been operating that way. I was calling out a, I called it a shadow recession to my board. I think there's a lot of softness anyway. I mean, we experienced that as people were laying people off or people were, our sector does get cut. We've experienced that. Again, we're seeing some, a little bit of growth back. I think it's a matter of finding those other areas that can grow, get into markets that we know are CAGR, 4%-6% a year in the hospitality segment in the last five years. I like that. I like the fact that I can go into the market. The CapEx investment's done. Inventory investment is done. Now it's a matter of, let's go beat the competitors there with the, and very importantly, the margin structure of that business is even at the top end because we're going to one of the top people in the industry to get the scale we need, which is lower margins for that industry, but same margins. That alone is about the same margins that we have. That should be our goal is that's a five-point business for us. As we move down into the mid-market of that, think of smaller chains, Choice Hotels or Motel 6 or some of the smaller brands. Those are higher margin opportunities across the business to go up and operate in. Got you. I want to talk about CoreTrust because it was a nice win. With that being said, it sounds like it will take some time for that to flow through. Is there a transition period where, hey, the B2B office supplies market is still going through this challenging market and these new contract wins will take time to develop? As outsiders expect the ramp to be progressive. Yes. I think you start really seeing that ramp building in Q3 and Q4. The exit velocity of 2025 is going to be, we're pretty excited by. I mean, again, we just turned on the tap. Q1, Q2, you'll see a little. Obviously, the CoreTrust relationships will ramp up and all these other relationships will ramp. The goal is to build momentum in the back half. Now, the CoreTrust, where you'll be delivering to the CoreTrust customers or their end markets, are they already in your existing locales such that it will be an ability to leverage the fixed costs and you're just adding an additional delivery on the. Yeah. A lot of our supply chain delivers next day to 98.5% of U.S. ZIP codes across the country. It's no different. When trucks are out on routes, we do a lot of route analysis to make sure if it's a full truckload, that's great. If it's partial, you can have multiple deliveries and still get the supply chain scale we need. Got you. I'm excited by we have the second largest GPO in the space. No, it's not the core business, but it's the adjacency business, which gives us a toe in the door, basically. Can you explain that? I think there's probably some questions. Yeah. From adjacency, it's printing, it's technology, it's furniture, it's JanSan. It's a lot of other actually adjacency areas, which we want to expand into. We can establish a relationship with those customers. Obviously, if there's other opportunities across other product categories, we'll be well positioned to compete against the incumbent in the space. Got you. Switching over to the hospitality opportunity that we've talked about. To your point, $16 billion market, presumably ODP Corporation gets very little, almost nothing from it now. Just to help frame it for folks, ODP Corporation went and said, "Hey, we've got this infrastructure where we're already doing daily deliveries of core supplies that support the fundamental operations of businesses across the United States. Why don't we take that core competency and use those abilities to support this market that has been dissatisfied with some of its incumbent providers?" You went through the big process of winning that business. It was actually. Tim takes all the credit for winning it. It's unbelievable. I have to give credit to. That's not true, right? It's partial. The seller on the account did a great job with that account. I'll make sure I don't say the account back. They were having a conversation and they were just saying, "Hey." We've asked before to get in the space. We've always been said, "No, we don't think you can do it." I think there was frustration on their end of the current execution of one of the partners. Got into a conversation, "Hey, I think we can do that for you guys." This was, again, it was months and months ago. Once they went in and saw our Newville, Pennsylvania distribution center and did a tour. They told me after the fact when they came to our sales kickoff, they said, "Hey, I knew exactly when I walked in the door. Now, it took six months more of, "and again, I'm glad we went through a tough qualification process because what it does is it proves, 'Hey, we're ready for that space.' And we learned a lot." They went and saw four other distribution centers just to affirm. We passed with flying colors, which is, again, I grew up as the supply chain guy at Lenovo and Dell for 25 years. When you have that experience, you can walk into a DC and say, "Oh, that's a good one." That is what they did. They really dug in. I think that was the aperture. I'll give them a ton of credit for thinking bigger and saying, "Oh, wow. Okay. The more we talked about, "Hey, Veyer's supply chain visibility software, a franchise will be able to look on their portal, their specifics, say, Lafayette Hotel New York and say, 'I need to buy this many sheets, this many towels, this much shampoo, blah, blah, blah, blah.' We'll tell them real time, 'What's your availability? What's the delivery time?' They will have a confidence level that the current providers don't have." We think having that software stack capability we invested in for the last five years is one of the, and again, she told us point blank, "This is why you won. It's that supply chain capability. Obviously, two questions. One is, what capabilities or investments does ODP Corporation need to make in order to satisfy this customer? And two, how does it ensure that it does not disappoint this big important customer? Because obviously, this customer is coming off of a situation where they were not happy with their incumbent provider. First, we've made the investment. It's done. There's. What does that mean? You went out and bought some towels and linens or? Once we won the deal, they gave us allocated supply. Again, it's so important for the investors to understand you have to have the supplier relationships, the towel provider, the amenities provider, and the other ones we've signed up. We cut contracts with them. We connected EDI perspective, did all the work you would do to onboard a customer in very, very record time. They said it's faster than anything they've seen before. What I did is I lined the company up three days a week, Monday, Wednesday, Friday. We looked at this opportunity. At my level, across probably 100 people on the call, where are we at across every specter of this business? We went off and executed and got ourselves because we saw the opportunity. I said, "This is the pivot to change the valuation of this company dramatically and have a multiple of a B2B distributor versus a retailer that's less than a 2X EBITDA." That's the opportunity. We've already made the supply chain investment. We've made the inventory investment. Now, if they go off and hyper-grow the business, we might have to put some cash in just the inventory. That's just a one-time and that's going to pay out. From an execution perspective, we're keeping the same maniacal focus on execution of, again, I ran a $60 billion supply chain. I had daily business reviews every single day across Lenovo supply chain. We're going to continue to re-review this three times a week at my level to make sure we don't fumble the ball, we don't drop the ball, whatever analogy you want to use. We're going to make sure we are flawless with execution across this. They've been a great partner. If we do make a mistake or we're not getting clarity of forecasting, we have built a really good relationship. I've moved some of our more experienced leaders in the organization into helping manage the ramp of that business. Additionally, we're reallocating resources from a sales perspective from the traditional core and hiring talent that comes from that sector, from the hospitality sector as well. We're looking at go-to-market. We've tested the web interface. We've tested the supply chain. I mean, there is a very rigorous process to ramp this business up. We're not going to mess this up because this is the opportunity. This is the inflection point for our company. I'm a very large shareholder in this company. I didn't monetize my compensation. I've kept it invested in the company. It is important because I believe this is going to fundamentally change the path. Put your money where your mouth is. That makes a ton of sense. Now, with that being said, are there cultural differences with this industry versus they do not order differently or anything like that? We're learning some. There's some speed and timing differences. Can you give us an example? Like if someone's ordering some paper clips and pins, they might not need it till next week, whereas if they do towels. Often suppliers tend to historically have more frequent deliveries. Got you. This is more, "Hey, I want it every two weeks. Here's what I want." That is why the visibility software I have, having that pane of glass they can look into and say, "This is my franchise as I own." We can schedule those deliveries. We can fill the trucks up, which is economical for both sides from a cost perspective. It is nothing out of the ordinary. As I keep saying, it is a similar supply chain motion. Yes, we are still learning and we are trying to figure that out. The potential is there. We are trying to make sure that we do not overestimate to the street or underestimate to the street. We're just saying, "Give us some time to learn and ramp this up because once we dial this in, we'll know exactly what we go off and go do." The goal is this is the first. Where's the second signing? Where's the third signing? Just without giving too much, the way this works is you have an umbrella brand or multiple brands and then independent operators who then are able to buy these products from ODP Corporation. Presumably, as these independent operators talk and say, "Wow, I just got some wee towels from ODP Corporation, and they were delivered on time in full with a great experience," it builds upon itself. Is that fair? 100%. Why they came searching was the other person was gapped out of supply, did not have ability, and franchisees did not have product. You have to have shampoo in the hotels. You have to have sheets and towels. You have to have slippers and robes and hangers. I mean, you cannot not deliver that. It is also a highly curated offering, right? In other words, these franchisees, where they might have a group of hotels under another brand, they cannot just go off and say, "Oh, I am going to go try this brand of towel or that brand of towel or linens." It is really part of the brand of the hotel itself, right? They have to adhere to a certain standard. That is really key because if you think about the traditional office supplies. Or they lose their franchise. They lose their franchise. The traditional office supplies business, right? You have leakage. You have people who will buy off contract. That happens all the time. It's always happened. In the hospitality area, you don't have that because they can't go buy off of contract of, "I'm going to buy towels off of this online provider or that online provider." They have to have a certain standard, certain qualified product that they can bring in. That business is super attractive to us. No leakage. We have the muscle memory. No leakage. We have the muscle memory. We have the supply chain, the business relationships, right? We already have a lot of trust with these companies because we serve a lot of them today, right? They know us. They understand that we're a reliable source. That puts us in a good position. If you had to guess what percentage of the sites you might be already delivering office supplies to, is it in the low teens, 5%? Oh, much higher than that. Much higher. You already have that muscle memory of, "We know that in rural Texas, there's a hotel that we're already occasionally bringing some paper and ink and toner to, and now we're. The work now is really on go-to-market, just getting that message out to the customer or the end customer or the franchisee knows, "Hey, I'm not just buying office supplies or ink and toner or a PC from these guys. I can buy my whole basket, one delivery, boom." That is what we're excited by. The website work we've done with the partner is we'll have a curated assortment across the board of products. Again, if they're already a customer, we go in and just it makes it easy for them. Got you. We talked a lot about retail. We talked a lot about B2B. I want to talk about Veyer, which again, will be one of the enduring legacies of Gerry Smith's tenure at the ODP Corporation, just creating this structure that can leverage some of the existing capabilities. Just to put it in very real and simple terms, what it means, what the Veyer business is, where ODP Corporation is already sending a truck from XYZ site to ABC Distribution Center. So that distribution capability, that space on that truck could be monetized. Which we're doing today. Especially through this to be unnamed social media company as an example. Yeah. For them specifically, we're doing the actual 3PL work within the DC. The product comes in. They've got tons of orders going on from a marketplace perspective. We do the pick, the sort, and the shipment out to them. It is a great business because it's right in our core of what we're really good at from a 3PL perspective. Yep. A, so you've had some nice wins. How is the receptivity to doing more business with more customers? B, how should we think about the inflection point that this really starts to move the needle? I think that the big e-commerce, social media went and put a lot of credibility out there of, "Oh, they're doing it for these guys." I mean, that's. It's MySpace. No, it's. It's popular. Gerry just got a couple of beads of sweat, but we're good. No, it's a significant partner. I think we have had a number of other logo wins. We've got apparel companies, cosmetic companies, water, you name it, we've got logos across that. The goal is now that we have this affirmation, I think also the win on the hospitality side because of our supply chain capabilities is such an affirmation point of, "Oh, okay, let's look at these guys differently." I think we're just, I mean, John and team have done a good job of methodically building that. We had to get a 3PL tech stack in place. It is important to understand that most companies just have a 1PL, which means they can ingest their inventory and ship it, but they can't bring someone else's in. We have the capability to intermix inventory and bring someone else's inventory in, keep it separate theoretically, and then ship it back out too. That came live after five years of work in January. This is all timing-wise lining up. I think now it's a matter of new sales leader we're in place. We're going to go leverage some of the other signings we've had that have some interest from a 3PL perspective as well. It's now time to go off and execute the sales piece. It's early still. The potential, there's two real huge values. One, obviously, is I'd love to see John in the hundreds of millions of dollars business five years from now with it's a 15-20-point business from an EBITDA perspective. Obviously, much more creative than the traditional business. The other piece it does is it fills capacity. Again, why we were so successful at Lenovo is we went from number five to number one. We filled capacity. Then your costs scale like crazy to the competitive side. That's what I'm trying to do here is across the core wins, across hospitality, across the 3PL, and across Optimized for Growth. We're optimizing our fixed cost structure, which we should see when we are successful, a significant EBITDA absorption, excuse me, fixed cost absorption, which will drive an EBITDA lift across the business. Got you. I'm pulling three different levers on the growth side, plus the other side of, "You know we're good at cost." You've said that before. Okay, we're going to go find we did great SG&A. We're going to go find to a fixed cost structure across the business. Got you. The quick and dirty, manage the retail business, maximize growth. Cash and margin. Cash and margin, maintain significant flexibility. Core office supplies, operating in a challenging sector, very competitive, but ODP has a right to win the balance sheet, the flexibility to come out of this cycle, which will eventually occur. On top of that, there's a plethora of new business wins that will layer on top of that as the recovery. Hospitality in a huge way, 3PL in a significant way. All drive the strategic number one initiative is get accretive growth to drive our fixed cost structure across the business. If there was a criticism or maybe some constructive feedback coming out of the quarter, it was in light of all this, what was the thought process behind not giving more concrete financial guidance? Primarily the fact all these vectors are converging at the same time. We are trying to get line of sight into the flow of that information, which is. We tried coming out and giving a guidance that cash will be better, which I think was important to have that message. We are confident that is going to happen. Tim, once you jump in. Yeah. No, I think just directionally on cash, that was key. The fact that our balance sheet is only going to strengthen, right? Those two key components, as well as just understanding we just turned on the switch for hospitality a couple of weeks ago, right? Understanding the buying patterns, how customers buy, what's that cycle look like, understanding that, plus we're executing our Optimized for Growth plan, which is another big restructuring plan. All those things coming together, we wanted to get a little bit more under our belt to see what that flow is so that we can give a much better accurate picture. We think things are obviously beginning to stabilize and improve just on the traditional business. Now we're moving into the hospitality space, which is a space that's as big, if not bigger, obviously, than traditional office products, plus with a limited number of competitors because the requirements are so high to get into this space and no leakage. I mean, the opportunity for us is immense. We want to get a little bit more under our belt so we can start to more specifically lay out where we think EBITDA is going to land for the year, what that trajectory looks like, which we intend to do when we have a little bit more clarity on that. It's the opportunity for us, cash better, balance sheet getting stronger, and then coming back with more specific look for the rest of 2025 and beyond because this is we're not building something for 2025. We're building something for the long term. 2026, 2027, 2028, 2029. Yeah, exactly. We're positioned. I mean, it goes back to our muscle memory of supply chain, our distribution capabilities, our balance sheet. We have a very large B2B customer base that we've built trust with. We're leveraging all those assets, not just in traditional. We're going to hospitality. We have all this other space, right? Leverage those things that are the same mechanism, the same motion in order to grow. That's what we're excited about. Where I want to conclude is you have a lot that's in your control, and you're not sitting still. Correct. Exactly. Correct. Exactly. As we sit here a year from now, and I'm going to mandate that Tim brings the team back, if something hadn't gone according to your plan, what would that be? Is it going to be macro? Is it going to be the state of the industry? How do you think about that? I think we're aware of the macroeconomic challenges. I mean, obviously, if there was a worldwide severe recession, that's different. If it's what we saw in 2024 and 2025, and again, some people said 2024 was a great year, but if you're in AI, it was. Yeah, right. If you're in video, it was. If you really dig down in and double-click down, I mean. It's been challenging. It's been challenging for everyone. I'm expecting for, I'm anticipating more of the same to operate. It's going to be tough. Obviously, keep that maniacal cost focus and just execution piece. My number one focus is let's go surprise ourselves by outperforming in hospitality and 3PL and these two new relationships we have on the traditional side. Yep. Great job. Thank you. Please join me in thanking Gerry and Tim and the team for a wonderful.