Good morning, and thank you for joining PFG's 2025 Investor Day. I'm Bill Marshall, Senior Vice President of Investor Relations. We have a great lineup of presentations for you today, but before we get started, a few remarks and housekeeping items. Our program will run for about three hours, which includes plenty of time for questions following our prepared remarks. We will try to address as many questions as possible during the Q&A session before breaking for lunch. On that note, I want to thank the team of chefs who have been busy preparing the wonderful menu for our breakfast and lunch today. We are excited to share some of the delicious food that our Company provides. During the lunch, you will also be able to see a live demonstration of our customer-first online ordering platform. Our Company's strategy is to be a leading distributor across the food- away- from- home industry. Our three segments work together on a range of initiatives to generate top and bottom line growth. We believe this sets PFG apart and provides a competitive advantage. We have branded this collaboration as PFG One. This is a theme you should hear throughout the day. We are excited to share how the PFG One platform is already creating new sales opportunities and making our Company more efficient. Before turning it over to George, just a few reminders from our lawyers. During our presentation today, we will discuss GAAP and non-GAAP measures adjusted for certain items. The reconciliations of these non-GAAP measures to the corresponding GAAP measures can be found at the back of the presentation materials. During the Q&A, at the end of today's presentation, we may refer to our third quarter results, including GAAP and non-GAAP measures adjusted for certain items. The reconciliation of these non-GAAP measures to the corresponding GAAP measures can be found in our earnings release posted on our website. Our presentation will also contain forward-looking statements and projections of future results. Please review the cautionary forward-looking statement section in today's release or our SEC filings for various factors that could cause our actual results to differ materially from our forward-looking statements and projections. Now, I'd like to turn it over to George. Good morning, everyone, and thanks for joining us today. Before I get started, I'm just going to do a quick introduction of the people who are going to speak today. Start with Liz Mountjoy. Liz is our Senior VP of Strategy and M&A, and she's been with us since December, no, November of 2019. So she had the privilege of coming in one month before we closed on Reinhart and a good introduction to the job, and three months before COVID hit. Then she went through the purchase of Core-Mark and Cheney, the two big ones, and several smaller ones. She came to us with a great background in both consulting and M&A. Second would be Scott Barnewolt. Scott Barnewolt, Scott Barnewolt, he's in the back here. Scott McPherson, who's our President and COO. Scott came to us from Core-Mark, great background, obviously, in convenience, but has had the responsibility for three years for Vistar, two years for Performance Foods ervice. He has really learned our industry and is a big believer in the strategy that we have, particularly in Foods ervice. Erica Davis, she is our Executive Vice President, Chief Human Resources Officer. She also came in 2019, so a little ahead of Liz and did not quite come in just before COVID, but had to deal with that. You can imagine running HR and having to deal with that. She came to us with a background in distribution for several years. I think the biggest contribution is that she does a tremendous job of handling our centralized HR functions. At the same time, she has a great respect for the autonomy we give our businesses and our operating people. Patrick Hatcher, he's much more long term. He's been with us since 2010, started out as the CFO of our Vistar business in Denver. Once we saw the talent that we had there, we decided we better give him some different opportunities. He learned a little bit more about how we do things. He was the Senior VP of Sales and Marketing, which he did a great job. Moved from that to President of Vistar and then came to corporate as our CFO. I said to him he had big shoes to fill two times in a row as he became the President of Vistar and the EVP and CFO. You can see from this chart, these are our three main businesses. We have some smaller businesses. They're all very separate businesses, but they have much in common from a customer standpoint and from a supplier standpoint. As you can see, their financial parts of the businesses are very different. Performance Foods ervice, we have several broadline companies. They're our most profitable within that division, and they run a little bit over a 5% EBITDA. We have on the total opposite side, we have our chain-only distribution centers, our legacy customized from Performance, and Reinhart has three of those as well. They're very low EBITDA margins, but excellent return on capital and return of the gross profit dollars to the bottom line. We have companies that are kind of a combination of specialty, primarily pizza, some Hispanic, and we have chain business in those as well. Convenience is pretty purely convenience, and we do have a Canadian part of that. Vistar, which we now call specialty, it is truly that. It is in so many different channels. I think it is about 11 right now. I am probably wrong. It may be 12 by now, but a great business. It is characterized by many very low-cost items that are pick and pack all the way up to very expensive items. The EBITDA margins are very different by business, but when you put it all together, it runs between that 6.5%-7% range. This here, I think, just gives you an idea of our scale. We have gained a lot over the last few years. We have had three big acquisitions. You will hear more about procurement from Scott and from Patrick, but we feel like with the scale that we have added, we are in a little different position from a procurement standpoint, and we have some real specific goals around that area. Also, we do have customers in common between each of those three businesses. As a matter of fact, I met a couple of weeks ago with one that is going to give us an opportunity to give them a program on their foodservice, but today they buy from convenience through Core-Mark, and they buy from Vistar as well. Okay, this is our map, and that shows our corporate headquarters. This is our Foodservice business. It has those companies that are strictly national account. If you look in the West, we have a small broadliner that's in the Bay Area. Other than Texas, everything west of the Mississippi is in that category of being partly pizza or pizza Hispanic and then chain business. We have a lot of white space in the West, and Liz will comment on that later. Okay, I think I hit that one extra time. All right, this shows our Convenience business in there as well. We do have national coverage in convenience. As I said, we did not in Performance Foods ervice, especially from an independent standpoint. We also have part of Canada covered, strictly the English-speaking part of Canada. Actually, it has been a good growth vehicle for us in the last year. Vistar, also, we have national coverage there. We have the Green Rabbit facilities as part of it. There are six of those pick and pack facilities. There, we do not have what we would call national coverage. We need to have more to get to next-day service, but that is in our plan as well. I think this is a great one here. It just shows the size of our available market at $787 billion. I think the biggest thing I would like to say with that is that we are in our early stages of growth. Obviously, at the size we're at now, it's much more difficult to be a double-digit top-line grower. With our mix of business and where our growth has been running, we see the ability to continue to run double-digit EBITDA growth. This gives a little bit more detail. You can see that in convenience and in specialty, our available market today is not as big as the addressable market. Even in Foodservice, we are really not a Company today that spends any real amount of time on Healthcare business, Hospitals, Nursing homes, contract feeders other than within Vistar. We do not hit much on the lodging area. If you take those three areas, which are very large, it's about 8% of our business. We have a great opportunity there from a Food service standpoint. In convenience, what we did is we took out the alcohol DSD, even though we feel that we have a future as it gets more and more expensive to do that DSD and get some of those products onto our truck. Also, there are several of the large ones, large chains that are self-distribution. Food service was like that many years ago, and we hope that is an opportunity for us in the future as well. Even when you take those things out, it is a $560 billion addressable available market. It is quite an industry we are in. I will say it one more time, we are in the early stages of our growth. As far as kind of our strategic roadmap goes, it is not much different than it has been before, not much different than what we talked about three years ago in Investor Day. It is driving sales growth. We are fanatic about making sure that we are growing our business and growing it profitably. People and culture, real important to us, and you will hear more from Erica about that. Technology, not something that we are known for. You will hear a little bit from Scott about that as well, but we take it very serious. We have made some great progress from a point of sale material and a digital way for customers to place their orders. Here with technology, we are talking more about the things that we do from a Warehousing and Delivery standpoint. Scott will touch on that as well. I look forward to, when we all get done, answering some questions, and I'm going to have Liz come up. All right, hello everyone. Thanks, George. Great to be here with you all this morning. George told me to be careful of the clicker, that if I hit it too hard, it will go twice. Let's see, I'll just start here with PFG One. Bill referenced this, and you'll hear us talk about PFG One throughout the course of the day today. It represents the opportunity that we see for PFG to lead in food-away-from-home. My role here is to talk to you about our M&A strategy. I wanted to put this slide up because our M&A strategy goes to support this broader enterprise strategy. I think that the acquisitions that we've made over the past five years have gone a long way to strengthen this operating model. I can look down here. I keep looking back that way. Today, as far as the topics I'll cover, and I have just a brief presentation, but I'm going to talk to you about our M&A priorities, the approach that we take, and I think the advantages of our approach, as well as some specific examples of our success. Going into the priorities, first and foremost, we'll continue to focus on our core Foodservice business. We think that we have a long runway for continued inorganic growth. George just said we're just getting started, and he showed you that map. I think that map highlights the fact that we continue to have a lot of white space in key markets, including the Western half of the U.S. Secondly, we also have a long history of opportunistically pursuing targets that go to further our operational or financial objectives. Some of these are smaller acquisitions that we've made in the Foodservice space that we haven't talked about, or even outside of Foodservice in some of our other business segments, but they've always given us some kind of operational or financial advantage. A couple of the ones I want to highlight for you, and George referenced Green Rabbit. That gave us better access, I think, to the growing e-com space, which is an exciting new growth channel. We have a lot more I think we can do there. Scott's, I know, going to highlight that for all of you. We've also made some acquisitions in what we call our manufacturing group. Within manufacturing, the acquisitions we've made have brought new capabilities to PFG. A couple of examples to share. We have a Coffee Roasting business now. We also have the capability to do oil blending, which is pretty exciting. Both of those are just examples of where we have new capabilities that have helped us to capture more of the margin in some of our big spend categories across the business. Lastly, I want to make sure that I share with you that we're always keeping an eye out on the longer term. While we have a lot of close-in opportunities, we're always thinking about what are the adjacencies that are close into what we do, what would make sense for PFG over the long term, and making sure that as a team, we're consistently evaluating the landscape and who the potential targets could be in some of those close-in adjacencies so that if the right opportunity comes along, we're ready and prepared to act quickly. As far as our M&A approach, when we're thinking through those priorities, we're always looking at targets that are growth-oriented, line up to things that are going on in the market and are a good fit for our business. I know I shared this slide with you all three years ago. It continues to be the lens that we use to look at potential acquisitions. To me, I think stepping back and making sure we're always checking in on these three areas helps to ensure that the acquisitions we make are the right ones for us, we're paying the right price, and we're setting ourselves up for acquisition or for integration success, making sure that it's going to be a good fit and that it's going to work with the PFG family over the long term. I said I would talk to you a little bit about the advantages, I think, of our approach. I do want to share that with you. Our deal sourcing, to me, has been an advantage. We have a seasoned and highly connected team. George mentioned that when he introduced the speakers, some of our experience, we also have a great group of folks in the back that I hope you all get a chance to interact with, with a lot of experience, deep ties within the industry. In addition to the people in this room, the people all across our business in the field are so connected, and that's very helpful in having the relationships that I think are necessary to making sure that when someone's ready to sell their business, PFG is going to get a call. As far as our diligence process, I've been here five and a half years. We have been using a pretty consistent process to evaluate the different targets that we look at. With each different acquisition we do, we learn a little something, we refine our process a bit, but we've really applied a consistent approach. I think that's helped to make sure that the people we bring into our business from the different functional areas, they know what's coming. They know how to evaluate the different businesses we're looking at. We're going into any acquisition, once we close, we're eyes wide open to what the challenges are going to be, as well as the upside opportunity that we're going to have as we integrate the business, which then takes me to integration. I like the word balance here. That's really the approach we take. We're buying these businesses for a reason. We like the strengths that they're bringing to PFG. We're really trying to balance the appreciation for that with the resources and tools that we can offer as a big Company to these businesses. Striking the right balance there is important. I think of it a little bit like a pull approach. We're giving you these resources, the Company as we're integrating them, and they can pull those resources or tools in in a way that feels appropriate for them. We're always keeping an eye out for the commitments we've made as far as the financial targets with any acquisition, but we're doing it in a balanced way. That sort of brings me back full circle to deal sourcing. I think the companies that we've acquired would have good things to say about becoming a part of the PFG family. That's helped us have a good reputation in the industry as an attractive acquirer. Cheney Brothers and Jose Santiago, I know you all have heard us talk about these two. We're super proud of these acquisitions. The thing I wanted to highlight for you all is that, to me, both of these illustrate what I just talked about as far as the lens that we're considering when we're thinking about different acquisitions and our particular strengths. As far as the lens that we look at, I talked about we're always wanting to find acquisitions that support our growth story. Both of these businesses have really attractive financial profiles and had continued to grow. For us, they're filling in really nice white space in growing markets, which goes to that meeting of what's going on from a market dynamic perspective. Both geographies are very strong geographies for us to fill in. Additionally, both Cheney Brothers and Jose Santiago have strong sales-oriented cultures. I know you all have heard us talk about how oriented we are around growth in our sales force. Both of these companies felt the same way. It was a good fit from the start. As far as the strengths, I said regarding our process, both of these companies, while they came into us in different ways, Jose Santiago was part of a formal process, and Cheney Brothers came in directly through our relationships. I think while they came in from different ways, both companies would say that the relationships that they had with the PFG team, both before we went into the diligence process and the relationships that we built throughout diligence, were a key factor in their decision to ultimately go with PFG as the buyer. We brought our subject matter experts in early to study both of these businesses and get to know them. We built our forecast model from the ground up for both of these businesses, really just, again, that whole idea of going in eyes wide open, following the consistent process that we use to evaluate businesses. I think we did a great job on diligence with both of these two. From an integration perspective, we're off to a great start with both companies. I'm happy to say that it's the same management team in place today as existed or was there before they became a PFG Company. That business continuity is important. It goes to the value of the relationships, again, and how important it is that the people in both of these companies see their management team still there and can trust that this is going to be a comfortable integration process and they're going to be valued members of the PFG family. We're offering both of these companies the resources that PFG brings to bear and balancing that with a respect for the strengths that they have, the customer relationships that they already have in place, and the reputations they've built in their markets. All right, a couple of success proof points. There are some fun facts here that I think you'll enjoy. 108 is the number of new locations that we've added through acquisitions over the past five and a half year period. That is a 146% increase in that same time period. To me, that talks a lot to scale. It also, I think, speaks to our success with integration. Those are a lot of businesses to integrate. We've done that and I think continued to deliver the strong financial results that you all see. The next two metrics highlight some of the new capabilities that we've added in our growth opportunities within PFG. 19.5 is the CAGR in dollar for foodservice cases sold into convenience. That's since 2020. 2.6 is the annualized volume for 2025 for cases PFG has purchased from our manufacturing group. That's a 50% CAGR since 2021. A lot of growth happening with food into convenience as well as some of those manufacturing businesses that I mentioned earlier. Finally, the last two metrics on the page showcase the strong execution we have once we've closed on a target. We always set a three-year synergy target when we're evaluating the businesses and thinking through the financial models. José Santiago is a really recent example. With the three-year synergy target we have there, we've already captured 40% of our procurement synergy. It's just been under a year. You can see we're tracking ahead of schedule for capturing our synergies with José Santiago as one example. I have under three years here because anytime we've publicly announced synergies, we have always delivered. Even when we set a three-year synergy target, we've always delivered within that time frame, usually ahead of schedule. Okay. In conclusion, we've added attractive businesses to the PFG family. You'll see some of them listed here on the left-hand side of your screen within that PFG One framework. They've brought us strong category opportunities and share growth, new capabilities, and valued leaders and employees. The message I want to leave you with is that we have a proven track record. We'll continue to follow our successful formula, and we're excited about the many opportunities ahead. I'm going to pass it to Scott to talk about our Business segments. All right, good morning, everybody. I was thinking about Liz's last two slides. I think those are bragging slides. She's done a great job with our M&A practice since she's been here. As Liz mentioned, I'm going to talk about our three business segments in this first section, and then I'm going to be back on stage talking about five really key strategic levers that we think differentiate our Company and our business. I'm going to jump right in and really thinking about our Business segments. I know Bill mentioned PFG One and what does that mean to us. I think back three years ago, we had an Investor Day. I was new to the Company by way of acquisition. I have a unique perspective on how we handle M&A. It was an incredible experience. I think what makes PFG great in the M&A space is really how we approach targets, looking for companies that are like-minded, that have great leadership teams. We go through an incredible diligence process. I've experienced it. Liz does an incredible job with diligence to really take out the surprises and make sure we understand what we're buying. I think the real secret sauce in how we approach M&A is we realize when it's time to get out of the way and let those management teams really lead those companies. We try and support them, help them with growth initiatives. At the end of the day, they become the fabric of PFG. That was really my experience over my first year. Over the last two years, I've had the opportunity to run our three business segments. That is obviously Vistar, our PFS segment, and then Convenience. It has been a great journey. Jumping into that and thinking about PFG One and the food-away-from-home space, the first thing I think about is just how do we leverage those business segments? That is a lot of what I am going to talk about today, how we have leveraged those segments to make it a more powerful Company. The second icon there is really about growth. When people talk about PFG, a lot of times you hear the word growth. In our Company, a lot of people refer to George as somebody that is maniacal about growth. That is true. George, whether it is an independent customer, a chain customer, whether it is M&A, George is the first one to say, "I will be there," and ask them for their business. That really filters down through our organization. All of our segment leaders, they're really growth-focused people. The other thing I'm really proud about is the efficiencies we've created across our segments. It's something we've really worked on, not just on the logistics side of the business, but also our interaction with our customer. The last thing I would say is value. When I think about value, I think about our customer and that value proposition that we bring to our customers. We feel really great across all three segments about the value proposition that we've created. The last one is just positioning. When I think about companies, sometimes it's hard not to look a day ahead, a week ahead, and get caught up in that minutia. I think we do a great job, and George really has a great perspective on this, of thinking out a year, thinking out three years, thinking out five years. We feel like positioning our Company in that way is a great return for our investors. This next slide before I click the button here, I want to take you on a little journey. I want you to think about the food-away-from-home space. If you look in the top right of this slide, you're going to see Foodservice is represented by a red shaded icon, Convenience orange, and Specialty green. You look across the slide there, you see a lot of reds, a lot of greens, and some that have mixed shades in there as well. I want you to think about a family of four. You got two working parents, you've got a child at home, and you've got a child off to college. Typical Monday morning, one of the parents is headed to the airport. They've got a business trip. They go to the airport, they get there early, and they go into a restaurant there and they have breakfast. Before they jump on the plane, they go into a convenience store in the airport and they grab a bottle of water for that flight. They fly halfway across the country. Flights are always on time. They landed on time, they got to the hotel, they put their stuff away in their room, and then they went to a dinner with a coworker. Had a great dinner, come back to that hotel. What do you do when you come back to the hotel? You go into the micro market in the hotel, you grab a water to have on the bedstand. Next day comes, they're up early, they're headed to the corporate office, and they got to start with some caffeine. So they got coffee at the hotel. They head to the corporate office, they have a couple of meetings, and then midday, they head down to the office micro market. They grab a little lunch, they grab a soda. And then throughout the day, they got to fuel back up on the caffeine, so more coffee in the office, finish their day in a restaurant somewhere. You think about that. That's eight touch points, two days across three of our business segments. I want to take you through a couple more days. We have got another parent that is at home with a child, and they decide on Wednesday night they are going to go to a theater. Great time to talk about theater. Theater set a record weekend this last weekend in the box office. Huge weekend in the box office, which was great for us. You think about the parent and the child, they finish work, they finish school, and they head out to a QSR to grab a snack, little dinner before they go to the movie. We walk in the movie and what do we all do? We smell popcorn. We decide we are going to grab a bucket of popcorn, we are going to grab some candy, and we are going to grab a soda. Right there, we touched you 3x in the Vistar segment. But then what you do not think about is the oil that that popcorn was fried in, as Liz mentioned earlier, that came from our Oil Manufacturing Facility. So we are touching that with manufacturing. A lot of people do not know in here that we have a popcorn manufacturing facility. Does 20% of the popcorn in the U.S. So that popcorn was vertically integrated as well. So another set of touch points, multiple segments across that day. I am going to go one more day for you, and then I think you get the picture. I have got to get this last day in because I have got two college students. So you have got the college students, it is off to school. Of course, as a parent, you are paying for the meal plan. And so they get up in the morning, they have some breakfast on the meal plan, they head out to class. Midday, they stop in the bookstore, grab some snacks. At the end of the day, like my two kids, they're home and they're studying so hard that they don't have time to make dinner or to go back out on the meal plan. They order DoorDash, Uber, Uber Eats, and they have the meal brought to them. You find that on the credit card later. Again, you get the picture. In the food-away-from-home space, this company has created a great dynamic. We feel like we've got a lot of runway in the food-away-from-home space. I'm going to shift gears and really dig into our segments. I want to make sure that you all have a great understanding of what our segments look like. I'm going to start with Food service. When I think about our Foodservice segment, you can see the mix there. It's kind of a 60/40-ish mix. I'll start with independent. That's kind of the calling card of our Company. Really, because we're really proud of our sales organization, and they really are the ones that drive that independent growth for us. The reason we focus in the independent space in all of our segments is it tends to be a little more profitable. That's been a real calling card in the Foodservice space, but also really proud of what we're doing with the Chain segment as well. If you think about our last quarter, we grew chain cases in a macro that's really tough. That's because we've really top-sided our partnerships with chains. We have some of the more progressive and growing chains in the space. When you drop down to the bottom left there, you think about our mix. Obviously, family and casual is a big share at 26%. Pizza and Italian. Since inception, we've been really known as a powerhouse in pizza and Italian, representing 23%. When we get to Hispanic and bar and grill, two of our faster-growing segments, really all about our brands. We have great stickiness and great brands in those two spaces, and that's really fueling the growth. A couple of emerging ones down at the bottom there, retail and convenience, both segments that are growing very well. When you think about the scale of Foodservice, $32.1 billion, that's not what I'm proud of on that slide. What I'm proud of is the next number, $7.4 billion are our proprietary brands. When you think about those revenues, a lot of that is from the independent space. There are 175,000 customers across the U.S. and Puerto Rico, and 82% of those sales come from restaurants. Primarily in the Restaurant space. Thinking about a summary here, it's really we're the independent growth leader, and the reason for that is we invest in our sales organization. We're really proud of that sales organization. I'm really proud of what our chain group has done around rounding out that Chain portfolio and driving growth. My next slide on foodservice, I'm really going to kind of dig into strategic pathways, what we're doing strategically in the segment. Number one, growth focus. How are we driving growth? How are we performing in growth? I think a lot of it comes from a commission structure we've had in place for a couple of decades. It's really a commission structure where our salespeople can write their own paycheck. We are proud that we have a lot of our salespeople that are well into the six figures. They understand how to write their paycheck when they work for us. Training is a huge thing in Food service. I want you to think about a restaurant. We went to a couple of incredible restaurants while we were here. You think about the chef in the back of that restaurant. They are the expert when it comes to food, product knowledge about their restaurant. We are sending a sales rep in there to discuss with them what food products they should be carrying, how they should change their menu. We have to have highly trained salespeople, and we feel really good about where we are at from a training standpoint. Local decision-making. We talked a little bit about being decentralized. When you think about us in the food space, but even in convenience and specialty, when it comes to pricing, when it comes to products, when it comes to promotions, it's all done at the OpCo. We're as close to the customer as we can get. We feel that that's a big competitive advantage for us. 25,000 proprietary SKUs. All I think about when I say that is stickiness. That makes us sticky to our customer. Erica Davis is going to come up here in a little bit, our CHRO. We really value our number one asset, which is our people. The biggest portion of our workforce is in the Foodservice segment, 27,000 people. That is by far our number one asset in the Company. George mentioned, when you think about technology levers, we're not a company that pounds their chest about technology much. I'm really proud of what we do. I think we are really efficient in how we use technology across all three of our segments. I'm going to shift to Convenience now. You think about Convenience, you've got a little closer to a 50/50 mix. You've got independents at 53%. The independent definition is a little different. In Convenience, the independent definition is 50 stores or less. We like that balance. We like that balanced mix of customers. When you go to product mix, obviously there's a couple of things that jump off the page there. When you look at combustibles and other nicotine products, you see that 74% of the revenues come from nicotine products. A lot of that, as most of you know, is taxation, a good portion of that. What I want to point out here is you think of that 74% of the revenues, look off to the right and look at the 32% of our gross profit. 74% of the revenues only represents 32% of the gross profit. That is why we focus so hard on those other categories because it is 68% of the profit, and it is really the lion's share of the growth. We spend a lot of time in that Food, Foodservice category, even in the Candy and Beverage categories as well. From a scale standpoint, we are $24.3 billion in the Convenience space. We have 51,000 customers. I already touched on the gross profit. We are the largest Convenience store player in the space today in North America. We feel like this partnership with PFS and falling under the PFG umbrella and having that core competency of F oodservice is a big differentiator for us in Convenience. The last thing I'll say here is really we were able to announce on our last earnings call that we've picked up three sizable chains. These are great industry-leading chains in the space. We just feel really good about the quality of our portfolio of customers in the Convenience space. Strategic pathways. I'm going to give you a hint. The first one in all three segments is going to be growth. When I think about share growth in Convenience, this has been a really tough macro. Convenience has been a negative macro for two years, and we're growing in Convenience. We've gained share consistently over the past two years. When I think about our sales organization, one of the things we recognized when we made the purchase of Core-Mark was we had a commission structure that probably was stale. Everybody knows super sensitive to changing anybody's comp. We had a little bit of a secret weapon in the fact that we had a Foodservice Company that had had a commission structure for the last two decades that was very successful. We essentially lifted and shifted our Foodservice commission structure into Convenience. It's been incredibly powerful for us. It's had exactly the result we expected, which was to change behavior, drive growth, and we've started to see really great impacts from that. Turnkey Foodservice solutions. Should have brought water up here. Turnkey Foodservice solutions. When you think about that, it's really the capabilities we have as a Company, and we've created great turnkey solutions. I'm going to dig into that later. I'm all right, George. Thank you, though. I might jump down there and get it in a minute. Best in class operational performance. If I think about our three segments over the last three years, I think Convenience has been the most consistent from a productivity standpoint and from a customer order quality standpoint. All the segments are performing well, but I'd say this is the one segment that's really created a reputation in their industry of being best in class from a service standpoint. Proprietary brands. When you think about convenience, what do we think about? Snickers bars, Doritos, Pepsi, Coke. We think there's an opportunity to change that thinking. That is, we feel like with our capabilities and brands, to really bring brands to the Convenience channel. I am going to talk about that one opportunity that we have capitalized on in my second segment. Then customer-facing technology. When you think about technology in the Convenience space, the digital connection to the customer is incredibly important, more so than the other two channels. It has been in place for a long time. I can say without a doubt, I feel like we have the best tech stack from a customer-facing standpoint in the Convenience arena of anybody around. That is a big part of us attracting customers. I am going to now move on to S pecialty. I love this segment. Talk about a diverse segment. You look at the bar across the top, it looks very different than the other ones. As George mentioned, we're probably in 12 segments. I'm highlighting 10 here, but he's right, and we continue to look for new segments. When you look at that, you first look at Vending. Vending 41%. A lot of people say, "Wow, that's a big chunk." You got to kind of deconstruct vending. When we think about vending, when I think about it, I used to think about vending machines. That's not really what vending is. Vending is vending machines, unattended retail, micro markets. It's a dynamic space. I was in an airport last week, and in the vending machine, they have high-quality salads, produce, proteins. Even the vending machine has come a long way. Really dynamic space that we're playing in there. We see a big opportunity for foodservice in that space. E-commerce. I'm going to talk a lot about e-commerce and have a dedicated slide to that here in a couple of slides. But that's a platform that we see a huge growth opportunity in. I could go through the rest of them. Value, office coffee, theater, corrections, concessions. Very diverse mix of customers across this segment. When you look at the mix of products, obviously candy and snack are two of the big drivers. The categories that are really interesting to me is the fresh and frozen food because that's where the Food service is starting to emerge and really emerging in that Vending space in particular, but also emerging in theater and other channels. We're also shipping some of that through our e-comm platform because we do have frozen and chill capability. $4.8 billion in total revenue over 75,000 customers. You might say, "That's a lot of customers for only $4.8 billion in revenues." You got to go back to that e-commerce platform. Our small parcel shipments across the country really are able to expand our reach, and we can get to households and customers across the U.S. We have not talked about return to work, but I cannot tell you how incredibly positive that has been for us. The return to work across many of our segments plays a big part in us growing revenues and kind of getting back on track from a growth standpoint. We think the e-commerce platform has a long runway. Strategic pathways. Probably do not have to guess what the first one is talking about, growth. It is a little different in this segment. We have had a couple of headwinds. Obviously, theater has been a headwind. Those that follow the value channel know that's been a headwind. Outside of that, we're really doing a nice job of growing share in the rest of our segments and feel like we have a great pipeline. The diversity of customers and the diversity of segments creates complexity. The one thing I'd say about our Specialty segment is it's a high-touch, high-service model. It's a very complex model. That sales organization, they have to be very flexible to be able to keep customers happy in that space. We think that's great because it creates a little bit of insulation. The next two here, I'd say supplier solutions and the e-commerce platform. I'm going to kind of bucket those together. When you think about supplier solutions, I think about a manufacturing company. Think about a big confection company, a big snack company. Basically, when they have things on their website, if they have a new product launch, if they have a seasonal product that's out, you might go to their website and say, "Oh, I'm going to order that new candy bar or that new snack item." You think that comes from that manufacturer? It It doesn't. Many times that comes from us and through our e-commerce platform. We're doing a lot of manufacturer fulfillment through our e-comm platform. We're also doing a lot of big box retail. You think about check stands and big box retail, a good portion of them that you go to, if they're snacking candy, that's coming through our e-commerce platform. We see that as a really dynamic opportunity for us to grow. We also do third-party fulfillment for Amazon as well. I'm going to have one more slide on that. Proprietary brands. I talked about it in the Convenience segment. Those same items apply in the Specialty segment. We see a big opportunity to continue to expand our proprietary portfolio in these segments. Lastly, I'll touch on operational technology in this segment. When I think about our Specialty segment, or Vistar in particular, the thing that they've done exceptionally well is leverage their technology, really leveraging engineered standards, how they lay out their buildings to make them more efficient. I think about their last quarter performance. What I saw there was in a pressured macro where they had some sales headwinds, they had a really nice EBITDA gain. It was really because they'd become very efficient operationally. I've been teeing this up, but here's our e-commerce network. When you think about over a million sq ft across six distribution centers spread kind of equally across the U.S., and that million sq ft is tri-temperature. We have frozen, chill, and ambient. We're shipping over 9 million packages today, or we will in 2025, and that continues to grow. We have a really, really high on-time delivery. Basically, we have a proprietary algorithm that uses UPS, USPS, and FedEx. We are able to optimize delivery time and obviously cost to get the product to customers really efficiently. We average about one and a half shipping days. If you look at the bottom there, we can reach 96% of the U.S. population, and that's B2B and B2C, in two days. We can reach 54% in one day. We have capacity in that network today. I don't plan to have capacity there for long, so we're going to have to grow capacity eventually. I really feel like there's a big springboard there. I'm going to kind of completely shift gears on you and talk about a couple of collaborations that we've done. Kind of call it case studies, but this is a real-life example of a customer that when the acquisition of Core-Mark took place by PFG, Rutter's, and anybody that's in the Northeast should have probably been in a Rutter's. If you haven't, you should go to one. Rutter's is an incredible retailer. Their latest store is 14,000 sq ft with really high-quality food offering. It's got gaming. It's got basically a bar in there. They're very progressive, one of the leaders in our industry. They came to us and said, "Hey, this acquisition is interesting to us because we're big in the Foodservice space, but we're also big in the Convenience space. How does that benefit us?" Essentially, four years ago, we sat down with Rutter's, our PFS side, our Convenience side, and said, "What does a great partnership look like here?" We signed a three-year agreement. If you go to the bottom there, you have 7.5% three-year sales CAGR for our Foodservice segment. Think about that. This is in a pressured Convenience macro, and we're growing 7.5% three-year CAGR in Foodservice. We're growing 6.9% three-year CAGR in Convenience. At the bottom of that, there's a number there that is off the charts, a 19.8% increase in non-cigarette growth. That is outperforming the industry by a mile. Three-year sales CAGR overall is 7%. What I'm most proud about is we just signed a five-year extension. To think about that continued growth for another five years makes us really proud. They love this partnership, and we're really, really connected to them as a customer. The next one's a completely different collaboration. I talked a little bit about manufacturing. You think about manufacturing, talked about popcorn. 20% of the popcorn consumed in the U.S. is something that we supply. We haven't talked at all about our Cheese Facility. We have a Cheese Facility that processes millions of pounds of cheese, specializing in shreds and blends and diced cheese to support our pizza efforts. We have OLM, which is essentially Pizza Manufacturing, as well as Sandwich Construction. They basically make sandwiches. We also have an Oil Manufacturing Facility and a couple of other smaller ones. This isn't a big part of our business. We think of it as kind of a little secret weapon where we can create unique brands and unique value for our customers and for our Company. Here is the situation. We had a retailer partner, a Convenience partner of ours, come to us and say, "Hey, here is what we want. We want you to create a retail pizza that we can sell in the frozen case." A lot of you have been into a convenience store probably late at night and went in and bought a pizza you are going to take home and cook. It was probably $10.99 or $12.99. They said, "We want to have a high-quality pizza that is much more competitive retail." You can see that retail. It was $4.99, and it is a great product. We had our specialists, some of the chefs in the back, worked on this project. We created a great product. They said, "There's a catch here. We do not just want it to be a frozen pizza that goes in a retail case. In our stores that are able to cook products, we do not sell it by the pie and by the slice." For foodies in here, you would know that that is really tough to have the same crust work in both applications. We created a great product that they launched, and a year into it, they have sold 2 million pizzas. Thinking about creating value and stickiness to a customer. A little different scenario, hot takes, which some of them are in the back there. Anybody have a hot take sandwich this morning? Thank you. Two of them. Okay. I feel better now. If you've been in the convenience store space for a long time, I mean, breakfast sandwich is probably not the highest quality thing that you eat when it's wrapped and in a warmer. We set out to create a full line and really replace that kind of old-tire breakfast sandwich, much higher quality starch products, so either a biscuit or a bread on there, much higher quality sausage product, an egg product. The traction we've had has been fantastic. We've sold 1 million sandwiches in our first year. What's really interesting is this was designed for the Convenience store segment. Now it's being sold in our Foodservice segment, and now it's being sold in our Specialty segment. We're starting to see that attraction across our segments. This last side, there's a lot going on here. This is the last one I have in this section. On the left-hand side, I'm really going to try and hammer home our diversified business model and how pulling these three segments together really benefits our Company, our shareholders, our customers. On the right side, I'm kind of teeing up my second section today, just talking about competitive advantages, things that we think we do that are different, that create differentiation for our Company. The first one here, segment collaboration, driving growth. I just gave you that example. That Rutter's example is a prime example of that. We talked about our sales compensation model, being able to lift and shift and leverage that in two different segments. The complementary vendor portfolios, George touched on this. Patrick's going to kind of hammer the point home later. We feel like we have great partnerships with our vendors, and that's really a big value to us. The other thing we think we bring, when you think about that food-away-from-home space, who in the industry, nobody, has the touch of the food-away-from-home space that we can bring to a vendor? We bring what we think is a unique value proposition. We think that there's an opportunity, a win-win opportunity for our vendors and us to both make more money there. I think about our logistics footprint. When I think about logistics or any of us in here, we think about outbound. We think about what we ship from our warehouses to the distribution or to the customer. What I'm thinking about here is all the stuff that comes into our warehouses, comes from the vendor, the manufacturer, redistributor, you name it. How do we make that more efficient? I'm going to talk about a technology later that we're really keen on and focused in on. Customer connectivity. We're going to talk about our customer-first platform. There's a demo out in the lobby. Really thinking about an omnichannel ordering platform across all segments. Lastly, like I said, we don't pound our chest about technology much, but we've done a great job of leveraging technology to bring better outcomes for our customers, for our employees, and for our facilities. Shifting to the competitive advantage side, that decentralization thing, we're unique there. There are a lot of people in our space that think, "Oh, I'm going to centralize this more efficient," and they lose touch with the customer. We are close to the customer in all three of our segments. Like I said, pricing, products, promotion, those decisions are made in the field at the OpCos. Growth-focused. The hardest thing to do in any business is to grow consistently, trust me. I just feel like having that from the top of our organization to the bottom is really important. It's something that we start every meeting, every conversation is about growth. I think about e-commerce platform. I think I touched on that enough, but one thing I want you to think about is we kind of talked about shipping to customers in that segment, in that Specialty segment. Think about this. I'm a restaurant customer. I have a beach location. I'm on the Jersey Shore somewhere. I've got a great location where if I could sell sunglasses, if I could sell suntan lotion, but I'm a chef. I don't know where to get that stuff. You've got an ordering platform that can do that seamlessly, and you can get it through the e-commerce distribution network within a day and a half. A lot of times, it'd be next day. To me, again, a very powerful opportunity for us to leverage our e-commerce platform across our segments. Redistribution. A lot of people probably haven't heard much about that in our Company. We think that, again, it's a little bit of a secret weapon that I'm going to highlight in my next segment. It is really a way that we think brings value to our customer and our vendors. Our manufacturing capabilities, I think we touched on that enough, but we also feel, like I said, not a big part of our business, but again, a little bit of a secret weapon to create great brands, to create value for our customers. I always like to finish with operational execution because at the end of the day, if you do not operate efficiently, you are not going to be able to grow. We have done a great job of really pulling our segments together, operating efficiently, and just really proud of how the organization has responded there. With that, I am going to invite up Erica Davis. Erica Davis is a great friend and partner of mine. Erica is our CHRO, leads the people effort for our Company. She does a great job of making PFG a great place to work. Thank you. Yes. Good morning, everyone. How's everybody doing today? It's a pleasure to be with you today. I've been in distribution for most of my career, but I have to tell you, the last six years that I've been in food distribution, it's been the most fun. I also have to tell you the other side of it. It isn't kind to your waistline, but it is fun. As Chief Human Resources Officer, I'm really excited to be able to share with you today what positions us for success and what fuels our growth at PFG. And it's our people and culture. You've heard from Liz talk about mergers and acquisitions. You've heard Scott talk about our businesses. I'm here to tell you what's most important are our people and our culture. They make it happen, right? At PFG, our people are not just associates. They're the force behind our success. Our talent directly fuels our growth and our industry leadership. I'm going to share with you how our people and culture strategy strengthens our business impact. First, we're a Company that others seek out. Our reputation speaks for itself. I'm going to share with you a few examples of that. Our customers, they tell others about us. They tell others about Performance Food Group. Earlier this year, we gained some significant new business from an operator that sells hot and cold sandwiches. That operator had been with a competitor for a while. When they decided to shop around and do their due diligence, they spoke with other operators to see what type of experience they had with their current food distributors. After the process was completed, they reached out to us to let us know that they had selected us to be their partner. Of course, we were elated, excited. I think you know we're a really close-knit team, so we were doing our usual high fives, right? We always try to learn from these experiences because our goal is to get better. We always ask the question, "Why? Why did you select PFG?" They said, "When we spoke to operators that are currently using Performance Food Group, they said you provide reliable service, exceptional support. You take the utmost care of the customer's products." Most importantly, they said, "The operators really appreciate the relationship that they have with their local sales team." Talent. They want to work for us. They want to work for PFG. A crucial element of our sales success lies in our ability to attract and hire exceptional sales professionals who act as trusted advisors for our customers. Recently, we welcomed an associate who was highly successful at a major competitor. He transitioned to our company, was very excited about our culture, said he fit in. He was so inspired that he recruited his brother, who was also working at this competitor and who was also known as an exceptional sales professional. You're going to follow this along. You're going to know that we always ask the question, "Why?" because our goal is to get better and to improve the process and the experience of our associates and our customer. We asked this person, "Why did you want to join Performance Food Group?" and he said, "You know what? It's simple. It's really two reasons why I wanted to join." He said, "First, PFG has a culture that prioritizes the customer, making it easy for sales professionals to secure the win." He said, "You know I'm all about winning, so that was important to me." He said, "Number two, Performance Food Service sales compensation strategy empowers sales professionals to control their destinies through hard work and determination." He said, "You know I can control how hard I work, and I can control my determination." He said, "Those two things are very important, and here I am, and that's why I thought it was important to bring my brother along." Acquisitions. They choose us. They choose Performance Food Group. Liz mentioned José Santiago Inc. We recently acquired them. They're the largest broadline food distributor in Puerto Rico. When the four Santiago brothers decided that it was time for them to sell, they were interested in selling the business. They entertained several offers. They went through their due diligence process, and they notified us. They reached out to us and said, "You know what? We want to be a part of Performance Food Group." Just like my earlier stories, we asked the question, "Why?" When we asked the question, "Why this time?" my colleagues and I were having dinner with the four Santiago brothers in Puerto Rico. Again, we're high-fiving, celebrating, enjoying this moment. We said, "Why did you select us? Why did you select Performance Food Group?" They said, "You know throughout the process, every PFG associate that we interacted with, we felt comfortable with. We felt like we fit in. They They said, "We felt like we had known you for years." Our strong reputation is not just an asset. It is a competitive advantage. Building and sustaining a reputation like ours requires a deliberate strategy, commitment, and a culture that prioritizes both excellence and a sense of belonging. You heard the story about the Santiago brothers. They said they fit in with PFG. They felt like they belong, and they had known us for years, right? To meet and exceed our customers' expectations, we hire talent that understands our customer needs. Customer needs are constantly evolving, and we have to make sure that our talent understands those needs. This means investing in inclusive hiring practices, continuous learning, and providing career growth opportunities for our associates. The goal is to empower our people to innovate, collaborate, and drive meaningful impact. Empowered associates create exceptional customer experiences. We have a culture of autonomy and accountability. Our approach to both acquisition integrations and talent development is rooted in the same philosophy. We recognize and build on the strengths of individuals and organizations. We provide them with the freedom to operate independently. The strategy has proven successful for us time and time again. We have integrated over 22,000 associates through acquisitions since 2020, demonstrating our ability to unify teams while preserving the cultural strengths that make them thrive. Our goal is to try to keep intact the very reason we acquired them. It is very important to us. 63% of our leaders, yes, 63% of our leaders have been with PFG for five or more years. It truly is a testament to the environment we have built, one that keeps talent engaged, growing, and committed to our shared mission. For us, it is simple. When our people thrive, our customers succeed. A key driver of our long-term success is the investment we make in our talent pipeline. We do not just hire talent. We cultivate it, nurture it, and we create pathways for growth. We attract top entrepreneurial talent by valuing experience and offering a decentralized business model that empowers individuals to make an impact. I shared with you earlier that I have a background in distribution. When I was interviewing for this role with George and several of my colleagues, I noticed every single one of them asked the question, "Do you feel comfortable working in a decentralized matrix environment?" To be honest, I thought that was kind of odd because I am like, "I am coming from distribution. I'm coming from a decentralized environment. It was only after I had been working for 60 days that I realized that many companies say that they're decentralized, but we truly are decentralized. Whether you're starting from the top of your career or just starting your career or leading at the top, our leadership and sales programs empower you to grow and shape your career at PFG. Our succession planning programs and cross-segment assignments ensure that we're developing future leaders who can navigate complexity and drive success. By building a strong talent pipeline today, we secure our ability to lead and innovate tomorrow. Finally, we know that performance thrives in a culture of ownership, recognition, and reward. Our people don't just contribute. They take ownership of our success. When I first arrived at PFG, I spent the first 90-120 days in the field. I spent time riding on trucks with our drivers, riding in cars with our account managers, meeting customers, spent time with our OpCo Presidents, and talked to our associates doing first and second shift at the warehouse because it's really important that your HR leaders understand the business, right? It was interesting. There was one common theme across all of those conversations, regardless of who you were talking to, whether it was a warehouse associate or an OpCo President. It was one thing. They all wanted an employee stock purchase plan, right? They did. It was interesting. Apparently, they had wanted one for a while. The reason why they wanted an employee stock purchase plan is because they believe in the success and the future of Performance Food Group. You better believe, when I got back to corporate office, one of the first things that we did in my early tenure was to implement an employee stock purchase plan. Our folks want to be owners. They believe in PFG. At Performance Food Group, top performance isn't just encouraged. It's recognized, rewarded, and celebrated. When our people think and act like owners, we all win. Let me wrap up with this. Our people and culture strategy fuels our industry reputation, our customer focus, our talent pipeline, and performance. We will continue to invest in leadership and culture initiatives that enhance both the associate and the customer's experiences, ensuring our competitive advantage for years to come. At Performance Food Group, investing in people isn't a human resources initiative. It's a business growth strategy. Thank you so much for your time today, and I'll turn it over to Bill Marshall. Great. Thanks, Erica. We're going to take a little break. We'll take about a 15-20 minute break. We're going to start the webcast right back at 10:30. There are snacks and refreshments in the lobby area, and we'll be back with Scott McPherson. Thanks. She don't know. She don't see me. She don't care. She can't hear me. She can't hear. She cannot help me. She don't want. She don't want me. Like I want her. Like I want her. I gotta tell her. I have to tell her. That I love her. That I love her. She doesn't even know my name. She don't know me. She don't know. She don't see me. She don't care. She can't hear me. She can't hear. She cannot help me. She don't want. She don't want me. Like I want her. Like I want her. I gotta tell her. I have to tell her that I love her. That I love her. She don't know me. She don't want. She don't see me. She don't care. She can't hear me. She cannot help me. She She cannot help me. She help me. She don't want. She don't want. There she goes. There she goes again. Breaks everyone's brain. I just can't contain this feeling that remains. There she goes. There she goes again. She goes pulsing through my veins. I just can't contain this feeling that remains. There she goes. There she goes again. She calls my name. She calls my name. No one else can do that. I just can't contain this feeling that remains. There she goes. There she goes again. Chasing down my veins. I just can't contain this feeling that remains. There she goes. There she goes again. There again. There she goes again. There she goes again. You think you're on the rat track, cruising on the bridge in your great Cadillac. You think it's easy, walking on the water like they're stepping stones, but when every little thing's up for taking, oh, it makes me want to sing. My heart's breaking. Oh, there ain't no diamond ring you could buy me to take me home. Oh, 'cause I'm so sick of dreaming that I'm all that I'm needing. Ooh, you think you've seen it all, walking around the city with the sun at your back. You think you're so cool 'cause everybody knows you. What's so good about that? Every little thing's up for taking. Oh, it makes me want to sing. My heart's breaking. Oh, there ain't no diamond ring you could buy me to take me home. Oh, 'cause I'm so sick of dreaming. Oh, and I'm all that I'm needing. If you think that life is telly, suck a quarter deck, take a long look in the mirror and be good with that. Oh, 'cause I'm so sick of dreaming. He calls me up 15 minutes before the reservation and says he's got Knicks tickets instead. I mean, I was at the restaurant, so I took the steaks to go. I had two martinis at the bar and went to meet my friends down the street. I'm what a loser. I'm so sick of dreaming. And by the way, the Knicks lost. Oh, and I'm so sick of dreaming. And I'm all that I'm needing. If you think that life is telly, suck a quarter deck, take a long look in the mirror and be good with that. Oh, 'cause I'm so sick of dreaming. Watching through my fingers, watching through my fingers, shuts my eyes and counts to ten. It goes in one ear, out the other, one ear, out the other, burning bright right till the end. Now you'll be missing from the photographs, missing from the photographs. Watching through my fingers, watching through my fingers. In my thoughts, you're far away, and you are whistling a melody, whistling a melody, crystallizing clear as day. Oh, I can picture you so easily, picture you so easily. What's going to be left of the world if you're not in it? What's going to be left of the world? Oh, every minute and every hour, I miss you, I miss you, I miss you more. Every stumble and each misfire, I miss you, I miss you, I miss you more. Watching through my fingers, watching through my fingers. Caught off guard by your favorite song, I've been dancing at the funeral, dancing at the funeral, sleeping in the clothes you love. Such a shame we have to see them, shame we have to see them. What's going to be left of the world if you're not in it? What's going to be left of the world? Oh, every minute and every hour, I miss you, I miss you, I miss you more. Every stumble and each misfire, I miss you, I miss you, I miss you more. Come and see a party. Time to learn to live in the jungle. Now stop worrying and go and get dressed. You might have to excuse me. I've lost control of all of my senses. You might have to excuse me. I've lost control of all of my world. Get drunk, call me a fool, put me in my place, put me in my place. Pick me up, up off the floor, put me in my place, put me in my place. Every minute and every hour, I miss you, I miss you, I miss you more. Every stumble and each misfire, I miss you, I miss you, I miss you more. Watching through my fingers, watching through my fingers. 'Cause every minute and every hour, I miss you, I miss you, I miss you more. Hold on, I thought that I could take it from here. Oh, I thought that I was coming in clear. Now it's getting harder. Hold on, I thought that I was doing so well. Oh, like everything was under a spell. Now it's getting harder. I never loved you fully in the way I could. I fucked the current running just the way you would. And now I'm in the creek, and it's getting harder. I'm like falling water. Come on and tell me just what I'm supposed to say, as if it could be any other way. Oh, it's getting louder. Go on and tell me just how I cut out. Oh, it's like to end up somehow where it's getting darker. I never loved you fully in the way I could. I fucked the current running just the way you would. And now I'm stuck upstream, and it's getting harder. I'm like falling water, falling water, falling water. And I'm like falling water, set me free. Oh, like falling water down the stream. I never loved you fully in the way I could. I fucked the current running just the way you would. Now I'm in the creek, and if there's pain in everything I wish I could, I should have seen it coming from the way you said. Now I'm in the creek, and if there's pain in everything I wish I could be, I should have seen it coming from the way you would. I'm in the creek, and if there's pain in everything I wish I could be, I should have seen it coming from the way you would. Now I'm like it coming from the way you would. Now I'm like falling water in the creek. Oh, baby, I feel like music sounds better with you. I might bring us back together so good. I feel like music sounds better with you. I might bring us back together. I feel so good. I feel so good. Oh, baby, I feel like music sounds better with you. I might bring us back together so good. I feel like music sounds better with you. I might bring us back together. Bring us back together. I feel so good. I feel so good. Music sounds better with you. Oh, baby, I feel like music sounds better with you. I might bring us back together so good. I feel like music sounds better with you. I might bring us back together. Thanks so much, Eden. Yep. Just one more. Okay, we're going to give you a 60-second call here, and we'll get started. There's heavy on my mind. Then I look at you, and the world's all right with me. Just one look at you, and I know it's gonna be just a lovely day. There are not a lot. There we go. Okay, everybody's back. Hopefully, you did not eat too much. I saw somebody with two cookies, so I do not want them going to sleep. I did hear that we have got, I think we have like filet at lunch, so you are going to be in a food coma after that. I am glad I get up here now. As I talked about, I am going to really kind of hone in on five really strategic pathways that we have focused on as a Company that we think bring value to our Company, to our customers. No surprise to anybody in the room, I am going to start off with sales, something that drives growth and just kind of double-click on what we are doing from a sales standpoint across our segments. When I think about Foodservice, what are we doing in Performance Foodservice that creates differentiation in sales? The answer is consistency to me. We've made consistent investments in our sales organization, consistent investments in training, consistent compensation program for a couple of decades. That consistency has brought us great value, and it makes us a place where sales reps in the industry know what they get when they come to work for us. The other thing I think we've done really well is we've got a great focus on the independent customer, but we've built out a great chain organization, and we've attracted some of the top chains in the Foodservice Industry to our Company. That is why we're growing cases and chains in a macro that's negative. Really proud of the sales efforts across our Foodservice segment. When I think about the Convenience segment, I think about stealing with pride. They stole the commission structure, stole the training structure, but are leveraging that and doing a great job with it. Really, it's kind of been a springboard for them to get on track and really create that growth momentum. I think about our customer tech stack that I talked about in Convenience. Our salespeople know that tech stack really well, and they leverage that against our competition to sell. Our customers, if you come to the Center of Excellence, some of you were there three years ago, it looks very different today. That place is transforming all the time, and our technology in that segment is really powerful. Then turnkey Food service solutions. I've touched on it a couple of times. I've got a slide on it later, and I'll really dig into what that looks like. When I think about the Vistar segment, this is a segment that we talked about, had a little sales pressure in the first couple of quarters, really around theater and value. This is a segment that I think was really smart in how they invested in the sales organization. They identified this e-commerce platform and said, "We've got to have a separate selling effort against that." You can't have the same sales rep that is out there calling on a theater really focused on the e-com environment. We have invested in that e-commerce sales organization, also invested in our street sales force on the Vistar side. As I mentioned, I think Foodservice is going to be a big lever for our sales organization. The last thing I touch on there is just the complexity of our Specialty segment. When you think about the high touch, high service that we provide, we think it creates insulation, and we're really well positioned in that segment. This next slide is just at a really high level. You make that investment, we talk about that continuous investment in our sales organization. You look at the kind of post-COVID CAGR. We've made an 8% investment in our sales organization headcount. What's that given us? Just a couple of facts. We look at a bunch of different metrics, but it's given us 7% account growth. That's the CAGR over the last four years. It's given us 10% compounded proprietary performance brand, case growth, and independence. 10% proprietary brand growth in our independent customers. That investment in the sales force has paid off for us, and we're going to continue to make those investments. When I think about brands, first off, I get a sense of pride when I start talking about our brands. I talked about the 25,000+ brands that we're leveraging across the entire enterprise, primarily in Foodservice, but starting to see that spill into the other segments. That, to me, is stickiness. The $7.4 billion, to me, is our independent customers telling us that they believe in our brands. $7.4 billion of our revenues come from performance brands. That 10% compounded that I just talked about since 2021, again, that's our customers telling us they believe in our brands. Lastly, 53% of the sales that we make to our independent customers is our brands. Again, our customers saying, "We believe in your brands." We take those brands, and we make turnkey solutions out of them. You think about a turnkey solution that's leveraging our brand products. That creates a unique offer in the Convenience space that nobody else can replicate in the Convenience space. Nobody else has 25,000 brands that they can leverage to make turnkey solutions in that arena. I think about the Manufacturing. I gave you examples of what we're doing with Pizza Manufacturing. I think about what we can do in the pre-pop space in Convenience and in the Specialty segment. We're going to continue to leverage Manufacturing to create brands. Before I get away from this slide, I just want to mention a few brands that you'll be on the road, and you'll see Roma trucks. You'll see the Piancone brand. You'll see Bacio Cheese out there. Those are brands that really support our Pizza and Italian efforts, and they're best in class. For me, I look at my own fridge, and I promise you, you can look at my fridge. You're going to see Braveheart Beef. Unfortunately, my college-age son thinks that the filets are just everyday consumables. Then I see the Contigo Mexican products. Contigo Mexican line is fantastic. I spend a lot of time in Texas, and they've got great Mexican food there, but our Contigo line is second to none. Really proud of what we do in the brand space. I think about what does that do for us when I think about turnkey solutions. First off, what's a turnkey solution? Turnkey solution means in C onvenience store, we provide the equipment, we provide the avenue to get it installed and have it in your store, provide all the ingredients, the nutritionals, the SOPs and training, the menu boards. I can go on, but I think you get the picture. Turnkey solutions, and those are leveraging our brand. Again, creating differentiation. The other thing we do not have is royalties or initiation fees. They have the power of PFG one over the top of these turnkey solutions. I look at these solutions individually, and I think, what's the biggest obstacle of getting food into a Convenience store? It's labor and shrink. Those are the two things Convenience store operators are really concerned about. Every one of these solutions is scalable. When I look at Red Seal Pizza, we have a Red Seal Express where you can have one piece of equipment and make a high-quality pizza in a store. One person can man all of that, all the way up to a full, you're stretching dough, topping pizzas, and making a really high-quality restaurant pizza. I think about True-Q Barbeque. Probably the ease of entry there is it's a very simple program. You can be making high-quality brisket products, pulled pork products through that program. We have a lot of people that are using that as their entree into Food service. When I think about chicken strips, I think about my wife. My wife's a Texan, and she is a chicken strip connoisseur. And I'm not kidding. I can't even argue that this isn't the best chicken strip because she knows it is. We have a great chicken program with Perfectly Southern, and we do a great job leveraging that in the convenience space. I already talked about Contigo. The thing that's interesting is we built these for convenience. What's happening? We're seeing these spill into Bar and Grill. We're seeing them spill into Specialty retail. We're seeing them spill into our Specialty Vistar segment. So we're starting to see that kind of move into our other segments, which we feel great about. We love that. That turnkey solution is really powerful. So when I think about all these collaborations that are going on, I'm going to throw some numbers at you. So the first one in the top left, 17%. So what does that represent? That is our Performance Foodservice share into Convenience. So we have a 17% share now. That's been growing consistently. When you think about it for the last five years, why is that? Because our sales growth CAGR, foodservice into Convenience, is 12%. So we've been growing our cases at a rate of 12% in Convenience over the last five years. So obviously, our share of Foodservice into Convenience is growing up. The next one down here, the 30%, that's actually our Convenience segment selling into Convenience. Convenience selling Foodservice into Convenience. We measure that 30% represents our sales of non-nicotine products. 30% of what we sell in Convenience of our non-nicotine goods is Foodservice. That continues to grow. It's grown for five years. Really powerful in how we leverage margin and how we leverage our customers in Convenience. I think about the turnkey programs I just showed you. We've sold 1,500 turnkey programs. These programs have been in place for a couple of years. Probably close to 1,000 of those have been placed in the last year. Really seeing great growth there. We've got a long runway. You think about our number of customers. We talked about 50,000 in Convenience and 75,000 in Specialty and 175 in Food service. There is a long runway, but we feel like we are gaining a lot of traction there. The last two lines I am going to share with you together. Right now, we have a lot of collaboration going on between Food service and Convenience. Think about Rutter's when I talked about Rutter's. Think about the two chains we just picked up and how we are leveraging that partnership. Right now, we have 10 collaborations going where we are bidding on Convenience customers jointly with Food service and Convenience. Ten of those represent about $400 million in Food service sales and Convenience. Really impactful numbers when we are collaborating across our segments. I am going to shift gears, and I think everybody saw in the lobby there, we have our customer-first digital platform kind of on display. Why did we create this? What I call it is an omnichannel platform for all of our customers and all of our salespeople to order. One platform that we can leverage across our universe. We wanted it to be simple, easy to use. We wanted to build it on an architecture that we are going to use for a number of years going forward, modern architecture. We wanted to be able to create a great digital connection to our customers. That was kind of what we set out to do and something that would also help us drive growth. You think about that. We have created this digital omnichannel infrastructure, and how is that working for us, I guess, is the question, right? I think this next slide is really powerful. When you think about our digital connection to our customers, 67% of our customers have a digital connection to PFG. That represents 76% of the total sales that we make is through that digital connection. You think, that is a pretty good portion. Three quarters of your sales are coming through a digital connection. The 15%, I think, is a really interesting one because that is essentially we have an AI-enabled solution within Customer First that essentially looks at a customer's order history, order patterns, and makes suggested orders saying, "You probably forgot this." Beyond that, it is also looking at the segment that they have. If they are a Mexican restaurant, it is saying, "Here are items that are being sold in your market area that you probably want to add to your order." We have had a 15% take rate on that technology. Again, very powerful. We leverage that and feel like that will continue to get smarter and create more sales. Now, I am at the 5% down in the middle there. What does that represent? The 5% is essentially saying, very simple, if you have a digital connection with PFG, your sales are 5% higher. Everybody in the room is saying, "Why would you not try and have 100% digital connection, and you will have an immediate boost in sales growth, right?" That is not exactly true. I am going to tell you why. We like that digital connection, but we also like to meet our customers where they are at. We are not a Company that tries to push that digital connection on every customer. We have customers that like our sales reps to write the orders. We have customers that like to, no fax anymore, but email their orders in, call their orders in. I think those digital numbers will go up over time, but we meet the customers where they're at. The two numbers at the bottom of the slot, I think, are the most powerful and most telling of anything on here. What does that 8% represent? We have customers that have a digital-only connection with us. Essentially, we do not really have a sales rep that is in there co-writing orders, working with that customer on pricing, and sending orders in jointly with the digital connection. Then we have the other scenario. We have a sales rep in there, and we have the digital connection. There is an 8% differential there. Digital-only, we are actually losing volume if we have a digital-only connection. If we have the digital and our sales reps in there, we're getting an 8% growth differential. Off to the right there, exact same thing. That one off to the right is essentially penetration. It's lines. We've got an 8% growth in lines, and that's the differential between online or a digital connection only and then our sales rep and that digital connection. What does all that mean? That means we believe in our salespeople. We believe that our salespeople really, truly make a difference, and we are not in a digital-only world. If you do, I think you're going to lose sales. We think that's a really powerful connection that we're building with our customers. I've been talking all about kind of sales, sales enablement. This is kind of shifting gears into redistribution. I think kind of we just intuitively know redistribution, what that is. Before I get into that, I really want to talk about the value that we think it creates. You think about what is the value of redistribution to a customer? First off, it allows them to get a wider selection of items. We are able to expand our item selection in an OpCo. Secondly, fill rates. More frequent delivery means better fill rates. We are getting deliveries through our OpCos on a more frequent basis, so customer gets better fill rates. Also, we have customers that want to run a limited-time offer, have proprietary goods, and how are they going to get those distributed throughout the OpCos that service their locations? Redistribution is a great way to do it. Great value to the customer. When you think about the vendor, it falls in line, right? The vendor is like a one-stop shop. It takes out the administrative burden. They can get their products distributed across our three segments through all kinds of distribution centers across the U.S. The value to the OpCo, again, becomes obvious. For us, it is product selection. It is being able to have great fill rates for our customers and also being able to lower our inventories in our buildings, which Patrick likes. What does a distribution network look like without Reedy? This is just your standard distribution network. Off to the left, supplier ABC. That is essentially your supplier or manufacturer. Most manufacturers or suppliers do not ship directly to thousands of distribution centers across the U.S. They are shipping to some kind of consolidation facility. Every one of those is shipping to some other consolidation facility. This is just an example of three suppliers. You see how complex that gets. Essentially, what we have done with our redistribution network is create a simple model where our suppliers and manufacturers can essentially ship to our redistribution facilities. We have five of those across the U.S., and those essentially are supplying all three of our segments, the largest portion in Convenience today, really expanding into the Foodservice and into the Specialty segment. That is just kind of a simple depiction. You think about the volume, $4 billion of volume shipped in 2025, 10,500 deliveries. Think about that frequency of delivery to those OpCos. We have another expansion planned in our Stockton facility in Northern California. That's going to allow us to take brands and a wider selection of items to the West. George talked about us being subscale in a lot of buildings in the West. This really helps us create that item selection that can get us to scale. I've got two more slides here. After we get past redistribution, the last thing I'd say about redistribution is we see an opportunity to really scale that and continue to grow that. I think you'll see that continue to expand. It's really not meant for the big truckload items. It's meant for those long-tail specialty items that really allow us to expand the product selection. The last couple of slides here, transportation. When I think about transportation, there's one thing that every customer wants to know: what's your on-time delivery? Really proud to say that we run right now across our three segments on average a 90%+ on-time delivery. That is great service to our customer. One of the other things we have done with our fleet is we have installed Samsara camera systems in 95% of our trucks. What does that mean? We have a forward-facing or road-facing camera and a driver-facing camera. Essentially, what that has allowed us to do is it is a great training tool for drivers, and it is a great safety tool. We have had huge safety improvements since we have installed those, and it is represented in that next number there, that 18%. That is our reduction in accidents per million miles, which is essentially the metric you use for safety and transportation: 18% reduction, and we are well under the industry standard of two. When I think about transportation technology, a lot of people will talk about their routing technologies. Anybody in logistics is going to have a routing technology. We use two primarily across our network: Descartes and Roadnet. I've used those for a number of years. I talked about Samsara having those integrated cameras is a great tool. I want to spend a second on Crossbow. If you remember my first presentation, I talked a little bit about inbound logistics. Think about all the products that come to our OpCos. Crossbow essentially sits above all three of our segments and can look at every inbound load that we have coming in. Right now, we use that technology pretty well to manage segment to segment, but we do not do a good job managing across the segments. Think about leveraging that technology to piggyback loads and really do a better job managing inbound freight. We see that as a huge opportunity. A couple of others that we use on our fleet: Truck Builder, Territory Planner. Truck Builder essentially makes sure that we build great loads for our drivers that are out there. Territory Planner allows us, when we have new customers, when we want to shift business, it allows us to do that seamlessly. The bottom of that slide, when you think about delivery solutions, I'm just going to touch on two. I'm going to touch on ACAT and PACE. The main reason I'm touching on these is because these are huge investments that we've made in training our drivers. We spend a ton of time and effort training drivers to make sure that they're safe on the road. They're great stewards of our customers and provide great customer service. You can see that in the results above: 90% on-time delivery and 18% reduction in accidents. Off to the right, I'll hit on two things here: temperature monitoring. You think about a cold chain. We monitor temperature from the dock to the customer, to the next customer, and all the way back to the dock again in every cold zone real-time. We are really, really cold chain compliant and make sure that our products are arriving in great condition. Then Track My Order. Everybody's got Track My Order, right? That's a solution that's on your phone for everything that you order. You know when it's coming. What I'd say is different here is we've started to use some AI enablement that, as the day goes on, we get progressively narrower in our window, and we're able to look at things like weather, accidents, traffic patterns. We're getting much smarter in providing great data to our customers in our on-time arrival, which for Restaurant customers, Convenience customers, it's really important that you're there on time or they know when you're going to be there. Shifting to Warehouse. The most important metric in Warehouse, they want to know the quality of their order. So 99.7, what does that mean? That means we're 99.7% accurate, which means we make less than three errors per 1,000 units picked. That's the best we've been as a Company in a long time, and it's a really powerful metric, and it gives our customers a lot of confidence that they're going to get what they order. The next two metrics, also very proud about, when you think about safety in Warehouse, the metric is recordable accidents, recordable case rate. We had a 14% reduction this year in recordable case rate, and we also had a 14% reduction in turnover. I don't think that's a coincidence. I think that a more tenured organization is going to be safer. They're going to be more efficient, and that's what we're seeing in our business. When I think about Warehouse technologies, I think table stakes is essentially radio frequency with multiple different handheld configurations. We use a lot of pick-to-voice and a lot of pick-to-light in different applications. The most progressive thing that we're seeing in our space, and we're using it across all three segments right now, is called Goods-to-Person. We use Exotech and Dematic. Essentially, what that is, is a high-density pick module. You could have 5,000 items in a pick module. It's all picked robotically. Every level has a robot that selects those items, and it brings those goods to the person. We have those now installed in Convenience, in the Specialty segment, and the Foodservice segment, and really looking at that return on investment now and making sure that we're getting that return. I do think from what I'm seeing today, we're going to continue to expand that technology throughout other facilities. Inventory accuracy on the bottom left there, all I would say is you have to have a very accurate inventory to have a really good quality of order for your customer. We do all that digitally, from cycle counting to inventory checks. I mean, it's all digital, all highly efficient. On the bottom right, I'd say these are just some fun things. Robotic wrappers, we use that throughout all of our facilities and all of our segments. Scrubbers, automated scrubber. Think of a Zamboni machine for hockey fans in here. It's essentially a Zamboni machine running around your warehouse with nobody on it. At the end of the day, the floors are clean, and they're actually fantastic and work great. They don't run into anything either, which is good. Robotic palletization is another one that we're testing right now in a couple of our segments, which is essentially a robotic arm that picks up totes and boxes and palletizes for you automatically. Like I've said throughout this, we don't pound our chest about technology, but I think we do a great job in effectively using technology. We're constantly looking for opportunities in technology. At the end of the day, we've got to have a return on investment to provide value to our shareholders. I'm going to finish up with this slide right here. Again, no surprise that I'm going to start with a sales organization and say that's something we're incredibly proud of, something we really focus on and work really hard on. Our brands, that's stickiness in our business. We think those brands create value, something that our salespeople can sell and something that our customers believe in. I think I've hammered on technology a little bit, but I think we leverage it very effectively both across our Transportation and Warehouse, but also for our customers as well. Redistribution, I look at that as kind of like our e-commerce platform, maybe a little secret weapon that we're continuing to expand, and we see that it brings value to us. Lastly, I always like to finish with operational efficiency because at the end of the day, that's the blocking and tackling that allows us to grow our business. Right now, across all three segments, I'm really, really happy with that performance. I think we're very well positioned to continue to grow this Company. With that, our CFO, Patrick Hatcher, is coming up. Patrick's going to share some financial metrics in our three-year plan. All right. Thank you, Scott. Good morning, everyone. I just want to, again, thank you all for joining us here today and thank everyone that's on the webcast. I also want to thank the 40,000 associates that Scott and Erica talked about and all their hard work that allows us to talk about our great results and our targets today with you. I will walk through three things. First, our financial track record we have delivered and provide details on how we'll reach our next three-year targets, and then I'll discuss the targets themselves. We're excited to talk to you about our performance and our achievements over the last three years. I believe our past results are exceptional, and we feel like we're just getting started. We believe that the momentum we have as a company will allow us to continue to deliver outsized shareholder returns. I want to go back to where George laid out our three-year plan, our three-year strategy. This is our roadmap to success. He spoke about driving top-line growth, outperforming with our people and culture, and leveraging operational efficiencies to technology. These strategies cascade up to a strong adjusted EBITDA growth, and they are the items that are underpinning our operating model. I'd like to highlight our financial priorities that support the operating strategy. This slide should look familiar as it's largely consistent with what we discussed at Investor Day in 2022. Specifically, we are focused on consistent organic sales growth, adjusted EBITDA margin expansion, and capital allocation that drives shareholder value. We believe these are the right measures and believe it's important that we've maintained this consistency over the years. These priorities are intact because they have proven to be successful, and we expect this success to continue. We believe these financial strategies will continue to drive outsized gains and provide strong shareholder value. As you can see on this slide, we've been very successful over the past three years on what we regard as the key performance indicators of financial success, starting with sales. As you can see, we have delivered very strong net sales growth. As you heard us discuss many times in the past, our focus on Independent Restaurants, growing Performance brands, Food and Food service and Convenience, and growing Specialty has created a positive mix that has helped drive outsized gross profit growth with a three-year CAGR of 11%. That, coupled with our focus on driving efficiencies and operations that Scott highlighted, generated an adjusted EBITDA CAGR growth of 18%, finally, adjusted diluted EPS growth of 19%. We are very proud of the success that the organization has been able to deliver such strong numbers over the past three years. One of our focus areas has been and will continue to be to drive gross profit margin growth. We have a history of achieving gross margin expansion through the natural mix shift to higher margin channels and products, which we expect will continue to be a tail end to our performance going forward. Today, we're excited to talk about another area of opportunity to enhance our margin through a $100 million-$125 million in procurement savings over the next three years. Our strategy with our procurement partners has always been to provide consistent, high-quality, value products that our customers love. Our Company has grown substantially, and we're now a significant buyer in the marketplace across our three segments. This provides a unique opportunity to look at our partnerships and identify where we have stronger opportunities or avenues for collaboration with key manufacturers. We feel this goal is achievable, and the work is already underway. Finally, we're also looking at adjusted EBITDA margin. We've increased our adjusted EBITDA dollars by over 18% CAGR since fiscal 2022. We expect to continue in the next three years to expand adjusted EBITDA margin by an additional 50-60 basis points. We have identified areas down the P&L to enhance our profitability. On the revenue line, Scott has described upside on segment cross-selling. Our customers are looking for a one-stop shop where they can get all the SKUs they need from a CPG manufacturer, from turnkey food programs, or in some cases, ingredients that a broadline Foodservice distributor can deliver. Only PFG, with its diverse segments, can meet the customer where they are and deliver their needs. We build value-driven partnerships where we align our growth strategies with our customers. We expect this to produce profitable sales and revenue growth over the long term. Another area where we expect to drive margin expansion is redistribution. Again, we believe PFG is uniquely positioned to implement and expand on redistribution. It drives efficiencies with our supplier partners. It increases fill rates and provides a larger SKU assortment. It is a unique strategy focusing on the customer better and driving PFG profits. Finally, procurement efficiencies. As discussed, we believe this initiative will also enhance our adjusted EBITDA margin expansion. Now, let's talk about our capital allocation strategy. We see four levers here: capital expenditures, leverage reduction, share repurchases, and M&A. We'll take each of these in turn. Our first priority when deploying capital is CapEx. This is an investment directly back into our business. The majority of our capital spending is directed towards infrastructure to support our growth through warehouse capacity expansion and increased fleet. These investments generate a high return, and they are the lifeblood of our growth objectives. Let's review how we deploy our capital for capacity. We have a very disciplined use of capital for CapEx. We are continuing to build for growth, and that is new buildings or expanding buildings. Most of the dollars spent here have been in Foodservice. You can see on the slide our 2025 growth expansion projects as a% of total dollars by segment, and we will continue to invest in growth. About 2/3 of our spend will be around growth and productivity, and 1/3 around maintenance. We have a spend target of 70 basis points of revenue for CapEx. The next area is leverage reduction. We continue to target a range of 2.5x-3.5x. We have recently incurred debt to fund our acquisitions of Cheney Brothers and José Santiago, pushing our leverage above the upper end of that range. Our current priority is to deleverage, bring our balance sheet back within the target range over the next several quarters. We believe the strength of our balance sheet allows us to look at other investment opportunities. This shows our annual leverage going back to right after we acquired Reinhart. You can see our success at reducing leverage and how quickly we were able to reduce that leverage to 2.7x. Currently, we're sitting at approximately a 3.8x leverage, already one tick down from the previous quarter, and we'll continue to see nice progress over the next several quarters with the goal of being back within the established target range of 2.5x-3.5x. Next, share repurchases. Today, we announced a new $500 million share repurchase authorization from our board. This replaces the prior $300 million authorization and extends over the next four years. We have a disciplined approach to share repurchases, which we believe allows us to take advantage of market dislocations while allowing for our other capital allocation priorities. We believe share repurchases is an important part of our overall capital allocation strategy. Finally, M&A. As Liz shared, we've been very successful with our M&A, and we have lots of proof points to show that success. We will continue to look at strategic acquisitions in a variety of areas, including geographic opportunities and broader capabilities. Our focus has been and will continue to be on Foodservice, but we will consider Convenience and Specialty strategic M&A opportunities. We've been very pleased with our last three years. Our previous three-year sales guidance was $62 billion-$64 billion, and we're within that range. For adjusted EBITDA, it's an even stronger growth story. We gave guidance of $1.5 billion-$1.7 billion, and with our most recent guidance, we're expecting to beat that range. It's a testament to our strong execution of our strategy. Finally, let's look at our guidance for our next three-year plan. For net sales, we expect to be in a range of $73 billion-$75 billion by the year 2028. For adjusted EBITDA, in the next three years, we expect to be in a range of $2.3 billion-$2.5 billion. Using our current 2025 guidance as a base, this implies a CAGR of over 5% growth in sales and over 11% growth in adjusted EBITDA. This plan has strong growth initiatives coupled with positive mix changes, operational efficiencies, and procurement savings to generate a 50-60 basis points of adjusted EBITDA margin improvement from the midpoint of the new three-year guidance. It is important to note we are not including any material M&A in these numbers. We continue to be a strong acquirer of strategic, well-run assets, and we'll continue to focus on this as Liz and I have highlighted. We are excited about your interest in Performance Food Group, and I welcome the rest of the speakers back to stage to take your questions. Thank you. Wait for everyone to get up. While they're coming up, we have a couple of mic runners, so I just ask that you wait for the microphone so that those on the webcast can hear your question. Okay. We'll start with John, and then we'll go to Ed. John Heinbockel, Guggenheim. Maybe a two-part question relating to distribution efficiencies. Number one, how do you think about wage inflation over the next several years, and how are you measuring labor productivity? Is there a formal labor productivity target against that? Lastly, on redistribution, how expansive is that effort going to be? How much, I guess that will not impact labor efficiency as much as margin, but how do you look at that, the importance of that within the context of the plan? Okay. He's been doing all the heavy lifting, so I was going to try to cut him a break, but it's not going to happen. He'll handle the inflation, and he'll talk about the labor and the redistribution. Yeah. I'll start on the inflation question, John. Thank you. First of all, I mean, the labor market, as we see it today, has been very normalized. So when we think of our plan, again, when we give you this guidance and this range, we kind of take the status quo. We've seen a very much improved labor market, and we think the efficiencies that Scott highlighted will help offset any wage inflation. Yeah. I would just echo that. I think one of our goals every year, John, is to create efficiency to offset that wage inflation. Obviously, when it was ticking up a lot faster, you couldn't do that. In this environment today, we're doing a pretty good job of that, leveraging technology. We see that as largely an offset, maybe not 100%, but that's the goal. Redistribution, I would say it's a pay-for-performance thing. Right now, it's been very effective. It's been a great investment for the Company to expand that. We've been able to do it without a ton of capital spend. I would also say that we're not afraid to put in new facilities if that provides our shareholders a great return. We see it as a unique competitive advantage that we've already kind of got in place across the three segments. Yeah. I'll add one of the areas that we see in the future for some great labor savings is today we cross a lot of geography with more than one distribution center. Actually, we have a couple of areas where we have three that touch on them because of acquisitions. If you go back with the amount of those that we've done, starting with Reinhart and particularly Foodservice, it was not the time to build facilities, that's for sure. They were hard to get up at that time. Now they're very expensive today. We have very different product offerings. Over time, our plan is to get those product offerings, with cooperation of the customer, more alike. Scott mentioned Dematic. We're actually testing doing some of that in a freezer area. That gives us the ability to carry many more SKUs in a distribution center because, as I was saying, in our business, you change SKUs, you change customers, and that is what happens. You cannot make their product decisions for themselves. This is a multi-year journey that we would go through. We also do not want to lose people as we go through that. It is hard to find people that can run one of these distribution centers and do a great job. We are fortunate to have a lot of them. We do not want to give them up by consolidating facilities. Over time, we will get that done. That is going to bring some significant savings to this company. Ed Kelly, and then we will go to Jeff Bernstein. Yeah. Thank you. Ed Kelly, Wells Fargo. Two questions, actually. First, you expressed some optimism around April and I think early May on the last call, but the industry is still, let us just call it maybe soft-ish. I am just curious as to what you are baking in for the industry in the three-year outlook. Then the specific question, I think, is really probably maybe for Scott. As we think about the Convenience channel, you talked about three new customer wins. Curious as to what you think were the big drivers of those wins. Then as you think about the opportunity in the C-Store channel, specifically as it relates to selling Foodservice cases into that channel and growing that channel, where do you think you are in terms of leveraging relationships, allowing the Foodservice salespeople access to those relationships, that coordination to drive that? How does all that work its way into the way you think about the Convenience channel's ability to grow EBITDA over the next few years? I'll take the first one, and then we'll obviously have Scott take the second one. We do as good a job, I think, as you can do to get a large group of people to give you three-year projections. Those are always hard to do. I think a lot of it depends on where their geography is and what they kind of know they have coming. I can't say that we took any specific macro into effect when we did this. We've seen at least the numbers we get, and we really only have one that's a reliable, I guess, source would be our Circana numbers. We're seeing a slightly better marketplace, but we've been, as we mentioned in our earnings call, we've been pretty significantly better from an independence standpoint. I don't know that independents are outperforming the chains to that degree. That's something we don't really know at this point. We have taken into consideration that we are going to stay in that 6% range as far as case growth goes for independent. This will be because there is not enough time left to get to 6%, but this will be the first year that we did not get to that number. The Chain business also, it is hard to go out three years, but we feel like we have got a real good group of people put together. We have had some opportunities that we could not take because of capacity constraints, and we are working diligently to get past those capacity constraints. That is what gives us kind of the confidence to handle it. I will go ahead and give the Convenience to Scott. Yeah. Ed, on all three of those customers, I would say different but similar scenarios. We actually were sharing the business. We had a small portion of the business in two of those customers. The lion's share was held by somebody else. In all three situations, they made the decision to award 100% of their business to us. I would say this. I think in that business, a lot of it's relationship. I think we built great relationships there. At the end of the day, it comes back to the service that we're providing and Convenience. I talked about the operational efficiency and quality of order and our flexibility there, I think, was a big player in that. I think the Foodservice element for all three of them has been a big factor, just our capabilities. Maybe the third thing would be that tech stack I talked about earlier. I think we've been performing really well. We had business with them. They felt like it was a great partnership that they wanted to expand in all three cases. Your second question is a little tougher. I think about Foodservice and that evolution. The baseball analogy, I'd probably say we're in the third inning. I would also say this. The complexity of getting our facilities equipped with the right food products and getting scale there, also getting salespeople in the right training, it was a longer runway than I think George and I anticipated. It's a challenge. The tough part about that is it's a slow go. The great part is it's a barrier to entry for others. It's going to be a slow go for anybody that tries to do it. I do think that right now, everything I read in the Convenience space, you read articles in there, it's talking about Foodservice in every article, and people are saying that's really going to be the driver of success for Convenience stores. I think there's a general momentum that will help us. Just getting our facilities equipped with the right items, the right training, the right equipment, that's been a slower process than I think we anticipated. Let's go to Jeff Bernstein. And then Peter. Jeff right here. Thank you. Jeff Bernstein from Barclays. Two questions to continue the tradition. The first one is just on the three-year targets. You talk about, Patrick, you mentioned the last three years you achieved 6.5% revenue and I think 18% EBITDA growth. The next three you're talking about at least 5% and at least 11%. The 6.5 going to 5, not that material of a difference. The EBITDA going from 18 to 11. Can you just talk about maybe what drove the outsized EBITDA in your mind over the past few years and whether or not you view that guidance for the next three years as conservatism, or maybe there were some unique things going on over the past few years, just trying to get a gauge for the EBITDA upside opportunity relative to revenue. I had one follow-up question. Yeah. I mean, when we look at the next three years, as George mentioned, we spent a lot of time on this, and we see a lot of positive momentum with all the things that Scott has shared. If you look specifically at sales, we feel really confident about those numbers that we've provided you today. As we look down the P&L to the adjusted EBITDA, we share that we're going to have 50-60 basis points of margin expansion coming from, again, this mixed changes coming again from these operational efficiencies, the procurement savings that we shared today. I think we have a lot of confidence in the range. In my humble opinion, I think 11% is a pretty good CAGR for us. Keep in mind too that with Reinhart, we've doubled the EBITDA in Reinhart in this five-year period of time. Actually, we did it in four years. That's pretty hard to duplicate. Then a significant increase in EBITDA between the Core-Mark and EBIT at the time of our purchase until today. I think we're going to do great in Core-Mark, but I don't think you make a three-year projection that gives you that kind of an increase. Great. Which actually feeds into my follow-up question, which is on M&A, just because it's hard to forecast a Core-Mark or a Reinhart as long as those opportunities are out there. I think on the slide, and maybe this is more for Liz, but the slide showed half the country that doesn't have a lot of dots. I know you get this question all the time, but I'm just wondering, and Patrick's guidance was that there's really not much M&A assumed. Is there not much M&A assumed because you do not anticipate it to happen or because it is hard to forecast it, but you would expect in three years that there will be a lot more dots on the west side of the U.S.? Yeah. I will take that and then also have Liz make some comments. We are really active. We are very patient. I think that deals work out well when you are patient getting to the right price and getting the deal done. They work out even better if you are patient once you have it and you give them time. I think Reinhart was somewhat of a unique situation because we knew the business real well. I think that with Core-Mark and EB, you had synergies on top of synergies when you do something like that. Those are unique situations, and we really do not want to plan for unique situations. We don't have anything of the size of the three big ones that we did that's available right now, but we have plenty of opportunities. Matter of fact, Liz's title is Senior VP of Strategy in M&A. We haven't given her much time to do strategy because we've kept her extraordinarily busy in the M&A front. I'll let Liz speak to it, but I think that the funnel's about as big as it's been. It's always been a big funnel. I've been busy since I started. The only thing I'd add to that path west that you asked about is there are a couple of different scenarios or several different scenarios that we've thought through on how you do fill in that western half of the map. Some of that's in our control and some of it's not. The fact that we have multiple, I think, different pathways to get there is part of why we have not necessarily modeled it into our three-year plan because we do not know ultimately what path will make the most sense based on the pieces of the puzzle that are out of our control. Yeah. It is something we should be really open about. We do want to pay down debt right now. We went back to the public markets a little bit with the Reinhart, and we did Core-Mark with some stock obviously involved. I do not know that it is a great time to go to the public markets, and I do not know that our shareholders would exactly be thrilled with that. Those are things that we need to work on, and we would like to do it from a lower leverage base. I guess strategically, I mean, we want to be in the West. We've got a lot of business that we think would be available to us, some things we could do nationally as well. We've spent some money in the West. We put a new distribution facility in Denver. We put a new one in Houston, I guess if you want to call that West. We about doubled the size of our facility in Phoenix. Similar to where we felt Florida was a great place that we needed to get, we're real careful from what we did with our very specialized distribution centers there. We didn't want regulatory issues. Our people kept coming to me wanting to build something in Florida, and I think they were disappointed that I consistently said no, but we did not want to run into those problems, and we felt that one day we would have an operation with an opportunity with Cheney. It is kind of the same in the West. We have to make those decisions as to what we want to do on our own or what we would want to do from an M&A. You just have to have a willing party and have the right timing. Okay. Peter, and then we will come up to Lauren Silberman. Thanks. Peter Saleh, BTIG. I also have two questions. The first one, restaurant labor, the availability has been pretty tight since COVID. Wondering if you're seeing an increase in demand in frozen food and prepared foods and how that plays into the margin outlook for you. Is that margin accretive? Is that margin dilutive? Secondly, on the CapEx guide going forward, can you just elaborate a little bit on what the productivity CapEx is, 14%? Is that more IT, or just a little bit more color on that would be helpful? Once again, I'll take the first question, and then Patrick's going to take the second question. We spent a lot of time. We got some of our chefs here. They spent a lot of time on it working on, I would call it value-added or further prepared product. I don't see the traction. I mean, there's some things we've done that have surprised us. I mean, we did prepared tamales, and they did great, or empanadas, and they've done well. For the most part, I think that it's the consumer that still wants a product that's prepared. Scott mentioned that some of these turnkey programs have turned into good Foodservice items for us, particularly the Perfectly Southern. Some, but I can't say it's getting a lot of traction. The labor issues, by the way, are definitely there. I think the labor issues in the front of the house are going to go away if this no tax on tips goes through. That's for sure. They'll be lined up for those jobs. I might try to get one myself. It looks pretty good. You can go ahead. Yeah. On CapEx, obviously the lion's share is going to the capacity. The productivity is a lot you think about as automation. It could be systems generated. We just carve that out because we want to keep track of how we're investing in those type of in that type of equipment. And sometimes that equipment's going into an older building that doesn't require any CapEx for capacity reasons, but we're tracking the productivity spend into that building. Lauren, you have a good one. Lauren, have a good one. Lauren, and then we'll go to Kelly. Thank you. If I could, I'll ask a couple also. If I could start with the foodservice side of the business, 8% growth in headcount, 7% growth in independent accounts over the last few years. How are you thinking about that growth in headcount, how that translates to account growth? George, I know you mentioned 6% independent case growth. Just trying to understand those components, how you're thinking through that. Yeah. We started, and really if you go all the way back in the song way back, you start in 2008, we were averaging about $28,000 per week per salesperson. We were getting about twice the case growth as we added people. Of course, we still, five years later, we're still talking about COVID, but we did really well through that from a market share standpoint. It was not the right environment to hire and train people, and you just did not have that attachment that you need going through that. We got out of COVID, and I mean, our average person, suddenly we wake up and it is like $98,000 a week, and it is very hard to grow when you have that kind of customer responsibility. We got behind on people. We do not force our salespeople to take any type of a cut in their territory or reduce customers, but there are incentives for them to do it. That took a while to really get going. We found ourselves in a position where we wanted to add people. The market was certainly not as robust as it had been. We may be in that period right now. One thing I can assure you is that we are going to continue to grow our people at a good rate from a sales standpoint. We may see maybe even another year where our cases do not grow as fast as the number of salespeople grow. Because I think right now, when you're so dependent on new accounts to get growth and there really isn't that same store growth, you got to add the people and you got to have them out there and you have to have them calling on customers. That's what we're going to continue to do. Thank you. I just want to build off Ed's question earlier. I think you guys spoke about the Foodservice side, but just as we think about volume growth and Convenience in Vistar, do you expect that to be better over the next few years relative to what we've seen this year, just given your visibility into the pipeline from a new business perspective? Yeah. I'll give kind of a top-line answer to that, but I should have Scott give you a little bit more detail. He mentioned three large customers that we have in Convenience. Now, those do not start tomorrow. I know one is September. I think one is November. I am not sure when the other one is. December, January. December, January? Yeah. Okay. It is going to be a little while, but we have got good growth built in for next year. Vistar had a tough period that they went through. Scott mentioned it was pretty much value and theater. They have been doing exceptionally well of late. I have a lot of confidence in both of those businesses, tremendous confidence in our people. Good. I I would just say kind of back to Foodservice and convenience, foodservice and specialty. Specialty is just scratching the surface. I would say they are right now where Convenience was two years ago. We see a ton of opportunity. We have a ton of customer interest. We're starting to add those items into the OpCos, starting to train people. We've got a Foodservice specialist that's focused on the Specialty segment. So I think we'll start seeing them grow exponentially, but it's on a small base, right? But we see a lot of runway there, and it's a really nice margin in that space. Like I said, in Convenience, I think we're in inning three, but I think we're in a position where we can start to accelerate a little bit too. And those collaborations I talked about, some of those chain wins, I mean, they come with some Foodservice. We've got a bunch more conversations going on. So I think you'll see a little bit of an acceleration in the Convenience channel. Let's go to Kelly Bania and we'll come over to Jacob. Hi. Thanks for doing this. Kelly Bania from BMO. Patrick, one question about the three-year EBITDA targets. Any discussion you can share with us at the segment level? Will all three segments kind of be in that range, or is there maybe a different slope for Vistar over the next couple of years? Anything we could think about as we model this out over the next few years? Yeah. I mean, I'm not going to share any numbers at the segment level today, but I can tell you as Scott was just describing and George, we have a lot of great sales opportunities across all three segments. And then all those other things that we talked about today that'll drive margin expansion. We expect to see all of our segments to grow a very nice clip that cascades up to that number. I don't know, Scott, if you want to add anything to that or? No, I mean, I think the only, obviously we had some nice customer wins in Convenience. In the short run, obviously from a sales standpoint, that'll be a nice pickup. We have a lot of investment to get those onboarded too in the short run. Yeah, outside of that, I think all three of them are in a really good position to grow both top and bottom line. Okay. That's helpful. Also, just wanted to ask about the $100 million-$125 million in procurement savings target. What's your visibility there? It doesn't seem like that's been a major focus of PFG in the past few years. Maybe it has, but maybe it hasn't been communicated in the same way as it is today. Just curious your visibility and if that is just an area of low-hanging fruit maybe as you've grown and consolidated over the years. Then similar question, which segments does that impact? I do not think there is ever what I would call low-hanging fruit. I wish there was. We are in a different stage, I think, of our development. We have been a very loyal customer, and we have got very loyal suppliers. We tend to rarely change. I think our procurement people have been a little bit handcuffed by that. I guess maybe to some degree, we are taking some of those handcuffs off of them, but we are going to make sure that we are not doing anything that is disruptive for our customer. We have a very large base of brands, and it is because we pretty much kept all of Reinhart's as our brands. We will do some of that with brands that Cheney has. Over time, I think the consolidation of that, and we're not going to do anything drastic, it doesn't work, is going to give us some opportunity to buy better. It'll probably be more in Foodservice than it will be in the other two areas of our business, just because the opportunities are greater today in that area. Kelly, the only thing I'll add to that is I think Scott said it really well. Because we have this really broad breadth of food away from home touch points that he took us through on that slide, we just offer a very unique value proposition to our suppliers. This is very much about being a partner with our suppliers. You can be very effective with that from a procurement standpoint, but Scott, a couple of times, used the word consistency. Our customers are looking for consistency too. They do not want to get surprised on a product being different. The $100 million-$125 million, I think, is a good number over a three-year period of time, but it will be carefully executed. Yeah. We will go to Jacob, then we will go up to Mark, then I will get you in the back, and then we will go over here. Hi. Jacob Aiken-Phillips from Me lius Research. One on Vistar and one on Convenience. For Vistar, can you level set us on the current profitability or relative profitability of the different subsegments? I know e-commerce is probably highest. For Convenience, there has been a lot of ongoing consolidation, including a big recent headline consolidation. I am just curious if you think that type of activity is beneficial to you or agnostic, et cetera. Yeah. I'll take the Vistar question, and Scott will take the Convenience one. As far as the relative profitability of the channels, they're all delivered on the same trucks. It's a little bit more centralized business than our Performance Foodservice. How do you spread that? I guess all in all, I'm going to tell you we don't know. We certainly do with the e-commerce, and that's a very profitable part of our business. Part of that EBITDA margin profitability is that we don't take physical possession of all the product. Some of it is consigned product, and our total revenues are the fee in which we get to handle that business for that manufacturer. We have big differences in case sale prices where you get candy singles are way over $100. You're not going to run 6.5%-7% EBITDA margins like they do as a Company there. That's why we're always hesitant to some degree around discussing EBITDA margin because we have great businesses that have very low EBITDA margins and very low investment and great return on capital. And a lot of it's where that growth takes place. I would say that as a return on sales, theaters probably are lowest of it, and our highest being the pick and pack or the e-commerce type business, and everything else falls in between. Yeah. Makes sense. Just to make sure I got your second question right, it's really on the consolidation in the Convenience space? Customer level. Yeah. Yeah. I mean, obviously, if you're reading news about Convenience right now, I mean, the two big gorillas in the space are talking about some form of merger, that being Couche-Tard and 7-Eleven. That's interesting to us. We see that really as not a bad scenario for us. They're both customers of ours. We have a great relationship there. It's interesting, if you look at the industry space as a whole, most of the consolidation has taken place at the top 25% quartile or the top 25%, right? It's the bigger chains getting bigger. It's still a very fragmented industry. 60% of the stores are still single store owners. When you see those big chains merge, they divest. Those all of a sudden create more single store owners or more small chain owners. Yeah, the big one is very interesting. I mean, you got the number one and number two player in the space, so it'll be interesting to see how that plays out. So far, I think our partnership with some of the more progressive players in the space, it's been a big benefit to us because they've been more on the acquisition side of the business. Go to Mark, and then we'll go back to Jake, and then we'll come over to Brian. Great. Thanks. Mark Carden from UBS. I want to start off with the Convenience channel sales force. Scott, you talked a bit about how you've been taking some best practices from what you guys have done in Foodservice. How are you thinking about the right pace of growth for the sales force in this channel? Do you guys ultimately see, I guess, an algorithm between case growth and sales force growth similar to what you have? Not similar, but you guys have one for the Foodservice businesses or one that you guys would envision for Convenience. The second question is on healthcare and hospitality. You guys outlined it's an area under a Nixon. It's an area for potential expansion. Just the implications of expanding out west, what that could do for those channels. Thank you. Do you want to take the healthcare and hospitality one first? You go for it. Yeah. I mean, you want me to take both of them? Yeah. Go ahead. Okay. I'll comment. I thought he was taking the heavy lifting off. Throwing it right back to him. I mean, healthcare and hospitality, really it comes down to product mix and complexity of that business. We're clearly not big in that space. We do some long-term care today. It's definitely an area that we're evaluating and looking to expand, but not something I think we're going to jump into on a large scale. That's a big hurdle, and we feel like we've got a long runway. You look at our market shares today and what we're doing, we've got a long runway there. Feel good about how we're positioned, and we may look at some long-term care expansion, but anything you want to add to that? No. That's right on. All right. Now remind me of your first question. I got a little sidetracked there. All good. Just in terms of the pace of growth for the Convenience channel sales force and if there's an algorithm in place for case growth versus sales force. Yeah. That's a great question. First off, in Convenience, we do not look at cases the same way because there are so many each picks. It is very different. Right now, what we are really focused on as we shifted that commission structure over is the number of people that we have converting into full commission is growing at a really fast clip. Once we get to that kind of position where we are in Foodservice where greater than 50% of them are on full commission, we start feeling really good about adding headcount and thinking about what that algorithm looks like. I would say we are just finishing our first full year. We are really happy with how it has performed. I agree with you. At some point, we will probably have some kind of an algorithm that makes sense on adding headcount. I am not sure if we will share that publicly. I'll leave that up to Bill and others. Yeah, I think it's a great question, and we feel just good about how we're performing with that program today. Great. Why don't we go back to Jake, and I'll come over to Brian. Thank you. Jake Bartlett, Truist Securities. My first question is on just the PFG One positioning that you're talking about today. I guess I want to better understand how that's evolved, what the message we should be taking away. It sounds like something that's always been a part of the company, always been a focus. I'm wondering what has changed, what is changing, what might drive some different outcomes in the future in a follow-up. Yeah. I'll take that. You go ahead. Yeah. Really, I think it's something that started organically. It was not something that we came up with a tagline and said, "We are going to create this new PFG One thing." It is really what I talked about most of the day today is we really, I think historically, had let our segments operate kind of as independent units when I think about Foodservice and Convenience and our Specialty segment. I think over the last two years, there are four people sitting in the back that really run those segments day to day. We are constantly meeting and collaborating. I really think, like I said, it really kind of bubbled up organically. We have got to think about this as one Company in a lot of ways. When you think about procurement synergies, when you think about what we are doing around logistics and looking at inbound logistics, we feel like in some ways, operating as one organization brings value. At the same time, we're still committed in the field to be a decentralized company that's close to the customer. Yeah. It's very important that our people understand, and they do. I mean, they get along great, and they're cooperating on a lot of things, and they work together well. They all got their day job. That's the most important, and that's the business that they run today. We're not doing this to grab a lot of the time away from that. They're very productive people, and they're productive within their own business. I would use the word we're foolish not to take advantage of the opportunity that we have. We saw it. The big show is called NAX for Convenience, and we did a huge food display there. Our people did fantastic with it. It brought a lot of interest, and it brought a lot of business to us. Those are the kind of things we need to do. For our management people to spend an inordinate amount of time on that, that's not what it's all about. It's just picking and choosing those right opportunities. Obviously, the biggest one is the Foodservice people and the Convenience people working well together because often it comes down to both trucks going to that account because they do not, the Core-Mark facility, which Scott mentioned earlier, they do not have the kind of freezers and coolers you need for a Convenience store that is fully committed to being in the Foodservice business. Great. My follow-up is on the digital face, the consumer-facing digital and how that's evolved over the last few years. The number of sales going through, the amount of sales is impressive. It's really high. I'm curious what that was three years ago, say, and then how the offering has changed, how your capabilities on the e-commerce side and the customer-facing has changed over the last couple of years. I missed. You want to start? I don't know if I did. I'll start earlier. Yeah. So Jake, just it's been an evolution as always, and we've had systems out there. Some of our segments had pretty robust systems like Scott talked about earlier. Core-Mark had this really robust tech stack. Some of the other segments maybe not so much. When we came up with the idea of doing this customer-first platform, it just immediately, just like all the things we've been talking about, brought a lot of power because not only were we going to give our customers a much more modern tool to use, but we were also going to give them a tool that they can use across all the segments. I'll maybe let Scott finish that. Yeah. I think it's interesting when you asked what did it look like three years ago. I can't give you exact numbers, but I can tell you that the Convenience segment was probably 95% digital. We're probably, if you saw the data that I showed, if you have a digital-only connection, that's not necessarily a great thing. In the Convenience segment, especially as we expand Foodservice, I would not be surprised to see that backtrack a little bit and have more of a sales rep interface there. Where it has really grown is in Foodservice because I would say that we had a digital connection that was not up to speed. Now we have customers that are able to go on there to research products, to get menu and ingredients. It has really become a research tool and an ordering platform for them. I think you will continue to see it grow in the Foodservice segment, probably not grow and maybe even fall back a smidge in the Convenience segment. I would say Specialty, Patrick, you probably know as much or better than I, but I would say a lot of digital connection there, a little more chain business. They're primarily connected digitally. I would say that that'll stay pretty static to where it was, but definitely enhanced what they were doing prior. Yeah. Hi guys. Brian Harbour from Morgan Stanley. The comment just made about Healthcare and Hospitality, and I guess just broader non-restaurant business, is in the plan, you're not assuming any material change to that business or there's no new efforts to target some of that. Is that my understanding? Is that sort of mainly because of capacity, or you would need to fill in some of the geographical white space to go after that? Could you just elaborate on that? Yeah. We have some of our what we call OpCos that do a fair amount of Healthcare business, actually mostly legacy Reinhart ones. We see an opportunity, I think, that for us to spend a lot of time on that, we would not get the return that we would get by continuing to do what we do today. I would not call it a big priority. I think that we get to national coverage, that is a different story. I mean, we have picked up Chain business that did not necessarily fit for us in certain markets in the West, but it fit in its entirety for us. It is not a huge SKU count, and it does not take any real salesmanship to do that, right? I mean, you have a commitment from the customer. When you get to Healthcare, particularly, it is a commitment, and you have to be providing a very high level of service. It is not a huge priority, but I do believe that we will do better than we do today. We're getting that group of people that are in it and successfully in it, even though not on a large scale, we're getting them working together, which will help. What's the advantage of owning some of those manufacturing businesses that you talked about? Do you have more of that in-house than some of your big competitors? Maybe we made too much of it. It's not real large for us, and it's been fairly opportunistic, and it fit in with the businesses that we have. It really came out of Vistar other than our cheese plant, and they've done a great job with it. We're still getting our arms around parts of it. We're not aggressive right now around buying into any more manufacturing. The popcorn was an obvious. We're big in the channels that are big in popcorn, and quite frankly, it was just opportunistic. I love what they've done. I love what they put together. We have somebody new overseeing that, and you do not want to get out there aggressive when you have someone new. It is a good part of our business today that brings us some other things. Alex. Alex Slagle from Jefferies. I guess a question, maybe if you could talk about the new business pipeline across the three segments a little bit more and kind of cadence we should expect. On the comp structure and sales force strategy going into convenience, I mean, it sounds still very new. You said fiscal 2025 just rolling out. I know it was a pretty big piece and driver for Food service. Just trying to think about how the early wins you could maybe highlight from that that you've seen and what early signs give you confidence that it'll be a big driver for the Convenience. The pipeline for the three companies, how the pipeline looks. Oh, okay. Sorry. It was hard to hear your first part. You're just asking about the pipeline? Yeah. I would say right now, as I look at, I'll just kind of go each one. I mean, the Specialty segment, we feel great about the e-commerce pipeline. And over the last, we talked about coming out of our last earnings call. We felt great about the momentum we had with theater and what's happening in that space. Value has shown some signs of life. Overall, I feel really, really good about the pipeline and Specialty. Right now, I hope Convenience does not pick anything up in the next couple of months because their pipeline's saturated. They've got a lot to digest over the next four or five months. Obviously, I say that kind of tongue in cheek. I mean, we feel like the pipeline of Convenience is kind of crazy right now. We feel like there's great opportunities. In the Foodservice space, I feel really well about how we're positioned. When we talk about the investment we're making in salespeople and that training, I think our pipeline in independence is we're just kind of waiting for the market to give us a little help. There's been a little bit challenged in the Independent Restaurant space. The Chain pipeline, I mean, I think you see the fact that, and I talked about it a lot today, the fact that we've got really nice chain growth wins. We've partnered with some of the more progressive chains, and we don't have all their business and all the markets they serve. We feel like there's definitely upside there. On the commission piece, yes, we really started parallel commissions well over a year ago. This is our first full year in place. We're getting pretty close to 50% of our folks are on full commission, which has been ratcheting up really fast. We're really happy with how that program has performed. I think the difference or the advantage we had is we knew that program was going to work, and we knew how to monitor it, execute it. It's been a home run. Obviously, it creates friction when you change comp structures, but I'd say this is a little different in the sense that we knew we had one that would work. Our salespeople are hearing from all their peers across the segments that this is a great way to write your own paycheck. I think that really benefited us as we implemented that. I feel really good about how that's positioned right now. When you change people's pay, the change management is difficult. If you do it twice, it's really difficult. Our people have been careful, and it's working. Ed Kelly. Hi. Thanks for coming back. Patrick, I wanted to ask you, your Algo has sales in EBITDA, but you don't talk about EPS. It seems like given the fact that you don't have much M&A in the EBITDA outlook, you're either going to be taking debt down and getting benefit of interest or buying back stock or doing a creative M&A. I guess my question is, why wouldn't or would, why would it be wrong to assume that EPS just grows meaningfully faster than EBITDA? As part of that, why not talk about EPS growth within the Algo? Y eah. Thanks, Ed. You're right. We haven't given any guidance on EPS. As you've seen with the recent acquisitions, obviously, we saw our depreciation interest expense increase quite a bit. There was that period where what I really appreciate is this last quarter, it looks like the analysts were really dialed in on what that looks like. Going forward, we do expect to pay down debts. You would naturally see some of those things like interest expense go down. We have not planned on giving any guidance around EPS, to be honest with you. Any final questions? Okay. Thank you, everyone, for joining us today. I think that will end our program. Again, thank you for all on the webcast. To those who were able to join us in person, as we said, please join us in the lobby. We have some great food from our chefs. You can interact with Customer First. Again, just thanks so much.