Good morning, everyone, and welcome to Resideo's Virtual Investor Day event. I am Jason Willey, Resideo's Head of Investor Relations, and I'm glad you have chosen to spend part of your day with us. We have a great agenda for you today, with the opportunity to hear from Jay and Tony on our overall strategy and long-term financial framework, as well as Rob Aarnes, who runs ADI, Phil Theodore, who heads up Products & Solutions, and Jeff Frank, who leads our innovation team. Following the prepared presentation material, I will moderate a question and answer session with all of today's presenters. If you have questions at any point during the program, feel free to send them either through the Q&A chat on the webcast or via email. The email address is investorrelations@resideo.com. Today's slides are available on the Investor Relations page of our website at investor.resideo.com, and a replay will be available following the event. We expect today's program to run a little over two hours. Before I turn it over to Jay, we would like to remind you that this morning's presentation contains forward-looking statements. Statements other than historical facts may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Resideo's filings with the Securities and Exchange Commission. With that, it is my pleasure to introduce our President and CEO, Jay Geldmacher. Good morning, everyone. I'm Jay Geldmacher, Resideo's CEO. I want to thank all of you for joining us this morning and spend the next two hours with us. We look forward to doing this in person in the future and hope to be out on the road and meeting with many of you soon. I'm really excited about the agenda we have for you today. It provides an opportunity to hear from other members of the Resideo senior leadership team on the work we are undertaking to drive growth and margin expansion at both of our businesses and accelerate innovation across the organization. Let's start with a quick snapshot of Resideo. Resideo is made up of two businesses, Products & Solutions and ADI. Products & Solutions is a leading provider of residential solutions focused on air, water, security, and energy efficiency. Our offerings are present in over 150 million homes, both in front of and behind the wall, which positions us with really a truly unique view into the core systems and data of the home. Our ADI business is the leading distributor of low-voltage security products, serving commercial and residential markets. Both businesses are focused on the professional installer, where we have strong relationships that often span decades. Products & Solutions and ADI serve large and growing markets touching both residential and commercial. We have a leadership position in a number of these markets, which tend to be highly fragmented and offer significant opportunity for Resideo. Across these markets, we see the potential for attractive growth driven by several favorable structural trends. People continue to spend more time in their homes and are directing their attention and investment to renovation and repair projects. Security has risen in prominence in the minds of many home and business owners. With the proliferation of IoT devices and connectivity, there is a tremendous opportunity in integrating, simplifying, and leveraging the immense amount of data that is created across the home and within commercial buildings. Rob and Phil will dig deeper into the core markets we serve, but in aggregate, our products and services touch markets in excess of $100 billion with growth rates that we believe support mid-single-digit plus aggregate growth for Resideo over time. We intend to sharpen our focus on the areas where we have a strong entitlement to win and where there is opportunity for outsized growth over the long term. This guides our investment priorities that we'll hear more about throughout the presentation. Resideo approaches these markets from a position of unique strength with our presence in the home, the breadth of our product portfolio, both in front and behind the wall, and our relationship with the professional installer. Added to this is a history of delivering quality and reliability to our customers and the trust associated with the Honeywell Home and ADI brands. We win in the market today because of the quality and reliability we deliver, which combined with our customer service and the breadth of our products, provides an unmatched offering for the professional, whether through Products & Solutions or ADI. This relationship with the professional is very sticky, and in many cases has been built over decades. With a foundation of unique assets, we are well positioned to take advantage of the attractive secular opportunities we believe exist in the residential solutions and broader security markets. When I joined Resideo back in May, what attracted me to the opportunity were all the things I've touched upon in the previous slides. When taken together, these form a unique set of assets. However, with these strong building blocks also came a set of challenges facing the organization. Products & Solutions lacked the connectivity of a single business and was operating as a set of siloed product lines and functions. In a number of these areas, there had been underinvestment or a lack of focused investment. Additionally, the markets we serve are large, complex and evolving, and our speed and focus as an organization was really not where it needed to be. Critical to accelerating the transformation at Resideo has been assembling the right team. With the leadership changes over the past nine months, we've built a team that can implement the needed organizational changes, leverage the exceptional talent and rich domain knowledge that already existed with the organization, and deliver against a core set of priorities. We needed to strengthen our operational and execution focus, turbocharge our innovation, ensure we were putting the customer and those relationships front and center, and make decisions on where we have competitive advantages and should double down. Just as importantly, where we should not be putting our resources. The team that has been brought in and the priorities we have set guide the actions we have taken to date and those that form the basis for our long-term strategy. We have realigned the organization, building connectivity between Products & Solutions and ADI. At Products & Solutions, we restructured the organization to bring historically discrete and siloed product lines together as one business. We have sharpened our focus on the customer and doubled down on quality and customer service. The new leadership has made executive engagements with key customers and partners a top priority, and we've accelerated the needed investment in tools and processes to enable the organization to respond more quickly and accelerate the pace at which we operate. We see all of these actions as fundamental to driving improved top-line and margin performance. Within Products & Solutions, we want to build on our strengths with the professional channel while looking at ways to better connect with the pro. An example is increasing our focus on residential new construction by aligning our product portfolio as a single offering to this attractive market. It also includes examining our retail and e-tail strategy as the pro increasingly utilizes these channels. The team at ADI has been in place and executing for some time and is an organization that has delivered a really impressive track record of growth and profit expansion. We want to better leverage the strong platform they have built by giving ADI the additional investment and resources they have earned to execute against the targeted list of high-return initiatives. Crucial to our long-term strategy and success is a refocus on innovation and a commitment to invest in the business within both Products & Solutions and ADI. We want to focus on playing where we have the right to win and targeting our resources on markets where there is opportunity for outsized growth and return on investment. This began late last summer with the hiring of Jeff Frank to lead the corporate innovation team. Jeff will talk more about innovation later in the presentation. The key elements of this strategy revolve around our understanding of how buildings work and better leveraging the intelligence of our products to simplify technology and add value for customers. We have also reorganized R&D and engineering along with product management with a focus on prioritizing common platform development. We have targeted investment areas where we see opportunity to drive long-term value creation through deploying our capital more aggressively. On the Products & Solutions side, this begins with ensuring we are solidifying our base in terms of the core markets where we enjoy a leadership position. A focus over the past six months has been identifying the growth categories where we want to put more of our investment emphasis. Both investment in our core and in growth areas are centered on the perspective of our core customer and enhancing our partnership with the professional. At ADI, this means an increased focus on e-commerce and enabling the digital experience for our customers. We are investing to ensure we have the tools and systems in place to support these initiatives and, where possible, accelerate them. This investment is about improving the effectiveness and efficiency of the sales organization so our people can focus on supporting customers on higher value-added transactions. We see opportunity for additional investment that leverages the strong operational platform ADI has built by looking at adjacent categories and geographic opportunities, including targeted M&A. Phil and Rob will dive deeper into these areas in their presentations. Today, we are introducing our long-term financial framework. Tony will walk through this in more detail, but I wanted to spend a minute on what we think this business can accomplish, given the unique foundational assets, attractive market dynamics, and our ongoing transformational efforts. Our target of 6% CAGR over the next four years represent a step up in top-line growth from recent performance. Our targets lay out a meaningful improvement in overall company profitability, driven by margin improvements at both businesses. We believe the positive dynamics of the markets we play in, the strength of our products and channel, and our ability to drive improved innovation and execution support these targets. The steps we have taken as an organization over the past 12 months and are implementing in 2021 lay the foundation to support what we see as an attractive financial framework. As a management team, we are focused on developing and driving a culture of accountability, scalability, execution, and innovation. Tying it all together, we believe we are positioning Resideo to leverage its expansive product offering and professional channel leadership across an attractive set of end markets. With this foundation and the transformation efforts we are undertaking, we see a path to attractive top-line growth, margin expansion, and meaningful cash flow generation. I will now turn it over to the team, beginning with Rob Aarnes, who runs our ADI Global Distribution business. Rob, take it away. Thanks, Jay. Good morning, everyone. As Jay mentioned, my name is Rob Aarnes, and I lead the ADI Global Distribution business at Resideo. I've been with ADI for over eight years now. During that time, I've had the distinct honor and privilege of leading one of the finest, most dedicated, high-performing teams in my 20+ year career. We've built ADI into the leading global distributor of low-voltage security solutions, serving more than 100,000 professional systems contractors across the Americas, EMEA, and India. We offer a broad selection of technology and same-day product availability for over 1,000 suppliers in 195 stocking locations and in-person access to sales support and technology experts to assist pros with solutions design. More than 17,000 transactions are processed each day through ADI's e-commerce site and by the hands of, what I believe, are the best 1,200 + sales representatives in industrial distribution. I make that statement with confidence because over the last six years, our business has demonstrated a track record of sustained growth and profitability, delivering a cumulative $750 million of growth, equating to a 6% revenue CAGR. I believe this level of growth is unparalleled in security distribution and evidence of how we continuously outperform both the industry and our competitors. One of the most impactful drivers of ADI's record of outperformance is the fact that we are a highly customer-centric distributor. Some may even call our focus here maniacal. Many of the key components of our value proposition, which you will see over the next few slides, were derived directly from customer feedback. I'll start with our expansive geographical footprint. We combine local branches, where contractors can demo new products and pick up orders same day, with digital shopping tools and in-person consultative sales to create a convenient omni-channel buying experience for the pro. Our global presence represents a clear differentiator and improves our value proposition with both customers and suppliers by offering assortment completeness and a standard set of solutions across fragmented markets. In addition to our maniacal focus on the customer, in our case, the pro, our culture is driven by the relentless pursuit of growth, delivering year-over-year revenue growth for 10 consecutive years. A remarkable achievement substantiating ADI's execution capabilities despite ever-changing market conditions. Even the COVID pandemic did not deter ADI's ability to grow in 2020, delivering 5% growth for the full year and 13% growth in the fourth quarter, a rare achievement among security distributors in 2020. Our revenue last year was approximately 82% based in North America, 16% in EMEA, and the balance in India, which represents a fast-growing security market. Our management team estimates that approximately two-thirds of our product sales are ultimately installed in commercial applications and the remaining one-third in residential applications. Since the spin, and now supercharged by the arrival of Jay and Tony, ADI is accelerating investments in capabilities that will further enhance our already differentiated value proposition. Those investments are specifically targeted in the areas of building an industry-leading e-commerce user experience to drive a higher mix of transactional revenue online. The result being more time for our elite sales team to utilize digital tools to be more effective, consultative, and ultimately build what I call indispensable customer partnerships. ADI serves large, growing, and attractive technology markets. We hold a leading position in physical security products distribution, which includes categories such as video surveillance, access control, fire and life safety, and intrusion. Professional contractors in adjacent markets such as residential audiovisual, professional audiovisual, and data communications, have similar service needs and relationships with the same end users as security pros. ADI is well-positioned to take advantage of those crossovers, having secured comprehensive product offerings from key suppliers in those categories over the past few years. In fact, ADI is already considered the number three player in the North American residential AV market, according to the industry's leading trade publication. We continue to expand our presence in the North America professional AV market. This was accelerated by the February 2020 acquisition of Herman ProAV. To bolster inorganic growth even further, we are actively pursuing additional bolt-on M&A investment opportunities across these markets. Our growing presence in these adjacent spaces more than doubles ADI's addressable market and represents a robust opportunity to further elevate ADI's growth over the coming years. Our primary customer is the professional low-voltage systems contractor. Our pros typically perform work in both residential and commercial end markets, where installations are rarely the same and vary in size and complexity. Our customers access in-person consultative sales and technical systems design teams in our branches and sales support centers to assist them with building a complete solution. Additionally, many of our customers do not maintain a warehouse and prefer to buy the job to help improve cash flow. In addition to ADI's world-class supply chain and logistics operation, our branches offer pros a valuable set of localized services, including order staging, job kitting, and convenient 24/7 pickup options. Our value-added services extend well beyond just product distribution. We assist our customers with project registration to lower their overall project costs and perform device programming to save time and labor. We also offer online and in-person training in all of our branches and subcontractor technicians to assist with installations where needed. These services help our customers be more profitable and efficient. They also build a competitive moat around our business, defending against both existing competition as well as purely digital players. ADI's product offerings include Resideo Products and Solutions brands across intrusion, comfort, and wire and cable. These products account for approximately 14% of our total revenue. The synergies between products and solutions in ADI are unique, as the two organizations frequently share best practices and market insights, within legal guidelines, of course. The real benefit is that P&S is able to rapidly launch new products into ADI's expansive global footprint. Accounting for approximately 86% of our remaining total revenue, is a broad offering of well-known industry brands complemented by our own private brand product lines. Our private brands maintain shelf space across our global business and remain a key focus moving forward. Customers access all of these offerings through our convenient omni-channel buying experience, including local branches, digital shopping tools, consultative field and telesales, and value-added services that span across the pro's buying journey. In 2020, ADI launched a series of upgrades to the digital shopping experience for pros, which is already delivering significant impact. Our total e-commerce revenue, defined as revenue transacted online and through our app, was over $360 million in 2020, up 25% year-over-year. We are in the late stages of completing projects to solidify our global e-commerce platform, including integrating 17 country websites in 11 different languages with a common CRM platform and rolling out a common PIM, or product information management system, which we'll begin to deploy in the second quarter of this year. We are also excited to share that our e-commerce customer penetration accelerated by 24% in 2020. A number of leading indicators also point to increased adoption by our existing customers. In addition, new omni-channel features have further upgraded our shopping experience and are gaining in popularity. As an example, customers in North America can now place an order directly from the website or app and select an option for the order to be placed in a secure locker for after-hours or weekend pickup. Additionally, prospective customers can now visit our website and request a quote from a salesperson. This feature has already resulted in several large project orders from existing and new customers to ADI. ADI's digital enablement initiatives are not just limited to e-commerce. They represent an accelerated set of comprehensive, integrated initiatives that touch many parts of the ADI organization. Internally, we call this effort our digital acceleration. In the last year, we implemented several digital technologies that are helping redeploy sales team focus and time to higher value-added activities. On this slide are a number of focus measures driving adoption and improvement versus comparable periods. For example, as of Q4 2020, approximately 28% of our total order volume now originates via touchless channels, which includes our ADI website, app, EDI, and email to EDI technology. This was a 500 basis point increase in adoption versus Q4 2019. Our aspirational goal for 2021 is to increase this revenue mix through touchless channels another 1,200 basis points to 40%. Offering convenient, time-effective ways to transact with ADI is improving customer loyalty. We've identified that our multi-channel customers are buying 3x more volume than our single-channel customers and growing 3x faster than our overall business. The integration of AI and machine learning-based software tools into our decision-making is increasing speed and accuracy for our sales team. In 2020, our sales team accepted more than 50,000 AI-based alerts into our CRM, all of which represented cross-selling, upselling, or customer retention opportunities. I'd like to provide further detail into some of our digital investments and progress on sales effectiveness. We've had an initiative for the past few years to implement business intelligent applications across our value chain. This includes applications for suppliers, customers, and internal team members, further fortifying an already data-driven ADI organization. As indicated on the prior slide, approximately 50% of our global workforce now uses our business intelligence portal. We have now successfully deployed analytics to the edge of the organization, all the way down to the branch counter level, where an ADI counter salesperson now has real-time access to a variety of customer performance data. In North America, our top 200 suppliers receive a daily business intelligence dashboard that contains a broad array of performance data. This improves supply chain collaboration, enhances shared decision-making, and ultimately helps drive supplier growth and profitability. We are not aware of any other distributor in security distribution that offers such a valuable tool with such frequency. These far-reaching, comprehensive analytics capabilities continue to underpin our growth focus culture. Secondly, machine learning technology is upgrading the potential of our sales force by highlighting changes in buying patterns that our team is immediately acting on. We estimate that one particular machine learning technology has resulted in several millions of dollars of retained customer business in 2020. Next, we've implemented sales order automation technology in more than 10 countries. As of January this year, approximately 7% of our daily run rate order volume has now adopted this technology. The objective of these investments is to create a more productive and effective sales force focused on consultative and proactive selling versus simply order management. As a result, ADI has been able to improve sales productivity over the past three years without having to add a significant amount of additional sales representatives, thus driving greater fixed cost leverage, which is critical for any distributor. Lastly, a key enabler to our global technology investments is ERP simplification. We expect to have only two ERPs by the end of 2022, down from eight ERPs in 2018, around the time of our spin. This is another example of a critical digital enablement investment that is now possible in the post-spin environment. As discussed in prior slides, ADI has produced industry-leading results over the past several years and did so with minimal levels of investment. We are now placing targeted investments in key areas of our business to accelerate both revenue growth and margin expansion. These include continued upgrades to our customer experience through enhanced e-commerce capabilities, expanding our geographical coverage with increased telesales and account managers, and the continued deployment of digital tools to drive sales force effectiveness, including CRM, AI, and pricing optimization software. Additionally, we are expanding our technology offerings in adjacent categories, including residential AV, professional AV, and data communications products, both organically as well as actively pursuing bolt-on M&A to accelerate growth in these categories. Expansion in these spaces will bring ADI new customers, access to new suppliers, and the potential for greenfield branch locations. Lastly, we are increasing the size of our teams dedicated to launching new private brands products, and improving product sourcing to accelerate growth in our margin-accretive private brands ecosystem of products and services. To summarize, ADI is a global market leader with a proven track record of delivering industry-leading results in both revenue growth and operating margin expansion. Deep customer relationships with more than 100,000 pros make us their indispensable partner of choice. Our drive to expand ADI's reach outside of core security and into the adjacent industries of residential AV, professional AV, and data communications provides significant growth opportunities in large and growing addressable markets. We're making the right strategic investments in our business to drive greater digital enablement throughout the organization, creating a more productive and effective sales force, and further enhancing the customer experience. I'm confident that our business is well-positioned to continue to outperform and further solidify our existing position amongst the industrial distribution elite. I will now turn the presentation over to Phil Theodore, President, Products & Solutions. Phil? Thank you, Rob, and thank you for joining us today. I'm excited to speak to you as the President of Resideo's Products & Solutions business. You may recall that I joined Resideo almost a year ago as the Chief Transformation Officer. Last October, I was given the opportunity to lead the global Products & Solutions organization. Much of the work that I was doing in the transformation office continues now as I help to focus and refine our P&S organization into becoming much more customer-centric while we protect and expand within our base business and get ourselves repositioned for long-term growth. In the next series of slides, I'll be giving you an overview of the Products & Solutions business, which will include our unique positioning that we intend to leverage, the large and growing markets that we play in, and the major product categories we'll be focused on and investing in. Resideo is the leading provider of solutions that enable our end customers, the consumer, to be safe, secure, and comfortable in what is likely their largest investment, their home. Let me say that again. We are the leader in this space, and over the next 20 minutes that we have together, I'm going to share with you where we are now, how we're transforming ourselves, and lay out a bit of where we're going. Let's start with where we are now. Our position in this space is very strong. We've got controls in more than 150 million homes with 6.7 million connected customers. We have an unparalleled product portfolio spanning air, security, water, energy, and services, each of which is experiencing global macro trends that make them very attractive. Indoor air quality, increasing energy costs, and water conservation are all top of mind for our customers. We have strong connections with Resideo pros. Think of your local HVAC contractors, security dealers, distributors, plumbers, electricians, as well as OEMs, who perform 15 million new installations each year. Our footprint is global, with more than 12,000 employees working in 27 countries. We have a diversified channel strategy with our products sold through a network of more than 110,000 professionals and distributors. These facts demonstrate that Resideo is operating from a position of strength with a foundation that positions us well for meaningful growth, margin expansion, as we implement new tools and processes. Let's talk for a few minutes about where we are today with our products and services portfolio and what those markets look like in terms of size and growth. I'll then elaborate on how our growing services offerings align to each segment. We're well-entrenched in the air category. Today, we offer the industry's broadest line of connected and non-connected thermostats that can control everything from line volt baseboard heaters to heat pumps. We also offer IAQ, humidification, and dehumidification, zoning, and demand response. Moving to the right, the security space is where Resideo also has a very strong position and longstanding and deep historical roots. We sell our whole home solutions in a couple of ways. First, we have a number of direct OEMs that we supply security technologies to. We also have a network of professional security dealers who are part of the Resideo Premier Security Dealer program that sell our solutions directly to homeowners across the Americas and Europe. Resideo has the ability to meet the needs of the homeowner from a traditional entry-level intrusion protection to full whole-home security and home automation systems. In the water category, our portfolio covers hydronic solutions that are very commonly found in parts of Europe, potable water controls, backflow preventers, and water leak detection devices. Just last week, we announced an expansion of this portfolio, including new hydronic heating components. We also recently introduced the Braukmann product name to our global potable water portfolio. The Braukmann name is well-known across the European residential water control market, and they can be found in more than 18 million households and are trusted by our valued plumbing contractors. Finally, Resideo plays in the energy space. This category includes components that typically aren't seen by the homeowner, but are critical to the safe operation of water heaters, boilers, furnaces, and heat pumps. We work very closely with some of the world's largest OEMs to design solutions that often have product lifespans that run multiple decades. While each of these four categories are big and we have broad offerings in each, we're increasingly looking to the services that can tie all of them together for both the homeowner and the professionals. One example of that is our AirCycle service program. That gives our HVAC contractors a tool that enables them to have data-driven conversations with their customers on the topic of indoor air quality. Another example is our remote security monitoring services for homes via AlarmNet. This is our original RMR services business with a proven business model. In energy, we see promising hope for predictive equipment maintenance services that would enable pros to not roll a truck without knowing there's an issue and would give homeowners confidence that their systems are being monitored by a professional. Let me drill down on a little more on why Products & Solutions is uniquely positioned to win in this space. We have a diverse global product portfolio that's well-positioned across the four critical networks of the home. They include air, security, water, and energy. We have more than 15,000 SKUs that we offer to our professionals. Geographically, we have the strongest position in the Americas and EMEA, which will be the primary markets that we'll be investing in and focused on. We have a small presence in APAC, and we intend to continue to leverage our strong technology position with our OEM relationships to build out this region. From a channel perspective, a majority of our sales go through the dealer wholesalers and the OEMs. We believe that Resideo is uniquely positioned to win for three reasons. First, we are a whole-home provider of products for the home's most critical networks. Second, we operate from a strong 130-plus-year heritage of providing our pros and their homeowners with proven and trusted solutions. Quality and innovation has been and always will be in our DNA. Third, we have deep channel relationships with a network of professional contractors, dealers, OEMs, and distributors that is unmatched in the industry. These relationships have created incredible loyalty to Resideo. We have pro partners who have been with us for multiple generations and proudly display the Resideo or Honeywell Home brand alongside their company name. The bottom line is this: There's no other company that offers the depth of products, history of innovation, channel network, and trusted brand that we do. With our current positioning as the backdrop, let me shift to talk about our strategy for the coming years. First, we're going to win in specific product growth segments with differentiated solutions. I'll speak about these on my next slide. Second, we're going to differentiate with a connected strategy focused on behind-the-wall networks and products. Third, we're going to double down on our professionals while expanding our channels. We just completed an in-depth strategic planning process where we identified priority growth markets. These represent large markets with attractive profitable growth rates as they are tied to several global macro trends around air quality, energy, security, and water. Resideo has the right to play and win in these categories because we have existing related proven technologies and products that we can build upon, as well as ready access to existing channels of distribution and customers that trust Resideo. Now, let's take a look at how all of our products are incorporated into a home. The home we're looking at here is a sample cross-section of our product portfolio, including air, water, energy, security, and services, but certainly not everything that we have to offer. This brings to life some of the categories I spoke about on an earlier slide and shows how we have the right to win in this space. Our behind-the-wall products that most homeowners never see are the brains behind your water heater, your furnace, or your AC unit. We work with more than 1,200 OEMs whose products rely on our control technologies to operate them. The home is our place to win. No other company matches the breadth or depth of our portfolio. Let me transition and talk about Resideo's connected home strategy and the work we're doing to build out our software ecosystem with API partners. We have more than 1.4 million connections through third-party devices. We have more than 10,000 developers in our curated API ecosystem offering best-in-class solutions for garage doors, appliances, lighting, and locks. From a voice assistant perspective, Resideo is platform agnostic, meaning our connected devices will work with everyone. We don't believe that you have to limit your home control options because of the ecosystem that you've chosen. If you're an Alexa home, you can use our products. If you're an Apple home or Google Home, we've got you covered too. As a company, we're continuing to invest in creating whole home products, which is our bread and butter. With an increasing number of those products being connected, we're also heavily focused on developing the connected home ecosystem and driving deep relationships within them. Jeff Frank will touch on that in more detail later. We have more than 1 million households that use Resideo Smart Home and Security Services, which enables them from an app to turn on lights, unlock a door, or lock a door, or control a thermostat, among many other things. We also have more than 4 million connected air and water devices installed and using our apps today. We have a dedicated team focused on our software platform, an end-to-end solution for the homeowner, tying together our products and our ecosystem. I've said many times that we are a pro first company, and we believe that the pros are a critical advantage for us into the future. The statistics on the left side of this slide makes the case for why a pro first approach makes sense. This isn't about adding a voice assistant to your home or just a video doorbell. These stats speak to the critical networks of your home, and for most homeowners, we don't find that this is a DIY discussion. We've seen that the majority of homeowners aren't interested in doing DIY maintenance on their water heater, their furnace, or even their thermostat. In fact, many of our HVAC contractors have told us that every week they get calls to install a thermostat for someone who purchased it online or at a retailer. Don't get me wrong, DIY does have a place in this space, but we believe that there is a larger portion that is do it for me. What we're doing is to make the demand for do it for me grow by making it simple, seamless, and convenient for the homeowner. We're also helping to train the pros with the knowledge and skills to have a consultative relationship to help the homeowner understand how Resideo product is a better option for them. As I said previously, we have a network of more than 110,000 pros that we work with, and they are central to all of our channels. While pros are our critical advantage, we also believe that our diversified channel strategy is a differentiator for us. I just spoke to the strength of the network of pros, which are central to all of our channels. The vast majority of our sales go into distributors, which is where our professionals make their purchases. For security, we have an enormous strength as a company with Rob's ADI Global Distribution business being our largest distributor for security products. Across the other product categories, they too are a two-step sales process where we sell into distributors. We also go to market with more than 1,200 OEMs to co-develop products to their specs that are then installed by our professionals. If you were to look under the hoods of the products from the largest boiler, water heater, heat pump, furnace manufacturers, you'll likely see Resideo gas valves, boiler controls, expansion valves, defrost controls, and spark arrestors that operate as the intelligence and the controls for those essential products. We partner with utilities around demand response programs and energy savings programs and insurance companies with our water leak and freeze detectors, which have been shown to help those companies save on insurance payouts. We continue to have a retail presence for those consumers who do want to go the DIY route or to purchase and have a contractor install it for them. We're seeing some positive growth with new home builders, what is called the residential new construction or RNC market. We are very excited about the new builder category, and we believe this could grow significantly with new products and us scaling up our efforts to focus on this customer base. We're building from a great position of trust with these partners and in all of these channels. Let me talk about where we're investing to win in the future. As I said earlier, Products & Solutions is focused on protecting our base business, being customer-centric in all that we do, and repositioning ourselves for growth. It's critical that we execute on NPIs across all of our core segments. We're in the process of revamping our sales tools, specifically Miller Heiman. Our top 100 accounts will have in-depth account plans with three-year goals focused on deepening penetration with each account in the areas that provide value to each of the account and to Resideo. We're upgrading our Salesforce.com platform, so we'll have visibility into pipelines by customer, by product lines, by channel, so we'll have confidence in our forecasts. I made a change to have customer service report directly to me to raise the importance of having a 360 view of our customers across the entire Products & Solutions organization. In addition, we've implemented new pro loyalty programs to further strengthen our relationships with our customers. To position ourselves for growth, we're undergoing a digital transformation to invest in our digital platforms globally. Finally, we're doubling down on high growth products across our portfolio. In closing, let me revisit a few themes that you've heard during my presentation and I believe position Resideo for growth. We have a new leadership team with a proven track record of being able to execute. This means on NPI, getting new products to market, sales execution while driving cost. We have an unparalleled portfolio of products across the major macro trend categories of air, water, energy, and security, all of which have significant positive momentum. Our diversified channel and in-company partnership with EDI gives us a tremendous competitive advantage that we intend to build upon. Lastly, the trust and confidence that we have with the professional contractor or installer creates a very sticky relationship. With that, thank you, and I'll turn this now over to Jeff Frank. Thank you, Phil, and good morning, everyone. I'm Jeff Frank, the Senior Vice President for Product Innovation at Resideo. I joined the company about six months ago, and being the newest member of this team here today, I'll give you a few words on my background. I spent the majority of my 40-year career creating products and building businesses, primarily in thermal imaging markets. Over that period, I've been involved as a founder of three startups, the last of which sold to FLIR Systems in 2004. At FLIR, I led a team known as disruptors in the industry, resulting in leadership positions in many of the markets in which we participated. Over more recent years, I helped lead the organization through the transition of being hardware product-focused to being solutions-focused, continuing to drive and innovate in the fundamental technology that was our foundation. Adding new disciplines like artificial intelligence, machine learning, and software platforms. When I was approached by Resideo to consider the role of product innovation, I was a bit taken aback. These were new markets, new customers, new technologies, and new value propositions that I had not experienced over my career. As I got under the hood and learned the Resideo story, my excitement grew. Resideo has some powerful starting points. Many of these you heard in Rob's and Phil's presentations, but they're worth repeating. Being in 150 million homes, adding 15 million new installations a year through a network of 110,000 professional contractors. Over 6 million connected customers and data collected from 32 million active sensor points. From a third-party ecosystem perspective, Resideo has over 10,000 registered developers with over 14 million active API connections. This is tangible scale and reach. This was an opportunity to join a new leadership team that brought together top talent from diverse but complementary backgrounds, and a team that prioritized and is committed to expanding a culture of innovation. I was in. Once on board, I quickly learned that Resideo had a long history of innovation, and that it was deeply embedded in its culture. The depth and span of the intellectual property, over 2,300 patents in diverse fields such as control systems, data processing, network architecture, combustion, and electromechanical systems was not just impressive, but powerful. The engineering and product teams, over 1,000 strong, included members whose entire careers had been dedicated to understanding how buildings and the systems that went into them worked. Many of my new colleagues had literally defined the industry over the last 40 years, creating a series of early innovations, like being the first to introduce thermostats with voice control and geofencing, as well as Wi-Fi connected water leak detectors. As I said, powerful starting points on which to build a revitalized innovation focus, especially given the opportunity to solve real-world problems in a meaningful way. If you think about it, the home, likely the largest and most important asset most people hold, is one of the least connected, least monitored things in their lives. At least as far as the critical systems that keep it safe, secure, comfortable, and efficient. As Phil mentioned before, just 20% of the homes in the U.S. have professional, full-time security monitoring, and systems such as HVAC, air quality, water, and energy have limited and fragmented options for professional monitoring and proactive professional service. There are no real complete solutions for the home. Consider your own experience. How many apps do you have on your mobile device to control and monitor the various technologies in your home? Are any of these working together in ways that bring value into your life? Are they complicating it? Are they connecting you to the professionals that keep your systems running efficiently? In our view, there are few organizations better positioned from technology, installed base, product portfolio, professional partner, and data access perspectives than Resideo to take on this challenge. In this view of the future, the critical infrastructure within a home will be proactive. These systems will work together as a functional ecosystem, linked through intelligent software and seamless user experience, often transparent to the homeowner, providing information and insights to the professionals who support the homeowner and protecting the security and privacy of the homeowner. How will we fulfill this vision? It starts with being clear on where to play and how to win. As far as where to play, it's focusing our efforts on the functional and operational needs of the home and building the professional channels that serve and support those needs. The lifestyle and automation needs of the homeowner will be well served by others in the industry, including many of those that we are or will be partnering with. The how to win is driven by relentless understanding and focus on the needs of the customer stakeholders that we serve. First, the homeowner. Here, it's about comfort, security, efficiency, and peace of mind. They will benefit by moving away from management by crisis or waiting for bad things to happen and responding, to knowing their home is being monitored and managed by professionals without compromising their privacy or adding complexity to their lives. Our all-important network of professional partners. Our mission is empowering them to be proactive with their customers instead of reacting to system failures or maintenance when they occur, giving them more touch points with the homeowner to enable them to build a trusted relationship, increasing efficiency in their business by making sure when a truck rolls, it's rolling with the right parts, the right professional, armed with advance knowledge of what they're going to encounter, and working with them to identify new revenue-generating value propositions. In collaboration with our many industry partners, our focus remains on the intelligent systems within the home, freeing them to focus on the value propositions they bring to the stakeholders. Together, the value propositions become far stronger. Success here is measured by the ease of integration and making the technology seamless and transparent. Finally is our growing collaboration with the utilities. Our thermostats are involved in most major residential utility demand response programs in North America. Our energy management division controls a fleet of flexible distributed energy resources, serving at the forefront of the smart electricity grid. Our technology is empowering our utility clients to usher in smart and more efficient electricity grid. By offering a flexible, reliable, and intelligent source of capacity, utilities are able to match rising energy demands without expanding nonrenewable generation, helping to put society on track for a more sustainable future. All of this brings us to the three areas where we will be focusing our innovation efforts moving forward. Sensors, actuators, and controls is the first. This is the hardware and firmware we put in the home. It can be on the wall, behind the wall, in the wall, or on a desktop. This is what we've always done, and we're really good at it. There's a lot more white space for new innovation, especially in sensors and sensor fusion. The second area of focus is building science. This is a competency that separates us from most others. It's the deep understanding of how buildings work, how the systems inside, the external environment, and the way the structure was constructed interact to affect safety, comfort, and efficiency. This is what separates an okay thermostat from a great thermostat. Finally, data and analytics. This focus of innovation is the glue that binds together the first two. It combines the information we collect from our sensors and other sources with a deep understanding of how a building works to make real-time control decisions and provide meaningful, actionable data to professionals and to homeowners. These areas of innovation focus will be supported by foundational paradigms that all of our products and services should incorporate. First is simplicity. What we create should reduce the complexity and clutter in our stakeholders' lives and businesses. The technology should be powerful but transparent. Second is data security and privacy. The sensors and systems we put in homes and the data we collect from them are for the benefit of the homeowner and the tight professional network that supports them. That's it. Third is a strong commitment to protecting our precious resources in the form of energy, water, and air quality. This is an essential good for all of our stakeholders and for the planet. Given these identified areas of innovation focus, we are taking action. We are aligning and rebalancing our product portfolios, rethinking historically separate lines of business in comfort, security, water, and air as one whole home ecosystem. To that end, we have organized a centralized ecosystem team, and as part of this effort, we are prioritizing common developmental platforms, both hardware and software. Similarly, we are consolidating our building science knowledge into a centralized team. We are expanding and emphasizing the analytics and data competencies through new investments in artificial intelligence, machine learning, and data science. We continue to identify and implement partnerships with organizations in adjacent technologies and lifestyle leaders to broaden the impact of our offerings. Finally, but very importantly, is increasing the role our customers play, both homeowners and professional partners in our innovation processes. All of this rolls up to a set of outcomes we anticipate will have measurable impact on the business. These include significantly higher interoperability within Resideo offerings that will enable the creation of whole home value propositions. Efficiency gains through fewer, more focused offerings. Increased NPI velocity, enabling us to get products to market faster, a growing family of partners and third-party integrations, and products and services that simplify the technology and add value for our customers. Of course, we anticipate the efficiency and productivity gains from these initiatives will have positive impact on top-line growth and margin expansion. With that, I'll pass the mic over to Tony. Thank you very much. Thank you, Jeff. As many of you know, we posted strong financial results in the second half of last year, demonstrating the earnings and cash flow power of our business. Robust market conditions, combined with progress toward lower cost and improved execution, led to a 13% increase in revenue and a more than doubling of operating income. You've heard about many of our long-term initiatives already today, and our investment and transformation plans for 2021 reflect expectations of continued progress on key structural improvements, including growth acceleration, NPI, innovation, and cost and margin improvements. When I joined Resideo last June, one key area of focus was improving our cost structure and financial flexibility. I'm pleased to say this work has progressed much faster than expected due to strong cash flow and business performance, which enabled us to tap the equity market, raising $279 million last November. This offering also allowed us to reintroduce Resideo to the investment community and attract significant new interest from both the buy-side and sell-side community. We refinanced our debt stack in February, replacing our existing Term Loan A, Term Loan B structure with an upsized covenant light Term Loan B and an extended and upsized revolving credit facility. This new structure increases our flexibility and moves more than $300 million of debt amortization payments originally due in the next three years out to 2028. At the same time, we retired $140 million of our unsecured notes and saved approximately $4 million per year in interest costs. In conjunction with the refinance, Moody's upgraded our corporate credit rating by one notch, while S&P affirmed their rating and moved our outlook to stable from negative. This much stronger capital structure provides us with the flexibility to be strategically active in our dynamic markets, including M&A across both P&S and ADI. Importantly, our improved financial position and cash flow has also allowed us to make investment and strategy decisions that prioritize long-term value creation and strategic business opportunities over short-term financial considerations. As you've heard from other presenters today, we see opportunity to create value in several ways, ranging from tactical focus on cost rationalization and efficiency all the way through to highly innovative emerging revenue growth opportunities. All this work is based on a strong financial foundation and focus on cash generation and improved asset efficiency. I'll go through this in more detail on the coming slides. At the core of our operational work is what we refer to as transformation. This isn't a project or a program or a consulting assignment, but rather an ingrained, continuous focus on identifying and implementing specific, measurable actions to accelerate growth, improve margins, and create scalable, efficient processes to support the business. Our in-house team works with business and functional leaders to identify opportunities for improvements such as sales initiatives, specific opportunities for margin improvement or cost savings, and cash generation. The team then assists in developing clear, stage-gated actionable plans for implementation and execution, provides project management support, and tracks progress toward achieving the identified objectives. Each of our business units and functional areas are expected to continuously identify and implement transformation initiatives, and we expect this process to be a crucial driver in our pursuit of growth and margin expansion. The most basic of our work is on cost structure. We reduced run rate costs by over $50 million in 2020, and will see ongoing benefits from this work in 2021 and beyond. Further reductions in cost will come from streamlining back office processes, consolidating ERP systems, reducing the number of legal entities, and eliminating activities that don't create value. This is about right-sizing the cost structure to fit the business, while at the same time creating a foundation that can scale efficiently as we grow the business. Accountability is a very important factor in sustained cost management. To that end, we've revamped our budgeting and forecasting process to ensure that every dollar of spending has an accountable owner and are calling out our corporate costs directly while eliminating non-GAAP add backs and other justifications for unusual spending. At Resideo, it's simple. If you spend it, you're accountable for it. We expect this work to drive our corporate costs to below 4% of revenue by 2024 and our total SG&A costs to under 17% of revenue. In my experience, growth in G&A costs can and should be limited to approximately two-thirds to three-quarters the rate of sales growth, depending on the maturity of the underlying business processes and systems. As you heard from Jay and the other presenters, we are expecting significant gross margin expansion through 2024 in both businesses. At P&S, we see opportunities in more efficient purchasing, manufacturing footprint rationalization, fixed COGS reductions, and profitability and pricing optimization. Our revamped engineering and new product introduction process will stress value engineering and design for manufacturability, reducing costs on new products. At ADI, gross margin expansion will come from leveraging incremental investment into more efficient operations, as well as growth in private label products and mix shift toward higher margin categories, including value-added services. On a consolidated basis, we expect these efforts to yield approximately 6 percentage points of gross margin expansion compared to 2020 levels, with P&S targeting an approximately 8 percentage point increase by 2024, and ADI targeting over 200 basis points of improvement. You already heard much of this from Rob, Phil, and Jeff, but to highlight again, we are committed to invest for growth across Resideo. ADI continues to expand e-commerce, build out new categories, and explore new geographies. In P&S, I'll highlight again our intent to grow in areas where our inherent strengths, deep channel relationships, extensive product portfolio, and ability to leverage across both businesses creates a clear opportunity for us to win. At the center of our growth plans across Resideo is that strong customer focus both Rob and Phil discussed. It's critical to driving growth. Our actions during 2020 have set the stage for these investments. We now have substantially expanded capabilities in M&A, innovation, and product development, and focus the team around each of the priorities listed here. Our organic growth initiatives that you've heard about today, along with our capital expenditures and infrastructure investment, can be supported by our internal cash generation. Included in these funded initiatives is approximately $40 million that will be deployed across the business in 2021, and we anticipate continued high return investment in the future. From an inorganic perspective, our substantial liquidity and improved financial position means we can pursue M&A investment across Resideo. We are already pursuing small bolt-on type acquisitions at ADI, an area of growth that had not previously been prioritized. Individually, these types of deals are small, usually single-digit millions, but in aggregate, we believe there is an opportunity to add high return capabilities and operating leverage through M&A at ADI. As these opportunities come to fruition, we look forward to sharing them with you. We are earlier in our inorganic journey in P&S. Our recently completed P&S strategic planning process identified several attractive categories for growth, including water, indoor air quality, and cross-platform solutions. While there's nothing immediate, over time, any of these areas could be the source of meaningful M&A. We also believe software, data analytics, and similar type of technology add-ons will be part of our M&A strategy, albeit on a smaller scale. Looking forward, we're also focused on improving our returns on capital. While we don't have specific targets yet today, we will have more to say about this in coming quarters. As Jay shared earlier, we're excited to unveil our 2024 targets. These targets represent the consolidation of much of the work we discussed with you today, from Jay's organizational imperatives to Rob's newfound access to investment dollars, through Phil's refocusing P&S around our core strengths and customers. All of which is wrapped in a true focus on growth areas through innovation, new products, and of course, a continuing expectation of meaningful, ongoing efficiency. Now the numbers. At a consolidated Resideo level, we are targeting top-line revenue growth in the 6% area, with both businesses growing faster than in the past few years. ADI's growth will be fueled by incremental investment, while P&S is anticipating faster growth through improved sales execution and a focus on faster-growing markets. At the gross margin level, we are also anticipating improvement in both businesses, which should result in approximately 500 basis points of expansion on a consolidated basis. The opportunity is greater at P&S, where margin expansion is targeted in the eight percentage point range, while ADI will be working toward a two to three percentage point expansion. Operating margins are targeted to more than double to between 13% and 15% by 2024, driven by the flow-through above, but also significant leverage out of G&A, particularly in our corporate costs, which we expect to fall below 4% by 2024. All of this should drive a more than 2x expansion of operating cash flow to more than $600 million in 2024. These long-term targets yield revenue of approximately $6.4 billion in 2024 and annual operating cash flow in excess of $600 million. In addition to the operating assumptions described throughout today's presentation, our outlook for 2024 targets an effective tax rate in the mid-20s, annual capital expenditures in the range of 2%-3% of revenue, and a continued focus on working capital management at levels consistent with the recent past. We hope today's presenters provided a clear view of the critical business and cost drivers required for us to achieve our 2024 targets. ADI will continue to execute at a high level, drive ongoing omni-channel expansion, and create margin growth and incremental sales growth through increased investment. P&S will grow share in faster-growing markets, improve its cost structure, drive innovation and NPI at an accelerated rate, all while continuing its historic focus on the pro and its core markets. Corporate and all functions will deliver value through business support and processes that are scalable, efficient, and well-controlled. In the past nine months, we've built a great team, improved our focus and execution, and established a much better financial and operating foundation for the business. Costs are coming down, scalability is improving, and cash flow is and will remain strong. We have clear, well-supported strategic growth initiatives across P&S and ADI. Moving forward, we are positioned for an exciting combination of top-line growth, margin expansion, cost leverage, and significant cash flow generation. That wraps up our prepared presentation for today. After hearing from Jay, Rob, Phil, and Jeff, we hope you have a better understanding of where we are with the business and the direction we are headed over the next few years, and how that translates into our financial objectives. All of us are excited to be a part of the future of Resideo, and look forward to executing on the plans we shared with you today. With that, we'll now move on to Q&A with the team. Good morning, everyone. Thank you again for taking the time to spend a few hours with us and go through Resideo's story. We'll do a little bit of Q&A now, and thank you for those of you that have submitted questions. If you have other questions, feel free to submit through the chat or email me directly. We'll start with a question for Jay. Jay, maybe can you talk about the organizational changes you've made since joining and some of the key benefits you're seeing from those changes? Also, where do you see maybe there's still more work to be done? Thanks, Jason. Thanks again, everyone, for joining us today. We made a considerable amount of organizational changes in the last year, and it's hard to believe it's been almost a year since I joined. I joined in May of last year, and Tony and Phil came in shortly thereafter, and we've made a significant number of changes since then. Tony, of course, came in as the new CFO. Phil came in as head of transformation initially. Just because of the amount of work that Phil has done in his career in the transformation area, he worked with me for a number of years in private equity and led transformation efforts in some businesses that I ran at that time. He came in to create that within Resideo and put together a full transformation office, which he did. Then a few months later, he took over, as Phil talked about, evolved P&S after the transformation team was fully in place, and that was then moved over to being managed by Tony. As Tony indicated, this whole transformation effort's not a one-off. It's something that is part of the DNA of this company going forward. It's not tied to one consulting project. It's tied to an integral part of our company as we move forward, how important it is to continually change and improve. Around the same time as Jeff, you got to meet Jeff Frank today, in terms of running innovation, and I think he kind of spoke for himself, so I won't repeat things that Jeff indicated, but that was an important piece. Beyond the transformational efforts of the company, innovation was something that we really wanted to turbocharge and bring forward. Jeff now has brought in a gentleman by the name of John Sublett in the area of software, who then works in conjunction with a new global head of Engineering and Product Management. We brought a gentleman in by the name of Scott Ziffra, who had worked with me during my Emerson as well as private equity days, and he ran the global Engineering and Product Management for me in the past, and is now doing the same thing within Resideo. As part of that effort, and I mentioned this, but so did Phil, as well as Tony, we knocked down a lot of silos, and now the product groups are working hand in hand versus individual product categories, and Scott is driving that. Scott is working closely with Jeff in the innovation area, as well as John Sublett in terms of the software and ecosystem. We're really excited about that transformational change that we brought in place. We also brought in Jason Willey, who you guys have all got to meet in terms of running IR. John Heskett, who came in to be our treasurer as well as M&A, we have a keen focus on M&A. The last one I'll mention right now is Travis Merrill, who we brought in to run strategy. We've done a lot, I think, organizationally, and I mentioned in the beginning, not only the new people we brought in, but then integrating into the great people that we have leading the company, being part of the company in the area of ADI and other parts of P&S and the overall Resideo structure. I think we did a lot of those changes in a fairly quick period of time, but we're really pleased with the result. Tony shared some of those with you today. For those of you that have followed us over the past 12 months, you've seen the trajectory and the velocity of the change and the results that we're making. In the last part of Jason's question that one of you asked was, are we done? It's always a journey. I always found that as part of transformation to keep a company healthy and optimize your organization, you're always looking to what else, how do you improve your company further? Change is good, and you'll continue to see that and hear more about that as we move forward. Thank you, Jay. Next question is one I think for Tony. It's kind of a multiple part question here on the long-term targets. In terms of the 2024 guide, maybe walk through some of the major underlying assumptions in the target, and do we view this as kind of a best case scenario? What is the bear case for the 2024 time period? Can you achieve these targets organically, or do they require M&A work? I'll leave it there, and then I'll kind of add some of the follow-ons after you walk through those points. Hi, Jason, and thanks for the comprehensive question. We spent a fair bit of time today going through the sort of the drivers for what we think this business is going to look like in 2024. From a financial perspective, the assumptions really derive from what we think the business is going to achieve. On the gross margin side, it's really around manufacturing efficiency, improving design for manufacturing, better pricing, and better execution really across the board. I talked about spending and the fact that we think that when we get the platform efficient and scalable, we should be able to grow our spending meaningfully less than the top-line revenue growth. One really important aspect of our assumptions is that we're going to be in a position to leverage on our own strengths and really pursue what we see as the nuggets of growth markets that exist today in areas where we have real strength and a real right to play. Is it a best case or a worst case? I guess what I'd say about that is it's what this leadership team thinks we can do with the business over the next three to four years. It's ambitious, there's no question about it, right? We're talking about 500 basis points of gross margin expansion. Rob, who's had a business that's grown 5%-6% a year for the last several years, last many years, actually, he's talking about growing it faster. Phil's got a tiger by the tail in terms of P&S. It's a broad-based business with a lot of different levers, which means that there's a lot of opportunity for improvement. 4% to 6% growth is a level that we haven't achieved in that business recently. We expect that the work that we're doing is going to be able to drive us to that point. I would call it the best view of what we think we can do with the business today. By the way, yes, it is largely based on it. I think I got all the pieces of your question. It is an organic model. This is not a model that anticipates meaningful M&A or any other kind of inorganic activity. This is what we're going to do, what we believe we're going to achieve with the business in terms of really deploying our own internal capital and our own internal investment. Great. Thanks, Tony. I think a related question is one of, and maybe for both Tony and Jay, Tony, if you want to kind of start on this, is what macro factors can accelerate our path towards the 2024 targets and what factors do we think could drive maybe the business to exceed those targets? I guess what I'd say is our expectation in this, we didn't exactly go to the Fed and really look at what the forecasts were for economic growth and that sort of thing. Our view is that our underlying markets have growth opportunities in them. Jay, I'm sorry, Phil mentioned residential new construction as an area where we probably don't have the share of wallet today that we have the opportunity to gain. To the extent that we see continued strength in residential new construction, that's going to drive us to be able to piggyback, not only in terms of gaining more wallet, but also on it kind of expanding total share or total pie, if you will. Rob has grown his business consistently through a lot of different economic environments. The fact that his business is two-thirds or more commercial and continued to post growth that it did last year, I think points to the fact that there's an opportunity for him to really execute through an economic cycle. Finally, there's an underlying assumption that ongoing investment in the home is something that's going to be a durable trend. We think that the experience of the last year with work from home and COVID has demonstrated that a more dispersed workforce with more optionality working from home is going to be a tailwind for investment in the home ecosystem. Yeah. I would add to that. I know, Jason, you asked for my two cents on this too. I would agree with what Tony said. We've talked about it, I think, during the last couple of earnings calls, too. We really think there's some major paradigm shifts that have taken place out there in the area of working from home, and as we come out of COVID, how that'll be approached by all companies in terms of refootprinting their businesses and who works from home, who doesn't. I think that's something that's not going to just go away as COVID goes away at some point. I think that's very durable. I think that definitely is a significant paradigm shift. That part, I think, is something that's going to go on for a long time, if not completely shift it to a new world order, really, in terms of how people operate. In the area of security, Tony hit it right in the head. I think the things that have happened in the world during the last year have put a much higher emphasis, prominence on the need for security, both residential and commercial. Again, that's not going to go away, and that's going to benefit both ADI and P&S. The other thing, you're going to see, I think, a further acceleration in terms of both residential, I would say small to medium commercial and big commercial in terms of IoT. The smart home, the smart commercial businesses is the way of the world and will continue to accelerate. I think it will generate additional new adjacent market areas. I think the biggest thing, that's going to be that which is something that will benefit us. We just have to be focused on the areas that we think are the best growth areas for us, because there'll be plenty to pick from. I made the comment early, and it's always worth repeating. Great strategy is picking the right ones, the right horses to go ride, but also the ones not to ride. That's something that I think we're pretty disciplined on, and we will be disciplined as we move forward in the future. That's an exciting area because some companies don't have as many places to pick from. We do. Thanks, Jay. Appreciate that. A couple questions around the residential new construction market. I think maybe Phil, kind of start with this and the question is, trying to understand how big of a portion of the business is residential new construction today for us and kind of where are the opportunities for us. Then, if we are able to grow in that market, what does that mean for kind of the business model or the profitability? How does it impact that? Sure. Good question. Today, the residential market is, I'll say it's a smaller piece of our business, but it's meaningful and it's growing. Our approach to that marketplace today has been a siloed approach. Some of the organizational changes that Jay mentioned earlier, where we've gotten rid of the silos and we're looking at whole home solutions instead of a single product placement, allows us to open up the aperture to that whole home to be able to sell more through our distribution partners today to get that share of wallet that's in the home through the builder, through our channels of distribution. We think that there's a tremendous upside. I don't want to quote where I think what our current share position is, but it's a smaller share. We think there's a significant amount of upside in the years to come. All right. Thank you, Phil. Thanks for that. Just another question on the longer-term model, and specifically, so Tony, specifically on kind of gross margin, maybe kind of walking through the timing and the cadence of the gross margin expansion, and how that kind of sets out over the next couple of years. Thanks, Jason. Yeah, we didn't lay out a year-by-year path to 2024, because it's probably not going to be a straight line. There's obviously a lot of work to be done in terms of, we talked about manufacturing efficiency, we talked about design for manufacturing, value engineering. Those things take a product cycle, or they take time to accomplish. You're likely to see the investment for those in the relatively earlier years and the benefits from them relatively in later years. That said, there is the opportunity to, as the business scales, we definitely are seeing benefits from the operating leverage and pricing and some of our other execution sort of initiatives are going to be beneficial to the gross margin in the shorter term, as is our ongoing focus on supply chain efficiency. We talked on the Q4 call about supply chain challenges and tightness and that sort of stuff. That's life in the world we're living today. In what I would consider to be a normal environment from a supply chain standpoint, we think there's meaningful efficiency to be gained year after year. We don't have an outlook as to whether this is a straight line or whether it's a hockey stick. I do think the expectation is that we're going to do better every year as we progress from the 2020 results to this year and then out to 2024. Jason, I'd like to add to what Tony just said, just a couple more words. I mean, I've mentioned this in previous, I think during earnings calls, and that is that a lot of the new people we brought in really are transformation artists, people that have spent their careers doing transformation, operational improvements. The group knows how to do both work on short-term benefits as well as long-term, and that's an important balance when you're doing those types of things. Tony mentioned some of them in terms of global footprint optimization on plants, and that doesn't just make manufacturing plants. You look at all different types of optimization of facilities to make them more efficient and better. Phil talked about pricing optimization opportunities. Of course, supply chain. Great supply chain management during tight times as well as normal times is a real art, and we have a lot of good people that know what they're doing in that space. The digital efforts that both ADI and Phil are working on that they've talked about are going to bring a lot of benefit to the organization. The NPI piece that Phil talked about is really important and has benefits both short-term and long-term. I just want to take that time to say that this team of people that we have on board, both the new people as well as the folks that are part of the organization for a long time, really know what they're doing in this space. We'll be able to get a lot of benefit by that, both short-term, long-term. All right. Thanks, Jay, for that. A question that I think for both Rob and for Phil. Maybe Phil, if you want to start with this, it's a question around the kind of the optimal kind of feedback circle and loop between ADI and Products & Solutions and how do we maximize that and the opportunity that exists there, but still ensuring that we do things within the limits and within what's acceptable for the ADI external customer base as well. Phil, maybe if you want to kind of start on that. Rob, I suspect you'll have a little bit to add. Yeah, sure. Thanks for the question. Since coming on board, one of the things that we've looked at is really how the P&S organization can truly leverage the best-in-class capabilities that Rob has. He's got one of the best organizations in the industry from a consistency of growth, the ability to execute in-field training centers that they have at their over 200 locations. They are a machine that we're looking at ways to continue to leverage. If you look at what we do through security right now, we launched our ProSeries product last fall, and Rob can tell you it was one of the more successful launches that we had. It was because we've got Rob's organization, which is an extremely powerful organization that we use as, I'll say, as a flywheel to accelerate growth with new products that we launch in and around security and other products, for that matter. We're going to continue to work closely. Historically, the two organizations, prior to the new leadership coming on board, Rob will tell you that there was little to no communications between the two companies, and now there's regular discussions on how we leverage one another. I'm very optimistic about the levers that we have with Rob's organization. Rob, is there anything you wanted to add on to the end of that? I'll come in from this angle. ADI obviously has great, very strong relationships with all of our 100,000+ pros. With that, we're also a part of several different trade organizations, National Association of Wholesaler-Distributors, and some great relationships with suppliers, and we're able to pull out, on a daily basis, a lot of market insights. When it comes down to being able to share those insights with the P&S team, that's something we've been longing to do for quite some time. We've done an okay job over the past few years, but I think with Phil's arrival and just being able to open up those lines of communication and a willingness to really bring the ADI folks into the table and share best practices on everything from how to maximize new product introductions. As Phil mentioned, we had one of the most successful product introductions of P&S product and security side in Q4 that we've probably ever had, certainly in my time here, in my eight years. It really is about how much the supplier wants to engage with ADI and take advantage of our market insights. I've seen just a tremendous difference in behaviors in the last year or so in wanting to tap into those resources and then really put those resources and that information to work. Thanks, Rob. Rob, I think we'll stay with you. There's a couple of questions that I'm going to try to combine into one here, but as you think about some of the new market opportunities, what do you think the investment is that's needed, and what's the most critical factor to being able to better penetrate things like the data com market or the ProAV market? Yeah. I'll first talk through our approach and how we've been able to get after those adjacent spaces. One of the things we pride ourselves on is we listen to our customers every single day. We've got a lot of them. The reason that we've chosen to get into those spaces is because we found out that a lot of our security dealers, five, six, seven years ago, were starting to broaden their areas of revenue source, if you will. It started with really residential AV, then pro AV, then most recently, data communications. We took, as most people know, when we were in the pre-spin environment, inorganic growth or acquisitions were just something that was not available to us whatsoever. We were really forced to go build those capabilities organically from within. Hiring general managers, hiring outside sales folks in those industries, building world-class product portfolios, bringing in product managers, and then really attacking an underserved community within those categories. You combine that with what I would call one of the best-in-class training programs that we've put in place through ADI University, the way we recruit talent. We were able to broaden our portfolio and then market it to those customers in a way that I don't think they've been marketed before, create demand to come into ADI, drive exposure through our website in those areas, and ultimately grow those businesses from scratch. Now with the ability to invest in bolt-on tuck-in acquisitions in those spaces, we see a terrific opportunity to accelerate growth in those areas, the likes of which we've just never had before, to sit on the existing foundation that we've built over the last few years. Thanks, Rob. Phil, I think a question for you here. How do you think about approaching integrating a full system for a homeowner? How do you frame, or how do our customers frame the value proposition for the end user? Phil, you're on mute. Sorry about that. That's a good question. When we look at the home market, we break it up into two pieces, the existing homes and the residential new construction. Today, there's no definition of what should be standard in a home. In discussions that I've had with CEOs of some of the major builders that are out there today, one of the things that they learned in the COVID downturn was the fact that two things are critical to the home. One is technology, and the second is security. Two things that we have. As you saw earlier in the cross-section of the home, we have more touch points in the home than any other provider that's out there today. That's why I said that we have the right to win in this space because of that. As we look at bifurcating that, it's really a two-pronged approach. It's first working with the builders to define what is standard. We believe that there will be a good, better, best whole home solution. If you look at how consumers buy, setting those standards and then taking that out into our channels with our diverse and differentiated segmentation of the market today, we've got different levers that we can pull. Whether it be in our wholesale partners or our retail partners or our e-tail partners, we've got the ability to be able to package that up to a homeowner. Obviously, taking the various price sensitivities into place, it's much easier to penetrate a new home than it is an existing home. You've got to approach existing homes a little bit differently than we would the new homes. I hope that answers your question. Yeah. Thanks, Phil. That's great. A question for Jeff. Jeff, can you talk a little bit about what we're doing today on the innovation front that maybe differs from how things were done in the past, and your perspective on that? Sorry, I had to come off mute there. Yeah. Really, I guess I'd break it down into three areas. The first one is that we really now have a focused strategy. The work that we're doing internally, we have a much higher likelihood now, I think, of working on things that are going to be really relevant to the market, as opposed to working on a lot of diverse things that are not well-connected to some of the market needs. Another area I think is the clear focus on product innovation that I mentioned in the presentation, is a clear focus on product innovation and where it used to be very ad hoc, no clear path to market. That area is a big deal now. A third one is platforms. The NPI in the past has been mostly starting from clean sheets of paper. This made it difficult because every project that we went into were big commitments of resources, and that limited our ability to take risks. As we build these platforms, both the hardware and software platforms, this is going to enable us to start at much higher levels of functionality in these systems, where we've started a 50%-60% starting point as opposed to a 10% or 20% starting point. This enables a much higher level of a fast fail environment. Everybody knows that when you're innovating, especially when you're innovating, innovation always involves risk. If you're starting with clean sheets of paper, those risks are harder to take. With these platform development, it's going to allow us to lower the risks that we're going to have to take for the higher levels of innovation we're going to see. Those are the key areas that I would say. I'd like to add something to that, Jason. That is that I mentioned before about in [silos field], it's really important. It ties to what Jeff just said. When we knock down the silos within Products & Solutions of the various product groups and the integration of them working together as we look at total ecosystems and how they communicate, that is such an important area for all the things that we've talked about here today. The efficiency of that, the connectivity of that within the organization, what we bring forward to the marketplace is we're in a whole different area than what was happening before. Time will tell, of course, in terms of what we bring out there in terms of new innovative products, both hardware, software. This area that Jeff spent a lot of time on today, as well as the things that Phil talked about, will accelerate as we move into this year and beyond, both organically as well as what we look at inorganically as opportunities here. That's a big deal. The platforming, which Jeff talked about, but Scott Ziffra, that was one of the things that our head of global engineering and product management, that was something that was critical to his success in his previous life and is what we're doing here now. All those together really are game changers in terms of what we're doing and what we bring to our customers. The other piece of all this is that Phil talked about the much, much deeper and closer interaction with our customers. Phil's one comment, he now has customer service reporting to him. Beyond that, and getting those types of feedbacks, we've gone out of our way, all the senior leadership, to spend more time with our customers. Sure, we want to be out and about face-to-face, which hopefully we'll be starting to do over the next couple of months. One of the benefits of Zoom and Webex and Teams and all this is we were able to back-to-back and meet with customers this way and really understand their needs, both short-term, long-term, as well as talk about what they want in their own product roadmaps, be it at the contractor level of things they want or at the OEM level. All that together is now coming together and gelling nicely. Yeah. I'll just add one more thing to that, Jay, is that the organization that we've got right now is very intentionally attacking innovation. We're now carving out people and resources that are now dedicated to innovation, where that wasn't necessarily the case for I've got senior team members now who we've specifically tasked with extending their horizon of thought around this stuff. That's really been a welcome thing within the organization, because these people, these who have been pent up, these people have been buried down in the organization, very tactically focused. As we've elevated some of those folks up, focusing on the long term, we're already seeing some really strong benefits from that. Thanks, guys, for that answer and information. A question on kind of transformation. I think maybe Tony to start and Jay, if you want to add on here is, can you discuss kind of some of the mileposts that the outside world should be looking for as signs that our transformation efforts are continuing to work? Kind of in other words, to Tony's point earlier, that the margin expansion may not be linear, but what should investors and outsiders be looking for to gauge our progress there? Yeah. That's a great question. Excuse me. One that I live day in and day out with Sarang Sista, who runs our transformation group. We've got work to do on the basic platform. When we spun out a couple of years ago, we did not have a consolidated platform across the organization. From a cost standpoint, the opportunity in terms of just simplification is going to be significant. We're spending on that this year, and we'll probably continue to invest in that in the early days of this 2024 outlook. We should also, we actually, I think, already are beginning to see the benefits of a more scalable platform, just in terms of being able to grow the business and do more things without having to put more cost and infrastructure in place. The transformation really goes to all three major drivers of growth for the business. There's a sales activation component that is significant that we should see pretty good yield from, and we'll, to the extent that there's something really meaningful that is specifically traceable to transformation, we'll talk about that. I would say we'll do it informally because, as I said in my presentation, transformation is just an ingrained part of what we're going to be doing as a company. Really trying to pull out what dollar is transformation versus what dollar goes into another bucket isn't something that it's probably not something we're going to do because it's kind of not the way we operate. Then in between the two is obviously the gross margin piece. We talked about manufacturing efficiency. We talked about bringing down the fixed COGS. We talked about the opportunity to re-footprint our manufacturing. Our transformation team is going to be involved in all of those initiatives as well. My view on all of this, and I've talked to some of you about this before, is I really like the opportunity to talk about a three- or four-year time horizon because all of the different pieces that you see in this outlook are all going to be affected by transformation. We're going to grow faster, we're going to drive gross margins higher, and we're going to get more efficiency out of our G&A. The transformation team is going to be involved in all of that stuff. Yeah, I think Tony said it really well. Only thing I would add is, I think Tony also said this, but it's worth repeating. Anything that we would consider to be major transformation or from the standpoint of the size of the benefit or just the particular action, we'll share with you guys, as Tony just indicated. We'll talk about that as we go along, and we look forward to doing that. We will be able to share it once we can roll it out to you and tell you when it's happening and how the benefits flow through. The nice thing is with really great transformation organizations, in my experience, you have on an ongoing basis, let's say you have 40 major initiatives. As 10 roll off, 15 more roll in. It's part of this continuous change dynamic DNA and culture that we put in place, that we're putting in place. That people embrace it, not just the group that's charging forward with it, but throughout the organization where new ideas are generated as part of the culture and the DNA. That's what excites me. I've found that in the past organizations. When I see that flowing in as the culture evolves, like what we're talking about here, then it becomes a very exciting machine. Phil made the comment about the flywheel. The flywheel just gets going and bigger and bigger and more of these types of things come out and benefits the business. Yeah, one other thing I want to add, I'll try to not make this a rant, many of you know my focus on what I'll call the real numbers, what I'll call GAAP. Well, not what I'll call GAAP, the real numbers, GAAP accounting, all that sort of stuff. We've got a list of transformation projects as long as your arm, there's a number next to each one of them in terms of what our expectation is in terms of benefit. As I've said to Sarang a bunch of times recently, if it's not in the forecast, if it's not in the budget or once it becomes real between budgets, if it's not in the forecast, it doesn't count. We're going to hold people accountable for actually achieving it and committing to it in their budgeting and forecasting as opposed to just having a list of, yeah, we did that, and nobody's really accountable for actually being able to show where it gets to in the financials. Yeah, good point. Thanks, Tony and Jay. A few questions around the relationship with Honeywell and the Honeywell liability. Maybe, Jay, we start with you, kind of the questions more around what has taken place regarding the overall relationship. As it relates to some of the things that are outside of the liability, the work that we do with them on the product side, and coordinating better with Honeywell across the various things that we interact with them. Maybe, Tony, if you want to kind of take some of the financial elements of the questions that are coming in, which are just help for frame up for people that may not be as familiar, kind of what the liability is on an annual basis and how we think about it, and how we're kind of thinking about that as we look at the longer-term model. Thanks, Jason. This is an easy answer, because it was something that was top of mind for Tony, I, and Phil. Tony and I to begin with, to really develop relationships with the senior leadership of Honeywell. Jason's right. We have relationship in a lot of different ways. We buy from them, we sell to them, and much, much more. I myself have connected with and begun a relationship with the CEO of Honeywell, as well as Tony has with the CFO of Honeywell, as well as the GC and other important leadership people within the organization. Phil operationally has connected with a number of the team there and other folks with our organization. We really have taken time, and I think that's kind of part, again, you've heard us talk about today the importance of customers and interacting with contractors. The leadership team, both the new folks that came in as well as the people that have been a part of our organization, we've made sure we've taken extra time to really focus in on this. We just feel that the relationship between Honeywell and Resideo is so important. You want to have a partnership, you want to have a relationship, and that's what we're doing. We've taken that extra time to do that. I'll let Tony fill you in on the things that Jason talked about from a financial standpoint. Sure. Just to reiterate and underscore what Jay said, our relationship with Honeywell is a complex one. They're obviously our former parent. We've got a number of long-term arrangements with them. They're a customer of ours. They're a supplier to us. We obviously have the license to the Honeywell Home brand, which is a valuable part of our business and an important part of the relationship. We're still linked in terms of we've gotten through a lot of the, virtually all really of the spin-related separations. We've got a tax matters agreement with them that causes us to cooperate with their tax team and their treasury team. It's a complex relationship on a lot of fronts. As Jay said, having the regular dialogue with their senior leadership and also within our business and theirs, the operational people really being connected and collaborating is super important. Because we are independent businesses, right? We have our own interests, they have their own interests, and just like any two companies that are partners, which I think we are with Honeywell, we're going to have areas of broad agreement. We're going to have areas where our interests collide, and we need to be in a position to be able to work through both the challenges and the positive opportunities together. And I feel very good about the relationships that I've built there. I know Jay does, and I know Phil does. And I know that's true down through the organization as well. It's a tone that Jay started when he arrived, and it's a critically important one because the relationship really needs to be constructive on all levels. In terms of the financial dynamics of it, for the purposes of this group and the financial community, the fundamental assumption should be that we'll make a cash payment to Honeywell under the indemnification and reimbursement agreement of $35 million a quarter. That's with some deferrals that they were helpful with last year during the COVID times. If you sort of adjust them back into the quarters where they belonged, that's what's happened since then. We've paid them $35 million each quarter, and that's really the way the deal is structured. The accounting is more complex. The good news is that it flows through other income. Sometimes it's more than $35 million in a quarter, sometimes it's less. If people really want to spend time on that, we can take you through it offline because it is complex. Fundamentally, the $35 million of cash each quarter is predictable and I think stable for the foreseeable future. That's really the core of the financial arrangement. We do have, at the time of spin, we booked up some reserves for tax positions where we're obligated to reimburse Honeywell for some tax obligations as they reveal themselves, and we've got that accrued on our balance sheet. We'll see how that plays out over time. One other thing that one of our team members just texted me that I should mention is, for purposes of your modeling, the $35 million a quarter payment to Honeywell is not tax-deductible for our purposes. When you're calculating our tax rate, you need to make sure that you account for the fact that $35 million of our expense or whatever the expense is in a given quarter is not tax-deductible to us. Thanks, Tony, Jay, for that. A question on the kind of competition and technology side, and maybe Jeff, start with this for you is, as we think about the connected home in our current platform, do we feel that we have what we need to compete with players like an Amazon or Google or the bigger tech companies that are out there? I guess I spin that question a little bit and say that I think that we have and we are expanding and working towards developing a platform where we can collaborate with the big tech out there. Clearly, there's a lot of overlap in the products that we have, but to really bring value propositions that we're talking about to the homeowners, and especially the professional channels, requires different competencies. Really, I think that there's things that the Googles, the Amazons of the world do really well, where we're not going to play and we're not going to try to compete there. There's areas that we believe that we do, and I mentioned in my presentation about things like building science, understanding how buildings work, all of the behind-the-wall systems that bring these value propositions to bear. Those are the things that we do really well. We're viewing this much more as a collaborative opportunity than we do necessarily a competitive opportunity or situation. Thanks, Jeff. Appreciate that. A few questions around as we obviously in the presentation, talked a lot about the importance of the security market to us over time. Perhaps, Jay or Tony, maybe Tony start with this, an update on kind of the, because a lot of these are financial related, the ADT-Google relationship, how is that factored into our long-term model? How should investors be thinking about that as it relates to Resideo? Sure. Excuse me. We didn't build the model customer by customer. We built the model holistically in terms of what we anticipate the market opportunity to be for us. With respect to ADT, that's a critically important relationship to us. They've said the same about the relationship from their side. We've got a contract with them that extends through the end of 2022, and the dialogue, and Jay and Phil can talk about this, continues with ADT at a very high level about continuing to have a relationship with them that's substantive and meaningful for both sides beyond that contract. As we sit here in early 2021, it's probably premature to be in a position to know what that ultimately looks like. They're an important customer to us today. They're an important partner to us today. Much like Honeywell and much like the other folks that we've talked about, we work very hard to treat them that way and to be in as collaborative a relationship as possible. Frankly, we think that we have some of the best security capabilities and security products in the marketplace, and we're going to continue to undertake that development on an aggressive timeline. We feel like there's going to be a significant opportunity for us in the security market because we're going to do the best we can and produce the best products out there and put them in the marketplace, whether that's for ADT or for others. I would just add to that our relationship there is really good. I've developed a relationship with the CEO there, really, and we communicate a lot. Phil has done the same thing. As I've said about our customer relationships and our important customers' relationships in general, that's one of been my areas of focus as well as the other leadership here. Tony stated well in terms of our agreements with them now, but talking to them about the future. I'm pleased with what we've done up to this point in time and what more we can do with them in the future. Thanks, Jay. Jay, I think maybe we stay with you with this, at least to start with this question, a question on ESG. If we talk about the steps that the company intends to take to further its ESG efforts, both in terms of innovation as well as internally within Resideo. Yeah. Our whole ESG framework has really been accelerated, and we're going to be sharing a lot more of that with the investment community in the short term coming up, and both from a total planet in terms of sustainability, our people in terms of human capital, in terms of our diversification efforts, our activities in terms of employee in health and safety, our talent development, our areas of purpose in terms of what security industry, what things we do for the security industry, things we do for the community, and many other things. We all know that ESG is very important to everybody in the world today, and probably more than ever before. We've put a real accelerated effort in this area, and I would also say it's a very important area for our board. Our board has spent a lot of time on this with me and my management team. As I said, I look forward to be able to share a lot more of this in more detail. We could probably spend an hour on this topic by itself. I'll be happy to do that offline in terms of really going into a much level of detail on this as we move forward in the future. I think we'll do one last question here. To those of you who have submitted questions and if we didn't get to them here, I will follow up with you on those. Thank you everyone for your questions and again for taking the time today. Maybe the last question, we're going to end with one for ADI and for Rob. Rob, can you talk a bit more Kind of how you're thinking about your e-commerce initiatives and maybe where you are today relative to where you'd like to be with that, and where maybe some of best-in-class are out in the distribution market. Yeah, I would love to. This is a great question. Look, hopefully it came very clear throughout my presentation earlier that this is the single biggest area of investment and focus for us over the next, call it, three to four years, for sure. To go along with that investment, we've got some very, very aggressive goals that we've put in place, some of which I talked to in my presentation. One of those, or the center of that, is to drive a much higher mix of what we call touchless revenue to online channels. There's three big chunks that make that up. It's e-com, so traditional e-commerce websites and apps, it's EDI, and it's email to EDI sales order automation software. Your question was specific to e-com, I want to address that. If I think about where we ended in 2020, the total touchless revenue mix, as I said, was about 28%. The e-com portion of that was 12%. In 2021, we want to drive that to north of 20%, and by 2024, we want to have our total e-com mix well north of 30%, with a total touchless revenue mix of 50%. Okay? Think about that. That's a lot between now and then to drive to online channels. To help us do that, we've assembled a dynamite digital experience team, almost all of which came from retail. Not B2B, but B2C, led by Laura Phelan, who runs that globally for us. They have just done some remarkable things in the last year. You heard me talk about that they've launched 17 new redesigned websites in 11 different languages. Our development team is launching new functionality, all practically on a daily basis, 24/7. One of the more significant milestones we're going to hit this year is launching our product information management system, our PIM, which will be stood up. This is about a year and a half effort to get this thing done. We'll get that stood up in North America in Q2, EMEA in Q3, which will significantly improve search and navigation and allow ADI to be able to deliver some of the most rich and robust content out there across B2B in the areas we play in. As far as benchmarking against what I would call best in class out there, we look at not only who's best in class in B2B, but also B2C. We do this in a very relentless way, and we take that functionality that we don't yet have, combine that with direct from customer feedback and drive that into our development pipeline. Look, I believe that by the end of 2021, once our PIM is stood up, once we launch a number of the new developments and functionality that are in the pipeline for the remainder of this year, that our e-commerce capability, user experience, both on the website and the app, will rival that of anything in B2B and be able to go toe-to-toe with the best that's out there, if not a step above. Thanks, Rob. I appreciate that answer. Again, thank you to everyone for participating today, for taking the time to join us, and look forward to talking with many of you and following up over the coming weeks, and as Jay said at the beginning, hopefully seeing you in person very soon. Take care, everyone.