Good afternoon, and welcome to the RPM International Inc. 2024 Annual Meeting of Stockholders. As is our custom, the meeting will be divided into three sections. The first section will be the formal portion of the annual meeting. The second section will be a discussion of the annual report and the first quarter financial results of the company. The third section will be a question-and-answer period. Any stockholders who are logged in and have a question may submit it at any time during the meeting by typing it in the Ask a Question box at the bottom left of your screen. I now call to order the RPM International Inc. 2024 Annual Meeting of Stockholders. Please note that Edward W. Moore will keep the minutes of the meeting. Thank you, Mr. Chairman. I have an affidavit from Broadridge Financial Solutions, Inc., to the effect that notice of this meeting was duly sent on August 22nd, 2024, to stockholders of record at the close of business on August ninth, 2024, and that this annual meeting has been duly called in accordance with the order of the board of directors. Let the record show that Tracy D. Crandall and Gregory S. Harvey are the Inspectors of Election, and that they have tabulated the proxies. As of the record date, there were outstanding and entitled to vote approximately 129 million shares of common stock, so that approximately 65 million shares constitute a quorum. Since at least 115 million shares, or 89% of the shares outstanding, are represented at the meeting by proxy, according to a recent tabulation, a quorum is present at the meeting. I now declare the formal portion of the meeting open for transacting such business as may properly be brought before it and the polls open. At this time, any stockholders who are logged in, who have not already submitted a proxy and wish to vote their shares, may do so by clicking the Vote Here button on the bottom right-hand side of your screen. The first order of business will be the vote to approve an amendment to the company's amended and restated certificate of incorporation to declassify the board of directors and require the annual election of all directors. I will now entertain a motion with respect to the amendment to the company's amended and restated certificate of incorporation. Let the record show that Ms. Tracy D. Crandall made a motion to approve the amendment to the company's amended and restated certificate of incorporation to declassify the board of directors and require the annual election of all directors. And let the record further show that Mr. Russell L. Gordon seconded the motion. A recent tabulation of the votes received by proxy indicates that 103,253,280 shares, which represent 80.2% of the shares outstanding, have been voted to approve the amendment to the company's amended and restated certificate of incorporation, as disclosed in the proxy statement. For approval, this amendment must receive the support of at least 80% of the shares outstanding. As such, the amendment of the company's amended and restated certificate of incorporation has been approved. The final results of the tabulation of votes will be available at the end of the meeting to any stockholder who requests them. The next order of business will be the election of three directors who will comprise membership of class II of the board of directors. The term of office of each director in class II will expire at the annual meeting of stockholders to be held in 2025. The board of directors nominees for class II director position are Bruce A. Carbonari, Jennifer D. Deckard, and Salvatore D. Fazzolari. John M. Ballbach, a director currently in class II, will retire as a director, effective today, after six years of service on the board of directors. Upon Mr. Ballbach's retirement, the authorized total number of directors of the company will be fixed at 10. I will now entertain a motion with respect to the nomination of the directors in class II. Let the record show that Ms. Janeen B. Kastner made a motion to nominate the following three persons to serve as directors of RPM International Inc. as members of class II of the board of directors for a term of one year, expiring at the RPM International Inc. Annual Meeting of Stockholders in 2025, and until their successors shall have been duly elected. Bruce A. Carbonari, Jennifer D. Deckard, and Salvatore D. Fazzolari. Let the record further show that Mr. Russell L. Gordon seconded the motion. A recent tabulation of the votes received by proxy indicates that an average of 102,254,525 shares, which represent an average of approximately 96% of the shares voting, have been voted for the election of the nominees as directors. The final results of the tabulation of votes will be made available after the meeting to any stockholder who requests them. This confirms the election of the three nominees to serve as directors in class II of the board of directors for a term of one year, that expires at the annual meeting of stockholders in 2025. The next order of business will be to approve, on an advisory basis, the compensation of the named executive officers, as disclosed in the proxy statement, also known as the Say-on-Pay vote. Let the record show that Ms. Tracy D. Crandall made a motion to approve on an advisory basis, the compensation of the named executive officers as disclosed in the proxy statement, and that Mr. Russell L. Gordon seconded the motion. A recent tabulation of the votes received by proxy indicates that at least 98 million shares, which represent approximately 93% of the shares voting, have been voted to approve on an advisory basis, the compensation of the named executive officers as disclosed in the proxy statement. The final results of the tabulation of votes will be available after the meeting to any stockholder who requests them. This confirms the approval on an advisory basis of the compensation of the named executive officers as disclosed in the proxy statement. The next order of business will be the vote to approve and adopt the company's 2024 Omnibus Equity and Incentive Plan, as disclosed in the proxy statement. I will now entertain a motion with respect to the company's 2024 Omnibus Plan. Let the record show that Ms. Janeen B. Kastner made a motion to approve on an advisory basis, the company's 2024 Omnibus Plan, as disclosed in the proxy statement, and Mr. Russell L. Gordon seconded the motion. A recent tabulation of the votes received by proxy indicates that at least 101 million shares, or approximately 96% of the shares voting, have been voted to approve the company's 2024 Omnibus Plan, as disclosed in the proxy statement. As such, the company's 2024 Omnibus Plan has been approved. The final results of the tabulation of votes will be available at the end of the meeting to any stockholder who requests them. The next order of business will be the ratification of the Audit Committee's appointment of Deloitte & Touche LLP as RPM International Inc.'s independent registered public accounting firm for fiscal year 2025. Let the record show that Ms. Tracy D. Crandall moved that the appointment of Deloitte & Touche LLP as RPM International Inc.'s independent registered public accounting firm for fiscal year 2025 be ratified, and that Mr. Russell L. Gordon seconded the motion. A recent tabulation of the votes received by proxy indicates that at least 114 million shares, or approximately 99% of the shares voting, have been voted for the ratification of the appointment of Deloitte & Touche LLP as RPM International Inc.'s independent registered public accounting firm for fiscal year 2025. The final results of the tabulation of votes will be made available after the meeting. This confirms the ratification of the appointment of Deloitte & Touche LLP as RPM International Inc.'s independent registered public accounting firm for fiscal year 2025. The formal portion of the meeting has concluded, and I will now entertain a motion to adjourn. Let the record show that Ms. Janeen B. Kastner moved, that the meeting be adjourned, and that Mr. Russell L. Gordon seconded the motion. The formal portion of the meeting is duly adjourned and the polls closed. Once again, I would like to welcome RPM stockholders on today's virtual annual meeting of our stockholders for 2024. I would like to take a few moments to present to you, RPM today, our 2024 results, the results of our first quarter of our fiscal 2025, and talk about our cash dividend program. This slide recognizes RPM's current org structure. We operate with four groups: the Construction Products Group, Performance Coatings Group, Consumer Group, and Specialty Products Group. It is the power of RPM that drives our performance. The entrepreneurial approach to customers with leading brands driving innovation and growth. Being center-led in operations and administration, driving efficiency and continuous improvement, and of course, the value of 168, operating with transparency, trust, and respect, and connections creating value across RPM companies. Globally, in fiscal 2024, you can see on this map how our sales spread across the world. While we are still predominantly a North American business, there are huge opportunities for profitable growth throughout the world. In particular, with our new structure, in the last couple of years, we reorganized to a platform approach to the developing world around Middle East, Africa, India, and Southeast Asia, and this new approach is having great benefits with strong, profitable growth in this developing part of the world for the last two years. In fiscal 2024, we generated record sales up 1.1% to $7.333 billion. Our gross profit margin increased 320 basis points to 41.1%, near a record for RPM. Adjusted EBIT was up nearly 12% to $941.6 million, also to a near record adjusted EBIT margin. Our diluted earnings per share for the year increased nearly 15% to $4.94. As importantly, our cash from operations nearly doubled year-over-year to $1.12 billion, an all-time record for RPM operations. Our fourth quarter, where adjusted EBIT was up 6.6%, was our 10th consecutive quarter of record adjusted EBIT performance, a track record that none of our paint and coatings or construction chemical peers can match. All of this led to a 5-year total shareholder return, where RPM outperformed the broader market by 10.5% and our peer group by 26.4%. The principal driver of this strong performance in fiscal 2024 and over the last five years is our MAP 2025 program. We laid out goals three years ago to achieve $8.5 billion in revenues, a gross profit margin of 42%, and an Adjusted EBIT margin of 16%. More specifically, over this three-year time horizon, our goal in MAP 2025 was to achieve a combined total of $465 million in cost savings and efficiency benefits. You can see on this chart the savings we achieved on an annualized run rate in fiscal 2023 and in fiscal 2024, and we are well on our way to achieving our goal of an additional $185 million of MAP 2025 savings in fiscal 2025, and believe that we will meet or exceed our original $465 million goal by the end of this new fiscal year. This chart reflects the continuous improvement towards those MAP 2025 goals that we've been able to achieve over the last three years. Sales have grown at a compounding annual rate of 9.4%, quite remarkable in the low growth, no growth environment that we find ourselves in today. We have had a 480 basis point improvement in gross profitability across this three-year timeframe, with adjusted EBIT margins up 220 basis points, tying our adjusted EBIT margin record. And working capital as a% of sales, an important metric we are working on improving, has improved by 400 basis points and has been a critical element of the $1.1 billion of cash from operations generated by the RPM companies in fiscal 2024. As importantly, our sustainability goals and performance continue to improve. You can find details of our sustainability activity on our website at www.rpminc.com/sustainability. I'm proud to report that on top of the tremendous performance we made in our first public sustainability goals associated with our original 2020 MAP to Growth program, where from a 2015 base, we were able to improve greenhouse gas emissions by nearly 40%, reduce energy consumption by an equal amount, reduce our use of water by more than 50%, and make significant goals in the reduction of waste generation, that we set out new goals tied to our 2025 MAP program. Progress to date is an additional 19% reduction per ton in greenhouse gas emissions, a 20% reduction per ton of energy usage, a 2% reduction per ton of waste to landfill, and continuing improvement across a number of other areas. Again, with the ability to see the details, of our sustainability goals and the sustainability activities across RPM on our website. We released our first quarter fiscal 2025 results yesterday, and once again, had record performance on the bottom line. Despite a decline in sales of 2.1%, we improved gross margins by another 130 basis points to a record 42.5% and increased adjusted EBIT by 6.3%, with an adjusted diluted earnings per share gain year-over-year to a record $1.84, up 12.2% from last year's record first quarter performance. All of this makes RPM excited about our continuation of record results, albeit modestly in fiscal 2025, in the no growth, low growth environment that we operate in today, and the strong expectation of continued record performance for years to come. At a board meeting this morning, accordingly, the RPM board of directors approved an 11% increase in our cash dividend to shareholders to $0.51 per share, nicely mirroring, marrying our 51st consecutive year of increase in cash dividends to our shareholders. We are excited about this and the ability of RPM with a payout ratio now in the mid-thirties, to continue our track record of cash dividend increases in future years, more in line with the rate of our earnings growth. I finish all of my presentations with my grandfather and his mission statement: "Hire the best people you can find, create an atmosphere to keep them, then let them do their jobs." And his value of 168. An entrepreneur in the 1950s telling his associates that there's only 168 hours in the week, and that we have an obligation to use those hours the best we can, because when the week was over, you could never get them back. This ethos guides RPM today and has been the hallmark and foundation of our success. This concludes our prepared remarks. We will now show a few videos highlighting some of RPM's products and services to allow you the time to formulate and submit any questions you have through the webcast portal. When the videos are finished, we will answer your questions. Any stockholders who are logged in and have a question may submit it now by typing it in the Ask a Question box at the bottom left of your screen. When it comes to the world of aquatics and parks, two brands stand out, Ramuc and TuffCoat. With a shared commitment to excellence, these leading brands have a long history of elevating aquatics and park spaces by providing stunning, durable, and safety-oriented finishes for in and around aquatic features and facilities. For over 90 years, Ramuc Specialty Aquatic Coatings have been the top choice for professional applicators. Nearly 5 million gallons of Ramuc's high-quality coatings have been used worldwide to create more beautiful and long-lasting aquatic spaces. And when safety is paramount, there's TuffCoat. TuffCoat is a single-component, water-based, non-skid coating created to offer long-lasting, non-slip finishes in many colors and textures. 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The Rising Stars program allows us to reinvest in the community, both in developing the workforce but also helping young people find opportunities, and I think support the future of the construction industry. It starts with sustainability and design and all the way to the sub-trades. So we really try and cover every part and piece of what makes up the construction industry, as well as construction adjacent, like manufacturing. It's really exciting to have this flagship program in Cleveland. It's Tremco's corporate office. We have various manufacturing facilities here. We have a great breadth and depth of talent and resources to mentor and to engage, so the sky's the limit. There's a huge need for students to enter into the building trades, especially as Cleveland continues to grow, and students need to see it to be it. So that's why the hands-on experience is so valuable. And what I think Rising Stars gives our students is a different avenue to a really successful outcome after high school. Helping them find their purpose will help lead to careers. So not pushing one route, because it's not one size fits all. Here at Cleveland Heights, I think that we have the next owners, the next entrepreneurs, the next presidents walking our halls. So by having early exposure through programs such as the Rising Stars, it breaks down barriers for students and just builds confidence and efficacy. It really is a collaborative approach in order for us to make sure that students are college-ready, career-ready, life-ready, and I think the Rising Stars program is gonna showcase what Cleveland and Cleveland Heights, and Northeast Ohio have to offer. We have cranes and construction on every corner in Cleveland Heights, so I think it'll just help them to see that you can do these jobs. They exist, so the more we can get our students exposed to the different neighborhoods, the more they're willing to stay here, and then we can build a solid workforce and change generational poverty, and just make a lasting impact in all of these communities. It starts with programs like this, and they always turn into something much bigger and better, and I'm just thrilled that, you know, RPM and Tremco is leading the charge with this. Construction is something that benefits everyone, so I'm excited to have this program here that our students can take advantage of, our families can benefit from, and it can be the rising tide that lifts all boats. The first question from a shareholder is, "Is the company promoting DEI? Diversity and inclusion has been important to RPM throughout our 78 years. We seek people with different backgrounds and different experiences, and collectively, that allows us to make better decisions. Very proudly, RPM added a woman to its board of directors for the first time in 1992, decades before it was required and common in most companies, and have had female directors on our board ever since. And a very diverse board in terms of background, experience, all of which has contributed to excellent governance for RPM. Our EEOC statistics have shown a growing diversity over the last decade. Some of that has been following my grandfather's operating philosophy of hiring the best people you can find, create an atmosphere to keep them, and then let them do their jobs, which has served RPM well throughout our history. Lastly, diversity is happening because we are hiring from a more diverse, workforce. The next question is, "Are there any plans to return to an in-person stockholder meeting? Most public companies since COVID have shifted to a virtual meeting of stockholders. If we perceive the enthusiasm for an in-person stockholder meeting, which as whoever asked this question probably knows, something that RPM did proudly for 50 years, we would be happy to move back to that format, and we'll consider it in future years. The next question is, "Although earnings beat estimates, revenues seemed a bit light. Any comment? Sure. Revenues are tough. We are operating in a low growth, no growth environment. Some of that has been intentional by a very aggressive interest rate increase by the U.S. Federal Reserve and then its peers throughout the world. They had their effect certainly in manufacturing. Most manufacturers will tell you we've been in a recession, at least from a manufacturing perspective, for the last year and a half. Finally, a month ago, the Fed took action to begin to drop interest rates. The principal negative impact on our businesses, particularly our consumer and specialty products group, has been housing. where in the consumer segment, for instance, in housing turnover, when somebody goes to sell a home, they use our products for patch and repair and small project redecorating, and then the new buyer turns around within a short period of time and does the same. Housing turnover in the United States is at a 30-year low, again, principally because of two factors: one, the rapid increase in interest rates and its impact on mortgage rates, and inflation that drove up the value of homes, making it difficult for many new homeowners. We expect to see that moving in the right direction as the Fed continues its rate reduction. And then I would also point to weakness in Europe, in part as a result of the Russian war on Ukraine, and in weakness in China, that does not directly impact RPM, but does impact economic activity around the globe. With those comments, the performance of the RPM companies, which demonstrated two groups showing positive organic growth in the quarter, our Construction Products Group and Performance Coatings Group, and the ability to actually generate positive earnings growth and margin improvement, in a declining revenue environment, really demonstrates the strength of the design and execution of our operating improvement program and our MAP 2025 program. Hopefully, we'll be seeing a return to modest growth in the coming quarters. ... The next question is, if you would elaborate on the reason for the change in the classified board of directors, since the classified board had been with RPM forever, what's to be gained with the change? Sure. RPM has had a classified board for 78 years, and it has served us well. Over the last two decades, principally, institutional investors have expressed their strong preference for boards of directors to be elected annually. We committed a decade ago to bringing a vote to our shareholders to address this. We had a vote in the early twenty-teens, which failed. A vote in 2019, which also narrowly failed, and then committed again, five years later, to bring this to a vote to our stockholders, which today passed the 80% of total shares outstanding threshold. And thus, we will join the more than 90% of the S&P 500, whose boards are elected annually. We do not see this impacting governance, or RPM's ability to continue to generate profitable growth. We do not see any negative impact on that, and we will, starting next year, begin to elect our next class for one year, and then the year after that, our final class, such that, by 2026, we will have an election of our entire board on an annual basis. That concludes the questions from our stockholders at this time. I'd like to take a moment to recognize the RPM board of directors, starting with those who were elected today. Bruce Carbonari. Mr. Carbonari is the retired chair and chief executive officer of the Diversified Consumer Products Company, Fortune Brands. Previously, he was CEO of Fortune Brands' business units, Home and Hardware, and the Kitchen and Bath Group. Mr. Carbonari has been a member of RPM Board of Directors since 2002, is our lead director, and serves on the Governance and Nominating Committee and the Executive Committee. Jennifer D. Deckard. Ms. Deckard is the Chief Finance and Administrative Officer of the Sisters of Notre Dame of the United States, whose operations include faith-based educational institutions, retirement communities, and a hospital. She previously served as President and Chief Executive Officer and Director of Covia Holdings Corporation, a leading provider of minerals and materials solutions for the industrial and energy markets, as well as President, Chief Executive Officer, and Director of Fairmont Santrol Holdings. Ms. Deckard has a significant background in finance and experience in ESG related matters. She became a member of RPM's Board of Directors in 2015 and serves as a financial expert on the Audit Committee. Salvatore D. Fazzolari. Mr. Fazzolari is the former chair, president, and chief executive officer of Harsco Corporation, a diversified global industrial company. He serves on the boards of the Bollman Hat Company and RDG Companies. Mr. Fazzolari has extensive experience in the metals and minerals markets and developing innovative solutions that significantly improve the environment. Mr. Fazzolari was elected to RPM's Board in 2013, is Chair of the Audit Committee, where he serves as a financial expert and is a member of the Executive Committee. Robert A. Livingston. Mr. Livingston is a retired President and Chief Executive Officer of Dover Corporation, a diversified global industrial manufacturer, and has been a member of RPM's Board of Directors since 2017. Mr. Livingston has extensive management experience and serves as the Chair of RPM's Compensation Committee and is a member of the Executive Committee. Frederick R. Nance. Mr. Nance is an executive group member and Global DEI Council for Squire Patton Boggs, a global law firm, and heads its U.S. Sports and Entertainment Practice, representing several prominent clients, including LeBron James. Mr. Nance serves on the board of the Cleveland Clinic. He has been a member of RPM's Board of Directors since 2007, and serves as chair of the Governance and Nominating Committee, and is a member of the Executive Committee. Mr. William B. Summers, Jr. Mr. Summers is the retired chair and chief executive officer of McDonald Investments, an investment banking and securities firm, now a part of KeyBank Capital Markets. He previously served as chairman of the Nasdaq Stock Exchange, Board of Directors, and was a director of the New York Stock Exchange. Mr. Summers has been a member of RPM's Board of Directors since 2004 and serves on RPM's Compensation Committee. General Ellen M. Pawlikowski. General Pawlikowski is a retired four-star general of the United States Air Force and was the third such woman to achieve this rank. She was elected to RPM's board in 2024 and is an independent consultant, providing expertise to industry and academia on strategic planning, program management, logistics, and research and development. General Pawlikowski serves on the board of RTX Corporation, formerly Raytheon Technologies, and is nationally recognized for her leadership, technical management acumen. She serves on RPM's Governance and Nominating Committee. Elizabeth F. Whited. Ms. Whited is president of Union Pacific Corporation, one of America's leading transportation companies. She previously served as Union Pacific's executive vice president, sustainability and strategy, and was promoted to president in August of 2023. She continues to lead environmental, social, and governance efforts at Union Pacific. Ms. Whited was elected to RPM's Board of Directors in 2021 and serves as a member of the Compensation Committee. Frank C. Sullivan. I'm the Chair and CEO of RPM. I began my career in corporate finance at Harris Bank and First National Bank before joining RPM in 1987. I became President and Chief Executive Officer of RPM in 2002. I serve on the Timken Company Board, the Rock & Roll Hall of Fame and Museum, and the American Coatings Association. Lastly, I would like to recognize John M. Ballbach, whose retirement is effective today, and Kirkland B. Andrews, whose retirement from the RPM board will be effective in January. John Ballbach has been an esteemed member of RPM's Board of Directors, bringing six years of dedicated service and invaluable expertise with an extensive career marked by leadership roles in the coatings industry and a successful tenure as CEO of VWR International. Mr. Ballbach's strategic vision and industry insights have been pivotal. His guidance on commercial and operational excellence has helped RPM navigate various market challenges and opportunities. Due to personal and professional commitments, Mr. Ballbach has chosen not to stand for re-election. We are profoundly grateful for his wisdom, leadership, and significant contributions to RPM's success. Kirkland B. Andrews. Kirk Andrews has been an invaluable member of RPM's Board of Directors, serving with distinction for six years. His expertise in capital markets and financial disciplines played a crucial role in shaping RPM's strategic direction. Mr. Andrews' insights have been instrumental in optimizing our capital structure and enhancing shareholder value, contributing significantly to the company's growth. As he embarked on a new chapter as Senior Vice President and CFO at Consolidated Edison, Mr. Andrews will step down from RPM's board in January 2025, due to increased time commitments in his new role. We extend our heartfelt gratitude for his dedicated services and impactful contributions to RPM. During the six-year tenure that these two now retiring directors served on the RPM board, from the period between May 31, 2018, and August 31, 2024, the first quarter just ended, the company increased trailing twelve-month revenues by 37% to a record $7.3 billion. Adjusted EBIT increased 71% to a record $961 million, and adjusted EPS increased 98% to a record $4.94. And our market capitalization increased by 126% to $15 billion, and the best is yet to come. Thank you for your participation in today's 2024 Annual Stockholders Meeting and for your investment in RPM. We wish you good health and happiness, and as a company proudly headquartered in the United States of America, we are ending our meeting with the playing of our national anthem. Have a great day, and thank you for your investment in RPM.