Good morning, and welcome to the 2023 Steelcase Investor Day. We wanna thank you for joining us, whether you're here in the room at our New York WorkLife showroom, or whether you're joining us online. We're very excited today to share what we've been seeing in our business, as well as talk about what we see maybe moving forward over the next few years. Joining me today, we have. My name's Michael Merritt, Director of Investor Relations at Steelcase. Joining me today, we have Sara Armbruster, our President and CEO. Dave Sylvester, our Senior Vice President and Chief Financial Officer. Allan Smith, our Senior Vice President and Chief Revenue Officer, and Bob Krestakos, our Vice President of Global Operations. Before I turn it over to them, I just wanna cover real quickly that we will be using forward-looking statements today, and in the 8-K that we released this morning, we talk about any risks associated with using those forward-looking statements. We'll also be referring to some non-GAAP financial measures. There's a reconciliation in the back of the presentation that we posted online today. Everything we're saying is as of today, and we hold no obligation to update those as we move forward. Giving those out of the way, I'd like to turn it over to Sara Armbruster, our President and CEO. Great. Thanks, Mike. Welcome to everyone who's joining us today in the room and online. Steelcase right now is at the center of a global conversation about the future of work, and we're really excited to be in the middle of that conversation because we think it positions us well to continue to move our strategy forward and create shareholder value over the coming years. What we're gonna do today is talk a little bit about that opportunity, why we think we have an exciting opportunity, and the strategy that we're pursuing to capture that opportunity. We're gonna talk about the midterm financial targets that we believe we can deliver based on that strategy, double-click a little bit into some of the specific growth strategies and profit enhancement opportunities that we're pursuing. As we wrap up, we'll make sure we have plenty of time to cover your questions. To dive in, it is no surprise, I'm sure, to any of you that Steelcase, like so many other organizations, has navigated through some extraordinary challenges over the past couple of years. We've certainly seen in our industry reduced demand as lockdowns closed offices and schools and more. We've experienced months and months of supply chain disruptions, of labor shortages, and we've all experienced the highest levels of inflation in recent memory. Despite those challenges, in our fiscal year that recently ended, fiscal year 2023, we were able to drive 17% revenue growth globally, and that included 23% growth in the Americas. We feel really good about that, and we believe that the reason we could accomplish that is because we've taken aggressive action to respond to those challenges. Those actions included unprecedented levels of price adjustments, numerous actions to adjust our cost structure and bring it in line with changing demand. While we were doing that, we continued to prioritize our strategic investments to ensure that we could manage for the long term and stay invested in our growth strategy. We feel those actions have positioned us really well to move forward. Moving forward for us looks like targeting mid-year or mid-term revenue growth of 5% to 7% annually and significantly improved profitability. We really believe we're well-positioned to drive value going forward. We intend to do that by maintaining our focus on three core strategic pillars, one being to continue to lead the workplace transformation and really help our large customers, large corporate customers in particular, evolve their workplaces as they navigate the aftermath of the pandemic. We're not focused just on that large corporate customer segment. We also intend to continue to diversify our revenue as we explore opportunities to serve healthcare organizations, educational institutions, consumers, and more. While we do those things, we remain committed to our profitability enhancement initiatives, and we'll continue to accelerate those and even accelerate them. Let me talk a little bit now about the opportunity that we see and why we believe that these targets are achievable. You know, you might be surprised because there's still a lot of noise in the news and in conversation about how organizations are still struggling in some cases to figure out how to navigate the new ways of working in hybrid work. There's a lot of noise and a lot of conversation that's still out there, and you see that in the headlines. As we talk to business leaders, decision-makers, the leaders of the organizations that we serve, I would say the core message we hear from them is, "It's complicated," right? People are trying things. Some things are working, some things are not working, and we know that we're in a moment where employees, on the one hand, are increasingly speaking up. They have a louder voice, and business leaders are listening to that. At the same time, we recognize that after three years of disruption, we see business leaders and decision-makers who are more determined than ever to figure out how to bring their people back together and to bring them together in the office. We also see organizations that really have a clear point of view in some cases about how they believe their spaces need to evolve and they need to move forward. In some cases, they can also feel the tension with a bit of reluctance to know when and how and how fast to make those investments because they're not exactly sure they have the right answer or what will work. We see people wrestling with these tensions, and we see them trying to figure out how to move forward. We believe that we can help and that it's actually time to even move the conversation further forward. Beyond hybrid, beyond the basics of who's working in the office and how many days are they there, to really focusing on how to explore the ways in which work is changing and how we can help our customers create workspaces that work better. That's really where our focus is. We know that the current state, as I said, is one of challenge and struggle and people trying to figure this out, and I'll share just a couple of data points to dimensionalize a little bit about what we're hearing. Certainly, we know that many people are struggling, and as we talk to employees around the world, the themes that we consistently hear are that people feel their connection to their organization's culture and their colleagues is weaker. They feel that their ability to balance work and life is diminished relative to what it was before the pandemic. They do report that they feel both on an individual level and at an organizational level, their productivity is declining. Probably most concerningly, they report higher likelihood to leave their jobs. Gallup recently released their 2023 State of the Workplace survey, their findings echoed many of the things that we see in our own research. One data point I'll call out is that in the U.S., employee engagement is now declining. This comes after several years where the Gallup research showed employee engagement increasing prior to the pandemic. If you're a business leader and you're counting on your talent to be engaged, to drive innovation, to drive growth, this is a really concerning data point. We see leaders that know they need to act. I mean, I would say that our customers, by and large, resoundingly feel like they need to do something, they need to move forward, they need to go beyond hybrid, but they're not quite sure how. The good news for Steelcase, and I think where we see great opportunity and opportunity for growth, is that we believe we know how to help. I wanna take a couple of minutes to dive a bit into some of our most recent research to give you a flavor for what we're seeing. I should start by mentioning that over the past two years since the pandemic began, we've talked to over 63,000 employees and leaders in 11 countries around the globe to understand what they feel is working in their workplaces, what they're feeling is not working, and how they'd like to see the workplace evolve going forward. We believe that this is the largest study of its kind into people's attitudes toward the workplace. We have a terrific dataset that we use actively to drive our strategies and our innovation. A couple of things that I'll call out from this work. The first is kind of an interesting data point that globally, it's actually still true that most people work most days in the office. More than 70% of employees globally report that they're in the office at least three days a week. Opportunity for us to continue to think about how we help those spaces evolve to serve all those people who are going to the office. If you're going to the office, it matters quite a bit where you live. The adoption of hybrid work patterns relative to in-office patterns varies pretty widely by country. Countries like Canada, the United States, and the U.K., at least as of right now, have tended to lean in more to at home work or hybrid work or blended modes of work. Whereas interestingly, countries as distinct and diverse as Mexico, France, and China all have very high degrees or high percentages of people working in the office. We see this. We're a global organization. We serve clients around the world, and we see these patterns play out in our conversations with our customers. Whether you're in the office also depends a lot on who you are, meaning if you work for a small or medium-sized business, you're much more likely to be in the office. If you live in a small or medium-sized city, not New York City, you're much more likely to be in the office. If you work in certain industries like education, utilities, or manufacturing, which by the way, are all industries that have a high preponderance of frontline workers, you're also more likely to be in the office if you're an office-based employee. If you're a leader, you are also more likely to be in the office. Who you are, in this respect really, really matters. Perhaps even more interesting and really relevant to our conversation today is not just who's coming in, but it's really why. When people do come to the office, why? This is, I think, some of the most interesting research, insights that we've uncovered. What I'll point out here is that the top reasons people tell us they like coming into the office or they need to be in the office, the top three reasons are all about getting work done, both individually and together. People say, "When I come to the office, that's where I can collaborate the best, but it's also where I can focus as an individual the best," which is interesting because I think a lot of us maybe have the mental model that when I work at home by myself where it's quiet and I'm left alone and it's just me and the dog, I can be more focused. That certainly is true in some cases, but people tell us the office is where they focus. What's also interesting is that the next set of reasons four through seven, are all about building relationships. This idea that people are social creatures, like even when they're at work, is real. People wanna come to the office to be with people, to feel a connection to their organization, to build that sense of shared purpose, and really to socialize. You know, the good news for Steelcase is that all of these things that people tell us about why they wanna come to the office are still things that can't very easily be replicated anywhere else. We see tremendous opportunity to help organizations create the kinds of spaces that foster these benefits. Likewise, when we talk to people about what office improvement would cause you to wanna come into the office more, the answer is, "It's all about me," right? People get really, really people-centric or me-centric really fast. They want more individual privacy. They want an assigned workstation or a personal space that they know is there. If I make that trip to get to the office, I know I'm gonna have my place that I can sit down and put my stuff. They want larger individual space, and they want ergonomic tools that are supportive of them. People say it's all about me, and that would bring me into the office more. At the same time, people also tell us that they want help with hybrid collaboration. It's interesting to note that today, more than half of all meetings are hybrid, meaning some people are participating from the office, and then other people are participating from another location. This is the new reality. We all live in it. We're doing it right here today in this investor presentation. What we hear from people is that the spaces that are typically used for hybrid collaboration kind of meetings are too small, they're too uncomfortable, there's not enough acoustic or visual privacy, and in many cases, the technology is not easy, equitable, or engaging. People still spend more time trying to get the technology to work than they do actually working on the substance and the matter at hand. Again, another opportunity that we believe we've got the solutions and the innovation and the partnerships to help organizations solve. For us, this is a really exciting time. I mean, we've talked to people around the world about what's not working for them in the office, and we've heard those struggles. We've also heard just as many people talk about the joy of being together, of collaborating, of doing meaningful work and accomplishing things. We're confident that the innovation we're pursuing and the things that we're doing to drive our business forward can make a real difference. Again, the core ways that we're gonna focus on making that happen over the coming years are leading the transformation of the workplace, diversifying the customer and market segments we serve, continuing to focus on improving our profitability, and doing all those things while we continue to maintain our commitment to use our business as a force for good. I just wanna touch briefly for a minute on each of these four things, and then later in this discussion, Dave and Allan and Bob will share a bit more detail. In terms of leading the transformation of work, this is really about how we can continue to grow our market share, the efforts that we are putting behind, growing our market share with large corporate customers. These are the big organizations that are really facing dramatic changes in how they work, and we can be their trusted partner through our product innovation, through our insights, and through the ways that we can serve them globally and help them navigate kind of what's happening beyond hybrid. We're highly focused on doing the work we need to do to be successful here. Again, we're not stopping there. We really are focused on diversifying the customer and market segments we serve because we also see organizations in many different segments of the market facing some of the same struggles and some of the same challenges. We believe we can use our insights-based innovation approach to also bring really relevant and needed solutions to those markets. For example, in education, we have made significant investments over the past few years, including our acquisition of Smith System, to really amp up our focus on learning and to drive solutions both to higher education customers as well as through to K-12 school districts, and we intend to continue that focus on learning. We also believe we have an opportunity to drive higher market share for Steelcase with small and medium-sized businesses, which have not historically been a huge focus of ours. As we talk to organizations of all sizes, we know that many small and medium-sized businesses are wrestling with the same kinds of questions and have the same kinds of needs as large corporate organizations. We think there's terrific opportunity for us to grow within that segment. We also intend to continue to amplify our Steelcase Health business, serving healthcare institutions, and likewise, to expand our consumer business, both through our direct sales on our Steelcase online store, but as well through our retail partnerships. When it comes to profitability, we have numerous things kind of underway already and planned, and again, Bob will talk more about that a little later today. Those include, in the immediate term, capturing the benefits from the pricing actions we've taken, making sure that we can capture those benefits and increase profits that way. Over the longer term, continuing to focus on how we optimize our operations, how we drive business value through transformation, and how we continue to reallocate investments toward the highest profit, kind of highest value creation activities. This is a strong focus of our entire team. Lastly, I wanna comment on the fact that we remain committed throughout all of this to work to design better futures for people and for the planet. You know, Steelcase remains focused and committed to the same core values that have served us for well over 100 years. Values like treating people with dignity and respect, values like building positive relationships, protecting the planet, and acting with integrity. Those things are still really important touchpoints for us today. Our customers really trust and value us not just because of how we can help them solve their workplace needs, but they value our commitment to designing better futures that are more equitable and healthier for the planet and for people. We have a number of initiatives that have been underway and will continue to help our communities thrive and to do things like reduce our carbon footprint. You know, and again, even during the pandemic when there were so many things going on, I'm proud to say that Steelcase was the first company in our industry to achieve carbon neutrality back in 2020. We remain committed here as well. You know, it's exciting for us to do this important work, and we certainly aren't done. We have a long ways to go, but I think it's also really nice to see that other organizations are recognizing the achievements we've made as well, and we hope that some of this external recognition will provide energy or encouragement to other organizations to set bold goals with respect to how they care for people and care for the planet. Again, we've navigated through some incredible challenges over the past couple of years, but through it all, we've remained really focused on executing our strategy in a way that we believe will drive improved results and shareholder returns, which we're really excited about. To talk a bit more about that, I'm gonna hand it over to Dave. There you go. Good morning, everyone. Thank you for joining us today, here in the showroom as well as online. I'm going to talk about our midterm financial targets, of course. I'll start with our targets for revenue growth over the midterm as well as our adjusted operating income targets. What we'll do is we'll transition to Allan Smith and Bob Krestakos, who will provide more detail and color behind some of the strategies and initiatives meant to drive those financial targets. I'll come back and talk about our balance sheet, our cash flow targets, and from there, we'll go to Q&A. Before I get into those targets, though, I'd like to start with a little bit of historical context and also remind you of the fiscal 2024 targets that we communicated just a couple of months ago in March. We just finished the third year since the beginning of COVID. While navigating a, I would say, a very challenging external environment that was plagued with additional significant inflation, continued supply chain disruptions, and a stalled or sluggish return to the office, we delivered 17% revenue growth. Our earnings were three times what they were in FY 2022, and at the same time, we adjusted and updated our strategy. We feel pretty good about FY 2023, and it's been a challenging ride over the last three years for sure. You might remember in the first year of the pandemic, our results were quite challenged. They benefited in a significant way from beginning backlog, as well as a project pipeline of opportunities that was really building right up until the start of the pandemic and throughout calendar 2019. Our income, our operating income in the first year was supported by dramatic actions that we took to protect the company. Some of those included salary reductions to the tune of about 50% for almost 5 months across much of the global workforce. We also, as you can imagine, did a significant number of layoffs across our hourly workforce. We did have some benefits from various government subsidies as well, and we began implementing longer-term actions to reduce our cost structure. It seems like a long time ago, but it was only 3 years ago that we were in that chaos. I will tell you, having a conservative capital policy while we were navigating that, it was also quite beneficial. The second year, following the start of the pandemic, when COVID variants were starting to disrupt what we all believed was the beginning of the return to office, we were forced to take additional actions, which we did, and we were also forced to deal with additional, or with the onset of significant inflationary pressures. These were actually extraordinary. They came on so fast and were so significant. I've been in the industry for 27 years. I had never seen anything like what we were beginning to experience in FY 2022. At the same time, we had supply chain disruptions and logistical challenges, and other issues across our business that we were navigating. That inflation required us to take 3 price adjustments in a 12-month period, which we had never done before, and begin negotiating it with our customer base. What that little chart on the bottom right shows you is that the inflation hit us very quickly, and it takes time in our industry, which is contract by nature, it takes us time to negotiate and get those price adjustments implemented with our customer base. We were hit with supply chain disruptions, we were challenged by logistics and labor issues, and we were dealing with the beginning of extraordinary inflation, and we took action with price adjustments. Those challenges continued into 2023, and therefore, we took additional pricing actions and layered in a temporary surcharge, which we've since removed. Of course, we also took other actions to continue to adjust our broader cost structure. However, what we saw in 2023 is that the benefits from our pricing began to catch up to the cumulative inflation. You can see that on the bottom right. Those negotiations that our sales organization was driving with our clients and through our dealers were starting to get implemented, and therefore, it was starting to offset the inflation that continued in a significant way into 2023. The benefits of our revenue diversification strategies that you're gonna hear more about in a few minutes from Allan, those also started to pay dividends and helped fuel 17% revenue growth. All of that together contributed to our earnings being 3 x what they were in 2022. A very challenging, three years following what was one of our most successful years in over a decade, which was fiscal 2020, when we delivered, just about 7% adjusted operating income. As we start fiscal 2024, we are cognizant of the macroeconomic uncertainty. It's in the news every day. It's in the conversations of most business leaders, and we're cognizant of it. Frankly, we felt a little of it in the second half of fiscal 2023 when our order patterns, along with the rest of the industry, felt some pressure versus the prior year, which was really the first time we had felt any kind of order decline year-over-year in several quarters or since the beginning of the pandemic. It felt it, and it affected our backlog as we finished the year, and therefore will have some consequence to fiscal 2024. What we wanna talk about today is the optimism that is building for return to office. We feel pretty good about the growing desire of CEOs to get people back in the office. What I like about it now is that they're talking about a minimum number of days. It's less about the discretion of employees. It's about we need people in the office, and we want you in at least two or three days. Some companies are mandating five days because they want people to get back together and collaborate. That is optimistic for us because large company, that segment of our business took the biggest hit, as you'll see in a few minutes from the pandemic, and it's begun to recover, but it's an opportunity for it to continue to recover along with our targeted diversification areas. When we communicated our targets for FY 2024 in March, we were cautiously optimistic. We set revenue targets that reflected modest organic revenue growth. We set a range of earnings expectations for fiscal 2024 that could range between flat to up maybe as much as 20+%. We communicated again that on our analyst call in the month of March. The assumptions behind those targets include a volume decline across large corporate customers. Again, we had a soft backlog coming into the year that was impacted by FY 2023 second-half order patterns. We expect to offset that or at least partially offset that with volume growth in education, healthcare, and small to medium businesses. In addition, we expect significant improvement in our gross margins, primarily led by pricing benefits, which you can see in the bottom charts on the right are finally starting to offset inflation on a dollar basis, and we're hopeful that we'll be able to get some margin on that inflation that we've incurred over the last couple of years. There are also some incremental, early incremental benefits from some of the gross margin improvement initiatives that you'll hear more about from Bob in a few minutes. That's our FY 2024 targets. Thereafter, what we're targeting across the midterm is 5%-7% average annual organic revenue growth. We believe we should be able to attain a 6%-7% adjusted operating income margin. For free cash flow as a percentage of revenue, we're targeting 5%. I'm gonna walk you through the first two. We'll hear from Allan and Bob, and then I'll come back and walk you through the third before we move to Q&A. For revenue, you'll remember that our segments are include the Americas, EMEA, and an other category, which is made up of Asia-Pacific and a textiles business that's based here in New York. None of those segments have recovered to pre-pandemic levels of revenue, but they all have grown from the initial impact of COVID in the first year. They went down significantly and then up and up, and the average decline that we've experienced over those three years, you can see on the lower left, has been in the low to mid-single digit%. If I go through the segments, if I start with EMEA and the other category, if you focus on the middle of the page, the top are some factoids for you to reference, but if you focus on the middle of the page, you can see that we're targeting across the midterm in EMEA, a mid-single digit% growth rate. In Asia-Pacific and across Designtex in the other category, we're targeting a low double-digit% revenue growth rate. If you look at the bottom of the page, we continue to target a mid-single digit% of revenue for adjusted operating income. Those are targets that we've communicated in the past on analyst calls and in our investor presentations. Those are the targets that we continue to have for those regions. However, the environment in those regions is still relatively challenged. If you look at the second to bottom line on the chart, you can see that we made a little bit of money in EMEA in FY 23. We lost money in the other category in FY 23. That's why this morning we announced a series of actions that we're taking in these two regions as well as a small action in the Americas that Bob will reference in his discussion. Together, all of these actions target annualized savings of approximately $10 million-$12 million, and we expect them to be fully implemented sometime in the second half of the year. Hopefully more closer to the third quarter, but sometime in the second half of the year. Of course, we'll incur restructuring costs and the like to get those done, but that's what we're targeting in those regions. For the Americas, we continue to target adjusted operating income within a range of a high single-digit% to a low double-digit%. We think that will be driven by revenue growth targets of a mid-single digit% over the midterm. We've also included our FY 2024 targets in there for your reference, but I'm not gonna get into those details. We expect the mix of our business, represented by the pie chart on the right, to continue to evolve. In fact, if you look at it, and start top right, the small plus medium-sized businesses, education, healthcare, and consumer, these areas that we're targeting incremental growth and really emphasizing diversification, we expect over the midterm will represent more than 1/2 of our revenue in the Americas. Which is a pretty significant change compared to pre-pandemic, where it was less than 1/3, and where it is today, a little bit more than 40%. Our strategy continues to diversify the revenue base for the customers that we serve. This next chart is really meant to be more for your reference. What it describes are the segments, what we mean by each of our customer segments. It also gives you a reference of the primary brands that serve the segments. We're also including our estimated size of the market and our current market share, how these segments have behaved over the last three years, what our targets are for this year, and what our targets are for the midterm. That's a lot to absorb. You can look at that slide and study it in the investor presentation that's now posted online. I guess the takeaway that I would ask you to focus on is the addressable markets that we're targeting are relatively big, and when you look at our market share, there's clearly room for us to improve our market share. If you look at how they've behaved over the last three years, it shouldn't surprise you that large corporate declined the most, but it might surprise you that we've seen some of the growth rates that some have returned to the level they were pre-pandemic already. If you focus on the far right, you can see that we're targeting mid-single digit for large company and generally stronger growth rates across those areas of diversification that we're targeting. Alan's gonna get into this in more detail when we transition to him in a few moments. That's a lot. It's in the presentation that's posted online. Alan's gonna go into more detail. From there, I'll pivot to our target for adjusted operating income margin of between 6%-7% over the midterm. We have a long history of focusing on organizational fitness, and that's really not gonna stop. We have been, for years, focused in on continuous improvement across our manufacturing environment, trying to offset labor inflation and other run-the-business costs that we incur. We've taken the broad application of lean manufacturing principles that we've been focused on for more than 20 years in manufacturing, and we've brought those into the offices. We've benchmarked our corporate functions, and what that chart in the middle of the page shows you is that we also leverage global business centers in different parts of the world. Our business centers are captive. They're in Malaysia, Mexico, and Romania. What is illustrated by that chart is the% of employment across various functions in our SG&A, across SG&A, that are resident in those business centers, which has been part of our overall fitness efforts. How do we access really high talent at a more affordable price, inside of our business? The other thing that we've done more recently is we've reallocated a significant amount of our investment from kind of our core traditional focus, of kind of the Steelcase brand and large corporate customers, to invest more significantly in small to medium, healthcare, education, consumer, et cetera. Some of that investment was incremental, but a lot of it was reallocated from other parts of our business, which again, we think is part of our overall fitness. The reason I go through that is that will support a nice contribution margin, that will be associated with the targeted revenue growth over the midterm. We also expect pricing benefits, primarily in FY 2024 as we get the last wave of benefits from the pricing adjustments that we've announced and really negotiated with our customers already. That will benefit FY 2024. Beyond that, which is where I wanna spend a few more minutes, are the two other actions that we're targeting in our business, one is across our operations, and the other is across the business more broadly. The first is something we've talked about on the last several analyst calls. We've been talking about an effort to improve our gross margins, and today we're quantifying that objective at least $50 million of net savings across our cost of goods. This is, you know, exclusive of absorption benefits related to the targeted revenue growth. It's exclusive of the targeted pricing benefits that we primarily are seeking in FY 2024. It's exclusive of the benefits that Bob pursues every year to offset labor inflation and other run-the-business costs. These are truly incremental, and we expect to drive it across 5 primary work streams that Bob's gonna spend 10, 15 minutes talking to you about in more detail in a few minutes. The other area of improvement in our profitability is what we refer to as business transformation. This was originated from the requirement that we implement a new ERP. Now, I know what you're thinking. Ooh, a new ERP, that usually takes a long time, costs a lot of money, and sometimes doesn't go quite as planned. We're aware of that. This was not an optional thing for us. The support for our current system will no longer be available to us later in this decade. What we decided to do was rather than just simply implement a new ERP solution, we decided to step back and look at our business model with a clean sheet of paper and think of it really more from a transformation perspective. What we're trying to do is really reinvent our business processes while we modernize our technology and enable more resiliency. What we've identified through the partners that we're working with is significant opportunity to drive more efficiency for us as well as for our customers and dealers, and we think those savings will pay back the investment that will be required to do this over the next several years. And that's a big, a big initiative for us, and you'll be hearing more about that as we talk about our progress on each quarterly analyst call. Those are the main drivers of our adjusted operating income, and that gives you a sense of what's behind the targeted revenue growth. From here, I'm gonna turn it over to Allan again to go through revenue in more detail. He'll then transition to Bob, and then I'll come back and cover our free cash flow target. Allan? Thanks, Dave. Morning, everyone. You heard Sarah talk a little bit about our research and our strategy. You heard Dave talk about financial targets, I'm here to really talk about how specifically we're gonna achieve those over the next few years. As Sarah mentioned, we're really focused on growth, we're also focused on diversification. When we think about growth, we think about our typical large customer segment, which has historically been the largest part of our business. As those customers are coming back to the office, and as Dave mentioned, some customers are requiring their employees to be back three days a week. We've heard that quite a bit also in New York City, which is a surprise 'cause some of these larger markets typically are working from home. We really see companies are looking to transform their workplaces as they invest, as their employees come back. What they've said is their employees don't wanna come back to the same kind of rack-em and stack-em benches that they had pre-pandemic. They're looking for these new spaces that Sara mentioned to help collaborate, but also to focus on privacy. The other way that we'll grow is through additional revenue diversification in the customers and the markets that we serve. I'm gonna dive into those in depth. First, I'll talk about our large corporate business. When we think about this, again, historically, it has been the largest portion of our business at Steelcase. Typically, we think of those customers that have more than 500 employees. We're targeting a midterm CAGR of mid-single digit. Again, this varies depending on where you are around the world. Different markets, as Sara mentioned, in Canada are much slower to come back than certainly our customers in China. We think there's a huge opportunity as hybrid work really isn't working for folks to help them reinvent their workspaces. I would also say that we stayed invested throughout the pandemic in not only our research, but also our product development initiatives. These are the things I'll talk about in just a few minutes, about how specifically we're gonna help people collaborate or focus. As Dave mentioned, you know, one of our largest segments has declined quite a bit, but again, we think it also has an opportunity to represent a greater share of that revenue growth and profitability over these next few years. Let me talk about how we're hoping to do that. As Sarah mentioned, one of the top issues that people are looking for when they come back to the office is a space to collaborate. We think there's a huge opportunity to improve the hybrid experience, and we recognize that there's a lot of in-person collaboration that'll happen, so we've set up a lot of social spaces, and I'll show some examples. We also think there's an opportunity to enhance the hybrid collaboration, where part of the group might be at home, part of the group might be in the office. We've worked with these tech partners over the past few years to create spaces that are really easy to use, they encourage employee engagement, and we also think they have a high degree of equity. When we talk about those things, easy to use means walk up and use, so the technology should be seamless. When we think about engagement, we think about this idea of both see, can I see the content, and can I be seen as a participant, and can I hear what's going on, and can I also be heard? Do I have a voice in the room? We think that contributes to both equity and engagement. We've worked with Microsoft, Logitech, Crestron, and Zoom to create specific applications that integrate their technology that enhance the employee experience. Again, this is all based on research that we've done together. Again, we're not necessarily inventing the technology, but we're seamlessly integrating it into our furniture, and that is really a differentiator for us. You'll have a chance to see one of these new pro-product explorations called Project Ghost that we worked on with Logitech. We had 90 CEOs here last week, each of them had a chance to go through this mock-up experience. What you'll see is it both blends the digital and the physical experience to create a near in-person experience with a person on the other end. We invite you to come up and see that, and we've got a demo upstairs. Again, this is just a product exploration, but our goal with all of our product innovation and development is to turn these into real products that are super affordable, easy to specify, and you can put in multi endpoints around the globe. Other ways we're innovating with large corporate customers are our products like Karman, which we just introduced. What I would say is Karman is our first ever mesh chair with a new proprietary textile that we've developed that really creates what I would call a feeling of weightlessness in the chair. It's named after the Kármán line, which is when astronauts go into space, and they feel that first sense of weightlessness right as they pass that Kármán line. We wanted to really encapsulate that in our product, so we're continuing to innovate. This is a mid-price point product. This is like $600, so it's really in the bulk of the mid-price point for these ergonomic products. It also has an incredible sustainability story. It's one of our lightest weight chairs, broadest color range available, and it's true innovation. This is an example of how we stayed invested throughout the pandemic to create innovation, so as people emerge from the pandemic, they've got these great solutions to not only help them collaborate, but also help them at their individual workstation. By the way, it's also great for home office. We've started selling it on our store, just two days ago this week. We invested a ton in understanding privacy. We worked with MIT and the really top researchers on privacy throughout the pandemic. This is just some examples of our privacy solutions that we developed all in the past few years. The reason that's important is we knew privacy was gonna be a top issue for people as they came back to the office, so we believe we have one of the largest privacy collections, a portfolio of screens and other privacy elements, which I'll show you, to help people manage both territorial privacy, psychological privacy, acoustical privacy, and importantly, visual privacy. What people have said in the research is they want as much privacy as they have at home or more as a reason to come back to the office. We did an Orangebox acquisition several years ago now, and Orangebox is probably the leading purveyor of pods, acoustical pods in the market. What you see in that lower left is a picture of some new innovations that we have which are both for individual use. You see on the lower left those pods, we see them for group and team spaces. At the top, actually, we have our CEO's office. Sara's office, she sits in one of these Orangebox privacy pods. The idea here is that these can go up in less than two hours. They're super affordable, and they have a proprietary innovation, which is an articulating roof, which opens in the event of a fire and closes obviously when you enter the room for privacy. The cool thing about it is you don't have to plumb it to any of the building's systems. These are super easy to put up. If you don't like where it is, you can take it down in less than two hours and move it over a weekend. Again, we think we're uniquely positioned, and they continue to innovate every few months on new opportunities for pods. If customers need even more privacy, we suggest things like full-height walls. We have invested a ton with our new Everwall product over this past few years. We've just launched that, and we have sold miles and miles of walls at this point. We're really excited about this. This is a great solution if people need really strong acoustical privacy. The other thing we did last year was we invested in the HALCON business. This is a high-end wood manufacturer in Minnesota. They're probably the top in the industry for private offices, and we bought them last year to really help us round out our portfolio to enhance these levels of privacy. We wanted to invest in areas that were growing, legal, those financial services customers that are still investing in private offices. We wanted to make sure that as workers returned, they had a great place to go that was super acoustically private. Another growth area for us is the outdoor space. Typically, people think of this as southern locations, you know, got a patio or things like this. Actually, we see is this is across the globe in both northern and southern climates. Again, people are looking to activate these outdoor spaces as a place to socialize, have places to eat, and really enjoy being together. We have products that we make through our Coalesse and Viccarbe brands. We bought Viccarbe several years ago, as well as through partners, which you see listed down the right-hand side. This allows us to have what we think is the broadest portfolio for outdoor products in the industry. The last way that we really think about helping our corporate customers return to the office is our thought leadership. You know, we really wanna be a trusted partner for our customers, and they've really turned to us in the pandemic to ask us questions about our industry-leading research. And how we articulate that is through our Work Better magazine, and each of you have a copy in your takeaway bag, so please check it out. If you wanna listen online, we've got great podcasts which help our customers understand some of the issues that they need to consider as they ask employees to come back to the office. I think that while the employee value proposition is certainly shifting back to the employer, our customers, which are typically these leading organizations, always wanna balance employee needs. I think this is a great way for our customers to understand and think about that. The next area I'll talk about really is around our diversification strategy. As Sara mentioned, historically, small and medium-sized businesses have not been a strong focus for us. Since our AMQ acquisition back in 2017, we really got focused on how to help support small and medium-sized businesses. These are typically customers that have less than 500 employees. We're targeting a midterm CAGR of high single digit. What we found was this is typically groups of people that were less impacted during the pandemic. They maybe went home for a few weeks, they were right back in the office. Some, in certain markets, didn't go home at all. We see this segment as much more transactional. They're really looking for inexpensive products to be able to specify quickly and get in their offices and be able to make changes quickly as well. I'll talk a little bit about how we're supporting small and mid-size businesses. First is the product portfolio. I mentioned AMQ. That's certainly a great portfolio which we have expanded quite a bit since we bought the company back in 2017. Again, stayed invested during the pandemic. We also expand our offering with West Elm. West Elm, as you guys know, is the... Are one of the larger home retailers in the country, and they have a great aesthetic and a terrific price point. What we wanted to do was bring the West Elm aesthetic to the commercial market. We have these products that are designed by West Elm and made by Steelcase. Obviously we have a lot of Steelcase products that we sell to this market as well. One of the big things for our these customers are experience. We have typically served this customer as a made-to-order product, sorry, made-to-stock product, which is in contrast to our made-to-order product, which is primarily what we do around the globe. That means people can, usually in most cases, get their own fabric, get their own special surface materials, et cetera. What we found with this customer base is they really need things in stock, and so they're probably less choosy about the surface materials, less choosy about the finishes, and they really need to get it quickly. We've just most recently opened a new AMQ East facility in Grand Rapids to serve customers on the East Coast. Again, what we're looking to do is promise that those products can be delivered within 10 days. That's a big deal in our industry, 'cause a lot of times people will place an order, and it might be weeks till it's delivered. Now, customers can place an order and have it delivered within 10 days. The other way we're looking to improve the experience for these customers is to offer free design specification services. Imagine sitting down with one of our in-house designers. You can actually choose your fabrics, choose your finishes, and again, do layouts that are simple and easy to implement, put the order in, and all of that will arrive to your office in less than 10 days. Free design services is a key, as well as improving our experiences on things like our website. We've seen a huge increase in our user base in the past few years, as we implemented more digital tools. We also see that this is around demand generation, right? We've created a huge, robust marketing platform for our teams to be able to qualify people, turn leads into qualified leads, and then track it all the way through to a sale. By the way, this is also engaging with our dealer community, which we believe we have one of the top distribution groups in the world, and each of these folks are able to participate as well with these small and medium-sized businesses, which actually creates new client opportunities for them. 'Cause in some cases, these are not clients that they're doing business with today. Another area of growth for us is education. We've been in the education business for a long time, as Sara mentioned, but primarily up until the Smith System acquisition, it was focused on higher education. When we think about education now, we think about K-12, we think about higher education, and if you think back to our corporate groups, we also think about corporate learning, so we can take that same portfolio and apply it to those kinds of spaces. For today's purposes, we're just gonna talk about K-12 and higher education. We are targeting a low double-digit CAGR in the midterm, and what we found was throughout the pandemic, this was an incredibly resilient purchasing group, right? They were really looking to transform the classroom. They were taking advantage of federal stimulus money, and K-12 spaces really haven't actually kept up with the change in learning pedagogy that's happened over the past few years. When you look at most classrooms today and infrastructure. I was in Atlanta Public Schools last week. They have 55,000 students that they serve, and they are really looking to transform their spaces. Many of those spaces have not been updated since the fifties. Not only are they trying to take advantage of the federal stimulus money, they're trying to have their new spaces match their learning curriculum. We think we can continue to increase market share. We gained a whole new series of dealers with our Smith System dealers, which are typically education K-12 only, and we think there's continued favorable dynamics in the K-12 market over the next couple of years as federal stimulus money continues to flow into local school districts. The other thing would be higher education. They are continuing to have to compete for students, and while certainly, you know, admissions are going down, that makes those students who are choosing colleges even more important as they choose a lot of times based on the physical facilities. We've done a great job expanding the portfolio during the pandemic. Again, brand new Smith System products that can apply not only to K-12, but also higher ed. We've also cross-sold with the AMQ portfolio into administrative spaces for K-12 school districts. We're really trying to think about how these portfolios can mix and mingle to create new opportunities for us and our customers. We are also leveraging digital tools. I think this is an important thing to help us find new customers. A new business intelligence platform that helps us identify potential customers. We track engagement with each of those folks. We're able to retarget with new specific communications, and it helps us track and qualify leads. Again, we have a very serious team that's focused on turning leads into sales. We like to say at Steelcase that we are not only the most local, but we're also the most global in our industry. This is an example of taking that Smith System portfolio and growing internationally. One of our fastest-growing subsegments is our international schools in Asia Pacific. We have a team of, I think about 15 people now in Asia Pacific that are just focused on growing that international school group. That's been very successful, taking that Smith portfolio and bringing it to Asia. Also, we're working on higher education. This is an example of University of Glasgow in Scotland in our EMEA business that is also focused on not only higher ed, but K-12 as well. Next, I want to talk about healthcare. When we think about healthcare, we think about large IDNs, large systems. We think about regional clinics, but we also think about medical office buildings. We're targeting a high single-digit midterm CAGR. You know, we've served healthcare organizations since the '40s. We have been in this business for a very long time, but most recently, we've really redoubled our efforts on the clinical areas. What we find is with healthcare customers, if you know a lot about the clinical area, it pulls the admin through oftentimes. That gives us a high degree of credibility because we study human behavior, we study nursing behavior, we think about how to increase patient outcomes, we think about speed of healing, attracting and engaging nursing staff, and it's a big deal when we talk about these business benefits for hospitals, and this gives us a tremendous amount of credibility. We expect that clinical market to continue to grow. We see admin cooling off a little bit. It depends on the region, but we think also, obviously, a dramatic age in rising, rise in aging, will help stimulate the healthcare segment. We've worked a lot on expanding our clinical offerings over the past few years, and when we think about clinical, we really think about innovation. Patient seating. We think about sleeper sofas. On the upper right, you see a new deployment screen that people have. Rather than cubicle curtains, we have a new screen that can be pulled out and custom-printed to divide the space and give patients privacy. We think about nursing respite areas, a place to kinda get away without having to go away. Then we think about social. How do we create break rooms and social spaces for nurses to be able to recharge and refresh? We've thought a lot about expanding our clinical offering in the hospital. We have also focused on new marketing and promotion, whether it's in the Work Better magazine, which you'll see, new webinars and seminars for hospital administrators, new brand story, video, sales tools, and we have a huge new digital marketing campaign that started in April of this year. The last segment I'll talk about is consumers. When we think about consumers, we really think about what we call prosumers. These are people that have high ergonomic needs, they value high-quality solutions, and they're really looking to us to help direct them as to what to choose. We're targeting high single-digit growth CAGR over the next midterm, and what I think is interesting is this is a segment that has really grown throughout the work from home period. I remember back to the pandemic in May of 2020, and we stood up a team that was maybe, at the time, two people, and by the end of the month, we had 25 people selling our work from home products, got a website up, started taking orders literally within 30 days. I'm really pleased to say that, you know, we grew that business from almost nothing to almost $100 million in a year. When we think about it and we focus on it, Steelcase really tries to remove any kind of executional risk. We try to staff it correctly, resource it correctly, and make sure that we actually win when we play to win. I would say that, in addition to the prosumer area, we're also looking to influence retailers. We have a terrific relationship with Amazon, Best Buy, West Elm, where they sell our products in their stores, but also Alibaba. One of our fastest-growing consumer segments is really in Asia, and we're working with these retailers around the world. Again, I think that we'll still see demand for work from home because even as people come back to the office, what we see is they might have a dedicated one or two days a week where they need a proper ergonomic setup, and customers are telling us this. In some cases, it might be a customer purchase directly. In other cases, it might be a company-sponsored purchase. Either way, we can provide those solutions. I'll give an example of a tech company that we were asked to supply 16,000 chairs all around the world to individual addresses. This is throughout the world, including India. We were able to kinda pull that off with Bob's logistics platform to provide these choices to these work from home folks that are working from home just one day a week. One other way, in addition to the home office, which you see up in the right, we're really expanding on our seating success, and how we're doing this is through a couple different ways. One is esports. That goes back to connecting with consumers in a way that applies a personal interest to why they might be interested in buying a Steelcase product. We have a huge program with schools all around the country, and we've developed new esports applications and specific products to help support both professional and 4 million followers, and just from that one thing, we can cite $1 million worth of sales in less than a few weeks. A lot of these guys have a tremendous following, so we're working not only to create the great products, but also to work with great promotion to help sell these products. Again, as Sara mentioned, you know, we believe our offer is super well-positioned to help customers Work Better and achieve our growth targets over the next few years. Happy to take questions at the end, and I'll turn it over to Bob Krestakos. Thank you, Allan. Hi, everyone. Thanks for coming. As the pandemic and the supply chain challenges began to abate, global operations at Steelcase began to work on these four imperatives. Four things that are so important to our business strategy to give it a stable foundation. I'll take you through each one of them briefly. First, David alluded to it, a more competitive cost structure. He alluded to it as $50 million plus, and I'll say it too. We won't stop at $50 million. We'll keep going and going as we can. I have a lot of confidence in that number, and we've been in motion on this. We've got 60 to 70 active projects right now. Another 110 projects are in our queue. We're actively tracking those in our database. Every month, Sara and Allan and David and I meet with the teams in a steering team context to give them guidance and help them set priorities. Very confident in that. Let me tell you a little bit more about how we'll go after that cost structure. David said, "Here are the 5 work streams." I'll take you into each 1 individually. First, on the footprint and efficiency. When you think of footprint, think of all of our factories and all of our distribution centers in North America. The key to getting better cost of goods sold and margin improvement is to make sure that that footprint is working efficiently and effectively. It's gotta be hardworking. Internal metrics that we use around revenue per square foot kinda tell us if we're on the right track. One of the ways that we'll go after those margin improvements is we've made some investments already, significant investments in wood laminate case goods. The fit and finish of our wood, laminate case goods is gonna be better than it ever has been, but significant margin improvement comes from dramatically reducing the labor content in each of those products. Similarly, in our core steel operations, we've made significant investments there too. Core steel in modernization of the equipment for laser cutting, tube cutting, it allows us to compress that footprint, we get better capacity, better throughput, and it opens the door for some of the insourcing for products or for parts that we didn't used to have. Those are significant levers as well. As a lean and just-in-time manufacturer, the flow of the plant, the material flow, the labor flow is also part of the efficiency work that we're doing as well. I mentioned also that it's part of distribution, and Dave alluded to our 8-K that was posted today. We're announcing that we're closing our Atlanta distribution center, and we'll move that operation into Athens, Alabama, where we have a factory, and we'll operate out of there. About six months ago, we closed our distribution center in Denver, Colorado. When we made that closure, we moved that operation into our facility that already existed in Dallas, Texas. We had no customer disruption as a result of that, and I don't expect any customer disruption from the Atlanta closure as well. We designed for that, and we'll gradually move the distribution into the new facility. Footprint and efficiency is a significant area of improvement for us. Complexity, all types of complexity in the products, complexity in the process, that's an opportunity for us as well. Working jointly with Allan's team, we're taking a hard look at the product offerings. We're able to cull some of the older products that we have, migrate our customers to some of the newer generation things. We're also scrubbing all the options and features in the existing products and paring away things that add complexity but not much value. That's been a successful area for us as well, and we'll continue to do that. Design for margin is another work stream. Sometimes we call this design for manufacturability, and I've got a couple of good examples as we go along. Essentially, again, it's working jointly with our sales teams and with our product and design teams to find ways to make it easier to manufacture, easier to assemble. Could be common parts. It could be common platforms. We've had some significant successes there already. I'll talk more about the supplier cost improvements. It's a fairly big area all by itself, so I'll give you a little bit more detail on that as well. The final stream was cost of non-quality. Sometimes we call that CONQ. It's basically the cost of our mistakes: damages, defects, returns, warranty work. Seven years ago, we took a pretty big deep dive into that area, and we made a significant change, and we got to a new normal that's a lower level. We're gonna do that again, and we're gonna go down a significant level again in cost of non-quality. I should have mentioned, but that chart is proportional in where we think the $50 million will come from, I'll keep going on some of those discussions. Supply management is essentially our procurement and sourcing organization. Three activities within this area will drive the cost savings. Cost reduction and cost avoidance, we've been working on that. The hyperinflationary times that we've been in drove commodity prices way up, and we see significant opportunities to negotiate them back down. Cost avoidance is real. It takes work in order to avoid those costs. As Dave said, it's not counted in our number. It's exclusive of that number. The collaborative opportunities is new for us, so we've been working on this. Collaborative opportunities start out as ideas. Hey, there could be some possibilities for this. As we develop them and vet them, they'll end up in some of those already other existing work streams. For example, looking across all of the products, standardizing on thicknesses of edge banding, thicknesses of screens, there's a number of those kinds of ideas that will come through. The wood core that we use can be standardized. Tons of opportunities there for collaborative opportunities. The supply management area is quite active and quite a big contributor to that goal. This design for margin opportunity, this is a nifty little project that I really like. It's an intellectual property opportunity for us. We filed a patent, and what it does is it helps us increase the density of our chairs as we move from our seating factory into our distribution centers. Believe me, it's not that easy to increase the cube density of a truck. A 30% improvement is pretty good. It's pretty significant. The sustainability story there is a headline all by itself, but taking trucks and trailers off the road is where we get that savings. That $1.5 million savings, that's just 1 chair line. As we kinda develop this and refine it, we think that that number will grow as well. I'm excited about that one. I wanna keep going with supply chains a little bit with you and into the second imperative, which is we need more agility and resiliency in our supply chains. Supply chains are different now, so we have to adjust for that fitness. I wanna talk to you about the four elements of our supply chains: the long-distance supply base, the local supply base, a part that we use in our industry called the vended finished goods suppliers, and of course, things that we do to insource parts that we make ourselves. In this slide I describe, here are the characteristics of those different elements of the supply chain. It's pretty straightforward, but what we do is we've been working on making some of these adjustments. What we believe to get more agility and resiliency is you've gotta place those parts in the right area. In other words, we see that some things that are in the long-distance supply chain today should maybe move to local, so that they can be just in time or they can be insourced, and other things might have to move into long distance. We've been doing that manually, but what we're working on today is an AI-driven supply chain tool that I think will be unique to us. I don't think anyone else will have this. What it'll do is analyze the thousands of purchase parts that are out there and recommend a placement for those, and then we'll adjust those accordingly. I'm excited about that opportunity as well. Then I wanna talk to you about the third area, which is improving the dealer and customer experiences. It was really tough during the worst times of the pandemic, and we learned a ton. What we've said here in this imperative is, first, you've gotta get back to those service levels that existed before the pandemic. We're essentially there. Our product lines are at standard lead times. 96% of the products are at standard lead time. Other areas where we have on-time deliveries and stuff, those are pretty much in line as well. We have to keep going. When in the worst parts of the supply chain disruption, we had really a lot of difficulty shipping complete orders to our dealers. They felt that pain, and we did too. One of the tools that we developed in the course of this is another AI tool that was able to predict when an order would ship incomplete. What we saw was a significant amount of the issue was from the supply base being late. This tool could predict with 92% accuracy if an order would ship incomplete with 10 days notice. That's huge for us. 10 days gives us opportunity to inform the dealer, the dealer can make plans, or we can correct, and we can make adjustments in order to avoid incomplete shipments. We've seen other things in how we can dynamically prioritize the orders. When you don't have enough parts for all the orders, you have to make hard choices. Well, that wasn't always so easy. The tools that we're developing have made that significantly better. I really think we can get to better than ever service levels. Our true north in this area, make ourselves easy to work with for our dealers and differentiate ourselves on that basis. I'm excited about that one as well. Finally, I labeled this one, just do new things, right? Allan and Sara and David have described the very traditional part of our business, which has been large corporate. I'm going to use an internally focused kind of term here about operational models. When you think about large corporate, for us in operations, that is on a line dealer base, placing an order, they're expecting 4-6-week lead times on almost everything. We make to order with a just-in-time approach, and we deliver in a consolidated shipment. That's large corporate. That's our sweet spot, and we do that really well. As Allan and Sara and David have described, there are other things to do as well. That small and medium business model blends made-to-stock and made-to-order together. That's very different than for us. We're thinking about inventory placement and replenishment and things that we didn't really have to do in large corporate before. The other couple of models as well, retail and consumer. Allan talked about working with online retailers like Amazon and being in sync with replenishment with Amazon, very different than a traditional operational model for us. Architectural products are essentially walls. We're really excited about the new product, Everwall, and our operational model there helps us work much more effectively in a general contractor context rather than the majority of the other work that we do for other products is kind of in the fit-out stage, so it's different. The final thing in this new operational model is the disruption model itself. We've learned just a bunch of adjustments to make in our systems and our inventory levels and the way that we do things to buffer customers and dealers from supply chain impacts when they exist. That's been quite effective. Now we have that playbook that we can turn to immediately as we see things start to rise up in supply chain disruptions. The other side of this, in terms of doing new things, is something we call subscale. Subscale is essentially being able to operate at low volume, high variation, exactly inverted from where scale wants to be. This supports us in our customization efforts today. When we do non-standard products, subscale is at work. It's been very effective. We've built garages in our factories, areas where we do bench builds and bespoke operations. Also, we've been building out a subscale-based supply chain. What we think is possible, though, and new is to use subscale in certain situations to support our product development efforts. The Frank Lloyd Wright Collection is a good example of that. It's operating at subscale today, and we'll be able to move it to scale if the volume materializes the way that we hope. Other areas as well, where there's maybe a long lead time for tooling or other things while we're waiting, we wanna be in the market, and subscale may be able to help us do that in the right conditions. That's a flavor for some of the new things, and I look forward to your questions. I'll pass it back to Dave. Thank you, Bob. Thanks, Allan. Thanks, Bob, for providing that color. I trust that you all found that beneficial to better understand some of the drivers behind our targeted revenue growth and improved profitability. I will wrap this up with some comments about our free cash flow target before we move to Q&A. As I said earlier, what we're targeting is free cash flow as a percentage of revenue of approximately 5%. That's a significant improvement of where we've been tracking for the last few years. On our analyst calls, we've been talking about the impact that working capital has had on our overall free cash flow because of the supply chain disruptions. That started to get bad in 2022, got worse in the early part of 2023, and has since been improving. That impacted not only inventory, but also our receivables, which has been improving over the back half of 2023, and we expect that to continue to improve into 2024. The targets across the midterm include a working capital day assumption of about 45 days. That's a little higher than what we were tracking at pre-pandemic. I think it was a little bit lower than 40 days. With where the supply chains are today, the fact that they haven't completely stabilized and haven't been pressure tested with kind of consistent volume growth, we're taking a bit of a conservative approach in how we manage our inventories over the next couple of years. From a capital expenditure perspective, we're continuing to target 2%-3%, but believe that that could be closer to the 3% range than the 2% range that it had been tracking at pre-pandemic and more recently. Of course, if we hit those targets, it's gonna put out a lot of cash for us to think about how we're gonna put to use. I'll spend just a minute talking about our priorities. As you can imagine, our top priority is reinvestment, not only organically, but inorganically. We have done a series of acquisitions, as Allan mentioned, over the last five or six years. They've been doing very well and have helped accelerate some of our targeted growth areas. I imagine that we'll continue to look at those as opportunities to accelerate revenue growth. That's really the driver of why you see depreciation and amortization going up at a faster rate than CapEx. It's because of the acquisitions. It's the amortization associated with the intangible assets that we capitalized in connection with the purchase. Clearly, our priority is to continue to invest in the business as we continue to strengthen our overall revenue base and diversify across the customers and markets that we serve. From a dividend perspective, we target to sustain a strong dividend. We've recently reset it at a $0.10-per-quarter level. You can see that we took a deep reduction initially in the pandemic, moved it to $0.10, moved it back to where we were pre-pandemic, and then more recently have reset it at $0.10. We target to continue to use the dividend as a means to return value to shareholders. In addition, from a share repurchase perspective, we will continue to offset or target to offset dilution from executive awards or broader employee awards that we have. Occasionally, we'll be opportunistic like we have in the past and take advantage of market conditions and/or excess liquidity that we feel on our balance sheet and look to the market and buy back some shares. That's our story this morning. As we said, FY 2024, we're cautiously optimistic about. We feel like we can continue to build on the momentum that we've established in 2023, and we're feeling pretty good about the midterm, where we're targeting, again, 5%-7% annualAverage organic revenue growth, we're targeting a 6%-7% adjusted operating margin and strong free cash flow. From there, I'll invite Sara to join me, up front, and I'll turn it over to Mike O'Meara to facilitate any questions that you might have. Great. Great. Thank you, Dave. For those of you in the room as we work into Q&A, we'll just ask that you grab the microphone from Brad so that those online can clearly hear your question. For those of you online, you can either directly email me a question at momeara@steelcase.com, or there is an option in your online box where you can submit a question and we'll take your questions that way. Here we have a question from Greg Burns. Morning. Greg Burns from Sidoti. Could you just talk about your confidence in the midterm growth targets that you've laid out today? Are you seeing anything specifically now in terms of maybe forward-looking metrics? I know there's been a little bit of a lull in terms of order patterns, but are you seeing anything changing incrementally positive that gives you confidence in those targets? Yeah, it's a good question. It's a fair question. Maybe I'll share a couple of things. One is, from our last analyst call, last couple of calls, we've talked about a strengthening project opportunity pipeline in the Americas. I think in March we referenced that eight out of the last nine months, we saw growth over the prior year in our project opportunities, and that tends to be driven by our large corporate customers. Also, maybe a couple of other things to think about are the growing sentiment from CEOs about getting their people back into their spaces, which, maybe I'll invite Sara to talk about a little bit more significantly. I think that's evidenced by the fact that we had an event here last week in the showroom that Allan Smith and other executives participated in. We had something like 90 or 100 CEOs that participated in the event in our showroom. I think that is kinda telling us something about the sentiment or attitude about getting back into the office. Yeah, I think that's well said. I would just add that in general, I think we see C-suite level engagement in these questions around workplace and workforce and investment in spaces, being at a high. You know, I can't recall a time when we've seen this much interest and this much commitment and conviction. I think we're far enough into the pandemic that as more and more CEOs and leaders see their peers or their competitors start to make moves, there's a bit of this feeling like, "Okay, what are we gonna do? How are we gonna make those choices and catch up? We see that reflected in the fact that while, you know, maybe a year ago we were having good conversations with customers and decision makers, we weren't always seeing that really good discussion translate into activity and planning a project and then action. I think now we are definitely seeing conversations more and more translate into customers saying, "Okay, yes, I wanna move forward and make that investment." Size are influencing those differences. Again, the really good news for us is, I mean, we are a global leader in workplace. We have the benefit of being able to take things we're learning in one market and leverage that in another market. Where we see places in the world where customers are actively in the office, we're there. We can sell them the products we need while we spend more time in other parts of the world, maybe nudging and encouraging customers to take action. I think this dynamic, while it's highly varied, depending on what part of the world you're talking about, in some ways really plays to our strengths as a global provider of solutions. Great. We received a question from Reuben Garner from The Benchmark Company. I think this is directed to you, Dave, probably. He's asking: What level of volume is needed to get to your midterm targets? The peak last cycle you had $3.7 billion in revenue and 7% operating margin. Do you need to get revenue well above the $3.7 billion, given all the pricing that we've taken, or what's the volume base? I think if you listen carefully to the targets that we talked about for pricing primarily playing out in FY 2024, then you take the midterm targets and you roll those out over the next three years, 3years to 4 years, you would roughly get to a kind of a $4 billion range of revenue, which would imply that we would be getting back to similar levels of volume that we had in FY 2020 with pricing benefits covering the extraordinary inflation on top of that. Great. We actually have a few questions in the queue. There's a question on the small business initiative, and this is probably for Sara or maybe Allan. The question is: What's the go-to-market strategy here? Is the plan to use existing distribution, or do you need to expand your options to grow this business? What about product portfolio? Often this segment wants lower-priced products. Do you think you have the right products, or does it require additional investment? Maybe I'll take a quick first response to that and then invite Allan to jump in. In terms of distribution, the really great news here is that many of our dealers are already serving small and medium businesses. You know, they are leaders in their local markets, so if you're the dealer in Omaha, you're the dealer in Milwaukee, you're the dealer in Baltimore, you know not only who the large corporations in your local market are, but you know who the sort of leading smaller and medium-sized businesses in that local market are. We have a terrific opportunity to help support those dealers in continuing to serve those products and, or serve those customers and bring them even better solutions, but to do it with our products versus other manufacturers that they might be utilizing today. With respect to product, again, the AMQ acquisition really helped us round out our portfolio of the right kinds of solutions at the right price points for what small and medium-sized businesses are typically looking for. We're excited by the fact that we also see a number of things in the existing Steelcase portfolio that we believe are well suited to support this market. We feel from a portfolio standpoint, we have a really strong starting point, and of course, we intend to continue to invest and innovate to add to that over time. Allan, I don't know if there's any more you'd want to add either on distribution or product. No. Okay, great. Super. There's a question about the consumer business, and the question is: What's the current run rate of the consumer business, and is the contribution margin higher or lower than the company average? Well, I'll say I'm not prepared to disclose the size of our consumer business today. Allan talked about how we went from zero to close to 100 very quickly, and we'll leave it at that. Of course, the contribution margin, you would expect it to be higher. It is higher at some of our competitors that disclose that information separately, and we have similar economics from our consumer business. Greg has another question. There's been a lot of industry consolidation lately. Has that changed the competitive dynamic in the market for you in any way? Has it created any opportunities for you to gain share? Well, maybe I'll make a quick comment and then let Sara jump in. I think lots of opportunities have enabled us to gain some share, and I'll start with the investments that we sustained during the pandemic. Allan talked about a lot of them. Those were intentional. We could see how work was gonna continue to change. The research we were doing was telling us that the office was gonna need to look very different. We kind of boldly stayed invested in the darkest years of the pandemic, and I think that's the biggest driver. The industry consolidation, I think, you know, there's a lot to be done there to for companies that have chosen to merge. We used to get the question years ago, "Why haven't you guys thought about, or why aren't you pushing industry consolidation?" We kept saying, "Because we believe that while there are cost synergies to be had, there are external market opportunities to focus on." We were nervous that we might, you know, you might subject yourself to some level of shared disruption, at least for the short term, while you focused on internal opportunities to drive cost synergies and to eliminate some of the redundancy in product and distribution and manufacturing. I'm not running any of those companies that are in the midst of that right now, and our industry data is not perfect, so I don't really wanna try to speculate or talk about whether they're gaining share or losing share and what might be happening. We feel like been consistently gaining share, particularly in the Americas over the last 12 months at least, and we like our opportunities as we think about the next 12 months and beyond. Go ahead. Great. I have another question from Reuben Garner. He asked: What does the new office layout mean for your mix? Is there margin pressure on the more collaborative base furnish offerings relative to task chairs and traditional workstations? That's a good question, Reuben. I mean, I think in the past, we've talked about margin differences across the different customer segments and across different products. By and large, most of our products and most of our customer base experience the same kind of average gross margin. Yes, seating tends to have, in the industry, a higher gross margin than, say, desking. Yes, government tends to be lower gross margin than, say, corporate. By and large, they're generally similar. What I like about how the industry is evolving right now is more dollars per workstation seem to be getting allocated. What do I mean by that? Because of the increased need for privacy, the workstations are a little bit bigger. Sometimes they're becoming more assigned. There are investments in screens and architectural separation to facilitate visual and acoustical privacy. I like all of those dynamics because we've been under a lot of pressure in this industry over the last decade, frankly, as technology miniaturized and became more mobile and the floor plan became more open and collaborative and desking became more shared. That feels like maybe it's leveling off and starting to turn in the other direction. Which is nothing but good for the industry and for us. Great. We received a question, around the speed of attainment of the objectives year by year, kinda with the customer segments, large versus consumer versus healthcare. You kinda talked about FY 2024 a little bit. Do you wanna provide any more color regarding how those growth patterns might evolve? Not really. I mean, these are midterm targets that we have. We talked about an average annual growth rate. Of course, some we might experience something different in year one or year two or year three. I would say we're not looking at, you know, a hockey stick by any means. We also don't see all the growth in the first couple of years and then things slowing down. I like that we have good traction in our targeted growth areas of mid-market, healthcare, education, consumer. I think we're positioned well to see continued growth there. I like that large corporate seems to have bottomed and is starting to gain some momentum. Again, we're seeing improvement in opportunity creation, we're seeing strong sentiment from CEOs to get their employees back in the office. We know that the success rate, kind of, teeters on whether or not companies are investing in their space. We see those companies that are investing that are benefiting from higher occupancy rates than those that aren't investing and just hoping that people will come back to what they left three years ago. Great. There's one more question that's talking about the ERP that you're talking about, and the fact that it's not necessarily the most popular acronym for this community. The question is, can you just say what might be a little bit different about the way Steelcase is approaching this and maybe the pace and some of the thinking you have behind that? Yeah. Well, I think one thing I would say is that, you know, our ERP journey as a company began decades ago, at a time when our business was quite different, the world was quite different, the competitive dynamics, the customer needs were quite different. We have lived and evolved for many years with a system that was designed to really support our business then. Our business today is different. As Dave talked about a bit in his comments, we see the opportunity not just being one to upgrade technology for the sake of upgrading technology, but one that really creates an opportunity for us to kind of step back and ask fundamental questions about many parts of our business. You know, is the way that we are doing this particular activity today the best way, the right way, the way that's gonna add value to customers in the most efficient way going forward? I think it's been a really terrific exercise and opportunity to step back and rethink how fundamental parts of our business work and what really adds value today. I give huge kudos to our team. We have lots of people in different parts of the company who are participants or owners of key business processes who have done an amazing job of really stepping back and kind of thinking clean sheet of paper, and saying, "Even though we've done things this way for so long, is that still the most appropriate approach?" I think it's that thinking that's gonna get us to a solution that will help us drive our business, drive our business in a more profitable way, and continue to drive our business in a competitive way by really focusing on the things that we do that add the most value to our customers. Yeah, it's been really interesting to see how those teams are actually driving some of that change themself. Yeah. If I think back to our new ERP 30 years ago when I joined the company, that felt a little bit more top-down driven. This feels more kind of in the middle of the organization being driven. For example, the fit to standard percentages that we saw across our various work streams in this initiative initially were quite high, and there was a little bit of resistance to go to even a higher level, but not a lot. What's remaining are things that we believe are true differentiators in our business model and aren't supported by a standard ERP solution, and therefore, we need to retain some level of customization. The motivation of the organization is higher than it certainly was 30 years ago when we did our last ERP solution. This is a big deal, and it's gonna take us a few years to implement. We also see opportunities to drive savings that will help pay for the investment. We think not only will we have financial savings, but we'll be easier to do business with from an external standpoint and easier to operate internally. I just received one more question, sorry. Trying to keep up here. He said, "Sorry, I might have missed this, but what's driving the strategic focus on smaller business in smaller markets? What's different about those markets right now as it relates to, large markets? Well, certainly one aspect about that business, it's a big segment. It's a big segment of the market that historically we haven't focused on. Independent of the pandemic, I think it was right for us to ask the question, do we believe that we have the insights, the products, and the way to bring value to these customers that's worth pursuing? Certainly, the pandemic made it very clear that the dynamics we were seeing among small and medium-sized businesses were quite different than the dynamics that we saw with many of our large customers. You know, back in Grand Rapids, you know, when I drive to work going through a lot of streets where it's companies of 100, 200, 300 people, I mean, those parking lots were always full. If they went home at all, they came back really quickly. That really caused us to think about, you know, what are those needs? How are those companies being served? Can we bring our insights, our innovation, and our approach to those kinds of organizations as they navigate the pandemic in their own way? By the way, they are in the office, and they are looking for help. That certainly was additional thinking that helped drive our decision to put more focus into small and medium business. Well, great. I think we'll wrap it up there. I just wanna thank everyone that participated here in the room or online. We look forward to hearing any follow-up questions you may have. Thank you again for joining us.