Thank you for joining us at SpartanNash's first Investor Day. For those of you here in the room today, we've provided you with a copy of Our Winning Recipe and Our Family brand snack, which more than 75% of associates chose over a national brand equivalent in a recent blind taste test. As a couple of housekeeping items, earlier today, we issued preliminary Q3 results and raised our full- year guidance. We will be passing out a hard copy of the deck at the conclusion of the presentation, and an electronic version will also be available on the investor relations portion of our website immediately following the event. I would like to remind you that today's event and presentation and related materials may include certain forward-looking statements or information about the company's future, which involve risks and uncertainties about the plans, strategies, objectives, goals, or expectations of the company. These risks and uncertainties are included in greater detail in our Form 10-K and subsequent filings with the SEC. For this reason, forward-looking statements should not be read as a guarantee of future performance or results. Our actual results may differ materially from the matters discussed during today's meeting. The company will update information regarding the risk factors if circumstances require such updates in the company's periodic reporting on Form 10-Q, 10-K, and other reports that may be filed with the SEC. Thank you for your consideration, and enjoy the presentation. Well, we're here today at Nasdaq here in New York City. A great day. We're gonna spend some time telling our investors and other key stakeholders about our strategy, about our future, and about Our Winning Recipe. Real excited about that. The team is ready to play to win, and it's gonna be a great day. Transformation to create brand identity starts with insights, and I couldn't be more excited about the work we've done. Our banner brands are pillars in the communities they serve, and we are leveraging that to make emotional connections with shoppers. We think retail is something that separates us from some of the competitors in that we understand the business that our wholesale customers are in. A lot of what we learn in those retail stores, we leverage to help the rest of our business. We're investing heavily in our customer experience and the capabilities that we're developing through services and our expanded footprint. It's a great time to be in supply chain. Never-before-seen challenges require new ideas. The team is really responding, we're investing in our people, our process, and our technology. It's amazing what they've accomplished year-to-date with $24 million in run- rate savings as of Q3. We've got a transportation management system that's gonna help us optimize miles. We've got machine learning data analytics around workforce productivity that'll make us more efficient and effective. Then there's a whole slew of automation initiatives that we're just starting to ramp up now. What's really exciting is our people-first culture. We really invest in our associates, developing them and attracting great people to our company. I could not be more excited about retail. When I think about the positive momentum we have going into 2022, and I think about all the great things we're doing right now, and a couple that come to mind are what we're doing with local and our upmarket stores. We have a loyalty launch that's gonna hit about the middle of the year. It's a great time to be at retail at SpartanNash. It's our first Investor Day, and our team is really energized to share the details on our transformational initiatives and strategy, and all those pieces are really gonna come together to drive results and grow shareholder value. Ladies and gentlemen, please welcome SpartanNash President and Chief Executive Officer, Tony Sarsam. All right. Well, good afternoon, everybody, and welcome to our first Investor Day, as Kayleigh mentioned. We are delighted that you've chosen to share some of your time with us as we share with you the good news here at SpartanNash. I thought as I got started, I wanna do a quick introduction to myself and a little bit of background. I spent 35 years on the mythical other side of the desk, so to speak, in the CPG food. I manufactured food and sold to companies like SpartanNash. I started that journey at PepsiCo. PepsiCo is a great place to learn. They do a phenomenal job with all their functions. I spent about half that time at PepsiCo in manufacturing. I spent a couple stints in finance, worked in sales, as well as in the Direct Store Delivery business and finished that up running all of the distribution and DSD business for Frito-Lay, specifically. I decided after 20 years, I wanted to try something a little bit different. Thought about maybe getting something a little bit smaller. I managed to find the only food and beverage company that is larger than PepsiCo and joined Nestlé. Nestlé had just acquired an ice cream business. That ice cream business had some operational challenges in the places that I like to solve, anyway. That was a kind of a first turnaround I did there and did that as a COO of the Dreyer's Ice Cream division. I went within Nestlé and convinced the board of directors to part with $3.7 billion of the shareholders' hard-earned money to buy the Pizza Brands from Kraft, and we formed a company called Nestlé Direct Store Delivery, that did all the sales, warehousing, and distribution for those products. I ran that $5 billion division as president for about three years, and then moved on to a company called Ready Pac Foods, a fresh foods company in Los Angeles. Ran that as CEO. It was private equity owned, and it had some very, very significant opportunities there as well. It was the first time I started actually really culminating all the people ideas and all the great training and experiences I had at those previous two companies and branding that as people first. We'll talk about that a little bit today. We turned that company around, and we had the sale process, sold it to a company called Bonduelle. Had a great outcome there, and it was time to move on. Moved on to a company called Borden Dairy, Dallas, Texas, for just a little less than three years. Did some of the same things there. Really challenging environment in terms of the dairy industry, in terms of going through the sale process in COVID, which was not in the best practice manual. We wound up having a great outcome after all, and that was all done. At the time that was done then, I came to SpartanNash. From an education standpoint, I attended 17% of the Pac-12. I'm a chemical engineer undergrad from Arizona State University, and I went to Stanford University, got a Master of Science in Management from the Graduate School of Business there. My wife and I stay busy at home. We've got six children, two biological, four adopted. Three of them are now out and forging their way in the world today, and the three of them are with us in our home in Grand Rapids, Michigan. Just a couple key takeaways I want you to think about here as we get started. One, SpartanNash has driven a significant shareholder value in the time since we've actually begun this turnaround. We're gonna share plans with you today that will articulate some of the things that we are doing now that give us confidence that the turnaround and that growth and that profitability is gonna continue for the years to come. We have a clear and credible strategy. That strategy is underpinned with a lot of detail, and you'll see some of that today, and you'll see more of that as you get out in the trade show and get a chance to talk to the people there. We have a leadership team that was built for the purpose of this mission. When you meet those folks, I think you'll agree with me, this is a great team and a team that is absolutely right for the challenges that we have right now at SpartanNash. We have a financial plan that we think is very robust looking forward. We are going to deliver over $1 billion of growth in the time between the 2021 and 2025 timeframe that we're gonna articulate today, and 40% Adjusted EBITDA growth, which is ahead of most of our contemporaries. In our agenda today, I will talk about who we are and a little bit about Our Winning Recipe. When I'm done, I'm going to invite Masiar Tayebi to come up and talk about our strategy. Bennett Morgan gonna come and talk about our merchandising transformation. Then Adrienne Chance's gonna come and talk about ESG. Jason will wrap it up with some financials. Then we'll save some time at the end for Q&A. Please think about the questions you'd like to ask, and we'd be happy to answer those as we wrap up. All right. A little bit about SpartanNash's history. SpartanNash started. The Nash Finch Company is actually a little bit older. It started in 1885. Three Nash brothers started a tobacco and candy company in North Dakota. By 1904, they'd already created the brand Our Family. The Our Family brand is the flagship brand that we use to this very day. A few years later, in Grand Rapids, Michigan, 43 grocers banded together and formed the Grand Rapids Wholesale Grocery Company. That later became known as Spartan Stores. 95 short years later, those two companies merged and became SpartanNash, and here we are today. I want to talk about some more detail about the company and what we're made of here. We are a food solutions company. We're made of two complementary segments. Those segments are our wholesale business, which is about 71% of our total business, and the retail business, about 29% of our total business, okay? Those numbers are based on our 2021 overall volume of revenue of $8.9 billion. What's important here is that these are really and truly complementary businesses. You saw that a little bit in the video that Bennett mentioned earlier today, that we learn things in the retail space that we can share with our customers that gives us a competitive advantage as we share those ideas and those learnings with them. We have $2.8 billion, our retail is not a hobby. It is a big business. We learn from that. We have the scale to actually invest in it and take those learnings and share those learnings with our independent grocers. We share things like, we share category strategies, we share things about pricing science. There's elements of HR strategy, there's elements of IT, and we have services we provide for those folks as well. Compared to other wholesalers, we think this gives us a really, really interesting advantage. Our independent customers love the fact they can come in and look at our stores, we invite them in multiple times a year, and learn and continue that learning process. Okay. A little bit about our network. We cover almost the entire United States in our network. You can see that our retail stores are clustered up in Michigan and the upper Midwest. We have 19 Distribution Centers. You can see they're mostly in the eastern part of the United States. We do have a third-party relationship in Stockton, where we deliver our goods out to the West Coast. We have 17,500 associates in our company. We serve 2,100 independent retail grocers. We have 147 of our stores that we run under multiple banners. The vast majority are under the three banners you see here on the page, Family Fare, D&W, and Martin's. We also, within those 147 stores, we run 84 pharmacies and 36 fuel centers, so they're very complete operations. As I think I mentioned earlier, they're about 3x the size on average of the independent grocers we serve, so we also get scale that we can share with them about within the box of the stores that we run. 19 Distribution Centers, as I mentioned a moment ago. We have some key national partners that we work with, Dollar General, Amazon, and of course, the military business, prominent amongst those. The brand I mentioned a few minutes ago from the Nash brothers, Our Family, is our flagship brand, and we're making more investments in that, and we think there's a lot of great opportunity for us to continue to differentiate ourselves with the Our Family brand. This is an exciting chart. The overall addressable market for the wholesale part of our business, $125 billion. We have a $7 billion share of that. That's only 6%. Just in the wholesale portion by itself, we have enormous opportunities. That doesn't contemplate what's available in terms of opportunities for retail and then other adjacencies. We see almost limitless number of opportunities to grow as a company. Okay. A little bit about people. First, I wanna just mention one element of that here today, and I'll double back and grab some more pieces. One of the things I did when I joined here, I wanted to make sure that the overall organization had a sense of where we're going, and that was gonna come through forming a clear corporate identity. We got to work on that in the early part of 2021, and we developed the winning recipe. It's on your desk there. You can take a peek at that and the details. Really, really important. What we did was we made sure that we got all the voices and the words of the organization. We got 1,900 of our associates involved in the process. That process included surveys, focus groups, and other mechanisms to get those ideas from our team. I thought that was really important because we want to make sure that this wasn't just a radical change into some of the things they'd built that were actually working very well. We want to make sure that it was respectful of some of the things that those people had built over time. There are some important changes embedded in it. We are a food solutions company, and we serve primarily food retailers. We identify as a business, no big surprise, but we want to know what kind of difference we make for our customers as well. We established a mission statement that we deliver the ingredients for a better life, and we think very seriously about that. Those ingredients for a better life for our independent grocers, for our national customers, for our own retail stores, for our shoppers, and for the communities they live in. We think that's very, very important. The underpinning of that is the core capabilities. The core capabilities are super important. The first one, no surprise, is people. We're gonna invest in people. We're gonna make sure we can distinguish ourselves with great people and engage them and build a real powerhouse team with people. The second of our core capabilities is operational excellence. We know we're an operating company. We have to be great at operations, and we want to invest and then be the best operator in our business, and so we're gonna make sure that's one of our core capabilities. The third one is the insights that drive solutions. We wanna bring insights to our independent grocers, to our national customers. We wanna use those insights to run our stores better. Getting good at finding insights and mining them and turning that into execution is another one of those really important core capabilities. There's other components here. I'll just mention the vision. Our vision is broadly that we wanna see a day when our customers will tell us that they can't live without us, okay. It's a noble goal. It would take extraordinary people to pull that off. Amongst the extraordinary people, I'm gonna introduce some of them right now. This is a team that I brought here to work on this mission overall, and they are 10 of my direct reports. All of them are here today. Nine of those folks are in new positions in the last 18 months. Seven of them have brought great experiences from outside of the company. A couple of them are promoted into position, but they all form a great team. I work with one consultant who actually helps me build teams overall and with the specific objective of building a great team, not about getting a whole bunch of individuals who check a bunch of boxes on experiences, but it's about building a team. This is a really, really great team. You'll get a chance to meet them. Four of them are gonna come follow me and talk to you from the stage here today. The other six you can meet in the trade space next door, and I really encourage you to meet them. You will meet them, and I think you'll also agree that this is a phenomenal team, right for the journey that we're on at SpartanNash. Amongst the things you'll learn from them is this change in the mindset here. We have a real growth mindset, a much more aggressive view of growth and a really aggressive view of winning. We are willing to make bigger investments and take bigger chances to grow our business and to win and to win every day. We're doing that through all of our businesses as well as the communications and the work we do with our people to make sure they feel and are winners. That is actually core to our people-first journey. I wanna say a few words about some other elements of People First that I think have really made a difference for us at SpartanNash. First and foremost, you can't underestimate the power of just making that statement that you're gonna be about people. You're gonna really value what people do. You tell them that you're the most important person in this company, that we're gonna invest in you, we want to engage you, we want to make sure that the people lens is the first lens by which we make decisions, that we're gonna invest emotionally and financially in our people, and we want our people to feel great, feel like winners, and we want them all to feel like SEC insiders, right? That was a really important piece for me as well. Part of the journey then, the next step to that was I need to have great communications. We built a great communications team under Adrienne's leadership, and we do what I call we carpet bomb the organization with communications, and we take that very seriously. We do a monthly video on all the things we're doing as a company and how we're doing against our key priorities. We do weekly posts to our intranet site to make sure that people are up to date on what happened last week and how we're doing. We do quarterly town halls that we simulcast across the entire company and allow people to watch that and have a longer discussion about what's important to us, what's coming up next in our business. We do a number of other initiatives around winning and around recognition. We take that part very seriously as well. We know we're gonna have great performance. We wanna make sure people feel great about that great performance. We have a variety of recognitions, small ones at DCs, in stores, parties, as well as our penultimate event we call our Circle of Excellence, where we recognize the top 0.5% of our hourly associates, and we bring them in for a three-day celebration to make sure that they feel valued. Of course, that overwhelming celebration of their efforts winds up bleeding back into the organization and makes people feel good about the company, and for that next round, they wanna be a winner as well. Lots of great stuff going on people. All those things that we've woven together have yielded great results even as we get started here. I'll talk about a few of them now. We have, in terms of our applicant flow, we made some changes to our overall offer to folks. We think the culture's actually played a role in actually getting better applications. We have 2.5, almost 2.5 x the number of applicants coming in to work at our sites across the entire company. Part of that is as people go to the independent sites like Glassdoor, which is an anonymous independent site, we have 2 x the rating right now, 2x the rating we had previously in terms of would you recommend this as a company you'd want to work for? That word's getting out as well. We made early investments and important investments in safety. We were probably an average performer in safety, when I got here. We said, "That's gonna be a benchmark of how we're gonna make statements about people first." We did that. We invested. We've hired a lot of safety trainers and a lot of systems in place. 53% improvement in less than two years on our overall injury rate. Those injuries that take people away from work, the ones that are most serious, Lost-T ime Injuries, we have a 76% improvement overall in just two years. We've gone from being average to being easily in the top quartile, and we think we can be absolutely the best in the industry in safety. We've increased wages, as I hinted at earlier, in our retail stores. We've increased our entry-level wages by 30% in the last two years. We've increased our entry-level wages in our warehouses by about 25%. Those are really big investments. Those are seven, eight years plus of annual increases all in the span of less than two years, about a year and a half now. It was important for us to make that statement about getting the best people, and as you all know, it's a very challenging labor market, so it's critically important that we also had those tools at our disposal. We have worked hard on our network. We have pulled 10% of our miles out of our network in the last couple of years. We've also done that pulling those miles out of the network have great impacts on our company broadly. We save money, of course, right? The network change we made have gotten our products closer to the end user. Importantly, it's also great for the environment. We pulled 10,000 metric tons of CO2 out of the environment by reducing those miles overall. On the topic of supply chain, still we're at 97% on-time delivery rate to our customers, which is really, really important, of course, to be predictable in that fashion. We are getting a little less than 57% on-time delivery from our suppliers. We're turning that around and saying, "We're gonna be more predictable to our customers." We know how important that is, and our team has worked really, really hard to get that rate at the right place. We worked hard on throughput. Throughput is critical also. It helps with your overall predictability and it helps with your cost. We have an 8% improvement in throughput just a little over this year plus in our supply chain transformation. In delivering the ingredients for a better life, it takes a lot of specific plans to pull that off. We have what we call our Master Action Plan. The Master Action Plan or the MAP, as we call it, starts with those core capabilities I mentioned just a moment ago, about people, about operational excellence and insights that drive solutions. From that, we build out drivers and we build out all the detail. There are hundreds of initiatives on this plan that go down to the work group as appropriate, right? They have names, dates, and that is the underpinning of all the things that we do and all the things we hope to achieve as a company. Makes for a great week, a great month. Great months make for great years. Great years make for great three-year plans that we're sharing with you here today. Some of the things that we'll be focusing on in 2023, these will be the ones we review in all those monthly institutions I talked about just a moment ago. Our retention rate, we're gonna focus on, make sure we keep our people and keep them engaged. We're going to continue to focus on safety incident rates. We wanna be the best, as I mentioned, in the industry. We're gonna focus on the merchandising transformation benefits. Big project for us. Bennett's gonna talk about it in a minute, and that's gonna be get a lot of visibility from us as we track that and see how we're doing. We're gonna focus on that raw fill rate to our customers. Being rigorously predictable is so important in engaging our customers and make sure we're a good servant to them. We're gonna focus on our cost per case. That's an important driver for us in our overall profitability. Finally, we're gonna focus on market share. That market share is not just retail, but it's retail and wholesale. As a growth-minded company, we need to know if we're beating the competition. We're gonna focus on that and make sure that we are doing that indeed. In terms of the overall three-year plan, $10 billion in net sales. That's a CAGR of about 3% from 2021 to 2025. Three hundred million dollars of EBITDA, that's about a 9% CAGR between 2021 and 2025 as well. The sales growth will come from our growth of share. It'll come from growing the amount of products we ship to our current customers. We try to grow more items in their stores. It'll come from growing our retail stores and growing them with the services we offer to our shoppers, as well as growing our Our Family brand, which we think has great legs to continue to grow and attract more people into our stores. We'll bring on that incremental EBITDA with a combination of the margin-enhancing behaviors we take at store level, as well as a lot of productivity measures. You'll see some of those here today as well, especially at the trade show. We've got a lot going on there. The overall plan does not contemplate any M&A. There will be some, we're quite certain of that. That plan doesn't include that. The M&A stuff will come on top of it. I mentioned the team earlier. Here's another great shot of the team overall. This is a team that you can bet on, a team that is ready to win, and a team that's gonna present you with reasons to believe here in the balance of the day. With that, I've said quite enough. I'm gonna turn it over to Masiar, who's gonna take you through the rest of the way of our strategy. Hey, everybody. My name's Masiar Tayebi. I'm Executive Vice President, Chief Strategy and Information Officer here at SpartanNash. It's a pleasure to be here today. It really is a privilege. I thank you guys for all attending here physically and those who are attending virtually. I also appreciate your participation. A little bit about how I got here to this moment. My background is over 20 years of strategy, M&A, and transformational change programs throughout various places and stages. Those places include Whirlpool Corporation, UBS, and PricewaterhouseCoopers, PwC. As Tony mentioned, you know, our strategy components. They're all in service of delivering that Winning Recipe. What my goal is here today is I wanna communicate to you with conviction. If there were one or two takeaways from this section, I'd want this to be one of them, that we have a rigorous plan, we have a clear framework, and we're relentlessly executing against this strategy. It is embedded within our organization. We're gonna walk through how we take that Our Winning Recipe, those core capabilities that Tony shared, how we execute and enact them to create shareholder value for our investors, as well as our other stakeholders, our customers, our associates, and the communities they serve. Tony had mentioned growth mindset, okay? We're gonna be data-driven when it comes to driving growth for our organization. We're gonna be insights oriented, and we're gonna enact solutions based on those insights. We have three members of our leadership team who are gonna be overdriving that, and that's David Sisk, our Chief Customer Officer, who you'll be able to meet here today, Tom Swanson, our Executive Vice President of Retail, and Amy McClellan, our Chief Marketing Officer. Our core capability, it's not the most creative, but it's pretty explicit, insights that drive solutions. That's what we're looking to do as an organization. The way this works is these three core capabilities, they each have strategic priorities paired with them. Those strategic priorities have a portfolio of projects that are geared towards shareholder value creation. You have capabilities, priorities, and then initiatives, and they all tick and tie to our long-range plan, so we drive financial accountability within that. The first strategic priorities we want to share with you today, act on insights to optimize customer and product portfolios. I'm gonna share with you some specific initiatives underneath the strategic priority to give you the reasons to believe around our long-range plan and our delivery of Our Winning Recipe. Next one, launch customer-centric innovative solutions. Again, I'll share some of the explicit initiatives, and you'll learn more about them throughout the day today in our booths to see how we're enacting the change around Our Winning Recipe. That's not all. You know, if you grow, that's great, that's fantastic, but we're making a 40% EBITDA commitment. We're gonna grow our EBITDA to $300 million plus. How do we do that? We gotta focus on winning. We really have that mindset as an organization. Tony shared with you the core capability of people and how important people first is. We're explicitly calling it out as one of our five strategic priorities, okay? Create a people-first culture to make SpartanNash the employer of choice. Adrienne Chance is gonna share a little bit more about that, but I'm telling you, hand on heart, you know, we win or we lose based on the 17,500 associates we put out on the field every single day. Those folks working in our corporate retail stores, those folks working in our Distribution Center, those folks working in our headquarters, they're our secret sauce, they're our make or break. We're investing in them, and we're focusing on them, and we're setting them up for success. We truly are oriented to people first. The last one is operational excellence. David Petko, our Chief Supply Chain Officer, he's done a fantastic job spearheading this, delivering the promise to transform the supply chain, but we are not done yet. I'll share with you today some of the initiatives underpinning this that give reasons to believe that we'll continue the momentum that we've already established in this space. The last one, I love these all equally, but if I had to pick a favorite, elevate execution to win the day, it is it. You know, we talk about not only winning the day, we have to win the hour. To win the hour, we gotta win every minute. To win the minute, we gotta make every second count. Another thing I want you to take away from this is we're energized. We have a sense of urgency enacting change, creating more shareholder value. We have passion around it, and we have conviction on the path forward as part of our strategy. Bennett Morgan and the merchandising transformation, they embody elevated execution to win the day. He's gonna come on stage and share specifics around that program of work and the value creation that we believe it'll deliver as part of our long-range plan for investors. Act on insights. That's our first strategic priority to optimize customer and product portfolios. Tony had mentioned own brands. I wanted to give you some explicit examples on what we're doing in this space. First and foremost, just to reinforce, we leverage the strength of insights to determine our own brands portfolio. We have Our Family for our civilian customers. For our servicemen and women in the military, we have brands like Freedom's Choice. We launched a new brand, Fresh & Finest. Fresh & Finest was based on customer research. It was based on shopper insights. We took action. I wanna spend a little bit of time on this. We enacted change. We delivered solutions. Over 480 new products have been launched around indulgence and convenience, and the exact number as of this moment is 47, but if you ask me at the end of the day, it might be 490. We are like going as quickly as we can on this insight to create solutions. Some of the examples here, I actually, my favorite is the maple glazed carrots. We get it in our household all the time. It is absolutely delicious. It is super convenient. All of these products are over-delivering against plan, and they're priming us for a great holiday season, Thanksgiving on the horizon just at the end of this month. If you don't believe that is a good data point, you know, some people say proof's in the pudding. We say proof's in the fruit. Our fresh cut produce is doing phenomenally well. Grab-and-go pre-cut produce is up 46% year-to-date year-over-year. It's a great trajectory. This is how we grow. This is how we gain share. We take the insights, we act on them, we deliver the solutions. Our latest innovation is Take & Bake bread. Again, indulgence and convenience. Not only are we launching in the Fresh & Finest area, we're also doing a premium center store. It's not just perimeter. We're also gonna be launching premium in 2023. If you need more reasons to believe, 'cause we're always looking for them too, we do not wanna let down our investor community. We wanna exceed, we wanna meet and exceed expectations every step of the way. We've got a winning streak. We have grown dollar and unit share 17 consecutive periods. We don't plan on breaking that streak. We're gonna keep it going. We're gonna increase own brands penetration 20%. We're gonna do so by enacting solutions to delight our customers. We're gonna launch over 1,000 new products by 2025. We're committed. We have a strategy. We're gonna relentlessly execute within it. The next strategic priority is around customer-centric innovative solutions. You know, omnichannel, we believe, is extremely important in driving our growth. We're investing in it, but we are playing in ecosystems. We're gonna be an open architecture. We're gonna participate in all the markets, and we're gonna look to drive reach through that. Just in the past year, we have stood up partnerships with DoorDash, Shipt, Instacart, and Grubhub. You may have seen our recent announcement on Shipt. There's more to come. We're gonna continue to innovate and partner in this space and place, and it's gonna complement our Fast Lane owned solution as well. You know, when I talk about digital and omnichannel, we wanna expand our reach. We also wanna be local to our communities. What we've heard from our customers, both in the food distribution and our retail shopper community, is they like local. They care about their communities. They wanna feel like the store represents their local community. We have a treat for those who are here in the room. This is not a joke. We did not ask the individual to do this, but Grand Traverse Pie Company, they handmade pies, local to Michigan, a little bit of flavor, brought to New York City. They made them and then they drove them here. The owner himself put them in his car. He said, "I want to make sure it's the right temperature. I don't want anybody going over bumps or potholes. I want it to get there in perfect condition." You can't make that stuff up. That's love. That's TLC, that's local. That's in the heart and soul of some of these product assortments. You'll taste a little bit of that today, but we're going to continue to do those types of things and overdriving our connection to our communities, both for our retail stores and for our customers in the food distribution space. Last bit of research, and you can ask, Amy McClellan and the marketing team about this. We did banner equity studies, and we've determined that it is in our best interest and shareholders' best interest to consolidate to four primary banners. Family Fare for our conventional mass, Supermercado for ethnic, and then our upmarket will be Martin's and D&W Fresh Market. This allows to have much more purpose as we talk to shoppers and consumers. These archetypes we've identified, they're also mirrored in our customers in the food distribution space, so we can provide the service and advisory they need to grow. We're extremely excited about this banner consolidation path we're on over the long range plan that we're communicating here. The last element is renovations and automation. This is not about cost. This is about a richer shopper experience and driving growth. Again, Tom Swanson on the retail side, he can share with you what we're doing from a renovation perspective, how we're hitting the trends we're seeing in the marketplace with our consumers, and how we believe that's gonna drive the growth of the company. From an automation perspective, we have some robotics, and we have a partner here today showing the experimentation we're doing around this, and you see a visual here. This allows us to have our associates, which I mentioned earlier, is one of our points of differentiation, focus on the shopper. What you see here is a robot. We call it Tally. It'll go up and down the aisles doing inventory management. With image recognition, seeing what's stocked, what's not stocked, sending a signal to the back of the house saying, "Hey, do we have this or not? If not, can we get it in the next 24 hours?" We can replenish our inventory in the stores near real-time without having associates go up and down the aisles all day. The associates can focus on delighting the shopper. These types of automation opportunities we're rapidly experimenting and we're gonna look to innovate on as long as they're the reasons to believe in proof points that it creates shareholder value. Operational excellence, we are transforming the supply chain. You know, just a couple data points here. We've already optimized 20% of our network. We closed two Distribution Centers to drive scale in our core markets. We opened two Distribution Centers to drive geographic expansion. We're gonna continue to optimize the network. We've taken 7 million miles off the road. We're not done getting efficiencies there. We're implementing a transportation management system. It's gonna allow us to be much more efficient in our routing, get those efficiencies and those savings, and get that better reliable service to be a better operator overall. We've redefined our operations. We have seeded training programs. We've seeded process improvement. We've seeded up automation experiments within our supply chain as well as retail. We have a long runway, and we have a portfolio of initiatives that are oriented to the process and training embedment and automation experimentation over the next three years that we believe will unlock even further value for our supply chain. That ties to the long-range plan we've communicated. There's also an inorganic strategy that I want to share today. You know, the opportunities to grow through M&A, they're in addition to, not in place of our organic strategy, so they're incremental. It's both M&A and partnerships. What we've launched is a strategic framework, and I'll walk you through it very quickly here and now. Strategic fit. We define strategic fit as being oriented to our core business. Wholesale geographic expansion opportunities, corporate retail M&A that is in high-density areas. Either it's in places we already have density and a presence, or it is of a size that would allow us to go to a new market at scale. After we identify those opportunities, we then say, "Is the business healthy?" We look at standalone attractiveness. It has to be operating well in and of itself. It has to be creating value in and of itself before we would consider acquiring it. We also have to be able to add value. We would not just buy dollars. We want to create value with the sum of the parts being greater than the individual components. We go through hard synergies, we go through the business case, we overlay those in, and we make sure the synergized value creates sufficient shareholder value to move forward with. We take a step back and we say, "Hey, can we do this? What is the risk profile of it? Do we have the management capacity to execute? Do we have a proper sizing of the work that goes into integrating quickly? Can we do this?" As long as we feel like high confidence we can deliver value to shareholders, we'll move to the final step, and that's portfolio improvement. Does it drive growth? Does it increase our profitability profile? Just being very transparent, this is the criteria we look at. We are always on and looking at it, and we're going to look to deliver upon it for our investors. Just this year, we've already started to execute against it. We did a partnership with Coastal Pacific that accelerated our supply chain transformation in the wholesale space. We did a tuck-in in a high-density location, i.e. our backyard in Michigan, with Shop 'n Save, and we rapidly integrated it, and it's been a great acquisition for us so far. So I just want to close, you know, hand on heart, we have a strategy. We're executing against it. It's in service of Our Winning Recipe. It's going to deliver against our long-range plan. We're firing on all cylinders, both organically and inorganically. We're committed to that. You will sense it, not only from me, but everybody else you interact with here at SpartanNash. We have a set of strategic priorities to deliver the long-range plan, and we're actively working on it in the here and now. We have an inorganic strategy and an inorganic framework that we're also running as a parallel track that is in addition to, not in place of. I can't thank you enough for the time. I look forward to interacting with those who are here today, and then to continue the conversation on our organic strategy and elevating execution to win the day, I'd like to introduce you to Bennett Morgan. All right. Thanks for coming, everybody. Bennett Morgan, glad to be here with you. I am the Chief Merchandising Officer. I'm gonna talk to you a little bit about merchandising transformation, but let me start with a little bit of background like other folks have. I started out in financial service with Citigroup, worked at Boston Consulting Group and then supporting a number of industries, ended up in retail, which is where, really where I found my love and passion for food. Then I worked at H-E-B, Walmart, and Amazon Fresh. A lot of what you're gonna hear today is inspired by stuff that I learned, sort of like anybody else, victim of your prior experience. So what did you learn along the way? A lot of that informs what we're doing, in our merchandising transformation. Let me start with, what is our merchandising strategy? The top part shouldn't be surprising on the vision. Customer-led focus to offer the ingredients for a better life. Very resonant with the Winning Recipe that you have in front of you. Let's talk about some of the pillars. Products and services customers can't live without. You heard Masiar hit some of these already. Fresh, leading own brands, local expertise, value that can't be beat. You can't talk about being in the grocery industry without talking about value. That is on price. That is also on promotions, and I'm gonna spend a little more time talking about promotions. The last part, sustainable growth and partnerships. We've done a lot of work here. I'm gonna share a little bit more about sustainable growth and partnership. This is about making big bets with the right partners, particularly in the inflationary environment that we're in today. We've got three enablers. We gotta be simple. Our process, the way that we execute our process has got to be simpler than it is today, particularly given that we operate in a wholesale and a retail business. There's a lot of complexity that we could pass on if we don't do this well with our customers. The second one is category CEO. If you think about the category managers that work under the merchandising team, these are the folks that are fighting on behalf of the customers, thinking about the products, and how we merchandise the products for the customers. I want them to be category CEOs of the categories that they run. The last part we heard about was leveraging the best of retail across our business. Think about the wholesale customers we work with, they are running retail businesses. The 147 retail stores that we run that Tom operates for us, that is a big differentiator for us at SpartanNash, something that we're very proud of. Let me talk a little bit more about how that strategy then feeds into what we call our merchandising transformation. I am not gonna talk about all the bullets on here. The point around this was really to show that there are a number of different things that we're looking at as we think about our merchandising transformation, all building market-leading capabilities through data and insights. I'm gonna talk about two more specifically, enhanced category planning. What is enhanced category planning? The second one around promotional effectiveness. What is it that we're doing in promotional effectiveness? Enhanced category planning's on the top left. Customer-led foundation, data-driven category strategies. This is taking category management to the next level at SpartanNash across the wholesale and the retail business. It is also leveraging this new end-to-end view of true item and brand profitability. We call that dead net profitability. For someone that's spent a lot of years in retail, it's more complicated when you gotta combine a wholesale and a retail business to figure that out. You might think, "Bennett, that's not that hard." Actually, it was quite hard to sort that out. That unlocks a lot of value in our business because it helps us figure out where we're making money and we're not making money. I don't have to tell you all how that helps you run a better business. That drives top line, that drives bottom line. Top right-hand side, we're also leveraging that dead net profitability as we think about promotions, and we're adding some additional analytics into how we think about promotions. You can see here incrementality and dilution that comes with it. This helps bolt on to what we already knew about sales and how we're performing on sales. We're now layering in profitability as well. What does that mean? That means better promotions, additional value for our independent wholesale customers and for our shoppers. The bottom part really talks about transformation. I couldn't talk about making these changes if we don't talk about how we're gonna embed change in the organization. You saw that circle that I showed a second ago. It had a lot of different initiatives that were on it. If we don't embed that in the organization with process, people, and technology, we will not get the traction that we want. Training, you can see mentioned here, there's a lot of cross-functional coordination, and a lot of this new data we've got to now display to the folks on the team to help them be able to activate that and make changes in their business every day. I'm gonna talk a little bit more about. Give me two more on enhanced category planning. I'm gonna double-click a little bit more on enhanced category planning. You heard a lot about category management a second ago. What's involved in category management? I couldn't come up and talk to you without mentioning inflation. Given all of the inflation that's been going on, we've gotta talk about inflation. One thing we do is we have cost increases that come in. SpartanNash has always had a robust process for how we deal with cost increases. You would have to. As the pace has increased, we've also needed to upgrade our capabilities and how we think about cost increases. What I've got on the left-hand side is I've got an example of how we break down the component costs of products that we buy from our national brands. You can see a makeup here of different ingredients, and you can see what the assumed composition of those products is. What we do is we look at cost increases over time. If we had a cost increase in January, and then we had another request that came through, say, in October, we would go look at what is the actual input cost change during that time. Let's go build that up and figure out what do we think the real pressure on that, on that product is versus what we're being asked to pass through to our customers. In this case, you can see 11% versus 6%. This is just an example, but it gives you a sense for where we are seeing some gaps between what's justified and what the cost increases we're facing are. On the right-hand side, these are just a couple of examples. It is not uncommon, but I just wanted to share what you all see in the press that just substantiates that. You can see these in the results from a lot of the brands that are reporting out. At the bottom, what does this mean? What's the punchline? Better management of cost increases means we can better drive growth and manage customer and shopper prices. We're also winning with some great vendor partnerships. When we talk about one in dairy, where we have a large dairy supplier that we worked with. This is some of the category management that I was referring to earlier. We had simple goals. We wanted to go drive unit sales and visits in our dairy department, and for our independent customers and retail stores. We had a couple things we were willing to do. We were looking at floor plans, we were looking at planograms, we were looking at fixtures, what could we do around fixtures? We had to coordinate support. You had space planning. The vendor community played a big role in this. They have a lot of insights that we have to partner with them on. We had to go execute it from the store operations side. The net result was great results. This is trial versus control. You can see units up 13%, sales up 13%, visits up 14.3%. A key part I wanted to call out here is you note that it is not inflation that is driving the growth. The sales number is up the same as the unit number is. That's the kind of healthy underlying growth that we want in our business and that we're focused on. Critically important when you're in a high inflation inflationary environment. Merchandising transformation supports Our Winning Recipe to drive growth. Three pillars that we talked about, products and services the customer can't live without, value that can't be beat, sustainable growth and partnerships. We will be customer-led in everything that we do. Before Adrienne comes up and talks a little bit about about ESG and what we're doing with ESG, I wanna share a quick video on communities that we're supporting. We're ready, set, go. I mean, this is what we do. We take food places, you know, and in times of anguish, in times where people are in need, we're ready. We stay ready. SpartanNash has always been very involved with things happening around the country and around the world. It's our pleasure and our privilege to do these types of things. The Convoy of Hope, they have 10 containers that will be going regularly, so I believe this effort will go on for 8-12 months, as well as SpartanNash has committed to $1 million of donated product. Ladies and gentlemen, please welcome Senior Vice President, Communications, Adrienne Chance. All right, I love that video because it shows how we can use our global supply chain network to get food and supplies so quickly around the world. I'm Adrienne Chance. I oversee communications for SpartanNash internal and external communications, as well as charitable giving through our SpartanNash Foundation. Prior to my work at SpartanNash, I led similar roles at Borden Dairy and Topgolf, and I also worked in the customer advocacy team at Southwest Airlines. When I joined SpartanNash 18 months ago, I was blown away by all of the ways that SpartanNash puts people first. Corporate social responsibility is truly in the company's DNA, and it's amazing the work that we've done. I'm excited to share with you today. I'm gonna talk to you a little bit about our environmental highlights, our social highlights, and our governance highlights. With our environment, our corporate social sustainability committee has done a lot of amazing work. This year they've managed to decrease ozone depleting emissions by 30%. Masiar and Tony talked about how we optimized our supply chain network, taking mileage out of the system, reducing our greenhouse gas emissions by 10,000 metric tons. We've also managed to increase our fleet miles per gallon by 4% last year. We're on track to do even better this year. The sustainability committee is gonna continue to look for ways across the organization to lessen our environmental footprint. All right, on the social side, our social score with ESG has actually improved by 50% in the last 18 months, and a lot of this has to do with the work we've done with our associates internally, with our total rewards. We've done a lot of work to enhance that total rewards package, so things like expanding tuition reimbursement, improving our paid parental leave program, increasing our associate discount. All of these things have really mattered so much to our people internally. In addition, we have reinvigorated our internship program. We have a very diverse class of interns, and we've looked to find them all permanent roles within the company. We're excited to grow that program year over year next year. In addition to the great work that we've done with our associates, the work in our communities has also been a big part of our efforts. You saw what we did with the Ukraine, but disaster relief is really nothing new to the company. Just this year alone, we have provided critical aid and supplies in the Ukraine, Puerto Rico, the floods in Kentucky, the hurricanes in Florida, and we always wanna be on the ground quickly when disaster strikes. We wanna help and provide our supplies in times of need. In terms of our associates volunteering in the communities, we recently reestablished what we call Helping Hands Day. That's where all of our corporate associates take the day off, we roll up our sleeves, and we just work to volunteer our time in the community. We pack back-to-school backpacks. We donate food and supplies and pack those boxes for the food pantries. We replant the community gardens. It's a really great day, and we're looking forward to continuing those types of moments with our associates. This year, our interns also led the Guinness World Records-breaking project. You see a picture right here with SpartanNash spelled out, the largest word ever spelled in food products. We actually donated all of those food products after that to the local food pantries. We're really excited about that. It was a great leadership project and challenge for the intern class that all of our company was excited to get behind. Finally, I'd be remiss not to mention the great work that our pharmacies have been doing amidst COVID. We led a national award-winning communications campaign to educate our communities about the benefits of vaccination. We were able to get a large population of our own associates vaccinated, and we're gonna continue that great work with our pharmacies this flu and COVID season. Hopefully, you saw when you walked in that we are making a $25,000 donation to Feeding America. This will help provide meals for holiday tables this season. This is on your behalf. We wanna thank you for being here today, and this is something that's a cause that's near and dear to our hearts as a food solutions company. All right, in terms of governance, we've always maintained a best-in-class score with governance. Looking forward to continuing this work. This year, we welcomed three new board of directors members. We're gonna, just like all companies, continue to focus on how do we keep our board with the right mix of diversity, skills, and experience. We also have the board having official oversight of our ESG practices, controls, and disclosures. We're gonna continue to partner with them and make sure that they play a big role in our ESG strategy. All right, this summer, we completed a materiality assessment. This is a very detailed evaluation among our associates, our customers, our communities, our shareholders to understand what are the ways that SpartanNash can make the biggest impact in our communities? What are the causes that matter the most to them? This is the list that we heard from those groups. Nothing surprising on here. Food waste, of course, we're a food solutions company. We're committed to reducing food waste wherever possible. We're gonna continue those efforts and grow them over time. Greenhouse gas emissions. We obviously have a lot of trucks on the road, so we wanna continue to take those greenhouse gas emissions out of the environment and do what we can to lessen our environmental footprint. Continue to engage in the community through volunteer events like Helping Hands Day. Also really excited that we have appointed our new head of diversity and inclusion. She is here in the room, Deanne Wright. Hopefully, you'll get a chance to speak with her today, but she's got a lot of great initiatives planned, including associate resource groups that have recently been established to provide networking, support, and professional education for various associate populations. Finally, with so many of our own brands, we wanna make sure that our products are being packaged and produced in a sustainable way. We're gonna continue to evaluate how can we make sure that that is happening and promoting sustainability with our own brands. All right. In terms of next steps, you'll see our next ESG report published next year in late summer, early fall, 2023. In that report, you'll see our short and long-term goals. These goals are gonna be bold but also very realistic. They're gonna be aligned to our long range plan that goes through the end of 2025, and they're gonna be embedded in our corporate strategy. We're gonna make sure that they map directly to our core capabilities of people, operational excellence, and insights that drive solutions. Of course, we're gonna continue to put people first, not only in our own communities, but around the globe. We wanna make sure that this continues to stay top of mind for SpartanNash in everything that we do. I'm excited to share more progress with you about our ESG journey, and now I'm gonna turn it over to our Chief Financial Officer, Jason Monaco. All right. Thank you, Adrienne. Great overview of our ESG program. Hello, everybody. Good to see you in person, especially those of you I talk to regularly on the phone. It's good to see you all in 3D. This is awesome. I wanna start with just a quick introduction, like many of the others have done here today. My background, I'm more on the other side of the desk from Bennett. Bennett was the guy I was probably talking to when I was at Kimberly-Clark or at Borden. I think we bring some unique backgrounds to the leadership team and an ability to really see different perspectives as we engage with the supplier community. I spent 15+ years at Kimberly-Clark. I was a CFO of Cornerstone Chemical and Borden Dairy prior to joining SpartanNash. All of those things I think were really constructive and helpful for the current role here at SpartanNash. Let's talk about where we're headed today. A little bit of a roadmap for today's discussion. Couple of things we're gonna cover. You may have seen that we pre-released our Q3 earnings this morning. I'll touch on a few of those highlights in a little bit. I will talk about the portfolio of businesses and the scale that we have and how that's gonna drive our performance towards that $10 billion and $300+ million in EBITDA that you've heard from several of us today. Hopefully, you'll hear the theme coming through. We expect to have revenue growth of $1 billion and 40% EBITDA growth. That's how we're gonna get there. Importantly, for many of you, I wanna talk a little bit about how we're going to invest to get there. What's the investment look like? What do we expect the returns to be on that investment? Kinda get into some of the more detailed level of what you should expect to see. Let's start with the preliminary results that came out this morning. We had a terrific quarter. Hopefully you've seen this, the results already. On the top line, we delivered at the midpoint of our pre-release range about 10% top-line growth. On the bottom line, about 11%. Adjusted EBITDA up about 11% at the middle of that range. Really terrific results. Importantly, we also raised guidance. This is our third raise of the year. The chart on the left gives you an indication of what the sales looks like. At the midpoint of that range, sales growth is expected to be about 7% for the year. On the right-hand side of the page, you'll see the EBITDA chart. EBITDA expected to be up about 12%, and these are at the middle of the ranges, just to give you an indication of where that plays out. A really terrific year, double-digit bottom line growth, and great momentum for our plan. We also made some reporting changes, so this may have slipped by you. I know it came out at 7:00 A.M. this morning, but we made some reporting changes. What we've done is taken the former food distribution and military segments and put them together as a Wholesale segment. We now have, instead of three, we have two reporting segments, wholesale and retail. The reason we did this was to better align with the way we run the business. You've heard from many folks today, and you'll meet the rest of our leadership team later. This is really aligned with how we're running the business with an integrated, what was formerly military and food distribution business, really operating integrated supply chain, integrated sales platforms to really drive synergies. This is part of our plan on how we get to that $300 million. Switching gears a little, I wanna tell a little story. Some of you have been following the stock for a long time, so some of you will know this story. Some of you will know it really, really well. I want to start with a little bit of a history lesson. The Spartan Stores and Nash Finch merged at the end of 2013. From the first year of the merger forward, to see 2014 on the slide, the first four years, the company was delivering about $230 million a year of EBITDA. Pretty steady performance during that time frame. Integration went relatively smoothly, delivered value, but then we hit a soft spot. Results took a pretty precipitous decline two years in a row, down to $178 million of EBITDA. Together, that left us post-merger with a 5% annual decline, so a 5% decline in CAGR over that time period. There was a real need to change. The board took action. A new management team came in and you know, Tony joined in September of 2020. What you have is the start of a turnaround. If I think about the period from 2020 to 2022, kind of we're in this window right now. We're in this period of what I like to call bending the curve. The curve was on a downward trajectory, and I guarantee you that -5%, that's over the 2014 period. That was a pretty precipitous decline in the two years to get to 178. We were on the way down. This was a turnaround, and the company executed that turnaround. The turnaround was not the end of the story. The turnaround was the start of the next story. What we're doing now is building a plan that's gonna really take this business and grow it going forward. I think it's important to note, as you look at this page here, if you look at the 2022 E, the midpoint of the range we guided to this morning, $239.5 million, that would be a record Adjusted EBITDA for this company. Aside from COVID, you can see the bump in COVID, and we acknowledge that. This year we're gonna outperform what many may have thought was the very best circumstances that could exist, a COVID environment for a retailer or wholesaler. Our plan is delivering, and we're outperforming. We're delivering record profits this year. Now, it's not done. This is a guide. This is an expectation, but that will land us at record profit. Going forward, what that means is that what we have is a plan that's gonna deliver significant growth and the momentum and confidence in the base that we're gonna get there. If we end the year around 240, we expect to get to $300 million. That overall compound annual growth rate from 2021 to 2025 is 9% annually. It's a 40% growth over that time period and puts us at least at $300 million. Now, you've seen this slide or some derivation of this slide already. You know, the part of the reason we wanna talk about this is to remind you where we expect to be. We expect to deliver $10 billion or more in revenue. That's $1 billion of top-line growth from 2021. $300 million in EBITDA or more. A 40% improvement in the Adjusted EBITDA, something we're very excited about. I want to talk a little bit about how we get there, and I'll give you a little bit more of the mechanics of the pieces. First things first, we had a supply chain transformation. There's a booth outside. You'll see more about that later. We've been talking about this with all of you for many quarters now. We launched this in the middle of 2021. We said we were gonna deliver $15-$25 million of run- rate savings by the end of 2022. We raised our guide about six months ago to $25-$35 million of run- rate. You heard from Masiar earlier that we've exited the third quarter delivering $24 million, and that we are still on pace to deliver that $25 million-$35 million run-r ate by the end of the year. For us, this is a really important piece of the story. It's not just the cost savings, it's the reliability of the network. It's all of the operating statistics you heard about from Tony earlier in today's discussion. These are all really things that build credibility with customers, help us grow and improve efficiency. Now we're gonna stack on top of that a merchandising transformation. Bennett spent a few minutes earlier talking about what that program looks like, how we create value, what the initiatives are within that program. What we wanted to do was give you a real level of confidence that one, we know what we're talking about here and what we know what the plan is and how we're going to go after it. It's not just a pipe dream. There are specific initiatives, programs, and strategies in place to deliver on this, and it builds on the execution capability we had in our supply chain transformation. Going forward, we also expect to have more programs and initiatives. We expect to have incremental value created through insights and analytics, and you heard just a little snippet of that in Masiar's presentation related to own brands. Where were we? 487 private label launches, and we've got 17 periods in a row of market share growth, both units and dollars. That's the sort of program, the sort of winning that we're looking for going forward. Together, what this means is we've got a package of programs, initiatives, and execution capability that builds comfort and capability around getting to $300+ million in EBITDA and $1 billion of growth. It's really important to remember, the way we get there is not just by strategies, and it's not just by initiatives, it requires execution. Execution of a people-first organization that really engages our organization, that allows us to drive that efficiency and that improvement and has the right workforce to make it happen. All of these things require an engaged workforce and a people-first story. The people-first story is not an adjunct to this, it's part of the strategy. Now what many of you have really been looking for, what are the numbers? What does this look like? Tried to simplify the dialogue and give you a little bit of color on how we get to the $10 billion in sales and how we get to the $300 million in EBITDA. On the left-hand side of the page is a simple waterfall discussing and describing the revenue growth. Two big blocks. The one on the left, wholesale market share growth. The one on the right, retail share growth. In wholesale, we expect to expand geographically, filling out our footprint. We expect to bring own brands to bear, because own brands are part of our wholesale portfolio as well. We expect to grow share with existing customers in our existing geographies. The one to the right of that, the retail market share. You've heard about some of the programs there. Own brands, going local, bringing a premium experience to our stores. All of these things are contributing significantly to the market share growth. Together, those generate $1 billion of incremental revenue. Moving to the right-hand side, the EBITDA. So how does it flow to the bottom line? We expect to deliver $35 million to $45 million of incremental EBITDA related to market share growth. So if you take the share growth from the left-hand side, the revenue, and you put it on the right, it flows through at $35 million to $45 million. In addition to that, we expect to expand our margin and deliver incremental growth related to some of the programs you heard about today. The upmarket activities, the own brands, et cetera. Those will contribute $40 million-$55 million of incremental EBITDA, getting us to $300+ million overall. Now I'd be remiss if I didn't also say that like every company, these plans include assumptions around headwinds. Everybody's facing headwinds in this environment, and we're no different. We have significant headwinds built into this program, and we expect to manage through them as we have been to date. Let's talk a little bit about what it takes to get there and how are we gonna invest to make this happen? A couple of things you should be thinking about. First and foremost, we have a disciplined Capital Allocation process. Okay? The right process, the right rigor, the right programs to ensure that we're investing in the right places and getting the right returns. At the same time, we need to pivot to growth. We're going to add to the top line and the bottom line, and to make that happen requires investment. The type of investment and the range of expected investment outcomes is gonna be higher than what we've had thus far. We expect to spend between $120 million and $165 million a year on capital over the window of this plan, so out through 2025. That's about 1.2% to 1.5% of sales. Importantly, it moves us towards the market mean of what I would characterize as the kind of weighted average capital spending of players in the retail and wholesale space. If you kind of break our business up into those two reporting segments, and you look at what the market spends on capital related to retail, regional retail, and wholesale businesses, that's part of what's guided our move here. It also is guided by what's required to deliver the $300 million of EBITDA and 40% EBITDA growth. As we go about this spending, we expect to spend about half of it on our supply chain, on our network, about a third of it on our retail stores and our going up market, and we expect to spend the last approximately quarter of it on IT, technology, and other capabilities to enhance the strategy. What returns do we expect? If I kind of rewind all the way back to that history chart of the company, where we had that window where the EBITDA dipped in 2019 down to $178 million. We ended 2019 below 4% ROIC, 3.9%. We began the turnaround, had a two-year turnaround, and at the end of 2021, delivered 5.6% ROIC, 170 basis point improvement. Going forward, and I told you just a moment ago, we're going to invest more in the business. On all of the net investments we make, on the margins, all the net investments we make over the entire three-year window, we expect to deliver 10% or more incremental marginal ROIC. Said another way, we expect these returns to be materially accretive to our current return on invested capital, and we expect our ROIC to continue to grow significantly over the time window. That's not all when it comes to Capital Allocation. The other piece is that we expect to have a disciplined approach to returning cash to shareholders. Chart on the left gives you a view of our history on dividends. We've got about a 7% compound annual growth rate since 2015. On the right, we've taken our total dividend returns to cash returns to shareholders, added in our share buybacks. All in, since 2015, we've delivered more than $300 million to shareholders. We expect to continue to have a disciplined approach to Capital Allocation. All right, now let's put it all together. What does this look like and what do we expect the returns to be to shareholders? If you think about that waterfall chart, we had strategic growth that delivered $35 million to $45 million in EBITDA. That works out to about 4% to 5% per year in equivalent shareholder returns. We had the strategic plan components, the merchandising transformation, the margin enhancements, et cetera, that we expect to deliver 4% to 6%. Conservatively, we've applied a dividend which currently has a yield around about 2.5% and put a range of 2% to 3% around that. Altogether, you take the incremental returns related to the strategic plan, the strategic growth, and the cash return to shareholders, and we expect to deliver 10%-14% shareholder return. Now, 10%-14% far outpaces much of what you saw in our past history. It outpaces many of our peers, and we feel really, really strongly about it. We're very excited about this return, but it's also important to note that may not be the end. You heard from Masiar on M&A, and there's our green bar off to the right. We've got a strategy, a structure, we have a pipeline, and we're evaluating M&A. Now, I don't like to plan for M&A, so it's not in the plan. There's no incremental M&A in the plan, either capital deployment or incremental returns. That being said, as we identify opportunities that make sense and create shareholder value, we see that as upside to this plan. That's why you see this green arrow in the right-hand side of several of the last few charts. All right. We're positioned to win. We are executing Our Winning Recipe, and we're pivoting from this period of turnaround to really focusing on the strategic priorities and delivering on significant shareholder value creation. We've got a plan for revenue generation that adds $1 billion to the top line, EBITDA growth at the bottom line. We're gonna invest behind it. We feel confident, and we expect to deliver significant returns against those investments. We expect those returns to be nearly 2x our current return on invested capital, and we'll be managing it, monitoring it, and using that really robust Capital Allocation process to ensure that we get those returns. Overall, you heard from all of my colleagues here today, we have great plans in place. We're very excited about this program, and we have a lot of conviction. Conviction that we're gonna deliver $1+ billion in revenue, $10+ billion in sales, $300 million or more in EBITDA, and by the way, 40% EBITDA growth from 2021. With that, I'd like to invite Tony back to the stage to close this and open up some Q&A. All right. I'm gonna have my colleagues come up here. Maybe give us a minute to get the parlor set up while we get ready for Q&A. As a reminder, we will have additional time after this Q&A session we have here. We'll be out mingling around in the trade shows. There'll be plenty of time for you to talk to me or any of the ten folks here on our leadership team. Hopefully, maybe I think we can. That goes into the all-important happy hour after that. There's a whole different set of questions and answers that come with that timeframe. All right. We have a couple of mic runners here that will, I think, be approaching you. I believe we've got Chris over here on my right. Madeline, if you have a question, you can put your hand in the air. They will run over with the mic and get you a chance to talk. No matter how close or how easy it is for you to ask that question, please wait to get the mic so everybody can hear the questions, and we don't have to repeat them that way. All right. Kelly had her hand in the air first. Can you hear me? Kelly Bania from BMO. Thanks for all the color and just having this day in general. 80% of the $1 billion in top line that you outlined is on the Wholesale segment. I think I also heard expanding into new geographies. There's been some optimization. I guess my question is, if you look at that $800 million, is that, you know, what your line of sight into that in terms of where maybe.xisting customers are planning to, you know, expand their own presence, versus we've got to go out and find some new business here, growing share with existing customers? I don't know if I heard that metric, what your share of wallet is with existing customers. Just help us really digest that $800 million. Okay, great. It'll come as a mix of all those things you mentioned there. I'm gonna let Jason go through the kind of rough split of how we see that. Sure, and thanks, Kelly. As we think about the $800 million, it's gonna be a combination of continued growth in our national accounts, where we've got really great momentum, and we expect that to continue. A piece of it will be expansion of geographies that we're already in, but not particularly penetrated in. We've got capability and capacity, and we have the opportunity to grow with new customers. Then there will be a component that relates to growing share of wallet with existing customers and ensuring that we've got the right model and system in place to make that happen. Kind of, for example, I talked about the supply chain transformation. Being really good at supply chain helps you get a bigger share of wallet with existing customers. Being reliable also allows you to open up new doors with new customers, even in your same geography. We expect all those to play a part. Okay. I don't know if that's working. Can you maybe just talk a little bit about the state of your customer base, those 2,100, I think those are independent retailers? Because I guess the plan really contemplates a lot of margin expansion, and you outlined some of those initiatives. I guess the state of your customers, they are dealing with an environment that's increasingly, you know, more scale at the top of the industry. You know, a lot of competitors talking about increasing purchasing power and investing in price. You know, how are you helping your customers compete in that, the next stage of the grocery landscape? Yeah, it's a great question. First of all, our customers performance-wise are. We see some of their numbers. They look a lot like what we're experiencing. We as we share how they're performing and what they're seeing and what consumers are doing in their store, we see a lot of similarities. Our business is largely in or disproportionately in rural and smaller communities. Those are the folks we serve also among that 2,100-person mix. As I mentioned earlier, the idea that we can actually model things that we can share with them directly. I gave a couple of examples that I'll recap. Category management, for example, as we learn more about how the consumer is evolving, we learn about that through the insights that we gather up, and then we have those open conversations. Folks, here's what we're seeing. Here's some changes we're making overall to planograms, and maybe you could try this. We had some success with this in a similar community. We share those very openly. I talked about pricing science, about how to think about how to price the differential items between indulgent and more value items, and we share those tidbits as well. That's one of the reasons we think this business is so sticky with those folks is because they rely on us and our scale and our insights to help them move their business forward. I think the work that we're doing now across our company broadly, and particularly some of the work that Ben is doing in his area, is gonna continue to help that. We'll learn more in that process and continue to be able to share more of that. I think we have a great future in being able to help them. Today, they're moving in lockstep with us in terms of most of the metrics that you might expect. Great. Thank you. Rob Dickerson from Jefferies. Maybe just a question for Jason around cash flow. You know, I saw the CapEx numbers seem to be going up a little bit, let's say, relative to maybe what you've spent each year over the past seven years. You know, with the increase in that CapEx, we kind of think about what that could be cumulatively, you know, through 2025 relative to kinda where you can get on EBITDA. Kinda almost seems like that's kinda the, you know, kinda the flex point, so to speak. I'm just curious if we think about free cash flow, you know, are there incremental working capital improvements? Sounds like the dividend can still grow, share repo, potentially leverage comes down. Just trying to kinda right-size how you think about free cash flow. Thanks. Yeah. Thanks, Rob, and great question. If you think about the plan overall and you think about cash flow, you mentioned that the capital is higher than it was over the last seven years. You're absolutely right. The EBITDA growth is also higher than it was in the last seven years. For us, the trade-off was how do we ensure we're investing for growth, we're investing for returns against that growth, but then also being disciplined from a cash management standpoint. We expect to be relatively cash neutral over the time window, over the horizon. It may be a little lumpy at times as you continue to grow, but we wanna get what we want to, and we expect to get significant returns from those investments, and those investments will drive cash flow to help support kind of the next round in that virtuous cycle. Great. Thanks. Peter Saleh, BTIG. Can you just talk about the underlying assumptions in the growth plans? I think you kinda hinted at that, when you last spoke. What are we looking at in terms of the underlying assumptions in terms of inflation, deflation in the targets to 2025? Are you assuming some sort of recession, consumer pullback? Are you assuming more of the same? Just trying to understand what you guys are looking at to get you to that incremental $1 billion of top-line revenue. Take it, sure. Yeah. I'll take that one then. With respect to inflation, we've expected a wind down towards more normative inflation by the end of the 2025 period. Realistically, we're in November of 2022, and inflation's staying high. We're not projecting a deflationary environment into 2023. We expect to step down next year. We'll give more guidance on next year specifically at our Q4 earnings call. Great. If I could just sneak in one more maybe on acquisitions, going forward. Would you consider making an acquisition if it took you off target for 2025 if it made more sense in terms of your growth rate in 2026 and 2027 beyond? In the modeling we're doing right now and the kinds of ideas we're looking at, we don't see any of them taking us off target. Obviously, there's maybe small trade-offs you'd make if you had a chance to get a big win and take you off target for a quarter. We considered that. To be clear, we don't see that as being part of the calculus at all with some of the things we're thinking about. Thank you. Good afternoon. Chuck Cerankosky, Northcoast Research. In looking at your map, you don't do a lot of food distribution, conventional food distribution in the West, and now you've integrated military and food distribution to better utilize those assets. Is that an opportunity in the West to grow market share and sales, especially in the wholesale ops? Yeah. We look at all opportunities, and there's a lot of geographies where we think there's great opportunities. We think the West is almost uniquely so. We are there with a couple of our national accounts, of course. We haven't spent a lot of time thinking about or contemplating independent grocers, for example, kind of west of our current geography. The short answer is yes. We see that as an opportunity among many other opportunities we see geographically. Do you see any opportunity to partner with a regional grocer and sort of take over their distribution? Yeah. In the Portland to Masiar as well, further. But certainly, in the portfolio of ideas, which is quite large, there are some of those that might manifest in that way. Yeah. Can you add to that? Yeah. I mean, just to build, we look at all opportunities, and we're interested in all opportunities, and then we apply that M&A framework. You know, for us, it's important that it is standalone attractive, there's synergies to be had through the opportunity, and that we have the capability to execute it quickly and effectively. You know, something in that model, if it passes those filters, we absolutely would seriously consider it. You know, to build on it, yes, but we'd be disciplined in the approach and apply the framework we shared today. Thank you. Great. I think Russ had his hand up here for quite a while. He's been waiting patiently. Thank you. You mentioned earlier that in the retail business, you're planning to consolidate to four store banners. What's that process going to involve? What's the expected timetable? Actually, I should have asked first, what led to that decision? At the end, we start with what led to us having the banners to begin with, right? It's a kind of as we've cobbled together this over the great many years, we've made acquisitions of small folks who had great relevance in their community, and we kept the banners in many cases. We see that we have now something we can actually pull together in terms of a real advertisable benefit for our core banners. We think it's time to actually start moving some of those into those banners because we can articulate real distinct advantages for a Family Fare, for a D&W, for a Martin's. It's time. We'll be moving those banners over. We moved some already this year. We'll move some over, others over next year. One thing to think about when you think about banner consolidation is more broadly about the retail strategy and the work that we're doing around upgrading the buildings themselves, the space and the user experience. You're gonna hear a little bit more in the retail session afterwards, kinda add some color to it. You should expect that we're gonna touch about a quarter of the stores over this time period and that we're gonna continue to upgrade the experience. That's gonna range from big projects and small, and that will link together with the banner consolidation, so we get a terrific customer experience and grow and deliver the right return on invested capital that I mentioned earlier. Thanks a lot. Thanks. Hi. Good morning or afternoon. I'm Krisztina Katai, Deutsche Bank. You talked a lot about your growth mindset, and, you know, some of the questions focus on this. I just wanted to, you know, get your opinion on, you know, where do you see yourself positioned right now from a capacity perspective and labor availability as well to really achieve your $1 billion of growth. Then as we think about, you know, the 9% CAGR of EBITDA, you, Jason, you specifically talked about baking in some pretty significant headwinds. Maybe if you could just touch on what some of those assumptions are as we think about some of the puts and takes. Sure. I'll start with the capacity. So we have capacity, and the capacity we're creating right now is really being created by our supply chain transformations. The throughput improvements we're making, other improvements we're making in our broader network creates capacity on the current footprint. So a big part of our growth is actually being enabled by that capacity created through the supply chain transformation. We also, to add on to that, though, we don't wanna have capacity to be a conversation closer if we find a great opportunity. So it is likely that we may find opportunity in some parts of our neighborhood where we need to knock out a wall or we need to go build something. That's part of the overall observation. We have to think about that the same way with all capital rigor, if it comes to that point. For starters, we have capacity. We're creating capacity through transformation. If we have a need to grow more, then we want to make sure that we do that in a very fiscally sound way as well. For the second half. Yeah. Thanks, Tony. Absolutely, I wouldn't lose sight of the fact that the throughput's up 8% and the CAGR is 9%. Those things, to Tony's point, really start to work seamlessly together around creating capacity. Thinking about the headwinds, like every company, everybody's got headwinds. We wanted to share with you, first of all, that we didn't just dismiss this and assume this is how we're gonna get to $300 million without assuming that there's going to be a headwind. For us, the predominant portion of those headwinds is gonna be labor and benefits inflation. To your point, the first half of your question, labor availability is part of that story around capacity. We've put in what I think is a pragmatic and practical set of assumptions with respect to what labor inflation is gonna look like. It'll be elevated versus this kind of lower than the current inflationary environment, but elevated versus the pre-COVID environment. Great. Thanks for doing this, guys. We didn't hear a lot about services today, and maybe if you could just give us a little bit more insight into how big that business is, and how does that factor into the long-term guidance here that has a lot of margin expansion in there? Great. For sure, if we don't get to all the details on that's a great question for the trade shows, folks. We got a lot of people who are playing the service space, including the other folks who are on the stage. I'm gonna turn it on to Masiar to already hit a couple. We've got a couple services that you lead. Yeah. You know, in the role of technology, one of our biggest services is our technology offering, and that's one of the things we're looking to grow. I would tell you, too, when you saw services that we were doing within our retail space, those are services that are, you know, tried and true because we're dogfooding the experience that we're offering to our food distribution wholesale customers as well. I think service is gonna be a growing area of focus for us, especially in technology, but more broadly in marketing, merchandising, even renovations. There are things around planograms and insights there that we're looking to provide, and in digital, things like DoorDash and our partnership there. That is a channel partnership as well, where we're in a strategic relationship, and we're offering that service to our food distribution customers too. All right. Yeah. Maybe also a shout-out for Amy McClellan, our Chief Marketing Officer, who you all will have a chance to meet here in a second. She can talk more about what we're doing on the pricing front and some of the investments we're making in pricing. That is a big services offering for our independent customers, an area that we are investing a lot in. We talked a little bit about merchandising transformation. Amy can share more about what we're doing on the pricing side. And then the other one would be planograms and how you go to market. I gave the example of dairy and what we were doing in dairy. You may recall it was 13% up in units and in sales, 14% up in traffic. Those are numbers that other folks would like to be able to do in our network. You think about customers looking at those. We're already piloting that with a couple of large customers. Those are areas that we think we can really help them grow their business. Yeah. Just on pricing for a minute, how well positioned do you think you guys are relative to your peers in the market? Are you seeing Meijer and some of the other players invest more in price to take share? Do you think the independents are priced where they need to be to keep the share that they've gained over the last couple of years? I'll start with it. The pricing is always sort of a journey, right? We're learning in a very dynamic time, particularly with the inflation that's going on right now. I think the separation, there's gonna be folks who are gonna play their primary cards are gonna be played on price. There's folks who are gonna play it primarily on service, you know, high-end services or indulgent experiences. The independent grocer sort of sits in that middle ground. I think the offering has to be unique for that community. It 'cause it spans a territory of offering great value in some places, but also offering services that you wouldn't get at some of the places that offer them the lowest value as well. You straddle a lot of those important elements for their communities. You know, never done on pricing. That would be my observation. Of course, we spend a lot of time monitoring the competitive environment. Obviously, we've got our retail stores and monitoring what happens in the 147 stores. As Tony talked about, a lot of different communities our 2,100 independents are in. That is a dynamic landscape that we know we gotta continue to invest in to go win. Maybe a little more vague in terms of the commentary, but yeah, we know that we've gotta be sharp on pricing. I think getting more sophisticated there is, in my opinion, always a good investment, always a good area to go spend time on. Maybe it goes without saying that you heard Bennett talk about the merchandising transformation. That is not just for our retail stores. The whole story covers the entire company, and you should think about that as part of the way that we bring more value to our independent customers as well and maintain cost competitiveness. Thank you. Couple more specific questions. You gave the 8% increase in throughput. Where does that put you in terms of benchmarking relative to your peers? Is there still a long runway to improve, or are you know, caught up? Just any numbers to help us kind of think about framing where you are. Then same thing on private label. I think I saw a number for 20% growth by 2025. What is your penetration today, and where would that put you if you reach that goal? Great. Go ahead. Take a shot. Sure. Maybe I'll start with the second one first. On private label, we see a significant amount of runway, and we're operating in the low 20s with respect to penetration. The 20% upside gets us into the ZIP code of what you see other mainline players doing. Is that at wholesale or retail? Collectively. Total. All right. Your first question was on supply chain? On throughput, yeah. Throughput. Yeah, I expect there's more runway there, as well. You know, as I think about our opportunities for improvement, this is an area that, when you think about the plan, you kind of go back to that waterfall chart. The strategic programs on the right include significant continued upside in supply chain transformation cost benefits. We expect that that's part of the story, both from a customer standpoint as well as from a cost standpoint. Thanks. Just circle back on the private label side for a second. Maybe the question seems overly basic, but I gotta ask. Just in terms of the distribution model, right, you buy from other suppliers, and you distribute, resell. On the private label side, given just the growth that you're expecting, you know, how does that business kind of holistically differ for you, maybe relative to others? How does that d rive, you know, I would think sounds like kind of almost the lion's share of some of this margin improvement. That's it. Yeah. We're in almost kind of a transition phase on that as well, and just because of our size overall. We participate in a group, Topco specifically, that actually we work with on a great many of our private label items. We're larger than that group. As we're thinking about the future for SpartanNash, we know we have to actually invest in some of the capabilities, for example, around manufacturing management, around quality management, those things that as we get to this place now, as we're growing to where we are now and going beyond that, we're gonna invest a great deal more in the capability to really refine those private label products and really get the kind of the best overall offering that our shoppers want, that our customers, our independent customers need. We're in transition there a little bit, and that's gonna be a really significant part of how we think about investing in our marketing overall, is developing that rigorous capability to be great in the space of developing those brands. I might also add just to reinforce the 147 retail stores that we run, because that is a big chunk of our business, we are going to invest heavily into private brands. You have to if you're gonna be successful. We know that that's a key growth engine for us, and our customers are looking for it. Because of that, if you look on the independent side, we can leverage that for the independents. If we were just a wholesale business, I don't know that we'd look at it the same way. Because of that, we invest heavily into those brands. We care a lot about those brands, and I believe our independents give us credit for that. I think that is something they look at SpartanNash and say, "You are bringing a different level of private brand today," and I think they see what we're planning to do in the future. Great. Let me grab one more, and then we'll take a break. All right. Closing. Going once, going twice. All right, there we go. Thank you, gang. All right. Lots of terrific questions. Appreciate that, and appreciate your attentiveness and appreciate in advance the time we'll get a chance to spend as we leave here and go over to the trade show. I just wanted to finish up with a couple thoughts I shared as I began here. We've had a great run. We've had a great run since we began this transformation, and we're excited about the future. I think as you've seen here today, we have reason to be very optimistic about how we can continue to grow the business and grow it profitably. We have a great, incredible strategy. It's under development, of course, but we have some really, really fine things going on, both in terms of the operations of the company as well as the long-range ideas we have for M&A and for further operational growth. We have a team that's terrific, a team that is purpose-built for this mission and is doing great work, and you'll get a chance to spend some more time with them as well. Our financial plan reflects all that. We have a financial plan that is growing ahead of our peers on the top line, ahead of our peers on the bottom line, and we believe that absolutely the best is yet to come. Thank you again for your time and attention here this afternoon. Look forward to spending more time with you out in the trade show. Thanks.