Good morning, everyone. My name is Jeff Bernstein, and I'm the restaurant and food service distribution analyst at Barclays. I'm thrilled to introduce our next presenting company, Sysco Corporation. With us this morning, we have on your far left, Kevin Hourican. On your far left, President and CEO, Kenny Cheung, recently named CFO. Neil Russell, CAO, and Kevin Kim in the front row, Head of Investor Relations. While we are thrilled to have Sysco at our consumer staples conference, our primary conference is our consumer discretionary event, our Eat, Sleep, Play Conference, which includes our restaurants and food services for biz as well, along with gaming, lodging, and leisure. It's in our offices in New York, the week post-Thanksgiving this year, November 28th and 29th. Hope to see many of you there. But now specific to Sysco here. By way of background, for those not familiar, Sysco is the global leader in selling, marketing, and distributing food products to restaurants and others. Globally, Sysco services over 725,000 customer locations, over 330 distribution facilities, most recently generating last year, $76 billion in sales. But to share more detail, I will turn it over to Kevin and the team to walk through several big picture slides, and then I will lead some Q&A. So with that said, I'll turn it over to our President and CEO, Kevin Hourican. Great. Thank you, Jeff. We appreciate Jeff and the Barclays team for the invitation to this year's conference, and we appreciate everyone in the room and who has joined us on the webcast as well for coming in to listen a little bit about the Sysco story. I will be brief, we'll be clear, and then we'll turn it over to Jeff for Q&A. So let's jump in. As Jeff said a moment ago, we are the leader in the food service distribution industry, and we're the only player at scale from a global perspective. We call ourselves the backbone of the food away-from-home industry, serving all sectors of food away from home. Restaurants, big and small, healthcare, to travel and industry, to business and industry, travel, hospitality, I meant to say recreation, government, business and everything in between. If it's consumed outside of the home, we, Sysco, are the largest player in that space. As Jeff said, we did $76.2 billion of top-line sales last year. Just a little bit more about who we are, on the right, from a segmentation and customer breakout perspective. We thought the map would be an illustrative representation of our company and who we are as well. I want to be very clear about this map. The green countries, or the countries that are in green, are where we have physical domiciled locations with warehouses, delivery partners that are Sysco employees, and we're doing what we call last mile delivery. Our largest business by far is in the U.S., with our second largest business across the border to the north, in Canada. We also have a meaningful presence in Europe. In Europe, the countries are a little bit smaller, so I'll call them out. We are in Ireland, we are in Great Britain, we are in France, we are in Sweden. Those are the countries. And we also have a burgeoning business in Latin America. A little more on the newer side of our growth curve, embryonic, if you will, from a business growth perspective. We are in Mexico, Costa Rica, Panama, the Bahamas, and we have an export business called IFG, which is based out of Florida. And it's with that, that I'll pivot to the countries that are in that light blue color. So that light blue color is where we distribute food through our freight forwarding IFG business, and we hand off the last mile delivery to a company like Sysco in those countries. And how that business comes to be is one of two ways. One, we can put people on the ground, boots on the street, to do sales in those countries. The other is one of our current customers, like Cheesecake Factory, opens a new store in the Middle East, and they want Sysco to be able to get their proprietary products, because we handle all of their goods to that country, and then we hand it off to another third-party entity that does the final mile delivery. What's interesting about IFG, and my last and final comment here, is it's also what we call a business scout that can help us determine what types of country we might be interested in planting our flag in the future. And I point to Costa Rica as an example in that regard. We were exporting food to Costa Rica to a third-party partner. We then did a little bit of a JV with that partner. We ended up buying that company, and now we operate as full-fledged Sysco in Costa Rica, and we run that business very profitably. We are number one in the majority of the companies that we are in, countries that we are in, and where we're not number one, we're number two from a market share perspective, with clear intent on getting each of those businesses to number one. So we are the largest at scale, and what we say are the following words: Scale matters meaningfully in this industry. It matters from a purchasing scale perspective to get to the best possible net landed cost, but then it's important for distribution economics. As Jeff said, we have more than 300 distribution centers, and because of that, we are closer to the customer than most that we compete against, which means fewer miles driven on the highest cost component of the supply chain, which is the final mile delivery. We also have the largest sales force in the industry, more than 7,500 strong, and these are culinary experts and culinary pros. They are culinary school grads, they are ex-restaurant owners themselves, they are former chefs, they are experts in food, and they sell the broad range capabilities of what Sysco has to our customers. They're not taking orders. These are professionals whose job is to help that end restaurant customer, mostly mom-and-pops, more successfully run their business, because when they succeed, we succeed, because they're ordering more from Sysco. So let's talk a little bit more about the industry. We love this industry. We love it for the following two primary reasons. It's big and it's growing. It's a $353 billion industry, and as you can see, with the exception of the COVID disruption year, it's consistently growing. One of our favorite charts that we like to show is a X-G rid, where it shows food away from home as a percentage of total purchases going up to the right, where food being purchased at the grocery store is going down to the right. Those two lines crossed before COVID. We had a temporary dislocation, and we are back and better than ever. There is more food being consumed outside of the home from a dollars spent perspective than is being spent at the grocery store, and that is a long-term secular trend. People and consumers are time-starved. They're becoming more and more time-starved over time, and because of that, they're choosing to consume food away from the home more often than not. Point two is that despite our being the biggest, at 17% of the total market from a market share perspective, we, Sysco, are growing our share of wallet, and we are growing our market share. So we have a growing pie, and we are taking a bigger slice of that growing pie consistently over time. We are the largest and most profitable from an EBIT margin rate perspective, and we have become a growth company because we are consistently growing faster than the industry. And how is this slide right here, which we call the Recipe for Growth. Previously, we've showed it as a growth wheel, where each of these five things works in concert with one another to create a reason why customers will choose Sysco. Today, we're showing it through this more recipe format, and they accomplish the same objective. Here are the five things that we are doing at Sysco to increase share of wallet, to better serve our customers, to make them choose Sysco over other options they have in the market. It starts with improved digital tools. We need to have the best ordering platforms in the industry. The easiest to use website, in the palm of their hand, on the customer's phone. That ordering platform needs to prompt them for things that would be logical to be placed in their ordering basket. It needs to suggest an order from them, because we can predict the needs of that restaurant. We need to make it as easy as possible for that restaurant owner to better focus on what matters most to them, which is the quality of the food presentation for their customers. They don't want to have to worry about what time the truck's going to show up or how to place that order. We want to make it simple, clear, easy, and personalized. So we've created a personalized website and digital ordering platform that's unique to each and every single one of the customers we serve. The pricing is unique to them, the assortment that they see on the website is unique to them, and the assortment is curated in a way, curated in a way that's relevant to their assortment, Italian restaurant, Asian restaurant and everything in between. Number two is we need to have great products at a great price. We have the broadest assortment in the industry. And so we use what we call broad line assortment, which is everything that a general broad line distributor would carry, like dry goods and frozen goods and everything in between. Bless you. But we also have the largest fresh assortment in the industry. We buy more fresh produce locally than anyone in food service. We also have a specialty meat cutting operation, where we can do custom cut of fine steaks, like Ruth's Chris, we do all of their custom cut steaks and deliver JIT exactly the cut that they need, aged to the days upon hand that they need, at the flavor profile that they need. That is Sysco. We do those things. Complete food Broadline inventory assortment, deep expertise in produce, deep expertise in the Center of the Plate, and recently we've added Italian specialty to that platform, and we will do more good work in Asian over time. We need to have the strongest, hardest, most flexible supply chain in the industry. For decades, we've had the most efficient from a cost-to-serve supply chain, and our supply chain is becoming more agile, more nimble and more customer-centric. Specifically, what that means. What are the needs of our end customers? They want a late-in-the-evening order cut-off, as late as possible. Why is obvious? They don't know what tonight's dinner rush will be. They don't know what exactly will sell off the menu tonight. So the later we can make that order cut-off and deliver it tomorrow morning, so they're back in stock for the next night's menu, that is what our customers need, that is what they want, and we are doing more of that work than anyone in the industry. Most important of all, we need to be there when we say we're going to be there. We need to show up on time, we need to deliver in full, and we need to meet those needs. Expertise in service, I already spoke about. We have the largest sales force in the industry. We have culinary professionals. Where we are getting even better as a company is the following: we have what's called a Sales Consultant Generalist, who's an account owner or the relationship manager of that individual restaurant. And to be clear about that, this is a relationships-based business. We're in that restaurant every week with that Sales Consultant. Where we are getting even better is leveraging Produce Specialists, Protein Specialists, and as of late, Italian Specialists, because an individual Sales Consultant can't be an expert in every category, and we are pulling in those experts in the specialty to do what's called joint team selling, so we can further penetrate sales with those customers. And last but not least, what always leading the industry means we will continue to invent, we will continue to invest, which includes M&A, and we are very interested in what we call tuck-in acquisitions that can add capabilities and specialty skill sets to Sysco that either don't exist or are white spaces on a geographic map where we don't, for instance, have a produce company. We will be filling in those white spaces. So my last slide is the following. Today, we are here to say the following: we just provided guidance back in the middle part of August for our fiscal 2024. We're essentially two months into that year, we are reiterating our guidance for fiscal 2024. We're off to a good start, and we have confidence in our ability to deliver this plan and to deliver this budget. The constructs of that budget are the following: approximately $80 billion in total top line sales, which is mid-single digits top line growth, and Adjusted EPS from a bottom line perspective of $4.20-$4.40, which is a 5%-10% growth from the low end to the high end of that range. We communicated back on our earnings call that some key components environmentally will be true in fiscal 2024. A bit lower overall market volume growth versus 2023. Point two is on inflation/deflation. We are currently experiencing deflation in the core U.S. market, and we expect that to reverse at roughly the mid-year point. But we are currently still experiencing inflation in our international business, mostly driven by Europe, because of unique environmental conditions in Europe. So a bit lower market volume growth, a bit lower than what is normal inflation for this industry. What would be normal is in the 2%-3% range, and we expect it to be lower than that this year in total. But we will manage our expenses extremely efficiently, taking out meaningful cost across the company, and when you throw all that recipe together, it will deliver the top line growth that I just mentioned to $80 billion in total, and deliver the bottom line growth of the $4.20-$4.40 EPS guide for the year. Off to a good start. We're confident in our ability to hit this plan, and with that, welcome Kenny up to the stage. Kenny, over to you. Thank you, Kevin, and good morning, everyone. It is great to be here in Boston with you all. Before I start, I would like to thank our customers, our colleagues around the world, our partners, and our shareholders. Thank you for all you do, and thank you for the commitment to Sysco. Now, you just heard Kevin talk about a few things. Number one is reiterating and reconfirming our guidance for the annual fiscal year 2024. We're off to a great start. Number two, our strategy, Recipe for Growth, is yielding dividends. It's adding accretive value for enterprise. And point number three, we are the market leader. We are the market leader in a growing industry, and that comes with an attachment rate of leading industry profitable margins. Looking to the future, our company, Sysco, has the building blocks, has the fundamentals, has the ingredients to take our company to the next level. These ingredients, pun intended, are fivefold. Number one, strong, robust balance sheet. Number two, ample liquidity and free cash flow. Number three, market leader position. Number four, world-class talent in which we have. And last but not least, the Sysco brand, iconic and well-established. We are positioned for growth, and we are positioned to win. Now, speaking of growth, let's take a look at the first page here. You can see across three buckets, sales, EBITDA, and EPS. On sales, we grew in fiscal year 2023 to $76 billion. That is a 22% CAGR across three years. For EBITDA, we grew to $3.8 billion. That is a 31% CAGR across three years. And last but not least, all the way down to the bottom line, EPS. EPS last year came in at $4.01. It is an astounding, big 67% CAGR increase over three years. Fiscal year 2023 demonstrated positive volume increases, which led to double-digit sales growth, coupled with operating leverage, which I'll talk about in a little bit. Those two formulas yielded strong double-digit growth. Our EBITDA earnings actually grew two times faster in fiscal year 2023 than our sales. That is real-time leverage. Our top line grew 11%, EPS grew 23%. Mind you, these three CAGR growth rates are above market industry averages. They are above. Altogether, with the actions I just described, these rendered a record year for us in fiscal year 2023. Turning to the next slide, you can see positive operating leverage. This is a focus area for our business. This is all about driving margin dollar expansion and margin rate expansion, both dollars and rates. You can see from the left-hand side to the right-hand side, we started out the year a bit slower out of the gate, as our volume were a bit slower than our expense growth, meaning we had two headwinds in our business. We had snapback cost as well as excess overtime. That really burdened the leverage in the first half of the year. As you can see, we made our way towards the back half of the year, and the snapback costs, and as well as the excess overtime, subsided down to zero by the end of the fiscal year. The good news is, these two cost pressures are no longer in the system, and that, coupled with our focus on supply chain efficiencies, productivity, resource optimization, rendered a very strong operating leverage towards Q4. That trend, we expect positive operating leverage to continue into fiscal year 2024. And why are we confident? Well, for starters, last year, at the end of the year, we did target $100 million in structural cost takeout. And by the way, the good news is, all of the $100 million has an action. So said differently, we will realize $100 million on the P&L from a year-over-year savings standpoint. The only thing I wanna caution is, we are not done. We're not done. We're gonna watch the market carefully. We're gonna watch the dynamic backdrop very deliberately and deploy actions, if needed, to allow us to further drive operating leverage and deliver on the full year. Let's move to the balance sheet and cash flow, which I mentioned is a key ingredient for our company in terms of strength. If you look at our top line and bottom line growth for last year, they were a record. Now, if you double-click, our cash flow was also a record year for us. Taking a look at the $2.9 billion of operating cash flow, $2.1 billion of free cash flow, this really talks to you about the quality of earnings of our business. If you further double-click those two numbers, the conversion rate of operating cash flow in our business is about 75%, and our free cash flow conversion rate from EBITDA is roughly 55%. Again, it talks about the robust earnings power of Sysco. Additionally, if you look on the right-hand side, we, or yes, on the right-hand side, you can see that we did achieve our commitment of net debt leverage target of 2.5 by the end of the year. The target of the range was 2.5-2.75. The last comment I would say on this page is, fueled by our ability to generate strong cash flows, we have the luxury to do both. By both is investing significantly into our business, but also rewarding our shareholder base, which leads us to the next page. Capital allocation. You can see very clearly our investment priority are in three different folds. They remain balanced, and they remain consistent. This is anchored by our strong cash flow-generating ability, which provides us optionality and flexibility as it relates to these three areas. First and foremost, we will always invest in the business for growth. We will deploy capital against items like technology stack, automation, fleet, buildings, and tuck-in M&As, as Kevin talked about. As Kevin also mentioned, the first bucket also includes our investment in Recipe for Growth, which is delivering success across the enterprise. One thing to note, return on investment, ROIC, is the lens or the rubric in which we will operate to ensure we are generating the optimal return based on the capital that we deploy. Second, we will continue to maintain a strong balance sheet, investment-grade rating. This allows us to have access to the capital market at very attractive rates, so when opportunities avail themselves, we can fully take advantage of it, assuming it hits the hurdle for ROIC. Last but not least, and very important for us, is any excess capital will be returned back to shareholders. We are committed to maintaining our Dividend Aristocrat status, which I'll talk about in a minute. We are constantly in the market, and consistently in the market, of repurchasing shares. Sysco is the only food distributor with an investment-grade rating and a dividend payer. On to the next page. This is one of our favorite pages. It's a slide that we are extremely proud of, based on a strong track record. We have increased our dividends for 54 consecutive years, putting us in a very elite group of dividend payers in the consumer staple space. For FY 2024, we plan to pay out approximately $1 billion of dividends. Now, if you draw the line of the dividend yield, that is roughly 2x S&P 500 average. Now, we also expect to complete roughly $750 million of share repurchases. Now, that number could flex up depending on our M&A pipeline. However, as of right now, we are committed to $1.75 billion that return to shareholders this year. Over the course of the past nine years, including 2014, that number is $17 billion back to shareholders via dividends and share repurchases. In closing, as Kevin highlighted, we remain on target. We are confident with our full-year guide for fiscal year 2024, which is mid-single digits on the top line, with the corresponding outsized growth on earnings, and that equates to roughly 5%-10% growth on EPS year-on-year. We expect to generate another record year of free cash flow as well, and continue to leverage our size and scale in the marketplace. You know, one of the things I love about the company is this is a high-volume business, and micro adjustments are felt, especially around operational efficiency. We ended last year, FY 2023, with momentum, and that is carrying into this year, at this very moment. We are optimistic with our ability to deliver a great year, but from my standpoint, I'm more excited about delivering for future years to come. Thank you for your time today, and with that, I will turn it back to Jeff for Q&A. ... Great. Thank you, Kenny. Thank you, Kevin. So I had a few questions for you, feeding off of your presentation. I think investors are obviously pleased to hear of a reiteration on the fiscal 2024 guidance, two months into the year. Just wondering if you could talk about that confidence in the environment that we're currently in, both on the top and bottom line, and your ability to achieve that regardless of the environment we might face. Sure. Yeah, great. Appreciate the question. I'll start, and then I'll pass to Kenny for additional comments. So we are confident in our ability to hit the year, as both Kenny and I said in our prepared remarks. We also gave context a couple of months ago about what we expect the environment to be. Fiscal 2024 will be a bit muted as a market for perspective from a volume growth versus normal. And then this unique environment in the U.S., where we will be deflationary for at least the first full half of the year, is also unusual. Across the past 25 years, I think there have been two years of deflation over the past 25, and that's unusual. What we communicated on our earnings call back in August, and what we, we reiterate today, is that we are going to grow both our top line and our bottom line in those market conditions. And as Kenny just said, we just did it in Q4, which is why we have confidence in our ability to do it in fiscal year 2024. We experienced deflation in Q4 in our core U.S. business, and we still grew our GP dollars per case, and we were able to grow both our top and bottom line. We're off to a good start two months in. It's a long year. There are still many things that could occur. There are unique curveballs that could, in fact, happen this year. One of Kenny's main points that I want to reiterate today is the following: If some unique things happen, if the volume growth is slower in the overall market than what we expected, we will take the appropriate actions as a leadership team to pull other levers within the P&L in order to deliver the bottom line. And mostly, that's through expense management, discipline, return on investment of our capital and, you know, managing our business, you know, extremely well. But two months in, off to a good start, we're confident. Kenny, pass to you for additional comment. Yeah, thanks. Yep, thanks, Kevin. We are very confident with our ability to hit the full-year guide. And let me say a few things. Number one, as Kevin talked about, you know, our confidence is being supported by how we managed Q4. In Q4, despite the fact that we did experience deflation in our U.S. market in the back half of the quarter, we achieved gross profit dollar per case increase. We've achieved gross margin expansion of 28 basis points, and we also achieved operating expense, operating margin expansion of 56 basis points. Our EBITDA for Q4 actually grew 4x than our sales. So we know how to operate in a dynamic environment that we see coming today. The second piece I would say is back to Kevin's point around, we will monitor the macro landscape carefully, and we will deliberately deploy actions proactively and responsibly as well. The last point I would say is, believe it or not, we have a trove of data. We have a lot of data in our business. So we are one of the first folks in the value chain that can see trends coming along the way. So that ties up very nicely in terms of being proactive with market level insight. Great. So the market share idea that was mentioned earlier with your 17%, what do you think your opportunity is today to take that number, whether in your share of wallet, in your position in the market? People often talk about further penetrating existing accounts, adding new accounts, M&A. Just your confidence in your ability to do that regardless of the environment. Yeah, we love this question, and there's some key data that we use with investors to reiterate the why this industry and why Sysco. First, it's a very large total addressable market, $350 billion, of which we have air quotes, "only 17%." There's two more data points, though, that really convey the upside opportunity here. One is we serve roughly 50% of the unique doors out there from a restaurant count perspective. We absolutely have the opportunity to grow our door count, winning net new business for Sysco, since we have the largest sales force in the industry. The second point, though, and I actually think it's the even more important point, is we have roughly 30% share of wallet of the existing doors we serve. That vector of growth is the most profitable vector of growth, because in any case we can add on the Sysco truck that's already stopping at a restaurant is profitable because it's... The hard part has already been done, driving from point A to point B to get that truck to the end customer. So then, what do you have to believe in order to be able to penetrate further on both of those vectors? I'll focus mostly on the second, which is the share of wallet opportunity. We are the leader in the industry for what's called broadline goods, which is flours and sugars and shortenings, dry goods, frozen goods, and everything in between. Where we have an enormous opportunity to grow is in what we call specialty produce, protein, Italian, Asian. We already do really well in Mexican, which is why I'm not mentioning that one right now. In those specialty businesses, by the way, they're all very large businesses, our market share is well below the 17% that we have in total. When we can penetrate further in specialty and move up the penetration market share component within those specialty businesses and get specialty to match total, broad line, it's worth billions of dollars of top line growth. So that's what you've seen us doing over time. Acquisitions that we've done, we just announced BIX Produce, which is a FreshPoint-like entity based in Minnesota. That was a white space on our geographic map. We did not have FreshPoint. There are still white spaces in the United States, where we do not have fresh produce. Northwest and the Northeast remain two large DMAs, where we're not fully penetrated in specialty. So you'll see us doing things in M&A space. ... You'll see us doing things with greenfield, with expanding our capabilities. Enormous opportunity to improve in the specialty. And I'm only going to say two for time's sake. The second is further penetrate the product that we currently carry and we currently sell with customers who aren't buying those products from Sysco. And what you need to do there is be right on price, and you need to be able to inspire the customer to buy. And that's the work we've been doing on our digital tech space. We have procured a pricing tool that allows us to be, what we call right on price, at the item customer level, down to the individual SKU for the individual restaurant, and to show that to the customer on a website that's unique to them. And as I mentioned in my prepared remarks, inspire them and prompt them to buy. So if they're in the checkout queue, just like if you're ordering on our website for your retail needs, and they didn't add flour, and we know they buy flour on a regular basis, or they should, we can prompt them right then and there in the checkout experience with a unique offer that's time bound, that's good for them. And by the way, guess who else gets that same offer? The sales consultant that serves that account is going to get that same offer in their CRM tool. And when they show up with that customer that week, they're going to be talking about that offer and selling the value prop on why that item is to be bought from Sysco. So, you know, we have big opportunities to continue to grow. We've grown faster than the industry for three consecutive years, and we believe that we accelerate and have confidence that we'll accelerate in fiscal 2024. Jeff, back to you. Yeah. Now, next question I had, I know is a very important topic for Sysco and, Neil, I know you're very passionate about it as well. Just wondering if you could talk about sustainability, your ability to achieve your sustainability and DEI goals, and how leadership, more importantly, is held accountable on the progress of those goals. Yeah, sure, Jeff. Thanks for asking. It's an important topic for us. As you said, the three of us up here are very committed to this work, and let me break your question down into two parts, if I could. The first is, we do this work because it's the right thing to do, and we could stop there, but we don't. That's values. We continue down the path for the value part of it, meaning this work is also important to our customers and to our suppliers. For a restaurateur to have on their whiteboard, "This fish came from here," matters, and for them to be able to sell it to the end consumer, how that was responsibly harvested, as an example, matters. And if you do this work correctly, you can take those values to create value, and we believe in that opportunity. and that's a big advantage for us. We are investing in these capabilities ahead of peers and competitors who just don't have the capital or capabilities to do that, and we're going to be ahead in this space. And that's good. That's good for us, but again, it's also the right thing to do. Part two is more specific to your question, which is then we actually put our money where our mouth is, meaning we pay our management team on this work. Not just me, because I'm responsible for sustainability, but literally all leaders across Sysco have in their short-term incentive plan these goals that we've laid out to achieve and whether we hit these metrics each year or not. We do it basically by saying we've got a really important 2030 goal, for example, on greenhouse gas emissions, to reduce our own emissions by 27.5%. And if you are here and that goal is there, what are the activities to create the slope and the line between here and there that we need to accomplish each year? And the achievement of those activities to be on that right path is how we will achieve that payout as a team, not just individual leaders. So everybody's committed to it, the organization has rallied around it, and it's going to add value to our customers. Understood. Kenny, being that you've only been here a few months, first of all, congratulations on your ability to deliver a compelling presentation. I was wondering, from the operating expense standpoint, maybe you could provide a little detail on that $100 million of commercial cost savings that you talked about, and how are you going to look at that in fiscal 2024, given the current macro? You made it sound as if things get tougher, we're going to re-hit that and potentially take that above the $100 million. So your thoughts on that. Sure, sure. First of all, thanks for the welcome. It's great to be here. For the $100 million, let me answer it two different ways. One is specific $100 million, and to your second point is: How do we think about expenses going forward? The $100 million, as I mentioned, the good news is all of it has been actioned. We actually had a huge pipeline at the end of last year as we saw deflation would be around the corner. So our team took a proactive approach. Again, this goes back to the rich data set that we have in our business. The $100 million, all actioned on day one from a phasing standpoint, you should expect pretty straight line phasing across all four quarters. Why is that? Because it's from day one, right? So that's the phasing of the $100 million. In terms of where you'll see it on the P&L, it's mostly in the SG&A line. That's where it's mostly going to sit. This is on top, on top of the supply chain efficiencies that Kevin described earlier. This is on top of the work that we do on, on strategic sourcing. This is purely, mostly on the SG&A line. So what's in there, right? So think about from the back office support, think about finance, accounting, legal, communication, et cetera, right? So just think about those buckets in terms of savings. Now, to your point just now, Jeff, we're not stopping. We're continuously evaluating the marketplace, looking at the dynamic backdrop, and implementing a robust pipeline for further ideas to strengthen our operating leverage for our business. Now, the way we think about expenses to drive leverage is twofold. One is gross profit growing faster than expenses, and also, as you saw in Q4, bottom line earnings growing faster than revenue. Understood. Well, I've got a slew of more questions, which I guess I'll save for the breakout room because we are out of time. But I want to thank Sysco and specifically, Kevin, Kenny, Neil and Kevin again for joining us, and hopefully, you'll join us in the breakout room. Thank you very much. Great. Thank you all.