Good morning, everyone. Welcome to the TreeHouse Foods 2023 Investor Day. We are so delighted to have you here with us in person, both those of you here in the room, as well as those of you on the webcast. Before we get started, just a little bit of housekeeping. We'd like to advise you that all forward-looking statements made during today's webcast are intended to fall within the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections and involve risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. Information concerning those risks is contained in the company's filings with the SEC. We've got a great agenda here with you. Our entire leadership team has joined us here today, so we're excited that you get to spend some time with them. We also have a great morning planned for you. We plan to give you a deeper understanding of TreeHouse, the exciting opportunities that we have ahead, how we'll continue executing on our strategy to drive growth and create shareholder value. Also, we have plenty of products here for you to sample. Hopefully, you had the opportunity to try some of our coffee at the coffee bar this morning, as well as our oatmeal cups. Before I turn it over to Steve, and to set the stage for the day, I'd like to start by sharing a video. Private label has changed so much over the last five to 10 years. It's really pretty phenomenal. It started out as a low-budget private brand, something that was captured or owned by a particular retailer, but it's become the physical manifestation of a retailer's brand. In this day and age, private label brands are absolutely critical to retailers. We would describe the role of own brands as central to the purpose and mission of the Topco cooperative. It's the foundation of a lot of the work that we do. These are more than simply national brand equivalent products set on shelf with a hope that they'll sell because they cost less. Topco members truly treat their brands as brands, and they have strategies with distinct customer targets. The role of private brands at Whole Foods Market is centrally important to our strategy. We're investing in these brands to help differentiate our offerings to our customers, as well as expand our reach to bring customers in with our incredible quality and making it more accessible with great pricing. In a time where customers are needing to make mindful choices about where they spend, we think we can actually satisfy their needs better using our private brand assortment to meet the intersection of really high quality, which is what Whole Foods Market stands for, but with an incredible price that we can provide through our private brands. Loyalty is everything that a retailer, a private brand, and a national brand seeks. They want loyal customers that keep coming back over and over again to buy the brand. The people that buy private label, 94% of them said that they trust the brand. That's huge, because if you can get those consumers to trust you and to be loyal to you, it's gold. It is the most important dynamic in the interaction between consumers and retailers. Private brands carry our name, it's an incredible reminder for our customers in their pantry, in their refrigerator, of where they got their products and the values that stand behind those products. Our private brands are where we build trust with our customers. We've invested heavily in making sure that we can delight our customers through our product offering and create that connection to our brand and our company through the products that we offer in private label. We truly have different customer targets for the individual brands that we offer to the membership, be it customers that are seeking an opening price point or those that are seeking a more premium organic experience. Those customers are very unique, and the brands need to speak to those customers in ways that are going to be sensible. By enabling our customers and our members to have brands that they can rally behind, that's how they can build stickiness with their shoppers. I shop at Jewel a lot, so Signature SELECT, I buy a lot of their stuff. I found that a lot of their items are really good quality. You can save money without compromising on taste. I can't even give you a national brand of a oyster cracker. This one was definitely, a well-branded oyster cracker. It was perfect. They are on par or maybe even better tasting. The sky's the limit. Private brands at this point is untethered. You've got retailers that recognize the importance of it. You have a venue that is changing and morphing into more than just a store and products, with services. You've got manufacturers who are making better product than they ever have. Oh, by the way, in some cases, some manufacturers are making private brands, they're making national brands, too. There is literally no difference in the product that goes in one package versus another. The future for private label is bright. We continue to see growth in these brands across the United States. We're growing, and I think there's a ton of more room for us to drive growth with these brands. As we look forward, own brand will continue to provide or maybe even reshape what it means for shoppers, delivering relevant brands with quality products at a price that they can afford. The private brand companies that work with the retailers in this whole media area, in the omnichannel development of product, are the ones that are going to win. They are truly trying to delight consumers with the products that they're offering, and they're getting really creative in how they're doing it. I think it's an incredibly exciting time. I think there's a lot of work to do. I think the private brands couldn't be better situated to grow as a result. Good morning, everybody. I'm Steve Oakland. I think many of you in the room know me, and I know a number of us on the webcast know me, and I want to thank you all for being here today. It's great to see the familiar faces in the room, and I hope we get a chance to see all the folks on the webcast soon. I'm excited to be here today because we're going to take you through an Investor Day that's dramatically different than the ones we've done before, at least since I've been with the company. This will be the fourth Investor Day since I joined TreeHouse, right? We obviously took a pause. I've been with TreeHouse a little over five years. The first three years, we rolled through these, but the last two years, we haven't been together. There's a lot of change in the company, and we're excited to share it with you. The exciting thing I think about today's investor meeting is what we're not going to talk about, more than what we're going to talk about, right? This is not about a transformation that has to happen to unleash the value of the company, right? We've already done that. The transaction we did in October, where we sold the meal prep assets, created the business that you're going to see today, has all this opportunity. The heavy lifting is behind TreeHouse. This meeting will be about helping you understand how we leverage that transaction, how we leverage our position today to drive shareholder value and to really achieve everything that we think it's capable of. You got to start with a key takeaway slide, right? If there's only one thing you take away from this meeting, okay, if there's one single thing, right? The transaction we did in October created a higher growth, higher margin TreeHouse, okay? Importantly, that company is positioned purposefully at the intersection of two incredibly powerful consumer trends, long-term growth trends: private label groceries in North America and the consumer shift towards snacking. That on itself drives everything we're trying to accomplish and drives the opportunity. We're going to show you we're a much more focused portfolio, which allows us to have an operating model, right, that can leverage our scale, and we understand what scale means now, right? We leverage it within the category and drive improved execution, and you'll see passion around execution as you go forward today, okay? We have a clear strategy on how to take advantage of those category trends and leverage that for long-term growth, both on the top and the bottom line. Pat will take you through financials, and I know you've probably seen the press release already. We have an update on our guidance today. We think this business is going to drive a tremendous amount of free cash flow, and we've got a clear line of sight to how to deploy that capital in a disciplined way to drive the returns that we'll talk about later. Much of what we talk about today is going to be talked about all the things we are doing, right? It's not what we have to do, it's what we're doing. I thought I would open with two slides on how we do things at TreeHouse, right? I think if you think about what the pandemic has taught us, what the fight for talent today has taught us, is if you're going to have the best talent, and you're going to hire and retain that next-generation leader, you've got to be a business that connects with them. You've got to mean something, right? It's more than a paycheck or a hybrid schedule or all those things you read about today, right? When we started to talk about the new company, right? We were a large pasta manufacturer, salad dressing manufacturer. We were center of the plate. We're now much more experiential, right? You'll see the products as you go through here. It's cookies. It's single-serve coffee pods. I mean, a number of you have a cup of coffee in front of you. What's more emotional than that connection with a cup of coffee in the morning? When I first wrote this statement, I wrote it differently than this. I actually wrote, "Engage and delight the consumer, one customer at a time." Okay? You know, that to me resonated. It's about engagement, it's about delight, it's about you know, snacks and beverages are much more connected to your much more connected emotionally. It's about innovation. It's all those things we had to become as a new company. When I shared it with my team, you know, they made it really clear to me, we've got to engage and delight more than the consumer. We've got to engage and delight the customer. We've got to engage and delight the shareholder, right? This is a great start today, right? We've got to engage and delight all of our constituents, and so that's what's implied there. Engage and delight, quite frankly, are high bars, and we hold ourselves to those. This statement has resonated across our team and has made the team feel really motivated, and they understand what we do, and it connects to our strategy. Now, you've got to do that with a strong set of values, right? I think a strong set of values is important because we can all go to bed tonight and know that the TreeHouse team does the right thing, right? You don't have to worry about us doing the wrong thing, but it's more than that. I think the people in this room should think more than that. There's all kinds of data that values-driven organizations simply return better results, okay? It's not just a must-do, it's a great to have. Let's talk a little bit about the journey we were on. For those of you who know us well, you'll know that the company, over 20 years ago, our founder, Sam Reed, you know, he had a really great vision that private label, the opportunity, had never been really realized in North America, right? It had been in the rest of the world. If you looked at the industry, it was incredibly fragmented, it was under-scaled, it was under-invested in, it was unsophisticated. He felt like if you could aggregate these businesses together and create a large-scale business, you could help the retailer achieve what the retailer wanted to do. That was successful for a number of years, and he did a number of M&A transactions. Those that followed the company then, you know, in the 2016, 2017, 2015, 2016, 2017, 2018, it became very difficult to run. I think this business outgrew its ability to execute, right? If you remember, when I arrived, I talked about 119 different ship points. I talked about 13 different ERP systems. I talked about five division managers, quite frankly, or division presidents that carried different business cards. It was an incredibly cumbersome place to manage. When I arrived, we quickly pivoted to a couple of just very key strategic goals, right? Operational excellence and commercial excellence. We gotta get the supply chain right, and we gotta get close to the customer, right? We did that. It was interesting. What we started to see is we started to see our service improve, our customer relationship improve, and we saw our profits improve. If you remember, those that followed the company at that time, we were making the profit number on a pretty regular basis, and we were missing the top-line number, okay? The top line was incredibly volatile, but the bottom line, we got it right, okay? Our equity story wasn't working, right? Without the top-line growth, it was not an attractive public stock. It became obvious to a number of us here, and to me personally, that we had to change that, and we had two really unique businesses inside TreeHouse. We had a group of categories that threw off a lot of cash but were declining to flat, at best, categories, right? We had a group of really good categories that were growing 3%-5% in units, right? Every quarter, I couldn't unlock that, right? You know, we brought this proposal to our board pre-COVID. If you remember, we resegmented right before COVID to set this thing up. This has been some time in the making, but we were convinced that there were two businesses, and we were becoming a much better operator. In the simplest of terms, I looked at this, and I said, "Look, if we're gonna be a great operator, and we've got average categories, the best we'll ever be is an average business. If we're gonna be a great operator, and we have great categories, we have the chance to be a great business," right? I'm gonna take you through why I think we're in great categories, and you'll see the passion around operational excellence as the team goes through it. What does the business look like today? Best place to look is at the end of last year. You know, at the end of the year, we finished at $3.45 billion. We've obviously guided well above that this year. The first quarter was 16% above, you know, its last year's number, so we'll be bigger than that this year. We have 26 manufacturing sites, down from 40, right? That's a big number from a complexity standpoint. Now, that does not include the Farmer Brothers transaction. Obviously, that has yet to close. We're in 17 categories. We've got about 7,500 team members. We have a clear strategy, and I love this page. The one thing I've learned over the years: If you can't put your strategy on one page, you can't communicate it across the organization, right? If you've got to take a strategy deck out, how do you explain that to a factory line leader? How do you explain that on a floor? How do you explain it in a room like this, right? Our strategy is incredibly clear and crisp to everybody who works at TreeHouse. It starts with platform leadership in consumer trending categories. I'll talk about categories in a minute and why that's so important. To be successful in private label, you need depth in those categories. Depth, and Tim will talk about this in the next presentation more than I will. Depth is much more than quality, price, and service. You've got to have the capabilities to help the customer grow. The products you'll see as those that are in the room, the products you'll see today are great examples of that. We'll show you a couple of them in the work that we'll do. Hopefully, we'll be able to do that over the years as we do these meetings in the future. You've got to have platform depth. You've got to support that with a world-class supply chain. We are a supply chain business. We're a manufacturing business. That's where our focus is. We are not marketers, okay? We're the customer's supply chain. We will focus on that, and I think you'll see more passion around that than you've ever seen from TreeHouse today. You've got to apply those against the right customers, right? You'll see, when I talk about customers, there's a lot of private label in North America. Some customers are growing faster than others, so we've got to have the right customer mix. If you've got great assets and great categories, you put them right against the right customer, is the key. You do it with talent. I'll talk a lot about talent, and Kristy will get into a much deeper discussion about what it means and what it means to be a talented employee at TreeHouse. Many of you know me. I have done this for a long time, and I've had a chance to know a lot of people on both on the webcast and in the room. A number of you have gotten to know Pat recently and his role as CFO, and I welcome Pat in that role. He's doing a great job. You're gonna get to see Kristy, Steve Landry. We always use Landry's last name, right? 'Cause there's two Steves in the room, so we don't get confused. Sean, Amit, and Tim. They'll all present today. What I'd like you to understand about this team, it's built for purpose, okay? When I put my team together, I look for three very, very simple things, right? I need functional experts, okay? They gotta be functional experts, right? I need people that have an enterprise mindset, right? That's what I didn't think existed here when I got here. Everybody wanted to do their thing right. We want to do TreeHouse right. It's not about this manufacturing win, it's about this TreeHouse win. It's not about the sales win, it's about this TreeHouse win. That team works together, and what we do and where we prioritize, and if one of them has to make a sacrifice for the whole, we do it. There's no question. Then, what I need them to be is collaborative. I take a different spin on this. I want them to be incredibly collaborative internally, and I want them to be incredibly competitive externally. We're not here to lose, we're here to win, right? That's the hardest thing to find. You can find lots of competitive people, but they can't turn it off and be collaborative together. They're climbing over top of each other. I would tell you, I've got a great group of people that are experts, they're incredibly smart, they're focused on the enterprise, and they know how to compete externally. You know, I show these pictures because a couple things: I know a number of you know PI, she's obviously here today. There's a deep bench below that. It can't be just my direct reports, and we're building a tremendous amount of talent through the company. We're investing in that. A number of the people on this page will be referenced today, but they're great leaders, and they share those things. You know, they've got strong values, they're purpose-driven, and they're here to win. Committed to our strategy, clearly. All right, I've got the right people. We talked about the categories. Well, you want the categories, obviously, to have lots of opportunity, right? This is IRI Tool US, right? Snacking and beverage in the United States, you know, that's not a news flash, right? It's enormous, right? $270 billion or more, and it's growing. Okay, you want it to be growing. There's a much more important number on this page. That's the fact that private brands is growing faster than the category. We don't have to convince the customer or the consumer what we're trying to accomplish, okay? There's no trial and awareness dollars. There's not all those things that are so difficult to do. We've got to help the customer feed that demand, okay? That's why we pick the categories we're in, clearly, right? Now, I talk about the consumer, the consumer being with us. All right, who's the most difficult consumer to figure out, right? The next gen consumer, the Gen Z, the millennial consumer. We've broken the millennial consumer down into younger and older because we know that there are very, very different purchasing patterns. Well, that's not the case in private label, right? It's growing, and it's substantial. It's at category average or above and growing in the next gen consumer. When we ask them, what are they doing, and what's their purchase pattern? Almost half of them are saying they're buying more private label, right? We've got the right consumers. Private label dollars, total private label, this is not just us, have been incredibly successful for years, right? We saw the trend change, when the only thing that could disrupt this was a global pandemic and a $1 trillion in government stimulus, okay? When that ended, we jumped right back to the trend. Okay? I think it's more important that we look at our categories, and I think it's more important that we look at units across those categories, 'cause there's a lot of noise, as we all know, in the dollar number. Same thing happened in 2021 when we, you know, the government was able to buy their affection. I would tell you that the thing that's most encouraging for us is unit share today is above what it was pre-pandemic and continues to grow, right? You know, these are lagging numbers. You'll see we've made a step change in service. We're getting better. I think we have an opportunity to feed more of that demand, 'cause we haven't fed at all during this period. Do we have the right customers? You saw a couple of them on the video. We obviously have the largest customers. I'll talk a little more in detail about a couple of these brands in a second. The super regionals, right? We have e-com, we have hard discount, right? We have natural and organic, and they serve very, very different customers, right, and very different opportunities. To every one of those, private label is incredibly important. You can't hear one of their CEOs talk on their earnings call without them talking about private label, okay? What brand has 73% of the consumers in the United States that purchase the product? Okay, Great Value. It's a value proposition, let's be clear. It's well-positioned, okay? You've got a value proposition with incredible household penetration. You've got Kirkland Signature, right? High income, super premium, growing like crazy. Okay? The largest natural and organic brand in the country in food is Simple Truth. It's a Kroger private label brand. We got the largest natural food brand, access to it, and then the newcomer in the group, right? Target's Good & Gather brand is off to a great start and ties right to the young millennial family, Target's sweet spot, right? We've got great categories, and we've got the customer's interest. Actually, we don't have the customer's interest. That consumer trend I showed you has the customer interested, right? That's the truth about it. Tim will talk more about this. How do you attack this? You attack it by bringing really strong expertise. We have segmented our businesses into growth platforms, and those platforms typically have either a common technology, a common consumer, or a common opportunity in them. What it allows us to do is, when we have our business organized this way, we have platform experts on operations, on sourcing and procurement and engineering, right? As well as sales and insights and all of those things. When we go to the retailer, you know, we're able to help them with what, you know, refrigerated waffles is really doing, and we're able to make them right, and we're able to leverage all of those things. I mean, I think everybody knows that pickles and bacon crackers are two totally different businesses. We've been able to take our complexity, build it into growth platforms, and leverage against those different things. I think we're bringing the customer a great level of expertise. Before I hand it over to Tim, I'm going to give you a couple examples of our strategy in action. Those of us that are in the room, you know, at TreeHouse, we see our strategy alive and well in little ways and large ways every day. There aren't that many that are public, so I thought I'd talk about the Seasoned Pretzels acquisition and the Farmer Brothers transaction. Seasoned Pretzels. You know, it's interesting that the salty snacks have been such a flavor-driven business for so long, and pretzels were sort of left out of that whole thing, right? The idea that flavor and salty snacks can come together, and pretzels were left behind, right? That phenomena has been growing and growing. We have the same insight and data that anybody has on this. We've been watching that happen, I think we'll talk about it in later presentations as depth. I actually think it's an opportunity for you to understand how we think about innovation, okay? You've heard CPG CEOs talk about their innovation pipeline and how important that is to them. Innovation is about, you know, the what's next for the consumer, but it's also about a lot of cost and a high risk. There's a lot of failure in innovation. It's not the case in our business. Innovation in private label is fast follow, we've watched the Seasoned Pretzels category for a number of years. It's big enough now to get in and get in quickly, right? We had the equipment on order. We had an opportunity to speed that up by buying an asset or two from a small vendor, and we've scaled that quickly. For those in the room, you'll get a chance to try that later today. There's a number of great flavors here. For those that aren't, I can tell you this is so hot, you'll find it in your retailer this fall, right? There'll be lots of it available this fall. That's an example of how we use innovation and how innovation pipelines work in our business. The Farmer Brothers acquisition, I think, is radically different. I think the Farmer Brothers acquisition is a reflection of our goal to be world-class manufacturers. The facility we bought was built in 2017. It's state-of-the-art. I think it may be, of its size, the newest coffee plant in North America. We had an opportunity to get incredible value to take ourselves way up the value chain in coffee. Those are just two looks at what we do and how our strategy drives our action. Now, both of these are gonna return well in advance of their cost to capital. We're excited about both of them. You'll hear more about them, and we'll talk more about coffee, obviously, after that closes. I've got one more slide before I hand it to Tim. I mentioned that this is not about what we're gonna do; it's what we're doing, okay? We're early in the journey, but I thought I'd give you a couple of metrics on what's happening. Our first quarter net sales, this is the first real quarter of the company, was +16%. We were making great progress in our supply chain every quarter, picking up service. We've made a step change in our supply chain, all right? Steve will talk about why that's happening. The thing I'm most proud of is we're making all those things happen, but we're turning it into income, right? We're able to leverage it in dollars, right? Pat will talk more about that opportunity as we go forward. Now, I talk about profit dollars, you'll see this slide again in a couple of other presentations. Supply chain, to us, is planning what we're gonna do, buying the materials, manufacturing the goods, and delivering them to the customer, okay? We've identified $250 million of gross savings in that supply chain. We've got clear plans to deliver it. Why this is important. Steve will talk about how we do that, but why this is so important is our earnings growth is all within our four walls, right? It doesn't depend on us raising price. You know, we don't have to have our products burdened with more price, with less competitiveness. It will be more competitive when we drive this stuff out. We have clear line of sight on how to do it, and it's inside the building. I feel. And you'll see the passion around what we're doing to execute that today. I feel really good about that. I think the categories are gonna grow. They have great historic growth rates. That'll help us drive it. We'll have some noise as we go through the COVID period and, you know, we may get a little more tailwind to us. We'll see, based on what happens economically. The long-term trends for our business are clear, we're positioned in the right categories, and we've got a clear line of sight to what we have to do. That gives me confidence in our long-term growth algorithm, 3%-5% revenue, driven by units over time, right? We'll leverage that into 10%, 8%-10% EBITDA, and we'll invest heavily in our business and still generate $200 million of free cash. With that, I'll turn it over to Tim. I'll come back, do a quick closing at the end, and then we'll do Q&A. Pat or Tim? Thank you, Steve. Yeah. Thank you all for joining us today. I am Tim Smith. I'm the division president at TreeHouse Foods. My team is responsible for the ongoing strength and growth of our categories. My background is branded CPG. I started my career at General Mills, went to Sara Lee, which formed into Hillshire. It was acquired by Tyson. I spent a couple of years there, and I spent a couple of years here in New York at Blue Apron. I've been at TreeHouse Foods for 4.5 years. We will deliver the top-line growth through focusing on three primary areas. First, playing in high-appeal categories. Again, very purposeful in the categories in which we compete, supported by consumer trends in both snacking and private brand. Second, by building winning capabilities in those categories that we choose to compete in, establishing depth. Third, in an area that's relatively new for TreeHouse, ensuring that we have that deep growth pipeline of new ideas to ensure that we are both growing across our categories, but also to ensure that we are continuing to stay in a leadership position across all of our categories through investment, both internal investment and through M&A. As Steve mentioned, we activate our 17 categories through six growth pipelines, or excuse me, six growth platforms. We've grouped them based on consumer, operational, and go-to-market similarities to ensure that we can surround our platforms with functional leadership, so we can get deep into our platforms and really understand them, so that we have expertise to build pipelines and engage our customers in the right way. On the left side of the page, baked snacking, one of our largest platforms and a fantastic growth area for us, includes crackers, pretzels, cookies, bars, and candy. Coffee and tea, which also includes ready to drink, which is a coffee go-to-market capability. Some great news recently on coffee, which is going to enhance our depth there and put us into a leadership position. Aseptic, a fantastic category at TreeHouse, where we have deep technical capability and we compete today in broth, liquid beverage, and cheese and pudding. We see nice growth runway through the ability to leverage our deep capability in some new spaces. I'll talk about that in just a minute. Dry blends: we have significant scale in dry blend, both blend and pack, as well as spray dry, a highly technical capability that enables us to support our non-dairy creamer, our powdered beverage, and our hot cereal businesses. Pickles, a very focused category, where we have both depth and are seeing the tailwind of consumer trends. We have a three-plant network. We're in a leadership position there. Frozen and refrigerated, which is the combination of a breakfast-centric set of categories and refrigerated dough and griddle, as well as our ISB cookie business, and that takes advantage of our frozen and refrigerated network. We are excited about these categories and platforms because they are high potential based on TAM, total addressable market. They are sizable places. There is plenty of room for us to grow across these platforms and categories, as large as $38 billion and $37 billion in baked snacking and coffee and tea, and pickles at $4 billion, still plenty of room for us to grow within that space. Additionally, they're all growing, again, supported by consumer trends. Growth is our tailwind. We love to play in high growth categories, especially those where private brand is as relevant as we're seeing across our categories and where private brand is growing, and you'll see that across the bottom of the page. When we're in a category, we are focused on building winning capability, depth. We do that through great focus on four areas. First is category-specific capabilities. Do we have the right assets to compete within a space? That might be capacity, that might be capabilities. We've talked about Seasoned Pretzels. That was a space we weren't participating in. There was a lot of growth there. We took the opportunity to step into it. Second, off of our assets, do we have the right portfolio of offerings that could be good, better, best? Are we playing in better-for-you spaces across our categories? It could be packaging. We have made investment over the last couple of years to ensure that we have Snack Pack capability across cookies, crackers, pretzels, and our in-store bakery cookies. Customers are interested in playing in that space. In order to really engage and delight them, we see the opportunity to play across the assortment. Stepping in the Snack Pack was a natural extension of our already strong categories. Third, deep category and customer expertise, ensuring that we understand the trends, we have the consumer insights, we deeply understand our competitors, and we understand our customer strategies so that when we're engaging with them, we can bring them growth solutions. We can partner with them to ensure that they are achieving their objectives as we achieve ours. All of this comes to life in a robust growth pipeline. I will talk about that in just a couple of slides. What's great is we are in an advantage position today across the vast majority of our categories. You will see that denoted by green squares on the page. In addition to that, we have the right product assortment to provide solutions to our customers across both premium and better-for-you options across our categories. The growth pipeline. We are flexing a new muscle at TreeHouse, building a growth pipeline, establishing deep process and discipline, supporting it with resources, so that we can ensure that we have ideas in our pipeline that enable us to achieve our targeted growth. Our growth pipeline is really focused on two areas: left side of the page, core growth, right side of the page, growth pipeline, new things for TreeHouse. On the core growth side, we spend a lot of time ensuring that we understand category and underlying segment trends, so we're playing in the right spaces. We understand our competitive position, so we can compete in a better way over time. That's cost, quality, service, and the full suite of offerings. We see the growth runway, so off of those spaces that we play, are we taking advantage of the white space that exists within a space? On those core items, do we have the distribution at our core customers like we would like to have? Where we don't, we're going after it. The right side of the page is focused on new things for TreeHouse. How do we complement our existing asset with further investment? That might look like growth capacity in our crackers portfolio, for instance, we are adding capacity. Now, we're doing tremendous work within our facilities, that Steve Landry is going to talk about in just one minute, to unlock capacity on our existing lines through TMOS. Where we recognize that we don't have the capacity to keep up with demand, we're investing to enhance our capacity, converting lines from slower moving categories to faster moving categories, and investing in new lines. Second piece of growth pipeline is core expansion. How do we leverage assets that we have today to do new things? I mentioned Snack Pack. The investment to get into Snack Pack leveraged our existing lines and added incremental investment and pack capability. I'll talk to you about aseptic in just a minute. We think there is an opportunity to really take advantage of our deep capabilities in broth aseptic to step into a new space. New capabilities, where we identify within a category, a segment that we don't participate in, how do we get into it quickly? Seasoned Pretzels is a perfect example of this. I'm gonna give you a couple of examples of our categories over the next few slides to really bring this to life. I'm gonna start with crackers, which is a gem within the TreeHouse portfolio. Crackers is significant TAM, plenty of room for growth. The total addressable market is massive. We can grow here. Strong category trends. Consumers and snacking occasions are a tailwind for this category, and incredibly relevant to the retailer. The retailer wants to establish their brand in this aisle. It is a high-touch aisle for consumers, significant penetration. Building their brand in this aisle is incredibly important across our retailers, so it's a valuable space. We are a leader here. Winning capability, significant depth. We compete in all key cracker segments, from value crackers, to mainstream crackers, to beautiful specialty crackers that you'll bring to life in charcuterie plates, to better for you, gluten-free and the like. We're able to do this because we have an advantaged internal capability, a three-plant network. We have a facility in Kentucky that does mainstream crackers better than anybody else in the space, providing the best cost, quality, and service. We have two facilities in Canada that do those beautiful specialty crackers better than anyone else, and also do better for you. We are adding on to this category with additional capabilities. What else can we bring to our customers and to consumers? Fast follow, and we are adding capacity. The demand here warrants additional investment. The returns are sound. We're active in that effort today. Pretzels. Pretzels is a fantastic category within the TreeHouse portfolio, one that has grown for us over time and is very sound across the P&L. Sizable TAM, plenty of room for us to grow. Strong category trends, recently driven by Seasoned Pretzels, and I'll come to that in a minute. We have historically played in traditional and filled pretzels, two very nice businesses for us. We've watched the seasoned space for a bit, as Steve mentioned. As it began to mature, we built our internal plan and made an investment in internal capacity. As we were doing that, we identified an external co-manufacturer that had some assets that were complementary to our internal investment, and took the opportunity to step into it more quickly, as we had a number of customers asking us to get into this space. Our ability to move quickly here is going to enable us to step into it this year. We've got a number of deep conversations across customers on items that they're excited for us to bring to them. This is a perfect example of identifying new places for us to play in existing categories, that we can really delight our customer base through a full assortment. The other thing that's fantastic here is we have a lot of traditional pretzel capacity. This enables us to mix that capacity into a higher value segment with Seasoned Pretzels. We're excited about the Seasoned Pretzels space, hope you enjoy them during the snack break. Coffee. A lot of heart for coffee within the TreeHouse portfolio. We have a very nice business within single-serve coffee pods, that plays in a great space, significant TAM, high growth. You'll see across the bottom of the page, private brand is winning, gaining share within single-serve coffee pods. Playing only in single-serve coffee pots, while a nice business for TreeHouse, didn't really enable us to fully take advantage of both the customer relationship and capturing value through the vertical. The Farmer Brothers acquisition, overnight, brings us a leadership position in the space that enhances our ability through green coffee purchasing, through formula development. We can now create custom formulas for our strategic partners through roasting and grinding, flavoring, and a fuller pack assortment. This investment takes us from a slight disadvantaged position in coffee to now being an advantaged player in the space. Couldn't be more excited about what this brings to the TreeHouse portfolio. While a bolt-on for TreeHouse, this is really a step change for our coffee business. My last example is the one that I think really showcases what depth means for TreeHouse. We have played in the aseptic space through our broth and cheese and pudding categories for a long time. As we've transformed and refocused our organization around growth platforms, we've started to see new opportunity. The same assets that enable us to produce broth will enable us to produce plant-based beverages. A high-growth space, nice TAM, capacity constrained at the moment. We are actively making investments in our two-plant network so we can play in that space in a bigger way. We have a couple of items today, but we will unlock additional capability with these investments and enable us to really take advantage of our aseptic network. I will leave you with, I am confident in our ability to achieve our top-line growth. We play in the right categories, high appeal, significant growth runway. We have or are building winning capabilities, and we have a healthy pipeline that will both allow us to achieve our growth, but also keep us in that leadership position. Thank you for the time. With that, I'm gonna turn it over to Sean Lewis. He's gonna talk to you about our customer strategies. Thanks, Tim. I'm Sean Lewis. I've been with TreeHouse Foods now for four years, been in the industry for 26 years, working with companies such as Kraft Foods and McCain Foods America prior to joining TreeHouse in September 2019. You heard from Tim about our category leadership and how we're driving depth through our platforms. I'm gonna talk to you about our strong customer relationships and how we're driving our overall growth with the customer. We serve some of the biggest and best net retailers in North America, as Steve alluded to. We have hundreds of customers, and we also have a very strong food service, co-man, and export business to help us drive growth. Our customer relationships are collaborative, and we drive mutual profitable growth with our customers. What exactly does that mean? You know, it's important to understand that private brands are an increasing component in the grocery industry, and that's industry-wide, so it's critical to our retailer success. Because of that importance, we've positioned TreeHouse to be able to deliver on the key things from a customer, which is their growth priorities, which I'll talk to you about here shortly. Then we have a well-defined customer engagement plan that I'll talk to you about, on how do we drive strategic partnerships to drive that growth with our customers. A little bit more on these topics. Excuse me, private brands are a top priority for our leading retailers. As you can see on the slide, here's some key notes from Walmart, Kroger, and Target here recently in their earnings call, talking about the importance of private brands. It's pretty consistent from the conversations I'm having with customers. You know, as customers understand the value of their private brand, and at the... whether you're hearing from TreeHouse or you're hearing from the customer, at the end of the day, the consumer is looking for value, and they're looking for quality through private brand. I think that creates a significant opportunity for both the customer and us to drive significant growth. This slide, you know, as you start to think about growth, store growth, and especially with the emphasis on some of these retailers that have a very, very strong private brand emphasis, I'll kind of point you to Costco. If you think about Costco and that Kirkland Signature brand, it's a well-defined brand that they have positioned to drive household penetration. You saw it in Steve's slide. I mean, it's a big brand, and they're doing a good, great job driving that brand forward. As you start to think about store growth, think about a retailer like Aldi. Aldi, if you've ever been in an Aldi, about 90%-95% of that store is private brand. They've grown 1,100 stores over the last 10 years, significant growth, I don't see that stopping from them as well. Trader Joe's. If there's any Trader Joe's shoppers in here, it's an experience. Even through the pandemic, I was asking them, like, you know, "Are you gonna look at e-commerce?" The biggest thing with them is about that in-store experience, which has driven a lot of consumer loyalty to that brand. You walk a store, it's about the treasure hunt, it's about innovation, it's about seasonality. It really creates an experience, and in some cases, a lot of consumers that are shopping the store doesn't even realize that they're buying private brands because the brand is just that strong. What are our, you know, growth priorities for our retailers? You know, historically, what we've seen with retailers is that when they're looking for a new supplier, historically, they've looked at the breadth of the portfolio. However, in June of 2022, we commissioned a leading sales and marketing organization, to kind of help us dive a little bit deeper into their business priorities. What we found is that they are truly focused on four key things. You still see portfolio breadth on there, but as this is tiered, it's not as high of an attribute as some of the other ones. The four I'll call to your attention, I think Steve alluded to, and I think Tim alluded to as well, what we call table stakes, the top three. Think about quality. Quality, service levels, end-to-end cost competitiveness, those are what we like to call the table stakes. That's the cost of entry with these retailers. The fourth thing that you'll see from retailers that they're looking for from us, is driving their overall category growth. That's been one of the things that's I can tell you that through my conversations with retailers, our conversations have tremendously shifted, and it's all about how do we help them drive that category growth? You heard it in the video as well, as they all talked about the opportunity and that they're gonna be investing. I think even recently, FMI put out something, might have been last week, I think it was The Power of Private Brands 2023. It talked about eight out of 10 industry experts said that they're investing into their private brand. That growth is there. They see the opportunity, which, like I said, creates a significant opportunity for TreeHouse. How do we do that? I talked about how do we engage our customers and what we like to call strategic partners. Steve alluded to that we're choiceful with who we engage with. This is the roadmap of how we do that. Three key components: the 1st one, fundamental excellence. I talked about those table stakes. This is where we really master those fundamentals with the customer. When we talk about service levels, the one thing that we always have good conversation with customers on, is that collaborative forecast. The sharing of their information with our information and insights, helps us make sure that we're servicing them at the level that they're looking for, and that we're looking for to deliver to them. Commodities, what I would say, end-to-end cost efficiencies. Us partnering with them on how do we find efficiencies through our conversation and our two networks, to drive and make sure that we're mastering those fundamentals? You get to the growth component, you see I have strategic growth activation. We do this through what we call joint business plans. Joint business plans are basically us sitting at the table, and this is something we're doing differently with our retailers. You know, you sit at the table and you kinda define what are our business goals? What are their growth goals? What's their strategy? How do we marry the two together? Coming out of those conversations, we develop what we call a North Star. You know, what is that. You know, where do we wanna invest on our end? Where do they wanna invest on their end, to make sure that we're getting to those defined business goals to drive the business forward. I will tell you, through a lot of these conversations, as we've talked about how do we get deeper in categories and our capabilities, I think Tim talked about it, Seasoned Pretzels came up several times with our customers. I'm excited, you know, as we sit across from customers, now that we have that capability, to Steve's point, you'll see those items coming to the store shelves here in the fall. The other one is leadership engagement. You can't do this without having senior level executive commitment on both ends. We are meeting with our retail partners, from my level to a group that's cross-functional, from the supply chain team is meeting together. You know, our GM teams are meeting. It's a cross-functional, senior level engagement to make sure that we're holding each other accountable to the growth targets that we've set. Understanding this, right, helps us make sure that we're engaging and delighting our customers. I want to give you a couple of examples of exactly how we've done that. As Tim alluded to, this is not about what we're gonna do, this is how we're actually doing it. This is a good example from a national retailer on our, in our snack, Baked Snack category. If you look to the far left, where we were with the relationship, call it 2018, we pretty much were in that back and forth from a bid standpoint. You win some business, you lose some business. We engaged in 2019 and shifted the strategy. We sat down and started to talk about what I just talked about. How do we engage at a different level? Coming out of those conversations, this retailer talked about they want to build a world-class cookie and cracker program. Through our breadth of our portfolio, we were able to do exactly that. Now, where we are today, we're investing in growth. We're bringing them innovation from a premium, better-for-you category standpoint. You look at the CAGR, 37% CAGR over this time frame. It goes back to where we started from the transactional, all the way to where we're at with this strategic partnership. Through that partnership, we have a multi-year agreement with this customer, and we're their sole supplier on this cookie and cracker program. Here's another example. This one's from a regional retailer, and it's on coffee. I know we talked about how excited we are with coffee, but it's the same thing here. You go back to 2018, it was truly about the core. As we were trying to get the right core on shelf, we're really driving with the customer, like, how do we get consumer adoption? During this time frame, it was around promotions and demos. The relationship continued to evolve. You know, when we got to 2020, we started talking about portfolio expansion. I will tell you, the some of the products that we were able to bring to life through customization, working with this retailer, whether it's customization, holiday products, pack size, it really, really drove that customer's penetration goals, right? They had some really aggressive penetration goals from private brand. We were able to deliver that through the pack sizes that we're able to do. Now we're in this premium expansion and strategic partnership, where now we're looking at on-trend segment expansion. The same thing here, what I talked about in the last example, we are the sole supplier, and we have a multi-year contract with this customer as well. You start to think about ESG. How do we bring ESG together? I talked about those strategic conversations we're having with our customers. ESG is a huge component, not only for TreeHouse, but for our customers as well. In this example, we've heard from our retailers that a lot of them are looking for 100% recyclable packaging by 2025. We took the opportunity with this retailer to say, "Look, right now, our powdered soft drink business is in a canister." Moving that to a carton will save tremendous amount of. From an ESG standpoint, it's gonna eliminate 700 metric tons worth of single-use plastics, and 1,300 metric tons eliminated. We are investing in our assets, it's helping us not only meet the customer goals, but also deliver on TreeHouse ESG priorities as well. What I want you to take away from this: Private brands is important to our retailers and growing. It is critical to their success. Delivering on those four key, as I call, table stakes, the three, plus driving their category growth, is a huge component for us. We're engaging with our customers through these strategic business planning and engagement that we're doing with customers, and it's driving that overall growth. We're having some really, really robust conversations in regards to what does the future look like and how do we drive growth together? With that, I'm gonna turn over to Kristy Waterman, who's gonna walk you through our talent initiatives. Thank you, Sean. Good morning. My name is Kristy Waterman, and I serve as the General Counsel and lead the HR organization at TreeHouse. I began my career, spent the first 10 years as a private practice M&A and securities attorney, before going in-house as the Deputy GC and then GC at Dean Foods Company. I spent some time after that with the Dairy Brands division of Dairy Farmers of America, before joining TreeHouse. I've been with TreeHouse for two years now. Talent is the base of the tree. It's the heart of what we do, and really key to our success. I mean, it takes the collective efforts of 7,500 team members to make the high-quality food and beverage products, that hopefully many of you in the room will enjoy today. With the completion of the sale transaction last year, you know, Steve talked about launching our new purpose: engage and delight one customer at a time. You know, we rolled this out to say, every single people leader in TreeHouse, your customer is the employee. To win and have the right talent, you need to engage and delight our employees every single day. Purpose sets out the what. Values really set out the how, and I think through Steve's tenure, we've endeavored to be a values-led culture. In fact, it was at one of these investor days in 2019 where we rolled out the values: own it, commit to excellence, be agile, speak up, better together. Those values, those core principles, have served us really well through the pandemic, through transactions, through inflation, supply chain challenges. With a new purpose and a new strategy and really launching new TreeHouse, we wanted to take some time and say: What are the principles? What are the behaviors that we want to hire to? What do we expect from our teams? What's going to enable our successful execution of this strategy and really enable growth? We engaged with our team and what you see on the slide today is the outcome of that engagement. We have slightly, you know, changed the behaviors to address some of what we really see being the guiding principles going forward. To highlight a few of what's different here. Own it. We're going to do the right thing. That's not different. I think that's been a principle that we're gonna stand by, really, we're asking everyone to show up fully engaged, to be accountable, to be proactive. At the heart of what we do, it is very important that everyone operates with the utmost integrity. Commit to excellence. We rewarded. We're here to win. Winning is a really key concept. We have a competitive group, you know, harnessing that, we support customer brands. To have that trust of retailers, you know, we really have to continue to operate at a high standard, deliver exceptional results, and that's gonna enable us to win. Be agile. CPG, inherently complex. We're asking the teams, "You got to find ways to simplify." Simplify what we do, really look for ways to move faster and embrace change throughout our operations. Speak up. We'll talk about this a little bit more as we talk through our new operating model, but as you move from a holding company through growth, through acquisitions, to being an operator and now to a focused category leader, we really have to design processes so that we can break down some of the functional silos that existed. As a core value, we want everyone to be engaged, and engagement means you have to listen, you have to be heard. You know, encouraging healthy debate, sharing of information, all those things that allow us to operate more efficiently together. Last, better together. It's everyone's favorite. You know, food brings people together. We make food in facilities that require the presence of people. We are together to do so, and we really are enforcing this concept of we win as one TreeHouse. There are not functions, it is just one TreeHouse. As we look at, you know, with these values and really enabling this transformation, we started with this simplification. We have to get our operating model to meet the needs of our strategy. What we have done, really, is to move to being organized around platforms or business units. What our goal is to allow better focus. I think Tim mentioned, you know, we've organized our 17 categories into a number of platforms. We took those platforms and put them into four business units, and each of those business units, they share a similar set of capabilities. For example, in baked snacking, you have cookies, crackers, pretzels. We assigned a general manager to each of the business units, who brings the teams together around that set of capabilities, and it allows them to generate a team, you know, to have a team with the right level of expertise and knowledge, but working cross-functionally. To connect to the business, so you have both the business connected to the supply chain and the customer teams, we introduced this concept of tables. Who literally needs to be around either the virtual or the actual table? The idea was to introduce a new way of working, where we have integrated business units with connection points at each of the tables, as opposed to operating in silos, you know, based on functions. How did we roll this out? How do you actually activate this? We started at the beginning of this year, holding a series of leading our transformation events. We brought people together, but we put them around tables. We held these immersive exercises to say, "We want first to make sure you understand the strategy. Where are we going?" In doing so, we used learning maps to walk through strategy, but really asked people to engage and say, "How does your day-to-day work tie to what we're doing?" We also had interactive tools and guided conversations around the operating model, defining each of the roles and what the job description is, how that plays as it relates to which element you sit at on the table, and kind of walk through this new way of working. You know, we followed up these wide events with a series of ways of working, so deep, deep dives on how we work together. These lot events have now we've hosted for every salaried employee in the organization, and will, by the end of Q3, roll this out to every employee, so all the frontline workers at every facility within our organization. You know, the other thing, appreciating that change is really hard, and leading a transformation is hard. We've provided some individualized coaching for our people leaders, giving them personality assessments, team resiliency, and leadership training, and then specialized coaches that focus on individual skill sets around leading transformation. Overall, I think the outcome has been good. We have a high percentage of our employees saying they feel confident in our success, they understand our strategy. That you don't just have to take my word for it, you can hear directly from our employees. I've been to a lot of meetings in 39 years, and I gotta tell you, this is different, and it's a good different. One of the things I'm most proud of in being a TreeHouse employee is our investment in people. I think being more intentional and sharing our strategy and the role employees play in leading that transformation is an example of that investment. I've never been a part of a company that I've felt this engaged with. Seeing what the vision is and where they want the company to go, and knowing that I play an important role in that, is really awesome. One of the values that I think is gonna help in this new process is the better together, because the way that the tables are set up is it's truly a better together format. Implementing better technology for our supply chain is my passion. Ultimately, BU decides the strategy. All of the functions should support them. Even our IT organization is aligning with the BUs. I think it'll help rally the teams to move in the same direction, versus having, you know, functional-driven goals. We are putting, you know, our customers, and our consumers, at the forefront of our decisions. We're excited about the momentum that we're making on our transformation, but we're also still focused on some of the basics as it relates to being a talent leader. You know, we know that there's a direct correlation between how employees are treated and how valued they feel, and productivity. A key part of that, probably the most critical in creating the employee value proposition, is having caring and effective leaders. You know, post-pandemic, people, you want to have an experience and want to feel like they're, they are treated as humans, as valued members of the team. In addition to the leadership and coaching that we've been doing at the senior levels, we've been really intentional in rolling out and developing training that our frontline workers need, and that what they've told us they need to be successful. We've also, you'll hear in the supply chain, talking about TMOS, but the next generation of TMOS, so the TreeHouse Management Operating System, that we utilize throughout our supply chain, is really focused entirely on engaging employees and looking at that employee experience. What else on the fundamentals? There's four things if you engage, they move around in order, but it generally stays these four. You got to have competitive pay. You have to pay people, you know, market. They want more than a paycheck, but it's important that we have competitive, both salary and benefits. We've invested a lot over the past year to make sure our rates are in line in all of the markets in which we operate. We've taken a comprehensive look at our benefits packages to make sure we're not only competitive, but that we also offer the benefits that people need. Two, work-life balance. This applies across all of our employee base. One of the areas where we've looked at is in the plants, how do you have more flexible scheduling? Asking people, you know, what is it the schedule that works, and giving some options there, as well as eliminating mandatory overtime and focusing on the work conditions. Three, opportunities for growth. A lot of the operating model work that we did gave us the opportunity to look through and say: "What are the roles?" Develop career maps, so we can have transparency to an employee on how they can grow and develop throughout the organization. Then culture. Culture is really important, and having a diverse and inclusive environment, it is essential to attracting and retaining great people. Our workforce is incredibly diverse. We think that it enables us to better meet our customers' needs by having a breadth of background, experiences, and perspectives. In line with those values, you know, in order for us to celebrate and win as one TreeHouse, a lot of our initiatives remain focused on recruiting, training, having job opportunities, all in line with supporting an inclusive and diverse workforce. You know, our goal is always to look like the communities in which we operate. One of the ways that we've been effective in creating some of the culture and community is through our Employee Resource Groups. They play a key role in supporting and building our culture. Do a number of things, you know, just creating a sense of community. Our ERGs host coaching circles, book clubs, community events, a lot of opportunities to get more engaged, both at the workplace, but in the communities where we operate. ESG. You probably have heard ESG throughout. It really not just in one function, but throughout our entire business. We see the commitments that we're making on our ESG goals as an extension of our purpose to engage and delight. You know, our customers have their own ESG goals, and most of those based on consumer demand. You know, they desire to have sustainable packaging options, to do business with vendors who are making commitments and progress on reducing waste and greenhouse gas, and really partnering with businesses that are focused on the social and governance aspects. You know, we see our scale and operating model as uniquely positioning us to support our customers in meeting those goals. Really, as we set our ESG goals, which are being refined based on our new perimeter, and you'll see those come out this year, in the people space, they're really focused on the things that are already important to us, which is having a safe environment, an inclusive environment, and that we're looking at the employees' well-being. I'll conclude with saying we've seen some really good success. We feel great about what we're seeing, both in hiring and retaining great people, but also just in the morale and productivity improvements that we've seen. I will turn it over to Amit and Steve to talk about our supply chain, which is where the vast majority of our great talent sits. Thank you, Kristy. Isn't it exciting to see a company that's actually investing in people? I'm Steve Landry. Many of you can call me Landry, which the leadership team does, given the fact that we have two Steves on the leadership team. I started my career with Procter & Gamble, spent 15 years at P&G. The most notable role that I had within P&G is I actually led IWS for the entire European region as a member of the global IWS steering team. In that experience, I actually was able to implement P&G's best operating system across all 16 plants. I ended up being acquired as part of the Crisco and Jif acquisition, and joined the Smucker company. In that role, I was able to grow as the Smucker company grew. I ended up leading every single part of the food and beverage operations in my career with Smucker, as well as I actually led operational excellence program within The Smucker company. I feel very confident that my past experience with both P&G and Smucker, now joining TreeHouse 15 months ago, I'm gonna explain the plan that we have put together to actually build a world-class supply chain. I'm gonna turn it over to Amit. Well, good morning, everyone. It was great to reconnect with a number of you this morning. My name's Amit Philip. I'm the Chief Strategy and Growth Officer at TreeHouse, and I've been here for almost four years. Prior to TreeHouse, I was with The Hershey Company for about eight years, and before that, I was a management consultant. In my role today at TreeHouse, in addition to leading strategy, M&A, and technology, I also partner with Steve on the supply chain, specifically on logistics, procurement, and planning. As Steve and I take you through the next section here, there are four key themes we hope you'll come away with. Number one, we are building a world-class supply chain by investing in both proven work systems and state-of-the-art technology to master the complexity that is inherent to private label. Number two, our scale is a real differentiator for us. We're able to, because of that scale, invest in these technologies and really engage and delight our customers unlike any other competitor in private label. Number three, we are building category depth and capabilities in lockstep with Tim and the rest of the general managers, based on the priorities that they have set out. Number four, we will deliver almost $250 million in gross savings over the next three years, all by really focusing on the highest returning categories and capabilities as we build this world-class supply chain. Diving a click deeper, you will see that our supply chain is unlike any other in private label. The winning formula for us is really about the combination of driving depth and winning capabilities in those categories, but also combining with that, with the scale, with proven work systems, with state-of-the-art technology that we can apply across that supply chain. Let me bring that to light for you a little bit. At the top of this page, in our categories, we have a number of manufacturing plants that make the same product. That is important because we can go to retailers, and we can talk to them about not having to dual supply us, right? Also, in these categories, like baked snacking, for an example, we have 200, 300 foot industrial ovens in our cookie plants, in our cracker plants, in our pretzel plants. Because we are applying common work systems across all these plants, across these technologies, we can more efficiently run and maintain these over the long term. Moving to the bottom of this page, within procurement, we have purchasing power. We have real purchasing power. That enables us to have strategic relationships with suppliers. Not only that, in a lot of these critical categories, we can actually have dual supply relationships that not a lot of smaller players can actually have. That gives us the ability to, again, assure that surety of supply to our customers. Moving up. The logistics network we have is huge, and that makes us really relevant to our major carriers. Today, because of our multi-category capability, we can very efficiently send full truckloads to customers by consolidating these categories at our major mixing centers. This is not something that other supply chain, other competitors in private label can really do. Bringing this all together, the power is really in being able to integrate the various parts of the supply chain very efficiently, and that's why we are investing in world-class technology to leverage the scale of our network while mastering the complexity in private label. We believe that with these investments that we're making and capabilities that we're already deploying, we can provide better end-to-end cost-cut competitiveness, better service, and better quality as we look to engage and delight our customers over the long term. We are today building a new TreeHouse. We're investing in a new TreeHouse. Many of you know that TreeHouse was put together by a number of different acquisitions that led to a highly disintegrated, decentralized system. We've made a lot of progress over the last few years in really consolidating 13 ERP systems and driving common KPIs across our manufacturing plants. Really, the next frontier for us is about accelerating the power, the scale of a centralized and highly integrated supply chain. For example, today, on the planning front, we are in the second phase of deploying an integrated planning system that is both cloud-based and combines all our planning technologies together. Our AI forecasting algorithms, we've deployed AI forecasting algorithms almost 12 months ago that are giving us significant new capabilities. On the sourcing front, we have increased our savings goal because we have invested in talent and capabilities, and we're working very strategically with suppliers to drive higher savings in the supply chain. On the manufacturing front, Steve will talk to you more about this, but the differentiator versus the last few years is really the investments that we are putting in our categories and our manufacturing plants to drive depth, to drive growth, and really to be that world-class supply chain. Steve will take you in some detail through these well-proven work systems that we are currently deploying through the manufacturing system. And on the delivery side, on the logistics side, because TreeHouse was put together by acquisition, our delivery network came to be optimized for one to three plant single-category networks. Today, because we are multi-category, we are optimizing to a much more efficient logistics network with bigger, fewer DCs that are much closer to the customer that helps us service them better. Some of the best investments we can make as a company are in our supply chain. You know, Tim talked about the depth we build in categories. We always look at build versus buy options, and in the supply chain, we are really focused on the build option. In categories where we don't have enough capacity, where there's unmet demand, we're making the right investments to drive line efficiencies or increase capacity. In high growth categories where there's new innovation, we are supporting that by building the manufacturing capability, the seasoning equipment, to be able to bring that in-house. The TMOS efforts that Steve will talk to you about, we're really deploying those to the highest priority, to the highest returning lines first, so that we can gain the maximum throughput as quickly as possible. We're also investing in this customer-centric DC network so that we can get closer to the customer and supply them much better. I'll now hand it over to Steve to talk to you about the returns that these investments will give us. A very important number is that $250 million of gross savings. That's going to be integral for us to achieve our EBITDA growth targets of 8%-10% over the next three years. I'm going to talk to you a little bit about the breakdown. As you can see, we are making strategic changes in planning, sourcing, delivering, and I'm going to talk to you about our operational footprint, or how we actually manufacture. You can see the breakdown of how we think that the $250 million is going to be distributed over the next three years. What's different? We are going to be shifting from cost cutting to capability building. Think about what you just learned about us building talent leaders. We are going to teach every employee how to run their lines better. By running our existing assets more, we will not only make more product, we will make it more cost effectively. The second significant mind shift is we brought the concept of stretch goals. We are trying to achieve much higher goals than we have ever thought we could ever achieve before. This is forcing us to think differently. We can't do the same thing over and over and expect different results. We are using stretch targets to actually change the mindset of every single leader within the facility to build plans to run better. What does that look like? Well, first of all, starts with leadership. All results is all about how well do you train and develop your leadership team. Kristy went through some amazing work that we're doing for every single salaried leader within the site. They now understand why we need to do something different. They understand our strategy. That's pretty exciting. Part of our next gen TMOS is we are now teaching them the methodologies that other CPG companies have had on how to get to root cause and actually build systems to sustain the results. This leadership capability is a differentiator from what we've had in the past. The second part, that's also probably even more powerful, is we are actively working with every single hourly employee. We're asking people to not just push a red and green button. They're actually going to learn basic maintenance skills. We are teaching problem-solving skills, so when they come in, and they operate that equipment every single day, and they hear something new, or they feel something different, they can actually act upon it and actually run and make a difference every single day. You want to keep employees? Make it so that when you come to work, you love coming and doing something different every single day. That's what we're doing that's different. It's how it feeds our talent acquisition, employee value proposition, how we're bringing it to life for every single hourly person. I actually call that the power of 100. TMOS is not new to TreeHouse. TMOS, which is TreeHouse Management Operating System, was actually implemented in 2019. I think some of you may have heard us talk about it. The foundation is very solid, but it's a very traditional continuous improvement program. What is it that you're looking at on that slide? Those columns are natural areas within an organization of where you work. Obviously, plant leadership, stuff leadership team. The initiative management system is where our engineering team sits. Process improvements are your traditional CI team. Every single one of those little boxes are actually systems or tools and capability that we implement in all of our plants. As you can see, it's not comprehensive across the entire plant. It also only activated, about 5%-10% of the employees in the plant were ever working on trying to drive out loss. Today, we have built capability in every single function that supports our plant. We are reapplying known best practices to create the capability that everybody, every day, comes in and runs our lines better. It's like eating an elephant, one small bite at a time. Today, we have already seen 2.5 times better results than we did with our previous program. Let me go into depth, a little bit deeper. Autonomous Maintenance. It has the most amount of systems and capability that we're implementing. That's the one area in which we're touching our hourly employees. We're going through and teaching our hourly employees how to do routine maintenance, how to problem-solve their equipment, how to lubricate their equipment, how to be a safety functional leader on their team. By doing that, our operators are becoming technicians. They will be compensated over time. We talked about our employee value proposition, about having career paths. How better to create a career path for an hourly employee than to actually contribute and run our lines better? As you can see, this is a pretty exciting, comprehensive program. We're early in our journey. I've been here 15 months. We now have implemented this full program in 40 of our 200 lines. By the end of this year, we will have implemented this program in 85. We are very, very focused on making sure that we're focusing on the lines and in the plants that are category constrained. A significant part of our service improvement is because we now are running our category-constrained lines significantly better. Obviously, you know, fish where the fish are, right? You have a better idea of catching your allotment for the day. Our TMOS program is not only helping our bottom-line savings, it's also been helping our top-line growth. Here's an example. The best-in-class operational excellence programs, you always start out with lead plants, and you have lead lines. You can't do everything all at one time, right? Where did we start? We started with our three biggest plants, and we picked one line in every plant. In Princeton, Kentucky, is where we make crackers. The C line, that you see the results here, is actually where we make saltine crackers. By implementing Autonomous Maintenance on this line, that facility, now we have passed AM Step two. Through this effort, we have improved our overall equipment effectiveness by 13%. We've reduced our scrap by 8%. Pretty impressive. What's even more important is we have documented the system so we can now reapply across our network, and we've built our own internal team such that we know how to do this versus just reading a book about operational excellence. Bottom line, we have reapplied these systems in Princeton. We're now on three lines in Princeton. To date, we have increased our capacity by 8 million lbs of production. We've increased service by 500 basis points and reduced our scrap by $2 million. This alone gets you pretty excited about what difference that you're making every single day, and it clearly validates that we know how to implement the best-in-class operational excellence capability, and it builds confidence in our entire team that what we're doing, and now in an execution mode, is spot on. Next, I got one more slide. We talked about our new TreeHouse, in which we have a lot more capital allocation available to us. You saw in the very beginning video some very simple automation. In the past, we were using a lot of our capital to pay down debt. Now, we have dedicated capital for the next three years to help automate. Very simple, very proven methodologies. Feeding our sugar frosted cookies into tray packers. You saw a lot of robotics, whether or not you're picking up a pretzel jar and putting it into a case, or you're picking a case and putting it on a pallet. We have automatic guided vehicles. To date, we have moved, shifted 178 roles from pretty manual type work. Those roles have now shifted to value added. It helps us from a recruiting standpoint when you don't have to hire that 180 extra people, right? The last piece that we're also implementing is we're building a lot of standards. We have a lot of inspection standards to help maintain this equipment. It would be nice if all of this was automated, as opposed to having Excel spreadsheets, typing all of this into your computer, to have it all automated on an iPad or some connected device. We are testing this year, a connected worker platforms in our plants, and we expect that to be rolled out next year as part of our digitization of how we help our employees maintain the gains as we go forward. It really is truly incredible to see the impact that when you roll out TMOS in a line, in a factory, as to what impact it has on the employees. As Steve and the operations teams are driving significant improvement in the plants, we need to make sure that the rest of the supply chain does not become a bottleneck. On the procurement side, that means surety of supply. If he's running lines faster, that means I have to get materials in faster, and so we are working through that. The procurement organization will drive over $100 million in gross savings over the next few years, but in addition to that, we're also step changing our capabilities. Leading that change is Jim O'Rourke, our new Chief Procurement Officer, who is building not only a talent pipeline, but bolstering core procurement capabilities in the areas of strategic category management and commodity risk mitigation. Our savings goal has actually increased because we now have a rolling 18-month pipeline of savings that are enabled by two levers. Number one is strategic partnerships with suppliers. Our suppliers have year-over-year productivity goals that is enabling them to come to us proactively with savings ideas to put into the pipeline. Number two, this pipeline is cross-functionally being deployed with the plant teams and the BU teams, so that we have a holistic view of the savings that we can gain across the network. Jill Truitt, our Vice President of Co-Manufacturing and Logistics, is leading our evolution to a more customer-centric DC network. By the end of that evolution, our logistics cost will be down by over 10%. By the end of that 2-3 year evolution, we would have optimized our finished goods warehouses by about 50%. We're reducing our carbon footprint by reducing miles driven and getting closer to the customer. We are today in the phase of our Midwestern DC consolidation that will consolidate four DCs into one. We're in the third phase of these moves. We're already seeing better truck utilization and better on-time delivery to customers. We're excited about the future that this provides as we expand this across the network. Our planning organization is mission control for our supply chain. We're step changing our capabilities with our talent, with our technology, with core processes that we are improving. Our planning groups connect the dots across our supply chain. They work with the customer teams to understand demand. They work in our AI forecast models to build the demand plans. They translate those to production plans in the plants. They also order the right materials from a procurement perspective. This set of activities is obviously extremely complex when you talk about 11,000 different materials, 8,000 SKUs, 26 facilities, and hundreds of customer delivery locations. In order to master this complexity, we have invested in, and are now in the second phase of deployment of a state-of-the-art, cloud-based, integrated, end-to-end planning system. This is important because we are now integrating planning that was happening in multiple systems, and we're already seeing better service levels and reduced waste in the system as a result. We're proud that we've been able to drive up service levels about points versus last year, but there's more to go. Our forecasting algorithms, our new AI forecasting algorithms, are actually performing about 20 points better than the legacy algorithms that we used to have. I'm extremely confident in the upside opportunity we have here because of our tech-savvy planning leader in Erik Hjerpe, but also enabling our broader supply chain technology and manufacturing automation efforts is Robin Keller, our new CIO, who was most recently the supply chain CIO at Cummins after a long career at GE. She's also building our go-forward ERP strategy and identifying a potentially significant opportunity we have to move our legacy infrastructure into the cloud over the next few years. We're really proud of the efforts of our supply chain. We're seeing the benefits of all the capabilities and new processes we have put in place. Most of our service level metrics are at or above pre-COVID levels today. What we're more excited about, though, is the upside opportunity we have, particularly in the plants. We've only deployed to 40 lines so far, right? We think our OEEs across the network will increase significantly over the next few years. In conclusion, I hope you've seen that we are in fact building a world-class supply chain. It is differentiated because of the combination of depth we are building in the categories to be winners in those categories, but also leveraging our scale across the supply chain to deliver that $250 million in savings. With that, I will hand it back to PI. All right. The moment you've all been waiting for, the break. We're gonna take a 20-minute break. It's about 10:33 A.M. right now. We'd like to take 20 minutes and restart the webcast. Why don't we restart it at 10:35 A.M.? Gives people time to get back to their seats. We invite you to stand up, stretch, and we'll go to a break. Ready? Okay. Thanks, everyone. Good morning. I'm Pat O'Donnell, CFO. We appreciate your interest in TreeHouse Foods. I joined TreeHouse about six years ago, and I've had the privilege of leading various parts of our finance function over the last six years. Prior to that, I spent about 15 years at PwC. Hopefully, after listening to some of the presentations already this morning and getting a chance to sample some of our snacking and beverage products, you're starting to get a better sense of the opportunity that sits before us and some of the ways that we're looking to capture that opportunity. I wanted to highlight why we're really bullish about what we're doing here today. Steve said earlier, we have a great opportunity in front of us because we sit at the intersection of two very important macro trends. The first is the growth of private label, which we saw the long-term growth trend earlier in the slides. The second is the growth of snacking and beverage. We have the two of those, and we think that provides a very unique and compelling investment opportunity, and a long runway for growth, given the history of growth in both of those macro trends. The other thing that I think it's important to understand is we are operating differently today than we have in the past. We're a less complex business with higher growth, higher margin categories. We have a clear strategy, and we're executing against that strategy. We're gonna focus on those categories, we're well-positioned with our customers, and we're building a world-class supply chain and continuing to invest. We have the backing of our customers, who see the importance of private label within their value proposition and their growth. Lastly, we have a much different financial profile today than we've had in the past, which is what allows us to deliver that. We can see how a very disciplined capital allocation approach will help us drive the growth that we expect in our business over the long term. I'll start with guidance. You likely saw our press release already this morning, where we're reaffirming our Q2 guidance, and we're raising and narrowing our full year adjusted EBITDA guidance. Let me give you a little context on our thinking here. We were really pleased with our Q1 performance. If you heard the story, you know, we were able to improve service, particularly towards the end of the quarter, much more quickly than we anticipated. That allowed us to fill some customer orders in Q1 that we probably would have otherwise shipped in Q2. As we sit here today, we continue to see that trend continue, where our service levels have stabilized. I think we saw that on the earlier slide. Vendor fill rates continue to be very positive. This is, really to date, the second quarter's playing out as we'd expected. You know, our first half volumes are about where we thought that they would be, given some of that timing change that we talked about from Q1. The supply chain continues to be good. as it relates to sort of the macro consumer trends, those are playing out about what we thought that they would as well. The activity in the broader macro continues to be very favorable to private brands, and we've seen market share growth in 71 straight weeks at this point. As a result, we feel very confident reaffirming our guidance, $810 million-$840 million on top line, and $65 million-$80 million from an EBITDA perspective. As we think about the full year results, we continue to expect revenue to grow 6%-8%. Obviously, we will start to lap the significant pricing that we took last year in the second half of the year, which really means that we expect volumes on the full year to be flat. We will have single-digit growth in volumes in the second half of the year as we move forward. You know, our original guidance did assume some stabilization of the supply chain as we thought about the full year. That's playing out as we had expected, as we continue to see that stabilize. From a commodity price perspective, they do remain elevated. They have moderated somewhat. Our guidance did contemplate sort of mid-single digit commodity inflation, which I think is what we're seeing from our basket of goods perspective. That's playing out as expected. The other thing is, you know, as we think about, well, why raise the guidance? We do have really good visibility now into sort of our supply chain savings in the second half of the year, so we feel good about our progress there, and we feel good about the kind of broader macro trends. We see the profit over delivery from the first quarter flowing through to the full year, which will result in us revising our range to $355 million-$370 million from an EBITDA perspective. As I think about what TreeHouse has been through the past few years and how we've purposely transformed the company, I wanted to just pause to show you some of our EBITDA progress over this time. As a reminder, as we begin in this slide, you know, the 2020 reflects some of the pantry loading, early days of the pandemic, which drove positive results for us. That was quickly followed by the years of supply chain disruption, macro inflation, and the like. We're really pleased with our ability to go stabilize the supply chain and drive through pricing to recover our cost in that timeframe. We're exiting this year with a guide that we feel really positive about. We think the positive trend that you see here on this slide gives us really good confidence in our ability to deliver on our financial commitments. We've talked a bit about what does normalized EBITDA look like in this business, despite some of that macro inflation, so I thought we should give a little bit of an update in terms of our thinking here. We think that's evident through the positive PNOC trends that we've seen over the last several quarters as we've reported. We're also pleased with our ability to improve service in that timeframe. You know, some of that service improvement came with some higher cost as we thought about things like increased maintenance over time and the like, to deliver that service. We're working through some of our supply chain savings to offset that. We expect to make continued investment in our supply chain over time. We're proud of the investments we've made in labor retention and continuous improvement, and that better positions us to execute as we exit the year. As I mentioned, we have a really strong pipeline of cost savings as we exit the year. As we think about this, while we're not at that level in terms of our guidance today, we do think as we exit the year, we're on that run rate to deliver $400 million of EBITDA as we exit out of 2023. We talked a little bit about the balance sheet, and I want to dive in a little bit deeper here for a second. You know, we continue to maintain a significant amount of liquidity with the availability we have under our revolver and our cash position. You know, our debt, we have no maturities, majority of our debt does not come due until 2028, and we're fixed with our debt cost out at about 4.4% over the next several years. This leaves us in a really strong position from that standpoint, and we're well within our targeted covenant leverage range of 3x-3.5x. The other element that I wanted to pause on, because I think it's a bit underappreciated within our capital structure, is our $427 million seller note. You may recall, as we completed the Meal Preparation divestiture, $500 million of proceeds was cash, and then the other half of that was the $427 million seller note. If you put yourself back into the timing of when we had to complete that deal, all the macro disruption and trends and things that created great value for us, and we think we got great value in the transaction, were the same things that caused disruption in the financial markets from them to be able to finance the transaction. This was a unique and creative way for us to be able to get the transaction completed and maximize value at that point. You know, the note does pay 10% interest, so we're really happy with the return that that provides and the net interest that that leaves us with in our income statement. It is fully monetizable by us, so we can transfer that at any point in time, and it's pre-payable without penalty, so the seller can refinance as they see fit. You know, given our capital structure and our liquidity position today, we're not in a hurry. The note pays a nice return, so the monetization of it is not an immediate concern for us, but we're really pleased with that. As we think about the progress we've made from a capital structure, you know, we talked a bit before, we've used free cash flow dollars in the past to pay down debt, and we're really pleased with the progress that we've made in that area. Obviously, the $500 million we received as a part of the meal prep divestiture was a culminating moment as we further reduced debt in 2022. I do think as you think about that seller note I just referenced. We would think of that as cash or a further reduction in debt at some point in time. If you further take that into account as a reduction in leverage or as our net debt position, that further strengthens that profile. The other item that I thought is a bit underappreciated from an investment community standpoint is the ongoing claim we have we're pursuing against Keurig. This has been mentioned in our 10-K and our various filings over the last several years. Why mention here at this point? You know, we continue to invest to pursue a favorable outcome in this case. You know, discovery has concluded, and there are several motions pending on this case, and should those not work in our favor, we look forward to bringing that to trial and to pursue a favorable outcome at this point, which we hope is scheduled shortly. Now that brings me to our annual growth targets. We remain confident in our ability to deliver on our long-term algorithm from 2024- 2027. We are in growing, less volatile categories today. We are executing better than the company did in the past. We see a clear pathway to achieve 3%-5% revenue growth, adjusted EBITDA growth of 8%-10%, and at least $200 million of cash flow annually. Let me dive into the revenue just to give you a little bit of context, and some of you may try to get your rulers out here to measure this, but we're trying to give you a rough sense of magnitude from that perspective. First, we see the majority of our growth coming from our core, where we are strategically growing with our growing customers. Private brands are important to our customers, and they're growing. The long-term private label growth is a fact, and we are strategically partnering to drive results with our customers. We're also going to leverage our category depth and leadership. We operate, we saw earlier, in very large, very high appeal categories with strong growth trends. I think you saw in all our categories it was sort of mid-single-digit growth across all the categories. We're advantaged in many of our categories, and so that allows us to win more than we lose. In addition, we have lots of white space opportunity to either help our retailers expand their core set and thinking about sort of the full assortment of products that can be offered on their shelf, and thinking about expanding into new categories. You know, the other area to think about is, given the supply chain constraints and some of the category demand that we see, there is opportunity to further expand revenue through capacity. Some of that will come naturally as our service levels improve and we lap some of the lesser service we've experienced. We also saw in a great example earlier of the benefits that TMOS can provide in one particular plant in Princeton, in terms of the incremental capacity that that delivered for us, and what is a capacity-constrained category, and we were looking to add more. We think the benefits of some of our investments in automation also create more capacity for us when you look at some of the automations. Our investments in depth are also going to help us here as we think about categories like crackers, where there's positive growth trends and areas for us to add more capacity. Last, but certainly not least, we've developed and will continue to develop a robust pipeline for revenue growth. You know, we will leverage our existing platforms, things like aseptic. We said, you know, broth is a very seasonal business for us today. We can leverage those assets and to grow into non-dairy milks and creamers. We also invest in depth, like areas like Seasoned Pretzels, where there is a market, an element of the market that's growing faster than others, and we can harness some of the growth of that particular segment. We'll also look at our packaging formats. I think this is an area where we can leverage scale as a TreeHouse. You know, we can leverage into different Snack Pack sizes. We can also help our customers meet their sustainability goals in thinking through that part of it. As we think about the drivers of our 8%-10% EBITDA growth, clearly, some of the volume will help us drive improved EBITDA performance. We just talked about our volume growth. We also feel that there's a chance for us to optimize mix as we continue to go forward and to leverage into higher growth, higher margin parts of our portfolio. While we'll have opportunities to build procurement capabilities, we really see PNOC as being flat over this time horizon, we expect to be able to drive productivity to offset inflation. The profit growth is not coming from pricing in our view. You know, we've shown the ability to price where there's inflation-justified pricing, to the extent that there's deflation, we'll obviously give that back as our costs decrease. Net-net, this algorithm assumes net net zero PNOC. We do believe the biggest driver for EBITDA performance for us will be within our supply chain, we're targeting $250 million of gross savings. About half of that will come from our continuous improvement efforts in TMOS, the other parts of that will come from our procurement activities, as well as our network optimization. We see great opportunity to continue to drive those improvements through some of the digitization and automation activities that we talked about earlier. Finally, I want to make sure I highlight the importance of some of the investments that we've made in our people and talent as well. I think that leaves us in a spot where we have a teams now who are mutually incented to go deliver the performance and the strategy that we're doing. We think the combination of the revenue growth and the profit growth will drive healthy free cash flow for us. As you anticipate at least $200 million of free cash flow annually, that'll result in $800 million over this timeframe. We expect the majority of this free cash flow to be driven by increased cash earnings, we will manage our working capital prudently. Some of the investments that we talked about earlier today, like our planning system example, while that may help us reduce cost and be more efficient, there is an opportunity to better manage working capital as we continue to invest in those planning system, and we'll continue to look at opportunities to manage our cash efficiently. The free cash flow will then allow us to manage the business better on a day-to-day basis and make investments where we deem them to be appropriate, and we really consider capital allocation to be a key priority in terms of driving shareholder value. We anticipate being very disciplined in our approach here. Our first priority continues to be investing in the business. We are highly focused on executing our strategy, and our investments will be aligned with that strategy. We will be disciplined as we think about our driving organic growth and building capabilities. You see things like our increase in CapEx over the last year, and our investments in coffee and pretzels, as good examples of how we'll think about building capabilities within this business. With regard to debt reduction, we will continue to target a covenant leverage ratio of 3x- 3.5x, our growth in the space isn't looking to drive further leverage, and we wanna maintain that target leverage ratio. Finally, we do have $267 million available under our share repurchase authorization. We'll look to be opportunistic here to return capital to shareholders, as that makes sense to do, in the construct of capital allocation. I wanna dive a little bit into CapEx, just to give you a sense of how are we spending some of those dollars and what to look for in terms of the algorithm period. We expect to spend 3%-3.5% of revenue on CapEx annually. We're probably at the high end of that range this year, as we anticipate $130 million of CapEx, and that split is roughly 50/50 between what I would consider to be growth investments, so think about things like new equipment, capacity expansion, and the like. Also growth investments within our supply chain, which helps drive some of the automation and digitization, continuous improvement activities that help us grow the company. With the other 50% of that this year is being spent on infrastructure. As you think about where we've been over the last several years in the COVID disrupting environment, we have some literal deferred maintenance to think about, and so we will continue to invest back into our plants. We couldn't get OEM manufacturers into our plants during some of those time periods, so we're catching up on some of that as we move forward. I'd expect that we would have that 50/50 infrastructure and growth split for the next year or two while we catch up on some of the maintenance, and then I would expect to shift more of that CapEx into growth over the later part of the algorithm. I wanted to spend a little bit of time here just to think about what are the criteria that we envision when we wanna go build capabilities, and what's the rigor that we apply? Anytime that we think about adding a capability, we step through sort of a buy, make, you know, borrow or rent sort of analysis. When we wanna do that, we wanna consider both our strategic sort of fit from that perspective, as well as our financial perspective. Some of the criteria that we think about from a strategic: Is it within a category that we operate in today, and does it allow us to get deeper within that category? Is it the right fit with the customer, and is there demand with the customer for that capability as we think about it? What's the growth potential of that capability? As we think about, you know, pretzels as an example, or coffee, trips all those strategic criteria. We also wanna be disciplined financially, so we will consider what is. You know, we would expect any capability build to be margin-enhancing. It will probably be very synergistic from an opportunity standpoint, and then we are not looking to lever up, so we'll maintain our leverage ratio as we do that from an investment standpoint. We also wanna think about the size of revenue and the growth that that provides us. As you think about some of the recent acquisitions that we did in pretzels and within coffee, we sort of trip all these criteria, and we went through a very detailed analysis. Moving on, I will spend a couple minutes just thinking about our coffee facility. You know, we understood for some time, for us, that depth in coffee meant having the capability to roast, grind, flavor, and blend coffee. We don't do that today. We have a great single-serve coffee business and a great ready-to-drink coffee business. We weren't a part of the other elements of the supply chain, and so we saw a great opportunity for that. We've been thinking through a buy versus build analysis here over some time frame, and when the opportunity to acquire the Northl ake, Texas, facility arose, it was pretty readily apparent to us that this was a great opportunity to have for us to add the capability at what we considered to be a great value. The $100 million purchase price also reflects the expectation of about $30 million in inventory, net $70 million when you think about the facility. As we think about having to build that capability internally for ourselves, we think it would have cost us at least twice that to get the facility and likely would have taken several years longer to get to that capability. You have now an opportunity for us to step into a capability that we think is strategic for us and helps us get depth into coffee at a great value and in a much quicker pace than we would have otherwise had to do that. You know, we'll be able to add the state-of-the-art facility. It's about 500,000 sq ft. It has plant space, warehouse space, and some office space. You know, the deal has a really attractive internal rate of return of at least 30%. It's highly synergistic as you think about the opportunity to drive vertical integration, the opportunity for us to further optimize our network, and then the opportunity to add that to our scale from a procurement perspective to go drive efficiencies within our supply chain. Overall, we're really pleased with the transaction. We look forward to closing in the next 30-60 days. As I start to wrap up the couple slides that I have prepared today, I wanted to just point out that we believe that the revenue growth and adjusted EBITDA growth that we plan to deliver should deliver at least 10% shareholder returns over that time frame annually. We see upside opportunity to the extent, from a capital allocation perspective, we can find the right investments in growth and capabilities and the opportunistic share repurchase. Beyond that, we think we're well-positioned to continue this momentum as we go forward. I wanna reiterate our commitment to shareholder value creation. We are well-positioned at two macro trends that provide great tailwinds for us. The intersection of private label growth and snacking and beverage growth provides a very unique runway for TreeHouse. We are operating differently today than we have in the past to deliver that opportunity, and we have a much stronger financial profile that allows us to invest in the business in a different way to deliver those returns. With that, hopefully, you've gained a better understanding of how we're thinking about driving our strategy go forward. I think we have a brief video to show you while we get the stage set up for Q&A, and then we'd be happy to take your questions after that. Thank you. Having transformed our portfolio to focus on higher growth, higher margin, private label snacking, and beverage categories, TreeHouse Foods has never been better positioned for success. We have an unwavering focus on building our leadership and depth in these categories to capitalize on strong consumer and customer demand. Our purpose is clear: to engage and delight one customer at a time. We are focused on ensuring we have the right solutions, capabilities, capacity, and geographic reach to support that growth, not only for TreeHouse, but also for our customers. Sharing ambitious goals and growth prospects, we are fostering true customer partnerships, which include collaborative innovation, joint business planning, consumer and market insights, leadership engagement, and longer-term agreements. Our focus is on delivering profitable growth, driven by category leadership and depth in consumer trending, snacking, and beverage categories. As an example, our leadership position in private label crackers can be attributed to the depth of our portfolio solutions, the breadth of our capabilities, and the scale of our manufacturing expertise. We also have a strong innovation pipeline, which is informed by our knowledge of consumer dynamics, category intelligence, and cross-channel insights that help our customers drive optimal price points and shelf sense. We also offer our customers great expertise in traditional, filled, and enrobed pretzels. We saw an opportunity to grow in Seasoned Pretzels, the fastest-growing subsegment of pretzels. Here, we acquired capabilities to expand into private label Seasoned Pretzels, accelerating our ability to meet burgeoning customer demand. We see many more opportunities ahead across other key categories as we look to drive growth. Our ability to deliver the best quality, cost, and service is both central to what our customers expect from us and critical to our strategic growth plan. That is why we strive to have an agile, resilient supply chain that seamlessly integrates customer demand, materials availability, manufacturing volume, and cost effectiveness. As the supply chain for our customers, we'll continue to invest to more acutely align planning, sourcing, production, and delivery to meet their evolving needs. Further, as we leverage technology, automate production, and optimize our distribution network, we'll be able to improve reliability and drive efficiency. None of this is possible without our people. They are the heart of our organization and are critical to our future. We strive to be a talent leader, and our goal is to be the employer of choice in the markets in which we operate. Today, our purpose and strategic ambition are clear. We are focused on profitable growth for ourselves and our customer partners as we continue to operate in great snacking and beverage categories that are supported by strong consumer trends. We are TreeHouse, and we are driven to win. Great! Well, before we start Q&A, I'd really like to thank everyone again for being with us today. I know we have the capability to do them both, the questions live in the room, and I think we can capture them off of the webcast as well. We've got a team of people supporting us there, so we look forward to those questions. I do wanna thank all the people that went to make this all possible, right? It takes a lot of effort on the team's part, on our organization's part, and a lot of effort on your part to be here, be with us today, so thank you again. With that, we will turn it over to questions, and I will ask PI to help us manage that process. If we could just ask you to state your name and firm so that it's captured by the webcast before you ask your question, that would be great. I've got mics on either side of the room. Andrew Lazar. Andrew Lazar, Barclays. Thank you. Steve, first off, I know it can be a little sensitive, obviously, to talk about specific customers, but I was hoping you could maybe put some context around market share trends within private label by TreeHouse. Maybe it's percent of sales where you're now gaining market share versus what that was a couple years ago, or percent of customers where you're gaining share. You know, some way to contextualize how that share trend has maybe changed with some of the changes you've made. Then I've just got a follow-up for Pat. Sure. Thank you, Andrew. You know, we'll try to bring that. I've heard that question a couple times. We'll try to bring that to life in future presentations. What I would say, let me talk customer first, and Sean, you can help me here if I don't get it right. You know, I think we really recognize those customers where private label is key to their strategy, and I think the focus that we've put on those customers, the attention we've done with innovation and R&D and all those other resources we've applied against them, have helped us gain share in specific customers. That's really hard to see in any kind of syndicated data. I would say when you ask us, how are we doing category-wise, I would say we're winning more bids than we lose, okay? We're much more selective about where we bid than maybe we were before, because capacity is, you know, finite. I think we've got a couple categories which, where we talk about being advantaged. I think those are the places where we are really winning, right? Maybe at, in a future presentation, we'll talk a little bit more in depth. Advantage means we have the right assets, we have the right capabilities, and, you know, we have the right breadth in our supply chain. In those categories, we're doing really, really well. There's a couple places you know, I would say the coffee acquisition should turbocharge that category, quite frankly, right? We have a nice pods business. You know, shame on us, we didn't invest in that category. We were a first mover there. Probably didn't invest early enough in that category. We have been disciplined. We've looked at a lot of assets, right? We've looked at building, and I think now we've found the right one. We'll help you understand that as we go forward. Pat, just a quick one on the growth algorithm you laid out. I think you mentioned that in a normal environment, you wouldn't expect price to be much of a lever on the top line. In the 8%-10% EBITDA, you talked about PNOC being neutral. To the extent that there is still, whatever, a normal level of cost inflation, does that mean there is some price just to offset that inflation, or? I'm trying to get just put those two together. I think the way to think about it is, we've got great procurement capability that we're building, and we talked about what we think we can deliver from a procurement and the overall supply chain. I would anticipate, on an ongoing basis, if we see sort of the normalized level of inflation, you know, we're gonna look to use some of our productivity and procurement activities to go do that. To the extent that there's extraordinary inflation like we've seen in the last few years, we will continue to have the very fact-based conversations that we've had with our customers to date around, "Here's our basket of goods, and here's what we're doing," and show them the inflation that we've experienced. Thank you. Yeah, I would just add one more statement to that. In my comments, I talked about how the $250 million in savings is within our control. The beauty of that is that our products don't have to bear the burden of that in price. In our price gap, we don't have to bear that burden. We don't wanna do anything to disrupt the momentum in our categories, and the fact that we don't have to rely on PNOC to do that, I think, makes us a much closer partner with the retailer, right? Also, number one, we control it, but number two, we don't inhibit the growth of the products through the retail chain, channel. Thanks. Rob? I appreciate it. Robert Moskow. I'd like to know, like, you know, in the past, you've talked a lot about savings, Steve, and now it looks like a lot of that's gonna drop to the bottom line, more than it has in the past. What Maybe I couldn't tell from the bars, what percent of the savings do you expect to drop versus having to reinvest? Sure. What percent of your portfolio, or categories where you feel like you have a right to those savings for your own margin, rather than having to compete it away? Another way of asking, you talked about strategically, competitively advantaged categories that you're in. You talked about pretzels and coffee. Like, how many of your categories do you really have? Sure Competitive advantages to keep it? Maybe I'll start, and I'll ask Pat to talk about what we think will fall through. You know, Let me start with the competitive advantage categories. I think probably 2/3 of our categories, we think we're competitively advantaged. In the other third, we have a clear line of sight of what we have to do to get there, and coffee was one of those, right? We knew we had to have depth in the full supply chain of coffee. You know, I think that's true. I think as we look at those places where we have opportunity to not pass savings through, I think today, Remember, we're in categories that are growing. Our capacity is under demand, right? That's very different than where we were before. When you talk about why is this company built the way the company's built, it goes back to our fundamental strategy. You be a great operator in great categories, right? When categories are declining, capacity increases every year in the industry, and you're fighting for that cycle. When you're in growing categories, capacity gets smaller every year. Now, people will invest, and we'll invest, there'll be bumps in that. I think the fundamental difference today, and why we think we'll hold on to more of that, is because the capacity is so much more in demand, right? Look, I can look the customer in the eye and say, "Listen, I'm investing in our supply chain, in higher wages, in shift schedules, in capabilities to make the product better, to deliver on time, I'm not doing it at your expense. I'm not asking you to pay for it." By the way, I've been, in the last couple of weeks, you know, Sean and I have been to, you know, half of our strategic customers, that's the conversation we're having, 'cause they're all wondering, when will price come back, right? We'll pass commodities back, but I think the investments we make. We may choose to grab a piece of business once in a while, to invest some of that back, but I don't know that we'll be forced to. You know, Pat, if you wanna talk about what you think will flow- Yeah. I think if the question is, you know, why do you feel good about delivering off of the gross supply chain savings? I think, you know, we are operating differently today than we have in the past, right? We've put a structure in place. I think when you look at, you know, if TMOS is delivering a lot of the gross cost savings, and you're looking at what that takes, you know, that's a much more comprehensive program than we've done in the past in order to go deliver those cost savings. We're seeing much more structure, in terms of what we're doing and operating differently from a team perspective. We've invested in the talent to go deliver the cost savings, and we have the people in place to be able to go do that. I think we're in a different place than we are historically, in terms of also just being in businesses that are less volatile than what we've experienced before, where you saw margin movement and things probably erode some of the cost savings that we were delivering. Right. I'm gonna go back real quickly, we'll jump to another one. Thank you, Rob, for that. Steve Landry, in his presentation, made one quick comment that I don't know if everybody really caught how meaningful it is. We have always cut costs, okay? Our earlier problems were to consolidate a warehouse or cut cost. We're building capability to lower our cost. That's very different. We're investing in capabilities, in people, plants, and equipment, and work system to lower our cost of operation, to run our equipment better, versus close something. You get a one-time hit when you do that. If you lower your cost, you become more competitive. Every box that we sell becomes, you know, leverageable, it makes us more aggressive when it comes to the customer. It makes it a better place to work, improves our retention rate in our plants. I mean, the battle for plant labor is real. You all have seen that over the last couple of years. The shift in mindset to investing in our people, to drive out waste and drive out loss and drive out cost, is fundamentally different than where we were before. We had to get costs quick before. It was a totally different business, right? Our free cash flow dollars. You know, when the company was formed, if you go back to that chart when I talked about when Sam Reed built the company, when I arrived, and where we are now, in the early days, cash flow dollars all went to M&A. Okay? Worked for a while, it got us over-levered and overextended. When I got here, free cash flow dollars went to pay down debt. We did the de-leveraging, right? I mean, we did some other things. Now, free cash flow dollars-- I mean, with our fixed debt structure, our debt's really competitive, and when you net it out with the, with the loan with Investindustrial, you know, we have very little interest burden on the business. We can invest free cash flow dollar in capability and invest in our company, right? It is, it is really a different. That's what the strategy was designed to do. That's what the execution of the deal in October was designed to do. That's why I think it's just a different. It's a very different place than what happened before. Now, we got to show you that over multiple quarters, okay? First quarter is a great look. We obviously wouldn't have guided where we guided if we didn't feel like that momentum was reasonable, but we know we have to show it over multiple quarters. Jon Andersen. Yeah. Hi, thanks, PI. Jon Andersen with William Blair. I'm wondering if, you know, the pandemic and the disruptions that that caused has changed the nature of the relationship between private label manufacturer and strategic customer. And I'm thinking of examples, perhaps, in terms of the stickiness of the relationships, the way the bidding processes work, given the premium placed on being able to kind of supply and keep core customers in stock. Are you seeing that? Do you anticipate that? Presumably, that's a lot of what you're trying to accomplish with the investments that you talked about here today. You know, I, again, I'll comment, and if Sean wants to add something, we can. Yeah, there's no question. I mean, I think the value of your vendor relationship and those vendors who delivered and those who didn't, you know, there's a big delta there. I think we were blessed. Now, you might argue we invested too much. We invested in delivering to the customer. If we didn't have the entire truck, we shipped the truck short, right? If we didn't have every item, we shipped it, right? We did everything we could do, and I think our customers recognized that as we went through the pandemic. It cost us some earnings, there's no question, during the period. We could have managed the company differently, but I think we'd have a different relationship with the customer right now. I think we're in a really good place when you come to that. Now, competition is a great thing, right? It'll make us better. We don't kid ourselves that we can rest on the laurels of we were a great vendor and now we've got a longer-term agreement. We have to earn that right to be that customer's vendor every day. The day we get complacent will be the day that changes. I think, John, everything you said is, in fact, the case, but we can't run the company that way. We have to go win. We have to be that externally competitive group who gets better every day. That's why I talk about I like when price goes down, because it makes the private label more competitive. It gives us more tailwind, right? I think it's a really good thing that we have control over our own destiny from what we're doing from an earnings standpoint. We may have those stronger relationships, but we're gonna treat them like we have to earn them every day. You know, there are still a couple of businesses, I would argue, in the portfolio that may not fit, you know, precisely a snacking and beverage focus. Pickles comes to mind. You also have multiple temperature states that you operate in today, you know, shelf-stable primarily, but also refrigerated and frozen. Are there other portfolio optimization moves that you think you may be on the radar as you move forward, or has that work largely been completed? You know, I would say it's largely completed. I would say that, you know, we're not doing good service to your capital if we don't obviously have good hygiene to scrub everything on a regular basis, right? I think some level of portfolio optimization is always important for good. Well-run companies are always scrubbing what they have. Is everything we own at the highest value under our ownership? We feel very good about what we have. There's a lot of snacking and pickles going on, right? There's single-serve pickles out now. There's a lot of innovation going on in pickles, right? The consumer likes it. I think we'll continue to scrub that, but I wouldn't think it would be material, right? Changes from now on, I think, will not be material. Just one more. If I have the numbers correct, and I may be a little bit off here, but based on the algorithm, it looks like by 2027, the EBITDA margin of the company would be at a 12% kind of range, $500 million+ of EBITDA. I've covered the company long enough to have seen EBITDA margins, you know, 200 basis points above that. Not to put you on the spot, but kind of to put you on the spot: is that, you know, given the new mix of the portfolio, do you think there's opportunity to drive that margin profile even further? over time or by 2027, or is that a pretty good landing spot, kind of a 12% EBITDA margin rate? Thank you. You know, I may all let Pat comment, too, but I think that is a great landing spot, right? I think what we have to do is deliver it consistently. It can't be volatile. I think there have been moments in our history when it was there, but it was volatile. It was also very early in the single-serve coffee pod business, I think, when our margins peaked, and there was a lot of margins in single-serve coffee pods in those days. I think we have to just, again, be cognizant that you know, we have to deliver great service, great quality, and great value to our customer. If we can do that more effectively, and we can generate more returns on that internally, that's great. We're not gonna do that on the back of the customer. I think where you mentioned, I think, are great long-term numbers, but I don't know, Pat, if you have any thoughts on that? Yeah, I think that's right. I think that's a good landing spot. I think if you can think about, you know, potential upside to where we are, I think it's gonna be those investments and capability where we can remix the business a little bit, where, you know, is there upside opportunity if we find the right investments there? This isn't one that's gonna move the needle on a consolidated basis, but if you use the Seasoned Pretzel as an example, we have a great traditional pilled, you know, traditional pretzel business. We're now seasoning those. That has a different margin profile associated with it. If there's opportunities like that on a broader scale or a bigger scale that we can use over time to make those investments, I think those would be the opportunities to do that, but I think the way you're thinking about it is right. I'd also go back and say that some of those years when we had peak margins, we should have gone back and invested in our business, right? The volatility you saw after that. In hindsight, by the way, hindsight's really good. It's easy to have hindsight and look at this thing backwards, okay? We should have invested in our business, right? We owe that to you all, we owe that to a continuous investment stream, so our earnings are more consistent. Right? Matt? Hi, Matthew Smith at Stifel. Steve and Pat, I wanted to ask a question about the 2023 guidance change. You reaffirmed the second quarter and slightly raised the midpoint of EBITDA in the second half of the year. Could you talk about some of the factors? It sounds like it's more on the cost side, supporting the guidance change. I can start there. I do. I think as we were in Q1 and sort of what's new in terms of our thinking or information that made us feel better, I think supply chain is certainly one of them, right? I mean, that's we're a supply chain company, and that was the most volatile element of sort of what was happening over the last year. You know, we've seen our ability to stabilize or to maintain the stabilization of the supply chain. We've done a lot of work on what are our cost savings initiatives into the back half of the year, and we've got 90-ish% of those cost-saving activities identified and being actioned at this point. You know, there's probably been a little bit of volatility in consumer behavior, but net-net, that's about what we expected it to be. I think as you see the combination of those things, I think that just strengthens the profile of what we thought the second half of the year would look like. Just as a follow-up to that, should we expect the supply chain and operations piece to become favorable in the second half of the year, or just kind of stabilize year-over-year, and those cost savings to really be part of the 2024- 2027 savings that you've identified? Yeah, we won't get all of those cost savings, obviously, in this year, so I think you'll see some of that. Some of the cost savings will flow through to this year, and then, obviously, that'll leave us, if you can picture the chart on the $400 million of EBITDA run rate, you know, not all of that flows through this year, right? That'll put us on a run rate as we enter into 2024 of delivering those savings. Thank you. Can we go to this side of the room over here, for Rob Dickerson? Great, thank you. Rob Dickerson, Jefferies. Steve, question for you, I guess, just in terms of kind of snacking share, right? kind of relative to what we've seen in overall private label for a long time, you know, snacking does seem to be more lowly penetrated, but clearly also growing more quickly, kind of overall as a category, and then you're outgrowing the growth we're seeing on the branded side, right? A lot of positives there. I'm just curious, though, very simplistically, you know, why do you think if the category's been so attractive, broadly speaking, cookies, crackers, salty, what have you, that the penetration of private label, you know, has been somewhat underrepresented, you know, relative to, let's say, other kind of more core products, you know, like milk or sugar or what have you? I think that's really easy, actually. They're incredibly more difficult to make. And to make them, you know, I'm sorry for the folks on the webcast that didn't get to have Churro Seasoned Pretzels right at the break. Right? They're amazing, right? You've got to deliver that kind of quality, and I've talked about that for a while. Private label, you know, we have a little, whatever you wanna call this recession, economic challenge, right? Private label has flourished in those windows. That's where you get trial, right? When consumers are managing on tighter budgets, they try private label, right? Well, the assortment and the quality of the offerings today are dramatically different. I just don't think there were products like that available, you know, in prior times of trial. I just think the assortment's better. The assortment and the product's better. I showed you those next-gen consumer data. I think the retailer recognizes that the consumer is interested in their brand, right? Whether that be e-com, whether that be in-store, whether that be a super regional or the largest retailers in America. The consumer's interested, the quality's available, and the retailer recognizes they have an opportunity. I think those are the three different dynamics that are happening today. Great. Then I guess, just to follow up, then, is the idea kind of, you know, given the investment, right, new capability, agility, ability, what have you, right, you know, is the idea, if we look at the Seasoned Pretzels, at an offering that hits shelves in the fall, even though these other categories, like cookies and crackers, are big and they're growing, No offense, you know, the innovation on the private label side hasn't really been, you know. Sure knocked out of the park, right? There's a wide divide in terms of premiumization of snacks relative to your private label. You know, I guess, that's the opportunity from what we see in Seasoned Pretzels. You know, once we get later this year, we're talking about 2024, maybe there's another offering. Almost premiumization of snacks. Would that be a fair classification or somewhat? I think the absolute scale has grown. I think that's a great point of view. Remember, private label is some 20-ish% of the category, in most categories, right? If you just do it at macro level. That is now big enough in those big categories for us to invest in the capabilities to do all the things you talked about. It's also, you know, as a retailer, you know, you can walk in to any retailer in North America and look at your phone and know what the lowest price on any branded item is, okay? You don't know that for their custom Churro Pretzel, right? If they're gonna connect with that consumer, if they're gonna make their experience, the experiential, snacks and beverages are emotional categories, right? Engage and delight, right? It all lines up, right? That's why the retailer wants those things to be special now. I think the categories are big enough that there's economics to do it. I just don't know that there was economics to do it before. That's the consumers there, right? The opportunities are there, we're there. I think all those things are lining up. I do think it's different, no question. Let's go over here to Carla, and then Brandon. Carla from JP Morgan. one follow-up on this $250 million in savings. How much of the 2023 target is dependent on savings, EBITDA? A timeline of, like, or no, I mean, I think the supply chain savings that we would expect to deliver, that's over that time horizon. We have supply chain savings that we expect to deliver in the current year, and there's stabilization that we're trying to do. I think we're looking at that, hope that, over the longer time horizon, if that's the question. Okay, great. When you're building capacity, or a new facility, how much is that typically committed to a retailer program, or is a certain key customer, versus is it greenfield, and then you allocate capacity after the line's out there? You know, the question on, you know, if you build it, will they come, in our industry, is incredibly expensive, right? Because we don't have the margin structure to do that like branded CPG does. I think we're much closer to that. When we talk about building capacity, it's adding a cracker line, right? We know how much cracker demand we have, and we know what we serve and what we don't serve. It's adding capability to that current cracker line, right? Ours, I think, is more tactical than what you would see in big CPG, just because. I talked about it earlier, innovation, we wait till we know exactly what we think the opportunity is, and then we enter. It's fast follow. It's not new to the world. There's typically not trial and awareness dollars on private label. There's a few retailers that do it, but very, very few. I think our investments have much more surer rates of return. We have much more understanding of where they are. We would probably repurpose facilities before we build them. We'd buy them, like what we did in Northl ake, Texas. I think we'll be much more careful in that regard. It has to be, given our margin structure, more disciplined than what it is in branded. Right. Having done both. Brandon Cohen, UBS. We assume your EBITDA growth target assumes about $150 million in growth through 2027, and based on the bridge, we estimate about that's $90 million in supply chain savings flowing to the bottom line? Is that correct, and where do you expect to prioritize those cost, those savings? Sure. Yeah, I, so I think directionally, you know, we didn't obviously quantify that on the slide, but I think when you look at the order of magnitude, you know, if you got your ruler out and trying to measure it, you're probably in the ballpark of how to think about the relative split there. Sorry, the second part of the question was the? Where do you expect to prioritize? Yeah. Certainly, the majority of the savings we said are coming from our TMOS activities, right? If you can picture the various capabilities that we're building from a TMOS perspective, and what that's gonna take and the time horizon that we talked about in there, certainly that's it. We're not stopping. I mean, we talked about investments in our planning capability, which we think will help drive savings. We're building procurement capability and leveraging our scale in that sense. There's a lot of, you know, a lot of those activities within the supply chain that contribute significantly, and we talked about network optimization. I think that's in phase II or III right, of several phases, right? We're well underway on a few of those. Great. Thank you. Also, I think you said you expect a $400 million EBITDA run rate exiting the year. Is that correct as well? We expect, you know, we've felt like a normalized EBITDA, if you could eliminate some of the, you know, sort of macro disruption that we've experienced, would be that. As we look at the back half of the year, we feel like we'd be exiting out. We're not gonna hit that this year, right? That's, you know, that looks where we'd be exiting the year from a run rate perspective. Makes sense. Thank you. You know, one other comment on, Pat mentioned it, Amit Philip mentioned it, on the distribution network side, that does two things, right? It gets us closer to the customer, which makes us on time and full, which makes us a better partner, which gets us more pickup from the customer. You know, we were built by a, you know, dozens of acquisitions. Our distribution network is too close to our plants and too far from our customers. There's economics in it, but there's also strategic intent in it, right? To be closer to the customer makes it a lot easier to meet their needs and to be flexible. If you can cut the number of piles of inventory in half, you get your forecast accuracy way up. We make the right stuff, we have less of it, and we have better customer service, and it's closer to the customer. Yes, that actually, it's great that that has a return and has a nice return. We would do it even if it didn't have a return. It's the right thing to do. I think if there are no further questions, I'll turn it back to Steve to wrap up. Sure. Oh, do you have a follow-up? I have. Yeah. Okay. Sure. When do you expect to achieve your long-term leverage target of 3x- 3.5x? Do you need to pay down debt to get there, or is that just based off EBITDA growth? Sorry, say it again. I couldn't quite hear the first part. When will you achieve your long-term leverage ratio at 3x- 3.5x? To get there, do you need to pay down debt, or is that just through EBITDA growth? Yeah, sorry, just to be clear, that's a covenant leverage ratio. Okay. We're, we're within that target today, so we don't need to pay any further debt down. We're, we're quite pleased, you know, given that we're largely fixed at 4.5%. You know, for us to go out and try to raise capital in this environment is arguably gonna be much more expensive than that. We're, we're in that target leverage range today. Yeah, we'll get your follow-up. Good. Scott, we'll go ahead and take you. Just to follow up on that question. If you're already in your sort of, well, leverage range now, and we're gonna generate $800 million in free cash flow, plus we've got, you know, $400 million plus asset, how are you gonna monetize? Like, $1.2 billion of cash available. How do you sort of prioritize that? Is it to be returned to shareholders, or are there other assets like the coffee asset you bought, you're gonna get a great- Sure ... return on investment? Sure. I would say today. By the way, we're in a fantastic position. If you think about a high yield offering today would be significantly different than what it is. I give Pat's team and Michael Kim, who's here today, our treasurer, a lot of credit for the capital structure that we have today. There's no question we have a lot of cash coming at us over the next couple of years. That's where the magic's gonna be, right? Applying that cash against our business for the highest rate return opportunities. When we don't have those, we'll look at other opportunities to deploy it back to shareholders. That's why we wanna make sure, you know, we understand that opportunity. Quite frankly, the investments in our supply chain have such great rates of return. The automation that Steve Landry talked about pays back in 24 months. You know, the plants we bought have, you know, I think Pat talked about over 30% IRRs on them. When we have those kinds of returns, and we think there's a lot of low-hanging fruit across our business, we'll continue to do those. I look forward to that being our challenge as we go forward, right? 'Cause that's not been the case for TreeHouse going forward. You know, I can tell you, our board is about as focused on us doing it right as you can imagine. We have a disciplined process now, and there's a lot of focus on it across the whole company. Okay? You know, I talked at the beginning that I hoped you'd come away with this, with a sense that we are, in fact, a company that built itself on purpose. We built ourself with great categories, a great way to operate them, and those categories are positioned at this intersection of two big macro growth trends: private label groceries in North America, and the consumer shift towards snacking, okay? Hopefully, I helped you today, or the team helped you today understand how what we're doing to take advantage of those trends and the opportunity in front of us. With that, I just want to say thank you to everyone. I appreciate it. I know these are long meetings. Those of you that sat in the screen and watched us, thank you very much, and we look forward to being with you in person and having more dialogue as we go. We'll see or talk to you soon, with the second quarter earnings not that far away. Thank you.