Okay, good morning, everybody. We're going to get started. I'm Jon Andersen, the analyst at William Blair that covers consumer staples, and that includes TreeHouse Foods. Thanks for joining us for the TreeHouse Foods presentation this morning. We're pleased to have Chief Executive Officer Steve Oakland and Chief Financial Officer Pat O'Donnell here to present. As a reminder, TreeHouse is a leading private brand food manufacturer in North America. The company participates in a wide range of categories and product types, from opening price point to national brand equivalent to national brand better, making it relevant to a wide range of retail customers and end consumers. Over the past few years, TreeHouse has undergone a transformation, which we believe has focused the portfolio, established stronger operating capabilities in the business, and improved the balance sheet, creating capital allocation options. As such, we think 2025 should be a pivotal year on the company's journey to restoring more dependable profit growth. I have a couple of disclosures I have to make here before handing it over to management. Immediately following the presentation, there will be a breakout session in the Jenny A. Room. Join us for that if you can. Last, I need to inform you that a complete list of research disclosures or potential conflicts of interest can be found on the William Blair website. With that, I will toss it over to Steve to get us started. Great. Thank you, Jon. Good morning, everybody. Great to be here. I think I am driving. Is that correct? Maybe not. There we go. Obviously, Jon spoke to the forward-looking statement, which is always available, both on our website and on theirs. We will get started. When we thought about this, and we participated over the years in a number of growth conferences, we thought about when you put a food business in a growth conference right now, you look at yourself, given what is going on in the food industry, right? Top quartile is flat in the food industry right now. We think that is not, obviously, that is not historically been the case, and we do not think it will be the case long term. We do think it is an opportunity, a really unique opportunity, both for TreeHouse and for the investor group. We'll talk a little bit about that today and how we're running the company different in a time of disruption and how we're trying to take advantage of that, quite frankly, right? We think there's some really neat opportunities right now. There are people in the room that I recognize that know the story really well, and there are people that don't know us at all I know in the room. We will do a couple of slides as we get forward to give you a little benefit of who are we, what's our story, and then we'll jump into what we think the opportunity is. A couple of key takeaways, right? Snacking and beverage have been some of the best categories in food and bev over the long term, right? In particular, private label has, and I'll show you a little bit of data on it, one slide of data in a second, but has grown in the categories in which we participate for a couple of decades, right? They have been really solid growth categories. We've been able to reshape ourselves into those growth categories over time. In 2025, we'll talk about we're running the business slightly differently today, given the environment that we have with inflation and tariff pricing and all the stuff you hear about, the pressure on the consumer and softer volume across the entire food landscape. Solid first quarter, and we feel really good about the way we're running the business, regardless of the macro backdrop. Okay. The key takeaway from this slide is private label penetration continues to grow. If you give the consumer, you send them home, tell them they have to stay home, and you give them a trillion dollars of stimulus, you'll slow the category, right? Which is what happened in 2021, right? The only time we've seen this disrupted is during the COVID stimulus period, when we sat people at home and we gave them all kinds of disposable income, right? We rebounded immediately afterwards. Very solid category growth, like I said, for a very long time, for a couple of decades. Where does that growth come from? It comes from both the consumer and the retailer. Private label's growing across virtually all age groups, income groups, demographic groups. You see that with the, and I'll talk about the retailer in a second, but you see it particularly with the next generation, with Gen Z and millennials, where we have some of the highest penetration and some of the fastest growth rates. The good news for us is we're not trying to chase a generation. We're not trying to convince anybody. I think our retail partners are doing a great job of using private label as one of the arrows in their quiver to build loyalty and traffic, right? You can buy a particular branded item on your phone. You can have it delivered by the time you get home. You know exactly what that's going to cost. Those unique experiential items that are only available in your retail or under their brand are key to that loyalty equation. You see that with some of our largest retail partners. The fastest growing customer in private label across the country is Walmart, right? Which is unique because they, for years, were focused on, we've all seen the rollback ad where they roll back a branded, something that everybody understands, they roll that branded price back, was their key feature advertising campaign. Now they understand that they need to have both an opening price point, private label, and they need this recent launch of Betterg oods, which is the largest launch in private label in history in the United States. They've got both an opening price point and a value-based private label offering, as well as a premium private label offering. You see Albertsons, Kirkland, obviously Costco, incredibly powerful and a much higher income demographic. Aldi is the fastest growing from a retail store penetration, right? Their purchase of Southeastern Grocers, they're converting hundreds of stores to Aldi stores. We only put four on the slide, but you can say the same thing about Target. You can say the same thing about Whole Foods. You can say the same thing about Trader Joe's, right? Retailers, private brands are proliferating across the landscape. There's a lot of opportunity for us. Another little who are we? We are now $3.35 billion. We manufacture basically 26 categories across 27 factories, or excuse me, 16 categories across 27 factories. We serve virtually every customer in North America, every retail customer. I spoke about categories. Our largest and probably the category where we would be the best is baked snacking, and that would be cookies, crackers, pretzels, and a small candy business, where we provide crackers both to the North American customer and actually some global customers, right? We have some capabilities that are unique globally, right, what we do there. Our coffee and tea business is a place we're investing. It's a great category for private label, both coffee and tea. We made an acquisition in tea that closed in January. It's off to a great start, which makes us the largest private label tea manufacturer. Our coffee business we're investing in, and we see great opportunity for that over the long term. Aseptic beverages, most of our business is aseptic broth, which is a very high private label penetration category. There's a lot of private label share there. The aseptic capability is incredibly valuable in our space, incredibly difficult to run, which means it can be, if done right, a really nice opportunity for our customer partners. We have a dry blend business, basically hot cereal, which is instant oatmeal, a pickle business. In refrigerator and frozen, we have convenience breakfast, which is a great opportunity for us. Before I turn it over to Pat, I'll talk about the things we sort of control and the things we don't control. I showed you the slide for the core growth, which is category performance over the long term. We think that's, and when you combine that with the consumer and the retailer effort against our category, we think that gives us a nice opportunity. That is clearly slower. I'll show you a slide in a second. That has clearly slowed down, but still solid versus our branded competitors and versus the other alternatives in the category. You will see penetration. The investment that the retailer makes, obviously we do not control, but we support. On the right side of this slide are the things that we do control. We call it advantage capabilities. The key in this business is to be the go-to partner in a category. I think if you look at crackers, we are clearly the go-to partner. We are the go-to partner in tea. We are the go-to partner in aseptic. There are a number of these categories where we are there now, and there are a few more where we are making investments to be that go-to partner, right? We do that with capacity. We do it with data. We do it with insights. Most recently, we talk about margin enhancement. We tend to be the most profitable where we're the deepest, where we have the best capability, and where we are that go-to partner. Quite frankly, we probably spread our resources too thin. We had some smaller pieces of business that were more complex than necessary. We've actually taken some business out of our portfolio this year. We used this slow period of time to consolidate some stuff, to close some, we were closing a factory. We're doing some things to position the business to lever as the growth comes back, right? We think our margins will lever nicely. I look at it as the left side is the environment, which is very favorable for private label, but we don't control it. The right side, we control. Those are the things we're focused on. I spoke to the categories. And those of you who follow the food business understand that the consumer is pressured. There has been a lot of inflation. The black bar is private label. The gray bar is branded. As you can see, branded units have been negative across a number of quarters. Private labels performed incredibly well against those. If you look at Q1, there is a little noise in Q1. I think once we get Q2 out, we will be able to show this. There was an Easter shift, right? When you move Easter, if you move Thanksgiving, you do not move Thanksgiving, obviously, it is always the same period. If you look at the acceleration of those key holiday periods, there is a lot of volume difference in the timing of retailer promotional volume. All of that affects that. I think the trend is true. I think the consumer is pressured. The consumer's buying less units on every grocery trip. The good news is they're buying private label at a better pace than they're buying brand, right? I think we're performing really well in a little tougher business. We saw, we normally don't give mid-quarter numbers, right? We saw the category bounce back in April, which does reflect the timing shift with Easter. That's why we have the right side there. I mentioned briefly that we're running the company differently. We have really challenged the complexity in our system, right? We've actually reduced some volume in some businesses. We've taken some lower margin, more complex items out of ours. There's probably a smaller, more nimble vendor that can serve that more cheaply than we can or more effectively than we can. That way, we've been able to optimize both our cash and our margin position across the business. We've really looked at how we're organized to serve the customer. Candidly, you organize differently in a lower growth environment than you do in a high growth environment. We saw a glimpse of that in the first quarter, and we look forward to that flowing through. That is reflected in our guidance, and Pat will speak more to that as we go forward. We see an opportunity for 2025 to be a profit and cash year given the environment that's around us. We are making the investments to position the business so as the volume comes back, that it'll lever and be more profitable going forward. With that, let's get to Pat. Sure, I'll pick up where Steve left, which was really focusing on what are we doing to execute on the profitability improvement plan. We've got a couple of initiatives that we're working on, and I'll talk through each of these kind of three structures that we're thinking about. The first is our supply chain initiatives. You can think about this as the normal productivity type initiatives that you would expect on the supply chain. We think about TMOS, which is our TreeHouse Management Operating System. Think about this as ongoing process improvement, continuous improvement type activities in our plants. The goal there is to run better, do the maintenance, engage your workforce, eliminate scrap. I think we're seeing where we've done material implementation of our TMOS system, we're seeing significantly improved OEEs in our plants, which means they're running much better. You're getting more capacity out of some of those plants. In some of our categories, that's important where we have more limited capacity or capacity constraints. That's allowing us to run better in those places and have less waste. We're pleased with the progress we continue to make there. I think it's also important because it allows our manufacturing plants to be reliable and more stable as a part of where we've got that TMOS implementation done. The second part of that would be the procurement cost savings. This is an area that we've been generally very pleased with over the last 24 months or so that we've been implementing this work. I think a lot of the margin improvement we've seen on a year-over-year basis is driven by the procurement cost savings work. This is just getting after ingredients, packaging, the kind of direct cost that we have within our cost of sales and bidding that out. We have had really nice success. I think this, when you think about a private label business across categories, this is where I think scale matters to us. When you go and you go negotiate on packaging across those large vendors and you are bringing that total volume, I think that is where we can really leverage the breadth and scale of TreeHouse. I think we are seeing nice results through that. We also have a nice pipeline that we started last year that is continuing to pay off this year in terms of wrap savings and then a really strong pipeline of opportunities that we will execute on this year that will continue to pay next year into 2026. The last bucket to think about would be our logistics network. One of the areas that we're focused on is we have probably too many points of distribution within our network, and some of those are not close enough to the customers. This is probably the area we've done the least amount of work on. We've done some planning. We've not yet gotten into all the execution. Think of this as less inventory locations throughout our network, but put them closer to the customer. You're driving less miles. You're managing your inventory a little bit better, and you're improving service for that customer by putting them closer. We will get after this work over the next year or two and start to generate some savings through that. The next area that Steve talked about was margin management. I think of margin management in a private label business a little bit different than you might hear it used in a branded space. There are a couple of elements to this. One, we want to maximize utilization within our plants. With that, maybe eliminating some complexity along the way. We are able to service a wide range of customer needs. Steve made reference to that on the customer page. Not all subcategory volume runs the best through our system. We want to make sure where we have complexity, it is either justified by price or it does run well in our network. We have spent some time this year trying to ensure we have the best volume flowing through our plants, particularly in those categories where we do have some capacity constraints. We want to be able to run well. We want to be able to service our customers. We want to make sure we're getting the right market rate on that. We are going to go maximize the utilization in our plants by doing that, with less downtime and executing better. Pricing is another spot where we want to make sure both from our pricing architecture as well as where we have constraints or deep capability that that is reflected in the value add that we're providing to the customer. This is having the right conversations around where are we deep and how do we manage that. I think our margins generally are better. Steve said where we are deep in those categories. We are seeing that start to play through as we have the right allocation and work with our customers. We'll also look at price pack architecture and some of those types of things, ensuring the private label offering is matching up against what the brands may be doing as well, and that we've got the right offering on shelf for our customers. The last bucket of work to think about would be streamlining our cost structure. You may have seen in early April, we did make an announcement around some organizational changes. The first part of this will be how do we improve our go-to-market. We looked at our structure and recognized we were perhaps too inward-focused. We needed to reduce the number of divisions as well as a certain amount of management. This was done with the intent to be closer to the customer and be more customer-focused and eliminate some spans where we could speed decision-making and action on behalf of our customers. It will also generate cost savings. I think the goal here was to be closer to the customer and really be more customer-friendly from a service standpoint. We'll also look at how do we operate very lean from an organizational standpoint and think about this as things like centers of excellence or shared service type activities, both perhaps on some of the customer administrative work as well as back office type activities. We do some of that today, and we think we need to do more in the future. That will generate cost savings for us as we go forward and really be focused on what is the right, particularly SG&A and perhaps the corporate COGS element of what we use to support our plants. Lastly, we want to look at maximizing our manufacturing network. There are probably a couple of elements to this. We have made some recent announcement of closing a F facility as an example. That is a great category for us in terms of we own a lot of the capacity there. Not a growing category, but a nice margin category for us over time. By eliminating some manufacturing overhead, we are able to serve the same volume with less overhead. We have probably a couple of opportunities to think about that. We also looked at the ready-to-drink coffee business as one that we chose to exit and eliminate some of that overhead as well. It was a great branded category. It's not been a great private label category. Earlier this year, we made that announcement to do it. We will continue to look at the portfolio. We think when you look at these in total, this does provide that opportunity that regardless of what happens from a consumer standpoint, there is a lot that is within our control that we can do to go drive profit and cash flow. These are the levers that we would use to go do it. If I then turn to the concept of cash flow and capital allocation, I think Jon said in his opening remarks, I do think the work that we've done to improve our balance sheet over the last several years and to reduce leverage has opened up some different opportunities for us from a capital allocation standpoint. Our number one priority does remain to invest in the business. We want to do that in a way that creates good risk-adjusted returns for shareholders. We tend to do that both organically, I would say, through CapEx. Steve touched on a couple of the more significant investments we're making right now in both coffee and some of it in our baked snacking capabilities. We also look for opportunities to inorganically add depth within our categories by doing bolt-on type acquisitions. We have done that within seasoned pretzels in the last year or two. We have done that within the Harris Tea acquisition, which I will touch on in a second. This is the idea of how can we be the best partner in a given category in which we operate. What we have done more recently is build that capability within our existing categories so that you are the go-to partner and you have all the capability within that category. We found that is the most important element for us from a strategic standpoint in our relationship with the customers. As we do that, though, we will maintain our balance sheet. It is not done with the intent to lever up the company. In the near term, I think you will see us build cash after the Harris Tea acquisition that we did earlier this year and then reevaluate what would be the right use of any capital that we then build over that timeframe, whether it be investing in the business. We did pay down debt over this three-year timeframe. We also look at opportunistically repurchasing shares as we have the capital to do so and there are not other higher returning opportunities in front of us. I think over a three-year period, we've really done that description of first investing in the business, reducing debt, and then thinking about how do you return capital to shareholders over that timeframe. Relatively balanced in our opinion from a capital allocation approach standpoint. Maybe just a deep dive into tea and why invest here. We did have a tea business. I would say it was largely a branded co-pack business. This was a good example of historically had somewhat limited capability. You were relatively less scaled in that category from a customer standpoint. When we looked at Harris Tea, this was a nice opportunity where they were the leading private label tea manufacturer in North America. They bring really great depth of capability. We have the capability to pack, but the sourcing, blending, multi-format packing, and then having access to the largest customers in distribution already was a really attractive opportunity for us to go scale our tea business. We see a really nice opportunity for us to continue to grow that business. This has been a category that's actually been relatively fast growing over the last three or four years and taking nice share within the market. This adds on depth of capability with the assets that we've acquired for us to go continue to do that. The buyer at our customers for tea and coffee are generally the same. This makes you an important vendor in that space for an important beverage category. This was a nice opportunity for us to do just a good example of the type of bolt-on acquisition that we're talking about that adds the depth within our existing categories. As you think about 2025 and how have we guided the year, we're expecting adjusted net sales in the range of $3.34 billion-$3.4 billion, which is down one, two up one, or flat at the midpoint. There's a couple of moving pieces in here. I'd say at the highest level, volume mix will be down about 1% on the year. That reflects a few different things. It will be offset by pricing, largely commodity-related with a little bit of strategic type pricing as well. Really within that adjusted net sales bridge, I would think about that as the Harris Tea benefit being a bit offset by a few things at the midpoint. There is some business that we've chosen to exit through some of the margin management activities that I talked about earlier. This is getting out either the lower profit or more complex volume that we've been running in our system in order to operate more effectively. It would be the exit of that ready-to-drink business that I referenced earlier and the impact of a griddle facility where we had some supply chain disruption, and that has been restarting. That is on a nice path, but there was disruption early on in the year, which we are overcoming at this point. From an EBITDA standpoint, we are expecting EBITDA in a range of $345 million-$375 million, nice improvement on a year-over-year basis. That is really driven by the supply chain savings that we showed earlier, the margin management activities that we talked about, as well as the cost of work that we started to execute on in Q2. We see a good opportunity for us to continue to drive profit in this year and into next year, regardless of what the consumer does. We think this is an opportunity for us to control what we can control within our grasp and continue to operate. With that, I'll wrap up where Steve started, which is private brand snacking and beverage has been a really nice, consistently growing intersection. I think you've got good secular tailwinds of private label adoption, both by the consumer as well as by the retailer. We are investing to take our best advantage of that opportunity of where we're seeing private label growth. We think that's by being deep in the categories in which we operate. We continue to invest in order to drive that depth and capture that private label growth opportunity. We think the pivot in the near term to drive margin and cash flow, there's nice proof points early on in the year. We will continue to perform at that stage into the second and into the back half of the year. We see a really good opportunity to go do that. There is a lot that is within our control that we do not need to rely on the environment to go execute. We are really confident in our ability to go drive margin and cash flow as we exit the year. I think that is the extent of our prepared marks. Thank you. Jon, we have two minutes and 17 seconds. Why do we not do a? I have a question. I guess I do. You had a term earlier, the unit performance and I guess the categories in which you compete in March and April. Even if you smooth March and April out, it looks like there was a deceleration relative to recent prior months. What do you attribute that to, to the extent that you assumptions that? Sure. I think you've—sorry, I'll hit you with a two-part analysis. I have to do that. Sure. You were expecting a bit of a recovery, I think, as we move through the year to meet your guidance. Have you seen that kind of play out in the May timeframe or early June? Sure. Let me talk about it. What we did, the guidance we gave with all of the disruption going on in food and what we saw as a decelerating environment as all the pricing went through and all of that stuff, we guided a flat midpoint, okay? We cut some businesses out early in the year. We have some businesses recovering in the back half of the year. We do not have to have, in order to meet or beat our back half guidance, the categories come back. We do not have to have the consumer have a resilient back half. We have to execute our waffle plants and execute our broth plants and then serve the demand that we know we have. We felt like we would guide what we control, and we feel like we have that comfortably in place, right? That is why we reaffirmed last time we were together. That, I think, is good. It is a fascinating time. Where has the volume gone? If you look at, you see QSR down, you see grocery down. I think it is really simple. I think the consumer, groceries went up 35% or so in a 24-month period. I think there is a lot of uncertainty in today's world. I think although the consumer continues to be reasonably resilient, I think they buy one or two less units a trip. I think it is that simple. You hear different on the big branded guys show different numbers on snacking versus this. The good news is we are performing relative to brand incredibly well, okay? The absolute environment is soft. I think we can comfortably be flat. We can comfortably make the numbers we gave you with the restoration of the businesses we talked about. The work we're doing internally is going to make us a lower-cost operation. You put any volume on that, it'll lever really nicely going forward. I don't think the Americans stop eating. I don't think anybody's thinking that's going to happen, okay? I do think they'll buy a few less units in the near term. I guess a follow-up on that. It feels like this year is a year where you address the griddle and free quality and get that back to run rate levels of productivity. The broth facility hopefully back to kind of run rate levels of production. You're going through a margin management exercise where you're taking a more surgical look at certain parts of the business. Is that margin management activity, is that a multi-year thing or is that kind of an accelerated effort in 2025 that puts you then entering 2026 with a really solid core base of business? I think it's very close to that, yes. I mean, I think it's good hygiene regardless. I think when things were growing like crazy, you carry that extra half a shift. If the categories, we've got categories that were going 5% in units, right? You carry labor, you carry a lot of cost structure that you wouldn't carry. Picking up that little complex piece of business, you've got room for it, right? When you really analyze it in a flatter environment, it doesn't make sense to do it. I think it's good hygiene regardless. I think, yeah, we look at this as a 2025, and we got at it at the end of 2024, quite frankly. That's why you saw some of it in the first half, because there's financial benefit. We wanted as much of that in 2025 as we could get. We went aggressively at it early. I think it's something you'll see happen more early than late. Thank you, guys. Thank you.