Webcast today and for your interest in Tyson. We have prepared presentation slides to supplement our comments, which are available on the Investor Relations section of the Tyson website and through the link to our webcast. During this webcast, we'll make forward-looking statements regarding our expectations for the future. These statements are subject to risks, uncertainties, and assumptions which may cause actual results to differ materially from our current projections. Please refer to our forward-looking statement disclaimers on Slide two, as well as our SEC filings for additional information concerning risk factors that could cause our actual results to differ materially from our projections. Please note that references to earnings per share, operating income, and operating margin in our remarks are on an adjusted basis, unless otherwise noted. For a reconciliation of these non-GAAP measures to their corresponding GAAP measures, please refer to the Appendix section of the supplemental materials. We have organized our remarks today to share a comprehensive view of our strategic direction and financial expectations for the future. To start, John Tyson, Chairman of the Board of Directors, will provide opening remarks. Donnie King will follow John and will share perspective on our overall strategic direction, particularly our drive to grow faster than the market and improve our earnings profile. Donnie will be followed by segment deep dives, which will be led by each segment group president. John R. Tyson will follow the segment deep dives with an update on our sustainability goals and progress toward building a more resilient food system. Finally, Stewart Glendinning will close our prepared remarks with detail on our financial expectations, including financial targets and capital allocation priorities. We will have a few breaks throughout the prepared remarks. After our remarks, we'll host a live question and answer session with the management team. Good morning. My name is John Tyson, and it is an honor, and I am proud to serve as chairman of Tyson Foods. I've been working at Tyson Foods for over 50 years as we've grown from a small company into the company we are today. My grandfather founded this company 85 years ago, and his goal at that time was to find a better way to take care of his family and feed people. My father and his leadership team continued that tradition while also finding a way to feed the country with new and innovative products. 85 years later, we continue to provide great products to feed the world while we listen to our consumers' desire for innovation and convenience, as well as to meet the growing demand for protein here and around the world. Today, we are diversified across multiple proteins. We're in the commodity segment. We have leading branded products, and we are taking meaningful steps to be diversified across the world. When I think of our business, I think of it as a five-legged stool, with each leg representing one of our distinct protein markets: beef, pork, chicken, turkey, and today, alternative proteins is the fifth leg. On top of that stool are our great branded products. There's the Tyson brand, and you think of Tyson, everybody thinks of dinosaur nuggets. We all grew up on dinosaur nuggets. You think of Jimmy Dean, you think of the dishes that you get in the morning. You think of Hillshire, and of course, Ball Park hot dogs are anywhere, anytime, tailgating or at home. They add value, but most of all, they generate higher margins, which incrementally improves our bottom line, which allows us to reinvest in our company, reinvest in our people, and reinvest in our communities. So I'll start by talking about the five legs of the stool, and we are proud of all parts of our business, all five legs of the stool supporting the top, and each segment contributes in its own way to expanding our margins and giving us a foundation of products to service all the different desires of our customers. It is the combination of those parts that creates the true value and the total value of Tyson Foods. Our goal was to build a business that would allow us to take care of each and every one of our customers' needs. This is why, at Tyson, we have a long tradition of offering a wide range of products. In 2001, we bought IBP, and as part of our growing business from one protein to multi-protein, which brought us a foundation of beef and pork products. Over the years, we took what we learned about case-ready poultry and applied those lessons to case-ready beef and pork, as an example. With our beef and pork-based products, we continue to respond to consumer demand by adding capacity for bacon, the Wright bacon brand, pepper oni, hot dogs, the Ball Park brand, lunch meats, the Hillshire brand. We can't forget to talk about turkey. We are one of the largest providers of raw materials for our Hillshire branded lunch meats for turkey in retail and food service. We have four strong legs of the stool: beef, pork, chicken, and turkey, and now we're working on that fifth leg, alternative protein. This is an exciting and dynamic market, and we continue to hone our ability to compete in this arena globally. Now, let's talk about the top of that stool. Our acquisition of Hillshire Brands in 2014 solidified our strategy of always taking our basic commodity products and valuing up into consumer-based products, most of all into higher-margin products. The combination of all of these proteins with consumer brands and food service allows us to meet or exceed our quarterly numbers on a regular basis. It is the total that makes a difference. The diversity of our portfolio, the strength of our products, makes our company more resilient to volatility and allows us to deliver against our annual business plan, time and time and time again. We are now taking those lessons that we've learned in the U.S. and applying the same discipline internationally, with primarily a focus on Asia today and primarily a focus on poultry in that region, and we are finally making good progress. You'll hear more about our plan later today from Donnie and the great leadership team who are making this happen on a daily basis. When you look at Tyson today, you see a company that has nearly 140,000 team members working in our communities here in the U.S. and around the world to provide a wide range of products for the retail customer and for the food service customer. In the same way that the whole is greater than the sum of its parts, the promise of this company is more than the sum of its segments. I want to thank you for your time today. I want to thank you for listening, and behind me will come the leadership team that will give you more insight, more depth, and more knowledge of Tyson Foods. We are a great company, we are a leading company, and we are very good at what we do. Hello, I'm Donnie King, President and Chief Executive Officer here at Tyson Foods. Since I joined Tyson in 1982, I've led almost every part of our business, from working on the front line to leading each of our business segments. I've seen this company grow and work hard to fulfill its potential at every step along the way, always striving to find better pathways to better serve our customers and consumers. Today, it's a privilege to lead our global team as we show the world how much good food can do, and we're excited to talk about the outlook of our company. For nearly a century, Tyson Foods has defined protein. Through our iconic brands and products such as Tyson chicken, Jimmy Dean sausage, and Wright Brand Bacon, we're incredibly proud to feed the world. What I can tell you today is that our future is even brighter than our past. First, we're leaders in an attractive, dynamic market. People need protein, and as the world grows, so does the demand for protein. According to the OECD, total global consumption across beef, pork, and chicken is forecast to rise by close to 95 billion pounds over the next 10 years. Tyson is taking steps today in anticipation of that demand, including investment in 12 new plants, which we highlighted on our recent earnings call. I will talk about these investments in more detail later. Second, unique in the industry, we are diversified not only across proteins, but also across mix. Today, our branded and value-added products comprise 47% of our volume, up from 41% in fiscal 2017. This diverse portfolio captures value during market highs, while at the same time providing a hedge against market lows. This, in turn, serves our shareholders well, as our overall performance in fiscal year 2021 indicates, and is the result of a series of deliberate actions taken by the leadership of this company over many years with the support of our board. Third, we are expanding, innovating, and investing in fast growth markets, including those in Asia. Our established innovation and brand expertise is going to serve us well as we look to meet local tastes with tailored products. We also expect to create value from our investments to serve evolving customer preferences. For example, we're growing our alternative protein mix, and we have made key investments in emerging technology like cell-based meats. Fourth, we expect to meaningfully expand our operating margins. To do so, we're laser-focused on operational excellence, including restoring our competitive position in chicken and driving a step change in productivity, enabled by digital and automation technology deployment. Fifth, we have an exceptionally strong balance sheet, one that gives us optionality as we look to invest and grow our business. This is the result of a series of deliberate actions taken over extended period. With all these things taken together, we expect to drive greater than 2% compound annual volume growth, well ahead of the 1% growth forecast for animal protein consumption overall. We also expect to deliver strong earnings per share performance. At our last Investor Day in June 2019, we committed to high single-digit% growth on earnings per share, and we have delivered against that commitment. To set the stage, I wanted to spend a few minutes talking about the macroeconomic environment and protein growth. We're seeing overall strength in consumer demand, and it is universal across protein. Consumer demand for protein remains strong throughout the pandemic, and fundamentals like population and income growth will reinforce continued protein consumption gain. U.S. animal protein consumption growth alone is projected to expand by 6.4 billion pounds during the next decade. This growth will be led by chicken, with 4.5 billion pounds. Beef and pork consumption will also continue to grow. We also see an expanding international growth opportunity, as 92% of the animal protein consumption growth is expected to be outside the United States. Overall, world protein consumption is expected to grow by 95 billion pounds, with 64% of that growth in Asia, the hub of our current international operations. In addition to expansion in animal protein consumption, alternative protein is expected to grow over the time frame. Noelle will cover our expectations for alternative protein more in her comments. Moving now to why we believe Tyson is well positioned to meet this growing demand. We have meaningful share in chicken, beef, pork, and Prepared Foods in the United States. In fact, one in every 5 pounds of beef, pork, or chicken consumed in the U.S. today comes from Tyson. Our portfolio is comprised of iconic and established protein brands, from Tyson chicken to Jimmy Dean. These are powerful, trusted, and growing brands with leading category positions. Powerful brands and unique capabilities in production, distribution, cold chain management, and global insights and innovation all differentiate our products and services for consumers and customers. Here you can see the diversity of our protein sales by segment and how our portfolio has evolved over the last five years. Our company sales grew $10.1 billion, or 27%, between fiscal year 2016 and 2021. Overall, our investment decisions drove an increase in our international business sales as a percentage of our mix, which expanded from 1% to 4% of our total sales. Not only do we have a multi-protein portfolio, but you can see our broad channel footprint here. We have a meaningful presence in all channels. The mix of channels and proteins offer us a broad range of growth opportunities and allows us to optimize the return on our products by directing our product innovation and supply toward the highest value opportunities across channels. As we demonstrated during the pandemic, we have flexibility in our plans to adjust our product and channel mix as market conditions change. Moving now to our leadership team. We are helmed by a world-class, experienced leadership team that is focused on value creation. Over the last few years, we've been focused on building additional leadership depth in critical areas to drive the company forward and accelerate Tyson's growth. These efforts have been made with a keen focus on accountability, sustainability, and execution, and you'll get to hear from many of these leaders today. Taking advantage of our balanced portfolio, channel access, and experienced leadership team, we have a clear plan and approach to strengthen our position as a global protein leader. As we shared in our recent earnings call, we have three overarching priorities that direct our actions: winning with our customers and consumers, winning with our team members, and winning with excellence in execution. With these priorities as our guide, we're taking aggressive actions to accelerate our growth relative to the overall market, improve operating margins, and drive stronger returns. We are committed to our team members with a focus on ensuring the health, safety, and well-being, as well as ensuring an inclusive and equitable work environment. We are working to enhance our portfolio and capacity to better serve demand. This includes increasing the relative contribution of branded and value-added sales to our overall mix. By focusing on our product portfolio and by adding capacity to meet demand, we expect to outpace the market. We are aggressively restoring competitiveness in our chicken segment, and we are driving operational and functional excellence across the company, including investing in digital and automation initiatives. Finally, we're using our financial strength to invest in our business through both organic investments, strategic M&A to address demand over the next decade. So let's discuss these actions in more detail. We want to be the most sought-after place to work. This starts with an unrelenting focus on safety. The health, safety, and wellness of our team members is our top priority. We are proud of our accomplishments related to our COVID-19 vaccine mandate in the U.S., as well as the broader investments that we've made to keep our team members, their families, and their communities safe. We have also shared our actions to take a leadership position on compensation and benefit offerings, as well as accelerate investment in automation, advanced technology to make existing roles safer and easier while reducing cost. Today, I'll provide more detail on our automation roadmap, which we believe will create new pathways to higher skill and pay opportunities for our team members. We're confident that our combined actions and investments will improve application rates, team member retention, and overall satisfaction. Turning to our portfolio, we have taken deliberate actions within our segments to shape our offerings to increase volume and capture more value. There are a variety of actions we've taken that have moved our portfolio from 41% value added in fiscal year 2017 to 47% value added in fiscal year 2021. New product launches, strategic capacity expansion, targeted acquisitions, and non-core divestitures. For reference, our definition of value-added includes all sales from prepared food segment, fully cooked, par-fry, rendering, and Smart Chicken sales from the chicken segment, case-ready and premium program sales from the beef and pork segments, and all sales in our international reporting unit. In beef and pork, we've invested in capacity support, prepackaged consumer-ready products, and we call case-ready. In chicken, we've acquired key assets like Smart Chicken and additional scale in rendering. Both have been accretive to margins. We acquired key international assets, which are providing us a sound foundation from which we can grow our international volumes and brands. Most recently, we divested our pet treats business for $1.2 billion, which we will use to reduce debt and invest in further growth. Looking ahead, we expect our actions and investments to continue to drive our value-added mix. We are targeting having 50% of our volume as value-added by the end of FY 2024. In addition to growing our value-added mix, we're taking actions across each of our segments to drive overall volume growth. In 2020 and 2021, labor challenges impacted our volumes in every segment. Using 2021 as a base, we have set volume targets across our company, which are ahead of projected market growth. Overall, we expect to grow our total company volume at 2% compound annual growth rate over the next three years, which will be roughly two times the rate of expected protein consumption growth. Outpacing the market will require investing in brand and product innovation, expanding our capacities, improving capacity utilization, and implementing our automation roadmap to alleviate labor challenges. To achieve our objectives of outpacing the market while we deliberately shape our portfolio for margin and return, innovation will be key. Our branded business is an important area of focus for us across the enterprise. We have a strong portfolio of brands with leading share positions in their categories, which support share gain and pricing power relative to our competition. Our brands play an important role in consumers' lives and solve critical challenges for our operators, and we're investing to keep them relevant for today and tomorrow. We use our differentiated capabilities, global insights, research and development, our deep supplier relationships to drive innovation in existing, adjacent, or new categories that will keep them relevant for the next generation. Continuous innovation is at the heart of what we do at Tyson, and it will continue to play a meaningful role in our future volume and margin growth. In addition to investing in our brands to prepare for the projected market growth, we must increase our capacity. Tyson has three sources of organic capacity to grow faster than the market. First, we have existing untapped harvest capacity that we're working to leverage. Optimizing existing capacity offers margin expansion and immediate service for customers. You'll hear more about chicken, but I'm pleased to say that with improved execution, we could increase our output from existing plants by approximately 25%. Second, we're investing in automation and improved plant flow at our existing plants to enhance throughput. Third, we're investing in new capacity to catch up where we are short, like bacon, rope sausage, and chicken harvest capacity. We are also investing to get ahead of projected future market demand, where we're already winning and have strong momentum. Here are some of the details of new capacity we're adding. We have 12 plants expected to open over the next 2 years to increase capacity by 1.3 billion pounds. We're adding 7 fully cooked chicken plants in our international business, with 6 plants targeted for Asia to drive a 30% increase in capacity in that business. We're also adding 2 case-ready beef and pork plants that will result in a 40% increase in that specific capacity type over the same time frame. We're also addressing some critical capacity constraints in chicken, where we added a harvest capacity in Humboldt, Tennessee, and announced new fully cooked facility in Danville, Virginia. We've been at 100% capacity across our fully cooked assets, so the investment in Danville will allow us to better meet consumer demand there. Finally, we're building a new plant to address a capacity constraint in bacon in our prepared food segment. Combined, we expect to invest $1.8 billion in bringing these new assets online. As we increase capacity, we are also focused on improving our process effectiveness across our broader operations and functions. During our fourth quarter earnings call, we announced a new productivity initiative, which is designed to drive a better, faster, and more agile organization that is supported by a culture of continuous improvement and faster decision-making. The program is targeted to deliver $1 billion in net productivity savings by the end of FY 2024, relative to a FY 2021 cost baseline. Through improved operational and functional excellence, we expect to deliver greater than $300 million in savings. This includes functional efficiency efforts in finance, human resources, and procurement. With digital solutions, we expect to deliver more than $250 million in savings. We'll achieve this goal by leveraging new digital solutions like artificial intelligence and predictive analytics to drive efficiency in operations, supply chain planning, logistics, and warehousing. Finally, through our investments in automation, we expect to deliver greater than $450 million in savings. I'll discuss our automation roadmap in more detail in a moment. Looking at our cumulative savings by year for the overall program, we expect to deliver approximately 30%-40% of the targeted $1 billion in FY 2022, and approximately 60%-80% by FY 2023, with the full amount achieved by FY 2024. Automation will play an increasingly important role in our future. Our goal is to combine operational scale with automation and real-time analytics to drive competitive advantage. Today, across the organization, we have open frontline roles, many of which are harder to fill. So we plan to use automation to reduce the number of hard-to-fill roles, and in doing so, we will help make life a little easier for our frontline team members. But headcount is just part of the story. Just as important, automation will help us increase volumes, improve reliability, and reduce cost over the mid- to long-term. In total, we plan to invest over $1.3 billion in capital in new automation capabilities over the next three years. This investment will increase yields, reduce labor costs and associated risk, and ultimately deliver cumulative savings of more than $450 million by FY 2024. To close, we're confident that we have the right portfolio, the right leadership team, and the right strategy to outpace the market, improve our operating margins, and drive improved earnings profile over the next three years. We are a global leader in an industry that is experiencing dynamic global growth. We have a balanced portfolio that includes trusted, iconic brands and a clear, compelling path to growth. We will win with our customers and consumers through the considerable equity in our brands, product innovation, and improvement of fill rates, all of which will result in ongoing mix and margin improvement as our portfolio moves to more value-added business. We're making considerable investments in becoming the most sought-after place to work. We are accelerating efforts to modernize our operations and reinvigorate our culture of entrepreneurship through our new productivity program. We're making disciplined investments while also taking cost out of the business. We are committed to driving a higher return in invested capital and, by connection, greater value for our shareholders. The future is bright, our path ahead is clear, and our commitment has never been stronger. Together with the board and our leadership team, I could not be more excited about our next chapter. Good morning. I'm David Bray, Group President of the Chicken segment. I'm thrilled to be speaking to you today. While I am new to this role, I have been part of Tyson Foods since 2007, where I led a series of sales and commercialization roles. I'm excited to lead our chicken business, and I am excited for the future of Tyson chicken. Fundamentals of the chicken business continue to look favorable. Chicken is expected to continue leading animal protein consumption growth in the United States, while on trend with consumer expectations of freshness, convenience, health, and value. The most recent USDA long-range forecast projects poultry consumption growth in the United States of at least 1% over the next decade. Chicken consumption per capita in the U.S. is also expected to grow from 96 pounds in 2020 to 101 pounds by 2030. Our chicken business is well positioned to capitalize on these trends. Our chicken business is a core part of the company's portfolio. In fiscal 2021, we represented almost 30% or $13.7 billion in total company sales. We have broad channel exposure as we commercialize our products in the industry's relevant, growing, and strategic channels, w ith 44% of our sales in retail, primarily in fresh tray pack and frozen retail, and 41% of sales in food service, with representation in other channels as well. Broad exposure to different channels support our value-added business model, which have proven to be beneficial during the COVID-19 pandemic. Since fiscal 2016, our sales have grown 4.7% on a compound annual growth rate basis, but have flattened over the last few years. Our earnings and adjusted operating margin have trended down since fiscal 2016. Donnie and the entire team have made clear Tyson's laser focus is restoring the competitiveness of the chicken business. So I want to start by acknowledging our history and what caused the deterioration in our performance, so that you have confidence in our strategy to fix it and the immense future opportunity for this business. I have done my own analysis working with the team since I took on my new role, and I believe our chicken profitability has declined for the following reasons: We allowed our harvest rates to decline below full capacity as we overextended the buy versus grow strategy. We are currently operating at about 80% of our 47 million head per week capacity, but we are working hard to return to full capacity. This process has been slowed by the hatch issue, which I will discuss in more detail in a few minutes. Our plant performance has deteriorated, and we have ceded mix as we sought to mitigate labor challenges. We have added overhead costs to the business that we have not been able to offset through price or performance improvements. We are correcting these issues through our four pillar strategy. We have made changes to our organization to ensure we have the right teams dedicated to the solutions and to ensure that this does not happen again. All our decisions will be made in service to growing the business and generating an attractive return on capital over time. Now, let's talk about the specifics on how we are going to fix this business. Tyson has the broadest range of products to serve multiple channels to meet consumer and customer needs. Let me talk briefly about our portfolio. Our fully cooked and par-fry business serve retail, primarily branded, deli, K-12, QSR, and other food service channels. These are highly differentiated businesses that enable us to drive growth, and as you will see in the next few pages, we will continue growing and gaining share with our recently announced greenfield investment in Danville, Virginia. Our ingredient solution business provides protein products for pet foods and aquaculture feed domestically and internationally. Through it, we upgrade low-value products into high-quality protein ingredients. Coupled with the fresh meats counterpart to this business, we are one of the largest high-quality ingredient solution manufacturers in the United States. Tray pack is a fundamental part of our core business and growth plan. Our retail tray pack and raw frozen portfolio includes Tyson branded, Smart Chicken, as well as private label and clear film. T ray pack is the priority focus for our operational improvement efforts to run all plants full. On the right-hand side of the page, we have our small bird and export and other businesses. Today, our small bird portfolio is primarily commoditized products, such as whole-bought birds and eight-piece cut up. A major initiative is underway to transform our small bird portfolio by upgrading the mix to debone for quick service restaurants and food service customers. Within exports, we will continue upgrading more export leg quarters to domestic sales, while also growing branded export opportunities in partnership with our international team through the One Tyson strategy. I want to highlight that our portfolio is not limited to any specific sales channel. For example, we could sell boneless thighs out of a tray pack to a national customer account. We could sell fully cooked wings out of small bird into food service distribution, and we could sell big bird tenders in the hot deli case. Returning to profitability, restoring competitiveness, and making it last are the priorities for us being the best chicken company. Donnie already framed how we will become the most sought-after place to work, and the specific actions that we are pursuing as an enterprise, which will impact the chicken business in a few ways. I just want to reiterate that the safety and well-being of our team members remain the number one priority, and for which we have multiple initiatives in place. Being our customers' go-to supplier is our second success pillar. We must service our customers, and candidly, we have fallen short in the last several years. Our mission is clear: deliver on time and in full. Growing the business is our third pillar, and improving operational performance is our fourth pillar. Regarding our most recent performance in this segment, an unexpected decline in hatch constrained volume growth and increased cost. In the back half of 2020, a new male line was rolled out to enhance certain broiler characteristics, and persistent hatch issues were identified with this new male in early 2021. This hatch issue impacted our entire chicken supply chain, from hatchery to broiler farm and processing. We identified the issue and acted quickly. However, we are working with livestock, and this process takes time to correct in the right way. By reverting to the previous male that we used before, we expect to see hatch improvements and additional broiler eggs. We are confident that this switch will solve the hatch problem based on the data that we have collected on the new male that we have switched out to date. We expect to have the changeover to the previous male fully implemented by Q3 of fiscal 2022. Based on what we are seeing today, increased chick supply from improved hatch, together with other investments, will increase harvest capacity closer to 98%+ target utilization. In fiscal 2021, we harvested 37 million birds per week on average, or nearly 80% capacity utilization. Harvest will climb to 40 million birds per week, or 85% utilization in fiscal 2022. We have the sales for incremental meat because demand is outpacing supply. Over time, our harvest will continue to climb, and we have target capacity utilization of over 98% or 47 million birds per week. For reference, this utilization level is equivalent to adding about 6 new harvest complexes. Accelerating debone automation is a part of the solution to labor challenges and will help improve our profitability. This plan will help solve for one of the most labor-intensive processes and highest turnover areas across all harvest facilities. With capital investment of nearly $500 million through fiscal 2024, we will automate 88 front half debone lines and 13 dark meat lines. We will not only provide greater consistency in product quality, but also generate labor savings equivalent to over 2,000 roles. Growth will be fueled by restoring harvest utilization rates and maximizing our current network. This will enable us to meet consumers' and customers' demand profitably by optimizing our product mix and expanding capacity in growing and attractive spaces. We are growing the further process portfolio. Over the next 3 years, we will add 6 million pounds per week, or 315 million pounds on an annualized basis of full cook capacity through the Danville greenfield investment, coupled with upgrades and new lines. We are also ramping up our tray pack processing plant in Humboldt, Tennessee. A combination of automation, more birds, and efficient processes will drive Humboldt's profitability, growth, and contribute to our network enhancement strategy. In the current volatile operating environment, the breadth of our portfolio, strategic customer relationships, and balanced and flexible network provide stability and a right to win. We have a powerful portfolio of brands and products that consumers and customers trust. From the Smart Chicken brand, which plays in the organic and super premium segments, to our portfolio of value-added brands and stuffed entrees, to the Tyson brand, the undisputed leader of value-added poultry across both retail and food service. We offer a broad range of forms, attributes, and price points to meet consumer and customer needs. We have a clear leadership position in all areas in which we compete. The Tyson brand is the undisputed leader within poultry, with leading awareness in the category in both retail and food service. Our brand equity is trusted and stands for quality and taste. We invest in advertising to drive the category, and we own 60% share of voice with consumers. Our advertising has been efficient in driving volume and effective for continuing to build equity. We have built on this historical success with our new More to Love campaign, which is just launching this month. It celebrates that for 85 years, Tyson has fed more people, more chicken, more ways. Our strength and investments drive stronger loyalty than any other brand. We have a strong track record of driving growth for our categories. Our flexible network and the strength of our brand have enabled us to quickly respond to channel shifting through the pandemic. Our two-year compounded annual growth rate in frozen retail prepared chicken category has accelerated to nearly 14%. Within our categories, we have also gained share behind brand strength, plus 1 point in retail and 600 basis points in food service. While food service was challenged during the pandemic, we are outpacing the category through recovery and showing growth of 51% versus a year ago in the latest 13 weeks. And finally, we have grown household penetration on the Tyson brand, a remarkable 2.4 points since fiscal 2019, as we have brought more consumers into the franchise. We continue to see impressive growth in breaded chicken sandwiches, up 15% in food service over the last year and up 22% relative to two years ago. Nearly two out of three U.S. consumers ordered a chicken sandwich from a quick service restaurant in the last six months. At Tyson, we are fueling QSR growth through strong customer partnerships, quality, and capabilities, and we have plans to bring the QSR experience to retail shelves. Next, we're excited to draft off the success we have seen in retail with our air-fried technology and platform, which is bringing new buyers to the category and is the number one innovation driving growth with frozen chicken. We're excited to share that Nielsen IQ has awarded the Tyson Air Fried launch as one of the 2021's top breakthrough innovations. This highly esteemed industry award showcases the best of the best in retail new product launches, those that achieve success in the market by pairing consumer-centric innovation through thoughtful activation. We have plans to introduce air fried in international markets and into the food service channel, where operators can offer their patrons crispy, flavorful chicken with the health benefits of air fried at 75% less fat and 50% fewer calories. Finally, as food service recovers from the pandemic, operators are dealing with new challenges, such as the shift to off-premise consumption and labor constraints. This is driving accelerated demand for value-added products that provide solutions for back of house or for off-premise consumption. One example of this is our Tyson Red Label for Delivery campaign, which communicates that our products have been validated to hold up to the tough conditions of delivery. Being the most sought-after place to work, returning to being our customers' go-to supplier, growing our preferred products and brands, and performing with the best through operational excellence enable a compelling go-forward financial profile. Performance will be enabled by improved hatch, capacity utilization, debone automation, and operational improvement. In closing, we will grow, we will compete, and we will deliver results. I want to end where I started and reiterate, I am excited to lead our chicken business, and I'm excited for the future of Tyson chicken. Hello, I'm Noelle O'Mara, Group President for Prepared Foods. I'm excited to talk to you today about our leading portfolio and continued growth ambitions. Our business competes and leads across a breadth of channels in on-trend protein categories. We have the most powerful portfolio in the food industry, and the strength of our brands is evident through growing consumer and customer demand. Our success starts with our team. We have unmatched talent in the CPG industry, creating expert consumer insights that enables best-in-class marketing and superior product experiences. When we combine that with our network scale and the strength of One Tyson, our end-to-end leadership cannot be matched. Speaking of One Tyson, Prepared Foods is a critical contributor to the overall Tyson portfolio. It represents about 20% of the company's sales and delivers disproportionate and stable profits. To put it in context, Prepared was 3% of company profits in 2014, and when looking at the past three-year average, it's closer to 25%. Tyson's mix shift towards Prepared Foods started with our acquisition of Hillshire Brands in 2014, bringing leading brands such as Jimmy Dean, Hillshire Farm, and Ball Park into the portfolio. Since then, we've delivered significant organic growth. In fact, we've grown faster over the last two years than any other major player in food. Our model is based on two simple principles: grow demands and expand margins. That's our powerful, virtuous cycle for growth, which also, in turn, provides earnings stability. Smart, sustained investment increases consumer demand and value-based consumer pricing power in the marketplace. The Tyson protein supply chain advantage, which includes our fresh meat and chicken businesses, enables surety of supply, cost and quality advantages, and helps provide fuel for prepared investments. We are leaders in protein and have a portfolio that offers protein throughout the day, a clear growth advantage for us. Our superior products are backed by leading equities that extend across channels and geographies. Every morning, millions of consumers reach for our Jimmy Dean sausage, egg, and cheese sandwiches, and restaurants serve our thick-cut applewood smoked Wright bacon. Throughout the day, people of all ages are loading their sandwiches with Hillshire Farm premium lunch meat or grilling a Ball Park Angus beef hot dog. And consumers can't get enough of our emerging portfolio of protein snacks, which makes protein easy and accessible wherever and whenever they want it. This, combined with our strong strategic customer relationships and flexible manufacturing capabilities, positions us for sustained leadership wherever and whenever consumers are eating protein. Protein is the place to play. More than half of consumers say they are adding protein to their diets, and 88% of consumers are eating more or the same animal protein as a year ago. And over the past year, protein is outpacing total food and beverage growth by more than 1,000 basis points. Our retail categories are well-positioned against consumer needs and have demonstrated strong growth momentum. These categories showed strong growth heading into the pandemic and continue to grow, with many outpacing prior trends. Our deep consumer and marketplace knowledge enables us to proactively grow our presence in these attractive protein spaces. Iconic brands are at the heart of our consumer value creation model. Brands that last in the cultural landscape and matter in people's lives create business value. We build those brands. Our brands are No. 1 share in 8 of the 10 categories in which we compete. Distribution for our total branded portfolio is almost 95% of U.S. retail, and Tyson-leading brands’ average unaided awareness is 1.3 times higher versus competition. This leadership has resulted in remarkable results. We have delivered 13 consecutive quarters of retail share growth, with about a point of share gains across our core lines in the last 52 weeks. In fact, over the past 2 years, our portfolio of brands grew faster than all other manufacturers, with at least $5 billion of retail sales. Our e-commerce business is up 53% versus a year ago, with nearly half of all U.S. households buying our products in e-commerce. Our agility in this space sets us up well for the long term, given the accelerated consumer adoption of this critical channel. This performance is driven in part by our continued commitment to demand-driving marketing support. Our share of voice remains dominant, especially for key brands like Tyson and Jimmy Dean, both of which are north of 60% share of voice. Let's take a look at some of our marketing campaigns that keep our brands relevant and top of mind for consumers. A closer look at Tyson and Jimmy Dean demonstrates our impressive results. Over the past two years, Tyson and Jimmy Dean were in the top 10 in terms of absolute retail dollar sales growth among all food brands. That's more than 40,000 brands. We also have a leading food service portfolio that competes across several distinct channels, each with unique dynamics, from quick-serve and fast casual restaurants to broad line distributors that serve a smaller restaurant and non-commercial operators. Our strong customer relationships, combined with a diverse portfolio, including powerful brands like Jimmy Dean, is recognized through our share leadership. 90% of our food service portfolio has a number one or two share in the marketplace. Amid the impact of the pandemic, we have outperformed the food service market, given our portfolio is weighted towards less impacted channels and customers, but also because of our strong portfolio, brand strength, and customer relationships. While we have seen impressive momentum in key areas across our portfolio, there are some headwinds impacting short-term profitability. We are in an environment with accelerated and unprecedented inflation, and while we've taken significant pricing actions across the portfolio, there's a lag impacting margins. Even as we've been gaining share and winning versus competition, strong consumer demand across our categories is impacting our ability to service customers at the world-class levels we expect of ourselves. We're navigating a highly competitive labor market, which is impacting our operational efficiencies. Despite these short-term margin challenges, we have a resilient strategy in place, which gives us confidence to return to double-digit ROS. As you look at the impact of the prepared portfolio, you see consistent top-line growth and our ability to deliver strong ROS results. More recently, through the pandemic, we have used our manufacturing flexibility across channels to adjust to the unprecedented demand of consumers eating more in home. While the food service industry has seen significant declines, our diverse portfolio and operational agility has helped us meet consumer needs and purchasing behaviors wherever and whenever they are looking for our products. So let's talk about the actions we're taking to build on our strengths and overcome the headwinds. Our focus remains simple: grow faster than our categories through driving profitable growth in our core, innovate and acquire into new spaces, and create fuel and flexibility to continue investing in the business. Let me dig into each of these three focus areas. There is still meaningful room to grow in the categories in which we compete. Take a look at the gap between each of the bars. That's the penetration upside in each of our core categories, and the large majority of these brands have achieved growth versus two years ago. A couple of examples illustrate the opportunity. Over 80% of American households buy lunch meat. Hillshire Farm is the number one premium brand, and there are still a lot of category users that didn't choose us over the last year. Another example, hot dogs. Almost 70% of households bought hot dogs last year. Ball Park is the highest penetration brand in the category, with 26% penetration. Over 40% of American households bought a hot dog last year, but did not buy Ball Park. It's a big number and a big opportunity. We also need to give ourselves the room to grow with our manufacturing footprint. We have started investing more than we have historically to strategically expand capacity and modernize our network to meet existing demand and future growth aspirations, both domestically and internationally. When we combine this upside potential in current categories with innovation, robust marketing support, and capacity investments, we feel great about our retail growth prospects. While the market recovery from the pandemic has been uneven across the food service landscape, we have performed better than the industry when we index versus 2019. This is driven by our development in quick service restaurants and convenience store channels, which have recovered faster. Our portfolio disproportionately plays in these advantage spaces, which represents 60% of our food service sales. In addition to our leadership in key channels, our portfolio strategy will focus on growing sizable categories where we have a right to win, like breakfast, sandwich and handhelds, and pizza, while at the same time ensuring we reduce our network complexity to improve manufacturing efficiencies and reduce costs. We'll also expand our operator reach through an elevation of digital capabilities and sales focus to ensure our customers experience the high quality, comprehensive breadth of our portfolio. Finally, we will accelerate our brand building efforts in food service to help operators build traffic back to their outlets. Now for a few ways that we're expanding into new spaces. Jimmy Dean is the undisputed share leader in frozen protein breakfast, and we're always looking for ways to address new consumer needs where Jimmy Dean's trust and credibility can unlock new opportunities. This could be making favorite QSR items more convenient at home, like the breakfast burrito that's seen phenomenal success, or more recently, how we've broadened our frame with launches like breakfast nuggets, which nudge the brand into adjacencies. Jimmy Dean breakfast nuggets deliver high protein and nutrition to fuel kids' mornings in a familiar form, ready in the microwave in less than 2 minutes for a quick, satiating breakfast kids will love. Snacking represents roughly half of all eating occasions today and continues to grow, with 35% of consumers stating that they're snacking more versus a year ago. This is true with kids as well. Kids have been given more autonomy in their snack choices, with 84% of parents agreeing that my kids now have more of a voice in what we buy for snacking. As a leader in adult snacking, we're expanding our successful Hillshire Snacking portfolio and addressing a large and growing white space in the $3.6 billion kids refrigerated snacking category. Consumers consistently recognize Hillshire Farm as a high quality and trusted brand. With a variety of quality and kid-friendly meats, cheeses, and treats, Hillshire Farm Snacks addresses the number 1 dissatisfier in the category, which is poor product quality. Given it also provides 8 grams of protein and a good source of calcium, we know parents will be excited. Our Hillshire Farm retail portfolio has 93% brand awareness among consumers. With such a high level of awareness and trust already built into the brand, it's the perfect choice to represent our complete portfolio of foo d service pizza offerings. In 2022, Tyson Foods ervice will align the pizza portfolio under the Hillshire Farm brand and will launch innovation that delivers on product attributes consumers desire and helps operators differentiate their menu. We continue to be excited about alternative protein as consumer interest and adoption grows. Since launching our Raised & Rooted brand in 2019 with plant-based nuggets, we've expanded our portfolio to include fresh items, including burgers, ground, and sausage. These new products not only taste great, but also have 75% less saturated fat than traditional options. Most recently, we launched two alternative protein breakfast items featuring plant-based patties through one of our power brands, Jimmy Dean. With these new launches, Tyson alternative protein retail sales are up over 500% in the last year, in a category that's grown 5% in the same period. We continue to build our reach. Raised & Rooted has increased distribution by over 100%, and Jimmy Dean is now in over 8,500 stores. Last fall, we announced the expansion of Raised & Rooted products in Europe and have recently launched several new products in the Asia Pacific region under the legacy First Pride brand. Looking ahead, Tyson will continue to drive growth in alternative protein by expanding our portfolio, both through Raised & Rooted and our power brands, and by further developing our global footprint. These expansions will be built on the core capabilities and infrastructure that we have built across procurement, R&D, manufacturing, and supply chain. These capabilities, combined with our global network and deep consumer relationships, give us a great competitive advantage that will help us lead in this space. The final critical component of our strategy is creating fuel to reinvest and expand margin and flexibility to further our agility across our manufacturing network. Our disciplined cost and revenue management are critical capabilities for us to navigate and offset the sizable inflation we're seeing across the business. In addition to pricing to offset inflation over time, we are acutely focused on removing costs from our network. Let me give you a couple of examples of what this looks like. The first is SKU complexity. Our food service portfolio has products in 40 categories, and over time have become expansive. We have completed a full portfolio optimization review, which will result in fewer SKUs, unlocking more volume while continuing to provide variety across our categories. Additionally, we have opportunity to improve our distribution network. In circumstances where we have sizable, consistent shipments of our core products to customers, we are creating opportunities to bypass our internal distribution centers and ship directly from our plants to customer DCs. This minimizes miles on the road, cuts down order delivery time, and ultimately improves the efficiency of our network. As I shared earlier, we are making significant capacity investments in strategic categories to enable the long-term growth of this portfolio, and within that investment, we're creating world-class automation capabilities. And lastly, but most important, we want Tyson to be the most sought-after place to work. We will continue our relentless focus on team member safety, and we're implementing transformational changes to further improve our team member experience, such as flexible schedules and career path development for our hourly team members. This three-pronged strategy will further cement our leadership as an omni-channel protein powerhouse. Strong category demand, combined with our continued investments in our leading brands and portfolio through capacity, marketing communications, and investments in our team, positions us well to drive short and long-term performance. We'll build on our top line momentum and deliver 4%-5% organic volume growth through our brand building and consumer-driven innovation while continuing to shape our portfolio through M&A. As we navigate the unprecedented inflationary environment, our disciplined cost and revenue management will drive ROS performance in a targeted range of 10%-12%. I continue to be excited for the future of our Prepared Foods business, and I appreciate our time together today. Hello, everyone. My name is Shane Miller, and I serve as the Group President for our Beef and Pork segments, or what we collectively call Fresh Meats. Beef and pork are an important part of the Tyson portfolio and have historically delivered strong earnings growth and cash generation. Our historical returns have been consistently solid, and the future for both our beef and pork businesses remains compelling. Let's start with beef. Beef plays a vital role in the diets of global consumers, and Tyson is delivering against that consumption trend. The OECD anticipates an additional 9.5 billion pounds of new beef consumption by 2030, the majority of which is expected to come from Asia. In the U.S. alone, approximately one in every three pounds of protein consumed today comes from a beef product. The U.S. population is expected to grow at a compound annual rate of nearly 1%, which will generate more beef consumption in the future. The result of these trends is close to 400 million pounds of incremental beef consumption in the U.S. alone. I'll discuss how we're investing in our beef businesses to capitalize on these trends in a few minutes. During fiscal year 2021, our beef segment was the largest of any of our segments by sales dollars, comprising 37% of total company revenues. This also came with strong sales channel diversity. About half of those sales were made through retail, about a quarter through food service, and nearly 15% were through international markets. The United States is a leader in global beef production and offers superior taste and quality when compared to beef products sourced from other markets. Global consumers increasingly prefer U.S.-produced beef, which has led to stronger global demand. This preference for U.S. beef is paired with ample availability of cattle grazing land and excellent proximity to grain-based feedstocks, resulting in an efficient supply chain. These factors, in combination with Tyson's industry-leading operational excellence, global scale, and position as a low-cost operator, all support a sustainable long-term competitive advantage for our beef business relative to other global producers. Looking at our financial track record, beef has delivered strong sales growth and improved adjusted operating margin since 2016. We have been rewarded by our customers for bringing valued solutions for their businesses. We've built strategic relationships to deliver financially sustainable results, and we're well positioned to drive strong margin with accelerating global demand. Now let's move to an overview of the pork segment. Consumption of pork products is expected to grow at a faster rate than other proteins over the next decade, creating a long-term lift for our pork, Prepared Foods, and our international business units. Global pork consumption is expected to grow at a compound annual rate of nearly 2% through 2030, leading to more than 41 billion incremental pounds of pork consumption during that time period. According to the USDA, pork consumption in the United States is expected to grow at a slower rate than the rest of the world, albeit still at a strong pace. Both per capita consumption and population are expected to grow through 2030, which will create incremental U.S. demand of approximately 1.4 billion pounds of pork products. The pork segment has historically been a key contributor to total company sales and profitability. The segment represents about 11% of total company sales, and like beef, has a very diverse sales channel mix. Pork has strong retail, international, and industrial sales channel penetration, but also has the largest proportion of intercompany sales of all of our segments due to its critical role in providing raw material supply into our prepared food segment. These products primarily consist of hams, bellies, and trimmings, and create a critical link between the two segments and the surety of supply for our Prepared Foods team. The pork segment sales have trended upwards over time because of strong global demand, but profitability has recently been impacted by higher livestock and operating costs. As Donnie mentioned earlier, we're working across the enterprise to invest in automation and technology, as well as team member experience, to ensure we have the people and the resources to operate at a competitive, sustainable cost profile. As we look ahead for both our beef and pork businesses, three strategic pillars will be key to driving and maintaining our competitive advantage. First off, number one, having strategic supplier relationships resulting in quality excellence. Secondly, differentiated value-added product solutions are critical to our success. And finally, third, growth in strategic channels and product categories. We have industry-leading procurement capabilities that enable our competitive advantage, and we have two primary objectives related to those specific procurement capabilities. First off, we have procurement strategies that allow us to maintain reliable access to high-quality livestock supply. We work with thousands of farmers and producers to procure animals, and we can partner with them on the most sustainable practices. We are one of the largest supporters of independent producers in the United States, and they've proven to be the best and most efficient for providing us with high-quality, grain-fed livestock. Secondly, the relationships we have with suppliers enable us to deliver superior product solutions to our customers by unlocking the quality and value in those animals we process. All this while staying committed to industry-leading sustainability efforts that create visibility into our supply chain for our customers and, ultimately, the consumers. An example is our FarmCheck program that drives accountability, consistency, and transparency between Tyson and its livestock suppliers that enable us to enhance and validate animal welfare practices that our customers value. Our second strategic initiative for beef and pork is to provide customers and consumers with differentiated, value-added solutions. As Donnie mentioned earlier, this means case-ready and premium-branded programs, and leveraging our position as the beef and pork experts. We've talked a lot as an organization about our investments and gradual evolution towards higher-margin, value-added products, and there is a clear opportunity here within beef and pork. Our actions to accomplish this objective include expanding our case-ready network, growing market share with our premium branded programs, and enhancing our ability to deliver customer-centric solutions. Our beef and pork segments exist on a value-added continuum that we refer to as the value pyramid, and our focus is to shift more volumes up into the higher-value and higher-returning product types. At the top of the pyramid includes products that fall within our case-ready and our value-added businesses. This grouping consists of the highest margin sales across our beef and pork segments. Our emphasis to maximize sales volumes in these categories is paying off, which has led to a compound annual growth rate of our value-added volumes of about 2% since 2016. We plan to continue our investments behind these capabilities, specifically our new case-ready facility in Eagle Mountain, Utah, which came online in Q4 of last year. It will substantially improve our capabilities in this important space. Additionally, we've converted a former Prepared Foods facility in Columbia, South Carolina, into a case-ready plant to supply customers near the East Coast. These new plants help meet growing customer needs while also helping to solve critical staffing and operational challenges for them. These investments support our objective to grow value-added volume in beef and pork by 40% over the next 3 years, an ambitious but achievable goal that will fundamentally improve the margin profile within fresh meats. Driving growth in strategic channels is another important unlock of the margin improvement within beef and pork. We've grown our export business over time and across markets, channels, and segments. Specialty products are also an avenue to increase incremental revenue for the business, and I'll explain more in the following slides. You'll recall from the value pyramid I showed earlier, that beef and pork export sales earn relatively strong margins through this channel. As a reminder, this is a function of a global demand for high-quality, better-tasting, and reliable U.S.-produced beef and pork. Export opportunities have grown recently for our products, which, in addition to the factors I just referenced, are also a result of the production constraints across competing countries, plus the challenges ASF has posed for many customers across the globe. Specialty products will also continue to be a significant driver of revenue for both our beef and pork businesses. Specialty products are commonly referred to as the beef and pork drop, and represent the products generated on the harvest floor of our plants, such as hides, organs, fats, oils, and bones. Our margin structure in beef and pork has benefited from our intentional efforts to route each part of the animal through the highest valued sales channel, and specialty products are a great example of that. Generally, around 10% of the value realized from cattle and hogs comes from the drop. In looking at the USDA data, the value of the drop has increased at a dramatic rate since 2018 across both the beef and pork segments. As you can see, fats and oils comprise a large portion of the growth in that revenue stream, and we're capitalizing on that growth. Historically, Tyson's fats and oils have been sold to downstream users of these crude byproducts. But in 2019, Tyson announced a joint venture with Jacob Stern & Sons, called JST Global. Our relationship with Jacob Stern & Sons dates back over 50 years, and the partnership is a natural evolution and positions JST Global to meet growing worldwide demand. This gives us the optionality to either refine for use as the feedstock for the renewable fuels industry or market into existing sales channels to maximize margins. Demand has certainly increased for these products in the past year. Greater interest in sustainability, green solutions, and renewable fuels has led to enhanced value over the past few years. We have the capabilities to win in this space and the ability to grow with marketplace trends over time. Our outlook and midterm targets for the beef and pork segments reflects our expectations for continued strong demand to underpin volume growth. We see 1%-2% compound annual volume growth over the next 3 years relative to 2021 for both segments. And in beef, we also expect to deliver healthy profitability and are targeting adjusted operating margins of 5%-7% over the midterm horizon. Coming off the recent historic highs in 2021, we see sufficient cattle supplies and continued strength during the first half of fiscal year 2022. However, we do anticipate a tightening in cattle supply because of higher grain costs and drought impacts that have led to modest herd liquidation, and this has and will likely continue to lead to higher animal costs over time. In pork, we plan to deliver strong profitability and are also targeting adjusted operating margins in the 5%-7% range over the midterm horizon. Hog availability is expected to improve, while per head costs will adjust accordingly. These factors, when paired with our disciplined operational execution, should provide the support needed to return margins to a more normalized historical range. In support of both beef and pork margin targets, we are investing in our case-ready capabilities to support sales mix and margin improvement, while also driving automation investments to reduce our reliance on labor, especially those more difficult and hard-to-fill roles. To close, I'm extremely proud of what the fresh meats team has accomplished and what we have delivered. Across both the beef and pork segments, our differentiated production capabilities, industry-leading operational excellence, and intentional efforts to value up our products are clear. These businesses play a critical role in strengthening and diversifying Tyson's combined earnings power, while also delivering the cash flows needed to not only support initiatives within fresh meats, but also other higher growth areas within Tyson's portfolio. I want to personally thank you for your time today, and specifically for your interest in the fresh meats team. Hello, I'm Chris Langholz, and I serve as Group President of the International Business for Tyson Foods. Our international business includes operations located in four regions, China- Korea, APAC, Europe, and Mexico. Today, the results of our operations in these regions are captured as our international other in our financial reporting. For reference, though, I will talk about U.S.-based export sales into the international markets. Those sales are reported under the appropriate chicken, beef, pork, or prepared food segment figures. For more detail on the separation between in-country sales that flow into international other for segment presentation versus export sales reported within our other segments, please refer to the segment reporting sections of our 10-Q and 10-K. The mission to address consumer demand for protein outside of the United States is not new to Tyson. We have meaningful sales outside the United States today, serving customers and consumers in approximately 145 different countries. We have generated over $6 billion in sales during the trailing twelve-month period ending June 2021. This amount is comprised of $1.9 billion in sales in the international business and approximately $4.4 billion in export sales from U.S.-produced products sold outside of the United States. Our investments to diversify our production and sales capabilities, paired with supply chain and market development excellence, have enabled Tyson to grow our overall sales profile outside the United States to approximately 14% of total company sales. Our overarching principle for the international business is to lead locally while leveraging globally, and our aggressive investments in this area will help us to continue to grow as a percent of total company sales over time. Historically, our operations outside of the United States have focused on food service. In fiscal year 2020, more than 60% of our international business sales were generated in the food service channel, and that leadership in the food service channel has come from business acquisitions. This includes businesses in China, Malaysia, Thailand, and Australia that were acquired in November of 2018, as well as a business in Thailand and assets in Europe purchased in June of 2019. These acquisitions helped us to further deepen our relationships with strategic food service customers. In addition to continuing our growth in food service, we have a tremendous opportunity to scale our retail presence outside of the United States. For example, the Tyson brand is one of the most recognized and respected retail brands in all of China, and we're using that to our advantage. Our intentional efforts to grow internationally are clear when looking at our recent results. We have grown our sales by 37% on a compound annual basis from fiscal year 2016 to our latest reported results. Our earnings are improving, too. Look at the adjusted EBITDA. The business has delivered incrementally better earnings results since 2016. As we continue to invest behind our international platform, we expect earnings to accelerate from here. Our aspiration for the international business is simple, to drive profitable growth in key demand markets with locally relevant products, enabled through a global supply chain to service customers as One Tyson. And there are three building blocks to accomplishing that aspiration. One, a focused strategy with clear where-to-play choices. Two, capability building to create competitive advantage. And three, capacity expansions focused on value-added poultry. Let's walk through each of these in greater detail to shape the picture of how the international business will profitably serve international demand growth. Starting with our focus strategy. When we assess our choices of where to play internationally, we have a lot of options across geographies, proteins, and channels. So we must make disciplined, focused choices to build a strong foundation. We are investing to grow our scale and differentiated capabilities in the countries and proteins where we expect outsized consumption growth. First, we invest in countries where we can win through leveraging our global supply chain, enhancing our local capabilities to drive incremental value, which we refer to as One Tyson. With One Tyson, we see focused investment in select countries with the highest consumption growth rates as the pathway to sustainable market leadership and competitive advantage. Second, chicken is winning internationally, so we are differentially investing to grow in locally relevant categories with a focus on chicken first. Third, we are prioritizing retail growth in the globalization of our powerful brands, starting with the Tyson brand. Building a footprint to profitably serve global protein growth involves making decisions about where to play. Across beef, pork, and poultry consumption, the world is projected to consume almost 95 billion pounds of incremental protein by 2030. Of that amount, over 60 billion pounds of the growth, or 64%, will come from Asia alone. This region is prioritized for investment outside of the United States. Our footprint in Asia is already meaningful, but a tremendous amount of white space in this region remains for future growth, particularly in China. When we think about which proteins to produce, we anticipate that globally, nearly 44 billion pounds of additional poultry are expected to be consumed by 2030. Here again, Asia, specifically China, will drive a disproportionate share of the growth. This demand trajectory supports differential investments in Asia and in poultry, and from there, extensions into protein, brand, and channel adjacencies come naturally. Now let's turn to our aspiration in retail. Our international business is growing retail exposure through targeted brand deployment and investments in commercial capabilities that we simply have not had historically in our international markets. And that's leading to brand recognition at rates that compare to those seen in the United States. Tyson is now one of the most recognized brands in China. With this success, the opportunities to develop and extend other future iconic brands in the international space becomes clear, and we're already delivering against that opportunity. We're meeting international consumers at the intersection of quality, safety, and locally relevant product attributes, and the strategy is winning. We're globalizing our portfolio of loved brands internationally. Tyson, Jimmy Dean, Raised & Rooted, and First Pride are making their way to dinner tables around the world. We're making investments in brand management, category development, and retail execution to drive retail penetration and value-added mix improvement in stores over the next three years. Through these actions, we see retail growing from 15% of our sales in FY 2020 to over 35% by FY 2024. When we think about developing a truly unique and differentiated international business, it involves delivering a combination of both in-market and centralized capabilities in support of our growth objectives. We understand the importance of being close to our customers and consumers, which enables the most complete understanding of the product attributes, flavors, and formats that will succeed in global markets. In Shanghai, our Sun House Innovation Center is a great example of where we have built local capabilities to better serve customers. This direct business to consumer innovation format enables an invaluable closed-end feedback loop that helps us quickly adjust to consumer needs and enhances our innovation, decision-making, and speed-to-market capabilities. And then there are capabilities that need not be local, that provide opportunities to tap into existing scale and expertise of our domestic businesses and corporate resources. This is the power of One Tyson. We've talked briefly in the past about One Tyson and the future opportunities it brings, but I want to dive in with a bit more granularity, given its impact on the international business. Our U.S.-based businesses produce a variety of products, most of which are sold in the United States. The balance of these products make their way to international markets, generally in the form of bulk exports sold to commodity brokers who quickly sell to a downstream user. This includes products such as chicken paws and leg quarters. One Tyson enables the sale of these U.S.-based products into our own international business, where we then add value, brand, and sell into our own consumer-ready product, SKUs. This enterprise-wide view of global sales opportunities across geographies, proteins, and channels is the essence of One Tyson. Another core capability that we leverage is related to inorganic growth. M&A is core to the international business's growth aspirations, and discipline is critical. Inorganic growth has significantly improved our scale and profitability in the recent past. The third pillar of our growth strategy is to invest in our production capabilities. Through 2024, we plan to grow our fully cooked volumes by 30% through organic growth in markets where we already have operations. We have 7 cook factory capacity expansions underway in the international market, 6 of which are in Asia. These investments will allow us to execute against our strategic intent to grow value-added volumes, especially in Asia, as well as diversify our product offerings. Our investments in local value-added plans adds important capabilities and resiliency to our global supply chains and the ability to supply customers with both local and imported value-added products. To close, our roadmap to profitably serve global demand is compelling. Between FY 2021 and FY 2024, we expect to deliver organic volume growth. With this very strong organic volume growth, we also expect to deliver EBITDA in the mid-single-digit range through FY 2024. The delivery of this future performance will be the result of the series of very intentional decisions that we're making regarding international growth. One, investing in local assets in countries with high growth rates. Two, growing locally relevant, value-added categories with a focus on poultry first. And three, prioritizing retail and the globalization of our powerful brands. Thank you. Hello. Thank you for spending your time with us today. I'm John Randall Tyson, a fourth-generation member of the Tyson family, and I'm proud to be joining you today to discuss our work as the company's Chief Sustainability Officer. From the time that my great-grandfather founded this company in 1935, we have consistently found creative and innovative ways to feed people responsibly. With a population that is estimated to grow by an additional 2 billion people over the next 30 years, and rising incomes driving a preference for more protein in the diet, we serve an important role in ensuring global food security. More than ever, our work is occurring against the backdrop of a world that is more complex, and we must continue to demonstrate creativity and innovation to build a more sustainable, accessible food system. The idea is bigger than just doing better. We must think differently about how we solve the world's most complex and important food system challenges, and we're up for it. Tyson Foods has a history of leadership and sustainability. In 2018, we announced our target to reduce greenhouse gas emissions 30% by 2030. We're the first U.S. protein company to receive approval from the Science Based Targets initiative, but we didn't stop there. Earlier this year, we further expanded this target by announcing our ambition to achieve net zero emissions across our global operations and supply chain by 2050. In another milestone, back in September 2020, Tyson Foods became the first major U.S. food company to work with Where Food Comes From to verify sustainable production practices at scale in our beef supply chain through the BeefCARE Program, an industry-leading sustainability verification program for cattle ranchers. We've also been a leader on animal welfare. In partnership with the University of Arkansas, we launched the Center for Sustainable Broiler Welfare Research. This facility is enabling measurable, preference-based welfare and health studies with broiler chickens that will improve how we operate for years to come. On water, we continue our work with the World Resources Institute to build upon previous initiatives that included a water risk assessment, focused on our exposure to water stress within our processing facilities, and the development of a water stewardship strategy. We're currently working to establish contextual water targets, which consider the local environments and conditions to make meaningful change. And finally, the expansion of our international footprint in recent years has resulted in the need to reassess the risk of deforestation across our operations and supply chain. That's why in October 2019, we engaged Proforest to help conduct a deforestation risk assessment across our global agricultural supply chain, focusing on four key commodities: cattle and beef, palm oil, soy, and pulp, paper, and packaging. The assessment concluded that 94% of our land footprint is at no to low risk. To proactively address the 6% at risk, we developed and publicly released a forest protection standard, which outlines the steps we will take to continue minimizing deforestation risk and protect the forests in the geographies where we source commodities with the highest potential risk. Now, we recognize that to drive environmentally and socially responsible progress while leveraging strong corporate governance, we must have measurable top-down goals and accountabilities within our organization. This is precisely the reason that in early 2021, our board unanimously agreed to the addition of ESG oversight to its board charter, fortifying the board and leadership team's responsibility and accountability to drive progress in these critically important areas. The elevation of ESG priorities not only gives these important initiatives a high degree of visibility and importance at the most senior ranks of our company, but also allows us to embed the initiatives into our segment and enterprise strategies, as well as the decision-making processes we use to run our business. Everyone has a role, and we want to make that clear. In fact, all officer compensation, enterprise-wide, had their compensation tied to ESG metrics this year. Back in June, we introduced our purpose-driven sustainability strategy that we call the Formula to Feed the Future. This strategy spans three major pillars. They are empowering people, customers, and communities, conserving natural resources and protecting our planet, and innovating for smart, responsible agriculture. Empowerment, conservation, and innovation. We recognize that our success as a leading protein company is, in many ways, a testament to our people and our relationships. The dedication of our team members, the support of the communities where we live and work, and the customers who trust us every day to deliver satisfying and nutritious food, all play a part in our ability to deliver sustainable food around the world for generations to come. We're dedicated to delivering sustainable food at scale for our growing world. Fulfilling this mission requires protecting and respecting natural resources as we grow our business, including the land, water, and energy needed to grow ingredients, raise animals, and run our facilities. Throughout our history, we have always found newer, better ways to feed people responsibly, and we'll continue to do that through innovative, responsible agriculture. Team member health and safety remains our top priority, and it's central to the empowering pillar of our sustainability strategy. We've made substantial progress in reducing OSHA recordable events across the company, but with our goal set to zero, this means there's more work ahead. We do all of this while continuing our great work in our communities to be good neighbors to those in the areas that we operate. In many instances, Tyson is the largest employer in our communities, and we recognize the responsibilities that come with that status. As such, we've made substantial commitments to hunger relief and food access, not only in our local communities, but also nationwide. During the last fiscal year, we made the largest amount of food donations in our company's history, the equivalent of approximately 124 million meals. Part of our duty to our communities is an investment in our team members. It is those team members that drive the diversity and success of those communities, and we've not only made substantial investments in their wages, but also in non-traditional benefits such as medical clinics, childcare, and transportation. I'm especially excited about and proud of our Upward Academy program. This provides team members with literacy, financial, and life skills that will help them succeed. And finally, we're proud and stand firmly behind our decision to mandate vaccinations across our U.S. workforce. From the onset of COVID-19, we've clearly demonstrated our steadfast dedication to team member health and safety. We have a history of leveraging every tool at our disposal to protect our team, and our recent vaccination mandate is yet another example of us doing exactly that. On diversity, I think it's fair to say that Tyson Foods is one of the most diverse organizations in America. Our team members speak about 50 languages and come to Tyson from countries all over the world. We disclose the composition of our workforce by gender and race every year in our sustainability report. This year, we were pleased to welcome our first ever Chief Diversity Officer, who will lead efforts to make this company better reflect the world we serve. To that end, we also have a supplier diversity team that helps us continuously look for opportunities to work with minority-owned, veteran- and service-disabled veteran-owned, women-owned, and small businesses. This is critical to helping us meet our high standards for quality products, and it's part of our commitment to our core values. We also seek to be a faith-friendly employer, and we recently received recognition on the religious inclusion; Corporate Religious Equity, Diversity, and Inclusion Index. Tyson is also committed to conserving the natural resources entrusted to us and to protecting our planet. Our priorities include water, greenhouse gases, waste, and packaging. The organization is devoted to upholding and delivering against our environmental commitments, and we're working to develop roadmaps to further detail how these and other initiatives will drive us toward net zero carbon emissions by 2050. The plan includes establishing a pathway to using 50% renewable energy across our domestic operations by 2030, expanding our total land stewardship acre targets by 2025, and continuing to eliminate deforestation risk throughout our global supply chain. Each of these initiatives independently supported our efforts to improve the way we interact with our environment and the resources around us, but we've still got work to do. Now, the third pillar of our sustainability strategy focuses on innovation, and we're innovating in a way that creates a more responsible agriculture ecosystem. One area where we really see this come through is in our work related to animal welfare. Here, our mission is to raise the world's expectations for how much good food can do by continuously improving the welfare of the animals entrusted to our care. Our vision is to be the world leader in animal welfare through compassionate care based in sound science. Land stewardship is another key priority that we've talked about. Tyson Foods is committed to helping U.S. row crop farmers reduce greenhouse gas emissions while benefiting soil health and water resources. With our partners at the Environmental Defense Fund and Farmers Business Network, we provide technical and agronomic assistance to help improve row crop corn yield with a goal of maximizing positive environmental outcomes. This also helps farmers meet increasing consumer demand for more sustainably grown food. We recognize that the challenges that we face are complex and require a variety of stakeholders to come together to drive impact. Our work with external partners spans NGOs, SRIs, academia, and other stakeholders, which help us explore both new ideas and best practices as it relates to a sustainability strategy. We're also exploring opportunities to partner with direct industry participants through roundtable advisory councils. When we bring all of these stakeholders together, we make tangible progress. So to conclude, I'm proud of the work being done by our team members to make Tyson a more sustainable company today and into the future. Clearly, there's a lot to be excited about. Our work to shape the future of food is far from over, and we're proud of our leadership. Thank you for your time today. Hello, everyone. I'm Stewart Glendinning, and I serve as the Chief Financial Officer for Tyson Foods. I'm pleased to be able to share some perspective on our growth, our financial targets over the midterm, and our plans for the disciplined deployment of capital. We're committed to delivering shareholder value, and Tyson has all the right ingredients to drive value creation. We have a solid track record of driving sales growth, a compelling path forward to deliver future earnings growth, a strong balance sheet that provides optionality, midterm financial targets that reflect our confidence in our earnings growth expectations, and capital, which will be deployed to deliver strong returns. Let's start by looking at our growth since 2016. Our track record on sales and volume is encouraging. Our sales grew at a 5% CAGR over the past 6 years. You can see sales volume grew at a 2% CAGR despite pandemic impacts. We were able to translate that volume and top-line sales growth into income and cash flow growth. Tyson has been very effective at generating cash. Note that 2020 had the benefit of CARES Act tax deferrals, along with a reduction in working capital as volumes pulled back during the pandemic. Those taxes will be paid in this year, and from there, working capital will grow as the business grows. We've grown earnings per share over time, and we plan to continue to deliver earnings growth in the future. We expect to grow faster than the market, improve our operating margins, and drive enhanced returns on invested capital. Let's look at each of these. Tyson's in a strong position to grow earnings over time. First, we plan to grow faster than the market. Every part of our business sees volume growth ahead. To grow faster than the market, you need differentiated products, available processing capacity, and strong customer relationships. Tyson has all three. The breadth and depth of our product portfolio is differentiated. Our branded products, like Tyson chicken, Jimmy Dean sausage, Hillshire Farm lunch meat, and others, have enjoyed 13 consecutive quarters of growth. In food service, our QSR customers are growing rapidly, and we've been working to meet their growing demand. As the rest of food service recovers from the impacts of COVID-19, we plan to lead that growth. We will have the capacity. We're focused on filling our existing capacity in areas of underutilization. Remember, those fixed costs are already being incurred in those plants, and new volume will grow our profits. We're investing to meet growing consumer demand, as well as to meet the needs of our customers. New capacity will accelerate brand growth, deliver on volume expectations, and strengthen our profits, all the while leveraging our overhead cost base. Over the next decade, more than 92% of the world's protein growth will come from outside the U.S., and our expansion plans are designed to capitalize on that growth. And so, in our international business, we're expanding in fast growth markets and adding more than 30% to our existing capacity. We are first choice for our customers, and we will partner with them for growth. This is a position we intend to protect. We plan to grow faster than our competition by ensuring that our success is predicated on our customers' success. Second, we are absolutely laser-focused on improving our operating margins. This will come from cost reduction, asset utilization, and pricing for inflation. We have a comprehensive program to take cost out and drop it to the bottom line. This program will, when combined with higher utilization rates, expand and grow our operating margins. Of course, as we invest in automation, artificial intelligence, and other deliberate actions to increase efficiency, we expect returns to be additive to our profits. Third, we will build on our competitive advantage to continue to lead the market. This means leveraging our broad product portfolio, capitalizing on our scale, and using our strong balance sheet to invest in future growth. Let's take a closer look at our segments and our international business. We have a portfolio of businesses that spans multiple channels, dining occasions, and proteins, including alternative protein. Volatility in any one business can therefore be offset by strong performance in another business. This is precisely why we have built the portfolio we have, and I believe our performance over time speaks for itself. We expect growth across all our businesses, and we expect it especially in Prepared Foods and chicken and international. You can see the projected volume CAGRs at the bottom of the page. In addition, we expect margin improvement across all the businesses, except for beef, which had an extraordinary year in 2021 because of supply chain and labor disruptions. The good news for beef is that global demand is growing, while the resources needed to produce beef products, such as feed imports and grazing land, remain limited globally. For that reason, we're targeting 5%-7% return on sales for beef in fiscal 2024. Prepared Foods and chicken are expected to deliver significant margin improvements by fiscal 2024, and our current estimates show both to be at the higher end of their respective ranges. Across our business, growing labor availability will strengthen our ability to leverage increasing demand. Higher rates of utilization will have a positive impact on our unit cost and margin profile. Prepared Foods and our international operations will benefit from the addition of new capacity that will again accelerate our brand growth. In chicken, we're building capacity to meet demand for fully cooked Tyson-branded products, where today, we're unable to meet the marketplace demand. Our production planning and network design will deliver significant increases in chicken slaughter capacity without increasing fixed costs. Our midterm financial targets reflect confidence in our strategic choices and our ability to execute. We expect volume growth to outpace the market at 2% a year. Coupled with volume growth, fixed cost leverage, price recovery, and operational improvements will support adjusted earnings per share growth. We're targeting high single-digit EPS growth over time, although that is not expected in fiscal 2022 because of the unique set of circumstances that drove part of our performance in fiscal year 2021. Note that we're using 2019 as a baseline, since that was the last pre-COVID year. Operating cash flow generation will continue to be powerful, and we expect to exceed $4 billion annually over the midterm. In addition, we're focused on ensuring that our deployed capital delivers strong returns. We're targeting approximately 12% return on invested capital, significantly more than our cost of capital. So in sum, we expect our business to continue to grow and deliver value to our shareholders. We have a clear set of capital allocation priorities. First is continuing to build financial strength by maintaining a strong balance sheet. We will continue to pay down debt to meet target levels, manage working capital, and divest non-core assets. Second, smart investments that make our business stronger and enhance returns are critical to the future growth, both organic and inorganic. Third. We understand that Tyson is one of the many names that you can choose to invest in, and shareholder return is at the center of that decision criteria. And so we aim to continue to return cash to shareholders via dividends and stock buybacks, as our track record has demonstrated. We have significantly improved our debt to EBITDA ratio by increasing earnings and paying down debt. Comparing this past quarter to 2019, our debt to EBITDA ratio has decreased by almost half, and we've reduced our net debt by $4.6 billion over the same period. Tyson has many outlets to deploy the strong cash flows generated by the business, but our discipline in seeking out the highest risk-adjusted uses of that capital is what will enable continued growth and productivity. As we look at these capital deployment outlets, we have demonstrated and expect to continue our emphasis behind building new capacity and driving profit improvement projects. As you can see from the chart on the right, we have shifted our investment allocation to the parts of the business with the highest margins and the fastest growth. Because of the long lead times for adding capacity, we are continually planning our capital investments to meet anticipated and growing demand for protein. Current labor costs and availability have highlighted the importance of automation. We expect increasing automation investments in some of the most difficult jobs at our plants, and in doing so, we will upskill our workforce while keeping our team members safer. We'll also lower our turnover rates and reduce our costs. We have a long list of attractive organic investments, and as a result, we will commit increased funding for CapEx during fiscal 2022, and we're targeting double-digit returns. Looking beyond fiscal 2022, our levels of capital investment will depend on how we see market conditions and opportunities for growth. Note also that these increased investments are for return-generating and not maintenance capital. Talking about return, we have a keen focus on driving returns and assess all our investments using strict return criteria. We are targeting a low teens for our ongoing return on invested capital. As I mentioned earlier, we have a history of returning cash to shareholders via dividends and stock buybacks, and you can see that in the charts on this page. Looking ahead, we expect to target a leverage ratio of 2x net debt to adjusted EBITDA or better. If we make investments, which take us above this level, we will prioritize our free cash flow generation to return to the target. We plan to increase capital spending in fiscal 2022 to approximately $2 billion as we invest in meeting growing demand and in growing our business. Depending on market conditions, we may have further opportunities in subsequent years. Regarding M&A, I will say we're always looking for opportunities to strengthen our portfolio, never forgetting our stringent standards on return on investment. We'll invest only when it makes sense and only in businesses that open new avenues to value. As we look at the M&A landscape and how it can support our strategic growth priorities, we look through 5 lenses of potential value creation: brands, capabilities, geographies, scale, and synergies. We have delivered a growing dividend over time and expect a growing cash flow that will continue to support that. In fact, we've increased our dividend for 10 years in a row, and also we have historically offset the dilutionary effects of stock issuance and used excess cash to purchase additional stock. We expect to continue to do that. In summary, Tyson continues to lead the industry, and our team is focused on continuing to create and deliver shareholder value. We have a great track record of earnings growth and a healthy balance sheet. Our portfolio has powerful brands and broad customer and consumer product offerings that will enjoy above-market growth. We have opportunities to further diversify our sales as our branded product portfolio expands alongside our geographic footprint in high-growth markets. Our operational performance will improve margins as we drive for excellence. And finally, strong cash generation will allow us to deploy capital with a focus on delivering great returns for our shareholders. I'd like to thank you for your time today. Thank you. Welcome back! So we're excited now to actually move over to the Q&A portion of our Investor Day. We've got our management team assembled here as a part of our session, and I wanted to just make sure we introduced everyone yet again here. On the far left of the stage, we've got Stewart Glendinning, our CFO. He's seated next to Donnie King, our CEO. To my left, but Donnie's right, is David Bray, our Group President of the Poultry segment. As we look kind of to the back row there, starting on the far left-hand side, Shane Miller, who's our Group President for Fresh Meats, so he's got our beef and pork segments. John R. Tyson, who's our EVP for Strategy and our Chief Sustainability Officer, and we've got Noelle O'Mara, who's a Group President for Prepared Foods. So we're following all of the questions that have been in the webcast today, a lot of really excellent questions, and so we're going to try to get to as many of those as possible. We've kind of elevated those up into some critical topics. And I think out of the gate, Donnie, it looks like we had a lot of questions about our expected investments and capacity as we kind of see demand growth setting out there in the marketplace. And so as you think about the assumptions that we have around demand, what, what have we really seen there that's influenced the shape of how we're investing? Well, thanks, Megan. The good news is it's a great story. Consumers want protein, and as the world grows, so does the demand for protein. 54% of consumers indicate a deliberate intent to increase their protein consumption. 20% of consumers indicate they're consuming animal protein more often, more often than they did a year—even a year ago. We delivered growth in the retail channel across all reporting segments, driving more than $1 billion in sales improvement. We continue to see expansion in our consumer buying base, increased pounds per buyer for many of our core business lines. We're growing volume in food service. As reopening and recovery continue, consumers are becoming more and increasingly more comfortable purchasing food away from home. Yes, it is QSR-led, but we're also seeing increases across the food service channel in total. Demand for protein exports and demand for internationally produced protein remains very strong as well. So, Donnie, maybe coupled with that, we've seen some questions about just our ability to service this demand. Mm-hmm. We know we've had some challenges from labor. We've taken a lot of actions throughout fiscal year 2021 t o sort of address a lot of those labor issues. So as you sort of think about our footing right now, what are you seeing in relationship to labor and our ability to really serve demand? Well, I would. You know, labor has been a significant issue for us over the past couple of years, and I tell you, we're in a better place today than we've been in a long, long time. Staffing issues have been a significant challenge for us over the last two years. Labor availability has impacted our ability to service the customers the way that we'd like. I've talked often about the fact that we've operated with a near 80% capacity utilization across the business, and it was fairly uniform across all businesses. You know, in looking at how to solve for that, you know, we decided we wanted to be the most sought-after place to work. And, you know, as we were looking through this, you know, you hear all the stuff in the news about, about the labor issues nationwide. We discovered that, we don't have to solve the nation's labor issues. We have to solve those issues for Tyson, and that's what we began to do, and we started with this multifaceted approach. And, we started with a safe, safe workplace for our team members. And talking with team members, I mean, that's, that's really important to them. They provided us much feedback that we used in this approach. And, our vaccine mandate, which has been, very successful for us, has worked very well. You know, it's paying off for us even today, and as we move into the holiday seasons and through the winter months, we think that'll even continue to differentiate us and our capability from others. We decided to have a leading position in compensation and benefits. We've invested heavily in our team, and we'll continue to do so. We also identified, working with our team members, the need for flexible work schedules, and so we've experimented with a number of different ways and had great success in those places where we've tried different approaches. Very simply, team members wanna know, when do I come to work? When do I get off? And how many days a week am I going to work? And so flexible work schedules have been really good for us. We've also invested in wellness of our team members with on-site, near-site clinics for our team members and their families, with little to no cost out of pocket. We're piloting childcare in a couple of our facilities today for our team members. Childcare is an incredibly challenging issue for many of our team members today, not only those who work day shifts, but those who work on evening shifts and third shifts as well. We're also accelerating our investments in automation and technology. It's very simple approach here is to take away the more difficult, higher turnover jobs that we have and upskill those, the labor that we have, and create greater value and better return on all of our investment dollars, not only for the technology, but from those team members as well. So the good news for us is our plan is working. We're seeing improved outflows across the board. Team member retention has is continuing to improve for us. Capacity utilization is continuing to improve for us across the board, and overall team member satisfaction as shared with us from our team members, is continuing to improve. So we feel like we're in a much, much better place today than we've been in, really, two years. So I've got a lot of questions about chicken, Dave. Maybe we can move to chicken next. I would love to. So maybe the place to get started, I've seen a lot of questions coming through this morning about: How exposed our chicken segment margin goals are to the external environment? And so as you sort of think about the building blocks that are underpinning some of our margin expectations, how do you see those as connected to the external environment? Are they more in our control? Perfect. Thank you very much. First and foremost, I have a lot of passion for this business, and I'm gonna try and address all of your questions within the next couple of minutes. But before I get into that, I do wanna take just a couple of minutes and acknowledge our team. We've got team members across the entire world that are working every day to help us produce great-tasting and quality protein for Tyson Foods, and thank you for that. More specifically for my poultry team members, I want to tell you that we have the right structure, we have the right team, and we are focused on the right things to make sure that we're delivering against the initiatives on our business. Thank you for everything that you do. The other piece of that is that we, as an organization in the poultry segment, are unified on a common goal, and it is to be the best chicken company and to drive year-over-year sustainable growth for our business, Megan, and it's one thing that we are very laser-focused on. It is critical to us that we deliver on our commitments, and we achieve that range of 5%-7% by mid-FY 2022. And again, that's what we're considering the starting point. There are several things that as a poultry organization that is critical that we do in order for us to meet that number. First and foremost, we have to become the most sought-after place to work, and Donnie, Donnie gave you a lot of great comments about that. But I think more specifically, one thing that I want you to hear from me today is that poultry is staffed to standard. Our business operations and our operations group have done a significant amount of work over the last several months to change our mix, to do things differently within our facilities, to make sure that we have the right number of people to process the right number of animals that will be coming through our facilities. We could not have done that alone, and I wanna thank each and every one of you for what you've done to help us get there. But more importantly, we will continue to lead with safety for our team members. It is critical for us that as we run at rate, we are taking care of our team members and keeping them safe. Ultimately, that will improve our overall team member experience within all of our facilities. Another component of making sure that we have the most sought-after place to work is the work that we're doing relative to automation. Our intent here is to address the most labor-intensive processes within our facilities and utilize automation to make us better. There's been a significant, significant amount of improvements made relative to automation over the last several years, and it helps us produce a high-quality product more consistently while we're managing our yield expectations within our plants. So a lot of work being done, Megan, within what we're doing to be the most sought-after place to work. The second pillar that we're working on within our segment is to make sure that we are our customers' most sought-after supplier. I'm gonna hurry on to say today that we are not servicing our customers to the degree that they expect us to, not at our expectations and not to their expectations. But know that we are working as quickly as we can to recover first and fast. It is imperative to us to make sure that we meet your expectations relative to orders and fill rates in our businesses. The other imperative to that is grow our business. One of the key things that we have to do within this business is to make sure that we are running our plants full. And in order to do that, we have to have improved hatch rates. I'm pleased to tell you today that we are ahead of our schedule relative to hatch rates and are moving a little bit faster within that process, which is giving us the confidence that we need to know that we will have the meat as outlined for you within this presentation, to make sure that we are running our plants fuller and that we are meeting the capacity utilization numbers that we need. It is our intent to run our plants full. We will also continue to utilize Humboldt as a point of difference for us. We are wrapping up that tray pack facility, and we feel good about the results that we're making there. We have the right number of team members, and the animals are coming as projected. We will also continue to work very hard to deliver Danville on time. That is a growing segment of our business, and we will continue to focus on getting them up and ready for our fully cooked business needs. From an operational standpoint, and that is our fourth pillar, and at Tyson Foods, to us, that is table stakes. It is critical that we restore and sustain as industry-leading operating performance. Last week, we had 120 operations team members in from across the United States, and I can tell you, we spent a lot of time inspiring, motivating, challenging, and collaborating together to make sure that we have plans by plant to return us to the best-in-class chicken company that we deserve the right to be. We will expand and optimize our capacity, utilization, and mix. And more importantly, we will listen to our consumers, and we will skate to where the puck is going and adjust as necessary. Lastly, related to operational excellence, we're spending a lot of time working with our customers right now on our pricing programs. We have great customers across all of our networks, and I want to take a moment to say thank you for that. Megan, in closing, I want to let you know, as well as our investor groups know, that I have confidence in this team and that I have confidence in our ability to deliver the results. So, David, Megan, may I, may I make a comment? Please. I had the privilege this past week to spend 3 full days with David and his those 120 leaders in the poultry segment. I made some pretty big commitments this past year, a fiscal year, for our poultry business. I got to tell you, that 3 days was really encouraging to me. I have greater confidence today than I had even a year ago about where our chicken business is, where it's going. A lot of excited leaders. David, obviously, a great deal of passion around the business and great leadership in this business, but I got to see the early stages of where this, where this thing can go and some of the early results, and I got to tell you, it's fantastic. David, I want to say thank you to you... Thank you. ...and your entire leadership team. Our Tyson chicken business, we will be the best chicken company. There's absolutely no doubt. And, to be able to be unified on that, Donnie, i s great for our organization and great for our segment. There's a couple of double clicks here, Dave, as you might imagine. I certainly can. So, I would say thematically, there's one on just oversupply. And the question that we received is there have been times in the past when Tyson has increased capacity aggressively and maybe got out ahead of the overall marketplace demand and as a result, hurt profitability. So what's our confidence level with some of the aggressive plans we have for volume expansion and chicken, that we're not going to outpace the market? Oh, absolutely. My confidence on that is high, and my original answer to your question is no, I'm not concerned about oversupply. The reason that I'm not concerned about oversupply is the demand fundamentals for chicken are strong in both retail as well as food service. Again, I stated just a few minutes ago that we're not servicing our existing business today. Our growth plans enable us to better meet the demand of our consumers and customers. Again, we're working hard to be better first. So I feel very good about what our plans are. I would also tell you that chicken is expected to lead animal protein consumption growth in the United States. We are on trend. We have great consumer expectations for freshness, for convenience, for health, and for value. We operate in a very broad channel, a lot of different channels, and I would tell you again, we're skating to where the puck is. We're listening to consumers, and again, that's why we're doing what we're doing within Danville. The fully cooked segment of our business is in high demand, and we are working quickly to make sure that we meet the needs of our consumers across all aspects of our business. Maybe just one final one before I, we'll shift to a couple other segments. Perfect. As you sort of look at the risks that we're monitoring right now, you know, you think about the environment, the inflationary environment... Mm-hmm. ...of course, in fiscal year 2021, we were impacted by a surge, really, in grain costs. Correct. And had to kind of adapt Mm-hmm our overall pricing mechanism. It took us a while to catch up. It took a little bit there to adapt, and so I think there's an interest amongst those that have submitted questions just to better understand what sort of risks... Mm-hmm ...we still see out there. Yeah. Well, first and foremost, I would tell you, our leadership team works daily to address and mitigate risks that come to our business. We have operating opportunities every day that we're working on. But I think it would be critical for me to talk to you about what we're doing to mitigate risk. And from a risk mitigation standpoint, I would tell you, our historical use of fixed price agreements left us really exposed, whether it was to grain, whether it was to inflation. And it really didn't put us in a situation where both the retailer and Tyson won. Somebody would lose in those environments, and it was critical to us, critical to us to have a successful relationship, partnering with our customers to make sure that we created win-win scenarios. And with that, we put parameters in place that our customers understand, as well as our team members understand, that really drive flexibility in our programs. And they allow us to adjust for movements in grain and for inflation, and we're able to offset those much quicker than we were within 2021. I would tell you that this is a critical change for our business because we expect to see continued volatility, both in grains and in inflation, as we go into FY 2022. But I would tell you, we're in a better position to meet that volatility within our segment. We will continue to monitor inflation, we will continue to have conversations with our customers, and we will continue to create win-win scenarios for both Tyson Foods as well as our customers. So at this point, maybe we could shift to Prepared Foods. So Noelle, maybe in a similar vein on pricing, lots of questions about what's influencing the timing and approach to price recovery of inflationary costs inside of prepared. So maybe you could kind of explain a little bit about how we approach pricing inside of prepared? Absolutely. So maybe first I'll start with demand, which continues to be strong across both retail and food service. We're pleased with our market performance that we're seeing, despite price increases, due to the strength of our brands and our portfolio. Elasticity, if you look at that, has been less than historical models would have predicted, but we're in early days, and we'll continue to learn on that. Given the unprecedented market inflation that you referenced, Megan, in the second half of 2021, that's also extending into the first half of 2022, we continue to execute pricing in order to protect our profitability. And as you referenced, there is a lag between inflation and price realization, which we're always looking to minimize, and that lag ranges across our portfolio. We have portions of our food service portfolio that's matrix priced, which could be executed within 30 days, while retail typically ranges between somewhere in the 60- to 90-day period of time. But it's also important to remember that pricing is just one of the tools in our toolkit, and we're constantly reviewing all of the levers that we have, whether that's pricing or broader revenue management strategies, as well as productivity, in order to best grow our brands and deliver business profitability. Maybe elevating a little bit on prepared, but staying on prepared. Yeah. So we're seeing a lot of questions. This is a business that we have high conviction can deliver 10%-12%, return on sales. What are the building blocks to get back to that? Because we haven't seen the business operated at that margin for a while. Yes. This is a double-digit ROS business. We have the focus, we have the momentum on the right building blocks to achieve sustainable double-digit returns. And going back to demand, it continues to be strong across the landscape, and that's really driven by our strong equities, the investments that we've made in our brands, in our world-class innovation and our portfolio diversity. And you're going to see top-line acceleration that comes from the actions that we've taken to increase capacity, both in our existing footprint, as well as through expansion of our network. That includes a step change in investments in automation, which you heard a lot about in our prepared remarks. And we're also taking significant actions to transform our cost base, and we'll continue to navigate the increased input costs that we've seen with pricing and broader strategies to offset the inflation. So when you look at the demand outlook, coupled with the investments that we're making across our portfolio, whether that's through equity investments in marketing, through our innovation pipeline, through aggressive cost transformation, as well as mixed opportunities, where we are discriminating investments to our most profitable areas of our business, all of that gives us confidence in our path to deliver sustainable double-digit returns. Okay, so Shane, your turn. I'm looking at a few questions here. Of course, we've seen exceptional performance out of the Beef segment, and there's a lot of questions about just where margins go from here. Of course, in your prepared remarks, I think you sort of shared our outlook for where we're headed in Beef. But as you think about the drivers that are going to kind of shape that margin profile as we sort of progress from what is a very historically high level, what are some of those key drivers that we're really keeping an eye on? Yeah. So first off, thank you for the question, Megan, and thank you to the investor community for taking interest in our business. We have had exceptional demand. First off, I want to start there. The demand that we've seen in 2020 and 2021, and even moving into calendar year 2022, has been exceptional for beef products. And it's just not in the United States, it's globally. If you take a step back and think about where we've come from and to where we're at today, the quality of beef that we're putting into the marketplace has never been better. Cattle are grading at a very high level for ourselves and the industry as a whole, but we're outperforming others in the industry from a quality grade perspective. If you think about the continued export demand that we're seeing into 2022 and also specialty product growth, there's strong revenue that's forming in the specialty product category that we're investing in, and it's very supportive to our business today and into the foreseeable future. Cattle supply. Now, cattle supply remains slightly ahead of industry capacity. However, but what we're seeing right now, our front-end supplies are becoming a bit more current. Seasonally, we see this impact as we roll through the holiday time period, but also into our fiscal Q2, and we're seeing that occur here as we go forward, too. We expect 2022 U.S. beef production to be down around 2%. We're starting to see some rebuilding being discussed, and as profitability comes back into that sector and weather improves and these drought conditions get behind us, we'll probably start to see that rebuilding take effect in the back half of the year as profits improve. Though we still expect to see healthy margins compared to these pre-pandemic levels, the price spread between beef and cattle will start to begin a multiyear narrowing trend as we go through 2022 and going forward. Our operational efficiencies and throughput are improving, as Donnie spoke about earlier. We're getting more people back into our plants, we're getting better throughput, and that's helping to offset some of the higher input costs that have become a little more structural in nature. However, as we think about to continue to grow our business out front, we're gonna have to look at other means and other ways to offset these higher costs, and that's really why we're investing in a heavy way into our value-added portfolio and increasing our presence in the case-ready perspective. We're growing out that strategy to elevate our business from a historical 1%-3% upwards to a 5%-7% business for the future. So we feel really good about the forward curve in beef. Demand is exceptional. Cattle supplies are still going to be adequate, and we have a real good business plan in place. So some questions about regulations. I mean, we're already in a very heavily regulated industry, but there's both some regulations being discussed in beef. There's some things that have come up, like Prop 12 in pork. So what's your kind of perspective on just the regulatory environment? Yeah. So first off, we're always gonna do the best we can to cooperate with the government agencies and what is already, as you said, a heavily regulated industry. We want all parts of our supply chain to be profitable, and they have to be sustainable for the future of our industry. We're committed to fair compensation for farmers and producers, and we're extremely proud of the relationships that we have with all sizes of suppliers that date back decades and are really focused on delivering the high quality that our customers and our consumers desire, and that's the key point there. We've structured our AMAs, or alternative marketing agreements, on the beef side of the business to cater to what our customers and ultimately the consumers want. We believe that ultimately, the market is the best place at settling these prices based on supply and demand economics. Regarding any potential new regulations, we're continually watching to better understand these, and to understand what these proposals are and really what that impact has, not only to our supply chain, but our customers and ultimately the consumer. Maybe one last question as we think about both beef and pork and some of what's underpinned the strength and performance. It's actually been around export... Mm-hmm. ...where we do achieve some pretty high margins. So what are you thinking about exports as we look forward? Because clearly, it was impacted by ASF at one point. I think now there's just generally broader demand opportunity as we look at international markets. So what's our outlook there? Yeah. Pork, I'll start with pork first off. You know, exports are a very critical component of the pork business, especially our business. A little over 25% of our products are exported out of this country. And if you think about a lot of items that come off our harvest floor that fall into the specialty products category, a lot of those items aren't consumed in the United States. So we export a lot of those products offshore, and it's necessary for us to continue to have that market access for the growth of our business. So having fair terms with our trading partners is extremely critical for our success. As we look forward into 2022 going forward, we have a small, modest decline forecasted into fiscal year 2022, but still have very good interest to grow globally. Tyson has a very diversified export portfolio if you look at our overall business, and it separates us from our competitors, not only in the United States, but in other competing countries. We have offices all around the globe, and we have teams that are really dedicated to giving us this competitive advantage. If we think about beef, beef has had a phenomenal year in 2021, as I mentioned, from a demand perspective, and our exports have grown exponentially. The U.S. is a leader in global beef production and offers superior taste and quality when it's compared to other beef products sourced from around the globe and other markets. Our global consumers increasingly prefer U.S.-produced beef, which has led to a much stronger, higher demand, and we're also laser-focused on delivering on that opportunity. And one other piece I wanna add to this, if you think about- w e talked a little bit about coming off our production decline here in 2022, somewhere right around 2%, but we still see exceptional demand coming out of Asia, especially in the China market. And one other advantage that Tyson has, through our international business unit, and Chris Langholz's leading it, is we have boots on the ground right there in country, in China, to understand immediately what's going on in country and for us to be able to take advantage of that and execute upon our strategy. Great. You mentioned Chris Langholz, which is probably a great pivot, actually, to some of the questions that we've got about some of our, our international growth objectives. So, you know, Donnie, when we think about our history in trying to scale in international markets and maybe the focus on food service, and clearly, in Chris's remarks, he talked about retail, but I think there's just a question out there in terms of the aspiration. What does it really mean when Tyson talks about being a global player? You know, what's that mean? Right. That's a really good question, and it's one that, you know, we should shed a lot more light on, not only today, but going forward. We have a really, really nice international business, and our international business unit, led by Chris Langholz, and what I would call an all-star cast of team members, do an exceptional job for us outside the United States. But our philosophy is really fairly simple. The international business unit is to lead locally while leveraging Tyson globally. Our international business unit model is one that drives profitable growth in key demand markets with locally relevant products, all very, very important things. You know, we understand the importance of being close to the consumer. You know, if you think about flavors, if you think about attributes, if you think about the product itself and the delivery, being close to where that consumer is, is a point of difference for us and, one that is paying off for us, you know, even as, even as we speak today. You know, we'll leverage our scale. We have strong, global customer relationships that we'll leverage also. We have great brand-building capability, and, you know, we have a lot of, domestic expertise that, that we leverage as we develop and, fill out our international business unit. So all really good things, that scale provide for us. You know, a question that, you, you probably—well, you have seen, today in the, in our prepared comments, is this notion of One Tyson. So what is One Tyson? So as I think about the international business, I think it's important because we don't report it this way, and Chris talked a little bit about it in his comments. But our export business, meaning produced in the U.S. and sold outside the U.S., is about a $5 billion business. We also have a $2 billion business, that, Chris, in the international business unit lead, that, produces—they produce products, you know, outside the United States, and they're sold outside the United States, so a $7 billion business in total. But, the beauty of One Tyson, and, and as we're leveraging that and learning how to use that, is, it gives us great optionality. It always gives us the opportunity to, to value up, whether that be, portion control, whether that be, a flavor, an attribute, any number of different things that you can do. This One Tyson piece is the notion of where we would. The power of One Tyson enables us to take a product, for example, that we sell from the U.S. to our international business unit. And that international business unit then takes that product, Chris and his team, to be specific, they add value to it all the way from a raw to a ready-to-eat product. Oh, by the way, we also are able to do the branding and the marketing and the commercialization of that which enables us then to sell that product in one of our brands, whether that be Tyson, Jimmy Dean, or whatever it may be. That is a differentiator for us, one that has got some really nice early returns and one that will continue to develop and grow over time. You know, in this enterprise-wide view of global sales opportunities, really starting with the consumer, then the customer, and working back to where we produce products, it's across geographies, it's across proteins, it's across all different kinds of channels, and that is the essence of One Tyson for us. It's about having options and always having the ability to value up. So we've got another question on international. This one may be for Stewart. As we sort of think about scaling and the return associated with that, and clearly, we've made some commitments today about our ROIC target. And so just thinking about those investments internationally opposite some of those objectives on ROIC, I mean, are we seeing this as high margin, Stewart? How are we thinking about the margin profile of international? Yeah, thanks. Well, thanks, Megan, and good morning, good afternoon, everyone. So look, this is not a choice of, is it, you know, growth at the expense of return. This is growth and return. 95% of the protein growth in the next 5 years will occur outside the United States, and we've got a solid platform that's gonna be able to take advantage of that. And as I said, they're gonna be looking for both profitable growth and return. We're building on a strong base. The acquisitions that Chris spoke of in his prepared remarks were good businesses. They're growing with our global customers, and Chris and his team are working on expanding their retail presence. By the way, I know he'd like to be here today, but it's the middle of the night for him, which is why I'm answering this question on his behalf. But that team is driving for number one or number two positions. This is not about just sort of spreading product around the world. This is about building capability and in-market scale. If you look at the countries in which we're operating, these are good, good positions that we're occupying already. Now, a couple of questions that we had came in talking about, you know, why are we talking about EBITDA? The answer is, we're talking about EBITDA because there is a higher depreciation and amortization load there based on some of the acquisitions that were made. If you go back to the charts, you'll see that almost $100 million of EBITDA last year, and we expect that to grow into the future. This is gonna be a business that is gonna contribute to our company. It's already contributing to our company. We're confident in our ability to continue to create shareholder value. I'll just finish off by talking a little bit about CapEx. You know, we're putting CapEx behind that business. Chris talked about an increase in capacity of some 30%. That capacity is largely already sold. And if you think about adding or creating shareholder return, strong sales and strong sales growth at a profitable rate is something that really is some of the cheapest way to create strong shareholder value. So we see this as a very good investment. Yes. So thinking about just the ESG questions that I've seen, John, and maybe connecting it actually to some of the comments that have been made on international. So we're global, and as you think about the risks then, that we really want to address under our ESG agenda, like, maybe explore that a little bit, how we think about those risks as we globalize and become, you know, more global in our overall impact? Sure. So let me answer the question about our ESG risks and work outside the U.S.. But before I do, I just have to say, it's really fun to be up here with this team. You know, on behalf of 100,000 Tyson team members, all the leadership, all of our customers, to get to talk with our investors is exciting. The success of Tyson is something that's personal to me. And the topic of sustainability, too, the investments that we're making in ESG, also something very personal to me. So what I would point out, without rehashing, all of the material that we covered in our prepared remarks, is I would just restate our ambition, which is to be the most sustainable and transparent protein company in the world. That means investing for the long term. It means being forthright and clear with all the investments we're making and sharing with you, as our investors, the work that we're doing and the progress we're making against those goals. Now, let me talk specifically about our work outside the U.S. I mean, just based on the footprint of our business, the majority of our work in ESG and sustainability has been in North America, but not 100% of it. We've made some commitments and made some investments outside the U.S. that we believe are important for the future of Tyson, and I'll just call out a few examples. I mean, first off, our Net Zero 2050 ambition is global in scope. A couple of years ago, we did an assessment of our deforestation risk, and, you know, the vast majority of the commodity risk we see related to deforestation is outside the U.S., so all the work that we're doing there is a, you know, global issue. And, I think the last thing I'd point out, when we look at water, you know, we've made some investments in setting contextual water targets in our North American facilities and are in the process of doing the same thing outside the U.S. So, it doesn't matter anywhere in the world, I think we treat a lot of these issues the same way. So Stewart, we've gotten a lot of questions. I'll call them generally about capital allocation. Maybe we could get started on CapEx. So I think we've laid out an agenda, again, for CapEx investment, and, and there's some questions out there about just the, the elements of this. Is this growth? Is this maintenance? Is this going to be elevated for a while? Got it. Well, I'm not surprised that investors are asking about CapEx. The good news around CapEx is we've got some really great investment opportunities. But I'd start by just sort of framing CapEx. It's part of our overall capital allocation strategy. I spoke to that at length in our prepared remarks, but I do want to just remind you, right? We want to build financial strength. We've done that, and we have a rock-solid balance sheet with lots of optionality. We're going to make investments in our business because that is how we grow our business, and it's how we create value for shareholders. And we're going to return cash to shareholders because we generate a lot of cash. We talked at length, my colleagues did about their aggressive goal, growth goals, and we've said we're going to grow in every one of the businesses, and we're going to grow faster than the market. When you want to meet growth goals, that requires investment, but those investments deliver strong returns across all geographies. We did have some questions about international, and I think I addressed that in my earlier question, but international will also deliver strong returns. Our main focus in investing in CapEx with the increase this year is to put more money behind capacity expansion. That's going to allow our business to sell more and to put more money behind automation, because that is going to allow us to take some of the pressure off of our labor, to upskill our workforce, and it is going to enable some of our productivity goals. So when you look at that CapEx increase, where is it going? Almost all the increase, in fact, all, it is all the increase. All the increase is going to return-generating investments that will have double-digit returns, and we've spoken to ROIC at some length. You're asking about the split between maintenance and discretionary. This is mostly discretionary. It's mostly discretionary because we have a lot of strong investments that we can make. I'll just add to this. While it's not a CapEx question, did see a number of questions come in, on M&A today, and, I'd just like to pick those up as part of the capital allocation strategy. Successful M&A has been a key part of Tyson history, and that includes some of the recent acquisitions. We'll continue to look at opportunities that make sense, opportunities that address our scale, markets in which we operate, geographies, capabilities, those kinds of opportunities. And I expect, of course, as Chris spoke in his remarks, that there will be a number of opportunities, internationally, which will add to, his ability to grow the business organically, which is already strong. You know, as shareholders, that we have a very disciplined approach to M&A. We're always focused on ensuring that M&A creates value, and we focus on the returns, and that is one of the reasons why we spoke to some of our targets in returns today. Actually, Stewart, maybe on returns on invested capital, I think great point about M&A. I think the market was hungry to see again our commitment to discipline as we allocate capital, and so I think this target on ROIC is a part of that commitment to transparency and discipline. What really will drive, though, that target for us? If you think about kind of achieving that ROIC target, what are some of the big pieces that we're going to have to accomplish as a team to ensure we have very effective return on our capital outlay? Sure. Well, look, that's a key part of our plan. We were return-focused as a business. And let's just start by delivering our base business plans. We've got a very clear business plans that drive at growth and profit improvement. And we've talked at length about what will take place in chicken. Donnie expressed his confidence in our growing profits there. Noelle spoke about double-digit returns in that business, and Chris has spoken about the ability to grow international. So, the base business has a real opportunity for growth. Keep in mind, a couple of comments that were made first by Donnie, who said that, you know, in the recent times, we've been operating sort of at an 80% utilization. Think about what Dave Bray had to say about the opportunities to grow further without having to spend on adding capacity in chicken. As we fill those plants, that increased volume comes at a much higher profit rate, and we should expect to see that, you know, dropping to our bottom line, and that will, of course, drive our return on invested capital. The second thing is we've talked about a billion-dollar savings program, and I was clear that that savings program is included in the growth targets that we've set out for you as investors. But understand, that's a key part, and we need to deliver that $1 billion, that growth will drive a part of our earnings, and obviously, that earnings will help to drive our ROIC. And then finally, you know, I just spoke to CapEx. We're putting $2 billion to work this year, and we're absolutely focused on ensuring that that $2 billion delivers a strong return to shareholders. As we deliver the expected returns on that, that will further enhance the return on our invested capital. So three big areas: deliver the base, drive our productivity program, and deliver on the CapEx investments. Excellent. This may be ultimately our last question, because I know we want to give Donnie a little bit of time also to just give some final remarks, but this is kind of more aspirational. So, John, with your role, also leading strategy, lots of questions out there about just what we see as sort of white space opportunities for the company. Maybe areas we haven't played in the past or, you know, new investment areas. Yeah, let me answer that question, but let me check with our technology if I got my microphone working this time around. Okay, I'm seeing a thumbs up from our production crew. Thank you, guys. So, Megan, I think you asked about white space, was the way the question was framed. And, so when I hear white space, what I would say is I hear a question about growth, and I think when we talk about growth at Tyson, I just, I point back to our strategy. We have a multi-protein, multi-channel, multi-country plan and strategy, and having a diverse protein portfolio that's filled with some of the world's leading brands is what sets us apart from other food players. We're in staple categories with strong brands, great tailwinds, so we feel great about that. I think that we also have a tendency sometimes to talk about our proteins, our channels and customers, and the segments in kind of these big, monolithic ways. But, you know, I think it's important to remind everyone that these businesses are made up rather of a bunch of different customers with different needs, all trying to meet the end consumer. And, you know, for us, we find the white space by having the organizational model and the capabilities to meet that demand at pace, at speed, and kind of fill the needs of our customers and the end consumer. But, you know, when it comes to the top line, you know, we're going to continue to grow, by valuing up, and expanding our offerings across the portfolio that's in our poultry, and our fresh meats, and especially our Prepared Foods business. And, we're going to continue to invest and grow outside the U.S., too. We've been pretty consistent and clear about this being the plan, and, and we're, we feel good about it, and we're committed to it. You know, as it relates to how we grow, we're open to buying and building. I think just to pick up on the, the questions that Stewart answered, and our focus is on returns there. Relentlessly focused on trying to find returns for our investors, value for our customers, and we feel confident that we've got the model to do that. Great. So maybe I could add a comment to that or two. As we think about this in growth, and John, I like, I like how you characterize that, in talking about white space. But, you know, I get to, I get to visit with so many of our great customers, and they really have two questions for us about: Are you going to be there for me? Meaning surety of supply. The second one, and very close by, is: Are you going to grow with me? Are you going to support my business, not only here domestically, but international as well? You know, protein consumption, for example, the lion's share of that's going to occur outside the United States and much of that within China. But there's still great opportunity for growth, for us and to add value to products and increase that value-added portfolio that we have with the brands across all channels and so forth. So there's still so much upside here. And so the capital that we're spending is absolutely necessary to for our customers in terms of surety supply, and are you going to grow with me? Are you going to invest with me, is another way they may say that, but that's not only international, but that's domestic as well. And so we got a great growth story. We've had a great history of growth, and you know, I think the best is yet to come. Perfect. So, Donnie, as I mentioned, I think you want a little bit of time here to actually close the Investor Day with some, some final thoughts? Thank you, Megan. You know, I'd take this opportunity to say thank you for all of you and your interest in our company. But I want to reiterate some things that are really top of mind for us, that we wake up every day thinking about, and maybe perhaps remind. Tyson is a leading protein company in a growing global market. We're increasingly adding value to products and overall production capacity to serve our customers and ultimately, consumers. Stewart and others have talked about the productivity program. You know, we're coming off a 100-year pandemic, and, you know, there have been inefficiencies. I've talked about capacity utilization, and so, getting and running the lines and plants at rate and at footprint and staffed, you know, are really integral to delivering the growth expectations that we have for ourselves. And, you know, we've built it in, as Stewart talked about. This is not something that's going to get lost in the wash, if you will. We have signed up for that, and we track every savings across time and across the program. This productivity program will improve production capacity, efficiency, and will ultimately create better or greater shareholder value. You know, our business segments have a compelling path forward, and, you know, the protein is growing, and in every case, we're growing faster in a demand-driven way than all of our competitors and the market itself. We expect high single-digit adjusted EPS growth relative to our fiscal 2019. This growth will come primarily from Prepared Foods, from chicken, and from international. Volume growth is expected to outpace the market at 2% compound annual growth rate. And we're targeting, we talked a lot about ROIC, but we're targeting a 12% return on invested capital. ROIC is a metric around the safety of our, like, safety of our team members, delivering plan. ROIC is a part of the scorecard on everyone throughout the organization, from me all the way to the lowest levels of the organization, wherever that may be. So we've made it a priority and looking at it from an investor perspective. So we're committed to that and committed to delivering that. So in closing, you know, we are a company that is laser-focused on winning with our team members. You know, we've talked about that a lot. I've talked earlier about some of the things that we're doing. You know what? We, we put our money where our mouth is. If you think about the vaccine mandate and the great work that this team around me and those that they get to work with, I could not be prouder of the work that was done there. But we have to win with team members, and we're going to win with team members. Then we have to win with our customers and consumers. We always start with the consumer and the customer, and then that determines what we're going to do. But we start with a demand trigger, and so, you know, winning with the customers and consumers is critical to our success going forward. And then finally, winning in excellence in execution, whether that be ROIC, whether that be running a line at rate, whether that be staffed perfectly, any metric you can think of. Execution is going to be the long-term sustainable advantage for Tyson Foods. It will be a differentiator. The one that executes best will ultimately be the one that you know performs the best. Winning with excellence and execution is top of mind to us. With that, those are my comments. Again, thank you all for participating with us today, and we thank you for your coverage, your time, and interest in Tyson Foods.