All right. Hello, everyone, and thank you for continuing to join us throughout the day here at the Lytham Partners Spring 2026 Investor Conference. Again, my name is Robert Blum, managing partner here at Lytham. Up next, we welcome Louie Pastor, the Chief Executive Officer of Xerox Holdings Corporation. As a reminder, Xerox trades under the ticker symbol XRX on the Nasdaq. Louie, thank you so much for your participation today. The floor is all yours. Thank you, Robert. Thank you for having me. Thank you to everyone for joining us. As Robert said, I'm Louie Pastor, Chief Executive Officer of Xerox. What I'd like to do over the next, call it 15 minutes or so, is give you a clear picture of what Xerox is today, where it's headed, and why we think the current moment represents a compelling entry point with an asymmetrical risk-reward for investors who want to get ahead of what we believe is a meaningful transformation story. Xerox is a $7.5 billion technology company with three core businesses, covering approximately 200,000 clients and 90% of the Fortune 500. First, print and managed print services. This is our foundation. We are the number one provider of managed print services globally. We hold top five share across all major print categories, following our combination with Lexmark, and critically, about 65% of our revenue comes from recurring sources, contracts, supplies, services. That's a durable base with a loyal client base. As a result of the Lexmark acquisition, we are now a fully vertically integrated provider of print equipment, managed print, software, and service capabilities. That matters as it gives us more control over product cost, product availability, serviceability, and the pace of innovation. Print remains a $50 billion market. While there are secular headwinds, the market is not uniform. We see growth opportunities in entry, mainly home and small office, and production print, where we are reestablishing momentum through new product launches, software, and the strength of the Xerox service ecosystem. Second, IT solutions. Based on activity, this is our fastest-growing segment. Billings were up 21% in Q1. We completed the acquisition of a business called ITsavvy about 18 months ago, more than doubling our IT revenue base and retaining top-tier leadership. We are now a full suite IT infrastructure and managed services provider, playing in a $700 billion market, growing at 8% annually. We are cross-selling into our existing 200+ thousand client base, one of the most significant distribution advantages in the industry. Third, digital services. AI-powered document workflow transformation, omnichannel communication, intelligent document processing, content management, and IoT. Some of these businesses are early-stage but growing quickly in a $100+ billion market. We recently installed a leadership team for this organization, standing it up as a separate business unit, and it is already paying dividends. As with our IT business, our print heritage here is an asset. As people look to move from paper to digital, we are there. We are trusted as a brand in the space. Now, let me address the most obvious question directly. If this is such a good business, why has recent performance been lackluster? The answer is that 2025 was affected by several specific headwinds that we believe are now normalizing. First, the government shutdown and funding uncertainty had a disproportionate impact on Xerox because of our exposure to federal and SLED customers, along with adjacent markets such as education, healthcare, and defense. Customers delayed purchase decisions in the second half of 2025. The shutdown ended in November, and with subsequent budget clarity, we're now seeing that pipeline begin to convert. Second, product costs. Higher product costs weighed on gross margin. Historically, Xerox sourced a meaningful portion of mid-range equipment from a third party. That limited our ability to control cost and availability. With Lexmark, we are already transitioning this production into Lexmark's Juarez, Mexico facility, which we are confident will meaningfully improve unit economics, shorten lead times, support working capital efficiency, and improve serviceability. Third, tariff-related costs. These presented a headwind in 2025. With recent Supreme Court rulings on tariffs, we expect a gross profit tailwind this year, notwithstanding the potential IEEPA refund benefit. This has also helped our sales pipeline, which is much larger than this time last year. Lastly, it's important to acknowledge Lexmark synergy timing. We closed the acquisition in July 2025. In addition to these headwinds, we did not have meaningful synergies embedded in our 2025 results. In 2026, we expect $250 million-$300 million of in-year gross cost savings between the integration and broader transformation initiatives. That is the primary driver of our margin expansion in 2026. These were not structural problems. They were timing and macro issues that are now resolved. That is what gives us confidence about 2026. Q1 gave us the first proof point of our improving trajectory. Revenue of $1.85 billion exceeded analyst expectations by nearly $100 million, and the year-over-year revenue trajectory trend improved by more than 500 basis points. Operating income of $72 million exceeded analyst expectations by approximately $40 million, with margins up 240 basis points year-over-year. We ended the quarter with approximately $637 million in cash. We did something else in Q1 that I want to highlight because it speaks directly to our capital allocation discipline. We repurchased $101 million of face value of our 2028 senior notes for $45 million of cash, capturing $56 million of discount. That is the debt discount capture thesis in action, demonstrating strong liquidity and our willingness to be opportunistic. Based on those results, we reaffirmed our 2026 guidance. Revenue above $7.5 billion, adjusted operating income of $450 million-$500 million, which is more than $200 million better than 2025. Free cash flow of approximately $250 million. Free cash flow is weighted toward the second half due to business seasonality and supported by synergy realization timing, working capital release, and improving operating income. We expect to generate more than $400 million of free cash flow in the remaining three quarters of 2026. The most common question I get as I talk to investors is about leverage. At 6x net leverage at quarter end, I understand why it's top of mind. Let me walk you through this carefully, because the story is much better than the headline suggests. Through operating performance alone, $250 million-$300 million of in-year synergies and savings flow through the P&L. Combined with our free cash flow generation, we expect net debt to EBITDA to fall approximately 1.5 turns by year-end. That gets us to around 4.5 x on a net basis. That improvement is already embedded in our guidance. We have two additional tools that are not reflected in our guidance. The first is the warrant exchange program. In February, we distributed 77 million tradable warrants to our shareholders in the form of a dividend. What makes these warrants unique is that holders can exercise them not just with cash, but also by surrendering Xerox bonds at par, allowing Xerox to retire debt at face value using bonds that currently trade at a discount, capturing significant value for our shareholders. This market-driven mechanism reduces debt without a traditional equity offering, bondholder negotiations, or forced dilution. If fully exercised, it represents $600+ million in potential debt reduction at no additional cash cost to Xerox. Based on investor conversations and active warrant trading, we believe this can be a win-win-win. Bondholders receive a premium to market price for their debt securities, Xerox de-leverages in a cashless manner, and shareholders benefit through debt discount capture, potentially leading to equity appreciation. The second is the $450 million TPG Angelo Gordon joint venture. This financing provides additional liquidity to invest in the business, accelerate our transformation, and opportunistically repurchase our bonds in the open market at a discount, just as we did in Q1. It's mutually reinforcing with the warrant program. On our last earnings call, we laid out three strategic priorities for 2026: stabilize revenue, improve profitability, and reduce leverage. First, stabilize revenue. As I noted, there are opportunities for growth in entry and production within print. We intend to compete aggressively in those markets with better products, reduced manufacturing costs, stronger routes to market, improved service offerings, and new partnerships. Over time, we expect growth in IT solutions and digital services cross-sold into our existing client base to offset print declines. Second, increase profitability. The synergy savings I've discussed are not a one-year event. They are a multi-year journey that benefits us well into 2027 and beyond. We have guided to double-digit operating margins over time, and we intend to get there. Third, reduce leverage. Between opportunistic debt repurchases and improving profitability, our leverage ratios will improve over the course of this year and into 2027. That is something you will be able to measure us against every quarter. Why invest in Xerox now? The answer is because we believe the setup is meaningfully better than the current valuation suggests. Yes, the balance sheet is heavy. We have a credible multi-mechanism path. Operating performance alone gets us 1.5 turns of leverage reduction this year. The warrant program and the TPG JV are additive. We demonstrated the thesis in Q1 by retiring $101 million of face value debt for only $45 million of cash. The stock, at current prices, trades at less than 1.5x our own 2026 free cash flow guidance. When you compare that to where print and IT services companies trade, there is a meaningful valuation gap that we believe closes as execution and performance continue to improve. Q1 gave us the first real data point that our strategy is working. We exceeded external projections and reaffirmed guidance. We know there will be challenges, but this is not a hope story. It's an execution story, and it's already begun. We look forward to further sharing our story, and we hope you join us on the journey. Thank you. Robert, back to you. All right, Louie, thank you very much for your participation in the conference today. Thank you to everybody, of course, watching. If there are any questions or I can assist in scheduling a meeting with management, please send me an email. That's Blum, B-L-U-M, @lythampartners.com. Louie, again, thanks so much for your participation. We hope everyone enjoys the conference.