Steelcase Inc.

to the Steelcase first quarter fiscal 2024 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press the star one. Thank you. Mr. Romero, you may begin your conference.

Thank you, Rob. Good morning, everyone. Thank you for joining us for the recap of our first quarter fiscal 2024 financial results. Here with me today are Sarah Armbruster, our President and Chief Executive Officer, and Dave Sylvester, our Senior Vice President and Chief Financial Officer. Our first quarter earnings release, which crossed the wires yesterday, is accessible on our website. This conference call is being webcast, and this webcast is a copyrighted production of Steelcase, Inc. A replay of this webcast will be posted to ir.steelcase.com later today. Our discussion today may include references to non-GAAP financial measures and forward-looking statements. Reconciliations to the most comparable GAAP measures and details regarding the risks associated with the use of forward-looking statements are included in our earnings release, and we are incorporating by reference into this conference call the text of our safe harbor statement included in the release. Following our prepared remarks, we will respond to questions from investors and analysts. I will now turn the call over to our President and Chief Executive Officer, Sarah Armbruster.

Thanks, Mike. Hello everyone and thanks for joining the call today. Overall, we feel very good about our first quarter results, which were better than expected as both revenue and adjusted EPS finished above the guidance range we provided in March. Our adjusted earnings outlook for Q2 is in line with the prior year and would put us ahead of pace to achieve our fiscal 24 target. Dave will cover our results in more detail, but I'm proud of our sales teams for continuing to capture pricing benefits in response to the extraordinary inflation we've experienced over the past two years. And I want to thank our operations teams for the improvements they continue to drive. In addition, our win rate has continued to be very strong. Amid our improved performance, the broader market in the America still faces uncertainty, And additionally, we're seeing near-term challenges in international markets. We are taking actions to reduce our costs in the face of those challenges, and we are seeing some positive signs that make us cautiously optimistic for the back half of the year. I want to thank those who joined us for our Investor Day in May or who've watched a replay of the webcast. We were excited to provide more details about all areas of our strategy and share our midterm financial targets. I'd like to touch on a couple of those strategic focus areas next and link them to some highlights from last week's annual Neocon trade show in Chicago. Our goal is to lead the workplace transformation, so we were excited to integrate new products that support this vision into our Neocon showrooms. One was Steelcase WorkValet, which offers innovation in workplace storage for mobile workers. And another was a range of seating offerings that balance a beautiful design aesthetic and high performance with new levels of sustainability. We also celebrated several Neocon award wins for products that make hybrid collaboration easier and more effective, including the ocular collection of conference and collaborative tables by Steelcase and several products from the Halcon optic collection. We spoke with many of our larger customers during the week, and some of them described regretting that they put projects on hold during the last 18 months, as they now realize this has slowed their organization's progress toward achieving business objectives. Many customers talked about the need for privacy in the workplace, as well as the integration of technology within their conference rooms to provide better video conferencing experiences. And I consistently heard that they want these solutions in a way that supports their sustainability goals. The conversation really has moved beyond working from home and hybrid work, and it's now about working better as companies focus on updating outdated spaces to respond to their employees' needs. To serve small and medium-sized customers more completely, We showcased our Series 1 task share with Airback, which provides superior ergonomics at a great price point. We've also made significant advances in our Series 1 packaging, which reduces our carbon footprint and introduces simplified assembly steps, making it easy for those small and medium businesses to unpack their new product and put it together quickly. Our health team showed applications for waiting rooms, infusion centers, and clinician respite. These applications offer a softer hospitality look and feel while offering clinical performance and providing flexibility. Highlights included products from QuickScreen, a new steel case partner whose innovative, cleanable partitions create instant privacy for patients and staff. Another highlight was new enhancements to our West Elm Health Collection of soft seating. Designed by West Elm, this collection provides the comfort of home with added clinical features to improve the waiting room experience. Response from customers, architects and designers, and dealers was outstanding and will continue to build on the energy of last week to fuel future innovation and shape the transformation of workplaces with our research and insights. While MEACON is a terrific opportunity to showcase our products and connect with customers, we haven't let up on our efforts to improve our profitability. Our operations teams around the world are continuing to redesign our operational model to lower our cost structure. As we had previously announced, we expect to complete the closure of our Atlanta Regional Distribution Center during the second quarter as we continue to optimize our distribution system. We also drove additional savings this quarter by finding more opportunities to ship deliveries directly from our factories to the customer installation site as opposed to consolidating through our regional distribution centers. This allows for improved rate costs as well as reduced labor handling, and it supports our efforts to achieve our carbon reduction goals. And these are just two examples of the many ways in which we're continually rethinking how we operate. As we continue to orient our business for growth, we're also excited to support the growth and advancements of more than 50 summer interns across 11 Steelcase locations. These interns represent 35 schools across the country and include women in STEM, students from historically black colleges and universities, and international students. This diverse intern class exemplifies our commitment to creating career pathways for more people, which we believe ultimately delivers value for all our stakeholders. And Forbes magazine agrees. They again rank Steelcase among America's best employers for new grads based on an independent survey of more than 20,000 young professionals. I'm excited about our start to fiscal 24 and where we believe we'll be at the end of the first half. We continue to navigate through an uncertain environment, but we expect to be ahead of pace against our financial targets halfway through the year. We remain committed to our strategy to lead the workplace transformation, diversify the customers and market segments we serve, and improve our profitability. So with that, I'll turn it over to Dave to review the financial results and to share our Q2 outlook.