Steelcase Inc.

and press the star one. Thank you. Mr. O'Meara, you may begin your conference.

Thank you, Rob. Good morning, everyone. Thank you for joining us for the recap of our second quarter fiscal 2024 financial results. Here with me today are Sarah Umbruster, our President and Chief Executive Officer, and Dave Sylvester, our Senior Vice President and Chief Financial Officer. Our second 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. And hello, everyone, and thanks for joining the call today. So our second quarter results were much better than we expected, as both revenue and adjusted EPS finished above the guidance range that we provided in June. So halfway through the year, we are pacing ahead of the fiscal 2024 targets that we shared in March. And on the strength of our favorable first half performance, we are projecting our full year adjusted EPS will finish between $0.80 and $0.90, which is higher than our target of $0.55 to $0.75. We're pleased with the progress we're making in many areas of the business and believe our strategy is helping to drive these improved financial results. Our second quarter adjusted operating income margin of 6.2% is 210 basis points higher than the prior year. This is driven largely by the success we've had implementing our profitability improvement initiative. Our sales teams have continued to capture pricing benefits from the price increases we implemented over the past two years in response to the extraordinary inflation we incurred. And our operations teams around the world are continuing to make near-term efficiency improvements while also working to redesign our operational model to drive a lower overall cost structure. We captured additional savings this quarter and we remain confident in achieving our target of driving over $50 million in annualized net cost of goods sold reductions over the next several years, which is what we communicated at our investor day in May. The world of work continues to evolve and we're seeing a growing number of company leaders talking about the importance of being in the office more regularly and in a coordinated way. Many large companies are implementing workplace strategies that bring their people together in the office on some combination of days. They recognize that being together is a key contributor to shaping their culture and driving business outcomes. And as a strategic partner to many of those companies, we're being asked to help improve the functionality and feel of their workspaces. They're investing to support in-person collaboration, And they realize people need privacy for phone and video calls, along with their focused individual work. And Steelcase is helping clients meet those needs. One recent example is the success we've had in the legal and finance sectors. These clients are looking to create a variety of spaces that support both collaboration and privacy. And we've partnered with several large leading organizations in Chicago, Dallas, and New York, to name a few. Our teams have helped these clients design partner and junior partner private offices that support focus, open plan staff spaces that provide both connection and access to privacy, high performance collaboration spaces that facilitate group engagement plus seamless use of technology, and ancillary areas that enhance informal connection and well-being. And our recent acquisition of Halcon has accelerated these efforts and is really helping us win a greater share of wallet with these customers. As part of our strategy to lead the workplace transformation, we've prioritized investments in research and product innovation, and we're seeing some evidence of success. In the Americas, our year-to-date revenue from large corporate customers is ahead of our expectations, and our win rates remain strong. We also had double digit order growth in our continuing business, which we believe is indicative of large corporate customers making changes to existing spaces. But it's not just the fact that these customers are making changes. They're choosing us as their partner. They recognize Steelcase has the insights and solutions they need to help them reimagine and transform their workspaces. We've also been investing to enhance our ability to serve customers in segments beyond those large companies. In those segments in the Americas, our revenue is a little behind our expectations, most notably in our consumer business, and we believe that's related to the broader slowdown in household spending on goods. In healthcare and education, we saw nice growth in our sales into clinical healthcare spaces and learning spaces such as classrooms. even as investment levels for administrative and traditional office spaces are pressured. Our international businesses are being impacted by the macroeconomic environments in Europe and China, and that led us to initiate our previously announced restructuring actions. I'm also happy to say that we're seeing results against the goals we've set to support people and the planet. This fall, we're releasing the 2023 Steelcase Impact Report, which highlights our progress to date and shares how this work is making a difference. And I'm proud to share that this year, 12 of our suppliers set science-based targets to reduce carbon emissions in their own operations. This isn't expected to help improve just Steelcase's Scope 3 carbon emissions. It should help all of these suppliers' customers better track indirect emissions. And this effort earned us global recognition for supplier engagement from CVP, where we were in the top 8% of companies globally and the only company from the furniture industry to be recognized for helping our suppliers tackle climate change. So I hope you'll download our impact report and read more about our work and our commitment to use our business as a force for good. The report is scheduled to be live on our website on October 4th. So to summarize, halfway through the year, we're ahead of our targets, and we expect that to carry through for the full year. We continue to navigate a dynamic environment, but our demand levels have been fairly stable. We're optimistic that as more companies announce requirements for in-office presence and their employees return more substantially, investment levels will increase. We're pleased with the progress we're making in our strategy to lead the workplace transformation, diversify the customers and markets we serve, and improve our profitability. So with that, I'll turn it over to Dave to review the financial results and share more details regarding our outlook.