Steelcase Inc.

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Thank you, Sarah, and good morning, everyone. Thank you for joining us for the recap of our first quarter fiscal 2025 financial results. Here with me today are Sarah Armbooster, 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 earlier today, 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 Umbruster.

Thanks, Mike, and hi, everyone, and thanks for joining our call today. It's been about a year since we hosted our investor day where we shared an update on our strategy to lead the transformation of the workplace, diversify the customer and market segments we serve, improve our profitability and use our business as a force for good. And today I'm excited to share additional areas of progress from the last quarter. We continue to help people do their best work by creating places that work better. We are focused on leading our industry in the transformation of the workplace and growing our market share. And as we meet with customers, they continue to describe their efforts to bring people together and to support their company culture. And our innovation and our solutions fit what those customers need. I recently spoke, for example, with an executive leading a company that is in the middle of building a new global headquarters. This organization established its vision for the building to engage employees and drive high performance. They're interested in solutions that integrate with technology, experiences that drive employee wellness, and partners to support their sustainability objectives. The Steelcase offerings deliver on those needs, which gives me confidence that we're providing what customers need to transform the ways their organizations work. As we think about our diversification efforts, we're making progress in expanding our offering to reach new customers and markets. Earlier this month, we participated in NEACON, where we showcased several new solutions to foster better connections, increase privacy, and high-performance ancillary spaces. So let me highlight three solutions that we launched this quarter. First, we expanded the Ocular Collection, which offers a range of products designed to create experiences that are more engaging, equitable, and empowering in the hybrid workplace. Our newest product, called Ocular View, was co-developed by Steelcase and Logitech. It's an immersive, realistic, and personal meeting experience that brings together digital and physical elements to achieve increased social connection and privacy, which are top priorities for employees. Second is our campers and dens solution from our Orange Box brand, which is a great example of innovation that can be adapted to a broad range of customer and geographic market needs. It was inspired by the intuitive way people socialize and interact in a campground. And this system of interior architecture, campers, cabins, and awnings, can be configured in a wide range of ways to create enclosed or semi-enclosed and open spaces within the office environment, supporting the many ways people connect in the workplace. And finally, we're excited to unveil a new chapter in our creative collaboration with the Frank Lloyd Wright Foundation, an ongoing project to reintroduce, reinterpret, and reimagine Wright's celebrated designs. The Rockford and Galesburg collections, which are new interpretations of fine modern furniture for the home and workplace, draw upon a later era in Wright's work and are rooted in his unmistakable design principles. This partnership helps us strengthen our brand and create interest among new customers. Now, turning to profitability, our first quarter results reflect strong earnings growth despite revenue being slightly below prior year. as we continue to make progress on our profit improvement initiatives. Our adjusted earnings per share of 16 cents was an increase of 78% versus last year. And for the eighth consecutive quarter, we drove year-over-year gross margin improvement. Our sales teams continued to capture the necessary price increases to offset the inflationary costs we've absorbed over the past two years. Our operations leaders have continued to implement additional cost reduction initiatives such as distribution center closures and optimizing our production lines. And our employees continue to find efficiencies to support our fitness efforts and optimize our spending. So all of these things are helping improve our overall profitability. And these profit improvement efforts are also helping enable our investment to support growth initiatives and business transformation work. As we look at our segment performance, the Americas had another good quarter due to growth margin improvements. Our international segment posted adjusted operating income of $2 million, which was a $7 million improvement versus the prior year. This international improvement continued to build on the strong momentum we saw during the second half of fiscal 2024 when we focused on reducing our cost structure to support improved earnings and to enhance our competitiveness. Our overall order growth remained strong for the third consecutive quarter as we drove 8% order growth in Q1, with the Americas up 10%. Similar to the previous two quarters, strong growth from large companies helped drive the Americas' improvement, but orders also grew across all our other customer segments, including notable growth in our education business at the start of the peak education season. Our win rates remain strong as our solutions continue to resonate with companies investing in their offices. Finally, as we think about our efforts to use our business as a force for good and design better futures for people of the planet, we're excited to share that Steelcase recently announced a commitment to reach net zero by 2050. This means cutting carbon emissions over 90% by 2050 throughout our entire value chain. We worked with the Science-Based Targets Initiative to validate our near-term and new net zero targets, and we are proud to be the first in our industry to publish a transition plan outlining our path to net zero. We believe this new commitment will create a competitive advantage by helping our customers reach their own sustainability goals and, as a result, generate more opportunities to grow our business. Many of our customers already have made net zero commitments, and we expect more will follow. So, in closing, our first quarter results were a great start to fiscal 2025, and we believe that momentum will continue into the second quarter. Dave will discuss our outlook in more detail, but we feel great about where we're projected to be halfway through the year. We feel positive about the balanced progress we continue to make against our strategy to lead the transformation of the workplace, diversify the customer and market segments we serve, improve our profitability, and use our business as a force for good. I'll now turn it over to Dave to review the financial results and our outlook.