“Our teams remain focused on cost management, and I expect we'll see the benefit of these efforts as we move forward.”

In context

“s on cost becomes an increasingly more important component to maintaining and improving our structural cost position. The focus on reducing our direct and indirect materials as well as our logistics cost becomes especially acute given the continued rise in labor costs across many of our markets. Josh Jepsen: This is Josh Jepsen again. One thing to add to Brent's comments there is just the effort of our teams. These costs don't come out overnight nor do they come from the work of one lone group. It takes a lot of hard work across the board to make this happen. Part of our success over the past few years has been our ability to manage our business and run a lean operation capable of adapting quickly to changing environments, while maintaining the clear priority of taking care of customers. Our teams remain focused on cost management, and I expect we'll see the benefit of these efforts as we move forward. Joshua Rohleder: Okay. Great. And my final question is back to you, Josh. We've had a significant year from a cash flow perspective. Can you talk briefly about our use of cash priorities and capital allocation in '23? And then what we might expect in 2024? Josh Jepsen: Sure. We saw excellent cash flow conversion in 2023, allowing us to execute on all of our priorities. Liquidity, along with our single A credit rating remains in good shape, which has allowed us to reinvest diligently in the business. This has never been more important than today. Despite top line guidance being down in 2024, we are well positioned to continue our organic and inorganic investments in the business. In particular, we plan to maintain a similar investment level in R&D next year. Next, we're able to increa”