Leah Jordan
Goldman Sachs Group, Inc., Research Division

Good morning. I'm Leah Jordan, the packaged food and food retail analyst at Goldman. And it is my pleasure to introduce Shane Smith, the President and CEO of Smithfield Foods. Thank you for joining us today.

Shane Smith
President, CEO & Director

Thank you, Leah.

Leah Jordan
Goldman Sachs Group, Inc., Research Division

So as a quick reminder, Smithfield is a vertically integrated pork producer and processor and is the leading supplier of packaged meat and fresh pork products across U.S. retail and foodservice channels. The company also exports fresh pork products to more than 30 markets around the world. Now let's get into our chat.

Shane Smith
President, CEO & Director

All right.

Leah Jordan
Goldman Sachs Group, Inc., Research Division

I just want to start off here. Smithfield returned to being a public company about 1.5 years ago. You reemerged as this more streamlined company under a one Smithfield model. You've improved your cost structure across your 3 different segments, ultimately supporting the strong packaged meats business. So maybe we could start out at a high level, just an overview of the transformation that you've been on over the last couple of years? And how does this position Smithfield better for the longer term?

Shane Smith
President, CEO & Director

Yes. Thank you, Leah. And I think you touched on a couple of key words there. So reemerged and transformation. So when we went essentially private back in 2013, we have been public for a number of years. During that time frame, leading up to 2013, we have been a highly