Team,

When I joined Current last summer, I knew 2023 was going to be a tough year. Our financial performance of 2023 didn’t meet expectations. We finished the year short of our sales goals with lower results than 2022 and our earnings for the year were below target. While each of you are looking back on results of last year in your performance days discussions, I ask that you capture the lessons learned, regroup, and get ready to accelerate our plan for 2024.

Our 2024 plan is achievable. I know that we can successfully compete and grow given the improvement in service levels along with efficiencies gained in the organization during the second half of the year.

I expect our 2024 revenues to grow, despite economic projections that our markets may be flat. We expect to gain market share which will be buoyed by our increased customer satisfaction and resultant confidence gained by our customers. January is off to a solid start with orders up 15% over the same period last year. Investments in SAP and other customer facing tools are starting to pay off – we have improved our customers overall experience with Current, which leads to increased loyalty and satisfaction.

Our improved performance and planned increases in revenue have allowed us to budget a significant increase in profitability this year, ensuring continued investments in the business.

Let’s talk Rally Cry goals. The Rally Cry concept has really taken hold and I'm proud of the team’s determination in 2023 where we focused on stabilizing the business. We have a significant accomplishment to be proud of - improved service levels with On Time Delivery currently above 91% combined across our plants and Distribution Centers. Our focus on service, the finalization of the SAP installation, improving the Current Connect portal, and putting sustainable business processes in place have resulted in optimism and excitement for both our team and our customers.

Now that the business has stabilized, we have adopted our 3rd Rally Cry which is to Accelerate the Business. We will focus on Accelerating key areas:

• Service – continue to improve & sustain as our sales volume increases.
• Improve Customer Experience – focus on ITO (Inquiry to Order)/ OTR (Order to Remittance (invoice)) to ensure quick accurate responses and reliable deliveries for our customers.
• Operational excellence –emphasize operational efficiency and ensure resilient and stable business processes across the organization.

We will continue to communicate plans and initiatives related to the Rally Cry in the upcoming weeks. As you finalize your SMART goals for 2024 in ADP, I look forward to forging ahead and achieving great results. Thank you for a steadfast start to the year.

--Steve