[00:08:13] Thanks, Marshal.
For the past six months have demonstrated how much of what is acceptable about. And I and I believe this experience has helped and I become a stronger company in many respects, which will serve us well as we move forward.
As I looked at 20, 21 and beyond, I would like to call it a few items.
First, we remain excited about the prospects for a residential building products segment are unique, vertically integrated model, with more than 20 percent of revenue coming from our own installing distributors, along with our recent success in managing through the spike in demand surrounding the pandemic puts us in a strong position as we move into 2021. [00:08:55] We have ramped up our investments in this business to better market directly to home buyers and consumers in both the new construction and remodel retrofit markets. [00:09:05] Our belief is that increased marketing in what has long been an under marketed industry will provide revenue upside that may not be fully appreciated. This will add to what is already a strong cyclical backdrop, as indicated by low housing inventory and increased household formation. And we will also benefit from encouraging secular trends such as urban blight, larger home sizes and increases in home ownership. In summary, we believe the revenue growth opportunity in this segment is strong and we will continue to invest aggressively to grow this addressable market and the categories in which we compete.
Second, while we remain cautious near term, we expect workplace furnishings revenue to continue to recover.
As we move to a more supportive environment.
Looking ahead to 2021, we expect a challenging first quarter as we lap pre covid conditions.
However, moving through the year, we expect more companies to return to offices.
While those return dynamics will likely take many forms, each will support improved demand. Longer term, we see positive trends emerging that line up nicely with our competitive strengths.
Specifically, we are particularly well positioned to benefit from increasing work from home demand.
Our unmatched price point breadth, our product depth and our distribution capabilities put us in a strong position to benefit from elevated work from home activity. A recent example of our efforts in the Home Office space is a win with a large enterprise client. Their employees, which number in the tens of thousands, will be able to choose Home Office furniture from a pre-set selection of our products. There are many more opportunities like this in the pipeline. [00:10:47] We are also uniquely positioned to benefit from trends tied to the urban ization for urban flight. This tends to lead to more satellite offices away from city centers and in smaller markets, these markets, these are markets that play to the strength of our go to market models and where we have strong competitive positions.
Next, we believe densification of office space, which was a headwind for this segment for years, will stabilize, if not reverse in a post covid world.
Finally, we believe office space layouts will change, the exact layout of the office of tomorrow remains up for debate. It will not look like the office of yesterday. Change is good for our workplace furnishings businesses.
Third, our cash flow outlook is encouraging and our balance sheet will remain strong. Marshall discussed our cash flow and balance sheet outlook as we look toward 2021, our targeted uses of cash continue to be ongoing dividend support.
We have not cut our dividend in over 65 years of paying. Investment and growth opportunities in M&A, in both workplace furnishings and residential building products, and finally opportunistic share buybacks, a conclusion I'm extremely proud of all of our 89 members and the company's collective focus and ability to adapt.
Over the last six months, 20/20 has presented and continues to present challenges that were unforeseen just a few short months ago.
However, as we emerge from this period, we will do so. A stronger company, well-positioned to grow revenue, expand margins and generate cash flow will now open up the call to your questions.