Earnings call transcript Q3 2023

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Operator

Good day and thank you for standing by. Welcome to the Q3, 2023 Prestige Consumer Healthcare Inc, Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

it your turn today, now would over speaker to Mr. I Terpolilli. Phil may Sir, you begin.

Phil Terpolilli

thank who to operator, you Thanks and everyone has today. joined

CEO; call the Chairman, CFO. with are and and Ron our Christine On Sacco, Lombardi, me President our

webcast on today’s then can results, our presentation. from be visiting XXXX and analysts. accessed On quarter slide on presentation take clicking and discuss we by the full-year will third the call, accompanying and fiscal then The outlook today’s Investors questions link review today’s prestigeconsumerhealthcare.com, call

Remember, Reconciliations GAAP the the financial are some slide contained today presentation in in our of the to information presentation. includes non-GAAP earnings included financial measures. release and nearest the measures

Harbor presentation, to review statements call. inflation On risks remains and in various which important and disclosure today’s which These factors, to two are Business which the uncertainties, high contemplate. risk Safe have high detailed the chain are reconsiderations Further of on concerning results date. of could cautionary forecasted the and most on impact of potential the accompanies time of due means at management today’s call, supply page make the slide any forward-looking recent available uncertainty environment around are and and change complete will Company estimates geopolitical information available on most from based information a the as SEC impacts. statements our recent factors best numerous This filings XX-K. constraints,

it over now hand CEO, Lombardi. I our will Ron Ron. to

Ronald Lombardi

Phil. Thanks

Let’s begin on Slide X.

chain environment. third continues be our half what first pleased retail to with on our supply dynamic momentum We results, quarter built which are a and and

greater versus QX cough on as to diverse million the brand, performance. page, driven a revenues in GI portfolio segment I in QX of the next detail rebounding organically the year. strong prior Thanks international brands. Dramamine XXX our which discuss continued as Revenues segments were well by will trusted a cold, grew about of X%

diluted investment in in levels growth. Even $XX in generating to translate million strong service quarter million in to the into continues EPS, revenue free inventory and cash in profitability, future $X.X $XX Solid QX. almost and support flow over with

flow enable to deployment resulted lowest times in leverage three consistent our ratio and Our level disciplined strategy. continues half a over of These QX a of our cash capital decade. in a leverage efforts profile

continue optionality. We anticipate gradually leverage capital over further future to allocation lower which of levels enables time,

turn discuss the let’s Cough Cold X Now year. demand extraordinary fiscal Page and is which category this & to experiencing

treatment. of brands, for Our and Cough heritage & largely Cold own Luden’s, distinct comprised sore is throat Chloraseptic two iconic with their portfolio each

that the product the consumers throat heritage Chloraseptic efficacious sore XXXXs. Luden’s a brand great with began with drop. cherry has iconic, its a and flavored late XXs. created throat sprays tasting, goes continue to in Today, in even lozenges in back the further associate

inventory from environment. with treatments, history due Year-to-date, extraordinary due category has consumers standing health being supply around consumers well demand to proactive expectations us illnesses year, long your has stores of This fiscal that year. the driven more a of benefit the beyond the allowed start has and the of the category low-level our throughout chain to to grown this

The combination strong and of typically we growth these expect. factors Chloraseptic beyond for both what has Luden’s enabled

and that the of year-to-date, the additional grown have XX% the limitations category. in supply Each potential brand by over page. chain upside others right hindered kept on shown has with growth us the As for for

stocks. retailers additional actions clear have new to we opportunity demand and taken up like sell refill to and depleted keep a volume, with this adding have suppliers We strategic

strategic to the long-term year actions, brands is forward, a the growth. strong and balance the position to Looking total demand sales, a for company of these although small helping we percent to as category anticipate continue of these

financials. the I Chris to to it that, will through walk pass With

Christine Sacco

Ron. Thanks, Good everyone. morning,

fiscal quarter Let’s financial turn to results. XXXX Slide review third X our and

the reminder, GAAP release. in measure non-GAAP today’s information our in the to is earnings includes closest presentation a that As information reconciled certain

increased points $XXX.X prior Cough were QX currency, increases versus currency. category. prior sharp XX and declines Cold down year basis foreign offset & million America and Women’s Care versus approximately revenue year gastrointestinal the Health increased the Eye X% North excluding revenues of category, by Ear effects in in with the X.X% of the and excluding &

EPS interest XX% million were X% and year, X% costs QX prior broad and spent. regions revenues product segment strength international EBITDA across were lower marketing by based The Our than offset excluding QX of from performance more in categories. revenues respectively higher in and $XX.X up the with higher included pressures over and and FX. up inflationary

Let’s around detail turn results. consolidated to Slide more year-to-date X for

first the organic largest the strength basis. versus largely The in to on prior benefits X% from QX, XXXX the an fiscal of what Dramamine were drivers For we year growth. nine-months our with category performance experienced revenues international & robust similar performance Cold increased Cough segment coming and

year-over-year solid points of channel, e-commerce continuing company gross XX.X%. gross trend basis by the offset cost of in the margin amount online versus Total growth term was The long offset change adjusted inflationary We partially XX% purchasing. margin anticipated margin pricing across gross actions the year’s increases dollar of nine-months last to higher cost also headwinds. to XXX declined our the experience portfolio of and attributable which in continue first

anticipated approximately QX, we gross For XX.X%. margin of

in XX.X% of at first down for prior the came a nine-months, in revenue. XX.X% versus Marketing as and year Advertising percentage the

reduced to about a As timing year revenue, of demand. initiatives we categories primarily consumer of the and anticipate due the of to owing strong around reminder, certain XX% for spending spend

full-year X% G&A approximate revenue. we G&A expenses to of at were X.X% the nine-months, around of revenue dollars year prior anticipate for first still

the of in just than compression more revenues by compared gross to the diluted margin year, were $X.XX offset EPS prior as discussed. Finally, $X.XX higher

periods, certain to discrete normalized Our favorable rate still year-to-date tax XX%. of QX slightly a tax tax anticipate and of was of rate XX% to prior items. timing the approximately We due long-term

down generated we free million the flow turn nine-months, let’s discuss cash in year. XX, Now $XXX.X first cash to and prior the Slide In flow. versus

the can increase by invested inventory $XXX affected be This strategically beyond of finding the this, to can the support of we the capital, where current environment, have working levels. free inventory million. chain cash we primary to variations timing better is supply opportunities for behind flow guidance updated targeted service year our driver light of in quarterly Although

strategy QX investments free targets. down. $XX flow X.X EBITDA million working support without and Our cash year-end strong margins consistent invest of derailing free generation reflecting stable service behind deployment customer We a through levels includes capital the flow to enabled leveraging ability to debt times leverage efforts of have and we our as anticipate de pay capital brands and cash our that disciplined about result, increased below and

full debt times. of up to $X.X beyond anticipate and in timing, year We million December cash in $XX inventory maintain covenant related free paid flow step was approximately the anticipate will of net owing and billion X.X Looking interest flow of and profile expense cash our for find XXst, leverage we timing At provide we the normalized now ratio a this a XXXX to the May. outlook fiscal down. debt more

With to that, back I will turn Ron. it

Ronald Lombardi

Thanks, Chris.

quarter outlook. the are go to Let’s in wrap turn our to Slide up. With to refining year, we just XX one

the original portfolio proven within us and Our outlook in inflationary current healthcare grow we enabling year, supply strategy consumer even others are and range chain are environment our and business for the leading facing. to

basis, anticipated QX growth mid reported translating and prior be approximately revenue XXXX, to approximately of million fiscal with XXX million year. growth both X% are revenues consistent of a into versus anticipate the organic long-term on For our target. XXX to single-digits we

benefits pricing A fiscal disciplined We offset offset to implies QX actions EPS our and of of cash for anticipate help EPS while $X.X. free of which higher rates. are the flow to the helping headwinds, impact strong XXXX of interest cost management $X.XX continues inflationary

reflecting strategic Chris flow increases just anticipate in or million more now of the discussed. that inventory Lastly, XXX we free cash investments

in record solid builds one XXXX is our market strategy So our anticipate backdrop. strong a revenue that fiscal earnings we growth go, working typical on to summary, and with despite dynamic XXXX business quarter with

then fiscal We to full our continued in also And in will a up in We business which attributes. over reward is provide strategy our in momentum remain we the on confident outlook this May. to stakeholders XXXX, long-term. our set expect growth result

for With questions, that, operator. will open it up I

Operator

Susan Genuity. first [Operator come Thank you. Canaccord Instructions] will from question And our Anderson

open. is line Your

Susan Anderson

my Obviously, for stocks feel getting look are nice you you follow-up the & by some I Hi, forward I’m curious, Cold. in on quarter, are and were year? store? guys to, chain. we supply fewer if thanks seeing and on of you was the of the about of through maybe as there could talk the if guys category supply like in the stocks - out you the question. rest wondering that taking still, Do job kind really imbalances better, I guess Cough the could strong sell-throughs demand

Ronald Lombardi

morning. good Sure. Thanks Susan,

a these been have every we chain, think year good that I now. of supply about the for one about topic, So talking just calls

with the our think we up positive is I year year last record keep thing demand been to for far. business through have so this and through able

frankly, are the of category we for example that go to that a and that situation Cold and retail. you challenged seeing other and categories to see But many shelf when up with in can is clear Cold keep you are players for certain Cough & us Cough demand quite &

a that capacity a I liquid, think category forward. limitations. But on there supplier the with we see we we mentioned going to remarks brought clearly help is prepared in additional liquid some where it

Eye our continuity category out saw year, the I will third another impacted Care fourth good thing actually despite quarter supply example third we slowdown something and to was the was quarter far shipments an of impact our during quarter. into other The there expecting so are where through the call the a

categories good note we So important operate supply year service a to progress a doing position continue make ourselves have a get good buffer for really improve as a is the support environment, to growth way in inventory year and been add now the to the well trying to we levels. QX, challenged in next are we to that that add here some our chain to made and in on continued

Susan Anderson

I then Great, talk of particularly that rest could on and out trend year? could if helpful, kind international Hydralyte if and you add you the there of are seeing more the about business, the to quarter and play the just just so there. strong Maybe expecting one really is that you maybe are another how

Christine Sacco

Chris. Susan, good morning Yes, this is

last bit Australia year a year a the all so performance So in you really regions, quarter. illnesses, and across helped just off right strong saw little performance are had with but not of third international we strong another record coming

are So still feel plenty we household and of to of obviously But which over couple is last XX% a penetration good. at years points about the good penetration quite go. about we which to XX% is household Hydralyte, up Hydralyte room few on

we and good that feel pretty to remember prospects growth and the about continued of feel X% have long-term growth internationally target a we internationally about rate forward. confident So going about we

Susan Anderson

Great good of good. so will that someone I Thanks jump else let the the year. much, rest sounds for in. luck

Ronald Lombardi

Thank you.

Operator

Thank you.

Company. Parikh Our next Rupesh and come will of question from Oppenheimer

Your open. line is

Rupesh Parikh

Good thanks and for taking my question. morning

to want have just you it of had end go give more I what can on also the to reduction back looks you. it prior EPS and an in of to of So lower if like year the drove the range, range? EPS, sales terms higher that interest just color may the in Thank terms impact for guidance, expense

Christine Sacco

Rupesh. Hi

the going from X% really growth So - to FX reported guide guide growth X% driven. is

as the seen a particular. in in lot the particularly third in in Canadian has of - Australian dollars, movements, the there us have been quarter that some particular, a headwinds, and reminder dollar, currency Australian We for

So the EPS I sitting to the It is just narrowed another perspective, is currency talked lower range. sales from guy original our of the There we to about, we some just headwinds the end in P&L. headwinds an expense related as just currency discussed. right,

million timing then just just hikes about And the of down. got some called interest up the given the of and $X pay rate for QX,

of So the but those EPS the the target range, end within lower are down of to drivers main the still range. calling

Rupesh Parikh

next you you Ear year, in Okay maybe do there? expect improve? thoughts Women’s & categories categories it of QX called Care, something some is great and guys and Is just those then that just out the Health Eye terms or to when week, that this

Ronald Lombardi

Sales individually about eye as & us supply good. those in to with impact both response good, actually bit all that question, of in really we Susan’s We that are momentum starting Eye as So is a mentioned for and Ear. the category. continue fourth issue have I let’s great talk care, quarter well. to the quarter into third about in chain expect the is Consumption

and the else we and Women’s doctor’s yeast on going go portion everything back in the then and as Eve Health, actually particular, of we infection that to impact a business. the see Again, continued of COVID impacting seen have category, consumer to decline on a total women result And the been in has on, category. changes office the Summer’s continue going

year factors chase forget, again, the in habits in is to business demand. of cases, we comps keep is to three So, in a on a years continuing supply easy it it up in and last the year, it three some number really but to or with versus of are some change continuation is of consumer disrupted funny cases,

Rupesh Parikh

maybe question. And one last

sales you not So I Thank know this year? year am XXXX curious, And to do you guidance. that expect went point. just I of to ready next you a is provide I this curious there can larger down A&M, on be are you. to just puts XX% and know But any percent sales, FY share at of takes

Ronald Lombardi

Yes.

I guess business to I many on on and let today, we our positioned A&M prepared are the about next bottom row. brands, good in feel XXXX fiscal record said feel with comment business, the that And behind I Chris a will line of the the for we consumption me on top start comment growth of and So we like year. a years overall after continue of positioning for the trends momentum remarks let two continued in

Christine Sacco

Sure.

A&M May about details more but from always pulled would we our with A&M that our ability our built obviously bottom a come additional support are related marketing talked to we plans little about being with Rupesh, teams. in this I talk So of provide to our We in to being up And the where investment. supply have bit talking this regardless couple year, that environment demand, about. strong really categories we

here. always spend initiatives the timing So a by you a new of But variables. in details bunch few more launches give product to is of more will year, A&M we months come whole next driven and and

Rupesh Parikh

I Great, it on. pass will thank you.

Operator

our Blair. Thank next come Jon from you. And will question William of Andersen

Jon Andersen

the the like morning to strategic looking I’m should are really longer it. or it inventory against that that I everybody. the of order understand the of retailers element reasoning also inventory. short-term kind on chain or for investment disruptions is terms demand strong things or kind for delivery supply higher there guess, good just windows? term remedy in say behind I fill you, juxtaposed Is Thank a experiencing step for of to tighter cough/cold rates of constraints trying a in you some up,

Ronald Lombardi

first service driver is to ourselves The align to our meet better retail customers, requirements.

in its of part Jon. So nature, that it is really short-term

to us workforces. be said, looking earlier, the try I to in buffer better supply there, inventory As we COVID hiccup in and been impacting continue supply impacted out chain, give chains a to general to the have for build next by

a thing All suppliers, a an at label API. or or missing in the only whether their is disrupt cardboard but finished one Not chain it our or it goods, their, is facilities, suppliers, it at supply an own at API, whether is. takes whatever to is it pallet

buffer we know ourselves focused that the to better been on about. to next a for we don’t have drop two So give trying

of As those things but XXXX time. not will fiscal being buffer stabilizing, begin to to But requirements, we into back to advantage right learn meet growth more are down now, how it all and take over we positioned, and we service better is adjust only about inventory opportunities. getting in that get about

second Jon. And chasing the Chloraseptic, I out first with Luden’s brought December, we the supplier last week as things mentioned of cough/cold so two think on shipments got I we or there, a actually are

Jon Andersen

Chris, margin of the fourth in against around is as stepped quarter performance you the XXXX, Okay have again expect would se. this, experienced again XXXX thoughts quarter understand down But terms you and of that to we little juxtaposed kind in similar third But I margin drive would any increases. driving recovery, look the gross margin just or there bit per this for recovery And I the at the you what think you the you helpful. in do is mentioned, quarter. that potential a helpful. for math point sure gross not is of that what some is think to price Gross and be I’m the and off cost kind leveled increases the sequentially I think

Christine Sacco

Jon, know, our say, with right, Yes, in-line with margin in, I coming what expectations, largely you And QX. just gross would we you here are being saw consistent is right. in QX

is - XX% margin can also we base, we continue I pricing will me, gross think as our in will has we come continue for of in actions, excuse I of, know, a about to to to for saving start which and the cost you so big look that with development, historically opportunities addition on. if going the take have it as form continued projects product multiyear focus as a company, that new

things have the we different know, talked environment, having a in you in about differently going forward, talked about, issue it forward. with going in will our So many certainly that than we operating last a forms years, come cost this at have few looking savings And structural not have bit gross been for we margin. is little

So to margin, dollars overtime, increase say. we gross our will and looking those be as margin we into our EBITDA A&M always maintain to reinvest

Jon Andersen

thanks. One follow-up. Great,

you restocking that Thanks. given a situation is that think a of where, now, of out bit benefit bit maybe kind kind is a think sit this establish you XXXX. need it little net, certain coming from today? as there about possible be year talked of year, where XXXX of feels XXXX, like, you possibility was Is ahead might, you pandemic, he the levels, net- in I of fiscal in at a start you there might in to think a might looked of right across the at Ron of the perhaps be better it still same you Ron, as consumption categories stock shipping

Ronald Lombardi

started were the inventory and stocks Yes, the to, progress improve on levels. as on of continuing the focus we build to focused buffer. service And and our we that XXXX, to that liked would some have didn’t hence, make we recover trying we

than we there at case, head where inventory or the As think other into or again, the will recoveries going we opportunities that retail is builds more XXXX, likely way. be it

Jon Andersen

much. the quarter. Thanks Congrats so for

Ronald Lombardi

Jon. Sure, thanks

Operator

from you. next question will Company. come Thank it And like of Sturdivant Pinheiro looks and our Mitchell

line is Your open.

Mitchell Pinheiro

Good morning.

in that you Did couple of any your stocks affect Just categories? here. questions A common of

Ronald Lombardi

Yes, the us, as category the well. Ear Gaviscon right. as as for well SKUs in are big in Cough/cold & cause certain Eye and up Canada

Mitchell Pinheiro

Okay was on and couple impact mean was to it - that? I put it terms having your an was then percent way or revenue, in it just on of a number significant, any a

Christine Sacco

Yes, say goes know, Mitch, I goes terms SKU now refill stock seeing this is we to wouldn’t in it of it. it a We refill we quarter material is, out largely brand. stock. Chris. And was are sales. It is again, the you another or of what it out of brand

had about So exactly to supply I the hand of I unanticipated have this But the more concept bit still we disruptions would level we inventory will. on that speaks to a highlight sure wanting Ron what we strong for despite provide a just supply quarter. chain enough guess that, game in know, Mole, a you if experiencing, Whack which is are us sales for that make of consistent of you a mentioned to

us enabled portfolio has that and year. really this So diversified helped having the

Mitchell Pinheiro

for percent also growth? the what and Okay price on of line, then what increases accounted the revenue

Christine Sacco

above on be So we are pricing in that year. for about originally still year, for growth and we had our we two-thirds still, guided be of slightly the pricing of might terms the target are to

think pricing that period. is but So about for the way to the

Mitchell Pinheiro

of that little that I with Ron, that don’t then, And anticipate Does you that? mean there or a mentioned slows and lower is overtime. levels acquisition bit implied Okay that anything growth you leverage understand. there had

Ronald Lombardi

with No think acquisition. the great year a what and is example did I we last Akorn

Care year a point million added in and a half able we to to were about still a our So last platform, Eye do $XXX reduced by the leverage year. acquisition

increased overtime, really, as message of to building we do it as peak we get not is cash gives flow us and to leverage lower back levels ability the bigger, that and generate I saw and our the the historically, transactions debt business. think levels were So go the we of one

if it In there for done terms the figure opportunity right of job there, how is it a company. compelling out really to is profile the within to leverage M&A, out our get

is is we that about how think us really It not limiter for it. describing Mitch. So any

Mitchell Pinheiro

That Okay, got is it. you. all thank I have,

Ronald Lombardi

you. Thank

Operator

you. Thank

question will Anthony LLC. next Lebiedzinski of and Our from Company come Sidoti

Your line open. is

Unidentified Analyst

Hi is pricing can actions [indiscernible] for in level that Anthony. good of is, the question in comment on morning. quarter? first you you the took My This

Christine Sacco

Sure.

our of which So the come this of talked at we savings, had on really, gone growth from pricing. through have the basis announced inflationary cost about second a brands dollar-for-dollar year year year. the pricing offsetting pricing, some the our essentially for two-thirds of back is our beginning round expected We to the of pressures for

So to the the $XX range about being $XX we talked million year. million for that in

So helped the the rolled quarter. the pricing in earlier that year, in through certainly

Unidentified Analyst

the given you yes, behavior? categories? is question changes second consumer and to you seeing guys meaningful any which slower economy If Thank like are

Ronald Lombardi

seen right. or In areas slowing what last we that to the be a by that categories, the overtime wallets impacted of pinched average consumer is one by the be economy tends it might our have

don’t and up you and your well. wake shifting household somebody You feel is

It forget opportunity take be of where you brand continues postpone - care look or trusted is about to something look that to that to it health. you an for generally your

at continue we monitor So but look it business. and it impacting this at is we something see take a our don’t to point,

Unidentified Analyst

and Alright. of Thank is quarter? a growth percentage the in much was rate revenue as the what now and how you e-commerce

Christine Sacco

single-digits. XX% about now our be is e-commerce to in sales continued been the of strong the growth and Yes, high has

Unidentified Analyst

that. if wondering - not why I guys guys looks adjusting I XXXX? the and guidance company a guidance I but like it know just answered you apologize. I’m just that lastly, with I are you don’t And sure you is missed you. guys why Thank if to was

Christine Sacco

Sure.

lower bit on guide to and FX range line guide results end the we So worsened end lower about narrowed the top-line. range it and is quarter, what our about. the top-line We we EPS a the original we from - the the the worse of previous little a top we reflecting talked the impacting today at talked really this had expectations just that of the did

Unidentified Analyst

you Thank questions. you so for much. taking Thank my

Ronald Lombardi

Thanks.

Operator

Linda Davidson. Thank Weiser D.A. you. of from our come And Bolton next question will

open. line is Your

Linda Bolton Weiser

good morning. Hi,

of on was FY of most question innovation I you So a the And for venue be or similar do XXXX. innovation innovation a consider lower? what curious just to or in level you higher in XXXX general, expect FY significant to then to drive revenue Thanks.

Ronald Lombardi

Good morning Linda.

across If kind of it hard is portfolio, to pick you look our one.

we our where string to a examples. example continue If expanding nausea look the a recent done saw is example. of at XXXX, in into of you nausea. couple Dramamine another had of business, have well products a as well W do the number have Compound there launches great one success technology is really we And of

years we will market out than out We steady in look over a seen get so year pipeline. no about XXXX we the they don’t innovation and last to come new generally few products of talk the things until have obvious to different a every be for consistent with have reasons. the pipeline And

continue we NPD the and in So efforts good our feel to results the about pipeline.

Linda Bolton Weiser

it your of on everything, sort in manufacturing what in going do little maybe and hear what ago, supply and that years but and change capacity bit like becoming frequent internal business, Does that then now is course, of a of still we there, Virginia you facility? about and and the is a chain is more more facility Lynchburg rarely manufactured you that could would Okay glitches what these view us is thing. there have on and update having hiccups your

Ronald Lombardi

third-party model the of XX% is revenue, of and suppliers about and that think makes our us. and still or Lynchburg mix right Lynchburg it focused is facility working our great liquid a having does the mix. we for fill a facility partnering No, job and with business total so

way we we One have learned COVID change we had that that supply has thing changed, to is partner the evolved with that the our chain as and environment have during suppliers.

additional the last we done investments over dedicated of like suppliers things the tooling couple additional get So at to years, for make lines or capacity. have

suppliers that also supplier product main And have to. supplier where offering we were past, add we Chloraseptic an and additional Chloraseptic that as to looked one comfortable example now use we liquid have in on I want with to the

supply new we ways to going different the to to as world a the robustness partner are to chain are that in. of we So continue in result add operating about think

Linda Bolton Weiser

lot. care. a Take thanks Okay,

Ronald Lombardi

Thank you, Linda. a good Have day.

Operator

Thank Instructions] from Casella will Morgan. JP you. come [Operator Our next question of Carla

Your open. line is

Unidentified Analyst

[indiscernible] is This on for Carla.

question component of related off to decline. are any promotions up the you sequential any on pushback kind a that a on there Just pricing? piggyback the experiencing that profit gross category margins and to of Is was of tick prior and in retailer

Christine Sacco

No.

promotion a categories, to in our consumers there So lot of incidences. because a drive not is linked to

increased So apologize. I the answer is, or promotional no timing the gross margin was the not impacted activity. by

second that the missed question. part Just of

Ronald Lombardi

inflation for cost about have been the the whole that to year. relates really talking margin we Gross

are really from by the QX where that partially dollar-for-dollar is lowers perspective, a that But overall really So in percentage margin pricing. and that we offset, QX. is still and

Unidentified Analyst

from pushback any was retailers part second the on Just pricing?

Christine Sacco

Yes.

the is is going guess that inflationary retailers to got is seen everyone We retailers pushback for environment inflation and facing I with frankly, cost everyone pressures and on on the labor pricing themselves. have side they from pricing. haven’t such and the quite such

So, not retailers. the we pushback No. from so have seen significant far,

Unidentified Analyst

timing more on or And do potentially your initial loan? have thoughts thoughts term on you any refinancing just question, one XXXX

Ronald Lombardi

goes So the believe, XXXX. I through, loan term

opportunistic much at end obviously to the of revolver be XXXX continue to on a that, different than maturing you term So is that of to at and structure will the of we loan, look kind our will that, referring if we continue ABL will actively are but but we both. kind look at

Unidentified Analyst

Thank you very much.

Operator

I’m queue. Ron would closing I no and the now conference the remarks. Thank in like Lombardi back to you turn for further seeing to questions

Ronald Lombardi

us operator and everyone our Thank a good and update in look first of XXXX. and you, we fiscal have XXXX an fiscal to May Thanks providing today again on our joining day. for thanks to forward and outlook for

Operator

call. for today’s conference participating. you all Thank concludes This

disconnect pleasant and You may a day. have now

Prestige Consumer Healthcare (PBH) 2 Feb 232023 Q3 Earnings call transcript