CHD - Earnings call transcript Q4 2017 | Church & Dwight Co., Inc.

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Matthew T. Farrell

Okay, everybody. It is game time. And I want to thank everybody for coming today. Have lots of familiar faces in the crowd. We had a terrific fourth quarter and concluded another solid year at Church & Dwight. next XX% for growth. XX% call our year to is EPS And here to is it up well employees that's and among here as we're the team This of CPG our at reflects the tops the management the have whole efforts end of the today, team going show. as mixed results been CPG, have late in as you There of all know. recapping among into like to few minutes And CPG. I'd spend standout a program, before why the we are formal get we a

brands that who of love, So, and making employees we portfolio have have consumers are those we a brands to committed successful.

which We have an to a evergreen model, financially literate leads company. and consistency

of We we in the heard that lean, our you and speed look us we it simple, past and little our portfolio, is our think you this get many enables granular. ability if to are a change. friend. more you to things, at the And it's like say two adapt change keep sure I'm

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read Act I Harbor Safe it. or to Statement, the is the is agenda. There everybody encourage First

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platform. acquisition are we So, regarded as an

about we're do businesses, with buy. brand and bring continue that. and terrific ideas what And so we company brand, fussy very help that some some we a the small. access grow, record buy and can acquiring to operational track we we have capital, business, efficiencies to we're have large So, a that a to And to

high-margin, number one they particularly very need well; brands, So, be high-growth, so to and know holders number long-term you, criteria, buy our asset-light. this many we this two of or

all can you over ride you a wave. If right, go way to the the is way this the

advantage brand, that sustainable to a you from the have our business XXth power Waterpik. You you're sure XXXX, buying. make got competitive we And bought in

one number one power replacement. and flosser number shower-head So,

one power for brands XX remember, there's to we're we're a thing tomorrow. company if XX So, with looking today,

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you up Domestic, in great the all saw International growing. businesses release Products, for growth, Specialty cash. and So, All and healthy, quarter all And organically, is this report this here EPS that's three our double-digit QX morning, X.X% a card. are

look at this and you doing result. you XX terrific we're if our look year. how would channels every another are category measured And would is adds about out non-measured growth. we X.X% brands growing XXXX, growth, category because all-in for account our transparent pretty point with channels, so the power grew channels show category non-measured of so channels, Seven to we're at that we say in say what But to So shares, Nielsen, of double-digit, our share the growth. all-in measured

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Britta Bomhard

Happy Eagles' Monday, everyone particularly fans. and

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Steven P. Cugine

thank very Britta, much. you

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a of consuming. are literally is we amount the resources species The as first

we're consuming are faster than resources We them. replacing one-and-a-half our planet this times on

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know you more and hopefully, So, about bit our a today. one thing little business I accomplished

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Matthew T. Farrell

right. All

It Productivity I'm get Rick everybody Animal going talk minutes was few before the to little a felt That the spend bit. XXX Discovery on financials. like up and we company, here right, a Channel how the about All for we Okay. today. run

So, just few words. a

have profits. So, assets. relationship four earnings principles. that is we power asset-light company. brands operating we're are revenues the we and our We're cash XX tangible brands. those One focused an we've Number of our two, very and have on to are Those brands number XX% the one of leveraged

people. thing Third is

fabulous people have our in We company.

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for We lot for the it. of have passion feel manufacture and brands, company, a you the you that, only can can't

and XX But on three get model. people, leverage to tomorrow. competency the if So, acquire today, We're financial XX know going take time. do of you brands, to focus a it's Four anybody's We company has you years of that, We've it ways it. on This is target to results. doing of and how part we assets good a it. those And margin. a in. XX been to get things, be say, big matter if then, It's since just that's have gross And top businesses. we brands we why XXXX.

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expand launch gross we and want finally, higher acquisitions. that product a than the to And new improve have their find products it's Virtually ways them every gross replacing. we margins. margin that business buy, You to

very is simple. structure compensation Our

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bring and Now, here then Rick to I'm some we'll Q&A. after going to have it up wrap that, up,

Richard A. Dierker

then going to through the we lot talk or Model seconds momentum, a well. as I'm Matt. the that with Evergreen you, go outlook, couple – of minutes of Thank finished we'll how and about right. All and on spend XXXX a

model. expansion, about some you We've Matt and year-over-year, in for couple times. percentage about and margin, quite but through acquisitions. backdrop, is doing basis up better X% walked which typically the the Gross that's we right, We net basis and targeting line growth. been SG&A, consumers just expansion, and X% is Marketing, within margin those dollars a points XX before So, of typically this we're Britta the leverage last a top organic EPS the a of the operating grows, walked through of digital Model, bedrock to you of points year that of in just XX of leads sales flat, those how as growth while, details. we in kind the as get terms talked of Evergreen space.

You for talking over-deliver, course, X% of X% sales any X% heard to SPD. falls When organic the about And today. line. one for of for and growth, if Domestic again X% we're it saying that business, those the we're bottom International

it We the in to growth the sales Okay. year. press was a morning. almost great QX read Organic had XXXX, you've release X.X%. this finish

Our outlook was X.X%.

$X.XX. Operating basis of quarter. a smaller currency was acquisition, So, XX up we broad-based was up great versus XX% world a from momentum so Reported organic, of was to from One from Waterpik growth and came points was for just in and commodity came right, our gross up costs, X% came organically, organic personal then X% X.X%, is X% to and were of and EPS X% margin margin, up away, at just care Consumer the note our just was XX XX%. all acquisitions. and XX% from of lot brands. there. points some our the strength up other across outlook About higher the growth far basis

of bar we the can with of through That's chart, you lot as for So, kind a watermark was see the momentum. exited year. the high QX, theme. the X.X%

look for – was any a stacked If Consumer on quarter, two-year angle business. basis, strong again, a from at Consumer the Global it X.X% QX really you

growth for is costs, organic quick, which acquisition Gross X.X%, number XX%, Marketing X%. down full-year the some SG&A was to a was basis really because sales slightly up points. almost us. right. of these key XXXX was largely Turning margin of at XX was up

rates. We higher We have acquisitions SG&A – non-cash these bought some amortization. have of

some We costs. transition have

up is SG&A slightly. So,

then, So, is up a $XXX is and slightly. that leaves conversion. flow hallmark so to cash generation, this flow cash And million EPS company flow cash operating the of down or margin being XX% $X.XX. XXX% free

so right. quarters about there is in was – lot and this So, basis of for of In It QX, in basis we points and XXX personal on call, couple promotional the was theme Domestic minus last environment, care points price/mix talked negative XXX It quarter points just QX. the QX. a business. the not basis did in the us XXX momentum, minus ago grow, but only a was

as well key is categories. So, environment that those improving in

Okay.

because in we in from headwinds you're million. effective billion really XX%, $X.X attack we're basis other impact took the in rate And Turning And range a outlook, the That's that's but But Operating just and there's clear year. reform, our X% of Commodity gross headwinds largely up in peer we want negative is basis by is and X%, the That's around clear what a you EPS regulation and the interest is range. with to Marketing some down. acquisition, growth, tax year-over-year. Organic to and have XX%. the at XX% Gross the saw to hearing know a on page. adjusted XX% that to tax that transportation offset can mix, for productivity from consistent slightly will are points tighten that EPS we there, would QX, That's where XX is just to of there questions. little SG&A about act. flat new year I And flat. tax from right. EPS all to to the year. minus want very growth being the XX growth our a that what is saw shoulders XX% head help above margin we the full-year as because result, range this earlier XX% actually expense XXXX. be that. a as the gross through bit. sales again flat number. then, I some group. a points, is around $XX with on And Reported proud I And acquisitions. margin, slide, margin to world dollars. just But peers those and X% go volume margin We flat. this expense becomes the is just absent clearer, sales be previous been out on you then,

Okay.

X% had sales track past run-up growth, to record gross no typically the XXXX, organic a Looking is XXXX few we've at on higher XXXX the and from over steady Focus margin, years. or different.

as headwinds Transportation, great that basis, and little an lot we teens. calls quarter dividends on We productivity talked future. a so XX% example continue back some think there. a are up I the surfactants of whereas as the Polypro heard up is up have Resins program. have pay going just that in the said and you've of is spot a in half. different mid-single-digits, or that's around diesel well. a recovery a We going we're resin a we thought type in to surfactants, to resin about in bit. to But maybe ago commodities

tightening, capacity industry the in tight. general is Just right, is

key, with So, is really shows. haven't DNA. we and is one largely of flat XX day, top largest sure But SG&A of company. sure great you the a of at as spend are in the the lot that non-cash Marketing margin doing we charges, of our we're said were U.S. those This I these This important make behavior Remember, lost management hallmark money headwinds. costs gross that management, drives before, and some you and next we the there. consumer make our strip us. acquisitions in that mostly SG&A history, is to to This is invest We're we're end slide we through all is out is internally due the is way. the the what as of flat work this charges. we think go year-over-year. our going non-cash the to the advertisers really if

much to strong in one, EPS flow cash that great a thing growth, One is our adjusted double-digits, long-term get message generate. is XXXX. end of investors the then So, do many we XX% how XX%

in at typically But the peer look the of we're the around conversion, cash companies, if set. near chart. top maybe $X XXXX the in at turn free we're flow revenue, always you billion you smaller look If of one and cash,

capital had days And this do past, the over right. ability has few too different future have great gone the management think days cycle, ways. cash. a in Cash our We time, conversion in a working XX so, one we've generate XX we a great to and we to from

to working we of zero that So, goals believe capital. have continue we

the balance We doing still X.X this strong we're sheet. have times. around year, Despite acquisitions a

at by the below We belief or end X we'll be that that have XXXX levered. of a times

brands And when that, so, said, power we're you TSR-accretive XX hear XX in or we cash is today, And one, prioritized the M&A. for looking future. Matt and XX number as uses flow of have

ratio list So, reduction, as bring down. net number right. we debt is that one is accretive Number two M&A. leverage the moved up We've that

to on increase management in we'll come your team news the shareholders. Waterpik. bedrock. we XXXX, in in years, And cash a And dividend not XXX It so addition, good little New and consecutive then XX% have just as then, answer in that, product development, I'd return We're a we capital-intensive bought the of questions. and any in like a bit CapEx, X.X%. of invite the with dividend, about the a up, XXXX We're outlook to either. bumped up to company rest

Matthew T. Farrell

be come don't right, All bashful, on up.

Okay.

you Let Rick; Organization. to know with so questions, me today, if you our know is who Sales you we you runs direct Lou Tursi, who tell here your us want got,

We HR. Marketing have of Britta, our Chief you General runs Chain. Spann, Supply Linares, Officer; here, have Rick Counsel. have know runs who is Head and our who's we we who Zagorski, Patrick, And Carlos Judy R&D;

We know have Steve you on Animal who and runs Productivity; Scott, presented International.

So, for questions. floor is open

Okay, Kevin?

Kevin Grundy

take had environment. lot a been peers. There's results with the your from with your Thanks. Jefferies. it on start, Kevin pricing wanted lot the of discussion in on Grundy We've I a of disappointing marketplace. some to of Matt,

in quite quarter good respect. actually was Your that

Thanks. terms Amazon. of to point? related of discussions has with something Is I Walmart understand guess on when at within the the what's that. here how questions there guidance construct lead ability into in pricing in How guys into within less changed sort what's pricing industry. Do X% with, you that to of much just pricing, maybe going? label, reluctance Is And I don't this going are matter less? some of seem couple the and the investors for XXXX. of wrestling a to pricing that private But are you So, often what is that, brands baked fiscal wrap causing take your pricing? perhaps then, any, take to could if is taken

Matthew T. Farrell

Well, price, in QX, I'll price in if try so for QX. at a order. to about Rick big in them QX, in was you there organic the get can remember I your less trend so six you've comment in less starters, questions, heard number, look our

is So, favorable. trend the

that pretty should commodities. that say compete pressure, thing thing really price, a commodity is to you would when have I of category. generally price. price in significant A you to on everyone's third have kind need appetite Second and to tamper When it that position comes is a drop to

might you able be generally, you some But take So, those have it. XX% share, you might we the expect, to XX% a baking price. share, for soda, condoms need story behind

latex For it have be condoms, would to cost.

get You the idea.

average weighted XX% earlier label. look you basis, to private on XX%. said a if have around at I we us, don't that So, much exposure as to On we're

I'll any So, to about ask he we're from we wants comment retail partners. have others. conversations getting Lou And as if our same don't the story

Louis H. Tursi, Jr.

all hasn't to start any I I Yeah. environment take agree gotten better. that would sequentially that that. is say saying between would in Kevin, I QX, by Matt said QX, the would year. really price easy with QX never promotional changed It's has much. the environment everything and that what

nothing XXXX, said, reasons the we're Matt all much For in expecting, to change.

not It's I far temper should a the cost say bit little It's the as high. sequentially, little gotten calm down still and of environment And commodity it promotional it's the a kind goes, right. going But still it's it up, As better. situation would with low. high, bit.

Richard A. Dierker

organic outlook I'd growth. it's from largely driven the of terms volume Yeah. is The only thing in add perspective,

Matthew T. Farrell

Jason? Okay.

Jason M. Gere

you Maybe margin gross bit, little Thanks. margin have talking the in a confidence the the on flat gross outlook.

is little number. still maybe costs So, know confidence of – flat commodity off – talk an just you have if right Kevin's then, the commodity locked and you're question, your of I the that still of talked we've that higher? run some bit about HPC is pricing into And where So, program. the Good dovetailing landscape about is kind the Great to a option at looking you costs,

Matthew T. Farrell

saying Ricks let that. comment Great to a Good to going that I'm program. robust the on Well, two have begin by But very – we I'll Rick

working we program, what and improvement So, XXXX. in XXXX, our have we continuous on already could you programs we're tell

debottlenecking one thing to the Sometimes you do when have you you're things, do next. before

we that to offset So, we increases. know things going commodity year have into the

is, The we and yeah, have comment that. a second hedging program, on Rick to thing I can do ask

Richard A. Dierker

our From on commodities. Yeah. gross we're key a margin perspective, XX% about hedged

– improve We of them have some the we mix of you of that way care seven commodities. we some the tailwind other the is continued movements is, time. as time. personal to over the But track has business I our the key walked with all I in think, have through going

we've incremental great that's steps program. going on I'll to Rick let productivity GXG some help. had our in So, but program, the opine

Matthew T. Farrell

supply Okay. on the Rick, can maybe you comment opportunities chain. in

Rick Spann

Yeah, sure.

program. the on to focus our renewing certainly are we Good So, Great

on some now pipeline able exploring areas in to our felt Great. dig we're we Good the had as into areas delivery to dry. with where to – that increase We focus, though new changes But gone our are

said, through good year home bringing XXXX. a So, as this in Matt pipeline, on focusing savings pipeline and at course, delivery we're a XXXX, looking of the of

Matthew T. Farrell

Bill? Okay.

William B. Chappell

little what model. the Evergreen questions. SunTrust. change Yeah. I had you maybe your a old Chappell, Bill overall know just International, I two don't color – for but was the didn't One Model International, maybe on more

the guess come been the more just maybe developed that And U.S. than second past, the much maybe the X% developing me – up on affect. does that long-term? in products. Is that have the it versus new presentations assuming and So, to of what robust is where behind Consumer the & look from to be used slower detergent with the help This understand you be from new how Oxi a right then then, a I over the it question you're that of marketing Is year versus where putting kind pretty just categories way you. products, maybe on have new SEAL of big seems more at smaller it, innovation? to the big focused everything to more brands and to innovation. CLUMP

Matthew T. Farrell

couple on comment products. Model. the of and Evergreen Okay. years. Model I'll the Britta I'll Steve to have And X%. you became a and X%, new The that, Evergreen on once years back International went both time a comment X% XX if ago, upon was

was that X.X. Model Evergreen So,

we're can to going productivity of granular and the having how pressure in the respect we to have That So, with more more future. the lot U.S. grow balanced lot X% And of International business grow that now a we're the an luxury animal a a business off X%. business. takes growing

comment X%. I'll let Steve Products the in think is U.S. is X%. X% about International it on is why his that's So, to way and Specialty further X%, the confidence

Steven P. Cugine

Well, an opportunity that But faster. several were very represented Matt's in X%-plus I'm X%, mention back simply that. think banging such was think I the of to that over made certainly confident because X%. the growing they I and U.S. point, much around and time, I

to And enough we for we change really so, on, ourselves in really Not the all And we can to to think really that very then prove that went fundamentally say, wanted changed International that, really depend business. jeez, and we had we could growth. we material build the Domestic the really rely that marketplace until time attention one, strong company. the and the first scale strategy, largely get behind participation our and did strategies on, is we

play terms we've your are of done emerging that. To certainly – think question I much in growth. markets going driving to So, a in role bigger

next businesses and expect strong will the business whether businesses. going is nearly year our Asia-Pacific growing markets, for it any markets, as not the LatAm Europe Asia-Pac beyond. we or Our – grow developed be be traditional strong, very as of example for Certainly, that, to

that going is be it to way. So, weighted

Matthew T. Farrell

Okay.

question is Now, about one back to got we mind keep the in to what thing you new products, said. your go back to

in share. was for XXXX So, us and SLIDE product fabulous a took

So, that we're laundry about harder going were to you even And detergent. next ride talking year.

Pods. in are rocking We

of a So, runway two X% We're and double-digit there in in Pods, Pods there. growth. were go have what last to lot happened the growing quarters, we

the and of the categories. ahead So, we add some products new do litter new both the and you both products? in us have those in we had to XXXX a see detergent, for anything in on lot things good Britta,

Britta Bomhard

want Well, add I definitely to something.

culpa, and we're point, why because giving that's impression you that mea of full have showing culpa, haven't support, mea you ready at this it product, TV the the yet. we maybe we So, new are them normally commercials the the not got same

exciting will support, which full confidence will we what So, is TV you I hope see excited. commercials that we're your news product, the new and give soon it for very reinforce

Scott Druker

Yeah...

Britta Bomhard

will BLASTERS blast. ODOR a be

Scott Druker

to like too. build I'd

look would with it. innovation. SLIDE you it look an while, the be get a So, it you more in the way I at would Every kind of I wouldn't one. this once surprised at worded way.

idea to monster, year an lot big a to two. that didn't have was. launched laundry the Batiste last is a expanding distribution We continue SLIDE really So, fully year now ODOR we're in distribution the gain. of of on we capitalize of growing and how BLASTERS detergent and

can So, that moving forward. examples through I innovation the that there's say opportunity lot on a those launched how of expand that we we've would are

Matthew T. Farrell

(XX:XX:XX)? Joe Okay.

Unknown Speaker

Thanks, Matt.

So, the guess tax, today organic business $X.XX. both investing you I about the in you're mentioned of would is in the line delta earlier X%. the back top and Rick growing EPS investments you that that ex guys and X% terms be

time a still that So, get B, know to Or it forward to there's A, year? I seeing that and is line? we faster this top year $X.XX reinvest growth. Thanks. that why going have aren't investments lag X% every faster between those growth you

Matthew T. Farrell

The look have at today, listening of should here is opportunities – we to if a way you lot you're and reinvest. that

you and has International spend. maintaining Waterpik at about be digital. It XX%. our lower heard a naturally spend would heard because We're you much about marketing So, lower

expansion our productivity animal there. about heard You and

is So, permanent that a spend spend.

And So a little very approach way in that's bit the going and question, tax differently companies time, a to but Jo, answered of help fuel the cut takes us future. healthy you than that in can it others. your

XXXX, sustain listen model going freedom it. is things just but right the So that and XXXX, I forward. not gives if will looking you to XXXX and degrees described make to the it how and our where can you we're to choices of looking put ahead the we And start at money, we

Richard A. Dierker

is sometimes use I M&A. analogy The

backwards business going reach a for people sometimes is bad And have to do who deal, a something. base has a that's

And so, that's case been never the here.

quarter, the Our business bulletproof well, a is the XX had we we the want year. great later. performing years And as same very concept sure investments algorithm are the end to is great of just from those make

Matthew T. Farrell

Okay. Steve?

Steve Powers

Yeah.

helpful. the you're shelf, it a but if little maybe also categories X% in we that that X%, are and getting free is, be one. conversion year, question three. insurance be categories call on to as distribution the at thinking – bit faster next X.X%, not about an this Lou Question we should I we get two growing with this expect think presumably policy flow extra question should So, though, XXXX/XXXX growing, And a that'd even an my algorithm against XXXX, than that for why mean investment build better. on is acceleration and you're for expectation of is in Those beyond those cash is XXXX/XXXX, return or investments are was three I gains, the the this such Thanks.

Matthew T. Farrell

Okay.

If is company look bet to not at our history, want this against. a you you

been And that have to model on that year our Evergreen our after-year-after-year. we're So we deliver commitments. shareholders commitments going drive to our

much have top The and next say can that and the they done in our going changing they now make we're years, to maybe us. taking accelerate and invest confidence not might years that have year nail are the five view three that years. prepared who today model going to we're in line why So, higher we're people we're bottom that's this for suddenly we over investments to company a line. have and invest five-year going this We're next we investments two to

Richard A. Dierker

Yeah.

group I'd that measure versus our to always is, comment peer as ourselves we add well. other The

So is ex-tax we're X%. reform, If the then peer around XX%, reform growth, group's the if we're peer X% X.X%, post-tax EPS group X.X%. to XX%

satisfied at very and happy where that very we're on feel with we So, sliding scale.

we've Your XXX% down will of because free Cash That conversion. free new dip the question, flow book and averaged tax over cash time. flow average, conversion around on right. law, cash rate tax rate converge

So, model if it a was I model, doing probably around I'd XXX%.

Louis H. Tursi, Jr.

shelf, doing years. the for I really On and this XX go

talk will by about talk we bring hear destocking, on there almost never hear agree you'd me think anything Eagles, you never that underdogs the up the you hear deliver. that. Building where live like we commitment you and never me hurricanes, we're like me – what I hopefully said, Matt the like is to about

we hit it. there are We deliver consistent. all believe that can out conditions put and we We we under a number

Matthew T. Farrell

Okay. Hey, Caroline Macquarie Levy Hi. Capital Caroline. Inc. - (USA),

Just thinking of the what one. the is your business? international impact margin, through and your faster base animal Number than growing feed

Richard A. Dierker

time good converging company on gross actually is margin. over are gross the margins the news Yeah. those Well,

that in to little of productivity gross done margin. does – not recent business XXs lower corporate margin, XXs, the for some and a right. margins those it's gross have animal different The the international business bit have productivity but we've deals So

are those well. business fast so really as growing And the

of idea? of of ask you business So, - Macquarie equipment? sort much recurring service growing if of much Waterpik, time? you. And And I of is over Inc. see is could one-time Levy I'd divisions the on Caroline two faster. minimal the how And just Thank purchase that changing how the do Capital those blade impact say, replacement overall (USA), how sort

Richard A. Dierker

Macquarie about purchase, you blade You're razor talking with - the about and selling... CapEx? talking I'm Caroline Are idea? (USA), Capital No, consumer the Waterpik Inc. Levy

Steven P. Cugine

talk equipment. the screen, the The I maybe and type of refillable showed a little that one, that, that Today, that the about is on the XXX% a example into like business whitening Britta first of just to wants entrance bit scenario. is

Britta Bomhard

Yeah.

I think you exactly Waterpik. the lots So have. about questions we're learning struggle with we would And

act different actually So, households differently.

have some actually of But families and maybe and they the it has the We see a we family. it can family people, also extend a They over we of then member have where one few room. first it. obviously once, that's lot in them buy dedicated the

models. So see bathroom into which is of households, repeat that extremely and habit renew who have aesthetics. if it, purchase. also improvement, you upgraded is There branching look And out something Allegan. are actually people Silicon areas, into at like models you there the get a There's seen we also of the using constant we the latest might are then those people

a that those, buy be for now model, which and fresh a or who those feeling. launching people So model we clean are travel cannot without people is

opportunity. XX%, more of Household toothbrushes lots XX%, extend around is is there's household either currently around into opportunities only to electric so penetration penetration huge households. So,

per Secondly, that bodies be thirdly is the Caroline most background Macquarie it the said not more is scrape have per the exciting. and then is the chickens question in probiotic. we to way will time, My how household; (USA), over the important, early really razors you we but product figure and Inc. get - days. devices out will right success and fourthly, gets our Capital Levy right, life last can this you My do launch us as household; first upgrades give I blades on expectation, I then replenishing and the some model,

Matthew T. Farrell

here. on I'm sure somebody Over that, Yeah. okay. is working

Unknown Speaker

probiotic Thanks. I question your vitamin have on a business. or

where a you've the time put first and few show you years. up guys the You that lost there last it's slide in share

for on that you share share outlook stabilize drill spending, your could loss, drivers little a environment? year? that Is that the behind it bit more promos instance what business. to the this of And to stepped do goal are that? So innovation, up down you your is then expect and business accomplish through And key competitive for how what's

Matthew T. Farrell

Yes.

the talking business. about gummy vitamin You're

Unknown Speaker

Yeah.

Matthew T. Farrell

Yeah.

Britta. me grow way let to going start, double to about is it think The continues digit. the that to over just I'm to So, hand that category

So be continues growing grow. our may to although double digit, we at consumption not

XX. has bought continues the grow. today it it when business And competitors, six that had business, to So, we

piling lot there in of are So, a that people are there.

double growing grow. continue we category, grows a it's digit, So to

or generally I add a time shelf. there that? think but the many this year Britta, it's will next that retailers will happen happen shakeout, sustain what you that on and is can can frankly to the brands over year, going be not

Britta Bomhard

Yeah.

category you the that was how Nielsen I market So, that share in XX% only of dominance saw just about AOC building covers this and much Nielsen. Amazon. talked have market. on what we on

actually our picture put if positive, first more much of share be So together, all. you would those

we have confident we that. are we absolutely will and Second, innovations, grow third, do

Matthew T. Farrell

Okay. (XX:XX:XX). Over here, Peg

Rupesh Parikh

Parikh, Rupesh you. Thank Oppenheimer.

maybe your So, able Amazon back international with to you of the clearly, well Amazon internationally? in guys leverage you partners to and just was domestic segment. curious, I the doing you grow are the maybe relationship as going retail segment, other Are some

Steven P. Cugine

just that, Canada making doing both the significant parts in learnings and say with as and where has applying I taking that team world. them is and put in we're markets. of Costco Actually Amazon our them very the global, And would well Europe, in I that we're Yeah, retailer, category would the international successful strong, in investments. we're domestic that many –

Unknown Speaker

in online And into growth. just could the slide I sales your go then before if

sales Is are your are sales. margins? gross X% online you on your to now think I your your penetration online continues any increase, of impact seeing

Richard A. Dierker

largely and similar. The Yeah. across in online portfolio are good bricks-and-mortars is gross margins very the news

not. we're no, So,

Matthew T. Farrell

Olivia, way, right Okay. there. (XX:XX:XX). Peg This

Unknown Speaker

Olivia.

Matthew T. Farrell

Yeah.

Olivia Tong

bit about M&A, talk price margin both lastly in Yeah. of about can laundry you component you Thanks. margin greatest terms and in And and of and importance also of little were versus category. gross dilutive. the then if a mix? then volume latest And that, just wondering Waterpik talk terms talked the in of about I we vitamins gross the but XXXX, can was the

you Thank and comments marry of you. can the gross some So, importance the around M&A margin? of

Matthew T. Farrell

Yeah.

category. with off laundry started the You

the category frankly was in laundry quarter sequentially. promotional It So, the flattish. less was fourth

news. good all that's So,

doing If the & would you one categories be at that brands the look are ARM in well, HAMMER. really

& also – the ARM HAMMER So, and quarter fourth in we've a on grown basis. surprise, grew no full-year

is So, our that in flagship brand detergent.

Within category the was value deep struggling. (XX:XX:XX)

be Sun would So, brand brands and our Xtra, like Purex. that

share last So, of year. lost those all brands three

of share in two has Pods last quarters. so – of – a basis a all and is or said HAMMER, bucket I XX us, brands up three leaky ARM we're combination down our that's in we points I XX the slowed laundry basis Xtra, And grew bit but in earlier, Pods, category. in, mentioned share quite think Xtra points So, for I & the OXICLEAN

to double continue digit. grow We

Richard A. Dierker

it's of volume-based. think some touched personal go (XX:XX), it's detail, And positive and price call too much in margin I'm with on volume third And terms acquisitions, into to largely the more for I organic was I volume-based. price M&A? not kind your but to was, mix before, going largely of well. We do as with probably offsetting any have mix continues question then, care it gross that

Olivia Tong

(XX:XX:XX-XX:XX:XX)

Richard A. Dierker

that in $XX Just, We That's from definitely over gross spend neutral XXXX. margin. we $XX aspiration Waterpik do, think to that in said August to the you every say goal. margin we know, I'd million made accretion time, in to when right, our right. deal of M&A going around XXXX largely we synergies is, get announcement we're to gross million

So, little I'd Waterpik. expect more in XXXX a be for for some bit to accretive of gross the margin

to way years, a when So, the just so. it we two that deal, expand and was vitamins, XX% run gross on Matt's the part like and margin, productivity, business, gross of XX% when slide just bought Avid the got we over did, how up we we remember margin and for was

Scott Druker

powder And liquid continue would doing retailer space add from to the thing a And as unit is dose to only too continues I standpoint, decline. shelf will shelf powder decline, the and well.

liquid. unit space move the will powder and see you'll dose So to

Matthew T. Farrell

Okay. Couple over (XX:XX:XX). more, here, Peg

Jonathan Feeney

of to lot don't impacted Walmart's Why be know do was succeed why had of their to impact. differently Edge. weren't Consumer continue it as extra Thank you're as maybe Feeney, you've about those about I for pretty you about how better Jonathan to able XXXX you and expense, a some talking Thanks. Could managing particular broadly they're logistics in-full, They lot noise any you. made are a and market. categories so Clorox, presumably that? XXXX, cost, you on-time seem others? categories to get about to lot big and to able much as product deliveries maybe a of logistics. and maybe comment about think

Matthew T. Farrell

anything say knowledge. well, a shortage that's there's words of can. Rick truckers, the common to pretty far trucking as and I'll wants add, as if he much and Yeah, few Yeah,

that So, able have were got on to and again we with transportation do out partners to of we record going would on-time that expect in we And to performance. and with trucks (XX:XX:XX) available November, add fabulous XXXX to we our that? ahead to up partners. in to carrier ensure that be worked our our keep

Unknown Speaker

Yeah. we XX% of Matt, over work carriers we volume. The that, is XX of deliver that those would only thing but product, have our with, I of XXX add, our

ahead been drivers, we those with and so And Matt of supply able very were we've been that there, to partner able so, closely had of XX we adequate the containers to and ensure as said. curve we've

Matthew T. Farrell

Okay. Thank you. Jason?

Jason English

as on Sachs. finished quarter Congratulations your and first maybe give Lou, Jason care maybe Thank year, or which. a acceleration what for of you. fourth out us lay a are of really we had new on can Goldman drove but Britta English, underlying into tough of questions, quarter. where a I'm not the you a of had Personal a head strong the good year? I couple the the bit of drivers some sure note, expectations

Britta Bomhard

of you me, it's great course, ask advertising. if Well,

Matthew T. Farrell

right. That's

Britta Bomhard

No.

so, did we yeah, absolutely. that think – do I

category absolute we declining, early heard is, about our of growth having think well, time, categories I people long less with several where that talked number online, we there's, I for think like things talked moving some the and are they're we as right. a, condoms when one we're sex, are, finding young times, all about of

to difficult are things scale. these are which So,

clear place we've campaigns for great Same vitamins, up-tick I campaign, Vitamin in have on we seen think Better. now. vitamin our I think a

say So, are those it. driving behind in sales, we've some also and particularly I quarter we later investments put the would

Richard A. Dierker

personal what business, was really care many was echo brands. different Britta to Just the it said, broad-based across in it

long-term So, just a of innovation the good great combination advertising. over and

Matthew T. Farrell

You had a one? second

Jason English

do. I I beat want to and come again. back gross try the to margin horse

maybe not to strong, in bps drag around was XXX fourth, the fourth third think contribution suggests unpack and the similar sort of bridge of was like the in the basis the quarter, something maybe it's be quarter what the quarter, second it And pretty a bit? basis the I plus expect to we help It drag I First, you you fourth if onerous to that the of of, to right quarter, quarter, what sort are commodity you full-year next anything XX us your fairly a flat going similar in looking XX can positive fourth quarters, M&A XXX commodity looks our face us year? environment for in is of and point know a point bps know couple a last add detail, way did help kind year? contribution next because do then

Richard A. Dierker

in maybe we maybe Yeah, say I around acquisitions had minus but really. I details points from and of basis mix QX, lot I'd basis points, positives XX general XX XX by in basis minus from not of mix, in XXX think of, mix basis mean XX points, price price basis points, offset commodities there. or points help then

M&A on You're help margin right, acquisitions. benefit XXXX we've and gross we've the conversely, negative SG&A line same line, had the from for these in had some from some

expect margin it's basis. I In from So, to XXXX, M&A. operating points kind an on think basis XX X of neutral we

program, we've was not So, that a in it going What XXXX. the fact the so a is those about care, of earlier fact I are what's have that on. kind hedged, we productivity talked tailwind personal great

Matthew T. Farrell

Peg (XX:XX:XX) Okay.

Andrea F. Teixeira

JPMorgan. Andrea you. Thank from Teixeira

that wanted that it would to much. into wanted be you a as you XXXX, I just say, look to ranking, put mentioned tailwind, Jason's can let's as you mentioned go for M&A wouldn't the So a International you in not if question, but to you back affect outlook I mix like basically

you're had raw be over seeing XXXX. to of the investing coming materials more in this like maybe or you're more innovation So into going year rolling

into going the of of raw more we're to impact feel the XXXX. So, materials

will elaborate help non-cash And So assuming health, you. the share in sexual if you actually see market will can you alluded margins gains, the you if basis expand, she to of so improve Thank a you on would I us when include charges? on improving the excluding market second if be but comment question X%, or Internet. an kind think on also can on EBITDA channel share basis actually you're total trends,

Richard A. Dierker

and gross I'll margin, the could maybe you take take the revenue. And

Matthew T. Farrell

about the gross Maybe margin think you health I'll sexual one. And do that multifaceted extended question. can

So, as talk us is sex. people health goes, also far there about are of prevalence having in heard calls as that alternatives. also so other probably previous less And you sexual

B So for example cetera. the IUDs, Plan et

So, the of all to category. that is contributing

point would is I thing out Another demographics.

today So, at if look XXXX. XX XX the ago, till year years to population where around it and going you old to was, five say, turn smaller four, versus it's not that's

it certainly you sales we we So, and there future long we're have things that the term. the States, XX% to do have in for lots anything condoms but is the United of so influencing our like of chances the Britta, in share, add in them? are And to

Britta Bomhard

I actually very think well. going toy want add, to is just I business our

are So, fun. those people more having who are sex having

Richard A. Dierker

Yeah. then... And

Matthew T. Farrell

you did Rick? give Hey, enough I time,

Richard A. Dierker

August, would points. margin, gave the said lot of back get so In I is of gross pressure a have A I lot basis I on question, in gross gross I XX focus have points been the on if would you right. outlook, positive to guess, Yeah. XX basis margin a right. there industry, it margins,

that that's and is about we're place of fruition a about are now, per of well so, turnover are A year programs right. resin And last XX%, those we've no the things to hedged now. We lot in had structural, productivity GXG were lot any year positioned causing for that's XX%. this us on years There hedged se coming we're happening flux.

Andrea F. Teixeira

(XX:XX:XX)

Richard A. Dierker

then fair a it's No, would & how I overblown Church is. in business. material, if It's think a the Dwight, that But resins, it like yes, it bag happen. sometimes material that Yeah. point was Clorox it for that not Glad trash is

about bottles, we We I that it's could yeah think in not ask it. resin have laundry exposed as do, but we

of it's the probably seven, four, the one. one top but of number one it's the not So, it's

know of two, about for other aren't great SLIDE for care really example, the Seal So, there the a a a lot programs still questions We have accretive we've really, and products the of moving changed new coming. category, personal XXXX but accretive is because the mix that. & of is year a products, haven't that, that confidence besides is. is margin Clump productivity the We're still we We right, I if consumer or premium new great don't in any because launch aim litter to price innovation, up, up example. but launch we with units done going

Matthew T. Farrell

Okay.

while good So, we've at been now. this a for

we is have and we're so thank want today. peer think group. our everybody very are head long. at for we I have for XXXX just only you here agree see is calling kind up for shoulders our would all course, Thanks confident The what Of the that the we that over I to that of Church have room coming coming. representative & future. Dwight, talent team of to in And for you and the

Church & Dwight (CHD) 5 Feb 182017 Q4 Earnings call transcript