Okay, so we're gonna get started. Next up this morning, we have Church & Dwight. We have Matt Farrell, Chairman, President, and CEO, alongside Rick Dierker, who is CFO and Head of Business Operations. They're gonna take us through a brief presentation, and then I will come up on stage for a brief Q&A. Okay. Thank you. Sorry. Okay, good morning, everybody. There's a safe harbor statement. You can look at that after class. Let me tell you a story about Church & Dwight. This is our kind of report card over the last year, 2022 and 2024, 2023, 3, 5, and 10 years TSR. We have an Evergreen model. Many of you who are long-term investors are well aware of this. We shoot for 4% organic growth on the top line, and the way we get it is 3% from domestic, 8% international, 5% from specialty products. We raised our number at the beginning of this year. Historically, our organic growth, we were aiming for 3%, now we're going for 4% annually. Our gross margin, shooting for 25-50 basis points annually. Marketing, our target is 11% of sales, so we keep that percentage constant. As sales goes up, the marketing dollars go up, and we try to get leverage on SG&A as a result of our sales growth. And operating margin target is 50%, and EPS growth, 8%. So if you look back over the last 10 years and say, "How has that organic growth worked out for you?" You can see that our 10-year average is 4.2%. So seeing that track record, we thought we would raise at the beginning of the year from 3% to 4%. We have 7 brands, so some we refer to them as power brands. They make up 70% of our revenues and profits. And if you look at how the company splits geographically, we've got $6 billion in sales. We're largely a U.S. company, so you see 78% domestic and 17% international. That's the consumer business. Specialty products is our original business, and I'll talk about that a little bit later. The reason why we're so consistent and so successful are these five reasons. One is we have a balanced portfolio. It's very diversified. Show you a couple of charts on that. We have low private label exposure. We've been very successful with the online class of trade, and our new product development process is stellar, and we're a very acquisitive company. As many of you know, we think the highest and best use of our cash flow is to acquire businesses. So here's how we look from a balance perspective, pretty much half household and half personal care. With respect to premium and value, it's 37% value, 63% premium. It's been that—like that for the last 15 years, around 40, 40% of value and 60% premium. The good news about that is you really operate well in virtually any economic environment. And here's some, just some stats on a low private label exposure, and this has been true for many, many years. Now, e-commerce is a great story for us. So if you went all the way back to 2015, only 1% of our sales was online. Now it's 21%. And the thing we always remind ourselves of is that the iPhone was invented in 2007. So if you're 17 years old, and you're graduating from high school right now, you started with that iPhone in your crib. So you have new consumers coming out every year, out of high school and college, and all they've ever known is the iPhone, Samsung, if you're partial to Samsung. And that's how people buy or order products. So we've just decided, many years ago, we got to get really good at this. So we're at 21% today. We think by the end of the decade, it'll easily be 30% of our sales. And I mentioned we have a stellar new product development process. Rick's gonna talk about a few of these later on. Just to run your eyes around the page, Deep Clean is a new product in laundry detergent, and it's more high-end than we've had in the past. Hardball, in the middle of the page, is a lightweight litter, and lightweight is 18% of the litter category, and we've really been nowhere in lightweight litter historically, and that's making a big dent for us. The one on the far right is Batiste. So you see two products there, Touch and Sweat. So the fragrance is activated by Touch and Sweat. Then Power Sheets, we have a new form of laundry detergent that we introduced in August of 2023. That's starting to catch on. Vitafusion, some packaging innovation, and TheraBreath, we just entered the antiseptic portion of mouthwash, which represents 30% of the category. All right, acquisition criteria are pretty strict, so we're pretty fussy about the businesses we'll buy. Need to be number one or number two in their categories. They need to be able to grow at or above our evergreen model, which is 4%, and they need to have high margins, and if they don't, we have to be convinced that we can get them to a high margin. Like them to be asset light. We don't like to buy plant businesses that have plants, prefer businesses that are manufactured by co-mans, and we like to be able to leverage and quantify what kind of synergies we're gonna get from the acquisition. Then finally, they need to have a long-term, sustainable advantage. That means when I'm in a nursing home, that these brands are still gonna be doing well for years to come. Long history of acquisitions. You can see back in two thousand and four, we were a $1.5 billion company. Almost every year we've had an acquisition. Had a bit of a drought, if you look on the far right, bottom of the page, twenty twenty-three and twenty twenty-four. Haven't pulled the trigger on anything just yet, but we've been busy for the past eighteen months looking at deals. So, there's seven power brands today and more to come. We'll bring Rick up to talk about the financials. All right, thanks, Matt. We're gonna go through the outlook, talk about our history and track record, and also talk about capital allocation, and then I'll wrap up with the U.S. business. So first of all, our outlook, this is as of August second, just from the full year perspective, is a strong outlook. 3.5% reported growth, 4% organic, 100 to 110 basis points of gross margin expansion, low end of 8% to 9%, which we believe is industry-leading. And then cash from operations of over $1 billion. We generate a lot of cash. We expect to have close to $800 million in the balance sheet by year-end. Matt shared this already, but this is our track record of organic growth. The ten-year average is 4%, and our outlook is no different, 4% for 2024. And importantly, you know, as pricing rolls off of many categories, what is our volume trend? And I'd say this is the fourth quarter in a row, Q2, that we had strong volume being the driver of our organic growth. If you rewind the clock back to pre-COVID in 2019 and before that, we had a decade or longer of primarily volume-driven growth. Because we're in the right categories, we tend to take share over time, and that's our model. We also focus on gross margin, and we gave an update in January of our Evergreen model, and one iteration or iterative change we made was we moved gross margin expansion from 25 to 50 basis points. A lot of confidence in our productivity program, a lot of confidence in tailwinds from fast-growing acquisitions like TheraBreath and Hero that are margin accretive, and a lot of confidence in innovation, which you'll hear about in a few minutes. Marketing spend is consistently 11%. Now, this is also the first destination when we over-deliver, where we wanna spend back, because we wanna go drive share, play the consumer, drive awareness of our, of our brands. Eleven percent, we believe, is the right number. The scorecard is how we're doing on share. And in Q1 and Q2, we were ten of fourteen of our power brands grew share. On a year-to-date basis in 2024, we're also ten of fourteen, so the share scorecard is also working. For a long time, we have a great track record of low double or high single-digit EPS growth, and in 2024, at the low end of 8-9% is no different. Cash flow, in our opinion, drives value, and our 10-year average for free cash flow conversion, free cash flow divided by net income, is 119%. In these past couple of years, we've made incremental investment in capacity, and so our free cash flow conversion is closer to, you know, 97 or 103, or reflecting positively from there. We expect that to continue to improve as we're through that CapEx for capacity need that we talked about. We have a really strong balance sheet. We expect to be about 1.6 times levered by the end of the year, and that means we have a lot of firepower. This is the largest number we've ever, ever presented on this slide. We have a lot of financial capacity. We believe we could do up to a $5 billion deal and maintain our investment-grade credit rating. So, as Matt said, it's... Not only is it the number one source for capital allocation, it's also where we spend a lot of time looking. So number one is TSR accretive M&A. Number two is CapEx. Number three is new product development. Number four is debt reduction, and number five is return cash to shareholders. We're not a capital-intensive company. We're around 3% of sales this year as our CapEx projects for capacity wrap up, and then next year we expect to be around 2%, and that's kind of our run rate as we look forward. Okay, let me transition to the U.S. story briefly. You heard about the company Evergreen model of 4%. Well, that means we need to have 3% or so from the U.S., 8% for international and 5% for SPD. So here's the three, 3% and why we're confident. So first of all, we've been at 4% or so for the last 10 years for consumer domestic. The first half of this year is average 4%. Why? Well, we're leading growing categories, and we'll go through that in a minute. We thrive in difficult environments, almost any environment, given the portfolio that Matt went through on value versus premium and household versus personal care. And then number three, we have acquisitions, recent acquisitions that have room to run, and we'll get into what we think the upside there is. Seven power brands that drive most of our sales and profits: Arm & Hammer, TheraBreath, Vitafusion, OxiClean, Batiste, Hero, and Waterpik. Those seven power brands are in eight categories, and over a long period of time, those are healthy, growing categories. We grow in excess of the category growth rates because we tend to take share over time. That was my ten of fourteen comment. So let's dig into the details. Here's fabric care. In the first quarter, liquid laundry detergent grew 2.8%, and in Q2, it grew 1.2%. Our business grew 1% in Q1 and 1.9% in Q2, so we grew share in Q2. Over a long period of time, we've gone from a five share in Arm & Hammer laundry to a 14.5 share, which is an all-time high. Now, we have a $2 billion Arm & Hammer mega brand that goes all over the world across many different categories, and that's an advantage we have as we advertise across many, many categories. So why are we at all-time share highs? Part of it is our good, better, best strategy and innovation. Good would be the orange bottle, just Arm & Hammer liquid laundry detergent. Better would be Arm & Hammer Plus Oxi, and then our new entrant into the mid-tier would be Deep Clean. And it's... So far, it's off to a great start, where it's proven to be very highly incremental to the category and the brand, trading consumers up, delighting consumers with performance, and it's also attracting a younger consumer. Cat litter. Cat litter, the litter category, has been growing about 5.5% in Q1 and 2% in Q2. We've been growing about 5.5% for the first part of the year, so we're growing share. Actually, it's all-time high in our share, 24.8% in the clumping litter category. Why is it? Innovation. So this is gonna be a consistent theme in the next few slides. Lightweight litter is a $400 million sub-segment. Before our launch of Hardball, we were around a 4 share. Now we're around an 8% share, so we're attracting new users to the brand, and we're retaining them. TheraBreath. TheraBreath, the category growth is around 20% in Q1, 15% in Q2. For mouthwash, we are driving a lot of that category growth, as you can see, 60+% in Q1, 40+% in Q2. We're expanding our number one share in the alcohol-free segment, and we're at an all-time share high today. But there's a lot. There's a bright future for TheraBreath. If you look on the right side of the page, 2.5%, household penetration back in 2020. Now we're at 8.8% household penetration. That's around 9%, but the category itself is about 65%. So there's a lot of room to drive TheraBreath awareness and adoption. And that's from a consumer perspective. From a point of distribution at retail, there's also a lot of room to run. So the number one player, number two player on TDPs is more than double what we currently have, so we have a runway here. And part of the reason we're doing so well in TheraBreath is innovation. So we have the number one new product in the mouthwash category. We're winning share from competition, and again, we're bringing in new buyers. This is TheraBreath Deep Clean. Moving to Batiste. The dry shampoo category was up 17.8% in Q1, up about 10% in Q2. We're growing faster than the category again, and we're hitting an all-time share high again. And why is that? It's innovation. We have the number one new dry shampoo launch in 2024. Matt talked about it. It's fueling category growth, and we're gaining loyalty. Vitafusion. So for perspective, before we talk about vitamins, the gummy category from 2019 to 2021 doubled. It went from $1.5 billion to $3 billion, and so since then, it's been plus or minus 2%, right? The category is trying to find its feet as it comes off of this excess demand that happened from COVID. And so on the left side of the page, you can see that the gummy category in the past few quarters has been negative, as again, it's coming off this high watermark. We have been decelerating faster than the category. Now, we had a whole host of... You know, again, the category doubled. Our demand essentially doubled. The supply chain was not set up to do that, and so, when you have a tight supply chain, you can't launch the products you want, you can't have the fill rates that you want, and so we got penalized. That's why we're declining a little bit more rapidly. And so what are we doing about it? You know, we're focused on formulas and reinvigorating those formulas. We're doing new packaging, new displays. Our focus is online. Half the vitamin category is online, and then there's some major new products that are being launched as well. Hero. Hero is a great story. The category is growing at 26% in Q1 and 17% in Q2. We're growing well in excess of that in Q1 and Q2. And so what does that mean? It means we're at an all-time share high. We're not just the number one patch, we're the number one acne brand, so just in the broader segment, and again, a lot of room to run. This is a great picture of five years ago, Hero had 1% household penetration. In 2024, it had 8%- it has 8% household penetration. Acne care, in general, has about 25% household penetration, so the consumer awareness still has a lot of room to run, and then TDPs as well, so we've grown TDP 60%, but we still have about two, two and a half times of a gap between our, the number one player on distribution points. Okay, so to wrap up, the U.S. consumer business is executing with strength in a really volatile, dynamic environment. We're leaders in growing categories. We're growing share. We thrive in difficult environments, and the acquisitions are doing well, and they have incremental opportunity ahead of them. So with that, I'll turn it back over to Matt. Okay. All right, we'll talk a little bit about international now. So that's been the juggernaut for the company for a number of years now, at 8% growth annually. It's a $1 billion business, and the way it splits out is we have six subsidiaries, and about 40% of the business is a Global Markets Group. The Global Markets Group goes to 80 countries through distributors. There are other countries you see there, we have full-blown subsidiaries in each of them. The interesting thing about our business is that international has been 17% of our sales for a long, long time. You might wonder, if you're growing 8% annually, why is it that that percentage hasn't changed? The short story is that our acquisitions have largely been concentrated in the U.S. So even though the international business is growing a lot faster, the U.S. business benefits from the top line, from adding the acquisitions, so we have moved the needle on the percentage. What we have done recently is we have hired a couple of ex-bankers, one in London and one in Singapore, so we can get into deal flow outside the U.S., which hasn't really been a great focus of ours in the past. Here's why we're pretty excited about international and have been for quite a while, and that is it's only 17% of our sales, but if you look at the top CPG companies, it's generally 60% of their sales. So we're doing today what a lot of these companies did, you know, ten-... Twenty, thirty, forty years ago. Here's a growth rate for international. You see the Evergreen target is 8%. So now you can kind of run your eyes across the page and say, with the exception of COVID years, we've been hitting the 8%. What I'm gonna talk about is our brands travel well, that 40% of the business, that's the Global Markets Group. We've been investing a lot there, and we've had a lot of success with TheraBreath and Hero. So Hero, for example, will be in 40 countries by the end of this year. So just kinda go left to right. There are three brands in the US that we think have legs internationally. That's Arm & Hammer, OxiClean, and Vitafusion. There are existing in the middle of the page, existing international brands. Batiste is our most international brand, that started in Europe. We bought that business in two thousand and eleven, then brought it to the U.S. Batiste, Sterimar, and Femfresh are three of the big horses in the international business that move really well around the world. And then finally, Waterpik, TheraBreath, and Hero. I mentioned how we're accelerating Hero very quickly this year. But Waterpik and TheraBreath are also two businesses that we acquired that are gonna be part of the 8% plus growth in international. Now, the dots you see on the page here are where we have offices now with respect to the Global Markets Group. And if you look at the lower left, you see Japan, 2024. We recently acquired a subsidiary, as a public company in Japan, and about 75%-80% of their sales was OxiClean. They built the OxiClean brand in Japan, and it's just a wonderful platform for us to bring our other brands into the Japanese market, which is the third largest economy in the world. Now, just a couple minutes on specialty products. It's probably the business that people know the least about. The target there is 5% growth. The reason why it's 5% is the business is largely focused on production animals, which is protein. So rising population growth requires protein, so we think it's a good business to be in. Here's the split. It's. In last year, it was a $320 million business. We sold the or shut down the Megalac business, so think of it as a $300 million business. 100 million of it is essentially bulk sodium bicarbonate, and the rest, so the rest of it is $200 million in animal nutrition. You may wonder, how did we get into this business? And it's just short story. So back in the '70s, we're selling bulk baking soda to big food companies, bakers, et cetera. They're selling it out the back door to dairy farms. And so it was like Alka-Seltzer for cows. So we thought, "Gee, we should be in that business." So this is 50 years ago. So over time, the company started getting into nutritional supplements and then bought businesses that had prebiotics and probiotics, and now we find ourselves today with a portfolio of products that are directed towards dairy as well as cattle, swine, and poultry. The gross margins aren't as strong as our consumer business, but it doesn't require a lot of marketing, so it has pretty decent operating margins, and it's not capital intensive. It has been somewhat cyclical. If you look at even going through COVID, you have a big spike in 2021 and then down in 2023. We think we got the formula figured out right now. That Megalac business that we sold contributed a lot to the cyclicality, and the Evergreen target's 5%, and we expect to meet or beat that one this year. This is just a fun slide to show you all the different products that we make. I don't expect you to commit these to memory, but, we have people in our business that are veterinarians, grew up on farms, and, they're absolutely committed to the business. All right, how we run the company? Five things. One, leverage brands. Two, friend of the environment. Three, leverage people, leverage assets, leverage acquisitions. So just a comment on each one of those. Leverage brands, we've talked about that already. We get, you know, seven brands make up, 70% of our revenues and profits. If you add another seven, 14 of them make up 85% of our revenues and profits. We've been a friend of the environment for a long time. It's no surprise to anybody in the room that that's important to, consumers. One of the fun slides we like to put up is that, back in the nineteenth century, the company was putting trading cards of not baseball players, but birds, into the yellow box. And, if you read the lower right, the tagline was, "For the good of all, do not destroy the birds." So this is the two families that started Church & Dwight back in the mid-nineteenth century, were focused on the environment. So we've got that in our heritage. And the name of this marketing campaign was Useful Birds of America. Not very imaginative, but you can still buy these birds on eBay. If anybody has an interest, you can check it out. All right, here's sort of left to right, nineteen eighty-eight or eighteen eighty-eight, this one I just talked about, you know, wall charts and trading cards. Started to use recycled paperboard in nineteen oh seven. We were the first sponsor, only sponsor, of the first Earth Day. Twenty years later, in nineteen ninety, we're still the only sponsor of Earth Day. And more recently, we've gotten involved with science-based targets. We do plant a lot of trees in the Mississippi River Valley. As you well know from fifth grade, trees take CO2 out of the atmosphere and create oxygen. It's called photosynthesis. That is the end of the discovery part, Discovery Channel part of the presentation. Here's the numbers for our ESG scores. Although they've been downplayed more recently, but we just still keep an eye on this and see how we rack up by the rating agencies. Okay, leverage people. This is an underappreciated statistic, and that is revenue per employee. So we're a pretty lean outfit. The good news about when you're a lean company, you have to prioritize. You can't do everything, and then we find that that is part of the culture of Church & Dwight. And e-commerce, we have a super talented e-commerce team around the world, and I think that's one of the reasons why 21% of our sales are online and growing. We got a pretty simple compensation structure. One thing that's unique about it is gross margin. Not a lot of companies have gross margin as part of their incentive comp. What we find is that when you have gross margin in your incentive comp, and also cash, that it creates financial literacy within the company, 'cause if it's something that hits your pocketbook, you wanna know how it works and how you can improve it, no matter where you sit in the company. Every one of these, it's 20% of your incentive comp annually is tied to those five. I mentioned this: 20% of all of our bonuses, of our employee bonuses, is tied to gross margin. Here's how you get it. We have the Good to Great program. That's the name of our continuous improvement program. We named it after the book that everybody's heard of, but nobody's read. Supply chain optimization, that's what we try to focus on there. There is obviously, you know, improving our plants. New products, you try to introduce new products that have a higher gross margin than the ones you're replacing. And finally, acquisition synergies also contribute to gross margin expansion. Leverage assets, Rick commented on that, and we believe that our valuation is somewhat related to the relationship of how much cash we generate to our tangible assets, so we focus on being asset light. So you can see where it's about 2% of sales. Historically, we spent a lot of dough the last few years expanding capacity and laundry and litter, for example, and we're gonna be back to around 2% next year. And finally, acquisitions. I ran through this one with you before. Lots of acquisitions over time. There'll be more in the future. So last slide. I've got strong organic growth, very consistent, got a great new product machine, and gross margin expansion. We've recovered from the dip in over the last couple of years in COVID, and we expect to get back to the high water mark in the not-too-distant future. We're investing a lot in international, which could... You know the reasons why. A lot of opportunity there, and e-commerce, and then we generate lots of cash, as Rick pointed out, and the number one destination is acquisitions. So that's the show, and now, Lauren, you're gonna come up and- Yeah, I'll come up. Play Stump the Band. Okay. Yeah. No, now the show starts. Okay. Joking. All right. And I have read the book, by the way. Okay, great. Thank you. That was, that was awesome. So let's maybe start a little bit with the shorter term- Yeah ... the topic that's been coming up, well, through earnings season this summer, and obviously this week, has been the consumer environment, and you guys always have an interesting read. So I'd love to just get a kind of update, the latest you're seeing in terms of the consumer environment in the U.S. Yeah, well, if you follow Church & Dwight, you know that what we said in July was that for the first five months of the year, that our categories were growing around 4.5%. So that's our categories, but we're in a lot of categories. And then we saw that late May, and then June and July, there was a step down, that they are, on average, growing 2%. So we didn't see anything that would tell us that that was just a temporary dip, that was gonna just turn around in the second half. So, August is consistent with July. I think what we said in July was, we were probably an outlier. I don't think we're an outlier today, you know, based on some of the rhetoric I've heard from other companies. But we do think that the consumer is just weary, and that consequently, at some point, people were starting to pull back more than they had been, and that, that'll probably be sustained for the remainder of the year. We don't expect it to go dip any further. As far as the promotional environment, so the logical next question, when talking about the promotional environment, you're generally talking, for us, you're talking about household products. So household products are promoted far more than personal care products, just as a general rule of thumb. And when we're talking about household products, we're talking about laundry, we're talking about litter, and those are two of our bigger businesses. Laundry so far in the third quarter is comparable to Q3 of last year, so it's about 35-36% sold on deal. So that looks consistent. Litter is a little bit different. Litter, we have one of our competitors that unfortunately got hit by a cyberattack, so they need to spend significantly, and they are now as far as sold on deal. So if you look at the sold on deal in Q2, it was 24%. Historically, it's around 15%, and it was driven solely by one brand, and it's now trending even higher. I think it'll be 18-19% as a category in Q2 and in Q3. By the way, the other company I'm talking about was a 24% spend in Q2, and it'll probably be well over 30% sold on deal in Q3. So, that is the sole reason why that category is becoming more promotional, but it was expected. Yeah. Okay. And then also, I mean, one thing we've had or heard a lot about increasingly is a bifurcated consumer environment, right? That there's just, you know, more pressure on the low-income consumer, and starting to creep in maybe into the mid-tier or the middle-income consumer. And given your portfolio, right, given that you do have more exposure at the low end of the market, are, you know, do you think when you go away from the category perspective and more to a Church & Dwight perspective, are you seeing more activity, for example, in lower price point laundry promotion? 'Cause it feels like at the higher tiers, there's less activity. Yeah. So have you seen some shifts in that way as well? Yeah, another thing that's sort of surprising is we have Arm & Hammer, but we also have another brand called Xtra, which is a deep value detergent. And you would think, well, if the low-end consumer was super pressured, that would really be taking off, and it's not. Got it. And if you look within our portfolio, the Yellow Box is doing just fine, and we find that we're having success with Deep Clean, which is our highest priced laundry detergent. Now, you might say we introduced it at a bad time, you know, if the consumer is pressed, but it's doing well, and it's sticking. So, we do agree that the lower-end consumer is far more pressured than the mid to high-end consumer. I think that's sort of common sense, just because wages, wage inflation hasn't kept up with, you know, the price increases at shelf. Okay. One follow-up question on Clean, 'cause you'd mentioned incrementality. I was just curious if it's incremental in terms of unit share or if it's really the dollar share, 'cause is it the price point, so it's more people trading up than necessarily new people into the franchise? Yeah. Well, our volume is up. I don't know if I could parse it out that tightly, but naturally, because it's higher price, it's going to be... It's, you know, it's almost twice the price of base Arm & Hammer, but it's a 20% discount to the premium detergent. So, I would say there's probably no story there. Okay. Let me just quickly... I wanted to touch on international- Yeah. 'Cause I thought it was pretty interesting. The slides you shared, you've shared before, but I think the time spent talking about international has increased the decision to bring in some M&A personnel internationally. So I guess a couple things, sort of capability set that gives you confidence that now is the time, you're ready to make an acquisition internationally if the right opportunity showed up. How you think about the criteria, 'cause you're very clear on your M&A criteria, but one thing that's interesting is category doesn't traditionally play a big role in and of itself, right? It's the of- it's that's sort of almost an overlay, you know, of what happens. But internationally, I would wonder if a category that's more of a close-in adjacency to where you already compete is important, or if it's as open as it is in the U.S. Yeah, well, the thing you gotta keep in mind is we are somewhat agnostic about the categories that we get into, and that's because of our ability to manufacture so many different types of products. So we put liquid in a bottle. We put dirt in a box. We have aerosols. We have things that people ingest, right? Baking soda, vitamins, FDA devices. So we have kind of a wide lens as far as the businesses we would consider acquiring. And because we're in so many different categories, a lot of the things you might look at might be in or adjacent to the existing categories. Now, outside the U.S., we don't have much of a household business, so it's generally a personal care business, and you saw some of the personal care businesses that we have today. I would say that we don't have a different criteria internationally. The same criteria is gonna be applied. There's no one category that we would say we'd love to be in. We don't ever have a presentation to our board of directors saying, "Wouldn't it be wonderful to be in this category and buy this business?" The reason for that, it's a complete waste of time. They're not for sale, so. We haven't focused outside the U.S. historically. You know, we get a deal flow in the U.S., but that hasn't been a priority for us. We have two businesses we acquired internationally, Batiste in 2011, and the way we heard about that one, the general manager of our UK business said, "Hey, there's, they're down in the Tube with this, this dry shampoo, and they're pulling women over, and they're doing these demos with dry shampoo. There might be something to this." So that's how we heard about that business. And the other one was a small one called Anusol, which was a hemorrhoid business we bought from J&J. It was kind of small to them but bigger for us, so we bought it. But you know, I think it's the why now thing. My part of it is we do have, we've got a lot of talent in the U.S., in the international business, some of our strongest people, and so we do think now is the time to get more serious about it. Okay, great. We have to continue in breakout. We will. So please join me. Okay. in thanking the team for being here. All right. Thanks, Lauren.