Good day, ladies and gentlemen, welcome to The Clorox Company Third Quarter Fiscal Year 2021 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. At the conclusion of the prepared remarks, we will conduct a question-and-answer session. If you would like to ask a question, you may press star one on your telephone at any time. If anyone should require operator assistance, please press star zero. As a reminder, this call is being recorded. I would now like to introduce your host for today's call, Ms. Lisah Burhan, Vice President of Investor Relations for The Clorox Company. Ms. Burhan, you may begin your conference. Thanks, Christy. Welcome, everyone. Thank you for joining us. We hope you and your families are continuing to stay safe and well. I'll start by providing some context to this quarter to give you an understanding of the dynamic environment we're seeing as we begin to emerge from this pandemic. I'll have my usual top-line commentary with highlights from each of our segments. Kevin will address our total company results as well as our FY 2021 outlook. Finally, Linda will offer her perspective, and we'll close with Q&A. A few reminders before we go into results. We're broadcasting this call over the internet, and a replay of the call will be available for seven days at our website. That's thecloroxcompany.com. Today's discussion contains forward-looking statements, including statements related to the expected or potential impact of COVID-19. These statements are based on management's current expectation but may differ from actual results or outcomes. In addition, we may refer to certain non-GAAP financial measures. Please refer to the forward-looking statements section, which identifies various factors that could affect such forward-looking statements, and the non-GAAP financial information section, which includes tables that reconcile non-GAAP financial measures to the most directly comparable GAAP measures, both of which are located at the end of today's earnings release, which has also been posted on our website and filed with the SEC. To help cut through some of the complexities this quarter, I'd like to share what we see as three important key takeaways. First, we're on track for another strong year. Our FY 2021 outlook continues to project double-digit sales growth. On a two-year stack basis, we're also positioned to deliver about 19% sales growth. Second, we continue to see opportunity to accelerate our long-term financial performance. For example, many consumer behaviors that have changed during the pandemic are expected to stick, including enhanced hygiene practices. We're leaning into these changes through new growth runways to help Clorox develop into a global disinfecting brand. Third, the pandemic has only reinforced the relevance of our IGNITE strategy priorities, which center around people and innovation, leveraging technology as a critical enabler. Now turning to our third quarter results. Our strategy has enabled us to deliver flat sales in Q3 on top of 15% growth in the year-ago quarter. Q3 sales reflected about one point of net benefit from July 2020 acquisition that gave us a majority share in our joint venture in Saudi Arabia. On an organic basis, sales were down 1%. In our Health and Wellness segment, sales were down 8%, reflecting declines in Cleaning and PPD. Sales in Cleaning business declined this quarter from lower shipments in a number of our Cleaning and Disinfecting products. The lower shipments are a result of demand normalization in Bleach and Pine-Sol relative to the year-ago period, when consumers turned to these products given the persistent out of stocks in wipes and sprays at the onset of the pandemic. Segment results also reflect ongoing supply constraints in our wipes and sprays. Nonetheless, two-year stack growth remains very strong, reflecting a much higher level of consumer demand and household penetration than pre-pandemic, even as we begin to see a return to new normal in the U.S. with a growing percentage of the population vaccinated. As we continue to increase supply in our wipes and sprays, product availability and assortment will improve, which in turn should lead to improvements in shares. We're also excited to be bringing back some of the innovation we've had to pause during the pandemic, including Clorox Compostable Wipes and Clorox Scentiva Disinfecting Sprays and Wipes. Sales in our Professional Products business were down by double digits this quarter due to lower shipments of Cleaning and Disinfecting products, as many businesses remained closed during the third quarter relative to the year-ago period. Similar to the trends in Cleaning, demand for our consumer-preferred disinfectants like wipes and sprays remain elevated, and consumption continues to be limited by our ability to supply. As expected, consumption of bleach and other cleaning and disinfecting products has normalized. With continuing category tailwinds, progress in our out-of-home partnerships, and a strong innovation pipeline, PPD fundamentals remain healthy. Importantly, we feel good about the prospects of this business. Lastly, within this segment, sales in our vitamins, minerals, and supplements business were up in the third quarter, driven by higher shipments of our strategic brands and lower trade spending. Notably, we were lapping a double-digit decrease from the year-ago period, driven by a disruption in our supply chain related to COVID-19. As noted in today's press release, we recorded a $267 million net non-cash impairment charge related to this business, which Kevin will address in more detail shortly. Despite the setback, we're moving forward, focused on implementing a refreshed portfolio strategy and incorporating what we've learned since acquiring these brands. There continue to be strong tailwinds in the VMS space, and we have clarity on the path of this business becoming a more meaningful contributor in the long term. Just some brief context before I get into the results in our other businesses. Similar to Cleaning, inventory levels in the year ago period impacted Q3 results, especially in Brita, where we remain supply constrained. With continued elevated demand and supply challenges, several of our businesses in these segments have gone back on allocation. In household and lifestyle, consumers continuing to stay at home, as well as business closures, impact our businesses differently, benefiting some and challenging others. Nonetheless our two-year stack growth across our segments remain very strong and well above our long-term sales growth targets. Turning to the Household segment, quarterly sales were up 6%, with growth recorded in all three businesses for a fourth consecutive quarter. Grilling sales were up by double digits in what was a record-setting quarter of shipments for the business. Through strategic collaborations with our retail partners, we've been able to continue to grow household penetration and share. In the past year, we've introduced Kingsford's products to more than one million new households, and they've invested in their backyards, including buying new charcoal and pellet grills, which will create a lasting tailwind for this business. Our pricing strategy has also led to a less promotional environment, which will reduce pantry loading going forward. We've improved our product lineup and distribution, making it easier for consumers to find our Kingsford Pellets innovation and new flavors of our Kingsford product lineup at even more locations nationwide. All these goodness is helping us build a healthy momentum for this business, which is especially important as we head into the peak of the grilling season and tough comparable periods. Cat litter sales increased this quarter despite lapping consumer stockpiling in the year-ago period. The driving forces behind the business' strong performance have been its success in the e-commerce channel and innovation. Fresh Step with Gain continues to do well and build distribution, with more innovation planned for Q4. The record number of pet adoptions that has occurred during the past year will resonate for years to come as cat parents continue to purchase necessities like litter long after the pandemic has ended. Glad sales increased in Q3, mainly behind lower trade promotion. As a reminder, while we began to see elevated demand at the tail end of the year-ago quarter, heavy consumption didn't occur until late in FY 2020. Q4 will be a more challenging comparison than Q3. In recent months, we've also seen a significant resin price inflation. To manage those rising costs, we have announced a pricing action on this brand effective in July. As we've mentioned, we'll manage inflationary pressures holistically using all the tools in our toolbox. This approach will allow us to continue introducing innovation that resonates with consumers, which has driven profitable growth for the category for a long time. For example, over the past decade, we've started using higher quality resin that has allowed us to reduce overall use by 20%, resulting in a stronger bag with a reduced environmental footprint, all while improving our cost structure over time. Our latest innovation, Glad ForceFlexPlus with Clorox trash bags, has been performing well since its fall 2020 launch. In Lifestyle segment, Q3 sales were flat. The food business had a double-digit sales increase for a fourth straight quarter behind continued consumption growth of our Hidden Valley Ranch bottle dressings and dry seasonings. This growth was on top of high single-digit growth in the year-ago period. The ongoing trend of at-home meals has driven household penetration to another record high. Our optimism for this business is further fueled by the success of our latest innovation, Hidden Valley Secret Sauces and Hidden Valley Plant Based Ranch Dressing, which have both been performing well. Brita sales in Q3 were down by double digits as the category consumption decelerated from its COVID-19-related buying spikes in the year-ago period. Despite these results, consumption level has remained much higher than pre-pandemic, partly fueled by strong filter replacements. As with wipes and sprays, our supply chains have not caught up with demand in Brita, particularly for filters, and impacting our shares and sales. On a positive note, we're continuing to make progress in addressing these supply issues, which has already helped us begin to recover share. Burt's Bees sales also decreased by double digits due to the changes in shopping and usage behavior that have occurred during the pandemic. The business was also lapping the effect of pantry loading in the year-ago period. Mask wearing and decreased mobility have created headwinds in both the lip care and face care segments. Still, the brand has not only maintained, but fortified its position as the number one lip balm. As we prepare this business for improving consumer mobility and consumers returning to cosmetics and colors, we'll be launching towelette innovation in value sizes and a new watermelon scent. These bright spots, combined with the continued growth in online channels, contribute to our confidence in the long-term growth prospects of this business. International has its own unique dynamics that sets this apart from our other segments. Unlike the U.S., most international markets where we operate don't yet have high vaccination rates. As a result demand for Cleaning and Disinfecting products remain elevated. The two-year stack growth rate for this business is about 22%. In our International segment, Q3 sales grew 9%. These results, which reflect the combined impact of about seven points of benefit from the Saudi JV acquisition, and about two points from foreign currency headwinds, are on top of 11% growth in the year ago period. Excluding the impact of Saudi acquisition, half of all sales growth was driven by the introduction of a new line of Clorox Disinfecting Wipes, mainly flat-pack innovation sourced from our dedicated international supply chain, and launched in more than 30 countries this fiscal year. With strong innovation like this and differentiation of our brands in their respective categories, we feel good about the growth runway of this business. Now, I'll turn it over to Kevin, who'll discuss our Q3 performance as well as our updated outlook for FY 2021. Thank you, Lisah, and thank you everyone for joining us today. We hope you and your families are well. Before I review our third quarter results, let me first address the non-cash impairment charge we reported today. The Better Health, vitamins, minerals, and supplements business represents about 4% of total company sales, comprising several small brands we acquired in two separate transactions. Performance on this business has not delivered on our expectations. The impairment was a result of our updated valuation, which assumes lower sales and profit projections versus our initial expectations at the time of the acquisition, primarily driven by an increased level of competitive activity and the need for more investments to scale these small brands. As a result of our updated valuation, we record a pre-tax non-cash impairment charge of $329 million to lower the carrying values of goodwill, trademarks, and other assets of the vitamin, mineral, and supplement business unit. Net of a deferred tax benefit of $62 million associated with this impairment, we recorded a $267 million charge to net income, or $2.11 per share. This represents about 27% of its initial purchase price. Going forward, we are implementing our refreshed portfolio strategy. We continue to believe in the attractiveness of the VMS space, driven by strong consumer tailwinds and the strategic fit given our focus on health and wellness. Importantly, we fully expect that our VMS business will be a meaningful contributor to our company results over time. To ensure clarity around the underlying operating performance of our overall business, my comments on the third quarter results will exclude the impact of this non-cash impairment. In addition, my comments will exclude the impact of a one-time non-cash gain related to our Saudi joint venture acquisition. It's important to note that while the Saudi joint venture is expected to contribute $0.45-$0.50 to our reported EPS, it includes a $0.60 non-cash gain that we're excluding from our adjusted EPS outlook. Moving forward, in our fiscal year adjusted EPS 2021 outlook, we are continuing to include a $0.10-$0.15 charge, primarily from an ongoing intangible amortization related to the acquisition. Before I review our third quarter results, I'll comment briefly on our fiscal year outlook. As you saw in our press release, we've confirmed our fiscal year sales outlook and provided an adjusted EPS outlook, which excludes the non-cash impact from the VMS impairment in the third quarter, as well as a one-time non-cash gain of the Saudi joint venture acquisition in the first quarter. For perspective, excluding these items helps provide clarity around our underlying operational performance, which is unchanged from our previous outlook. Importantly, I'm pleased we're on track to deliver another strong year for our shareholders, targeting a two-year stack of about 19% sales growth, well above our historical financial performance. Now turning to our third quarter results. Third quarter sales were flat in comparison to 15% growth in the year-ago quarter, when we saw the initial spike from COVID-19. Our sales results reflect a five-point decline in organic volume, offset by four points of favorable price mix and one point benefit from our Saudi joint venture acquisition. On an organic basis, third quarter sales declined 1%. Our sales results came in largely as expected, although there's certainly variability across our portfolio, which reflects the very dynamic environment we continue to navigate. Importantly, we grew sales in six out of our 10 businesses. Gross margin for the quarter decreased 320 basis points to 43.5%, compared to 46.7% for the year ago quarter. Gross margin results reflect a pronounced inflationary environment, resulting in 360 basis points of higher manufacturing and logistics costs, including temporary COVID-19 spending, as well as 170 basis points of higher commodity costs, primarily related to the rising cost of resin, partially impacted by the extreme weather events we experienced in the Southern U.S. earlier this quarter. Gross margin also reflects 100 basis points of negative impact from lower volume in the quarter. These factors are partially offset by 140 basis points of favorable trade promotion and 110 basis points of cost savings. Selling administrative expenses as a percentage of sales came in at 13.3%, compared to 15.1% in the year-ago quarter, reflecting lower incentive compensation expenses, primarily related to the non-cash impairment on the VMS business. Advertising and sales promotion investment levels as a percentage of sales came in at 11%, reflecting continued strong investments across our portfolio, with US spending at about 12% of sales to support our robust innovation program in the back half of the fiscal year. Our third quarter effective tax rate was -1.4%, driven by the impairment charge we took on our VMS business. Excluding the impairment charge, our third quarter tax rate was 23%, compared to 19% in the year-ago quarter, as we lap excess tax benefits on stock-based compensation. Net of all these factors, adjusted earnings per share for the third quarter came in at $1.62, versus $1.89 in the year-ago quarter, a decline of 14%. As you also saw in our press release, year-to-date net cash provided by operations was $893 million, versus $806 million in the year-ago period, an increase of 11%. Our strong cash flow was due to profitable sales growth, partially offset by higher tax payments and higher employee incentive compensation payments. Turning to our updated fiscal year outlook. We continue to anticipate fiscal year sales to grow between 10%-13%, reflecting the strength of our first half results and our ongoing assumptions for moderating demand over the balance of the fiscal year as we move beyond the peak of the pandemic in the U.S. and lap exceptional prior year comparisons. Our assumptions for one point of contribution from our Saudi joint venture, offset by one point of foreign exchange headwinds remain the same. On an organic sales basis, our outlook continues to assume 10%-13% growth. We now expect fiscal year gross margin to be down due to more pronounced headwinds from elevated commodity and transportation costs. We now expect fiscal year selling and administrative expenses to come in below 14% of sales, reflecting lower incentive compensation costs, primarily due to our third quarter non-cash impairment on our VMS business. Additionally, we continue to anticipate fiscal year advertising spending to be about 11% of sales, reflecting our ongoing assumption to spend about 12% in the back half to support our innovation program. For perspective, this fiscal year, we're planning to spend about $125 million more versus year ago to ensure we're leaning into engaging consumers to build lifetime loyalty to our brands. We continue to expect our fiscal year tax rate on a reported and adjusted basis to be between 21% and 22%. Net of these factors, we anticipate fiscal year adjusted EPS to be between $7.45 and $7.65, or 1%-4% growth, reflecting the continued assumptions I mentioned last quarter, including strong top-line performance, partially offset by an increasingly elevated cost environment. In closing, I'd like to note that as we transition from the peak of the pandemic in the U.S., we're navigating a highly dynamic operating environment with the following factors that can influence our results in the near to medium term. First, category dynamics and consumption trends. As more people get vaccinated and become increasingly mobile in the U.S., although we recognize different markets are in varying stages of the pandemic, we're keeping an eye on short-term changes in these trends as they could cause variability in our top line. That said, longer term, we believe our portfolio will continue to play a meaningful role in addressing consumer mega trends that have accelerated over the last 12 months, which will contribute to higher demand for our products relative to demand levels prior to the pandemic. Second, more pronounced cost headwinds, which we'll plan to navigate with all the tools in our toolkit, including opportunities for pricing in key areas of our portfolio. And third, increased production capacity to support ongoing elevated demand. This remains a key priority for us as our teams continue to look for every opportunity to expand our production capacity while recognizing the ongoing volatility this creates in our extended supply chain. And finally, I'll reinforce that we're on track to deliver another strong year for our shareholders while keeping our sights set on the long term. As you saw in February, we raised our long-term annual sales target to 3%-5% based on the early success of our IGNITE strategy and our continued plans to lean in even further with strong investments behind our brands, people, technology, production capacity, and of course, our new growth opportunities, where we believe we have a right to win. These efforts are all in service of our broader ambition to accelerate profitable growth to create long-term value for our shareholders. With that, I'll turn it over to Linda. Thanks, Kevin. Hello, everyone, thank you for being with us today. I hope you are all well. A year ago, around this time, when the pandemic spiked in the U.S., we knew we were facing uncharted territory. As I look back at how we've managed our business to support our consumers, retail partners, and communities over the last 12 months, what makes me proud is that we stayed true to three things. We embraced our role as a health and wellness company, which helped us prioritize our actions, including ensuring the safety of our people and emphasizing our support for healthcare workers. We put people at the center, taking care of our teammates around the world and staying the course and doing everything we could to serve public health and consumer needs. We were led by our values, with our commitment to do the right thing, guiding our strategic choices and actions. Out of all of this, our purpose became clearer. We champion people to be well and thrive every single day. With this in mind, here's what's important for you to take away from today's call. First, our business is well-positioned for the future. I'm grateful our consumers have rewarded our team's dedication to serving people and communities around the world. Our business is significantly larger than it was before the pandemic. People have turned to our trusted brands for support during an incredibly tough year, and Clorox has the most trusted brands in many categories. We see this play out in strong household penetration across our portfolio with our brands in 90% of US households. We continue to see strong repeat rates across our brands among core and new users versus last year. As Lisah mentioned, we continue to focus on retaining this larger base of loyal consumers. Of course, this is showing up in our results, including flat sales in comparison to a very strong base in the year-ago quarter. For perspective, it's worth noting that we delivered a two-year stack of 15% total company sales growth in the third quarter. And as Kevin mentioned, we're on track to hit a two-year stack of about 19% sales growth for the fiscal year. My second message is that we have strategic plans in place to address near-term priorities as we continue to navigate in a very dynamic environment. First, there's more work to be done on improving supply, especially after weather-related disruptions in the third quarter and higher than anticipated demand in certain parts of our portfolio. We're pulling every lever available to us to improve supply, including working with third-party supply sources as we continue to run flat out. I'm encouraged by our progress, but our overall supply chain remains a top priority focus for us. Next we fully acknowledge that market shares for key brands are not where we want them to be. That said, share declines are primarily driven by recent supply challenges. As we continue to improve supply capacity, we expect to recover market share. We feel good about seeing continued strong consumption and demand across our portfolio relative to pre-pandemic levels. And as Kevin discussed, we're facing stronger cost pressures from critical input costs and a tightening transportation market. One of the four key choices in our IGNITE strategy is to generate fuel to support growth and mitigate inflation. We're taking a holistic approach to address these cost pressures by leveraging a number of tools to support our margins, including margin-accretive innovation, net revenue management, pricing through trade reduction and list price increases, and as always, a relentless focus on cost savings. My last message is this. With conviction in our purpose and guided by a strategy that makes the most of our strengths, we continue to have our sights set on our ambition to accelerate long-term profitable growth. In the past year, we've learned that by putting people at the center, our IGNITE strategy has helped us to do what we do best, serve people who count on our brands, and we continue to have an opportunity to serve even more people around the world. And a s we think about our future, our strategy is proving to be particularly relevant as it leverages significant consumer megatrends that have accelerated because of the pandemic. The latest research still tells us that consumer routines and behaviors formed during the pandemic are expected to persist, including prioritizing health and hygiene, drinking more water, taking vitamins and supplements, and spending more time online. What's more, the role of home has changed. With many companies pursuing hybrid models for their workforce, we expect more cleaning, more meal occasions, and more trash to be generated at home. Our portfolio continues to be in a unique position to play a meaningful role in people's lives, and we have every intention of accelerating new growth opportunities to support these trends. Moving forward, we're leaning into our IGNITE strategy, with innovation remaining core to our key areas of strength. That means innovating in our products, especially larger, stickier innovation platforms that deliver superior consumer value and multiyear growth for our business. Innovating in consumer and shopper engagement, personalizing experiences for consumers so that we get to know 100 million people by the year 2025, and partnering with our retailers on category vision and leadership to support healthy and profitable categories. The turnaround of our Kingsford business is a great example of how our focus on innovation is contributing significantly to strong category and brand growth. Innovating how we work across the organization through technology that makes us smarter, work faster, and in the case of our supply chain, enables us to respond more quickly to future demand spikes. Finally, innovating through an ESG lens because we believe in the strategic link between our societal impact and long-term value creation. Here are some highlights in the last quarter. We're 21% of the way toward our goal to reduce virgin plastic and fiber packaging by 50% by 2030. We've achieved 76% of our 100% goal for recyclable, reusable, or compostable packaging by 2025. We're introducing a company-wide learning and development program focused on sustainability because ESG integration in our business not only means embedding it in every brand, but also rallying every person behind our efforts. With ESG embedded into our operations, our brands are not only contributing to our corporate ESG goals, but they're also pursuing meaningful goals that matter to their consumers. As an example, by 2030, Brita has a goal to provide clean water access to half a million people in the U.S. facing poor quality tap water. This speaks to the heart of Brita's brand purpose. Before I open it up for questions, I'd like to echo the important takeaways Lisah mentioned at the beginning of the call. First, we're on track for another strong year. Second, we'll seize the opportunity before us to accelerate long-term profitable growth. Third, our IGNITE strategy has proven its relevance in the face of the pandemic by putting people at the center, emphasizing innovation, and leveraging technology to lay the groundwork for the future. Operator, you may now open the line for questions. Thank you, ladies and gentlemen. If you have a question, please press star one on your touch-tone phone. And your first question comes from Dara Mohsenian of Morgan Stanley. Hey, guys. Dara. Two things for me. First one, just can you clarify the 3%-5% long-term top-line growth range from down at CAGNY. Can you just clarify specifically what time period is that over? Is that a post-fiscal 2022 range? Does it include fiscal 2021, 2022? Just trying to understand that. Second, there are a lot of sort of puts and takes as we think about the next few quarters here from a top-line standpoint. In theory, more difficult comparisons. COVID cases are dropping off. Vaccine counts are going up. Those are some headwinds. But you mentioned some of the supply chain challenges that you're working on. You've talked about the greater opportunity in Professional and International longer term, which drove that higher long-term top-line growth guidance down at CAGNY. So I was just hoping you could give us a bit of context as you look out here over the next few quarters in terms of some of those headwinds versus tailwinds. Could the business potentially decelerate with the comparisons you're facing, or do some of those positive areas more than offset it as you think about the business over the next few quarters here? I know you're not going to give a specific number, but just trying to think how you guys think through that, particularly with some of those longer-term positive top-line tailwinds you're thinking of. Does that play out in the near term, or how long does that take to play out? Thanks. Sure, Dara. Let me start with your first question. As you mentioned, we raised our long-term sales goal of 3%- 5% back in February. In terms of the timing, that's part of our IGNITE strategy, which runs through 2025. Dara, how I see that playing out, as we talked back in February, and we had the same point of view, we expect our sales to be roughly flat in the back half of the year, and that's consistent with what we've earned in Q3. As we get into fiscal year 2022, our expectation is we're going to be, by the back half of the year, back to our long-term raised sales outlook of 3%- 5%. As you know, we've got some tough comps here for the next three quarters. As we get through those comps by January, we're at this new elevated level. That's really as we work through the next phase of this pandemic, as we see higher vaccination rates, more mobility. We fully expect that we'll see a slowdown in demand for products. That's expected. When we get to sort of that new normalized level, we think we're back at this 3% or 5% rate going forward. Great. That's helpful. Then any context around some of those headwinds and tailwinds and particularly supply chain challenges? Any progress on that front? How much impact could that have from a top-line perspective as you think over the next few quarters here? Sure. I'll take that one. I'll start maybe with the big picture on what we're seeing as definitely tailwinds for us, and we mentioned some of this in the script, but with a little bit more color. We're definitely seeing consumer behavior trends sticky as we look over the mid to long term. We're seeing hygiene continue to be that cornerstone of health for folks, and even as people are getting vaccinated and mobility is starting to increase, we're seeing people embrace those new cleaning behaviors as new routines, and they're both doing that inside and out of the home. In the business case, we're still seeing the need for higher disinfection as they welcome people back. The issue has been depending on the market you're in, and certainly we're seeing that in the U.S., mobility has not really increased to the point where businesses are fully at capacity yet or even open in many cases. We're seeing that both as a long-term headwind, but as a short-term impact definitely into Q3. We're looking to the future quarters to see how mobility will improve. I think the other things that we continue to see around people taking care of their health and wellness are persisting. We have a new installed base, for example, with Brita, with a lot of people who purchased pitchers over the last period, and we're seeing them continue with filter sales in their quest to be healthier and take on good habits. Digital continues to persist. We think that will be a tailwind for our business as we've invested, as you well know, more in digital marketing than the average in our industry, leaning into that trend already. Of course, our strong position in e-com that we've built over many years. We continue to see that accelerate. That's up to 14% of our business year to date. And then t he role of home continues to be a tailwind. That was above our expectations in quarter three for sure. We're seeing people persist. Even as people have more mobility, people are eating more at home. What hasn't really changed at all is people who were working from home during the pandemic are continuing to work from home. We see that in our impacts, whether that be on our Kingsford business, on our Hidden Valley Ranch business or our trash business, there's definitely positivity to that stay-at-home trend. I think all of those are going to be tailwinds as we look to the coming months and in the long term. From a headwind perspective, supply chain has continued to be a challenge, and what we've done is gone after a tremendous amount of sales. We're a much bigger company than we were pre-pandemic, and that means that we have increased the complexity in our supply chain. We have a lot more nodes. We have a lot more third parties helping us. What didn't help this quarter, of course, were the weather disruptions that we experienced that caused quite a few force majeures in our products. Although we were able to manage through it and deliver our overall commitment from a quarter three perspective, it's something we're watching really closely to see any volatility we have. But the supply chain being more expanded continues to be something that we're watching, continues to be something that could be a help or a hinder as we look forward. Great. That's helpful. If I could just sneak one more in. On the pricing front, obviously, you mentioned the Glad increases, potentially opportunities in other areas. Can you talk a little bit about if you have pricing plans in place across the rest of the portfolio? Is it still being decided? Is it just a matter of when you communicate it? How do you think about pricing in the rest of the portfolio beyond Glad? Thanks. Absolutely. As Kevin highlighted and Lisah highlighted in their scripts, absolutely seeing the inflationary pressure as I think the entire ecosystem is now across our industry and from a retailer perspective as well. What we have our sights set on is how do we get to that long-term EBIT margin goal we have of 25- 50 basis points from an accretion perspective. The way we approach it is very holistic. We're looking across a robust toolbox to address this. Things like margin accretive innovation, and we have a terrific innovation program that started at the beginning of this year and is continuing as we launch incremental innovations in Q4. Net revenue management. Pricing, and that will include both list price increases and trade reductions. Then, of course, our relentless focus on cost savings. We're employing that entire toolbox right now across all of our businesses. We're coming from a place of strength in this. Our brands are strong right now. We have never had a higher consumer value measure. Household penetration is strong. We're seeing strong repeats, so we're feeling confident in that. And we're evaluating our ability to take price across all businesses. I'll tell you, we will be very surgical and targeted in this. We're going category by category because we're, of course, weighing the broader environment, and we want to be measured in that. The message I want you to hear is we're looking at it very broadly across our portfolio, and what we're really focused on is executing by category with excellence. Thank you. I think your next question is from Chris Carey of Wells Fargo Securities. Hi, everyone. I just want to follow up on that line of commentary around pricing, and then I have a second question. Just on the pricing front, maybe just help us understand, you're pricing at Glad. Last time that happened, it caused volatility on shelf. Now you have competitors that are moving ahead of you. Can you just talk to confidence that that won't happen again this time? Related to the pricing, you did mention that lower promotions, I think, are going to be a part of how you're getting some net pricing. I think that's what you said. Promos are already at a pretty low level. Do you anticipate your promotional levels going below peers? I have a second question, but the general framework there is just Glad pricing risk. Just did I hear that right, that you think promo can actually be a source of pricing, basically implying that maybe you're not looking at list prices in the rest of the portfolio just yet until we get well into fiscal 2022? Then I have a follow-up. Thanks. Thanks, Chris. I'll start. We have confidence in our brands and the strength right now, and that is absolutely inclusive of Glad. All of the investment that we put in terms of incremental advertising, what we put in from an innovation perspective and how consumers have turned to our brands during this time, continue to give us confidence in our ability to take pricing. I think what we're also seeing this time versus what we saw last time is a broader inflationary environment that really is pretty systemic throughout the industry and what everyone is experiencing. As you mentioned, we've seen competitors move in categories like Glad. I think Glad, in particular, I'll just highlight, we have already come out with that price increase that's effective in July. Given the volatility and the increases we're seeing in the resin market, we are looking at would we take even additional pricing in Glad based on what we've seen. Again, we want to let the cost pressures guide us. We're doing this for the mid to long term. We're seeing extraordinary circumstances in resin right now that are helping us to go faster on Glad. What you should take away on the other brands is not that we are not looking at list price increases. You know we look at that, first of all, we do that annually as a company to understand our position. Right at this moment, we're looking at that. But w hat I want you to hear is the way that we do that across the brands needs to be holistic. Some will include list price increases, others will not. And what you'll hear us apply to every business is cost savings. You'll hear us think about how we can have margin accretive innovation across every business. List price increases will be very targeted on, but again, evaluating across our entire portfolio. I think from an on-shelf and a retailer perspective, we're working on category growth plans with them, and we're lapping a very strong period of growth. As you think about the lower promotion question, what we're trying to do is get to a more normalized state of promotion, and it's still, although accelerated versus where it was in Q2, it's still well below pre-pandemic levels. And a s we lap that growth, there's little incentive to put a bunch of deep discounting out in the system, and we're working on growth plans. That's how we're thinking about the lower promotions in the context of the environment, is that we all have strong growth to lap. And of course, we want to make sure that we continue to lean into them and invest behind the tailwinds, and that could mean a lower promotional environment. We're watching that closely, and again, it will depend on the category. The overall sentiment would be keeping it as rational as we can, and using promotion for what it's intended for, to drive trial, and to get consumers at key pulse periods. Thank you for that. Maybe just to close the loop. The last time there was a commodity cycle, pricing accounted for several hundred basis points to gross margin. Can you just comment on whether that is a sort of a realistic framework to think about go forward? Then, the second question is just, I think if there was one area which surprised, certainly relative to our model this quarter, was the decline in Professional and certainly on a sequential basis. I appreciate the cyclicality of the business, but there's also this underlying, we've heard about all these partnerships that you're signing, and I guess, also International came in a little bit light just relative to what we've seen from a lot of other staples companies this quarter? Maybe, I think underlying the question is just the confidence that these two businesses can be contributors to your 3%-5% longer-term growth outlook. Just maybe any puts and takes that you saw this quarter which give you confidence that those businesses can be bigger growth drivers, going forward. Thanks so much for all that. Sure. Hey, Chris, maybe I'll start and I'll turn it over to Linda as well. On your first question in regard to the impact of pricing, I'd tell you it's too early for us to start providing perspective. We're right in the middle right now of building our plans for fiscal year 2022. And as Linda said, we're going to be looking at a number of different levers in terms of how we're going to work to offset the transportation and commodity cost increases we're seeing. Pricing will certainly be one of those levers, but we'll be looking at a number of others as well. We'll update you on that one as we get further along with our plans in August. In regard to International, just a perspective on International, as you may have seen, volume was down. I think it's worth noting, we feel very good about the progress we're making on our cleaning and disinfecting work, and as Lisah mentioned in her prepared remarks, we continue to expand the number of countries we're introducing wipes into, and we've added 30 countries now. Specific, although, in the third quarter, one of the challenges we had was in Canada, where we saw growth pretty broadly across our portfolio. In Canada, if you're tracking that region, you may know they are now in their third lockdown. In the Canadian market, they're a little different than the U.S. In their lockdowns, for items that are deemed non-essential, if you go into a retail outlet, in many cases, those aisles are blocked off where you can't shop them. As an example, in the third quarter, we grew our Cleaning and Disinfecting business in Canada, but we saw pretty significant declines in other parts of our business. Our Brita business was down over 30%, our Burt's Bees business was also down by a similar amount because consumers are not able to shop those aisles. Right now, the lockdown they've announced goes through May 20th, so that'll have some knock-on effect as we move into our fourth quarter. We expect as we get out of that lockdown, those businesses will rebound. By and large, feel very good about the progress on our Cleaning and Disinfecting portfolio internationally. Linda will talk a little bit our Professional business. Yeah, I think Professional is a unique part of our portfolio because it really is tied very heavily to mobility. If you think about this, it has to really do with the comparison period. Last Q3, businesses hadn't shut down in that point. Even though we saw consumer takeaway in the retail side, for the most part, businesses were open, so we had a very strong comparison period to lap. In contrast to that, this quarter, most businesses continued to remain closed. You have to recall, too, we have a very established business when it comes to Professional. This is not just about the new opportunities, but we've been cleaning these businesses for years and years. It was about 7% of the company before this, growing strongly, mid-single to high single digits. That really had an impact. And I think if you look broader across the Professional space, not just ours, they're seeing the same trends broadly in that industry. If you take a step back, the trends continue. The partners that we've had as we brought on in the new out-of-home space continue to see the benefits of offering their guests a clean and disinfected space branded by Clorox, and we continue to expand those partnerships and bring new ones on. The two-year stack on this business is up 17%, so very strong growth on top of strong growth for many years. We continue to have conviction in the long term. The reality is consumers need that reassurance that spaces are clean. We know businesses want to provide that to them so they can get back to growing again. We have a terrific new suite of innovation that we're excited about that's coming in quarter four, including expanding our electrostatic sprayer business, with both new forms and chemistries. Feel really good about the long term of this business. There's a lot of noise in the short term as most of the Professional spaces out there have encountered, but no change to our outlook for the future. Okay. Well, thank you both for all of that. Appreciate it. Thank you. Your next question is from Nik Modi of RBC Capital Markets. Yeah. Hi, everyone. so, Linda, I was hoping you can address something on disinfecting wipes, just two vectors to think about on category growth. A look at Numerator's vaccinated shopper data suggests that vaccinated consumers' buy rate for disinfecting wipes is dropping faster than unvaccinated consumers. I was just hoping you could provide some context and thoughts around that. Secondly, on market share, given this has been a supply related issue, I mean, what's the case that you can make to retailers to get back the space at a point where you feel like the supply problem no longer exists? I mean, is it going to be about marketing support, brand loyalty, or basket size play? Any thoughts around that would be helpful. Sure, Nik. Just starting with disinfecting, we continue to see really strong behavior changes from consumers, but we did anticipate to experience as people became vaccinated, behaviors changing. We did see that curve move up slightly. As people got vaccinated, it just happened a little earlier, and frankly, vaccines happened earlier than we had anticipated. That's normal. We expected that as we go forward. The key takeaway is, versus pre-pandemic levels, cleaning behaviors are still significantly elevated, and we continue to expect them to be into the future. We're hearing that from consumers, we're seeing that in their buying habits, and continue to feel confident about our ability for these growth areas in cleaning and disinfecting to get us to our 3%-5% growth rate moving forward. I think as it particularly comes to market share, just to be really clear, we are not happy. Whether it be supply related, et cetera, we want to grow share. That is our goal and we want to do that over the mid to long term. This really is primarily driven with supply, particularly in Cleaning and Disinfecting. Not only did we have the weather related issues, but as we talked about, the more that we expand our supply chain, the more nodes that it has, the more risk it introduces. That really impacted our ability to lap a very strong period that, of course, included the depletion of all the inventory across the system last quarter three. As we look forward to supply, though, we're optimistic. We've made good progress, and we anticipate substantial improvement in the next four months. We plan to be in stock on most businesses in cleaning, including wipes, by the end of Q1. What consumers are already experiencing is better than what they've experienced for the months previous to that. They're going to the shelf and they're finding something from Clorox, which is good to see. We anticipate being fully in stock across our Cleaning business by the end of Q2. That includes some things like sprays and some of the other items that are still supply constrained. When it comes to market share moving forward, supply is going to help, but the other thing is innovation. We have a terrific suite of innovation in quarter four that retailers are really excited about. That includes reintroducing things that we had to put on pause. Scentiva, that was a large growth platform for us prior to the pandemic. We are starting to ship that again. Compostable Wipes are also back in market again. We know they had a strong start prior to the pandemic and we expect them to continue. We're also going to be expanding our disinfecting floor mopping cloth business that we had started right at the beginning of the pandemic, and we expect broad distribution on that. In addition, we're launching brand new to the space innovations, including paper towel wipes, a brand new Clorox Non-Bleach All Purpose Cleaner, and then building off of our electrostatic business that's already at over $100 million in sales and launching new forms and new chemistries kind of brand new to the market. A great suite of innovation that we're working with retailers on, that's what we're focused on, innovation and growing the category, that's resonated really well. That's very helpful. If I could, just one real quick one on vitamins. You talked about you have plans in place. Can you be specific in terms of what exactly you plan to do to kind of turn around the fortunes of that business? It seems like the overarching kind of backdrop of that industry is going to look much better than it would have been pre-pandemic, just given everyone's focus on self-health and self-care. Any specifics around the strategy would be helpful. Nik, why don't I give a little bit of background, too? I think that would be helpful then to talk about what we're planning to do just as a backdrop. As Kevin mentioned in his remarks, we bought a bunch of small brands through two acquisitions, 3-5 years ago. These were small brands, very strong in the then fast-growing natural channel, and we expected them to grow consistent with what we're seeing in that broader category, high single digits, to low double digit growth, and of course, getting a shorter time to synergies. The underperformance is related to what we bought. Channel headwinds have been a big component of that. Natural went from +8% at the time we bought it, to a headwind at -5%, and that's only accelerated given the pandemic and what we're seeing in retail consolidation. We're also very heavily weighted in probiotics, that category has been fragmented. It's slowed down given the massive amount of people who've been launching probiotics in other forms, in food, et cetera, certainly higher competition as people have entered that attractive space. Just given the size of the brands that we bought, we realized it's going to take a longer time and more investment to get there. What do we do looking to the future? It starts with the fact that we have really good conviction in the strength of the category, the tailwinds that we see from a consumer perspective. Those remain very strong. People are continuing to do things to take care of their health and wellness, and vitamins and supplements are absolutely part of that. With that, I'll give you what I can talk about in the strategy at a high level, and we'll welcome talking about more detail coming up in the future. What we're really focused on is first, making sure that we have the right category knowledge, and we feel great about that. We have a better understanding of how the category works, and how we need to operate with those small brands in it. We've hired new industry talent that has a lot of experience in this space, and they've helped us to get clear on that. We've refreshed our strategy, and particularly around our portfolio and how we win with those brands moving forward. With that, I know, Nik, you probably want more details on that, but we'll have more to share later. We fully expect to be able to get to company accretive sales and profit over the long term. We've built in a slow ramp-up period as we think about that, because it's going to take some time to do what we plan to do on these brands and get them to the place where they're delivering that type of accretive growth for us as a company. Excellent. Thank you, Linda. Thanks, Nik. Thank you. Your next question is from Andrea Teixeira of JPMorgan. On, Linda, on the Glad bag pricing comment, when should we see this flow through? I'm assuming that's a fiscal 2022 consideration at this point. I'm curious because, as you know, it will mark about six months that your large competitor took pricing, from what I understand. Is that the strategy now to recover some of that share and any other categories that I appreciate that you don't want to come across as being opportunistic, and I know, knowing from the benefit that you had from your strong brands and everything, to come across as taking price in the middle of a pandemic. Now that we are hopefully coming through a high vaccination rate, so when do you think is the time to actually take some of the other categories that are also impacted by transportation cost pressures and commodities to be considered to be taking pricing? One, also before you can answer, but just before. As far as I understood, you think that commentary about having the supply chain normalized and having the cleaning products fully on shelf by the end of the calendar second quarter. Would we expect also that International and Professional, the Professional business will be normalized, or that's only the cleaning, and you still have the work to do to recover share and capacity on these other segments? Thank you. Thanks. I'll take those in turn, and we'll start with the Glad pricing question that you had. We announced that price increase to the trade in March, and it will be effective in July. As I said previously, we are, though, looking at, given the continued inflation that we're seeing with resin, would we want to take an additional action on Glad? That we're still contemplating, and we don't have news to share on timing on that. The round that we just announced will be effective in July, and then it'll pass through, and we'll see retailers change prices on shelf as they do that. As it relates to your broader comment on pricing, it really is category specific, and it has to do with the timing. These businesses have different seasonal aspects to them. They have different promotional plans. They have different innovation plans. I don't have any more to share on timing on any of those categories, but I just want you to take away that we are looking at it across every category. We will be doing this category by category, and it really has to do with those dynamics that we're experiencing and of course, the broader plan. And I also want you to take away what we are absolutely doing on every category right now is cost savings. We're going back, we're pleased to be on track to deliver our cost savings target for the year. We're looking at what other places could we plus that up across all of our businesses. Then, of course, innovation is the same. As we have more news on pricing, we'll share it. At this point, it's Glad and news that we're looking at would there be additional action we'd want to take on Glad given what we're seeing in resin. As your question on supply chain. Professional has some shared supply chain, as does a small portion of International with our US retail cleaning business. They also have components that are completely separate. They are largely expected to recover on the same timing that we have from retail. Although International, I would say at this point, particularly with wipes, given we have a dedicated supply chain, we're not at a point that we're constrained in the vast majority of our International businesses because of that dedicated supply chain. Any anticipation of accelerating the growth into other countries? I think Lisah mentioned 30 countries already. Is there any ramp up or additional places, or you'd say, "Now I got the wipes, which is obviously the low-hanging fruit. Now I'm going to offer them sprays or other things" that may actually accelerate the international growth? Yes. As we spoke about at CAGNY, against our goal to accelerate long-term profitable growth and get to that 3%-5% sales range, we anticipate stronger growth from International. That really is behind building a global Clorox cleaning brand, which we had a start to, but we think we can help serve more consumers around the world. The idea would be, of course, wipes is an important part of that portfolio, but really looking broadly across the set of cleaning products that we have, strengthening our innovation across the Clorox brand, and that can include things like sprays, like you mentioned, that we would be able to do that. That's exactly what we're looking at. As we enter markets, what's the right product lineup and where can we leverage innovation to expand our presence in those markets behind the Clorox brand? It's very useful. Thank you. Have a good afternoon. Thank you. Your next question is from Kaumil Gajrawala with Credit Suisse. Hi, good afternoon, everybody. Good morning for you guys, I suppose. A question on elasticity. Obviously, there's a lot of inflation, and pricing is coming through across the board. I know you've got quite a strong view, and that consumer research suggests an intent for pretty structural changes of use of products in the home and at the home. To what degree are you worried about the risk of breaking that trend? Do you feel like you have to be careful about maybe there's an opportunity that can be lost if too much pricing is taken? From a cost perspective, it makes perfect sense to take pricing to cover it, but what are you thinking about from an elasticity perspective and how that may change things? I'll start. When we look at the strength of our brands, we always focus on consumer value as the measure we look at to determine the strength of our brands and our ability to take pricing. Because of course, consumer value is composed of the strength of the brand that we have. It's composed of the product and how people experience that versus competitive products. Of course, pricing is a function of that as well. We're looking at that triangle that forms to say, what is the right mix by category, by sub-segment, to deliver that right value for consumers, and we're always trying to optimize that. We take that into account as we think about it. Given the fact that we have higher consumer value than we've ever had since we began measuring it, that implies the strength of our brands, that they have ability to take price. As we strengthen our innovation program, as we've leaned in to spend 11% behind our brands this year and keep them strong, that was one of the questions we've got a lot of is, why would you invest during a time when people want your brands already? It was about building that brand strength and equity over the long term so that we have ability to introduce them to new products as they demand it. Of course, take pricing as we need to. We're taking that into account. I would say, regardless of pricing, these consumer behaviors are here to stay. Consumers have absolutely shown a willingness to pay during this time to keep themselves safe and well through all of their behaviors, whether that be cleaning, drinking more water, et cetera. And also, as they start to eat at home, we've seen lots of trends around consumers having meal experiences. They've invested in grills, and they've invested in that long-term behavior. We feel really good about our ability to do both, which is continue to take advantage of the trends that we're seeing, but also price where it's appropriate to recover margin. Okay, great. Thank you. Thank you. Your next question is from Steve Powers with Deutsche Bank. Hey, guys. Thanks. A couple of questions for me. The first one is just, as we think about the Health and Wellness segment, factoring in what you guys are seeing as or envisioning as the new normal level of consumption coming out of the pandemic, as well as your improved ability to supply, I guess I'm just trying to gauge what you think the kind of the average absolute run rate of sales in that segment is likely to be as the new base. You've obviously been running $800 million+ for the last several quarters. This quarter came down below $700 million. I'm trying to sense if you think this is the new normal level of consumption. Does it bounce back and meet somewhere in the middle? Just how you're thinking about that as we go forward. Sure. Maybe I'll take a step back and talk about what we're seeing overall and what we've seen in the past, because I think we're operating from a really strong base, and I'm not sure how clear this was in the past. If you take a step back and look at our retail cleaning business, pre-pandemic, that was a place of strength for us. We were growing mid-single digits in both top line and bottom line in the retail cleaning business for a number of years. If you look at the five-year CAGR pre-pandemic, that was mid-single digits. We were starting from a place of strength, and we see that continuing as we move to the future, and we think building off of that. If that gives you an idea of what we're thinking about, it will be above the company average is what we're anticipating. Given the fact that it's a place where consumer tailwinds are working, where we think innovation is going to play a really big role because consumer needs have changed. Then again, that investment, and we've long been investing in the Clorox brand, but we've increased that during this pandemic, and we think it's going to become pretty solid from a behavior perspective as we move forward, as we combine all of those things. Okay. I can work with that. Shifting gears to gross margin. There are two things here. The depth of what I think your guidance implies for the fourth quarter is something like a 600+ basis point contraction in the fourth quarter, if my math is correct. You can correct me if it's not. That's question number one, I guess, of this, but the second part is just trying to gauge your sense of urgency of building that back. Obviously, you're taking pricing in Glad, looking at pricing elsewhere as you made clear. Would you be satisfied with kind of a more elongated glide path of margin recovery, or is this something that you're eager to claw back, as we think about the first half of 2022? I'm just trying to, A, size the level of contraction, and then, B, gauge your sense of urgency in getting it back. Yes, Steve, thanks for the question. Two things on Q4. We don't provide quarterly guidance. What I can share with you is, as we said, for the full year, we expect our gross margins to be down. For me, that's likely about 100 basis points on the full year basis. As we mentioned, back in February, my expectation, it would be down to a lesser degree. As we've highlighted, what's really changed for us is while transportation continues to be a challenging market for us, it's really resin had the biggest impact, really driven by the ice storm we saw back in February. When we talked back in February during our previous earnings call, I had anticipated about 150 basis points headwind from commodities in the back half of the year. I think that's going to be closer to 200 basis points now in the back half. You saw in Q3 in our attachments, we provided about 170 basis points in Q3. I think it'll be higher in Q4, and I think it'll probably peak in the front half of fiscal year 2022, and then we'll start to see some softening. I think that's how this is going to play out this year in the near term. Your longer-term question on margin recovery, Linda just mentioned it, we are committed to growing EBIT margins 25-50 basis points over the long term. We're going to continue to aggressively work towards that goal. As part of that is, the actions we're talking about now as it relates to recovering these cost increases, pricing being one element of that, but we're going to be leaning into cost savings and many other areas as well. We'll work to recover margin. And maybe last comment, Steve, that might be helpful. If I provide a broader perspective, if you think about our financial performance, where we were before the pandemic at the end of fiscal year 2019, and where we're likely in this year, on a two-year stack basis, that's about 100 basis points increase in gross margin. So we'll certainly be challenged this quarter and next quarter. If I take a longer-term view, we've improved the margins of the company about 100 basis points over the last two years. As I said earlier, our goal is by the time we get to the back half of fiscal year 2022, we are delivering 3%-5% sales growth. We're expanding margins. We're delivering earnings growth. So h opefully, that gives you some perspective on our desire to quickly move through this challenging environment and make sure we're taking the necessary actions to put us on track for our long-term sales and profit goals in the back half of 2022. No, it does. I appreciate it. If I could squeeze in just to build on that, I don't think you specified exactly across the Glad portfolio how impactful this announced price increase is. If there's any quantification you could offer on the actions that you have planned for July, that'd be helpful. You did something different for Clorox in moving to an adjusted EPS quantification for FY 2021, and I guess it sounds like there's a $0.03-$0.04 amortization charge that is in GAAP that is not in your adjusted number. I guess is the intention beyond FY 2021 to move to an adjusted, or should we think about kind of as we think about sizing up your FY 2022 guidance, moving back to GAAP and layering back in that $0.15 for the year? Thank you. Yeah. Thanks, Steve. On the two questions, on Glad, what I tell you, think low to mid single-digits pricing action that'll take effect in July, and as Linda said, we'll evaluate if additional actions are necessary. On adjusted EPS, as you said, we introduced it for the first time this quarter. Steve, the intent is we really thought this would help as we provide both on a reported GAAP basis, but we also thought adjusted would help our investors as we've had two large non-cash charges now. We had the gain in Q1 from our Saudi acquisition, and we had the VMS impairment. We think giving that additional perspective is helpful. Particularly as you go into fiscal year 2022, continuing to use adjusted allows you to have a better understanding of our operational performance as you're able to look past this one-time gain and one-time charge we have this year. You should expect us to use that going forward. Okay. Thank you so much. Sure. Thanks, Steve. Thank you. Your next question is from Lauren Lieberman of Barclays. That versus adjusted, because being a GAAP reporter arguably has been a point of pride for the company, right? Something that you could also argue contributed to the stock valuation over time. I know that's a very high bar to hold yourselves to. I get that the impairment charge is this big one-off. But If I remember back in last year's fourth quarter when you introduced the guidance and including the JV gain, you specifically talked about it as being offset by tax and FX in the full year earnings growth. Now you're asking us to switch to adjusted just when we would be looking at fiscal 2022 growth rates. I'm struggling with really being comfortable with that ask, particularly if you believe there's so much going on with the business that's really positive and constructive that we shouldn't need to be kind of playing these games. Kevin, I'd really just love further perspective on that decision. Yeah, Lauren, I wouldn't agree with playing games, that characterization. We think this is helpful additional perspective. To be clear, we'll continue to provide a reported GAAP basis estimate, and we'll provide an adjusted estimate as well. And again, we think both numbers are helpful and insightful for our investors. We have a very large gain in Q1 and a large charge in Q2. We want to make sure our investors can understand our operational performance. To your point, Lauren, there's a lot going on operationally. We want to make sure we can help investors understand that as clearly as possible. Setting those two items aside, we think is another insight to our business that will be helpful, and so that's why we introduced it and why we'll continue to use it going forward in 2022. As we look at our 2022 performance, you can evaluate that versus our 2021 performance, excluding these two items, and really understand, I think, more clearly on an operational basis, our performance year over year. Okay, thanks. That is a very helpful perspective, and I appreciate that. I did just want to follow up with one more question on market shares. I know that Nielsen is far from perfect, particularly with your strong shares in club and the quick gains you've made in e-commerce over time, but Nielsen does measure something. When we look at Nielsen, it looks like your share in spray cleaners and in wipes is not just down this year, but is down, if I looked back pre-pandemic, that your shares were down pretty considerably, particularly in the spray cleaning category. I just would like some further perspective there on whether or not there's been some channel prioritization dynamics, whether or not in hindsight, there's a sense that maybe you could have invested more and been more proactive in cleaning historically. It feels to me like, again, just looking at the Nielsen and knowing it's imprecise, there's a bit of a hole to dig out of on share that's not really related to during the pandemic supply constraints. Thanks. Hey, Lauren, I'll take that one. Thanks for the question and trying to provide some clarity on this one, which I know is really complex. Maybe taking a step back would help on this one just to get clear on what we experienced in cleaning and what we think we drove pre-pandemic, what we're seeing now, which again, we're not satisfied with, and then how we see this playing out over the coming months and years as we get to a more normalized state. First, big picture, if we step back and look at our retail cleaning business, it's actually been a great area of strength for us. I mentioned a little earlier that we had strong growth. If you look at the five-year CAGR pre-pandemic, we grew that business mid-single digits, both top and bottom line, and that corresponded to an overall share increase in home care of two points from fiscal year 2013 through 2019. That was something that we had been investing in. We had been really trying to expand the Clorox brand. We had a strong focus on innovation. We had launched Scentiva during that time. We had done improvements on a broad range of our portfolio. It's been a nice area of strength for us. I think as you dive into the individual segments, Lauren, you do get to what you said, which is there are ups and downs, and sprays is an incredibly complex, fragmented category. While we were winning in a lot of the particular segments that we are strong in, it could be true that in other ones we weren't. We have a very strong spray business, to your point, outside of track channels, which is about 50% of our business in aggregate. I feel like we walked into this pandemic in a strong way from a Clorox perspective. There's always work to be done in individual segments, as you highlighted, but overall, we were winning in home care. As we look to the future, I think a lot of those elements are going to continue to resonate, but we're going to ramp them up. One, the strength of that Clorox brand. It's why we've invested so much this year behind that and increased the spending. We're on track to spend across the company another $125 million in advertising and sales promotion this year. Why we've ramped up innovation, and I mentioned the innovations are worth repeating, reintroducing Scentiva, Compostable Wipes are back on shelf. Disinfecting floor mopping cloths, which is a brand new incremental category for us to compete in. Having new offerings in Clorox sprays that aren't bleach, and that's a first for us, as well as Clorox Multi-Purpose Paper Towel Wipes, and then broadly expanding against our new electrostatic business that we really created from nothing a number of years ago with some partnerships. I feel terrific about what we have in place to continue to meet consumer needs. I am not happy, Lauren, with where we are share-wise. None of us are, but we feel confident in our ability to get back into that share growth as supply continues, again, which is the majority of the issue, but we're laser-focused on that consumer value metric, innovation, and investing behind the Clorox brand. Okay. Linda, thanks. I really appreciate that. Thanks, Lauren. Thank you. Your next question is from Kevin Grundy of Jefferies. Kevin? A bit. For your outlook now, specifically advertising marketing still 11% of sales, including 12% in the back half of the year. I think as you guys are well aware, both of those are historical highs as far as I have going back, this is decades. On a full year basis, on a six-month basis, was there any thought at all about pulling back as commodity costs move higher? I suspect the answer is not a lot, given a lot of the discussion around market share, but maybe you can comment on that. Just confidence on ROI behind the spend, given a lot of the volatility that exists around consumption, et cetera. The context here, understanding supply chain constraints have been a problem and one that you're trying to address, but I'm sure the hope would be, in principle, that market share would be in a better place with advertising and marketing near historical levels. That's probably not going out on much of a limb. Maybe just sort of tying this up, longer term, is 11% the right number? We don't have to go back very far, and it was 9% of sales. Is it possible this comes back to 9%, where it's not sort of permanently in the P&L? Maybe some comments there, which I suspect you're not making that sort of decision in a vacuum. It's going to be where's market share and whether you're satisfied with it. But n ot to belabor this, because I feel like we've spoken a lot of it, but anything you feel, Linda, would be incremental, would be helpful. Thank you. Sure, Kevin. 11% for this year was something we had a lot of passion and conviction on, given the fact that we were seeing so many people enter our brands, and we wanted to create that loyal consumer base moving forward. We wanted to give them the right product information that they needed during such a trying time for everybody, but also give them new solutions as people had different challenges to solve. Innovation and advertising play a really important role in that. For this year, we are on track to spend 11%, as you highlighted, and we have a strong spend coming up here in Q4, and that is behind the new innovations that we've launched. And I think you recall probably from previous conversations that our goal was to double the amount of advertising we spent on innovation this year to welcome people into those new product experiences and create loyalty and trial. As we look forward, and let me comment on ROI before I say we move forward. That's something that we're tracking real time and getting information and insights on. What I can say is, the ROI continues to be very strong, and that's why we continue to spend. We're seeing it translate into results from a consumer metric perspective. Continue to have incredibly high household penetration. We have household penetration gains across a number of our categories. We're seeing loyalty strengthen, so retention rates growing, repeat rates growing on both core users and new users. We're seeing consumers buying larger quantities more often. So a ll of the things that we would attribute to long-term consumer metrics that show the health of the brand, the advertising drive, we're seeing that. Not only just the strong ROI, but those metrics increase that are important to us to talk about loyalty. As we move forward, we don't have a prescribed number, whether it be 10%, 11%, but what I can say is we're committed to investing in our brands, and we'll continue to optimize what that right level of spending is, depending on, exactly like you highlighted, market shares, depending on the innovation programs we have. What you should hear from us is we will continue to invest in our brands, and as we update and give you a perspective for 2022 and beyond, we'll communicate what that exact number looks like. You hear our continued commitment to advertising as a strong lever to help us get to our 3%-5% over the long term. Very good. Thanks, Linda. Good luck. Thank you. Your final question comes from Jason English, Goldman Sachs. It appears his line disconnected. Jason, one more time. He's not there at all, operator? No? No. Okay. His line disconnected. Okay. That's the final question? Yes. Very good. All right. Thanks again, everyone. We look forward to speaking to you again on our next call in August. Until then, please stay well. Thank you. This does conclude today's conference call. You may now disconnect.