Good afternoon, everyone. I'm Kate Grafstein, and I work on the CHPC team at Barclays. Our next presentation comes from Prestige Consumer Healthcare. Here today to give an overview of the business and its brand-building playbook, we have CEO Ron Lombardi and CFO Christine Sacco. Ron and Christine, thanks so much for being here. I'll leave it to you. Thanks, good afternoon to everybody. Thanks for joining us. I guess this is our rust buster in terms of investor presentations. This is pretty much our first investor conference in person with the full management team since March of 2020. We'll see how things go today. Thanks for joining us. Let's just dive into a bit of details and a bit of info around Prestige, and then Christine will wrap up things with some highlights of our financial results, a reminder of the outlook for our fiscal 2023 year, and then a bit of a closing with some of our performance over the last 10 years. Let's jump right into what's always my favorite slide to talk about with Prestige. And if you've heard me present in the past, you've probably seen me start with this and say the same thing, which is, it's a great way to talk about and frame Prestige, the attributes of our business, and really, what are the drivers behind the success that we've had both recently and over the longer term. What we've got here is some great examples of the depth, breadth, and reach that we have with consumers who look to our trusted brands on a daily basis to help them take care of their healthcare needs. We start up at the top with our Clear Eyes and TheraTears franchises, and we have over 12 billion eye drops a year across that franchise, right? That's a lot of consumer activity, a lot of trust in those brands. 650 million sore throat and dry throat occasions that we help treat with our Luden's and Chloraseptic brands every year. 17 million pain relief occasions we help treat with our BC and Goody's brands. We help treat 8 million yeast infections with Monistat every year. Even though we talk about focusing on niche categories, or we often talk about our brands as being niche brands, there's nothing niche about 12 billion eye drops or, you know, nearly 20 million pain occasions every week. Our brands have long and deep heritage. They're trusted by the consumers, and that really sets the stage for the success that our business has. It's really one of the most important takeaways when you think about Prestige, is that it all begins with our brands and our connections with consumers, and then everything steps off of that. If you look at our broad portfolio, we're fairly diversified. If you wanna break it up into categories, women's health is our largest category with about 25% of our revenue, primarily concentrated in Monistat and Summer's Eve. The next biggest would be GI with Dramamine for motion sickness and nausea, Hydralyte in Australia, and then also a number of other GI brands as well in addition to those two. Third largest would be our eye and ear care with Clear Eyes, TheraTears, and Debrox, which isn't listed here. BC and Goody's for pain occasions, about 10%, of our total annual revenues. Compound W and Nix. Nix is a lice treatment, makes up about 10%. And then Chloraseptic and Luden's for cough cold are the big categories that we compete in. Again, the importance here isn't the fact that we're in a number of different categories. The importance is that within the women's health, when we go out and do consumer work, when we talk to consumers about their feminine hygiene or their feminine care needs, there's learnings that can cross both brands. How do we position both brands to be most successful in the spaces that they compete in? Clear Eyes and TheraTears is another great example of that. Clear Eyes heritage is in redness and allergies, and TheraTears is in dry eye treatment. Again, we've had TheraTears for a little bit over a year. As we go out and do consumer work, we understand the consumer needs and what they're treating for eye care. Lots of important learnings across categories that we can apply across the brands. The next thing that's important that really doesn't jump off the page is that when you have a number of leading brands within a category, you become more important to the retailer. You can have broader discussions, deeper discussions around category management with a buyer and help to work with them to make their categories, their shelf space most productive and help them line up to meet their business objectives. The importance and the benefits of being in a number of different categories and having a number of different brands within the category has a lot of different layers to it beyond diversification, which is the last topic for this slide, which is, you know inevitably, you have some categories that may do better seasonally or better during a particular environment. If we go back to the beginning of COVID, right, people stopped traveling, they stayed home. Dramamine and Nix lice treatment sales declined pretty dramatically. But during that same time, lots of consumers were looking for self-treating at home to avoid going to a doctor's office. At that time, our Monistat business did very well. Our Clear Eyes business did very well as people were spending a lot of time in front of the video screen and wanting to treat red eyes, dry eyes, or make their eyes look great for those important video calls. Again, the diversity across the categories will help over time, as well. For fiscal 2022, which again finished up back at the end of March for us, it was a record year for us. Record sales, record profits, and record cash flow, I believe. It was a function of not only our strategy, but really these four pillars that we see on the slide here. You know, we have focused on concentrating our efforts in spaces that we can win in, places that we can be successful. Over the years, we've transformed our portfolio. We got rid of personal care products 12 years ago. We sold the household cleaning business about four or five years ago. We focused on five core brands, which make up about half of our sales. Then we've got another dozen or so. Excuse me, those are our core brands. Then we have another dozen core brands that we also concentrate some advertising and marketing investment behind as well, to make sure that we're lining up our resources, both people and financial, to compete where we can win. We'll get to a slide in a few minutes that shows the results of that. Brand building is what we do every day. At the end of the day, you have to win with the consumer by having differentiated products from your competitors, whether it's a branded competitor or private label that's efficacious, that delivers on the promise and the expectation that the consumer is looking for. We'll go into some examples of that for a number of brands in the next section. We come to work every day and focus on brand building. Our industry-leading financial profiles, EBITDA margins approaching 35%. Last year, we had over $250 million of free cash flow that allowed us to de-lever rapidly and be able to do the TheraTears and other Akorn consumer brand acquisitions that we did last year. That capital allocation and the optionality that comes along with it is really empowering to support our business over the long term and has been an important contributor to the value creation over the long term of the company. Finally, consistent performance. W e're still, I guess, in the third year of three years of a very challenging environment. First, COVID disrupting people's lifestyle, then we began to get vaccines and felt comfortable coming out of the house. Last year, we got going, and this year through the inflationary and supply chain challenges that most companies are navigating through. We've been able to deliver consistent performance during all of those disruptors. A lot of it goes back to the first slide I started out with, which is the importance of that brand connection and heritage and the focus on consumer healthcare that people continue to have in any kind of environment. T here's a lot of talk about a potential recession or in a recession or what's gonna happen next calendar year. You know, we continue to believe that the attributes of our business, the leading brands, the industry-leading financial profile, and our ability to execute and be nimble will continue to help support solid performance no matter what the next chapter of this crazy book is that we're going through these days. And again, just to put some numbers to performance over the last three years, this is for our fiscal year that just ended at the end of March. Organic sales growth was over 3%, which is above our long-term targets of 2%-3%. EPS grew over 13% as that strong cash flow helped to pay down debt, delevered. We have lowered levels of interest expense during that timeframe. Finally, adjusted free cash flow grew almost 8%. During a very dynamic and disruptive environment, we've been able to deliver strong performance. With that, let's switch gears a little bit and talk about brand building, our marketing. It's at the heart of what we do, and it's really the most important thing that we do. We'll break it up kind of into four buckets that we talk about today. The first is starting with the most important part of being a marketer or a brand builder is understanding what consumers want. Getting consumers' insight, talking with them, looking for unmet needs and delivering on that. The second area will be to be a flexible and agile marketer. We've been through a very dynamically changing environment, and we've got some great examples about how we've changed our marketing tactics on the fly to match up with the opportunity and the changes in the consumer environment. Next is our e-commerce success. We were set up to do well when the consumer went online to buy our products, and we'll spend some time on that. Finally, the role that new product development and innovation plays as one of the fundamental building blocks of marketing. First of all, starting with the consumer needs, with consumer insights, we've got two great examples of how we've been addressing consumer insights. On the left is Hydralyte. That business is primarily concentrated in our Care Pharma business in Australia. I f you listen to our quarterly earnings announcement, it seems like we're on a three-year cycle here about how that's been a big driver in growth, and the Hydralyte brand has been doing well. And really what we've been doing there is expanding the usage occasion, expanding household penetration. Vomiting and diarrhea is where the brand started. It was something you drank when you started to recover from dehydration related to vomiting and diarrhea. We've moved the brand over the long term to get consumers to think about hydration when you come home from work, maybe you work in a hot environment, maybe you work outside. Travel, right? Being on a plane, traveling is a dehydrating environment. Heat and outdoor, whether you're working in the garden, playing with your kids or grandkids, it's another occasion where we want people to think about hydration. Then we expanded Hydralyte Sports with an offering to be used when you're outside exercising. And that's helped us meaningfully expand household penetration. You know, we often get asked about how, on Hydralyte, how long is the runway? We think there's a long way to go. We've only got an 8% household penetration. This has got a long way to go, and we feel great about the Hydralyte brand. Dramamine is another example. You know, when you talk to consumers, and you talk to them about motion sickness, first of all, they talk about nausea and motion sickness as kind of being one and the same. They're worried about throwing up. They don't want their kids to throw up in the back seat of the car or on the airplane. You know, when we talk to them, "Well, why don't you treat?" Some of the things we heard from them was, "I don't wanna get drowsy," or, "Maybe I'd like something that's a little bit of a different active ingredient, maybe something a bit more natural." When we got those learnings, it's been the basis behind the products that we've launched and expanded with Dramamine Nausea into the nausea category. We launched a grape-flavored chewable kids' tablet because the caregivers said it was hard to break the tablet in half and get the child to swallow half a pill as you reach behind the seat in the car. That's not rocket science. Grape-flavored chewable, but there isn't another one out there in the category. Great consumer insight. Chewables, for the broader, for adult usages as well. Just a couple of great examples on listening to the consumer and delivering on products that they're looking for. Moving on to marketing and being a nimble marketing organization. You know, one of the benefits that we have in terms of the way that we run our company is, we think about it as a small company, and we're managing a portfolio of a bunch of small brands. We expect each marketing group to come up with their unique marketing program. What works best for your brand and the targeted consumer that you're chasing? We have Efferdent, which is a dental cleaner for false teeth, right? That targeted consumer is a whole lot different than the Little Remedies mom who's looking for a fever reducer or a gas reducer for their infant. You'd expect different marketing approaches in connecting with them. That approach really has worked well for us during the COVID and this disrupted environment where consumers are changing habits rapidly and drastically. For Summer's Eve, we had a number of products where we were focused on talking about use out of the house. We launched an active product right when COVID was hitting. We quickly reversed the messaging to be, "It's great to use at home after your workout at home," as an example, and have launched a number of other products and changed the marketing approach. Most recently, it's about spa. Women have told us that they're looking for a better experience for their hygiene products, and we just launched that as well. For Compound W, it's all about efficacious treatment at home. Again, this is another brand that did well during COVID when people were avoiding going to a doctor's office to get a wart treated. We have a product that is the most efficacious at-home treatment, and the advertising there was to remind people, "Hey, you don't need to go to the doctor's office to treat your wart." Now, moving on to e-commerce. If you go back four or five years ago, what we would say around our e-commerce strategy was. Consumers seem to be moving slowly over time to buy our kinds of products online. We have a simple strategy, be there so that when they show up, they find our products. We had no idea that our e-commerce sales would more than double in one quarter. Our strategy of being ready to service consumers in that channel was set to go, and our supply chain was ready to go to support that kind of business overnight. It goes back to having a strategy that fits with where consumers are going and being able to execute against it. On the right side, we've got a number of investment areas to catch the consumer when they're online. We invested with Clear Eyes and other brands so that they, when they went online to do research on our products, they were finding it. We had digital campaigns, and we worked with not just the big name in dot-com Amazon, but with our brick-and-mortar retail partners as well. We want them to be successful in their dot-com initiatives, and we've brought our learnings and investments to them as well. I believe the last of the four pillars here is talking about new product and innovation's role in marketing and brand building. On the left, we've got examples of innovation and new products that we've brought to market, whether it's Goody's Hangover. When you talk to the Goody's user, many of them tell you they use it for hangover. We didn't have a specific hangover product that had extra caffeine in it to help with the recovery of a great night out the next day. Along with DenTek, with some advanced teeth grinding products and Compound W, which I talked earlier about. On the right, we've got some great examples of recent launches. I talked about Summer's Eve Spa. Clear Eyes Allergy was launched recently, along with TheraTears Extra and Dramamine Ginger Chews. As I mentioned earlier, one of the things the Dramamine consumer told us was, "I'm not sure I really want strong medicine at first 'cause it can make you drowsy. Let me try something different." The Dramamine Ginger Chews has been a home run for us. Very strong consumer acceptance. What does all of this focus on brand building, focus on brands that are well-positioned to succeed over the long term resulted in? 10 of our top 13 brands are number one in the categories that they compete in, and in many cases, they define the category. BC and Goody's, there really isn't any other powdered analgesics out there. When you're down South and that consumer's thinking about a tough pain occasion, they're thinking about BC and Goody's. Compound W is number 1. Wart treatment, again, helps to define that category. Monistat is really the only brand in that segment as well. As you look up and down this list, you see brands like Dramamine that define what goes on in that category. With that, let me turn it over to Chris, who will talk about the financials a bit. Great. Thanks. Good afternoon, everyone. I'll spend a little time on our financials. We'll get into capital allocation priorities, and then we'll wrap up with some a reminder of our outlook for the year and also our long-term growth algorithm. As Ron mentioned earlier, fiscal 2022 for us was a record year, right? With just under $1.1 billion in revenue. We were up double digits on a reported basis. We had acquired TheraTears, as Ron mentioned, during the year, but we were also up double digits on an organic basis. Strong top-line growth, which translated down the balance sheet, double-digit EBITDA growth. Our EBITDA margin's approaching 35%, has been consistent through this challenging and fluid environment. It was consistent in our first quarter results. We are March 31st year-end, so we're just wrapping up our second fiscal quarter right now. As Ron said, you know, you'll see in a minute the power of our free cash flow, right? Our ability to quickly delever, reduce our interest expense. Late in fiscal 2021, we refinanced some of our debt. We'll talk about our capital structure in a minute, but that had a really big benefit to our bottom line as well. You can see our EPS growth for the year up over 25%. Strong, consistent free cash flow, right? It's one of the things we like to talk the most about. Double-digit growth from the year prior. You can see on top at $254 million, our outlook this year is calling for $260 million or more of free cash flow. In a bit, I'll just get into some of the attributes of our business that lend themselves to a strong free cash flow model that we talk about. You can see our leverage from the time we did the larger C.B. Fleet acquisition back in fiscal 2017, where we were over 5x levered coming down at 3.8x at the end of our fiscal first quarter. We've talked about a long-term range of 3.5x-5x, and we expect to be at or below that 3.5x by the end of this fiscal year. Again, as we sit here today, two-thirds of our debt is sitting at a fixed rate. You think about our free cash flow at about $250 million-$260 million a year, right? We have about two years of variable debt outstanding on our balance sheet, so we feel well positioned. We've made some opportunistic moves over the years to refinance our debt. As a result, as we sit here today, we don't have any maturities until 2028. Again, we got to 3.8, despite having an acquisition in there, right? We levered up a bit, and within two quarters, we were back down to pre-acquisition levels of leverage. As we sit here today, you know, when we think about that 3.5x-5x range of leverage, we have just under $1 billion of acquisition capacity sitting here today. You know, the pillars of the free cash flow over on the left side, you know what enables the free cash flow. First off, we have low CapEx. We talk about 1%-2% of net sales in annual CapEx. We're only manufacturing about 15% of our product in-house, so pretty modest capital for a company of our size. Our leading margin profile, right? We talk about that mid-30s EBITDA margin. We have strong growth margins, which enable investment back into the business in advertising and marketing to drive top line growth. Even in this fluid environment, our variable cost structure has enabled us to maintain that EBITDA margin, which is what we're always keeping our eye on, largely through G&A leverage in recent periods. Long-term cash tax savings are because of past acquisitions, our cash tax rate is in the high teens. Our GAAP rate is about 24, so we have several years left on that that we'll be able to benefit from. Just the ongoing focus on profitability, right? We certainly are not immune to all of the supply chain and inflationary pressures folks are facing, but we think that maybe we're a bit better positioned than some in terms of the magnitude of the impact on the business. You know, over time, no reason to think we can't get back to pre-COVID, if you will, margins. We'll be looking to do that obviously as we move forward. Our capital allocation priorities are unchanged. This has been consistent for quite some time, right? Number one priority for us when we get up in the morning is to invest in the brands we have and drive organic top line growth. After that, we'll continue to delever as we have been doing consistently. We look for M&A that's gonna be accretive to the shareholders. We've certainly done a bunch of it over the years, but one of our core competencies, I think, is integrating, identifying and integrating acquisitions, so we'll continue to look at those. Strategic share repurchases, really, offsetting dilution from grants. Also we've opportunistically been out there at times repurchasing shares. The road ahead. We stand here today, we're wrapping up Q2. We came out with our outlook in the beginning of May of this year, reiterated it after our first quarter results, and here today, in a slide, you'll see us also talking about reiterating our guide. You know, macro trends you're all familiar with in this environment, right? What is going to be the consumer behavior? We've had a couple of years of the consumer hiding in the house and then rushing back out, and where are we today? We feel well-positioned, because we have, as Ron mentioned, a diversified portfolio, no matter what the consumer is kind of doing. No one is immune to the strained supply chain. We have about 80% of our product being sourced from North America. We think that insulates us a bit from some of the things you may be hearing from some larger companies. The inflationary environment, as I just mentioned. You know, for us, it's largely labor and transportation, but again, maybe not to the magnitude that you've heard some other folks talking about. Again, reiterating our outlook. We're talking about organic growth, which is in line with our long-term algorithm of 2%-3%. We do have one quarter remaining from the acquisition we did last year of the TheraTears brand. Top line growth reported on a reported basis, 1 point higher, 3% to 4%. When we think about our EPS and our EBITDA dollars largely growing in line with top line. You know, normally, as you'll see in a bit when we talk about the bottom line, you know, EBITDA normally growing in line with top line. Bottom line usually getting a little more leverage because of the power of our free cash flow. A little bit less this year, given the interest rate environment, but we expect that to pick up very quickly as we continue to rapidly delever. Again, it all comes back. That all generates the free cash flow, you know, guiding to $260 or more, which is up from last year. We'll continue to pay down debt and be disciplined managers of our shareholders' capital. Again, anticipating leverage to be at or below 3.5x by the end of this year. This is our long-term growth algorithm, right? 2%-3% organic top line growth will continue to generate strong margins, which enable cash flow, which enables us to reinvest back in the business and pay down debt. Essentially, that's driving that 6%-8% EPS growth. I think, Ron showed a three-year CAGR slide. I'm gonna wrap up with a ten-year. I think we'll be able to show that we've consistently been able to do that. Then again, our ability to identify, stay disciplined, integrate acquisitions, I think is a real core competency of our company. You know, that kind of provides the potential upside to the algorithm we have on our left. We put these together, and this is how we generate value for our shareholders. This is the 10-year CAGR we were talking about. A long history of strong financial performance. You can see, you know, just about double-digit top line growth. It always starts with us in terms of M&A with the brand. Is there a long-term brand building opportunity here? We don't do M&A to get bigger. Over a 10-year period, I think you can see that it has paid off. Again, bottom line growing faster than top line, that's the power of the free cash flow and our ability to quickly delever and also have taken advantage when we can get out in the market and take advantage of better rates. The free cash flow, right, it all comes down at the end to cash and being able to reinvest in the business. You know, as we sit here today, I think we feel really good about the runway of the business and where we're heading. You know, I'm gonna say history is the indicator of future performance. It's been a good 10 years in terms of financial performance. With that, I think we're wrapping up if there's time for Q&A. Thanks. Clearly the state of the consumer is changing. I was curious to know how Prestige Consumer Healthcare is better positioned today, given its needs-based healthcare portfolio? Yeah, really in a couple of ways. You know, first is we focus the portfolio on, as you just described, needs-based. As we've seen over the last three years and we've seen over the long term, our categories hold up during disrupted environments. Whether it's a pandemic, or recessions, over the years. Again, it goes back to that, need state for the consumer who's looking for that tried and true brand that's worked for them in the past. That really is helpful for the company as we deal with challenging environments. There's no discretionary impact on whether you're sick or not. I was wondering what you could tell us around the M&A environment. I would think you're in a pretty spectacular position to look at deals when there's a lot of financing that isn't available to others. But at the same time, while there's only one Prestige, there are some companies now that are public that look a little bit like you that might also be active looking. If that changes the dynamic at all. Chris, you wanna start with the pipeline, and I'll talk about. Yeah. You know, we always say more of the same. Actually, I've been here for six years, and we've been saying that since I joined. Ron's been here a little longer, and it really is true, more of the same. I tell folks that when we announced the TheraTears acquisition, a year ago, people were like, "They're back. They're back in the M&A." We're like, "We never left the M&A arena." You know, I think it's important to just you know the pipeline is you know OTC is very fragmented, right? The pipeline has been there, it will be there. I think you know, what's unique is our ability to stay disciplined and not jump after you know, maybe a year of growth, but make sure that we're you know, we're looking for brands that have long-term opportunities. I would say that the pipeline is as healthy as it's ever been. Yeah. In terms of the competitive environment, if you go back just a year ago, TheraTears and the other brands we acquired from Akorn, it was a competitive environment. It was a compelling brand, very well-positioned, long history of success, and we were able to be successful with that acquisition at a very, I hate to use the word reasonable, but at a very reasonable valuation of around 10x EBITDA for it. We've been getting this question really over the long term, which is, it seems to be a changing environment. There seems to be more interest in the space, but we continue to have advantages against many other competitors, being our cost of capital, our proven ability to integrate and develop a long-term brand building and growth plan, and our ability to do smart diligence to understand what we're getting and what we should pay for it. As challenging as the environment may seem for the kinds of things we're interested in, it continues to be more of the same, as Chris mentioned. Thank you. I guess also if you can touch on the competitive environment just with the spin out of Haleon and the likely J&J Consumer Health later this year. Yeah. In terms of the brands competition, we really don't see that changing. You know, both of those consumer franchises have been in existence for a long time. You know, the bigger players focus on different spaces and different things than we do. They look for very large categories. They look for global opportunities. That's the exact kind of thing that we avoid. You know, we're looking for those niche opportunities that would never move their needle, but is a big deal for us. I'll give an example of Dramamine, which we bought directly from J&J back in January of 2011. They hadn't spent any consumer advertising or marketing behind the brand because it wasn't meaningful for them. They could spend money on Tylenol and focus their energies there and be better off. We don't think the spinoff from the big pharma companies is gonna change the consumer competitive landscape for the kind of things that we're focused on. Thank you. Good. I think we're just about out of time. Thanks, everyone for joining us this afternoon, and thanks for the questions. Thank you. Thank you.