Hi, good morning everyone. I'm Dara Mohsenian, Morgan Stanley's household products and beverage analyst. Thrilled to lead off Morgan Stanley's Global Consumer & Retail Conference. We have over 100 companies here this year, and we're very pleased to have Procter & Gamble with us here, including Andre Schulten, Procter's CFO, as well as John Chevalier, Procter's Senior Vice President of Investor Relations. Thank you so much for being here, Andre and John, and just before we begin, I do have to note for important disclosures, please see the Morgan Stanley disclosure website at www.morganstanley.com/researchdisclosures. And if you have any questions, you can reach out to your MS representative, so with that, maybe just to start with, obviously over the last decade, you guys have made a lot of strategy changes that have culminated in a fundamental improvement really over the last six years, as you outlined at Analyst Day. Maybe just taking a step back as you look going forward from here, what are the biggest organizational priorities? Is there anything left from a culture standpoint you're really trying to tweak going forward? And how do you think about sort of the success of those forward strategies? And then going forward, what the key strategies are in place from here? Good morning everyone. Thanks for having us, Dara. Look, the strategic set of choices that we started to execute really beginning of 2017, 2018, continue to be, I think, the foundation of what we delivered over the last six years, and they have, to your question, Dara, we believe, a lot of runway going forward. Why is that? Number one, I think the categories that we chose to be in, 10 categories that are daily used by billions of consumers. More importantly, that still have tons of potential because they're also not used by billions of consumers. Household penetration, even in developed markets, is still low. Category Development Index outside of the US in many of our markets in the categories we operate in is index 30 versus the US. So you can see the runway that we have in driving household penetration, growing those categories. Why are we confident that we can do that? Because in these categories, performance means something to the consumer. They understand that the cost of failure in the categories that we operate in is high. It's high in terms of monetary value. It's high in terms of inconvenience and time. If you think about a diaper failing, if you think about your laundry not coming out clean, redoing those processes or cleaning up the mess afterwards is significantly more painful than paying a few pennies more for a proposition that actually works. That superiority aspect is important for us because we can deliver superiority across those five vectors. We've chosen categories in which we have the technical competence and the consumer competence to make a difference, develop superior propositions across product, package, the way we communicate that superiority, the way we present the product in store and online, and then ultimately how we provide value to our consumers and our retail partners, and that capability of serving consumers in these categories with a unique set of capabilities gives us runway to push household penetration and market growth, which is ultimately the only way to grow sustainably. When we think about those market growth opportunities in the U.S. alone, we estimate that in our existing categories with our existing propositions, simply balancing into underserved households or unserved households that are not using P&G products in these categories today is a $5 billion sales growth opportunity. Same logic in Europe, $10-$15 billion. Same logic in enterprise markets, $15 billion. So we believe there's plenty of runway to be market constructive, and we believe we have the capabilities to do so. How can we finance that innovation? And the answer is very simple. We need a productivity muscle that's stronger than anything that we've delivered prior to the implementation of the strategy. I think we've now proven over six years that that productivity muscle is well developed. We've delivered $2.3 billion in gross productivity last year, and we're on track to deliver at least $2 billion gross productivity for the coming years. We have visibility to three-year productivity plans across every category that is synced with our innovation plan so we can sync gross savings and investment needed. Last thing I'll tell you on organization, Dara, and then I'll let you move on to the next question. I think we're now at a state where the organization is clear on how the company works. We have focused markets that are entirely organized by category with direct lanes all the way from front-end innovation to customer execution. We have enterprise markets that are managed on a regional level because of the volatility and cultural differences in these markets. That works well. Accountability, resource allocation, and result responsibility are all aligned across the different parts of the organization. And that really focuses the organization on the consumer. It focuses the people on what could be happening, so anticipating disruption. And those integrated strategies, all five of them combined, we believe are the core driver of what we've delivered over the past six years, but they also still are a significant catalyst for growth going forward. Great. That's helpful. The recent success hasn't gone unnoticed by your competitors. So the question is sort of how do you stay ahead of competitors, many of whom have basically taken some of your strategies and put them to play in the marketplace? What's sort of the sustained competitive advantage for P&G as you think out over the next few years if you do see competitors sort of come back at you with more of a marketing innovation playbook, etc.? We actually welcome competitors adopting the strategy. If you think about it, it's supposed to be a market constructive strategy. So if there's more innovation in the categories that we operate in because competitors are innovating, if there's more marketing, more communication to drive awareness of the categories and bring it to consumers' minds, if there's more effort in the categories or retailers are more interested because we're driving market growth as an industry, that's good for everyone. So all boats rise. So generally, this market constructive strategy for us is a welcome change versus maybe other attempts to grow share, which result in more negative category spirals that we've seen in the past. So first of all, I think generally positive reaction to others adopting the same strategy. How do we stay ahead? A couple of points. You can't just adopt a part of the strategy. So for us, at least, it has to be all five elements working together. And that's easily said. It's way harder to do. The organizational design moving from a country P&L structure to a global category structure and the split of enterprise markets and focus markets, it took us almost 20 years to do. So that's a long process. And we might be on the slow end of the spectrum here, but it is not an easy transition. Delivering superiority and the consumer understanding and the technical capability to then actually deliver the proposition with the technology that you need in order to be truly superior is also something that we believe we're well positioned to do. We're the only player in our industry that has capabilities across both fiber technology, formulated chemistry, electronics, and assembled products. So if you put all of that together, that allows us to innovate across different technology spectrums. That's how Tide Evo came about. It's a combination of fiber spinning technology and formulated chemistry. None of our competitors have that capability. And the last element I would say is it's always good to have competitors to make sure you stay ahead, avoid inertia in the organization. And that's what we explicitly called out, anticipate disruption. And I would say our organization is paranoid about what could happen next, what could be the next innovation, what could be the next product that is maybe disrupting the entire category in terms of form or in terms of jobs to be done. So generally, I think we're well covered to compete. And again, we welcome a market constructive strategy. Great. And maybe we can turn to some of the short-term recent organic sales results. You've talked about your business and an 85%-15% bucket, 85% doing very well. 15% has been more challenged in the last few quarters, primarily China. You mentioned at Analyst Day, SK-II had seen a bit of improvement over 11/11. You now have a full set of numbers in. So can you just give us a little bit of short-term perspective there, but also talk about broader China travel retail also with SK-II, the rest of the business in China? And that's a short-term question, but the long-term part of it is given the changes we've seen in the market in terms of the consumer, in terms of the channel mix, etc., how do you think about sort of adjusting your China business strategically for what you're seeing in the market today longer term? Yeah. Let me start maybe with the year. We had the same headwinds, the same dynamic last fiscal year, and as we've stated multiple times, we were able to deliver at or above guidance range for each of the metrics despite those headwinds. We telegraphed them early, I think, actually last year at this same spot. We started to talk about China headwinds. We started to talk about the Middle East. We started to talk about these headwinds in aggregate, but we were able to deliver. I see it the same way this year. We are within guidance range. We're holding our guidance ranges both on the top line and on the bottom line, and broadly, we see the trends that we have anticipated playing out in the markets. There's always short-term volatility, and I get to that in a minute. Generally, we anticipate that we will be within guidance range for this fiscal year as well. 85% of the business, made up of North America, Europe, both enterprise and focus markets, Japan, Korea, Latin America, continue to perform in line with what we have talked about. We see market growth in a range of 3%, and we are growing ahead of that in aggregate. We're growing share. The consumer is generally strong. As we've talked at Analyst Day, we have a very strong innovation set of innovations coming in the back half of the year that will hopefully help us to accelerate market growth and accelerate our share positions in these markets. I feel very good about the 85% when I think about the rest of the fiscal year to get us to guidance range. Middle East, Africa, China continue to be volatile as we've talked before. We are seeing sequential improvement in China, which we would have anticipated because we're annualizing weaker base periods. Double 11 SK-II has shown great progress. We're actually above year ago in the Double 11 results, significantly above year ago. So that gives us confidence that the rebuilding of the brand equity, the relevance of SK-II in the Chinese domestic market is intact and on track. The LXP super premium innovation is working very well. So we're very encouraged by the early results. We see continued strong results in baby care. We're growing share, and we're growing sales in baby care in China. We see strong results on Pantene and Head & Shoulders. So you see pockets of business improving. However, I want to be clear, we don't think China will reach triple digits in the current quarter. We still expect China in aggregate if you include travel retail, domestic travel retail in China. If you look at aggregate China, it will improve, so we had -15% in quarter one. It will be better than that, but it will not turn positive, we believe, in Q2. Longer term, we believe it will return, but that could be a few quarters. On the Middle East, similar situation. We haven't really seen any major change in trajectory. We see the annualization of the base period. I was just there with our COO, but the opportunity is huge, so that's what we're really focusing on. If you look at Saudi, for example, the amount of working women, the attitude towards house chores, when you think about doing the laundry, dealing with everything that has to do with household, will be less of a focus. So more time-efficient solutions, which we serve, will play a significant role. So we see significant market growth potential in Saudi and other markets of that area. So we're working towards that, but the short term is still volatile. Let me go to the short term in the quarter. Overall, again, mostly in line with what we have expected, but you all have seen there are a few short-term volatility items that I just want to call out. Number one, since the election, we've seen significant volatility in terms of foreign exchange rate. Just since Analyst Day, which we had last Thursday, Brazil, Mexico, Russia all moved against us in terms of foreign exchange rate. So that's just to say that short-term volatility in effects will have an impact. How much is to be seen? Again, it's volatile in both directions these days. And that volatility will come through within the quarter. We will be able to offset it within the year because we offset these volatilities generally with pricing productivity and other options that we have. So no worry on the fiscal year. But on the quarter, I just want to be clear, there is short-term volatility in foreign exchange rate even since last Investor Day, which we will obviously work to offset, but that's impacting our flexibility a little bit. The second item I want to call out is some of you will have read about a company called Blue Yonder. Blue Yonder is a transportation management service provider. They are our global transportation management service provider globally. There was an incident about a week ago, and Blue Yonder shut down. So that impacted us. The impact was relatively benign. So first of all, we continued to see strong orders. Order flow was still very strong across the globe. We continued to receive orders, no interruption there. The P&G team was able to stand up a manual in-house solution to provide the same basic functionality that Blue Yonder provides within 12 hours. That operation is running sustainably now. We've been able to process shipments, process orders, get trucks out over the last, call it, five, six days. We're broadly shipping 100% of the orders that we have received. There are some markets where we might miss some short-term shipments because of truck availability, because the broad industry is impacted. The usual efficiency of truck allocation is impacted. There's less trucks available for anyone to hire. In aggregate, we don't expect any impact on the fiscal year. We have time to catch up on the shipments. We have time to catch up on the cost implications. The manual operation is very time-intensive and cost-intensive. But we believe that we have time to catch up and deal with all of that within the fiscal year without any issues. Again, on the quarter, there could be some volatility coming from that. It's still too early to say. We expect to be back on a fully automated solution within the next few days. Maximum impact, to give you a ballpark, on the quarter is up to 20-30 basis points on the top line, which we will catch up as soon as we get the trucks and maybe $0.02-$0.03 on the EPS line. So I just want to make sure you are aware. Again, no impact on the fiscal. I think we're well equipped to deal with that on a fiscal year basis. A little bit of volatility on the quarter. Okay, and a bit of uncertainty left, I'm sure, on the Blue Yonder situation, but generally, it feels like you have a pretty good handle on it at this point in terms of that range of impact that you indicated. Yeah. I think we're very certain that we can, A, continue to operate as long as we need to, but B, also very certain we can go back to a fully automated solution within a couple of days. Okay. And that was a helpful walk around the world. You've talked about organic sales improving as we move through the year. So obviously, there's some innovation coming in. There's easier comps. How do you think about the pace of improvement relative to Q1 as you think quarterly within the year, Q2, Q3, Q4? Are we seeing progress each quarter? Is it more it really ramps up in Q3? Is it a big impact in Q4? Just conceptualize a bit given some of this volatility we're seeing and some of these dynamics. How do you think about the overall org sales? Yeah. The broad trajectory of the sales growth recovery that we've outlined in our guidance is not changing. So we expect quarter two to be better than quarter one, quarter three to be better than quarter two, etc. And that is still valid. Again, the wobbles I'm describing are on the fringes of quarter two. So it's a little bit of, do you see a shift from Q2 to Q3 because of the shipment delay? But nothing that worries me in terms of overall recovery of the sales trajectory. And again, it's not going to be a hockey stick. It's a step-by-step recovery starting in quarter two. Right. Great. That's helpful. Maybe we can return to the 85% of the business. Pretty extraordinary results in the U.S. just given your large size over the last six years, and you've really driven sustained market share success. Help us think about the durability of that success as you look going forward. What gives you confidence behind that in the U.S.? I think overall, we continue to see a very strong consumer environment in the US, probably the strongest in the world. Category growth in the categories we operate in is both strong from a volume perspective in the range of 2-2.5%, and from a value perspective, which is in the range of 3%, maybe a little bit higher. I've talked about household penetration while being the highest in the world, still having opportunities in many of our categories. Tide is only in 40% of households, and it's our biggest brand in the US. Fabric enhancers, when you think about Downy, is only in 20%-30% of households, depending on which form you look at. And those are multi-billion dollar brands. So driving household penetration in unserved or underserved households is a huge opportunity for us that we know how to do. We're getting way more intentional, way more intentional in terms of the innovation that we develop, more intentional in terms of how we communicate to specific groups on why these innovations and why these products are relevant to them, way more intentional in driving the right distribution. So that gives us just access to a segment of the market that we've not served maybe as intentionally as we have served the balance of the market. And I was talking about $5 billion opportunity in sales. Again, this won't be coming in one or two years. This is a size of prize type of estimate. The ability to innovate in the US in partnership with our retailers is huge. That's product innovation, but it's also innovation on how we go to market, how we look at our shelf sets with our retailers, how we look at making the shopping experience way more convenient and intuitive for consumers, both online and in the store, and we see great engagement for our retail partners to do so, and they embrace the idea of category growth, so that gives us a leg up when it comes to category leadership, when it comes to designing the shelf, designing the shopping experience. Our ability to reach consumers effectively with targeted media, with our own algorithmic solutions, with our own testing capabilities of effective copy give us, I think, a competitive advantage to be able to communicate more broadly, but also more precisely in a cost-effective way, so I put all of that together, Dara. I think there's consumers that we can address, and I think we've got the tools from innovation to communication to go to market to do so. Okay. And a similar question for Europe, which has been a more challenging structural market over time from a category standpoint, and you've had remarkable success the last few years. Obviously, some of that pricing component from a category standpoint comes off, but as you think about your ability to drive volume growth and market share, can you talk about perhaps what's changed in Europe, why you've had such success as an organization, how that translates from here now that we have sort of a more normalized operating environment in terms of category growth? Yeah. I think Europe, for the first time, I think Europe really has executed the growth strategy that I was describing in Dara's first question by really taking product innovation and superiority and putting the marketing muscle behind it, the go-to-market muscle behind it, and really focusing on executing the superiority model. Europe was very focused on price competition. If you go back seven, eight years, it was mainly a promotion game between hard discounters and retailers, and it was really a fight for the next promotion slot. I think the approach has shifted that mindset. It has shifted the mindset for us because we've proven that with good innovation, superiority, and putting more than $1.5 billion of incremental marketing spend behind it, we can actually grow the market, and we can grow ahead of the market. And that's what we've been doing for the last five years. That has also gotten the attention of retailers. So for the first time, we see even the toughest retail partners, hard discounters in Europe, wanting to engage on category growth discussions. What will it take for me to grow the category versus what can I get from you in terms of the next promotion slot? And I think that's a huge shift in mindset. And the consumer is responding because for the first time, we see consumers actually proving that with the right proposition, with the right efficacy of the solution, with the right communication, they see value in higher-priced items. They don't default to private label or promotion. They actually choose P&G brands and higher-priced brands if the value equation is right between product efficacy and the price that they pay. So for me, that gives me a good level of confidence, Dara, that that model can sustain. And the team is really doubling down on we need to earn that consumer value equation every day. We need to earn that category growth with our retail partners every day. That's why you see the heavy focus on innovation, heavy focus on continued investment in superior communication, because that's the most immediate way to sustain that growth momentum. Right. Okay. Latin America has had remarkable growth the last few years, but that's really been driven primarily by pricing. We saw a more normalized pace last quarter. Just as you look out from here in Latin America, can you talk a little bit about the volume growth opportunity, the pricing opportunity? Maybe give us a bit of update on Mexico, given some of the post-election worry in Mexico down there and election worries up here, just what you're seeing. And obviously, the exit from Argentina, you're seeing more volatility in general. So how does that translate to the Latin American business overall? Yeah. I think we're super confident in the LA team and the LA business. If you look at the growth rates of the market, we believe it will return to mid-single digits to high single digit organic sales growth. There's obviously some short-term volatility as we still have Argentina where we divested our business, which has been obviously a significant driver of organic sales growth because of the inflationary pressures there. But we've exited that market because of lack of value creation. We're working through that cycle. When I look at Brazil, we see volumes grow. Our business is growing strongly. We're growing share. I look at Mexico. We have volume growth, which I think will reaccelerate. I look at our distributor markets, which are the smaller markets around Latin America, very strong premium businesses, very strong margins. So I think all the fundamentals are there. We have the highest margins we've ever had in Latin America, which is not an objective in and of itself, but it gives us the ability to invest. And that's really what's key in my mind in those markets. If you have the margin structure so you can drive innovation, we can drive capacity expansion, and we can drive effective communication and go-to-market, the market responds. And we see that in Brazil. We see it in Mexico, and we see it in LatAm. And I think, again, the markets are growing volume, and they will accelerate over the next few quarters. Okay. And while we're on the subject of enterprise markets, you talked about the expansion opportunity over time. You've also seen a substantial increase in margins in enterprise markets over the last few years as you outlined in Analyst Day. How do you think about the unlock going forward, really, to go after that potential in terms of greater penetration? From a top-line standpoint, what are the key drivers to get you there? And now that you've got this more profitable business, is there an ability to spend more? Can you harness more margin expansion with higher scale? How do you think about it from a profitability standpoint also? Yeah. I think similar to what I described in Latin America, we're at a level of profitability in each of those markets, take India, take Saudi, Philippines, where we have the growth margin structure to drive business growth and the SG&A ability to invest in order to accelerate both innovation and go-to-market capability. So the model is exactly the same. Margin is not an objective for us. It's top-line growth and bottom-line growth in a balanced way. And we only mention margin because it defines the ability to invest capital and pay off that capital over the right period of time. But I think all of the structural elements, all of the fundamentals are in place. As I said, the consumer trends I think are in our favor. If I look at Saudi, if I look at the Middle East, our categories become more relevant. Superiority in terms of product efficacy, so you don't have to worry about the jobs that need to be done, is becoming more relevant, and I think that is a huge opportunity for our teams to double down on superiority across all five factors, which they are doing. We have strengthened our go-to-market capability across these regions, so I also have full trust in our distributor operations, which is more focused on what we do well and what they do well, which gives us a stronger go-to-market across many of the markets, so all the fundamentals are there. Profitability, we have the innovation, the consumer is moving in the right direction, so I believe we continue to be able to grow across those markets, grow the market. And Dara, we highlighted at Investor Day several of the go-to-market capabilities, digital capabilities we have now in places like India, where we can do neighborhood analytics, get really good information on which SKUs are selling in which parts of different one city, for instance, and then make recommendations to retailers in those small markets on how they could change their assortment to increase their turnover of our products too. And what that also does is it reduces the potential benefit of just boots on the ground because you've got those digital connections that can actually get you better information and better selling without having to have a ton more people to do it. Right. Okay. And we talked about your ability to drive category growth in a lot of the regions. You've increased your ad spend quite significantly over the last couple of years. Can you just talk about the level of ROI you're seeing behind that? And the second question would be just around AI and technology. How big an unlock is that for you guys? Do you think about it more from a marketing perspective or innovation perspective or productivity perspective? Because I know that'll tie into the marketing question. So again, marketing ROI and level of yield from AI and advances in technology around those few areas I mentioned. Yeah. I'll take the second part a little bit broader. But if you look at our marketing spend, you're right. We've invested significantly across our regions. We have also been clear that we have pushed the envelope in terms of effective marketing spending in many of the regions to see where we can deliver ROI by pushing frequency or reach to levels that we've not done before. We had multiple category country combinations where we pushed reach from 70% up to 90% or even 100% to see if that moves the needle in terms of market growth. We've experimented with multiple streams of media for different benefit spaces. So again, that was the benefit of having a bit more financial flexibility to push into areas where we have not yet proved that the ROI would be there. As you would imagine, some of those experiments worked brilliantly. Others did not. So we're now in that phase of consolidating the learnings, redistributing those resources where it makes sense. But overall, we seek a constant improvement of our media ROI. And as I said all along, we will be ROI-driven. When you run experiments, you obviously don't have proof of the ROI, but that's what the experiment is for, and we will now readjust where that makes sense. In general, we're generating about $500 million of growth productivity on our media investment every year. That's a hard commitment from the marketing organization. We measure that diligently, and that gives us the fuel to be able to reinvest and run some of these experiments. But also, it gives us the fuel to address some of the unserved or underserved consumer groups that I was talking about before without distracting from the core. So an increased ROI in media, either via better effective use or via actual delivery of growth savings, is core for us because it allows us to drive growth, household penetration, without distracting from the core. To the second part of your question, technology in general, I think, is a key enabler for us. It's a key enabler for us in media. We were talking at Analyst Day about how we're using AI, generative AI for concept ideas. That is a very effective way to broaden the mindset of the team, not to write the concepts, but to give you concept ideas that you might not have thought of. We are using AI to test copy based on thousands of copies that we had in the market. We've trained our own AI machine in order to very quickly give us a score on each content that we are about to launch. That allows us to test copy within a number of days instead of months at a fraction of the cost. We're using algorithms in order to schedule our media more effectively, take results from that media scheduling, adjust the algorithm, build the right cohorts. So again, technology is a huge enabler in that space. I think we're not yet fully rolled out, so there's still a lot of potential and a lot of opportunity for us as we roll these technologies out globally and, quite frankly, as we refine the algorithms and the insights based on the data that we generate in the process. Technology is not just an opportunity in media or in marketing spend. We have invested for a long period of time in a basic infrastructure of data from an ERP platform standpoint, from a manufacturing platform standpoint. And we are now in a position where all of that data is available to us to optimize. Few examples. Most of our production lines have sensors and cameras, fully equipped with sensors and cameras. So instead of being batch-based in terms of quality control, where you run thousands of items and then you test 10, and if one of the 10 is bad, you have to throw away the entire batch, we are now executing what we call real-time touchless quality, where we're basically checking every product that's coming off the line in real time based on images, based on sensor readings, and we can determine that item is good quality or that item needs to be sorted out. So it avoids the manual process, but it also avoids the throwaway. We were able, in our Berlin plant, for the first time to run the night shift without any technician on the floor. So between automation and technology, we were able to run the entire operation of the Berlin plant, which is a Gillette factory, without anyone running the lines, all of it fully automated. If you think about that potential, that's really what we're going after. How can we focus P&G labor on higher-order tasks and how we can automate some of the tasks that are anyway the least favorite ones, like running the night shift, by driving productivity and running these technologies in a way that gives us a great return on investment? There are multiple other opportunities, but that's the basis when we say we have runway for $2 billion of productivity for the foreseeable future. That's a huge enabler of that. Okay. And we spent a lot of time on top line. So just as you think about earnings trajectory over the next few quarters, you mentioned the Blue Yonder issue in Q2. And obviously, FX has moved the way it has since the elections. I guess when you talked about productivity, pricing, maybe some flexibility in marketing, is your thought process around the full year more that you have some positives to offset those issues? Are you sort of moving within the range a bit as you think about earnings for the full year? Just how do you put all those pieces together when you think about some of the headwinds versus some of the tailwinds that are behind your business? What I'll tell you, Dara, is I think we're comfortable to put all those pieces together within the guidance range. I mean, we still have half a year to go. Many things can happen within half a year, but we're very confident that with the flexibility that we have, the productivity muscle that we have, the mix ability that we have to impact our mix, both geographically and from a product standpoint, all of those components put together, I'm comfortable give us enough flexibility and leeway to deal with whatever's coming our way within the guidance range. Okay. And on the subject of volume growth, it's been a controversy in CPG as we're coming off these unsustainable pricing levels, how much volume recovers. Ex China, where we've had some specific issues that are unique to SK-II, you've generally seen a pretty healthy volume recovery, particularly in the US. So maybe just give us a bit of perspective there. I'd also love your perspective across CPG in general. We haven't seen as much recovery in beverages and food. So just perspective on why you've been able to drive that volume recovery in the US and context relative to what we've seen in terms of consumer spending recently. Yeah. I think the U.S. or Europe volume growth really is driven by the fact that we're driving category growth, right? I mean, that's the whole idea. And getting more consumers to use these products more often by making them relevant for the consumers. The way we do that is strong innovation and, honestly, to bring products to the top of consumers' minds via communication and via in-store presence. Many of our categories get bought because consumers get reminded. Think about fabric enhancers. You need to make sure that those products are visible to the consumer in store, especially when it's a new part of the laundry regimen. They might have used it. They might have liked it, but do they remember to intentionally go to the store and buy it? Maybe not. But if it's there on an end cap and display right where they buy their laundry detergent, they will. Making sure that you have the right sizing of the package so they don't run out of the fabric enhancer before they run out of the laundry detergent so you synchronize the purchasing cycle. All of those are elements where we drive volume growth, making sure that we give our retailers the best shelf set. Many consumers are simply confused on what to pick off the shelf. I think we're doing a relatively good job of making sure our propositions are clearly structured. So within the two, three seconds that our consumers want to spend on the shelf, they pick a P&G product. So it's all of those elements, but it basically comes back to superiority, Dara, across all five factors. Great. Well, we are exactly out of time. So thank you very much for being here today. We appreciate it. Thank you.