Prestige Consumer Healthcare Inc.

Good day and thank you for staying by. Welcome to the Q1 2025 Prestige Consumer Healthcare, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Bill Terpalilli, Vice President, Investor Relations and Treasury. Please go ahead.

Thanks, Operator, and thank you to everyone who has joined today. On the call with me are Ron Lombardi, our Chairman, President, and CEO, and Christine Sacco, our CFO. On today's call, we'll review our first quarter fiscal 25 results, discuss the full year outlook, and then take questions from analysts. A slide presentation accompanies today's call. It can be accessed by visiting PrestigeConsumerHealthcare.com, clicking on the Investors link, and then on today's webcast and presentation. Please remember some of the information contained in the presentation today includes non-GAAP financial measures. Reconciliations to the nearest GAAP financial measures are included in our earnings release and slide presentation. On today's call, Manchin will make forward-looking statements around risks and uncertainties, which are detailed in a complete safe harbor disclosure on page two of the slide presentation, which accompanies the call. These are important to review and contemplate. Business environment uncertainty remains heightened due to supply chain constraints and high inflation, which have numerous potential impacts. This means results could change at any time, and the forecast impact of risk considerations is the best estimate based on the information available as of today's date. Further information concerning risk factors and cautionary statements are available at our most recent SEC filings and most recent Company 10-K. Now handed over to our CEO, Ron Lombardi. Ron?

Thanks, Phil. Let's begin on slide five. We are encouraged with our start to the year. Q1 exceeded our sales and earnings expectations set back in May. Our diverse portfolio continues to experience solid consumption trends thanks to our proven brand building strategy and investments. Sales of 267 million declined versus the prior year, largely due to supply chain challenges and clear eyes that were expected. However, the impact was better than forecast thanks to improving production trends and our ability to expedite shipments to retailers that aligns with our focus on service. Meanwhile, The quarter also benefited from continued strong international growth that was broad-based and led by our HydroLite brand. The additional shipments were executed largely with temporary air freight that resulted in a slightly lower gross margin than forecasted. In total, adjusted EPS of $0.90 declined less than anticipated thanks to the sales upside. Free cash flow of $54 million grew versus the prior year and continues to enable capital deployment that is used to enhance shareholder value. In Q1, we reduced debt by $35 million while still repurchasing about $25 million in shares and maintaining a leverage ratio of 2.8 times. Now, let's turn to page six for an update on Summer's Eve. As discussed last quarter, we are making progress in our women's health franchise, which is represented by two distinct number one market share brands, Monistat and Summer's Eve. Our action steps have led to largely stabilized Monistat sales trends, allowing us to further focus our efforts on returning Summer's Eve to growth. Summer's Eve begins with a long heritage and connection with consumers. It offers one of the most comprehensive product offerings in the feminine hygiene category, made up of washes, wipes, sprays, and other products designed for feminine hygiene needs. Within this wide assortment are two separate trends for our brand. Certain on-the-go offerings, such as sprays and mists shown on the pie at left, continue to face pressure from consumer behavioral shifts away from on-the-go sprays due to numerous factors. On the other hand, cloth and especially washes, which make up about 65% of brand sales, are performing comparatively well and are set up for long-term growth. We believe new marketing and new innovation will help each of these form factors drive a return to sales growth. For Summer's Eve, our latest media campaign highlights its key consumer benefit of odor protection and gets back to communicating and connecting with consumers based on the brand's heritage around freshness and confidence. The recent launch of Summer's Eve Ultimate Odor Protection, which emphasizes this attribute and utilizes a patented odor reducing formula, is one of our best performing new product launches of the last several years. This leaves us with conviction that the brand building campaign we've put in place is the right one and should build momentum as the year progresses. Now let's turn to slide 7 for an update on Hydrolyte. A reminder for our US investors that are not familiar with Hydrolyte. It is a great tasting and efficacious oral hydration product that defines the category in Australia. With a 20 plus year history in the market, the majority of Australians recognize the brand immediately, and continued to turn to it for numerous usage occasions like sickness, sport and exercise, and excessive heat. The brand remains a large portion of our international business and represents a majority of our sales in Australia. Leveraging its clear number one market share position, Hydrolyte focuses its efforts on finding ways to grow the category with consumers using proven brand building tactics. Most recently, Hydrolyte continues to emphasize the reason to hydrate with more than just water through both retail and digital touchpoints. These robust efforts continue to yield results. Compared to five years ago, the Hydrolyte brand has grown at a mid-teens kegger thanks to improving both usage rates as well as expanding household penetration within its core Australian market. We see a runway for further growth with these tactics along with long-term geographic opportunities beyond Australia and New Zealand. With that, I'll pass it to Chris to walk through the financials.