Thanks, Amanda. Good morning, and welcome to our second quarter earnings release conference call. This is John Faucher, Chief Investor Relations Officer. Today's conference call will include forward-looking statements. Actual results could differ materially from these statements. Please refer to the earnings press release and our most recent filings with the SEC, including our 2019 Annual Report on Form 10-K and subsequent SEC filings, all available on Colgate's website for a discussion of the factors that could cause actual results to differ materially from these statements. This conference call will also include a discussion of non-GAAP financial measures, including those identified in tables eight and nine of the earnings press release. A full reconciliation to the corresponding GAAP financial measures is included in the earnings press release and is available on Colgate's website. Joining me on the call this morning are Noel Wallace, Chairman, President and Chief Executive Officer; and Henning Jakobsen, Chief Financial Officer. I will discuss our Q2 performance and provide some context around 2020 before turning it over to Noel for his thoughts on our results and the current operating environment. We will then open it up for Q&A. As usual, we request that you limit yourselves to one question, so that as many people as possible get to ask the question. If you have further questions, you are welcome to re-enter the queue. We are pleased with our second quarter performance as we delivered gross and net sales, organic sales, operating profit, earnings per share, and cash flow in Q2 2020 despite headwinds from foreign exchange, the worsening global economy, and impacts from the COVID-19 pandemic around the globe. We delivered growth in five of our six divisions with Europe down slightly where consumers worked down some of the extra pantry inventory they purchased in the first quarter. Our gross profit margin was 60.8% on both a GAAP and a base business basis. On a GAAP basis, this was up 110 basis points year-over-year, on a base business basis our gross profit margin for the quarter was up 120 basis points, our best year-over-year performance in several years. For the second quarter, pricing was 130 basis points favorable to gross margin, while raw materials were a 320 basis points headwind, primarily driven by the transactional impact in foreign exchange. Productivity added 220 basis points. On a GAAP basis, our SG&A was up 40 basis points as a percent of sales. On a base business basis, our SG&A was up 60 basis points in the quarter on a percent of sales basis, driven by a 50 basis point increase in advertising to sales, as our advertising spending was up 6% year-over-year on an absolute basis, and by an increase in logistics cost as we work to meet heightened demand due to COVID-19. Excluding logistics, our overheads were down slightly as a percent of sales, despite the FX headwinds in the quarter. On a GAAP basis, our operating profit was up 7% year-over-year, while it was up 2% on a base business basis. Our ATS was up 9% on a GAAP basis and up 3% on a base business basis. We delivered strong free cash flow growth in the quarter, up 67% year-over-year, due primarily to favorable working capital performance, particularly in accounts receivable, net income growth, and the timing of income tax payments. Year-to-date, our free cash flow was up almost 50%. A few comments on our divisional performance now. North America delivered strong growth in the quarter, driven by increased demand across toothpaste, personal care, and home care. As with Q1, growth was led by those categories, where we believe we have seen sustained changes in consumer behavior. Liquid hand soaps, hand dish soap, and household cleaners. The performance of Optic White Renewal helped drive strong growth in toothpaste in the quarter with share improvement for the Optic White franchise. Latin America net sales were down 13.5% in the quarter, as strong pricing growth was offset by significant foreign exchange headwinds and a mid-single-digit volume decline. Our team in Latin America has responded well to the crisis, working to keep our teams safe, despite rising cases of COVID-19 in many markets, implementing pricing to offset foreign exchange movements and adapting promotional programs. While we were pleased with our pricing performance, and the gross profit margin expansion has helped deliver, our volumes were down. We expect the balance will improve in the second half of the year driven by innovation, increased marketing spending, and a return to a more normalized promotional cadence. Organic sales growth was strong in Brazil, despite a very difficult operating environment. Europe delivered mid-single-digit net sales growth in the quarter, as the inclusion of Filorga more than offset the impact of foreign exchange and a modest organic volume decline. Consumers in Europe began their pantry destocking during the quarter and this led to category softness across many of our categories although liquid hand soap, dish soap, and bleach remained buoyant. We planned for this weakness in Q2 and have shifted our marketing plan to take advantage of what we expect to be improved category growth in the second half of the year as we believe consumers are well along in this destocking process. Net sales were down 3% in Asia Pacific with volume declines and negative foreign exchange, partially offset by higher pricing as the division returned to modest organic sales growth in the quarter. China returned to growth in the second quarter and continues to improve as e-commerce drives significant growth. While our net sales and organic sales in India were down in the quarter, trends have improved since the nationwide shutdown that negatively impacted March and April. There is still some disruption to the retail networks consistent with what you have heard from other companies. In Africa and Eurasia, net sales were down in the quarter, as foreign exchange more than offset low-single-digit organic sales growth with strong performance in South Africa which was driven by volume growth. We took pricing in many markets including Russia to offset the foreign exchange headwind. Growth at Hill’s remains strong, driven by a combination of underlying category growth, market share gains due to the Hill Science Diet relaunch, e-commerce strength, and a rebuild of retail inventories following a very strong first quarter. Once again, Hill’s e-commerce business grew more than 50% in the quarter. As we said in the press release, due to the continued uncertainties surrounding the potential business impacts from COVID-19, and the related macroeconomic volatility, we are not providing guidance. However, as we did on the first quarter call, we want to provide some context around certain factors that you should consider as you work on your models for 2020. We believe the consumption for certain of our categories, like liquid hand soap, dish soap, bar soap, and household cleaners remains elevated and that this should continue going forward. In other categories like toothpaste and pet nutrition, we believe that consumption rates are stable and that some of the first half growth that resulted in increased pantry inventory will reverse in certain geographies in the back half of the year. As we mentioned in the press release, we still expect foreign exchange to have a negative mid-single-digit impact on net sales for the full year. Based on current spot rates, we would expect the impact to be at the low end of that range. We continue to expect our tax rate to be in the range of 21% to 22% on a GAAP basis. On a base business basis, we continue to expect our tax rate to be in the range of 23.5% to 24.5%. We continue to plan for less benefit from share repurchase in the year as we focus more of our cash flow on reducing the debt on the Filorga and Hello transactions. While we paused share repurchases under our repurchase program in the second quarter, our full-year share repurchase plans have not changed. And now, I’ll turn it over to Noel.

Thanks, John, and good morning, everyone. Let me start by saying I hope everyone is staying safe and healthy despite the challenging circumstances. I thought I’d start off by giving a couple of thoughts on the quarter and then I’ll provide you with a quick update on where we stand relative to the focus areas that we laid out on the Q1 call. So, good quarter. We continue to deliver despite what I would describe as a very difficult operating environment in the second quarter, despite the uncertainty around COVID which is quite substantial, particularly including the accelerated case rates that we are seeing in many of our largest markets. As John mentioned, the economic activity that we are experiencing around the world led us to deliver very strong organic sales growth above our long-term target of 3% to 5%. Importantly, we saw strong gross margin expansion, which was delivered through strong funding in growth and productivity measures, and really good pricing that was broadly based across our categories and geographies. That allowed us to increase our advertising, which has been a consistent theme for us over the last couple of quarters, and importantly, expand our operating margins in the end. And again, that’s despite dealing with significant headwinds on foreign exchange particularly in Latin America. You saw a foreign exchange hit that was around 6%. Unfortunately, the headwinds from the crisis are continuing, and the rising number of COVID cases in some of our key markets means that the possibility of larger disruptions will continue to exist as people feel the impact of the virus. Government actions to contain the virus remain quite elevated and that is our number one concern as we look to the back half of the year. That said, the underlying demand for our products remains solid, particularly in categories like liquid hand soap, bar soap, and household cleaners where we compete quite successfully across the world. We are also delivering premium innovation in the quarter as well, and you will hear me talk a little bit about the success of Optic White Renewal, which is our highest price point toothpaste here in the U.S. and has been a great success. We continue to focus on high growth channels, and we’ve experienced substantial growth in our e-commerce business and some of our discounted and club business as well. We are obviously operating in a digital environment where consumers aren't leaving their homes, which has been quite successful in how we deliver content in our advertising. That’s consistent with the strategy that we’ve been discussing for the last 18 months. Our strategy is focused on our core business, adjacencies, particularly in the premium segment, and truly elevating our participation in fast-growing channels like e-commerce. That has enabled us to deliver consistent top-line growth, which is absolutely necessary for the long-term health of our business. We are delivering net growth which is broad-based across our categories and geographies while striving to expand our gross margin. We’ve been particularly focused on that this quarter. We are doing this despite the significant headwinds we've seen from foreign exchange and the challenges stemming from the mix, particularly of the categories that were elevated during the quarter. That’s allowed us to expand our gross profit pool and has facilitated both funding increases in marketing spending and the operating margin expansion that drives EPS growth. So, that’s the quarter. Now let me spend the rest of my opening comments around the balance of 2020 and looking ahead into 2021. So let me reiterate the three focus areas we discussed in the first quarter call: staying true to our values and purpose which is going to help us navigate through this environment; how we, as a company, are adapting a strategy that we have been consistently deploying for the better part of 18 months; and how we are executing that strategy with agility. This has been a capability we've integrated throughout the organization, and we are managing through the crisis while keeping an eye on the future. I am quite pleased with how the company is dealing with the short-term issues that arise from the crisis, but also very focused on ensuring the long-term health of the business and how we deploy our strategy over the next year to two. So let me start with how we are remaining true to our values and how that’s helping us navigate through the challenges of this environment. Our number one priority, as you’ve heard, continues to be the health and safety of Colgate people and their families all around the world. We continue to enforce home policies across the board where possible, although some of our offices have begun to open up. Our global supply chain team has delivered remarkably well given the volatility they’ve seen and spikes of demand for our products and the challenges with the suppliers all over the world. We are sustaining our manufacturing capacity and, in many cases, elevating that, while dealing with the increased demand for products that have surged in certain categories. It’s also crucial that we emphasize our commitment to giving back to the communities we serve through our #SafeHands program that we discussed in the first quarter, in partnership with the World Health Organization. We’ve distributed three bars of hand soap to over 28 different countries to promote handwashing techniques, which is the first line of defense in fighting COVID-19. Our teams are extraordinarily proud of the efforts we’ve put in place in that regard. The second focus area is how we are adapting our strategy and executing with agility. The current strategy I’ve outlined focuses on core adjacencies and faster growth channels. We’ve been experiencing consistent performance across our categories and geographies against that strategy, but we recognize that, in the current environment, we need to remain agile and adapt our marketing strategies as necessary. For example, you’ve seen the continued success of our Hill’s business. We’ve been partnering with some of our leading pet specialty retailers by reallocating money from in-store promotions to digital content to help elevate the brand across e-commerce platforms, and to drive foot traffic back into their stores. This has significantly contributed to our ability to drive market share during the quarter and ensure successful growth on e-commerce for the Hill’s category. As we look at the back half of the year, we continue to gather data as we enhance our digital capabilities, and we’re leveraging this to support our RGM efforts. You’ll notice in the quarter we executed significant pricing, and I am pleased with how the team has employed RGM tactics through data analytics to drive pricing. We will continue using this as we redeploy more resources into a more competitive promotional environment in the back half of the year. So that remains consistent with the strategy we discussed earlier, enabling us to deliver balanced growth. So, let’s move on to the third area of focus for the ongoing crisis: managing with an eye towards the future. We want to emerge from this stronger than we were when we entered it. So we will continue to invest aggressively in the second half of the year. We’ve got strong plans both for above-the-line advertising, as well as in-store promotions, designed to complement a good innovation grid that we’ve adjusted to address the current behaviors we’re observing in the market. And as I mentioned in the last quarter, productivity will continue to be key for us. Our funding growth exceeded expectations this quarter. We aim to offset some of the incremental costs arising from COVID. So far, so good. But productivity is an ongoing journey for us and will remain a key focus as we move forward. Overall, those are our priorities. Although there is considerable uncertainty at this time, I am confident that we have the right priorities and strategies in place. Most importantly, I believe we have an incredibly engaged organization that is effectively implementing this strategy to navigate through this crisis, and ultimately emerge stronger on the other side. I will now open it up to questions.

And we will take our first question from Dara Mohsenian from Morgan Stanley. Please go ahead.

Hi, guys. Hope all is well. The pricing number really accelerated in the quarter to a 3.5% level, which is the best we’ve seen in recent history. Was that more related to sustainable price increases or the RGM efforts that you guys mentioned that have been put in place, particularly in emerging markets, which look like it drove the corporate pricing? Were there any variances specific to the quarter such as promotional spending? And how sustainable are the drivers behind this pricing shift as you look forward? Perhaps you could also discuss demand elasticity in emerging markets with regard to that pricing. Thanks.

Yes. Thanks, Dara. As we were coming out of the first quarter, we discussed the significant headwinds we faced regarding foreign exchange, particularly in some emerging markets. As you've likely seen over the years, our teams on the ground have sought to recover the transactional impact of foreign exchange very quickly and quickly apply that pricing into the P&L. You saw that manifest itself through the pricing across the company, largely driven by emerging markets where we experienced the most significant foreign exchange headwinds. Therefore, I am really pleased that our teams were able to get in front of this in the quarter. The strength that we've seen gives us the capability to use that pricing in the P&L going forward, but we will have to invest in the business in the back half of the year. Additionally, there was some pullback in promotions during the quarter. We have been very disciplined with our marketing spend because foot traffic has decreased in certain regions due to lockdowns across markets. We naturally held back with discipline to ensure we can allocate that money to promotional slots in the back half of the year to boost the volume we're looking for later. Thus, we believe the pricing is sustainable. Our early implementation has provided us with the best ability to maintain control moving forward, and we plan to spend strategically in the back half. We feel comfortable with managing some of the foreign exchange impacts we’ve seen.

And our next question will come from Wendy Nicholson with Citi. Please go ahead.

Hi, good morning. Could you talk a little bit more about gross margin? I know you called that out as a specific area of focus in the second quarter. But I am trying to understand the extent of improvement—did it come from reduction in promotional spending, or was it more about structural funding to growth cost savings that we should view as being sustainable versus short-term crisis management type benefits? Thanks.

Sure. Well, we obviously saw significant transactions moving through, and despite that, we were able to recover that with strong pricing in the quarter. We experienced elevated foreign exchange headwinds coming out of the first quarter, which carried on as we entered April. This allowed us to take the pricing early in the quarter and capture the full benefit as we progressed. Additionally, our funding growth and productivity efforts have been very strong. As we stepped back, we recognized some complexities associated with disruptions we've faced in the supply chain, along with some portfolio changes we've made. The leverage that we are witnessing come through the P&L has contributed to greater efficiency, subsequently improving our gross margin metrics. Overall, we felt positive regarding our gross profit performance. The early pricing in the quarter aided us, as did funding and productivity measures throughout the quarter. However, we also pulled back on some promotional spending, as we didn't see the expected return on investment given the current downturn in foot traffic. As we observe foot traffic returning in the second half of the year, we intend to remain competitive and continue to drive volume.

And our next question will come from Andrea Teixeira from JPMorgan. Please go ahead.

Yes. Hi, I think you and hope all is well. Noel, if you can comment a bit on the supply chain in terms of your capacity increasing over the quarter? And then discussing stock outages on shelves, if you can provide a global perspective on that. Thank you.

Sure. In general, as I mentioned earlier, the supply chain has performed extremely well. The demand in some of our categories has significantly surged, reaching levels we’ve never seen. This forced our teams very early on to simplify and optimize our portfolios to maximize throughput in our factories. This change has been well received by our trade partners as it has improved our case bill numbers with them. That being said, we still have categories where we are not meeting demand. For instance, the demand for liquid hand soap exceeds our current capacity. We brought on capacity through contractors to mitigate that, and we did see some of the effects on the U.S. margin line. However, we’re working to fulfill the requirements of our retail partners. We are exploring how to increase capital investment in certain facilities as we anticipate ongoing elevated demand for some of these categories. We’ve also implemented innovative packaging that has enabled us to repurpose unused production lines for specific categories, allowing us to better meet current demands. Overall, we are successfully managing almost all of our demand, except for a few categories like liquid hand soap and dish soap where we are still working to catch up. We expect to see improvements in this aspect in the back half of the year as we increase capacity and enhance efficiency with contractors.

And our next question will come from Olivia Tong with Bank of America. Please go ahead.

Thanks. Good morning. Hope everyone is well. I have two questions; first, could you walk through growth across categories instead of divisions and provide some insights into category-specific numbers if possible? Additionally, I'm interested in emerging market trends, particularly in Latin America given the current recession. While the volume numbers have fluctuated, pricing has increased dramatically. Can you comment on the underlying growth within those categories and your strategy to manage a potential downturn macroscopically? Thank you.

Sure. In aggregate, our broad-based categories are up versus the same period last year, driven largely by the significant demand for health and hygiene products in our competitive landscape. We’ve observed fluctuations in category performances throughout the year. Some categories, such as oral care, experienced substantial spikes due to pantry loading in the first quarter and those effects have extended through the second quarter. However, overall, most categories have displayed growth. We’ve particularly seen heightened demand in liquid hand soap, bar soap, cleaners, and dish soap. This demand is likely to continue as consumer behavior shifts regarding work and home routines, which should also benefit our categories in the back half of the year. Concerning Latin America specifically, we are well-prepared to withstand this recession, having navigated several before. Our strategy allows us to be proactive with pricing to maximize flexibility in tougher environments. Our product portfolio is highly competitive, with ongoing innovation across various price points. For instance, in Latin America, we derive 50% of our toothpaste business from mid-priced products and 25% from value. There are significant opportunities for enhancing our premium offerings as consumers contend with recessionary pressures. As previously highlighted, we strive to innovate continuously behind our core businesses, and we have major core innovations planned for the upcoming 12 months. Thus, we feel we are well-equipped to handle the recession as it may unfold.

And next we will hear from Jason English with Goldman Sachs. Please go ahead.

Hey, good morning, folks. Congratulations on your strong results.

Thanks.

Noel, I think you mentioned in your response to the previous question that you’ve seen improvements in toothpaste or oral care in Latin America throughout the quarter. Could you provide some quantification or specificity on overall performance in Latin America month-on-month and how it's tracking as you exit the quarter? Additionally, could you give similar figures for your developing markets overall?

Okay. I’m not sure I fully understood the first part of your question regarding volume versus pricing for LATAM. Let me discuss LATAM as a whole for the quarter, which performed well despite grappling with significant challenges and disruptions. By disruptions, I'm referring to the shutdown of numerous smaller trading partners in various countries and extended closures of major department stores, leading to declines in traffic. Consequently, while our shares in categories performed well across the board, volume inevitably dropped in response to these challenges. Pricing increased significantly in the quarter, and this was partly a consequence of navigating disruptions in the marketplace related to retail environments being closed for prolonged periods. As we saw some recovery in foot traffic towards the end of the quarter, we expect that improvement to continue in the latter half of the year. That said, I would caution that infection rates remain a concern, particularly in significant LATAM markets such as Brazil, which creates uncertainty about consumer mobility and access to stores. Overall, LATAM shares have performed well, although we did experience some volume softness due to the challenges mentioned earlier. Strong pricing adjustments have been in place, and we aim to make substantial investments in LATAM during the second half of the year through advertising to support innovation.

And our next question will come from Steve Powers with Deutsche Bank. Please go ahead.

Hey. Thanks. Good morning. If I step back and observe the composition of your P&L for the first half of the year, it looks quite healthy despite the volatility. Your gross margins are solidly above 60%, while advertising and promotion expenses are running at around 11.5% of sales. Can you discuss the key enablers behind this? And is there any significant reason to believe that this composition will meaningfully change in the back half of the year?

Sure. Once again, we must return to the strategy we’ve been pursuing, which emphasizes foundational innovation, a significant element of our portfolio. As we concentrate on core innovation, we also make strategic pricing decisions. This approach is clearly reflected in our gross margin improvement metrics. Additionally, we have effectively managed to get ahead of foreign exchange problems, particularly in key markets, which has thus contributed directly to the observed gross margin expansion. Moreover, we have seen substantial growth in e-commerce and other untracked channels, consistent with our 18-month strategy. The COVID-19 situation has acted as a catalyst for accelerating our strategy around adjacencies, and we've quickly rolled out those products into the market as consumer behaviors continue to shift. By incorporating more health and hygiene-oriented products into our portfolio, we’re looking to stabilize our organic growth moving forward. However, we also anticipate that competition may increase in the back half of the year as more markets gradually reopen. With that in mind, we have strategically pivoted to introduce pricing efforts into the market to better prepare ourselves for potential changes.

And our next question will come from Lauren Lieberman with Barclays. Please go ahead.

Great. Thanks. Good morning. I wanted to discuss cost beyond what you mentioned regarding productivity. I believe last year you spoke extensively about executing with agility, particularly on the revenue side. As you've navigated the first few months of this crisis, are there operational structures that you've uncovered that present further efficiency opportunities within the cost side of your P&L? Besides travel-related expenses, can you point to areas ripe for improvement in your overall cost structure beyond T&E? Thank you.

Sure. Thanks, Lauren. We have indeed been discussing productivity beyond the successes we've experienced with funding growth over the years. While we've been examining all line items quarterly, we've also come to understand how to pursue a different approach to productivity in a pandemic context, utilizing efficiencies throughout our income statement structure. Specifically, a couple of areas stand out. Our travel expenses, as expected, have dropped since we are operating in 200 countries. The digital transformation we’ve undergone has allowed us to shift towards a virtual workforce and reduced travel costs. Additionally, the skills we've learned in utilizing digital tools provide us with significant savings moving forward. Our teams have become adept at leveraging virtual technologies to address operations in our plants more efficiently rather than relying on traditional travel methods. Furthermore, we have consolidated our portfolio and streamlined our operations, which has included cutting certain SKUs that were less profitable. Although this has facilitated production efficiency, we recognize the need to evaluate how we can optimize our portfolio in the long term. Also, we have gained insights on managing within an omnichannel environment more effectively, mapping the consumer journey, and adjusting our strategy accordingly. Last but not least, we are scrutinizing the overall cost structures in our offices and teams globally to ensure optimal effectiveness as we consider the long-term outlook.

And our next question will come from Kevin Grundy with Jefferies. Please go ahead.

Great. Thanks. Good morning everyone, and congratulations on the solid results. Noel, I wanted to follow up on Jason English's line of thinking around guidance, specifically concerning Latin America. The decision not to reinstitute guidance stands out, especially considering that we've seen competitors reinstitute practices. John presented various directional guidance points, and the tone of this call appears positive. How much deliberation went into this decision? What insights can you share about July's performance specifically? Moreover, is the message that, while the overall outlook is uncertain, this is more about prudence in light of the pandemic rather than indicative of sequential weaknesses that investors should be concerned about?

Yes. Thanks, Kevin. Regarding July, I want to steer clear of offering precedents, as I know how sensitive the absence of guidance can be for external expectations. However, I will indicate that July has started as planned. Concerning guidance, I have little additional information. The unknowns can be quite formidable. As you may have noticed, compared to the situation we faced during the first quarter, the virus has spread further. We’ve experienced increases in case counts in key markets, leading to ongoing disruptions and temporary closures at retail locations. Furthermore, changes in consumer behavior have resulted in significant weekly volatility across product categories, complicating accurate predictions. That backdrop explains why we maintain our current position on guidance—we want to ensure we offer guidance only when there's sufficient confidence in future outcomes. Moving forward, we hope to revisit guidance as we gather more information and gain greater confidence in our projections.

And our final question will come from Rob Ottenstein with Evercore. Please go ahead.

Great. Thank you very much. I am wondering if we can touch on some of the pre-COVID priorities that you had to get a sense of your progress amidst the ongoing changes, specifically on your premiumization initiatives outside the U.S., your competition against local natural brands in China and India, and the expansion of Elmex and Meridol. Could you provide a rundown on these initiatives and confirm whether they remain relevant?

Yes. Thanks, Rob. I want to reiterate that we believe our strategy remains well-suited for the behaviors and dynamics we are currently observing in the marketplace. We must continue to reinforce our commitment to core innovation—this is a big part of our portfolio. As we persist with our core inventory and adjacencies, we’re refining how we penetrate rapidly growing segments—we’re pursuing floor cleaner innovations that integrate hygiene and antibacterial features. We’ve also seen the digital commerce business grow consistently and that trajectory can be attributed to successful execution within our Hill’s brand. We've been ramping up internal capabilities as well as recruiting outside talent, which has given us fresh perspectives. It’s imperative to note that our strategy is working. We’ve achieved qualitative growth and innovation, and the agility lessons learned through the crisis can lead to expedited launches moving forward. We’ve defined several objectives around premiumization, particularly within the toothpaste business where 50% of our offerings are mid-priced and 25% fall into the value sector. Accelerating our share of premium offerings continues to be vital. Our recent introduction of Optic White Renewal is a notable example, as is our pursuit of surging demand for ultra-premium products—a segment we have historically ignored. Our insights indicate that premium, value-oriented products continue to resonate with consumers, especially during recessionary periods. Therefore, we intend to match this demand with effective marketing and innovation strategies. As for the naturals movement, we’re optimistic about our strategy with Tom’s of Maine; they have exciting future opportunities. Additionally, Hello is expanding rapidly within U.S. markets and we anticipate the long-term appeal of purpose-driven brands, which is essential for sustainable growth. In regards to Elmex, we’re being selective and strategically positioning it within high-pharmacy environments, making notable progress. Brazil has been an early success in this regard, facilitated by our emphasis on pharmacy channels, and this patient approach contrasts with short-term volume aspirations. We’re focused on establishing a robust therapeutic business there, which will take time but can yield significant returns. Overall, I believe this quarter was of high quality, but we also acknowledge that we have more work ahead and many challenges still await. I want to extend my gratitude to our 36,000 Colgate employees around the world who have remained exceptionally resilient and dedicated to executing our strategy and building new capabilities across the organization. The success we experienced this quarter can be attributed to their efforts. Thank you everyone, and we look forward to speaking with you soon.

And this concludes today's conference. Thank you for your participation, and you may now disconnect.