Good morning, ladies and gentlemen, and welcome to the Church & Dwight Second Quarter 2018 Earnings Conference Call. Before we begin, I have been asked to remind you on this call that the company's management may make forward-looking statements regarding, among other things, the company's financial objectives and forecasts. These statements are subject to risks and uncertainties and other factors that are described in detail in the company's SEC filing. I would now like to introduce your host for today's call, Mr. Matt Farrell, Chief Executive Officer of Church & Dwight. Sir, please go ahead. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Good morning, everyone. Thanks for joining us today. I'll begin with a few comments on the quarter, and then I'll turn the call over to Rick Dierker, our CFO. When Rick is finished I will conclude with some final comments and we'll open up the call for questions. Q2 was an outstanding quarter for our company. Organic sales growth was 4.4%, which exceeded our outlook of 3%, this performance was a clear standout in comparison to our peers. Earnings per share was $0.49 which exceeded our outlook by $0.03. Our reported sales growth was 14.5% which reflects strong organic growth and prior year acquisitions. Sales growth is clearly a powerful earnings lever in an environment with rising input costs. In the U.S. organic sales grew 5% with 6.2% volume growth. Our categories are growing and our market shares are healthy; 11 of our 15 categories grew during the quarter, 9 categories have grown for at least three consecutive quarters. Beyond category growth our share results are solid with 7 out of 11 power brands growing or maintaining share. As we have said in the past, we have low exposure to private label, about 12% share on…

Our first question comes from Kevin Grundy from Jefferies. Your line is open.

Hey, good morning guys. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Hey, Kevin. Richard A. Dierker - Church & Dwight Co., Inc.: Good morning.

Matt, I wanted to start on sort of state of union with the laundry category, your results were great, but specifically around Henkel and the strategy there where it seems like they're really leaning (14:17) and little else where you see (14:19) on some of their other key brands really under quite a bit of pressure and declining year-over-year. And I'm not sure if you (14:26) specifically on sort of a key competitor strategy, but given your price point, you're positioning with ARM & HAMMER in the category. It would seem fair to say that the way their strategy is going really opens up quite a long runway for you to continue to source market share. So if you want to comment on that number one. And then number two, you know as you guys look at the data, is it fair to say that some of the strength in ARM & HAMMER, that you think it's coming from some of those brands that I just mentioned, then I have a follow up. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah, well, it's difficult for me to comment on Henkel's strategy, but if you look at where the money is being spent, there's a significant amount of product sold on deal for Persil on the high-end, the same for Tide. So those guys are slugging it out at the high-end of the category and obviously you have to pay for that. So you could say that they're shifting some of the spend from their deep value brands which would be Purex and Sun and shifting it to Persil. I can't comment on whether or not that's going to continue. We have both XTRA and ARM & HAMMER both grew consumption in the second quarter, in fact, all three brands were up. So I would agree with you that ARM & HAMMER has a lot of runway for many years to come, it has been the banner brand for this company, it's a $1 billion brand if you add all the categories. It's the only advertised value brand. So we have so many things going for us that suggest that the train is going to keep on running in the future. And, OxiClean we're encouraged by as well because it has its all-time high share, 1.9, in the quarter. As you know we've been trying to make inroads there into more of the premium end of the category. And XTRA – you remember XTRA last quarter stopped its slide, so it grew consumption last quarter and this quarter. So all three brands are clicking right now. So we feel real good about the laundry category.

And, Matt, just, we'll stick with that and then I'll pass it on, but a couple of other questions in laundry. How do you feel about pricing – frontline pricing, the category is benefiting from some favorable mix for the reasons we just talked about with Henkel leaning in on Persil. What's your view on pricing? We've obviously had episodic price wars over the years in the category; that doesn't seem to be the case now. If you can just comment on that and maybe the outlook for the balance of the year. And then also early observations on Tide Simply and Proctor's introduction there in unit dose? And then I'll pass it on. Thanks. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah. Well look, when it comes to activity in pricing, it's really a broader issue. So, it all goes back to pressure on gross margins. So, you know, cost increases have been seen for raw impacting inputs pretty broadly and you got a tightening labor market. So wages can also be a contributing factor. So, you got a lot of things going against you and everybody is dealing with this. And productivity gains have been outrun by cost increases and that's why you're seeing people reaching for – for pricing finally. And the commodity pressure has led to two quarters of year-over-year decline in the amount sold on deal. I don't think that's coincidental, that, I think that will likely continue. And I think the need for profits will likely result in greater reluctance to even deal back price increases once people implement them. Richard A. Dierker - Church & Dwight Co., Inc.: And, Kevin, it's Rick. I think one thing that we said last quarter and I want to repeat it again this quarter is our negative price mix trend in the Domestic business, right, in Q1 it was down 170 bps, in Q2 it is down 120 bps. We expect that to be flat to positive in the second half because as some of those promotions don't get repeated, or some of the couponings don't get repeated, not just in laundry but in general, in this environment we expect that to happen. Matthew Thomas Farrell - Church & Dwight Co., Inc.: And back to your question on the launch of Tide Simply unit dosed. So the unit dose category grew 4.3% in the quarter. I think it's the fourth consecutive quarter that unit dose as a category has grown less than 5%. And if the short answer is to how are we doing is, ARM & HAMMER unit dose grew 28% in the quarter. So I would say that the Simply Tide launch has not slowed down our growth.

Okay. Thanks, guys. Congrats on a good quarter. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah. Thanks, Kevin.

Our next question comes from Bonnie Herzog from Wells Fargo. Your line is open.

All right. Thank you. Good morning. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Hey.

Hi. I had a question on your strong Consumer Domestic organic sales. I guess, I'm wondering why there is such a big disconnect between your very strong results in the quarter and then the weaker Nielsen scanner data. Was the difference mainly driven by non-tracked channels or were there timing impacts from your shipments? And then going forward, how should we think about the contribution from non-tracked business? And then maybe finally, could you characterize the overall health of your inventory levels at retail? Thanks. Richard A. Dierker - Church & Dwight Co., Inc.: Yeah, I'll start with the last one first. It's Rick, Bonnie. But we track shipment to consumption data all the time. We feel like that's very healthy. It's right in line where it should be. So we don't think that's an issue. Your first question is really, help bridge the organic growth for the domestic division of around 5% back to what we would call the Nielsen tracked growth, which is around 2%.

Right. Richard A. Dierker - Church & Dwight Co., Inc.: So that's about 300 basis points. About 200 basis points is untracked channels whether that's e-commerce, you know e-commerce for us is growing you know 30%, 40%, which is really strong. As Matt said in his prepared remarks that's, for a company, for the consumer business to be in excess of 6% of sales, and then other non-tracked partners as well. And then, so that's around 200 basis points of that 300 basis points gap and another 100 basis points is just lower couponing, right, as we talked about before. We're lapping, for example, we launched a major litter innovation last year for trial, some of the coupon has come down in laundry as well. So the disconnect is really just from a net sales perspective.

And then just maybe a quick follow on to that because as I look over the last three quarters, it was more in line. So just thinking through the strength that you're seeing in online, was there a huge step up this quarter for your business? Because you didn't really see that kind of spread in the last few quarters relative to the tracked channel. So just trying to think through how your online business has been performing? Richard A. Dierker - Church & Dwight Co., Inc.: Yeah, I would just tell you that typically the untrack stuff is just lumpy; online in general is lumpy. So, I think anybody who gives you a forecast on trying to bridge for organic growth to what reported or Nielsen information shows you is just, is asking for trouble. It's just too lumpy to do that accurately. I would tell you there's always going to be a disconnect and in some quarters there's going to be larger than others.

Okay. And then, just maybe one final question from me on your Q3 EPS growth guidance, it seems a little light versus what you just printed and then what's implied for Q4, you called out stepped up marketing spend. So, I'm curious you know how much is maybe being pulled forward from Q4 and if so, why? And then also, you know, you're expecting commodity and freight headwinds, you know, are you expecting that to moderate by the time we get to Q4? Thanks. Richard A. Dierker - Church & Dwight Co., Inc.: Yeah. So, a couple, two good questions. The first one on just the timing. Remember first half of the year, on average, we're about 20% EPS growth. In Q3, we're calling 8% EPS growth. Behind that is we have a step up investment in marketing, we've moved some marketing from Q4 as an example into Q3. So, we're up on a dollar basis about $8 million to $10 million of marketing year-over-year in Q3, which is about another $0.03 and if you just kind of add that back then you're really up around 14% adjusted in the third quarter. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah. And something else just to keep in mind, we've seen this phenomenon before. Sometimes, we have a front-end loaded year and the way we manage the business is to deliver on the EPS call that we gave in February. So to the extent that we're out running that, we're going to be able to spend it back. Richard A. Dierker - Church & Dwight Co., Inc.: And then in terms of your other question on distribution or commodities, in general, we gave you the full year outlook from gross margin and I did a bridge for you, about 130 basis points year-over-year for the full year. That's pretty consistent in the second half. You know as logistics costs have come through and I think you heard from Kimberly as an example, the pulp prices are up and diesel prices remain high.

All right. Thank you. Richard A. Dierker - Church & Dwight Co., Inc.: All right.

Our next question comes from Bill Chappell from SunTrust. Your line open.

Thanks. Good morning. Richard A. Dierker - Church & Dwight Co., Inc.: Hey, Bill.

Hey, I guess first one maybe just a little more color on Waterpik a year later and just kind of where that growth is coming from? And then, I would assume this is the one business that could be affected by tariffs. So maybe kind of any commentary on what you see on margins, pricing there. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah. Well, yes, the business has been, was growing well in 2017 and it's growing high single digits this year. And the formula is that 60% of the purchases are based on a hygienist or a dentist recommendation. And that continues, and one thing we've done is we've expanded the number of hygienists that we have calling on dentists in the United States with great success. That would be one element. The second element is international, this is just a huge opportunity internationally, and we're beginning to establish in a small way the hygienist program in other countries. And that's going to bear fruit for us for years. With respect to the tariff, this is kind of a global comment. It's, the tariff, with respect to China, the current thinking is the exposure's mainly batteries and electronics, but it's not anything that's material right now. The new layers of tariffs could impact a broad range of products, materials, but it's something that we'll just be monitoring closely in the coming months. But so far the stuff that is in place wouldn't have a material effect on us. And just while we're on the topic of tariffs, I know some people have some interest in Canada, and Canada, with Canada's retaliatory tariffs were a larger issue for some of our competitors because it's a very broad list of categories, including things like shaving products, automatic dish washing, products for deodorizing rooms, skin care products. For us, it had a minimal impact essentially on deodorizing products, so like Fridge Fresh would be one that would be caught up on that, it's like a 10% tariff. But really Canadian retaliatory tariffs and Chinese retaliatory tariffs are immaterial right now.

Got it. And then, and just going back to Waterpik real quick. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yes.

You say it's going to, two-thirds of the growth is coming domestic and one-third of that is coming in the international expansion, is that the right way to think about it? Matthew Thomas Farrell - Church & Dwight Co., Inc.: I'd still say that it's more skewed towards the domestic business than international.

Okay. And then just the other question, back on laundry, I actually was kind of surprised by Oxi's market share and kind of resurgence. Anything more, I mean is that sustainable, is there something that you're replacing? It seemed to be, I wouldn't say left for dead but it had been very quiet on Oxi detergent for quite some time. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah. Well, look, Bill, we're still fighting an uphill battle there, because you know we have formidable competitors there in both Tide and Persil. So we're still trying to make sure we have a sustainable beachhead going forward. And it has been, use the word lumpy, it's been a bit of a seesaw. We're up 1.9% one quarter, you're down – your share is 1.5% the next quarter, so we're still trying to break through there and we do that through both coupons, digital coupons, et cetera. So I wouldn't say that we're declaring victory right now.

Got it. Thanks so much. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah. Okay. I'm not hearing anybody. Wonder if we lost the connection. Richard A. Dierker - Church & Dwight Co., Inc.: Operator, why don't we go to the next caller?

Your line is open, sir. Matthew Thomas Farrell - Church & Dwight Co., Inc.: All right. Somebody bailed. Go to the next one.

Our next question comes from Steve Powers from Deutsche Bank. Your line is open.

Thank you. Hey. So, more on pricing if I could. So, I know you said that 8 of 11 categories this quarter showed a lower percentage of products sold on deal versus 2017. And Rick, I think you even called out lower couponing in the quarter which is great. But how do we reconcile that with your overall price mix still being negative in the consumer domestic segment, despite lapping some extremely intense promotions in the year-ago period. That just to me, it doesn't all tie together and it's very surprising. So what's the missing variable? Is it that the breadth of promotion may be down, but the depth is still up or is something else going on that I'm missing? Richard A. Dierker - Church & Dwight Co., Inc.: Yeah, no, it's a good question. I think I want you to ask that same question next quarter, Steve. And I think a lot of the heavier promotion that we had was actually in Q3, not as much in Q2. So that's why we're expecting as we go through the second half to have positive price mix and a flat to positive price mix in the second half.

Okay. But I mean, okay, your price mix was negative 6% last year, that's pretty intense. You got some big launches, no in Q2? Richard A. Dierker - Church & Dwight Co., Inc.: Yeah. No. You're right. We had plus 6% on volume, minus 6% on negative price mix, but it wasn't all promotional spending. That was also, I think I talked about it last year, our household business was growing very fast. Our personal care business was actually in decline, all right. So there are other attributes besides just spending promotional dollars.

Okay. I mean, that's fair. But I guess I just want to press a little bit more and just and test it in the context of what we heard from P&G a few days ago. Because on the one hand, and others, but on the one hand, their intention to raise pricing in a couple categories, tissues, diapers, got a lot of attention and I think has prompted a lot of optimism, and I appreciate your optimism with respect to kind of net pricing going forward. But at the same time if I look at what they actually did, they spent a whole lot more than expected in the quarter on couponing and trade investments and essentially signaled that pricing would remain negative for them through the duration of the calendar year. And I just – it doesn't – it just it seems like there is a disconnect between what we're seeing in the quarter and that optimism and I just want to test where your optimism is coming from in that context. Richard A. Dierker - Church & Dwight Co., Inc.: Yeah, I have one or two comments then maybe Matt has something to add too, but in general we just went through with Kevin Grundy's question about how a lot of the spending in laundry between Tide and Persil has happened in the premium end, right. In general it's encouraging to say sequentially from Q1 to Q2 amount sold on deal's down by almost 500 basis points. So, yeah they might be up, they might be up, but the category was down even sequentially Procter, as an example, was down 770 basis points sequentially, in amount sold on deal from Q1 to Q2. In a world where commodities are rising, labor is rising; I think that promotional spending will come in line. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah. The only thing I would add to that, Steve, is we've been jumping around here between Kimberly in paper products and back to Tide and detergent. I think, you know, when you are looking at a company, you have to look at what are the categories that we're in; we're in 15 categories. So, on a weighted average basis, our categories have been growing, you know, close to 3% for several quarters now. And, you know, that's what's, makes it so buoyant for us. And you know Rick's right in that, you can look at how, what the laundry war is going on in the premium end, but it's not going on in the value end.

Okay. All right. I will look forward to a positive number in Q3. Thanks.

Our next question comes from Rupesh Parikh from Oppenheimer. Your line is open. Rupesh Parikh - Oppenheimer & Co., Inc.: Good morning and thanks for taking my question and congrats on a great quarter. Richard A. Dierker - Church & Dwight Co., Inc.: Thanks, Rupesh. Rupesh Parikh - Oppenheimer & Co., Inc.: So, I have two housekeeping, I guess questions, to start. So first, is it possible to get the blended category growth rates in the U.S. and then with your full year guidance for this year, do you at all incorporate any pricing benefits that you expect to take? Richard A. Dierker - Church & Dwight Co., Inc.: What is the second one? Rupesh Parikh - Oppenheimer & Co., Inc.: For your guidance this year, your full year guidance. Do you – have you built in any pricing benefits for some of the pricing actions you're hoping to take down the road? Richard A. Dierker - Church & Dwight Co., Inc.: Yeah. We would make no commentary on pricing just yet, what categories we're, what retailers or what impact it may have. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah, more than happy to answer that, Rupesh, next quarter when you ask. Rupesh Parikh - Oppenheimer & Co., Inc.: Okay. Okay. Richard A. Dierker - Church & Dwight Co., Inc.: Yeah. You had another housekeeping question. Rupesh Parikh - Oppenheimer & Co., Inc.: Yeah. The blended, yeah I was hoping to get the blending category growth rates in the U.S. if you look at all your categories? Richard A. Dierker - Church & Dwight Co., Inc.: Yeah, well, I mentioned earlier that in general that the weighted average rate has been approximately 3% for the last four quarters, specifically it was 2.7% weighted growth in Q2. Rupesh…

Our next question comes from Olivia Tong from Bank of America. Your line is open.

Hey, good morning. First, just a point of clarification actually on price mix on international, because that moved – that was a pretty big change relative to Q1, the one – the down 1.4% versus a plus 5% in Q1. And the things you cited last quarter don't seem like things that would whip around that much. So, was there any rollback on the pricing in Mexico or a big step change in the mix of products or if you could just give a little bit more color on that dynamic between Q1 and Q2? Richard A. Dierker - Church & Dwight Co., Inc.: Sure. Hi Olivia, it's Rick. In general it was two things. Everything we said last quarter is still true right, going direct to the German subsidy helped in a positive way, price mix for example. But it was overshadowed by a couple things. Now we have heavier trade promotion in the UK and Australia, we have good volume growth there too, but just heavier trade promotion in those two countries and then in Mexico we also have our household business growing very quickly and so that also hurt the mix impact a little bit. And so in general for the balance of the year we expect it to look, actually, a lot like Q2, high volume growth and a little bit of price mix.

Got it. Thanks. And then just in terms of the second half organic sales growth obviously it implies, if you're going to get to 3.5% for the year, for growth to decelerate. Obviously, you don't want to get too far ahead of your skis, but what are some of the key factors driving a potential slowdown in second half growth versus first half, because you seem to downplay the benefits from Henkel's challenges, you're obviously feel quite bullish about laundry. Would assume that you expect price mix to improve based on the comments that you cited earlier. So, just trying to understand whether that's just healthy conservatism or something that you see coming down the road? Richard A. Dierker - Church & Dwight Co., Inc.: Yeah, I think you need to take a step up a little bit, Olivia. It's more, we think we have momentum going into the second half at or exceeding our first half. And the way we look at that is we just look at it on a two year stack basis and really if you remember domestic growth in the first half of the year, last year was really low, the second half it was stronger. So on a stacked basis, the first half the year is 6.2% for example and we expect to exceed that you know 6.3%, 6.4% in the back half of the year. So again it's, just look at it on a two year basis. So it's more of a comp story.

Fair enough. Thanks. Richard A. Dierker - Church & Dwight Co., Inc.: All right.

Our next question comes from Joe Altobello from Raymond James. Your line is open. Joseph N. Altobello - Raymond James & Associates, Inc.: Thanks. Hey, guys. Good morning. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Hey, Joe. Joseph N. Altobello - Raymond James & Associates, Inc.: Just want to go back to pricing, not surprisingly, in terms of the pricing that you're contemplating. I know that you know you don't want to get very specific here, but is that mostly U.S. or will that be an international component to it? Given the move in the dollar I would think that that might make that a little more challenging? Matthew Thomas Farrell - Church & Dwight Co., Inc.: Well, look the – here's what I can say. I mean this is internationally we have raised price already in 2018 in emerging markets; that would be places like Mexico and Brazil as well as our Latin export markets, and that's both for household and for personal care products. So, that's one thing I can tell you that's been in place in 2018. I wouldn't make any comments about 2019 or even second half changes for international. But look, the U.S. is 80% of our business, right. So obviously it's going to be a pretty important lever to affect price increases in the U.S., but no comment on percentages or categories. Joseph N. Altobello - Raymond James & Associates, Inc.: Okay. Okay. And in terms of whether you guys are leading or following, I imagine most of these categories will be situations where you're following somebody else or could you be leading in categories like condoms, for example? Matthew Thomas Farrell - Church & Dwight Co., Inc.: No, you know what, we're starting to play 20 questions. So, no – good…

Our next question comes from Lauren Lieberman from Barclays. Your line is open.

Great, thanks. Good morning. We've covered a lot already, but I was curious one point, Rick, you said earlier that the, that online sales were going to be and have been pretty lumpy. And I was just curious why. Like, I can certainly understand untracked channel sales being lumpy whether it's club or whatever else. But I just, I would think online would be sort of steady rate of demand. So if you could just explain a little bit why that would be the case just as for my understanding? Thanks. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah, so Lauren, this is Matt. You may remember at CAGNY we talked about this at one point where we woke up one Monday morning and none of our litter products were being offered. Amazon decided that they weren't making enough margin on that, so they were gonzo. So the online retailers do control the shelf and they can with a keystroke they could pretty much take you off. We have been making some adjustments in some of our categories as far as what SKUs we offer online. In some cases, we say you know what, we're a little bit too broad and we pare back. So, if we say, let's say we had 40 SKUs in one particular category and we say, now we're going to go down to 10, you could have a loss of online sales for that particular category. And the inverse is true as well. So, it's a shift from the online, from the bricks-and-mortar to online, but it doesn't all, it's a little choppy at times.

Okay. That helps a lot. Thanks. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah.

Our next question comes from Jonathan Feeney from Consumer Edge. Your line is open.

Good morning. Thanks very much. Question for Matthew, and a question for Rick. Matthew where, obviously with the price and value dynamics, where do you think in terms of household penetration, size of the category, unit dose in laundry peaks and maybe both for yourself and for the category? You referenced the slower growth in unit dose over the past few quarters. Just curious your thoughts on that. And for Rick, what dynamics are allowing for the better cash flow realization particularly seems like better payables performance so far this year? Thanks very much. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Yeah. I'd say this, when unit dose was first launched, I think a lot of people look to Europe and say okay, there's more prevalence of unit dose in Europe and that comes in different forms and if you're including tablets and said well, hey there's one country that 30% of the laundry detergent is a unit dose. The other analogy is, dish washing detergent in the U.S. that's 30 and higher percentage of product is unit dose. So that was sort of the going in expectation, but it has plateaued for the last four quarters. It's in 17% and then went up to 17.4%, 17.6%, maybe it's 17.8% right now. And what we have found over time is that when unit dose was first launched, there was a decline in the liquid laundry detergent category. And the reason for that was because overdosing really stopped with the use of unit dose. But then the growth restarted and liquid laundry has been growing alongside a unit dose for several years now. So, I don't have a crystal ball, but it's not obvious that there's a path to 30%. Richard A. Dierker - Church & Dwight Co., Inc.: And then to follow on your second question, just what's leading to our great cash flow generation. I think even the raise that we just talked about, the incremental $10 million, typically it's half cash earnings and half of that's working capital. Over the long term we've done a phenomenal job on working capital, talked many times about how we've gone from 52 days to in the 20s on our cash conversion cycle. And that has been lead – we're top tier in inventory. We're right in line with everybody else on DSO or receivables. And then, we still have some room to improve on payables and so that does continue. So hopefully that gives you a flavor for it.

Thank you.

Our next question comes from Andrea Teixeira from JPMorgan. Your line is open.

Thank you, and good morning, everyone. So my questions are like just two clarifications. First on the pricing as it relates to guidance. Should we assume reducing couponing the third quarter (45:15) and list pricing more into the fourth quarter and also are you expecting to increase prices on the private labels you manufacture as well or this is mostly on the branded products? And second, on the taxes, your new guidance is around 23%, if I understood it correctly from your prepared remarks for the year. So that is to imply because your taxes were so low in the first half of the year, so that is to imply about 24% on the second half. So if that is the case, are you expecting really like this whole pricing situation and lapping a lot of the components you mentioned before and also with increased marketing spending into the third quarter and then that's going to ease off. So your operating results are really going to have to be very strong in the fourth quarter for you to meet the guidance. Thank you. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Okay. Part one, let me try to take those in order. First of all on pricing, we said we're not going to comment anymore on pricing, so we're not going to comment on private label, on branded, on list price. Come back next quarter and we'll go through any impact that may or may not have on the outlook. You asked about couponing. When I said positive, flat to positive price mix on the organic line for the Consumer Domestic business in the back half, yes it's promotions are lower and couponing is lower year-over-year. That's a fair comment to make. On the tax outlook, yes, it implies a 23% for the year implies a 24% rate in the back half. We had a lower than 24% rate in the front half largely because of option exercises, and that number is volatile and that moves around, and it's difficult to forecast. But in general, we said approximately 23% now for the full year. And then, you did allude as well to marketing shifts, I talked about that in Q3, higher marketing spending Q3, coming out of Q4 operating results are going to be just as solid as they were in the first half, in the second half. So, we – you should see our confidence in our guidance, because we raised our outlook.

Okay. Thank you.

Our next question comes from Jason English from Goldman Sachs. Your line is open. Jason English - Goldman Sachs & Co. LLC: Hey, good morning, folks. Thanks for squeezing me in. Richard A. Dierker - Church & Dwight Co., Inc.: Hey, Jason, there's always room for you man. Jason English - Goldman Sachs & Co. LLC: I appreciate that. Congratulations on the great volume this quarter. It was impressive. I wanted to come back. I have two questions, one on price and one on gross margin. Imagine that, another price question. But I wanted to come back and just re-ask Steve Powers' question, because I thought it was a good one. You're lapping some promotions. You've got 100 basis point benefit from couponing in price this quarter. Personal Care is now mixing higher 8 of 11 brands, power brands promos down. Why is price negative? I still don't understand that. Richard A. Dierker - Church & Dwight Co., Inc.: Yeah. I mean, we have incremental trade spending in a couple of our categories, right. We have – that's probably in essence the easiest way to say it. That's why price mix is still negative in the Consumer business. It's a competitive environment. Although, it is getting better, I think people forget context sometimes. Back in Q3 of 2017, also goes back to your question, Q2 of 2017, price mix was minus 630 bps; in Q3, it was minus 490 bps; in Q4, it's down to 130 bps; and in Q1, we're down 170 bps; in Q2, we're down 120 bps. And so, the curve is coming down in the right direction. We're seeing the macro stuff support that and that's why we have confidence in the back half to continue to improve. Jason English - Goldman Sachs & Co. LLC:…

Our next question comes from Mark Astrachan from Stifel. Your line is open. Mark S. Astrachan - Stifel, Nicolaus & Co., Inc.: Thanks and good morning, everybody. Wanted to go back to Olivia's question, just as a clarification first. So I still don't necessarily understand the back half commentary, especially as you have Waterpik hitting the organic base, so that would suggest if you sort of backed that away, that the two-year gets somewhat worse. So I guess are you being conservative or are there things that you're baking in there from a geopolitical standpoint that you're expecting potentially to worsen, maybe just a little bit of color in that context? And then just secondly, separately, the growth in the untracked channels online specifically. How should we think about the opportunity or white space to put more product into those channels going forward, meaning sustainability of that relative to not the overall category growth, but just incremental in terms of putting more product there on the virtual shelve. And then just what about the broad level of support or spending for brands in that channel versus track channels, meaning is it lower, is that rate increasing sort of normalizing versus traditional brick-and-mortar? Any sort of help there will be useful. Matthew Thomas Farrell - Church & Dwight Co., Inc.: Okay, I'll take a swing at the online class of trade and then Rick will comment on your second half sales question. So, the online class of trade sales grew 40% in the quarter year-over-year. So, that would include both our direct-to-consumer business as well as anything we sell in the online class of trade. Now, all of that as you know is not incremental. So, you essentially have consumers moving from one class of trade off from bricks-and-mortar to the…

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