Good Morning. My name is Frank, and I will be the conference operator for today. At this time, I would like to welcome everybody to the Energizer Holdings Third Quarter Fiscal 2015 Conference Call. After the speakers' remarks there will be a question-and-answer session. As a reminder, this call will be recorded. I would now like to turn the conference over to Jackie Burwitz. Please go ahead, ma'am.

Thank you and good morning, everyone. We're excited to have you join us today for our first conference call as an independent company following the completion of our spin-off on July 1. During the call, we will discuss our third quarter fiscal 2015 results and our outlook for the fourth quarter. With me this morning are Alan Hoskins, Chief Executive Officer and Brian Hamm, Chief Financial Officer. This call is being recorded and will be available for replay via our website: energizerholdings.com. During the call, we may make statements that are our expectations for future plans and financial and operating performance. Any such statements are forward-looking statements, which reflect our current views with respect to future events. Investor should review our SEC filings for description of the risk factors affecting our business. These risks may cause our actual results to be different from our forward-looking statements. We do not undertake to update these forward-looking statements. During this call we will also refer to non-GAAP financial measures. All discussions will exclude the impact of unfavorable currency impacts, the Venezuela deconsolidation and go-to-market changes. The reconciliation of the non-GAAP financial measures to the comparable GAAP measures is shown in the press release issued earlier today, which is available in the Investor Relations section of our website: energizerholdings.com. With that I'd like to turn the call over to Alan. Alan R. Hoskins - President, Chief Executive Officer & Director: Thanks, Jackie and good morning, everyone. Thanks for joining us for our first earnings call here at the New Energizer. So, let me start by providing an update of our spin-off. As many of you know we completed the separation of Energizer from Edgewell Personal Care on July 1 and began trading as an independent company on the New York Stock Exchange under the…

Thank you, sir. First question comes from Bill Chappell from SunTrust. Please go ahead, sir.

Thanks. Good morning. Brian K. Hamm - Chief Financial Officer & Executive Vice President: Good morning, Bill.

Just wanted – I guess, starting off, as we look into the upcoming holiday season, maybe you can give us an idea of market share gains, losses, whether EcoAdvanced is having a meaningful impact in helping get back some of the – or get some incremental shelf space as we go into the holidays and just, kind of, your initial take. I know we're still four months away, but probably two months away from shipments. Alan R. Hoskins - President, Chief Executive Officer & Director: Yeah. So we're going to be lapping share gains from the prior year. I think that would be your starting advantage. You think about heading into the first quarter, fourth quarter, first quarter. We, as you know, we lay our plans out with our retailers roughly 52 weeks in advance of execution. So a lot of what has been committed is now being planned for execution in the stores. We feel good about the plans that we have with our retail partners, particularly in developed markets where that has the most impact. And right now, Bill, heading into that period, we do have good share momentum again but we've got pretty big things that we're going to be lapping coming up that will impact share as we head into that fourth quarter. Brian K. Hamm - Chief Financial Officer & Executive Vice President: Yeah. Bill, it's Brian. Just to build on that a little bit, as we stated on our prepared remarks, we were expecting a mid-single digit to high-single digit organic decline, it's really based upon what we're lapping from the prior year. There was a temporary shelf space gain, the promotional shelf space gain that we had last year that drove a plus 4% organic growth and a down 3% category in the fourth quarter of last year. We chose not to repeat that until we do expect some share decline in the fourth quarter, but share is going to ebb and flow. What we're focused on is continuing to run the business the right way and invest wisely, and share will take care of itself.

Okay. And then, just on uses of cash, I mean, I think you've laid it out at the Analyst Day, but any update – I don't even know if you've been allowed to do share repurchase since the split, but kind of your thought process going forward and would you maybe more aggressively bring cash over from international to do that in the near-term? Brian K. Hamm - Chief Financial Officer & Executive Vice President: Yeah. The uses of cash or the priorities of uses of cash remain consistent with what we shared on Investor Day; it's reinvest in the business, it's return capital via a meaningful competitive dividend, opportunistic share repurchase and then selective disciplined M&A. Specifically, as it relates to your question, the company formed on July 1, we're definitely in a blackout period until we release the results. And so we have been out of the market, but our thought on share repurchase is consistent with what we shared on Investor Day. We'll look opportunistically weighing short-term, mid-term and long-term cash needs to determine how best to drive long-term value to shareholders. As far as bringing international cash back it's something that we continue to look at all the time as to what's the best use of that cash. Obviously, if were to bring it back, you would pay a tax on it but, it's something that we continuing to look at, and discuss very frequently with our board as to how best to put that cash to use.

I'll turn it over. Thanks so much.

Next question comes from Steve Powers from UBS. Please go ahead, sir.

Hey, thanks, good morning. I guess I want to make sure I understand the revenue guidance for the fourth quarter correctly. I think those items that you walked through are, if I am not mistaken, effectively additive. So it appears you're may be guiding revenue down as much as like 20%. Is that the correct read? Brian K. Hamm - Chief Financial Officer & Executive Vice President: Yeah. There is – those four moving parts are additive. We said currencies will continue to be headwind of about 5.5%, the go-to-market changes will be down about 5%, Venezuela will be down 1%, the organic will be mid-single digits to high-single digits. And so, if all these play out, you're looking at a range of total revenue down 17% to 20%. But, all of these are consistent with what we shared during Investor Day. There will be a period of transition as we finalize the separation and adjust to our new scale and focus on the key markets and the customers.

Okay. As you look forward to 2016 especially on the go-to-market and the organic, any early indicators or sort of the cadence of growth as you look across 2016? Alan R. Hoskins - President, Chief Executive Officer & Director: Steve, it's Alan. Just to chime in on that, we had on Investor Day provided our outlook that we anticipate the category would continue to decline both single-digit. We have seen some stabilization in the category starting in January of 2015 that has helped pretty stead from that point quarter-to-quarter all the way through the May reporting period. We do anticipate though as we think about our long range planning, we are anticipating to build into our model that low single-digit decline even though we're seeing some stabilization in the category right now.

Okay. Fair. I know there are lots of moving parts, but is there any help you can provide us in terms of what the go-forward SG&A run rate is likely to be either as it relates to Q4 or next year as you finalize the P&L? I think that would be helpful if you just validate our estimates. And then going back to the top-line, any color you might be able to provide in terms of the regional details, pockets of strength, pockets of relative weakness versus your base case? Thanks. Alan R. Hoskins - President, Chief Executive Officer & Director: Yeah, Steve, I'll go ahead – let me answer the latter question and then I'll turn it over to Brian on SG&A. So as we look at the markets, right now as I indicated we are seeing some stabilization in both category volume and value since the January period and that has been pretty consistent up through the May reporting period. We do anticipate that will continue in some markets, but not all. At this point, we are seeing some shifts in category performance. So as an example, global volume right now is up tenth of a percent and that's the latest 12-week total household battery, value is down 0.5%. When you look at the U.S. just to pick the largest battery market in the world, U.S. volume is down 1.6%, value down 1.3%. We don't anticipate that trend to shift too much and given the scale of that market you would anticipate the current trends we're seeing to hold or move more toward that low-single digit that we're projecting. Now as you look at the breakout of markets, developed markets are actually down 1.4% in value in the latest 12 weeks and that's a pretty similar trend to…

Next question comes from Chris Ferrara from Wells Fargo. Please go ahead, sir.

Hey. Thanks, guys. I just wanted to go to A&P for a little bit, so $35 million spent in A&P. Obviously, that's a really big number 9.4% of sales, bigger than Q1 even. I guess, EcoAdvanced needed support, but is this indicative of what the run-rate would be when you adjust it seasonally or do you think this is a particularly large spend number for the quarter? Alan R. Hoskins - President, Chief Executive Officer & Director: Yeah. Hey, Chris, it's Alan. Great question. It's actually large for the quarter because of our expansion of EcoAdvanced into new markets. That is going to require A&P support to drive both awareness and build trial with consumers. You would expect as we announced on Investor Day, I am planning on A&P as a percent of sales to be in a run-rate around 6% to 7%. Now, keep in mind that will ebb and flow and it ebbs and flows with competitive activity and its contention on any new innovative launches that we have in our cycle plan that will be forthcoming. So you can see that A&P move out of the range higher before launching new products and it could potentially move lower if we chose to reinvest that money into something different, perhaps, driving awareness in-store on past purchases opposed to above the line with TVC. But, if you think about the EcoAdvanced launch and really back to Steve's question as well, we're actually really pleased with the launch to-date. We've got roughly $30 million in shipments year-to-date through June, then we've got over a billion impressions in the market. At this point what we are very pleased with is the A&P investments that we made have given us strong consumer repeat purchase rates and well above new product launch norms…

Okay. That's really helpful. And I guess as a quick follow-up, I mean, first on back to the A&P, does 2016 because you will still be supporting EcoAdvanced, does that look to be an above trend year or high enough trend year? I guess, and then, more specifically, on EcoAdvanced, can you just talk a little bit about maybe the performance profile, the margin of that brand, once you get past initial heavy spending, what it looks like, is it – obviously it's a focus for an eco-focused customer, right? How mainstream can it be? How big can it get? That would be great. Thank you. Alan R. Hoskins - President, Chief Executive Officer & Director: Yeah. So let me start with the latter part. I may even ask Brain to chime in on a couple of the questions you had there. So with EcoAdvanced the way to think about it is when we approach the category we use consumer insights and I won't belabor it too much, but what those insights led us do is really leverage and capitalize on the consumers' expanded definition of performance which includes long-lasting performance plus quality, reliability and responsibility and that's what the EcoAdvanced brings is really all four of those consumer needs. We plan on continuing to launch EcoAdvanced in select markets around the world. I wouldn't anticipate you would see this everywhere as you would imagine, there are some developing markets where that particular price point just doesn't make sense. One of the things that we like about EcoAdvanced is, it's actually contributed to accretive value growth in the category as a launch. And it's allowed us to really expand our brand in-store both in distribution and in visibility to both consumers with our customers. So we're really pleased with what…

Thanks a lot. I appreciate it, guys.

Next question comes from Bill Schmitz from Deutsche Bank. Please go ahead, sir.

Hi, guys. Good morning. Alan R. Hoskins - President, Chief Executive Officer & Director: Hi, good morning.

Hey, can you just talk about what your views on channel inventory right now? And then, one of your competitors had some pretty promising comments in that category saying that aggressive (36:40) spending doesn't really drive consumption. And so, it sounds like at least one competitor think it rational and I know it's probably too early and you're probably sick of the question, but any sort of read on how the new Duracell is going to behave? And then I have a follow-up if I can. Alan R. Hoskins - President, Chief Executive Officer & Director: Okay. I'm going to take a pass and ask Brian to chime in, Bill. So, first, the views on the channel inventory, inventories right now depending on the channel, some channel is going to be a little high, other channels are actually appropriately inventoried. A lot of that believe it or not has to do with storm builds and how storms come into play as well as the timing in which shipments went in for holiday and how that inventory flowed through in it. Again, it's different channel to channel. Overall, we feel that inventories with the retail trade will continue to normalize over the next few quarters. I think that's the best way to summarize it for you. On promotional spending, let me just, let me kind of address it for you this way, as we think about promotional spending at Energizer, we partner with our retailers, as I said for larger retailers at least a year in advance and setting both their promotional and merchandizing plans. We typically in our joint business planning sessions with them try to align to their strategies, but as a part of that strategy, our revenue management team that Brian alluded to earlier really evaluate, assess our…

Okay. Great. Thanks so much for that. And then, I think Chappell sort of asked the question, but I just wanted to chime in also. So when do you guys think you're going to start using the balance sheet more aggressively? I mean, how long is the transition period going to take? And then, I know M&A was one of the uses of cash in the Investor Day presentation. And I'm curious if you guys are actively looking at acquisitions now or do you think you're going to sort of take a breather for a while as you get the spin completed? Brian K. Hamm - Chief Financial Officer & Executive Vice President: Yeah, Bill, it's Brian. Just as we stated in Investor Day, it's a balance between all three; it's investing in the business, returning capital with dividends and share repo and then, if the right M&A opportunity comes about, then we'll definitely take a look at it. We're 36 days post-spin. We've hit the ground running and it's some – how best to utilize cash is something that we talk about every single day and also talk about very closely with our board. And so, it's definitely top of mind, we recognize that returning capital to shareholders via a dividend and share repo is critical ways that we deliver value. But, it's going to be a balanced approach. Alan R. Hoskins - President, Chief Executive Officer & Director: And then, if you don't mind, just to chime in on M&A real quick as you asked the question about potential prospects. Let me just talk briefly about the way we're thinking about M&A. It's really about the right business at the right time, the right price and the right place. And let me just clarify what we mean by…

And the next question comes from Olivia Tong from Bank of America Merrill Lynch. Please go ahead.

Good morning. Thanks. Appreciate the detail on the international markets and just noticed that the organic sales they are really lumpy by quarter. Has that always been the case or is there something specific going on this year? And then how do you think about the category growth rates by region going forward? Brian K. Hamm - Chief Financial Officer & Executive Vice President: Yeah. I'll take the first and then pass it over to Alan for outlook going forward. A couple of things to play is that in Latin America obviously there is a lot of volatility within many of the markets in which we operate. And then also just the overall small scale within Latin America is that small numbers can drive a big percent change on a year-over-year basis, but what we've consistently seen within Latin America is the ability to continue to take price, but volume has declined because of some of the economic challenges within many of those markets. Within EMEA, we've made good inroads in gaining profitable share and in good distribution in shelf space gains within the key markets that we're focusing in on. So for the last three quarters we're very happy with our performance within EMEA. Within Asia, it's a very competitive environment especially within Australia. We've seen competition really heat things up and that's really the reason for some of that quarter-in, quarter-out volatility. Alan R. Hoskins - President, Chief Executive Officer & Director: And then Olivia, just to expand on the second part of your question in terms of, sort of, anticipated, it's really hard to project what the trends will be going forward in each of the key regions, but here is the way you may want to think about it. If you look at the trends in…

Got it. That's very helpful. And then, the incremental or the gains that you've gotten from EcoAdvanced, have they come from your existing products or do you think that you got some more shelf space with that. And then earlier you had mentioned that you think that there is probably a bit more inventory in the retail channel. So going forward at least for the next few quarters, would you expect at least for next year to ship below consumption? Alan R. Hoskins - President, Chief Executive Officer & Director: Yes. It's a great question. So first on the EcoAdvanced, anytime you launch a new product you're going to see some sourcing of volume from your own existing brands and competitive brands that has happened as you would imagine. But what we're pleased with is we're actually seeing some incremental from that launch of EcoAdvanced which was important. When we did a lot of our bases work we actually found that this would be incremental to the category and a lot of the markets that franchise effect is playing out the way we had hoped. A little less so in the North America because we're introducing a new segment, if you will, in performance alkaline and there has been some catch up in terms of the space that should be allocated to that brand which we expect to see occur over the next several quarters. So EcoAdvanced will certainly hold its own, but we're pleased with this when we look at the launch of that product versus new product industry norms or competitive launches that would have been similar, not only is it holding its own, it's actually exceeding in some of the key measures, so we are pleased with that. In terms of the inventory, you can expect that to ebb and flow over the next couple of quarters. Certainly as we head into holiday there is a usually a build that will occurs as retailers get ready to execute against that. In terms of EcoAdvanced itself we do have some inventory we'll be flushing through over the next several quarters. But, we expect that to normalize. Personally I don't have a concern about the inventory levels on the EcoAdvanced and the impact it may have on future sales.

Got it. Thanks. And just lastly just for modeling purposes, the corporate expenses that come from legacy ENR to you guys, is that about $15 million a quarter? Brian K. Hamm - Chief Financial Officer & Executive Vice President: What we said in Investor Day is that the parent company had corporate expenses of around $135 million to $140 million; a reasonable estimate is about half of that. But, again we're still finalizing our budgeting efforts for 2016. I'll be able to give you a lot better number during the November earnings call.

And the next question comes from Kevin Grundy from Jefferies. Please go ahead.

Hey. Good morning, guys. Brian K. Hamm - Chief Financial Officer & Executive Vice President: Good morning.

So, my first question is on margins by segment. Can you – so the margin gap in LATAM and EMEA versus some of your developed market segments, how much of that gap can you close and over what period of time? Brian K. Hamm - Chief Financial Officer & Executive Vice President: Yeah, it's definitely a focus for us. When you look at LATAM, decent gross margins, however, the high inflationary environment within several of those markets, so our SG&A spend is pretty high within Latin America. What we're doing as far as some of the go-to-market changes and also as part of the moving to shared services and then also moving to outsourcing in certain transactional functions hopefully should help that, right, and because it allows us to deliver those services to that market from other markets hopefully at a more favorable cost; it's plans that we have in place now and it's going to continue to be an area of focus for us going forward. Same with EMEA, EMEA, it's complex to do business, multiple currencies and just a complex overall business market within some of those geographies across EMEA. It is a focus for us. Again, the go-to-market changes and also moving to shared services and also outsourcing should help that. But, it's something that is a priority of ours now and we'll continue to attack into the future. As far as specific timeframe and a specific amount is to how much of that gap we'll be able to close, again, we're still going through our ABP (51:08) process and then we'll be going through our long-term strat planning process in the coming months. So, I'm going to hold off on getting some specifics until we complete both of those exercises.

Okay. Fair enough. And then, Alan, thanks for the M&A commentary earlier. That was helpful. Are there any categories I guess within household and most notably in batteries as an example, are you philosophically opposed to increasing your battery exposure through M&A or should we think about this you're going to be looking for higher growth, higher margin sort of accretive category, if you were to pursue M&A? Alan R. Hoskins - President, Chief Executive Officer & Director: Yeah. So, M&A, it's going to be whatever we do it needs to be margin accretive and think about the profile as being similar cash profiles. You want that stable cash flow coming in. We do want businesses that had similar CapEx profiles, the ability to leverage our global footprint, the ability to be able to build brands in the markets that we enter that are either new markets or existing markets, and one of things I talked about during the roadshow that I think is important to call out in M&A, we really want to look at M&A across the value stream to make sure that we can truly benefit from both the synergy, the cost and revenue opportunities that might exist in whatever company we choose to pursue. It's really hard to comment on sort of hypothetical acquisition in terms of what that would look like, so I'd have to default now until we took a decision to do that, but I will tell you we work very closely with our board of directors in terms of assessing opportunities as they come up and we'll continue to do that as well into the future. In terms of giving you specific categories, I hate to throw a wide net to you the way I have, but just think household space. We believe that that's where the potential opportunities are for us to capture true synergy as well as to maximize again our global footprint in the way we go to market.

And our next question comes from Nik Modi from RBC Capital Markets. Please go ahead.

Yeah. Good morning, everyone. Alan R. Hoskins - President, Chief Executive Officer & Director: Good morning, Nik.

Good morning. Just wanted to touch on the trade spend. So, you talked about promotional efficiency as part of this potential savings opportunity, can you just help us quantify just the overall buckets in that spend pool? And then the other question I had just quickly on the licensing business. I mean, the brand obviously has been invested in a lot. I am sure there would be other companies that would love the Energizer brand name on their products just to show the credibility. Can you just give us some thoughts on that part of the business? Alan R. Hoskins - President, Chief Executive Officer & Director: Yeah. So, Brian and I will tag team for you on this one, Nik, if you don't mind. And let me kind of provide some color and then Brian may have a little more detail for you. So, as you think about trade investment, it's certainly a big investment bucket for New Energizer. One of the things and having spent a lot of time in this area myself over the years that we're really going to look at is a combination of both the pricing, architecture as well as trade promotion efficiency. And really, what we've done with the revenue management team is we put a group in place and they are charged globally to look not just system and process, but overall strategy and approach to how we think about trade investment going forward. We did do some initial work during our previous restructuring that was able to drive out some inefficiencies in the way we spend money and this last go-round, we took it a step further and identified just trade promotion and think about this as non-invoice spending and really understanding where we are getting the best lifts and the…

Great. Thanks, guys.

This concludes our question-and-answer session. I now like to turn the conference back over to Alan Hoskins for any closing remarks. Alan R. Hoskins - President, Chief Executive Officer & Director: Great. Thank you, operator. So, on behalf of the New Energizer, we'd like to thank you for joining us on our first earnings call. As Brian has alluded to in a number of occasions, you can anticipate this to be the norm where we're providing as much transparency as we can to you on the business with some foresight in terms of where we'll be taking the business. But all-in we do appreciate your time this morning and calling in to listen and thank you for your questions and your interest. We look forward to communicating with you in the future as well. Thanks.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.