| Segment/Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Consumer Domestic (USD Million) | **1,120.8**  **[0000950170-23-001741_chd-ex99_1.htm:3]**  | **1,116.9**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **1,128.2**  **[0000950170-23-035361_chd-20230630.htm:18]**  | **1,133.1**  **[0000950170-23-058681_chd-20230930.htm:18]**  | **1,193.0**  **[0000950170-24-010091_chd-ex99_1.htm:1]**  | **1,165.2**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **1,170.6**  **[0000950170-24-090144_chd-20240630.htm:18]**  | **1,170.8**  **[0000950170-24-120026_chd-20240930.htm:19]**  |
| Consumer International (USD Million) | **231.3**  **[0000950170-23-001741_chd-ex99_1.htm:3]**  | **230.6**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **241.9**  **[0000950170-23-035361_chd-20230630.htm:18]**  | **244.4**  **[0000950170-23-058681_chd-20230930.htm:18]**  | **258.8**  **[0000950170-24-010091_chd-ex99_1.htm:1]**  | **255.0**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **263.7**  **[0000950170-24-090144_chd-20240630.htm:18]**  | **267.7**  **[0000950170-24-120026_chd-20240930.htm:19]**  |
| Specialty Products Division (SPD) (USD Million) | **83.9**  **[0000950170-23-001741_chd-ex99_1.htm:3]**  | **82.3**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **84.1**  **[0000950170-23-035361_chd-20230630.htm:18]**  | **78.4**  **[0000950170-23-058681_chd-20230930.htm:18]**  | **76.2**  **[0000950170-24-010091_chd-ex99_1.htm:1]**  | **83.1**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **76.9**  **[0000950170-24-090144_chd-20240630.htm:18]**  | **72.1**  **[0000950170-24-120026_chd-20240930.htm:19]**  |

ab4feda31ffd21d7a3f629431cc803b579c715861202d0cb7f941ac58b3761d9

Church & Dwight Co., Inc. develops, manufactures, and markets a wide array of consumer household, personal care, and specialty products. The company is known for its well-recognized brands such as ARM & HAMMER® baking soda products, OXICLEAN® cleaning solutions, VITAFUSION® and L’IL CRITTERS® gummy dietary supplements, BATISTE® dry shampoo, and WATERPIK® water flossers and showerheads **[0000950170-24-015810_chd-20231231.htm:7]** **[0000950170-24-015810_chd-20231231.htm:64]** **[0000950170-24-051879_chd-20240331.htm:18]** **[0000950170-24-090144_chd-20240630.htm:20]** **[0000950170-24-120026_chd-20240930.htm:22]** **[0001193125-24-141824_d821300ds3asr.htm:8]**. Operating in three segments—Consumer Domestic, Consumer International, and Specialty Products Division (SPD)—the company focuses on delivering quality products across various categories **[0000950170-24-015810_chd-20231231.htm:64]** **[0000950170-24-015810_chd-20231231.htm:96]** **[0000950170-24-015810_chd-20231231.htm:12]**. Seven of their brands, including ARM & HAMMER® and OXICLEAN®, are designated as "power brands" and significantly contribute to their net sales and profits **[0000950170-24-015810_chd-20231231.htm:7]** **[0000950170-24-015810_chd-20231231.htm:64]** **[0000950170-24-051879_chd-20240331.htm:18]** **[0000950170-24-090144_chd-20240630.htm:20]** **[0000950170-24-120026_chd-20240930.htm:22]** **[0001193125-24-141824_d821300ds3asr.htm:8]**.

1. **Consumer Domestic** - Develops and markets a broad range of household and personal care products within the United States, contributing significantly to the company's net sales.
2. **Consumer International** - Offers consumer products similar to the domestic segment but focuses on international markets, expanding the company's global reach.
3. **Specialty Products Division (SPD)** - Provides specialty products that cater to niche markets, representing a smaller portion of the company's overall sales.

3f4386794c2b3a937f7d54f7ce69f127a8c5ab600a4977cc35f9a7de68d2cb29

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

130bd34aee62d4a51556052ced90100bf7930ec6754e2c37854a5445f8773c82

15a1b30b6b3f486fa51860c7f9df2567c0ace5fffb359fde01b543237446f048

| Metric [USD Million] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Consumer Domestic    | **1,116.9**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **1,128.2**  **[0000950170-23-035361_chd-20230630.htm:18]**  | **1,133.1**  **[0000950170-23-058681_chd-20230930.htm:18]**  | N/A     | **1,165.2**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **1,170.6**  **[0000950170-24-090144_chd-20240630.htm:18]**  | **1,170.8**  **[0000950170-24-120026_chd-20240930.htm:19]**  | N/A     |
| Consumer International| **230.6**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **241.9**  **[0000950170-23-035361_chd-20230630.htm:18]**  | **244.4**  **[0000950170-23-058681_chd-20230930.htm:18]**  | N/A     | **255.0**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **263.7**  **[0000950170-24-090144_chd-20240630.htm:18]**  | **267.7**  **[0000950170-24-120026_chd-20240930.htm:19]**  | N/A     |
| Total Net Sales      | **1,429.8**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **1,454.2**  **[0000950170-23-035361_chd-20230630.htm:18]**  | **1,455.9**  **[0000950170-23-058681_chd-20230930.htm:18]**  | N/A     | **1,503.3**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **1,511.2**  **[0000950170-24-090144_chd-20240630.htm:18]**  | **1,510.6**  **[0000950170-24-120026_chd-20240930.htm:19]**  | N/A     |

8c8bd429391fee04b76fc91453945ce1585574f09d053329473e0edf7ac8d1e3

| Metric (Unit) | Q1 2023 | Q2 2023 | Q3 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|
| Equity in Earnings of Armand (Million USD) | **4.4**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **2.0**  **[0000950170-23-035361_chd-20230630.htm:22]**  | **1.7**  **[0000950170-23-058681_chd-20230930.htm:18]**  | **1.1**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **3.1**  **[0000950170-24-090144_chd-20240630.htm:24]**  | **3.0**  **[0000950170-24-120026_chd-20240930.htm:29]**  |
| Equity in Earnings of ArmaKleen (Million USD) | **4.4**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **2.0**  **[0000950170-23-035361_chd-20230630.htm:22]**  | **1.7**  **[0000950170-23-058681_chd-20230930.htm:18]**  | **1.1**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **3.1**  **[0000950170-24-090144_chd-20240630.htm:24]**  | **3.0**  **[0000950170-24-120026_chd-20240930.htm:29]**  |
| Intersegment Sales from Consumer International to Consumer Domestic (Million USD) | **3.6**  **[0000950170-23-015179_chd-20230331.htm:19]**  | **3.4**  **[0000950170-23-035361_chd-20230630.htm:22]**  | **4.7**  **[0000950170-23-058681_chd-20230930.htm:18]**  | **5.6**  **[0000950170-24-051879_chd-20240331.htm:16]**  | **7.0**  **[0000950170-24-090144_chd-20240630.htm:24]**  | **7.0**  **[0000950170-24-120026_chd-20240930.htm:29]**  |

3d3f20fc798d15ac9123d8071cfa2a6cd84cf7f630dcb2e15879845aa1a0a13e

1. With the deceleration in growth of key brands like THERABREATH and HERO, despite their strong performance, how do you plan to maintain double-digit growth rates as the law of large numbers takes effect and category growth rates change?  **[CHD_3396194_17]** 

2. Given the slowdown in underlying category growth and the pressure on organic growth guidance, does your outlook assume further deceleration, and how do you plan to balance price/mix and volumes in this context?  **[CHD_3396194_10]** 

3. In light of rising commodity costs affecting gross margins, such as increases in pulp, paper, HDPE, and ethylene, what strategies are you implementing to mitigate these pressures and prevent further margin deceleration in the second half?  **[CHD_3396194_22]** **[CHD_3396194_24]** 

4. Considering your disadvantage in the vitamins market due to a less extensive sugar-free portfolio compared to competitors, how are you planning to renovate your product offerings to address shifting consumer preferences towards sugar-free options?  **[CHD_3396194_29]** 

5. With the departure of key executive Barry, who has been integral to your success, how do you plan to ensure continuity in leadership and strategy, and what is your timeline for filling this critical role?  **[CHD_3396194_23]** 

baf56e4de4574f25f703941309a12770ac47cf849d37cc9340d7b1f8f4389286

6e40a0f7014593ea6a0008b96b4dcb749862074e505a1d0a1ea69a7c6c08118e

Consumer Domestic

- Household Products

- Personal Care Products

Consumer International

Specialty Products

Total Revenue

e4b39714a0a45b725a1c64baba7ef653990374bdd05aa21c2d19b9582da8be80

- P&G
- The Clorox Company
- Colgate-Palmolive Company
- S.C. Johnson & Son, Inc.
- Nestle Purina PetCare Company
- Nestle Health Science
- Haleon plc
- Henkel
- Reckitt Benckiser Group plc
- Kenvue Inc.
- Pfizer Inc.
- Bayer AG
- NBTY, Inc.
- Koninklijke Philips N.V.
- Unilever PLC
- Sanofi
- Pharmavite LLC
- Edgewell Personal Care
- Cargill Incorporated (competitor in the specialty chemicals product line)
- Lallemand Inc. (competitor in the specialty chemicals product line)
- Solvay Chemicals, Inc. (competitor in the specialty chemicals product line)
- Genesis Alkali (competitor in the specialty chemicals product line)
- Natural Soda, Inc. (competitor in the specialty chemicals product line)

86019a738bbc63bd02fe790192c7fef15ac324f3b12bcec7a052930b07c88643

| Program Details          | Program 1                  |
|--------------------------|----------------------------|
| Approval Date            | October 28, 2021  **[0000950170-24-120026_chd-20240930.htm:8]** **[0000950170-24-120026_chd-20240930.htm:33]**     |
| End Date/Duration        | No expiration date  **[0000950170-24-120026_chd-20240930.htm:8]** **[0000950170-24-120026_chd-20240930.htm:33]**   |
| Total additional amount  | **$1,000.0 million**  **[0000950170-24-120026_chd-20240930.htm:8]** **[0000950170-24-120026_chd-20240930.htm:33]** |
| Remaining authorization  | **$658.9 million**  **[0000950170-24-120026_chd-20240930.htm:8]** **[0000950170-24-120026_chd-20240930.htm:33]** **[0000950170-24-120026_chd-20240930.htm:42]** |
| Details                  | Replaced the 2017 program; aims to manage capital structure and return value to shareholders  **[0000950170-24-015810_chd-20231231.htm:81]** **[0000950170-22-020408_chd-20220930.htm:7]** **[0000950170-24-015810_chd-20231231.htm:62]** **[0000950170-24-015810_chd-20231231.htm:124]**  |

8fca314e8d3a6e4a761f509a1aedee5623cc3f8c2c67a1a764a1e123082504d0

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Sales Growth**: Approximately **4%**  **[CHD_3396194_3]** .
  2. **Reported Sales Growth**: Approximately **3.5%**  **[CHD_3396194_3]** .
  3. **Full Year Adjusted EPS Growth**: At the low end of **8% to 9%**  **[CHD_3396194_3]** .
  4. **Gross Margin Expansion**: Approximately **100 to 110 basis points**  **[CHD_3396194_4]** .
  5. **Marketing as a Percentage of Net Sales**: Approximately **11%**  **[CHD_3396194_4]** .
  6. **Full Year Effective Tax Rate**: Approximately **23%**  **[CHD_3396194_3]** .
  7. **Full Year Cash Flow from Operations**: Approximately **$1.08 billion**  **[CHD_3396194_3]** .
  8. **Capital Expenditures for 2024**: Approximately **$180 million**  **[CHD_3396194_3]** .
  9. **International Business Growth**: **8%** annually  **[CHD_3396194_13]** .
  10. **Specialty Products Division**: **5%** organic sales growth  **[CHD_3396194_2]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024 and Q2 2024
- **Guidance**:
  1. **Cash Flow from Operations**: Approximately **$1.050 billion**  **[CHD_3382167_4]** .
  2. **Capital Expenditures**: Approximately **$180 million**  **[CHD_3382167_4]** .
  3. **Sales Growth**:
     - Full year reported and organic sales growth: **4% to 5%**  **[CHD_3382167_4]** .
     - Q2 reported sales growth: **3.5%**; organic sales growth: **4%**  **[CHD_3382167_4]** .
  4. **Earnings Per Share (EPS)**:
     - Full year EPS growth: **8% to 9%**  **[CHD_3382167_4]** .
     - Adjusted EPS for Q2: **$0.83 per share**  **[CHD_3382167_4]** .
  5. **Gross Margin**:
     - Full year expansion: **75 basis points**  **[CHD_3382167_4]** .
     - Moderate expansion for Q2  **[CHD_3382167_4]** .
  6. **Marketing and SG&A**:
     - Marketing as a percentage of net sales: **11%**  **[CHD_3382167_4]** .
     - SG&A flat as a percentage of net sales  **[CHD_3382167_4]** .
  7. **Tax Rate**:
     - Q2 tax rate: **24%**  **[CHD_3382167_4]** .
     - Full year effective tax rate: **23%**  **[CHD_3382167_3]** .
  8. **Other Expense**: Approximately **$80 million**  **[CHD_3382167_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Q4 2023 and FY 2024
- **Guidance** (from Q3 2023 call):
  1. **Reported Sales Growth**: **5%**  **[CHD_3364176_3]** .
  2. **Organic Sales Growth**: Approximately **4%**  **[CHD_3364176_3]** .
  3. **Gross Margin**: Significant year-over-year expansion  **[CHD_3364176_3]** .
  4. **Marketing Expense**: In excess of **14%** in Q4  **[CHD_3364176_3]** .
  5. **Adjusted EPS**: **$0.63** per share  **[CHD_3364176_3]** .

### Q3 2023 Earnings Call
- **Issued Period**: Q3 2023
- **Guided Period**: Q4 2023
- **Guidance**:
  - The documents do not provide specific guidance from the Q3 2023 earnings call for Q4 2023, but the guidance for Q4 2023 was included in the Q4 2023 earnings call section above.

025a63c16ceed35af1c3a88a6711a1420ff87dc75c4820101a9bb12771894e50

1. **Guidance and Outlook**  
   **Q:** Why did you raise bottom-line guidance but keep top-line guidance the same?  
   **A:** After a strong Q1, especially in **gross margin**, we felt it necessary to reflect that in our **earnings outlook**, hence we raised the bottom-line guidance. However, it's still early in the year, and we typically don't adjust our top-line guidance after Q1. We'll discuss the outlook more in July.  **[CHD_3382167_8]** 

2. **Gross Margin Progression**  
   **Q:** What's your outlook on gross margins, and what factors will affect them?  
   **A:** The strong gross margin in Q1 was driven by higher volumes and favorable mix. Going forward, gross margin growth may not be as fast due to lapping the carryover pricing and adding fixed costs for capacity expansion, like new distribution centers. The impact of lapping HERO distribution gains on gross margin is not significant.  **[CHD_3382167_9]** **[CHD_3382167_19]** 

3. **Laundry Volume Outlook**  
   **Q:** What are your expectations for laundry volumes in the coming quarters?  
   **A:** We expect continued improvement in laundry volumes as we normalize trade spend and increase couponing and trade support for new products like **Deep Clean**, launched nationally. We're well-positioned due to success in unit dose (grew **34%** in the quarter) and scent boosters (grew **7%**), benefiting from consumer trade-down.  **[CHD_3382167_6]** 

4. **Vitamin Category Performance**  
   **Q:** What's affecting the vitamin category, and what are your expectations?  
   **A:** The vitamin category has been down around **5%** in both Q4 and Q1. Factors include post-COVID effects, reduced discretionary spending, and a shift from gummies to other forms like powders and chewables. We're launching a chewable this year, increasing marketing spend, and seeing retailer support. We aim to stabilize and see growth inflection in the second half.  **[CHD_3382167_7]** 

5. **Innovation Contribution**  
   **Q:** What's the expected contribution from innovation, and how are new products performing?  
   **A:** We anticipate about **2%** of our organic sales growth to come from new product launches, making this one of our biggest years for innovation. Early indications show products like **Deep Clean** in laundry and THERABREATH antiseptic are meeting or exceeding expectations, with high velocities and retailer support.  **[CHD_3382167_9]** 

6. **Acquisition of GRAPHICO**  
   **Q:** Why did you acquire GRAPHICO in Japan, and are you considering similar deals?  
   **A:** GRAPHICO has been our distributor for **25 years**, making OXICLEAN the number one prewash additive in Japan. Acquiring them gives us a capable team and a base in Japan to introduce other products and expand in Southeast Asia. We're always on the hunt for acquisitions, but that's all we can share now.  **[CHD_3382167_17]** 

7. **International Sales Growth**  
   **Q:** Was international growth due to distribution expansion or existing market strength?  
   **A:** The growth was broad-based, with all six subsidiaries and the Global Markets Group contributing. It's due to being selective with brands and retailers, leveraging revenue growth management, and launching new brands like HERO and THERABREATH internationally. Responses in many countries have been great.  **[CHD_3382167_16]** 

8. **Managing Share and Profitability in Laundry**  
   **Q:** How are you balancing share and profitability as you increase trade spend in laundry?  
   **A:** We're balancing trade spending and growth effectively. After cutting ineffective promotions last year, we're normalizing trade spend to support new products without exceeding category levels. Our trade spend remains below category average, maintaining profitability while driving share.  **[CHD_3382167_15]** 

9. **HERO Business Performance**  
   **Q:** What trends are you seeing in the HERO brand's demand and user growth?  
   **A:** HERO volumes continue to grow, driven by increasing awareness and household penetration. The brand has significant potential ahead, and we're expanding into adjacent areas like skincare pre- and post-acne treatments. We're also launching HERO in **40 countries** this year.  **[CHD_3382167_24]** 

25f0572c762c4455c556f1d00e10f79ac0f08a04cad81fb3b2368851ea07f2af

Equity in Earnings of Armand (Million USD)

Equity in Earnings of ArmaKleen (Million USD)

Intersegment Sales from Consumer International to Consumer Domestic (Million USD)

93faf1e93e08aaa30a55b8941fbe380b97e9111448a0ded0e1242580c2a61f87

United States

International

Other

Specialty Products Division (SPD)

1ce38837235c88616b15b787c537c1bc9460afd3fe7c438e4622e70572df057a

724b05e9e5423f756ab382eb3b1daa621729a54d34d1e402da29b4c48ef4d760

| Name                | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------|--------------------------------------------------------------------------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Barry A. Bruno      | Executive Vice President, Chief Marketing Officer, and President – Consumer Domestic | April 2022          | Barry A. Bruno has been serving in his current role since April 2022. He previously served as Executive Vice President and Chief Marketing Officer from October 2021 to April 2022, and Executive Vice President, International from January 2021 to September 2021. He joined CHD in 2013 and held various positions at Johnson & Johnson before that  **[0001193125-24-075319_d17100ddef14a.htm:47]** **[0001193125-24-065086_d17100dpre14a.htm:47]** **[CHD_3396194_23]** .                                                                                                          |
| Brian Buchert       | Executive Vice President of Strategy, M&A and Business Partnerships      | April 2022          | Brian Buchert has been in his current role since April 2022. He was previously Vice President of Corporate Strategy and M&A from January 2016 to March 2022. He has been with CHD since 2006 and played a key role in acquiring 18 brands with a total transaction value exceeding $5.3 billion  **[0001193125-24-075319_d17100ddef14a.htm:47]** **[0001193125-24-065086_d17100dpre14a.htm:47]** **[0001193125-23-073946_d462087ddef14a.htm:47]** .                                                                                                                            |
| Patrick D. de Maynadier | Executive Vice President, General Counsel, and Secretary                | December 2011       | Patrick D. de Maynadier has been serving as Executive Vice President, General Counsel, and Secretary since December 2011. Before joining CHD, he held various roles at Hill-Rom Holdings, Inc. and was a corporate and securities partner at Bracewell & Patterson, L.L.P.  **[0001193125-24-075319_d17100ddef14a.htm:47]** .                                                                                                                                                     |
| Richard A. Dierker  | Executive Vice President, Chief Financial Officer, and Head of Business Operations | April 2022          | Richard A. Dierker has been in his current role since April 2022. He previously served as Executive Vice President and Chief Financial Officer from January 2016 to April 2022. He joined CHD in 2009 and held various financial roles before that  **[0001193125-24-065086_d17100dpre14a.htm:47]** **[0001193125-24-075319_d17100ddef14a.htm:47]** **[0001193125-23-073946_d462087ddef14a.htm:47]** **[0001193125-24-219646_d873772d8k.htm:1]** .                                                                                                                                                                     |
| Matthew T. Farrell  | President and Chief Executive Officer                                     | January 2016        | Matthew T. Farrell has been the President and CEO since January 2016 and Chairman of the Board since May 2019. He previously served as Executive Vice President, Chief Operating Officer, and Chief Financial Officer from November 2014 to December 2015  **[0001193125-24-065086_d17100dpre14a.htm:15]** **[0001193125-24-075319_d17100ddef14a.htm:15]** **[0001193125-24-141824_d821300ds3asr.htm:33]** .                                                                                                                                                                |
| Rene M. Hemsey      | Executive Vice President, Chief Human Resources Officer                   | April 2022          | Rene M. Hemsey has been serving in her current role since April 2022. She was previously Executive Vice President, Global Human Resources from February 2020 to March 2022 and has been with CHD since August 2001  **[0001193125-24-065086_d17100dpre14a.htm:48]** **[0001193125-24-075319_d17100ddef14a.htm:48]** **[0001193125-23-073946_d462087ddef14a.htm:47]** .                                                                                                                                                                                                       |
| Carlen Hooker       | Executive Vice President, Chief Commercial Officer                        | April 2023          | Carlen Hooker has been in her current role since April 2023. She was previously Vice President, Mass Channel from September 2019 to April 2023. Before joining CHD, she held various positions at companies such as Ferrero U.S.A. Inc., Acosta, and others  **[0001193125-24-075319_d17100ddef14a.htm:48]** **[0001193125-24-065086_d17100dpre14a.htm:48]** **[0001193125-24-065086_d17100dpre14a.htm:49]** .                                                                                                                                                               |
| Carlos G. Linares   | Executive Vice President, Chief Technology Officer & Global New Product Innovation | April 2022          | Carlos G. Linares has been serving in his current role since April 2022. He was previously Executive Vice President, Global Research & Development from June 2017 to April 2022. He has extensive experience in R&D product development and innovation  **[0001193125-24-065086_d17100dpre14a.htm:49]** **[0001193125-23-073946_d462087ddef14a.htm:48]** .                                                                                                                                                                       |
| Joseph J. Longo     | Vice President, Controller, and Chief Accounting Officer                  | September 2020      | Joseph J. Longo has been in his current role since September 2020. Before joining CHD, he held positions at Dorman Products Inc., Pinnacle Foods Inc., and Tyco International Ltd.  **[0001193125-24-065086_d17100dpre14a.htm:49]** **[0001193125-24-075319_d17100ddef14a.htm:49]** .                                                                                                                                                                                                                                          |
| Michael G. Read     | Executive Vice President, President Consumer International & Specialty Products Division | October 2021        | Michael G. Read has been serving in his current role since October 2021. He joined CHD in 2016 and previously worked at Aryzta AG and Molson Coors  **[0001193125-24-065086_d17100dpre14a.htm:49]** **[0001193125-24-075319_d17100ddef14a.htm:49]** .                                                                                                                                                                                                                                                                        |
| Rick Spann          | Executive Vice President, Chief Supply Chain Officer                      | April 2022          | Rick Spann has been in his current role since April 2022. He was previously Executive Vice President, Global Operations from May 2017 to April 2022. Before joining CHD, he had a long career at Colgate-Palmolive Company  **[0001193125-24-065086_d17100dpre14a.htm:49]** **[0001193125-24-075319_d17100ddef14a.htm:49]** **[0001193125-23-073946_d462087ddef14a.htm:49]** .                                                                                                                                                                                            |
| Richard Dierker     | Upcoming President and Chief Executive Officer                            | March 31, 2025      | Richard Dierker is set to become the President and CEO on March 31, 2025. He has been with CHD for 15 years, serving in various roles, including Executive Vice President, Chief Financial Officer, and Head of Business Operations since April 2022  **[0001193125-24-219646_d873772d8k.htm:1]** **[0001193125-24-219646_d873772dex991.htm:0]** .                                                                                                                                                                        |

4cd5de93fdba88768be0bb29ef3f110c72e4b8f02913c11bf2b45aafed159629

**Annual guidance for FY 2024:**
- **Full-Year Organic Revenue Growth**: 4%  **[CHD_3405469_3]** (no change from 4%  **[CHD_3396194_3]** )  
- **Full-Year Reported Sales Growth**: 3.5%  **[CHD_3405469_3]** (no change from 3.5%  **[CHD_3396194_3]** )  
- **Full-Year Adjusted EPS Growth**: 8%  **[CHD_3405469_3]** (no change from 8%–9%  **[CHD_3396194_3]** )  
- **Full-Year Adjusted Gross Margin Expansion**: 110 basis points  **[CHD_3405469_3]** (raised from 100–110 basis points  **[CHD_3396194_4]** )  
- **Full-Year Marketing as a Percentage of Sales**: Above 11%  **[CHD_3405469_3]** (raised from ~11%  **[CHD_3396194_4]** )  
- **Full-Year Adjusted Effective Tax Rate**: 22.5%  **[CHD_3405469_3]** (lowered from 23%  **[CHD_3396194_3]** )  
- **Full-Year Cash Flow from Operations**: $1.1 billion  **[CHD_3405469_3]** (raised from $1.08 billion  **[CHD_3396194_3]** )  
- **Full-Year Capital Expenditures (CapEx)**: $80 million  **[CHD_3405469_3]** (lowered from $180 million  **[CHD_3396194_3]** )  
- **Other Expense for the Full Year**: $65 million  **[CHD_3405469_3]** (no prior guidance)  

3c29172e5bec22b26bc7212575db32895f536795a7357330f2e903214a9656a1

bc5b640363af811265e7451ad8633e45b2fe7d1d04b8f8fe24049689ada0f3e0

- Consumer International: $285.1 million (+**10%** YoY) from $258.8 million  **[0000950170-24-015810_chd-20231231.htm:128]** **[0000950170-25-011420_chd-ex99_1.htm:10]**   
- Specialty Products: $71.2 million (−**7%** YoY) from $76.2 million  **[0000950170-24-015810_chd-20231231.htm:128]** **[0000950170-25-011420_chd-ex99_1.htm:10]**   
- Operating Income (EBIT): $256.7 million (+**19%** YoY) from $216.1 million  **[0000950170-24-015810_chd-20231231.htm:89]** **[0000950170-25-011420_chd-ex99_1.htm:9]**   
- Net Income: $189.2 million (+**23%** YoY) from $153.7 million  **[0000950170-24-015810_chd-20231231.htm:89]** **[0000950170-25-011420_chd-ex99_1.htm:9]**   
- EPS (Basic): $0.77 (+**22%** YoY) from $0.63  **[0000950170-24-015810_chd-20231231.htm:89]** **[0000950170-25-011420_chd-ex99_1.htm:9]**   

9faaaae4ca48299e051d607a4cd18aa429e7b34b3644359dc609df49f6be66c1

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 1968  **[0000950170-24-015810_chd-20231231.htm:87]**    | Present  | Current auditor   |

a172e4845a9211dc0631340023f62591b3258a4234c7394557d28a76b897a99f

d032e8eeeb1194d502d099221fab404dd749d09a4c59758ffd093eb41ffdc27f

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23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $1,510.6 million (+4% YoY)  **[0000950170-24-120026_chd-20240930.htm:19]** **[0000950170-23-058681_chd-20230930.htm:22]**   
- Consumer International: $267.7 million (+**10%** YoY)  **[0000950170-24-120026_chd-20240930.htm:19]** **[0000950170-23-058681_chd-20230930.htm:22]**   
- Personal Care Products: $533.4 million (+**7%** YoY)  **[0000950170-24-120026_chd-20240930.htm:30]** **[0000950170-23-058681_chd-20230930.htm:18]**   
- Specialty Products: $72.1 million (-**8%** YoY)  **[0000950170-24-120026_chd-20240930.htm:19]** **[0000950170-23-058681_chd-20230930.htm:22]**   
- Operating Income (EBIT): -$91.5 million vs. $255.8 million YoY  **[0000950170-24-120026_chd-20240930.htm:1]** **[0000950170-23-058681_chd-20230930.htm:1]**   
- Net Income: -$75.1 million vs. $177.5 million YoY  **[0000950170-24-120026_chd-20240930.htm:1]** **[0000950170-23-058681_chd-20230930.htm:1]**   
- Diluted EPS: -$0.30 vs. $0.72 YoY  **[0000950170-24-120026_chd-20240930.htm:1]** **[0000950170-23-058681_chd-20230930.htm:1]**   

d9785389ebbd14cf33b47356178f80bb00fa47c4698c9e618039a6eef17eb535

| Year | Amount Due (in millions) | Debt Type                     | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2024     | 3.4                          | Various debt due to international banks **[0000950170-24-120026_chd-20240930.htm:16]** | N/A                    | 0.2% = (3.4 / 2,211.6) * 100 **[0000950170-24-120026_chd-20240930.htm:16]**                                              |
| 2027     | 425.0                        | 3.15% Senior Notes **[0000950170-24-120026_chd-20240930.htm:9]**        | 3.15 **[0000950170-24-120026_chd-20240930.htm:9]**           | 19.2% = (425.0 / 2,211.6) * 100 **[0000950170-24-120026_chd-20240930.htm:16]** **[0000950170-24-120026_chd-20240930.htm:9]**                                   |
| 2031     | 400.0                        | 2.3% Senior Notes **[0000950170-24-120026_chd-20240930.htm:9]**         | 2.3 **[0000950170-24-120026_chd-20240930.htm:9]**            | 18.1% = (400.0 / 2,211.6) * 100 **[0000950170-24-120026_chd-20240930.htm:16]** **[0000950170-24-120026_chd-20240930.htm:9]**                                   |
| 2032     | 500.0                        | 5.6% Senior Notes **[0000950170-24-120026_chd-20240930.htm:9]**         | 5.6 **[0000950170-24-120026_chd-20240930.htm:9]**            | 22.6% = (500.0 / 2,211.6) * 100 **[0000950170-24-120026_chd-20240930.htm:16]** **[0000950170-24-120026_chd-20240930.htm:9]**                                   |
| 2047     | 400.0                        | 3.95% Senior Notes **[0000950170-24-120026_chd-20240930.htm:9]**        | 3.95 **[0000950170-24-120026_chd-20240930.htm:9]**           | 18.1% = (400.0 / 2,211.6) * 100 **[0000950170-24-120026_chd-20240930.htm:16]** **[0000950170-24-120026_chd-20240930.htm:9]**                                   |
| 2052     | 500.0                        | 5.00% Senior Notes **[0000950170-24-120026_chd-20240930.htm:9]**        | 5.00 **[0000950170-24-120026_chd-20240930.htm:9]**           | 22.6% = (500.0 / 2,211.6) * 100 **[0000950170-24-120026_chd-20240930.htm:16]** **[0000950170-24-120026_chd-20240930.htm:9]**                                   |

3094226ef223c506df115632dcf5577b434280db2b3e21803d8cc5347db98028

0a47f73be3d1cf294feaba59c36171cb1e74cae08d69df250cec2175b8ec31b3

1c14ce59a94144d29e117f3f6e4445112005e0b8959d9e4c6366ef94237e59d5

1. **Slowing Category Growth**  
   **Q:** Does guidance assume further slowdown?  
   **A:** Categories have slowed, such as Laundry and Litter being flat in July. The company expects the slowdown to remain at current levels, not worsen. They plan to grow by gaining share, especially through new products.  **[CHD_3396194_10]** 

2. **Promotional Spending 'Dry Powder'**  
   **Q:** Is additional spending factored into outlook?  
   **A:** The company is prepared to deploy **'dry powder'** for promotions if categories decline further or the promotional environment intensifies. This is primarily for household businesses like laundry and litter, and also applicable to vitamins.  **[CHD_3396194_7]** 

3. **Vitamins Business Challenges**  
   **Q:** Is vitamin business stable? Timeline for improvements?  
   **A:** The vitamins category is slightly down, but the company's issues are internal. Renovation of the portfolio has been slower than expected, and they don't expect to stabilize the business this year as planned. They need more time to turn it around.  **[CHD_3396194_9]** ,  **[CHD_3396194_16]** 

4. **Gross Margin Outlook**  
   **Q:** What factors drive expected deceleration in H2 gross margin?  
   **A:** Q2 gross margin benefited from favorable mix, with higher-margin products selling more than expected. In H2, modest inflation increases and potential promotional spending may impact margins.  **[CHD_3396194_22]** ,  **[CHD_3396194_24]** 

5. **Key Brands Performance**  
   **Q:** What are growth expectations for THERABREATH and HERO?  
   **A:** Both brands continue strong growth. While growth rates may moderate due to the law of large numbers, they expect strong double-digit growth ahead. They hold leading market shares in their categories.  **[CHD_3396194_17]** ,  **[CHD_3396194_16]** 

6. **Marketing Investment**  
   **Q:** Is Q3 marketing spend incremental or shifted from Q2?  
   **A:** Marketing spend was as expected in Q2 at **10.1%**. The company plans to significantly increase spending in Q3 to support new products, then reduce it in Q4 to align phasing.  **[CHD_3396194_11]** 

7. **M&A Activity**  
   **Q:** Any changes in M&A outlook?  
   **A:** The company is actively looking at opportunities and sticking to their criteria. They acknowledge cash building on the balance sheet and note that the market is active.  **[CHD_3396194_21]** ,  **[CHD_3396194_29]** 

8. **Executive Departure**  
   **Q:** Impact of Barry's departure? Plans to refill role?  
   **A:** Barry has been a key part of their success; they are sorry to see him go. They have time to figure out how to fill the position, and it's business as usual.  **[CHD_3396194_23]** 

9. **Retail Inventory Adjustments**  
   **Q:** Details on retail inventory reductions impacting sales?  
   **A:** Disconnect due to prior HERO pipeline in the year-ago period and unexpected retail inventory adjustments, primarily in laundry. There's more noise as retailers manage inventory.  **[CHD_3396194_12]** 

10. **International Performance**  
    **Q:** Expectations for international business in H2?  
    **A:** International had a strong first half with **9%** growth. The company expects around **7%** growth in the back half, still exceeding their annual target of **8%**.  **[CHD_3396194_13]** 

d9e1d1a711101722f7aa42f239dba73daa8e064166a5ca7b38a5727a2621cbe6

1. **Organic Sales Outlook**  
   **Q:** What is the outlook for category and organic sales growth?  
   **A:** Management expects category growth to average around **2.5%** in Q4, similar to September trends.  **[CHD_3405469_10]**  They anticipate **2%-3%** organic sales growth in Q4, confident in their second-half guidance.  **[CHD_3405469_12]** 

2. **Gross Margin Outlook**  
   **Q:** How is gross margin affected by commodity costs?  
   **A:** Despite an improved gross margin in Q3, management expects Q4 gross margin to be up slightly due to continued inflation in commodities like ethylene and linerboard. They are focusing on offsetting inflation through productivity.  **[CHD_3405469_13]** **[CHD_3405469_19]** 

3. **Key Brands' Performance**  
   **Q:** What is the outlook for THERABREATH and HERO brands?  
   **A:** Management is optimistic about THERABREATH and HERO, citing years of growth potential. THERABREATH aims to increase household penetration from **9%**, and HERO plans to expand into adjacent categories and international markets.  **[CHD_3405469_9]** **[CHD_3405469_11]** 

4. **Vitamin Business Challenges**  
   **Q:** How will you stabilize the struggling vitamin business?  
   **A:** They acknowledge challenges and took an impairment charge due to lowered expectations.  **[CHD_3405469_22]**  Innovation is expected in March-April 2025, aiming to stabilize the business with new products and reformulations.  **[CHD_3405469_6]** **[CHD_3405469_22]** 

5. **Promotional Environment Impact**  
   **Q:** How do increased promotions affect margins and share?  
   **A:** Competitors increased promotions, with sold-on-deal rates of **40%-45%**, but management won't chase aggressive promotions that erode margins. They focus on innovation to drive growth and have retained about **40%** of prior share gains.  **[CHD_3405469_17]** **[CHD_3405469_15]** 

6. **Marketing Investments**  
   **Q:** How will increased marketing spend affect growth?  
   **A:** Marketing spend increased to over **11%** of sales, supporting innovation and international expansion. Investments focus on brands like THERABREATH, HERO, and new products in laundry and litter.  **[CHD_3405469_7]** **[CHD_3405469_27]** 

7. **Innovation Initiatives**  
   **Q:** What role does innovation play in growth?  
   **A:** Innovation contributes about **2%** of incremental net sales, with strong pipelines for the next 2-3 years. New products like Deep Clean in laundry and Hardball in litter are key drivers.  **[CHD_3405469_21]** 

8. **Portfolio Pruning**  
   **Q:** Are you considering divesting underperforming brands?  
   **A:** Management evaluates all brands annually and is considering strategic options, including potential divestitures. Details may be shared in early to mid-next year.  **[CHD_3405469_18]** **[CHD_3405469_19]** 

9. **M&A Outlook**  
   **Q:** What is the outlook for acquisitions?  
   **A:** The company continues to seek opportunities but remains selective. Their growth algorithm isn't dependent on acquisitions, focusing on finding the right deals.  **[CHD_3405469_19]** **[CHD_3405469_20]** 

10. **International Expansion**  
    **Q:** What progress is being made internationally?  
    **A:** THERABREATH and HERO are being registered in multiple countries, with HERO targeting **40 countries** by end of 2024. Early results are promising for international growth.  **[CHD_3405469_11]** **[CHD_3405469_25]** 

81c8936cd82667c8be0ebc4bc2cef7966bd2b57f20288acae32a28009ec53947

- **Strong new product pipeline expected to drive future growth**: Church & Dwight is having a great year with new product ideas and expects these products to be big drivers next year as they continue to build distribution and awareness. Additionally, they have **new product ideas coming as well**  **[CHD_3396194_28]** .
- **Strength of brands gaining market share despite market slowdown**: The company’s brands are outperforming categories, with **5 out of 7 power brands gaining market share** in the quarter, and **10 out of 14 major brands growing share** in Q1 and Q2. This success is attributed to the **strength of their brands, innovation, and a balanced portfolio of premium and value offerings**  **[CHD_3396194_6]** .
- **Successful product launches attracting new customers and driving growth**: The launch of **ARM & HAMMER Deep Clean** is attracting both existing customers trading up and **new customers switching from other brands**. They anticipate Deep Clean to be **a source of growth for the company**  **[CHD_3396194_26]** .

7e5d6f0bfba430cd63b97ccc236ff1d6d70e61f46f97a218eca6487df2408cc0

- **HERO brand has become the #1 brand in the acne category with a 19% share, driving significant sales growth.**  **[CHD_3382167_1]**
- **Church & Dwight expects nearly 100% of organic growth to be volume-driven moving forward, indicating strong consumer demand.**  **[CHD_3382167_12]**
- **Exceeded gross margin expectations with a 220 basis point increase in Q1, leading to a raised full-year gross margin outlook.**  **[CHD_3382167_3]** **[CHD_3382167_4]**

914c7dd292f09210ea36d38c6defc8efde87669decd890ba9be053593d97ebf2

- **Positive Volume Growth Expected to Continue**: Church & Dwight achieved positive volume growth of **2.7%** in Q3, the first increase in eight quarters, and expects this positive trend to continue in Q4 and over the next **4 to 5 quarters**.  **[CHD_3364176_9]**
- **Strong New Product Pipeline for 2024**: The company has **one of its best new product lineups coming in 2024**, which is broad-based and anticipated to drive future growth and strengthen their market position.  **[CHD_3364176_9]**
- **Gross Margin Expansion Towards Pre-COVID Levels**: Church & Dwight is experiencing gross margin expansion and expects to regain more margin in 2024, moving closer to the pre-COVID high watermark of **45.5%** achieved in 2019.  **[CHD_3364176_9]**

f44ddc2dfd22e87723001843ab35f9a6930f77d4e23dcc500fc8ca89dcb5fbe5

- **Specialty Products Division (SPD) is expected to be a drag in Q4 and potentially into Q1**, affecting overall growth and profitability.  **[CHD_3364176_4]**
- **Pulling back on certain promotions, especially in the laundry segment, may lead to lower volumes and sales in Q4**, which could impact organic growth.  **[CHD_3364176_4]** **[CHD_3364176_5]** **[CHD_3364176_8]**
- **Higher SG&A expenses due to increased incentive compensation and investments**, including R&D and expanding product registrations, may pressure margins and earnings in the near term.  **[CHD_3364176_7]**

7a287a612123954e4e822033d952f3b69b9a1274f1d7ac3c149ecd444d35c66f

1. **2024 Outlook**  
   **Q:** How do you feel about the business and momentum into 2024?  
   **A:** Management feels great about the business, highlighting strong numbers posted in Q3, including **5.8% organic growth for the consumer business**.  **[CHD_3364176_9]**  They expect **another 4% organic growth in Q4**, despite a drag from the Specialty Products Division (SPD).  **[CHD_3364176_9]**  They anticipate consecutive quarters of volume growth over the next **four to five quarters**.  **[CHD_3364176_9]**  Gross margin expansion is expected next year, though not fully back to the prior high watermark of **45.5%** achieved in 2019.  **[CHD_3364176_9]**  They also mentioned having one of their **best new product pipelines coming in 2024**, which is broad-based.  **[CHD_3364176_9]** 

2. **Gross Margin Expansion**  
   **Q:** Can you preview the gross margin bridge for Q4?  
   **A:** The gross margin is expected to have a **big tailwind from price/volume mix** in Q4.  **[CHD_3364176_11]**  The price component will come down a bit, but the volume and mix will increase due to acquisitions like HERO blending into the portfolio.  **[CHD_3364176_11]**  Productivity will be slightly lower due to timing, and there will be some headwinds from manufacturing costs and year-over-year inflation.  **[CHD_3364176_11]** 

3. **Pulling Low-Profit Promotions**  
   **Q:** Are you discontinuing unprofitable promotions to improve margins?  
   **A:** Yes, management has decided not to repeat certain **unprofitable or low-profit promotions**, particularly in the laundry business.  **[CHD_3364176_4]** **[CHD_3364176_8]**  These promotions were isolated to Q4 last year, and pulling them back results in lower volume but improves profitability.  **[CHD_3364176_8]** 

4. **Specialty Products Segment (SPD)**  
   **Q:** What is the outlook for the Specialty Products segment?  
   **A:** The SPD is expected to be a **drag in Q4**, reducing the contribution from the consumer business.  **[CHD_3364176_4]**  This weakness may continue into **Q1 as well**.  **[CHD_3364176_4]** 

5. **HERO and THERABREATH Growth**  
   **Q:** How are HERO and THERABREATH performing and what are future plans?  
   **A:** Demand for both products is exceptional.  **[CHD_3364176_6]**  HERO is expected to benefit from a full year of distribution gains in 2024 and will be launched in **dozens of countries next year** through the Global Markets group.  **[CHD_3364176_6]**  THERABREATH is gaining more shelf space as retailers respond to strong consumer demand, with resets happening in 2024.  **[CHD_3364176_6]** 

6. **Accelerated Q4 Spending**  
   **Q:** Is the accelerated Q4 spend mostly SG&A?  
   **A:** Yes, the increased spend in Q4 is mostly in **SG&A**, including higher incentive compensation and investments in growth initiatives.  **[CHD_3364176_7]**  For example, fast-forwarding product registrations for HERO to enter **40-50 new countries** rapidly.  **[CHD_3364176_7]** 

7. **EPS Guidance and Share Repurchase**  
   **Q:** Do you need to achieve $0.64-$0.65 in Q4 to meet EPS guidance?  
   **A:** Management acknowledges that they typically repurchase shares annually to offset share creep but did not do so this year.  **[CHD_3364176_11]**  They may get ahead of that in 2023 for 2024, which, along with rounding, accounts for differences in EPS calculations for Q4.  **[CHD_3364176_11]** 

8. **Clawing Back Lost Earnings**  
   **Q:** Are you trying to recover the earnings shortfall from '22/'23?  
   **A:** They view 2022 as the last year of a **three-year COVID event**, with 2023 impacted by issues in WATERPIK, vitamins, and FLAWLESS businesses.  **[CHD_3364176_12]**  Considering these as **three isolated incidents**, the business has rebaselined to grow from here.  **[CHD_3364176_12]**  WATERPIK has stabilized, and while vitamins are still declining, there is a path to stabilization next year.  **[CHD_3364176_12]** 

c30f91a2875ce82d185fbf64582d8fc06cb52826f77325a293551f9a0854af98

- *1. Decelerating Category Growth Leading to Reduced Outlook**:
- The company observed that consumption across key categories like laundry detergent, litter, and mouthwash is decelerating ( **[CHD_3396194_6]** ,  **[CHD_3396194_25]** ).
- For example, laundry detergent category growth slowed from **2% in May to flat in June and down nearly 1% in July** ( **[CHD_3396194_6]** ).

3148e025030215e59bfc634f29533f5dd2ca902a23487bbe605592b686f8747c

Church & Dwight Co Inc (CHD)

Financials