Group 1: Investment Strategy - Investing in growth stocks is a proven method to enhance investment portfolios over the long term, with a suggested initial investment of $5,000 in strong, growing companies [1][2] Group 2: Steris - Steris focuses on manufacturing and selling products for patient care, particularly in infection prevention, with 71% of its revenue coming from the healthcare segment [4] - The company has experienced consistent growth in revenue and net income, with free cash flow increasing alongside net income, allowing for rising dividends, which increased from $0.52 to $0.57 per share, a 9.6% year-over-year increase [5] - Projected revenue for 2023, 2024, and 2025 is $4.54 billion, $5.14 billion, and $5.46 billion respectively, with operating income and net income also showing significant growth [6] - Steris aims for annual revenue growth in the mid-to-high single digits, driven by rising demand for medical procedures and potential mergers and acquisitions [8][9] Group 3: Mastercard - Mastercard operates a payment network facilitating secure transactions, with a strong brand presence and 3.5 billion debit and credit cards globally [10] - Revenue for 2022, 2023, and 2024 is projected at $22.2 billion, $25.1 billion, and $28.2 billion respectively, with net income increasing from $9.9 billion in 2022 to $12.8 billion in 2024 [11] - Free cash flow surged by 56.3% year over year to $2 billion, demonstrating the company's ability to generate excess cash for dividends, which increased by 15% year over year [12] - Mastercard continues to innovate, launching new payment technologies and forming partnerships to enhance its competitive edge [13][14] Group 4: Church & Dwight - Church & Dwight is a consumer products company managing key brands, with revenue growth driven by organic growth and acquisitions [15] - Revenue for 2022, 2023, and 2024 is projected at $5.38 billion, $5.87 billion, and $6.12 billion respectively, despite a slight dip in revenue and net income in the first quarter of 2025 [16] - The company has a history of consistent dividend payments, with a recent increase from $0.28375 to $0.295 per share [17] - Management believes there is significant growth potential, particularly from power brands and international expansion, with recent acquisitions supporting this growth strategy [18][19][20]

Core Insights - The consumer-packaged goods industry features prominent players like Procter & Gamble (PG) and Church & Dwight (CHD), each with unique strategies and brand portfolios [1][2][3] Procter & Gamble (PG) - PG is a leading global company with a diverse product range, maintaining strong market share and customer loyalty despite economic challenges [4][5] - The company employs an integrated growth strategy focusing on product superiority, operational efficiency, and innovation, supported by effective digital marketing [5][7] - PG's supply chain is designed for efficiency and resilience, allowing quick responses to market demands and geopolitical disruptions [6][7] - Financially, PG shows strong free cash flow and consistent capital returns to shareholders, with projected sales growth of 2.6% and earnings growth of 3.6% in fiscal 2026 [13][23] - PG's stock trades at a forward P/E ratio of 22.85, which is lower than CHD's 26.55, indicating a more attractive valuation [18][21] Church & Dwight (CHD) - CHD has demonstrated resilience, gaining volume share in 80% of its business despite macroeconomic pressures, with nine of its 14 major brands outperforming category growth [9][10] - The company focuses on disciplined portfolio management and innovation, recently divesting non-core businesses to concentrate on growth drivers [10][12] - CHD's marketing strategy is aggressive, with a significant portion of net sales allocated to marketing, and it is enhancing its digital presence as online sales grow [11][12] - Financially, CHD's EPS is projected to grow by 1.2% in 2025, while sales are expected to decline by 0.4% [16] - CHD's stock has underperformed compared to PG, with an 8.1% decline over the past year [17][22] Comparative Analysis - PG is positioned as a stronger investment due to its scale, diversified portfolio, and operational excellence, while CHD, despite its agility and niche performance, operates on a smaller scale and faces valuation challenges [22][23]

CHURCH & DWIGHT CO., INC. CHURCH & DWIGHT CO., INC. dbAccess Global Consumer Conference 2025 SAFE HARBOR STATEMENT 2 CHURCH & DWIGHT CO., INC. We Remain Confident in our Future Despite a Volatile Environment This presentation contains forward-looking statements, including, among others, statements relating to net sales and earnings growth, the impact of the Touchland acquisition; the intended benefits of the exploration of strategic alternatives; gross margin changes; trade and marketing spending; marketing ...

Summary of Conference Call Company Overview - The company is known for its ARM and HAMMER brand, which has been a core part of its identity since its founding in 1846. The brand spans multiple categories including personal care, household products, cat litter, water detergent, and toothpaste [1][2][3]. Financial Performance - The ARM and HAMMER brand has grown from $1 billion to $2 billion, achieving a mid-single-digit CAGR over many years [2]. - The company has a total portfolio worth $6 billion, with $2 billion from ARM and HAMMER and $4 billion from other brands [3]. - Categories have shown resilience, with growth rates of 4.5% in early 2024 and 2.5% in the latter half of the year [4][5]. Market Dynamics - Consumer confidence has improved, leading to positive growth in April and May 2024 after a negative start to the year [6]. - The company has gained market share in various categories, with two-thirds of its portfolio gaining share over the past decade [7]. - The laundry detergent category has seen a share increase to 14.7%, up from 5% over the years [8]. Innovations and Acquisitions - The company has introduced a "good, better, best" strategy for its laundry products, enhancing its competitive edge [9]. - Recent acquisitions include Touchland, a hand sanitizer brand, purchased for $700 million plus an earn-out of $180 million, expected to close soon [17][18]. - Touchland is positioned to become the company's eighth power brand, with a focus on enhancing consumer experience through premium products [19]. International Expansion - International sales account for 18% of total revenue, with a goal of 8% organic growth year-on-year [27][28]. - The company has expanded its global footprint, recently entering Japan and aiming to grow its presence in over 50 countries [31][32]. - The international division has a strong track record of high single-digit growth, indicating significant potential for future expansion [30]. Specialty Products Division - The Specialty Products division aims for 5% organic growth, focusing on animal nutrition, performance products, and commercial applications [35]. - Nearly 30% of the animal nutrition sales now come from non-U.S. markets, highlighting the division's international focus [36]. Financial Strategy - The company targets 4% organic growth overall, with specific targets of 3% in the U.S., 8% internationally, and 5% for the Specialty Products division [39]. - Gross margin expansion is a key focus, with efforts to improve margins by 25 to 50 basis points annually [41]. - The company has a strong cash flow position, with $1 billion in cash from operations and significant acquisition capacity of over $5.5 billion [50]. Challenges and Outlook - The company has faced challenges from inflation and tariffs, leading to a projected adjusted EPS growth of 0% to 2% for 2025 [46][48]. - Despite these challenges, the company remains optimistic about its growth trajectory, particularly in innovation and international markets [53]. Key Takeaways - The ARM and HAMMER brand continues to perform well across various categories, with a strong focus on innovation and market share growth. - Recent acquisitions and international expansion are expected to drive future growth. - The company maintains a disciplined approach to M&A, focusing on asset-light acquisitions that enhance its portfolio [99][101].

Core Viewpoint - Church & Dwight (C&D) is making a significant acquisition by purchasing Touchland, the second-largest hand sanitizer brand in the U.S., for $880 million (approximately 620 million RMB) to enhance its portfolio and target younger consumers [1][2][4]. Financial Details - The acquisition plan includes an upfront payment of $700 million (approximately 505 million RMB) and a performance-based earn-out of $180 million (approximately 129 million RMB) tied to Touchland's net sales performance in 2025 [2][3]. - Touchland's net sales for the past 12 months were approximately $130 million (approximately 93 million RMB), with an EBITDA of about $55 million (approximately 39 million RMB) [2][3]. - C&D reported a 4.1% increase in net sales to $6.107 billion (approximately 43.36 billion RMB) for 2024, exceeding its growth expectations [2][3]. Strategic Rationale - C&D aims to leverage its capabilities to accelerate Touchland's international market expansion and enhance product innovation [3][4]. - The acquisition aligns with C&D's long-term strategy of acquiring leading brands in high-growth categories with a light asset structure [11][12]. - Touchland's appeal to Gen Z and Alpha consumers complements C&D's existing portfolio and addresses gaps in its younger consumer engagement [3][4][13]. Historical Context - C&D has a history of successful acquisitions, with all six of its core brands acquired, contributing approximately 70% of its revenue and profit [5][6][7]. - Previous acquisitions include Hero Cosmetics for $630 million (approximately 454 million RMB), which has significantly increased its market share in the acne treatment segment [7][12]. Market Position - The U.S. hand sanitizer market is experiencing growth, with Touchland being one of the fastest-growing brands, indicating a strong potential for future revenue increases [2][3][12]. - C&D's strategic focus on acquiring top brands in niche markets has proven effective, as seen with the success of Hero Cosmetics, which grew its market share from 3.5% in 2022 to 21.7% in 2024 [12][13].

Acquisition Details - Church & Dwight Co., Inc. has entered into a definitive agreement to acquire Touchland for $700 million, with an additional earn-out of up to $180 million based on 2025 net sales performance, bringing the total potential purchase price to $880 million [2][3] - The transaction is expected to close in the second quarter of 2025 [2] Strategic Fit - The acquisition strengthens Church & Dwight's position in the personal care market and adds a youth-focused brand to its portfolio, making Touchland the company's eighth power brand [3] - Touchland is the number two hand sanitizer brand in the U.S., known for its strong consumer loyalty and appeal to younger audiences [3] Financial Performance - Touchland reported $130 million in net sales and $55 million in EBITDA for the trailing 12 months ending March 31, 2025, with projected double-digit growth in net sales for 2025 and 2026 [5] - The acquisition is expected to boost cash earnings by approximately 3% by 2026 [5] Operational Strategy - Touchland's founders will continue to lead the brand from Miami, while Church & Dwight will leverage its global distribution network to drive growth [4] - Touchland has begun international expansion, with products available in the U.S., Canada, and recently launched in the Middle East [4] Portfolio Management - Church & Dwight plans to divest or shut down underperforming units, including Flawless, Spinbrush, and Waterpik showerhead businesses, which represent about $150 million in net sales [11] - This move aims to streamline the portfolio and focus on core brands, reducing tariff exposure [11] Market Position - Church & Dwight has demonstrated strong brand performance, gaining market share in nine of its 14 major brands and achieving volume share growth in over 80% of its business in Q1 2025 [9] - The company benefits from a robust portfolio of trusted consumer brands, ensuring stable demand even during economic uncertainty [10]

Summary of Church and Dwight's Conference Call Company and Industry - **Company**: Church and Dwight - **Industry**: Hand Sanitizer and Personal Care Products Key Points and Arguments Acquisition of TouchLynn Brand - Church and Dwight announced the acquisition of the TouchLynn brand for approximately **$700 million**, with potential total costs up to **$880 million** based on performance metrics by 2025 [3][8] - TouchLynn is noted as the **fastest growing brand** in the U.S. hand sanitizer category, currently holding the **number two position** in the market [4][5] - The U.S. hand sanitizer market is valued at approximately **$640 million** with low single-digit growth, but Church and Dwight sees potential for growth driven by new consumers entering the category [5][6] Market Position and Consumer Base - TouchLynn has a household penetration rate of **6%**, significantly lower than the category average of **37%**, indicating substantial growth potential [6][33] - The brand has established a loyal consumer base, particularly among younger demographics, and exhibits high levels of brand loyalty and repeat purchases [6][22] - The innovation strategy for TouchLynn focuses on four pillars: on-the-go use, distinct form factor, differentiated formulas, and a sensorial experience [7][22] Financial Projections and Impact - TouchLynn's trailing twelve-month net sales were approximately **$130 million** with an EBITDA of **$55 million** [8] - The acquisition is expected to be neutral to Church and Dwight's **2025 EPS**, with projections for **double-digit growth** in net sales for 2025 and 2026 [9][10] - By **2026**, the acquisition is anticipated to be **3% accretive** to cash earnings [9][91] Growth Opportunities - Church and Dwight plans to leverage its capabilities to accelerate TouchLynn's growth in international markets, including Canada and the Middle East [7][12] - The company sees potential for TouchLynn to expand into other categories, such as body mist, while maintaining a focus on maximizing the hand sanitizer market [24][65] Competitive Landscape and Risks - The company acknowledges the presence of low-end knockoff brands but believes that TouchLynn's quality and brand cachet will protect it from significant competition [46][76] - Church and Dwight is cautious about moving into mass channels too quickly, preferring to focus on existing distribution channels like Sephora and Ulta [50][53] Marketing and Brand Building - Currently, direct-to-consumer (DTC) sales account for about **6%** of the business, while online sales represent **30%** [56] - The brand has successfully utilized limited edition collaborations, such as with Hello Kitty and Disney, which have sold out quickly [58] - Future marketing efforts will focus on increasing household penetration and brand awareness, with a commitment to maintaining high margins while investing in growth [84][90] Conclusion - Church and Dwight's acquisition of TouchLynn represents a strategic move to enhance its portfolio in the personal care sector, with a focus on innovation, brand loyalty, and international expansion. The company is optimistic about the growth potential and financial impact of this acquisition while remaining vigilant about competitive risks in the market [3][10][93]

Group 1 - The core thesis regarding Church & Dwight Co. (CHD) is that slowing domestic growth may lead to a de-rating in multiples [1] - The investment approach emphasizes identifying undervalued companies with long-term growth potential, focusing on value investing principles [1] Group 2 - No stock or derivative positions are held in any mentioned companies, and there are no plans to initiate such positions in the near future [2] - The article expresses personal opinions and is not influenced by compensation from any company [2]

Core Viewpoint - Church & Dwight Co., Inc. (CHD) reported mixed first-quarter 2025 results, with adjusted earnings per share (EPS) beating estimates but net sales missing expectations, reflecting a challenging operating environment [1][2]. Financial Performance - Adjusted EPS for the quarter was 91 cents, surpassing the Zacks Consensus Estimate of 89 cents and the company's guidance of 90 cents, although it represented a 5.2% decline year over year [1]. - Net sales totaled $1,467.1 million, down 2.4% year over year, missing the Zacks Consensus Estimate of $1,511 million and the company's guidance for a nearly 1% increase [3]. - Organic sales decreased by 1.2%, driven by a 1.4% drop in volumes, partially offset by a 0.2% increase in pricing and mix [4]. Segment Analysis - **Consumer Domestic**: Net sales fell 3% to $1,129.8 million, with organic sales down 3% due to a 3.1% volume drop [6]. - **Consumer International**: Net sales increased by 2.7% to $261.9 million, with organic sales climbing 5.8%, driven by a 5.9% volume growth [7]. - **Specialty Products**: Sales declined 9.3% to $75.4 million, although organic sales grew by 3.2% [8]. Cost and Margin Insights - Gross margin contracted by 70 basis points to 45%, with adjusted gross margin at 45.1%, down 60 basis points year over year due to higher manufacturing costs [5]. - Marketing expenses decreased by $15.4 million year over year to $136.6 million, while adjusted selling, general, and administrative (SG&A) expenses increased by 40 basis points to 15.2% of net sales [5]. Future Outlook - For 2025, CHD projects organic sales growth of around 0-2%, down from a previous estimate of 3-4%, reflecting ongoing macroeconomic challenges [15]. - Adjusted EPS growth is now expected to be 0-2%, a reduction from the earlier guidance of 7-8% [17]. - The company anticipates a decline in organic sales of 2% for the second quarter, with adjusted EPS projected at 85 cents, a 9% decrease from the prior year [18].

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the quarter ended March 31, 2025 [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, including income, balance sheet, and cash flow statements with detailed notes [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net sales decreased to **$1,467.1 million** and net income to **$220.1 million** in Q1 2025 compared to Q1 2024 Q1 2025 vs Q1 2024 Income Statement Highlights (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,467.1 | $1,503.3 | -2.4% | | **Gross Profit** | $659.6 | $687.0 | -4.0% | | **Income from Operations** | $295.3 | $305.0 | -3.2% | | **Net Income** | $220.1 | $227.7 | -3.3% | | **Diluted EPS** | $0.89 | $0.93 | -4.3% | | **Cash dividends per share** | $0.29 | $0.28 | +3.6% | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased slightly to **$8,955.9 million**, while total liabilities decreased and stockholders' equity rose as of March 31, 2025 Balance Sheet Summary (in millions) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $2,358.8 | $2,240.6 | | **Total Assets** | $8,955.9 | $8,883.1 | | **Total Current Liabilities** | $1,208.0 | $1,315.9 | | **Long-term Debt** | $2,205.2 | $2,204.6 | | **Total Liabilities** | $4,404.9 | $4,522.3 | | **Total Stockholders' Equity** | $4,551.0 | $4,360.8 | [Condensed Consolidated Statements of Cash Flow](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Net cash from operating activities decreased to **$185.7 million** in Q1 2025, with overall cash and equivalents increasing to **$1,074.5 million** Cash Flow Summary (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net Cash Provided By Operating Activities** | $185.7 | $263.0 | | **Net Cash Used In Investing Activities** | $(16.7) | $(46.8) | | **Net Cash Used In Financing Activities** | $(61.0) | $(209.1) | | **Net Change In Cash and Cash Equivalents** | $110.4 | $5.2 | | **Cash and Cash Equivalents at End of Period** | $1,074.5 | $349.7 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the Graphico acquisition, a significant VMS business impairment, and planned divestitures of underperforming brands - On June 3, 2024, the Company acquired Graphico, Inc., a Japan-based distributor, for **$19.9 million** net of cash acquired, expanding business in the APAC region[45](index=45&type=chunk) - In Q3 2024, the company recorded a total impairment charge of **$357.1 million** related to its VMS business, including a **$281.3 million** impairment of the trade name, due to declining market share and profitability[52](index=52&type=chunk)[55](index=55&type=chunk) - The WATERPIK® business, with a trade name carrying value of **$644.7 million**, is noted as being susceptible to future impairment due to declining customer demand and sales[56](index=56&type=chunk) - On May 1, 2025, the company announced strategic actions to shut down or sell the Flawless, Spinbrush, and Waterpik showerhead businesses, expecting an estimated charge of **$60.0 million to $80.0 million** in Q2 2025, primarily from non-cash impairments[80](index=80&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial performance, highlighting sales decline, margin contraction, and strategic actions to address challenges [Overview and Recent Developments](index=28&type=section&id=Overview%20and%20Recent%20Developments) The company addresses supply chain issues, tariff exposure, and announces plans to exit certain underperforming business lines - The company is experiencing supply chain challenges and economic uncertainty due to U.S. trade policies and tariffs, with a projected 12-month gross tariff exposure of approximately **$190.0 million**[86](index=86&type=chunk) - Management expects to reduce tariff exposure by approximately **80%** through strategic actions, including ceasing the import of Waterpik flossers from China to the U.S[86](index=86&type=chunk) - On May 1, 2025, the company announced it will shut down or sell the Flawless, Spinbrush, and Waterpik showerhead businesses, which collectively generate about **$150.0 million** in annual net sales[87](index=87&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Consolidated net sales decreased **2.4%** due to volume declines, and gross margin contracted by **70 basis points** in Q1 2025 Q1 2025 Consolidated Results vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,467.1M | $1,503.3M | -2.4% | | **Gross Margin** | 45.0% | 45.7% | -70 bps | | **Operating Margin** | 20.2% | 20.3% | -10 bps | | **Diluted EPS** | $0.89 | $0.93 | -4.3% | - The **2.4%** net sales decrease was driven by a **1.4%** decline in product volumes sold, a **0.7%** negative impact from foreign exchange, and a **0.5%** impact from exiting product lines[91](index=91&type=chunk) - Gross margin decreased by **70 bps** due to higher manufacturing costs (**+230 bps**), partially offset by productivity programs (**-160 bps**) and favorable price/mix/volume (**-10 bps**)[93](index=93&type=chunk) [Segment Results](index=32&type=section&id=Segment%20Results) Consumer Domestic sales declined, Consumer International grew, and Specialty Products sales decreased due to business exits in Q1 2025 Net Sales by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Consumer Domestic** | $1,129.8 | $1,165.2 | -3.0% | | **Consumer International** | $261.9 | $255.0 | +2.7% | | **SPD** | $75.4 | $83.1 | -9.3% | - Consumer Domestic sales decline was driven by VITAFUSION®/L'IL CRITTERS®, OXICLEAN®, and ARM & HAMMER® cat litter, partially offset by growth in THERABREATH® and ZICAM®[100](index=100&type=chunk) - Consumer International sales growth was driven by a **5.9%** increase in volume, partially offset by a **4.4%** negative impact from foreign exchange[102](index=102&type=chunk) - SPD net sales decrease was primarily due to a **13.6%** impact from exiting the MEGALAC business[104](index=104&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with significant cash and credit facility availability, and increased its quarterly dividend - As of March 31, 2025, the company had **$1,074.5 million** in cash and cash equivalents and approximately **$1,494.0 million** available under its revolving credit facility[110](index=110&type=chunk) - The Board declared a **4%** increase in the quarterly dividend to **$0.295 per share**, effective January 29, 2025[113](index=113&type=chunk) - There is **$658.9 million** of share repurchase availability under the 2021 Share Repurchase Program as of March 31, 2025[113](index=113&type=chunk) [Cash Flow Analysis](index=36&type=section&id=Cash%20Flow%20Analysis) Operating cash flow decreased in Q1 2025 due to working capital changes, while the cash conversion cycle remained stable - Net cash provided by operating activities decreased to **$185.7 million** in Q1 2025 from **$263.0 million** in Q1 2024, due to increased working capital and lower cash earnings[115](index=115&type=chunk) Cash Conversion Cycle (Days) | Metric | March 31, 2025 | March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **DSO** | 37 | 32 | +5 | | **DIO** | 70 | 67 | +3 | | **DPO** | 79 | 71 | +8 | | **Cash Conversion Cycle** | 28 | 28 | 0 | [Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers to the company's Annual Report on Form 10-K for detailed disclosures on market risk - For disclosures about market risk, the report refers to Item 7A in the company's Form 10-K[119](index=119&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures are effective as of the end of the quarter[120](index=120&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[121](index=121&type=chunk) [PART II - OTHER INFORMATION](index=41&type=section&id=PART%20II) This section covers legal proceedings, risk factors, equity sales, and other general information for the reporting period [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal actions in the ordinary course of business, with uncertain outcomes that could be material - The Company is subject to various legal proceedings in the ordinary course of business, the outcomes of which are uncertain and could have a material adverse effect[126](index=126&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the detailed discussion of risk factors in the company's Annual Report on Form 10-K - The report refers to Item 1A, "Risk Factors" in the Form 10-K for a discussion of factors that could materially affect the company[127](index=127&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares in Q1 2025, with **$658.9 million** remaining under the 2021 Share Repurchase Program - The company did not repurchase any shares of Common Stock under its share repurchase programs during Q1 2025[129](index=129&type=chunk) - As of March 31, 2025, there is **$658.9 million** of share repurchase availability under the 2021 Share Repurchase Program[130](index=130&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[132](index=132&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including corporate governance documents and certifications - The report includes an index of exhibits, such as certifications from the CEO and CFO (Exhibits 31.1, 31.2, 32.1, 32.2) and Inline XBRL documents[135](index=135&type=chunk)