Prestige Consumer Healthcare is one of the largest providers of over-the-counter healthcare in the US. We expect the company to grow through product innovations, increasing household penetration and expanding its presence in e-commerce. One way Prestige has approached product innovations is by expanding its brands’ end markets; for example, Dramamine for a long time only played in the motion sickness space, but Prestige has spent the last few years expanding its indication into the nausea market. While these category breakouts can certainly expose Prestige to new competition, we believe they also give the company a new set of customers to win over. And given Prestige’s focus on small and niche categories, we don’t expect the company to try to compete with successful brands from consumer goods or CPG giants. Rather, we believe it will look for adjacent categories that may be under-penetrated or composed of minor brands to replace with its recognized brands.