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Delivered record second quarter and first half results driven by resilient category demand and sharpened operational execution across both Pet and Garden segments.

Accelerated business simplification by consolidating DoMyOwn fulfillment and TDBBS manufacturing to leverage scale and improve network flexibility.

Formed a strategic joint venture with Phillips Pet Food & Supplies, retaining a 20% stake to reduce distribution complexity and focus resources on higher-margin branded products.

Attributed Garden segment growth to meaningful distribution gains in grass seed and fertilizer, alongside the anticipated shift of shipments from the first quarter.

Maintained market share in Pet through strength in core consumables, particularly in dog and cat, equine, and professional product lines.

Improved operating margins by 140 basis points in the quarter through sales leverage, prudent cost management, and ongoing organizational simplification.

Maintained fiscal 2026 non-GAAP diluted EPS guidance of $2.70 or better, reflecting confidence in momentum despite dynamic retail environments.

Anticipates the new distribution joint venture will reduce reported revenue by a low-teens percentage in the second half with minimal earnings impact due to the business's lower margin profile.

Expects May to be the critical month for determining full-year performance, particularly for live goods, with guidance updates typically occurring in mid-June.

Projects capital expenditures of $50 million to $60 million for the fiscal year, focused on maintenance and targeted productivity initiatives.

Assumes a disciplined approach to M&A, targeting margin-accretive opportunities that strengthen the portfolio as deal flow conversations increase.

The Phillips joint venture is expected to be $0.03 to $0.05 per share dilutive in the second half due to initial lack of synergies and non-cash purchase accounting impacts.

Identified potential for future pricing actions in 2027 to offset rising urea and fertilizer input costs, though 2026 pricing remains stable.

Noted a continued consumer shift toward e-commerce and value-seeking behaviors, which the company is addressing through private label expansion and digital investment.

Highlighted weather dependency as a primary risk factor for the Garden segment's third-quarter performance.

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Management reported robust consumption in April where weather was favorable, particularly in southern markets, while northern markets are just beginning to activate.

The company is maintaining a wide guidance range ($2.70 or better) until the critical May selling period concludes, citing high weather dependency for live goods.

The move shifts the strategy from full ownership to 'access' to the independent channel, removing the complexity of managing 26,000 SKUs and extensive logistics.

While dilutive in the short term due to purchase accounting, the JV is expected to unlock synergies and improve the company's overall margin profile over time.

Management observed a channel shift toward mass, club, and e-commerce rather than a broad trade-down from brands, though value-seeking behavior is prevalent.

Private label programs in Garden are performing above expectations, serving as a key tool for retailers to drive foot traffic.

Deal flow and conversations have intensified compared to the prior year, with management seeing 'sincere' processes for high-quality assets.

The company remains focused on margin-accretive acquisitions, specifically noting the cat category as a potential area for portfolio strengthening.

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