With that, I refer you to the cautionary statement in today's earnings release, as well as to our non-GAAP reconciliation, which is available on the Investor Relations section of our website. As usual on the call, we'll focus on these adjusted non-GAAP financial measures.I'll now hand the call over to Sheri. Sherilyn S. McCoy Thank you, Amy. Good morning, and thank you for joining us. First, let me say that I am thrilled to be here. Avon is an iconic company with a rich legacy, a unique business model and a powerful global brand. Most of all, Avon has passionate people who are committed to making a difference by empowering women across the world. I've been here for all of 7 days, so it will be premature to make any declarations about our specific path forward. And as I begin this new role, I am both realistic and confident about our opportunities. Avon has a strong foundation, incredibly strong brand awareness. Over 6 million Active Representatives are a tremendous asset to give us both global reach and the closest possible connection with our customers. Our employees are mission-focused. They care about what they do and about empowering women's ability to earn and build their businesses. We are formidable competitors and a global leader in direct selling. We have great strength in emerging markets where millions of new consumers are rapidly joining the middle class. Our products offer great quality at a good value. As you well know, Avon also faces significant challenges. It has lost market share and missed expectations. It has had problems executing. It has faced operational and strategic issues. The rate of growth has declined, and cost structure and cash generation need to be improved. And externally, the world is changing. We face new competitors in both mature and emerging markets. Consumer expectations are changing and people are shopping in different ways. Product life cycles are shorter, and we need to keep our representatives motivated and well compensated at a time when they, too, have more choices than ever before.
I am taking a fresh look at every aspect of the business. And stabilizing the business is my first and most urgent objective. During these early days, most of my focus will be internal, as I work to assess the skills and capabilities of the organization, and make sure we have what we need to take us into a future of consistent and sustained growth.Between now and mid-June, I will visit some of our key markets, including U.S., Brazil, China, Mexico and Russia, to assess the strengths and weaknesses of our business and to meet with regional leadership, our management teams and our representatives. I'll be assessing the landscape of competitors, commodity cost issues, changing demographics and technologies that give customers and representatives more choices. I will review our product portfolio, as well as the representative-earning opportunity and our customer connectivity. I will also be reviewing our operating model. This will include an emphasis on short-term business performance including financial metrics, as well as operational issues both globally and in priority markets. A lot of the diagnostic work has already been done in these areas. I've begun to review this analysis and will build on it with my own observations. In my experience, turning around the business requires clear priorities, realistic expectations and strict accountability. My approach is disciplined. I will understand and realistically frame the situation, develop a shortlist of 5 or 6 key priorities on which we're going to focus, put in place clear metrics and accountability, be clear about expectations and deliverables and importantly, get the organization working together toward achieving these priorities. Our people need to be focused and motivated. And for our investors, we need to be very clear about our priorities and then hit our targets. This is the only way to build confidence and trust going forward. Read the rest of this transcript for free on seekingalpha.com