elf Beauty Inc (ELF) 2023 Q4 法說會逐字稿

Thank you for joining us today to discuss e.l.f. Beauty's fourth quarter and fiscal '23 results. I'm KC Katten, Vice President of Corporate Development and Investor Relations. With me today are Tarang Amin, Chairman and Chief Executive Officer; and Mandy Fields, Senior Vice President and Chief Financial Officer.

感謝您今天加入我們討論 e.l.f. Beauty 的第四季度和 23 財年業績。我是企業發展和投資者關係副總裁 KC Katten。今天和我在一起的是董事長兼首席執行官 Tarang Amin；高級副總裁兼首席財務官 Mandy Fields。

We encourage you to tune into our webcast presentation for the best viewing experience, which you can access on our website at investor.elfbeauty.com. Since many of our remarks today contain forward-looking statements, please refer to our earnings release and reports filed with the SEC where you'll find factors that could cause actual results to differ materially from these forward-looking statements.

我們鼓勵您收聽我們的網絡直播演示以獲得最佳觀看體驗，您可以在我們的網站 investor.elfbeauty.com 上訪問。由於我們今天的許多評論都包含前瞻性陳述，請參閱我們向美國證券交易委員會提交的收益發布和報告，您會在其中找到可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

In addition, the company's presentation today includes information presented on a non-GAAP basis. Our earnings release contains reconciliations of the differences between the non-GAAP presentation and the most directly comparable GAAP measure.

此外，公司今天的報告還包括非公認會計原則基礎上的信息。我們的收益發布包含對非 GAAP 報告與最直接可比的 GAAP 指標之間差異的調節。

With that, let me turn the webcast over to Tarang.

有了這個，讓我把網絡廣播轉給塔朗。

Thank you, KC, and good afternoon, everyone. Today, we will discuss the drivers of our exceptional fiscal '23 performance and outlook for fiscal '24.

謝謝你，KC，大家下午好。今天，我們將討論我們卓越的 23 財年業績的驅動因素和 24 財年的展望。

I want to start by recognizing the e.l.f. Beauty team. we have so much to be proud of in fiscal '23. Our value proposition, powerhouse innovation and disruptive marketing engine continue to fuel our performance. Our results speak for themselves. In fiscal '23, we grew net sales by 48% and adjusted EBITDA by 56%, well above our original expectations, and hitting major milestones by reaching over $500 million in net sales and over $100 million in adjusted EBITDA for the first time. Q4 marked our 17th consecutive quarter of net sales growth.

我想從認識 e.l.f. 開始。美容團隊。在 23 財年，我們有很多值得驕傲的地方。我們的價值主張、強大的創新和顛覆性的營銷引擎繼續推動著我們的業績。我們的結果不言自明。在 23 財年，我們的淨銷售額增長了 48%，調整後 EBITDA 增長了 56%，遠高於我們最初的預期，並實現了重大里程碑，淨銷售額首次超過 5 億美元，調整後 EBITDA 首次超過 1 億美元。第四季度是我們連續第 17 個季度實現淨銷售額增長。

In Q4, we grew net sales by 78%, increased gross margin by approximately 470 basis points and delivered $21 million in adjusted EBITDA, up 66%. We're encouraged by the continued strength we're seeing across the color cosmetics category. In Q4, the category grew 18% versus a year ago. e.l.f. continued to significantly outperform the category, growing 64% in tracked channels.

在第四季度，我們的淨銷售額增長了 78%，毛利率提高了約 470 個基點，調整後的 EBITDA 為 2100 萬美元，增長 66%。我們對彩妝品類的持續增長感到鼓舞。在第四季度，該類別與一年前相比增長了 18%。 e.l.f.繼續顯著優於該類別，在跟踪渠道中增長了 64%。

We grew our market share by 270 basis points, increasing our rank from #5 a year ago to the #3 brand for the first time. We continue to be the fastest-growing top 5 brand by a wide margin.

我們的市場份額增長了 270 個基點，我們的品牌排名從一年前的第 5 名首次上升到第 3 名。我們仍然是增長最快的前 5 大品牌，遙遙領先。

Looking to skin care. Q4 category trends were also strong, up 12% versus a year ago. e.l.f. SKIN consumption was up 55% in tracked channels, well above category growth rates. In the last year, e.l.f. has been celebrated for the power of our company, brands and disruptive marketing engine. We're humbled by the recognition we continue to receive. In Q4, Fast Company named us to their annual Top 50 World's Most Innovative Companies. We are the only beauty company on the list, putting e.l.f. with well-recognized game changers such as NASA, Microsoft and OpenAI.

尋找皮膚護理。第 4 季度類別趨勢也很強勁，比一年前增長 12%。 e.l.f.跟踪渠道中的 SKIN 消費量增長了 55%，遠高於類別增長率。在去年，e.l.f.以我們公司、品牌和顛覆性營銷引擎的力量而聞名。我們對我們繼續獲得的認可感到謙卑。在第四季度，Fast Company 將我們評為年度全球最具創新力公司 50 強。我們是名單上唯一一家美容公司，將 e.l.f.與公認的遊戲規則改變者，如 NASA、微軟和 OpenAI。

We continue to be recognized for our purpose and values as we strive to create a different kind of beauty company, one that is both purpose-led and results-driven. We are proud that out of nearly 4,200 public companies, we are only 1 of 4 with a Board that's at least 2/3 women and 1/3 diverse, underscoring our commitment to diversity and inclusion.

隨著我們努力創建一家不同類型的美容公司，一家既以目標為導向又以結果為導向的公司，我們的宗旨和價值觀繼續得到認可。我們感到自豪的是，在近 4,200 家上市公司中，我們只有四分之一的董事會至少有 2/3 的女性和 1/3 的多元化，這凸顯了我們對多元化和包容性的承諾。

e.l.f. continues to be a Gen Z favorite. In Piper Sandler's latest semiannual teen survey, e.l.f. remained the #1 favorite cosmetics brands amongst teens for the third time in a row. We grew our share by 900 basis points versus a year ago and again held the #1 rank across all income groups.

e.l.f.仍然是 Z 世代的最愛。在 Piper Sandler 最新的半年度青少年調查中，e.l.f.連續第三次成為青少年最喜愛的化妝品品牌第一名。與一年前相比，我們的份額增長了 900 個基點，並再次在所有收入群體中排名第一。

e.l.f. SKIN moved into the top 10 favorite skin care brands for the first time. elfcosmetics.com was again a top 10 shopping destination for teens and one of the only single brand sites among major retailers.

e.l.f. SKIN 首次躋身最受歡迎護膚品牌前 10 名。 elfcosmetics.com 再次成為青少年前 10 大購物目的地，也是主要零售商中僅有的單一品牌網站之一。

Over the past 4 years, I've provided proof points on how we've executed our 5 strategic imperatives and the growth that is driven. Let me explain how each of these strategic imperatives underpinned our strength in fiscal '23.

在過去的 4 年裡，我提供了關於我們如何執行我們的 5 項戰略要務以及由此推動的增長的證據。讓我解釋一下這些戰略要務是如何鞏固我們在 23 財年的實力的。

Our first strategic imperative is to build brand demand. Our disruptive digital-first marketing engine has built strength across multiple social platforms. We are a pioneer on TikTok and are now a 4-time TikTok billionaire with our last hashtag challenge garnering nearly 15 billion views. We were the first major beauty company to launch a branded channel on Twitch and the first beauty brand on BeReal.

我們的首要戰略任務是建立品牌需求。我們顛覆性的數字優先營銷引擎已經在多個社交平台上建立了實力。我們是 TikTok 的先驅，現在是 TikTok 的 4 次億萬富翁，我們上次的標籤挑戰獲得了近 150 億次觀看。我們是第一家在 Twitch 上推出品牌頻道的大型美容公司，也是第一個在 BeReal 上推出品牌頻道的美容品牌。

As part of our strategy to continue building awareness and reach new audiences, February marked our first ever TV commercial that debuted at the Big Game. The spot featured our Power Grip Primer, our top-selling SKU in fiscal '23 and the #1 SKU across the entire U.S. mass cosmetics category. Power Grip is praised by our community for its ability to grip makeup and the entertainment value of its stickiness.

作為我們繼續提高知名度和吸引新觀眾的戰略的一部分，2 月標誌著我們在大型比賽中首次亮相的電視廣告。該廣告展示了我們的 Power Grip Primer，這是我們在 23 財年最暢銷的 SKU 以及整個美國大眾化妝品類別中排名第一的 SKU。 Power Grip 因其緊握化妝品的能力和其粘性的娛樂價值而受到我們社區的讚譽。

We teamed up with cultural icon and award-winning actress Jennifer Coolidge to dramatize the sticky grippy power of Power Grip. We aired this spot during the Big Game, and [worked at] e.l.f. speed, going from initial concept to delivery in only 3 weeks.

我們與文化偶像和獲獎女演員詹妮弗柯立芝合作，將 Power Grip 的粘性抓地力戲劇化。我們在 Big Game 期間播出了這個廣告，並且 [在] e.l.f. 工作過。速度，從最初的概念到交付僅需 3 週。

(presentation)

（推介會）

The response from our community has been phenomenal. Our campaign earned an astonishing 57 billion impressions. Our ad ranked #1 in consumer sentiment among all 103 ads at the Big Game. We saw a 64% increase in our purchase consideration and a lift in Power Grip sales, and we continue to keep the buzz going. In the weeks following, we aired the 32nd spot across 78 national TV networks, and lit up our social channels with additional exclusive content featuring Jennifer Coolidge.

我們社區的反應是驚人的。我們的活動獲得了驚人的 570 億次展示。在 Big Game 的所有 103 個廣告中，我們的廣告在消費者情緒方面排名第一。我們看到我們的購買考慮增加了 64%，Power Grip 的銷量也有所提升，我們將繼續保持關注。在接下來的幾周里，我們在 78 個全國電視網絡中播出了第 32 個位置，並通過更多由詹妮弗柯立芝主演的獨家內容點亮了我們的社交頻道。

(presentation)

（推介會）

Disrupting norms and doing the unexpected is part of our DNA. We continue to generate buzz-worthy moments for our community through our brand-on-brand partnerships with like-minded disruptors. Two years ago, our makeup collaboration with Chipotle generated 4 billion earned media impressions. Last year's collaboration with Dunkin' generated 5 billion impressions.

打破常規和做出意想不到的事情是我們 DNA 的一部分。我們通過與志同道合的顛覆者建立品牌對品牌的合作夥伴關係，繼續為我們的社區創造值得關注的時刻。兩年前，我們與 Chipotle 的彩妝合作產生了 40 億次媒體曝光。去年與 Dunkin' 的合作產生了 50 億次展示。

We broke records once again in March with our collaboration with American Eagle that generated over 7 billion impressions. Our internal studies show that our unaided awareness is less than 20% today, a double-digit gap in awareness relative to some of the legacy mass cosmetics brands. We're leaning on our disruptive marketing initiatives to build our awareness and reach new audiences, including Millennials and Gen X.

3 月份，我們與 American Eagle 的合作再次打破了記錄，產生了超過 70 億次展示。我們的內部研究表明，我們目前的獨立認知度不到 20%，與一些傳統大眾化妝品品牌相比，認知度存在兩位數的差距。我們依靠我們顛覆性的營銷計劃來建立我們的意識並接觸新的受眾，包括千禧一代和 X 世代。

Our latest Nielsen marketing mix analysis shows that our marketing investment continues to deliver, driving ROI multiples above the industry benchmarks. During Q4, we invested further in marketing, given our better-than-expected top line trends. As a result, we ended the full year with marketing and digital investment at 22% of net sales, above the high end of our 17% to 19% outlook.

我們最新的尼爾森營銷組合分析表明，我們的營銷投資繼續發揮作用，推動投資回報率倍數高於行業基準。在第四季度，鑑於我們的收入趨勢好於預期，我們進一步投資於營銷。因此，我們全年的營銷和數字投資占淨銷售額的 22%，高於我們 17% 至 19% 預期的上限。

Our second strategic imperative is to power digital. Founded as a digitally native brand, e.l.f. remains the only top 5 mass cosmetics brand with a direct-to-consumer site. In fiscal '23, our digital consumption was up over 75%. Digital channels drove 17% of our total consumption as compared to 14% a year ago. We see opportunity to increase our digital penetration, particularly as we further enhance our Beauty Squad Loyalty Program.

我們的第二個戰略要務是推動數字化。作為數字原生品牌成立，e.l.f.仍然是唯一擁有直接面向消費者網站的前 5 大大眾化妝品品牌。在 23 財年，我們的數字消費增長了 75% 以上。數字渠道占我們總消費的 17%，而一年前為 14%。我們看到了提高數字滲透率的機會，尤其是在我們進一步加強我們的 Beauty Squad 忠誠度計劃時。

Beauty Squad now has nearly 3.7 million members, with enrollment growing over 25% year-over-year. Our loyalty members drive almost 80% of our sales on elfcosmetics.com, have higher average order values, purchased more frequently, have stronger retention rates and are rich source of first-party data.

Beauty Squad 現在擁有近 370 萬會員，註冊人數同比增長超過 25%。我們的忠誠會員推動了我們在 elfcosmetics.com 上近 80% 的銷售額，平均訂單價值更高，購買頻率更高，保留率更高，並且是第一方數據的豐富來源。

Our third strategic imperative is to lead innovation. We have a unique ability to deliver Holy Grails, taking inspiration from our community and the best products in prestige and bringing them to the market at extraordinary value. Our innovation has built category leadership over time. e.l.f. now has the #1 or #2 position across 16 segments of the color cosmetics category. Collectively, these segments make up over 75% of e.l.f. Cosmetics sales. We delivered the strongest sales growth and share gains in each of these segments in fiscal '23.

我們的第三個戰略要務是引領創新。我們擁有交付聖杯的獨特能力，從我們的社區和享有盛譽的最佳產品中汲取靈感，並以非凡的價值將它們推向市場。隨著時間的推移，我們的創新建立了品類領導地位。 e.l.f.現在在彩妝類別的 16 個細分市場中排名第一或第二。總的來說，這些細分市場佔 e.l.f. 的 75% 以上。化妝品銷售。在 23 財年，我們在每個細分市場實現了最強勁的銷售增長和份額增長。

Our innovation approach is to build growing and sustaining product franchises instead of one-and-done launches. Our 4 largest franchises, Camo, Putty, Halo Glow and Power Grip, have all grown year after year. As we launch new innovation within each franchise, the entire franchise grows. We believe this is a source of competitive advantage as we're not dependent on proliferating SKUs to anniversary prior year launches.

我們的創新方法是建立不斷增長和持續的產品特許經營權，而不是一次性推出。我們的 4 大特許經營權，Camo、Putty、Halo Glow 和 Power Grip，年復一年地增長。當我們在每個特許經營權中推出新的創新時，整個特許經營權就會增長。我們相信這是競爭優勢的來源，因為我們不依賴於將 SKU 擴散到前一年的周年紀念發布。

Let me provide an example with our Halo Glow franchise. In 2020, we launched Halo Glow Setting Powder. In 2022, we launched Halo Glow Liquid Filter, which quickly became a viral sensation in one of our best-selling products. In April of this year, we built on that success with the launch of three Halo Glow Beauty Wands, a contour, blush and highlight trio, with each price at an incredible value of $9. Compared to the prestige item at $42, Halo Glow Beauty Wands have been one of our best launches ever.

讓我以我們的 Halo Glow 系列為例。 2020 年，我們推出了 Halo Glow Setting Powder。 2022 年，我們推出了 Halo Glow Liquid Filter，它很快成為我們最暢銷產品之一的病毒式傳播。今年 4 月，我們在這一成功的基礎上推出了三款 Halo Glow Beauty Wands，包括修容、腮紅和高光三件套，每款價格都超值 9 美元。與 42 美元的高端產品相比，Halo Glow Beauty Wands 是我們推出的最好的產品之一。

Our most popular shades are sold out multiple times and drove record numbers of visitors to elfcosmetics.com. Halo Glow Beauty Wands are a viral hit with our community. And more importantly, are providing a lift in sales to the rest of the Halo Glow franchise. Since we launched Beauty Wands, we've seen nearly triple-digit sales lift across our Halo Glow franchise, with all our Halo Glow products in the top 10 best sellers on elfcosmetics.com, including the Halo Glow Setting Powder that we launched over 3 years ago. Our strategy of using our new products and marketing engine to shine a light on our existing products within the franchise has proven successful and fueled growth year after year.

我們最受歡迎的色調多次售罄，並推動 elfcosmetics.com 的訪問者數量創下歷史新高。 Halo Glow Beauty Wands 在我們的社區中大受歡迎。更重要的是，正在提升 Halo Glow 系列其他產品的銷量。自從我們推出 Beauty Wands 以來，我們的 Halo Glow 特許經營權的銷售額增長了近三位數，我們所有的 Halo Glow 產品都在 elfcosmetics.com 上排名前 10 位的暢銷產品，包括我們推出超過 3 年的 Halo Glow Setting Powder幾年前。我們使用我們的新產品和營銷引擎來突出特許經營中現有產品的策略已被證明是成功的，並年復一年地推動增長。

Our fourth strategic imperative is to drive productivity with our retail partners. In fiscal '23, e.l.f. increased its best-in-class productivity on a sales per linear foot basis with both Target and Walmart, our 2 largest customers. Ulta Beauty is another great example of our focus on productivity. We grew our Ulta business by over 70% in fiscal '23 without incremental space gains. This productivity is helping us to earn additional space with our retail partners. As a reminder, as part of our spring resets earlier this year, we expanded space in Target, Walmart, CVS and Shoppers Drug Mart.

我們的第四個戰略要務是與我們的零售合作夥伴一起提高生產力。在 23 財年，e.l.f.與我們的兩個最大客戶 Target 和沃爾瑪一起，在每線性英尺銷售額的基礎上提高了一流的生產力。 Ulta Beauty 是我們關註生產力的另一個很好的例子。在 23 財年，我們的 Ulta 業務增長了 70% 以上，但沒有增加空間收益。這種生產力正在幫助我們與零售合作夥伴一起贏得更多空間。提醒一下，作為我們今年早些時候春季重置的一部分，我們擴大了 Target、沃爾瑪、CVS 和 Shoppers Drug Mart 的空間。

Looking at our average store footprint today in our largest customers, we have about 12 feet in Target, 8 feet in Ulta Beauty and 7 feet in Walmart. Even with this increased footprint, we still trail legacy cosmetics brands, which can have 20 feet of space on average at these national retailers. We continue to drive productivity and expand our footprint across customers, we see a significant runway for growth. To that end, we're pleased that we've earned additional space in Ulta Beauty, CVS and Walgreens in fall '23.

看看我們今天在最大客戶中的平均商店足跡，我們在 Target 大約有 12 英尺，在 Ulta Beauty 有 8 英尺，在沃爾瑪有 7 英尺。即使佔地面積有所增加，我們仍然落後於傳統化妝品品牌，這些品牌在這些全國性零售商中平均擁有 20 英尺的空間。我們繼續提高生產力並擴大我們在客戶中的足跡，我們看到了重要的增長跑道。為此，我們很高興我們在 23 年秋季在 Ulta Beauty、CVS 和 Walgreens 贏得了額外的空間。

Our fifth strategic imperative is to deliver profitable growth. We had a winning formula in fiscal '23. We invested strongly behind our high ROI marketing and digital initiatives, and delivered over 100 basis points of adjusted EBITDA margin expansion, supported by the combination of our strong sales growth, gross margin expansion and leverage in our non-marketing SG&A expenses.

我們的第五項戰略要務是實現盈利增長。我們在 23 財年有一個制勝法寶。我們大力投資於我們的高投資回報率營銷和數字計劃，並在我們強勁的銷售增長、毛利率增長和非營銷 SG&A 費用槓桿的支持下，實現了超過 100 個基點的調整後 EBITDA 利潤率增長。

The investments we've continued to make in our people and infrastructure year after year are fueling our growth. Our people investment reflects our unique One Team, One Dream approach. We are the only public company in beauty that grants equity on an annual basis to every single employee, strongly aligning our team with the long-term interest of our shareholders.

我們年復一年地繼續在我們的人員和基礎設施方面進行的投資正在推動我們的增長。我們的人員投資反映了我們獨特的一個團隊，一個夢想的方法。我們是美容行業唯一一家每年向每位員工授予股權的上市公司，使我們的團隊與股東的長期利益保持一致。

Even as we've grown our headcount by 60% over the past 4 years, our world-class team continues to drive strong productivity, outperforming other public beauty companies by roughly 3 to 5x on a sales and profit per employee basis. Our team is also highly engaged. Our most recent employee engagement scores were 19 points higher than consumer goods and services industry benchmark.

儘管在過去 4 年中我們的員工人數增加了 60%，但我們世界一流的團隊繼續推動強大的生產力，在人均銷售額和利潤方面比其他上市美容公司高出約 3 到 5 倍。我們的團隊也非常投入。我們最近的員工敬業度得分比消費品和服務行業基準高 19 分。

As we've grown, we've continued to make investments in our infrastructure. This year, we'll begin implementation of SAP to continue to optimize our operations and core processes. We're also planning to make investments to increase our distribution capacity to support our growth. Even with this ongoing investment, we expect to continue to deliver adjusted EBITDA margin expansion in fiscal '24. We believe these ongoing investments in our team and infrastructure position us well to continue to drive profitable growth.

隨著我們的成長，我們繼續對我們的基礎設施進行投資。今年，我們將開始實施 SAP，以繼續優化我們的運營和核心流程。我們還計劃進行投資以提高我們的分銷能力以支持我們的增長。即使有了這項持續的投資，我們仍預計將在 24 財年繼續實現調整後的 EBITDA 利潤率擴張。我們相信，這些對我們團隊和基礎設施的持續投資使我們能夠繼續推動盈利增長。

The progress on our 5 strategic imperatives has been terrific, and we believe we're still in the early innings with each. Before I turn the call over to Mandy, I want to underscore the three key areas where we see significant runway for additional growth in cosmetics, skin care and internationally.

我們在 5 項戰略要務方面取得了巨大進展，我們相信我們仍處於每項戰略的早期階段。在我將電話轉給 Mandy 之前，我想強調三個關鍵領域，我們認為在這些領域中，化妝品、護膚品和國際市場的增長具有重要意義。

First, we believe we can grow share in our core mass cosmetics category. This is a $7 billion category in the U.S. We're the #3 brand today with a 9.5% share. At Target, our longest-standing national retail partner, we're already the #1 brand with an 18% share. We believe that our position at other major retailers could mirror that at Target over time.

首先，我們相信我們可以增加核心大眾化妝品類別的份額。這是美國價值 70 億美元的類別。我們今天是排名第三的品牌，佔有 9.5% 的份額。在我們歷史最悠久的全國零售合作夥伴 Target，我們已經是擁有 18% 份額的第一品牌。我們相信，隨著時間的推移，我們在其他主要零售商中的地位可能會反映在 Target 中。

Second, we see significant white space and skin care. This is a $5 billion category in the U.S. We're the #19 brand today with a little over 1% share. We believe we have the right to win in skin. Amongst teens, we're already a top 10 brand. Skin care represents 8% of our consumption in Nielsen tracked channels. It drives nearly 20% of our business on elfcosmetics.com where consumers see the full strength of our assortment.

其次，我們看到了顯著的留白和皮膚護理。這是美國價值 50 億美元的類別。我們今天是排名第 19 的品牌，佔有略高於 1% 的份額。我們相信我們有權在皮膚上取勝。在青少年中，我們已經是前 10 名品牌。護膚品占我們在尼爾森跟踪渠道消費的 8%。它推動了我們在 elfcosmetics.com 上近 20% 的業務，消費者在 elfcosmetics.com 上看到了我們品種的全部實力。

Our focus in skin care is bringing new consumers into the fold as we go after segments like makeup removal, sun care and anti-aging. Our top 3 best sellers on elfskin.com in Q4 were some of our latest innovations in these areas. Similar to our strategy in cosmetics, we plan to lean on our value proposition, powerhouse innovation and disruptive marketing engine to accelerate awareness for e.l.f. SKIN.

我們在護膚方面的重點是吸引新消費者，因為我們追求卸妝、防曬和抗衰老等細分市場。我們在第四季度 elfskin.com 上的前三名暢銷產品是我們在這些領域的一些最新創新。與我們在化妝品領域的戰略類似，我們計劃依靠我們的價值主張、強大的創新和顛覆性的營銷引擎來加速 e.l.f. 的知名度。皮膚。

Third, we see considerable white space internationally. International represented approximately 12% of e.l.f. Beauty sales in fiscal '23, with the business growing over 60% year-over-year. We're seeing strong results behind our disciplined expansion strategy in Canada and the U.K. As compared to our #3 position in the U.S., we're the #7 brand in both Canada and the U.K. We were the fastest-growing top 10 brand in both of these countries, and still see a lot of runway ahead.

第三，我們在國際上看到了相當大的空白。國際約佔 e.l.f. 的 12%。 23 財年的美容產品銷售額同比增長超過 60%。我們在加拿大和英國看到了嚴格的擴張戰略背後的強勁成果。與我們在美國排名第三的品牌相比，我們在加拿大和英國都是排名第七的品牌。我們是增長最快的前 10 大品牌這兩個國家，還有很多跑道在前面。

We recently began building out our team in the U.K. this past year, and are excited about enhancing our focus to further penetrate existing international markets while expanding into new ones.

去年，我們最近開始在英國組建我們的團隊，並且很高興能夠加強我們的重點，進一步滲透現有的國際市場，同時擴展到新的市場。

In summary, as we look ahead, we believe we're still in the early innings of unlocking the full potential of our brands. We believe our relentless focus on our 5 strategic imperatives will continue to fuel our ability to win in fiscal '24 and beyond.

總之，展望未來，我們相信我們仍處於釋放品牌全部潛力的早期階段。我們相信，我們對 5 項戰略要務的不懈關注將繼續增強我們在 24 財年及以後取勝的能力。

I'll now turn the call over to Mandy.

我現在將電話轉給曼迪。

Thank you, Tarang. Our fourth quarter results were outstanding. Q4 net sales grew 78% year-over-year, driven by broad-based strength across national and international retailers as well as digital commerce. We saw much better-than-expected unit velocities in the quarter, supported by strong early results from our spring resets and robust consumer response to both our spring innovation and core products. Higher unit volume contributed approximately 50 percentage points to net sales growth, with pricing and mix adding approximately 28 percentage points to growth.

謝謝你，塔朗。我們第四季度的業績非常出色。在國內和國際零售商以及數字商務的廣泛實力推動下，第四季度淨銷售額同比增長 78%。我們看到本季度的單位速度好於預期，這得益於我們春季重置的強勁早期結果以及消費者對我們春季創新和核心產品的強烈反應。更高的單位銷量為淨銷售額增長貢獻了約 50 個百分點，定價和組合為增長貢獻了約 28 個百分點。

Q4 gross margin of 69% was up approximately 470 basis points compared to prior year. We saw gross margin benefits from the price increases implemented in March of 2022, lower transportation costs, margin accretive mix and cost savings.

第四季度的毛利率為 69%，與去年同期相比上升了約 470 個基點。我們看到了 2022 年 3 月實施的價格上漲、運輸成本降低、利潤增長組合和成本節約帶來的毛利率收益。

On an adjusted basis, SG&A as a percentage of sales was 61% in Q4 compared to 57% last year, largely due to a step-up in marketing and digital investment. We drove significant leverage in non-marketing SG&A expenses, primarily as a result of our better-than-expected top line trends.

在調整後的基礎上，SG&A 佔銷售額的百分比在第四季度為 61%，而去年為 57%，這主要是由於營銷和數字投資的加強。我們在非營銷 SG&A 費用方面發揮了重要作用，這主要是由於我們的收入趨勢好於預期。

Marketing and digital investment for the quarter was approximately 33% of net sales as compared to 17% in Q4 last year. As Tarang discussed, during the quarter, we opportunistically stepped up our marketing investment given our better-than-expected top line trends. As a result, we ended the full year with marketing and digital investment at 22% of net sales, above the high end of our 17% to 19% range we had outlooked.

本季度的營銷和數字投資約占淨銷售額的 33%，而去年第四季度為 17%。正如 Tarang 所討論的那樣，在本季度，鑑於我們的收入趨勢好於預期，我們機會主義地加大了營銷投資。因此，我們全年的營銷和數字投資占淨銷售額的 22%，高於我們預期的 17% 至 19% 區間的上限。

Q4 adjusted EBITDA was $21 million, up 66% versus last year, and adjusted EBITDA margin was approximately 11% of net sales. Adjusted net income was $24 million or $0.42 per diluted share, compared to $7 million or $0.13 per diluted share a year ago. The increase in adjusted net income was attributable to a significant increase in pretax income as well as discrete tax benefits in the quarter related to stock-based compensation.

第 4 季度調整後的 EBITDA 為 2100 萬美元，比去年增長 66%，調整後的 EBITDA 利潤率約為淨銷售額的 11%。調整後淨收入為 2400 萬美元或每股攤薄收益 0.42 美元，而一年前為 700 萬美元或每股攤薄收益 0.13 美元。調整後淨收入的增加歸因於稅前收入的顯著增加以及本季度與股票薪酬相關的離散稅收優惠。

Let's now turn to our full year fiscal '23 results. In short, our results were exceptional. For the year, we grew net sales by 48% and adjusted EBITDA by 56%. We invested behind our high ROI marketing and digital initiatives and delivered over 100 basis points of adjusted EBITDA margin expansion, supported by the combination of our strong sales growth, gross margin expansion and leverage in our non-marketing SG&A expenses.

現在讓我們來看看我們的 23 財年全年業績。簡而言之，我們的結果非常出色。這一年，我們的淨銷售額增長了 48%，調整後的 EBITDA 增長了 56%。我們投資於我們的高投資回報率營銷和數字計劃，並在我們強勁的銷售增長、毛利率增長和非營銷 SG&A 費用槓桿的支持下，實現了超過 100 個基點的調整後 EBITDA 利潤率增長。

Moving to the balance sheet and cash flow. Our balance sheet remains strong, and we believe positions us well to execute our long-term growth plans. We ended the year with $121 million in cash on hand compared to a cash balance of $43 million a year ago. Our ending inventory balance was $81 million compared to $84 million a year ago. Given our stronger-than-expected consumption in Q4, our ending inventory was lighter than expected. We expect to recover in Q1 and build inventory through fiscal '24 to support our Holy Grail launches and core franchises.

轉向資產負債表和現金流量。我們的資產負債表依然強勁，我們相信我們能夠很好地執行我們的長期增長計劃。與一年前的 4300 萬美元現金餘額相比，我們年底手頭現金為 1.21 億美元。我們的期末庫存餘額為 8100 萬美元，而一年前為 8400 萬美元。鑑於我們在第四季度的消費強於預期，我們的期末庫存低於預期。我們預計將在第一季度恢復並在 24 財年建立庫存，以支持我們的聖杯發布和核心特許經營權。

I'm also pleased with the strong free cash flow we generated of approximately $100 million in fiscal '23. Given our cash position, and the early repayment of approximately $25 million of our outstanding debt last fall, we ended fiscal '23 with a net cash position and less than 1x leverage in terms of total debt to adjusted EBITDA. We expect to continue our free cash flow generation in fiscal '24.

我也對我們在 23 財年產生的約 1 億美元的強勁自由現金流感到滿意。鑑於我們的現金狀況，以及去年秋天提前償還了約 2500 萬美元的未償債務，我們在 23 財年結束時擁有淨現金狀況，並且總債務與調整後 EBITDA 的槓桿率不到 1 倍。我們預計將在 24 財年繼續產生自由現金流。

Looking at our cash priorities. First and foremost, we plan to continue to invest in our people and infrastructure to fuel our growth. As Tarang discussed, this year, we plan to invest behind our ERP transition to SAP, working capital to support the strong demand we continue to see, and increasing our distribution capacity.

看看我們的現金優先事項。首先，我們計劃繼續投資於我們的人員和基礎設施，以推動我們的增長。正如 Tarang 所討論的那樣，今年，我們計劃投資支持我們的 ERP 過渡到 SAP，營運資金支持我們繼續看到的強勁需求，並提高我們的分銷能力。

Now let's turn to our initial outlook for fiscal '24. For the full year, we expect net sales growth of approximately 22% to 24%, adjusted EBITDA between $144.5 million to $147.5 million, adjusted net income between $98.5 million to $100.5 million, and adjusted EPS of $1.73 to $1.76 per diluted share. We expect a fully diluted average share count of approximately 57 million shares and our fiscal '24 adjusted tax rate to be approximately 21% to 22%.

現在讓我們談談我們對 24 財年的初步展望。對於全年，我們預計淨銷售額增長約 22% 至 24%，調整後的 EBITDA 在 1.445 億美元至 1.475 億美元之間，調整後的淨收入在 9850 萬美元至 1.005 億美元之間，調整後的每股攤薄收益為 1.73 美元至 1.76 美元。我們預計完全稀釋後的平均股數約為 5700 萬股，我們的 24 財年調整後稅率約為 21% 至 22%。

Let me provide you with additional color on our planning assumptions for fiscal '24. Starting with the top line. We ended the fiscal year with significant momentum and believe we have the right strategy in place to support our growth in the year ahead. In Q1, we expect our net sales growth to come in well ahead of our 22% to 24% annual growth, reflecting the ongoing strong consumption trends we are seeing.

讓我為您提供更多關於我們 24 財年規劃假設的顏色。從第一行開始。我們以強勁的勢頭結束了本財年，並相信我們已經制定了正確的戰略來支持我們在來年的增長。在第一季度，我們預計我們的淨銷售額增長將遠遠超過我們 22% 至 24% 的年增長率，反映出我們看到的持續強勁的消費趨勢。

As we look out to the remainder of the year, we remain bullish on the cosmetics category and our ability to gain share. At the same time, we are mindful of macroeconomic uncertainty and potential recessionary risks. We believe our outlook appropriately balances these elements, and our approach has been consistent, serving us well as we've navigated a dynamic operating environment to deliver 17 consecutive quarters of net sales growth.

展望今年剩餘時間，我們仍然看好化妝品類別和我們獲得市場份額的能力。與此同時，我們注意到宏觀經濟的不確定性和潛在的衰退風險。我們相信我們的前景適當地平衡了這些因素，並且我們的方法始終如一，為我們提供了良好的服務，因為我們已經駕馭了動態的運營環境以實現連續 17 個季度的淨銷售額增長。

Turning to gross margin. In fiscal '24, we expect our gross margin to be up approximately 100 basis points year-over-year. We expect gross margin benefits from lower transportation costs, favorable FX rates, margin-accretive mix and cost savings to offset costs related to retailer activity and space expansion.

轉向毛利率。在 24 財年，我們預計我們的毛利率將同比增長約 100 個基點。我們預計較低的運輸成本、有利的匯率、利潤增加的組合和成本節約將帶來毛利率收益，以抵消與零售商活動和空間擴張相關的成本。

Turning now to adjusted EBITDA. Our outlook implies adjusted EBITDA growth of approximately 24% to 26% versus prior year, on top of the strong 56% growth we delivered in fiscal '23. With the combination of our top line momentum and strong marketing ROI, we're planning to increase marketing and digital investment to approximately 22% to 24% of net sales in fiscal '24 as compared to 22% in fiscal '23. We're investing from a position of strength and believe these increased marketing investments will continue to fuel our growth.

現在轉向調整後的 EBITDA。我們的展望表明，除了我們在 23 財年實現的 56% 的強勁增長之外，調整後的 EBITDA 與上一年相比增長約 24% 至 26%。憑藉我們的營收勢頭和強勁的營銷投資回報率，我們計劃將營銷和數字投資增加到 24 財年淨銷售額的 22% 至 24%，而 23 財年為 22%。我們正在從優勢地位進行投資，並相信這些增加的營銷投資將繼續推動我們的增長。

Our outlook implies adjusted EBITDA margin leverage of approximately 30 basis points year-over-year. This margin expansion is supported by the combination of our strong sales growth and gross margin expansion.

我們的展望意味著調整後的 EBITDA 保證金槓桿率同比約為 30 個基點。這種利潤率的增長得益於我們強勁的銷售增長和毛利率的增長。

In summary, we're pleased with our outstanding fiscal '23 results and remain optimistic about our long-term growth potential. As Tarang discussed, we see significant white space across cosmetics and skin care, both domestically and internationally. Our flywheel approach of investing in marketing to drive top line while expanding adjusted EBITDA margins gives me confidence in our ability to drive profitable growth. Finally, we believe our solid balance sheet, low leverage and strong cash flow generation can continue to drive shareholder returns. With that operator, you may open the call for questions.

總而言之，我們對 23 財年出色的業績感到滿意，並對我們的長期增長潛力保持樂觀。正如 Tarang 所討論的，我們在國內外的化妝品和護膚品領域看到了巨大的空白。我們的飛輪方法投資於營銷以推動收入，同時擴大調整後的 EBITDA 利潤率，這讓我對我們推動盈利增長的能力充滿信心。最後，我們相信我們穩健的資產負債表、低杠桿率和強勁的現金流產生能力可以繼續推動股東回報。通過該接線員，您可以打開問題電話。

(Operator Instructions) The first question comes from Olivia Tong with Raymond James.

（操作員說明）第一個問題來自 Olivia Tong 和 Raymond James。

Great, congrats on a pretty remarkable year. My first question is more around the guide and just understanding sort of how you're thinking about it, clearly coming off of 78% top line growth in Q4. And then looking for something still very, very strong, but decelerating pretty dramatically, relatively speaking.

太好了，恭喜你度過了非凡的一年。我的第一個問題更多地圍繞著指南，只是了解你是如何看待它的，顯然第四季度的收入增長達到了 78%。然後尋找仍然非常非常強勁，但相對而言正在大幅減速的東西。

So if you could just give us a little bit in terms of sort of the building blocks, how you're thinking about maybe first half versus second half? And sort of phasing of some of the launches and the incremental shelf space that you're getting, help us understand that a little bit, that would be helpful. And then I have a follow-up.

所以，如果你能在構建基塊方面給我們一點點，你是如何考慮上半場和下半場的？以及一些發布的分階段和您獲得的增量貨架空間，幫助我們了解一點，這會有所幫助。然後我有一個後續行動。

Olivia, thank you so much for the question. So overall, we feel great about our guidance, 22% to 24% net sales growth on top of the 48% net sales growth that we just delivered, I think, is tremendous.

奧利維亞，非常感謝你提出這個問題。所以總的來說，我們對我們的指導感覺很好，在我們剛剛實現的 48% 的淨銷售額增長之上，22% 到 24% 的淨銷售額增長，我認為是巨大的。

And as we look out, the fundamental drivers of our business remain intact. Our value proposition, our innovation and our ability to engage our community with our marketing engine remains intact. And in fact, the white space opportunity, as Tarang spoke to, is also still ahead of us. So a lot of goodness on the road ahead.

正如我們所看到的，我們業務的基本驅動力仍然完好無損。我們的價值主張、我們的創新以及我們利用我們的營銷引擎吸引社區的能力保持不變。事實上，正如 Tarang 所說，空白機會也仍然擺在我們面前。前面的道路上有很多美好。

I would say that, if I think about breaking it down between innovation and units or the building blocks of the business, I would say we have a healthy mix of both units and AUR as we look forward. We just talked about in Q4, seeing 50 points of our growth being driven by unit volume with the 28% driven by AUR. I think that type of split will continue and that unit growth will be quite healthy implied in our guidance.

我想說的是，如果我考慮將其分解為創新和單位或業務的基石，我會說我們期待著單位和 AUR 的健康組合。我們剛剛談到了第四季度，看到我們的增長有 50 個百分點是由單位數量驅動的，而 28% 是由 AUR 驅動的。我認為這種類型的拆分將繼續下去，並且我們的指導中暗示單位增長將非常健康。

And then if I think about productivity. Productivity at shelf, Tarang also spoke to on the call, that continues to be the key driver of our growth. And really, that's reflective of that innovation that we're launching that's really resonating with our consumers and our community and the marketing that we put, the surround sound around that with. So we feel great about our outlook.

然後如果我考慮生產力。 Tarang 在電話中還談到了貨架上的生產力，這仍然是我們增長的關鍵驅動力。實際上，這反映了我們正在推出的創新，它真正引起了我們的消費者和社區的共鳴，以及我們所投放的營銷，以及圍繞它的環繞聲。因此，我們對自己的前景感覺良好。

And as we talked about Q1, we expect to come in ahead of that 22% to 24% just given the consumption levels we're seeing. And my approach has been very balanced over these last 17 quarters. We see the momentum that we have in this quarter, but also want to make sure that we're cognizant of any macro things that are going on. And so we remain balanced with the outlook that we're providing. So I feel great about what we're seeing from a consumption standpoint. And as you know, we'll take it one quarter at a time.

當我們談到第一季度時，鑑於我們所看到的消費水平，我們預計會超過 22% 到 24%。在過去的 17 個季度中，我的方法非常平衡。我們看到了本季度的勢頭，但也希望確保我們了解正在發生的任何宏觀事件。因此，我們與我們提供的前景保持平衡。因此，從消費的角度來看，我對我們所看到的情況感覺很好。如您所知，我們將一次接受四分之一。

The next question comes from Dara Mohsenian with Morgan Stanley.

下一個問題來自摩根士丹利的 Dara Mohsenian。

So two-part question. First, obviously, your business has grown at a really strong top line growth rate for a number of years. But if you look at the year-over-year revenue growth or the CAGR versus the pre-COVID level, it really accelerated this quarter.

所以兩部分的問題。首先，很明顯，您的業務多年來一直以非常強勁的收入增長率增長。但如果你看一下同比收入增長或複合年增長率與 COVID 之前的水平相比，本季度它確實加速了。

So you obviously mentioned a lot of drivers behind that on a year-over-year basis. But just curious if you can give us a little more detail on the sequential ramp up in fiscal Q4? What do you think drove that? How sustainable is that?

所以你顯然在同比基礎上提到了很多背後的驅動因素。但只是好奇您是否可以向我們提供有關第四財季連續增長的更多詳細信息？你認為是什麼原因造成的？這有多可持續？

And then on Olivia's question on the full year, just -- I guess can you give us a little more detail on Q1? Obviously, the scanner data pace looks like it's continuing at a pretty robust level. So just maybe conceptually, how you sort of think about fiscal Q1 given we're 2 months into the quarter? I understand above the full year pace, but maybe put it in context relative to Q4, and any extra help there would be helpful.

然後關於 Olivia 關於全年的問題，我想你能給我們更多關於第一季度的細節嗎？顯然，掃描儀數據速度看起來繼續保持在相當強勁的水平。因此，也許從概念上講，鑑於我們進入本季度已有 2 個月，您如何看待第一季度財政？我理解高於全年的速度，但也許將其放在與第四季度相關的背景下，任何額外的幫助都會有所幫助。

Dara, I'll take the first part of the question and give the second to Mandy. So in terms of the business growth, you're right, we saw this acceleration through the year, particularly in Q4. And I would say it's really a continuation of the fundamental strategy we talked about, the resonance of our value proposition, innovation and marketing.

Dara，我將回答問題的第一部分，然後將第二部分交給 Mandy。所以就業務增長而言，你是對的，我們看到了這一年的加速，尤其是在第四季度。我想說這確實是我們所討論的基本戰略的延續，是我們價值主張、創新和營銷的共鳴。

A couple of particular drivers within Q4 that I'd point to. One is we continue to build these franchises our innovation franchises. We had an incredible launch in Q4 with our new Halo Glow Beauty Wands. We're a viral sensation. We couldn't keep them in stock. We actually have quite a few out of stocks just given the strength of the innovation that we've had that builds upon itself.

我要指出的是第四季度中的幾個特定驅動程序。一是我們繼續建立這些特許經營權，我們的創新特許經營權。我們在第四季度推出了令人難以置信的新款 Halo Glow Beauty Wands。我們是一種病毒式的感覺。我們無法保留它們的庫存。鑑於我們建立在自身基礎上的創新實力，我們實際上有很多缺貨。

We also opportunistically took up our marketing levels in Q4. It was our opportunity given our opportunity to build awareness, to introduce TV for the first time. Most of our spend is digitally-driven, but we saw an opportunity to enter TV and broaden that aperture. And we did it in typical L fashion. We went all in. We ended up creating a spot that aired on the Big Game, saw terrific results from that, and that also fueled our results.

我們還機會主義地在第四季度提高了營銷水平。這是我們的機會，因為我們有機會建立意識，首次推出電視。我們的大部分支出都是數字驅動的，但我們看到了進入電視領域並擴大這一領域的機會。我們以典型的 L 方式做到了。我們全力以赴。我們最終創建了一個在 Big Game 上播出的廣告，從中看到了極好的結果，這也推動了我們的結果。

So as Mandy said earlier, we feel we have real great momentum. Fundamental drivers of our business remain intact and we're feeling really bullish about the business, but always take a pretty balanced look, but I'll let Mandy talk about that.

正如 Mandy 之前所說，我們覺得我們的勢頭非常強勁。我們業務的基本驅動力保持不變，我們對業務非常看好，但始終保持平衡，但我會讓 Mandy 談談這一點。

Yes. And to answer your question on Q1, we are seeing scanner data close to 50% growth right now. And so I think it's safe to assume for Q1 that the quarter -- we don't give quarterly guidance, but I think to just give you some color, the 50% that you're seeing out of scanner data right now, or better, could be where Q1 comes in overall just given what we're seeing on the untracked side of the business right now as well.

是的。為了回答您關於第一季度的問題，我們看到掃描儀數據目前增長接近 50%。因此，我認為可以安全地假設第一季度的季度——我們不提供季度指導，但我想給你一些顏色，你現在從掃描儀數據中看到的 50%，或者更好，考慮到我們現在在業務未跟踪方面所看到的情況，可能是第一季度的總體情況。

The next question comes from Bill Chappell with Truist Securities.

下一個問題來自 Truist Securities 的 Bill Chappell。

A little bit more on some of the out of stocks. I mean as we've all noted, your acceleration this quarter was remarkable, if not extraordinary. And trying to couple that with the thought that a lot of your products come overseas. It takes 6 months of a supply chain to kind of go from start to finish.

關於一些缺貨的更多信息。我的意思是，正如我們都注意到的那樣，你本季度的加速是驚人的，如果不是非凡的話。並試圖將其與您的許多產品都來自海外的想法結合起來。一條供應鏈從頭到尾需要 6 個月的時間。

And so you had to kind of know this that was coming, to some extent, or have significant out of stocks. And we see in some stores other than Target and Ulta, there are some -- a fair amount of out of stocks. So maybe you can understand what you think was left on the table in terms of having out of stocks that could have been done, where retailer inventory levels are as we move into the summer?

因此，您必須在某種程度上知道即將到來的情況，或者會出現大量缺貨。我們在 Target 和 Ulta 以外的一些商店看到，有一些 - 相當數量的缺貨。因此，也許您可以理解您認為在本可以完成的缺貨方面留在桌面上的想法，當我們進入夏季時零售商庫存水平在哪裡？

And maybe it's not a big issue at all. Maybe you fully saw this coming and making too much of it. But I'm just trying to understand how your supply chain did so well or how it will continue to do so well when you have that kind of a 6-month planning process?

也許這根本不是什麼大問題。也許您完全看到了這種情況的發生並且過分誇大了它。但我只是想了解您的供應鏈如何做得這麼好，或者當您有那種為期 6 個月的計劃流程時，它將如何繼續做得這麼好？

Sure. So Bill, I feel great about our supply chain. It's a real area of strength for our company that's a combination of cost, quality, and speed in our industry. And it's been highly resilient. If I go back all the way to the pandemic in terms of how we've navigated the pandemic, the supply disruptions in terms of container imbalances, lockdowns, you name it, we've been able to maintain over 95% customer in stock. So it's a real testament to our overall operations team and the terrific job they do.

當然。所以比爾，我對我們的供應鏈感覺很好。這是我們公司真正的優勢領域，是我們行業中成本、質量和速度的結合。而且它具有很強的彈性。如果我一直回到大流行病，了解我們如何應對大流行病，集裝箱不平衡、封鎖等方面的供應中斷，你能想到的，我們已經能夠維持超過 95% 的客戶庫存。因此，這確實證明了我們的整體運營團隊以及他們所做的出色工作。

In terms of planning horizons, we typically think in terms of about 14 weeks on average in terms of getting goods in from the time that we place those orders. So it's not so long in terms of the 6-month horizon. There will be periods where we have a number of things that build upon each other and take off virally. So I mentioned our e.l.f. Beauty Wands. All throughout last year, I think our Halo Glow Liquid Filters has been a phenomenal innovation that we -- every time we take that forecast up, the demand goes even higher.

就計劃期限而言，我們通常認為從我們下訂單後平均需要大約 14 週的時間才能收到貨物。因此，就 6 個月的期限而言，時間並不算長。在某些時期，我們會有許多東西相互建立並像病毒一樣流行起來。所以我提到了我們的 e.l.f.美容魔杖。去年全年，我認為我們的 Halo Glow Liquid Filters 是一項了不起的創新——每次我們進行預測時，需求都會更高。

And Power Grip Primer, again, not only our #1 SKU, but the #1 SKU across the entire mass cosmetics category. So these innovations tend to build upon themselves, I gave the example of Halo Glow. When we launched those Beauty Wands, we've seen triple-digit indices on our original Halo Glow Liquid Filter, even the Halo Glow Setting Powders we launched almost 3 years ago. So we're seeing strength built upon strength.

還有 Power Grip Primer，不僅是我們的 #1 SKU，而且是整個大眾化妝品類別的 #1 SKU。所以這些創新往往是建立在自己之上的，我舉了 Halo Glow 的例子。當我們推出這些 Beauty Wands 時，我們在我們最初的 Halo Glow Liquid Filter 上看到了三位數的指數，甚至是我們將近 3 年前推出的 Halo Glow Setting Powders。所以我們看到力量是建立在力量之上的。

I'm not concerned in terms of any long-term issues. We have plenty of capacity. We have incredible partnerships with our key suppliers where we share with them what our future plans and outlook are that they can work against. So I think this is a temporary -- next couple of months, I continue to see elevated out of stocks. But we talked on the call also making the investment of kind of building back up our inventory levels, such that we can continue to serve the tremendous growth that we have.

我不擔心任何長期問題。我們有足夠的能力。我們與主要供應商建立了令人難以置信的合作夥伴關係，我們與他們分享我們未來的計劃和前景，他們可以與之抗衡。所以我認為這是暫時的——接下來的幾個月，我會繼續看到庫存增加。但我們在電話會議上也談到了投資建立備份我們的庫存水平，這樣我們就可以繼續為我們的巨大增長服務。

The next question comes from Linda Bolton-Weiser with D.A. Davidson.

下一個問題來自 D.A. 的 Linda Bolton-Weiser。戴維森。

Yes. I'm wondering if you could give a little bit more color about your infrastructure investments? So with SAP implementation, I think we're all a little nervous that sometimes that causes some disruption. So maybe you can give us a little color on how you're planning for that and if you expect any retailer ordering lumpiness in anticipation of that implementation?

是的。我想知道您是否可以對您的基礎設施投資進行更多說明？因此，對於 SAP 實施，我認為我們都有點緊張，因為有時這會導致一些中斷。所以也許你可以給我們一些關於你如何計劃的顏色，以及你是否期望任何零售商在預期實施時訂購塊狀物？

And then secondly, in terms of the added distribution, can you give more color? Is that like a DC? Are you building one yourself? Or what exactly are you adding in the distribution side?

然後其次，在增加的分配方面，你能給更多的顏色嗎？好像是DC？你自己建一個嗎？或者你到底在分銷方面添加了什麼？

Linda. So I can -- I'll take the first part of that question, and then I'll pass it over to Tarang. So I can say we're really excited about our ERP transition to SAP, and we've had this strategy all along. To continue to invest behind people and infrastructure, it's something that's been a part of our base plan every year. And we've continued to optimize that as we've gone through.

琳達。所以我可以——我會回答這個問題的第一部分，然後我會把它交給 Tarang。所以我可以說，我們對 ERP 向 SAP 的過渡感到非常興奮，而且我們一直都有這個戰略。繼續投資於人員和基礎設施，這是我們每年基本計劃的一部分。隨著我們的經歷，我們繼續優化它。

So really, as we look at SAP, we're putting that in place as we want to make sure that the back of house is ready for the growth that we have on the road ahead and is able to scale with us. And so we have our time line built out. We're in the implement -- not implementation just yet. We're not expecting that for another year out. We're just building right now.

所以真的，當我們看待 SAP 時，我們正在將其落實到位，因為我們希望確保內部後台已準備好迎接我們在未來道路上的增長，並且能夠與我們一起擴展。因此，我們制定了時間表。我們正在實施——尚未實施。我們不希望再過一年。我們現在正在建設。

And so as we go through, we'll have several phases where we're testing. We're not going to put in jeopardy any orders or anything like that. It will be a very phased approach with lots of testing along the way. But this year, we're building towards that. So for fiscal '24, I don't see any risk at all related to the project because we don't plan to implement until we get into fiscal '25.

因此，在我們進行的過程中，我們將在幾個階段進行測試。我們不會將任何命令或類似的東西置於危險之中。這將是一個非常分階段的方法，在此過程中會進行大量測試。但今年，我們正在朝著這個方向努力。因此，對於 24 財年，我認為該項目根本沒有任何風險，因為我們不打算在進入 25 財年之前實施。

Yes. And just adding to that, I think we have a good platform in NetSuite that serves the business well. And so we'll continue to operate on that platform. So it allows us to sequentially test each of the different processes before we fully implement SAP. So we feel really good about the implementation plan, the outside experts we've brought in, the team that we've built to be able to do that. And as Mandy said, a continuation of what's been a pretty consistent build-out year after year.

是的。除此之外，我認為我們在 NetSuite 中擁有一個很好的平台，可以很好地為企業服務。因此，我們將繼續在該平台上運營。因此，它允許我們在完全實施 SAP 之前按順序測試每個不同的流程。因此，我們對實施計劃、我們引進的外部專家以及我們為能夠做到這一點而建立的團隊感到非常滿意。正如曼迪所說，年復一年地繼續進行相當一致的擴建。

And then on your second on the distribution capacity, we have a couple key initiatives on distribution given the growth that we've seen. The first is moving to a more distributed model in terms of our e-commerce fulfillment. Prior, we had basically one automated warehouse that we use to fulfill our e-commerce with consumer expectations of how fast they get their packages.

然後在你關於分銷能力的第二個問題上，鑑於我們所看到的增長，我們有幾個關於分銷的關鍵舉措。首先是在我們的電子商務履行方面轉向更加分佈式的模型。之前，我們基本上有一個自動化倉庫，我們用它來滿足我們的電子商務，滿足消費者對他們收到包裹的速度的期望。

It could take quite a while if you're on the West Coast to get your package [because] shipping out from Columbus, Ohio. So moving to a multi-node distribution network is the first phase of that. So far, that has been going well. We're already about the first couple of nodes up and running and feel really good about how that's going and also seeing an improvement in the time it takes consumers to get their packages.

如果您在西海岸，可能需要很長時間才能收到包裹 [因為] 從俄亥俄州哥倫布發貨。因此，轉向多節點分銷網絡是其中的第一階段。到目前為止，一切進展順利。我們已經啟動並運行了前幾個節點，並且對進展情況感到非常滿意，並且還看到消費者獲取包裹所需的時間有所改善。

The second is continue to add distribution capacity to our main distribution warehouse in Ontario, California, just given the growth we've had in the business, really and looking out even further, adding more capacity to that distribution network. And so again, feel good about both those projects and how they're progressing and continue to be able to support the business.

第二是繼續增加我們在加利福尼亞州安大略省的主要配送倉庫的配送能力，考慮到我們在業務中的增長，真的並且進一步展望，為該配送網絡增加更多容量。因此，再次對這兩個項目以及它們的進展和繼續支持業務的方式感到滿意。

The next question comes from Anna Lizzul with Bank of America.

下一個問題來自美國銀行的 Anna Lizzul。

I wanted to ask about gross margin. You talked about several factors benefiting gross margin expansion in the fourth quarter, price increases as of March of 2022, margin accretive mix and from cost savings. Could you talk a bit about how much lower shipping costs contributed to that benefit? And what are shipping costs as a percent of sales? And then I have a follow-up.

我想問一下毛利率。您談到了有利於第四季度毛利率擴張、截至 2022 年 3 月的價格上漲、利潤增長組合和成本節約的幾個因素。您能否談談運輸成本降低對這一收益的貢獻有多大？運費佔銷售額的百分比是多少？然後我有一個後續行動。

Anna, so overall gross margin, we're really pleased with the progress that we saw in Q4. To your point, we did get benefits from the pricing that we implemented last year. So that was implemented in March of last year, that we continue to have benefit from all year.

安娜，總毛利率，我們對第四季度的進展感到非常滿意。就您的觀點而言，我們確實從去年實施的定價中獲益。所以這是在去年 3 月實施的，我們將繼續從全年中受益。

We have cost savings. And so that cost savings really had two parts to it. One, just savings from some of the retailer activity that we had around our resets that came in a bit better than we expected. And then also the cost savings that we got with our suppliers. We got some rebates towards the end of the quarter that also helped our gross margin.

我們節省了成本。因此，成本節約實際上有兩個部分。第一，只是我們圍繞重置進行的一些零售商活動所節省的費用比我們預期的要好一些。然後還有我們與供應商一起節省的成本。我們在本季度末獲得了一些回扣，這也有助於提高我們的毛利率。

And then from a mix perspective, this has long been a part of our gross margin strategy as we introduce innovation to have better margins on those innovation so that, that sweetens the mix as we go across. And so all of those factors play into it.

然後從組合的角度來看，這長期以來一直是我們毛利率戰略的一部分，因為我們引入創新以在這些創新上獲得更高的利潤率，從而使我們的組合更加甜蜜。因此，所有這些因素都發揮了作用。

And then, of course, to your point on transportation, that did play a role. We started to see that transportation cost savings flow through in Q4. We haven't quantified that as a percentage of our total gross margin or as a percentage of sales, but it did have an impact. And we do continue to see those rates be favorable to where they were a year ago.

然後，當然，對於你在交通方面的觀點，這確實發揮了作用。我們開始看到第四季度運輸成本的節省。我們沒有將其量化為我們總毛利率的百分比或銷售額的百分比，但它確實產生了影響。我們確實繼續看到這些利率對一年前的水平有利。

And so as we think about the 100 basis points that we've baked in for our fiscal '24 guidance, transportation is a portion of that as well.

因此，當我們考慮我們為 24 財年指南制定的 100 個基點時，交通也是其中的一部分。

(Operator Instructions) The next question comes from Andrea Teixeira with JPMorgan.

（操作員說明）下一個問題來自摩根大通的 Andrea Teixeira。

Congrats again to all of you on these results. I have a question on guidance. And I was curious if you were assuming any change in velocity as you go per door, as you increase your shelf space? I'm assuming this is probably going back to how Mandy spoke about how being conservative to perhaps that helps us kind of frame why you see that deceleration given that you're probably starting a very strong pace in the first quarter.

再次祝賀你們所有人取得這些成果。我有一個關於指導的問題。我很好奇，隨著貨架空間的增加，您是否假設每扇門的速度都會發生變化？我假設這可能會回到 Mandy 所說的如何保守，也許這有助於我們理解為什麼你會看到這種減速，因為你可能在第一季度開始了非常強勁的步伐。

And embedded -- in kind of related to that, I'm assuming you're not embedding pricing, additional pricing. So most of that 20% to 22% -- 22% to 24% growth in top line is mostly on units based on distribution gains. Is that correct?

和嵌入式 - 與此相關，我假設你沒有嵌入定價，額外定價。因此，收入增長的 20% 至 22%——22% 至 24% 中的大部分增長主要來自基於分銷收益的單位。那是對的嗎？

Andrea, Nice to hear from you. So I'll take the question on guidance and how we think about shelf space versus productivity. As we said on the call, productivity is the primary driver and has been the primary driver of our results. And so while we've picked up shelf space along the way, remember, it's in a subset of doors. And really, you have to have a strong productivity to continue to unlock that shelf space on the road ahead.

安德里亞，很高興收到你的來信。所以我會回答關於指導的問題，以及我們如何看待貨架空間與生產力。正如我們在電話會議上所說，生產力是主要驅動力，並且一直是我們取得成果的主要驅動力。因此，當我們沿途選擇貨架空間時，請記住，它位於門的子集中。實際上，您必須擁有強大的生產力才能繼續解鎖未來道路上的貨架空間。

So the combination of our innovation and the marketing that we've put around that innovation has really paveed the way for that productivity to continue to be strong. From a pricing standpoint, we have not baked any pricing into our plans, but I will say from an AUR standpoint. Because we have introduced some higher AUR innovation, higher-priced innovation, you may see some mix towards AUR. So I wouldn't say 100% driven by units, but you will see a little bit of that AUR expansion driven by some of the higher priced innovation that we have out there.

因此，我們的創新與我們圍繞創新進行的營銷相結合，確實為生產力繼續保持強勁鋪平了道路。從定價的角度來看，我們沒有將任何定價納入我們的計劃，但我會從 AUR 的角度說。因為我們引入了一些更高的 AUR 創新，更高價格的創新，你可能會看到一些混合 AUR。所以我不會說 100% 由單位驅動，但你會看到 AUR 的一些擴張是由我們現有的一些價格更高的創新驅動的。

The next question comes from Susan Anderson with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Susan Anderson。

Really nice job on the quarter. I was wondering on the digital segment, it looks like there was acceleration in the quarter on top of some really strong results back during COVID. So I'm curious, it looks like it's kind of accelerated all year. Is that the increased marketing you think the Beauty Squad program? Or is there anything new or different that you're doing there that are driving more consumers to shop online?

本季度的表現非常好。我想知道在數字領域，在 COVID 期間取得一些非常強勁的結果之後，本季度似乎出現了加速。所以我很好奇，看起來它全年都在加速。這是您認為 Beauty Squad 計劃增加的營銷嗎？或者您在那裡所做的任何新的或不同的事情正在推動更多的消費者在線購物？

Susan, this is Tarang. So we're really pleased with the acceleration we've seen in digital. I think our digital penetration is now up to 17% versus 14% a year ago and over 75% growth in the quarter as well.

蘇珊，這是塔朗。所以我們對我們在數字領域看到的加速感到非常高興。我認為我們的數字滲透率現在高達 17%，而一年前為 14%，本季度也增長了 75% 以上。

I would say there's 3 factors that are driving it. One is the overall levels of marketing support that we're doing. We have very strong ROIs on that marketing support and lot of it does bring consumers onto our digital channels as well, particularly given our approach that's digital-first. Digital definitely benefits from that increased support.

我會說有 3 個因素在推動它。一是我們正在做的營銷支持的整體水平。我們在營銷支持方面擁有非常高的投資回報率，其中很多確實也將消費者帶入了我們的數字渠道，特別是考慮到我們的數字優先方法。 Digital 無疑會從這種增加的支持中受益。

I'd say the second is this consistent focus we've had on Beauty Squad Loyalty members. We now have 3.7 million members. They were up 25% year-over-year, and they are the biggest driver of our digital business. On elfcosmetics.com, they account for over 80% of the sales. So as we continue to make enhancements to that program, we see really great benefit.

我想說的第二個是我們對 Beauty Squad Loyalty 成員的持續關注。我們現在有 370 萬會員。他們同比增長 25%，他們是我們數字業務的最大推動力。在 elfcosmetics.com 上，它們佔銷售額的 80% 以上。因此，隨著我們繼續對該計劃進行改進，我們看到了巨大的好處。

And the third, as we think about our digital channels is we're seeing strength not only on elfcosmetics.com, but really strong growth rates at Amazon as well as our retailer dot-coms and the work that we're doing with each of them, I think is further building upon itself.

第三，當我們考慮我們的數字渠道時，我們不僅在 elfcosmetics.com 上看到了實力，而且在亞馬遜以及我們的零售商 dot-com 和我們正在與每個人所做的工作中都看到了非常強勁的增長率他們，我認為正在進一步建立自己。

So I'm quite bullish in terms of our prospects digitally, not only do we have strong growth of our national retail customers, but I see major opportunity in terms of what else we can do on digital.

因此，我非常看好我們的數字化前景，不僅我們的全國零售客戶增長強勁，而且我看到了我們在數字化方面還能做些什麼的重大機遇。

The next question comes from Korinne Wolfmeyer with Piper Sandler.

下一個問題來自 Korinne Wolfmeyer 和 Piper Sandler。

Congrats on a really great year. I'd like to touch a little bit more on some of the marketing investments you're making with this kind of increased budget you've laid out for the next fiscal year. Can you talk a little bit about what kind of marketing initiatives you're planning to do? I mean, [we've seen you] a little bit more exploratory in the past couple of months.

祝賀你度過了非常棒的一年。我想多談談你們為下一個財政年度製定的這種增加的預算所進行的一些營銷投資。你能談談你打算做什麼樣的營銷活動嗎？我的意思是，[我們見過你] 在過去的幾個月裡更具探索性。

And with some of the more brand awareness type efforts, how are you kind of tracking the ROI on these investments? And then as we think about the new marketing run rate for spending going forward, what really makes you think that, that's necessary versus just kind of keeping those -- that top line benefit we're seeing versus reinvesting in marketing?

通過一些更具品牌知名度的努力，您如何跟踪這些投資的投資回報率？然後，當我們考慮未來支出的新營銷運行率時，真正讓你認為這是必要的，而不是僅僅保留那些——我們看到的頂線收益與對營銷的再投資相比？

Korinne, we feel great about our marketing investment. It's one of the reasons why we invested more based on the strong ROIs we see. And in terms of how we measure that, we use Nielsen marketing mix, multivariate regression that can get down to the vehicle level behind our marketing spend.

Korinne，我們對我們的營銷投資感覺很好。這是我們根據看到的強勁投資回報率進行更多投資的原因之一。就我們如何衡量這一點而言，我們使用尼爾森營銷組合，多元回歸可以深入到我們營銷支出背後的車輛水平。

And we're seeing strength across every one of our core marketing vehicles. And I think starting with our digital advertising, the work we do with influencers, our public relations. Even the first time that we did our TV ad, we've seen strong results against each of them.

我們看到了我們每一個核心營銷工具的實力。我認為從我們的數字廣告開始，我們與有影響力的人一起做的工作，我們的公共關係。即使是我們第一次做電視廣告，我們也看到了針對每個人的強勁結果。

So as I think about the increased levels of marketing support, it's really going to be to continue this disruptive strategy that we've had, continue to test on new platforms, put even more in from an awareness standpoint and the awareness campaigns we do that highlight our terrific value and our core innovation. And then also an expansion as we continue to look at different vehicles.

因此，當我考慮提高營銷支持水平時，它真的會繼續我們已經擁有的這種顛覆性戰略，繼續在新平台上進行測試，從意識的角度和我們所做的意識活動中投入更多突出我們卓越的價值和我們的核心創新。然後隨著我們繼續研究不同的車輛而進行擴展。

So you'll see that as the year unfolds in terms of some of the other partnerships we're engaged with to continue to engage and entertain our community, but feel really great about marketing. And then from an awareness standpoint, we still have a massive opportunity to build awareness. Our unaided awareness is less than 20%. It's almost half of what a couple of the core legacy brands are.

所以你會看到，隨著這一年的展開，我們參與的其他一些合作夥伴關係將繼續吸引和娛樂我們的社區，但對營銷感覺真的很棒。然後從意識的角度來看，我們仍然有很多機會來建立意識。我們的獨立意識不到 20%。這幾乎是幾個核心傳統品牌的一半。

So we see the opportunity to bring in more consumers. We've had great success in the past year. We expanded our leadership among Gen Z. I think just in the last 6 months, we've gotten 900 basis points more in terms of Gen Z, but we've also picked up quite a few Millennial and Gen X consumers as well as Hispanic consumers.

所以我們看到了吸引更多消費者的機會。在過去的一年裡，我們取得了巨大的成功。我們擴大了我們在 Z 世代中的領導地位。我認為就在過去 6 個月中，我們在 Z 世代方面獲得了 900 個基點，但我們也吸引了相當多的千禧一代和 X 世代消費者以及西班牙裔消費者。

So we see opportunity across each of the core demographic groups, and we know the strategy is working.

因此，我們在每個核心人口群體中都看到了機會，並且我們知道該戰略正在發揮作用。

The next question comes from Ashley Helgans with Jefferies.

下一個問題來自 Jefferies 的 Ashley Helgans。

Congrats on the quarter. We just wanted to ask a little bit about your market share gains. Any color on where they're coming from and your expectations going forward?

祝賀這個季度。我們只是想稍微了解一下你們的市場份額增長情況。他們來自哪里以及您對未來的期望有什麼顏色嗎？

Ashley, we feel great about our market share gains. If you look at e.l.f. in the last 4 years, we've doubled our market share. We're now at a 9.5% share nationally. That puts us in the #3 spot relative to -- I think, we were #5 just a year ago. So we've surpassed both Revlon and CoverGirl for that #3 spot.

Ashley，我們對市場份額的增長感到非常高興。如果你看看 e.l.f.在過去的 4 年裡，我們的市場份額翻了一番。我們現在在全國占有 9.5% 的份額。這使我們相對於 - 我認為，我們在一年前排名第五。所以我們已經超過了 Revlon 和 CoverGirl，獲得了第三名。

In terms of where we're getting that market share from, it's pretty broad-based, a number of the different legacy brands as well as other brands that retailers will test with. We're seeing strength pretty much across the board. And I think our 270 basis points of share growth was multiples ahead of what anybody else was in terms of the absolute gain.

就我們從哪裡獲得市場份額而言，它的基礎非常廣泛，有許多不同的傳統品牌以及零售商將測試的其他品牌。我們幾乎全面看到了實力。而且我認為我們 270 個基點的股票增長是絕對收益方面領先於其他任何人的數倍。

But the thing that encourages me the most, and we said in our prepared remarks is, this past year, we also became the #1 brand at Target. We have almost an 18% share Target double our national share. And the reason why that's significant is Target had a head start over everyone else, almost a 4- to 5-year head start over in other national retailers.

但最讓我鼓舞的是，我們在準備好的評論中說過，在過去的一年裡，我們也成為了 Target 的第一品牌。我們擁有幾乎 18% 的 Target 份額，是我們全國份額的兩倍。這之所以重要，是因為 Target 領先於其他所有人，幾乎比其他全國性零售商領先 4 到 5 年。

So as the others lean into e.l.f., give us more space, give us more support, we feel like other retailers can mirror what Target has been able to achieve over time. So that gives me the hope that just as we've doubled our market share over the last 4 years, we have an opportunity over the next few years to again double that market share and take over a clear leadership of color cosmetics versus any brand.

因此，當其他人傾向於 e.l.f.，給我們更多空間，給我們更多支持時，我們覺得其他零售商可以效仿 Target 隨著時間的推移取得的成就。因此，這給了我希望，就像我們在過去 4 年中將市場份額翻了一番一樣，我們有機會在未來幾年內再次將市場份額翻一番，並在彩妝領域與任何品牌相比佔據明顯的領導地位。

Our next question comes from Oliver Chen with TD Cowen.

我們的下一個問題來自 Oliver Chen 和 TD Cowen。

Tarang and Mandy, really spectacular quarter on the year. Broadening your aperture has clearly worked. With respect to that, where do you see the most opportunities in the unaided awareness and/or how to approach the different aspects of broadening the opportunities you have there?

Tarang 和 Mandy，今年的季度真的很壯觀。擴大你的光圈顯然奏效了。就此而言，您在哪些方面看到了獨立意識中最多的機會和/或如何處理擴大您在那裡擁有的機會的不同方面？

And as we think about shelf space, you gave some great statistics in your prepared remarks, Tarang. What do you see ahead? Because the 20 number is quite alluring compared to your 12 at Target and 7 at Walmart and you're really executing so well. So what should we understand -- like why can't they just give you all 20 right now?

當我們考慮貨架空間時，你在準備好的評論中給出了一些很好的統計數據，Tarang。你看到什麼？因為與你在 Target 的 12 和在 Walmart 的 7 相比，20 這個數字非常誘人，而且你的表現真的很好。那麼我們應該理解什麼——比如為什麼他們不能現在就給你全部 20 個？

Yes. So -- well, thanks, Oliver. We're really pleased with our overall results. If I think about it from a marketing standpoint and consumer, we have so many more consumers to attract to our franchise. So we continue to be strong with Gen -- Gen Z continue to pick up share there. We're increasingly focused on Gen Alpha as well.

是的。所以——好吧，謝謝，奧利弗。我們對我們的整體結果非常滿意。如果我從營銷和消費者的角度考慮，我們有更多的消費者可以吸引到我們的特許經營權中。因此，我們繼續加強對 Gen 的支持——Z 世代繼續在那裡獲得份額。我們也越來越關注 Gen Alpha。

But one of the biggest differences is we're now also picking up a lot of times the teens that we get, we're picking up their moms as well from an interest standpoint. They may try one of our Holy Grail innovations and both anecdotally as well as in some of the data we see. We're picking up many more Millennials, Gen X.

但最大的不同之一是，我們現在也接了很多次我們得到的青少年，從興趣的角度來看，我們也接了他們的媽媽。他們可能會嘗試我們的一項聖杯創新，無論是傳聞還是我們看到的一些數據。我們正在挑選更多的千禧一代，即 X 世代。

I'm particularly excited about our efforts against Hispanics. We over-deliver -- over-index among Hispanics, and we have a number of different initiatives to even bring more of them in. So you see a pretty broad-based approach in terms of bringing consumers because we find that when a consumer gets their hands on e.l.f. and sees the quality of our products and the prices, they stick with the brand. And so very bullish on continuing to pick that up.

我對我們針對西班牙裔的努力感到特別興奮。我們超額交付 - 在西班牙裔中超額指數，我們有許多不同的舉措甚至可以讓更多的人參與進來。所以你會看到在吸引消費者方面的基礎非常廣泛的方法，因為我們發現當消費者得到他們的手在 e.l.f.並看到我們產品的質量和價格，他們堅持品牌。因此非常看好繼續接受這一點。

And then on from a shelf standpoint, you're right, we have still a massive opportunity. Even Target, our most developed national retailer, we're not the biggest brand from a space standpoint. There are a number of brands that have much more space. So I think over time, you'll continue to see us pick up more space with each of our key national retailers. But the way we pick that up, I think, is important.

然後從貨架的角度來看，你是對的，我們仍然有巨大的機會。即使是我們最發達的全國零售商 Target，從空間的角度來看，我們也不是最大的品牌。有許多品牌擁有更大的空間。所以我認為隨著時間的推移，你會繼續看到我們在我們每個主要的全國零售商那裡獲得更多的空間。但我認為，我們選擇它的方式很重要。

Our focus, first and foremost, on productivity, always results in retailers awarding a small space. One of my favorite examples from this past year is we grew our Ulta Beauty business, over 70% without any additional space. And so it speaks to when you see that level of productivity, we talked Ulta is rewarding us with more space in the fall, as is CVS and Walgreens, which have plenty of more room to go.

我們首先關注的是生產力，這總是導致零售商選擇小空間。過去一年我最喜歡的例子之一是我們在沒有任何額外空間的情況下發展了 Ulta Beauty 業務，超過 70%。因此，當你看到這種生產力水平時，我們談到了 Ulta 在秋季為我們提供更多空間的獎勵，就像 CVS 和 Walgreens 一樣，它們有更多的空間。

So I'd say we'll continue to pick up more space. It's just a natural outcome of the productivity, innovation and consumer profile we have. But as long as we stay focused on driving very strong productivity growth. I think it's been a great formula for us to get these sequential wins.

所以我想說我們將繼續獲得更多空間。這只是我們擁有的生產力、創新和消費者概況的自然結果。但只要我們繼續專注於推動非常強勁的生產力增長。我認為這是我們獲得這些連續勝利的一個很好的公式。

And then the last part of your question, why don't they just all give us 20 feet overnight? It always takes longer for retailers in color cosmetics, just given that you're talking about feet instead of just items that you're giving. And in some respects, we prefer that.

然後是你問題的最後一部分，為什麼他們不在一夜之間都給我們 20 英尺？對於彩妝零售商來說，總是需要更長的時間，因為您談論的是腳，而不僅僅是您提供的物品。在某些方面，我們更喜歡那樣。

To Andrea's earlier question on our velocity assumptions, we do assume a little bit lower velocity as we pick up more space. But over time, we've been able to actually build up that velocity to even higher than smaller shelf sets. We talked in our prepared remarks, we are the most productive brand that Target and Walmart carry. And yet in this past year, we increased our productivity on a dollar per linear foot basis.

對於 Andrea 之前關於我們的速度假設的問題，當我們獲得更多空間時，我們確實假設速度稍低。但隨著時間的推移，我們實際上已經能夠將這種速度提高到甚至高於較小的貨架組。我們在準備好的評論中談到，我們是 Target 和沃爾瑪旗下最俱生產力的品牌。然而在過去的一年裡，我們以每線性英尺一美元為基礎提高了生產率。

So we have a great model particularly through our innovation, our assortment, our Project Unicorn, that really focuses on that navigation on shelf to improve our visual merchandising, improve the ability for consumers to shop. And we see pretty consistent increases in that productivity measure, which again, is one of the best signs for future space gains.

所以我們有一個很棒的模型，特別是通過我們的創新、我們的分類、我們的獨角獸項目，它真正專注於貨架上的導航，以改善我們的視覺營銷，提高消費者的購物能力。我們看到該生產力指標相當穩定地增長，這再次成為未來空間增長的最佳跡象之一。

Next question comes from Rupesh Parikh with Oppenheimer.

下一個問題來自 Rupesh Parikh 和 Oppenheimer。

Congrats on a great quarter. So on the EBITDA margin guide for the year, is there anything you can share from a quarterly cadence perspective? And then I just had one additional follow-up as well. As we look at operating margins, I know you guys have talked about tariffs and other opportunities that could still benefit margins, but just curious what you see as the bigger margin opportunities beyond this year?

祝賀一個偉大的季度。那麼在今年的 EBITDA 利潤率指南中，從季度節奏的角度來看，您有什麼可以分享的嗎？然後我也進行了一次額外的跟進。當我們查看營業利潤率時，我知道你們已經討論過關稅和其他仍然有利於利潤率的機會，但只是好奇您認為今年以後更大的利潤率機會是什麼？

Rupesh, so from an EBITDA margin standpoint, I think it's fair to assume, given the outside sales growth that we expect in Q1 that your EBITDA margins could be stronger in Q1 versus where we have pegged them for the year. So I would use that as a little bit of color on how to think about it.

Rupesh，所以從 EBITDA 利潤率的角度來看，我認為可以公平地假設，鑑於我們預計第一季度的外部銷售增長，您的 EBITDA 利潤率在第一季度可能會比我們今年固定的利潤率更高。所以我會用它作為一點顏色來思考它。

And in terms of margin opportunity overall, just as we saw in fiscal '23 and as we spoke to, gross margin remains an opportunity for us. We've talked about some of the cost headwinds that we've carried and particularly related to transportation costs or foreign exchange and things of that nature that should come our way over time.

就整體利潤率機會而言，正如我們在 23 財年所看到的那樣，正如我們所說，毛利率對我們來說仍然是一個機會。我們已經討論了我們所承受的一些成本逆風，特別是與運輸成本或外匯以及隨著時間的推移我們應該遇到的那種性質的事情有關。

And then also from a non-marketing SG&A standpoint, continuing to seek leverage out of that non-marketing SG&A line. We did that in fiscal '23. Our current outlook does not necessarily have that. But if things perform better than we expect, we certainly could see that be a margin driver over the year as well.

然後也從非營銷 SG&A 的角度來看，繼續從非營銷 SG&A 系列中尋求槓桿作用。我們在 23 財年做到了這一點。我們目前的前景不一定如此。但如果事情的表現好於我們的預期，我們當然也可以看到這也是全年的利潤率驅動因素。

And our next question comes from Jon Andersen with William Blair.

我們的下一個問題來自 Jon Andersen 和 William Blair。

Just one quick one, a bit of a follow-up to Rupesh's. On gross margin, you've talked about the benefits of mix and cost savings and then the transportation costs, particularly ocean freight. You posted your strongest gross margin rate of the year in the fourth quarter. And I think the guidance for 2024 implies a full year rate that might be somewhat below what you just did in the fourth quarter.

只是一個快速的，有點跟進 Rupesh 的。關於毛利率，您談到了混合和成本節約的好處，然後是運輸成本，尤其是海運成本。您在第四季度公佈了今年最高的毛利率。而且我認為 2024 年的指導意味著全年的增長率可能會略低於您在第四季度所做的。

So I just want to understand some of the puts and takes and the assumptions there if our numbers are accurate. And then whether there's just some conservatism baked in there as well, given that we're very early in the year.

因此，如果我們的數字準確的話，我只想了解其中的一些看跌期權和假設。然後考慮到我們今年還很早，是否也存在一些保守主義。

Jon, yes, so from a gross margin standpoint, I think your question is getting us to what comes off of Q4 that would drive that gross margin down. And one of the things that we talked about on the call is we have a lot of good things to go on our way. We have the transportation costs and things of that nature, moving margin to the positive.

喬恩，是的，所以從毛利率的角度來看，我認為你的問題是讓我們了解第四季度會導致毛利率下降的情況。我們在電話中談到的一件事是，我們有很多美好的事情要做。我們有運輸成本和那種性質的東西，使利潤率向正。

But there are also certain costs related to the space expansion and things like that, that we called out that we also have to balance that with. And to your point, it is our first quarter call and outlooking 100 basis points of gross margin expansion on top of the 300 plus that we just delivered in fiscal '23 is certainly a positive. So as I said earlier, taking it one quarter at a time, but I'm feeling good about how it's positioned.

但是也有一些與空間擴展和類似的事情相關的成本，我們呼籲我們也必須與之平衡。就你的觀點而言，這是我們第一季度的電話會議，展望毛利率在我們剛剛在 23 財年交付的 300 多個基礎上增加 100 個基點當然是積極的。因此，正如我之前所說，一次拿四分之一，但我對它的定位感覺很好。

This concludes our question-and-answer session. I would like to turn the conference back over to Tarang Amin, the CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給首席執行官 Tarang Amin，聽取任何閉幕詞。

Well, thank you for joining us today. I am so proud of the incredible team at e.l.f. Beauty for again delivering outstanding results to close out fiscal '23. We look forward to seeing some of you at our upcoming investor meetings and speaking with you in August when we'll discuss our first quarter results. Thank you, and be well.

好吧，謝謝你今天加入我們。我為 e.l.f. 令人難以置信的團隊感到驕傲。 Beauty 再次以出色的業績結束了 23 財年。我們期待在我們即將舉行的投資者會議上見到你們中的一些人，並在 8 月份與你們交談，屆時我們將討論我們的第一季度業績。謝謝你，祝你好運。

The conference has now concluded. Thank you for your participation. You may now disconnect.

會議現已結束。感謝您的參與。您現在可以斷開連接。