elf Beauty Inc (ELF) 2024 Q2 法說會逐字稿

Thank you for joining us today to discuss e.l.f. Beauty's Second Quarter Fiscal '24 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. 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.

感謝您今天加入我們討論 e.l.f. Beauty'24第二季財報結果。我是 KC Katten，企業發展與投資者關係副總裁。今天與我在一起的有董事長兼執行長 Tarang Amin；以及資深副總裁兼財務長 Mandy Fields。我們鼓勵您收聽我們的網路廣播演示，以獲得最佳觀看體驗，您可以在我們的網站 Investor.elfbeauty.com 上訪問該演示。

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.

由於我們今天的許多言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報告和報告，您會發現可能導致實際結果與這些前瞻性陳述有重大差異的因素。

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，該公司今天的簡報還包括基於非公認會計原則（Non-GAAP）的資訊。我們的收益報告包含非公認會計原則表述與最直接可比較的公認會計原則衡量指標之間差異的調節。

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

接下來，讓我將網路廣播轉交給塔朗。

Thank you, KC, and good afternoon, everyone.

謝謝你，KC，大家下午好。

Today, we will discuss the drivers of our Q2 results and our raised outlook for fiscal '24. I want to start by recognizing the e.l.f. Beauty team for delivering another phenomenal quarter. In Q2, we grew net sales by 76%, increased gross margin by 570 basis points and delivered $60 million in adjusted EBITDA, up 122% versus prior year.

今天，我們將討論第二季業績的驅動因素以及我們上調的 24 財年前景。我想從認識 e.l.f 開始。美容團隊再次創造了非凡的季度表現。第二季度，我們的淨銷售額成長了 76%，毛利率提高了 570 個基點，調整後 EBITDA 達 6,000 萬美元，比上年增長 122%。

Q2 marked our 19th consecutive quarter of net sales growth, putting e.l.f. Beauty in a select group of consistent, high-growth consumer companies. We're 1 of only 5 public consumer companies out of 274 that has grown for 19 straight quarters and average at least 20% sales growth per quarter.

第二季標誌著我們連續第 19 個季度實現淨銷售額成長，使 e.l.f.美容是一群精選的穩定、高成長的消費公司。我們是 274 家上市消費公司中僅有的 5 家連續 19 個季度實現成長且平均每季銷售額增長至少 20% 的公司之一。

We've continued to highlight 3 areas with significant runway for growth in color cosmetics, skin care and international. Let me update you on our progress in Q2. In color cosmetics, we continue to significantly outperform category trends. In Q2, e.l.f. Cosmetics grew 51% in tracked channels, nearly 17x category growth of 3%. We increased our share by 330 basis points. Out of nearly 800 cosmetics brands tracked by Nielsen, e.l.f. is the only brand to gain share for 19 consecutive quarters. We have more than doubled our market share since 2019 from about 4.5% to 10%. We are building strength upon strength with our 330 basis points of share gains in Q2 on top of our share gains last year and the year before.

我們繼續專注於彩妝、護膚和國際領域三個具有重要成長潛力的領域。讓我向您介紹第二季的最新進展。在彩妝領域，我們的表現持續顯著優於品類趨勢。在第二季度，e.l.f.化妝品在追蹤管道中成長了 51%，幾乎是品類成長 3% 的 17 倍。我們的份額增加了 330 個基點。在尼爾森追蹤的近 800 個化妝品品牌中，e.l.f.是唯一一個連續 19 個季度份額成長的品牌。自 2019 年以來，我們的市佔率增加了一倍多，從約 4.5% 增加到 10%。我們正在不斷增強實力，在去年和前年的基礎上，第二季的股價上漲了 330 個基點。

Given our momentum, we see an opportunity to double our share over the next few years. In Q2, e.l.f. was the #3 brand nationally with approximately 10% share. In Target, our longest-standing national retail customer, we're the #1 brand with approximately 19% share, nearly double the level of share we had in Target just 2 years ago. We are focused on replicating our partnership and success at Target across other key retailers and are making great progress towards that ambition.

鑑於我們的勢頭，我們看到了在未來幾年將我們的份額翻倍的機會。在第二季度，e.l.f.是全國第三大品牌，佔有率約 10%。在我們歷史最悠久的全國零售客戶塔吉特(Target) 中，我們是排名第一的品牌，擁有約19% 的份額，幾乎是兩年前我們在塔吉特(Target) 的份額水平的兩倍。我們致力於在其他主要零售商中複製我們在塔吉特的合作夥伴關係和成功，並且正在朝著這一目標取得巨大進展。

In skin care, we continue to outperform the category. In Q2, e.l.f. SKIN grew 129% in tracked channels, about 13x category growth of 10% and was the fastest-growing among the top 20 skin care brands. We grew our share by 80 basis points, increasing our rank to the #14 brand as compared to the #19 brand a year ago.

在皮膚護理領域，我們的表現持續優於同類產品。在第二季度，e.l.f. SKIN 在追蹤管道中成長了 129%，約為 10% 品類成長的 13 倍，是前 20 名護膚品牌中成長最快的。我們的份額成長了 80 個基點，與一年前的第 19 名品牌相比，我們的排名升至第 14 名。

e.l.f. SKIN today holds a 1.6% share and a significant runway with the #1 brand holding nearly 15% share. e.l.f. remains Gen Z favorite, helping drive the share growth we've seen these last 19 quarters. In Piper Sandler's recent taking stock with teens fall survey, e.l.f. Cosmetics remained the #1 teen favorite cosmetics brand for the fourth consecutive season. We grew our share by 13 percentage points versus a year ago to 29%. We believe this is a great indicator of brand strength.

e.l.f. SKIN 目前佔有 1.6% 的份額，與排名第一的品牌佔有近 15% 的份額，處於領先地位。 e.l.f.仍然是 Z 世代的最愛，有助於推動過去 19 個季度的份額成長。在 Piper Sandler 最近對青少年跌倒調查進行盤點時，e.l.f.化妝品連續第四季成為青少年最愛的化妝品品牌第一名。我們的份額比一年前增加了 13 個百分點，達到 29%。我們相信這是品牌實力的重要指標。

For perspective, no other cosmetics brand has surpassed even 20% in the past 5 years. e.l.f. SKIN ranked in the top 10 favorite skin care brands for the second time. elfcosmetics.com was a top 10 beauty shopping destination for teens for the third consecutive survey and was the only brand site on the list.

從長遠來看，過去 5 年沒有其他化妝品品牌超過 20%。 e.l.f. SKIN第二次躋身最受喜愛護膚品牌前十名。 elfcosmetics.com 連續第三次被評為青少年十大美容購物目的地，並且是唯一上榜的品牌網站。

Looking outside the U.S., we grew our international net sales 157% in Q2, fueled by strength in Canada and the U.K. e.l.f. outpaced category growth by more than 10x in Canada, and more than 7x in the U.K., fueling share gains in each.

展望美國以外的地區，在加拿大和英國 e.l.f. 的強勁推動下，我們第二季的國際淨銷售額成長了 157%。在加拿大，該類別的成長速度超過 10 倍，在英國則超過 7 倍，從而推動了各自市場的份額成長。

e.l.f. today is the #4 brand in Canada with a 7% share and the #6 brand in the U.K. with 5% share. We see significant runway to expand our brands globally.

e.l.f.如今，該品牌在加拿大排名第四，佔有 7% 的份額，在英國排名第六，佔有 5% 的份額。我們看到了在全球擴展我們品牌的重要途徑。

Our relentless focus on our 5 strategic imperatives continues to drive results across our brand portfolio. Let me walk through how each of these strategic imperatives underpinned our strength in Q2.

我們對 5 項策略要務的不懈關注將繼續推動我們品牌組合取得成果。讓我來介紹一下這些戰略要務如何支撐我們在第二季的實力。

Our first strategic imperative is to build brand demand. Our disruptive marketing engine continues to redefine what's possible in beauty. In Q2, we continue to break boundaries in gaming, entertaining short-form content and record-setting collaborations.

我們的首要策略任務是建立品牌需求。我們的顛覆性行銷引擎繼續重新定義美容的可能性。在第二季度，我們繼續打破遊戲、娛樂短片內容和創紀錄的合作領域的界限。

We leaned into gaming with the launch of a limited edition makeup collaboration in August with Loserfruit, also known as Lufu, one of the world's top female gamers. We go further into entertainment and short-form digital content with Jersey Shore icon, Snooki, leaning into the nostalgia of the moment to underscore the importance of SPF and our Suntouchables franchise.

我們在 8 月與世界頂級女性遊戲玩家之一 Loserfruit（又名 Lufu）推出了限量版彩妝合作，開始涉足遊戲領域。我們透過澤西海岸標誌性的 Snooki 進一步深入娛樂和短片數位內容，借助當下的懷舊情緒來強調 SPF 和我們的 Suntouchables 特許經營權的重要性。

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We launched another record-setting collaboration in September. As part of our strategy to continue building awareness and reach new audiences, we reunited with cultural icon and award-winning actress Jennifer Coolidge, to launch Dirty Pillows. This limited edition lip collection and campaign was inspired by an outtake from our big game commercial shoot.

我們在九月發起了另一項創紀錄的合作。作為我們繼續提高知名度和吸引新受眾策略的一部分，我們與文化偶像和獲獎女演員珍妮佛柯立芝重聚，推出了《髒枕頭》。這個限量版唇膏系列和宣傳活動的靈感來自於我們大型遊戲廣告拍攝的片段。

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We took an unscripted moment and created a premium lip collection that launched on elfcosmetics.com at e.l.f. [speed] . Our Dirty Pillows campaign explores a world where one's lips always come first.

我們突發奇想，創造了一個優質唇部系列，並在 elfcosmetics.com 的 e.l.f. 上發布。 [速度] 。我們的髒枕頭活動探索了一個嘴唇永遠是第一位的世界。

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The response from our community has been incredible. Our Dirty Pillows campaign earned over 11 billion media impressions in 48 hours, our highest ever for a product collaboration. The initial drop of Dirty Pillows lip kit sold out within 2 hours with over 40% of purchasers new to e.l.f. Over the past 4 years, we've increased our marketing investment from 7% of net sales to 22%. Our marketing investment is working, driving ROI multiples above industry benchmarks and helping us reach new audiences. Our most recent attitude and usage study underscores the broad-based improvement we've seen since 2020. Our brand satisfaction jumped 16 points to 80%, the highest among our competitive set.

我們社區的反應令人難以置信。我們的 Dirty Pillows 活動在 48 小時內獲得了超過 110 億次媒體曝光，這是我們產品合作以來的最高曝光量。 Dirty Pillows 唇膏套裝的第一批貨在 2 小時內就售罄，超過 40% 的新購買者是 e.l.f.在過去 4 年裡，我們將行銷投資從佔淨銷售額的 7% 增加到 22%。我們的行銷投資正在發揮作用，將投資回報率提高到高於行業基準的倍數，並幫助我們吸引新的受眾。我們最近的態度和使用研究強調了自 2020 年以來我們所看到的廣泛改善。我們的品牌滿意度躍升 16 個百分點，達到 80%，是我們競爭對手中最高的。

Our unaided awareness in the U.S. has doubled from 13% to 26%. That 26% unaided awareness today compares to the leading U.S. mass cosmetics brand at 52%, illustrating an opportunity to double again as we move forward.

在美國，我們的獨立意識翻了一番，從 13% 增加到 26%。如今，該品牌的獨立認知度為 26%，而美國領先的大眾化妝品品牌的認知度為 52%，這表明我們有機會在未來的發展中再次翻倍。

Building upon our success in the U.S., we took steps to accelerate brand awareness in the U.K. with our first-ever community-led brand campaign. When we asked our growing community in the U.K. what e.l.f. means to them, it sparked a campaign that fueled a movement.

在美國成功的基礎上，我們採取措施，透過首次由社區主導的品牌活動來提高在英國的品牌知名度。當我們詢問英國不斷壯大的社區時，e.l.f. 是什麼？對他們來說，這引發了一場運動，推動了一場運動。

In September, the U.K. lit up with our first 32nd U.K. advertising spot across social channels, tube stations, digital screens and experiential pop-ups encouraging everyone to get involved and hash tag express your e.l.f.

9 月，我們在英國的第 32 個廣告位在社交管道、地鐵站、數位螢幕和體驗式彈出視窗中亮相，鼓勵每個人參與其中，並透過主題標籤表達您的 e.l.f.。

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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 our own direct-to-consumer site. Our digitally led strategy continues to serve us well. Q2 digital consumption trends were up over 75% year-over-year.

我們的第二個策略要務是推動數位化。作為數位原生品牌創立。 e.l.f.仍然是唯一擁有自己的直接面向消費者網站的前 5 名大眾化妝品品牌。我們的數位主導策略持續為我們提供良好服務。第二季度數位消費趨勢年增超過 75%。

Digital channels drove 17% of our total consumption in Q2 on a much bigger business as compared to 16% a year ago. We're seeing terrific engagement on our e.l.f. Cosmetics mobile app which now boasts a 4.8-star rating and over 1.6 million downloads.

第二季度，數位通路推動了我們總消費的 17%，業務規模大得多，而一年前為 16%。我們看到 e.l.f. 的參與度非常高。化妝品行動應用程式目前擁有 4.8 星評級和超過 160 萬次下載。

Our monthly active user growth is outpacing that of traditional beauty retailers. And over 90% of our transactions on the app are driven by our most loyal Beauty Squad loyalty members. Beauty Squad now has over 4.1 million members with enrollment growing over 25% year-over-year. Our loyalty members are a key part of our digital ecosystem, driving almost 80% of our sales on elfcosmetics.com.

我們的每月活躍用戶成長速度超過了傳統美容零售商。我們在應用程式上超過 90% 的交易都是由我們最忠誠的 Beauty Squad 忠誠會員推動的。 Beauty Squad 目前擁有超過 410 萬名會員，註冊人數較去年同期成長超過 25%。我們的忠誠會員是我們數位生態系統的關鍵組成部分，推動了 elfcosmetics.com 上近 80% 的銷售額。

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 market at extraordinary value. Our innovation continues to receive industry recognition. In the highly coveted Allure Best of Beauty Awards, 4 of our products garnered Best of awards, the largest number of awards we received in a single year and marking the 11th consecutive year e.l.f. Beauty has won a Best of Beauty award.

我們的第三個策略要務是引領創新。我們擁有獨特的能力來提供聖杯，從我們的社區和享有盛譽的最佳產品中汲取靈感，並將其以非凡的價值推向市場。我們的創新持續獲得業界認可。在備受矚目的 Allure Best of Beauty Awards 中，我們的 4 款產品獲得 Best of 獎項，這是我們單年獲得獎項數量最多的一次，也是 e.l.f. 連續 11 年獲得該獎項。美容榮獲最佳美容獎。

Our innovation engine has built category leadership over time. e.l.f. has the #1 or 2 position across 16 segments of the color cosmetics category, which collectively make up over 75% of e.l.f. Cosmetics sales. We continue to deliver strong sales growth and share gains in each.

隨著時間的推移，我們的創新引擎已經建立了類別領導地位。 e.l.f.在彩妝類別的 16 個細分市場中排名第一或第二，這些細分市場合計佔 e.l.f. 的 75% 以上。化妝品銷售。我們繼續實現強勁的銷售成長並分享各自的收益。

Our fourth strategic imperative is to drive productivity with our retail partners. e.l.f. continues to drive best-in-class productivity on a sales per linear foot basis with both Target and Walmart, our 2 largest customers. This productivity is earning us additional space with our retail partners.

我們的第四個策略要務是與零售合作夥伴一起提高生產力。 e.l.f.繼續與我們的兩大客戶塔吉特和沃爾瑪一起推動每線性英尺銷售額的一流生產力。這種生產力為我們與零售合作夥伴贏得了額外的空間。

As a reminder, in spring 2023, we expanded space in Target, Walmart, CVS and Shoppers Drug Mart. And in fall 2023, we expanded space in Ulta Beauty, CVS and Walgreens. We are pleased to announce that we'll be expanding our space in spring 2024 with Shoppers Drug Mart in Canada and with Boots in the U.K. Last month, we also launched e.l.f. in Italy with Douglas, furthering our international expansion.

謹此提醒，2023 年春季，我們擴大了 Target、沃爾瑪、CVS 和 Shoppers Drug Mart 的空間。 2023 年秋季，我們擴大了 Ulta Beauty、CVS 和 Walgreens 的空間。我們很高興地宣布，我們將於 2024 年春季透過加拿大的 Shoppers Drug Mart 和英國的 Boots 擴大我們的空間。上個月，我們也推出了 e.l.f.與道格拉斯一起在義大利，進一步推動我們的國際擴張。

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Our fifth strategic imperative is to deliver profitable growth. Since 2019, we've been focused on the flywheel of investing behind our high ROI marketing and digital initiatives to drive top line growth, while also expanding our adjusted EBITDA margin. We again delivered on this winning formula in Q2 with both strong top line growth and adjusted EBITDA margin expansion. Supported by a combination of our strong sales growth, gross margin expansion and leverage in our non-marketing SG&A expenses.

我們的第五個策略要務是實現獲利成長。自 2019 年以來，我們一直專注於高投資報酬率行銷和數位計畫背後的投資飛輪，以推動營收成長，同時擴大調整後的 EBITDA 利潤率。我們在第二季度再次實現了這項致勝法則，實現了強勁的營收成長和調整後的 EBITDA 利潤率擴張。得益於我們強勁的銷售成長、毛利率擴張以及非行銷 SG&A 支出的槓桿作用。

As we've grown, we continue to make investments in our infrastructure. Our supply chain offers the best combination of cost, quality and speed in our industry and has been able to keep pace with the strong consumer demand we're seeing.

隨著我們的發展，我們繼續對基礎設施進行投資。我們的供應鏈提供了行業中成本、品質和速度的最佳組合，並且能夠跟上我們所看到的強勁消費者需求。

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.

今年，我們將開始實施 SAP，以繼續優化我們的營運和核心流程。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成長。

Even with this ongoing investment, we expect to continue to deliver adjusted EBITDA margin expansion in fiscal 2024. We believe these ongoing investments in our team and infrastructure position us well to continue to drive profitable growth.

即使有這項持續投資，我們預計將在 2024 財年繼續實現調整後的 EBITDA 利潤率擴張。我們相信，對我們團隊和基礎設施的持續投資將使我們能夠繼續推動獲利成長。

In early October, we officially closed on the acquisition of Naturium and welcomed its passionate team of employees to the e.l.f. Beauty family. Naturium is a fast-growing disruptive brand on a mission to make high-performance skin care accessible to all. The acquisition doubles our skin care presence to approximately 18% of retail sales from approximately 9% on a stand-alone basis. Naturium has seen exceptional growth with net sales growing at approximately 80% CAGR over the last 2 years.

10 月初，我們正式完成了對 Naturium 的收購，並歡迎其熱情的員工團隊加入 e.l.f.。美麗家族。 Naturium 是一個快速發展的顛覆性品牌，其使命是讓所有人都能獲得高性能護膚品。此次收購使我們的護膚品零售額佔零售額的比例從約 9% 增加了一倍，達到約 18%。 Naturium 取得了驚人的成長，過去 2 年淨銷售額複合年增長率約為 80%。

We're still in the early days post-closing and look forward to realizing the significant opportunities we see ahead for the brand. Our unwavering focus on executing our 5 strategic imperatives is driving our results. At the same time, I'm proud that we continue to lead with purpose as we strive to create a different kind of beauty company, one that is both purpose-led and results driven.

我們仍處於交割後的早期階段，期待實現我們看到的品牌未來的重大機會。我們堅定不移地專注於執行 5 項策略要務，這推動了我們取得成果。同時，我感到自豪的是，我們繼續以目標為主導，努力創建一家不同類型的美容公司，一家以目標為導向、以結果為導向的公司。

Our second annual impact report launched in September demonstrates how these go hand-in-hand. It shows how acting with purpose to further our positive impact drives more successful business outcomes. Our commitment to our culture and people was recently spotlighted by U.S. News & World Report, who named e.l.f. Beauty to its annual list of Best Companies to work for. We were also recognized by Newsweek as one of America's greenest companies, recognizing our progress in sustainability.

我們在 9 月發布的第二份年度影響報告展示了這些因素如何並行不悖。它顯示瞭如何有目的地採取行動，以進一步發揮我們的正面影響力，從而推動更成功的業務成果。我們對文化和人民的承諾最近受到《美國新聞與世界報道》的關注，該報道將 e.l.f. Beauty 入選年度最佳工作公司名單。我們也被《新聞週刊》評為美國最環保的公司之一，認可我們在永續發展方面的進步。

In summary, we believe the white space in color cosmetics, skin care and international, coupled with our relentless focus on our 5 strategic imperatives, we'll continue to fuel our ability to win in fiscal '24 and beyond.

總而言之，我們相信彩妝、護膚品和國際市場的空白，加上我們對 5 項戰略要務的不懈關注，我們將繼續增強我們在 24 財年及以後取得勝利的能力。

I'll now turn the call over to Mandy.

我現在將電話轉給曼迪。

Thank you, Tarang. I'm pleased to share the highlights of our second quarter results as well as our raised outlook for fiscal '24. Our second quarter results were outstanding. Q2 net sales grew 76% year-over-year, driven by broad-based strength across national and international retailers as well as digital commerce.

謝謝你，塔朗。我很高興與大家分享我們第二季業績的亮點以及我們上調的 24 財年展望。我們第二季的業績非常出色。在國內和國際零售商以及數位商務的廣泛實力推動下，第二季淨銷售額年增 76%。

Our net sales growth was led by higher unit volume, which contributed approximately 56 percentage points to growth, with mix adding approximately 20 percentage points. e.l.f. was the only top 5 cosmetics brand to grow units according to tracked channel data.

我們的淨銷售額成長是由單位銷售的增加所帶動的，這為成長貢獻了約 56 個百分點，混合增加了約 20 個百分點。 e.l.f.根據追蹤通路數據，是唯一銷售成長前 5 名的化妝品品牌。

Q2 gross margin of 71% was up approximately 570 basis points compared to prior year. We saw gross margin benefits from lower inventory adjustments, favorable FX rates, improved transportation costs margin accretive mix and cost savings, which more than offset costs related to retailer activity and space expansion.

第二季毛利率為 71%，比去年同期成長約 570 個基點。我們看到毛利率受益於較低的庫存調整、有利的匯率、改善的運輸成本、利潤成長組合和成本節約，這遠遠抵消了與零售商活動和空間擴張相關的成本。

On an adjusted basis, SG&A as a percentage of sales was 45% in Q2 compared to 46% last year. We drove significant leverage and non-marketing SG&A expenses primarily as a result of our strong top line trends. Marketing and digital investment for the quarter was 21% of net sales, up from 16% in Q2 last year. We continue to expect marketing and digital investment in the 22% to 24% range for the full year of fiscal '24. Given first half spending at 18% of net sales, we expect to see spending above our annual range in the back half.

調整後的第二季銷售、管理及行政費用 (SG&A) 佔銷售額的百分比為 45%，而去年為 46%。我們推動了巨大的槓桿和非行銷銷售、一般行政費用支出，這主要是由於我們強勁的營收趨勢。本季的行銷和數位投資佔淨銷售額的 21%，高於去年第二季的 16%。我們繼續預計 24 財年全年的營銷和數位投資將在 22% 至 24% 範圍內。鑑於上半年支出佔淨銷售額的 18%，我們預計下半年支出將高於我們的年度範圍。

Q2 adjusted EBITDA was $60 million, up 122% versus last year and adjusted EBITDA margin was approximately 28% of net sales. Adjusted net income was $47 million or $0.82 per diluted share compared to $20 million or $0.36 per diluted share a year ago. The increase across profitability metrics was driven by our strong net sales growth, gross margin expansion and leverage in our non-marketing SG&A expenses.

第二季調整後 EBITDA 為 6,000 萬美元，比去年成長 122%，調整後 EBITDA 利潤率約為淨銷售額的 28%。調整後淨利為 4,700 萬美元，即稀釋後每股收益 0.82 美元，而一年前為 2,000 萬美元，即稀釋後每股收益 0.36 美元。獲利指標的成長是由我們強勁的淨銷售額成長、毛利率擴張以及非行銷銷售、一般行政費用的槓桿所推動的。

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. Our ending inventory balance was $147 million, in line with our expectations and up from $81 million a year ago. The difference is a combination of two things. As we said last quarter, we plan to build back our inventory levels through fiscal '24 to support the strong consumer demand we're seeing. In addition, approximately $37 million of the increase is the result of taking ownership of inventory from China when it ships versus when it enters our distribution center here in the U.S.

轉向資產負債表和現金流量。我們的資產負債表仍然強勁，我們相信我們能夠很好地執行長期成長計劃。我們的期末庫存餘額為 1.47 億美元，符合我們的預期，高於一年前的 8,100 萬美元。差異是兩件事的結合。正如我們上季度所說，我們計劃在 24 財年之前恢復庫存水平，以支持我們所看到的強勁消費者需求。此外，大約 3700 萬美元的增長是由於在發貨時從中國獲得庫存所有權而不是進入我們在美國的配送中心時獲得的庫存所有權。

We ended the quarter with approximately $168 million in cash on hand compared to a cash balance of $85 million a year ago. I'm also pleased with the approximately $27 million in free cash flow we generated in Q2. We ended the quarter with a net cash position and less than 1x leverage in terms of total debt to adjusted EBITDA.

本季結束時，我們手頭現金約為 1.68 億美元，而一年前的現金餘額為 8,500 萬美元。我也對我們在第二季產生的約 2700 萬美元的自由現金流感到滿意。本季末，我們擁有淨現金頭寸，總債務與調整後 EBITDA 的槓桿率低於 1 倍。

Subsequent to the quarter end, in early October, we closed the Naturium acquisition. We funded the $355 million acquisition, largely using cash on hand and access to our existing credit facility as well as $72 million of e.l.f. Beauty stock issued directly to founders and key management, which represented approximately 600,000 shares. We expect our liquidity position to remain strong with relatively low leverage post the transaction with net leverage expected to be less than 1.5x adjusted EBITDA.

季度末後，即 10 月初，我們完成了對 Naturium 的收購。我們為此次收購提供了 3.55 億美元的資金，主要使用手頭現金和現有信貸額度以及 7200 萬美元的 e.l.f.直接向創辦人和主要管理層發行的美容股票約佔 60 萬股。我們預計交易後我們的流動性狀況將保持強勁，槓桿率相對較低，淨槓桿率預計將低於調整後 EBITDA 的 1.5 倍。

We expect our cash priorities for the year to remain on investing behind our growth initiatives and supporting strategic extensions. The initiatives we're focused on this year across our brand portfolio include continuing to invest in our people and infrastructure, our ERP transition to SAP as well as increased working capital and distribution capacity to support the strong consumer demand we're seeing.

我們預計今年的現金重點仍然是投資於我們的成長計劃和支援策略擴展。今年我們在品牌組合中重點關注的舉措包括繼續投資於我們的人員和基礎設施、我們的 ERP 向 SAP 的過渡以及增加營運資金和分銷能力，以支持我們所看到的強勁的消費者需求。

Now let's turn to our updated outlook for fiscal '24. As we look to the second half of fiscal '24, we are well positioned to deliver another industry-leading year. We are raising our full year outlook to reflect ongoing momentum in our underlying business as well as the addition of Naturium.

現在讓我們來看看我們對 24 財年的最新展望。展望 24 財年下半年，我們已做好充分準備，再創產業領先的一年。我們正在上調全年展望，以反映我們基礎業務的持續成長勢頭以及 Naturium 的增加。

For the full year, we now expect net sales growth of approximately 55% to 57%, up from 37% to 39% previously. Adjusted EBITDA between $197 million to $200 million, up from $171 million to $174 million previously; adjusted net income between $144 million to $146 million, up from $125 million to $127 million previously. And adjusted EPS of $2.47 to $2.50 per diluted share, up from $2.19 to $2.22 previously.

我們目前預計全年淨銷售額將成長約 55% 至 57%，高於先前的 37% 至 39%。調整後的 EBITDA 在 1.97 億美元至 2 億美元之間，高於先前的 1.71 億美元至 1.74 億美元；調整後的淨利潤在 1.44 億美元至 1.46 億美元之間，高於先前的 1.25 億美元至 1.27 億美元。調整後每股攤薄每股收益為 2.47 美元至 2.50 美元，高於先前的 2.19 美元至 2.22 美元。

We continue to expect our fiscal '24 adjusted tax rate to be approximately 17% to 18%. Lastly, we now expect a fully diluted average share count of approximately 58 million shares, up from 57 million shares previously.

我們繼續預期 24 財年調整後的稅率約為 17% 至 18%。最後，我們現在預計完全稀釋後的平均股數約為 5,800 萬股，高於先前的 5,700 萬股。

As a reminder, Naturium is expected to generate approximately $90 million of net sales and $17 million in adjusted EBITDA in the 12 months ending March 31, 2024. The acquisition of Naturium closed in early October, and Naturium will start to contribute to our results in fiscal Q3. We continue to expect Naturium to contribute approximately $48 million in net sales, $9 million in adjusted EBITDA and $0.04 in adjusted EPS on a fully diluted basis in our fiscal 2024.

謹此提醒，截至2024 年3 月31 日的12 個月內，Naturium 預計將產生約9,000 萬美元的淨銷售額和1,700 萬美元的調整後EBITDA。對Naturium 的收購已於10 月初完成，Naturium 將開始為我們的業績做出貢獻第三財季。我們仍預期 Naturium 在 2024 財年的完全稀釋基礎上將貢獻約 4,800 萬美元的淨銷售額、900 萬美元的調整後 EBITDA 和 0.04 美元的調整後每股盈餘。

Let me provide you with additional color on our planning assumptions for fiscal '24, starting with top line. On an organic basis, excluding the acquisition of Naturium, our raised outlook implies organic net sales growth of approximately 46% to 48%, up from 37% to 39% previously. Our raised outlook reflects the outperformance in Q2 we saw relative to our expectations as well as expected strength for the balance of the year in our underlying business.

讓我從頂線開始，為您提供有關 24 財年規劃假設的更多資訊。在有機基礎上，不包括對 Naturium 的收購，我們上調的前景意味著有機淨銷售額增長約 46% 至 48%，高於先前的 37% 至 39%。我們上調的前景反映了我們看到的第二季度的表現優於我們的預期，以及我們基礎業務今年剩餘時間的預期實力。

Let me spend a moment on Nielsen tracked channel trends. As a reminder, tracked channels only represent a portion of our sales. When accounting for the acquisition of Naturium, tracked channel data covers about 50% of our sales. Let me provide some context for what we've seen recently in tracked channels and set the stage for what you could see for the balance of the year.

讓我花點時間了解尼爾森追蹤的通路趨勢。提醒一下，追蹤的管道僅代表我們銷售額的一部分。在考慮收購 Naturium 時，追蹤的通路數據約占我們銷售額的 50%。讓我提供一些我們最近在追蹤頻道中看到的情況的背景信息，並為您在今年剩餘時間裡可以看到的情況奠定基礎。

For context, our Q2 results were exceptional with e.l.f. growth in tracked channels accelerating relative to Q1 on both a 1-year and 2-year basis. As we look to Q3 and Q4, we believe our tracked channel growth for e.l.f. could range between 20% to 50% growth. In Q3, we could be at the higher end of that range and in Q4, we can be towards the lower end of that range given the compares and the base we are cycling. In both quarters, we could see tracked channel trends on a 2-year basis remain at or above the 90% level we've seen in the latest 12 weeks. Across quarterly, 1-year and 2-year tracked channel data, we continue to drive exceptional consistent category-leading sales growth.

就背景而言，我們第二季的 e.l.f. 業績非常出色。與第一季相比，追蹤管道的一年和兩年成長都在加速。當我們展望第三季和第四季時，我們相信我們追蹤的 e.l.f 管道成長。成長幅度可能在 20% 到 50% 之間。在第三季度，我們可能處於該範圍的高端，而在第四季度，考慮到比較和我們正在循環的基礎，我們可能處於該範圍的低端。在這兩個季度中，我們可以看到兩年期追蹤管道趨勢保持在或高於最近 12 週的 90% 水準。透過季度、一年和兩年的追蹤管道數據，我們持續推動類別領先的銷售成長。

Turning to gross margin. In fiscal '24, we now expect our consolidated gross margin to be up approximately 225 basis points year-over-year as compared to our expectation for up 150 basis points previously. The improved outlook is largely a result of our outperformance in Q2, aided by lower inventory adjustments in the quarter and favorable mix. In terms of the key puts and takes for the rest of the year, we continue to expect gross margin to benefit from lower transportation costs, favorable FX rates, margin accretive mix and cost savings, which are expected to more than offset costs related to retailer activity and space expansion.

轉向毛利率。在 24 財年，我們現在預計綜合毛利率將年增約 225 個基點，而先前的預期為成長 150 個基點。前景的改善主要是由於我們在第二季度表現出色，這得益於該季度較低的庫存調整和有利的組合。就今年剩餘時間的關鍵看跌期權和看跌期權而言，我們繼續預計毛利率將受益於較低的運輸成本、有利的匯率、利潤增值組合和成本節約，預計這將遠遠抵消與零售商相關的成本活動和空間擴展。

Now turning to adjusted EBITDA. Our outlook now implies adjusted EBITDA growth of approximately 69% to 71% versus prior year, up from 46% to 49% previously and adjusted EBITDA margin leverage of approximately 190 basis points year-over-year as compared to approximately 150 basis points previously. The improved outlook is based on expected strong net sales growth, gross margin expansion and leverage in our non-marketing SG&A expenses. We are quite pleased to be again in this position to meaningfully raise both our net sales growth and profitability outlook.

現在轉向調整後的 EBITDA。我們目前的展望意味著調整後 EBITDA 較上年增長約 69% 至 71%，高於先前的 46% 至 49%，調整後 EBITDA 利潤率同比約為 190 個基點，而之前約為 150 個基點。前景的改善是基於預期強勁的淨銷售成長、毛利率擴張以及非行銷銷售、一般管理費用的槓桿作用。我們很高興再次能夠顯著提高我們的淨銷售額成長和獲利前景。

In summary, we delivered a phenomenal second quarter. Our disciplined execution behind our 5 strategic imperatives has driven category-leading results over the last 19 quarters. The significant white space we see across color cosmetics, skin care and internationally gives us confidence that we are still in the early innings of unlocking the full potential behind our brands.

總而言之，我們第二季的表現非常出色。我們在 5 項策略要務背後嚴格執行，在過去 19 個季度中取得了業界領先的業績。我們在彩妝、護膚品和國際市場上看到的巨大空白讓我們相信，我們仍處於釋放品牌背後全部潛力的早期階段。

With that, operator, you may open the call to questions.

這樣，接線員，您就可以開始提問。

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

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

Congrats on a great quarter. My first question, similar to previous quarters, you're raising the guide by more than the beat on sales up -- if we adjust the base for Naturium, up $56 million, and you beat the September quarter, at least by consensus, by $18 million. So can you just talk about trends you're seeing so far this month? You referenced the Nielsen data. Maybe could you talk a little bit about performance in non-tracked channels versus the tracked channels and just catch us up to date on what you're seeing this month?

恭喜您度過了一個出色的季度。我的第一個問題，與前幾季類似，您對指南的提高幅度超過了銷售成長的幅度- 如果我們調整Naturium 的基數，增加5600 萬美元，那麼您將超過9 月份季度（至少一致認為） 1800萬美元。那麼您能談談本月到目前為止您所看到的趨勢嗎？您引用了尼爾森的數據。也許您可以談談非追蹤管道與追蹤管道的表現，並讓我們了解您本月所看到的最新情況？

Olivia, thank you so much for the question. So again, we feel great about the business overall. As you noted, we did raise our guidance up to 57% on the top end, and that's inclusive of adding Naturium in to our numbers as well. And why did we feel good about raising that guidance? Again, based on the trends that we're seeing, the momentum and the demand behind our brand really encouraged us, and we see a lot of white space ahead.

奧利維亞，非常感謝你的提問。再說一次，我們對整體業務感覺良好。正如您所指出的，我們確實將最高指導值提高到了 57%，其中也包括在我們的數字中添加了天然元素。為什麼我們對提出這項指導感到滿意？同樣，根據我們所看到的趨勢，我們品牌背後的動力和需求確實鼓舞了我們，而且我們看到了未來的大量空白。

When we think about untracked channels, we have international, digital and Ulta that fall into that untracked channels and some of our strongest performance is coming from that side of the house. And so we really feel great all around on both sides of the business, on the tracked piece of the business as well as the untracked piece, which encouraged us to take that guidance up to 57% on the top line.

當我們考慮未追蹤管道時，我們有國際、數位和 Ulta 屬於未追蹤管道，而我們最強勁的一些表現來自於房子的這一側。因此，我們對業務雙方、追蹤的業務部分以及未追蹤的業務部分都感到非常滿意，這鼓勵我們將營收指引提高到 57%。

Our next question comes from Dara Mohsenian with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

So you talked about the tracked channel momentum continuing in Q3, Q4 and to your averages remaining pretty similar to recent trends, but arguably, you've had a ton of momentum and things naturally sort of slow over time. Pricing contribution drops off a bit. So just give us a sense of your level of confidence that you can continue relatively in line with 2-year average trends and what's driving that. And maybe part of that is updating us on shelf space expectations and how that changes sequentially and the innovation pipeline you have in place over the next few quarters.

因此，您談到了第三季度、第四季度持續跟踪的管道勢頭，以及您的平均值與最近的趨勢非常相似，但可以說，您已經擁有了大量的動力，隨著時間的推移，事情自然會變得緩慢。定價貢獻略有下降。因此，請讓我們了解您對能夠繼續保持與兩年平均趨勢相對一致的信心水平以及推動這一趨勢的因素。也許其中一部分是向我們更新貨架空間預期、其順序變化以及未來幾季的創新管道。

This is Tarang. As Mandy said, we feel great about the fundamentals behind our business and the trends that we're seeing, particularly the delivery between our value equation, powerhouse innovation and marketing engine. Nielsen is naturally going to bounce around a little bit given that, in the back half, we're comping 50% to 80% growth in Nielsen. So we could see Nielsen range anywhere from 20% to 50% depending on what's going on in the base period. As Mandy said, the 2-year stacks are still incredibly strong.

這是塔朗。正如曼迪所說，我們對業務背後的基本面和我們所看到的趨勢感到非常滿意，特別是我們的價值方程式、強大的創新和行銷引擎之間的交付。鑑於下半年我們預計尼爾森將實現 50% 至 80% 的成長，尼爾森自然會出現一些反彈。因此，我們可以看到尼爾森的波動幅度在 20% 到 50% 之間，這取決於基期發生的情況。正如曼迪所說，兩年的籌碼仍然非常強勁。

In terms of the fundamentals, as I step back, there are really 3 things that most strongly correlate with our share price. That's market share, net sales growth and adjusted EBITDA growth. And as I look at all 3 of those, we've never been stronger.

就基本面而言，當我退後一步時，確實有三件事與我們的股價最密切相關。即市場佔有率、淨銷售額成長及調整後 EBITDA 成長。當我審視所有這三個方面時，我們從未如此強大。

On market share, it's pretty astounding that we picked up 330 basis points of share growth. And while we've doubled our share over the last few years, we see an opportunity, again, double our share over the next few years. And we point just as closely to target our longest-standing national retail customer where we're their #1 brand close to a 19% share. So I feel really great in terms of what we continue to do from a market share standpoint.

在市佔率方面，我們的市佔率成長了 330 個基點，這非常令人震驚。雖然我們的份額在過去幾年中增加了一倍，但我們再次看到了在未來幾年中將我們的份額增加一倍的機會。我們同樣密切關注我們歷史最悠久的全國零售客戶，我們是他們的第一品牌，佔有接近 19% 的份額。因此，從市場份額的角度來看，我們對繼續做的事情感到非常高興。

Net sales growth, Mandy told you our top end of our range now is 57% net sales growth. And adjusted EBITDA growth is even higher at 71% growth. So the core fundamentals we're focused on, I feel will continue to stay strong, and we continue to see great momentum.

淨銷售額成長，Mandy 告訴您，我們目前範圍的上限是 57% 的淨銷售額成長。調整後的 EBITDA 成長率甚至更高，達到 71%。因此，我認為我們關注的核心基本面將繼續保持強勁，我們將繼續看到強勁的勢頭。

And then in terms of shelf space and innovation, again, we feel great on those fronts. We picked up a ton of space. This fiscal year, we're continuing that momentum with additional space, both at Superdrug and Boots. And in subsequent quarters, you'll hear us talk about other retailers in terms of the space we pick up, noting that the most important thing is the productivity we drive, being the most productive brand at Target, Walmart and other retailers. And our innovation pipeline has never been stronger. We continue to have these holy grails that consumers can't seem to get enough of and our ability to shine the light on those holy grails through our marketing has been a winning formula that continues to propel the top line and our adjusted EBITDA margins.

然後，在貨架空間和創新方面，我們在這些方面感覺很棒。我們佔據了很大的空間。本財年，我們將繼續保持這一勢頭，在 Superdrug 和 Boots 都增加空間。在接下來的幾個季度中，您會聽到我們談論其他零售商的空間，並指出最重要的是我們推動的生產力，成為塔吉特、沃爾瑪和其他零售商中生產力最高的品牌。我們的創新管道從未如此強大。我們仍然擁有這些消費者似乎無法滿足的聖杯，而我們透過行銷來照亮這些聖杯的能力一直是一個成功的秘訣，繼續推動營收和調整後的 EBITDA 利潤率。

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

我們的下一個問題來自美國銀行的 Anna Lizzul。

I was wondering if you're seeing any trade down benefits in your results and whether this is gaining market share growth in addition to shelf-space gains. And just regarding the strength in e.l.f. SKIN, how are you splitting that incremental shelf space gains to this brand versus e.l.f. Cosmetics?

我想知道您是否在結果中看到了任何折衷的好處，以及除了貨架空間的增加之外，這是否還獲得了市場份額的成長。就e.l.f.的實力而言。 SKIN，您如何將增加的貨架空間收益分配給該品牌與 e.l.f.化妝品？

Yes. So I would say -- hi, Anna. I would say, overall, we're not seeing a wholesale trade down from prestige into mass both sides of the pie continue to do well from a beauty standpoint. And so I think really what is driving our performance, one thing we pointed to for this quarter is the increase in awareness that we're seeing behind e.l.f. brand. We've doubled our awareness over the past few years. And that has really allowed us to bring more Gen-X, millennial into the brand and continue to penetrate Gen Z as well. And so I do think more folks coming into the franchise has really served us well. You can also see that in our unit growth, as I quoted 56 points of our sales growth is really driven by unit volume, which is really encouraging to see. And so we are feeling great on that side.

是的。所以我想說——嗨，安娜。我想說，總的來說，從美容的角度來看，我們並沒有看到從聲望到大眾的批發貿易繼續表現良好。因此，我認為真正推動我們業績的因素是，我們在本季指出的一件事是我們在 e.l.f. 背後看到的意識的增強。品牌。在過去的幾年裡，我們的意識提高了一倍。這確實讓我們能夠將更多的 X 世代、千禧世代帶入品牌，並繼續滲透到 Z 世代。所以我確實認為更多的人加入這個系列確實為我們提供了很好的幫助。您還可以看到，在我們的單位成長中，正如我所引用的那樣，我們的銷售成長 56 個百分點確實是由單位數量推動的，這確實令人鼓舞。所以我們在這方面感覺很好。

From e.l.f. SKIN, it certainly continues to be a focus for us. We've called out skin care one of our priorities and areas of white space that we're going after. And how we think about skin care on the shelf sets, depending on the retailer. It's either housed with our color cosmetics or separately. And as we get shelf space gains, especially in those areas where we do have it housed with color cosmetics, we're making sure that we have the best of our skin care available on those sets as well.

來自 e.l.f.皮膚，它無疑仍然是我們關注的焦點。我們已將皮膚護理列為我們的優先事項之一，也是我們追求的空白領域。我們如何看待貨架上的護膚品，取決於零售商。它可以與我們的彩妝一起存放，也可以單獨存放。隨著我們貨架空間的增加，特別是在那些放置彩妝品的區域，我們確保在這些設備上也能提供最好的護膚品。

We have talked in the past about seeing skin care represent almost 20% of our sales on elfcosmetics.com. So we know that there is a big opportunity for us to continue to penetrate skincare within our retailers as well.

我們過去曾說過，保養品佔 elfcosmetics.com 銷售額的近 20%。因此，我們知道，我們還有一個很大的機會繼續在我們的零售商中滲透護膚品。

And the only other thing I would add is we're tremendously excited now with the acquisition of Naturium. It doubles our presence in skin care to about 18% of our business. We have 2 incredible growth assets in skin care to continue to realize that potential.

我唯一要補充的是，我們現在對收購 Naturium 感到非常興奮。它使我們在皮膚護理領域的業務增加了一倍，達到我們業務的 18% 左右。我們在皮膚護理領域擁有兩個令人難以置信的成長資產，可以繼續發揮這一潛力。

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

我們的下一個問題來自 Linda Bolton-Weiser 和 D.A.戴維森。

You've talked a couple of times on the call about your increase in brand awareness in recent years. And I was wondering, what do you need to do to kind of fuel the next stage of jump-up in awareness? Is it just more of the same actions? Or are there something different or new in the next stage? Do you need to add TV advertising maybe in the international markets? Can you just comment on that?

您在電話會議上多次談到近年來品牌知名度的提高。我想知道，你需要做什麼來推動下一階段的意識躍升？只是更多相同的動作嗎？或是下一階段有什麼不同或新的東西嗎？您是否需要在國際市場上新增電視廣告？你能對此發表評論嗎？

Linda, this is Tarang. First of all, I'd say part of the reason why we've taken our marketing levels up over time is because it's working. We have exceptionally strong ROIs multiples above industry benchmarks. And so that's led us to continue to invest more. And that has, in turn, brought greater awareness to the brand as we talk, doubling that awareness from 13% to 26%.

琳達，這是塔朗。首先，我想說，我們隨著時間的推移不斷提高行銷水平的部分原因是它正在發揮作用。我們的投資報酬率非常高，是產業基準的數倍。這促使我們繼續加大投資。正如我們所說，這反過來又提高了該品牌的知名度，使該品牌的知名度從 13% 翻倍至 26%。

We still see a massive opportunity from an awareness standpoint. As we said, the market leader is sitting at about 52% unaided awareness. And so the strategy we're following going forward is a combination of what's worked for us, our digital approach, which not only has led to leadership amongst Gen Z, but bringing in more millennials and Gen X as well as new tactics. One of the reasons why we did a spot on the big game this past year was being able to cast a much broader net to consumers that may not know of e.l.f.

從意識的角度來看，我們仍然看到了巨大的機會。正如我們所說，市場領導者的獨立認知度約為 52%。因此，我們未來遵循的策略是對我們有效的數位方法的結合，這不僅導致了 Z 世代的領導地位，而且引入了更多的千禧世代和 X 世代以及新的策略。去年我們在大型遊戲中佔有一席之地的原因之一是能夠向可能不了解 e.l.f. 的消費者撒下更廣泛的網絡。

And we find both those strategies to be effective and continue to increase awareness not only in the U.S., but our recently launched awareness campaign in the U.K., we feel really great about it. So you're going to continue to see us do and continue to disrupt the market and retain our community in a way that resonates with them and continue to bring more people into the franchise.

我們發現這兩種策略都是有效的，不僅在美國，而且在我們最近在英國發起的意識活動中，我們都感覺非常好。因此，您將繼續看到我們這樣做，繼續擾亂市場，以一種與他們產生共鳴的方式留住我們的社區，並繼續吸引更多的人加入該系列。

Our next question comes from Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

So Tarang, you spoke about the innovations, especially in the white spaces in skin as well as in lipsticks and mascaras, which you wonder SKU relative to what your potential power can be in your market share. Can you comment a little bit on how you progress towards the objective of having a similar market share? And interesting, in my channel checks, I've been seeing some stockouts in lip especially our lip oil. So I wonder if embedded in your guidance, do you have that improving? Or is there anything you can share in terms of getting more, I would say, capacity to execute the plan. And obviously, you have a very fast response to market. But just curious if you were able to most recently improve that.

Tarang，您談到了創新，特別是在皮膚以及口紅和睫毛膏的白色空間方面，您想知道這些 SKU 相對於您的市場份額的潛在力量。您能否評論一下您在實現類似市場佔有率這一目標方面的進展？有趣的是，在我的頻道檢查中，我看到一些唇部產品缺貨，尤其是我們的唇油。所以我想知道如果融入你的指導中，你是否有改進？或者，在獲得更多（我想說的是）執行計劃的能力方面，您有什麼可以分享的嗎？顯然，你們對市場的反應非常快。但只是好奇你最近是否能夠改進這一點。

And then just related to that, I know Keys Soulcare also has been very -- there has been increasing awareness. And in the past, we were able to get into Sephora Canada. Just wondering if part of the opportunity for taking Naturium and for taking of course, your Hero products everywhere. Is there any chance you can see also Keys Soulcare expanding even further into other areas? Or it's going to be mostly on the core products in health?

與此相關的是，我知道 Keys Soulcare 的意識也不斷增強。過去，我們能夠進入加拿大絲芙蘭。只是想知道是否有機會服用Naturium，當然還有服用您的英雄產品。您是否有機會看到 Keys Soulcare 進一步擴展到其他領域？或是主要集中在健康領域的核心產品？

Andrea, so I would say we're making tremendous progress across every category we're competing against. We talked about our leadership in 16 subsegments of color cosmetics. We're also conquesting some of these bigger other categories. So if I look at skin care, I feel great e.l.f. SKIN was up 129%, almost 10x where the category was for the quarter, really driven by the innovation that we have in that category and the awareness building we're doing there. You mentioned (inaudible) care, where we've also had good share progress as well as lip. On lip, I think a lot of this has to do with our approach to innovation. But we're constantly listening to our community and taking inspiration from them in prestige. Our community a while ago had seen a prestige lip oil product that they really liked, but it was priced at $40.

安德里亞，所以我想說，我們在競爭的每個類別中都取得了巨大的進步。我們討論了我們在彩妝 16 個細分市場中的領導地位。我們也正在征服一些更大的其他類別。所以如果我看皮膚護理，我感覺很棒 e.l.f. SKIN 成長了 129%，幾乎是本季該類別的 10 倍，這實際上是由我們在該類別中的創新以及我們在那裡所做的意識建設所推動的。你提到了（聽不清楚）護理，我們在這方面也取得了良好的分享進展和口頭溝通。口頭上，我認為這很大程度上與我們的創新方法有關。但我們不斷傾聽社區的聲音，並從他們的聲望中汲取靈感。我們的社區不久前看到了一款他們非常喜歡的高級唇油產品，但它的售價為 40 美元。

So just in this past quarter a few weeks ago, we launched our lip oil priced at $8 versus that prestige at $40. And we've just seen incredible response. As you mentioned, I mean, I think it's sold out the first time we put it out. We have gotten more inventory on that product, and you'll continue to see it do extremely well, and it's significantly building our presence in lip.

因此，就在幾週前的上個季度，我們推出了價格為 8 美元的唇油，而普通版則為 40 美元。我們剛剛看到了令人難以置信的反應。正如你所提到的，我的意思是，我認為我們第一次推出它就賣完了。我們已經獲得了更多該產品的庫存，您將繼續看到它表現得非常好，並且它顯著地增強了我們的影響力。

So we feel good about our two-pronged innovation strategy, really focusing on these franchises that continue to build year after year as well as conquesting some of these other bigger categories and are making great progress there.

因此，我們對雙管齊下的創新策略感到滿意，真正專注於這些年復一年不斷發展的特許經營權，以及征服其他一些更大的類別，並在那裡取得了巨大進展。

And then in terms of Keys Soulcare, we feel great about our efforts to increase awareness on Keys Soulcare. We had a pretty big innovation in the last few months in It's Like Skin, saw tremendous response to that. And you will be hearing about additional distribution points in the future on Keys Soulcare as we continue to build awareness on that brand. And certainly couldn't be more excited about Naturium and what we could do with Naturium.

然後就 Keys Soulcare 而言，我們對提高 Keys Soulcare 認知度所做的努力感到非常高興。在過去的幾個月裡，我們在《It's Like Skin》中進行了一項相當大的創新，並得到了巨大的反響。隨著我們繼續提高品牌的知名度，您將來將會在 Keys Soulcare 上聽到更多分銷點。當然，我們對 Naturium 以及我們可以用 Naturium 做的事情感到非常興奮。

As a reminder, Naturium did close to $80 million of net sales or $90 million of net sales actually, really with a pretty limited distribution footprint, primarily at Target, Amazon and their own site. So we feel that we can increase its presence with current distribution as well as in the future, take it to new distribution points. So multiple vectors of being able to address the white space we have, both in skin care as well as some of these other categories.

提醒一下，Naturium 的淨銷售額接近 8,000 萬美元，實際上淨銷售額為 9,000 萬美元，但分銷範圍相當有限，主要是在塔吉特、亞馬遜和他們自己的網站上。因此，我們認為我們可以透過目前的分銷以及未來將其帶到新的分銷點來增加其存在。因此，能夠解決我們在皮膚護理以及其他一些類別中所擁有的空白的多個向量。

Our next question comes from Bill Chappell with Truist Securities.

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

I mean this is kind of a recurring theme of you beat the quarter, especially on gross margin and stepped up the sales and marketing even further than we would have [expected] and repeat. And I get that now as we're (inaudible) are you continuing to reinvest back in kind of core U.S. business? Or are you looking to maybe accelerate Naturium, accelerate U.K., accelerate some of the international opportunities and reinvest more there? Or is it still -- there's just so much opportunity in the U.S., that it's going back primarily there?

我的意思是，這是一個反覆出現的主題，您擊敗了本季度，特別是在毛利率方面，並且比我們[預期]和重複的進一步加強了銷售和營銷。我現在明白了，我們（聽不清楚）你們是否會繼續對美國核心業務進行再投資？或者您希望加速 Naturium、加速英國、加速一些國際機會並在那裡進行更多再投資？或者仍然是——美國有如此多的機會，所以它主要會回到那裡？

So Bill, we see opportunity in both areas. We've obviously continued to reinvest in our core business in the U.S. We're seeing great results, as we talked about, not only in awareness, but the brand satisfaction scores jumping all the way up to 80% satisfaction, the highest in our competitive set. We know that marketing is working. And so you'll continue to see us build awareness and our equity in the U.S.

比爾，我們在這兩個領域都看到了機會。顯然，我們繼續對美國的核心業務進行再投資。正如我們所說，我們看到了巨大的成果，不僅在知名度方面，而且品牌滿意度得分一路飆升至 80%，這是我們的最高滿意度。競爭集。我們知道行銷正在發揮作用。因此，您將繼續看到我們在美國提高意識和公平性。

But because we have a much bigger base and a bigger percentage in terms of marketing and digital. We're also able to pursue some of the key growth vectors. We talked about our investment in skin care in addition to color cosmetics as well as international, part of how we drove 157% growth in international is we are investing behind awareness in the U.K. and our efforts in Canada as well as expanding in other countries.

但因為我們在行銷和數位方面擁有更大的基礎和更大的比例。我們也能夠追求一些關鍵的成長向量。我們談到了我們在護膚品、彩妝以及國際市場上的投資，我們推動國際市場 157% 增長的部分原因是我們在英國的知名度、在加拿大的努力以及在其他國家的擴張進行了投資。

Just a couple of weeks ago, we entered Italy with Douglas in Italy. Douglas told us, it was probably the best launch they've ever seen for a brand, and we see tremendous response from consumers. So I think the money that we have within the range that we've talked gives us enough money to pursue both continuing to focus on our core as well as expand into some of these new areas.

就在幾週前，我們與義大利的道格拉斯一起進入義大利。道格拉斯告訴我們，這可能是他們見過的最好的品牌發布，我們看到了消費者的巨大反響。因此，我認為我們所討論的範圍內擁有的資金足以讓我們有足夠的資金來繼續專注於我們的核心業務並擴展到其中一些新領域。

Our next question comes from Peter Grom with UBS.

我們的下一個問題來自瑞銀集團的彼得‧葛羅姆。

So really strong international growth in the quarter in your 2 core markets. And you called out the initial expansion into Italy. I know it took you kind of several years to kind of get in the 5%, 6% share level that you're currently at in those markets. But can you maybe just talk about the opportunity for Italy specifically. And then maybe as you think about other markets and kind of the time line around that, is there anything you can share? Are you looking at additional markets in the near term. So yes, just any color on the international strategy would be helpful.

本季兩個核心市場的國際成長確實強勁。您也提到了最初向義大利的擴張。我知道你們花了幾年時間才達到目前在這些市場中 5%、6% 的市佔率。但能否具體談談義大利的機會？然後，也許當您考慮其他市場以及相關的時間軸時，您有什麼可以分享的嗎？您近期是否正在考慮其他市場？所以，是的，國際戰略中的任何顏色都會有所幫助。

So Peter, on international, we're seeing real strength primarily in Canada and the U.K., the first 2 countries we expanded in. And we mentioned in the call, but our Canadian business is up 10x where the category growth rate is. Our U.K. business is up 7x where the category growth rate is. So the primary area of growth so far is coming from those first 2 markets that we're really focused on, and we see a tremendous potential to be, over time, a top 3 brand in both of those markets.

Peter，在國際方面，我們主要在加拿大和英國看到了真正的實力，這兩個國家是我們擴張的前兩個國家。我們在電話會議中提到，但我們的加拿大業務增長了10 倍，而類別成長率是原來的10 倍。我們的英國業務按品類成長率成長了 7 倍。因此，到目前為止，成長的主要領域來自我們真正關注的前兩個市場，我們看到隨著時間的推移，我們有巨大的潛力成為這兩個市場的前三名品牌。

In addition, you're going to see us take the same disciplined rollout strategy that we followed in the U.S. to other markets. We're super excited about what we're going to be able to do in Italy and the response of the brand there. You will hear about additional countries in the coming quarters. I don't think you'll ever hear us talk about going into 30 countries all at once. We like this approach of both with our own website as well as following kind of a leading retailer in a particular country to be able to really penetrate that and grow from there.

此外，您還將看到我們在其他市場採取與美國相同的嚴格的推廣策略。我們對我們將在義大利所做的事情以及該品牌在那裡的反應感到非常興奮。您將在未來幾個季度聽到更多國家/地區的信息。我認為您永遠不會聽到我們談論同時進入 30 個國家。我們喜歡這種方法，即透過我們自己的網站以及追蹤特定國家/地區的領先零售商，以便能夠真正滲透並從中發展。

So I see a ton of growth potential both in Canada and the U.K., excited about Italy and you'll hear about additional markets in the coming quarters.

因此，我在加拿大和英國看到了巨大的成長潛力，對義大利感到興奮，並且您將在未來幾季聽到更多市場的消息。

Our next question comes from Susan Anderson with Canaccord Genuity.

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

Nice job on the quarter again. I was in -- I guess just a follow-up on the international market. Can you maybe just talk about the margin structure versus where you're at in the U.S.? I guess, is it similar to the U.S. business? And then also just on Naturium, I'm curious if you think there's some learnings there you can take and maybe apply to e.l.f. SKIN to drive new product introduction and growth?

本季再次表現出色。我想，這只是國際市場的後續行動。能談談利潤結構與您在美國的情況嗎？我想，這和美國的生意很相似？然後還有關於 Naturium，我很好奇你是否認為那裡有一些你可以學到的東西，也許可以應用到 e.l.f. 上。 SKIN 能否推動新產品的推出與成長？

Susan, thanks for the question. So from a margin standpoint, its pretty similar margins internationally in the U.S. I would say the one key difference is the tariff, right? As we ship product into the U.S., those products are tariffed into our international markets. As they ship directly, we do not see those same level of tariffs. And so that would be one advantage to the international markets overall.

蘇珊，謝謝你的提問。因此，從利潤率的角度來看，美國在國際上的利潤率非常相似。我想說，一個關鍵的區別是關稅，對嗎？當我們將產品運往美國時，這些產品將被徵收關稅進入我們的國際市場。由於他們直接發貨，我們沒有看到相同水平的關稅。因此，這將成為整個國際市場的優勢之一。

And then on Naturium, one of the things that led us to that acquisition was not only the tremendous growth rate we potentially saw in Naturium, but the team. They have an entire team with real skin care expertise. So we definitely feel we're going to learn things from Naturium that can be applied to e.l.f. SKIN and vice versa. And so I think that was one of the real benefits of Naturium acquisition is it's highly complementary to e.l.f. SKIN where they have tremendous expertise in formulation, in education, their engagement model, which we definitely see has relevance to e.l.f. SKIN. And then in turn, our capabilities from both the distribution and being able to ramp up their marketing efforts, we think, will benefit Naturium as well. So it's a perfect marriage that way.

然後是 Naturium，導致我們進行此次收購的原因之一不僅是我們在 Naturium 中看到的巨大成長率，還有團隊。他們擁有一支具有真正皮膚護理專業知識的整個團隊。所以我們肯定覺得我們將從 Naturium 中學到可以應用在 e.l.f. 的東西。皮膚，反之亦然。所以我認為收購 Naturium 的真正好處之一是它與 e.l.f. 高度互補。 SKIN 他們在配方、教育和參與模式方面擁有豐富的專業知識，我們肯定認為這與 e.l.f. 相關。皮膚。然後，我們認為，我們的分銷能力和加強行銷的能力也將使 Naturium 受益。所以這樣的婚姻才是完美的。

Our next question comes from Korinne Wolfmeyer with Piper Sandler.

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

Congrats on a really awesome quarter. I'd like to touch a little bit on the investments you briefly touched about -- touched on in the prepared remarks with some SAP spend and adding more distribution capacity, but it's going to add a little bit of pressure in the back half. I know you're not guiding to the next fiscal year, but how should we be thinking about those investments as we head beyond the next couple of quarters and the impact to the margin profile there?

恭喜您度過了一個非常棒的季度。我想談談您簡要提到的投資——在準備好的評論中提到了一些 SAP 支出和增加更多的分銷能力，但這會在後半部分增加一點壓力。我知道您並不是在指導下一個財年，但是當我們進入接下來的幾個季度時，我們應該如何考慮這些投資以及對利潤率狀況的影響？

Thanks for the question. So in terms of the SAP and our distribution capacity, all of that is already baked into our guidance overall. And so as we think about kind of how we raised our top line and our adjusted EBITDA, those are already reflected into our guidance. And so -- and especially on the SAP side and as we think about some of those capacity build out from a distribution standpoint, a lot of that is going to be capital that you'll see throughout. And so we'll eventually flow through from a D&A standpoint, but again, not looking out into fiscal '25 just yet, but know that whatever we've gotten in there, that's already embedded in our guidance.

謝謝你的提問。因此，就 SAP 和我們的分銷能力而言，所有這些都已納入我們的整體指導中。因此，當我們考慮如何提高營收和調整後的 EBITDA 時，這些已經反映在我們的指導下。因此，尤其是在 SAP 方面，當我們從分銷的角度考慮其中一些能力建設時，其中許多將成為您將在整個過程中看到的資本。因此，我們最終將從 D&A 的角度進行討論，但同樣，我們暫時還不會展望 25 財年，但要知道，無論我們在那裡得到什麼，它都已經嵌入到我們的指導中。

And the only other thing I would add is, this has been a continual investment story. So this is not one where we've logged certain areas for years and now have to make a huge investment. We've invested every single year in terms of our technology stack, in terms of our infrastructure. And so we don't see it as outsized other than you'll see a little bit more capital. But other than that, we feel pretty good about both those investments as well as the ability to continue to meet the demand that we're seeing.

我唯一要補充的是，這是一個持續投資的故事。因此，這並不是我們多年來對某些地區進行砍伐，現在必須進行巨額投資的情況。我們每年都在技術堆疊和基礎設施方面進行投資。因此，我們不認為它規模太大，只是你會看到更多的資本。但除此之外，我們對這些投資以及繼續滿足我們所看到的需求的能力感到非常滿意。

Our next question comes from Rupesh Parikh with Oppenheimer.

我們的下一個問題來自魯佩什·帕里克和奧本海默。

Congrats on a really strong quarter. I wanted to see if you could provide any more commentary on the Q3, Q4 cadence. I don't know if anything you share on sales or EBITDA just to help us from a modeling perspective?

恭喜這個季度的強勁表現。我想看看您是否可以對第三季、第四季的節奏提供更多評論。我不知道您分享的有關銷售或 EBITDA 的資訊是否只是為了從建模角度為我們提供幫助？

Yes. So in our prepared remarks, I did indicate that Nielsen could be anywhere between 20% and 50% for the back half and Q3 could be at the higher end of that. Q4 could be towards the lower end of that as we start to cycle higher compares in the base. As you know, we don't give quarterly guidance. So that's kind of the color that we're giving for the second half. And our guidance approach is to be very balanced and that has worked quite well for us. And we're just going to take it one quarter at a time. But really pleased with our overall raise to 57% on the top end.

是的。因此，在我們準備好的發言中，我確實指出尼爾森下半年的佔比可能在 20% 到 50% 之間，而第三季可能會處於較高水平。當我們開始在基數中進行更高的比較時，第四季度可能會處於較低水平。如您所知，我們不提供季度指導。這就是我們為下半場提供的顏色。我們的指導方法是非常平衡的，這對我們來說非常有效。我們每次只需要一個季度。但我們對整體提升至最高值 57% 感到非常滿意。

Our next question comes from Jon Andersen with William Blair.

我們的下一個問題來自喬恩·安德森和威廉·布萊爾。

Congratulations on the quarter. I have a quick 2-part question. First on pricing. Pricing has been a pretty consistent contributor to the business of about 20% or so in fiscal '23. It's running about 20% through the first half of fiscal '24. Do you think price mix continues at that kind of level? And what is driving that? Is it a big mix element? Is it list price increases? Just trying to get a sense for how much room you have for that to continue? And then the second question is on the marketing and digital. The full year outlook implies, I guess, that you'd be spending in the second half at kind of a high 20s rate, 28% of sales or so. And I think that would be kind of a record level for the company. Do you have the plans in place already on how that will be spent? And can you talk a little bit about whether it's more of kind of the same type of vehicles or whether there is kind of another big game consideration in there as well?

恭喜本季。我有一個由兩部分組成的快速問題。首先是定價。 23 財年，定價對業務的貢獻相當穩定，約 20% 左右。到 2024 財年上半年，其運行速度約為 20%。您認為價格組合會繼續保持在這種水平嗎？是什麼推動了這一點？這是一個很大的混合元素嗎？是標價漲嗎？只是想了解您還有多少空間可以繼續這樣做？第二個問題是關於行銷和數位化的。我猜想，全年展望意味著下半年你的支出會達到 20 多歲的高水平，佔銷售額的 28% 左右。我認為這對公司來說將是創紀錄的水平。您是否已製定如何使用這筆資金的計畫？您能否談談它是否更像是同類型的車輛，或者是否還有其他大型遊戲的考慮因素？

All right. Thanks, Jon. So from a pricing standpoint, I'd just give you a little bit of history on how we've approached pricing. We've really only taken 2 price increases in our history. The first was in 2019 in response to tariffs. And the last one was in 2022 in response to the inflationary environment. So largely, what you're seeing from a price standpoint, when I talk about 56 points driven by volume and the remainder driven by price, that's largely mix. And that really speaks to the innovation that we've introduced more recently. We have items like our Power Grip Primer and our Poreless Putty Primer and our Halo Glow ranging from $10 to $14 but still very much resonating with our consumers. And so that is really what's influencing that pricing piece more so on the mix side. We actually did not take any pricing here in the U.S. in fiscal '24. And so that, the mix is really what's driving that increase that you're seeing.

好的。謝謝，喬恩。因此，從定價的角度來看，我只想向您介紹一些關於我們如何定價的歷史。我們歷史上確實只漲價過兩次。第一次是在 2019 年為了因應關稅。而最後一次是在2022年，為因應通膨環境。很大程度上，從價格的角度來看，當我談到 56 個點由成交量驅動而其餘點由價格驅動時，這在很大程度上是混合的。這確實說明了我們最近推出的創新。我們的產品包括 Power Grip Primer、Poreless Putty Primer 和 Halo Glow，價格從 10 美元到 14 美元不等，但仍然引起了消費者的強烈共鳴。因此，這確實是影響定價部分的因素，尤其是在混合方面。實際上，24 財年我們並沒有在美國進行任何定價。因此，這種混合確實是推動您所看到的成長的因素。

And on the marketing front, Jon, we feel great about what we're going to invest that money in. It's a combination of the strategies that have worked, particularly in our digital advertising, our broader awareness efforts. Many of these game-changing collaborations, the one we just did this last quarter with Jennifer Coolidge on Dirty Pillows, I think we got something like 11 billion impressions on, sold out the product right away. We're going to have to get more for the holiday time. So you're going to continue to see that, and we feel good about where we're going to put that money against and including in some of the new areas I talked about in terms of continue to ramp up skin care awareness, Naturium, international. So we have plenty of good places to put that money and continue to see exceptionally strong ROIs.

在行銷方面，喬恩，我們對將要投資的資金感到非常滿意。這是行之有效的策略的組合，特別是在我們的數位廣告和更廣泛的意識努力方面。許多改變遊戲規則的合作，我們上個季度剛剛與 Jennifer Coolidge 在 Dirty Pillows 上進行的合作，我想我們獲得了大約 110 億次展示，產品立即售罄。假期期間我們必須買更多東西。所以你會繼續看到這一點，我們對我們將把這筆錢花在哪裡感到滿意，包括我談到的一些新領域，即繼續提高皮膚護理意識，天然，國際的。因此，我們有很多好的地方可以投入這些資金，並繼續看到異常強勁的投資回報率。

Sorry, just to circle back. Sorry, just I want to circle back on the pricing piece as well on the international piece. I said we did not take pricing in fiscal '24 here in the U.S., but there was a small one that we did take internationally that actually is kicking off here in October.

抱歉，只是繞回來。抱歉，我想回顧一下定價部分以及國際部分。我說我們沒有在美國的 24 財年進行定價，但我們在國際上確實進行了一次小型定價，實際上是在 10 月開始的。

And that pricing internationally is just really to align prices between the U.S. and international. We have taken pricing here early last year and early '22. We had not take pricing then in international, just given when we've taken the last international price increase. So it's really just to harmonize our pricing structure globally.

國際定價其實只是為了協調美國和國際之間的價格。我們去年年初和 22 年初在這裡進行了定價。當時我們還沒有考慮國際價格，只是考慮了上次國際價格上漲的時間。所以這其實只是為了協調我們的全球定價結構。

Our next question comes from Oliver Chen with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Oliver Chen。

You've had really great results. Congrats. On the cosmetics side, what do you think it will take for you to get to #1 market share? What are the bigger opportunities as you think about product or channel as you scope it out in your strat plans? Second, on skin care, how are you thinking about Hero products. And contrasting that with what you've done in cosmetics or not, given that it's a category with efficacy and different kinds of dynamics. Third and finally, international has been a big opportunity in the past as well like earlier in your development. What's different now about how you're approaching it? It seems to be really working. Just would love some thoughts on that, too.

你已經取得了非常好的成果。恭喜。在化妝品方面，您認為如何才能獲得第一的市場份額？當您在策略計劃中考慮產品或通路時，更大的機會是什麼？其次，在護膚方面，您對Hero產品有何看法？並將其與您在化妝品領域所做的或沒有做的事情進行對比，因為它是一個具有功效和不同類型動態的類別。第三，也是最後一點，國際化在過去以及您發展的早期階段都是一個巨大的機會。現在您的處理方式有何不同？看來確實有效。我也很想對此有一些想法。

Yes. Oliver, in terms of your first question, what will it take to get to #1 market share? It's really replicating what we've been able to do at Target. And if you look at our Target business, we mentioned we're close to a 19% share there, almost 600 basis points ahead of #2, Maybelline, in that market or in that channel. That #1 position, we basically have done over the last few years here, and it's been a combination of 3 things. One, they have dedicated much more space to e.l.f. than we see in other retailers. And we're in the process of replicating some of those space gains in other retailers. Two, the level of disruption that e.l.f. has in their stores. I mean, at any given point, I think we're in about 4 or 5 different spots within a Target store.

是的。奧利佛，就你的第一個問題而言，如何才能獲得第一的市場份額？它確實複製了我們在 Target 所做的事情。如果你看看我們的塔吉特業務，我們提到我們在該市場或通路的份額接近 19%，比排名第二的美寶蓮領先近 600 個基點。過去幾年我們基本上已經做到了第一的位置，這是三件事的結合。第一，他們為 e.l.f. 奉獻了更多的空間。比我們在其他零售商中看到的要多。我們正在向其他零售商複製其中一些空間收益。第二，e.l.f. 的破壞程度。他們的商店裡有。我的意思是，在任何給定的時間點，我認為我們在 Target 商店內大約有 4 或 5 個不同的位置。

And then third is the way we partner with -- from a marketing and overall multifunctional standpoint. And really, I have a lot of confidence that we can do those same things in other retailers. If I take a look at the progress we've made just in a few years within Ulta Beauty, we're already one of their top cosmetics brands. And that was even before they expanded the space that they most recently did in the fall. Walmart remains a huge opportunity, see progress there as well. And then drug, drug is still rolling out the brand.

第三是我們的合作方式－從行銷和整體多功能的角度來看。事實上，我非常有信心我們可以在其他零售商身上做同樣的事情。如果我看看我們在 Ulta Beauty 短短幾年內取得的進步，我們已經是他們的頂級化妝品品牌之一。這甚至是在他們最近在秋季擴大空間之前。沃爾瑪仍然是一個巨大的機會，也看到了那裡的進展。然後是毒品，毒品這個品牌還在推出。

So I think over the next few years, as we get better presence in these retailers as we partner the way we have partnered with Target, I can see us get to that #1 share position over time. And then, by the way, Target is not standing still. Target is one of our best retail partners and customers. And the level of collaboration we have, they recently held a meeting at Target. They instigated, which is how could e.l.f. become their first billion retail brand in Target. And for perspective, we're going to do about $400 million of retail sales in Target this year. So I think it's a really encouraging sign when even your top customers are coming to you and figuring how could you more than double even within there. So a great deal of bullishness in terms of our market share.

因此，我認為在接下來的幾年裡，隨著我們以與Target 合作的方式在這些零售商中獲得更好的影響力，我可以看到我們隨著時間的推移將達到第一的份額位置。順便說一句，塔吉特並沒有停滯不前。 Target 是我們最好的零售合作夥伴和客戶之一。就我們的合作程度而言，他們最近在塔吉特舉行了一次會議。他們慫恿，這就是 e.l.f.成為他們在塔吉特的第一個十億零售品牌。從長遠來看，今年我們將在塔吉特實現約 4 億美元的零售額。因此，我認為這是一個非常令人鼓舞的跡象，即使是您的頂級客戶也會來找您，並想知道您如何在其中實現翻倍以上的成長。因此，我們對我們的市場份額非常看好。

And then in terms of skin care, I think we're seeing some of the same parallels that we saw with e.l.f. Color. If I take a look at our skin care, we do have some real Hero franchises. I take a look at our Halo or Holy Hydration franchise and what we've been able to do there, consistently build that franchise year after year. Our most recent franchise, Suntouchables is off to an incredible start. The first 3 items in that franchise, we're just seeing real resonance in. So we'll continue to map out the innovation that we have in both e.l.f. SKIN as well as the pipeline in Naturium is really quite rich. So I feel great about the products we have there.

然後在皮膚護理方面，我認為我們看到了一些與 e.l.f. 相同的相似之處。顏色。如果我看一下我們的皮膚護理，我們確實有一些真正的英雄特許經營權。我看看我們的光環或神聖水合特許經營權以及我們在那裡能夠做的事情，年復一年地持續建立該特許經營權。我們最新的特許經營權 Suntouchables 有著令人難以置信的開端。該系列的前 3 款產品，我們剛剛看到了真正的共鳴。因此，我們將繼續規劃我們在 e.l.f. 和 e.l.f. 中的創新。 SKIN以及Naturium的管線確實相當豐富。所以我對我們那裡的產品感覺很好。

And then finally, in terms of international, I'd say what's different from the past is we have real proof points in both Canada and the U.K. and that consistent approach that I talked about in terms of how we were able to penetrate both those markets with leading retailers. In addition, we're building out a very strong international team. So we opened up entity in the U.K. I think it was last year. We have a team there, authority over 30 people that's really focused on our international expansion. As I mentioned, Italy being one of the most -- best recent examples there. So feel great on all 3 fronts in terms of our ability to continue to build market share in Color. Obviously, the pipeline we have in skin care with really all 3 of our brands, e.l.f. SKIN, Naturium and Keys Soulcare. And then internationally, just tons of white space there relative to our global peers.

最後，就國際而言，我想說與過去不同的是，我們在加拿大和英國都有真正的證據，以及我在如何滲透這兩個市場方面談到的一致方法與領先的零售商。此外，我們正在組建一支非常強大的國際團隊。所以我們在英國開設了實體，我想是去年的事。我們在那裡有一個超過 30 人的團隊，真正專注於我們的國際擴張。正如我所提到的，義大利是最近最好的例子之一。因此，我們在所有三個方面都感到非常高興，因為我們有能力繼續擴大色彩市場份額。顯然，我們在護膚領域擁有的管道實際上包括我們的所有 3 個品牌，e.l.f.皮膚、自然元素和鑰匙靈魂護理。然後在國際上，與我們的全球同行相比，那裡只有大量的空白。

Our next question comes from Mark Astrachan with Stifel.

我們的下一個問題來自 Stifel 的 Mark Astrachan。

Curious, scanner data seems to be showing a little bit of a slowdown in cosmetics or makeup. Thoughts about what's driving that. What do you think influences that specific sector of the beauty category going forward? And then secondly, please just remind us as e.l.f. SKIN grows above overall growth, where is that product placed today? And where do you think you can go over time, meaning can you move that away from the typical sets to put that with the other skin care products and does that make a difference as you do that?

奇怪的是，掃描器數據似乎顯示化妝品或化妝品的銷售略有放緩。思考是什麼推動了這一點。您認為什麼因素會影響美容類別的特定領域的發展？其次，請提醒我們作為 e.l.f. SKIN 的成長高於整體成長，該產品今天放在哪裡？隨著時間的推移，你認為你可以去哪裡，這意味著你可以將其從典型的套裝中移開，與其他護膚產品一起使用嗎？這樣做會產生影響嗎？

So overall, Mark, I'd say I'm quite bullish and have been for some time on the color cosmetics and skin care category. And that's definitely what you saw. You saw a great resurgence after the pandemic. You're going to have some bouncing around in terms of scanner data different periods. Overall, we're seeing good activity in the category. And by that, I mean very strong consumer resonance in terms of wanting to get out there and express themselves, good innovation, good levels of investment. So I actually am quite bullish on the category going forward as we go through. And then do you want to take this?

總的來說，馬克，我想說我非常看好並且已經關注彩妝和護膚品類別一段時間了。這絕對是你所看到的。大流行之後，你看到了巨大的復甦。不同時期的掃描器數據會出現一些波動。總體而言，我們看到該類別的活動良好。我的意思是，在想要走出去表達自己、良好的創新和良好的投資水平方面，消費者會產生非常強烈的共鳴。所以我其實非常看好這個類別的未來發展。然後你想接受這個嗎？

Yes. And then on e.l.f. SKIN, as I spoke to earlier, Mark, really depends by retailer where we're housed today. In Target as an example, we're in line with color cosmetics. At Ulta, we are actually in the skincare set. And so we see an opportunity to continue to test and learn from both of those sets to see what is most -- going to drive the most sales in each of those retailers. But eventually, we could see e.l.f. SKIN potentially on its own in the skincare set. One of the things we really loved about Naturium, actually, they are in skin care, within the skin care set and have done a phenomenal job. So a lot of things that we can learn from that brand as well.

是的。然後是 e.l.f.馬克，正如我之前所說，皮膚實際上取決於我們今天所在的零售商。以塔吉特為例，我們與彩妝保持一致。在 Ulta，我們實際上是在護膚品系列中。因此，我們看到了一個繼續測試和學習這兩個集合的機會，看看什麼最能推動每個零售商的最大銷售。但最終，我們可以看到 e.l.f. SKIN 可能在護膚套裝中單獨存在。事實上，我們真正喜歡 Naturium 的原因之一是，它們在皮膚護理領域，在皮膚護理系列中，做得非常出色。所以我們也可以從這個品牌身上學到很多。

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

我們的問答環節到此結束。我想將會議轉回主席兼首席執行官塔朗·阿明 (Tarang Amin) 發表閉幕詞。

Well, thank you for joining us today. I'm so proud of our incredible team at e.l.f. Beauty for delivering an outstanding first half for fiscal '24. We look forward to seeing some of you at our upcoming investor meetings and speaking with you in February when we'll discuss our third quarter results. Thank you, and be well.

好的，謝謝您今天加入我們。我為 e.l.f. 令人難以置信的團隊感到自豪。 Beauty 24 財年上半年表現優異。我們期待在即將舉行的投資者會議上見到你們，並在二月份與你們交談，屆時我們將討論我們的第三季業績。謝謝你，祝你一切順利。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。