elf Beauty Inc (ELF) 2025 Q2 法說會逐字稿

Thank you for joining us today to discuss e.l.f. Beauty's second quarter fiscal '25 results. I'm [Casey 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'25 財年第二季業績。我是[凱西·卡滕]，企業發展和投資者關係副總裁。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。

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。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 a 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。我們的收益發布包含非公認會計原則演示和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, Casey, and good afternoon, everyone. Today, we will discuss the drivers of our second quarter results and our raised outlook for fiscal '25. I want to start by recognizing the e.l.f. Beauty team. Q2 marked yet another quarter of consistent category-leading growth. In Q2, we grew net sales 40% and delivered $69 million in adjusted EBITDA and increased our US market share by 195 basis points.

謝謝你，凱西，大家下午好。今天，我們將討論第二季業績的驅動因素以及我們上調的 25 財年前景。我想從認識 e.l.f 開始。美容團隊。第二季標誌著又一個季度持續保持類別領先的成長。第二季度，我們的淨銷售額成長了 40%，調整後 EBITDA 達到 6,900 萬美元，美國市佔率增加了 195 個基點。

Q2 marked our 23rd consecutive quarter of both net sales growth and market share gains putting e.l.f. Beauty in a rarefied group of high-growth companies. We are one of only six public consumer companies out of 546 that has grown for 23 straight quarters and average at least 20% sales growth per quarter. e.l.f. is the only brand of the nearly 1,000 cosmetics brands tracked by Nielsen to gain share for 23 consecutive quarters.

第二季標誌著我們連續 23 個季度實現淨銷售額成長和市場佔有率成長，使 e.l.f.美麗的高成長公司群。在 546 家上市消費品公司中，我們是僅有的六家連續 23 個季度實現成長且平均每季銷售額增長至少 20% 的六家公司之一。 e.l.f.是尼爾森追蹤的近千個化妝品品牌中唯一一個連續23個季度份額成長的品牌。

Our net sales growth of 40% in Q2 came in above our outlook, with stronger-than-expected growth across international retailers and digital commerce, helping to offset US track channel trends that were slightly below our expectations. Our international net sales grew 91% in Q2, fueled by growth in our existing markets as well as expansion into new markets. International drove 21% of our net sales in Q2, up from 16% a year ago. We continue to see significant runway for growth in our largest existing markets.

我們第二季的淨銷售額成長 40%，高於我們的預期，國際零售商和數位商務的成長強於預期，有助於抵消略低於我們預期的美國軌道通路趨勢。在現有市場成長以及新市場擴張的推動下，我們第二季的國際淨銷售額成長了 91%。國際業務占我們第二季淨銷售額的 21%，高於一年前的 16%。我們繼續看到我們最大的現有市場有顯著的成長空間。

e.l.f. outpaced category growth by more than 20 times in Canada and more than 7 times in the UK, fueling share gains in each. As we look to new international markets, we've seen success with our engagement model across social platforms, driving consumer demand well before we enter a country. We saw this play out in Q2 with the launch of e.l.f. in 1,600 Rossmann stores in Germany, our biggest international launch to date.

e.l.f.在加拿大，該類別的成長速度超過了 20 倍，在英國則超過了 7 倍，從而推動了各自市場份額的成長。當我們放眼新的國際市場時，我們已經看到我們跨社交平台的參與模式取得了成功，在我們進入一個國家之前就推動了消費者的需求。隨著 e.l.f 的推出，我們在第二季度看到了這一點。在德國 1,600 家 Rossmann 商店中推出，這是我們迄今為止最大的國際發布。

e.l.f. quickly ascended to Rossmann's number one cosmetics brand in the stores we entered. Our expansion in Rossmann continues into November. We're also pleased to maintain our number one brand rankings since the launch in both Etos in the Netherlands and Douglas in Italy.

e.l.f.很快就成為羅斯曼在我們進入的商店中排名第一的化妝品品牌。我們在羅斯曼的擴張將持續到 11 月。自從在荷蘭埃托斯和義大利道格拉斯推出以來，我們也很高興能保持第一品牌排名。

Turning to digital. Q2 digital consumption trends were up nearly 40% year-over-year on top of more than 75% growth in Q2 of last year. Digital channels drove 20% of our consumption in Q2 as compared to 17% a year ago. The momentum we're seeing is supported by enhancements to our loyalty program within our app and on our digital and social platforms.

轉向數位化。繼去年第二季超過 75% 的成長之後，第二季數位消費趨勢年增近 40%。第二季度，數位通路推動了我們消費的 20%，而去年同期為 17%。我們所看到的勢頭得益於我們的應用程式以及數位和社交平台上的忠誠度計劃的增強。

Our Beauty Squad loyalty program now has 5.3 million members, with enrollment consistently growing about 30% year-over-year. Our Beauty Squad loyalists are a key part of our digital ecosystem with higher average order values, higher purchase frequency, stronger retention rates and our rich source of first-party data. We're continuing to fuel new member enrollments with exclusive early access to new product launches and unique integrations with our digital partners.

我們的 Beauty Squad 忠誠度計畫目前擁有 530 萬名會員，註冊人數每年持續成長約 30%。我們的 Beauty Squad 忠實粉絲是我們數位生態系統的關鍵組成部分，擁有更高的平均訂單價值、更高的購買頻率、更強的保留率以及豐富的第一方資料來源。我們將繼續透過獨家搶先體驗新產品發布以及與我們的數位合作夥伴的獨特整合來增加新會員的註冊量。

Turning to the US. Looking at Nielsen track channel trends, which represent about half our business, our consumption trends in Q2 were softer than expected, coming in at plus 16% versus our plus 20% expectation. We attribute this to two factors. First, we've seen a larger-than-expected moderation in the overall color cosmetics category trends to minus 5% in Q2 as compared to minus 1% in Q1. We believe consumers are being more choiceful with their spending. It's evident in our significant outperformance and market share gains that those more choiceful consumers are choosing e.l.f.

轉向美國。從尼爾森追蹤通路趨勢（約占我們業務的一半）來看，我們第二季的消費趨勢比預期疲軟，成長了 16%，而我們的預期成長了 20%。我們將此歸因於兩個因素。首先，我們發現第二季彩妝品類整體趨勢放緩至負 5%，而第一季為負 1%。我們相信消費者的消費選擇更加豐富。從我們顯著的表現和市場份額的成長中可以明顯看出，那些更挑剔的消費者正在選擇 e.l.f.

In Q2, we gained 195 basis points of market share on top of 330 basis points in Q2 last year. For context, e.l.f. is the number one US color cosmetics brand in unit share, number two brand in dollar share and is driving the category as the fastest-growing brand in both units and dollars among the top 20 brands across both mass and prestige.

在去年第二季 330 個基點的基礎上，我們第二季的市佔率又增加了 195 個基點。對於上下文，e.l.f.是美國彩妝品牌中單位份額排名第一、美元份額排名第二的品牌，並且正在推動該類別成為大眾和聲望排名前 20 名品牌中單位份額和美元增長最快的品牌。

Secondly, from a product perspective, we are cycling significant strength in our Halo Glow and Power Grip franchises last year that was driven by product newness and substantial marketing support. This fall, we didn't have the same level of franchise support. Looking ahead, we see an opportunity to better balance reanimating our core franchises and supporting our innovation.

其次，從產品角度來看，去年我們在 Halo Glow 和 Power Grip 特許經營權方面取得了顯著的優勢，這是由產品新穎性和大量行銷支持推動的。今年秋天，我們沒有得到同等水準的特許經營支持。展望未來，我們看到了更好地平衡重振核心業務和支持創新的機會。

At the same time, we're pleased that our 2024 innovation is exceptional. e.l.f. holds 6 of the top 10 new product launches this year in mass cosmetics and holds 3 of the top 10 SKUs across both mass and prestige. Looking ahead, we remain confident in our ability to continue to gain share and deliver category-driving growth. as reflected in our raised FY25 guidance at 28% to 30% net sales growth.

同時，我們很高興我們的 2024 年創新非常出色。 e.l.f.今年大眾化妝品發布的 10 款新產品中，有 6 款佔據了該公司的席位，並且在大眾和高端品牌的 10 款 SKU 中，該品牌佔據了 3 款。展望未來，我們對繼續擴大市場份額並實現品類驅動成長的能力仍然充滿信心。正如我們上調的 2025 財年淨銷售額成長 28% 至 30% 的指導所反映的那樣。

I'd like to put the strength of our results in the context of the broader beauty industry. While beauty has comparatively low barriers to entry, very few brands have been able to scale. Of the over 1,900 cosmetics and skin care brands tracked by Nielsen, few have surpassed $25 million in annual retail sales. Even fewer have surpassed $100 million. And e.l.f. Cosmetics is one of only from brands to achieve over $850 million in retail sales.

我想將我們的成果放在更廣泛的美容行業的背景下。雖然美容行業的進入門檻相對較低，但很少有品牌能夠擴大規模。尼爾森追蹤的 1,900 多個化妝品和護膚品品牌中，很少有年零售額超過 2,500 萬美元的品牌。超過 1 億美元的就更少了。還有 e.l.f.化妝品是唯一零售額超過 8.5 億美元的品牌之一。

e.l.f. has been one of the few brands able to scale through our five unique areas of advantage that form our competitive moat. Let me take a moment to walk you through each. Our first area of advantage is our passionate team of owners and high-performance team culture. We grant equity to every employee, every year. This aligns our employees' interest with that of our shareholders and provides wealth creation opportunities across the entire team. Excluding our executive officers, we've granted more than $180 million in equity in a stock that's gone up more than sixfold.

e.l.f.是少數能夠透過構成我們競爭護城河的五個獨特優勢領域來擴展的品牌之一。讓我花一點時間向您介紹每一個。我們的第一個優勢領域是我們充滿熱情的業主團隊和高績效的團隊文化。我們每年都會授予每位員工股權。這使我們員工的利益與股東的利益保持一致，並為整個團隊提供了創造財富的機會。不包括我們的執行官，我們已經授予了價值超過 1.8 億美元的股票，該股票的股價已經上漲了六倍多。

Our unique compensation model and high-performance team culture has led to exceptionally high employee engagement of 90%, 18 points above the consumer industry benchmark. And 97% of our employees recommend e.l.f. as a great place to work. This high level of engagement fuels our ability to move at e.l.f speed. I'm proud that we continue to lead with purpose as we strive to create a different kind of beauty company, one that is purpose-led and results driven.

我們獨特的薪酬模式和高績效團隊文化使員工敬業度達到 90%，比消費產業基準高出 18 個百分點。我們 97% 的員工推薦 e.l.f.作為一個工作的好地方。這種高水準的參與度增強了我們以極快的速度移動的能力。我感到自豪的是，我們繼續以目標為導向，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 third annual impact report launched in October demonstrates how these go hand-in-hand. It shows how acting with purpose to further our positive impact drives more successful business outcomes. We are now the only US publicly traded company out of approximately 4,100 with the Board of Directors at 78% women and 44% diverse. With our change the Board game initiative, we aim to champion diversifying boardroom representation with a goal to double the annual growth rate of women and diverse candidates added to corporate boards.

我們在 10 月發布的第三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來進一步擴大我們的正面影響，從而推動更成功的業務成果。目前，我們是美國約 4,100 家上市公司中唯一一家董事會成員中 78% 為女性、44% 為多元化董事會的公司。透過改變董事會遊戲計劃，我們的目標是倡導多元化的董事會代表性，目標是將加入公司董事會的女性和多元化候選人的年增長率提高一倍。

Our second area of advantage is our value proposition. Our mission is to make the best of beauty accessible to every eye, lip and face. The average price point for e.l.f. is about $6.50 today as compared to nearly $9.50 for legacy mass cosmetics brands and over $20 for prestige brands. Switching to just four of e.l.f.'s Holy Grails from prestige brands can save consumers over $120. Importantly, with e.l.f., our consumers don't have to compromise. We continue to hear from consumers that we deliver quality that's often better than prestige.

我們的第二個優勢領域是我們的價值主張。我們的使命是讓每個眼睛、嘴唇和臉部都能享受到最好的美麗。e.l.f. 的平均價格點目前的價格約為 6.50 美元，而傳統大眾化妝品品牌的價格約為 9.50 美元，而知名品牌的價格則超過 20 美元。僅更換四個知名品牌的 e.l.f. 聖杯就可以為消費者節省超過 120 美元。重要的是，有了 e.l.f.，我們的消費者就不必妥協。我們不斷從消費者那裡聽到，我們提供的品質往往比聲譽更好。

Our value proposition is evidenced in our strong unit growth. e.l.f. was again the only top five cosmetics brand to grow units in Q2. We complement our accessible price points with the retail distribution strategy to offer e.l.f. wherever consumers shop for beauty. To that end, we're pleased to announce we'll be expanding e.l.f. to subset of Dollar General stores in November.

我們的價值主張體現在我們強勁的單位成長上。 e.l.f.再次成為第二季銷售成長的唯一前五名化妝品品牌。我們透過零售分銷策略來補充我們的平易近人的價格點，以提供 e.l.f.消費者購買美容品的地方。為此，我們很高興地宣布我們將擴展 e.l.f. 11 月到 Dollar General 商店的子集。

Dollar General has a stated strategy of serving the underserved with 80% of its stores serving markets of 20,000 people or less. With this launch, we hold true to our mission to democratize access for consumers who otherwise wouldn't have the best of beauty, particularly in rural areas, which have traditionally been served by only the major legacy brands.

Dollar General 的既定策略是為服務不足的人群提供服務，其 80% 的商店為 20,000 人或以下的市場提供服務。透過這次推出，我們恪守我們的使命，讓那些原本無法享受到最好美容產品的消費者獲得民主化，特別是在農村地區，傳統上只有主要的傳統品牌才能為這些地區提供服務。

Our third area of advantage is our powerhouse innovation. We have a unique ability to deliver a steady stream of Holy Grails, taking inspiration from our community and the best products in prestige, adding our e.l.f. twist and bringing them to market at an extraordinary value. Our Holy Grail innovation approach has built category leadership over time. Nationally, e.l.f. is the number two mass brand on a dollar basis with approximately 12% share, more than double the level we had three years ago.

我們的第三個優勢領域是我們強大的創新能力。我們擁有獨特的能力，能夠源源不絕地提供聖杯，從我們的社區和享有盛譽的最佳產品中汲取靈感，添加我們的 e.l.f.扭轉並以非凡的價值將它們推向市場。隨著時間的推移，我們的聖杯創新方法已經建立了類別領導地位。在全國範圍內，e.l.f.是以美元計算排名第二的大眾品牌，市佔率約為 12%，是三年前水準的兩倍多。

Our innovation is working and driving further share gains in some of the largest and leading segments. In face makeup, for example, our largest segment, we now hold 22% share, maintaining our number one rank and gaining 180 basis points of share in Q2. Our innovation is also driving share gains in some of the industry's top segments where we under-index in share.

我們的創新正在發揮作用，並推動一些最大和領先領域的份額進一步成長。以我們最大的細分市場——臉部彩妝為例，我們現在佔有 22% 的份額，保持第一的位置，並在第二季度獲得了 180 個基點的份額。我們的創新也推動了我們的份額指數較低的一些行業頂級細分市場的份額成長。

Our focused innovation drove 700 basis points of share gains in lip and 170 basis points of share gains in eye. Today, we have a 10% share and number four ranking in lip and an 8% share and number four ranking in eye. We have significant white space in these large segments and the innovation engine to conquest them.

我們專注的創新推動了口頭份額增長 700 個基點，實際份額增長 170 個基點。如今，我們在唇部產品中佔有 10% 的份額，排名第四，在眼部產品中佔有 8% 的份額，排名第四。我們在這些大型的細分市場中擁有大量的空白空間，並且擁有征服它們的創新引擎。

Our fourth area of advantage is our disruptive marketing engine. We believe our marketing engine is best-in-class in creating culturally relevant output, finding unique ways to entertain and engage our community through disruptive brand partnerships, sports, music and movies.

我們的第四個優勢領域是我們的顛覆性行銷引擎。我們相信，我們的行銷引擎在創造與文化相關的產出、透過顛覆性的品牌合作夥伴關係、體育、音樂和電影尋找獨特的方式來娛樂和吸引我們的社群方面是一流的。

Skin care continues to be a key white space area for us. Studies show that Gen Z uses more skin care than any other generation. With the acquisition of Naturium last October, we now have two of the fastest-growing mass skincare brands that are complementary in their price points, positioning and audiences.

皮膚護理仍然是我們的關鍵空白領域。研究表明，Z 世代使用的護膚品比其他任何一代都多。去年 10 月收購 Naturium 後，我們現在擁有了兩個成長最快的大眾護膚品牌，它們在價位、定位和受眾方面具有互補性。

In Q2, we launched our biggest e.l.f. skin awareness campaign to date, Divine Skintervention. Fueled by insights, we transformed our communities real-life skin care concessions into a 360-degree campaign across social media, television and out-of-home. (video playing)

在第二季度，我們推出了最大的 e.l.f.迄今為止的皮膚意識活動，神聖皮膚幹預。在洞察力的推動下，我們將社區現實生活中的護膚優惠轉變為跨社交媒體、電視和戶外的 360 度宣傳活動。（影片播放）

In Q2, we pushed further into entertainment with the release of Get Ready with Music, the album featuring 13 original songs by emerging global artists, highlighting the synergies between music and makeup. The album puts the e.l.f twist on the Get Ready with Me beauty videos, which are in heavy rotation among our social communities. The first single Hairpin became the number one video ever on e.l.f.'s YouTube channel with more than 10 million views. We have a unique ability to combine the best of beauty, culture and entertainment to attract and engage generations of consumers across a variety of platforms.

第二季度，我們進一步進軍娛樂領域，發行了《Get Ready with Music》，該專輯收錄了全球新興藝術家的 13 首原創歌曲，凸顯了音樂與化妝之間的協同作用。這張專輯對 Get Ready with Me 美容影片進行了 e.l.f 的改造，這些影片在我們的社交社區中頻繁播放。第一首單曲《Hairpin》成為 e.l.f. YouTube 頻道上有史以來排名第一的視頻，觀看次數超過 1000 萬次。我們擁有獨特的能力，能夠將美麗、文化和娛樂的精華結合起來，透過各種平台吸引和吸引一代又一代的消費者。

e.l.f. remains a Gen Z favorite. In Piper Sandler's latest taking stock with teen survey, e.l.f. cosmetics ranked the number one teen brand for the sixth consecutive season. We grew our mind share by 6 points versus last year with our 35% mind share, now 3.5 times the level of the number two brand. We're also growing our audience beyond Gen Z. Recent surveys show e.l.f. Cosmetics ranks number one in purchases amongst millennials and Gen alpha.

e.l.f.仍然是 Z 世代的最愛。在 Piper Sandler 最新的青少年調查盤點中，e.l.f.化妝品連續第六季位居青少年品牌第一。與去年相比，我們的心智份額增加了 6 個百分點，達到 35%，現在是第二大品牌水準的 3.5 倍。我們的受眾群體也不斷擴大，超越了 Z 世代。化妝品在千禧世代和世代世代的購買量中排名第一。

Our marketing is working, delivering ROIs multiples above benchmarks and expanding our unaided brand awareness from 13% in 2020 to 33% in 2024. I've been in the consumer space over 30 years and have never seen a 20 point jump in unaided awareness in just a few years. As great as that is, the leading US mass cosmetics brand has 55% unaided awareness giving us confidence in our runway for growth.

我們的行銷正在發揮作用，實現了高於基準的投資回報率，並將我們的獨立品牌知名度從 2020 年的 13% 擴大到 2024 年的 33%。我在消費者領域工作了 30 多年，從未見過在短短幾年內獨立認知度躍升 20 個百分點。儘管如此，美國領先的大眾化妝品品牌擁有 55% 的獨立認知度，這讓我們對自己的成長充滿信心。

Our fifth area of advantage is our productivity model. Founded is a digitally native brand. e.l.f. remains the only top five mass cosmetics brand with our own direct-to-consumer site. We leverage insights from our site and Beauty Squad loyalty program to proactively change out up to 20% of our retail assortment each year. This approach has led us to be the most productive brand on a dollar per foot basis with our largest retail customers globally.

我們的第五個優勢領域是我們的生產力模型。成立是一個數位原生品牌。 e.l.f.仍然是唯一擁有自己的直接面向消費者網站的前五大大眾化妝品品牌。我們利用網站和 Beauty Squad 忠誠度計劃的洞察，每年主動更換多達 20% 的零售品種。這種方法使我們成為全球最大零售客戶中以每英尺美元計算最俱生產力的品牌。

In addition to driving strong productivity, we are benefiting our global retail partners and the beauty industry at large by driving more traffic, stronger category growth and greater penetration among younger consumers. Our productivity and growth has earned us more space with our global retail partners. In the US, we're pleased to announce e.l.f. will be gaining space in Target and Walgreens in spring 2025, adding to the space gains we've previously announced this year.

除了推動強勁的生產力之外，我們還透過推動更多的流量、更強勁的品類成長以及在年輕消費者中的更大滲透率，使我們的全球零售合作夥伴和整個美容產業受益。我們的生產力和成長為我們與全球零售合作夥伴贏得了更多空間。在美國，我們很高興地宣布 e.l.f.將於 2025 年春季在塔吉特 (Target) 和沃爾格林 (Walgreens) 增加空間，這將增加我們今年之前宣布的空間增加。

Internationally, we continue to grow our footprint in existing markets like the UK and Canada. We're also in the early innings of our multiyear new market expansion strategy. As I discussed earlier, in Q2, we executed our biggest international launch to date, bringing e.l.f. to 1,600 Rossmann stores in Germany and are pleased by the exceptional consumer demand we're seeing.

在國際上，我們繼續擴大在英國和加拿大等現有市場的足跡。我們還處於多年新市場擴張策略的早期階段。正如我之前討論的，在第二季度，我們執行了迄今為止最大規模的國際發布，將 e.l.f.德國有 1,600 家 Rossmann 商店，我們對所看到的特殊消費者需求感到高興。

As previously announced, we launched e.l.f. in Sephora, Mexico in October, marking the e.l.f. brands first partnership with Sephora. While we're still in the early days, we're pleased that we're already the number one cosmetics brand in Sephora, Mexico.

如同先前所宣布的，我們推出了 e.l.f.十月在墨西哥絲芙蘭，標誌著 e.l.f.品牌首次與絲芙蘭合作。雖然我們仍處於早期階段，但我們很高興我們已經成為墨西哥絲芙蘭排名第一的化妝品品牌。

In summary, we have five areas of advantage that have enabled us to deliver consistent category-leading growth and market share gains. As we look ahead, we remain confident in our ability to continue driving market share gains in color cosmetics and skin care, both domestically and internationally in the near and long term.

總之，我們擁有五個領域的優勢，使我們能夠實現持續領先的成長和市場份額的成長。展望未來，我們對在近期和長期內繼續推動國內和國際彩妝和護膚品市場份額增長的能力充滿信心。

I'll now turn the call over to Mandy.

我現在將電話轉給曼迪。

Thank you, Tarang. I'll now cover the highlights of our second quarter results as well as our raised outlook for fiscal '25. Q2 net sales grew 40% year-over-year on top of 76% growth in Q2 of last year fueled by growth across international retailers, digital commerce and our national retailers. I'm pleased that our sales growth has been underpinned by continued category outperformance and market share gains in the US as well as planned diversification outside of the US.

謝謝你，塔朗。我現在將介紹我們第二季業績的重點以及我們上調的 25 財年前景。在國際零售商、數位商務和國內零售商成長的推動下，第二季淨銷售額年增 40%，去年第二季成長 76%。我很高興我們的銷售成長得到了美國持續的類別表現和市場份額的成長以及美國以外計劃的多元化的支撐。

Our net sales growth continues to be led by higher unit volume, which contributed approximately 29 points to growth with mix adding approximately 11 points. Q2 gross margin of 71% was up approximately 40 basis points compared to prior year. We saw gross margin benefits from cost savings, favorable foreign exchange impacts and price increases in our international markets. This was partially offset by mix related to Naturium further penetrating the wholesale channel and higher transportation costs.

我們的淨銷售額成長持續受到單位銷售增加的帶動，單位銷售量為成長貢獻了約 29 個百分點，混合貢獻了約 11 個百分點。第二季毛利率為 71%，比去年同期成長約 40 個基點。我們看到毛利率受益於成本節約、有利的外匯影響以及國際市場的價格上漲。這被與鈉進一步滲透批發管道相關的混合和更高的運輸成本部分抵消。

On an adjusted basis, SG&A as a percentage of sales was 53% in Q2 compared to 45% last year. The year-over-year increase was partially driven by a planned step-up in marketing and digital investment. Marketing and digital investment for the quarter was 24% of net sales as compared to 21% last year. The remaining increase in adjusted SG&A was driven primarily by the inclusion of Naturium in our consolidated financials, given we acquired the business in October of last year as well as ongoing investments in our team and infrastructure.

調整後的第二季銷售、管理及行政費用 (SG&A) 佔銷售額的比例為 53%，而去年為 45%。同比增長的部分原因是計劃加強行銷和數位投資。本季的行銷和數位投資佔淨銷售額的 24%，而去年為 21%。調整後的 SG&A 剩餘成長主要是由於我們在去年 10 月收購了 Naturium 業務，以及對團隊和基礎設施的持續投資，因此將 Naturium 納入我們的合併財務報表。

Q2 adjusted EBITDA was $69 million, up 15% versus last year, and adjusted EBITDA margin was 23% of net sales. Adjusted EBITDA came in better than we expected for the quarter, in part due to a timing shift of expenses out of Q2 and into Q3. Even with that shift, we continue to expect adjusted EBITDA growth to be stronger in the second half of fiscal '25 as we cycle the inclusion of Naturium in our financials and see more normalized rates of marketing investment year-over-year.

第二季調整後 EBITDA 為 6,900 萬美元，比去年成長 15%，調整後 EBITDA 利潤率為淨銷售額的 23%。本季調整後的 EBITDA 好於我們的預期，部分原因是費用從第二季轉移到第三季。即使發生這種轉變，我們仍然預計 25 財年下半年調整後的 EBITDA 成長將更為強勁，因為我們將 Naturium 納入我們的財務數據，並看到行銷投資率比去年同期更加正常化。

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 quarter with $97 million in cash on hand compared to a cash balance of $108 million at the end of fiscal 2024. Our ending inventory balance was $239 million, in line with our expectations and up from $147 million a year ago. Consistent with the last few quarters, the increase was driven by timing of when we take ownership of inventory from China, the addition of Naturium and supporting the demand we're seeing.

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長期成長計劃。截至本季末，我們手頭現金為 9,700 萬美元，而 2024 財年末的現金餘額為 1.08 億美元。我們的期末庫存餘額為 2.39 億美元，符合我們的預期，高於一年前的 1.47 億美元。與過去幾個季度一致，成長是由我們從中國獲得庫存的時間、鈉的添加以及支持我們所看到的需求所推動的。

Our liquidity position remains strong. We ended the quarter with less than 1 times leverage in terms of net debt to adjusted EBITDA. We expect our cash priorities for the year to remain on investing behind our growth initiatives and supporting strategic extensions. The specific growth initiatives we're focused on this year include investing in our people and infrastructure, our ERP transition to SAP as well as increased distribution capacity to support strong global consumer demand. Additionally, we recently announced the authorization of a new $500 million share repurchase program, which provides another avenue for us to continue to drive long-term value creation for our shareholders.

我們的流動性狀況依然強勁。本季結束時，我們的淨債務與調整後 EBITDA 的槓桿率不到 1 倍。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。我們今年重點關注的具體成長計劃包括投資於我們的人員和基礎設施、我們的 ERP 向 SAP 的過渡以及提高分銷能力以支持強勁的全球消費者需求。此外，我們最近宣布授權一項新的 5 億美元股票回購計劃，這為我們繼續推動為股東創造長期價值提供了另一條途徑。

Now let's turn to our raised outlook for fiscal '25. We are pleased to be in a position to raise our outlook across both the top and bottom line. For the full year, we now expect net sales growth of approximately 28% to 30%, up from 25% to 27% previously. Our raised outlook reflects the outperformance in Q2 relative to our expectations, pipeline related to the space gains we talked about with Target, Dollar General and Walgreens as well as ongoing international momentum.

現在讓我們轉向我們上調的 25 財年展望。我們很高興能夠提高我們對營收和利潤的展望。我們目前預計全年淨銷售額將成長約 28% 至 30%，高於先前的 25% 至 27%。我們上調的前景反映了第二季度的表現優於我們的預期、與我們與 Target、Dollar General 和 Walgreens 討論的空間收益相關的管道以及持續的國際勢頭。

Moving forward, our guidance approach will prioritize consistency of delivery versus the magnitude of top line beats and raises, starting with our second half outlook, which implies 16% to 20% net sales growth with the top end consistent to where we exited the quarter on an organic basis.

展望未來，我們的指導方法將優先考慮交付的一致性與營收成長和成長的幅度，從我們的下半年展望開始，這意味著16% 至20% 的淨銷售額成長，高端與我們退出本季度的情況一致有機基礎。

As a reminder, we start to cycle the Naturium acquisition in Q3 and its contribution to net sales growth becomes more modest versus the 16 points of top line contribution in the first half. Additionally, we do not plan to give an outlook for track channel trends in the US given our increasingly diversified portfolio of brands with the addition of Naturium, our expanded international penetration and the changing definition of track channels, with several different data sources across Nielsen and Circana. We remain focused on continuing to deliver category-leading growth and gaining share in the US while thoughtfully diversifying our brands and expanding our business internationally.

提醒一下，我們從第三季開始循環收購 Naturium，與上半年的 16 個百分點的營收貢獻相比，它對淨銷售額成長的貢獻變得更加溫和。此外，考慮到隨著Naturium 的加入，我們的品牌組合日益多元化，我們的國際滲透率不斷擴大，以及賽道管道定義的不斷變化，我們不打算對美國賽道管道的趨勢進行展望，尼爾森和尼爾森的多個不同資料來源瑟卡納。我們仍然專注於繼續實現類別領先的成長並在美國獲得份額，同時深思熟慮地實現我們的品牌多元化並在國際上拓展我們的業務。

Turning to gross margin. In fiscal '25, we now expect our gross margin to be up approximately 30 basis points year-over-year as compared to approximately 20 basis points previously. The improved outlook is largely a result of our outperformance in Q2. In terms of the key puts and takes, we expect full year gross margin benefits from cost savings, favorable FX rates and international price increases implemented in the second half of fiscal '24 to be partially offset by mix and higher transportation costs.

轉向毛利率。在 25 財年，我們現在預計毛利率將年增約 30 個基點，而之前約為 20 個基點。前景的改善很大程度上歸功於我們第二季的出色表現。就關鍵的看跌期權和看跌期權而言，我們預計24財年下半年實施的成本節約、有利的匯率和國際價格上漲帶來的全年毛利率收益將被混合成本和更高的運輸成本部分抵消。

Turning now to adjusted EBITDA. For the full year, we now expect adjusted EBITDA between $304 million to $308 million, up from $297 million to $301 million previously. Our outlook now implies adjusted EBITDA growth of approximately 29% to 31% versus prior year, up from 26% to 28% previously and on top of the strong 101% growth we delivered in fiscal '24. We continue to expect adjusted EBITDA margin leverage of approximately 20 basis points year-over-year. We still expect marketing and digital investment at approximately 24% to 26% of net sales in fiscal '25 as compared to 25% in fiscal '24.

現在轉向調整後的 EBITDA。我們目前預計全年調整後 EBITDA 介於 3.04 億美元至 3.08 億美元之間，高於先前的 2.97 億美元至 3.01 億美元。現在，我們的展望意味著調整後的 EBITDA 較上一年增長約 29% 至 31%，高於之前的 26% 至 28%，而且我們在 24 財年實現了 101% 的強勁增長。我們繼續預計調整後 EBITDA 利潤率將年比約為 20 個基點。我們仍預期 25 財年行銷和數位投資將佔淨銷售額的約 24% 至 26%，而 24 財年這一比例為 25%。

From a cadence standpoint, we continue to plan for a more balanced pace of marketing and digital spend throughout fiscal '25. That implies some leverage in our marketing on a year-over-year basis, particularly in Q4, as marketing spend was approximately 34% of net sales in Q4 last year.

從節奏的角度來看，我們繼續計劃在整個 25 財年實現更平衡的行銷和數位支出節奏。這意味著我們的行銷年比具有一定的槓桿作用，特別是在第四季度，因為去年第四季的行銷支出約為淨銷售額的 34%。

In summary, our second quarter results underscore our ability to drive consistent category-leading sales and market share growth. We believe we have a winning strategy as reflected in our raised outlook for the full year and continue to believe we are in the early innings of unlocking the full potential for our brands.

總之，我們第二季的業績強調了我們持續推動類別領先的銷售和市場佔有率成長的能力。我們相信我們有一個制勝策略，這反映在我們提高的全年展望中，並且仍然相信我們正處於釋放我們品牌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)

（操作員說明）

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，杰弗里斯。

Hi, thanks for taking our question and congrats on the quarter. As makeup or mass cosmetics has slowed, have you guys reconsidered marketing spend as a percentage of sales? And then a few of your competitors have called out some challenges in the drug channel. So just anything you can tell us about the drug would be helpful. Thanks.

您好，感謝您提出我們的問題並祝賀本季。隨著化妝品或大眾化妝品的放緩，你們是否重新考慮了行銷支出佔銷售額的百分比？然後你的一些競爭對手指出了藥品通路中的一些挑戰。因此，您能告訴我們有關該藥物的任何資訊都會有所幫助。謝謝。

Ashley, this is Tarang. As we take a look at the category, we often find different cycles when it comes to the category. We're overall bullish on the category, overall as we saw, we saw a little bit more of a pullback in Q2 with the category down 5%. Our strategy is to remain consistent and our marketing is working. So we feel really good about kind of normalizing the pace of that marketing, that 24% to 26% range throughout the year. We continue to see ROIs well above industry benchmarks. And certainly, you're seeing the growth in the top line. So we feel great about our raised outlook and the cadence of our marketing spend.

阿什利，這是塔朗。當我們檢視該品類時，我們常發現該品類有不同的週期。我們總體看好該類別，總體而言，正如我們所看到的，我們在第二季度看到了更多的回調，該類別下降了 5%。我們的策略是保持一致，我們的行銷正在發揮作用。因此，我們對行銷節奏正常化感到非常滿意，全年的行銷節奏在 24% 到 26% 之間。我們繼續看到投資回報率遠高於行業基準。當然，您會看到收入的成長。因此，我們對前景的提升和行銷支出的節奏感到非常滿意。

And then in terms of the drug channel, our business is probably a little bit different than some of the legacy mass cosmetics brands who are highly distributed in drug, we're still expanding in drug. Just in the last couple of years, we've gone from a two to three foot NCAP presentation to now we're expanding in CVS in 6 to 10 feet of the in-line space. And Walgreens were also expanding, as we mentioned, and they're about to expand this even further in this spring. So I'd say that has more than offset any of the channel dynamics within drug. We continue to see the ability to pick up share in drug just as we have in our -- all of our other channels.

然後就藥品管道而言，我們的業務可能與一些在藥品方面高度分佈的傳統大眾化妝品品牌有所不同，我們仍在藥品方面擴張。就在過去幾年中，我們已經從 2 到 3 英尺的 NCAP 演示擴展到現在我們在 CVS 中擴展 6 到 10 英尺的直線空間。正如我們所提到的，沃爾格林也在擴張，他們準備在今年春天進一步擴張。所以我想說，這足以抵消藥物內的任何通道動態。我們繼續看到有能力獲得藥品份額，就像我們在所有其他管道中一樣。

Great. Thanks so much and congrats again.

偉大的。非常感謝並再次恭喜。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great. Thanks. Congrats on quarter. Tarang, I love your view on the growth of Mass Beauty and your ability to stay materially ahead of a slowing category. Maybe can you talk about key drivers of the market share gains, key categories, retailers, whether you saw any benefit from trade down? And as the market gets more and more Competitive, how you have to adjust your strategy to offset?

偉大的。謝謝。恭喜季度。Tarang，我喜歡你對大眾美容成長的看法，以及你在物質成長放緩的類別中保持領先地位的能力。也許您能談談市場佔有率成長的關鍵驅動因素、關鍵類別、零售商，您是否看到了降價貿易帶來的任何好處？隨著市場競爭越來越激烈，您必須如何調整策略來抵銷？

Hi, Olivia. So we feel great about our ability to not only deliver the exceptional growth we've seen, but also to stay ahead of the category. And I would say the drivers are highly consistent with what's driven 23 consecutive quarters of net sales growth. First and foremost is our value proposition of making the best of beauty accessible to every eye, lip and face. Second is our powerhouse innovation, our unique ability to get inspiration from our community and the best products in prestige, put our e.l.f. twist on and bring them an incredible value.

嗨，奧利維亞。因此，我們對自己的能力感到非常滿意，我們不僅能夠實現我們所看到的非凡成長，而且還能保持在該類別中的領先地位。我想說，這些驅動因素與連續 23 個季度淨銷售額成長的推動因素高度一致。首先也是最重要的是我們的價值主張，讓每個眼睛、嘴唇和臉部都能享受到最好的美麗。其次是我們強大的創新能力、我們從社區獲取靈感的獨特能力以及享有盛譽的最佳產品，我們的 e.l.f.扭轉並為他們帶來難以置信的價值。

In our innovation, this year's innovation, we have 6 of the top 10 new item launches in all of color cosmetics that talks about the power of that innovation. And finally, our disruptive marketing engine, our unique ability to engage and entertain our community. We feel great about that, particularly given the white space we continue to see.

在我們今年的創新中，我們在所有彩妝產品中排名前 10 名的新產品中，有 6 個都體現了創新的力量。最後，我們的顛覆性行銷引擎，我們吸引和娛樂社群的獨特能力。我們對此感覺很好，特別是考慮到我們繼續看到的空白。

From a market share standpoint in color cosmetics, not only are we proud of the 195 basis points of share, we grew in this last quarter on top of the 330 basis points in Q2 of last year, well, we have still significant opportunity. I feel at Target, we are their number one brand with more than 20% of the category. As you heard, Target is not standing still rewarding us with more space. We have major opportunity across all of our retail customers. We have two of the fastest-growing skin care brands and then international has been particularly exciting as we start to roll out the brand in different markets. So I feel great about continuing to follow this core playbook in terms of our ability to continue to disrupt the market and continue to build share.

從彩妝市場份額的角度來看，我們不僅為195 個基點的份額感到自豪，而且在去年第二季度330 個基點的基礎上，我們在最後一個季度實現了增長，嗯，我們仍然有很大的機會。我覺得在 Target，我們是他們的第一品牌，擁有超過 20% 的類別份額。正如您所聽到的，塔吉特並沒有坐以待斃，為我們提供更多空間。我們在所有零售客戶中都擁有重大機會。我們擁有兩個成長最快的護膚品牌，當我們開始在不同市場推出品牌時，國際化尤其令人興奮。因此，我對繼續遵循這項核心策略感到高興，因為我們有能力繼續擾亂市場並繼續建立份額。

All right. That's helpful. I want to follow up on your decision to go into Dollar General. Are you replacing Maybelline or CoverGirl? Or is Dollar General just expanding the space that they give to beauty? And how do you think existing retailers view your expansion to the Dollar General?

好的。這很有幫助。我想跟進您加入 Dollar General 的決定。您要取代美寶蓮或封面女郎嗎？或者Dollar General 只是擴大了他們給予美容的空間？您認為現有零售商如何看待您向 Dollar General 的擴張？

Well, I think, first of all, on the strategy, our mission is to make the best of beauty accessible to every eye, lip and face, and the accessibility is quite important to us. Dollar General's stated strategy of serving the underserved fits perfectly. If you think about 80% of their stores are in rural areas with less than 20,000 consumers. Previously those consumers only had access to some of the legacy mass brands. And so our ability to bring them access to the best of beauty we think works really well.

嗯，我認為，首先在策略上，我們的使命是讓每個眼睛、嘴唇和臉都能享受到最好的美麗，而可及性對我們來說非常重要。Dollar General 所宣稱的為服務不足的人群提供服務的策略非常適合。如果你想想他們 80% 的商店都在農村地區，消費者數量不到 20,000 人。此前，這些消費者只能接觸到一些傳統的大眾品牌。因此，我們認為我們為他們帶來最好的美麗的能力非常有效。

And so I would say in terms of who we're displacing, there are a couple of different brands that we're displacing. And I'm particularly excited about the presentation Dollar General is giving us instead of being on the normal wall with pegs. We have this great end presentation that really highlights the best of beauty, and we're excited about the first set of doors that we get into, and we'll see where we go from there.

所以我想說，就我們要取代的人而言，我們要取代幾個不同的品牌。我對 Dollar General 為我們提供的演示感到特別興奮，而不是在普通的牆上掛著釘子。我們有一個偉大的最終演示，真正突出了最好的美，我們對進入的第一扇門感到興奮，我們將看到從那裡我們會去哪裡。

Bill Chappell, Truist Securities.

比爾‧查普爾 (Bill Chappell)，Truist 證券公司。

Thanks. Good afternoon and congratulations. Just Tarang, the question of the day, obviously, would be tariffs. So maybe if you could just kind of remind us and Mandy, how you dealt with tariffs in the past administration and kind of how you're thinking about it or if you're even starting to think about it or prepare for it if there's another round as we move into '25.

謝謝。下午好，恭喜你。就塔朗而言，今天的問題顯然是關稅。因此，也許您可以提醒我們和曼迪，您在過去的政府中如何處理關稅問題以及您是如何考慮它的，或者您是否已經開始考慮它或為它做好準備，如果有另一個當我們進入'25。

Hi, Bill. Mandy here. So tariffs -- so to address what we've done previously with tariffs. So if I take you back to 2019, we were -- we did experience tariffs at the 25% level. And in order to offset those tariffs, we had a number of levers at our disposal. We have cost savings with our suppliers, cost concessions with our suppliers, foreign exchange moved into our favor, and we also took pricing on about one-third of our portfolio at that time.

嗨，比爾。曼迪在這裡。關稅－解決我們之前在關稅方面所做的事情。因此，如果我帶你回到 2019 年，我們確實經歷了 25% 的關稅。為了抵​​消這些關稅，我們可以使用許多槓桿。我們與供應商節省了成本，與供應商進行了成本優惠，外匯對我們有利，當時我們還對大約三分之一的投資組合進行了定價。

As we think about where we are today, I would say back in those days, we were about 99% of our products was coming out of China. Today, we are about 80% coming out of China. And I would say we have the addition -- that's an additional lever that we have in our back pocket to continue to diversify. But also, if you think about our international growth and penetration, we just talked about seeing international grow 91% and represent 21% of our business this quarter. That also will help to offset the impact of tariffs as we import into countries that are not subject to tariffs.

當我們思考我們今天的處境時，我想說的是，在那些日子裡，我們大約 99% 的產品都來自中國。今天，我們大約 80% 來自中國。我想說的是，我們還有一個補充——這是我們後袋裡有一個額外的槓桿，可以繼續多元化。而且，如果你考慮我們的國際成長和滲透率，我們剛剛談到國際成長了 91%，占我們本季業務的 21%。當我們進口到不受關稅影響的國家時，這也將有助於抵消關稅的影響。

And so we certainly have run a number of scenarios for potential tariffs. And I think it's still too early to tell what level those may come in, but we have a playbook and we have a number of levers at our disposal.

因此，我們當然已經針對潛在關稅進行了多種設想。我認為現在判斷這些可能達到什麼水平還為時過早，但我們有一個劇本，並且我們有許多可以使用的槓桿。

And I'll just add to that, Bill, that tariffs will have no impact in FY25. It's when the new administration comes into power, we'll see what they enact and given the length of our supply chain, this is something that would potentially hit us later in 2026. And to Mandy's plan, we have a well-balanced plan with a combination of select pricing, cost savings, FX, supplier concessions and further diversification. So highly confident of our team's ability to navigate tariffs or no tariffs.

比爾，我想補充一點，關稅對 25 財年不會產生影響。當新政府上台時，我們將看到他們頒布什麼，考慮到我們供應鏈的長度，這可能會在 2026 年晚些時候對我們造成打擊。對於曼迪的計劃，我們有一個平衡的計劃，結合了選擇定價、成本節約、外匯、供應商優惠和進一步多元化。我們對團隊應對關稅或無關稅的能力充滿信心。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator. Good afternoon, everyone hope you're doing well. So Mandy, I think you mentioned something around a shift in the guidance approach. I think specifically you said prioritizing consistency of delivery versus the magnitude of top line beats in the razor. So can you maybe just unpack that a bit more just in terms of how we should be thinking about that shift in approach?

謝謝，接線生。下午好，大家都希望你一切順利。曼迪，我認為您提到了有關指導方法轉變的一些內容。我認為您具體說的是優先考慮交付的一致性與剃刀中頂線節拍的幅度。那麼，您能否稍微解釋一下我們該如何考慮方法的轉變呢？

Absolutely. Hi, Peter. So I would say that largely, our guidance strategy remains consistent as it has for the last '23 quarters and has served us well. We're anchoring on annual guidance. We are taking it a quarter at a time, and so that is consistent. And that's what I mean by consistency. As we grow into a larger company, it's just a law of big numbers, magnitude of beats and raises will be smaller. And so that's really a little bit of a shift for us. But in terms of consistent delivery, I think we've done that for the last '23 quarters and believe that we have the right recipe to continue to do so.

絕對地。嗨，彼得。因此，我想說，在很大程度上，我們的指導策略與過去 23 個季度的情況一樣保持一致，並且為我們提供了良好的服務。我們以年度指導為基礎。我們一次服用一個季度，所以這是一致的。這就是我所說的一致性的意思。當我們成長為一家更大的公司時，這只是大數字法則，節拍和加薪的幅度會更小。所以這對我們來說確實是一個小小的轉變。但就一致交付而言，我認為我們在過去 23 個季度中已經做到了這一點，並相信我們有正確的方法來繼續這樣做。

Andrea Teixeira, JP Morgan. Hello, Mr. Teixeira. Your line is open. All right, looks like we we lost our connection.

安德里亞·特謝拉，摩根大通。你好，特謝拉先生。您的線路已開通。好吧，看起來我們失去了聯繫。

Dara Mo Moon, Morgan Stanley.

達拉·莫·穆恩 (Dara Mo Moon)，摩根士丹利。

Thanks, operator. So two things for me. Just a follow-up, Tarang, you obviously gave the reasons why it makes sense to go into Dollar General. Can you just talk a little bit about why the timing is right today to do that and what changed on that front? And just how you manage any potential risk to brand equity as you move more aggressively into lower-priced channels.

謝謝，接線生。對我來說有兩件事。作為後續行動，塔朗，您顯然給出了進入 Dollar General 有意義的原因。您能否簡單談談為什麼今天是這樣做的時機以及這方面發生了什麼變化？以及當您更積極地進入低價管道時，如何管理品牌資產的任何潛在風險。

And then on the fiscal back half revenue guidance, can you just detail what you expect for category growth? I'm assuming things perhaps get better as the comparisons get easier, but what have you embedded in your guidance? And just Tarang any perspective, as you take a step back, it's been a pretty consistent category over time. So maybe just some perspective on the weakness we've seen in the category more recently and what you think is driving that and how you think about the category performance going forward. Thanks.

然後，關於財政後半段的收入指導，您能否詳細說明您對類別成長的預期？我假設隨著比較變得更容易，事情可能會變得更好，但是您在指導中嵌入了什麼？從任何角度來看，當你退後一步時，隨著時間的推移，它一直是一個非常一致的類別。因此，也許只是對我們最近在該類別中看到的弱點的一些看法，以及您認為推動這一弱點的因素以及您如何看待該類別未來的表現。謝謝。

So Dara, in terms of our distribution on Dollar, we do a lot of our distribution plans well in advance. So these conversations started more than a year in advance. And again, it was alignment on strategy. They want to make a bigger presence in beauty, they particularly want e.l.f. And as we take a look at it, it resulted in a much better presentation than you see from other brands. So from an overall brand equity standpoint, what we find is e.l.f. is highly elastic. We can play in value, we can also play in prestige.

所以達拉，就我們在美元上的分配而言，我們提前做好了很多分配計劃。所以這些對話提前一年多就開始了。再說一遍，這是戰略上的一致性。她們想在美麗領域佔據更大的地位，她們特別想要精靈。當我們觀察它時，它的表現比其他品牌的表現好得多。因此，從整體品牌資產的角度來看，我們發現 e.l.f.具有高彈性。我們可以玩價值，也可以玩威望。

I mentioned during our prepared remarks, we also entered Sephora Mexico just a few weeks ago, and we're their number one brand on both units and dollars. And if you take a look at the presentation at Sephora, it's, I think, better than most of the prestige brands they carry. So e.l.f. is a brand that has that elasticity.

我在準備好的演講中提到，幾週前我們還進入了墨西哥絲芙蘭，無論是數量還是金額，我們都是他們的第一品牌。如果你看一下絲芙蘭的展示，我認為它比他們擁有的大多數知名品牌都要好。所以 e.l.f.是一個具有這種彈性的品牌。

The most important thing though for us is to make sure that we're serving our community. And there's a whole set of consumers that have been underserved, particularly in those smaller rural areas that now will have access to e.l.f. So I'm personally excited about Dollar and also excited really across all of our retail customers in terms of how we show up as we go through.

但對我們來說，最重要的事情是確保我們為社區服務。還有一大批消費者沒有得到充分的服務，特別是在那些現在可以使用 e.l.f. 的較小的農村地區。因此，我個人對 Dollar 感到興奮，也對我們所有零售客戶在我們經歷的過程中的表現感到興奮。

And then in terms of the category growth, I take a longer-term arc. I remain bullish on the color cosmetics and skincare categories. We have seen different cycles where it slowed. And sometimes we haven't been able to find exactly what's going on in terms of we've seen an overall pullback across a number of consumer categories, we've experienced this before.

然後就品類成長而言，我採取了更長期的策略。我仍然看好彩妝和護膚品類別。我們已經看到了不同的周期放緩。有時我們無法準確地了解正在發生的情況，因為我們已經看到許多消費類別的整體回落，我們以前經歷過這種情況。

We bought the company in 2014 in the summer, fall of that year. We saw a little bit of a dip only for it to roar back for the next couple of years. We certainly saw in 2018, certainly when the pandemic hit. In every one of those instances, we saw the category bounce back quite strongly, even after the pandemic, we saw that last year, really last couple of years, category has been pretty strong.

我們在2014年夏、秋收購了這家公司。我們看到了一點點下滑，但在接下來的幾年裡它又捲土重來。我們確實在 2018 年看到了這一點，尤其是在疫情爆發時。在每一個例子中，我們都看到該類別的反彈相當強勁，即使在大流行之後，我們看到去年，實際上是過去幾年，類別一直相當強勁。

So I remain bullish on the category overall. And the way that we build our overall guidance is not anchored on the overall category as much as it is the market share, we know that we can continue to build the pipeline of the space expansions we talked about and the continued international expansion. So we feel highly confident in terms of our ability to continue to drive outsized growth regardless of where the category bounces around.

因此，我總體上仍然看好該類別。我們制定整體指導的方式並不是以整體類別為基礎，而是以市場份額為基礎，我們知道我們可以繼續建立我們所討論的空間擴張和持續國際擴張的管道。因此，無論該類別在何處反彈，我們都對繼續推動超額成長的能力充滿信心。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi,, Tang and Mandy. You've had lots of great innovation if track channels does continue to be worse or softer than you expect, what's in your toolbox in terms of what you can do in that bear case scenario? Also, unfortunately, on the ERP side, we've seen a lot of companies have issues with ERP. It's not an easy thing to do, just processes you have in place to minimize the execution risk there.

嗨，唐和曼迪。如果軌道管道確實繼續比您預期的更糟或更軟，您已經有很多偉大的創新，那麼您的工具箱中有哪些在熊市情況下可以做什麼？另外，不幸的是，在 ERP 方面，我們看到很多公司都有 ERP 問題。這不是一件容易的事，只需制定適當的流程即可將執行風險降至最低。

And finally, international, lots of great progress and awareness there. And what are the building blocks we should think about as you think about infrastructure and accounts and timing of countries as well as TAMs that would be good for investors to focus on as I look to model that as well. Thank you.

最後，在國際上，有許多巨大的進步和意識。當你考慮基礎設施、帳戶和國家時間表以及 TAM 時，我們應該考慮哪些構建模組，這將有利於投資者關注，因為我也希望對此進行建模。謝謝。

Hi, Oliver. Thanks so much for the questions. So from a track channel perspective, I mean, we really -- as we said on the call, not giving any color really around track channels. What I would love to anchor you to is what our guidance implies for the second half of the year, and that's really the 16% to 20% growth. And as I said on the call, that 20% really a continuation of what we saw out of Q2 on an organic basis. And so we feel great about our outlook as we look into the second half.

嗨，奧利佛。非常感謝您的提問。因此，從軌道通道的角度來看，我的意思是，正如我們在電話中所說，我們確實沒有在軌道通道周圍提供任何顏色。我想讓你們了解的是我們對下半年的指導意味著什麼，這實際上是 16% 到 20% 的成長。正如我在電話會議上所說，這 20% 確實是我們在第二季度看到的有機基礎上的延續。因此，當我們展望下半年時，我們對自己的前景感到滿意。

And again, those drivers, building market share in the US, the pipeline associated with the space expansions that we just talked about with Target, Walgreens and Dollar and then also continued international momentum. And so those are really the building blocks that we see in the second half of the year.

同樣，這些驅動因素包括在美國建立市場份額、與我們剛剛與 Target、Walgreens 和 Dollar 討論的空間擴張相關的管道，以及持續的國際勢頭。因此，這些確實是我們在下半年看到的基石。

On the ERP side, just to give you all an update on that, we are expecting to go live on SAP later in the spring of 2025. But we also have aligned as a team here to say that if we do not feel like we're prepared, we're not going to flip the switch on the ERP. So we want to minimize risk through that way, Oliver. We're doing a lot of testing, a lot of preparation and a lot of training of the team here before we go live. And so trying to learn from mistakes of others that have gone through these types of transitions and want to make sure we have it 100% right before we put the switch there.

在 ERP 方面，為了向大家通報最新情況，我們預計將於 2025 年春季晚些時候在 SAP 上上線。但我們作為一個團隊也一致表示，如果我們覺得自己沒有做好準備，我們就不會打開 ERP 的開關。所以我們希望透過這種方式最大限度地降低風險，奧利佛。在上線之前，我們正在對團隊進行大量測試、大量準備和培訓。因此，我們試圖從其他經歷過此類轉型的人的錯誤中吸取教訓，並希望確保我們在進行轉換之前 100% 做到這一點。

And then on your question on international, I feel great about the investments we're making to continue to fuel and our ability to supply the global demand that we're seeing. As we mentioned a few calls ago, we have built a team in the UK in London. We're also putting people in different markets around the world. And that's been a continual investment. We're also adding to other members of the team to make sure that we can support the international growth and it's well planned. And it's not just the team, but it's also the infrastructure. We've added distribution capacity over the last 18 months for the growth that we know that we're going to be getting within international and so I feel good about our ability to continue to map it.

關於你關於國際的問題，我對我們為繼續推動而進行的投資以及我們滿足我們所看到的全球需求的能力感到非常高興。正如我們之前在幾次電話會議中提到的，我們在英國倫敦建立了一個團隊。我們也將人員派往世界各地的不同市場。這是一項持續的投資。我們還增加了團隊的其他成員，以確保我們能夠支持國際成長，並且計劃周密。這不僅是團隊的問題，還有基礎設施的問題。我們在過去 18 個月中增加了分銷能力，以實現我們知道我們將在國際範圍內實現的增長，因此我對我們繼續規劃這一增長的能力感到滿意。

And I think it's also aided by our strategy. We're not in a hurry to get into 30 countries all at once. We like this disciplined sequential approach to find a leading beauty retailer, partner with them, establish ourselves in a market and then look to expand from there. So it's well within our control in terms of the pacing and how we make sure that we follow that.

我認為這也得益於我們的策略。我們並不急於一次性進入 30 個國家。我們喜歡這種嚴格的順序方法來尋找領先的美容零售商，與他們合作，在市場中建立自己的地位，然後尋求從那裡擴張。因此，就節奏以及如何確保遵循節奏而言，這完全在我們的控制範圍內。

Shovana Chowdhury, JPMorgan.

肖瓦娜‧喬杜里，摩根大通。

Hi. I don't know if you can hear me. I have a question on sell-in --

你好。我不知道你是否聽得到我的聲音。我有一個關於賣出的問題——

Yeah.

是的。

Okay. I have a question on sell-in and sell-out and a clarification. If you can comment on the sell-in growth in the US ex-Naturium, it seems like to be around mid-single digits. And was the consumption across all channels for the brands ex-Naturium at a similar pace? Or is there any inventory destocking that served as a headwind? And if not, how is the cadence? How have you exited the quarter. With grow faster, Tarang, you mentioned that obviously, in this situations, and we saw that in COVID things bounce back, but perhaps there was a lot of volatility into elections and all of that, that may have caused some of this volatility there.

好的。我有一個關於賣出和賣出的問題並請澄清。如果您可以評論美國（不包括天然金屬）的銷售成長，它似乎約為中個位數。除 Naturium 之外的品牌在所有通路的消費速度是否相似？或是是否有庫存去庫存帶來的阻力？如果不是，節奏如何？您如何退出本季？隨著成長速度加快，塔朗，你顯然提到，在這種情況下，我們看到在新冠疫情中情況有所反彈，但也許選舉存在很大的波動性，所有這些可能導致了一些波動。

And then a clarification on Dollar General, I mean, again, congrats on entering, it seems like a very complementary retailer, as you said. How many doors are you planning? And when should we see obviously the impact on the numbers if it's included more into the back end of the fiscal or even fiscal '26. Thank you for both.

然後對 Dollar General 進行澄清，我的意思是，再次祝賀您進入，正如您所說，它似乎是一家非常互補的零售商。你打算開幾扇門？如果將更多內容納入財政甚至 26 財年的後端，我們什麼時候應該清楚地看到對數字的影響。謝謝你們倆。

Andrea and Shovana. So from a sell-in sell-out dynamic, we are not really seeing anything on our end. Again, as a reminder, e.l.f. is the most productive brand carried by our retailers. And so they really do need to kind of reorder to keep up with the demand that we're seeing there. I would say from a category bounce back and the volatility, the category and the tracked channels piece is going to continue to be volatile as we look out. And that's why we're kind of just focusing more so on our overall guidance, our annual guidance of 28% to 30% for the year, very strong and kind of focused on those building blocks that I talked about, the continuing to build market share, the pipeline that we have in place and then the international momentum that we're seeing.

安德里亞和肖瓦娜。因此，從賣出的動態來看，我們並沒有真正看到任何結果。再提醒一下，e.l.f.是我們零售商經營的最俱生產力的品牌。因此，他們確實需要重新訂購才能滿足我們在那裡看到的需求。我想說，從品類反彈和波動來看，品類和追蹤頻道部分將持續波動，我們拭目以待。這就是為什麼我們更加關注我們的整體指導，我們今年的年度指導為 28% 到 30%，非常強大，並且專注於我談到的那些構建模組，持續建立市場分享，我們現有的渠道，然後是我們看到的國際勢頭。

And then on your follow-up question, Andrea, on Dollar General, we haven't disclosed how many doors, but what I can tell you is it's a subset of the chain that we'll be setting in November. That will give us the ability to get some experience with the channel, see how we feel it's going to do well, see how it goes before deciding on further expansion. But again, very excited about the complementary nature of the customer and accessing new consumers and feel it will be highly incremental relative to other channels.

然後，關於您的後續問題，Andrea，關於 Dollar General，我們沒有透露有多少扇門，但我可以告訴您的是，這是我們將在 11 月設置的連鎖店的子集。這將使我們能夠獲得一些該管道的經驗，了解我們認為它會表現如何，並在決定進一步擴張之前了解它的進展。但同樣，我們對客戶的互補性和接觸新消費者感到非常興奮，並認為相對於其他管道而言，這將是高度增量的。

Susan Anderson, Canaccord Genuity.

蘇珊安德森，Canaccord Genuity。

Hi, good evening. Nice job on the quarter. I guess maybe I was wondering a little bit more on the innovation front. You talked about maybe having a little bit less this quarter. I guess, what franchises or categories do you think there's opportunity still to roll out new innovation? And then how long does it take, I guess, from incubation to shelf to get product out there? I guess, when should we expect more newness to come out?

嗨，晚上好。本季工作做得很好。我想也許我對創新方面有更多的疑問。您談到本季的收入可能會減少一些。我想，您認為哪些特許經營權或類別仍有機會推出新的創新？然後，我猜，從孵化到上架再到產品上市需要多長時間？我想，我們什麼時候該期待更多新的事物出現？

And then just really quick on the inventory. It looks like it did come down this quarter. So I'm curious if you're done kind of building up that excess inventory that you needed and how we should think about that, the inventory growth as we go forward? Thanks.

然後快速清點庫存。看起來這個季度確實有所下降。所以我很好奇你們是否已經建立了所需的過剩庫存，以及我們應該如何考慮未來的庫存成長？謝謝。

Susan. So in our remarks, what we're really commenting on is our tracked channel growth came in at slightly below the 20% we were out looking. It came in at about 16%. So still 16% growth, it still was strong. We still picked up a ton of share. We cited two factors. One was we did see a little bit of a pullback in consumer in terms of the category being down 5%.

蘇珊.因此，在我們的評論中，我們真正要評論的是我們追蹤的管道成長略低於我們預期的 20%。其比例約為 16%。所以仍然有 16% 的成長，仍然很強勁。我們仍然獲得了大量份額。我們列舉了兩個因素。其中之一是，我們確實看到該類別的消費者略有回落，下降了 5%。

The other thing we had is we had a perfect storm last year in terms of a couple of our core franchises, Power Grip Primer and Halo Glow Liquid Filter. We're getting back in stock on Power Grip Primer. We had a ton of support on it coming off the Super Bowl and continuing to run those spots. On Halo Glow Liquid Filter, we have basically launched our Halo Glow Wands, which went viral basically got that whole franchise going and the level of support. So we're really talking about the mix between some of those core franchises and our new products.

我們遇到的另一件事是，去年我們在幾個核心特許經營權方面經歷了一場完美風暴：Power Grip Primer 和 Halo Glow Liquid Filter。我們正在恢復 Power Grip Primer 的庫存。我們在超級盃比賽結束後得到了很多支持，並繼續保持這些位置。在 Halo Glow 液體過濾器上，我們基本上推出了 Halo Glow Wands，它的病毒式傳播基本上讓整個系列得以發展並獲得了一定程度的支持。所以我們真正在談論的是一些核心特許經營權和我們的新產品之間的組合。

Our new products this year actually were stronger than we were expecting having 6 of the top 10 items in all of Color Cosmetics in terms of newness. So we feel great. So the indicated action for us is just making sure we better balance the support we have behind these franchises and our new items.

我們今年的新產品實際上比我們預期的要強，在所有彩妝產品的新奇度排名前 10 的產品中，我們有 6 個產品。所以我們感覺很棒。因此，我們所採取的行動只是確保我們更好地平衡這些特許經營權和新產品背後的支持。

Now the good news, even on our core franchises on Power Grip, we have two of the top three SKUs in the entire cosmetics category. So it talks about the strength that we have in Power Grip and Halo Glow is also one of our core franchises as we go forward. You're going to see reanimations of those as we continue the year. And the other thing that I particularly encouraged by is as you think about our spring innovation, a number of our spring innovation are going to be focused on some of our core franchises. And we've seen every time we can bring significant news to a particular franchise, it further accelerates the franchise.

現在好消息是，即使在我們的核心特許經營權 Power Grip 上，我們也擁有整個化妝品類別中排名前三的 SKU 中的兩個。因此，它談論了我們在 Power Grip 中的優勢，而 Halo Glow 也是我們前進的核心特許經營權之一。隨著今年的繼續，你將會看到它們的復活。我特別鼓勵的另一件事是，當你想到我們的彈簧創新時，我們的許多彈簧創新將集中在我們的一些核心特許經營上。我們已經看到，每次我們能為特定的特許經營帶來重大新聞時，都會進一步加速特許經營的發展。

So I feel, again, great about the business overall, even in our core franchises, the strength that we have there and then the ability to continue to reanimate them and come out with newness on them, and that will be by spring, we've got a very full slate of innovation coming on.

因此，我再次對整體業務感到滿意，即使是在我們的核心特許經營中，我們在那裡擁有的實力，然後有能力繼續復活它們並推出新產品，這將在春天到來，我們即將迎來一系列非常全面的創新。

And then, Susan, on your question on inventory, we feel great about our inventory position and feel that we have the inventory that we need to continue to the support the demand that we're seeing. In terms of buildup, we haven't given an outlook, but I can't -- I do feel comfortable saying that as we go into kind of this third quarter, typically, there's a buildup as we're kind of looking at our spring innovation and there's pipeline and things like that, that need to go out. And then you should see it come down a bit more as we get into Q4 and exit this year.

然後，蘇珊，關於你關於庫存的問題，我們對我們的庫存狀況感覺很好，並認為我們擁有繼續支持我們所看到的需求所需的庫存。在積累方面，我們還沒有給出展望，但我不能——我確實可以放心地說，當我們進入第三季度時，通常會出現積累，因為我們正在考慮我們的創新的春天，有管道之類的東西需要走出去。然後，當我們進入第四季度並今年退出時，您應該會看到它會進一步下降。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

Hi, good afternoon. Thank you so much for the question. I was wondering if you could talk a bit more about the sales that you're seeing between channels and retailers and any shift here in purchasing habits that you're seeing between different retailers themselves and also versus online? And then in terms of the Dollar General expansion, I was wondering what the product assortment is that you're planning to feature there. Thank you.

嗨，下午好。非常感謝你的提問。我想知道您是否可以多談談您在通路和零售商之間看到的銷售情況，以及您在不同零售商之間以及與在線零售商之間看到的購買習慣的任何轉變？然後，就 Dollar General 的擴張而言，我想知道你們計劃在那裡展示哪些產品種類。謝謝。

So hi, Anna. i'd say we're seeing broad-based strength across each of our channels and core customers as we take a look. I think sometimes on the Nielsen data or the Circana data, it will bounce around also based on what was going on last year. So for example, Around this time last year, we had a massive launch of our lip oils at Ulta Beauty that we'll be comping as you go through. But those things tend to even out over time, particularly between our different retailers and the breadth of distribution that we have.

嗨，安娜。我想說，當我們觀察時，我們在每個管道和核心客戶中都看到了廣泛的優勢。我認為有時尼爾森數據或 Circana 數據也會根據去年的情況出現反彈。例如，大約去年這個時候，我們在 Ulta Beauty 大規模推出了我們的唇油，我們將在您體驗時進行比較。但隨著時間的推移，這些事情往往會趨於平衡，特別是在我們不同的零售商和我們擁有的分銷範圍之間。

So I feel good about kind of the overall strength not only with our national retailers, but also digital consumption continues to be strong at 40% in the quarter on top of over 70% last year and then certainly international. So we have -- because we have that diversity of levers between our national retailers, our digital business and international, we feel really good about kind of the growth prospects there.

因此，我對我們的國內零售商的整體實力感到滿意，而且數位消費在本季度繼續保持強勁，達到 40%，高於去年的 70% 以上，當然還有國際消費。所以我們——因為我們在國內零售商、數位業務和國際零售商之間擁有多樣性的槓桿，我們對那裡的成長前景感到非常滿意。

And then on Dollar General, as we said, we are bringing -- making the best of beauty accessible. And so we have not modified our assortment. We're bringing our best products, our Holy Grails to the Dollar channel. And we feel great the assortment, about the presentation, the merchandising that we'll have as we enter the Dollar General stores.

然後，正如我們所說，在 Dollar General 上，我們正​​在帶來——讓最好的美麗觸手可及。所以我們沒有改變我們的產品種類。我們正在將我們最好的產品、我們的聖杯帶到美元管道。當我們進入 Dollar General 商店時，我們對商品的種類、展示和銷售感到非常滿意。

Linda Bolton-Weiser, D.A. Davidson.

琳達·博爾頓·韋瑟，D.A.戴維森。

Hi. Yes, thank you. My first question had to do with mix. You said the mix effect on gross margin was negative in the quarter because of Naturium moving into wholesale channels. I was curious if you exclude the Naturium effect, was mix a negative or positive effect on gross margin. And then related to that is the international growth, a negative or positive for the mix effect on gross margin.

你好。是的，謝謝。我的第一個問題與混合有關。您表示，由於 Naturium 進入批發管道，本季毛利率的混合效應為負。我很好奇，如果排除天然元素的影響，是否會混合對毛利率的負面或正面影響。與此相關的是國際成長，這對毛利率的混合效應是負面還是正面。

And then my second question was around growth, growth long term and growth rates and slowing and accelerating and decelerating seems to be on the minds of investors. So I'm wondering if it would -- if you've thought about defining a long-term growth algorithm that helps investors understand how rapidly you can expand into these various areas that you're expanding internationally, new brands, et cetera. And if you think a growth algorithm long term might help, you did have one when you were a lower growth company. So I'm curious why you're hesitant to state one now that you have such good growth. Thank you.

然後我的第二個問題是關於成長、長期成長和成長率以及放緩、加速和減速似乎是投資者關注的問題。所以我想知道是否會——如果你考慮過定義一個長期成長演算法來幫助投資者了解你可以多快地擴展到你正在國際上擴張的各個領域、新品牌等等。如果您認為長期成長演算法可能會有所幫助，那麼當您還是一家成長速度較低的公司時，您確實有過這樣的演算法。所以我很好奇，既然你已經有了這麼好的成長，為什麼你猶豫要不要說出這一點。謝謝。

Hi, Linda. I'll take the question on gross margin. So one, I would say, I'm very pleased with our gross margin progression. Our gross margin was up 40 basis points this quarter. We raised our outlook on gross margin from 20 basis points previously up to 30 basis points on the year.

嗨，琳達。我將回答有關毛利率的問題。因此，我想說，我對我們的毛利率進展感到非常滿意。本季我們的毛利率成長了 40 個基點。我們將今年的毛利率預期從先前的 20 個基點上調至 30 個基點。

So we feel great about our gross margin. The reason we called out the mix piece is because Naturium did start to go into wholesale that was planned and expected. And so we feel great about our gross margins overall. International gross margins, as you can -- as I kind of may have talked to earlier, is really as we think about that diversification, international is a help in that way because they are not subject to the tariffs. And so naturally, that would lead to a little bit of better gross margin as you think about that.

因此，我們對毛利率感覺良好。我們之所以提出混合件，是因為 Naturium 確實開始按計劃和預期進入批發市場。因此，我們對整體毛利率感覺良好。正如我之前可能談到的那樣，國際毛利率實際上是我們對多元化的思考，而國際毛利率在這方面是有幫助的，因為它們不受關稅的影響。很自然地，當你想到這一點時，這會帶來一點更好的毛利率。

And then in terms of long-term growth algorithm, Linda, we've heard mixed things from investors on -- some have said, Hey, the last time you put out long-term growth algorithm, it was woefully inadequate. I think we had said we're going to grow mid- to high single digits and you've seen the growth we've delivered over the last five years. So there's some part of it, does it box us in.

然後，就長期成長演算法而言，琳達，我們從投資者那裡聽到了各種各樣的說法——有些人說，嘿，上次你推出長期成長演算法時，它嚴重不足。我想我們曾說過我們將實現中高個位數的成長，並且您已經看到了我們在過去五年中所實現的成長。所以有一部分是它把我們困住了。

Now having said that, we also think it's fool's errand to go pay attention to weekly Nielsen data, which I think some investors have been a little bit too preoccupied with. I think they're missing the entire point. Periodically, we will go and refresh what correlates most closely with our long-term share performance.

話雖如此，我們也認為關注尼爾森每週數據是愚蠢的，我認為一些投資者有點過於關注這些數據。我認為他們沒有抓到重點。我們將定期更新與我們的長期股票表現最相關的內容。

And for us, there's three measures, net sales growth, adjusted EBITDA growth and market share. And those are the three things we're absolutely focused on. You can see the first two in terms of our raised guidance. We feel really good about continuing to be able to drive outsized growth within our industry. And that, in turn, is leading to very strong market share growth. So those are the things we're staying focused on.

對我們來說，有三個指標：淨銷售額成長、調整後 EBITDA 成長和市場佔有率。這些是我們絕對關注的三件事。您可以在我們提出的指導中看到前兩個。我們對能夠繼續推動行業內的大幅成長感到非常高興。而這反過來又導致市場佔有率的強勁成長。這些都是我們持續關注的事情。

We'll continue to discuss if it makes sense to put out a longer-term number. We certainly have our long-range plans, really great visibility to our business, including the three areas of white space and color cosmetics, skin care and international. But we'll, I think, continue to debate that. But right now, I think what you can continue to expect is industry-leading growth and market share gains.

我們將繼續討論發布長期數字是否有意義。我們當然有我們的長期計劃，對我們的業務有非常高的知名度，包括白色空間和彩妝、皮膚護理和國際三個領域。但我想，我們會繼續爭論這個問題。但現在，我認為你可以繼續期待的是行業領先的成長和市場份額的成長。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good afternoon. Thanks for taking the question. I'd like to touch a little bit on the EBITDA number you put up. I mean, last quarter, you were kind of talking down the EBITDA margin. I believe you're kind of targeting low teens. And obviously, you came in well ahead of that. It does seem like there was a little bit of spend that was pushed into Q3. So maybe you could help us quantify how much was pushed into to Q3 and the back half? And how we should be thinking about the cadence of the margin between Q3 and Q4? Thanks.

嘿，下午好。感謝您提出問題。我想談談您提出的 EBITDA 數字。我的意思是，上個季度，您有點低估了 EBITDA 利潤率。我相信你的目標是青少年。顯然，你遠遠領先於此。看起來確實有一點支出被推到了第三季。那麼也許您可以幫助我們量化第三季和後半部的投入量？我們應該如何考慮第三季和第四季之間的差距節奏？謝謝。

Hi, Korinne. So our EBITDA did come in a little bit better than we expected for the quarter. And as I talked in our prepared remarks, that was really -- comes down to expense timing shifts out to Q3. We saw expenses both in marketing and in non-marketing SG&A shift out to Q3. And so when you look at the second half, our guidance roughly implies a 23%-ish EBITDA margin. You can envision that the Q3 margin would be a little bit lower because of those expenses that we just talked about shifting. And then Q4, a little bit higher than that 23% that we're outlooking for the second half.

嗨，科琳娜。因此，我們本季的 EBITDA 確實比我們預期的要好一些。正如我在準備好的發言中所說，這實際上是由於費用時間轉移到了第三季。我們看到行銷和非行銷 SG&A 的費用都轉移到了第三季。因此，當您查看下半年時，我們的指引大致意味著 EBITDA 利潤率為 23% 左右。您可以想像，由於我們剛才談到的轉移費用，第三季的利潤率會略低一些。然後是第四季度，略高於我們預計下半年的 23%。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Thank you. Good afternoon. On international, great to see the continued momentum there. Was the channel fill tailwind from new distribution materially different this quarter versus what you've seen in recent quarters? And then just any other considerations as we contemplate the international growth in the back half of this year. And then just more broadly on the revenue guide, 16% to 20% for the back half. Just any help there on how to model the cadence Q3 versus Q4. Thank you.

謝謝。午安.在國際上，很高興看到那裡的持續勢頭。本季新發行帶來的通路填充順風與您在最近幾季看到的情況是否有重大不同？當我們考慮今年下半年的國際成長時，還有其他考慮因素。然後是更廣泛的收入指南，後半段為 16% 至 20%。關於如何對 Q3 與 Q4 的節奏進行建模的任何幫助。謝謝。

Hi, Mark, this is Tarang. So I'd say international is largely consistent. If you look at the growth we had in Q1, I think that was above 90% as well. 91%, we feel good about. There will be different timing in terms of when pipeline goes into a particular launch for a particular launch customer. And -- but overall, I think what we're most pleased by is the overall consumption that we're seeing in terms of really being able to go out the gate at number one with Sephora, Mexico, with Rossmann, Germany, Etos, Douglas, Italy as well as the strength we're seeing in our existing markets. So we feel it's pretty solid. We have an outlook what the international growth would be in the back half other than we expect it to continue to be strong.

嗨，馬克，我是塔朗。所以我想說國際基本上是一致的。如果你看看我們第一季的成長，我認為也超過了 90%。 91%，我們感覺不錯。對於特定的啟動客戶，通路進入特定啟動的時間將會有所不同。但總的來說，我認為我們最滿意的是我們所看到的整體消費量，我們確實能夠與墨西哥絲芙蘭、德國羅斯曼、Etos、意大利道格拉斯以及我們在現有市場中看到的實力。所以我們覺得它非常紮實。我們預計下半年國際經濟成長將如何，但我們預計將繼續強勁。

Right. And then for the second half, really not providing any quarterly color other than to say we've outlooked 16% to 20% for the second half, and we feel great about the building blocks that we have in place to achieve that.

正確的。然後對於下半年，除了說我們預計下半年的成長率為 16% 到 20% 之外，實際上沒有提供任何季度數據，我們對實現這一目標所採用的建造模組感到非常滿意。

Mark Astrachan, Stifel.

馬克·阿斯特拉坎，斯蒂菲爾。

Yeah, thanks and afternoon everyone. Wanted to ask about inventories again. I guess, it still seems like it's a bit higher than maybe I would have expected given your expectations for decelerating growth. And I look at it on a year-on-year basis, it was up more sequentially 1Q '24 to 2Q '24 and year-on-year then, but the growth was also much greater. So I guess trying to figure out there's something going on? Is there too much inventory? Like what would be the timing of how long it's potentially good for? Are there any concerns around obsolescence and maybe not any of that?

是的，謝謝大家，下午好。想再次詢問庫存。我想，考慮到您對成長放緩的預期，它似乎仍然比我的預期要高一些。我從年比的角度來看，從 2024 年第一季到 2024 年第二季度，年成長幅度更大，但成長幅度也更大。所以我想試著找出發生了什麼事情？是不是庫存太多了？例如它的潛在有效時間是什麼時候？是否存在任何關於過時的擔憂，也許沒有任何擔憂？

And I guess, just -- the other sort of question is, is part of this related to what you talked about in terms of timing of when you're taking ownership from China. And maybe just explain that a little bit more in terms of what specifically is going on and why you want to hold more inventory? Thank you.

我想，另一類問題是，這部分與您所說的從中國手中奪取所有權的時間有關。也許只是解釋一下具體發生了什麼以及為什麼你想持有更多庫存？謝謝。

Hi, Mark. Yeah, so let me just maybe take you back a couple of quarters on our inventory. So last year around this time is when we started talking about the change with taking ownership earlier that we're taking ownership when product leaves China instead of when it arrives here. So that had an impact on inventory, that has been for the last couple of quarters that we've been talking about that. So that's not a new thing or new addition to our inventory narrative here.

嗨，馬克。是的，所以讓我帶你回顧我們的庫存幾個季度。所以去年的這個時候，我們開始談論所有權的變化，我們是在產品離開中國而不是到達這裡時才獲得所有權。這對庫存產生了影響，過去幾季我們一直在討論這個問題。因此，這並不是我們的庫存敘述中的新事物或新內容。

And I want to address your question on obsolescence as well. There is no risk of obsolescence overall for our portfolio, color cosmetics, anything like that. And what you're seeing in the build on inventory, as we've talked about, is really building for that global footprint. So we've talked about setting up distribution centers across the world in Asia, in Germany, in the UK, here with the second DC here in the US additional nodes on our e-commerce. So that also leads to higher inventory levels overall, but allows us to service the demand that we're seeing. So we feel quite comfortable with the inventory that we have on hand and believe that it will be enough to help service that demand that we're seeing.

我還想回答你關於過時的問題。我們的產品組合、彩妝等整體上並沒有過時的風險。正如我們所討論的，您在庫存建設中看到的實際上是在為全球足跡而建造。因此，我們討論了在亞洲、德國、英國以及美國的第二個配送中心在世界各地建立配送中心，這是我們電子商務的額外節點。因此，這也會導致整體庫存水準更高，但使我們能夠滿足我們所看到的需求。因此，我們對現有的庫存感到非常滿意，並相信這足以幫助滿足我們所看到的需求。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good afternoon. Thanks for taking my question. So just going back to Naturium. I was curious how it's performing at Ulta and then how you guys are thinking about further distribution opportunities from here?

午安.感謝您提出我的問題。那麼回到大自然。我很好奇它在 Ulta 的表現如何，然後你們如何考慮這裡的進一步分銷機會？

Hi, Rupesh, this is Tarang. We feel great about Naturium. As a reminder, we acquired it about a year ago and the brands continue to see very strong growth. We're very pleased with the launch at Ulta Beauty. We have a full assortment, not only in facial skin care, but also in body and I think, really good presentation there as well. So Naturium will continue -- we'll look at other expansion opportunities in Naturium not only in the US but also internationally. We just got into our first set of doors at Boots in the UK in addition to Space NK where we were distributed there. And we think Naturium has a big opportunity, particularly in expansion of distribution as well as innovation.

嗨，魯佩什，我是塔朗。我們對 Naaturium 感覺很好。提醒一下，我們大約一年前收購了它，而這些品牌繼續看到非常強勁的成長。我們對 Ulta Beauty 的推出感到非常高興。我們的產品種類齊全，不僅在臉部皮膚護理方面，而且在身體護理方面，我認為，那裡的展示也非常好。因此，Naturium 將繼續發展——我們不僅在美國，而且在國際上尋找 Naturium 的其他擴張機會。除了我們分佈在那裡的 Space NK 之外，我們剛剛進入了英國 Boots 的第一家門市。我們認為 Naturium 有很大的機會，特別是在擴大分銷和創新方面。

Thank you. This concludes our question-and-answer session. I'd like to turn the conference back over to Tarang Amin for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議轉回塔朗·阿明致閉幕詞。

Well, thank you for joining us. I'm so proud of the incredible team at e.l.f. Beauty for delivering another quarter of industry-leading growth. Thank you for every e.l.f. and every e.l.f. partner for your passion and dedication to our vision of creating a different kind of beauty company. We look forward to seeing some of you at our upcoming investor meetings and speaking to you in February when we'll discuss our third quarter results. Thank you, and be well.

嗯，謝謝您加入我們。我為 e.l.f. 令人難以置信的團隊感到自豪。美妝再創季度產業領先成長。感謝每一個 e.l.f.和每個 e.l.f.合作夥伴，為我們創建不同類型的美容公司的願景提供熱情和奉獻。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。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。