elf Beauty Inc (ELF) 2025 Q1 法說會逐字稿

Thank you for joining us today to discuss elf Beauty's first quarter fiscal 2025 results. I'm KC Katten, Vice President of Corporate Development and Investor Relations.

感謝您今天加入我們討論 elf Beauty 2025 財年第一季業績。我是 KC Katten，企業發展與投資者關係副總裁。

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.

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. Today, we will discuss the drivers of our first quarter results and our raised outlook for fiscal 2025. I want to start by recognizing the elf Beauty team. We're off to a strong start this fiscal year delivering Q1 results ahead of our expectations.

謝謝你，KC，大家下午好。今天，我們將討論第一季業績的驅動因素以及我們上調的 2025 財年前景。我想先認識精靈美容團隊。我們本財年有一個良好的開端，第一季的業績超出了我們的預期。

In Q1 we grew net sales 50% increased gross margin by approximately 80 basis points and delivered $77 million in adjusted EBITDA. Q1 marked our 22nd consecutive quarter of both net sales growth and market share gains, putting off beauty in a verified growth of high growth companies. We are one of only five public consumer companies out of 274 that has grown for 22 straight quarters and averaged at least 20% sales growth per quarter. We've continued to prioritize three areas with significant runway for growth.

第一季度，我們的淨銷售額成長了 50%，毛利率提高了約 80 個基點，調整後 EBITDA 達 7,700 萬美元。第一季標誌著我們連續 22 個季度實現淨銷售額成長和市場份額成長，推遲了高成長公司經過驗證的成長。我們是 274 家上市消費品公司中僅有的 5 家連續 22 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。我們繼續優先考慮三個具有重要成長空間的領域。

Color cosmetics, skin care, and international. Let me update you on our progress in Q1. In color cosmetics we continue to significantly outperform the category. In Q1 elf cosmetics grew 26% in track channels as compared to a category that was down 1% increasing our market share by 260 basis points. Nationally, elf is the number two mass brand on a dollar basis with approximately 12% share, more than double the level we had three years ago. As great as the share growth has been, we see an opportunity to double our market share over the next few years.

彩妝、護膚、國際化。讓我向您介紹第一季的最新進展。在彩妝領域，我們的表現持續顯著優於同類產品。第一季度，精靈化妝品在軌道通路中成長了 26%，而其他類別則下降了 1%，使我們的市佔率增加了 260 個基點。在全國範圍內，以美元計算，elf 是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。儘管份額增長巨大，但我們看到了未來幾年市場份額翻倍的機會。

In Target, our longest standing national retail customer, we've been the number one brand for six consecutive quarters with our share increasing from nearly 13% to over 20% today. We're focused on replicating our success at Target across other key retailers and believe we are making great progress towards that ambition.

在我們歷史最悠久的全國零售客戶 TTarget 中，我們已連續六個季度成為第一品牌，我們的份額從近 13% 增加到今天的 20% 以上。我們致力於在其他主要零售商中複製塔吉特的成功，並相信我們正在朝著這一目標取得巨大進展。

In skin care we also continue to meaningfully outperform the category. In Q1 elf SKIN grew 45% in track channels, 32 times category growth of 1.4%. We grew our share 60 basis points, driving elf SKIN to be a top 10 brand for the first time. We achieved the number nine rank as compared to the number 13 rank a year ago. Elf SKIN today holds about a 2% share and has significant runway with the number one brand holding a 14% share.

在皮膚護理領域，我們的表現也持續明顯優於同類產品。第一季 elf SKIN 在賽道通路中成長了 45%，是品類成長 1.4% 的 32 倍。我們的市佔率成長了 60 個基點，推動 elf SKIN 首次躋身十大品牌。與一年前的第 13 位相比，我們的排名達到了第 9 位。Elf SKIN 目前持有約 2% 的份額，與第一品牌持有 14% 的份額相比，具有顯著的優勢。

With the acquisition of Naturium last October, we now have two of the fastest growing mass skin care brands that are complementary in their price points, positioning and audiences. Naturium contributed approximately 16 points to our net sales growth in Q1.

隨著去年 10 月收購 Naturium，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。Naturium 為我們第一季的淨銷售額成長貢獻了約 16 個百分點。

Turning to international, our net sales grew 91% in Q1, fueled by growth in our existing markets as well as our expansion into new markets. Our international expansion strategy is anchored in partnering with leading beauty retailers to bring our brands to life in each country we pursue. We continue to see significant runway to grow our footprint in our largest existing markets.

轉向國際市場，在現有市場成長以及新市場擴張的推動下，我們第一季的淨銷售額成長了 91%。我們的國際擴張策略的基礎是與領先的美容零售商合作，將我們的品牌帶到我們所追求的每個國家。我們繼續看到重要的跑道可以擴大我們在最大的現有市場的足跡。

The UK, where we are now the number four brand as compared to the number eight a year ago, and in Canada, we are now the number four brand as compared to number six a year ago. As we look to new markets, we've seen success with our engagement model across social platforms, driving consumer demand well before we enter a particular country.

在英國，我們現在是第四大品牌，而一年前是第八位；在加拿大，我們現在是第四大品牌，而一年前是第六位。當我們放眼新市場時，我們已經看到跨社交平台的參與模式取得了成功，在我們進入特定國家之前就推動了消費者需求。

We're pleased that we've maintained our number one brand ranking since launch with both Atos in the Netherlands and Douglas in Italy. International drove 16% of our total sales in Q1, up from 13% a year ago and with significant runway to grow as compared to our global peers at over 70% on average.

我們很高興地看到，自推出以來，我們在荷蘭的 Atos 和義大利的 Douglas 都保持了第一品牌的排名。國際業務占我們第一季總銷售額的 16%，高於一年前的 13%，與平均超過 70% 的全球同行相比，還有很大的成長空間。

Let me put the strength of our results in the context of the broader beauty industry. While beauty has comparatively low barriers of entry, very few brands have been able to scale. Of the over 1900 cosmetics and skin care brands tracked by Nielsen, only 61 have surpassed $25 million in annual retail sales, only 26 have surpassed $100 million retail sales and elf is one of only five brands to achieve over $700 million in retail sales. elf has been one of the few brands able to scale through our five unique areas of advantage that form our competitive moat.

讓我將我們的成果放在更廣泛的美容行業的背景下進行分析。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 多個化妝品和保養品品牌中，只有61 個年零售額超過2,500 萬美元，只有26 個零售額超過1 億美元，而elf 是僅有的五個零售額超過7 億美元的品牌之一。 elf 是少數能夠透過我們的五個獨特優勢領域進行擴展的品牌之一，這些優勢領域構成了我們的競爭護城河。

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 have just over 500 employees and have intentionally sought out people with diverse experiences, who are humble and hungry and thrive at elf speed. We believe we are the only public consumer company that grants every employee equity every year. This aligns our employees' interests with that of our shareholders and provides wealth creation opportunities across the entire team.

讓我花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。我們只有 500 多名員工，並有意尋找具有不同經驗、謙虛、渴望並以驚人的速度成長的人才。我們相信，我們是唯一一家每年授予每位員工股權的上市消費公司。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。

Since our IPO, excluding our executive officers, we've granted approximately $180 million in equity in a stock that has gone up more than tenfold. Our unique one team, one drink compensation model and high performance team culture has led to exceptionally high employee engagement of 90%, 18 points above the consumer industry benchmark. The strength, curiosity and resilience of our team has allowed us to execute at an exceptionally high level over the last five plus years.

自從我們首次公開募股以來，不包括我們的執行官，我們已經授予了大約 1.8 億美元的股權，該股的股價已經上漲了十倍多。我們獨特的「一支團隊、一杯飲料」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。我們團隊的力量、好奇心和韌性使我們在過去五年多的時間裡能夠以極高的水平執行任務。

The second area of advantage is our value proposition. The average price point for elf is about $6.50 today, as compared to nearly $9.50 for legacy mass cosmetics brands and over $20 for prestige brands. While there are other brands with low price points, our real advantage is the ability to deliver prestige quality at those price points. We have a unique asset light supply chain model that delivers the best combination of quality, cost and speed in our industry.

第二個優勢領域是我們的價值主張。如今，elf 的平均價格約為 6.50 美元，而傳統大眾化妝品品牌的平均價格約為 9.50 美元，而知名品牌的平均價格則超過 20 美元。雖然還有其他品牌的價格較低，但我們真正的優勢是能夠在這些價位上提供信譽良好的品質。我們擁有獨特的資產輕供應鏈模式，可提供業界品質、成本和速度的最佳組合。

Our quality scores have gone up every year over the past five years. We have a closed feedback loop that allows us to make ongoing improvements across our portfolio. We're hearing from consumers that we're not only delivering an incredible price point, but also deliver quality that is often better than prestige.

過去五年來，我們的品質分數逐年上升。我們有一個封閉的回饋循環，使我們能夠不斷改進我們的產品組合。我們從消費者那裡得知，我們不僅提供令人難以置信的價格，而且還提供通常比聲譽更好的品質。

Our value proposition is evidenced in our strong unit growth. Elf was again the only top five cosmetics brand to grow units in Q1. Our third area of advantage is our powerhouse innovation. Our innovation approach is focused on building franchises behind our Holy Grails, taking inspiration from our community and the best products in prestige, adding our elf twist and bringing them to market at an extraordinary value. This Holy Grail innovation approach has built category leadership over time.

我們的價值主張體現在我們強勁的單位成長上。Elf 再次成為第一季銷售成長的唯一前五大化妝品品牌。我們的第三個優勢領域是我們強大的創新能力。我們的創新方法專注於在我們的聖杯背後建立特許經營權，從我們的社區和享有聲望的最佳產品中汲取靈感，添加我們的精靈風格，並將它們以非凡的價值推向市場。隨著時間的推移，這種聖杯創新方法已經建立了類別領導地位。

Five years ago, elf had the number one or two position across eight segments of the color cosmetics category. Today, elf has a number one or two position across 18 segments, which collectively make up over 80% of elf cosmetics sales. We continue to deliver strong sales growth and share gains across these segments. We're also innovating in the industry's top segments where we under index on share like foundation. For context, as compared to the 12% share we have across cosmetics.

五年前，精靈在彩妝品類的八個細分市場中佔據第一或第二的位置。如今，elf 在 18 個細分市場中佔據第一或第二的位置，這些細分市場合計佔 elf 化妝品銷售額的 80% 以上。我們繼續在這些領域實現強勁的銷售成長和份額收益。我們也在產業的頂級細分市場進行創新，在這些細分市場中，我們以股票為基礎進行索引。就背景而言，與化妝品領域 12% 的份額相比。

We have less than 2% share in foundation, a $675 million category in the US In Q1, we launched our Soft Glam Satin Foundation, priced at an incredible value of $8 compared to a prestige item at $39.

我們在美國價值6.75 億美元的粉底類別中所佔份額不到2%。置信。

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Soft Glam Satin foundation was amongst the best-selling products on our site in Q1. We're also excited about the innovation we've launched under Naturium. The brand recently celebrated 1 million bottles sold of the best-selling glow, get body wash. Its first product to hit the 1 million unit mark. We're extending our franchise approach to Naturium with the launched the Glow Get A Body Oil. The launch sold out in just ten days on natorium.com and was recently restocked on our site.

Soft Glam Satin 粉底是我們網站第一季最暢銷的產品之一。我們也對 Naturium 推出的創新感到興奮。該品牌最近慶祝了最暢銷的煥彩沐浴露銷售量突破 100 萬瓶。其首款產品突破 100 萬台大關。我們將我們的特許經營方式擴展到 Naturium，推出了 Glow Get A Body Oil。該產品在 natorium.com 上僅十天就售罄，並且最近在我們的網站上重新進貨。

Our fourth area of advantage is our disruptive marketing engine. Our marketing organization is structured to encompass all consumer touch points, from product concept through consumer purchase. This end ten breadth gives us the agility to go from insight to action with speed and fosters increasing emotional resonance as our community becomes a stakeholder, essentially co creating the brand with us.

我們的第四個優勢領域是我們的顛覆性行銷引擎。我們的行銷組織結構涵蓋從產品概念到消費者購買的所有消費者接觸點。這最後十個廣度使我們能夠敏捷地從洞察到行動，並隨著我們的社群成為利害關係人（本質上是與我們共同創建品牌）而促進情感共鳴。

Our recently launched bronzing drops is a terrific example. Bronzing drops, which have been the number one product requested from our community, turned into our best product launch ever on elfcosmetics.com. We turned our consumers passionate please for bronzing drops into action with a debut of peculiar behavior to accompany the product launch.

我們最近推出的燙金滴劑就是一個很好的例子。古銅色滴劑是我們社區要求的第一款產品，它成為我們在 elfcosmetics.com 上發布的最好的產品。我們將消費者對燙金滴的熱情付諸行動，在產品發佈時推出了一些奇特的行為。

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We believe our marketing engine is best-in-class in creating culturally relevant output. In the seven months since calendar 2024 began, we've executed 15 unique campaigns from a 14-minute documentary parody to a big game commercial, to a record-breaking collaboration with liquid death.

我們相信我們的行銷引擎在創造與文化相關的輸出方面是一流的。自 2024 年日曆開始以來的七個月裡，我們執行了 15 個獨特的活動，從 14 分鐘的模仿紀錄片到大型遊戲廣告，再到與液體死亡的破紀錄合作。

Our approach transcends product and deepens brand love through purpose. Earlier this year, we released our So Many Dicks campaign, which instantly went viral, garnering 1 billion organic media impressions and almost 100% positive sentiment.

我們的方法超越了產品，並透過目標加深了品牌熱愛。今年早些時候，我們發布了「So Many Dicks」活動，該活動立即走紅，獲得了 10 億次自然媒體曝光和幾乎 100% 的積極情緒。

Our research found that there are more men named Richard, Rick, or Dick serving on public company boards than entire groups of underrepresented people. Consistent with our brand values, our call to action was not to single out leaders with these names, but rather inspire companies to give a bigger voice to everyone else, to drive positive business results so that everyone wins.

我們的研究發現，在上市公司董事會任職的名叫理查德、里克或迪克的男性人數比整個代表性不足的人群還要多。與我們的品牌價值觀一致，我們的行動呼籲不是挑出這些名字的領導者，而是激勵公司向其他人發出更大的聲音，推動積極的業務成果，使每個人都贏。

We practice what we preach. Elf is one of only four publicly traded US companies with a Board of Directors that is at least two thirds' women and one third diverse. We've solidified our reputation as a purpose led, results driven brand across product, purpose and pioneering platforms.

我們言行一致。Elf 是美國僅有的四家董事會成員至少三分之二為女性、三分之一為多元化的上市公司之一。我們在產品、目標和開拓平台上鞏固了作為目標導向、結果驅動品牌的聲譽。

On Roblox, one of the world's most popular virtual playgrounds among Gen Z and Alpha, since the launch of our elf up experience last year, we have the number one branded experience with a 95% positivity rating and almost 14 million plays.

Roblox 是世界上最受 Z 世代和 Alpha 一代歡迎的虛擬遊樂場之一，自去年推出 elf up 體驗以來，我們擁有排名第一的品牌體驗，積極度高達 95%，播放量接近 1400 萬次。

In Q1 elf became the first beauty brand to test real world commerce on Roblox, adding credibility and visibility among key audiences. Our marketing is working, delivering ROIs multiples above benchmarks and expanding our unaided brand awareness from 13% in 2020% to 33% in 2024.

第一季度，elf 成為第一個在 Roblox 上測試現實世界商業的美容品牌，增加了關鍵受眾的可信度和知名度。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%。

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, demonstrating significant Runway for growth.

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，展現了巨大的成長潛力。

Our fifth area of advantage is our productivity model. Founded as a digitally native brand, elf remains the only top five mass cosmetics brand with their 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.

我們的第五個優勢領域是我們的生產力模型。elf 作為數位原生品牌創立，至今仍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。我們利用網站和美容團隊忠誠度計劃的洞察，每年主動更換多達 20% 的零售品種。

Looking at the last five years, our SKU count has remained relatively consistent and we have doubled our average sales per SKU. This approach has led us to be the most productive brand on a dollar per foot basis with our largest retail customers in both the US and UK. Our strong productivity has been rewarded by more space with our global retail partners.

回顧過去五年，我們的 SKU 數量保持相對穩定，每個 SKU 的平均銷售額翻了一番。這種方法使我們成為以每英尺美元計算最俱生產力的品牌，擁有美國和英國最大的零售客戶。我們強大的生產力得到了與全球零售合作夥伴更多空間的回報。

In the US as previously announced, the elf brand gained space in spring with CVS and in summer with Walmart and will be gaining additional space this fall with CVS. We're also excited about the recent launch of Naturium in Ulta Beauty, marking the brand's first retailer expansion in the US outside of Target.

正如先前宣布的，該 elf 品牌在美國春季通過 CVS 獲得了空間，夏季通過沃爾瑪獲得了空間，並將於今年秋季通過 CVS 獲得更多空間。我們也對最近在 Ulta Beauty 推出 Naturium 感到興奮，這標誌著該品牌首次在 Target 之外的美國零售商擴張。

Naturium is now available in all 1400 Ultra Beauty stores with a full assortment across skin, body and lip care. Internationally we continue to grow our footprint in existing markets. As we previously announced, we gained space this spring with boots in the UK and with Shoppers Drug Mart in Canada and will be gaining space this fall with Superdrug in the UK.

Naturium 現已在所有 1400 家 Ultra Beauty 商店出售，產品種類齊全，涵蓋肌膚、身體和唇部護理。在國際上，我們持續擴大在現有市場的足跡。正如我們之前宣布的那樣，我們今年春天透過 Boots 在英國和加拿大的 Shoppers Drug Mart 獲得了空間，並將於今年秋天透過 Superdrug 在英國獲得空間。

We're also expanding our international reach into newer markets. We recently expanded our existing distributor relationship in Australia with the launch of elf in Kohl's, marking elf's first introduction into the grocery channel in Australia. As previously announced, we will be bringing elf to Sephora, Mexico this fall, marking the elf Brand's first partnership with Sephora.

我們也將國際影響力擴展到新市場。最近，我們在 Kohl's 推出 elf，擴大了在澳洲的現有經銷商關係，這標誌著 elf 首次進入澳洲的雜貨通路。正如先前宣布的，我們將於今年秋天將 elf 帶到墨西哥絲芙蘭，這是 elf 品牌與絲芙蘭的首次合作。

We're also excited to announce that we'll be launching elfin Germany this fall with Rossmann. Germany is the largest cosmetics market in Europe and we expect our launch with Rossman to be our biggest international launch to date.

我們也很高興地宣布，我們將於今年秋天與 Rossmann 一起推出 elfin 德國。德國是歐洲最大的化妝品市場，我們預計與羅斯曼的合作將成為我們迄今為止最大規模的國際合作。

In summary, we have five areas of advantage that have enabled us to consistently drive sales and share in cosmetics and skin care. Our passionate people, a team of owners with a high performance culture, our value proposition powered by an asset light supply chain delivering the best combination of quality, cost and speed in our industry.

總而言之，我們擁有五個領域的優勢，使我們能夠持續推動化妝品和護膚品的銷售和份額。我們充滿熱情的員工，擁有高績效文化的業主團隊，我們的價值主張由輕資產供應鏈提供支持，提供行業內品質、成本和速度的最佳組合。

Our powerhouse innovation, delivering premium Holy Grail products at accessible price points, our disruptive marketing engine activating millions of consumers around the world and our unique productivity model bring this to life at retail globally. While other brands may seek to imitate parts of our strategy, it's how each of these areas of advantage reinforce each other that forms our competitive moat and we expect they will continue to fuel our industry leading growth.

我們強大的創新能力，以實惠的價格提供優質的聖杯產品，我們的顛覆性行銷引擎激活了世界各地數百萬消費者，我們獨特的生產力模式在全球零售業中實現了這一點。雖然其他品牌可能會尋求模仿我們的部分策略，但正是這些優勢領域如何相互加強，形成了我們的競爭護城河，我們預計它們將繼續推動我們行業領先的成長。

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 first quarter results as well as our raised outlook for fiscal 2025. Our first quarter results were outstanding. Q1 net sales grew 50% year-over-year on top of 76% growth in Q1 of last year, driven by broad based strength across national and international retailers as well as digital commerce.

謝謝你，塔朗。我現在將介紹我們第一季業績的重點以及我們上調的 2025 財年前景。我們第一季的業績非常出色。在國內和國際零售商以及數位商務廣泛實力的推動下，第一季淨銷售額年增 50%，去年第一季成長 76%。

Our net sales growth continues to be led by higher unit volume, which contributed approximately 34 points to growth, with mix adding approximately 16 points. Q1 digital consumption trends were up over 40% year-over-year, on top of triple-digit trends in Q1 of last year. Digital channels drove 21% of our consumption in Q1 as compared to 18% a year ago.

我們的淨銷售額成長持續受到單位銷售增加的推動，單位銷售量為成長貢獻了約 34 個百分點，混合貢獻了約 16 個百分點。繼去年第一季三位數成長之後，第一季數位消費趨勢年增超過 40%。第一季度，數位通路推動了我們消費的 21%，而去年同期為 18%。

The momentum we're seeing is supported by enhancements across our loyalty program, within our app and on digital and social platforms. Our Beauty Squad Loyalty Program hit a milestone this quarter, reaching over 5 million members with enrollment growing 30% year-over-year.

我們所看到的勢頭得到了我們的忠誠度計劃、應用程式以及數位和社交平台的增強的支持。我們的 Beauty Squad 忠誠度計劃在本季度達到了一個里程碑，會員人數超過 500 萬，註冊人數同比增長 30%。

Recall our Beauty Squad loyalists have higher average order values, purchase more frequently, have stronger retention rates and are a rich source of first party data. We're fueling new member enrollment with exclusive early access to product launches and unique integrations with our digital partners.

回想一下，我們的 Beauty Squad 忠實用戶平均訂單價值更高，購買更頻繁，保留率更高，並且是第一方資料的豐富來源。我們透過獨家搶先體驗產品發布以及與我們的數位合作夥伴的獨特整合來促進新會員註冊。

In Q1, we ran our first ever Beauty Squad Challenge within Roblox, allowing our elf up players to connect their Beauty Squad and Roblox accounts. Nearly 100% of those Roblox connections were new Beauty Squad members. We also expanded Beauty Squad to Amazon to continue to fuel new member signups and reward our community for their elfpurchases on Amazon.

在第一季度，我們在 Roblox 中舉辦了首次 Beauty Squad 挑戰賽，讓我們的 elf up 玩家能夠連接他們的 Beauty Squad 和 Roblox 帳戶。近 100% 的 Roblox 聯絡人都是 Beauty Squad 的新成員。我們還將 Beauty Squad 擴展到亞馬遜，以繼續促進新會員註冊並獎勵我們的社群在亞馬遜上購買的精靈。

Q1 gross margin of 71% was up approximately 80 basis points compared to prior year. We saw gross margin benefits from favorable foreign exchange impacts, lower transportation costs, price increases in our international markets, cost savings and mix partially offset by inventory adjustments. Q1 gross margin was better than we expected, in part due to slower flow through of higher transportation costs.

第一季毛利率為 71%，比去年同期成長約 80 個基點。我們看到，有利的外匯影響、較低的運輸成本、國際市場的價格上漲、成本節約和庫存調整部分抵消了毛利率的提高。第一季毛利率優於我們的預期，部分原因是運輸成本上升導致流通速度放緩。

As a reminder, we experienced higher container costs related to the Red Sea disruption at the end of last year, and those costs have continued to rise more recently. We expect these transportation cost headwinds to partially offset the gross margin benefit we're projecting throughout fiscal 2025.

提醒一下，去年年底，我們經歷了與紅海中斷有關的貨櫃成本上升，而且這些成本最近還在繼續上升。我們預計這些運輸成本不利因素將部分抵銷我們預期 2025 財年的毛利率收益。

On an adjusted basis, SG&A as a percentage of sales was 51% in Q1, compared to 39% last year. The primary driver of the year-over-year increase was a planned step up in marketing and digital investment. Marketing and digital investment for the quarter was approximately 23% of net sales as compared to 16% last year. The remaining increase in adjusted SG&A was driven primarily by the inclusion of Naturium in our consolidated financials, an impact that will continue through Q2 of fiscal 2025 as well as ongoing investments in our team and infrastructure.

經調整後，第一季銷售、管理及行政費用 (SG&A) 佔銷售額的百分比為 51%，而去年為 39%。同比成長的主要驅動力是行銷和數位投資的計畫加強。本季的營銷和數位投資約佔淨銷售額的 23%，而去年為 16%。調整後的 SG&A 剩餘成長主要是由於將 Naturium 納入我們的合併財務報表，這一影響將持續到 2025 財年第二季度，以及對我們團隊和基礎設施的持續投資。

Given those planned investments, Q1 adjusted EBITDA was $77 million, up 4% versus last year and adjusted EBITDA margin was 24% of net sales. We expect adjusted EBITDA growth to accelerate into the back half of fiscal 2025 as we cycle the inclusion of Naturium in our financials and see more normalized rates of marketing investment year-over-year. Adjusted net income was $64 million or $1.10 per diluted share, compared to $63 million or $1.10 per diluted share a year ago.

鑑於這些計劃投資，第一季調整後 EBITDA 為 7,700 萬美元，比去年增長 4%，調整後 EBITDA 利潤率為淨銷售額的 24%。我們預計調整後的 EBITDA 成長將在 2025 財年後半段加速，因為我們將 Naturium 納入我們的財務數據，並看到行銷投資率逐年更加正常化。調整後淨利潤為 6,400 萬美元，即稀釋後每股收益 1.10 美元，而一年前為 6,300 萬美元，即稀釋後每股收益 1.10 美元。

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 $109 million in cash on hand, compared to a cash balance of $143 million a year ago. Our ending inventory balance was $200 million in line with our expectations and up from $98 million a year ago.

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。本季結束時，我們手頭現金為 1.09 億美元，而一年前的現金餘額為 1.43 億美元。我們的期末庫存餘額為 2 億美元，符合我們的預期，高於一年前的 9,800 萬美元。

The difference is primarily a combination of three things. First, as we've said in the past few quarters, we continue to build back our inventory levels to support strong consumer demand. Second, our consolidated results now include Naturium, which added approximately $26 million of inventory.

差異主要是三件事的組合。首先，正如我們在過去幾季所說的，我們繼續恢復庫存水準以支持強勁的消費者需求。其次，我們的合併表現現在包括 Naturium，它增加了約 2,600 萬美元的庫存。

Lastly, an additional $23 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 US Our liquidity position remained strong. We ended the quarter with less than one 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 our strategic extensions.

最後，增加的 2300 萬美元是由於在發貨時從中國取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的結果。本季結束時，我們的淨債務與調整後 EBITDA 的槓桿率不到一倍。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持我們的策略擴展。

The specific 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 consumer demand.

我們今年重點關注的具體舉措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消費者需求。

Now let's turn to our raised outlook for fiscal 2025. For the full year, we now expect net sales growth of approximately 25% to 27%, up from 20% to 22% previously; adjusted EBITDA between $297 million to $301 million, up from $285 million to $289 million previously; adjusted net income between $198 million to $201 million, up from $187 million to $191 million previously. An adjusted EPS of $3.36 to $3.41 per diluted share, up from $3.20 to $3.25 previously.

現在讓我們轉向我們上調的 2025 財年展望。對於全年，我們目前預計淨銷售額將成長約 25% 至 27%，高於先前的 20% 至 22%；調整後的 EBITDA 在 2.97 億美元至 3.01 億美元之間，高於先前的 2.85 億美元至 2.89 億美元；調整後的淨利潤在 1.98 億美元至 2.01 億美元之間，高於先前的 1.87 億美元至 1.91 億美元。調整後每股攤薄每股收益為 3.36 美元至 3.41 美元，高於先前的 3.20 美元至 3.25 美元。

Let me provide you with additional color on our planning assumptions for fiscal 2025. Starting with the top line, our raised outlook reflects the outperformance in Q1 relative to our expectations, as well as an improved outlook for the balance of the year. In Q2 we expect our net sales growth to be slightly above our 25% to 27% annual growth outlook. As we look at track channels, we would expect trends for elf to be in the 20% range throughout Q2 as we continue to cycle strong compares in the base. Recall track channels represent approximately half of our net sales.

讓我為您提供有關 2025 財年規劃假設的更多資訊。從營收開始，我們上調的前景反映了第一季的表現優於我們的預期，以及今年剩餘時間前景的改善。我們預計第二季的淨銷售額成長將略高於 25% 至 27% 的年成長預期。當我們觀察軌道管道時，我們預計 elf 的趨勢在整個第二季度將在 20% 的範圍內，因為我們繼續在基礎上進行強勁的比較。召回追蹤管道約占我們淨銷售額的一半。

Turning to gross margin, in fiscal 2025 we now expect our gross margin to be up approximately 20 basis points year-over-year as compared to approximately 10 basis points previously. The improved outlook is largely a result of our outperformance in Q1.

談到毛利率，我們現在預計 2025 財年的毛利率將年增約 20 個基點，而之前約為 10 個基點。前景的改善很大程度上歸功於我們第一季的出色表現。

In terms of the key puts and takes for the year, we expect gross margin benefits from favorable FX rates, margin accretive mix, and cost savings to be partially offset by higher transportation costs and costs related to retailer activity and space expansion. From a cadence standpoint, we expect gross margin to be flat year-over-year in Q2, largely due to the timing of retailer activity and space expansion costs.

就今年的關鍵看跌期權和看跌期權而言，我們預計有利的匯率、利潤增值組合和成本節約帶來的毛利率收益將被較高的運輸成本以及與零售商活動和空間擴張相關的成本所部分抵消。從節奏的角度來看，我們預計第二季的毛利率將與去年同期持平，這主要是由於零售商活動的時間表和空間擴張成本。

Turning now to adjusted EBITDA. For the full year, our outlook now implies adjusted EBITDA growth of approximately 26% to 28% versus prior year, up from 21% to 23% previously and on top of the strong 101% growth we delivered in fiscal 2024. We continue to expect adjusted EBITDA margin leverage of approximately 20 basis points year-over-year.

現在轉向調整後的 EBITDA。對於全年，我們的展望現在意味著調整後的 EBITDA 較上一年增長約 26% 至 28%，高於之前的 21% 至 23%，並且我們在 2024 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。

We still expect marketing and digital investment at approximately 24% to 26% of net sales in fiscal 2025 as compared to 25% in fiscal 2024. From a cadence standpoint, we are planning for a more balanced pace of marketing and digital spend throughout fiscal 2025. Looking to Q2, that implies a step up in our marketing on a year-over-year basis as marketing spend was approximately 21% of net sales in Q2 last year.

我們仍預期 2025 財年行銷和數位投資將佔淨銷售額的約 24% 至 26%，而 2024 財年這一比例為 25%。從節奏的角度來看，我們計劃在 2025 財年實現更平衡的行銷和數位支出節奏。展望第二季度，這意味著我們的行銷支出較去年同期有所提升，因為去年第二季度的行銷支出約為淨銷售額的 21%。

In addition, we are still annualizing the acquisition of Naturium and continue to invest in our team. As a result, we expect our adjusted EBITDA margin could be in the low teens range in Q2 two with more meaningful adjusted EBITDA margin expansion to be realized in the second half of fiscal 2025 as marketing compares normalize and as we anniversary the acquisition of Naturium starting in October.

此外，我們仍在按年計算收購Naturium，並繼續投資我們的團隊。因此，我們預計第二季的調整後EBITDA 利潤率可能會處於低雙位數範圍，隨著行銷比較正常化以及我們收購Naturium 的周年紀念日，我們將在2025 財年下半年實現更有意義的調整後EBITDA 利潤率擴張十月。

In summary, our first quarter results underscore our ability to drive exceptional, consistent, category leading 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，我們第一季的業績強調了我們推動卓越、持續、類別領先成長的能力。我們相信我們有一個制勝策略，這反映在我們上調的全年展望中，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.

透過該接線員，您可以打開電話提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great. Good afternoon and congrats on the great quarter.

偉大的。下午好，祝賀這個偉大的季度。

I was wondering if you could break it down a little bit more, both the quarter and the guide. First, if you could give us a sense of how much of the growth was driven by new distribution versus your existing distribution. We obviously know Walmart was a part of that this quarter and how that compares into second half when you have redistribution internationally like the plans in Mexico and as you mentioned during prepared remarks in Germany?

我想知道您是否可以將其進一步細分，包括季度和指南。首先，您能否讓我們了解有多少成長是由新發行版與現有發行版推動的。我們顯然知道沃爾瑪是本季的一部分，當您在國際上進行重新分配（例如墨西哥的計劃）以及正如您在德國準備好的講話中提到的那樣，與下半年相比如何？

And then bigger picture with we're seeing challenges with the consumer, slower growth in [indiscernible]. What you're seeing, whether your analytics show any signs of slowdown or particularly amongst your different cohorts, and perhaps how does that influence your Q2 guide? Thank you.

然後從更大的角度來看，我們看到消費者面臨的挑戰，成長放緩[音頻不清晰]。您所看到的，您的分析是否顯示出任何放緩的跡象，或者特別是在您的不同群體中，這可能如何影響您的第二季度指南？謝謝。

Hi Olivia, thanks for the question. So in terms of growth that we saw in the quarter one, I'm super proud of the 50% net sales growth that we just delivered really incredible. I'm also proud of the fact that we were able to raise our guidance on the top line up to 25% to 27% for the full year.

嗨，奧利維亞，謝謝你的提問。因此，就我們在第一季看到的成長而言，我對我們剛剛實現的 50% 的淨銷售額成長感到非常自豪，這真是令人難以置信。我還感到自豪的是，我們能夠將全年營收指引提高至 25% 至 27%。

We are having some growth driven by new distribution. As we talked about, we had a number of space expansions in the spring, this summer and are certainly outlooking more as we look into the fall. So that is included in our guidance, but we're also seeing strength in our existing distribution and so really pleased with that as well.

新發行版推動了我們的一些成長。正如我們所說，我們在春季和今年夏季進行了多次空間擴張，並且在展望秋季時肯定會進行更多的擴張。因此，這已包含在我們的指導中，但我們也看到了現有發行版的優勢，對此也非常滿意。

And international will continue to play a role in that. You saw international growth at 91% for the quarter and certainly expect international to continue to drive growth for us as we look out into the second half of the year as well.

國際將繼續在其中發揮作用。您看到本季度國際業務成長了 91%，並且在我們展望下半年時，當然預期國際業務將繼續推動我們的成長。

Hi Olivia, this is Tarang. On your second question on consumer, any consumer slowdown or sentiment overall, I would say we are seeing some commentary of consumers being more choosy, but they're choosing elf I would say that we're particularly well positioned. We saw growth across all of our channels, digital, all of our national retailers and international customers. So we remain quite bullish in our ability to continue to drive market share both in color as well as skin care and our continued expansion internationally.

嗨，奧莉維亞，我是塔朗。關於你關於消費者的第二個問題，任何消費者放緩或整體情緒，我想說我們看到一些消費者更加挑剔的評論，但他們選擇了精靈，我想說我們的定位特別好。我們看到了我們所有通路、數位通路、所有國內零售商和國際客戶的成長。因此，我們仍然非常看好我們繼續推動色彩和護膚品市場份額的能力以及我們在國際上持續擴張的能力。

Great, thanks. And then if I could followup on the international growth, which obviously continues to be pretty phenomenal, can you talk about the opportunities going forward, how you go about deciding which markets, whether any of these are exclusive relationships, particularly with Douglas and a few others? And if they are exclusive, are they by regions or specific countries? Just helping us understand that. Thank you.

太好了，謝謝。然後，如果我可以跟進國際成長，這顯然仍然是相當驚人的，你能談談未來的機會，你如何決定哪些市場，其中是否有排他性關係，特別是與道格拉斯和一些人其他的？如果它們是排他性的，它們是按地區還是特定國家劃分的？只是幫助我們理解這一點。謝謝。

Our strategy for international, when it comes to retailers is to partner with a leading retailer in a market to help build the brand. We thought Douglas, Italy did a great job really establishing us as number one in that customer, same with Atos [ph] in the Netherlands. And we're extremely excited about the launch with Rossmann in Germany. Germany is the largest market for color cosmetics in Europe. Rossmann has, I believe, over 1500 doors that we'll be in. So we feel really great in terms of how that looks.

當涉及到零售商時，我們的國際策略是與市場上領先的零售商合作，幫助建立品牌。我們認為義大利的 Douglas 做得非常出色，真正使我們成為該客戶中的第一名，與荷蘭的 Atos [ph] 一樣。我們對與 Rossmann 在德國的合作感到非常興奮。德國是歐洲最大的彩妝市場。我相信羅斯曼有超過 1500 扇門可供我們進入。所以我們對它的外觀感覺非常好。

Thank you.

謝謝。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Thank you, operator, and good afternoon, everybody. I was hoping to see, to hear from a little bit more on the 20% growth in Q2. I understand that you historically have been extremely conservative and you don't flow through all the beats of the guide, but knowing that you grow faster both internationally and off track channels, and track channels are growing, I believe, consumption wise 22% according to Nielsen in July.

謝謝接線員，大家下午好。我希望看到、聽到更多關於第二季 20% 成長的消息。我知道您在歷史上一直非常保守，並且您不會遵循指南的所有節拍，但知道您在國際和非軌道渠道方面都增長得更快，並且軌道渠道正在增長，我相信，消費明智地增長了22％七月到尼爾森。

So I was trying to see if there is anything in terms of shipments and timing of consumption and shipments, anything that we should be aware of and that would inform that deceleration. And then on top of that, if you can explain, there is a lot of noise on the tariff potential tariff increase.

因此，我試圖了解在發貨以及消費和發貨時間方面是否有任何我們應該注意的事情，並且可以告知減速。除此之外，如果你能解釋一下的話，關於關稅潛在關稅增加的噪音很大。

Just to explain that your strategy to increase prices is usually $1 and you've been historically you only increased prices in non-entry level price points and how you should be able, given your large gross margin, explain to investors how like a $0.60 impact would be diluted, if anything, across your price points, and you still keep your price points at a very attractive level. So if you can help me help the investors on those two points? Thank you.

只是為了解釋一下，你的提價策略通常是1 美元，而且從歷史上看，你只在非入門級價格點提價，鑑於你的毛利率很高，你應該如何向投資者解釋0.60 美元的影響如何如果有的話，會在您的價格點上被稀釋，並且您仍然將價格點保持在非常有吸引力的水平。那麼您能否幫我在這兩點上幫助投資人？謝謝。

Absolutely. Hi, Andrea. So I'll take the first question. On Q2 we actually said on our prepared remarks that we expect Q2 to be slightly above the 26% to 28% range that we outlook for the year. So we do expect Q2 to be better than our annual outlook, which we feel great about. And you know that we typically take a balanced approach when it comes to our guidance.

絕對地。嗨，安德里亞。那我來回答第一個問題。在第二季度，我們實際上在準備好的發言中表示，我們預計第二季度將略高於我們今年預期的 26% 至 28% 範圍。因此，我們確實預計第二季度會比我們的年度展望更好，對此我們感覺很好。您知道，在提供指導時，我們通常會採取平衡的方法。

So we always want to put something out there that we feel great about, very balanced in our approach, and we are pleased with what we're seeing out of our retailers digitally, internationally, all of those that we mentioned on the call. So continue to think that we have momentum there. Expect Q2 to be a little bit above our annualized range and we'll take it from there.

因此，我們總是想推出一些讓我們感覺很棒的東西，我們的方法非常平衡，我們對我們在數位化、國際化方面看到的零售商的表現感到滿意，所有這些都是我們在電話中提到的。因此，繼續認為我們在那裡有動力。預計第二季將略高於我們的年化範圍，我們將從那裡開始。

Hi, Andrea. I'll take your second question on tariffs or potential tariffs. First of all, if there were tariffs, it would not impact FY 2025, just given how long it takes for inventory to flow through. So this is really an FY 2026 issue potentially. And so our approach is very similar to what we did in 2019. If you recall, in 2019, we faced 25% tariffs. We use a combination of select price increases, help from FX and supplier concessions to be able to address that tariff issue.

嗨，安德里亞。我將回答你關於關稅或潛在關稅的第二個問題。首先，如果徵收關稅，不會影響 2025 財年，只考慮到庫存流通需要多長時間。所以這確實是 2026 財年的潛在問題。因此，我們的方法與 2019 年的做法非常相似。如果您還記得，2019 年我們面臨 25% 的關稅。我們採用選擇性提價、外匯幫助和供應商優惠的組合來解決關稅問題。

As we look forward, we've heard rumors as high as 60% tariffs. So if we look to how would we solve for that additional 35 points of tariff? We feel pretty confident in terms of that same balanced approach. Certainly we'd take selective pricing on elf In addition, we would expect additional FX help and additional supplier concessions.

展望未來，我們聽到了關稅高達 60% 的傳言。那麼，如果我們考慮如何解決額外的 35 個關稅點呢？我們對同樣的平衡方法非常有信心。當然，我們會對 elf 採取選擇性定價。

And then the fourth thing that we didn't have back in 2019 is continued diversification. And back in 2019, almost 100% of our production came out of China. As of today, it's a little less than 80%. By next year, it'd be even lower than that. And so that continued diversification will be yet another lever we'll have to be able to decide what level of pricing we want to take versus how much we're going to rely on some of these other levers.

2019 年我們沒有做到的第四件事是持續多元化。早在 2019 年，我們幾乎 100% 的產量都來自中國。截至今天，這一比例略低於 80%。到明年，這個數字甚至會更低。因此，持續的多元化將成為我們必須能夠決定我們想要採取的定價水平以及我們將在多大程度上依賴其他一些槓桿的另一個槓桿。

Again, it's premature right now and nothing has happened from an election standpoint. We don't know what the level of tariffs are, but we've already gone through a number of different scenario planning and feel confident we can continue to use that balanced approach to address any tariff that we might face.

再說一遍，現在還為時過早，從選舉的角度來看還沒有發生任何事情。我們不知道關稅水平是多少，但我們已經經歷了許多不同的情景規劃，並且有信心我們可以繼續使用這種平衡的方法來解決我們可能面臨的任何關稅。

Yes, that's super helpful. And just to clarify, and I appreciate Mandy, you correct me on the range, is it fair to assume that when you move guidance, you move guidance mostly and partially just for the beat of the first quarter? And in a way, you kind of left the second half untouched from what it was before, just because you don't have visibility? And I think we've seen most companies do that when they beat guidance these days because there is very limited visibility how the consumer will be at that point.

是的，這非常有幫助。只是為了澄清，我感謝曼迪，你糾正了我的範圍，可以公平地假設，當你調整指導時，你大部分或部分只是為了第一季度的節拍而調整指導嗎？在某種程度上，你讓下半場與之前的情況保持不變，只是因為你沒有可見性？我認為我們已經看到大多數公司在超出指導時都會這樣做，因為當時消費者的情況非常有限。

But given basically what you just described as being like a lot of new places you're coming to, obviously in the fall, you're coming to Mexico and now Germany and the other countries that you're still growing, is that any way you can kind of help investors frame the way the ones that are relatively new when it became a large gap to the story and haven't seen you guide for all these years very conservatively. So if you can kind of like, explain how your guiding process works.

但基本上考慮到你剛才所描述的許多新地方，顯然是在秋天，你將來到墨西哥，現在德國和其他仍在增長的國家，是這樣嗎？當你看到你非常保守地指導時，你可以幫助投資者建立相對較新的方式。因此，如果您願意的話，請解釋一下您的指導流程是如何運作的。

Yes. So for this quarter, we actually did flow through more than the Q1 beat as we continue to feel confident about where the year is headed for elf, but we do take it a quarter at a time to your point, Andrea. So we will stay very balanced in our approach for the current quarter and actually don't give specific quarterly guidance, but we do try to help give some color around what we're seeing and what we expect, but again, have flowed through, at least for this quarter, more than that beat out of Q1 as we have increased confidence on the year.

是的。因此，對於本季度，我們實際上確實經歷了比第一季度更多的節拍，因為我們仍然對今年 elf 的發展充滿信心，但我們確實一次一個季度地考慮你的觀點，安德里亞。因此，我們將在本季度的方法中保持非常平衡，實際上不會給出具體的季度指導，但我們確實嘗試幫助為我們所看到的和我們所期望的提供一些色彩，但同樣，已經通過了，至少在本季度，超過第一季度，因為我們對今年的信心增強了。

Okay, perfect. Thank you. I'll pass it on. Congrats again.

好的，完美。謝謝。我會把它傳遞下去。再次恭喜。

Thanks.

謝謝。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

Hi. Good afternoon and thank you so much for the question. I was wondering if you could comment on any benefits you're seeing so far from trade down in both color cosmetics and mask skin care. And separately, I was wondering if you can comment on the ROI of your increased marketing spend in the quarter and where exactly you're allocating those dollars, whether it's to support new product launches, international expansions or to increase demographic awareness of your brands? Thank you.

你好。下午好，非常感謝你的提問。我想知道您是否可以評論一下迄今為止您所看到的彩妝和麵膜護膚品降價帶來的任何好處。另外，我想知道您是否可以評論一下本季增加的行銷支出的投資報酬率，以及您到底將這些資金分配在哪裡，是支持新產品發布、國際擴張還是提高受眾群體對您品牌的認知度？謝謝。

Hi Anna, this is Tarang. In terms of if we're seeing any consumer trade down, we don't believe we're seeing trade down. I think the prestige category is still we're seeing our ability to expand the category as we have done in terms of each. Every time we launch a holy grail, it gives millions of consumer's greater access to a particular category who may not be participating in it. Great example being our bronzing drops, one of the most requested items we had.

嗨，安娜，我是塔朗。就我們是否看到任何消費者貿易下降而言，我們不認為我們看到貿易下降。我認為聲望類別仍然是我們看到我們擴展該類別的能力，就像我們在每個類別中所做的那樣。每次我們推出聖杯時，它都會讓數百萬可能沒有參與的消費者有更多機會接觸到特定類別。一個很好的例子就是我們的燙金水滴，這是我們最受歡迎的產品之一。

Our bronzing drops at $12 versus a prestige item at $38 or even our soft glam satin foundation at $8 versus a prestige item at the $40 we believe gives more consumers the opportunity to participate in the category. And we feel that's really the main driver of our sales. We certainly are continuing to pick up quite a bit of share. The 260 basis points in color cosmetics of share that we picked up obviously comes across different mass players.

我們的燙金產品價格為12 美元，而高檔產品的價格為38 美元，甚至我們的柔軟華麗緞麵粉底的價格為8 美元，而高檔產品的價格為40 美元，我們相信這會讓更多的消費者有機會參與該類別。我們認為這確實是我們銷售的主要動力。我們當然會繼續獲得相當多的份額。我們所獲得的彩妝市場份額260個基點顯然是針對不同的大眾玩家的。

We're the only brand that we've seen out of 800 that are tracked by Nielsen. And color cosmetics that have grown share for 22 consecutive quarters and are quite bullish in our ability to continue to drive share, not only in color cosmetics, but also skincare. This quarter, we hit an important milestone of elf SKIN, not only growing 60 basis points of share, but being a top 10 brand for the first time, coming in at number nine.

我們是尼爾森追蹤的 800 個品牌中唯一一個被我們看到的品牌。彩妝市場份額已連續 22 個季度增長，並且非常看好我們繼續推動市場份額的能力，不僅在彩妝市場，而且在護膚品市場。本季度，我們 elf SKIN 實現了一個重要的里程碑，不僅份額增長了 60 個基點，而且首次躋身前十名品牌，排名第九。

The reason why that's significant is most of the brands in the top 10 have been there for decades. So for us to do that just in a few years with the momentum we have both on elf SKIN and Naturium, gives us a lot of confidence there and then in terms of the ROIs, what we see on our increase in marketing, we continue to see exceptional ROIs, many multiples above the industry benchmarks, and that is in turn driving the strong top line momentum. What our marketing is also doing is really driving our unaided awareness.

之所以如此重要，是因為前十名中的大多數品牌已經存在了幾十年。因此，對我們來說，憑藉elf SKIN 和Naturium 的勢頭，在短短幾年內就能做到這一點，這給了我們很大的信心，然後就投資回報率而言，我們在行銷方面的成長看到了這一點，我們將繼續看到卓越的投資回報率，比行業基準高出許多倍，這反過來又推動了強勁的營收勢頭。我們的行銷所做的事情也確實提高了我們的獨立意識。

So if you take a look, in the last few years, we've grown an unaided awareness from 13% to 33%. I've been in the consumer space for over 30 years and I've never seen a 20 point increase in unaided awareness. Yet the market leader still has 55% so the strategy you'll see is continue to fall from a marketing standpoint is to continue to disrupt, continue to test on new platforms.

如果你看一下，在過去的幾年裡，我們的獨立意識從 13% 成長到了 33%。我在消費者領域工作了 30 多年，但我從未見過獨立認知度提升 20 個百分點。然而市場領導者仍然擁有 55% 的份額，因此從行銷的角度來看，你會看到的策略是繼續顛覆，繼續在新平台上進行測試。

We said in our prepared remarks, since the beginning of this year, we've launched 15 unique campaigns, and those campaigns go across product purpose, our overall awareness build, and we feel really good about both the pace as well as our capabilities in that area to be able to continue to branch and bring in new users.

我們在準備好的發言中表示，自今年年初以來，我們已經推出了 15 個獨特的活動，這些活動跨越了產品目的、我們的整體意識建設，我們對我們的步伐和能力感到非常滿意。能夠繼續分支並引入新用戶。

We're not only the number one brand amongst Gen Z and Gen Alpha, but we're increasingly picking up many more millennials in Gen X as well. So we love what our marketing is doing, both in the top line from awareness standpoint, equity and new audiences. And you'll continue to see us be quite strong there.

我們不僅是 Z 世代和 Alpha 世代中的第一品牌，而且我們也越來越多地在 X 世代中吸引更多的千禧世代。因此，我們喜歡我們的行銷工作，無論是從知名度、公平性還是新受眾的角度來看。你會繼續看到我們在那裡非常強大。

Great. Very helpful. Thanks so much.

偉大的。非常有幫助。非常感謝。

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，杰弗里斯。

Hey, thanks for taking our questions and congrats on the nice quarter. It was great to see Walmart go to 8 to 12 feet, from 8 feet. Just looking out over the next couple of years, do you see more kind of shelf space opportunities like this for the elf brand in the US?

嘿，感謝您提出我們的問題，並祝賀這個美好的季度。很高興看到沃爾瑪從 8 英尺漲到 8 英尺到 12 英尺。展望未來幾年，您是否會看到美國 elf 品牌有更多這樣的貨架空間機會？

And then, Mandy, just a clarification on guidance. I think last we spoke, you said you don't include countries that have not yet been announced, so I just want to confirm that Germany and Australia are both new to the guide. Thanks.

然後，曼迪，我只是對指導進行澄清。我想上次我們談話時，您說不包括尚未公佈的國家/地區，所以我想確認一下，德國和澳洲都是該指南的新成員。謝謝。

So, actually, I'll take the first part of it. We are also pleased with the space gains that we got at Walmart. You're right, it's about a 50% increase from a predominant 8 foot set to a 12 foot set, predominantly, and we're seeing great results right after that. It usually takes us a couple of seasons to fully optimize productivity, but we like the trajectory we're seeing.

所以，實際上，我將採取第一部分。我們也對沃爾瑪獲得的空間效益感到滿意。你是對的，從主要的 8 英尺組到主要的 12 英尺組增加了大約 50%，之後我們就看到了很好的結果。我們通常需要幾個賽季才能完全優化生產力，但我們喜歡我們所看到的軌跡。

We already passed Covergirl for the number three position at Walmart, within striking distance of L'Oreal Paris at number two. And we continue to see more space opportunities, even in the US For all of the space that we've picked up, we're still dramatically under space, Walmart being a great example.

我們已經超越 Covergirl，登上沃爾瑪第三名的位置，與排名第二的巴黎歐萊雅相差不遠。我們繼續看到更多的空間機會，即使在美國。

While 12 feet is a good increase in the space we have, many of the legacy players out there can have 16 to 20 foot runs, if not more. So, just given our rankings, our productivity, we would foresee more space gains in the future not only at Walmart, but even target. We're the number one brand with over a 21% share at target and we have had that now, I think six consecutive quarters.

雖然 12 英尺對於我們的空間來說是一個很好的增加，但許多傳統球員可以有 16 到 20 英尺的跑動，甚至更多。因此，只要考慮到我們的排名和生產力，我們就可以預見未來不僅是沃爾瑪，甚至目標都會有更多的空間成長。我們是第一品牌，目標份額超過 21%，而且我們現在已經做到了這一點，我認為已經連續六個季度了。

If you take a look, we have nowhere near 21% of the space, nor do we need it. We have, but we do feel there's opportunities at Target, Alta, Walmart and then especially in drug. Drug has been on a good path in terms of giving more space. You heard about the space increases at CVS Walgreens last year, but our footprint is still quite small in drug and certain grocery and so we just see lots of opportunity there and then the last thing I'll say is, as great as space gains are, what gives me the greatest confidence in our business is our ability to drive productivity.

如果你看一下，我們的空間還不到 21%，我們也不需要它。我們有，但我們確實覺得塔吉特、阿爾塔、沃爾瑪有機會，尤其是在藥品領域。藥品在提供更多空間方面一直走在良好的道路上。你去年聽說過 CVS Walgreens 的空間增加，但我們在藥品和某些雜貨領域的足跡仍然很小，所以我們只是看到了很多機會，然後我要說的最後一件事是，空間增加同樣巨大，讓我對我們的業務充滿信心的是我們提高生產力的能力。

The productivity model we have of proactively changing out up to 20% of the SKUs based on the data, the insights we get from beauty squad and our digital business that's driven the vast majority of our growth. And space has been a nice kind of topper on that.

我們的生產力模型是根據數據、我們從美容團隊獲得的見解以及推動我們大部分成長的數位業務主動更換多達 20% 的 SKU。太空是這方面的一個很好的補充。

And then to answer your question, Ashley, on Germany and Australia, yes, those are new to the guide. And so that has already now been reflected in guidance we just provided.

然後回答你的問題，阿什利，關於德國和澳大利亞，是的，這些對指南來說是新的。因此，這已經反映在我們剛剛提供的指導中。

Great, thanks so much.

太好了，非常感謝。

Oliver Chen, Cowen. Please proceed.

奧利佛·陳，考恩。請繼續。

Hi, Tarang and Mandy. The quarter was outstanding. What drove the nice beat in terms of the quarter? And on your guidance, do you expect units to outpace mix? Will that complexion remain the same? You do a really agile job with inventory management. Just so.

嗨，塔朗和曼迪。該季度表現出色。是什麼推動了本季的良好表現？根據您的指導，您預計單位的成長速度會超過混合的嗎？那個膚色會維持不變嗎？您在庫存管理方面做得非常敏捷。就是這樣。

How did you have enough inventory this quarter to drive such an outstanding performance? And going forward, I assume that you have an inventory position to compete in the event that things trend better. Also, Mandy, you mentioned ERP and distribution capacity, and we'd love your take on what's happening there and ways in which you're managing for risk, as those can be changes that can cause disruption. And I'm sure you have a lot of contingencies.

本季你們是如何擁有足夠的庫存來推動如此出色的業績的？展望未來，我假設您有庫存頭寸，可以在情況好轉的情況下進行競爭。另外，Mandy，您提到了 ERP 和分銷能力，我們希望了解您對那裡發生的情況以及您管理風險的方式的看法，因為這些變化可能會導致中斷。我確信你有很多意外情況。

And lastly, Tarang, the Holy Grail strategy, it's been a compelling approach to thinking about your product assortment and also growing incrementally. How does that apply to skin care? And what do you see as your hero products within skincare and also placement? It's been in different parts of the store, or I know you've been innovating constantly in skincare. Thank you.

最後，塔朗（Tarang），聖杯策略，它是一種令人信服的方法來思考你的產品種類並逐步成長。這如何應用於皮膚護理？您認為保養品和置入中的英雄產品是什麼？它位於商店的不同區域，或者我知道您在護膚品方面一直在不斷創新。謝謝。

Thanks for the question, Oliver. So first on the quarter, thank you so much. 50%, we do believe was a pretty tremendous quarter. And what came in better than our expectations. I mean, really it starts with our value proposition continues to stand out in this environment.

謝謝你的提問，奧利佛。首先，非常感謝您。 50%，我們確實相信這是一個相當出色的季度。結果比我們的預期要好。我的意思是，實際上，這始於我們的價值主張在這種環境中繼續脫穎而出。

You couple that with our Holy Grail innovation we talked about bronzing drops this quarter. We continue to see momentum behind our lip oils, which we launched not too long ago. And so that innovation then amplified by our marketing and digital engine, which Tarang just walked through, really helped to drive results for the quarter.

您將其與我們本季討論的燙金滴技術的聖杯創新結合起來。我們繼續看到我們不久前推出的唇油背後的勢頭。因此，塔朗剛經歷的行銷和數位引擎放大了創新，確實有助於推動本季的業績。

The great thing about our results is that they continue to be unit led. We were amongst the only ones in the top five able to grow units this quarter, and so we continue to expect that to be a key driver of our growth as we move forward. In fact, when we broke down the units versus mix component, that mix portion largely was driven by the inclusion of Naturium in our financials, as elf mix has pretty much stayed in low single digits as we've started the year.

我們的成果的偉大之處在於它們仍然是由單位領導的。我們是前五名中唯一能夠在本季增加單位的公司之一，因此我們繼續期望這將成為我們前進過程中成長的關鍵驅動力。事實上，當我們分解單位與混合成分時，該混合部分很大程度上是由我們的財務數據中包含的天然元素推動的，因為今年年初以來，精靈混合幾乎保持在較低的個位數。

In terms of inventory management, we feel great about our inventory position. As we've talked for the last several quarters, we've proactively taken our inventory levels up to support the demand that we're seeing and additionally added in Naturium and changed some terms with our vendors to take possession of that inventory earlier. So we feel great about being able to service the demand that we're seeing on the inventory that we have.

在庫存管理方面，我們對庫存狀況感覺良好。正如我們在過去幾個季度中所說的那樣，我們主動提高了庫存水平，以支持我們所看到的需求，並另外添加了Naturium，並更改了與供應商的一些條款，以便更早擁有該庫存。因此，我們對能夠滿足我們現有庫存的需求感到非常高興。

On the second question, because you had three questions in there, Oliver second question on ERP and distribution. So on the ERP we are continuing to move forward on our ERP transition. We're continuing to test that. We have shifted our timelines a bit more to out to the spring. We were originally looking to launch in the fall. We've shifted that out to the spring just to allow for enough testing cycles as we go through. So we're feeling great about that.

關於第二個問題，因為你在那裡提出了三個問題，奧利佛的第二個問題是關於 ERP 和分銷的。因此，在 ERP 方面，我們將繼續推動 ERP 轉型。我們正在繼續測試這一點。我們已經將時間表稍微推遲到了春天。我們最初計劃在秋季推出。我們已將其轉移到春季，只是為了在我們進行時有足夠的測試週期。所以我們對此感覺很好。

And then from a distribution standpoint, we're continuing to expand our distribution footprint, getting additional capacity in the UK, also in Asia, looking to set up a warehouse in Asia as well, to start to service some future distribution. We're laying the groundwork now so that we have the capacity in place as we look out longer term.

然後從分銷的角度來看，我們正在繼續擴大我們的分銷足跡，在英國和亞洲獲得額外的產能，並尋求在亞洲設立一個倉庫，以開始為未來的一些分銷提供服務。我們現在正在奠定基礎，以便我們有能力進行更長期的展望。

Yes. And then your last question, in terms of our holy grail approach, not only in color cosmetics, but we're using that same approach on skin care. Bronzing drops is probably our best latest example of an absolute Holy Grail product at $12 versus the prestige inspiration at $38. And in terms of not only the Holy Grail approach we're replicating on elf SKIN, but also the franchise approach.

是的。然後你的最後一個問題，就我們的聖杯方法而言，不僅在彩妝方面，而且我們在皮膚護理方面也使用同樣的方法。燙金滴可能是我們最新、最好的例子，絕對的聖杯產品，價格為 12 美元，而威望靈感產品則為 38 美元。我們不僅在 elf SKIN 上複製了聖杯方法，而且還複製了特許經營方法。

If I look at our current skin care franchises, our main franchises of holy hydration suntouchables have both been doing extremely well. We'll see if bronzing drops becomes a third franchise or not. But we're continuing that not only in elf SKIN, but also on Naturium. You heard about us expanding our glow getter body wash into the body oil category as well. And so you'll continue to see those two consistent themes of holy grails and franchises that can grow year after year.

如果我看看我們目前的護膚系列，我們的主要係列產品——Holy Hydration Suntouchables 都表現得非常好。我們將看看燙金滴是否會成為第三個特許經營權。但我們不僅在 elf SKIN 上繼續這樣做，還在 Naturium 上繼續這樣做。您聽說過我們將煥彩沐浴露也擴展到了身體油類別。因此，您將繼續看到聖杯和特許經營這兩個一致的主題可以年復一年地增長​​。

Okay, one quick followup. International margins, how should investors think about that? It looks like you're really investing in a nice infrastructure in London and you have a capital light approach to approaching the best of class partners. What's the evolution? There's a big opportunity in all these countries. Thank you.

好的，快速跟進一下。國際利潤率，投資人該如何思考？看起來您確實在倫敦投資了良好的基礎設施，並且您有一種輕資本的方法來接觸最好的合作夥伴。有何演變？所有這些國家都有很大的機會。謝謝。

Yes, I would say from a margin perspective as we scale internationally there is an opportunity for those margins to be accretive overall. If you think about we are not tariffed as we import into those countries.

是的，我想說，從利潤率的角度來看，隨著我們在國際上擴張，這些利潤率有機會整體增加。如果您考慮一下，我們進口到這些國家時沒有被徵收關稅。

And so that's a big piece of the pie that we don't have to incur as we spread out across the globe and so something to keep in mind. But again, international is a smaller part of our business and it's something that we're watching as we continue to scale.

因此，當我們遍布全球時，這是我們不必承擔的一大塊蛋糕，所以需要牢記這一點。但同樣，國際業務只占我們業務的一小部分，隨著我們不斷擴大規模，我們正在關注這一點。

Best regards.

此致。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks operator. Good afternoon everyone. I hope you are doing well. I wanted to just go back to the 2Q sales guidance so slightly above the full year range but when you consider you anticipate US track channels growth of at least 20% which isn't really all that different from what you saw in 1Q, you still get a benefit from Naturium. It really seems to imply pretty big step down in maybe non-track channels or maybe a weaker contribution from international despite kind of expanding doors and markets. Can you maybe just unpack that a bit? Are you just simply being conservative or is there something you're seeing that's really driving that view?

感謝運營商。大家下午好。我希望你一切都好。我想回到第二季的銷售指導，略高於全年範圍，但當你考慮到你預計美國軌道通路的成長至少為20%，這與你在第一季看到的情況並沒有太大不同時，你仍然從大自然中獲益。這似乎確實意味著，儘管門和市場不斷擴大，但非軌道通路的貢獻可能會大幅下降，或者國際貢獻可能會減弱。你能稍微解開一下嗎？您只是出於保守，還是您看到的某些東西真正推動了您的觀點？

Hi Peter. So I would say we're being very consistent in our guidance approach. We again always take a balanced approach as we come into a quarter. We don't give hard and fast guidance but we try to provide some color as to what to expect.

嗨彼得。所以我想說，我們的指導方法非常一致。當我們進入季度時，我們總是採取平衡的方法。我們不會提供嚴格而快速的指導，但我們會嘗試提供一些關於預期結果的顏色。

We talked about track channels. Yes, we expect that to be in the 20% range over the course of the quarter. Might see some ebbs and flows there as you go through but feeling good about that. Naturium will continue to be a contributor as you pointed out. And we also continue to feel good about international and our untracked channels. And so as we see it today, we feel great about indicating that the total sales growth for Q2 could be slightly above that range that we've provided for the year. And we'll take it, like I said, one quarter at a time.

我們討論了軌道頻道。是的，我們預計本季這一比例將在 20% 的範圍內。當你經歷的時候可能會看到一些潮起潮落，但感覺很好。正如您所指出的，Naturium 將繼續做出貢獻。我們也繼續對國際和我們未追蹤的管道感到滿意。因此，正如我們今天看到的那樣，我們很高興表明第二季度的總銷售成長可能略高於我們今年提供的範圍。正如我所說，我們將一次接受一個季度。

Great. And then just maybe following up on the profit guidance. I think you said flattish gross margin for the second quarter. So can you maybe just bridge us from the 28% adjusted EBITDA margin last year to the low teens you mentioned? Just seems like a lot of SG&A deleveraging. You totally get your reinvesting and setting up marketing and kind of the non-marketing piece around Naturium, but it just seems like you almost need 1500 basis points of SG&A deleverage to hit this number. So just I think any color would be helpful on just kind of drivers of that.

偉大的。然後也許只是跟進利潤指引。我想你說的是第二季的毛利率持平。那麼，您能否將我們從去年 28% 的調整後 EBITDA 利潤率過渡到您提到的低十幾歲水平？似乎有很多SG&A去槓桿化。你完全得到了你的再投資和建立行銷以及圍繞 Naturium 的非行銷部分，但看起來你幾乎需要 1500 個基點的 SG&A 去槓桿化才能達到這個數字。所以我認為任何顏色都會對這種驅動因素​​有所幫助。

Yes. So it's really more of a first half second half story. When you think about the EBITDA margins, EBITDA margin in the first half we outlook would be lower one driven by the marketing investment that we're making. So in Q1 you saw that up 700 basis points last year. In Q2, marketing was 21% of net sales. We're targeting that higher end of the range closer to the 26% for the second quarter and so you're going to continue to see investment there.

是的。所以這其實更像是前半後半的故事。當你考慮 EBITDA 利潤率時，我們預期上半年的 EBITDA 利潤率會因我們正在進行的行銷投資而較低。所以在第一季你看到去年上漲了 700 個基點。第二季度，行銷佔淨銷售額的 21%。我們的目標是第二季接近 26% 的高端範圍，因此您將繼續看到那裡的投資。

And then as we walk through we talked about Naturium, annualizing that spend and continuing to invest in people and infrastructure of which once we get to the second half we will have a more normalized level of spend. So you're going to start cycling marketing in the 25%, 26% range already in that base and so you don't have that as an incremental. And then we start to have Naturium in the base again. So you get to a little bit normalized place.

然後，當我們討論時，我們談到了 Naturium，將支出按年計算，並繼續投資於人員和基礎設施，一旦進入下半年，我們將擁有更正常化的支出水平。因此，您將在該基礎上的 25%、26% 範圍內開始自行車行銷，因此您不會將其作為增量。然後我們又開始在基地中加入鈉。所以你到達了一個稍微標準化的地方。

So we do expect better, much better EBITDA margin growth as we get into the second half of the year, better EBITDA, I would say adjusted EBITDA growth overall and margin expansion as we get into the second half of the year. So it's just a little bit of a rebalancing of how we're spending this year to get to that 20 basis points of expansion on the full year.

因此，我們確實預計，隨著進入下半年，EBITDA 利潤率將出現更好、更好的成長，我想說的是，隨著進入下半年，調整後的EBITDA 整體成長和利潤率擴張將會更好。因此，這只是我們今年支出方式的一點重新平衡，以實現全年 20 個基點的擴張。

Great. I'll pass it on. Thanks so much.

偉大的。我會把它傳遞下去。非常感謝。

Linda Bolton Weiser, D.A. Davidson. Please proceed.

琳達·博爾頓·韋瑟，D.A.戴維森。請繼續。

Yes, hi. I have two questions. I guess the first one is just a check on Naturium. I guess, it seemed like it contributed a little less to the growth in the quarter than I thought. At one point you had given a revenue projection for the year for Naturium. Maybe you could update that for us so we've got that modeling correct.

是的，嗨。我有兩個問題。我想第一個只是檢查鈉。我想，它對本季成長的貢獻似乎比我想像的要少一些。您曾經對 Naturium 當年的收入做出了預測。也許您可以為我們更新它，以便我們獲得正確的模型。

And then secondly, just to kind of dig in some more on the growth projection for the second quarter, the prior year tract channel comparisons do become easier. And in September they're even in the 50% range in prior year. So it seems that if you're projecting only 20% POS growth, it's quite a deceleration on a two-year stack basis. And I know these are crazy numbers to think you can even grow 20% against 50%, but that's a deceleration on a two-year stack from 100% to 70%.

其次，為了進一步了解第二季的成長預測，與前一年的通路比較確實變得更容易。9 月份，他們甚至處於去年同期的 50% 範圍內。因此，如果您預計 POS 成長率僅為 20%，那麼從兩年來看，這似乎是一個相當大的減速。我知道這些數字令人瘋狂，認為你甚至可以從 50% 成長 20%，但這只是兩年從 100% 到 70% 的減速。

So again, I think growth investors just kind of want to understand, like what is causing you to think that you can only do 20% POS when the prior year comps actually get quite a bit easier. Thank you.

再說一次，我認為成長型投資者只是想了解，是什麼讓你認為你只能做 20% 的 POS，而去年的比較實際上變得更容易了。謝謝。

Hi, Linda. So I'll go ahead and take this question. So, on Naturium. So Naturium contributed 16 percentage-points to our net sales growth for this quarter. We had not provided any revenue projections for Naturium on the year. So Naturium continues to track right in line, maybe even slightly better than where we saw it for the year. And so that is really on track and very proud to see them having launched in Ulta and really pleased with what we're seeing there.

嗨，琳達。所以我將繼續回答這個問題。所以，關於自然。因此，Naturium 為我們本季的淨銷售額成長貢獻了 16 個百分點。我們沒有提供 Naturium 今年的任何收入預測。因此，Naturium 的表現繼續保持在正軌，甚至可能比我們今年看到的情況還要好一些。因此，一切都步入正軌，非常自豪地看到他們在 Ulta 推出，並對我們在那裡看到的東西感到非常滿意。

On the growth projections for Q2, I hear you on the deceleration, but we're actually seeing this as strength upon strength. Even a 50% in the base or 76% in the base to continue to build upon that shows the strength of our brand. It shows that we are continuing to build market share in this environment and lead the growth for the category. And so we feel great about how we're positioned and the growth that we're driving overall.

關於第二季的成長預測，我聽到你說減速，但我們實際上認為這是一個又一個的優勢。即使是 50% 的基礎或 76% 的基礎上繼續發展，也顯示了我們品牌的實力。這表明我們在這種環境下繼續擴大市場份額並引領該類別的成長。因此，我們對自己的定位和整體推動的成長感到非常滿意。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Good afternoon. Thank you for taking my question. First, I just wanted to follow up on the price mix contribution. I think you said ELF, tracking up low single digits in the first quarter below what we've seen in some recent periods. I believe because some of the recent innovations are coming in at lower price points, I guess. Is that right?

午安.感謝您回答我的問題。首先，我只想跟進價格組合的貢獻。我想你說的是 ELF，第一季的低個位數數字低於我們最近一段時間所看到的水平。我相信是因為最近的一些創新正在以較低的價格出現，我猜。是這樣嗎？

And then how should we be thinking about that price mix contribution moving forward here, both Q2 and then back half as you start to cycle the Naturium?

然後，當您開始循環使用 Naturium 時，我們應該如何考慮這裡的價格組合貢獻，包括第二季和後半部分？

Yes. So, on the price mix contribution, yes you're right. This year we did introduce some lower priced innovation. Again, staying true to our value proposition, wanted to make sure that we had some well-priced items out there in the market, and they're continuing to perform very well. That has taken down some of our price mix.

是的。所以，關於價格組合的貢獻，是的，你是對的。今年我們確實推出了一些價格較低的創新產品。再次，忠於我們的價值主張，希望確保我們在市場上有一些價格合理的產品，並且它們繼續表現良好。這降低了我們的一些價格組合。

But again, with Naturium coming into the fold, that price mix, it was about 16 percentage-points for the quarter overall, so feeling great about that. The thing that's even better is that our growth continues to be led by unit volume, and that's what we want to continue to see on the road ahead speaks to the demand that we're seeing for the brand.

但同樣，隨著 Naturium 的加入，整個季度的價格組合大約上漲了 16 個百分點，所以感覺很好。更好的是，我們的成長繼續以單位銷售為主導，這就是我們希望在未來的道路上繼續看到的，這說明了我們對該品牌的需求。

Thank you. And then with some of the sluggish growth you're seeing in the mass cosmetics industry-wide, obviously you're taking a lot of share here, but what are you seeing and what are you expecting on the promotional front?

謝謝。然後，隨著您在整個大眾化妝品行業看到的一些緩慢增長，顯然您在這裡佔據了很多份額，但是您在促銷方面看到了什麼以及您有何期望？

Hi, Mark. I'll take that. I would say, first of all, on the mass color cosmetic side, the low single-digit decline that you're seeing is also up against a much higher period. So on a two-year stack basis, the category is all is still up.

嗨，馬克。我會接受的。我想說，首先，在大眾彩妝方面，你所看到的低個位數下降也與更高的時期相比。因此，在兩年堆疊的基礎上，該類別仍然處於上升狀態。

From a promotional standpoint, on the mass side, we're not seeing increased promotion on the mass side, I think you are a little bit on the prestige or in specialty channel, but overall, I would say we're not really seeing much. And it hasn't really bothered us in the past, mainly because of our superior value proposition, who are great value every single day.

從促銷的角度來看，在大眾方面，我們沒有看到大眾方面的促銷活動有所增加，我認為您在威望或專業管道上有一點，但總的來說，我想說我們並沒有真正看到太多。過去這並沒有真正困擾我們，主要是因為我們卓越的價值主張，我們每天都具有巨大的價值。

So a lot of, I think the promotions and the high low players, really, they end up trading amongst themselves more than us. We've been able to continue to pick up market share and pretty confident in terms of our ability to continue to do so.

所以很多，我認為晉升和高低玩家，實際上，他們最終在彼此之間的交易比我們更多。我們已經能夠繼續擴大市場份額，並且對我們繼續這樣做的能力充滿信心。

Susan Anderson, Cannacord Genuity.

蘇珊安德森，《Cannacord Genuity》。

Hi. Good evening. Thanks for putting me in here. I guess maybe just a little bit of color on Naturium and the rollout at Ulta. It sounds like it's going pretty well. I guess I'm curious, are you seeing a similar customer uptick that you see at target? And probably not there yet, but, how does the productivity on the shelf compare? And then also, do you have plans this year or into next year to roll Naturium out to further retailers? Thanks.

你好。晚安.謝謝你把我放在這裡。我想也許只是在 Naturium 和 Ulta 的推出上添加一點色彩。聽起來進展順利。我想我很好奇，您是否看到了與 Target 類似的客戶成長情況？也許還沒有，但是，貨架上的生產率如何比較？另外，您是否計劃在今年或明年向更多零售商推出 Naturium？謝謝。

Hi, Susan. We're really pleased with what we're seeing in Naturium. It's too early to tell in terms of the productivity where we set facial skincare just a couple weeks ago. We're in the process right now finishing our body and lip resets, and so it'll take a little while for us to see it. But so far, both we and Ulta are pleased, and there's a lot of excitement for Naturium and Ulta Beauty and not only Ulta Beauty, but also at Target.

嗨，蘇珊。我們對在 Naturium 中看到的情況感到非常滿意。就幾週前我們設定臉部保養品的生產力而言，現在判斷還為時過早。我們現在正在完成身體和嘴唇的重置，因此我們需要一段時間才能看到它。但到目前為止，我們和 Ulta 都很滿意，Naturium 和 Ulta Beauty 都非常興奮，不僅是 Ulta Beauty，而且 Target 也很興奮。

At Target, you know, we're up against a big period. Last year, we had expanded distribution, and yet Target is also leaning in. So we feel great about the momentum that we're seeing with Naturium and continue to do. It's ahead of our own expectations when we made the acquisition in terms of our acquisition model. So continue to be really, really excited.

你知道，在塔吉特，我們正面臨一個重要時期。去年，我們擴大了分銷範圍，但塔吉特也積極跟進。因此，我們對 Naturium 所看到的勢頭感到非常高興，並將繼續這樣做。從收購模式來看，我們這次的收購是超越了我們自己的預期。所以繼續保持非常非常興奮。

And then in terms of further rollout, I'd say our focus right now, I mean it's all 1,400 Ulta Beauty stores. We also have a track record on elf of when you expand, making sure your existing customers remain happy and well supported. So I'd say near term focus in the US will be target Amazon Ulta Beauty. We feel like that's plenty for the team to execute and continue to go on.

然後就進一步推出而言，我想說我們現在的重點是所有 1,400 家 Ulta Beauty 商店。我們也對您的擴張有追蹤記錄，確保您現有的客戶保持滿意並得到良好的支援。所以我想說，美國近期的重點將是 Amazon Ulta Beauty。我們覺得這對於團隊執行並繼續前進來說已經足夠了。

There are opportunities internationally on Naturium. Right now we're mainly in Space NK in the UK, so I think in subsequent quarters you'll hear a little bit more about our plans in terms of how we take Naturium into other markets as well.

國際上有關於 Naaturium 的機會。目前我們主要在英國的 Space NK，所以我認為在接下來的幾季中，您會聽到更多關於我們如何將 Naturium 引入其他市場的計劃。

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

今天會議的問答環節到此結束。現在我想將會議轉回塔朗·阿明發表閉幕詞。

Well, thanks for joining us today. I'm so proud of our incredible team for delivering another quarter of industry-leading growth. Thank you to every elf and elf 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 with you in November when we'll discuss our second quarter results. Thank you and be well.

好的，感謝您今天加入我們。我為我們令人難以置信的團隊再次實現領先業界的成長感到自豪。感謝每位精靈和精靈夥伴對我們創造不同類型的美容公司願景的熱情和奉獻。我們期待在即將舉行的投資者會議上見到你們，並在 11 月與你們交談，屆時我們將討論我們的第二季度業績。謝謝你，祝你一切順利。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。