elf Beauty Inc (ELF) 2025 Q3 法說會逐字稿

Thank you for joining us today to discuss e.l.f. Beauty's third quarter fiscal '25 results. I'm KC Katten, Vice President of Corporate Development and Investor Relations. With me today are Tarang Amin, Chairman and Chief Executive Officer; and Mandy Fields, Senior Vice President and Chief Financial Officer.

感謝您今天加入我們討論 e.l.f。 Beauty 25 財年第三季業績。我是企業發展和投資者關係副總裁 KC Katten。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.

我們鼓勵您觀看我們的網路廣播演示，以獲得最佳觀看體驗，您可以透過我們的網站 investor.elfbeauty.com 存取。由於我們今天的許多評論都包含前瞻性陳述，請參閱我們的收益報告和向美國證券交易委員會提交的報告，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，該公司今天的報告還包含以非 GAAP 為基礎呈現的資訊。我們的收益報告包含非公認會計準則 (GAAP) 列報與最直接可比較的公認會計準則 (GAAP) 指標之間差異的對帳。

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

說完這些，讓我把網路直播交給 Tarang。

Thank you, KC, and good afternoon, everyone. Today, we will discuss the drivers of our third-quarter results and our updated outlook for fiscal '25. In Q3, we delivered another quarter of consistent category-leading growth. We grew net sales 31%, delivered $69 million in adjusted EBITDA and increased our US market share by 220 basis points.

謝謝你，KC，大家下午好。今天，我們將討論第三季業績的驅動因素以及我們對25財年的最新展望。第三季度，我們再次實現了持續領先的成長。我們的淨銷售額成長了 31%，調整後 EBITDA 達到 6,900 萬美元，美國市佔率提高了 220 個基點。

Q3 marked our 24th 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're 1 of only 6 public consumer companies out of 546 that has grown for 24 straight quarters and averaged 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 24 consecutive quarters.

第三季是我們連續第 24 季實現淨銷售額成長和市佔率成長，e.l.f.一群稀有的高成長公司中的佼佼者。在 546 家上市消費品公司中，我們是僅有的 6 家連續 24 個季度實現成長、且每季平均銷售額成長率至少 20% 的公司之一。電腦是尼爾森追蹤的近1000個化妝品品牌中唯一一個連續24個季度成長率成長的品牌。

Our fiscal 2025 year-to-date results have been exceptional with our team delivering 40% net sales growth. We remain confident in our strategy, ability to take market share and capitalize on the white space ahead of us. At the same time, our consumption trends to start calendar 2025 have been softer than we expected.

我們 2025 財年迄今的業績非常出色，我們的團隊實現了 40% 的淨銷售額成長。我們對我們的策略、佔領市場份額和利用我們面前空白的能力充滿信心。同時，到 2025 年，我們的消費趨勢比預期的要疲軟。

We see three factors. First, the category continued to decline in January. We believe this decline is reflective of consumer stocking up in a highly promotional December and lower social conversation around Beauty. Consumer mind show is focused elsewhere, including wildfires in LA and uncertainty around the TikTok platform.

我們看到三個因素。一是1月該類別持續下滑。我們認為，這種下降趨勢反映出消費者在 12 月促銷活動旺盛的情況下囤貨，以及有關美容的社交討論減少。消費者的注意力集中在其他地方，包括洛杉磯的山火和圍繞 TikTok 平台的不確定性。

Second, in Q4, we're lapping the global launch of our viral glow reviver lip oil, which was our biggest launch in calendar 2024. In addition, we had higher shipments in Q4 last year as retailers built inventory ahead of the big game. Third, initial reads for a couple of our new product launches for Spring 2025 have started off slower than we expected. We're still in the early days of marketing activations for these launches and our spring resets.

其次，在第四季度，我們正在全球推出病毒式煥彩潤唇油，這是我們在 2024 年日曆上最大的發布。此外，由於零售商在大賽前建立了庫存，我們去年第四季的出貨量有所增加。第三，我們 2025 年春季推出的幾款新產品的初步讀數比我們預期的要慢。我們仍處於這些產品發布和春季重置的營銷激活的早期階段。

Over the next few weeks, our retailers will add spring innovation to shelf and refresh our shelf sets, including expanded space in Target and Walgreens. These results are still in progress and will not be complete until the end of February.

在接下來的幾週內，我們的零售商將在貨架上添加春季創新產品並更新我們的貨架組，包括擴大 Target 和 Walgreens 的空間。這些結果仍在進行中，直到二月底才能完成。

Balancing these factors, we're lowering our net sales outlook for the final quarter of the fiscal year to minus 1% to plus 2%. Given the dynamics between Q3 and Q4, we do not believe Q4 is indicative of the underlying run rate of our business and we remain confident in our ability to deliver market-leading growth.

綜合考慮這些因素，我們將本財年最後一季的淨銷售額預期下調至負 1% 至正 2%。考慮到第三季和第四季之間的動態，我們認為第四季並不能反映我們業務的基本運作率，我們仍然對我們實現市場領先成長的能力充滿信心。

As updated, our outlook contemplates 14% to 16% net sales growth in the second half of 2025. On top of the 77% growth we delivered in the second half of last year. As we look ahead, we remain focused on four areas with significant runway for growth. Digital, Color Cosmetics, Skin Care and International. Let me update you on our progress in each in Q3.

根據更新後的數據，我們預計 2025 年下半年淨銷售額將成長 14% 至 16%。我們在去年下半年實現了 77% 的成長。展望未來，我們仍將重點放在四個具有巨大成長空間的領域。數位、彩妝、護膚和國際。讓我在第三季向您通報我們在各方面的進展。

Starting with Digital. Founded as a digitally native brand, e.l.f. remains the only top 5 Mass Cosmetics brand with our own direct-to-consumer site. Q3 digital consumption trends were up nearly 30% year-over-year on top of triple-digit growth in Q3 of last year. Digital channels drove 24% of our consumption in Q3 in line with last year.

從數字開始。e.l.f. 以數位原生品牌成立。仍然是唯一擁有自己的直銷消費者網站的五大大眾化妝品品牌。第三季數位消費趨勢在去年第三季三位數成長的基礎上年增近 30%。第三季度，數位通路消費占我們消費總額的 24%，與去年同期持平。

We're pleased with these results as Q3 was highly promotional across Mass Beauty. Instead, we held to our approach of delivering outstanding value every day, foregoing promotional activity on elfcosmetics.com during the holidays. We're seeing continued momentum across our digital and social platforms with strength on Amazon and supported by our ongoing enhancements to our loyal program and mobile app.

我們對這些結果感到滿意，因為 Q3 在 Mass Beauty 中具有極高的推廣效果。相反，我們堅持每天提供卓越價值的方法，放棄假日期間在 elfcosmetics.com 上進行的促銷活動。我們看到，我們的數位和社交平台繼續保持良好發展勢頭，這得益於亞馬遜的實力以及我們忠誠度計劃和行動應用程式的持續增強。

Our Beauty Squad loyalty program recently surpassed 5.6 million members, with enrollment consistently growing over 20% year-over-year. Our mobile app now has over 3 million downloads, making the most downloaded single-brand cosmetics and skin care app in the US and holds a 4.9 rating out of 5.

我們的 Beauty Squad 忠誠度計畫會員數量最近已超過 560 萬，且註冊人數較去年同期持續超過 20%。我們的行動應用程式目前下載量已超過 300 萬次，成為美國下載量最多的單一品牌化妝品和護膚品應用程序，評分為 4.9（滿分 5 分）。

In Color Cosmetics, we continue to significantly outperform the category. In Q3, e.l.f. Cosmetics grew 16% in tracked channels as compared to a category that was down 5%, increasing our market share by 220 basis points. Nationally, e.l.f. is the number 1 brand on a unit basis with approximately 14% share and the number 2 Mass brand on a dollar basis with approximately 12% share, more than double the level we had three years ago.

在彩妝領域，我們的表現持續顯著優於其他類別。在第三季度，e.l.f.與下降 5% 的類別相比，化妝品在追蹤管道中成長了 16%，市佔率增加了 220 個基點。在全國範圍內，e.l.f.按銷量計算，它是第一大品牌，佔有約 14% 的份額；按金額計算，它是第二大大眾品牌，佔有約 12% 的份額，比三年前增長了一倍多。

We remain focused on the opportunity to double our market share in the coming years.

我們將繼續致力於在未來幾年內實現市場份額翻倍。

In Target, our longest-standing international retail customer, we're the number 1 brand with over 20% share, delivering consistent growth over time. In Q3, we grew our cosmetic share at Target by 170 basis points and believe we can fuel further growth with space experience this spring. We believe we're making great progress on replicating our success at Target with other key retailers. In Q3, we reached the number 2 brand rank at Walmart for the first time, up from number 4 a year ago. We're also finding success with newer retailers like Dollar General, where we launched e.l.f.

在我們最長期的國際零售客戶 Target 中，我們是第一大品牌，佔有超過 20% 的份額，並且一直保持著持續的成長。在第三季度，我們在塔吉特的化妝品份額增長了 170 個基點，並相信今年春季我們能夠憑藉太空體驗推動進一步增長。我們相信，我們在與其他主要零售商合作複製 Target 的成功方面正在取得巨大進展。第三季度，我們首次在沃爾瑪品牌排名中位居第二，高於一年前的第 4 位。我們也與 Dollar General 等較新的零售商合作取得了成功，我們向他們推出了 e.l.f。

in a subset of doors. Our initial results have exceeded our expectations in this new channel, and we'll continue to expand into additional Dollar General doors this spring. We share Dollar General's mission to serve the underserved and democratize access to the best of Beauty, particularly in rural areas, which have traditionally only been served by legacy brands.

在門的子集中。我們在這個新通路的初步結果已經超出了我們的預期，今年春天我們將繼續擴展到更多的 Dollar General 門市。我們與 Dollar General 有著共同的使命，即為弱勢群體提供服務，並讓更多人能夠享受到最好的美容產品，尤其是在傳統品牌通常只為農村地區提供服務。

We are pleased with our continued retail expansion opportunities unlocked by our focus on driving productivity. e.l.f. remains the most productive cosmetics brand on a dollar per linear foot basis with our largest retail customers globally. Our 24 consecutive quarters of share gains are a testament to the effectiveness of our productivity model and we believe our continued focus on productivity will aid in further space expansion in the years to come.

我們很高興看到，透過專注於提高生產力，我們獲得了持續的零售擴張機會。電腦以每英尺美元計算，我們在全球最大的零售客戶中仍然是生產力最高的化妝品品牌。我們連續 24 個季度的市場份額成長證明了我們生產力模型的有效性，我們相信，我們對生產力的持續關注將有助於未來幾年進一步擴大空間。

Looking at Skincare. In just five years, e.l.f. skin has become a top 10 skin care brand in a category dominated by legacy brands built over decades. For context, the average age of the other top 10 skin care brands is 63 years old. In Q3, e.l.f.

看看保養品。短短五年間，e.l.f.在由數十年來建立的傳統品牌主導的護膚品類別中，Skin 已成為十大護膚品牌之一。作為背景，其他十大護膚品牌的平均年齡為 63 歲。在第三季度，e.l.f.

skin continued to meaningfully outperform the category and grow market share. As we look ahead, we see significant runway for growth. e.l.f. skin today holds about a 2% share as compared to the number 1 brand holding nearly 14% share.

皮膚的表現繼續顯著優於其他類別，且市場份額不斷擴大。展望未來，我們看到巨大的成長空間。電腦目前，第一大品牌的份額約為 14%，而第二大品牌的份額約為 2%。

With the acquisition of Naturium, we've doubled our Skin Care penetration to 18% of our retail sales. We now have two of the fastest-growing Mass skin care brands that are distinct yet complementary in their price points, positioning in audiences. The launch of Naturium into Ulta Beauty continues to perform well, and we see further expansion opportunities ahead.

透過收購 Naturium，我們的保養品滲透率提高了一倍，達到零售額的 18%。我們現在有兩個成長最快的大眾護膚品牌，它們在價格點和受眾定位上各有特色但又互補。Naturium 在進入 Ulta Beauty 後繼續表現良好，我們看到未來進一步擴張的機會。

Turning to International. Our net sales grew 66% in Q3, fueled by growth in our existing markets as well as our expansion into new markets. International drove 20% of our net sales in Q3, up from 15% a year ago. We see significant white space ahead with our global peers having over 70% of their sales outside the US. We've seen success with our engagement model across social platforms, driving global consumer demand well before we enter a particular country.

轉向國際。由於現有市場的成長以及新市場的擴張，我們的淨銷售額在第三季成長了 66%。國際市場貢獻了我們第三季淨銷售額的 20%，高於去年同期的 15%。我們看到未來存在巨大的空白，我們的全球同業 70% 以上的銷售額都來自美國以外。我們的跨社群平台參與模式取得了成功，在進入某個國家之前就已經帶動了全球消費者的需求。

Today, e.l.f. has retail presence in 15 countries with launches over the last year, including Rossman, Germany, Etos, Netherlands, Douglas, Italy and Sephora, Mexico.

今天，e.l.f.去年，該公司已在 15 個國家開設了零售店，其中包括德國 Rossman、荷蘭 Etos、義大利 Douglas 和墨西哥 Sephora。

We've achieved a top 3 ranking in each of these new markets we've launched in, reflecting our strength in driving global brand demand. We're also excited to bring our disruptive marketing to new markets using our universal brand superpowers with local cultural relevance. In Germany, e.l.f. translates to the number 11. e.l.f. von zehn, the title of our latest campaign means 11 out of 10. A wink in an odd to an obsession in Germany with quality ratings.

我們在每個新市場都取得了前三名的排名，反映了我們在推動全球品牌需求方面的實力。我們也很高興能夠利用我們具有當地文化相關性的通用品牌超能力將我們的顛覆性行銷帶入新市場。在德國，e.l.f.翻譯為數字 11。 von zehn，我們最新的活動標題的意思是「10 分中的 11 分」。這與德國對品質評級的執著有些出奇。

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In Mexico, we're tapping into the love of telenovelas with Descubre el efecto, discover the e.l.f. effect. This campaign, which is launching over the next few weeks is root in e.l.f.'s core value proposition. The engagement with our global audience and success we're seeing across geographies gives us confidence in the global opportunity we see ahead for our brands.

在墨西哥，我們透過《發現效應，發現 e.l.f》挖掘人們對電視劇的熱愛。影響。這項活動將於未來幾週內啟動，其根源在於 e.l.f. 的核心價值主張。我們與全球觀眾的互動以及我們在各個地區的成功使我們對未來品牌的全球機會充滿信心。

e.l.f. has been one of the few brands able to scale through our five unique areas of advantage. Our passionate team of owners with a performance culture, our value proposition powered by an asset-light supply-chain delivering the best combination of quality, cost and speed.

電腦是少數能夠透過我們五個獨特的優勢領域擴大規模的品牌之一。我們擁有充滿熱情的業主團隊，具有績效文化，我們的價值主張由輕資產供應鏈提供支持，提供質量、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 antigen, 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.

我們強大的創新能力以可負擔的價格提供優質的聖杯產品，我們顛覆性的營銷抗原，激活了全球數百萬消費者，我們獨特的生產力模式，在全球零售中將這一點變為現實。其他品牌可能會試圖模仿我們的部分策略。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。

This quarter, I'd like to spotlight our powerhouse innovation and how that's integrated with our disruptive marketing engine to fuel our industry-leading growth. We have a unique ability to deliver a steady stream of Holy Grails taking inspiration from our community and the best products in prestige and bringing to market an extraordinary value. Our Holy Grail innovation approach is working and driving share gains across segments.

本季度，我想重點介紹我們強大的創新以及如何將其與我們的顛覆性行銷引擎相結合以推動我們行業領先的成長。我們擁有獨特的能力，可以從我們的社區和最負盛名的產品中汲取靈感，為市場帶來非凡的價值，從而源源不斷地提供「聖杯」。我們的「聖杯」創新方法正在發揮作用，並推動各個領域的份額成長。

In 2024, e.l.f. held 6 of the top 10 new product launches in Mass Cosmetics, the most of any year, and we held four of the top 10 SKUs across both Mass and Prestige. In Q3, our focused innovation strategy drove triple-digit share gain across face, lip and eye makeup. We've more than doubled our share in each of these segments over the last five years and see significant opportunity ahead. As compared to our over 20% share and number 1 ranking we have in face, we have an 11% share, and a number 4 ranking in lip, and an 8% share of the number 4 ranking in eye.

2024 年，e.l.f.我們在大眾化妝品類別中舉辦了 6 場最熱門 10 大新產品發布會，是歷年最多的一次，並且在大眾化妝品類別和高端化妝品類別中舉辦了 4 場最熱門 10 大 SKU 發布會。第三季度，我們重點的創新策略推動臉部、唇部和眼部化妝品的份額實現三位數成長。過去五年來，我們在各個領域的份額都增加了一倍多，並且看到了未來巨大的機會。相比我們在臉部產品中超過 20% 的份額和第一的排名，我們在唇部產品中佔有 11% 的份額，排名第四，在眼部產品中佔有 8% 的份額，排名第四。

With significant white space in these large segments and believe we have the innovation engine to conquest them. We have a track record of building rural product franchises that endure instead of the one-and-done launches. Many of our product launches for Spring 2025 expand our largest franchises.

在這些大型細分市場中，我們還有很大的空白，我們相信，我們擁有征服這些空白的創新引擎。我們在打造持久的農村產品特許經營權方面有著良好的記錄，而不是一次性推出的。我們在 2025 年春季推出的許多產品都擴大了我們最大的特許經營權。

As one example, we recently launched Power Grip Matte Primer, a mattifying version of our original Power Grip Primer, which continues to be the number 1 cosmetics SKU in both Mass and Prestige. We spoke last quarter about better balancing support between innovation and our core franchises. To that end, in Q3, we created a campaign called eyes, lips, face fandom.

舉個例子，我們最近推出了 Power Grip Matte Primer，這是我們原始 Power Grip Primer 的霧面版，它繼續成為 Mass 和 Prestige 中排名第一的化妝品 SKU。我們上個季度談到如何在創新和核心特許經營之間更好地平衡支援。為此，在第三季度，我們發起了一項名為「眼睛、嘴唇、臉部粉絲」的活動。

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Our spot made its US debut on Thanksgiving Day and continue to have multiple high visible placements during the playoff season. We saw strong community engagement with 95% positive sentiment, a lift in our site traffic and an increase in Power Grip sales. Our most recent campaign with Megan Trainer, a longtime fan of the brand. Spotlights are expanding Halo Glow franchise.

我們的廣告於感恩節當天在美國首次亮相，並在季後賽期間繼續在多個高可見度的位置播放。我們看到社區參與度很高，正面情緒達到 95%，我們網站的流量有所提升，Power Grip 的銷售量也有所增加。我們最近與該品牌的長期粉絲梅根特雷納 (Megan Trainer) 合作進行了活動。聚光燈正在擴大 Halo Glow 系列。

We believe our marketing engine is best-in-class in finding unique ways to entertain and engage our community through the disruptive brand partnerships, sports, music and movies. e.l.f. is the number 1 favorite brand amongst Gen Z and ranks number 1 in purchases amongst Millennials and Gen Alpha.

我們相信，我們的行銷引擎是一流的，能夠透過顛覆性的品牌合作、運動、音樂和電影，找到獨特的方式來娛樂和吸引我們的社群。電腦是 Z 世代最愛的品牌，在千禧世代和 Alpha 世代的購買量中排名第一。

Our increased marketing investment has helped to expand our unaided brand awareness from 13% in 2020 to 33% in 2024. I've been in the consumer space over 30 years and 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.

我們增加的行銷投入幫助我們將無輔助品牌知名度從 2020 年的 13% 擴大到 2024 年的 33%。我從事消費品領域已有 30 多年，從未見過在短短幾年內無輔助認知度提高 20 個百分點。儘管這很偉大，但美國仍處於領先地位。大眾化妝品品牌的無提示認知度達到55%，這讓我們對未來的成長充滿信心。

In summary, we believe our five key areas of advantage will continue to fuel our ability to win in fiscal '25 and beyond. As we look ahead, we remain confident in our ability to continue to gain share and deliver best-in-class growth in beauty.

總而言之，我們相信我們的五個關鍵優勢領域將繼續增強我們在 25 財年及以後的勝利能力。展望未來，我們對自己繼續擴大市場份額並在美容領域實現一流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 Mandy。

Thank you, Tarang. I'll now cover the highlights of our third quarter results and our updated outlook for fiscal '25. Q3 net sales grew 31% year-over-year on top of 85% growth in Q3 of last year. We experienced growth across international retailers, digital commerce and our national retailers and benefited from pipeline shipping earlier than it did last year. Our sales growth throughout fiscal '25 has been underpinned by continued category outperformance and market share gains, both in the US and globally.

謝謝你，Tarang。我現在將介紹我們第三季的業績亮點以及我們對 25 財年的最新展望。第三季淨銷售額在去年第三季 85% 成長的基礎上，年增 31%。我們在國際零售商、數位商務和國內零售商方面都經歷了成長，並且比去年更早受益於管道運輸。在整個 25 財年，我們的銷售成長得益於在美國和全球範圍內持續的品類優異表現和市場份額的成長。

Higher unit volume contributed approximately 30 points to growth in Q3 with mix adding an additional point. Q3 gross margin of 71% was up approximately 40 basis points compared to prior year. Gross margin benefits were primarily driven by favorable foreign exchange impacts on goods purchased from China, cost savings and inventory adjustments. This was partially offset by mix related to Naturium's wholesale expansion and higher transportation costs.

單位銷售量增加為第三季的成長貢獻了約 30 個百分點，而產品組合則貢獻了額外的 1 個百分點。第三季毛利率為 71%，較上年同期上升約 40 個基點。毛利率收益主要得益於從中國購買的商品受到有利的外匯影響、成本節約和庫存調整。這被 Naturium 批發擴張和運輸成本上漲等因素部分抵消。

On an adjusted basis, SG&A as a percentage of sales was 54% in Q3, in line with last year. Marketing and Digital investment for the quarter was 27% of net sales, in line with our expectations and as compared to 26% last year. Q3 adjusted EBITDA was $59 million, up 16% versus last year. Adjusted net income was $43 million or $0.74 per diluted share compared to $43 million or $0.74 per diluted share a year ago. Both adjusted EBITDA and net income this quarter were impacted by an unanticipated foreign currency loss of approximately $7 million that was driven by quarter-over-quarter fluctuations between the British pound and US dollar.

經調整後，第三季銷售、一般及行政費用佔銷售額的百分比為 54%，與去年同期持平。本季行銷和數位投資佔淨銷售額的 27%，符合我們的預期，而去年同期為 26%。第三季調整後 EBITDA 為 5,900 萬美元，較去年同期成長 16%。調整後淨收入為 4,300 萬美元，即每股攤薄收益 0.74 美元，而去年同期為 4,300 萬美元，即每股攤薄收益 0.74 美元。本季調整後的 EBITDA 和淨收入均受到約 700 萬美元意外外匯損失的影響，該損失是由於英鎊兌美元的季度間波動造成的。

Moving to the balance sheet and cash flow. Our balance sheet remains strong, and we believe positions us well to execute our long-term growth plans. We ended the quarter with $74 million in cash on hand compared to a cash balance of approximately $73 million a year ago. Our ending inventory balance was $215 million, in line with our expectations and up from $205 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，我們相信我們有能力執行我們的長期成長計劃。本季末，我們的現金餘額為 7,400 萬美元，而去年同期的現金餘額約為 7,300 萬美元。我們的期末庫存餘額為 2.15 億美元，符合我們的預期，高於一年前的 2.05 億美元。

Our liquidity position remained strong. We ended the quarter with less than 1x 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. Now let's turn to our updated outlook for fiscal '25.

我們的流動性狀況依然強勁。本季末，我們的淨負債與調整後 EBITDA 的槓桿率不到 1 倍。我們預計今年的現金重點仍將是投資於我們的成長計畫和支持策略延伸。我們今年重點關注的具體成長舉措包括投資於我們的人才和基礎設施、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。現在讓我們來看看25財年的最新展望。

For the full year, we now expect net sales growth of approximately 27% to 28% as compared 28% to 30% previously. Our Q3 net sales growth came in better than expected, largely driven by the timing of pipeline shipments. In Q4, our consumption trends are starting off softer than we expected, driven by the factors Tarang discussed earlier in the call. As we look to the second half overall, our updated guidance range implies 14% to 16% net sales growth and the backdrop of a challenged Mass cosmetics category. And on top of the 77% growth we delivered in the back half of last fiscal year.

就全年而言，我們預期淨銷售額成長率約為 27% 至 28%，而先前的預期為 28% 至 30%。我們的第三季淨銷售額成長優於預期，這主要得益於管道出貨的時間安排。在第四季度，我們的消費趨勢開始比我們預期的要疲軟，這是受 Tarang 在電話會議早些時候討論的因素所致。展望下半年，我們更新後的預期範圍意味著淨銷售額將成長 14% 至 16%，且大眾化妝品類別將面臨挑戰。我們在上個財年下半年實現了 77% 的成長。

As we look forward, we remain confident in our ability to deliver share gains in the US and expand our business internationally.

展望未來，我們對自己在美國實現市場份額成長以及拓展國際業務的能力仍然充滿信心。

Turning to gross margin. In fiscal '25, we now expect our gross margin to be up approximately 40 basis points year-over-year as compared to approximately 30 basis points previously. This outlook does not include any impact from the recently announced tariffs at an incremental 10% on goods imported from China.

轉向毛利率。在25財年，我們預期毛利率將比去年同期上升約40個基點，而先前的預期約為30個基點。這一前景並未包括最近宣布的對從中國進口的商品加徵 10% 關稅的影響。

As a reminder, tariff hikes will not impact our fiscal year results. We plan to address our response to the incremental tariffs and our fiscal 2026 outlook in May. We believe we have a successful playbook to leverage from 2019, when tariffs move to the 25% level. This included supplier concessions, cost savings and select price increases.

提醒一下，關稅上調不會影響我們的財年表現。我們計劃在5月討論對增量關稅的回應以及2026財年的展望。我們相信，從 2019 年開始，當關稅升至 25% 的水平時，我們將擁有一個成功的方案。其中包括供應商讓步、成本節約和選擇性漲價。

We also had FX move in our favor at that time, which further mitigated the impact. This time around, with our increased supplier diversification outside of China and our growing international sales base, we believe we have multiple levers to address the impacts of these tariffs. We continue to expect marketing and digital investment at approximately 24% to 26% of net sales in fiscal '25 as compared to 25% in fiscal '24. From a cadence standpoint, that implies significant expected leverage in our marketing in Q4 on a year-over-year basis as marketing spend was approximately 34% of net sales in Q4 last year.

當時外匯走勢也對我們有利，進一步減輕了影響。這一次，隨著我們在中國以外的供應商多樣化程度的提高以及我們國際銷售基礎的不斷增長，我們相信我們有多種手段來應對這些關稅的影響。我們繼續預計，25 財年的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%。從節奏的角度來看，這意味著我們第四季的行銷預計將比去年同期有顯著的槓桿作用，因為去年第四季的行銷支出約佔淨銷售額的 34%。

Turning now to adjusted EBITDA. For the year, we now expect adjusted EBITDA between $289 million to $293 million as compared to $304 million to $308 million previously. The change is due to the incremental $7 million FX loss that I discussed earlier as well as our lowered top-line outlook. Our outlook for fiscal '25 now implies adjusted EBITDA growth of approximately 23% to 25% on top of the strong 101% growth we delivered in fiscal '24.

現在來談談調整後的 EBITDA。我們目前預計今年調整後的 EBITDA 在 2.89 億美元至 2.93 億美元之間，而先前的預期為 3.04 億美元至 3.08 億美元。這項變更是由於我之前討論過的 700 萬美元的增量外匯損失以及我們下調的營收前景。我們對 25 財年的展望現在意味著調整後的 EBITDA 成長將在 24 財年實現的 101% 強勁成長的基礎上實現約 23% 至 25% 的增幅。

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

總而言之，我們第三季的業績凸顯了我們推動領先類別銷售成長和市佔率成長的能力。我們相信，我們擁有成功的策略，並且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.

接線員，這樣您就可以開始提問了。

(Operator Instructions) Bill Chappell, Truist Securities.

（操作員指示）Truist Securities 的 Bill Chappell。

Tarang, maybe just I guess the key question is with the guidance with kind of what you saw in January, just trying to understand how long you see this lasting? I think, if you walk through the different aspects like the tougher comp on the lip oil was kind of understood going into it. So it's the other two areas we're just trying to understand in terms of will the comps get better as we move to February, March, April? Do you think this is part of a longer slowdown. Just any more color Tarang on that would be great.

Tarang，也許我猜關鍵問題是根據您在一月份看到的情況，只是想了解您認為這種情況會持續多久？我認為，如果你了解不同的方面，例如唇油的更嚴格的比較，你就會明白這一點。因此，我們只是想了解另外兩個領域，即到二月、三月、四月，業績是否會變得更好？您認為這是長期經濟放緩的一部分嗎？只要再多一些彩色的 Tarang 就好了。

Hi Bill, why don't I start? I'd say on our approach is to be more cautious or prudent when we see a slow month. And in January, the three factors of the category being down 5%, the lip oil that we're lapping while we knew about it. It is by far our biggest launch in 2024. And I think one of the things that happened in lip oil is we gave it exclusively to Ulta to start in December.

嗨，比爾，我何不開始？我想說的是，當我們看到一個業務緩慢的月份時，​​我們應該採取更謹慎或謹慎的態度。而 1 月份，該類別的三個因素下降了 5%，也就是我們在了解唇油時所進行的研究。這是我們在 2024 年迄今為止最大的一次發布。我認為唇油方面發生的事情之一是，從 12 月開始，我們將其獨家提供給 Ulta。

And then it went pretty broad right away in January. So we're going across a pretty big hill on that.

然後它在一月份就迅速地得到了廣泛傳播。所以我們要穿過一座相當大的山。

And then a couple of our new items are off to a slower start, and it's still early as we go through. As we go through each of those elements, starting with the category. I think two things on the category that gives us a bit more confidence going forward. 1, we feel the consumers have a little bit a hangover from the highly promotional period in December. While we didn't promote, the industry promoted quite a bit, and you often see a trough right after that promotional area.

然後，我們的一些新項目的起步比較慢，而且我們還處於早期階段。當我們逐一介紹這些元素時，我們從類別開始。我認為這個類別上的兩件事讓我們對未來更有信心。 1.我們感覺消費者還殘留著 12 月促銷高峰期帶來的餘溫。雖然我們沒有進行推廣，但這個行業卻進行了相當多的推廣，而且你經常會在推廣區域之後看到一個低谷。

Second, in January, social conversation was way down over 20%. We attribute to two things. One, to wildfires in LA, I don't think brands wanted to be tone deaf during that devastation. And then the uncertainty around TikTok, seen for a while, the only thing people are posting on TikTok is whether it's going to stay open or shut down.

其次，1 月社群對話量大幅下降逾 20%。我們將其歸因於兩件事。首先，對於洛杉磯的山火，我認為各大品牌不應該在那場災難中對此事視而不見。然後，TikTok 周圍出現了一段時間的不確定性，人們在 TikTok 上發布的唯一內容就是它是否會繼續開放還是關閉。

So we do see those potentially being better as time goes on. As I mentioned, particularly, this is specificity on what happened in the category, what happened with the social conversations. And that in turn also relates to some of the softness we saw initially in some of our spring new items. We count on that social conversation to really light those items virally. And so with our marketing activations coming up with resets, when we're able to get that spring innovation on shelf is particularly with the expanded space we have coming at Target and Walgreens.

因此，我們確實看到，隨著時間的推移，這些可能會變得更好。正如我所提到的，特別是，這是關於該類別中發生的事情、以及社交對話中發生的事情的具體性。而這也與我們最初在一些春季新品中看到的疲軟有關。我們希望社群對話能真正讓這些物品被病毒式傳播。因此，隨著我們的行銷活動重新開始，當我們能夠將春季創新產品上架時，特別是隨著我們在 Target 和 Walgreens 擴大的空間。

We're hoping for better trends as we go forward, but we just took the more cautious stance and said, okay, let's assume it doesn't get better for a couple of months, and that's why you see us adjust our Q4.

我們希望未來會出現更好的趨勢，但我們只是採取了更謹慎的立場並說，好吧，讓我們假設它在幾個月內不會好轉，這就是為什麼你看到我們調整第四季度。

Got it. And then maybe just a little more update on how international is trending? Did you go into any new countries this quarter? And are you seeing any of the same in terms of color categories like that? Any slowdown internationally?

知道了。然後也許再稍微更新國際趨勢？本季您去了哪些新的國家？您是否在顏色類別方面看到了類似的情況？國際上有任何放緩嗎？

Or is it still kind of full steam ahead?

或者說它仍然全速前進？

We're really pleased with the progress we're making in International. For Q3, we grew our International business 66%. Also from a category standpoint, we're not seeing quite the same level of headwinds internationally. So I think the category is a little bit better, but more importantly, it's our execution. As we launched in the back half of last year into Rossman, Germany, Etos, the Netherlands, even our Douglas, Italy, we've maintained a top 3 rank in all three of those customers, and we continue to see a tremendous amount of pent-up consumer demand.

我們對在國際上取得的進展感到非常高興。第三季度，我們的國際業務成長了 66%。此外，從類別的角度來看，我們在國際上並沒有看到同等程度的阻力。所以我認為類別稍微好一點，但更重要的是我們的執行力。隨著我們去年下半年進入德國羅斯曼、荷蘭埃托斯甚至義大利道格拉斯市場，我們在這三個客戶中一直保持著前三名的排名，並且我們繼續看到大量被壓抑的消費者需求。

We're currently in conversations with pretty much every retailer and a retailer out there that doesn't want e.l.f. given our growth profile, the innovation we bring, the consumer profile we bring. So you'll continue to see us full steam ahead on international. We continue to hear additional countries that we're going to be expanding into. And so we feel great about our progress there.

我們目前正在與幾乎所有零售商以及不想要 e.l.f. 的零售商進行談判。考慮到我們的成長概況、我們帶來的創新以及我們帶來的消費者概況。因此，您將繼續看到我們在國際上全速前進。我們不斷聽到有人說我們將要擴展到其他國家。因此我們對我們在那裡取得的進展感到非常高興。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

I was hoping if you can talk about more detail about the US, what is the consumption in the US as you exit the quarter and currently? I mean you did speak about a good amount of how the innovation is coming for the spring season and how it informed you on this guidance?

我希望您能更詳細地談談美國的情況，截至本季末，美國的消費情況如何？我的意思是，您確實談論了大量有關春季創新將如何到來以及它是如何為您提供指導的？

And also, what I think I heard from Mandy that there was some pull forward in this quarter. So we are just hoping to see what is consumption in the US and how we should be seeing because, obviously, if you have a 7%-ish at the midpoint, growth in top line, in the fourth quarter, it implies a pretty negative number in the US. So if you're assuming that, obviously, the European and International continues to do well. So just wanted to see what is embedded in each of the functions.

此外，我認為我從 Mandy 那裡聽說本季取得了一些進展。因此，我們只是希望了解美國的消費情況以及我們應該如何看待這一情況，因為很明顯，如果第四季度的中間值增長率為 7% 左右，則意味著美國的數字相當負面。因此如果你假設這一點，那麼歐洲和國際顯然會繼續表現良好。所以只是想看看每個功能中嵌入了什麼。

Andrea, if you take a look at Q3 consumption, we still finished Q3 consumption double digits, I think, about 12% in tracked channels. So it was pretty strong. In January, we did see that come down. You saw actually a week -- a couple of weeks of negative scanner data so that was a slowdown that I talked about. We're hoping that gets better, but we're basically embedding in our guidance, what if it doesn't get better in the course of the quarter.

安德里亞，如果你看一下第三季度的消費情況，我們仍然完成了第三季度的消費兩位數，我認為，在追蹤管道中約為 12%。所以它非常強大。今年 1 月，我們確實看到這一數字下降。您實際上看到了一周或幾週的負面掃描器數據，這就是我所說的經濟放緩。我們希望情況會好轉，但我們基本上是嵌入在我們的指導中，如果本季情況沒有好轉怎麼辦。

And then in terms of the pull forward or not, that really relates to our pipeline. Our -- we had a much more pipeline go out the door in Q3 than in Q4. That's a little bit wide, when we really think of kind of what is the growth in the second half. That 14% to 16%, which our new guidance implies in a down category, we feel really good about. We continue to grow share.

至於是否向前推進，這確實與我們的管道有關。我們第三季的管道數量比第四季多得多。當我們真正思考下半年的成長情況時，這個範圍就有點廣泛了。我們的新指引暗示下降幅度為 14% 至 16%，我們對此感到非常滿意。我們的份額持續成長。

In fact, January, which was a soft month for us from a consumption standpoint, we still built 90 basis points of share. We're the only ones growing out of any of the brands in that period. I mean it was pretty modest growth from a consumption standpoint. I think in the tracked channels is probably up 1%. But that gives you an indication of how much better we're doing than the category.

事實上，從消費角度來看，一月份對我們來說是一個疲軟的月份，但我們的份額仍然增加了 90 個基點。我們是那個時期唯一一家從所有品牌成長的公司。我的意思是，從消費的角度來看，這是相當溫和的成長。我認為在追蹤管道中可能會上漲 1%。但這可以表明我們的表現比其他類別好得多。

And is there any difference between the channels? Or like any kind of like on the ground view besides what you discussed TikTok and all these things that kind of shake everyone's opinion consumer sentiment? Anything you might say regarding newness of the category, it seems like the newness kind of is not as strong, and this is something that the industry needs time to time. Anything you can say as we look forward, that may change that in terms of the newness or the cadence of your execution on the trade?

各個管道之間有差別嗎？或者除了您討論的 TikTok 和所有這些動搖每個人的觀點和消費者情緒的事情之外，還有什麼實際觀點嗎？關於該類別的新穎性，您可能會說任何事情，似乎新穎性並不那麼強烈，而這是該行業不時需要的。展望未來，您能說些什麼嗎？

So what I'd say on our newness is we still feel good about our spring new items. We saw softness in January, some of it related to less social conversations that I mentioned, it's still early. Part of what we're doing about it is we always have marketing activations against our new items. And so you're going to see those market activations hit.

因此，關於新品我想說的是，我們仍然對我們的春季新品感到滿意。我們在一月份看到了疲軟跡象，其中一些與我提到的較少的社交對話有關，現在還為時過早。我們為此所採取的措施之一是始終針對我們的新產品進行行銷活動。所以你將會看到這些市場激活受到打擊。

The other thing that helps with newness is when we're able to get them on the spring resets. The spring resets will not be complete until end of February, but that always helps our new items as well. And so -- and then I'd say between channels, for us, going back to Q3, we saw strength across pretty much most of our channels. We were a little worried about Ulta given they had, the lip oils exclusively during that period, and I actually was pleased with how we were able to comp that massive amount of lip oil in Ulta in that month.

另一件對新鮮感有幫助的事情是，我們能夠讓它們在春季重置。春季重置要到二月底才能完成，但這也有助於我們的新商品。所以 — — 然後我想說，對於我們來說，回顧第三季度，我們看到幾乎大多數管道都表現強勁。由於那段期間他們只賣 Ulta 唇油，所以我們對 Ulta 有點擔心，但事實上我很高興我們能夠在那個月在 Ulta 出售大量唇油。

As we get into January, as I look across the retailers in our digital business in January, we continue to see Amazon do extremely well. Walmart is off to a pretty good start in terms of their comps. We have a little bit of softness in Ulta and Target as we take a look. But again, that's before we often see that before resets, particularly at Target, where we shut off a number of items as we get ready for the space expansion that we see. So no warning signs as I look across the retailers from a macro is what we're pinning that guidance on.

進入一月份，當我回顧一月份數位業務的零售商時，我們繼續看到亞馬遜的表現非常出色。從同業來看，沃爾瑪的開局相當不錯。我們看一下，Ulta 和 Target 有點柔軟。但同樣，那是在我們經常看到重置之前，特別是在 Target，我們關閉了許多項目，為我們看到的空間擴展做準備。因此，當我從宏觀角度觀察零售商時，沒有發現任何警告信號，這就是我們制定該指導方針的原因。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的 Dara Mohsenian。

The detail you gave us around the drivers of the January softness was helpful. Can you just spend a little more time on maybe how you plan to adjust your strategies here, tweak your efforts in light of a new environment? You just mentioned with some of the innovation, the marketing activations, et cetera, and the plans there, but maybe a bit more detail on tweaks across the portfolio. And also from a marketing perspective, just as you think about the level of spend necessary for the business and how you manage that in a softer industry environment that would be helpful.

您向我們提供的有關一月份經濟疲軟原因的詳細資訊非常有幫助。您能否多花一點時間考慮您計劃如何調整您的策略，如何根據新的環境調整您的努力？您剛才提到了一些創新、行銷活動等等以及相關計劃，但也許可以更詳細地介紹整個投資組合的調整。而且從行銷角度來看，正如您考慮業務所需的支出水平以及如何在較溫和的行業環境中管理這些支出一樣，這將會很有幫助。

So I'll start with for this quarter, as I mentioned, the key to our innovation is really the marketing activations we do against that. We feel social conversation will normalize as we go forward in the quarter now that the wildfire is over, some of the TikTok kind of uncertainties gone back and forth. So we definitely are starting to see a little bit of a pickup in the social conversations, which will also help with our newness, the activations. And then the resets, we have really good resets coming across customers as we've seen those plans and what's going to roll out. That will help along those lines.

因此，我將從本季度開始，正如我所提到的，我們創新的關鍵實際上是我們針對此進行的行銷活動。我們認為，隨著山火的蔓延，隨著本季的進展，社交對話將恢復正常，TikTok 的一些不確定性也將隨之消退。因此，我們確實開始看到社交對話有所回升，這也有助於我們的新鮮感和激活力。然後是重置，我們在客戶那裡遇到了非常好的重置，因為我們已經看到了這些計劃以及將要推出的內容。這將會有所幫助。

In terms of our marketing strategy standpoint, I would say there's not a big shift last quarter or a quarter before we talked about better balancing support behind our new items as well as our core franchises and that spot that we shared on our webcast, the eyes, lips, face fandom we saw it have an immediate impact on our Power Grip business. We ran it in Thanksgiving throughout the playoffs. And so we're going to keep that balanced team, I'd call it, our core franchises and our new items.

從我們的行銷策略角度來看，我想說，在我們討論更好地平衡對新產品和核心特許經營權的支持以及我們在網絡廣播中分享的眼睛、嘴唇和臉部粉絲群體對我們的 Power Grip 業務產生直接影響之前的上一個季度或一個季度，並沒有發生重大轉變。我們在整個季後賽期間都在感恩節進行這個活動。因此，我們將保持這個平衡的團隊，我稱之為我們的核心特許經營權和我們的新項目。

One of the other things I like about a lot of our new items this season is they are on our core franchises. So if I look at Power Grip Matte, that builds on our power group franchise, Power Grip original is the number 1 SKU across Mass and Prestige. Halo Glow, powder builds on our Halo Glow franchise. We didn't show the spot with Megan Trainer, but we've got good creative on each of those core new items, which also we believe will benefit the core franchise.

我喜歡我們本季許多新品的另一個原因是它們都屬於我們的核心系列。因此，如果我看一下 Power Grip Matte，它建立在我們的動力集團特許經營權之上，Power Grip 原創產品是 Mass 和 Prestige 中排名第一的 SKU。Halo Glow 粉末以我們的 Halo Glow 系列為基礎。我們沒有與梅根特雷納合作展示這則廣告，但我們對每個核心新品都有很好的創意，我們也相信這將有利於核心系列的推廣。

We debated whether we spend more money. But what we decided is in the face of kind of the consumer macro, where consumers are a little bit more cautious. We didn't think it made sense necessarily to invest more money behind that. We feel good about the ROIs we're currently achieving. And so -- and we'll continue to disrupt.

我們爭論是否要花更多的錢。但我們的決定是基於消費者宏觀角度考慮的，消費者會更加謹慎。我們認為沒有必要為此投入更多資金。我們對目前實現的投資報酬率感到很滿意。所以——我們將繼續顛覆。

I mean I think you'll see some news tomorrow, other things that we're doing to continue to get attention on e.l.f.

我的意思是，我認為你明天會看到一些新聞，我們正在做的其他事情，以繼續引起人們對 e.l.f. 的關注。

Ashley Helgans, Jefferies.

傑富瑞 (Jefferies) 的阿什利·赫爾甘斯 (Ashley Helgans)。

So Tarang, you gave some good color on the slowdown in January in Mass Beauty. But if we look back at kind of the Mass cosmetics industry over the last six months, I mean it's definitely slowed. You guys have been outperforming. But maybe any more color on just what's going on with that Mass cosmetics consumer, if we look back a little further?

Tarang，你對 1 月份 Mass Beauty 的銷售放緩做出了很好的描述。但如果我們回顧過去六個月的大眾化妝品行業，我認為它肯定是放緩了。你們的表現一直都很出色。但如果我們再回顧一下，也許我們就能更深入了解大眾化妝品消費者的情況。

So if I look back on the Mass Cosmetics industry over the last six months, I'd say there's two primary factors that I would say results in a weaker category. One, there was a lot of consumer uncertainty. We saw that across a number of consumer categories, whether it was the uncertainty leading up to the elections, a little bit of the post. I think there's still worries out there in terms of what's going to happen with inflation, what's the state of the economy. So that definitely did weigh on the Mass category.

因此，如果我回顧過去六個月的大眾化妝品行業，我會說有兩個主要因素導致了該類別的疲軟。一是消費者存在很大的不確定性。我們看到，在多個消費者類別中，無論是選舉前的不確定性，或是選舉後的一點不確定性。我認為人們仍然擔心通貨膨脹會發生什麼，以及經濟狀況如何。所以這肯定會對 Mass 類別產生影響。

I would say the second thing is sometimes we felt like we're the only ones going in the right direction in terms of the level of our marketing spend, level of engagement, our innovation. And so we definitely look for more of that to see kind of a rebound in the category.

我想說的第二件事是，有時我們覺得就我們的行銷支出水平、參與度和創新水平而言，我們是唯一朝著正確方向前進的人。因此，我們肯定會期待更多這樣的情況出現，以看到該類別的反彈。

The last thing I would say, if you go back actually quite a long period, they have been cycles, where the Mass category has been soft. Each one of those cycles, we've seen it come back at a pretty strong level. I'll go all the way back to -- back in 2016 to 2017, we saw a very strong category, soft period in 2018. Obviously, the pandemic was released soft, so it come back really strong. So I still remain bullish on the category longer term.

我最後要說的是，如果你回顧相當長的一段時間，你會發現它們一直處於週期性變化之中，其中彌撒類別一直比較疲軟。在每一個週期中，我們都能看到它以相當強勁的水平回升。我要回顧一下——2016 年至 2017 年，我們看到了一個非常強勁的類別，2018 年則處於疲軟時期。顯然，疫情一開始是溫和的，但後來卻強勢反彈。因此，我仍然對該類別的長期前景持樂觀態度。

But I do think there is a macro on the consumer right now that is weighing on the category. And again, our approach to the last question from Dara, I should have said there are no huge shifts in our approach. And there's a reason we've delivered 24 consecutive quarters of net sales growth averaging over 20%. Our strategy is working. The tweaks we're making are really in response to what we're seeing in the marketplace, that balance between core franchises and our new items, really making sure that we're activating those properly and having the right visual merchandising on shelf to bring them to life, we feel confident with that approach even in a challenged category.

但我確實認為，目前消費者的宏觀因素正在對該類別造成壓力。再一次，對於達拉的最後一個問題，我應該說我們的方法並沒有發生巨大的轉變。我們連續 24 個季度實現平均超過 20% 的淨銷售額成長率，這是有原因的。我們的策略正在發揮作用。我們所做的調整實際上是根據我們在市場上看到的情況做出的回應，即在核心特許經營權和我們的新項目之間取得平衡，真正確保我們正確地激活它們，並在貨架上進行正確的視覺營銷以讓它們煥發生機，即使在充滿挑戰的類別中，我們對這種方法也充滿信心。

Olivia Tong, Raymond James.

奧莉維亞通 (Olivia Tong)、雷蒙詹姆斯 (Raymond James)。

I wanted to talk a little bit more about Q4, recognizing, of course, the distractions that you talked about in the last several weeks. But you've typically outperformed what scanner shows, whether because of e-commerce or international. So why isn't that the case this quarter? And what's your view on that? And then, of course, realizing you're not immune when category slowdown.

我想再多談一點關於第四季度的事情，當然，我也認識到了您在過去幾週談到的干擾。但您的表現通常比掃描器顯示的結果更好，無論是由於電子商務還是國際貿易。那麼為什麼本季的情況並非如此呢？您對此有何看法？然後，當然，當類別成長放緩時，你意識到自己也無法倖免。

But can you talk about your ability to capitalize on consumer trade down, perhaps some greater focus on the value messaging?

但是，您能否談談您如何利用消費者的降級消費，或更加重視價值傳遞？

Hi, Olivia. Thank you so much for the question. So Q4, overall, we feel great about because we are looking at our second half overall, 14% to 16% growth is what we're looking at for the second half. And again, some of those pipeline shipments pulled up into Q3. So I think you got to look at the second half overall.

你好，奧莉維亞。非常感謝您的提問。因此，總體而言，我們對第四季度感到很滿意，因為我們正在展望整個下半年，我們預計下半年的成長率將達到 14% 至 16%。另外，部分管道出貨量在第三季增加。所以我認為你必須整體地看一下下半場。

And when you talk about outperformance of scanner trends, we do still have business on digital and internationally that is stronger outside of those US scanner trends that you're seeing. And so this is why we're looking at our second half overall at the 14% to 16%, and we're feeling pretty good about that.

當您談到掃描器趨勢的優異表現時，我們在數位和國際方面的業務確實仍然強勁，除了您所看到的美國掃描器趨勢之外。這就是為什麼我們預計下半年整體成長率將達到 14% 至 16%，我們對此感到非常滿意。

And just to add to that, I mentioned earlier, we're just taking a more cautionary stands given the consumer macro and the softer start to January, I think our approach has always been a great deal of transparency with our investors, where we don't get ahead of ourselves. If we see something, we'll call it out. And hopefully, it's a little better than that, it is in our track record over time.

補充一點，我之前提到過，考慮到消費宏觀因素和 1 月份的疲軟表現，我們只是採取了更謹慎的立場，我認為我們的做法一直是對投資者保持高度透明，我們不會操之過急。如果我們發現什麼，我們就會大聲喊出來。希望情況會比這更好一些，這會成為我們長期的記錄。

And then in terms of how we capitalize in this current environment, we see it as a great opportunity to continue to build share. As I mentioned, even in January, which was a weak month for us, we've still built 90 basis points a share, the most share anybody built. So that's how we're going to continue to capitalize. And as you mentioned, we have an incredible value proposition, Prestige quality, incredible prices. You're going to see us continue to shine a light on that, particularly some of our lower-priced items that are available for those, who are really worried about kind of the overall economy.

就我們如何利用當前環境而言，我們認為這是一個繼續擴大份額的絕佳機會。正如我所提到的，即使是在 1 月份，對我們來說是一個疲軟的月份，我們的每股收益仍然增長了 90 個基點，這是所有公司所增長的最高水平。這就是我們將如何繼續利用資本。正如您所說，我們擁有令人難以置信的價值主張、卓越的品質和令人難以置信的價格。你會看到我們繼續關注這個問題，特別是我們為那些真正擔心整體經濟的人提供的一些低價產品。

We have a great assortment on those, and you'll see more messaging on that as well as an opportunity to continue to build share.

我們擁有豐富的產品種類，您將看到更多關於此的信息，以及繼續擴大市場份額的機會。

Patty Kanada, Goldman Sachs.

高盛的帕蒂·卡納達 (Patty Kanada)。

Just one on Amazon and digital. In terms of your digital channels, could you maybe talk more about the momentum you're seeing online and specifically with Amazon. And I guess, 1, maybe some detail on what that partnership has brought to you, for example, bringing in new consumers or reaching new demographics? And then two, how do you think about cannibalization risk? Is this something you're seeing relative to your in-store presence?

亞馬遜上只有一本，而且是數位版。就您的數位管道而言，您能否詳細談談您在線上尤其是亞馬遜看到的勢頭。我想，1，您能詳細談談這種合作關係為您帶來了什麼嗎，例如，帶來了新消費者或涵蓋了新的人口統計數據？第二，您如何看待蠶食風險？這是與您店內狀況相關的現象嗎？

So I would say our digital business is strong in the quarter, Q3. Our digital business overall was up 30%, Amazon's growth rate was even higher than that. We've continued to see really strong results with Amazon. The role Amazon plays is a great deal of discovery happens on Amazon. A great deal of search happens on Amazon.

所以我想說我們的數位業務在第三季表現強勁。我們的數位業務整體成長了30％，亞馬遜的成長率甚至更高。我們繼續看到亞馬遜的強勁業績。亞馬遜所扮演的角色是，大量的發現都發生在亞馬遜上。大量的搜索發生在亞馬遜上。

Obviously, those consumers who want the convenience of the speed of being able to get their product. So we see a long growth trajectory ahead with Amazon. That partnership is extremely strong. We're one of their top-performing brands on the entire platform, and we continue the opportunity not only in the US, but also internationally as we started expanding in Amazon and other markets, the U.K., Germany, Italy and a number of other markets. We see that being one of our key customers.

顯然，那些消費者希望能夠快速方便地獲得他們的產品。因此，我們預見亞馬遜未來將擁有長期的成長軌跡。這種夥伴關係非常牢固。我們是整個平台上表現最好的品牌之一，我們不僅在美國繼續抓住機遇，而且隨著我們開始在亞馬遜和其他市場、英國、德國、義大利和其他一些市場擴張，我們也在國際上繼續抓住機會。我們認為這是我們的主要客戶之一。

And then in terms of new consumer profile, we definitely see that on Amazon, as I talked about discovery and search capability that they have or strength they have there. And then cannibalization, really some cannibalization, I think, with some of our retail customers. But because of our model in terms of being agnostic in terms of where consumer buys the way we've done our terms, where kind of our net margins are pretty comparable across customers.

然後就新消費者資料而言，我們確實在亞馬遜上看到了這一點，正如我談到他們擁有的發現和搜尋能力或優勢。然後是蠶食，我認為，確實是與我們的一些零售客戶發生了蠶食。但由於我們的模型對消費者的購買地點不持懷疑態度，所以我們不同客戶的淨利率是相當可比的。

We have always taken the stance that we want to make the best of Beauty accessible to every consumer wherever they want to shop. And so, if there is some cannibalization on Amazon, we do think net it's additive to our overall portfolio just given the strength, and we love having consumers have that choice of where they get applied.

我們始終堅持這樣的立場：希望每位消費者無論在哪裡購物都能享受到最美的美容產品。因此，如果亞馬遜上存在一些蠶食行為，我們確實認為，考慮到其實力，這會對我們的整體投資組合產生補充作用，而且我們喜歡讓消費者有選擇應用地點的權利。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

My first one is a quick one. I just wanted to see, if there's any way to quantify the kind of the pipe fill that happened in Q3 to help us better understand how much of a lift that's provided. And then can you give us any more color on how you're expecting international to trend for fiscal Q4? I mean you typically say that international outperforms as we've seen in the numbers, it's been doing exceptionally well. The guidance does imply a pretty meaningful slowdown versus what we've been seeing.

我的第一個很快。我只是想看看，是否有任何方法可以量化第三季度發生的管道填充類型，以幫助我們更好地了解其提供的升力有多大。然後，您能否向我們詳細介紹一下您對第四財季國際趨勢的預期？我的意思是，你通常會說國際表現優於其他，正如我們在數據中看到的那樣，它的表現一直非常好。與我們所見的情況相比，該指引確實暗示了相當明顯的放緩。

So maybe you could help us understand the puts and takes there of why you're anticipating such a slowdown for the quarter.

因此，也許您可以幫助我們了解為什麼您預計本季經濟會如此放緩。

So for the pipeline, though we have not quantified that, but we did have much more pipeline go out in Q3 than we did in Q3 of last year. That's why, again, we're really looking at the second half on a whole because that helps to kind of make that story whole.

因此，對於管道而言，雖然我們還沒有量化，但與去年第三季相比，我們第三季的管道數量確實多得多。這就是為什麼我們再次真正關注整個後半部分，因為這有助於使整個故事更加完整。

And then on international, we continue to see momentum on international. What I'd tell you in Q4 in international is we had a pipeline go out in a number of our launches, as I think of Etos in the Netherlands, I can't remember, which other countries might have been Douglas, but we had some more there. So the overall run rate in the absence of kind of launching a new retailer in the quarter will come down a little bit, but it's not something we worry about. A lot of that has to do with the cadence of our launches. The overall growth rate within our existing markets continues to be pretty strong.

在國際方面，我們繼續看到國際發展勢頭。我想告訴你的是，在第四季度的國際市場中，我們在多款產品的發布上都有所佈局，例如荷蘭的 Etos，我不記得在哪些國家可能有道格拉斯，但我們在那裡還有更多產品。因此，如果本季沒有新的零售商開業，整體運行率將會略有下降，但這不是我們擔心的事情。這很大程度上與我們的發布節奏有關。我們現有市場的整體成長率仍然非常強勁。

Great. And then if I could just touch quickly on the gross margin. I think with the expansion in Naturium and wholesale, the margin is coming down a little bit. How should we be thinking about the proper run rate for gross margin going forward with more wholesale for Naturium?

偉大的。然後我可以快速談談毛利率嗎？我認為隨著 Naturium 和批發業務的擴張，利潤率會有所下降。隨著 Naturium 批發業務的增加，我們應該如何考慮未來毛利率的適當運行率？

Yes. So we're really pleased with what we're seeing on Naturium and our ability to expand distribution on the brand overall. From a gross margin standpoint, this is something that we had planned for. And as you can see in our raised gross margin guidance, actually, we're taking our gross margin up from 30 basis points previously to 40 basis points in our outlook on the year. And so still see strength from a gross margin standpoint, even with Naturium's mix.

是的。因此，我們對 Naturium 的表現以及擴大品牌整體分銷的能力感到非常滿意。從毛利率的角度來看，這是我們已經計劃好的。正如您在我們上調的毛利率指引中所看到的，實際上，根據今年的預期，我們將毛利率從先前的 30 個基點上調至 40 個基點。因此，即使採用 Naturium 的組合，從毛利率的角度來看仍然強勁。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good afternoon, hope you're doing well. So Tarang you mentioned that you don't think the 4Q run rate is indicative of the growth profile of this business. And I know it will be a few months before we get '26 guidance. But I would love some perspective on what you think is a reasonable run rate for growth just given what you're seeing today?

謝謝，接線生。下午好，希望你一切順利。所以 Tarang，您提到，您認為第四季度的運行率不能反映該業務的成長狀況。我知道我們還需要幾個月的時間才能得到26年的指導。但根據您目前所看到的情況，我很想聽聽您認為合理的成長速度是多少？

And then maybe within that, totally understand wanting to be conservative note. Outlook in the near term, just given the many moving pieces, but should a weaker category environment persist like, how are you thinking about your market share performance? Still solid 90 basis points in January, but it is a bit of a step down versus the 220 basis points you referenced for 3Q. So just a little curious, if you kind of see that market share trend improving from here.

那麼也許在那種情況下，我們完全理解想要保持保守的態度。短期展望，考慮到許多變動因素，但如果較弱的類別環境持續存在，您如何看待您的市佔率表現？1 月仍穩定在 90 個基點，但與您提到的第三季的 220 個基點相比略有下降。我只是有點好奇，您是否看到市場佔有率趨勢從現在開始改善。

Hi, Peter, I would say in terms of the run rate, probably going to have to wait until May for us to give the guidance for FY '26 for us to kind of tell you what that run rate is, I'll tell you somewhere between what we have in Q4 and what we had in Q3 is run rate. So it doesn't give you that much color other than Q4, we see this as an anomaly. And otherwise, it's been a highly consistent growth. Also the fact that we're lapping, if I look at that 14% to 16% growth we have in the back half, I think we're lapping 77% growth the year before. So on a 2-year basis, it's still really great.

嗨，彼得，我想說，就運行率而言，可能要等到 5 月份我們才能給出 26 財年的指導，我們才能告訴您運行率是多少，我會告訴您我們第四季度和第三季度之間的某個運行率。因此，除了 Q4 之外，它沒有給你太多顏色，我們認為這是一個異常。除此之外，它一直保持高度持續的成長。事實上，如果我看一下下半年 14% 到 16% 的成長率，我認為我們正在超越前一年 77% 的成長率。因此從兩年期來看，它仍然非常棒。

The other thing that gives me confidence on why the run rate will be much better than Q4 is a significant white space we still have. I mean not only number 1 in units and number 2 in dollars in the US a clear line of sight to clear market leadership in Color Cosmetics. We continue to pick up share in both e.l.f. skin and Naturium, see very strong growth rates there.

另一個讓我相信運行率將比第四季好得多的原因是，我們仍然擁有巨大的空白空間。我的意思是，它不僅在美國銷量上排名第一、銷售額上排名第二，而且在彩色化妝品市場也佔據領先地位。我們繼續在 e.l.f. 領域獲得份額。 skin 和 Naturium 在這些領域的成長率非常強勁。

I just talked about digital and international. So we have quite a bit of white space that gives me greater confidence in terms of our ability to kind of sustain category-leading growth. In terms of market share. I actually was pleasantly surprised that we built 90 basis points of share in probably our weakest month that we've seen in January, which just tells you the strength we have. So we're highly confident of our ability to continue to build market share.

我剛才講了數位化和國際化。因此，我們有相當大的空白空間，這讓我對我們維持領先成長的能力更有信心。就市場佔有率而言。事實上，我很驚訝地發現，在 1 月份這個我們最為疲軟的月份，我們的份額卻增加了 90 個基點，這足以說明我們的實力。因此，我們對自己繼續擴大市場份額的能力非常有信心。

For perspective, if I look at Target, we have over 20% share at target versus closer to a 12% share nationally with other customers, we're seeing great progress across other retail customers. We saw great progress even at Target. We grew 170 basis points of share in Target even with a strong share position. So Targets not standing still. I'm particularly pleased that we went from the number 4 position to the number 2 position at Walmart.

從角度來看，如果我看一下塔吉特，我們在塔吉特的份額超過 20%，而其他客戶的全國份額接近 12%，我們看到其他零售客戶取得了巨大進步。我們甚至在 Target 也看到了巨大的進步。儘管我們擁有強大的市場份額，但我們在 Target 的份額仍增長了 170 個基點。因此目標不會停滯不前。我特別高興我們在沃爾瑪從第四名躍升至第二名。

And again, really strong growth there. We continue to pick up ranking in our other customers.

而且，那裡的成長確實強勁。我們在其他客戶的排名持續上升。

So I look at the bogey from a market share standpoint long term is I don't understand -- I mean, we haven't told you that time frame, but I don't understand why we wouldn't be able to get to the types of shares. As we have a Target of other retail customers over time. Skincare is even a bigger opportunity. I think we're sitting on a 2% share in Skin Care on e.l.f. skin market.

因此，我從市場份額的角度長期觀察了這個不利因素，我不明白——我的意思是，我們還沒有告訴你那個時間框架，但我不明白為什麼我們不能獲得這些類型的股票。因為我們隨著時間的推移而擁有其他零售客戶的目標。保養品更是一個巨大的機會。我認為我們在 e.l.f. 的護膚品市場佔有 2% 的份額。皮膚市場。

We just got 14%, we have a long way to go there.

我們只達到了 14%，我們還有很長的路要走。

The cadence of that share growth will vary part of what are you lapping? I think what sometimes investors miss is just how much share we've grown on top of very strong share growth rate. So you'll see that bounce around a little bit, but we're still very confident in terms of being able to lead the category and our share growth.

份額成長的節奏會隨著您所重疊的部分而變化嗎？我認為投資者有時忽略的是我們在非常強勁的份額成長率基礎上成長了多少。因此，您會看到價格略有波動，但我們仍然非常有信心能夠引領該類別並實現份額成長。

That was super helpful. And then maybe if I could just squeeze one in for you. Just the fourth quarter implied guidance, it seems to imply a lot of SG&A leverage. So can you maybe just unpack how much of that is the marketing and digital versus maybe other buckets within SG&A?

這非常有幫助。那麼也許我可以為您擠一個。僅在第四季度隱含的指引似乎暗示了大量的銷售、一般和行政費用槓桿。那麼，您能否解釋一下其中有多少是行銷和數位費用，以及銷售、一般和行政管理費用中的其他費用？

So Q4, does implied leverage in our SG&A. And as we talked about, a significant leverage, really, from marketing and digital, which was 34% in Q4 of last year. And as our outlook implies 24% to 26% for the year, which applies to Q4 as well. So a lot of that leverage is coming from marketing and digital as we have continued to invest behind our people and infrastructure.

因此，第四季我們的銷售、一般及行政開支中確實隱含了槓桿。正如我們所討論的，行銷和數位科技確實發揮了顯著的槓桿作用，去年第四季這一比例為 34%。我們的預期是今年的成長率為 24% 至 26%，這也適用於第四季。因此，由於我們一直在對人才和基礎設施進行投資，因此許多槓桿作用都來自於行銷和數位領域。

And importantly, I would say on the SG&A point, we continue to invest in the business, not only in our brands, but we mentioned the investments we're making to get on to SAP later this year, our continued expansion internationally. The investments we've made in our distribution centers to be able to support that growth that we're seeing both in the US as well as globally. So I feel good about the balance of being able to get leverage, but also continue to be able to invest in the things we're going to need to be able to continue to drive strong growth.

重要的是，我想說，在銷售、一般及行政費用方面，我們將繼續對業務進行投資，而不僅僅是對我們的品牌，我們還提到了我們在今年稍後對 SAP 進行的投資，以及我們將繼續在國際上擴張。我們對配送中心所做的投資是為了支持我們在美國和全球範圍內看到的成長。因此，我對能夠獲得槓桿作用的平衡感到滿意，同時也能夠繼續投資於我們需要的東西，以繼續推動強勁成長。

Linda Bolton-Weiser, D.A. Davidson.

琳達·博爾頓-韋瑟，地方檢察官戴維森。

Just on the question of your product launches and innovation. It seems like there is some pretty good innovation in the Prestige sector of the market that you could be copying, there's a company out there that has jelly tints. And then in the primers, there's a cloud glow product, this is like a foam primer. So there's definitely innovation out there. It just seems like maybe slow down in terms of your copying.

我只想問一下你們的產品發布和創新問題。看起來市場上高端產品領域存在一些相當不錯的創新值得您效仿，例如有一家公司生產果凍色產品。然後在底漆中，有一個雲光產品，這就像泡沫底漆。因此，其中肯定存在創新。看起來你的複製速度可能會變慢。

So maybe you could talk about that.

所以也許你可以談談這個。

And then talk about also the progress you're making in those categories where your market share is very low, like foundations, and Mascara. And maybe you could talk about what progress you're making there?

然後談談你們在市場份額很低的類別中取得的進展，例如粉底和睫毛膏。也許您可以談談您在那裡取得了什麼進展？

Hi Linda. So first of all, I would tell you, we have an incredibly strong innovation pipeline. So what I talked about was a little bit of a slower start in January on a couple of our items. But if you take a look at our Halo Glow Powder, it has an incredible Prestige equivalent. Power Grip Matte is a unique innovation for us, but overall Power Grip really continues to follow that Holy Grail approach of taking inspiration.

你好，琳達。首先，我想告訴你們，我們擁有非常強大的創新管道。我剛才談到的是，一月份我們的一些產品的開局稍微慢了一些。但如果你看一下我們的 Halo Glow Powder，它具有令人難以置信的 Prestige 同等功效。Power Grip Matte 對我們來說是一項獨特的創新，但總體而言，Power Grip 確實繼續遵循從聖杯中獲取靈感的方法。

From our community the best of Prestige, and you'll continue to see that. We have a great cadence of innovation coming for the fall as well, spring of next year, we go out three years.

來自我們社區的最佳 Prestige，您將繼續看到這一點。今年秋天我們也會有一個很棒的創新節奏，明年春季我們會推出三年。

A lot of it comes to what the sequence or cadencing of some of that innovation is. So we not only study the market. The one thing I'll probably correct you on is, we never copy a product. It always has our e.l.f. twist.

很多問題都與某些創新的順序或節奏有關。所以我們不僅研究市場。我可能會糾正你的一件事是，我們從不複製產品。它總是有我們的 e.l.f。捻。

We always put our e.l.f. twist. I mean the biggest one being able to have that Prestige quality of the incredible price points, we hav, but we always make a twist within the products. And so I would say our innovation team does a terrific job of getting inspiration not only from our community with those products from Prestige, and you'll continue to see a very strong innovation cadance in a pipeline from us.

我們總是把我們的 e.l.f.捻。我的意思是，最大的優勢是我們能夠以令人難以置信的價格提供卓越的品質，但我們總是在產品上做出改進。因此，我想說，我們的創新團隊做得非常出色，他們不僅從社群中透過 Prestige 的產品獲取靈感，而且您還會繼續看到我們不斷推出非常強勁的創新節奏。

Yes. And I would just add on, Linda, on your question on the progress in some of our what we call Conquest categories. I think lip is a great example of that. A few years ago, even last year, we had maybe a 3%, 4% share in lips, and we have seen that grown over 800 basis points as we've come into this year. And so when we do have those innovations to Tarang's point, it really allows us to continue to pick up share, and we're doing that across Lip, Mascara, Foundation, those Conquest categories.

是的。琳達，我想補充你提到的關於我們所謂的「征服」類別的進展的問題。我認為嘴唇就是一個很好的例子。幾年前，甚至是去年，我們在唇部廣告中的份額可能只有 3% 到 4%，而到今年，我們已經看到這一份額增長了 800 個基點以上。所以，當我們確實有了 Tarang 所說的那些創新時，它確實使我們能夠繼續獲得市場份額，而且我們在唇膏、睫毛膏、粉底液等征服類別中都做到了這一點。

So we do have a lot to share but have so much potential.

因此，我們確實有很多東西可以分享，也有很大潛力。

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

I wanted to maybe follow-up on Naturium. I'm not sure if you could give some more color on how that performed in the quarter in terms of the growth rate there. And then also on the rollout to Ulta, curious if you're seeing new customers or existing customers buy the brand there. And then also, if you have any colors on kind of more space that you could gain in the US and globally.

我可能想跟進 Naturium。我不確定您是否可以進一步說明本季的成長率表現如何。然後也談到在 Ulta 的推出，好奇您是否看到新客戶或現有客戶在那裡購買該品牌。而且，如果您有任何關於更多空間的顏色，您可以在美國和全球範圍內獲得。

We're very pleased with our performance overall with Naturium, Susan and especially in Q3. They continue to show growth, particularly in Ulta, where we've launched, we continue to see that business build week over week in Ulta. And so we're very pleased with the expanded distribution and the growth that we're seeing on Naturium. And as a reminder, it has tremendous white space opportunity as well.

我們對 Naturium、Susan 的整體表現非常滿意，尤其是第三季的表現。它們繼續呈現成長勢頭，特別是在我們推出的 Ulta，我們繼續看到 Ulta 的業務每週都在成長。因此，我們對 Naturium 的分銷範圍擴大和成長感到非常高興。需要提醒的是，它還有巨大的空白機會。

Really only two retailers are Target and Ulta, overall physical retail. They do sell on Amazon and have their own dot-com, but really the rest of the world is white space opportunity for them. We're pleased as well with the progress that we've seen in boots. They did launch in a few hundred of boot skin care doors, top-performing skincare doors, and we continue to see great progress there as well.

實際上，整體實體零售方面，只有兩家零售商，即 Target 和 Ulta。他們確實在亞馬遜上銷售產品，並且有自己的網站，但實際上世界其他地區對他們來說是一個空白機會。我們對靴子所取得的進步感到非常高興。他們確實在幾百家護膚品商店、表現最好的護膚品商店中推出了產品，我們也繼續看到那裡取得了巨大的進步。

So very excited for the prospects for Naturium as we look forward.

我們對 Naturium 的前景感到非常興奮。

Yes, you'll continue to hear other distribution expansion on Naturium. It's performed extremely well, it's clinically effective, biocompatible skin care, incredible formulations with really great resonance with consumers. So we're very excited about continuing to build that out.

是的，您將繼續聽到有關 Naturium 的其他分銷擴展。它的性能非常出色，具有臨床效果，具有生物相容性的皮膚護理功能，配方令人難以置信，引起了消費者的極大共鳴。因此，我們非常高興能夠繼續實現這一目標。

Okay. Great. And then maybe, if I could just add a follow-up, just on -- in general, on the competitive landscape. I mean it sounds like you guys don't think that other brands are necessarily able to copy kind of your differentiated strategy. I guess, does it seem like though maybe some of these legacy brands are kind of starting to learn how you guys operate and copy you guys a little bit and in terms of rolling out the use and other hot products?

好的。偉大的。然後也許我可以補充一點後續內容，整體來說，關於競爭格局。我的意思是，聽起來你們認為其他品牌不一定能複製你們的差異化策略。我想，這是否看起來好像有些傳統品牌開始學習你們的運作方式並在推出使用和其他熱門產品方面稍微模仿你們？

And then also, do you feel like there's more new brands coming into the landscape that's making it a little bit more competitive, such as maybe some K-Beauty brands or other smaller pop-up brands?

另外，您是否覺得有更多的新品牌進入該領域，使競爭變得更激烈，例如一些韓國美容品牌或其他較小的快閃品牌？

So what I'd tell you is this category has always been competitive. Nielsen alone, I think there's 1,900 cosmetics and skin care brands tracked by Nielsen. The big difference is which ones are you able to scale and very few are able to. I mean I think e.l.f.'s one of only four with more than $850 million retail sales. But even if you look at who has more than $100 million in retail sales, I think it's only 26.

所以我要告訴你的是，這個類別的競爭一直很激烈。光是尼爾森一家，我認為其追蹤的化妝品和保養品品牌就有 1,900 個。最大的差別在於哪些是你能夠擴展的，而很少人能夠做到。我的意思是，我認為 e.l.f. 是僅有的四家零售額超過 8.5 億美元的公司之一。但即使你看誰的零售額超過 1 億美元，我認為也只有 26 家。

So you're going to see a lot of brands come and go or sustain at a very small level.

所以你會看到很多品牌來了又去或維持在很小的規模。

From a competitive position, I feel like we're stronger than we've ever been. If you take a look at our unique areas of competitive advantage. While some people will try to copy elements of this, I mean, often, people will go and try to copy elements to our market, but we've already pivoted and moved on and conquest on other platforms by the time they're figuring out the first one, our ability of how we engage and entertain our community, I think, in the last year alone we have 20 unique campaigns as we look at any of our competitors by brand, they are lucky to do one or two. So it's just a different kind of for freneticism and bubble at which we're operating on those elements.

從競爭角度來看，我覺得我們比以往任何時候都更強大。如果你看一下我們獨特的競爭優勢領域。雖然有些人會嘗試複製其中的元素，我的意思是，人們經常會嘗試將元素複製到我們的市場中，但當他們弄清楚第一個平台時，我們已經轉向並征服了其他平台，我們吸引和娛樂社區的能力，我想，僅在去年一年，我們就有 20 個獨特的活動，而當我們按品牌查看我們的任何競爭對手時，他們很幸運能做一兩個。所以，我們在處理這些元素時，只是陷入了另一種狂熱和泡沫之中。

And then probably the most important thing we have not seen anyone come anywhere close to this ability of having Prestige quality at the price points we have. That is a unique competitive advantage we have. And so even on the dupes as I look at the legacy players, if they're lucky, they might have one or two in a couple of year period, it's nowhere near. I mean we just -- we have basically, I don't know, at least four, five Holy Grails that we just launched. We'll be able to follow that up with more in the fall.

也許最重要的是，我們還沒有看到任何人能以我們的價格提供如此卓越的品質。這是我們獨特的競爭優勢。所以，即使是那些重複的球員，當我看著那些老球員時，如果他們幸運的話，他們可能在幾年內得到一兩個，但這還遠遠不夠。我的意思是，我們基本上，我不知道，至少有四五個剛推出的聖杯。我們將能夠在秋季繼續跟進此事。

So I feel great from that competitive position. I think the best indication of that, frankly, is the market share. And we've more than doubled our market share in the last three years shows kind of the momentum on how others have not been able to replicate the success that we have.

因此，從這個競爭地位來看，我感覺很棒。坦白說，我認為最好的證明就是市場佔有率。在過去三年裡，我們的市場份額增加了一倍多，這表明其他人無法複製我們的成功。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Thank you so much for the question. I just wanted to see, if you could give us more detail on a breakdown maybe by category in the quarter as well as in January on which parts underperformed versus performed well? I think lip continued to perform well for part of that time frame. And then if you can comment on just skin care outside of Color Cosmetics, the trends you're seeing there and how e.l.f. skin is performing versus Naturium?

非常感謝您的提問。我只是想看看，您是否可以提供更詳細的細分信息，例如按季度以及 1 月份按類別細分，哪些部分錶現不佳，哪些部分錶現良好？我認為 Lip 在這段時間內繼續表現良好。然後，如果您可以評論一下彩妝以外的皮膚護理，您所看到的趨勢以及 e.l.f.皮膚與 Naturium 相比表現如何？

So I'll do it in two parts. I'd say, in Q3, we saw pretty broad strength across every one of our segments in Color Cosmetics as well as in skin care. And you saw a pretty massive share gains in each one of our core segments. In January, I'd say the strongest subcategory with lip. We continue to see good momentum in lip back to this point.

因此我將分兩部分進行。我想說，在第三季度，我們在彩妝和護膚品的各個領域都展現了相當廣泛的優勢。您會發現，我們每個核心細分市場的份額都實現了相當大的成長。在一月份，我會說最強的子類別是有唇形的。我們繼續看到唇部恢復至此的良好勢頭。

I think collection was a little bit more challenged. But again, we don't see anything any indicators for the long term on that.

我認為收集工作更具挑戰性。但同樣，我們沒有看到任何長期指標。

And then skin care continue to grow at a faster clip in January. But overall, our strategy with the innovation we have, our approach of how we engage consumers is we see an opportunity to continue to grow share across each of our segments and skin care.

1 月份，護膚品繼續以更快的速度成長。但總體而言，我們的創新策略以及我們吸引消費者的方法讓我們看到了繼續擴大我們各個細分市場和護膚品份額的機會。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Does your updated guidance incorporate expectations for retailer destocking? And are any of your major retailer partners talking about this given the softer consumption trends?

您更新後的指引是否考慮了零售商去庫存的預期？鑑於消費趨勢疲軟，您的主要零售合作夥伴是否談論過這個問題？

Hi Mark, we have not heard that from our retailers at this point. With e.l.f.'s, even with our consumption being down, we still are the most productive brand that our retailers carry. And so we typically will see continued orders on our product. And so we have just not seen anything like that yet.

你好，馬克，目前我們還沒有從零售商那裡聽到這個消息。有了 e.l.f.，即使我們的消費量下降，我們仍然是零售商銷售的最俱生產力的品牌。因此，我們通常會看到我們產品的持續訂單。所以我們還沒有看到這樣的事情。

And then separately, understanding, I don't want to get too specific on your expectations for revenue run rates in fiscal '26. But could you just frame up the level of flexibility there is in the cost structure should this softer demand backdrop persist?

然後另外，請理解，我不想太具體地談論您對 26 財年收入運行率的預期。但是，如果這種需求疲軟的背景持續下去，您能否描述一下成本結構的靈活性程度？

Yes. So we have as you can see in Q4, our SG&A is leveraging. Again, I talked about that being driven largely by our marketing investment, but as we think about kind of where there is flexibility in our P&L, we certainly have the flexibility to reduce costs on certain areas. We have cost savings programs that we are running with our suppliers every year.

是的。因此，正如您在第四季度看到的，我們的銷售、一般和行政費用正在利用槓桿。再次，我談到這主要是由我們的行銷投資推動的，但當我們考慮我們的損益表中的靈活性時，我們當然可以靈活地降低某些領域的成本。我們每年都會與供應商一起實施成本節約計畫。

But really, our focus has been on investing behind the business and making sure that we have the people and the infrastructure that we need to capitalize on those white space areas, that Tarang just spoke about. And so that's really more so of our focus as we move ahead, just really making sure that we continue to make progress against those growth areas in the business.

但實際上，我們的重點一直是對業務背後的投資，並確保我們擁有所需的人才和基礎設施，以便利用 Tarang 剛才提到的那些空白領域。因此，這實際上是我們今後更加關注的重點，只是確保我們在業務的這些成長領域繼續取得進展。

Thank you. And 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。我想將會議交還給塔朗·阿明，請他作最後發言。

Well, thank you, everyone, for joining us today. I want to close by saying how proud I am of the incredible e.l.f. Beauty team for delivering another quarter of industry-leading results. I want to thank every e.l.f. and every e.l.f.

好吧，感謝大家今天的參與。最後，我想說，我為這個不可思議的 e.l.f. 感到多麼自豪。美容團隊再次取得業界領先業績。我要感謝每一位 e.l.f。和每一個 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 CAGNY in a few weeks and speaking with you in May, who will discuss our fourth quarter results and FY '26 outlook.

感謝您對我們創建不同類型的美容公司的願景的熱情和奉獻精神。我們期待幾週後在 CAGNY 見到你們，並於 5 月與你們進行交談，討論我們的第四季度業績和 26 財年展望。

Thank you, and be well.

謝謝您，祝您一切安好。

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 evening.

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。現在您可以斷開連接，享受美好的夜晚。