elf Beauty Inc (ELF) 2025 Q4 法說會逐字稿

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You'll find factors that could cause actual results to differ, materially, from these forward-looking statements. In addition, the company's presentation, today, includes information presented on a non-GAAP basis. (inaudible).

您會發現一些因素可能會導致實際結果與這些前瞻性陳述有重大差異。此外，該公司今天的簡報中還包含以非 GAAP 為基礎呈現的資訊。（聽不清楚）。

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(audio in progress) Tarang Amin, Chairman and Chief Executive Officer; and Mandy Fields, Senior Vice President and Chief Financial Officer.

（音訊進行中）董事長兼執行長 Tarang Amin；資深副總裁兼財務長 Mandy Fields。

(audio in progress) e.l.f. Beauty team and partners for delivering another year of industry-leading results.

（音訊進行中）e.l.f. Beauty 團隊及其合作夥伴又一年取得了業界領先的成果。

In fiscal '25, we grew net sales, 28%, and adjusted EBITDA by 26%. We gained share, globally, across our largest geographies, including 190 basis points of share in the US, 170 basis points of share in Canada, and 270 basis points of share in the UK.

在 25 財年，我們的淨銷售額成長了 28%，調整後 EBITDA 成長了 26%。我們在全球範圍內最大的地理區域的份額均有所增長，其中在美國份額增長了 190 個基點，在加拿大份額增長了 170 個基點，在英國份額增長了 270 個基點。

Q4 marked our 25th consecutive quarter of both net sales growth and market share gains, putting e.l.f. Beauty in a rarefied group of high-growth companies.

第四季標誌著我們連續第 25 個季度實現淨銷售額成長和市場份額成長，使 e.l.f. Beauty 躋身高成長公司之列。

We're one of only 6 public consumer companies, out of 546, that has grown for 25 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 25 consecutive quarters.

在 546 家上市消費品公司中，我們是僅有的 6 家連續 25 個季度實現成長、平均每季銷售額成長至少 20% 的公司之一。在尼爾森追蹤的近 1,000 個化妝品品牌中，e.l.f. 是唯一一個連續 25 個季度市佔率不斷增長的品牌。

The combination of our value proposition, powerhouse innovation, and disruptive marketing engine continue to fuel our market share gains and deepen the connection we have with our community.

我們的價值主張、強大的創新和顛覆性行銷引擎的結合繼續推動我們的市場份額成長並加深我們與社區的聯繫。

In Piper Sandler's latest Taking Stock with Tees survey, e.l.f. Cosmetics is ranked the number 1 teen favorite brand for the 7th consecutive season. Our 35% mindshare is now 3.5 times the number 2 brand.

在 Piper Sandler 最新的 Taking Stock with Tees 調查中，e.l.f. Cosmetics 連續第七季被評為青少年最喜愛的品牌第一名。我們的品牌知名度目前為 35%，是排名第二的品牌的 3.5 倍。

e.l.f. SKIN increased its ranking to the number 6 favorite teen brand, up two spots, relative to last year.

e.l.f. SKIN 的排名較去年上升兩位，成為最受歡迎的青少年品牌第六名。

And we continue to grow our audience beyond Gen Z.

我們的受眾群體仍在持續擴大，不再侷限於 Z 世代。

Recent surveys show e.l.f. ranks number 1 in purchases amongst millennials and Gen Alpha. e.l.f., today, is purchased by more than one of every three households in the US, with our household penetration growing almost 400 basis points, relative to last year.

最近的調查顯示，e.l.f. 在千禧世代和 Alpha 世代的購買量中排名第一。如今，美國每三個家庭中就有一個以上購買了 e.l.f.，與去年相比，我們的家庭滲透率增長了近 400 個基點。

Our marketing is working, delivering ROIs multiples above industry benchmarks and expanding our unaided brand awareness from 13% in 2020 to 33% in 2024. For context, the leading US mass cosmetics brand has 55% unaided awareness, which gives us confidence in our runway for growth.

我們的行銷工作卓有成效，投資報酬率遠高於業界基準，並將我們的無輔助品牌知名度從 2020 年的 13% 提升至 2024 年的 33%。就背景而言，美國領先的大眾化妝品品牌擁有 55% 的無輔助知名度，這讓我們對我們的成長跑道充滿信心。

In fiscal '25, we made further progress in our key areas of whitespace: color cosmetics, skin care, and international.

在 2025 財年，我們在彩妝、護膚和國際等關鍵空白領域取得了進一步進展。

In cosmetics, e.l.f. is the number 1 brand in the US by unit share and number 2 by dollar share; and is the fastest growing among the top 20 brands this year, by a wide margin. We expanded our number 1 rank in Target, with 21% of their entire Cosmetics category. We also increased from the number 4 brand to the number 2 brand in Walmart.

在化妝品領域，e.l.f. 是美國銷售份額第一、銷售額份額第二的品牌；並且是今年前 20 個品牌中成長最快的品牌，遙遙領先。我們在 Target 的排名第一，佔據其整個化妝品類別的 21%。我們在沃爾瑪的品牌排名也從第四位上升到了第二名。

In skin care, we now hold two of the fastest growing mask skincare brands, with e.l.f. Skin and Naturium. We expanded Naturium to Ulta Beauty this year, seeing strong results and already achieving the number 1 rank in body wash.

在護膚領域，我們目前有兩個成長最快的面膜護膚品牌，分別是 e.l.f. Skin 和 Naturium。今年，我們將 Naturium 擴展到 Ulta Beauty，取得了強勁的業績，並在沐浴露領域排名第一。

Internationally, we grew share in our largest existing markets, the UK and Canada; executed our biggest international launch, to date, with ROSSMANN in Germany; and achieved a top 3 brand ranking in new retailers in the Netherlands, Italy, and Mexico. We continue to see global demand for our brands.

在國際上，我們在現有最大市場英國和加拿大的份額有所增長；與德國的 ROSSMANN 合作進行了迄今為止規模最大的國際發布；並在荷蘭、義大利和墨西哥的新零售商中取得了品牌排名前三的成績。我們持續看到全球對我們品牌的需求。

Let me spend a few minutes taking you through the topics that are likely top of mind: the impact of tariffs, our mitigation efforts, and the actions we're taking to deliver continued category-leading growth and market share gains.

請容許我花幾分鐘時間向大家介紹大家最關心的話題：關稅的影響、我們的緩解措施以及我們為實現持續的領先成長和市場份額成長而採取的行動。

Starting with tariffs and our mitigation efforts, to set the foundation, about 75% of our global production, today, comes from China. As of May 14, product imports of the US are now subject to tariffs at the 55% level: 25% that was put in place in 2019, plus an incremental 30% that's now in place through mid-August.

從關稅和我們的緩解措施開始，奠定基礎，今天我們全球約 75% 的產量來自中國。自 5 月 14 日起，美國進口產品將徵收 55% 的關稅：2019 年實施的 25% 關稅，加上目前已實施至 8 月中旬的 30% 的增量關稅。

While we are hopeful of having some long-term resolution, the timing of a more permanent rate is not known and the range of outcomes (inaudible).

雖然我們希望能夠找到一些長期解決方案，但更持久的利率何時出現尚不清楚，而且結果範圍（聽不清楚）。

If tariffs were to remain at this incremental 30% level, we estimate the gross impact to our cost of goods sold to be approximately $50 million on an annualized basis. If tariffs were to go back up to the 145% level that was in place earlier this year, the impact would be much higher.

如果關稅保持在這個增量 30% 的水平，我們估計對我們的銷售成本的總影響按年計算約為 5000 萬美元。如果關稅回升至今年稍早的145%水平，其影響將會更大。

Given the broad range of outcomes on tariffs, we're not providing a fiscal '26 outlook, at this time.

鑑於關稅的影響範圍很廣，我們目前不提供 26 年財政年度的展望。

Our tariff mitigation plans are underway through three key vectors: pricing, supply chain optimization, and business diversification.

我們的關稅減免計畫透過三個關鍵途徑進行：定價、供應鏈優化和業務多樣化。

First, pricing. To partially mitigate the impact from tariffs, we plan to take a $1 increase on our entire products assortment, globally, effective August 1. We are intentional in not going beyond that $1 to preserve our value proposition and fulfill our mission to make the best of beauty accessible to every eye, lip, and face.

首先，定價。為了部分減輕關稅的影響，我們計劃從 8 月 1 日起在全球範圍內對全部產品的價格提高 1 美元。我們有意不超出 1 美元，以維護我們的價值主張並履行我們的使命，即讓每個人的眼睛、嘴唇和臉都能感受到最美的一面。

This is only the third price increase we've taken in our 21-year history. Unlike many of our competitors, who regularly take price increases. Historically, consumers have been able to accept a $1 increase. We are transparent with our community and our pricing actions and hope to see long0term tariff relief so we don't have to take further pricing action.

這是我們 21 年歷史上第三次提價。與我們的許多競爭對手不同，他們經常提高價格。從歷史上看，消費者能夠接受 1 美元的漲價。我們對社區和定價行動保持透明，並希望看到長期的關稅減免，這樣我們就不必採取進一步的定價行動。

Next, supply chain optimization. We believe our unique China-based supply chain is an area of competitive advantage we've been honing for the past 21 years. It underpins our value proposition, delivering the best combination of quality, cost, and speed in our industry. We're the only Fairtrade-certified beauty company and are committed to our China team and suppliers.

接下來，供應鏈最佳化。我們相信，我們獨特的中國供應鏈是我們過去21年來不斷磨練的競爭優勢領域。它鞏固了我們的價值主張，提供了我們行業中品質、成本和速度的最佳組合。我們是唯一一家獲得公平貿易認證的美容公司，並致力於服務我們的中國團隊和供應商。

Given our growing global business, we've been diversifying our supply chain over the years, well ahead of recent tariff news. Recall: back in 2019, nearly 100% of our product was sourced in China. Today, about 75% comes from China. And we expect this will come down further by the end of fiscal '26, as we continue to work with our key suppliers to set up additional operations outside the country.

鑑於我們不斷成長的全球業務，多年來我們一直在實現供應鏈多元化，遠遠領先於最近的關稅新聞。回想一下：2019 年，我們幾乎 100% 的產品都來自中國。如今，約有75%來自中國。我們預計，到 2026 財年末，這一數字將進一步下降，因為我們將繼續與主要供應商合作，在國外建立更多業務。

Additionally, we are pursuing cost savings and supplier concessions.

此外，我們也正在追求成本節約和供應商優惠。

Lastly, on business diversification. Our international sales, which are not currently subject to tariffs, continue to be the fastest growing part of our business. We grew our international net sales 60%, fiscal '25.

最後，關於業務多元化。我們的國際銷售目前不受關稅影響，仍然是我們業務中成長最快的部分。25財年，我們的國際淨銷售額成長了60%。

Six years ago, we sold $28 million, internationally, or about 10% of our sales. Today, we sell $250 million, internationally, representing nearly 20% of our sales. We expect that mix to continue to grow, as we aim to gain share in existing markets and expand into new markets.

六年前，我們的國際銷售額為 2,800 萬美元，約占我們銷售額的 10%。如今，我們的國際銷售額達 2.5 億美元，占我們銷售額的近 20%。我們預計該組合將繼續成長，因為我們的目標是在現有市場中獲得份額並擴展到新市場。

To that end, we're excited to launch e.l.f., this month, in over 1,200 stores, with KRUIDVAT, the number 1 beauty retailer in the Netherlands and Belgium, further expanding our presence in these countries.

為此，我們很高興本月與荷蘭和比利時第一大美容零售商 KRUIDVAT 合作，在 1,200 多家門市推出 e.l.f.，進一步擴大我們在這些國家的影響力。

Over the coming months, we'll also be launching e.l.f. into 1,000 stores, with ROSSMANN in Poland -- our first entry into that country. This builds upon our successful partnership with ROSSMANN in Germany.

在接下來的幾個月裡，我們還將與波蘭的 ROSSMANN 合作，將 e.l.f. 引入 1,000 家商店——這是我們首次進入波蘭。這是建立在我們與德國 ROSSMANN 成功合作的基礎上。

We're continuing to lean into our value proposition, powerhouse innovation, and disruptive marketing engine to drive category-leading growth and market share gains.

我們將繼續依靠我們的價值主張、強大的創新和顛覆性的行銷引擎來推動領先的成長和市場份額的成長。

Looking to our value proposition, the average price point for e.l.f. is about $6.50 today, as compared to nearly $9.50 for legacy mass cosmetics brands and over $20 for prestige brands. As we look ahead, we expect many brands to take pricing in response to tariffs and macro environmental pressures, further accentuating our core value proposition.

從我們的價值主張來看，e.l.f. 的平均價格目前約為 6.50 美元，而傳統大眾化妝品品牌的平均價格接近 9.50 美元，高端品牌的平均價格超過 20 美元。展望未來，我們預期許多品牌將根據關稅和宏觀環境壓力採取定價措施，從而進一步強調我們的核心價值主張。

From an innovation standpoint, we're excited about our latest product launch, our Glow Reviver Melting Lip Balms, priced at an incredible value of $9 compared to a prestige item at $24. Based on requests from our community, we accelerated this launch to April, from the fall, and are pleased with the response we're seeing.

從創新的角度來看，我們對最新推出的產品 Glow Reviver Melting Lip Balms 感到非常興奮，與售價 24 美元的高端產品相比，其價格僅為 9 美元，非常超值。根據社群的要求，我們將發佈時間從秋季提前到 4 月，並對看到的反應感到滿意。

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Glow Reviver Lip Balm is one of the top-selling products in recent weeks, on both elfcosmetics.com and with our largest global retail partners. As we look ahead, we feel great about the pipeline of innovation we have coming in the fall.

Glow Reviver 潤唇膏是最近幾週在 elfcosmetics.com 和我們最大的全球零售合作夥伴上最暢銷的產品之一。展望未來，我們對秋季即將推出的創新管道感到非常滿意。

We're also leaning into our ability to entertain and engage consumers to fuel our core product launches. For example, our latest Many-Trick Pony campaign is a moment to spotlight Halo Glow Liquid Filter. This is our third largest product family, driving our 63% share of the highlighter category. The genesis of the campaign is rooted in community insights on the many ways they use Halo Glow.

我們也依靠娛樂和吸引消費者的能力來推動我們的核心產品發布。例如，我們最新的 Many-Trick Pony 活動就是聚焦 Halo Glow Liquid Filter 的活動。這是我們第三大產品系列，佔據螢光筆類別 63% 的份額。活動的起源源自於社群對 Halo Glow 的多種使用方式的見解。

This multi-tasking product is the definition of a workhorse.

這款多任務產品正是主力產品的定義。

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Within its first few weeks, the campaign is fueling Halo Glow franchise momentum, delivering an 80% boost in organic traffic and double-digit lift in sales of both Halo Glow Liquid Filter and Halo Glow Beauty Wands on elfcosmetics.com.

在最初幾週內，該活動為 Halo Glow 特許經營注入了強勁動力，使自然流量增加了 80%，elfcosmetics.com 上的 Halo Glow 液體濾鏡和 Halo Glow 美容棒的銷量也實現了兩位數的增長。

We've delivered strong growth, over the past 25 quarters, by continuing to leverage our many areas of competitive advantage: our passionate team of owners and high-performance team culture, value proposition, powerhouse innovation, disruptive marketing engine, and productivity model. These areas of advantage have propelled consistent growth, enabling us to strengthen our market share in both stable and uncertain macroeconomic environments.

在過去的 25 個季度中，我們透過繼續利用我們的許多競爭優勢領域實現了強勁增長：我們充滿熱情的所有者團隊和高績效的團隊文化、價值主張、強大的創新、顛覆性的營銷引擎和生產力模型。這些優勢領域推動了持續成長，使我們能夠在穩定和不確定的宏觀經濟環境中加強我們的市場份額。

As we look ahead, we remain confident in our ability to continue to gain market share and capture the significant whitespace ahead of us, which we believe is further accelerated with our acquisition of Rhode.

展望未來，我們仍然對自己繼續獲得市場份額和佔領未來巨大空白的能力充滿信心，我們相信，收購 Rhode 後，這一進程將進一步加快。

I'll now turn the call over to Mandy to talk more about our fourth-quarter results and our approach to fiscal '26.

現在我將把電話轉給 Mandy，讓她進一步談談我們第四季的業績以及我們對 26 財年的方針。

Thank you, Tarang.

謝謝你，塔朗。

Q4 net sales grew 4% year over year, on top of 71% growth in Q4 of last year. We experienced growth across both digital and retail channels.

第四季淨銷售額年增 4%，而去年第四季的成長率為 71%。我們在數位通路和零售通路都實現了成長。

Looking to our geographical regions. Our net sales in the US grew 1% year over year in Q4, while international sales grew 19%. Higher unit volume contributed approximately 8 points to growth in Q4, which was partially offset by a 4-point decline from price and product mix.

看看我們的地理區域。我們第四季在美國的淨銷售額年增 1%，而國際銷售額成長 19%。單位銷售量增加為第四季度的成長貢獻了約 8 個百分點，但價格和產品組合導致的 4 個百分點的下降部分抵消了這一增長。

Q4 gross margin of 71% was up approximately 50 basis points compared to prior year. Gross margin benefits were primarily driven by favorable foreign exchange impacts on goods purchased from China and lower transportation costs.

第四季毛利率為 71%，較上年同期上升約 50 個基點。毛利率收益主要得益於從中國購買的商品受到的有利外匯影響以及運輸成本的降低。

On an adjusted basis, SG&A, as a percentage of sales, was 52% in Q4, as compared to 61% in Q4, last year. The primary driver of that year-over-year decline was our plan for a more normalized rate of marketing and digital investment throughout the year. Marketing and digital investment, for the quarter, was 23% of net sales, in line with our expectations and as compared to 34%, last year.

經調整後，第四季銷售、一般及行政費用佔銷售額的百分比為 52%，而去年第四季為 61%。造成同比下降的主要原因是我們計劃在全年實現更正常化的行銷和數位投資率。本季度，行銷和數位投資佔淨銷售額的 23%，符合我們的預期，去年同期為 34%。

Q4 adjusted EBITDA was $81 million, up 99% versus last year. Adjusted net income was $45 million or $0.78 per diluted share compared to $31 million or $0.53 per diluted share, a year ago.

第四季調整後的 EBITDA 為 8,100 萬美元，較去年同期成長 99%。調整後淨收入為 4,500 萬美元，即每股攤薄收益 0.78 美元，去年同期為 3,100 萬美元，即每股攤薄收益 0.53 美元。

The increase across profitability metrics was driven by our net sales growth, gross margin expansion, and leverage in our marketing and digital spend.

獲利指標的成長得益於我們的淨銷售額成長、毛利率擴大以及行銷和數位支出的槓桿作用。

Now, let's turn to our full-year results.

現在，讓我們來看看我們的全年業績。

In fiscal '25, we grew net sales 28%, adjusted EBITDA by 26%; and increased our US market share by 190 basis points. We achieved new market share highs in US mass cosmetics and skin care, while thoughtfully continuing our international expansion strategy.

在 25 財年，我們的淨銷售額成長了 28%，調整後 EBITDA 成長了 26%；美國市佔率增加了 190 個基點。我們在美國大眾化妝品和護膚品市場中取得了新的市場份額高位，同時深思熟慮地繼續我們的國際擴張策略。

Moving to the balance sheet and cash flow. Our balance sheet remains strong and we believe that positions us well to execute our long-term growth plans.

轉到資產負債表和現金流量表。我們的資產負債表依然強勁，我們相信這使我們能夠很好地執行我們的長期成長計劃。

We ended the year with $149 million in cash on hand compared to a cash balance of $108 million, a year ago. I'm also pleased with the approximately $115 million in free cash flow we generated in fiscal '25, up from $62 million, a year ago.

截至年底，我們的現金餘額為 1.49 億美元，而去年同期的現金餘額為 1.08 億美元。我也對我們在 25 財年產生的約 1.15 億美元的自由現金流感到滿意，高於一年前的 6,200 萬美元。

Our liquidity position remains strong. In March, we refinanced our credit facility into a $500 million revolver to give us greater flexibility and improved terms. We ended the year with less than 1 times leverage, in terms of net debt-to-adjusted EBITDA and availability on our revolver of approximately $243 million.

我們的流動性狀況依然強勁。今年 3 月，我們將信貸額度再融資為 5 億美元的循環信貸，以便為我們提供更大的靈活性和更好的條款。截至年底，我們的淨債務與調整後 EBITDA 比率不到 1 倍，可用循環信貸額度約為 2.43 億美元。

Now, let's turn to fiscal '26. As Tarang discussed, there are a broad range of potential tariff outcomes. Balancing all factors, we don't believe it's prudent to provide an outlook and then, have to adjust it, if tariffs were to move from where they are today.

現在，讓我們回顧一下26財年。正如塔朗所討論的，潛在的關稅結果有多種多樣。在權衡所有因素後，我們認為，如果關稅從目前的水平發生變化，那麼先提出展望然後進行調整是不明智的。

As a result, we are not providing an initial full-year fiscal '26 outlook. With that said, I'd like to provide some color on how we're approaching the year.

因此，我們不會提供 26 財年全年的初步展望。話雖如此，我想提供一些關於我們如何迎接新的一年的資訊。

Starting with the top line: as we look ahead, we remain focused on share gains in the US and expanding our business, internationally. And we continue to make progress in each.

首先，展望未來，我們將繼續專注於在美國擴大市場份額並拓展國際業務。我們在各方面都不斷取得進步。

Looking at Q1, to date, we are seeing our consumption trends better than what we saw in Q4 and continuing to trend well ahead of the category. In the month of April, we were the only top 5 cosmetics brand to post growth, with e.l.f. gaining an additional 130 basis points of market share in the US.

回顧第一季度，到目前為止，我們的消費趨勢比第四季度更好，並且繼續保持領先於同類產品的趨勢。四月份，我們是唯一實現成長的前五大化妝品品牌，e.l.f. 在美國的市佔率又增加了 130 個基點。

Turning to gross margin: we expect gross margin benefits from price increases, cost savings, and supplier concessions to be offset by the incremental tariff costs Tarang spoke about. Given the timing of our inventory turns, some of that tariff headwind will start to impact our gross margin in Q1.

談到毛利率：我們預期價格上漲、成本節約和供應商讓步帶來的毛利率收益將被 Tarang 所說的增量關稅成本所抵銷。考慮到我們的庫存週轉時間，部分關稅不利因素將開始影響我們第一季的毛利率。

Turning to SG&A: we continue to invest in our high ROI marketing initiatives, team, and infrastructure to support the significant whitespace we see ahead. We plan to maintain marketing and digital spend at approximately 24% to 26% of net sales in fiscal '26, in line with the range we targeted in fiscal '25.

談到銷售、一般和行政費用 (SG&A)：我們繼續投資於高投資回報率的行銷計劃、團隊和基礎設施，以支持我們預見到的巨大空白。我們計劃將 26 財年的行銷和數位支出維持在淨銷售額的 24% 至 26% 左右，與我們 25 財年的目標範圍一致。

Looking to non-marketing SG&A: we expect to see dollar growth on a year-over-year basis, primarily as we annualize the investments we made in our team and infrastructure last year, SAP roll-out; and continue our international expansion.

展望非行銷銷售、一般及行政費用：我們預計美元金額將同比增長，主要是因為我們將去年在團隊和基礎設施方面的投資年度化，SAP 的推出；以及繼續我們的國際擴張。

I'll now turn it back to Tarang to talk about today's exciting announcement.

現在我將把話題轉回給 Tarang，來談論今天令人興奮的公告。

Thank you, Mandy.

謝謝你，曼迪。

At e.l.f. Beauty, our vision is to be a different kind of company by building brands that disrupt norms, shape culture, and connect communities through positivity, inclusivity, and accessibility.

在 e.l.f. Beauty，我們的願景是成為一家與眾不同的公司，透過打造打破常規、塑造文化並透過積極性、包容性和可及性連結社群的品牌。

We disrupted the beauty industry from our inception in 2004, selling premium cosmetics for $1, over the Internet; and democratizing access to the best of beauty for millions of consumers. We've been disrupting and driving industry-leading growth for 21 years, in service to our growing communities around the world.

自 2004 年成立以來，我們就顛覆了美容產業，透過網路以 1 美元的價格銷售優質化妝品；並讓數百萬消費者能夠享受到最好的美容產品。21 年來，我們一直致力於顛覆和推動行業領先的成長，為世界各地不斷發展的社區提供服務。

We have a very high bar for M&A, given the strong organic growth we've been able to deliver; and only act when we find a win-win force multiplier. Our acquisition of Naturium in 2023 doubled down on the whitespace we see in skin care and brought us the vision of Founder, Susan Yara, bringing the science of consistent skin care to everyone, everywhere, every day.

鑑於我們能夠實現的強勁有機成長，我們對併購的門檻非常高；並且只有找到雙贏的力量倍增器時我們才會採取行動。我們於 2023 年收購了 Naturium，這加倍擴大了我們在皮膚護理領域的空白，並為我們帶來了創始人 Susan Yara 的願景，即將持續的皮膚護理科學帶給每個人、每個地方、每一天。

We kept Naturium's entire team and leveraged each company's strengths to further accelerate the combined business. Naturium leveraged e.l.f. Beauty's capabilities to expand into Ulta Beauty in the US, Shoppers Drug Mart in Canada, and Boots in the UK. And, in turn, we benefited from the expanded expertise in skin care to further accelerate e.l.f. SKIN.

我們保留了 Naturium 的整個團隊，並利用每家公司的優勢進一步加速合併業務。Naturium 運用 e.l.f. Beauty 的能力將業務擴展到美國的 Ulta Beauty、加拿大的 Shoppers Drug Mart 和英國的 Boots。反過來，我們也受益於皮膚護理領域不斷擴展的專業知識，從而進一步加速 e.l.f。皮膚。

Fiscal '25 was one of the strongest growth years ever, for both Naturium and e.l.f. SKIN.

對 Naturium 和 e.l.f. 來說，25 財年是有史以來最強勁的成長年份之一。皮膚。

We believe the acquisition of Rhode is a unique opportunity to bring together two like-minded disruptors, who are best-in-class at delivering high-quality innovation to highly-engaged communities. The unique partnership accelerates our collective potential to transform the beauty industry.

我們相信，收購 Rhode 是一個獨特的機會，可以將兩個志同道合的顛覆者聚集在一起，他們都是一流的，能夠為高度參與的社區提供高品質的創新。這種獨特的合作關係加速了我們共同改變美容產業的潛力。

Founder Hailey Rhode-Bieber, a fellow bold disruptor, saw a clear whitespace opportunity to bring a lifestyle approach to beauty. I've been in the consumer space 34 years and have been blown away by what Hailey and her team are building. In just under 3 years since its founding, Rhode has seen exceptional growth, achieving $212 million of net sales in the last 12 months; DTC only, with just 10 products.

創辦人 Hailey Rhode-Bieber 也是一位大膽的顛覆者，她看到了一個明顯的空白機會，那就是將一種生活方式帶入美容領域。我從事消費領域已有 34 年，Hailey 和她的團隊所創造的成果令我震驚。自成立以來的短短三年內，Rhode 取得了非凡的成長，在過去 12 個月內實現了 2.12 億美元的淨銷售額；僅限 DTC，僅擁有 10 種產品。

Rhode's unique fashion-forward aesthetic and lifestyle approach to beauty has driven success and scale across multiple product categories: cosmetics, skin care, and accessories.

Rhode 獨特的時尚前衛美學和生活方式推動了化妝品、護膚品和配件等多個產品類別的成功和規模。

Rhode has a powerful engagement model that has cultivated an incredibly enthusiastic and vocal community of brand champions, the type of fervent community engagement that people will camp out overnight and stand in line for 14 hours at a pop-up event in LA not just to buy a product, but to buy into the brand lifestyle.

Rhode 擁有強大的參與模式，培養了一群極其熱情、敢於發聲的品牌擁護者，這種狂熱的社區參與使得人們願意在洛杉磯的快閃活動上露營過夜、排隊 14 個小時，不僅是為了購買產品，也是為了認同品牌的生活方式。

The brand ranks number 1 in earned media value amongst its skin care peers, with less than 1% of Rhode social media content being sponsored. The strength of this brand caught our attention and the attention of the world's leading global beauty retailer, Sephora. They see almost every beauty brand and are a destination of choice for many top brands.

該品牌在同類護膚品中，贏得媒體價值排名第一，而 Rhode 社群媒體內容中贊助內容的比例不到 1%。這個品牌的實力引起了我們的注意以及全球領先的美容零售商絲芙蘭的注意。這裡幾乎可以看到所有美容品牌，也是許多頂級品牌的首選目的地。

Sephora's standard approach is to test a brand in a subset of stores, before scaling. Given Rhode's breakthrough DTC success and Sephora's belief in the potential of the brand, Rhode is planned to launch in all Sephora stores, across the US and Canada this fall and in the UK by the end of the year.

絲芙蘭的標準方法是先在部分商店中測試某個品牌，然後再擴大規模。鑑於 Rhode 在 DTC 領域的突破性成功以及絲芙蘭對該品牌潛力的信心，Rhode 計劃於今年秋季在絲芙蘭所有門市、美國和加拿大推出，並於今年年底在英國推出。

Sephora sees Hailey well beyond our celebrity status. They view her as a thoughtful Founder, with a unique vision, incredible instinct, and desirable aesthetic. Our time getting to know Hailey affirms this.

絲芙蘭認為海莉的地位遠遠超出了我們的名人地位。他們認為她是一位深思熟慮的創始人，具有獨特的眼光、令人難以置信的直覺和令人嚮往的美學。我們認識 Hailey 的時間證實了這一點。

As we look ahead, we see massive runway for growth and are excited to partner together with Rhode to bring the brand to more faces, places, and spaces. We see potential to leverage our mutual strength. Both e.l.f. and Rhode are known for their strong digital community engagement. We look forward to enhancing this strength by helping to accelerate Rhode's brand awareness.

展望未來，我們看到了巨大的成長空間，並很高興與 Rhode 合作，將品牌推廣到更多的面孔、地點和空間。我們看到了利用共同力量的潛力。e.l.f. 和 Rhode 都因其強大的數位社區參與而聞名。我們期待透過幫助提升 Rhode 的品牌知名度來增強這一優勢。

For context, Rhode's aided awareness is 20% today in the US, which is impressive for a brand this young and is half the level of other premium skin care brands, which average 40% or more awareness. Looking outside the US, international drives nearly 20% of Rhode's DTC sales, while 74% of the brand's social followers are from international markets.

作為背景，Rhode 目前在美國的輔助知名度為 20%，對於如此年輕的品牌來說，這一數字令人印象深刻，並且僅為其他高端護膚品牌（平均知名度為 40% 或更高）水平的一半。放眼美國以外，國際市場推動了 Rhode 近 20% 的 DTC 銷售額，而該品牌 74% 的社群粉絲來自國際市場。

There is significant pent-up global appetite for this brand. We plan to invest in marketing and fuel their disruptive marketing engine to further Rhode's brand awareness and further build its community of loyalists.

全球範圍內對該品牌有著巨大的需求。我們計劃投資行銷並推動其顛覆性行銷引擎，以進一步提高 Rhode 的品牌知名度並進一步建立其忠誠者社群。

We also plan to leverage our expertise and help Rhode further move into retail distribution. We have deep relationships with Sephora's top management and are excited to accelerate e.l.f. Beauty's global presence with Sephora, building upon the successful partnership we've had since launching e.l.f. in Sephora Mexico, last year.

我們還計劃利用我們的專業知識幫助 Rhode 進一步進入零售分銷領域。我們與絲芙蘭高層管理人員保持著深厚的關係，並且很高興能夠與絲芙蘭一起加速 e.l.f. Beauty 的全球影響力，以鞏固我們自去年在墨西哥絲芙蘭推出 e.l.f. 以來建立的成功合作夥伴關係。

Lastly, we see potential to provide Rhode with opportunities to broaden its product assortment and innovation in the skin care and hybrid makeup categories; and expand into new adjacent categories in the future.

最後，我們看到了為 Rhode 提供機會擴大其在護膚和混合化妝品類別中的產品種類和創新的潛力；並在未來擴展到新的相鄰類別。

Hailey's instincts have proven to break through the most crowded categories. And we look forward to supporting her and the team at each lifestyle stage.

事實證明，海莉的直覺能夠突破最擁擠的類別。我們期待在她和她的團隊生活的每個階段為其提供支持。

I want to close by extending a special thank you to the e.l.f. Beauty and Rhode teams. We each owe our success to the power of our teams.

最後，我要向 e.l.f. Beauty 和 Rhode 團隊表示特別的感謝。我們每個人的成功都歸功於團隊的力量。

On the Rhode side, Hailey is a visionary and her unique perspective, tenacity, and passion to reinvent beauty come through in every aspect of the business. She surrounded herself with an exceptional team to bring the vision of Rhode to life for millions of consumers, further fueling fandom.

從羅德的角度來看，海莉是一位有遠見的人，她獨特的視角、毅力以及重塑美的熱情體現在業務的各個方面。她組建了一支出色的團隊，將 Rhode 的願景變為現實，惠及數百萬消費者，進一步激發了粉絲的熱情。

In addition to Hailey, we intend to retain Co-Founders, Michael and Lauren Ratner; experienced CEO, Nick Vlahos; and their passionate team. We plan to continue to operate Rhode from its headquarters in Los Angeles and build that team further to realize the global opportunity we both see.

除了 Hailey 之外，我們還打算留住共同創辦人 Michael 和 Lauren Ratner、經驗豐富的執行長 Nick Vlahos 以及他們充滿熱情的團隊。我們計劃繼續在洛杉磯總部運營 Rhode，並進一步建立團隊，以實現我們共同看到的全球機會。

This approach will also allow the e.l.f. Beauty team to remain focused on the significant whitespace we see ahead for our existing brands. We're confident our combined companies have a bright future ahead of us.

這種方法也將使 e.l.f. Beauty 團隊能夠繼續專注於我們現有品牌未來的巨大空白。我們相信，合併後的公司將擁有光明的未來。

We look forward to partnering With Rhode to continue to disrupt the industry and further our vision to create a different kind of company.

我們期待與 Rhode 合作，繼續顛覆產業，並進一步實現我們創建不同類型公司的願景。

I'll now turn the call over to Mandy to talk about the financial details of the transaction.

現在我將把電話轉給 Mandy，討論交易的財務細節。

Thank you, Tarang.

謝謝你，塔朗。

I'll start with valuation. The $1 billion headline price breaks out into two components.

我先從估值開始。10億美元的總價格分為兩部分。

The upfront purchase price of $800 million at closing represents approximately 3.8 times Rhode's latest 12 months net sales, which compares favorably to precedent transactions in beauty. The transaction also includes additional potential earnout consideration of $200 million, based on the future growth of the brand, over a three-year time frame.

交易結束時，8 億美元的預付收購價大約相當於 Rhode 最近 12 個月淨銷售額的 3.8 倍，與美容領域的先前交易相比，這一價格較為有利。根據該品牌未來三年的成長情況，這筆交易還包括 2 億美元的額外潛在獲利對價。

We expect to finance the transaction using fully committed debt financing of approximately $600 million, as well as $200 million, or approximately 2.6 million shares, of newly issued shares of e.l.f. Beauty common stock, issued directly to the equity holders of Rhode.

我們預計將使用約 6 億美元的全額承諾債務融資以及 2 億美元（約 260 萬股）新發行的 e.l.f. Beauty 普通股（直接發行給 Rhode 的股東）來為此交易提供資金。

We expect our liquidity position to remain strong, with relatively low leverage, post the transaction. The transaction, which is subject to customary closing conditions, is expected to close in our second quarter of fiscal 2026.

我們預計，交易後我們的流動性狀況將保持強勁，槓桿率將相對較低。此交易需滿足慣例成交條件，預計 2026 財年第二季完成。

Turning to Rhode's financials. In the last 12 months, Rhode generated $212 million in net sales and very strong profitability levels. We expect the addition of Rhode to be accretive to our top-line growth, adjusted EBITDA margins, and earnings.

談談羅德的財務狀況。在過去的 12 個月中，Rhode 的淨銷售額達到 2.12 億美元，獲利水準非常強勁。我們預計 Rhode 的加入將促進我們的營業收入成長、調整後的 EBITDA 利潤率和收益。

Given the expected timing of the transaction close, we expect Rhode to contribute to our results starting in our fiscal Q2.

考慮到交易完成的預期時間，我們預計 Rhode 將從我們的財政第二季度開始為我們的業績做出貢獻。

When we have more certainty on the tariff front, we plan to issue guidance inclusive of Rhode's contribution.

當我們對關稅方面有更多確定性時，我們計劃發布包括羅德的貢獻在內的指導。

In summary, we're excited to welcome Rhode to the e.l.f. Beauty family. We have remained highly disciplined in assessing M&A and looking for opportunities that can leverage our strengths and bring complementary capabilities to e.l.f.

總而言之，我們很高興歡迎 Rhode 加入 e.l.f. Beauty 大家庭。我們在評估併購方面始終保持高度自律，並尋找能夠利用我們的優勢並為 e.l.f. 帶來互補能力的機會。

Finding a brand that has achieved this unique combination of disruption, curation, scale, and profitability is rare. And we are equally excited about the global opportunity we still see ahead.

找到一個能夠實現顛覆、策劃、規模和盈利能力這種獨特組合的品牌是罕見的。我們同樣對未來仍存在的全球機會感到興奮。

With this acquisition, we're further diversifying e.l.f. Beauty, with a distinct yet complementary brand that we expect to be accretive to both our growth profile and earnings.

透過此次收購，我們將進一步實現 e.l.f. Beauty 的多元化，擁有一個獨特而又互補的品牌，我們預計這將有利於我們的成長前景和收益。

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

接線員，這樣您就可以開始提問了。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Great. A couple of questions here.

偉大的。這裡有幾個問題。

First, just on the quarter. Realizing that you're not giving a fiscal '26 outlook. But sounds like for June quarter, at least, you're still working off of pre-tariff inventory.

首先，僅就本季而言。意識到您沒有給出 26 年的財政展望。但聽起來至少在六月季度，您仍在處理關稅前的庫存。

Is there anything you can tell us about performance? We've got two quarters in the books, at this point. So that would be helpful.

您能告訴我們有關性能方面的什麼嗎？目前，我們已經完成了兩個季度。這將會很有幫助。

You also talked about performance across a number of channels. But didn't mention Dollar General. So I just wanted to see how that was going?

您也談到了多個管道的表現。但沒有提到 Dollar General。所以我只是想看看情況如何？

And then, in terms of Rhode, if you could just talk about your thought process, in terms of further expansion and whether it will be run independently or integrating into the e.l.f. business?

然後，就 Rhode 而言，您能否談談您關於進一步擴張的想法，以及它是獨立運營還是融入 e.l.f. 業務？

Thanks so much.

非常感謝。

Hi, Olivia. I'll take the question on Q1 and any additional color there.

你好，奧莉維亞。我將回答關於問題 1 的問題以及任何附加內容。

As you said, we are not giving guidance, at this time. And, really, that's rooted until we get more certainty from a tariff perspective, just given such a wide range of outcomes on that front.

正如您所說，目前我們還沒有提供指導。事實上，考慮到關稅方面存在如此廣泛的結果，這種情況將持續到我們從關稅角度獲得更多確定性為止。

I can tell you we feel great about our business as we are in Q1. As we noted on the call, we continue to build share even into this quarter. We will be cycling some -- our space expansion in Walmart, the launch of Naturium and Ulta Beauty, and some outsized growth from an international perspective in Q1.

我可以告訴你，我們對我們的業務感到非常滿意，因為我們正處於第一季。正如我們在電話會議上指出的那樣，即使到了本季度，我們的市場份額仍在繼續擴大。我們將會進行一些循環——我們在沃爾瑪的空間擴張、Naturium 和 Ulta Beauty 的推出，以及第一季從國際角度來看的一些超額成長。

But, overall, we're feeling great about where we are.

但總體而言，我們對目前的狀況感到很滿意。

And then, Olivia, you had a question on Dollar General, as well. That continues to go extremely well.

然後，奧莉維亞，你也對 Dollar General 有疑問。一切進展得非常順利。

We're well above their expectations. We're building a ton of share. And we're really pleased with how it's doing, particularly serving the underserved -- rural areas that didn't have access to e.l.f. before. So we're feeling great about that.

我們遠遠超出了他們的預期。我們正在建立大量的共享。我們對它的現狀感到非常滿意，特別是為以前無法使用 e.l.f. 的偏遠地區（例如農村地區）提供服務。所以我們對此感覺很好。

And then, switching gears to Rhode. I can't tell you how excited we are with the acquisition of Rhode. If you take a look at e.l.f. Beauty, we just finished our 25th consecutive quarter of net sales and market share growth.

然後，話題轉到羅德。我無法形容我們對收購 Rhode 有多興奮。如果你看一下 e.l.f. Beauty，你會發現我們剛剛完成了連續第 25 個季度的淨銷售額和市場份額增長。

e.l.f. Beauty is on fire, and we're further fueling that fire with the acquisition of Rhode. Rhode is going to continue to be run out of Los Angeles. They have an incredible team, with Hailey; her co-founders, Michael D. Ratner, Lauren Ratner; and experienced CEO, Nick Vlahos. And so, we'll continue to run that team out of Los Angeles, both supplement the team and, particularly, increase the level of hiring to go after the global expansion opportunities that we see.

e.l.f. Beauty 正處於火熱階段，而我們透過收購 Rhode 進一步推動了這一熱潮。羅德將繼續被趕出洛杉磯。他們擁有一支出色的團隊，包括 Hailey、她的聯合創始人 Michael D. Ratner、Lauren Ratner 以及經驗豐富的執行長 Nick Vlahos。因此，我們將繼續在洛杉磯運營該團隊，既補充團隊，又增加招募水平，以抓住我們看到的全球擴張機會。

The near-term priority will be, really, to execute with excellence, the Sephora roll-out. It's a massive roll-out. It's Sephora in all US stores and Canadian doors. Followed, later this year, by roll-out into Sephora in the UK, as well.

近期的首要任務是出色地完成絲芙蘭的推廣。這是一次大規模的推廣。所有美國商店和加拿大門市均有絲芙蘭 (Sephora)。今年晚些時候，該品牌還將進軍英國絲芙蘭市場。

And so, we'll be looking to help the team; really make sure that that's an awesome launch. I can tell you, Sephora couldn't be happier or more excited of being able to get Rhode.

因此，我們將盡力幫助團隊；確保這是一次出色的發布。我可以告訴你，絲芙蘭對於能夠獲得 Rhode 感到非常高興和興奮。

It's an incredible brand. Being able to go from zero to $212 million of net sales, direct-to-consumer-only, with only 10 products, I don't think any of us have seen anything like it.

這是一個令人難以置信的品牌。光是 10 種產品，就能從零實現 2.12 億美元的淨銷售額，直接面對消費者，我想我們沒有人看過這樣的事。

So extremely excited and you'll continue to hear news, in terms of, particularly, once it closes in terms of our future expansion plans.

我非常興奮，你會繼續聽到有關我們未來擴張計劃的消息，特別是一旦它結束。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Mandy, just wanted to follow up. Obviously, you're not giving guidance for fiscal '26. But just given we're two months into fiscal Q1, any additional perspective? Your answers (inaudible) were helpful. But Q1 revenue is probably not as impacted by tariffs, at this point. So I was just hoping for any more detail there.

曼迪，我只是想跟進一下。顯然，您沒有提供 26 財年的指導。但考慮到我們已經進入第一財季兩個月了，還有其他看法嗎？您的回答（聽不清楚）很有幫助。但目前，第一季的收入可能還沒有受到關稅的影響。所以我只是希望獲得更多細節。

And, perhaps, also given the comp issue you mentioned in the US, could you talk about your US top-line growth potential, relative to the scanner data?

而且，也許，考慮到您提到的美國公司的競爭問題，您能否談談相對於掃描儀數據，您在美國公司的營收成長潛力？

And then, on the Rhode acquisition: Tarang, obviously, you're very excited by the growth opportunities here. Can you also just discuss, organizationally, the key incremental capabilities that e.l.f. can bring to the brand? And just vice-versa: what you think Rhode can bring to your organization and how you think about the biggest potential opportunities on that front?

然後，關於 Rhode 的收購：Tarang，顯然，您對這裡的成長機會感到非常興奮。您能否從組織角度討論 e.l.f. 可以為品牌帶來哪些關鍵的增量能力？反之亦然：您認為 Rhode 能為您的組織帶來什麼，以及您如何看待這方面最大的潛在機會？

Thanks.

謝謝。

Right. So I did provide some color there, Dara, on Q1 top line. Like I said, we feel great about what we're seeing, from a consumption standpoint. And we will be cycling those items already noted, as we go through. So feeling great about Q1, overall.

正確的。因此，達拉，我確實為第一季的營收提供了一些資訊。正如我所說的，從消費的角度來看，我們對所看到的情況感到非常高興。我們將在過程中循環那些已經提到的項目。總體而言，對第一季感覺很好。

Now, one thing that we did note on the call is that the impact of tariffs will start to hit us in Q1. And so, that's something to be mindful of, as you all think about how you're modeling profitability for the quarter.

現在，我們在電話會議上確實注意到的一件事是，關稅的影響將在第一季開始顯現。因此，當大家思考如何為本季建立獲利模型時，這一點需要注意。

Dara, in terms of your question on Rhode: from an organizational capability standpoint, we've obviously built up a set of capabilities across marketing, innovation -- a retail approach that we can apply to Rhode. More specifically, we've made this switch -- and both brands are digitally-native brands.

Dara，關於你關於 Rhode 的問題：從組織能力的角度來看，我們顯然已經在行銷、創新方面建立了一套能力——我們可以將零售方法應用於 Rhode。更具體地說，我們已經做出了這種轉變——兩個品牌都是數位原生品牌。

We've made the switch, successfully, a number of years ago in expanding into retail. And so, we'll be able to help Rhode, particularly as they expand into Sephora and then beyond that, as they look to increase the global footprint of the brand.

幾年前，我們就成功轉型，進軍零售業。因此，我們將能夠幫助 Rhode，特別是當他們擴展到絲芙蘭及其他地區時，因為他們希望擴大該品牌的全球影響力。

Second, from a marketing standpoint, it's amazing what they've been able to do, the engagement model they have. Again, I've never seen anything like it, where consumers are willing to camp out overnight, stay in line 14 hours in a pop-up event, not just to buy product but to buy into the entire lifestyle. And so, it's very much reminiscent of type of community engagement we have and leveraging that strength.

其次，從行銷的角度來看，他們所取得的成就以及他們所採用的參與模式令人驚嘆。再說一次，我從來沒有見過這樣的事情，消費者願意在快閃活動中徹夜排隊，排隊14個小時，不僅是為了購買產品，而是為了購買整個生活方式。因此，這很像我們所擁有的社區參與類型，並利用了這種優勢。

But, in addition, we see an opportunity to increase the awareness of Rhode. As I mentioned, their aided awareness is only 20%. So our ability to invest more into the brand (inaudible) increased awareness.

但除此之外，我們也看到了提高羅德知名度的機會。正如我所提到的，他們的輔助意識只有 20%。因此，我們有能力對品牌進行更多投資（聽不清楚）以提高知名度。

And then, third, I would say, from a people standpoint, it's an incredible team but it's a small team. So our ability, really, across every function: to be able to enhance that team and bring the capabilities we successfully apply to e.l.f. to Rhode will be there.

第三，我想說，從人員的角度來看，這是一支令人難以置信的團隊，但規模很小。因此，我們的能力實際上涵蓋了每一個職能：能夠增強該團隊並將我們成功應用於 e.l.f. 的能力帶到 Rhode。

So everything from retail to marketing to the overall team and expansion, globally, are things that we hope to help them with and help realize Hailey's vision.

因此，從零售到行銷，再到整個團隊和全球擴張，一切都是我們希望幫助他們並幫助實現 Hailey 願景的事情。

In terms of what we get in return, we get one of the most beautiful brands, I've ever seen, that is on rocket ship growth. We get to enhance our relationship and presence with Sephora, globally, over time and, to learn from each other.

就我們所獲得的回報而言，我們獲得了我所見過的最美麗的品牌之一，並且正在呈火箭式增長。隨著時間的推移，我們將在全球範圍內加強與絲芙蘭的關係和影響力，並相互學習。

I think every acquisition we've done -- if I take a look at what we got out of Naturium, which is a home run acquisition we did just in 2023, it brought us Susan Yara's vision, in terms of the science behind consistent skin care, everywhere for everyone.

我認為我們所做的每一次收購——如果我看看我們從 Naturium 獲得的回報，這是我們在 2023 年進行的本壘打收購，它給我們帶來了 Susan Yara 的願景，即為每個人提供持續護膚的科學。

And we've been able to help that business too, both in terms of expanding distribution, in terms of building out the team, and being able to really leverage each other's strength such that not only is Naturium growing really fast, but e.l.f. SKIN just had its strongest growth year, as well.

我們也能夠為該業務提供幫助，無論是在擴大分銷方面，還是在組建團隊方面，並且能夠真正利用彼此的優勢，這樣不僅 Naturium 發展非常快，而且 e.l.f. SKIN 也剛剛經歷了最強勁的增長年。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

This is Jonna, Jon for Oliver.

我是喬娜 (Jonna)，奧利佛 (Oliver) 的喬恩 (Jon)。

First question just on the domestic shelf space gains. Obviously, you have a bigger space now to work off of. What's the right pace of growth in the US, in terms of distribution?

第一個問題是關於國內貨架空間的成長。顯然，你現在有了更大的工作空間。從分銷角度來看，美國的正確成長速度是多少？

And then, the second question, around Rhode. Is there a potential for cross-selling between Rhode and e.l.f., given the younger consumers gravitate towards both brands? Is there any sort of customer overlap? Sort of exercise you've done that could be some adjusted cost both brands?

然後是第二個問題，關於羅德。鑑於年輕消費者對這兩個品牌的青睞，Rhode 和 e.l.f. 之間是否有交叉銷售的潛力？是否存在某種客戶重疊？您所做的練習可以調整兩個品牌的成本嗎？

Thank you very much.

非常感謝。

Jonna, I'll take the first question. On domestic shelf space gains, we're very pleased with the shelf space gains that we've gotten over this last year. And, as we've talked -- usually, we do have some expansion.

喬娜，我來回答第一個問題。關於國內貨架空間的成長，我們對去年貨架空間的成長感到非常滿意。而且，正如我們所說的——通常，我們確實會有一些擴展。

And so, as we talked on the call today, we're launching in Kruidvat in Belgium and the Netherlands. We also talked about ROSSMANN-Poland, from an international standpoint.

因此，正如我們今天在電話會議上談到的那樣，我們將在比利時和荷蘭的 Kruidvat 推出該產品。我們也從國際角度討論了 ROSSMANN-Poland。

And, here, in the US, we just had the space expansion in Target, this past spring, that we're very pleased with.

在美國，我們剛剛在今年春天擴大了 Target 的門市面積，對此我們感到非常滿意。

And so, there's still a lot of potential out there for us, as we think about domestic shelf space expansion.

因此，當我們考慮擴大國內貨架空間時，我們仍然有很大的潛力。

We talked about Walmart last year, getting that 50% shelf space increase still remains an opportunity for us, on the road ahead, to continue to increase space there as well.

我們去年談到了沃爾瑪，將貨架空間增加 50% 對我們來說仍然是一個機會，在未來的道路上，我們將繼續增加那裡的空間。

Really, across all of our top retailers. And so, that's something you have to stay tuned for, as we go through.

確實，我們所有的頂級零售商都是如此。因此，在我們進行的過程中，你必須持續注意這一點。

And then, in terms of your second question, in terms of Rhode and any consumer crossover: I would say both e.l.f. and Rhode have exceptional engagement efforts with our communities. And we both care deeply about each of our communities.

然後，關於您的第二個問題，關於 Rhode 和任何消費者交叉：我想說 e.l.f. 和 Rhode 都為我們的社區做出了卓越的參與努力。我們都非常關心各自的社區。

As you know, e.l.f. is the number 1 brand amongst teens. I think our share of Gen Z is 3.5 times the next highest brand. We're also the most purchased brand amongst Gen Alpha and Millennials. We see a skew with Rhode also, to Gen Z in the younger consumers. But both brands have multi-generational appeal.

眾所周知，e.l.f. 是青少年中最喜愛的品牌。我認為我們的 Z 世代份額是第二高品牌的 3.5 倍。我們也是 Alpha 世代和千禧世代購買最多的品牌。我們也發現 Rhode 傾向於年輕消費者中的 Z 世代。但這兩個品牌都具有跨世代吸引力。

You'll find really rich consumer set on both brands that we'll continue to build.

您會發現我們將繼續打造這兩個品牌，它們都擁有真正豐富的消費者群體。

Susan Anderson, Canaccord Genuity.

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

Just a follow-up, really quick, on the tariffs. I think you said, Mandy, that you'll start to see the impact in the first quarter. Is that just some inventory that you didn't have built out? Because, I think, this whole year, you built some inventory in the balance sheet.

我只是想快速跟進一下關稅問題。曼迪，我想你說過，你會在第一季開始看到影響。這是否只是一些您尚未建立的庫存？因為，我認為，今年全年，你在資產負債表中建立了一些庫存。

So just curious how long that's going to last? And then, at what point in first quarter are you having to flow through new inventory, with additional tariffs? And then, I assume, as the price increases go through in August, the second quarter won't be impacted.

所以只是好奇這會持續多久？那麼，在第一季的什麼時候您必須流通新庫存並繳納額外關稅？然後，我認為，隨著八月價格上漲，第二季不會受到影響。

And then, just one quick question on Naturium. I was curious if you had any new shelf space gains there for Naturium or any international plans?

然後，我只想問一個關於 Naturium 的簡短問題。我很好奇，你們是否為 Naturium 增加了新的貨架空間，或者制定了任何國際計劃？

All right. Hi, Susan. On the tariff impact, why I'm saying that it's going to start in Q1: we were mindful on the shipments that we brought in from the April period when the tariffs were at that higher rate through May, when they went through the lower rate.

好的。你好，蘇珊。關於關稅的影響，我之所以說它會在第一季開始，是因為我們關注的是 4 月進口的貨物，當時關稅較高，而 5 月則下降了。

But because we're mindful about that, it's really the product that we needed to ship out most immediately. So we will feel some of that tariff 1impact in Q1. And to your point, pricing will not be in effect so that will not be a mitigating factor in Q1.

但因為我們注意到了這一點，所以這確實是我們需要立即發貨的產品。因此，我們將在第一季感受到關稅的一些影響。正如您所說，定價不會生效，因此這不會成為第一季的緩解因素。

And then, on Naturium, we didn't have anything new to share there. But, outside that, it was a great year for Naturium -- that, we're very proud of.

然後，在 Naturium 上，我們沒有任何新內容可以分享。但除此之外，對於 Naturium 來說，這是偉大的一年——對此，我們感到非常自豪。

I'll let Tarang add.

我會讓 Tarang 補充。

Yeah. And I would say, on Naturium, we continue to make progress. We feel extremely great about our performance in Ulta Beauty, both in the facial skin care, as well as body sections.

是的。我想說的是，在 Naturium 方面，我們不斷取得進展。我們對 Ulta Beauty 的表現感到非常滿意，無論是臉部護膚還是身體護理。

We did take expanded Naturium distribution at Boots. And we're actually increasing the store count pretty significantly there, as well. We'll continue to see -- talk about other expansion with Naturium, as well.

我們確實在 Boots 擴大了 Naturium 的分銷。事實上，我們也正在大幅增加那裡的商店數量。我們將繼續關注——並討論與 Naturium 的其他擴展。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

I look at just a little bit on the pricing that you're planning here in August. How should we be thinking about the incremental sales lift that could come from that? And what kind of elasticity you think that could bring?

我稍微看一下您八月計劃的定價。我們該如何看待由此可能帶來的銷售成長呢？您認為這會帶來什麼樣的彈性？

And then, any context on why timing of August for that pricing? And then, also, can you confirm, I think the prepared remarks was across the entire portfolio in all geographies. So does that include all brands or just e.l.f.?

那麼，為什麼選擇在八月定價呢？然後，您能否確認，我認為準備好的評論涵蓋了所有地區的整個投資組合。那麼這包括所有品牌還是僅包括 e.l.f.？

Korinne, yes. Pricing, we just announced our pricing moves last Friday. And it's been -- as usual, we're transparent with our communities. And we posted that on our social channels.

科琳，是的。定價，我們上週五剛剛宣布了我們的定價變動。像往常一樣，我們對社區保持透明。並且我們在社交管道上發布了該消息。

And so the pricing that we're taking is effective August 1. And why that's August 1 is because many of our retailers require a 90-day window on any pricing moves. And so, that's why we've landed at August 1. That's going to be across all of our SKUs, globally.

因此，我們採取的定價將於 8 月 1 日生效。之所以選擇 8 月 1 日，是因為我們的許多零售商要求任何價格變動都要有 90 天的時間窗口。所以，這就是我們將日期定在 8 月 1 日的原因。這將涵蓋我們全球所有的 SKU。

So every item within the e.l.f. portfolio going up $1. We also had social posts cross Well People; Naturium, as well; and as well as Keys Soulcare. So we will be across all of our brands, taking some form of pricing.

因此，e.l.f. 投資組合中的每個項目都會上漲 1 美元。我們也在 Well People、Naturium 和 Keys Soulcare 上發布了社交貼文。因此，我們將對所有品牌採取某種形式的定價。

We have -- as we think about it, from a sales lift standpoint, we have incorporated -- as we look at it from our internal models -- some elasticity, just given that this is a unique macro that we're operating in.

我們從銷售提升的角度考慮，我們已經融入了——從我們的內部模型來看——一些彈性，因為這是我們運營的一個獨特的宏觀環境。

But what we've seen, so far, from community response is, like, a 99% positive sentiment on our pricing. So I think more to come, post August, as we see how consumers react in the sales lifts from pricing.

但到目前為止，我們從社區的反應來看，99% 的人對我們的定價持正面態度。因此我認為，8 月之後還會有更多消息，我們將看到消費者對物價上漲帶來的銷售提升有何反應。

The only other thing I would add there is we think this is an opportunity for us to continue to build market share. By taking our prices up just $1, we still have a superior value proposition, especially as we expect a lot of other people to take pricing.

我唯一想補充的是，我們認為這是我們繼續擴大市場份額的機會。透過將價格僅提高 1 美元，我們仍然擁有卓越的價值主張，特別是當我們預計許多其他人也會接受定價時。

So it's a great opportunity for us. Not only to preserve the value for our community but, also, continue to drive market share.

所以這對我們來說是一個很好的機會。不僅要為我們的社區保留價值，還要繼續推動市場份額。

Andrea Teixeira, J.P. Morgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you, operator. Good afternoon, everyone.

謝謝您，接線生。大家下午好。

Can you comment a little bit more about the most recent top-line trends? I understand, Mandy, you -- and you, Tarang, too -- you both [founded] positive about the most recent trends. But we have been seeing -- I think, all of us on this call -- the track channel consumption in April was now back to low to mid-teens for the e.l.f. Beauty side of the business.

您能否就最近的熱門趨勢再發表一些評論？我明白，曼迪，你──還有你，塔朗──你們都對最近的趨勢持樂觀態度。但我們已經看到——我想，我們所有參加電話會議的人都看到了——4 月份，e.l.f. Beauty 業務的軌道通路消費量現已回落至 15% 左右。

Is that would you say reflective of the performance across all channels? That's the first question.

您認為這是否反映了所有管道的表現？這是第一個問題。

And then, on Rhode: Can you comment, actually, on how much was the growth pace, most recently? And then, also, how diversified they are into some of the products?

然後，關於羅德：您能否評論一下最近的成長速度是多少？那麼，他們的某些產品的多樣化程度如何？

Some of them are obviously very popular and viral. Just curious, in terms of like the skin care side of the business against the color cosmetics side, how diversified they are and how obviously complementary they can be against the e.l.f. Beauty legacy portfolio.

其中一些顯然非常受歡迎並且廣為傳播。只是好奇，就護膚品業務與彩妝業務而言，它們的多樣化程度如何，以及它們與 e.l.f. Beauty 傳統產品組合的互補性如何。

All right. Andrea, thanks for the question.

好的。安德里亞，謝謝你的提問。

On top-line trends, as I've said, we're very pleased with the consumption trends that we're seeing, as we think about that from a net sales standpoint, for the quarter. Calling out those three items, again: we will be cycling the space expansion in Walmart; the launch of Naturium at Ulta Beauty; and outsized growth, from an international standpoint.

就營收趨勢而言，正如我所說，從淨銷售額的角度來看，我們對本季看到的消費趨勢感到非常滿意。再次強調這三件事：我們將循環進行沃爾瑪的空間擴張；在 Ulta Beauty 推出 Naturium；以及從國際角度來看的超大規模增長。

And so, I think with those pieces, you can get to where we're thinking, from a Q1 standpoint; but, again, not providing guidance, at this time.

因此，我認為，透過這些內容，您可以從第一季的角度了解我們的想法；但是，目前我們還沒有提供指導。

And then, on your question on Rhode: we're not disclosing the specific growth rate, other than they went from zero to $212 million in net sales, in three years. So it's a very fast-growing brand. And we have very high hopes as they expand into Sephora, as well.

然後，關於你對 Rhode 的問題：我們不會透露具體的成長率，只知道三年內他們的淨銷售額從零成長到了 2.12 億美元。所以這是一個成長非常迅速的品牌。我們對他們將業務拓展至絲芙蘭也抱有很高的期望。

In terms of the product assortment, one of the things we really like about Rhode is just how tight the product assortment is. It's only 10 products across skin care, color cosmetics, and accessories. And you see power SKUs across their entire line-up, just given how tight that range is.

就產品種類而言，我們真正喜歡 Rhode 的一點就是其產品種類非常齊全。它只有 10 種產品，涵蓋護膚品、彩妝和配件。而且，由於產品範圍非常狹窄，您會看到整個產品線中都有強大的 SKU。

One of the things that we plan to do on one of the earlier questions on capabilities is we have an incredible innovation capability in being able to really help Hailey and the team advance their vision, in terms of their lifestyle approach to beauty and other product categories that they can get into; as well as broadening out some of the ranges here, over time -- we look forward to being able to help them with that, as well.

關於先前關於能力的問題，我們計劃要做的事情之一是，我們擁有令人難以置信的創新能力，能夠真正幫助 Hailey 和團隊推進他們的願景，包括他們對美容的生活方式以及他們可以涉足的其他產品類別；以及隨著時間的推移擴大這裡的一些範圍——我們也期待能夠在這方面為他們提供幫助。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Thank you so much for the question.

非常感謝您的提問。

I was wondering, here, with the acquisition of Rhode, do you see any potential for other brands or products you have to benefit from, potentially, added distribution in Sephora?

我想知道，透過收購 Rhode，您是否認為其他品牌或產品有潛力從中受益，有可能增加絲芙蘭的分銷管道？

And then, as we take a step back and look at the e.l.f. parent company now, do you see the company becoming more of a portfolio of brands with, maybe, additional acquisitions, over time?

然後，當我們退一步來看看 e.l.f. 母公司現在的情況時，您是否認為該公司隨著時間的推移，會變得更加像一個品牌組合，並且可能會進行額外的收購？

Hi, Anna. In terms of Rhode and Sephora, we already were making progress with Sephora. I mentioned we had one of the best launches ever last year, with e.l.f. in Mexico. We've been in discussions with Sephora about other markets around the world that we could take the e.l.f. brand in.

你好，安娜。就 Rhode 和絲芙蘭而言，我們與絲芙蘭的合作已經取得了進展。我提到過，去年我們與墨西哥的 e.l.f. 合作推出了有史以來最好的產品之一。我們一直在與絲芙蘭討論可以將 e.l.f. 品牌引入全球其他市場。

This just accelerates our presence with Sephora in, even, a bigger scale. And, certainly, there are opportunities for other parts of our brand portfolio in Sephora, just there as they are with every -- there isn't a retailer in the world, right now, that doesn't want e.l.f. or our portfolio of brands.

這只會加速我們與絲芙蘭的合作，甚至更大規模。當然，絲芙蘭也為我們品牌組合中的其他部分提供了機會，就像每個零售商一樣——現在世界上沒有一家零售商不想要 e.l.f. 或我們的品牌組合。

And so, for us, it's really about making sure we're taking a disciplined sequential approach with each retailer, as we go through.

因此，對我們來說，這實際上是為了確保我們在與每個零售商合作的過程中採取規範的順序方法。

And then, on your broader question: we are a portfolio of brands. One of the things that I'm really proud of is every one of our brands grew in fiscal '25. And they're distinct yet complementary to each other.

然後，關於您更廣泛的問題：我們是一個品牌組合。我真正感到自豪的一件事是，我們的每個品牌在 25 財年都實現了成長。它們彼此不同，卻又互相補充。

And so, we love what we have with our brand portfolio, especially with the addition of Rhode. We have a really powerful overall portfolio that meets different consumer needs, different segments. And we really like that.

因此，我們非常喜歡我們現有的品牌組合，尤其是 Rhode 的加入。我們擁有真正強大的整體產品組合，可以滿足不同消費者、不同區隔市場的需求。我們真的很喜歡這樣。

In terms of future acquisitions, I would say our primary focus is always going to be to realize the whitespace we see for our existing brand portfolio and the strong organic growth we see there. Our second priority is to make sure we close and successfully integrate in Rhode.

就未來的收購而言，我想說，我們的主要關注點始終是實現我們現有品牌組合的空白以及我們在那裡看到的強勁有機成長。我們的第二個優先事項是確保我們完成並成功融入羅德島。

So I would say those are our two main priorities, right now. We just couldn't be more excited with what Rhode is going to bring to e.l.f. Beauty and what we can do together.

所以我想說，這是我們目前的兩個主要優先事項。我們對 Rhode 將為 e.l.f. Beauty 帶來的改變以及我們能夠共同完成的事情感到無比興奮。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good afternoon, everyone.

謝謝，接線生。大家下午好。

Mandy and Tarang, you both talked about the consumption performance of (inaudible), quarter to date. Maybe, two questions.

Mandy 和 Tarang，你們都談到了本季迄今的消費表現（聽不清楚）。也許，有兩個問題。

As you look back to the slowdown that you saw back in the January-February timeframe, do you feel like you have a better understanding today, in terms of what ultimately drove that weaker performance?

當您回顧 1 月至 2 月期間的經濟放緩時，您是否覺得今天對最終導致經濟表現疲軟的原因有了更好的理解？

And then, just as you think about the improvement we've seen over the past few weeks here -- totally understand that there's going to be a gap between net sales and what we're seeing from a consumption perspective -- but just as we think about the improvement, what is driving that, in terms of the consumption? And how sustainable is that, as we look forward here?

然後，正如您想到我們在過去幾週看到的改善一樣——完全理解淨銷售額和我們從消費角度看到的銷售額之間會存在差距——但正如我們思考改善一樣，就消費而言，推動這種改善的是什麼？展望未來，這種做法的可持續性如何？

Yeah. On your first part, in terms of the slowdown that we saw in the January-March quarter, we know exactly what happened there. We were lapping, by far, our biggest product launch ever, with our viral lip oils, as well as some of the other innovation we have.

是的。關於您的第一部分，就我們在 1 月至 3 月季度看到的經濟放緩而言，我們確切地知道發生了什麼。到目前為止，我們正在推出我們有史以來最大的產品，包括病毒式唇油以及我們的一些其他創新產品。

We feel really good about the spring innovation, about twice the rate of most years, any other year. The year before, that was almost 4x higher.

我們對春季的創新感到非常滿意，其創新速度大約是大多數年份的兩倍。而前一年，這數字幾乎高出了 4 倍。

So that really -- you're lapping a big innovation cycle, as you go through.

所以實際上——你正在經歷一個巨大的創新週期。

In terms of the improved trends: again, you're seeing the impact of our overall marketing, as well as innovation. I talked about our Melting Lip Balms. Those have been a huge hit. They were requested by our community -- an incredible value, relative to prestige.

就改善的趨勢而言：再次，您看到了我們的整體行銷以及創新的影響。我談到了我們的融化潤唇膏。這些都獲得了巨大的成功。這些都是由我們的社區所要求的——相對於聲望而言，這具有不可思議的價值。

I feel really good about the innovation we have coming this fall, too. So I really like what we're seeing on the business, right now; and like, even more, what we see coming.

我對我們今年秋天即將推出的創新也感到非常高興。所以我真的很喜歡我們現在所看到的業務；甚至更喜歡我們所看到的未來​​。

Ashley Helgans, Jefferies.

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

This is [Sidney], on for Ashley. Just wondering if you can share anything more on what adjacent categories do you see opportunities in for Rhode?

我是 [Sidney]，代替 Ashley。只是想知道您是否可以分享更多關於您認為 Rhode 在哪些相鄰類別中有機會的資訊？

And then, the Circana data showed mass outperformed prestige in Q1. Just curious if you're seeing any trade down or if you can speak to that trend?

然後，Circana 數據顯示，第一季大眾的表現優於聲望。我只是好奇您是否看到任何交易下滑或您是否可以談談這種趨勢？

And then, just on the innovation pace you just commented on: Do you plan to keep that 2 times speed throughout the balance of the year?

然後，就您剛才評論的創新速度而言：您是否計劃在今年全年保持兩倍的速度？

In terms of adjacent categories, we haven't disclosed that yet. We still don't own the business, until it closes. We've had plenty of conversations with Hailey and her team about some of the categories. You're going to have to stay tuned for that.

就相鄰類別而言，我們尚未透露。直到該企業關閉之前，我們仍然不擁有該企業的所有權。我們已經與 Hailey 和她的團隊就一些類別進行了多次討論。你必須持續關注這一點。

But there's plenty of room, with just 10 main products for them, to continue to expand Hailey's vision. And we look forward to helping her.

但僅憑 10 款主要產品，Hailey 也有足夠的空間來繼續拓展她的願景。我們期待著幫助她。

In terms of trade down, we don't have a great way of seeing trade down -- two different data sets between prestige and mass. What I can tell you is the secret of our success has less to do with trade down or taking share, it's more our ability to bringing access to millions of consumers who previously couldn't afford a particular segment.

就降級貿易而言，我們沒有很好的方法來觀察降級貿易——高端貿易和大眾貿易之間存在兩組不同的數據。我可以告訴你的是，我們成功的秘訣與降低消費水平或搶佔市場份額關係不大，而在於我們能夠將產品帶給數百萬以前買不起特定細分市場的消費者。

And that's really what -- I think, if I look back over a long arc of time, our biggest driver: of really being able to bring more consumers into a particular segment or franchise they previously didn't have access to.

而這確實是——我認為，如果我回顧很長一段時間，我們最大的驅動力是：真正能夠將更多的消費者帶入他們以前無法接觸到的特定領域或特許經營領域。

On the innovation -- sorry, I was just going to answer the last question on the pace of innovation.

關於創新——抱歉，我只是想回答關於創新步伐的最後一個問題。

To Tarang's point, we feel great about our pace of innovation. In fact, he talked about the Melting Lip Balms. We launched our Sheer For It Blush, as well. It's completely sold out on our elfcosmetics.com.

正如 Tarang 所說，我們對我們的創新步伐感到非常滿意。事實上，他談論的是融化潤唇膏。我們也推出了 Sheer For It Blush。我們的 elfcosmetics.com 上已全部售罄。

So we do have some really nice indicators that our fall innovation is resonating with our community.

因此，我們確實有一些非常好的指標表明我們的秋季創新正在引起社區的共鳴。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Just, first, with respect to the price increase that you announced, what has been the feedback, so far, from retail partners? Just anything you're hearing that would suggest you'll see pressure on volumes?

首先，關於您宣布的價格上漲，到目前為止，零售合作夥伴的回饋如何？您聽到的任何消息是否表明您會看到銷售壓力？

And then, on international, you talked about the factors affecting the first quarter. You noted cycling outsized growth in international. The year-over-year growth rate, on a percentage basis, last year, was pretty consistent in Q1 and Q2. The year-over-year growth, on a dollar basis, was pretty consistent, really, in the first three quarters of last year.

然後，在國際方面，您談到了影響第一季的因素。您注意到國際上自行車運動的快速發展。以百分比計算，去年第一季和第二季的年成長率相當一致。以美元計算，去年前三個季度的年成長確實相當穩定。

So I'm wondering if the comments you're giving for the first quarter: any reason to think why that wouldn't carry forward for the next few quarters, as we think about just cycling international growth?

所以我想知道您對第一季的評論：當我們考慮循環國際成長時，有什麼理由認為這種趨勢不會延續到接下來的幾季？

Mark, in terms of your first question on pricing, we've heard from our retail partners that a number of different people are going to be taking pricing. I think they're bracing for it across a number of consumer categories. That's why we feel great about our approach, in terms of just taking it up $1; being transparent with our community.

馬克，關於你關於定價的第一個問題，我們從零售合作夥伴那裡聽說，許多不同的人都會參與定價。我認為他們正在為多個消費類別做好準備。這就是為什麼我們對我們的方法感到非常滿意，只需收取 1 美元；對我們的社區保持透明。

As Mandy said, the response has been overwhelmingly positive, particularly our responsibility to make sure we're having superior value for our community. And so, I'd say, so far, no real pushback, from a retailer standpoint. They understand.

正如曼蒂所說，反應非常積極，特別是我們有責任確保為社區帶來卓越的價值。因此，我想說，從零售商的角度來看，到目前為止還沒有真正的阻力。他們明白。

And I think we're actually grateful that we're not going all the way to the level that I think they would expect one to take. And so, overall, those conversations have gone well. And I think we're going to come through it.

我認為我們實際上很慶幸我們沒有達到他們所期望的水平。所以，整體而言，這些對話進展順利。我認為我們將會渡過難關。

We believe we're going to come through it well, just given the approach.

我們相信，只要採取這種方法，我們就能順利度過難關。

And then, on your question on international, Mark: you're right. The outsized growth, from an international perspective, certainly, will carry through the first half of the year, as we think about what we launched and the number of markets that we opened and things like that.

然後，關於你關於國際的問題，馬克：你是對的。從國際角度來看，考慮到我們推出的產品、開闢的市場數量等，這種超高速的成長肯定會持續整個上半年。

So I'm answering it in terms of Q1 because that's what folks have been asking about. But, certainly, we may see that trend continue through the first half, for sure.

所以我會根據問題 1 來回答這個問題，因為這是人們一直在問的問題。但可以肯定的是，我們可能會看到這種趨勢在上半年持續下去。

And I'd say you're going to continue to hear us talk about additional new markets throughout the year.

我想說，你們將會在全年繼續聽到我們談論更多新市場。

Kruidvat, we're very excited about. We already have the number 1 position with Etos in the Netherlands. This will further and improve our position both in the Netherlands and Belgium.

Kruidvat，我們對此感到非常興奮。我們與 Etos 已在荷蘭佔據第一名的位置。這將進一步提升我們在荷蘭和比利時的地位。

Particularly excited about our launch coming up in Poland. ROSSMANN has a huge share of the Poland market. And so, given our success with ROSSMANN in Germany, we're going to see that.

我對即將在波蘭推出的產品特別興奮。ROSSMANN 在波蘭市場佔有巨大的份額。因此，鑑於我們在德國與 ROSSMANN 合作所取得的成功，我們將會看到這一點。

Now, you'll continue to hear about other expansion markets throughout the year, as we go through. And so, we'll take it one quarter at a time and update you on additional expansion.

現在，隨著我們的進展，您將繼續聽到有關全年其他擴張市場的消息。因此，我們將按季度向您通報進一步擴展的情況。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right. I actually wanted to go back to tariffs with a question.

好的。我實際上想帶著一個問題回到關稅問題上。

I understand the situation is fluid. There's a ton of uncertainty. But could you tell us, in a worst-case scenario, if you believe you can still generate earnings growth this fiscal year? Could you talk about potential mitigation efforts and what you would consider doing in a worst-case scenario?

我知道情況瞬息萬變。存在著大量的不確定性。但您能否告訴我們，在最壞的情況下，您是否相信本財年仍能獲利成長？您能談談潛在的緩解措施以及在最壞的情況下您會考慮做什麼嗎？

I assumed you would need to take further pricing and then, possibly shift production faster. Any other considerations?

我認為您需要進一步定價，然後可能更快地轉移生產。還有其他考慮嗎？

And then, ultimately, Tarang, I'd like to understand your priority to drive margins and earnings growth versus balancing market share, in a potential worst-case scenario?

最後，Tarang，我想了解一下，在最壞的情況下，您的首要任務是推動利潤和獲利成長，還是平衡市場佔有率？

Hi, Bonnie. On tariffs, there is a wide range of outcomes on the tariff front, which is why we did not provide guidance today.

你好，邦妮。關於關稅，關稅方面存在多種結果，這就是我們今天沒有提供指導的原因。

We have a mitigation playbook -- a tariff playbook -- that we've talked about; really, consists of three things: pricing, supply chain optimization, and business diversification. Of which, we're making progress across all three of those.

我們有一套緩解策略——一套關稅策略——我們已經討論過了；實際上，它由三個部分組成：定價、供應鏈優化和業務多樣化。其中，我們在這三個方面都取得了進展。

And because there are a wide range of outcomes, it's really prudent for us not to just talk about a number of different scenarios but, really, to focus on the one that we talked about on the call, which is the $50 million impact, if tariffs were to stay at the 55% level.

由於結果多種多樣，我們真正謹慎的做法是不僅僅談論許多不同的情況，而應該真正關注我們在電話會議上討論的情況，即如果關稅保持在 55% 的水平，將產生 5000 萬美元的影響。

Now, we know that's only in place for the next 90 days. And so, we're going to take it as it comes; but, until we have more certainty on that front, really, are not diving into more detail on the impact of mitigation and what a worst case should be.

現在，我們知道該措施僅會持續實施 90 天。所以，我們會順其自然；但是，在我們在這方面有更多確定性之前，我們真的不會更詳細地探討緩解措施的影響以及最壞的情況應該是什麼。

But, rest assured, we run a number of scenarios, behind the scenes.

但是，請放心，我們在幕後運行了許多場景。

And then, in terms of your question on margins versus market share, I think the beauty of e.l.f. has been we've always had a very balanced plan. We've gained market share 25 consecutive quarters. We're confident of our ability to continue to gain market share.

然後，關於您關於利潤率與市場份額的問題，我認為 e.l.f. 的優點在於我們始終有一個非常平衡的計劃。我們的市佔率已連續25個季度成長。我們有信心我們有能力繼續贏得市場份額。

And, over the years, we've made good margin progress. As Mandy said, the range of outcomes are too broad to really speculate on overall margins, at this time. Once we have greater resolution on it, we'll be able to provide that in our guidance.

而且，多年來，我們的利潤率取得了良好的成長。正如曼迪所說，結果範圍太廣，目前還無法真正推測整體利潤率。一旦我們對此有了更大的解決方案，我們將能夠在指導中提供解決方案。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Just going back to the acquisition. Just curious on sourcing. And then, if you see any limitations or limiters to growth, from a capacity perspective?

回到收購問題。只是對來源感到好奇。然後，從容量角度來看，您是否發現有任何限製或限製成長的因素？

And then, just going back to tariffs, as well. In your base-case scenario, do you really (inaudible) the pricing and other mitigation efforts fully offset, at least, I think, the $50 million exposure you, guys, disclosed, just based on the current environment?

然後，再回到關稅問題上。在您的基本情況下，您是否真的（聽不清楚）定價和其他緩解措施完全抵消了至少我認為您們披露的 5000 萬美元的風險敞口，僅基於當前環境？

Yeah. Rupesh, I'll take the first question.

是的。魯佩什，我來回答第一個問題。

In terms of Rhode, they have an excellent supply base and have been able to meet the demand they see. We feel confident about continuing to meet that demand.

就 Rhode 而言，他們擁有優秀的供應基礎，能夠滿足他們所看到的需求。我們有信心繼續滿足這項需求。

They have suppliers, both in Italy and South Korea, as I mentioned, with a ton of capacity. So we feel good about the plans, particularly as we prepare for Sephora here.

正如我所提到的，他們在義大利和韓國都有供應商，產能巨大。因此，我們對這些計劃感到很滿意，特別是我們為絲芙蘭 (Sephora) 做準備。

So don't see any concerns, from an overall capacity standpoint or ability to source. We feel highly confident we have a very good, high-quality set of suppliers.

因此，從整體產能或採購能力的角度來看，不存在任何問題。我們非常有信心，我們擁有一群非常優秀、高品質的供應商。

And then, from a tariff standpoint, Rupesh, we have not gone into the details on how much we're mitigating of that $50 million annualized impact. Again, when we have more certainty on the tariff front, we'll be back to you with what those impacts are.

然後，從關稅的角度來看，魯佩什，我們還沒有詳細說明我們在多大程度上減輕了 5000 萬美元的年化影響。再次，當我們對關稅方面有了更多的確定性時，我們會向您告知這些影響。

Jon Andersen, William Blair.

喬恩安德森、威廉布萊爾。

I've got one for Mandy and one for Tarang.

我給 Mandy 買了一個，我買了一個給 Tarang。

Maybe, Mandy, on the comments you made around gross margin, when you were giving some color around fiscal '26, I think you mentioned that price and productivity will help offset tariff impact. Were you talking on a rate basis so that we should expect the legacy e.l.f. Beauty gross margins to be relatively flat year over year?

也許，曼迪，關於您對毛利率的評論，當您對 26 財年進行一些描述時，我認為您提到價格和生產力將有助於抵消關稅的影響。您是在以利率為基礎進行討論嗎？這樣我們就能預期傳統的 e.l.f. Beauty 毛利率會逐年相對持平嗎？

And then, if I could throw one in for Tarang: I'm really curious, as you vetted Rhode, how you got comfortable and the whole team got comfortable that this is a lifestyle brand with a long sustainable growth trajectory, not a high-flyer celebrity-backed brand that may be a little bit more flattish? I'd just love to understand your viewpoint on that aspect.

然後，如果我可以問 Tarang 一個問題：我真的很好奇，正如你審查 Rhode 時所說，你和整個團隊是如何確信這是一個具有長期可持續增長軌蹟的生活方式品牌，而不是一個可能稍微平淡一些的、由名人支持的高端品牌的？我只是想了解您對這方面的看法。

Hi, Jon. On gross margins, we actually are not giving any guidance on gross margin -- or growth profit, for that matter -- and the impact in mitigation efforts. All we called out was the $50 million, on an annualized basis, of the impact of tariffs at a 55% level.

你好，喬恩。關於毛利率，我們實際上並沒有對毛利率（或成長利潤）以及緩解措施的影響給予任何指導。我們所指出的只是，以年率計算，55% 的關稅將造成 5000 萬美元的影響。

We do have pricing, as we talked about our mitigation efforts -- pricing, cost savings, concessions with our suppliers. But, when we get to a point where we are having more certainty, from a tariff standpoint, we will be able to come back around with gross margin impact.

我們確實有定價，正如我們談到的我們的緩解措施——定價、成本節約、與供應商的優惠。但是，當我們從關稅角度獲得更大的確定性時，我們將能夠恢復毛利率的影響。

And then, Jon, in terms of the longevity of Rhode and what gives us confidence, I'd say there are a number of things.

然後，喬恩，關於羅德的壽命以及什麼給了我們信心，我想說有很多事情。

First and foremost, Hailey. Hailey is well beyond a celebrity. She's one of the most thoughtful founders I've ever met; has great instincts; a desirable aesthetic.

首先，海莉。海莉已經不只是一位名人了。她是我見過的最有思想的創始人之一；她有敏銳的直覺和令人嚮往的美學。

And it's not just me. Sephora is thoroughly impressed with her, everyone who's met her. The more time we spent with her -- just how thoughtful she is. In terms of the vision of that brand and where it can go gives us a lot of confidence.

而且不只是我一個人有這種感覺。每個見過她的人都對她印象深刻。我們和她在一起的時間越長，就越能體貼她。就品牌的願景和發展方向而言，我們充滿信心。

Second. It's incredibly hard to scale a brand in our space. We've cited this stat before: there are 1,900 cosmetics and skin care brands [tracked] by Nielsen alone. Only 26 of them have more than $100 million in retail sales.

第二。在我們的領域擴大品牌規模極為困難。我們之前引用過這個統計數據：光是尼爾森就追蹤了 1,900 個化妝品和護膚品品牌。其中只有 26 家公司的零售額超過 1 億美元。

To be able to do $212 million, DTC only, in net sales is simply incredible and talks to the strength of the consumer conviction behind the brand.

光是 DTC 業務的淨銷售額就能達到 2.12 億美元，這簡直令人難以置信，也證明了消費者對該品牌的堅定信念。

The third thing is the quality of the products; the innovation are outstanding. They have amongst the highest repeat rates of any brand we've seen in the category, across skin care, color cosmetics, et cetera.

第三是產品的品質；創新非常出色。在我們所見過的護膚品、彩妝等產品類別中，他們的重複購買率是最高的。

So there's real depth of consumer conviction in this brand. It's still young. So there's quite a few more consumers that we can attract to the brand. But the core metrics that we look at, in terms of what is the equity of the brand; how does it resonate; what level of community engagement; what is the quality of the products and how are they resonating; what's the repeat rates there -- we feel great about all of those things. And we'll see to the brand for the long term; and to help Hailey build that out.

因此，消費者對這個品牌有著真正深入的信任。它還很年輕。因此我們可以吸引更多消費者關注該品牌。但我們關注的核心指標是品牌資產是什麼；它如何引起共鳴；社區參與度如何；產品品質如何以及它們如何引起共鳴；重複率是多少——我們對所有這些都感到滿意。我們將長期關注該品牌，並幫助 Hailey 將其打造壯大。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Tarang Amin, Chairman and CEO, for any closing remarks.

我想將會議交還給董事長兼執行長 Tarang Amin，請他致閉幕詞。

Well, thank you for joining us today. I'm so proud of the incredible team at e.l.f. Beauty and at Rhode for delivering another year of industry-leading results.

好吧，感謝您今天加入我們。我為 e.l.f. Beauty 和 Rhode 的優秀團隊又一年取得行業領先成果而感到自豪。

Definitely thrilled to welcome Rhode to the e.l.f. Beauty family. We look forward to seeing some of you at some of our upcoming Investor Meetings; and speaking to you in August, when we'll discuss our first-quarter results.

非常高興歡迎 Rhode 加入 e.l.f. Beauty 大家庭。我們期待在即將召開的投資者會議上見到你們；並於八月與你們交談，屆時我們將討論第一季的業績。

Thank you and be well.

謝謝您，祝您一切安好。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。