elf Beauty Inc (ELF) 2026 Q1 法說會逐字稿

Thank you for joining us today to discuss e.l.f. Beauty's first-quarter fiscal '26 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 26 財年第一季的業績。我是企業發展和投資者關係副總裁 KC Katten。今天與我一起出席的是董事長兼執行長 Tarang Amin 和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.

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。

Since many of our remarks today contain forward-looking statements, please refer to our earnings release and reports filed with the SEC, where you'll find factors that could cause actual results to differ materially from these forward-looking statements.

由於我們今天的許多言論都包含前瞻性陳述，請參閱我們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，該公司今天的演示中包含了以非 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 (non-GAAP) 列報與最直接可比較的公認會計準則 (GAAP) 指標之間的差異的對帳。

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

現在，讓我將網路直播交給 Tarang。

Thank you, KC, and good afternoon, everyone. Today, we will discuss our first quarter results and our approach to fiscal 2026. I'm proud of our incredible e.l.f. Beauty team for delivering another quarter of industry-leading results. In Q1, we grew net sales 9% on top of 50% growth in Q1 of last year, delivered adjusted EBITDA of $87 million, up 12% and gained 210 basis points of market share.

謝謝 KC，大家下午好。今天，我們將討論第一季的業績以及我們對 2026 財年的方針。我為我們出色的 e.l.f. Beauty 團隊又一個季度取得行業領先成績而感到自豪。第一季度，我們的淨銷售額在去年第一季 50% 成長的基礎上又成長了 9%，調整後 EBITDA 達到 8,700 萬美元，成長 12%，市佔率增加了 210 個基點。

Q1 marked our 26th consecutive quarter of both net sales growth and market share gains. e.l.f. is the only brand of the nearly 1,000 cosmetics brands tracked by Nielsen to gain share for 26 consecutive quarters. As we look ahead, we see the potential to more than double our business over the coming years given the significant white space we see in color cosmetics, skin care and international.

第一季是我們連續第 26 季實現淨銷售額成長和市佔率成長。 e.l.f. 是尼爾森追蹤的近 1,000 個化妝品品牌中唯一一個連續 26 個季度市佔率成長的品牌。展望未來，鑑於彩妝、護膚品和國際市場的巨大空白，我們認為未來幾年我們的業務將有潛力成長一倍以上。

We believe the acquisition of rhode, which closed yesterday, enhances our position as a leading player in accessible beauty. Let me update you on our progress in Q1. First, in color cosmetics. Nationally, e.l.f. is the number one unit share brand with approximately 15% share and the number two dollar share brand with approximately 13% share, more than double where we were just three years ago. The combination of our value proposition, powerhouse innovation and disruptive marketing engine continue to fuel our market share gains.

我們相信，昨天完成的對 rhode 的收購增強了我們作為無障礙美容領域的領導地位。讓我向您通報我們第一季的進度。首先，在彩妝領域。在全國範圍內，e.l.f. 是排名第一的單位份額品牌，佔有率約為 15%，是排名第二的美元份額品牌，佔有率約為 13%，比三年前增長了一倍多。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。

Looking to our value proposition. The average price point for e.l.f. Cosmetics is about $6.50 today as compared to nearly $9.50 for legacy mass cosmetics brands and over $20 for prestige brands. As we spoke about last quarter, to help mitigate the impact from tariffs, we took a dollar increase on our entire product assortment effective August 1. This is only the third price increase we've taken in our 21-year history.

期待我們的價值主張。目前，e.l.f. 化妝品的平均價格約為 6.50 美元，而傳統大眾化妝品品牌的平均價格接近 9.50 美元，高端品牌的平均價格超過 20 美元。正如我們上個季度所談到的，為了幫助減輕關稅的影響，我們從 8 月 1 日起對所有產品類別的價格進行了上調。這是我們 21 年歷史上第三次提價。

With 75% of e.l.f.'s product portfolio remaining under $10 post increase, our community continues to praise our commitment of making the best of beauty accessible to every eye, lip and face. In Target, our longest-standing national retail customer, we're the number one cosmetics brand with approximately 21% share, growing by 190 basis points in Q1.

漲價後，e.l.f. 75% 的產品價格仍保持在 10 美元以下，我們的社區繼續讚揚我們致力於讓每個人的眼睛、嘴唇和臉部都能享受到最美的事物。在我們最長久的全國零售客戶 Target 中，我們是第一大化妝品品牌，佔有約 21% 的份額，第一季成長了 190 個基點。

We're making great progress on replicating our success at Target with other key retailers. We posted triple-digit share gains with all of our major tracked channel retail partners in Q1. We're also finding success with newer retailers like Dollar General.

我們在與其他主要零售商合作複製 Target 的成功方面取得了巨大進展。我們在第一季與所有主要追蹤通路零售合作夥伴的份額均實現了三位數的成長。我們也發現與 Dollar General 等新零售商的合作也取得了成功。

Dollar General has a stated strategy of serving the underserved with 80% of stores serving rural markets. Their partnership has been a win-win. e.l.f. is attracting new buyers into the channel with 60% of e.l.f. purchases at Dollar General coming from shoppers who never bought cosmetics at Dollar and 53% of these shoppers are new to the e.l.f. brand.

Dollar General 已製定了服務於服務不足地區的策略，其 80% 的門市服務於農村市場。他們的合作是雙贏的。 e.l.f. 正在吸引新的買家進入該管道，60% 的 Dollar General e.l.f. 購買者來自從未在 Dollar 購買過化妝品的購物者，而這些購物者中有 53% 是 e.l.f. 品牌的新消費者。

We're excited to expand our footprint to additional Dollar General stores this fall. Looking to innovation. We have a unique ability to deliver a steady stream of Holy Grails, taking inspiration from our community and the best products in prestige and bringing them to market in an extraordinary value. As consumers continue to seek multi-benefit products and skin forward cosmetics, we're answering the call with our Halo Glow Skin Tint mineral SPF 50 priced at an incredible value of $18 compared to prestige items at $48 or more.

我們很高興今年秋天能將業務範圍擴大到更多的 Dollar General 商店。尋求創新。我們擁有獨特的能力，可以源源不斷地提供“聖杯”，從我們的社區和最負盛名的產品中汲取靈感，並以非凡的價值將它們推向市場。隨著消費者不斷尋求多效產品和護膚化妝品，我們推出了 Halo Glow Skin Tint 礦物 SPF 50，以滿足這一需求，其價格僅為 18 美元，而高端產品則要 48 美元或更高。

(video playing)

（影片播放）

Halo Glow Skin Tint was our top-selling cosmetics product in Q1 on elfcosmetics.com. Our Holy Grail innovation approach is driving share gains across segments. In Q1, we delivered triple-digit share gains across face, lip and eye makeup.

Halo Glow Skin Tint 是我們第一季在 elfcosmetics.com 上最暢銷的化妝品產品。我們「Holy Grail」式的創新方法正在推動各個細分市場的份額成長。在第一季度，我們的臉部、唇部和眼部化妝品的市場份額實現了三位數的成長。

We've more than doubled our share in each of these segments over the last five years. As compared to the 22% share and number one ranking we have in face, we have a 13% share in the number three ranking in lip and a 9% share in the number four ranking in eye.

過去五年來，我們在各個領域的份額都增加了一倍以上。相較於我們在臉部護理領域排名第一的 22% 份額，我們在唇部護理領域排名第三的 13% 份額，在眼部護理領域排名第四的 9% 份額。

We believe we have the innovation engine to grow share in these large segments. We're also leaning into our disruptive marketing engine to fuel brand awareness. e.l.f.'s unified marketing engine fuses insights, innovation and entertainment and elevates e.l.f. as one of the most talked about beauty brands in the world.

我們相信，我們擁有創新引擎來增加這些大型細分市場的份額。我們也依靠顛覆性的行銷引擎來提升品牌知名度。 e.l.f. 的統一行銷引擎融合了洞察力、創新和娛樂，使 e.l.f. 成為全球最受關注的美容品牌之一。

We move at the speed of our community, sparked by the insight that 7 of the top 10 most viewed lip gloss videos on TikTok featured TikTokers customizing their own jumbo Halo Glow lip gloss. We turn fandom into innovation at e.l.f. speed. From insight to action in under four weeks, we launched a DIY Halo Gloss kit exclusively on TikTok Shop that sold out in under 24 hours.

我們以社群的速度發展，速度源自於這樣的洞察：TikTok 上觀看次數最多的 10 個唇彩影片中，有 7 個影片都展示了 TikTokers 客製化自己的巨型 Halo Glow 唇彩。我們以極快的速度將粉絲熱情轉化為創新。從洞察到行動，我們在不到四周的時間內就在 TikTok Shop 上獨家推出了一款 DIY Halo Gloss 套裝，並在不到 24 小時內銷售一空。

Turning to skin care. Skin care today drives nearly 20% of our global consumption, more than double the level we had a few years ago, and we continue to see significant runway for growth. We have two of the fastest-growing mass skin care brands with e.l.f. SKIN and Naturium that are distinct yet complementary in price points, positioning and audiences.

轉向皮膚護理。如今，護膚品佔據了全球消費的近 20%，是幾年前的兩倍多，而且我們繼續看到巨大的成長空間。我們有兩個成長最快的大眾護膚品牌：e.l.f. SKIN 和 Naturium，它們在價格點、定位和受眾方面各有特色，但又相互補充。

We're leaning into our value proposition and powerhouse innovation with our latest e.l.f. SKIN product launch. Our Bright Icon Vitamin C + E priced at an incredible value of $16 compared to a Prestige item at a $185.

我們最新的 e.l.f. SKIN 產品體現了我們的價值主張和強大的創新能力。我們的 Bright Icon 維生素 C + E 售價僅為 16 美元，而 Prestige 產品的價格為 185 美元。

(video playing)

（影片播放）

e.l.f. skin is cultivating cultural relevance with the premiere of sun hinge. We reimagine SPF education with a comedy roast to the sun at the intersection of humor and health to drive awareness. Consumer research finds that 91% of people prefer brands that are funny and 90% are more likely to recall a brand that uses humor.

e.l.f. skin 正在透過《sun hinge》的首映培養文化相關性。我們透過幽默與健康相結合的喜劇形式重新構想了 SPF 教育，以提高人們的認識。消費者研究發現，91% 的人喜歡有趣的品牌，90% 的人更有可能回想起使用幽默的品牌。

(video playing)

（影片播放）

Looking to international. Our international net sales grew 30% in Q1, fueled by growth in our existing markets as well as expansion into new markets. In the UK, our largest market outside the US, e.l.f. Cosmetics outpaced category growth by 3x in Q1, increasing our rank from the number four brand to the number three brand. As we look to new international markets, we've seen success with our engagement model across social platforms, driving consumer demand well before we enter a country.

放眼國際。我們第一季的國際淨銷售額成長了 30%，這得益於我們現有市場的成長以及新市場的擴張。英國是我們在美國以外最大的市場，e.l.f. Cosmetics 在第一季的成長速度是同類產品的 3 倍，排名從第四位上升至第三位。當我們放眼新的國際市場時，我們已經看到我們在社群平台上的參與模式取得了成功，在我們進入一個國家之前就推動了消費者需求。

We saw this play out in Q1 with the launch of e.l.f. in over 1,200 stores of Kruidvat the number one beauty retailer in the Netherlands and Belgium. e.l.f. quickly ascended to the number one brand in Belgium and the number two brand in the Netherlands. We're excited for the international expansion we have planned this fall.

我們在第一季見證了這一現象，e.l.f. 在荷蘭和比利時第一大美容零售商 Kruidvat 的 1,200 多家門市推出。 e.l.f. 迅速上升為比利時第一品牌和荷蘭第二品牌。我們對今年秋季計劃的國際擴張感到非常興奮。

e.l.f. is launching with Rossman in Poland and Sephora in the six countries of the Gulf Cooperation Council. Naturium is also expanding into additional boot stores in the UK and launching with Sephora in Australia. For context, six years ago, we sold $28 million internationally or about 10% of our sales.

e.l.f. 正在與波蘭的 Rossman 以及海灣合作委員會六個國家的絲芙蘭合作推出。Naturium 也將業務拓展至英國的其他靴子商店，並與絲芙蘭在澳洲合作推出產品。具體來說，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%。

Today, we sell $266 million internationally, representing 20% of our sales. We expect that mix to continue to grow as we gain share in existing markets and expand in new new markets. We expect that mix to continue to grow as we gain share in existing markets and expand into new markets.

如今，我們的國際銷售額達 2.66 億美元，占我們銷售額的 20%。我們預計，隨著我們在現有市場的份額增加以及在新市場的擴張，這種組合將繼續增長。我們預計，隨著我們在現有市場的份額不斷增加並擴展到新市場，這種組合將繼續增長。

As we look ahead, we remain confident in our ability to continue to gain share and capture the significant white space ahead of us. We believe that our opportunity is further accelerated with our acquisition of rhode, a breakthrough high growth beauty brand founded by Hailey rhode Bieber.

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 Hailey Rhode Bieber 創立的突破性高成長美容品牌 Rhode 後，我們的機會將進一步加速。

The acquisition closed yesterday, and we're thrilled to officially welcome the talented rhode team to the e.l.f. Beauty family, a breakthrough high-growth beauty brand founded by Hailey rhode Bieber. The acquisition closed yesterday, and we're thrilled to officially welcome the talented rhode team to the e.l.f. Beauty family. 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 three years since its founding, rhode has seen exceptional growth, achieving $212 million,

此次收購於昨日完成，我們非常高興地正式歡迎才華橫溢的 Rhode 團隊加入 e.l.f. Beauty 大家庭，這是 Hailey Rhode Bieber 創立的一個突破性的高成長美容品牌。此次收購已於昨日完成，我們非常高興地正式歡迎才華橫溢的 Rhode 團隊加入 e.l.f. Beauty 大家庭。我從事消費品行業 34 年了，Hailey 和她的團隊在成立不到三年的時間裡所取得的成就令我震驚，rhode 取得了非凡的增長，實現了 2.12 億美元的收益，

rhode has seen exceptional growth, achieving $212 million of net sales in the 12 months ended March 31, 2025. DTC only with just 10 products. We believe the acquisition of rhode brings together two like managers, who are best-in-class in creating highly desirable brands that deliver high-quality innovation to highly engaged communities. As we combine, our initial focus will be to help two areas: first, to accelerate rhode's brand awareness.

rhode 實現了非凡的成長，在截至 2025 年 3 月 31 日的 12 個月內實現了 2.12 億美元的淨銷售額。DTC 僅提供 10 種產品。我們相信，收購 rhode 意味著將兩位志同道合的管理者聚集在一起，他們都是業界頂尖人才，能夠打造備受青睞的品牌，為高度參與的社群提供高品質的創新。當我們合併時，我們最初的重點將放在幫助兩個方面：第一，加速羅德的品牌知名度。

For context, roads aided awareness is 20% today in the US half the level of other premium skin care brands, which average 40% or more awareness. Second, we plan to leverage our deep retail expertise and help rhode expand their distribution footprint. The team is focused on executing its launch in Sephora, the world's leading global beauty retailer.

就背景而言，目前美國的道路輔助認知度為 20%，僅為其他高端護膚品牌認知度的一半，後者的平均認知度為 40% 或更高。其次，我們計劃利用我們深厚的零售專業知識，幫助羅德擴大其分銷足跡。該團隊專注於在全球領先的美容零售商 Sephora 推出該產品。

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 launching in all Sephora stores across the US and Canada in September and the UK by the end of the year. We're 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.

絲芙蘭的標準方法是先在部分門市測試某個品牌，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 將於 9 月在美國和加拿大的所有絲芙蘭門市推出，並於年底在英國推出。我們很高興能夠與絲芙蘭攜手加速 e.l.f. Beauty 的全球影響力，這得益於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。

We've been disrupting and driving industry-leading growth for 21 years in service to our growing communities around the world. As we look ahead and now further fuel by road, we see an opportunity to more than double our business over the coming years with significant white space we see in color cosmetics, skin care and international across our portfolio of brands.

21 年來，我們致力於服務世界各地不斷成長的社區，打破常規，推動產業領先成長。展望未來，現在我們透過公路進一步加油，看到了未來幾年業務翻一番以上的機會，我們在彩妝、護膚品和國際品牌組合中看到了巨大的空白。

I'll now turn the call over to Mandy to talk more about our first 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的第一季業績以及我們對 26 財年的方針。

Thank you, Tarang. Q1 net sales of $354 million grew 9% year-over-year on top of 50% growth in Q1 of last year primarily driven by continued growth in unit volume. Our net sales in the US grew 5% year-over-year in Q1, while international net sales grew 30%.

謝謝你，塔朗。第一季淨銷售額為 3.54 億美元，年增 9%，而去年第一季的成長率為 50%，主要得益於單位銷售的持續成長。我們第一季在美國的淨銷售額年增 5%，而國際淨銷售額成長 30%。

We are pleased to see continued momentum in consumption with our growth outpacing category trends leading to 210 basis points of market share gains in the quarter. Q1 gross margin of 69% was down approximately 215 basis points compared to prior year.

我們很高興看到消費持續保持強勁勢頭，我們的成長速度超過了類別趨勢，導致本季市佔率成長了 210 個基點。第一季毛利率為 69%，較去年同期下降約 215 個基點。

The year-over-year decline was driven by incremental tariff costs, partially offset by favorable foreign change impacts on goods purchased from China and mix. On an adjusted basis, SG&A as a percentage of sales was 50% in Q1 as compared to 51% in Q1 last year. Marketing and digital investment for the quarter was 22% of net sales as compared to 23% in Q1 last year.

年比下降是由於關稅成本增加所致，但外匯變化對從中國購買的商品及產品組合產生的有利影響部分抵消了這一影響。經調整後，第一季銷售、一般及行政費用佔銷售額的百分比為 50%，而去年第一季為 51%。本季行銷和數位投資佔淨銷售額的 22%，而去年第一季為 23%。

Marketing spend for the quarter was lower than planned as campaign spend shifted into Q2. We continue to expect 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.

由於行銷活動支出轉移到第二季度，本季的行銷支出低於計劃。我們繼續預期 26 財年的行銷和數位支出將佔淨銷售額的約 24% 至 26%，與我們 25 財年的目標範圍一致。

Q1 adjusted EBITDA was $87 million, up 12% versus last year. Approximately 7 points of that year-over-year growth was driven by an unanticipated foreign currency gain of approximately $5 million due to quarter-over-quarter fluctuations between the British pound and the US dollar. Adjusted net income was $51 million or $0.89 per diluted share compared to $64 million or $1.10 per diluted share a year ago.

第一季調整後的 EBITDA 為 8,700 萬美元，較去年同期成長 12%。其中約 7 個百分點的同比增長是由於英鎊和美元之間季度環比波動而產生的約 500 萬美元的意外外匯收益。調整後淨收入為 5,100 萬美元或每股攤薄收益 0.89 美元，而去年同期為 6,400 萬美元或每股攤薄收益 1.10 美元。

The decrease in adjusted net income and EPS metrics was primarily driven by a more normalized tax rate as compared to Q1 last year, which included discrete tax benefits related to stock-based compensation. 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 $170 million in cash on hand compared to a cash balance of $109 million a year ago. I'm also pleased with the $20 million in free cash flow we generated in Q1, up from $0.5 million a year ago.

調整後淨收入和每股盈餘指標的下降主要是由於與去年第一季相比稅率更加正常化，其中包括與股票薪酬相關的單獨稅收優惠。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 1.7 億美元，而去年同期的現金餘額為 1.09 億美元。我也對我們第一季產生的 2000 萬美元自由現金流感到滿意，高於一年前的 50 萬美元。

Subsequent to quarter end, we closed on our acquisition of rhode. As a reminder, we financed the $800 million upfront transaction with an incremental term loan of approximately $600 million, as well as $200 million or approximately 2.6 million shares of e.l.f. Beauty common stock issued directly to the equity holders of rhode.

季度末之後，我們完成了對 rhode 的收購。提醒一下，我們透過約 6 億美元的增量定期貸款以及直接向 rhode 的股東發行的價值 2 億美元或約 260 萬股 e.l.f. Beauty 普通股為這筆 8 億美元的預付交易提供了資金。

Our liquidity position remains strong with relatively low leverage post the transaction. We expect our cash priorities for the year to remain on investing behind our growth initiatives and supporting strategic extensions.

交易後，我們的流動性狀況依然強勁，槓桿率相對較低。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援策略擴展。

The specific initiatives we're focused on this year include investing in our people and infrastructure, our ERP transition to SAP and our international expansion. In July, we officially went live on SAP. While it's still early days, I'm pleased to report that our go-live was successful, and our business is transacting. As you all know, these are significant undertakings. Our smooth go-live is a testament to the exceptional talent and dedication of our e.l.f. Beauty team members and partners.

我們今年重點關注的具體舉措包括投資我們的人才和基礎設施、我們的 ERP 向 SAP 的轉型以及我們的國際擴張。7月份，我們正式上線SAP。雖然現在還處於早期階段，但我很高興地報告，我們的上線很成功，而且我們的業務正在進行中。眾所周知，這些都是重大的事業。我們的順利上線證明了 e.l.f. Beauty 團隊成員和合作夥伴的傑出才華和奉獻精神。

Now let's turn to fiscal '26. As we spoke about last quarter, we are planning to provide a full year fiscal '26 outlook once we have greater certainty on tariffs. Unfortunately, there continues to be a broad range of potential outcomes. To set the foundation, about 75% of our global production today comes from China.

現在讓我們來看看26財年。正如我們上個季度所說的那樣，一旦我們對關稅有了更大的確定性，我們計劃提供 26 財年全年展望。不幸的是，仍然存在著各種各樣的潛在後果。作為基礎，我們目前全球約 75% 的產量來自中國。

Between April 9 and May 13, we were subject to tariffs at the 170% level. As of May 14, product imports to the US are subject to tariffs at the 55% level. 25% of that was put into place in 2019, plus an incremental 30% that is now in place through mid-August. Beyond this date, the tariff rate remains subject to ongoing negotiations.

4月9日至5月13日期間，我們被徵收了170%的關稅。自 5 月 14 日起，進口到美國的產品將被徵收 55% 的關稅。其中 25% 已於 2019 年實施，另外還將增加 30% 的關稅，該稅率將持續到 8 月中旬。在此日期之後，關稅稅率仍需繼續談判。

For these reasons, we are waiting for greater clarity to issue a full year fiscal '26 outlook. For context, 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.

基於這些原因，我們正在等待更清晰的結論，以便發布 26 財年全年展望。就背景而言，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。

And as we spoke about last quarter, our tariff mitigation plans are already underway through three key vectors: pricing, supply chain optimization, and business diversification. With that said, we do have better visibility into how we expect the first half of the year to shape up, and I'd like to provide some color on our approach. From a top line perspective, we expect to deliver net sales growth in the first half of the year above the 9% growth that we delivered in Q1, primarily given the incremental contribution from rhode for about two months of Q2.

正如我們上個季度所談到的，我們的關稅減免計畫已經透過三個關鍵環節開始實施：定價、供應鏈優化和業務多元化。話雖如此，我們確實對今年上半年的預期有了更好的了解，我想對我們的方法提供一些說明。從營收角度來看，我們預計上半年淨銷售額增幅將高於第一季的 9%，這主要得益於羅德在第二季約兩個月的增量貢獻。

Note, we are not benefiting from the rhode sell into Sephora as that occurred prior to closing. From a profitability standpoint, we expect adjusted EBITDA margins to be approximately 20% in the first half of the year which we believe is quite strong in this macroeconomic environment.

請注意，我們並沒有從羅德向絲芙蘭的拋售中獲益，因為這是在收盤前發生的。從獲利能力的角度來看，我們預計上半年調整後的 EBITDA 利潤率將達到約 20%，我們認為這在當前的宏觀經濟環境下是相當強勁的。

On a quarterly basis versus Q1, this accounts for flowing through more of our higher tariff COGs, the timing shift in marketing campaign spend and the inclusion of rhode in our consolidated financials. In summary, we're pleased to have delivered another quarter of industry-leading sales and market share growth. We believe we have a winning strategy and are in the early innings of unlocking the full potential we see as we welcome rhode to our growing portfolio of disruptive brands.

與第一季相比，按季度計算，這解釋了我們更多的更高關稅 COG、行銷活動支出的時間變化以及將 Rhode 納入我們的合併財務報表。總而言之，我們很高興再次實現了領先業界的銷售額和市佔率成長。我們相信，我們擁有一個成功的策略，並且正處於釋放我們所看到的全部潛力的早期階段，我們歡迎羅德加入我們不斷增長的顛覆性品牌組合。

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)

（操作員指示）

Susan Anderson, Canaccord.

蘇珊安德森（Susan Anderson），Canaccord。

Hi, good afternoon. [Alex Blake] on for Susan. A question on the tariffs. Can you talk about how much inventory might be trapped in at the 170% rate versus the 50% rate? And if there's any way to talk about the potential timing of it flowing through the P&L? Thank you.

大家下午好。 [亞歷克斯布萊克]請蘇珊發言。關於關稅的問題。您能否談談 170% 的利率與 50% 的利率相比，可能有多少庫存被困住？是否有任何方法可以談論它流入損益表的潛在時間？謝謝。

Hi, this is Mandy. So on the tariffs, we talked a little bit about this last quarter. There was a period of time that we were purchasing at that 170% level. And so right now, what we have in inventory is a mixture of that [170%] and the [55%-plus] some that is even at the 25% level that we were previously subject to. What we expect for Q2 is more of that 170% to flow through, and so that's why we called that out on the -- is expecting more of that flow through in Q2.

你好，我是 Mandy。關於關稅，我們在上個季度討論了一些。有一段時間，我們的採購量達到了 170% 的水平。所以現在，我們的庫存是 [170%] 和 [55% 以上] 的混合，有些甚至達到了我們之前所受的 25% 的水平。我們預計第二季的流量將超過 170%，因此我們才會提出這一點——預計第二季的流量會更多。

So I would expect to see kind of a lower gross margin quarter-over-quarter as we go through.

因此，我預計毛利率會逐季下降。

Thanks. And then just a follow-up. So the first half EBITDA margin guide that kind of implies a 500 basis points to 600 basis points deleverage for EBITDA margins in second quarter. How much of that should we think about as coming from gross margin versus SG&A when you include there's a lot of moving pieces of the tariffs, the rhode acquisition, maybe some incremental investment? Thank you.

謝謝。然後只是後續行動。因此，上半年 EBITDA 利潤率指南暗示第二季 EBITDA 利潤率將下降 500 個基點至 600 個基點。如果把關稅、羅德收購以及一些增量投資等諸多變動因素都考慮進去，我們應該認為其中有多少是來自毛利率，有多少是來自銷售、一般及行政費用？謝謝。

Yeah, so that first half EBITDA margin that we called out, the implications on Q2, really driven by three factors. One is the gross margin as we just talked to flowing through more of those tariffs in Q2. Secondly is the shift in marketing spend. So we did have some campaign spend shift from Q1 into Q2.

是的，我們所說的上半年 EBITDA 利潤率對第二季的影響實際上是由三個因素所驅動的。一個是毛利率，正如我們剛才討論的那樣，第二季將增加更多關稅。其次是行銷支出的轉變。因此，我們的一些競選支出確實從第一季轉移到了第二季。

And then lastly is the addition of rhode into our SG&A, again, without that benefit of the sell-in to Sephora from a top line standpoint. Overall, still quite strong, I would say, from an EBITDA margin standpoint at approximately 20%, just given kind of the macro that we're operating in.

最後，我們將 rhode 添加到我們的銷售、一般和行政費用中，同樣，從營收角度來看，我們沒有從絲芙蘭的銷售中獲得任何好處。總體而言，從 EBITDA 利潤率的角度來看，考慮到我們所處的宏觀環境，我認為我們的業績仍然相當強勁，約為 20%。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hi. I was just hoping, Mandy or Tarang, you could expand a bit on the greater than the 9% sales growth that was posted in fiscal Q1 comment for the first half. A, does that come and hold without rhode? I think, Mandy, you mentioned that rhode was in there. So just a clarification there. And maybe just through some of the key puts and takes as you think about fiscal Q2 versus fiscal Q1, just conceptually how you're thinking about the business?

你好。我只是希望，Mandy 或 Tarang，你們可以稍微詳細闡述一下第一財季上半年銷售額成長超過 9% 的情況。A，沒有羅德，那還能堅持下去嗎？曼迪，我想你有提到羅德就在裡面。這只是澄清一下。也許只是透過一些關鍵的利弊，當您思考第二財季與第一個財季相比時，您從概念上是如何看待業務的？

I know we won't get quantification, but a lot of moving pieces with pricing, the consumer demand reaction to pricing, the retailer ordering patterns, the base business volatility. So just any conceptual thoughts around those areas would be helpful. Just as you think about the underlying business sequentially fiscal Q2 relative to fiscal Q1. Thanks.

我知道我們無法得到量化數據，但定價、消費者需求對定價的反應、零售商的訂購模式、基礎業務波動等都涉及許多變動因素。因此，圍繞這些領域的任何概念性想法都會有所幫助。正如您所考慮的基礎業務，第二財季相對於第一財季而言是連續的。謝謝。

Thanks for the question, Dara. So on your first question, we have not broken out what's else versus rhode. We just wanted to acknowledge that for Q2, we will have vision of rhode into our financials. And so that will help to drive Q2 higher than what we saw in Q1.

謝謝你的提問，達拉。因此，關於您的第一個問題，我們還沒有詳細說明與羅德相比還有什麼其他情況。我們只是想承認，對於第二季度，我們將把羅德的願景納入我們的財務狀況。因此，這將有助於推動第二季的業績高於第一季。

On the e.l.f. business, in particular, we're really pleased with what we're seeing on the e.l.f. business. One, I would say our fall innovation continues to perform well. We talked about pulling our melting lip bumps up to launch earlier. Our community was asking for that.

特別是在 e.l.f. 業務方面，我們對 e.l.f. 業務的現狀感到非常滿意。首先，我想說我們的秋季創新持續表現良好。我們討論了將融化的唇部凸起拉上來以便儘早發射。我們的社區正在要求這樣做。

And so when you think about that performance, and now we're cycling fall in the base, call it last year in the base, we're still seeing a positive result overall for fall '25 innovation. So feeling very pleased with that. And I would say that our objective is just to continue to build share just like we did in Q1. We built 210 basis points of share in Q1 across all three segments: eyes, lips and face. And so feeling very good about the e.l.f. business, the underlying e.l.f. business as we go through.

因此，當您考慮這種表現時，現在我們正在循環秋季的基礎，將其稱為去年的基礎，我們仍然看到 25 年秋季創新總體上取得了積極成果。我對此感到非常高興。我想說的是，我們的目標只是繼續擴大市場份額，就像我們在第一季所做的那樣。我們在第一季在眼部、唇部和臉部三個領域的份額均增加了 210 個基點。因此，我們對 e.l.f. 業務以及我們正在進行的 e.l.f. 基礎業務感到非常滿意。

And to your point, pricing will be something that kicks in. We'll see where the consumer nets out on that. But -- as you know, when we talked about issuing, pricing or having to take that dollar price increase back in May, consumer sentiment was positive for us. And so we're really going to be watching for the elasticity and the response there itself.

正如您所說，定價將起到決定性作用。我們將看看消費者對此的淨收益是多少。但是——正如你所知，當我們在五月談論發行、定價或必須收回美元價格上漲時，消費者情緒對我們來說是積極的。因此，我們確實要關注其本身的彈性和反應。

Okay. Great. And then just as a follow-up, rhode EPS accretion as we think about this fiscal year, separate from the base business, it looks like the acquisition will be significantly accretive. Just give us a sense for how you're managing that. Is there a lot of spend back behind the business near term there, given the expansion in Sephora?

好的。偉大的。然後作為後續行動，當我們考慮本財年時，羅德每股收益的成長與基礎業務分開，看起來此次收購將帶來顯著的成長。請讓我們了解一下您是如何管理這一點的。鑑於絲芙蘭的擴張，短期內該業務是否會有大量支出？

And maybe just touch on the underlying level of revenue growth for the business versus how it existed last year just with the Sephora launch coming up and obviously the strong base business growth trends on top of that. Thanks.

也許只是觸及業務的基本收入成長水平，與去年相比，隨著絲芙蘭的推出，顯然在此基礎上還有強勁的基礎業務成長趨勢。謝謝。

Yeah. So we're quite excited about the road launch into Sephora. And as we talked last quarter, even with the investments that we want to make back into the business, we still expect this to be accretive overall. So very pleased with that. And we're pleased with what we're seeing out of rhode.

是的。因此，我們對絲芙蘭的路演感到非常興奮。正如我們上個季度所談到的，即使我們希望重新對業務進行投資，我們仍然預期整體上會帶來增值。我對此非常高興。我們對羅德島的現狀感到非常滿意。

They had their Lemontini launch of their Lip Peptide, and that went really well for them. We're just so excited about all the signals that we're seeing on rhode. And from a financial standpoint, we'll be back to you next quarter, hopefully, in a position to give guidance once we have more clarity on tariffs to really give you a more fulsome picture on what we're seeing.

Lemontini 推出了唇部勝肽產品，效果非常好。我們對在羅德島看到的所有訊號感到非常興奮。從財務角度來看，我們將在下個季度再次與您聯繫，希望能夠在關稅問題更加明朗後為您提供指導，讓您更全面地了解我們所看到的情況。

Okay, thank you guys.

好的，謝謝大家。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Great, thanks. Good afternoon. I wanted to dig a little bit deeper into the US core business and whether you could talk about your top line growth expectations there, particularly in comparison to scanner, which has decelerated a little bit of late. And then your view on the 9% target -- 9%-plus target, excuse me, for first half. Clearly, above 9% has no upper limit.

太好了，謝謝。午安.我想更深入地了解美國核心業務，以及您是否可以談談您對那裡的營收成長預期，特別是與掃描器相比，掃描器最近成長速度有所放緩。那麼您對 9% 的目標（對不起，是上半年的 9% 以上的目標）有何看法？顯然，9%以上沒有上限。

But if we take the 9% end of that, it would suggest that [X rhode] results could be down year-over-year? And I guess could you tell us in your view, is that on the table for Q2? Thanks.

但如果我們取其中的 9%，是否意味著 [X rhode] 的業績可能會比去年同期下降？我想您能否告訴我們，您認為這是否是第二季的計劃？謝謝。

Yeah. So as I said, Olivia, we still feel great about the e.l.f. business that includes our US core business. The deterioration from a Nielsen standpoint, again, is really driven by us starting to cycle a full fall in the base. So we had a benefit earlier on of launching that our melting lip balms earlier. And so now we're still seeing fall overall positive.

是的。所以正如我所說的，奧利維亞，我們仍然對包括美國核心業務在內的 e.l.f. 業務感到滿意。從尼爾森的角度來看，這種惡化實際上是由於我們開始循環基數的全面下降所致。因此，我們較早推出融化潤唇膏是有優勢的。因此，現在我們仍然看到整體呈現正態勢。

So that is fantastic for us. I would say for -- on an X rhode basis, there is not a scenario that we're contemplating as we talk about the better than 9% that would have e.l.f. business down on a year-over-year basis. We just talked about in Q1, seeing our US business up 5%. Our international business is up 30% in Q1 and picked up 210 basis points of share in the quarter. So we really see a lot of strength behind the e.l.f. business.

這對我們來說太棒了。我想說的是——從 X rhode 的角度來看，當我們談論超過 9% 的增長時，我們所考慮的情況並不會導致 e.l.f. 業務同比下降。我們剛剛談到，在第一季度，我們的美國業務成長了 5%。我們的第一季國際業務成長了 30%，市佔率上升了 210 個基點。所以我們確實看到了 e.l.f. 業務背後的巨大力量。

Great. That's super helpful. And then can we talk about the further expansion into Sephora, which sounds great. Mexico, now Middle East, so Naturium as well. Could you talk about your conversations with Sephora as you build more and more in international markets. If you could give us a sense in terms of the lineup that's going into those markets? Is it more the hero products? Is it across the board? Just to give us a sense of what the opportunity is there for us -- for you. Thank you.

偉大的。這非常有幫助。然後我們可以談談進一步擴展到絲芙蘭嗎，這聽起來很棒。墨西哥，現在是中東，所以還有 Naturium。隨著您在國際市場上的業務不斷擴大，您能否談談與絲芙蘭的對話？您能否向我們介紹一下進入這些市場的陣容？它更像是明星產品嗎？這是全面的嗎？只是為了讓我們了解我們——以及你們——有什麼樣的機會。謝謝。

Oliver, this is Tarang. We're extremely excited about our expanding partnership with Sephora. Let me just back itself a little bit. It was last year that we entered our first with the e.l.f. brand, our first for market with Sephora Mexico is one of the best launches they've seen.

奧利佛，這是塔蘭。我們對與絲芙蘭不斷擴大的合作關係感到非常興奮。讓我稍微回顧一下。去年，我們首次與絲芙蘭墨西哥合作推出 e.l.f. 品牌，這是該品牌首次進入墨西哥市場，也是他們見過的最好的產品之一。

I think we've continued to maintain a top three position across all of Sephora in Mexico. And one of the things that they really liked about the e.l.f. launch is we brought in a whole new consumer set, are younger, more diverse, engaged consumer. And so they really like that dynamic. So we've been talking to them about a number of different markets.

我認為我們將繼續在墨西哥絲芙蘭保持前三名的位置。他們真正喜歡 e.l.f. 推出的原因之一是，我們吸引了一群全新的消費者，他們更年輕、更多樣化、更投入。所以他們真的很喜歡這種動態。因此我們一直在與他們討論許多不同的市場。

We're quite -- obviously, the biggest thing that we're excited about is rhode's launch into all US and Canadian Sephora doors in September, followed by the UK end of year. We're also excited about entering the sixth Gulf Cooperation Council countries with e.l.f. and that's going to be the full assortment similar to what we did with Sephora Mexico.

我們非常——顯然，讓我們最興奮的事情是 rhode 將於 9 月在美國和加拿大絲芙蘭所有門市上市，隨後於年底在英國上市。我們也很高興能與 e.l.f. 一起進入海灣合作委員會第六個成員國，這將提供與我們與墨西哥絲芙蘭合作類似的全系列產品。

It's all of our core franchises in that it's going to be launch, again, similar to Mexico, we're expecting a big launch there. And then last but not least, Naturium entering Sephora in Australia, we feel really great about too. So we can see potentially additional Sephora markets over time. And as we confirm plans, we'll talk about it. But overall, I feel really good about the expansion with Sephora.

這是我們所有即將推出的核心特許經營權，同樣，與墨西哥類似，我們期待在那裡大規模推出。最後但同樣重要的是，Naturium 進入澳洲絲芙蘭，我們也感到非常高興。因此，隨著時間的推移，我們可以看到絲芙蘭的潛在市場進一步擴大。當我們確認計劃後，我們會討論它。但總體而言，我對與絲芙蘭的擴張感到非常滿意。

Got it. Thank you.

知道了。謝謝。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you and good afternoon. I wanted to follow up on the answer regarding the US based business. Mandy, you mentioned that it's been growing about 5% for the US. I was curious to see if what is the exit rate in the quarter? And then also with the price increase, the $1 over your average price of [$650 million] is roughly -- it's a mid-teens price increase and understandably, you're making some -- we're assuming some [elasticity] there. But you're still going to have July and August -- I'm sorry, August and September, the benefit of that.

謝謝，下午好。我想跟進有關美國業務的答案。曼迪，你提到美國的成長率約為 5%。我很好奇本季的退出率是多少？然後隨著價格的上漲，比平均價格 [ 6.5 億美元 ] 高出 1 美元，大致相當於 — — 這是一個十五六倍的價格上漲，可以理解的是，你會賺到一些 — — 我們假設那裡會有一些 [彈性]。但你仍然會有七月和八月——對不起，是八月和九月，這是好處。

So I was curious to see really in a scenario where you see this 5% accelerating given the price increases and also the innovation that you spoke about. Or is that too optimistic given how the consumer has been behaving?

因此，我很好奇，在價格上漲以及您提到的創新的情況下，您認為這 5% 的成長速度是否會加快。或者說，考慮到消費者的行為方式，這種預測是否過於樂觀了？

Hi, Andrea, it's great to hear from you. So on the US business and taking into account the price increases, as you know, our approach is to always take a balanced approach. And in this instance, we're being a bit conservative on how we're modeling that internally. In our past price increases, we have done better than we modeled from an elasticity standpoint.

你好，安德里亞，很高興收到你的來信。因此，對於美國業務，考慮到價格上漲，如您所知，我們的做法是始終採取平衡的方法。在這種情況下，我們在內部建模方面有些保守。在我們過去的價格上漲中，從彈性的角度來看，我們的表現比我們模型的表現更好。

But with these increases just going in on August 1, we're still reading how the consumer will respond to that. It will take a couple of weeks for that to fully roll out within retail. And so that is something that we're watching for. And I also acknowledge the consumer overall sentiment right now, as you've heard from another of consumer companies, there's continuing to be choiceful with how they're spending.

但由於這些漲價措施將於 8 月 1 日開始實施，我們仍在觀察消費者對此作何反應。這項服務在零售業全面推廣還需要幾週的時間。這就是我們正在關注的事情。我也承認，正如您從另一家消費品公司聽到的那樣，目前消費者的整體情緒是，他們在消費方式上仍然保持選擇性。

I think from our perspective, the great thing is even with this price increase, 75% of our portfolio will be at $10 or below. So still very much a value for our community, and we're feeling great about that.

我認為從我們的角度來看，即使價格上漲，我們 75% 的投資組合價格仍將保持在 10 美元或以下，這是一件好事。因此，這對我們的社區來說仍然非常有價值，我們對此感到非常高興。

Thank you.

謝謝。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Good afternoon, thanks for taking my question. Another question regarding the price increases. I'm curious how your retail partners have reacted to that. What's the feedback you've received? And as they're placing their orders, are you seeing them temper unit orders in anticipation for some consumer elasticity?

下午好，感謝您回答我的問題。另一個問題是關於價格上漲的。我很好奇您的零售合作夥伴對此有何反應。您收到了什麼回饋？當他們下訂單時，您是否看到他們調整單位訂單以期獲得一定的消費者彈性？

Hi Mark, this is Tarang. Overall, retailer acceptance has been good for our price increase. I think part of the reason why is we're very choiceful when we take price increases. We've only taken three increases in our 21-year history and have had a really good track record in terms of how that's executed. We take quite seriously our responsibility to deliver an extraordinary value to our community.

你好，馬克，我是 Tarang。整體而言，零售商的接受度對我們漲價是有利的。我認為部分原因是我們在漲價時非常謹慎。在我們 21 年的歷史中，我們只加薪過三次，在執行方面有著非常好的記錄。我們非常重視為社區提供非凡價值的責任。

And so even the way we've taken pricing of first letting our community know being transparent, has been well received by our community well received by our customers. The other thing I will tell you is we are hearing of a number of brands that are going to be taking pricing.

因此，即使我們採取了首先讓社區知道透明定價的方式，也受到了社區的歡迎，也受到了客戶的歡迎。我要告訴你的另一件事是，我們聽說許多品牌都會採取定價措施。

So I think we're in that environment right now with the uncertainty of tariffs and the tariff impact that you will probably see more companies take pricing, we tend to lead. And then we will see how many more kind of follow us.

所以我認為我們現在處於這樣的環境，關稅的不確定性和關稅的影響，你可能會看到更多的公司採取定價，我們傾向於領先。然後我們將看到有多少人跟隨我們。

Thank you. And then I understand, Mandy, there's a lot of noise in Q2 on gross margin, given there's some goods flowing through at the much higher rates. But as we think kind of moving forward, if the 30% were to stay in place. Is the (inaudible) took enough to neutralize the margin impact?

謝謝。然後我明白了，曼迪，由於有些商品的流通價格高得多，因此第二季的毛利率存在很大波動。但當我們思考如何向前發展時，如果 30% 保持不變。（聽不清楚）是否足以抵銷利潤影響？

So we haven't given any color into that, Mark, because as I just talked about earlier on the pricing piece, we're looking to see how that elasticity plays out in order to be able to more fully answer that question and again, with a wide range of outcomes on tariffs. We're watching to what happens on August 12, next week when there is supposed to be further talks on China tariffs. And so I think we're just going to have to wait and see how things play out there.

因此，馬克，我們還沒有對此做出任何說明，因為正如我之前在定價部分所談到的，我們正在觀察這種彈性如何發揮作用，以便能夠更全面地回答這個問題，並再次對關稅產生廣泛的影響。我們正在關注下週 8 月 12 日將發生什麼，屆時預計將就中國關稅進行進一步談判。所以我認為我們只需要等待，看看事情會如何發展。

Got it. Thank you.

知道了。謝謝。

Oliver Chen, Cowen.

奧利佛·陳，考恩。

Hi Tarang and Mandy. Within the US e.l.f. brand, what channels or partners have been stronger or weaker in terms of what you're seeing in the US market and the choiceful US consumer. And that as we think about rhode, which is very exciting, how -- what is your -- what are your thoughts on international global development and also potential exclusive product for Sephora and initial thoughts on what might be most exciting for categories. There's a lot of tons of opportunity for you to pursue many things with rhode. Thank you.

嗨，Tarang 和 Mandy。就美國市場和挑剔的美國消費者而言，美國 e.l.f. 品牌的通路或合作夥伴哪些更強或更弱。當我們考慮羅德時，這非常令人興奮，您對國際全球發展有何看法，以及絲芙蘭的潛在獨家產品以及對哪些類別可能最令人興奮的初步想法。您將有大量機會與羅德一起追求許多事物。謝謝。

So Oliver, great to hear from you. On the US e.l.f. brand, from a channel standpoint, we had growth in our brick-and-mortar channels, our core retailers as well as in e-commerce. And so very pleased with what we're seeing there. Like I said earlier, from a net sales standpoint, in the US had 5% growth in Q1 overall.

奧利佛，很高興收到你的來信。就美國 e.l.f. 品牌而言，從通路角度來看，我們的實體通路、核心零售商以及電子商務都實現了成長。我們對所見所聞感到非常高興。正如我之前所說，從淨銷售額的角度來看，美國第一季整體成長了 5%。

Were there channels that were -- yeah. Sorry, go ahead. The channels that were -- which ones were weaker, which ones were less positive to those if you could share with that with us as well.

有沒有管道——是的。抱歉，請繼續。哪些管道比較弱，哪些管道不太積極，可以跟我們分享嗎？

Yeah. We've just not breaking out that level of detail other than to say we continue to make progress in Q1 in the US, again, picking up share 210 basis points in the quarter across all segments. And so really pleased with our performance.

是的。我們只是沒有透露太多細節，只是說我們在美國第一季繼續取得進展，所有部門的份額在本季度再次上漲了 210 個基點。我對我們的表現非常滿意。

And then Oliver, to your second question on rhode. Our near-term focus is really to execute with excellence. The launch into Sephora and all US and Canadian doors followed by the UK. There certainly will be other opportunities for further international expansion.

然後是奧利佛，回答你關於羅德的第二個問題。我們的近期重點是真正做到卓越執行。該產品已登陸絲芙蘭 (Sephora) 以及美國和加拿大所有門市，隨後將登陸英國。肯定還會有進一步國際擴張的其他機會。

I think we mentioned last time on the call that the vast majority of Hailey's followers outside the US, but that business still only has about 20% outside the US. So we have massive runway for growth for rhode similar to the pent-up demand that we see for e.l.f. every time we go into a new country

我想我們上次在電話會議上提到過，Hailey 的粉絲絕大多數都在美國以外，但該業務在美國以外仍然只有約 20%。因此，我們為 rhode 提供了巨大的成長空間，就像我們每次進入一個新的國家時看到的對 e.l.f. 的壓抑需求一樣。

Great. Thanks. Best regards.

偉大的。謝謝。此致。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. So I wanted to just ask on rhode -- trying, clearly, a lot of growth for the brand in the last few years. But you touched on this in response to Dara's question that the brand is performing well. But we've seen some pretty exponential growth over the last few years. So as we think about modeling the brand, getting that the sell-in, in Sephora isn't going to be in your results. But maybe just could you help us understand bigger picture the level of growth that you're seeing or that we should expect.

謝謝，接線生。所以我只想問一下羅德——顯然，過去幾年該品牌取得了很大的成長。但是您在回答 Dara 的問題時提到了這一點，即該品牌表現良好。但在過去幾年中，我們看到了相當迅猛的成長。因此，當我們考慮塑造品牌時，在絲芙蘭的銷售不會影響您的業績。但也許您能幫助我們更全面地了解您所看到的或我們應該預期的成長水平。

And then you mentioned that you would expect the brand to double over the next few years. Is that a broad-based comment or do you kind of have a clear target in mind in terms of when you would expect that to happen?

然後您提到，您預計該品牌在未來幾年內將翻倍。這是廣泛的評論嗎？或者，對於何時會發生這種情況，您是否有一個明確的目標？

Yeah. Hi, Peter, we haven't disclosed the specific growth rate on rhode other than to say it went from [$0 to $212 million] in three years, DTC only with just 10 products. So it has massive potential ahead of it. particularly with the launch into Sephora. And I would say in terms of -- we're going to continue to accelerate similar to how we've accelerated growth on Naturium, getting Naturium into to beauty, into boots, into shoppers and continue to expand.

是的。你好，彼得，我們還沒有透露 Rhode 的具體成長率，只是說它在三年內從 [0 美元增長到 2.12 億美元]，而且只有 10 種產品透過 DTC 銷售。因此它具有巨大的潛力，特別是進入絲芙蘭之後。我想說的是——我們將繼續加速，類似於我們加速 Naturium 的成長，將 Naturium 引入美容、靴子、購物者領域並繼續擴張。

The other thing we're going to do on rhode is we're going to take since it is quite accretive. We are going to invest back into more marketing to drive that awareness, aided awareness is 20%, which is great for a brand that's just three years old, but still less than half what some of the prestige skin care brands are.

我們將在羅德島做的另一件事是，我們將採取這項行動，因為它具有相當高的增值潛力。我們將重新投入更多行銷來提高知名度，輔助知名度為 20%，對於一個只有三年歷史的品牌來說，這已經很不錯了，但仍然不到一些知名護膚品牌的一半。

And then certainly, I mentioned executing Sephora well and then they have a very strong innovation program. So really bullish on rhode and what we can achieve there. And then in the commentary of doubling the business, we're talking about the overall health company that with the white space we have in color cosmetics, skin care and international, we see in the coming years the ability to more than double up our overall business.

當然，我提到絲芙蘭的執行情況很好，而且他們有一個非常強大的創新計劃。所以我非常看好羅德以及我們能在那裡取得的成就。然後在業務翻倍的評論中，我們談論的是整體健康公司，憑藉我們在彩妝、護膚和國際領域的空白，我們看到未來幾年我們的整體業務能夠翻一番以上。

Okay. Thanks. And Mandy, I just wanted to ask on margins. Just in the context of the weaker second quarter, and I get tariffs and elasticities remain a wildcard here. But can you maybe just help us understand how you would anticipate margin performing in the back half of the year? I guess, when you look at the second quarter, and what cost could be transitory, what could say -- could stay. And I guess it just seems like it would be a pretty big step up from mid-teens to kind of get back to 20%-plus on the surface sequentially. So just if you could help us understand that, that would be great.

好的。謝謝。曼迪，我只是想問一下利潤問題。僅在第二季經濟疲軟的背景下，我認為關稅和彈性仍然是一個未知數。但您能否幫助我們了解您對今年下半年利潤率表現的期望？我想，當你看第二季時，什麼成本可能是暫時的，什麼成本可能會持續存在。我想這似乎是一個相當大的進步，從十幾歲到逐漸回到 20% 以上的水平。所以如果您能幫助我們理解這一點，那就太好了。

Yeah. So what we're looking at for the first half of the year, remember for the majority of the first half of the year, that's pretty much an unmitigated tariff that we haven't put the pricing in place until August 1. We are continuing to work on the other two aspects of tariff mitigation. Our supply chain diversification as well as our business diversification, continuing to expand internationally. So all of those things are at play.

是的。因此，我們預計今年上半年，請記住，在上半年的大部分時間裡，這幾乎是一個不受限制的關稅，我們直到 8 月 1 日才確定價格。我們正在繼續致力於降低關稅的另外兩個方面。我們的供應鏈多樣化以及業務多樣化，繼續向國際擴張。所以所有這些因素都在起作用。

But I would say for Q1 and Q2, you're flowing through those higher rate of tariffs without a real offset from a mitigation standpoint. And so as I think about the second half, you'll have to wait until we get give full year guidance to get a full answer there, but I can just tell you what we're seeing for the first half is that margin -- gross margin pressure in Q2 mainly because we're flowing through those tariffs without a lot of the offset yet firing.

但我想說，對於第一季和第二季度，你們正在經歷更高的關稅稅率，但從緩解的角度來看，並沒有真正的抵銷作用。因此，當我考慮下半年時，你必須等到我們給出全年指導才能得到完整的答案，但我可以告訴你，我們看到上半年的情況是利潤率——第二季度的毛利率壓力主要是因為我們正在流經這些關稅，而還沒有產生太多的抵消作用。

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

知道了。非常感謝。我會傳達的。

Ashley Helgans, Jefferies.

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

Hi. This is Sydney on for Ashley. Just wondering, we've seen a bit of a gap with unit sales outperforming dollar sales in the scanner data. Wondering if you can speak to kind of what's driving the gap in that trend, possibly connected? What are you seeing in terms of promotion in the channel? And then if you can share expectations for innovation in Q2 and how that will compare to what we saw last year. Thank you.

你好。這是阿什利 (Ashley) 的雪梨 (Sydney)。只是好奇，我們發現掃描器資料中的單位銷售額與美元銷售額之間存在一些差距。想知道您是否可以談談造成這種趨勢差距的原因是什麼，可能有什麼關聯嗎？您認為該管道的推廣情況如何？然後，您可以分享對第二季創新的期望，以及與去年相比如何。謝謝。

Yeah. So we're really pleased with the volume growth that we've seen, both in our total business. So on the call, we talked about volume really helping to drive our net sales growth in Q1. And we've seen that as well from a scanner standpoint, continuing to be volume driven, which is great to see.

是的。因此，我們對整個業務的銷售成長感到非常滿意。因此，在電話會議上，我們談到了銷售確實有助於推動我們第一季的淨銷售額成長。從掃描器的角度來看，我們也看到了這一點，繼續由數量驅動，這是很高興看到的。

From a category standpoint, I wouldn't say that we've seen an acceleration of promotion in the category. You do see from here and there, certain retailers or categories going on promotion, but I wouldn't say that, that is exponentially higher than what we've seen normally in this category.

從類別的角度來看，我不會說我們已經看到該類別的促銷加速。你確實會看到，某些零售商或類別正在進行促銷，但我不會說，這比我們通常在這個類別中看到的促銷要高得多。

And I would say from an innovation standpoint, we're very pleased with the innovation. Our [fall] innovation that we've launched. We've talked a lot about the melting lip balms, where we also have our skin tint with SPF 50 that you heard on the call, Mikayla saying pretty much the best product we've ever launched, which is fantastic.

我想說，從創新的角度來看，我們對這項創新非常滿意。我們推出的[秋季]創新。我們討論了很多關於融化潤唇膏的事情，其中我們還有 SPF 50 的膚色，您在電話會議上聽到過，Mikayla 說這是我們推出的最好的產品，這太棒了。

And then also continuing to speak to value for our consumers with the Sheer For It Blush, which is priced at $6, that's really resonating in the market as well. And so really pleased with what we're seeing from an innovation standpoint.

然後我們也繼續透過售價 6 美元的 Sheer For It Blush 為消費者提供價值，這在市場上也引起了共鳴。從創新的角度來看，我們對所看到的結果感到非常高興。

Bill Chappell, Truist Securities.

Truist Securities 的 Bill Chappell。

Thanks. Good afternoon.

謝謝。午安.

Good afternoon.

午安.

Just kind of as we look at 1Q versus 4Q, we were back several months ago, the thought was kind of January, February, there was a little bit of slowdown of the overall category in the US your Holy Grails weren't, I guess, performing as well as the prior year ones were.

就像我們對比第一季與第四季一樣，幾個月前我們曾想過，在一月份和二月份，美國的整體類別會稍微放緩，我猜想你們的聖杯表現不如去年同期那麼好。

And there was just a -- obviously tougher comps. As you look at the acceleration in these past three months in the US, maybe you could give us a little color on what changed? Did the new batch of Holy Grail start to pick up? Did the existing ones start to gain traction? Did the comps just get easier? Did the category get better? Any thoughts on kind of why we saw the progression over these past three, four months?

而且顯然競爭更加激烈。當您回顧美國過去三個月的加速發展時，您能否向我們講講發生了哪些變化？新一批聖杯開始漲價了嗎？現有的那些是否開始獲得關注？比賽是不是變得更容易了？該類別是否有所改善？您認為為什麼我們在過去三、四個月看到了這種進展？

Yes. Hi, Bill. So I would say that you're right. Q4, we were up against a lot of things. We talked about the social chatter around beauty was down. You had the wild fires in L.A., you had TikTok potentially going away. And our spring innovation, we had talked, while great was at about half the rate as it was the prior year. And so we had a lot of things going on in that time frame.

是的。你好，比爾。所以我想說你是對的。Q4，我們面臨很多困難。我們談到有關美麗的社會討論已經減少。洛杉磯發生了野火，TikTok 也有可能消失。我們曾談到，儘管春季創新成果顯著，但速度卻只有去年的一半左右。因此我們在這段時間內做了很多事。

Fast forward to Q1, I do think the category found a little bit of stability as we went through. Our fall innovation is better, as I spoke to you on the whole and the earlier launch of that melting lip balm certainly helps that. And so we are feeling like e.l.f. is in a better place, as you saw, we picked up -- continue to pick up market share, which we've done now for 26 consecutive quarters and so really still focused on the main things, which are making sure that we are a value to our community.

快進到第一季度，我確實認為該類別在我們經歷的過程中找到了一點穩定性。正如我總體上跟大家談到的，我們的秋季創新更好，而早期推出的融化潤唇膏無疑有助於這一點。因此，我們感覺 e.l.f. 處於一個更好的位置，正如您所看到的，我們獲得了——繼續獲得市場份額，我們已經連續 26 個季度實現了這一目標，因此我們仍然真正專注於主要的事情，即確保我們對社區有價值。

And like I said, even with the dollar price increase, still 75% of our portfolio, $10 or less, making sure that we're continuing to launch powerhouse innovation, and we have shown that and getting a lot of positive feedback from the community on our fall innovation and then just making sure that we're continuing to invest in high ROI marketing, making sure that we're being the first to do things as we talked about being funny and bringing humor into the category is a big thing and helps consumers remember who we are.

正如我所說的，即使美元價格上漲，我們投資組合中仍有 75% 的價格在 10 美元或以下，確保我們繼續推出強大的創新，我們已經證明了這一點，並從社區獲得了很多關於我們秋季創新的積極反饋，然後確保我們繼續投資於高投資回報率的營銷，確保我們是第一個做事的人，正如我們所說的那樣，並將幫助我們所說的那樣有趣，並將幫助

And so really continuing to do the things that have worked well for us and keeping our eye on how we continue to grow share here in the US and also in our international markets.

因此，我們確實會繼續做那些對我們有益的事情，並密切關注如何繼續在美國和國際市場上擴大份額。

Got it. Well, then just kind of follow up on innovation. I mean, do you feel like the spring innovation just took a little bit longer and to -- and now is taking off or we just move to the summer innovation and fall innovation, and those were bigger wins?

知道了。好吧，那就只是跟進創新。我的意思是，您是否覺得春季創新只是花了更長的時間，然後才開始起飛，或者我們只是轉向夏季創新和秋季創新，而這些是更大的勝利？

So for spring innovation, it was still at around the same performance as it had been. Remember, prior year's innovation was exceptional. It was the best class of innovation that we've ever launched as a company. And so the spring innovation is still great. Second best year that we've had from a spring innovation, but just not as much. And that prior year innovation was really driven by the lip oils, which has been one of our most successful launches that we've had.

因此，對於春季創新而言，其表現仍然與以前大致相同。請記住，去年的創新是卓越的。這是我們公司有史以來推出的最好的創新。所以春季創新仍然很棒。這是我們春季創新表現第二好的一年，但幅度不如去年。去年的創新實際上是由唇油推動的，這是我們推出的最成功的產品之一。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good afternoon. Thanks for taking my question. I'm going to ask two questions. I'm not sure if you're going to answer. I'm going to try since I've been getting e-mails on it. So just for Q2, for rhode, is there any way to help us understand like the revenue contribution for that business? And then also for rhode, I know EBITDA margins are expected to be down in Q2, but is rhode expected to be diluted to your Q2 margins?

午安.感謝您回答我的問題。我要問兩個問題。我不確定你是否會回答。我要嘗試一下，因為我一直在收到有關它的電子郵件。那麼就第二季而言，對於羅德來說，有什麼方法可以幫助我們了解該業務的收入貢獻？對於 Rhode 來說，我知道預計第二季的 EBITDA 利潤率會下降，但 Rhode 的利潤率是否會因此被稀釋？

Hi, Rupesh, great questions, but detail that we have not provided overall. Other than to say that we feel great about rhode, we believe over the longer term, as we talk about a full year and thinking about how rhode comes in and will it be accretive, we have said that we believe it will still be accretive overall. As we think about bringing in that SG&A in Q2, I think we called that out specifically because we don't have the sell-in to Sephora to match with those expenses.

你好，Rupesh，這個問題問得很好，但是我們還沒有提供完整的細節。除了說我們對羅德感到很滿意之外，我們相信從長遠來看，當我們談論一整年並思考羅德如何進入以及它是否會帶來增值時，我們已經說過，我們相信它總體上仍將帶來增值。當我們考慮在第二季引入銷售、一般和行政費用時，我認為我們特別提到了這一點，因為我們沒有向絲芙蘭銷售的產品來匹配這些費用。

And so I wanted to be clear on calling those out. That's why we included those in the prepared remarks.

所以我想清楚地說出這些。這就是我們在準備好的發言中納入這些內容的原因。

Okay. That's helpful color. And then just on international, strong momentum this quarter. Is there any way to help us frame some of the puts and takes as we think about Q2 in your international business and your ability to sustain that momentum?

好的。這是很有幫助的顏色。本季國際情勢一片大好。當我們考慮第二季的國際業務以及您維持這一勢頭的能力時，有什麼方法可以幫助我們確定一些優點和缺點？

Yeah. So one thing that we talked about last quarter was that in the first half of last year, we had a lot more international activity sell-in than we do this year. And so I think that still holds true as we look at Q2 and just thinking about our first half versus second half dynamic. Other than that, we're continuing to be pleased with what we're seeing from international. We talked about the launches that we're going to have with Sephora coming up, both on the e.l.f. and Naturium side of the house as well as the expansion -- further expansion and boots on Naturium and just continue to expand in Poland with Rossmann and so very pleased with what we're seeing from an international standpoint.

是的。因此，我們上個季度談到的一件事是，去年上半年，我們的國際活動銷售量比今年多得多。因此，我認為，當我們回顧第二季度並思考上半年與下半年的動態時，這一點仍然適用。除此之外，我們對國際上看到的情況持續感到滿意。我們討論了即將與絲芙蘭合作推出的 e.l.f. 和 Naturium 系列產品以及擴張計劃——進一步擴張和推出 Naturium 系列產品，並繼續與 Rossmann 合作在波蘭擴張，因此，我們對從國際角度看到的情況感到非常高興。

Great. Thank you. Best of luck.

偉大的。謝謝。祝你好運。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Great, thank you very much. Maybe I just wanted to circle back on 2Q gross margins, if I could. I understand the tariff flow through but on the other hand, you mentioned not that many offsets. I just want to press on that a little bit because you will have effectively two months of pricing benefits this quarter that you didn't have in the first quarter. And even without the sell-in to Sephora, I would assume that kind of two months of rhode sales also gross margin accretive. So just maybe a little bit more context of puts and takes in 2Q gross margin, if I could.

太好了，非常感謝。如果可以的話，我可能只是想回顧一下第二季的毛利率。我了解關稅流程，但另一方面，您提到的抵銷並不多。我只是想稍微強調一下這一點，因為本季你將獲得兩個月的價格優惠，這是第一季所沒有的。即使沒有絲芙蘭的銷售，我認為這兩個月的羅德銷售額也會增加毛利率。因此，如果可以的話，我希望能提供更多關於第二季毛利率的投入和產出的背景資訊。

Sure. So I think you've got it right, Steve. We are taking that approach that we will see more of that higher tariff flow-through and want to make sure we're being balanced in that expectation. You're right. We will have the pricing benefits in Q2, and then we also will have rhode coming in to the fold as well.

當然。所以我認為你是對的，史蒂夫。我們採取這種方法，我們將看到更多的更高關稅流轉，並希望確保我們在這種預期上保持平衡。你說得對。我們將在第二季度獲得定價優勢，然後我們也將獲得 Rhode 的加入。

And so those are two good guys in this scenario, but also want to be mindful that we do have those higher tariffs yet to flow through and also considering what happens next week with tariffs. Do we maintain at this [55%] or does that move to a different number? And so again, just keeping in mind the number of scenarios that can happen from a tariff standpoint.

因此，在這種情況下，他們是兩個好人，但也要注意，我們確實還有更高的關稅尚未實施，同時也要考慮下週關稅會發生什麼。我們應該維持這個數字 [55%] 還是改變為其他數字？所以，再次強調，從關稅的角度來看，要記住可能發生的各種情況。

Yeah. Okay. Very good. And then maybe related to that, so I think earlier in the call, you said you hadn't talked about whether the pricing would be enough to kind of offset the dollar basis of tariffs, et cetera. I think, Tarang, you think you mentioned last quarter that at the 30% incremental tariff rate, it was about a $50 million annualized hit to COGS.

是的。好的。非常好。然後可能與此相關，所以我認為在早些時候的通話中，您說過您還沒有談論定價是否足以抵消關稅的美元基礎等等。塔朗，我想您上個季度提到過，在 30% 的增量關稅稅率下，COGS 的年化損失約為 5000 萬美元。

That's me -- strikes me as like a teens impact to base business COGS the pricing seems to also be a mid-teens increase. So it seems to me that unless elasticity is such that volumes go negative, all else equal at that 30% rate, you should be pricing to maintained, if not see a little bit of coverage there and maintain gross margin. Is that math or logic wrong?

這就是我——我覺得這對基礎業務 COGS 的影響就像是十幾歲的孩子一樣，定價似乎也出現了十幾歲的增長。因此，在我看來，除非彈性使得銷量變為負值，否則在其他所有條件相同的情況下，以 30% 的利率，您應該維持定價，如果沒有看到一點覆蓋範圍並維持毛利率。數學或邏輯有錯嗎？

Yeah, Steve, you got it right. We talked a 30% incremental is about $50 million. The assumption, we're always more conservative on how we model elasticity. Now last two price increases, we've done way better than what we had modeled. And if that held true, then you would see some upside relative to what we talked about, but we also don't want to get ahead of ourselves, just given the number of brands that we hear are going to be taking pricing. So we're just being more cautious on that until we see how the pricing is accepted.

是的，史蒂夫，你說對了。我們談到了 30% 的增量大約是 5000 萬美元。假設，我們對如何建模彈性總是比較保守。現在，經過兩次價格上漲，我們的表現已經遠遠超出了我們的預期。如果這是真的，那麼你會看到相對於我們所談論的一些好處，但我們也不想超越自己，只是因為我們聽說有很多品牌都會採取定價措施。因此，我們會對此更加謹慎，直到我們看到定價如何被接受。

Okay, very good, thank you very much.

好的，非常好，非常感謝。

Thank you..

謝謝..

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Hi, good afternoon. Thank you so much for the question. I was wondering how you're thinking about the longer-term strategy here with rhode. There's a limited number of products across cosmetics, skin care, accessories, there is also a privately held cosmetics competitor, which recently launched a fragrance line. So I was wondering how you're thinking about the product here and the categories where you compete. Thank you.

嗨，下午好。非常感謝您的提問。我想知道您如何看待羅德的長期策略。化妝品、護膚品、配件等產品數量有限，還有一家私人控股的化妝品競爭對手，最近推出了香水系列。所以我想知道您如何看待這裡的產品以及您競爭的類別。謝謝。

One of the things, Anna, we go about rhode is just how curated the product assortment is. It's incredibly thoughtful and it has a beautiful aesthetic. And certainly, you're seeing that in terms of the response from consumers and just how much they can't get enough of rhode. And so we we'll approach it is that same thoughtful approach Hailey has taken and the team have taken on innovation, we'll continue to do that. You saw a couple of recent launches from rhode.

安娜，我們要討論的事情之一就是產品分類的精心挑選。它非常周到，而且具有美麗的美感。當然，您可以從消費者的反應中看到這一點，他們對於羅德的喜愛程度可見一斑。因此，我們將採用 Hailey 和團隊在創新方面所採取的同樣深思熟慮的方法，我們將繼續這樣做。您看到了羅德島最近發射的幾次飛彈。

There'll be additional launches as we go forward, but continue to make sure that it matches the [aesthetic] and focus of the brand. So I think we have a lot of confidence in what we've seen in terms of the innovation pipeline as well as other ideas that we're talking. So I think similar to e.l.f. Beauty, you're going to continue to see game-changing innovation on rhode, and we feel really great about it.

隨著我們不斷前進，將會有更多的產品推出，但我們將繼續確保它符合品牌的[美學]和重點。因此我認為，我們對所看到的創新管道以及我們正在談論的其他想法非常有信心。因此我認為與 e.l.f. Beauty 類似，你將繼續看到 rhode 上改變遊戲規則的創新，我們對此感到非常高興。

Great, thank you so much.

太好了，非常感謝。

Jon Andersen, William Blair.

喬恩安德森、威廉布萊爾。

Thank you, Tarang and Mandy. Tarang maybe, did you -- I don't -- I apologize if I couldn't hear it, but did you comment on the digital sales growth in the quarter? I would love to get an update on that and what digital represents as a percent of the total business at this point?

謝謝你，Tarang 和 Mandy。Tarang 也許是，你——我沒有——如果我沒聽清，我很抱歉，但你對本季的數位銷售成長有何評論？我很想了解最新情況，目前數位化佔總業務的百分比是多少？

And then on international, you mentioned it's about 20% sales today. But as you look to doubling the business over the next several years, the total business, do you have kind of a target in mind for international contribution overall? And then last on innovation, you've pulled forward some innovation, all innovation earlier in the year the request of customers, et cetera. Does that create any kind of an air pocket in the pipeline over the second half of the year? Or how to think about that? Thank you.

然後關於國際市場，您提到今天的銷售額約為 20%。但是，當您希望在未來幾年內將業務總量翻倍時，您是否對整體國際貢獻有一個目標？最後關於創新，您已經推進了一些創新，所有創新都是在今年早些時候根據客戶的要求進行的，等等。這是否會為下半年的管道帶來某種空洞？或是該如何去思考這個問題？謝謝。

Yeah. So I'll take the first question on the digital sales growth. Overall, in our e-commerce channels, we saw close to a 20% growth rate overall and it represents about 20% of our business. And so fairly consistent with what we've seen over the last several quarters. Digital continues to be very strong, especially with the Amazon business, which in our 10-K, you saw crept into one of our top customers. And so very pleased with that performance.

是的。所以我將回答有關數位銷售成長的第一個問題。總體而言，在我們的電子商務管道中，我們看到了接近 20% 的整體成長率，這約占我們業務的 20%。與我們過去幾季看到的情況相當一致。數位業務持續保持強勁，尤其是亞馬遜業務，在我們的 10-K 報告中，您看到亞馬遜已成為我們的頂級客戶之一。我對那場演出非常滿意。

And I'll take the next two. In terms of the international business, we have very high aspirations for international and part of where those aspirations come from beyond just only 20% of our business is outside the US is the success we're seeing retailer after retailer and country after country. The launches we've had in the past year, I think we've debuted in the top three spot in every single retailer we've entered. And so you do see plenty of pent-up consumer demand for e.l.f. and so as we continue to roll out into more countries, we see that 20% being much higher over time.

我將接下接下來的兩個。在國際業務方面，我們對國際業務抱有很高的期望，而這種期望的部分原因在於，我們只有 20% 的業務在美國以外，我們看到一家又一家零售商、一個又一個國家取得了成功。我認為，我們在過去一年推出的產品在進入的每一個零售商中都名列前三名。因此，您確實會看到消費者對 e.l.f. 有大量被壓抑的需求，而隨著我們繼續向更多國家推廣，我們發現 20% 的成長率會隨著時間的推移而大幅提高。

I don't think we've disclosed an overall aspiration other than we expect our international business to more than double in the coming years as well as we talked about in terms of the opportunity we have in color and skin.

我認為我們還沒有透露總體願望，只是我們預計未來幾年我們的國際業務將增長一倍以上，以及我們在顏色和皮膚方面的機會方面有所討論。

And then from an innovation standpoint, we have that ability, and you've seen us do this in the past, whether it be our lip oils, whether it be our bronzing drop, where we'll take signals from the community, and we will pull something up faster, like our original timing for bronzing drops was not when it was going to launch, but we've got so many requests from our community of wanting and wanting that incredible formulation at a great value that we moved it up.

然後從創新的角度來看，我們有這種能力，你也看到我們過去這樣做過，無論是我們的唇油，還是我們的古銅色滴劑，我們都會從社區獲取信號，我們會更快地推出一些東西，比如我們最初推出古銅色滴劑的時間並不是在它要推出的時候，但我們收到了來自社區的很多請求，他們想要令人難以置信的配方，而且我們想要了它。

We did the same with the melting lip balms where we're just getting so much consumer for that item that we moved it up. But it did not cause a hole in our fall innovation calendar. As Mandy said, our fall innovation stronger than our fall innovation last year. Some of the other items that we talked about are off to a great start. And so we feel great about the overall innovation cadence, including that ability to be able to respond to what our community wants.

我們對融化潤唇膏也採取了同樣的做法，因為該產品的消費者太多了，所以我們將其提升了。但它並沒有為我們的秋季創新日程造成空白。正如 Mandy 所說，我們秋季的創新比去年秋季的創新更加強勁。我們討論的其他一些事項已經有了良好的開端。因此，我們對整體創新節奏感到非常滿意，包括能夠回應社區需求的能力。

Thanks so much.

非常感謝。

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

我們的問答環節到此結束。我想將會議交還給塔朗·阿明 (Tarang Amin) 並請他作最後發言。

Well, thank you for joining us today. I'm so proud of our incredible team at e.l.f. Beauty for delivering another quarter of industry-leading results, and I'm thrilled to officially welcome rhode to the e.l.f. Beauty family. We look forward to seeing some of you at our upcoming investor meetings since speaking to you in November when we'll discuss our second quarter results. Thank you, and be well.

好吧，感謝您今天加入我們。我為 e.l.f. Beauty 出色的團隊感到無比自豪，他們又一個季度取得了行業領先的業績，並且我很高興正式歡迎 rhode 加入 e.l.f. Beauty 大家庭。我們期待在即將舉行的投資者會議上見到你們，因為我們在 11 月與你們討論了第二季度的業績。謝謝，祝您一切安好。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。