elf Beauty Inc (ELF) 2026 Q2 法說會逐字稿

Thank you for joining us today to discuss e.l.f. Beauty's second-quarter fiscal '26 results. I'm KC Katten, Vice President of Corporate Development and Investor Relations.

感謝您今天與我們一起討論 e.l.f. Beauty 2026 財年第二季的業績。我是 KC Katten，企業發展與投資者關係副總裁。

With me today are Tarang Amin, Chairman and Chief Executive Officer; and Mandy Fields, Senior Vice President and Chief Financial Officer.

今天陪同我出席的有董事長兼執行長塔朗·阿明，以及高級副總裁兼財務長曼迪·菲爾茲。

We encourage you to tune into our webcast presentation for the best viewing experience, which you can access on our website at investor.elfbeauty.com. Since many of our remarks today contain forward-looking statements, please refer to our earnings release and reports filed with the SEC, where you'll find factors that could cause actual results to differ materially from these forward-looking statements.

我們鼓勵您收看我們的網路直播演示，以獲得最佳觀看體驗。您可以透過造訪我們網站 investor.elfbeauty.com 觀看直播。由於我們今天的許多發言包含前瞻性陳述，請參閱我們的獲利報告和提交給美國證券交易委員會 (SEC) 的報告，其中列出了可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

In addition, the company's presentation today includes information presented on a non-GAAP basis. Our earnings release contains reconciliations of the differences between the non-GAAP presentation and the most directly comparable GAAP measure.

此外，該公司今天的簡報中包含以非GAAP準則編制的資訊。我們的獲利報告包含了非GAAP列報與最直接可比較的GAAP指標之間差異的調節表。

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

接下來，我將把網路直播交給塔朗。

Thank you, KC, and good afternoon, everyone. Today, we will discuss our second quarter results and our outlook for fiscal 2026. I'm proud of our incredible e.l.f. Beauty team for another quarter of consistent category-leading growth.

謝謝你，KC，大家下午好。今天，我們將討論我們第二季的業績以及對 2026 財年的展望。我為我們出色的 e.l.f. Beauty 團隊感到自豪，他們又一個季度實現了持續的品類領先成長。

In Q2, we grew net sales 14% and delivered $66 million in adjusted EBITDA. Q2 marked our 27th consecutive quarter of net sales growth putting e.l.f. Beauty in a rarified group of high-growth companies. We are one of only six public companies out of 546 that has grown for 27 straight quarters and average at least 20% sales growth per quarter. Beauty continues to be a resilient category. In Q2, the US mass cosmetics and skin care categories grew approximately 2% year over year, in line with the low single-digit growth we've seen in the category over the last 10 years.

第二季度，我們的淨銷售額成長了 14%，調整後 EBITDA 為 6,600 萬美元。第二季標誌著我們連續第 27 季實現淨銷售額成長，使 e.l.f. Beauty 躋身於少數高成長公司之列。在 546 家上市公司中，只有 6 家公司連續 27 個季度成長，平均每季銷售額成長至少達到 20%。美容產業依然保持著強大的生命力。第二季度，美國大眾化妝品和保養品類別年增約 2%，與過去 10 年該類別的個位數低成長率一致。

On a consumption basis, our namesake e.l.f. brand grew 7% this quarter, 3x the category and grew our market share by 140 basis points. We delivered triple-digit share gains across eye, lip and face. Consumers continue to choose e.l.f. Q2 marked our 27th consecutive quarter of market share gains, making e.l.f. the only brand out of nearly 1,000 cosmetics brands tracked by Nielsen, to gain share for 27 consecutive quarters.

從消費量來看，我們同名品牌 e.l.f. 本季成長了 7%，是同類產品的 3 倍，市佔率成長了 140 個基點。我們在眼部、唇部和臉部護理領域實現了三位數的市佔率成長。消費者繼續選擇 e.l.f.。第二季標誌著我們連續第 27 個季度市佔率成長，使 e.l.f. 成為尼爾森追蹤的近 1000 個化妝品品牌中唯一一個連續 27 個季度市佔率成長的品牌。

In August, we closed on the acquisition of Rhode, the high-growth beauty brand founded by Hailey Bieber and executed a record-breaking launch in Sephora North America. The acquisition contributed $52 million or approximately 17 percentage points to our net sales in Q2. On an organic basis, excluding Rhode, our net sales were down approximately 3% this quarter. Shipments were below consumption primarily driven by our decision to temporarily stop shipments to retailers who are slower to execute our price increase that took effect on August 1.

8 月，我們完成了對 Rhode 的收購。 Rhode 是由 Hailey Bieber 創立的高成長美妝品牌，並在北美絲芙蘭實現了破紀錄的上市。此次收購為我們第二季的淨銷售額貢獻了 5,200 萬美元，約佔 17 個百分點。剔除羅德島的業務後，本季我們的淨銷售額年減約 3%。出貨量低於消費量，主要原因是由於我們決定暫時停止向執行 8 月 1 日生效的價格上漲政策較為緩慢的零售商發貨。

We're pleased to report this is now resolved and normal shipments have resumed. Looking to fiscal '26, we're pleased to provide full year guidance, which calls for net sales growth of 18% to 20% year over year. This is on top of the 28% net sales growth we delivered in fiscal '25 and projects another year of best-in-class growth among consumer companies. Within that, we expect organic net sales excluding Rhode to be up approximately 3% to 4%.

我們很高興地報告，該問題現已解決，正常發貨已恢復。展望 2026 財年，我們很高興提供全年業績指引，預期淨銷售額將年增 18% 至 20%。這是在我們 2025 財年實現 28% 淨銷售額成長的基礎上實現的，預計未來一年我們將繼續保持消費品公司中一流的成長動能。其中，我們預計不計羅德島的有機淨銷售額將成長約 3% 至 4%。

We believe our consumption trends and market share gains are the best indicator of the underlying health of our business and are please by our on going strength we've seen in fiscal '26 to date. We expect our shipments to be below consumption of fiscal '26, particularly as we lap significant distribution gains in Dollar General and Target that occurred in the second half of fiscal '25. Over a longer period of time, shipments tend to even out with consumption.

我們相信，消費趨勢和市佔率成長是我們業務基本面健康狀況的最佳指標，我們對 2026 財年至今所取得的持續成長動能感到滿意。我們預計 2026 財年的出貨量將低於消費量，尤其是在 2025 財年下半年我們在 Dollar General 和 Target 獲得的顯著分銷增長之後。長遠來看，出貨量往往會與消費量趨於平衡。

We remain confident in our strategy to grow market share and capitalize on the white space ahead of us. We believe the addition of Rhode enhances our long-term growth. In fiscal '26, we expect Rhode to contribute about $200 million in net sales to our results. When considering the $98 million of net sales Rhode achieved in the first half of the year prior to the acquisition close.

我們對我們的策略充滿信心，相信我們能夠擴大市場份額，並充分利用未來的市場空白。我們相信羅德島的加入將促進我們的長期成長。在 2026 財年，我們預計羅德公司將為我們的業績貢獻約 2 億美元的淨銷售額。考慮到羅德島在收購完成前一年的上半年實現了 9,800 萬美元的淨銷售額。

Our outlook assumes Rhode will generate approximately $300 million in net sales on an annualized basis for the 12 months ending March 31, 2026, growing approximately 40% year over year. The strength of our brands is evident when viewed in the context of the overall beauty market. While Beauty has comparatively low barriers to entry, very few brands have been able to scale. Of the over 1,900 cosmetics and skin care brands tracked by Nielsen, only 26 has surpassed $100 million in annual retail sales.

我們預計羅德島公司在截至 2026 年 3 月 31 日的 12 個月內，年淨銷售額將達到約 3 億美元，年增約 40%。從整個美容市場的角度來看，我們品牌的實力顯而易見。雖然美容產業的進入門檻相對較低，但能夠實現規模化發展的品牌卻寥寥無幾。尼爾森追蹤的 1,900 多個化妝品和保養品品牌中，只有 26 個品牌的年零售額超過 1 億美元。

With our acquisition of Naturium two years ago and the acquisition of Rhode in August, we now have four brands that surpass this threshold. Our brands are unified by our vision to be a different kind of company by building brands that disrupt norms, shape culture and connect communities through positivity, inclusivity and accessibility. Let me take a moment to discuss our brands and key milestones we achieved in Q2.

兩年前我們收購了 Naturium，今年 8 月又收購了 Rhode，現在我們有四個品牌超過了這個門檻。我們的品牌秉持著相同的願景，即透過打造打破常規、塑造文化、以積極、包容和易於獲取的方式連結社群的品牌，成為一家與眾不同的公司。請容許我花一點時間來談談我們的品牌以及我們在第二季取得的關鍵里程碑。

First, turning to e.l.f. Cosmetics and e.l.f. SKIN. The combination of our value proposition, powerhouse innovation and disruptive marketing engine continue to fuel our market share gains, deepen existing community connections and expand our audience segment.

首先，讓我們來看看 e.l.f. 化妝品和 e.l.f.皮膚。我們的價值主張、強大的創新能力和顛覆性的行銷引擎相結合，不斷推動我們市場份額的成長，加深與現有社群的聯繫，並擴大我們的受眾群體。

In Piper Sandler semiannual taking stock with Teen Survey, e.l.f. Cosmetics ranked the number one favorite teen makeup brand for a record eight consecutive surveys. It's the first time in the 25-year history of this survey that any cosmetics brand has achieved this level of sustained leadership. Notably, our 36% mind share is now 4.5 times the number two brand. E.l.f. SKIN also reached a new high, increasing its ranking to the number seven favorite teen skin care brand, up from number eight last year.

在 Piper Sandler 每半年一次的青少年調查中，e.l.f. Cosmetics 連續八次被評為最受歡迎的青少年化妝品牌。這是該調查25年歷史上首次有化妝品品牌取得如此持續的領先地位。值得注意的是，我們的市佔率已達 36%，是排名第二品牌的 4.5 倍。E.l.f. SKIN 也創下了新高，其在青少年最愛護膚品牌中的排名從去年的第八名上升至第七名。

We continue to grow our audience beyond Gen-Z. Our latest awareness and usage study shows e.l.f. purchasers growing substantially amongst millennials and Gen-X. We're also the most purchased brand among Gen Alpha, showing our multigenerational appeal.

我們的受眾群體正不斷擴大，不再局限於 Z 世代。我們最新的認知度和使用情況研究表明，千禧世代和 X 世代的 e.l.f. 購買者數量大幅增長。我們也是阿爾法世代最暢銷的品牌，這表明我們擁有跨世代的吸引力。

Today, e.l.f. Cosmetics is purchased by approximately one in three females in the US. Our marketing is working, delivering ROIs multiples above industry benchmarks and expanding our brand awareness. Over the last five years, we've grown e.l.f.'s unaided awareness in the US from 13% to 45%, in Canada from 8% to 26% and in the UK from 6% to 19%.

如今，美國大約三分之一的女性購買 e.l.f. 化妝品。我們的行銷策略行之有效，投資報酬率遠超過業界基準，並不斷提升品牌知名度。在過去的五年裡，我們使 e.l.f. 在美國的非輔助認知度從 13% 增長到 45%，在加拿大從 8% 增長到 26%，在英國從 6% 增長到 19%。

Looking at 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 an extraordinary value with our Signature e.l.f. twist.

著眼於創新。我們擁有獨特的能力，能夠源源不斷地推出精品，從我們的社區和最優質的產品中汲取靈感，並以我們標誌性的 e.l.f. 風格將它們以非凡的價值推向市場。

As one example, Power Grip Primer is the number one SKU across the entire US cosmetics category. Our customers crave more which is why we recently launched our limited-edition Mega Power Grip Primer, containing 50 times the amount of product as the original Power Grip. Mega went viral, selling out in three minutes on TikTok shop where it launched exclusively.

例如，Power Grip Primer 是美國整個化妝品類別中銷售第一的 SKU。我們的顧客渴望更多，因此我們最近推出了限量版 Mega Power Grip Primer，其產品含量是原始 Power Grip 的 50 倍。Mega 一推出便迅速走紅，在 TikTok 商店獨家發售三分鐘內便售罄。

Our latest e.l.f. SKIN campaign highlights our Bright Icon Vitamin C + E + Ferulic Serum and its incredible value at $17 compared to a prestige item at $185. Proof of our ability to make the best of Beauty accessible and expand the category.

我們最新的 e.l.f. SKIN 宣傳活動重點推廣了我們的 Bright Icon 維生素 C + E + 阿魏酸精華液，其超值價格為 17 美元，而同類高端產品的價格為 185 美元。這證明了我們有能力讓更多人享受最優質的美容產品，並擴展美容產品類別。

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Our value proposition continues to resonate with our consumers. Our $1 global portfolio wide price increase went into effect on August 1 to help mitigate some of the increased costs we're seeing from higher tariffs. Even after this increase, 75% of our portfolio sits at a phenomenal value of $10 or less. For context, the average price for e.l.f. Cosmetics is $7.50 today as compared to approximately $9.50 for legacy mass cosmetics brands and nearly $30 for prestige brands.

我們的價值主張持續引起消費者的共鳴。為了緩解關稅上漲帶來的部分成本增加，我們從 8 月 1 日起在全球範圍內對產品組合進行了 1 美元的價格上調。即使經過此次成長，我們投資組合中仍有 75% 的資產價值極低，僅為 10 美元或更低。作為參考，e.l.f. Cosmetics 目前的平均價格為 7.50 美元，而傳統大眾化妝品品牌的平均價格約為 9.50 美元，而高端品牌的平均價格則接近 30 美元。

While still relatively early since our price increase went into effect, we're pleased that our consumption continues to outperform category trends. The strength of our productivity and category-leading results continue to earn e.l.f. additional space with our global retailers.

雖然距離我們提價生效還有一段時間，但我們很高興看到我們的消費量繼續優於同類產品的平均水平。我們強大的生產力和行業領先的業績繼續為 e.l.f. 贏得全球零售商的更多支持。

In Target, our longest-standing national retailer, we increased our footprint earlier this year to 20 linear feet, up from 13 feet previously. In Walmart, we increased our space last year to 12 feet from 8 feet previously. We're pleased to report that in spring 2026, we'll be increasing our space with Ulta Beauty beyond the 12 feet of space we have today.

今年早些時候，我們在 Target（我們歷史最悠久的全國性零售商）的店面面積從之前的 13 英尺增加到 20 英尺。去年，我們在沃爾瑪的攤位空間從之前的 8 英尺增加到了 12 英尺。我們很高興地宣布，2026 年春季，我們將擴大與 Ulta Beauty 的合作空間，超過我們目前擁有的 12 英尺空間。

Looking outside the US, we're excited for the expansion we have planned this fall. E.l.f. will be launching with Rossmann in Poland, and with the four in the six countries in the Gulf Cooperation Council, our second launch with Sephora following our success in Mexico.

放眼美國以外，我們對今年秋季的擴張計畫感到興奮。E.l.f. 將與波蘭的 Rossmann 合作推出，並與海灣合作委員會六個國家的四個門市合作推出，這是我們繼在墨西哥取得成功後與 Sephora 的第二次合作。

We're also pleased to announce we'll be expanding our reach in Germany in spring 2026 and launching e.l.f. with [DM], building upon the successful launch we have with Rossmann last year. Next, turning to Rhode. The breakthrough Beauty brand founded by Hailey Rhode Bieber. I've been in the consumer space 34 years and continue to be blown away by what Hailey and her team are building.

我們也很高興地宣布，我們將於 2026 年春季擴大在德國的業務範圍，並與 [DM] 合作推出 e.l.f.，以鞏固我們去年與 Rossmann 成功合作推出的成果。接下來，我們來看看羅德島。由海莉·羅德·比伯創立的突破性美妝品牌。我在消費領域工作了 34 年，仍然對 Hailey 和她的團隊所創造的成果感到驚訝不已。

In just under three years since its founding, Rhode's has seen exceptional growth, achieving $212 million of net sales, DTC only with just 10 products. In September, we launched Rhode with Sephora, the world's leading global beauty retailer. The launch is off to a phenomenal start. In fact, Rhode had the biggest launch in Sephora North America's history, exceeding the previous record by 2.5 times.

自成立以來不到三年，Rhode's 就取得了非凡的成長，僅憑 10 種產品，就實現了 2.12 億美元的淨銷售額（僅限 DTC）。9 月，我們與全球領先的美妝零售商 Sephora 合作推出了 Rhode。此次發布會取得了驚人的開局。事實上，羅德島州的新品上市規模創下了絲芙蘭北美歷史上的最高紀錄，比之前的紀錄高出 2.5 倍。

To celebrate the launch, we had the opportunity to ring the opening bell at the New York Stock Exchange, bringing together the trailblazing female founders that are part of the e.l.f. Beauty family. In terms of what's next, we're seeing significant pent-up global appetite for Rhode. International drives nearly 20% of Rhode's DTC sales, while 74% of the brand's social followers are from outside the US. We're excited to launch Rhode in Sephora UK this month and further its global reach.

為了慶祝品牌發布，我們有機會在紐約證券交易所敲響市鐘，將 e.l.f. Beauty 家族中那些開拓進取的女性創始人聚集在一起。至於接下來的發展，我們看到全球對羅德島的需求被嚴重壓抑。國際市場貢獻了 Rhode 近 20% 的 DTC 銷售額，而該品牌 74% 的社群媒體粉絲來自美國以外地區。我們很高興本月在英國絲芙蘭推出 Rhode，並進一步擴大其全球影響力。

Turning to Naturium, a disruptive brand focused on ingredient-led biocompatible skin care. This quarter, we ran Naturium's first-ever awareness campaign, shaped by the voices of Naturium's loyal community, who share how its products help them love their skin. The campaign reflects a brand's unwavering commitment to delivering the signs of consistent skin care to everyone, everywhere, every day.

轉而關注 Naturium，這是一個專注於以成分為導向的生物相容性護膚品的顛覆性品牌。本季度，我們開展了 Naturium 的首次品牌意識宣傳活動，該活動以 Naturium 忠實用戶的聲音為指導，分享了 Naturium 的產品如何幫助他們愛護自己的肌膚。該活動體現了品牌堅定不移的承諾，即每天、在任何地方，為每個人提供持續的護膚體驗。

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As we look ahead. I'm proud that we continue to lead with purpose as we strive to create a different kind of beauty company, one that is purpose-led and results driven. Our newly released fourth annual impact report demonstrates how we make the world a better place for every eye, lip and face.

展望未來。我感到自豪的是，我們始終秉持著明確的目標，努力打造一家與眾不同的美容公司，一家以目標為導向、以結果為驅動的公司。我們最新發布的第四份年度影響力報告展示了我們如何讓世界變得更美好，讓每個人的眼睛、嘴唇和臉龐都受益。

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In summary, we're excited by the momentum we're seeing across our brand portfolio and remain confident in our ability to continue to gain share and deliver best-in-class growth in beauty.

總而言之，我們對旗下所有品牌的發展勢頭感到興奮，並對我們繼續擴大市場份額、在美容行業實現一流增長的能力充滿信心。

I'll now turn the call over to Mandy to talk more about our second quarter results and our outlook for fiscal '26.

現在我將把電話交給曼迪，讓她詳細談談我們第二季的業績以及我們對 2026 財年的展望。

Thank you, Tarang. Q2 net sales of $344 million grew 14% year over year on top of the 40% growth in Q2 of last year. The acquisition of Rhode contributed $52 million or approximately 17 percentage points to our Q2 results. Looking to our organic sales trends. Our consumption outpaced category trends by over 3x, leading to 140 basis points of market share gains in the quarter.

謝謝你，塔朗。第二季淨銷售額為 3.44 億美元，年成長 14%，而去年第二季的成長率為 40%。收購羅德島為我們第二季的業績貢獻了 5,200 萬美元，約佔 17 個百分點。觀察我們的自然銷售趨勢。我們的消費量比同類產品的平均消費量高出 3 倍以上，導致本季市佔率成長了 140 個基點。

As Tarang mentioned, our Q2 shipments were below consumption, primarily driven by our decision to stop shipments on orders not reflecting our August 1 price increase. Pricing and product mix added approximately 21 points to net sales growth, partially offset by a 6 percentage point impact from lower unit volumes. Looking to our geographic regions.

正如 Tarang 所提到的，我們第二季的出貨量低於消費量，這主要是由於我們決定停止對未反映 8 月 1 日價格上漲的訂單進行出貨。定價和產品組合使淨銷售額增長約 21 個百分點，但銷售下降造成的 6 個百分點的影響部分抵消了這一增長。縱觀我們的地理區域。

Our net sales in the US grew 18% year over year in Q2 while international net sales grew 2%. As a reminder, this quarter, we lapped our launch into Rossmann, Germany in the year ago period, which marked our largest international launch to date. We are pleased with our continued portfolio and geographic expansion. We're in the early days of the international opportunity we see.

第二季度，我們在美國市場的淨銷售額年增 18%，而國際市場的淨銷售額成長了 2%。提醒一下，本季我們追平了去年同期在德國羅斯曼的上市規模，這是我們迄今為止最大的國際上市。我們對持續的業務組合和地理擴張感到滿意。我們看到的國際機會還處於早期階段。

For context, international drives approximately 20% of our net sales as compared to legacy peers having over 70% of their sales outside of the US. Q2 gross margin of 69% was down approximately 165 basis points compared to prior year. The year-over-year decline was largely driven by incremental tariff costs. This was partially offset by gross margin benefits from our price increase and mix.

作為參考，國際市場約占我們淨銷售額的 20%，而傳統同業的銷售額超過 70% 來自美國以外地區。第二季毛利率為 69%，較上年同期下降約 165 個基點。年比下降的主要原因是關稅成本增加。價格上漲和產品組合調整帶來的毛利率成長部分抵銷了上述損失。

On an adjusted basis, SG&A as a percentage of sales was 56% in Q2 as compared to 53% in Q2 last year, primarily driven by ongoing investments in our team and infrastructure. Marketing and digital investment for the quarter was 23% of net sales as compared to 24% in Q2 last year. Q2 adjusted EBITDA was $66 million, down 4% versus last year.

經調整後，第二季銷售、一般及行政費用佔銷售額的 56%，而去年同期為 53%，這主要是由於我們對團隊和基礎設施的持續投資。本季行銷和數位投資佔淨銷售額的 23%，而去年第二季為 24%。第二季調整後 EBITDA 為 6,600 萬美元，比去年同期下降 4%。

Adjusted net income was $41 million or $0.68 per diluted share compared to $45 million or $0.77 per diluted share a year ago.

調整後的淨收入為 4,100 萬美元，即每股攤薄收益 0.68 美元，而去年同期為 4,500 萬美元，即每股攤薄收益 0.77 美元。

Moving to the balance sheet and cash flow. Our balance sheet remains strong, and we believe positions us well to execute our long-term growth plans. We ended the quarter with $194 million in cash on hand compared to a cash balance of $97 million a year ago. Our liquidity position remains strong with less than 2x leverage after our acquisition of Rhode. We expect our cash priorities for the year to remain on investing behind our growth initiatives and supporting strategic extensions.

接下來來看資產負債表和現金流量表。我們的資產負債表依然穩健，我們相信這使我們能夠很好地執行我們的長期成長計劃。本季末，我們手頭現金為 1.94 億美元，而去年同期現金餘額為 9,700 萬美元。收購羅德島後，我們的流動性狀況依然強勁，槓桿率低於2倍。我們預計今年的現金優先事項仍將是投資於我們的成長計劃和支持策略擴張。

The specific initiatives we're focused on this year include investing in our people and infrastructure, our ERP transition to SAP and our global expansion. I'm pleased that our transition to SAP has been successful since our go live in July, with Q2 marking our first full quarter close on the new system. Our smooth go-live is a testament to the exceptional talent and dedication of our e.l.f. Beauty team and partners.

今年我們重點關注的具體措施包括投資於我們的人員和基礎設施、將 ERP 系統過渡到 SAP 以及進行全球擴張。我很高興自 7 月上線以來，我們向 SAP 的過渡一直很成功，第二季標誌著我們在新系統上第一個完整的季度結束。我們順利上線，充分證明了 e.l.f. Beauty 團隊和合作夥伴的卓越才能和敬業精神。

Now let's turn to fiscal '26. As we spoke about last quarter, we plan to provide a full fiscal '26 outlook once we had greater clarity on tariffs. To set the foundation, about 75% of our global production today comes from China. Between April 9 and May 13, we were subject to tariffs at the 170% level. From May 14 through the end of October, product imports to the US were subject to tariffs at the 55% level.

現在讓我們來看看2026財年。正如我們上個季度所討論的那樣，一旦關稅情況更加明朗，我們將提供完整的 2026 財年展望。奠定基礎的是，我們目前全球約 75% 的產品來自中國。4月9日至5月13日期間，我們被徵收了170%的關稅。從5月14日至10月底，進口到美國的產品需繳納55%的關稅。

As of November, we are now subject to a lower tariff at the 45% level, given the recent reduction announced by the administration. While tariff rates remain volatile, we believe the lead time of our supply chain gives us greater visibility into our costs for the second half of the year. Our outlook assumes that the 45% tariff rate stays in place for the remainder of our fiscal year.

鑑於政府最近宣布的減稅措施，從 11 月起，我們現在適用的關稅水準已降至 45%。儘管關稅稅率仍然波動不定，但我們相信，我們供應鏈的提前期使我們能夠更好地了解下半年的成本。我們的展望假設 45% 的關稅稅率在本財年剩餘時間內保持不變。

For context, we estimate every 10 percentage points of incremental tariffs results in a $17 million growth impact to our cost of goods sold on an annualized basis before any mitigating actions. For the full year, we expect net sales growth of approximately 18% to 20%.

作為參考，我們估計，每增加 10 個百分點的關稅，在採取任何緩解措施之前，每年都會將我們的銷售成本增加 1,700 萬美元。我們預計全年淨銷售額將成長約 18% 至 20%。

Adjusted EBITDA between $302 million and $306 million, adjusted net income between $165 million to $168 million and adjusted EPS of $2.80 to $2.85 per diluted share. We expect our fiscal '26 adjusted tax rate to be approximately 23% and a fully diluted average share count of approximately 59 million shares.

調整後 EBITDA 在 3.02 億美元至 3.06 億美元之間，調整後淨利潤在 1.65 億美元至 1.68 億美元之間，調整後每股收益為 2.80 美元至 2.85 美元（稀釋後）。我們預計 2026 財年調整後稅率約為 23%，完全稀釋後的平均股數約為 5,900 萬股。

Let me provide you with additional color on our planning assumptions for fiscal '26. Starting with the top line. For the full year, we expect net sales growth of 18% to 20% year over year. Within that, we expect organic net sales, excluding Rhode to be up approximately 3% to 4% year over year. On top of that, we expect Rhode to contribute about $200 million in net sales over the eight months since our August 5 closing date.

讓我再詳細解釋一下我們對 2026 財年的規劃假設。從第一行開始。我們預計全年淨銷售額將年增 18% 至 20%。其中，我們預計不包括羅德島州在內的有機淨銷售額將年增約 3% 至 4%。此外，我們預計自 8 月 5 日交易完成以來的八個月內，羅德島將貢獻約 2 億美元的淨銷售額。

Looking to the second half, our guidance implies net sales growth of 24% to 27% year over year. We expect Rhode to contribute 22 percentage points to net sales growth in the second half. On an organic basis, this implies 2% to 5% net sales growth. As Tarang discussed, we are pleased by the ongoing strong consumption rates we have seen in fiscal '26 to date and expect to continue to outperform category trends into the second half. We expect shipments to be lower than consumption as we cycle expanded distribution in Dollar General and the over 50% space expansion and target that we had in the second half of last year.

展望下半年，我們的預期是淨銷售額年增 24% 至 27%。我們預計羅德島將在下半年為淨銷售額成長貢獻 22 個百分點。以有機成長計算，這意味著淨銷售額成長2%至5%。正如 Tarang 所討論的，我們對 2026 財年至今持續強勁的消費率感到滿意，並預計在下半年將繼續跑贏同類產品的發展趨勢。我們預計出貨量將低於消費量，因為我們將逐步擴大在 Dollar General 的分銷管道，並實現去年下半年超過 50% 的空間擴張目標。

Turning to adjusted EBITDA. For the full year, we expect $302 million to $306 million in adjusted EBITDA, up 2% to 3% year over year. This implies adjusted EBITDA margins of approximately 17% in the second half as compared to 22% in the first half. There are two key factors impacting second half adjusted EBITDA margins.

接下來看調整後的 EBITDA。我們預計全年調整後 EBITDA 為 3.02 億美元至 3.06 億美元，年增 2% 至 3%。這意味著下半年的調整後 EBITDA 利潤率約為 17%，而上半年為 22%。影響下半年調整後 EBITDA 利潤率的兩個關鍵因素。

First, marketing. We are targeting marketing and digital spend in the 24% to 26% range for the full year. That implies marketing spend of approximately 27% to 29% of net sales in the second half, up about 600 basis points on the top end relative to the 23% of net sales we spent in the first half. We expect this to be partially offset by gross margin improvements.

首先是市場行銷。我們計劃全年行銷和數位支出佔比達到 24% 至 26%。這意味著下半年行銷支出將佔淨銷售額的 27% 至 29%，比上半年淨銷售額的 23% 提高了約 600 個基點。我們預計毛利率的提高將部分抵消這一影響。

We expect our gross margin in the second half to be approximately 71%, up about 200 basis points sequentially relative to the first half. With anticipated benefits from price increases and mix of business given our acquisition of Rhode.

我們預計下半年的毛利率約為 71%，比上半年將較上季成長約 200 個基點。收購羅德島後，預計價格上漲和業務組合將帶來收益。

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 for our growing portfolio of disruptive brands.

總而言之，我們很高興又一個季度實現了行業領先的銷售額和市場份額成長。我們相信我們擁有致勝的策略，並且正處於釋放我們不斷增長的顛覆性品牌組合的全部潛力的初期階段。

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

操作員，現在可以開始接受提問了。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（操作說明）摩根士丹利 Dara Mohsenian。

I just wanted to delve a bit more into the corporate top line guidance for the year and the downside in the quarter ex Rhode when you think about the base e.l.f. heritage business. Just can you give us more of a sense for how much of a drag shipments was versus underlying consumption trends in fiscal Q2 around the pricing (inaudible)?

我只是想更深入地探討一下公司今年的營收預期，以及剔除羅德島州後，考慮到 e.l.f. 傳統業務的基礎情況，本季度業績的下滑趨勢。您能否更詳細地說明一下，在第二財季，出貨量相對於潛在消費趨勢在定價方面造成了多大的拖累，以及這種拖累究竟有多大？（聽不清楚）？

And a similar question for the back half, are you making up any of that gap from the pricing issue as you start to ship again? And maybe what's the total full year impact? Perhaps another way of asking it more simply is what are you expecting for underlying US consumption trends?

對於後半段的訂單，也存在類似的問題：隨著你們重新開始出貨，你們能否彌補因定價問題造成的任何缺口？那麼，全年的總影響是多少呢？或許可以更簡單地問：您對美國潛在的消費趨勢有何預期？

And then also, Tarang, just how did you resolve the issue around pricing with your retailers? Did it change the economics of the relationship at all going forward? Was it more just a temporary issue that you moved past? And are there any issues with out of stocks that may impact forward consumption trends just as we think about the go-forward consumption?

還有，Tarang，你是如何解決與零售商之間的定價問題的？這是否對雙方關係的未來經濟格局產生了任何影響？這只是暫時的、你已經克服的問題嗎？當我們考慮未來消費趨勢時，是否存在可能影響未來消費趨勢的缺貨問題？

Dara, I'm going to start off by answering the question. I'll start with Q2. As we said, we're very pleased with the consumption that we saw in Q2, outperforming the category. Category grew around 2%, e.l.f. brand grew around 7%, so almost over 3 times what we saw from the category performance. When we talk about the pricing impact that is the primary driver of the disconnect between consumption and the shipments that we delivered in the quarter.

達拉，我先來回答這個問題。我先從第二題開始。正如我們所說，我們對第二季的消費情況非常滿意，其表現優於同類產品。品類成長約 2%，e.l.f. 品牌成長約 7%，幾乎是品類整體表現的 3 倍以上。當我們談到價格影響時，這是導致本季消費量和出貨量之間脫節的主要驅動因素。

And so I would say it's never a one-to-one consumption to shipments, but we know that over time, consumption and shipments do net out. And so to answer your second question on, are we going to pick up any of that as we go into the second half? Yes, I think it's fair to assume that we're going to pick up some of that as we head into Q3. But I guess that it's not going to be a one-for-one exact on the quarter. But over time, we do expect consumption and shipments will net out.

因此，我認為消費量和出貨量之間永遠不會是一對一的關係，但我們知道，隨著時間的推移，消費量和出貨量最終會達到平衡。那麼，回答你的第二個問題，我們是否會在下半場繼續學習這些內容呢？是的，我認為可以合理地假設，隨著我們進入第三季度，我們將獲得其中的一些份額。但我猜想，這不會是季度內完全一比一的對應關係。但從長遠來看，我們預期消費量和出貨量最終會相互抵消。

Also to answer your question on underlying growth on the second half, as we talked on the call, on an organic basis, we're outlooking 2% to 5% growth on the top line. That, again, is led by strong consumption. Our consumption is up 10% on a fiscal year-to-date basis and has even strengthened as we've gotten into this quarter. And so again, pleased with what we're seeing from a consumption standpoint, but what we have in the second half is cycling space expansion at dollar, about 11,000 doors in the base as well as our 50% space expansion and target.

另外，關於您提出的下半年潛在成長問題，正如我們在電話會議中討論的那樣，從自然成長的角度來看，我們預計營收將成長 2% 至 5%。這同樣是由強勁的消費所驅動的。本財年至今，我們的消費量成長了 10%，而且進入本季後，消費量仍在持續成長。所以，從消費的角度來看，我們對目前的情況感到滿意，但下半年我們將以美元進行空間擴張，基本門市數量約為 11,000 扇，同時我們還有 50% 的空間擴張目標。

So we are cycling that pipeline that's going to have an impact there from a shipment standpoint, but feeling very good about the consumer strength that we're seeing with that consumption continuing to be strong.

所以我們正在調整這條運輸路線，這將對出貨量產生影響，但我們對消費者的強勁需求感到非常樂觀，消費將繼續保持強勁勢頭。

Dara, on your second question on pricing, let me step back a little bit and talk a little bit about our philosophy on pricing, which is different than many of our competitors. We believe in an everyday low price that's consistent across retailers. And so the way we've done that is we have -- we basically have a same price everywhere that same kind of low price every day.

Dara，關於你提出的第二個定價問題，我想先退一步，談談我們的定價理念，這與我們的許多競爭對手有所不同。我們相信，所有零售商都應該提供一致的低價。因此，我們採取的方法是——我們基本上在所有地方實行相同的價格，每天都保持相同的低價。

The other thing that's different, and that contrasts with many of our competitors who tend to price higher and then discount run promotions. We believe that approach has been really good for our consumers in terms of knowing that they can buy e.l.f. everyday low price. The other area that we're different is unlike many of our competitors who have large trade budgets, we don't offer trade funds for one retailer and embarass another one in terms of sale and lower pricing.

另一點不同之處在於，我們許多競爭對手都傾向於先定高價，然後再進行折扣促銷。我們認為這種方式對我們的消費者來說真的很好，因為他們知道可以每天以低價購買 e.l.f. 產品。我們與眾不同的另一個方面是，與許多擁有龐大貿易預算的競爭對手不同，我們不會為一家零售商提供貿易資金，從而在銷售和降價方面讓另一家零售商難堪。

So that's our overall approach. In the quarter, what we had is our pricing went into effect August 1, where a few retailers are slow to reflect that new pricing. As soon as we don't see the right price on the PO, we don't feel that order. And the way we resolve that is it naturally results retailers want to have e.l.f. and they want to have it at the right price. And so we're now, as I said, resolved it, we're shipping normally, and it's a way of us keeping price sanctity in the market.

這就是我們的總體方針。本季度，我們的定價於 8 月 1 日生效，但一些零售商未能及時反映這一新價格。一旦我們在採購訂單上看不到合適的價格，我們就不會接受這個訂單。我們解決這個問題的方法是，零售商自然而然地想要銷售 e.l.f. 產品，並且希望以合適的價格銷售該產品。正如我所說，我們現在已經解決了這個問題，發貨也恢復正常，這也是我們維護市場價格穩定的方式。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Great. You touched a little bit on this earlier, but where did you exit the quarter? And then can you help us understand sort of where the deceleration was the highest. It looks like it was both in the US and international markets. Obviously, you priced them both. I know you just said you don't expect a one-for-one catch-up.

偉大的。你之前稍微提到過這一點，但你從哪裡離開這個季度呢？那麼，您能否幫助我們了解一下減速幅度最大的地方在哪裡？看來它既在美國市場也有國際市場。顯然，你已經對它們都定價了。我知道你剛才說過你不指望能一對一地補上之前的進度。

But I'm surprised if it's just a disagreement towards when pricing first went into place and things are back to normal levels now why you wouldn't expect more of a catch up in a more rapid manner? So if you could help explain the discrepancies there, that would be great.

但如果僅僅是對最初定價時間的分歧，而現在一切都恢復正常水平了，那麼為什麼不期望價格能更快回升呢？如果您能幫忙解釋一下其中的差異，那就太好了。

So from a consumption standpoint, as we talked, Olivia, we had about a 7% consumption rate in Q2. As we've gotten into Q3, we have seen that be a bit stronger, so feeling great again, from a consumption standpoint. In the quarter from a US versus international growth rate, we saw an 18% growth in the US and a 2% growth rate in the international markets.

所以從消費的角度來看，正如我們剛才談到的，奧利維亞，我們在第二季的消費率約為 7%。進入第三季後，我們看到這種情況有所好轉，從消費的角度來看，感覺又好多了。從美國與國際市場的成長率來看，本季度美國市場成長率為 18%，國際市場成長率為 2%。

Now as a reminder, the 2% on international, we are lapping or we're lapping the launch into Rossmann, Germany. And that was our largest international launch that we've had to date. And so that was impacting that international growth number as we cycle through that. And to answer your last question on the catch-up. Like I said, shipments and consumption will net themselves out over time.

現在提醒一下，國際航線上的 2% 的成長率，我們正在超越或超越德國羅斯曼的發射。那是我們迄今為止規模最大的國際產品發表會。因此，當我們經歷這個週期時，這會對國際成長數據產生影響。至於你最後一個關於進度的問題，我來回答。正如我所說，隨著時間的推移，出貨量和消費量最終會相互抵消。

But order patterns or maybe the consumer has kind of moved on from that order. Orders are resubmitted at different levels. It's not going to be exactly a one-to-one catch-up on those shipments into Q3.

但訂單模式或消費者可能已經不再喜歡那種訂單模式了。訂單會在不同層級重新提交。第三季的出貨量不可能完全趕上先前的水準。

Got it. So just to clarify, you didn't see any of this consumption mismatch in your view, in international markets with respect to pricing? It was primarily the tough comp associated with the launch into Rossmann in Germany?

知道了。所以，為了確認一下，在你看來，國際市場上在定價方面並沒有出現任何費用錯配的情況嗎？主要是因為德國羅斯曼賽道的比賽競爭非常激烈嗎？

I would say that was the primary driver of the international performance.

我認為這是國際業績成長的主要驅動因素。

Got it. Understood. My second question is really around your view on tariffs and how much of the inventory that was at the peak has now flown through whether all of it is on through or is there some that continues to impact you in the second half?

知道了。明白了。我的第二個問題其實是關於您對關稅的看法，以及高峰期的庫存有多少已經消化完畢，或者是否還有一些會在下半年繼續對您產生影響？

And then on marketing, I guess, why the need to increase it as much as you are planning in the second half? Are there initiatives in place that you want to support? Is it primarily behind Rhode? Just trying to understand a 300 basis point increase in marketing and what's driving that?

那麼關於行銷，我想問的是，為什麼需要在下半年像你們計畫的那樣大幅增加投入呢？有哪些舉措是您想要支持的？主要位於羅德島之後嗎？我只是想了解行銷支出為何會增加 300 個基點，以及是什麼原因導致了這種成長？

All right. So then on tariffs, so let's see here. Here, as we talked on the call, a little bit of good news on tariffs with the administration calling out that tariffs were reduced by about 10 points to 45%. So we were pleased to hear that news. I will tell you that all in, on an average basis, China tariffs impact to us this year. That's about a 60% tariff that we faced. So versus the 25% tariffs last year.

好的。那麼關於關稅，我們來看看。正如我們在電話會議中談到的，關稅方面傳來了一些好消息，政府宣布關稅降低了約 10 個百分點，降至 45%。所以我們很高興聽到這個消息。總的來說，平均而言，中國關稅今年對我們造成了影響。我們當時面臨的關稅大約是60%。所以，比起去年的 25% 關稅而言。

So we have about 3,500 basis points of tariff headwind that we're dealing with this year. I would say, from a gross margin cadence standpoint, you are starting to see that gross margin improve as we head into the back half. In our prepared remarks, we talked about seeing a 71% gross margin in the second half. That's relatively flat to where we were last year from a gross margin standpoint.

所以今年我們面臨大約 3500 個基點的關稅阻力。從毛利率的角度來看，隨著下半年的到來，毛利率開始有所改善。我們在事先準備好的演講稿中提到，預計下半年毛利率將達到 71%。從毛利率的角度來看，這與我們去年的水平基本持平。

And on the year, if you play that through, gross margin is looking to be about down 100 basis points on the year. Again, most of that in the first half, where we were down 200 basis points. So I think we have done a great job of shoring up gross margin as we've gotten into the second half of the year. Again, with the pricing piece with Rhode coming into the mix, feeling good about our gross margin position given the headwinds that we faced from a tariff standpoint. And then on marketing, marketing really is a timing shift.

若按此推算，全年毛利率預計將比上年下降約 100 個基點。同樣，大部分失利都發生在上半場，當時我們落後了 200 個基點。所以我認為，進入下半年後，我們在提高毛利率方面做得非常出色。再次強調，考慮到羅德島的定價策略，以及我們在關稅方面面臨的不利因素，我們對我們的毛利率狀況感到滿意。至於行銷，行銷確實是一個時機調整的過程。

So if you look at what we spent in Q2, we spent about 23% of our net sales behind marketing and digital. As we've talked all year, we want to be in that 24% to 26% range. We did have some campaigns shifting out into Q3 and Q4. And so that, I would say, is just more of a timing thing. No difference in where we have been targeting marketing for this year in that 24% to 26% range.

所以，如果你看一下我們在第二季的支出，我們會發現我們把淨銷售額的約 23% 用於行銷和數位行銷。正如我們今年一直在討論的那樣，我們希望將佔比控制在 24% 到 26% 之間。我們確實有一些行銷活動轉移到了第三季和第四季。所以，我認為這更多的是一個時機問題。今年我們的行銷目標仍然鎖定在 24% 到 26% 的範圍內，沒有任何變化。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

I just want to follow up on the on the consumption number you gave us for year to date. So you said 10% year to date, which is supported. But then in the last -- since you implemented the price increase, can you comment on since August, I believe it went through how much was that?

我想就您之前提供的今年迄今為止的消費數據進行後續跟進。所以你說今年迄今為止成長了10%，這是有依據的。但是，自從您實施價格上漲以來，您能否就自 8 月以來的價格上漲情況發表一下看法？我記得價格上漲了多少？

And then related to the performance that you had Rhode quarter to date, I think it was like 57 million, just curious with the shipment and consumption dynamics there? Understandably, you have the 200 million for at the eight months, but just to understand how we should be thinking in terms of the timing of the shipments. The Sephora initial shipments were not part of your 200 million.

另外，關於羅德島本季迄今的業績，我記得好像是 5700 萬美元，我很好奇那裡的出貨量和消費動態？可以理解，你們有 2 億用於八個月的運輸，但只是為了了解我們應該如何考慮發貨時間。絲芙蘭的首批出貨量不包含在你的2億件商品中。

But just as we think about the potential for consumption in Rhode itself. So if you can give us the Rhode consumption number relative to the [212] that they had prior to the deal.

但正如我們思考羅德島本身的消費潛力。所以，如果您能提供羅德島相對於其在交易前所擁有的[212]的消費數字，那就太好了。

Andrea. So first, to answer your question on consumption, even post the price increase on August 1, we're still seeing consumption hold strong which is very encouraging to us. And as I said, we've even seen it a little bit better as we've gone into Q3. So we feel great about the core business consumption.

安德烈婭。首先，回答您關於消費的問題，即使在 8 月 1 日價格上漲之後，我們仍然看到消費保持強勁，這讓我們非常鼓舞。正如我所說，進入第三季後，情況甚至有所改善。因此，我們對核心業務的消費情況感到非常滿意。

From a Rhode standpoint, we said $200 million is going to be the contribution on the year post acquisition. But on an annualized basis, Rhode is expected to be $300 million in net sales. That's a 40% growth on a year-over-year basis. And what you're picking up there, Andrea, is the $200 million, like I said, is post acquisition, but then you are also picking up the $40 million from Q1 that was disclosed in the pro forma.

從羅德島的角度來看，我們說過收購後的第一年將貢獻 2 億美元。但按年計算，羅德島的淨銷售額預計將達到 3 億美元。與上年同期相比成長了40%。安德里亞，你在這裡看到的，正如我所說，2億美元是收購後的收入，但你也看到了第一季在備考財務報告中披露的4000萬美元。

And then the delta there, about $57 million is related to net sales or shipments that went out prior to us acquiring Rhode in Q2. So you'll see in our Q that's filed tomorrow, you actually see on a pro forma basis, what Q2 would have looked like all in with Rhode for a full quarter along with e.l.f. results. You'll see that Rhode was about $110 million in Q2 from a net sales standpoint.

此外，還有約 5,700 萬美元的差額，這與我們在第二季收購 Rhode 之前淨銷售額或出貨量有關。所以，您將在我們明天提交的季度報告中看到，實際上，您將看到，如果羅德島州和 e.l.f. 的業績都計入，第二季度會是什麼樣子。從淨銷售額來看，羅德島第二季的營收約為 1.1 億美元。

Sorry, just to understand, the $110 million would be the difference, as you said, like the 57 plus the actual consumption?

不好意思，我只是想確認一下，您說的1.1億美元是指差額，例如57美元加上實際消耗量嗎？

No. So the $57 million would just be their net sales prior to acquisition in Q2. So that's going to be a mix of D2C consumption plus shipments to Sephora. That's the (inaudible) Sephora.

不。因此，5700萬美元只是他們在第二季收購前的淨銷售額。所以這將是D2C消費加上向絲芙蘭發貨的混合體。那是（聽不清楚的）絲芙蘭。

Okay. And then going just to clarify what you just said like August and maybe it's super helpful when you said okay, picked up even towards the third quarter. So what was the consumption in August and September and how we should be thinking relative to the 10%? Is that similar to 10% in August?

好的。然後，我想澄清一下你剛才說的，例如八月的情況，也許你說的很有幫助，好的，甚至在第三季也出現了好轉。那麼 8 月和 9 月的消費情況如何？我們應該如何看待與 10% 的成長幅度相比的情況？這和8月的10%差不多嗎？

Or that took a little bit of -- because the price increase on itself, $1 over $7.50 is a pretty large number. So I was hoping to see what the volume decline was if you are not seeing consumption accelerated even more than the 10%.

或者說，這需要一些時間——因為單單價格上漲 1 美元，7.50 美元就是一個非常大的數字了。所以，我希望看看銷量下降了多少，因為你們並沒有看到消費成長超過 10%。

Yes. So in the August and September time frame, again, as Tarang mentioned, it took some time for retailers to roll that pricing out. And so you're right, on a dollar increase, it's about 15%, 16% growth from an AUR standpoint. And that's what I'm saying is we've gotten into Q3, we have seen that consumption be a bit stronger than that 10%. And so we're pleased with that our consumption is actually holding up, given that we took a broad price increase, a $1 across the entire portfolio. We have not done that before and are pleased that our consumption rates continue to hang in there.

是的。所以，正如 Tarang 所提到的，在 8 月和 9 月期間，零售商需要一些時間來推出這些定價。所以你說得對，以美元上漲計算，從 AUR 的角度來看，大約成長了 15% 到 16%。我的意思是，進入第三季後，我們看到消費成長略高於 10%。因此，考慮到我們全面提價（所有產品組合均上調 1 美元），我們對消費量能夠保持穩定感到滿意。我們以前從未這樣做過，很高興我們的消費率能夠繼續保持穩定。

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，傑富瑞集團。

This is Sydney on for Ashley. First, just starting with the guide, can you just share a little bit more about your expectations for the category that are informing that kind of core brand growth expectation? And then when we think about Rhode, I would love to hear a little bit more about how you sort of are thinking about the balance between wholesale versus DTC. It looks like with the birthday launch, you're still doing some drops that are exclusive to brand on com, but would love to know kind of how you're thinking about that mix between the 2 channels long term.

這是雪梨為艾希莉發來的報道。首先，就從這份指南開始，您能否再詳細分享您對該品類的預期，以及這些預期如何影響您對核心品牌成長的預期？那麼，當我們談到羅德島時，我很想多了解一下您是如何看待批發與 DTC 之間的平衡的。看起來在周年慶新品發布期間，你們仍然會推出一些品牌官網獨家發售的產品，但我很想知道你們是如何考慮長期將這兩個渠道結合起來的。

Sydney, this is Tarang. So on our expectations for the category, we're pleased with what we're seeing in the category in the quarter where we saw the category up 2%, which is pretty consistent with the level that we've had last decade. So pretty much assuming similar rates of category growth for the balance of the year. And then in terms of Rhode, our strategy is a strong focus both on our Sephora launch, both in-store as well as online and our own DTC business.

悉尼，這裡是塔朗。因此，就我們對該類別的預期而言，我們對本季度該類別的表現感到滿意，該類別增長了 2%，這與我們過去十年的水平相當一致。因此，我們基本上假設今年剩餘時間該類別的成長率將保持類似水準。至於 Rhode，我們的策略重點是同時大力推動 Sephora 的上市，包括實體店和線上通路，以及我們自己的 DTC 業務。

And the specific strategy on DTC is having some of these exclusive windows for our DTC site. We see it makes a really big difference in terms of the impact we see on sales. So we expect strength in both wholesale as well as DTC. And again, the brand is off to phenomenal launch at Sephora, continue to see strength in DTC and are excited next week to introduce Rhode into Sephora UK. There's already a lot of excitement buildup for that.

而針對 DTC 的具體策略是為我們的 DTC 網站設定一些專屬視窗。我們發現，這確實對銷售額產生了很大的影響。因此，我們預期批發和DTC市場都將表現強勁。再次，該品牌在絲芙蘭的上市取得了驚人的成功，在 DTC 領域繼續保持強勁勢頭，並很高興下週將 Rhode 引入英國絲芙蘭。目前大家對此已經充滿期待。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

I wanted to go back to the question on the EBITDA guide. It looks like in fiscal Q2 margins were slightly better than expected on both gross margin and EBITDA, but the guide, as you mentioned, much lower due to the higher marketing spend.

我想回到關於 EBITDA 指南的問題上來。看起來第二財季的毛利率和 EBITDA 都略好於預期，但正如您所提到的，由於行銷支出較高，預期值要低得多。

And I understand there is a timing shift, but I think the expectation was that you would be getting some leverage on this line item in the future. Should we be expecting this high rate of marketing spend, excluding the timing shift moving forward? And then also, how are you allocating the spend between your brands now, especially with Rhode and the further expansion internationally?

我知道時間安排有所調整，但我認為大家的預期是，將來你會在這個專案上獲得一些優勢。撇開時間安排上的變化不談，我們是否應該預期未來會維持如此高的行銷支出水準？此外，您目前是如何在各個品牌之間分配支出的，特別是羅德島以及進一步的國際擴張？

Anna, it's great to hear from you. So on EBITDA for the year, so -- as we look at that, we are out looking at 2% to 3% growth on adjusted EBITDA for the full year. From an EBITDA margin standpoint, it's somewhere in the 19% range, so maybe 300 basis points lower than where we were last year. And to your point on the marketing, 24% to 26% in marketing is what we had outlook last year, and it's consistent with where we are this year. So we've actually not taken that rate up.

安娜，很高興收到你的來信。因此，就全年的 EBITDA 而言，我們預計全年調整後的 EBITDA 將成長 2% 至 3%。從 EBITDA 利潤率來看，大約在 19% 左右，比去年同期低了 300 個基點。關於您提到的行銷方面，我們去年的行銷預期是 24% 到 26%，這與我們今年的實際情況一致。所以實際上我們並沒有提高那個利率。

It's consistent on a year-over-year basis. And just for the second half, you're going to see that be a little bit more outsized just given the timing of that spend. I would say on the G&A side, on the non-marketing SG&A side, I do think that over time, we can get back to leverage there as well. We are continuing to be in growth mode. We're continuing to invest in our team and infrastructure. And when I say team and infrastructure that really means making sure that we have the right resources here in the US and internationally to support the growth that we expect to see.

每年都保持穩定。而到了下半年，由於支出的時間安排，你會發現支出規模會更大一些。我認為，在一般及行政費用方面，在非行銷類的銷售、一般及行政費用方面，隨著時間的推移，我們也可以重新獲得這方面的槓桿作用。我們正持續保持成長勢頭。我們將繼續加大對團隊和基礎設施的投資。我說的團隊和基礎設施，實際上是指確保我們在美國和國際上擁有合適的資源，以支持我們預期的成長。

And then also making sure that we're showing up in the right way. From a visual merchandising standpoint, as we expand our distribution footprint investing behind that as well. And so that's really what's driving some of that non-marketing SG&A this year as well. And so overall, again, given the tariff headwind that we're facing of a 3,500 basis point tariff headwind this year, so we're net out in a pretty good spot from an EBITDA standpoint, showing growth on a year-over-year basis.

此外，也要確保我們以正確的方式出現。從視覺行銷的角度來看，隨著我們擴大分銷範圍，我們也增加了這方面的投資。所以，這也是今年部分非行銷類銷售、一般及行政費用上漲的真正原因。因此，總的來說，考慮到我們今年面臨的 3,500 個基點的關稅逆風，從 EBITDA 的角度來看，我們的淨收益相當不錯，實現了同比增長。

Okay. Great. And if I could add on a follow-up. In terms of pricing, we've been hearing from some retailers maybe they were disappointed that e.l.f. actually led the pack with pricing recently and the others have followed in the space. And how do you think about your value proposition here and just the fact that maybe others have attempted to follow on the pricing side?

好的。偉大的。如果可以的話，我想補充一點。在定價方面，我們從一些零售商那裡了解到，他們可能對 e.l.f. 最近在定價方面領先於其他公司感到失望，而其他公司則紛紛效仿。您如何看待貴公司在此方面的價值主張，以及其他人可能在定價方面試圖效仿這一事實？

Anna, this is Tarang. I'll take that one. I would say on the pricing front, we've always led pricing. We've only taken three price increases in our history. And in each case, it's only been because of external factors. Our preferred approach for margin progression is innovation mix and that's how we've successfully grown our margins over time.

安娜，這是塔朗。我選那個。就定價而言，我們一直處於領先地位。公司史上只漲過三次價。而且，每起事件都是外在因素造成的。我們提高利潤率的首選方法是創新組合，這也是我們隨著時間的推移成功提高利潤率的方式。

So on pricing, we expect it to be first because we've always been first and then over time, people will follow. We haven't seen as much as many follow yet, but we have heard from many of our retailers that others plan to. So we feel confident in our overall value proposition.

所以在定價方面，我們預計會是第一，因為我們一直都是第一，然後隨著時間的推移，其他人會跟著做。雖然目前還沒有很多零售商效仿，但我們從許多零售商那裡了解到，其他零售商也計劃效仿。因此，我們對自身的整體價值主張充滿信心。

I mean, our average unit retails as we said after pricing, $7.50 compared to $9.50 before pricing for the legacy mass players and around $30 for prestige even after the pricing, 75% of our portfolio is still $10 or less. So we feel that value proposition is strong and will just get stronger as others follow the pricing.

我的意思是，正如我們所說，定價後我們的平均零售價為 7.50 美元，而傳統大眾品牌定價前的價格為 9.50 美元，高端品牌的價格約為 30 美元。即使定價後，我們產品組合中 75% 的產品價格仍然在 10 美元或以下。因此，我們認為這種價值主張很有競爭力，而且隨著其他公司效法這種定價策略，這種競爭力還會增強。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Great. A couple of questions. Maybe just kind of curious maybe to follow up on the EBITDA and EPS guidance a little bit. I think we and probably a few others are just trying to understand why there's not a bigger benefit from Rhode, especially just given in the pro forma financials you outlined, that would suggest there was some solid accretion.

偉大的。幾個問題。可能只是有點好奇，想稍微了解一下 EBITDA 和 EPS 指引。我認為我們以及其他一些人只是想弄清楚為什麼羅德島沒有帶來更大的收益，特別是考慮到你概述的備考財務數據，這些數據表明羅德島應該有一些穩健的增值。

So just kind of -- what are you assuming in terms of the EBITDA or EPS benefit as it relates to Rhode in this guidance?

所以，您就這份業績指引中羅德島州的 EBITDA 或 EPS 收益方面做了哪些假設？

Peter. So we still expect Rhode to be accretive from an adjusted EBITDA margin standpoint. To your point, they have had some incredible margins, but there are areas that we want to invest behind. Team is one of those, so we want to continue to build out that team.

彼得。因此，我們仍然預期羅德島從調整後的 EBITDA 利潤率角度來看將帶來增值。你說得對，他們的利潤率確實非常可觀，但我們仍希望在某些領域加大投資。團隊是其中之一，所以我們希望繼續壯大這個團隊。

And also in marketing. That's another key area where we see an opportunity to invest behind Rhode. And so overall, very pleased with what Rhode is contributing to this year. And as a reminder, this is our first time issuing guidance this year. So this is your first view into how we see things playing out.

在行銷領域也是如此。這是我們看到投資羅德島的另一個關鍵機會領域。總的來說，我對羅德今年的貢獻非常滿意。再次提醒大家，這是我們今年第一次發布指導意見。這是你們第一次看到我們對事情發展走向的想像。

And again, with the tariff headwinds that we faced overcoming those and actually looking at having a flat gross margin as we go into the second half, and then balancing that we're continuing to invest behind the growth opportunities that we see, $302 million to $306 million in adjusted EBITDA, we feel is a solid place to be.

再次強調，儘管我們面臨關稅方面的不利因素，但克服這些不利因素後，我們預計下半年毛利率將保持穩定。同時，我們也將繼續投資於我們看到的成長機會，我們認為調整後的 EBITDA 為 3.02 億美元至 3.06 億美元是一個穩健的水平。

Great. And I guess just a question on international. I think you mentioned -- I forget whose question it was, but I think you mentioned it was up 2% in the quarter. So what's the underlying consumption growth -- and outside of the US, I know there is the sell-in dynamic, but how should we be thinking about the right underlying growth rate for international excess shipment dynamic from here?

偉大的。我想問一個關於國際方面的問題。我想你提到過——我忘了​​是誰問的這個問題，但我想你提到過該季度增長了 2%。那麼，潛在的消費成長是多少？ ——在美國以外，我知道有出口流入的動態，但我們該如何看待國際過剩貨運動態的正確潛在成長率？

Yes. So international is going to continue to be a growth opportunity for us. As we think about US and international and even on an underlying basis on the organic business, we expect to see growth out of both the US and international on the year. And so we will have these moments from quarter to quarter where you're cycling a space expansion or something like that but the opportunities remain.

是的。因此，國際市場將持續為我們帶來成長機會。當我們考慮美國和國際市場，甚至從根本上考慮有機業務時，我們預計今年美國和國際市場都將成長。因此，每個季度我們都會經歷這樣的階段：空間擴張或其他類似的事情，但機會仍然存在。

I mean, we've talked about a number of international launches that still are in our plan for this year, whether it be Rossmann Poland or Sephora in the GCC countries. We talked about Sephora Australia for Naturium. I mean there's a number of [VM] in Germany. We'll be going into later this year. Just a number of opportunities still remain on the international front. And so we expect growth there as well this year.

我的意思是，我們已經討論過一些國際新品發布計劃，這些計劃仍然在我們今年的計劃之中，無論是波蘭的 Rossmann 門市還是海灣合作委員會國家的 Sephora 門市。我們和絲芙蘭澳洲分店討論了Naturium品牌。我的意思是，德國有很多[VM]。我們將進入今年晚些時候。國際舞台只剩下少數幾個機會了。因此，我們預計今年這方面也會有成長。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

I guess I'm hoping for a little more color on your expectations for the slow organic growth in your business this year ex Rhode. You didn't provide guidance earlier. So I guess I'm curious if your outlook for top line moved lower since the beginning of the year on your core business? And if so, why? I mean maybe could you guys touch on some of the key innovations that you have this year and whether they've I don't know, maybe fell below your expectations.

我希望您能更詳細地談談您對今年羅德島以外地區業務緩慢自然增長的預期。你之前沒有提供指導。所以我想知道，自年初以來，您對核心業務營收的預期是否有所下調？如果真是如此，原因是什麼？我的意思是，你們能否談談今年的一些關鍵創新，以及它們是否，比如說，是否低於你們的預期？

And then I guess it does sound like consumers have absorbed your pricing. So are elasticities coming in, maybe in line with your expectations or better? I guess, ultimately, I'm struggling with the expected slowdown on your core business, even considering lapping the strong space gains that you called out from last year? Any color would be helpful.

那麼，我猜想消費者似乎已經接受了你們的定價策略。那麼，目前的彈性是否符合您的預期，甚至更好？我想，歸根結底，我還是難以接受貴公司核心業務預期放緩，甚至可能難以彌補您去年提到的強勁成長勢頭？任何顏色都會有幫助。

Bonnie, great to hear from you. I would say -- I would start with consumption. On a year-to-date basis, our consumption is still quite strong. The 10% on a year-over-year basis, and even stronger as we start Q3. So we're feeling great about the consumer and how they're engaging with e.l.f. and they continue to choose else. From an innovation standpoint, our call innovation is strong, growing faster than last year's fall innovation.

邦妮，很高興收到你的來信。我會說——我會從消費開始。今年迄今為止，我們的消費依然相當強勁。年比成長 10%，而且隨著第三季的開始，成長速度還會更高。所以，我們對消費者以及他們與 e.l.f. 的互動方式感到非常滿意，儘管他們仍然會選擇其他品牌。從創新角度來看，我們的呼叫創新能力很強，成長速度比去年秋季的創新能力更快。

That's something that we didn't see in spring as we've talked about, our spring innovation was behind last year. given that we were cycling the exceptional launch of our lip oils. And so as we've come into the fall, we actually have seen fall outperformed all of the prior year. So that's also a good signal. On the whole of it, the main driver of why you're not seeing our second half outlook match up to that strong consumption we're seeing is because we're cycling that space expansion.

正如我們之前討論過的，這是我們在春季沒有看到的，我們的春季創新落後於去年，因為當時我們正在循環推廣我們出色的唇油產品。因此，隨著秋季的到來，我們發現秋季的表現實際上超過了去年全年。所以這也是個好兆頭。總的來說，導致我們下半年的業績預期與目前強勁的消費需求不符的主要原因是，我們正在經歷空間擴張的周期性波動。

Again, as 11,000 doors in Dollar General and a 50% expansion, pipe expansion related to Target that's really the primary driver of that disconnect between consumption and the shipment outlook that we've given.

再說，Dollar General 的 11,000 家門市和 50% 的擴張，以及 Target 相關的管道擴張，這才是造成我們所說的消費與出貨前景之間脫節的主要原因。

Okay. Just maybe a quick follow-up. So should I assume for the full year, on core business, your consumption and shipments should essentially even out? Or do you expect, I don't know, consumption to remain stronger than shipments for the full year? Just trying to think through that.

好的。或許需要簡單跟進一下。那麼我是否可以假設，就全年而言，在核心業務方面，您的消費量和出貨量應該基本上持平？或者，我不知道，您是否預期全年消費量將持續高於出貨量？我只是想把這件事想清楚。

Yes. So for full year '26, we've outlooked so a 3% to 4% organic growth on the business, which is below the consumption rates that we're seeing right now. Again, it goes back to cycling that space expansion in the base over time. So it may take a couple of quarters to get there. But over time, shipments and consumption do net themselves out.

是的。因此，對於 2026 年全年，我們預計業務的有機成長率為 3% 至 4%，低於我們目前看到的消費率。這又回到了基地空間隨時間而循環擴張的問題。所以可能需要幾個季度才能到達那裡。但從長遠來看，出貨量和消費量最終會相互抵消。

And so yes, that would be our expansion that over time, we do see those numbers kind of marry up a little bit better.

所以，是的，這就是我們的擴張計劃，隨著時間的推移，我們確實看到這些數字越來越吻合。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

I guess maybe just touch on Naturium a little bit and how we should think about -- or how you're thinking about the growth of the brand going forward. I think the consumption data has slowed a bit recently in the US. So just trying to think about the cadence of new product rollouts there as well and then also new space for the brand, including internationally.

我想或許可以稍微談談 Naturium，以及我們該如何看待——或者你們是如何看待這個品牌未來的發展的。我認為最近美國的消費數據成長放緩。所以，我正在考慮新產品推出的節奏，以及品牌的新空間，包括國際市場。

And then not sure if you can give any color on Rhode and how you're thinking about kind of the longer-term margins for the brand, especially as you increase marketing spend for the brand. Thanks.

然後，我不確定您能否透露一些關於羅德島的信息，以及您如何考慮該品牌的長期利潤率，尤其是在您增加該品牌行銷支出的情況下。謝謝。

Susan, this is Tarang. We feel great about Naturium. We're seeing great momentum on Naturium. We actually have seen a pickup in the growth rates on Naturium both as we've taken a look at our target rates, but also our [ULTA] Beauty and how strong Naturium is there. We mentioned the great launch we just had with Sephora in Australia to pick up the space in boots.

蘇珊，這是塔朗。我們對Naturium公司非常滿意。我們看到Naturium的發展勢頭強勁。實際上，我們已經看到 Naturium 的成長率有所提高，這不僅是因為我們查看了我們的目標成長率，還因為我們的 [ULTA] Beauty 產品以及 Naturium 在該領域的強勁表現。我們之前提到過，我們剛與澳洲的絲芙蘭合作，成功進駐了博姿門市。

And so overall, we're seeing really good momentum for Naturium continues to build, and we're pleased, particularly as we put that awareness campaign on, we saw a really good consumer response to that.

因此，總的來說，我們看到 Naturium 的發展勢頭非常強勁，而且我們很高興，尤其是在我們開展宣傳活動之後，我們看到了消費者對此的良好反響。

And then on the Rhode margins, we haven't given a longer-term outlook on the margins other than to say we expect those to be accretive to our EBITDA margins as we go through. Rhode is a beautiful business, very strong margins. we will invest behind the brand, as I mentioned earlier, but still expect those margins to be accretive.

至於羅德島的利潤率，除了表示我們預計隨著時間的推移，這些利潤率將提高我們的 EBITDA 利潤率之外，我們沒有給出更長期的利潤率展望。羅德島是一家非常優秀的企業，利潤率很高。正如我之前提到的，我們會加大對品牌的投入，但仍預期利潤率會持續成長。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

On the organic growth for the second half, the 2% to 5%, is the assumption that pricing is a double-digit benefit and then volume offsets that to be negative given the tough compares? And then secondly, on Rhode, I would love your view of the inventory levels currently at Sephora. I know it's been very successful. So how have inventory levels in terms of product availability been?

關於下半年的有機成長預期（2%至5%），是否假設價格上漲帶來兩位數的成長，而銷量成長抵消了價格上漲的影響，導致在去年同期基數較高的情況下，實際成長率為負？其次，關於羅德島，我很想聽聽你對絲芙蘭目前庫存水準的看法。我知道它非常成功。那麼，就產品供應而言，庫存水準如何？

And then as you look forward, there's a little number of SKUs and tons of opportunity. What's on your road map for that as well as -- our assumption is that it's Sephora for 3 years plus any thoughts or guidance there in terms of what you see happening with the footprint.

展望未來，雖然 SKU 數量不多，但機會卻很多。你們在這方面的規劃是什麼？另外──我們假設未來三年都是絲芙蘭，你們對未來的發展有什麼想法或指導嗎？

So I'll answer the first question. On our organic growth in the second half of the 2% to 5%, yes, you're thinking about it the right way, pricing will be a benefit. And then volume, we are expecting to be lower than last year, again, cycling those shipments, which would have been higher volume.

那我先回答第一個問題。對於我們下半年 2% 到 5% 的自然成長，是的，你的想法是正確的，定價將是一個優勢。至於銷量，我們預計會低於去年，這是因為出貨量有所波動，而去年的出貨量本來會更高。

And Oliver, on your second question regarding Rhode inventory. I'm extremely pleased with the work the team has done to be able to keep up with the exceptional consumer demand we've seen. Our operations team has done a terrific job of making sure Sephora has enough inventory.

奧利佛，關於你提出的第二個問題，即羅德島的庫存情況。我非常滿意團隊為滿足我們所看到的異常旺盛的消費者需求所做的工作。我們的營運團隊做得非常出色，確保了絲芙蘭有足夠的庫存。

The biggest challenge is getting that inventory on the shelf and so similar to what we've done with e.l.f. in the past, we're partnering very closely with Sephora to make sure that they're replenishing those shelves more frequently just given the unprecedented demand that they've seen themselves. And so we feel really good about where we stand in terms of our ability to support the business and the demand that we see, and we'll continue to work on that.

最大的挑戰是如何將這些庫存擺上貨架，因此，就像我們過去與 e.l.f. 合作時一樣，我們正在與 Sephora 密切合作，以確保他們能夠更頻繁地補充貨架，因為他們自己也看到了前所未有的需求。因此，我們對自身在支持業務和滿足市場需求方面的能力感到非常滿意，我們將繼續努力。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Great. A couple of cleanups and then another question. So first cleanup is just, I think, the 2% international growth would have included a little bit of Rhode. Just curious if you could call out the magnitude of that, number one. And number two, Mandy, there's been a lot of questions on the back half shipment headwinds from the space expansions that you're lapping last year.

偉大的。清理了一些雜事後，我又問了一個問題。所以首先要清理的是，我認為，2%的國際成長應該包括羅德島的一小部分。第一，我只是好奇你能不能指出這件事的嚴重程度。第二，Mandy，關於去年因空間擴張而導致的下半年出貨量逆風，有許多問題。

Maybe just if you could zero in on the magnitude of that and if there's any differential 3Q versus 4Q? That would be helpful.

或許您只需要確定一下這個差異的大小，以及 3Q 與 4Q 之間是否有任何差異？那會很有幫助。

And then the question I had was around Rhode. You talked about the structure of the P&L and the accretion. But I'm curious on the gross margin line as that business moves from DTC to a hybrid DTC and wholesale revenue base. What impact does that have on the gross margin relative to the historicals that we've all seen?

然後我的問題是關於羅德島的。你談到了損益表的結構和增值。但我很好奇，隨著業務從 DTC 模式轉向 DTC 和批發混合收入模式，毛利率會如何變化。與我們所看到的歷史數據相比，這對毛利率有何影響？

Steve. All right, so the 2% growth that we saw in international that would have included some Rhode volume as well. We've talked about Rhode having about a 20% international sales outside of the US. And so that would have been included in that 2% growth for Q2. On the shipment headwinds, like I've said here, the 2% to 5% that we're out looking on net sales versus the consumption rates that we're seeing today.

史蒂夫。好的，所以我們在國際市場看到的 2% 的成長也包含了羅德島的部分銷售量。我們之前討論過，羅德島在美國以外的國際銷售額約佔總銷售額的 20%。因此，這部分成長應該包含在第二季的 2% 成長率中。關於出貨量的不利因素，正如我之前所說，我們預計淨銷售額將比我們目前看到的消費率低 2% 到 5%。

The primary disconnect between those consumption rates and the shipments that we're calling out, the net sales outlook we're calling out is cycling that volume. I would say that's the primary contributor there. And then on the Rhode P&L, from a gross margin standpoint, yes, we expect to see the gross margin come down as they transition more into a wholesale mix, but still the gross margin is accretive. It's accretive in our outlook as we stand today, it's already baked in, still accretive to where e.l.f. is positioned today.

這些消費率和我們所預測的出貨量、我們所預測的淨銷售前景之間的主要脫節在於銷售的週期性波動。我認為這是主要原因。從羅德島的損益表來看，從毛利率的角度來看，是的，我們預計隨著他們更多地轉向批發業務，毛利率會下降，但毛利率仍然會成長。就我們目前的預期而言，這會帶來增益，它已經反映在股價中，並且仍然會提升 e.l.f. 目前的股價。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

So I guess just going back to adjusted EBITDA margins. Your guide implies around [9.5%] this year. Is there a way to think about like the steady-state margins, I guess, going forward beyond this year to understand some of the temporary headwinds you guys were in that 22% plus range prior to this fiscal year.

所以我想還是回到調整後的 EBITDA 利潤率吧。您的指南顯示今年約為[9.5%]。有沒有辦法考慮一下，例如今年以後的穩定利潤率，以便了解你們在本財年之前在 22% 以上的利潤率範圍內所面臨的一些暫時性不利因素？

So we -- this is just our first quarter getting back to issuing guidance. And so we don't have a longer-term algorithm out there of what to expect on EBITDA margins. But what I can tell you is that we have had a track record of improving those margins over time and I talked a little bit earlier about leverage in our non-marketing SG&A over time.

所以，這只是我們恢復發布業績指引的第一個季度。因此，我們目前還沒有能夠預測 EBITDA 利潤率長期走勢的演算法。但我可以告訴你們的是，我們一直以來都在不斷提高這些利潤率，而且我之前也稍微談到過，隨著時間的推移，我們在非行銷銷售、一般及行政費用方面是如何提高利潤率的。

We're getting our gross margins back to a better place as we go into the second half and pricing kicks in. You have the 45% tariff in place now versus as we get into next year, the average 60% that we'll be cycling through. So there are some things that are working in our favor as we look out longer term that would enable us to improve those EBITDA margins over time.

隨著下半年價格策略的實施，我們的毛利率正逐步回升。目前實行的是 45% 的關稅，而到了明年，我們將經歷平均 60% 的關稅週期。因此，從長遠來看，有一些對我們有利的因素，這將使我們能夠隨著時間的推移提高 EBITDA 利潤率。

Great. And then my follow-up question, just on Rhode, strong initial guide. Just curious how that -- I think you mentioned 40% pro forma growth for this year, how that compared versus your initial expectations for the deal?

偉大的。然後我的後續問題，就羅德島而言，這是一個強有力的初始指南。我很好奇，您之前提到今年預計會成長 40%，這和您最初對這筆交易的預期相比如何？

We're very pleased with the performance that we're seeing out of Rhode. I mean, Tarang talked about it earlier, a 2.5 times better than any launch Sephora's had in North America. I mean, is really a fantastic brand. We're so happy to have them as part of the e.l.f. family and look forward to continuing to drive that growth on the road ahead.

我們對羅德島的表現非常滿意。我的意思是，Tarang 之前也說過，這次的發布效果比 Sephora 在北美舉辦的任何一次發布都要好 2.5 倍。我的意思是，這真是一個非常棒的品牌。我們非常高興他們成為 e.l.f. 大家庭的一員，並期待在未來的道路上繼續推動這一增長。

Thank you. That concludes our question-and-answer session. I'd like to turn the conference back over to e.l.f. Beauty's (inaudible) and CEO, Tarang Amin for any closing remarks.

謝謝。我們的問答環節到此結束。我想把會議交還給 e.l.f. Beauty 的（聽不清楚）和執行長 Tarang Amin，請他作總結發言。

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. I'm also 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 and speaking with you in February when we'll discuss our third quarter results. Thank you, and be well.

謝謝您今天收看我們的節目。我為e.l.f. Beauty的優秀團隊感到無比自豪，他們又一個季度取得了業界領先的業績。我非常興奮地正式歡迎 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各位，並於二月份與各位交流，屆時我們將討論第三季業績。謝謝，祝您一切安好。

Thank you. That concludes today's conference call. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。