elf Beauty Inc (ELF) 2026 Q3 法說會逐字稿

Thank you for joining us today to discuss elf Beauty's third-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 elf Beauty 2026 財年第三季的業績。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. We encourage you to tune into our webcast presentation for the best viewing experience, which you can access on our website at investor.elfbeauty.com.

今天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。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。您可以透過我們的網站 investor.elfbeauty.com 存取此示範。

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演講都包含前瞻性陳述，請參閱我們的獲利報告和向美國證券交易委員會提交的報告，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 third-quarter results and our raised outlook for fiscal 2026.

謝謝你，KC，大家下午好。今天，我們將討論我們第三季的業績以及我們上調的 2026 財年業績展望。

I am proud of our incredible elf Beauty team for another quarter of consistent category-leading growth. In Q3, we grew net sales 38% and adjusted EBITDA 79%. Q3 marked our 28th consecutive quarter of net sales growth, putting elf Beauty in a rarefied group of high-growth companies. We're one of only six public consumer companies out of 546 that has grown for 28 straight quarters and average at least 20% sales growth per quarter.

我為我們優秀的 elf Beauty 團隊感到自豪，他們又一個季度取得了持續領先的成長。第三季度，我們的淨銷售額成長了 38%，調整後 EBITDA 成長了 79%。第三季是我們連續第 28 季實現淨銷售額成長，使 elf Beauty 躋身於少數高成長公司之列。在 546 家上市消費品公司中，只有 6 家公司連續 28 個季度實現成長，平均每季銷售額成長至少達到 20%。

We're excited by the consumer engagement we're seeing across the beauty category and especially the momentum of our brands. On a consumption basis, our namesake elf Cosmetics brand grew 8% in the US this quarter, 2 times the category. We increased our market share by 130 basis points, the largest share gain among over 700 cosmetics brands tracked by Nielsen.

我們對整個美容類別中消費者的參與度感到興奮，尤其是我們旗下品牌的發展動能。從消費量來看，我們同名的 elf Cosmetics 品牌本季在美國成長了 8%，是同類產品的兩倍。我們的市佔率提高了 130 個基點，在尼爾森追蹤的 700 多個化妝品品牌中，我們的市佔率增幅最大。

elf Skin consumption grew 16% in the US this quarter, also outperforming the category 2 times. Naturium, our clinically effective biocompatible skin care brand, which we acquired two years ago, continues to drive strong growth.

本季度，elf Skin在美國的消費量成長了16%，是同類產品的兩倍。我們兩年前收購的具有臨床療效的生物相容性護膚品牌 Naturium 繼續保持強勁成長勢頭。

Rhode, the high-growth beauty brand founded by Hailey Bieber, which was acquired in August, delivered an outstanding quarter, achieving the number one brand ranking in Sephora North America and executing another record-breaking launch with Sephora in the UK.

由海莉·比伯創立的高成長美妝品牌 Rhode 於 8 月被收購，該品牌本季表現出色，在北美絲芙蘭品牌排名中位列第一，並在英國絲芙蘭再次創下銷售紀錄。

The strength of our brands is evident when viewed in the context of the overall beauty market. While beauty has comparatively low barriers of entry, very few brands have been able to scale. Of the nearly 1,800 cosmetics and skin care brands tracked by Nielsen, only 14 have surpassed $200 million in annual retail sales.

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。在尼爾森追蹤的近 1800 個化妝品和護膚品品牌中，只有 14 個品牌的年零售額超過 2 億美元。

We have 4 of these 14 brands. The combination of our value proposition, powerhouse innovation and disruptive marketing engine continue to fuel our results and our outperformance relative to the category.

我們擁有這14個品牌中的4個。我們獨特的價值主張、強大的創新能力和顛覆性的行銷引擎相結合，持續推動著我們的業績成長，並使我們在該領域脫穎而出。

Let me take a moment to discuss a few of the milestones we achieved in Q3. Starting with our value proposition. We believe in democratizing access to the best of beauty. Each of our brands offer accessible price points relative to the competitive set.

讓我花點時間談談我們在第三季取得的一些里程碑式的成就。首先，我們從價值主張入手。我們相信應該讓每個人都能平等地享受到最好的美麗。相對於競爭對手而言，我們旗下的每個品牌都提供價格適中的產品。

For context, the average price for elf cosmetics is $7.50 today, as compared to approximately $9.50 for legacy mass cosmetics brands and nearly $30 for prestige brands. 75% of elf's brand product portfolio sits at a phenomenal value of $10 or less. While there are other brands with low price points, our real advantage is our ability to also deliver exceptional quality.

作為參考，elf化妝品的平均價格目前為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。 elf旗下75%的產品價格都非常實惠，都在10美元或以下。雖然市面上也有其他價格低廉的品牌，但我們真正的優勢在於我們還能提供卓越的品質。

Our quality scores have gone up every year over the past 10 years. Consumers love elf for delivering an incredible price point and quality that is often better than prestige.

過去10年裡，我們的品質評分逐年提高。消費者喜歡 elf，因為它提供了令人難以置信的價格和質量，而且品質往往比名牌產品更好。

Looking to innovation. We have a unique community-led approach to innovation across our brands, focused on democratizing access to the best of beauty through our premium quality products at extraordinary prices. Our namesake elf brand held 4 of the top 10 new products in all of mass cosmetics in 2025 on top of holding 6 of the top 10 new products in 2024. The consistency of our winning innovation is supporting our share gains across segments.

追求創新。我們旗下所有品牌都採用獨特的社群主導型創新方法，致力於透過提供優質產品和超值價格，讓更多人能夠享受到最優質的美容產品。我們同名的精靈品牌在 2025 年大眾化妝品新品銷量前 10 名中佔據 4 席，而在 2024 年則佔據了前 10 名中的 6 席。我們持續不斷的創新優勢正在支撐我們在各個細分市場的份額成長。

We've more than doubled elf Cosmetics market share over the last five years and see significant opportunity ahead. As compared to the 22% share we have in Face makeup, we have a 13% share in Lip and a 9% share in Eye. We have significant white space in these large segments and believe we have the innovation engine to conquest them.

過去五年，elf Cosmetics 的市佔率翻了一番還多，我們看到了未來巨大的發展機會。相較之下，我們在臉部彩妝領域佔有 22% 的市場份額，在唇部彩妝領域佔有 13% 的市場份額，在眼部彩妝領域佔有 9% 的市場份額。我們在這些大型細分市場中擁有巨大的空白空間，並相信我們擁有征服這些市場的創新引擎。

Spring 2026 is an exciting time for innovation. Building on the success of elf's low reviver lip oil in 2024 and melting Lip BOM in 2025, we recently launched our Glow Reviver slipstick at a $10 price point compared to a prestige item at $48.

2026年春季是創新的令人興奮的時刻。繼 elf 的 low reviver 唇油在 2024 年取得成功，以及 Lip BOM 在 2025 年取得成功之後，我們最近推出了 Glow Reviver 唇膏，價格為 10 美元，而同價位的同類產品價格為 48 美元。

(video playing)

（影片播放）

We're pleased with the initial reaction we're seeing from our community. With slipstick already achieving the number one new lipstick on both Amazon and TikTok Shop where it debuted. We're also excited about elf Soft-Glam Satin Concealer, our first concealer innovation in the last five years. At an incredible $5 price point compared to the prestige item at $32, we're answering our communities' call for value.

我們對社區目前的初步反應感到滿意。這款唇膏一推出，便在亞馬遜和TikTok商店都取得了新品唇膏銷售第一的佳績。我們也對 elf Soft-Glam Satin Concealer 感到非常興奮，這是我們近五年來推出的首款創新遮瑕產品。與售價 32 美元的同款高檔商品相比，我們的產品價格僅為 5 美元，物超所值，滿足了社區對性價比的需求。

(video playing)

（影片播放）

You can expect to see our Spring Innovation rolling out with our global retail partners over the coming weeks. We're leaning into our disruptive marketing engine to fuel brand awareness across our portfolio and deepen the connection we have with our community. We're also reaching new audiences through our unique brand on brand partnerships with like-minded disruptors.

未來幾週，您將會看到我們的春季創新產品陸續透過我們的全球零售合作夥伴推出。我們正大力運用顛覆性行銷引擎，以提高我們旗下所有產品的品牌知名度，並加深我們與社群的連結。我們也透過與志同道合的顛覆者建立獨特的品牌間合作關係，觸達新的受眾。

Two years ago, elf Cosmetics partner with Liquid Death, one of the fastest-growing beverage brands for a limited-edition Corpse Paint collection that sold out in 45 minutes. Our community was thirsty for more, so we reunited with Liquid Death to launch a sequel.

兩年前，elf Cosmetics 與成長最快的飲料品牌之一 Liquid Death 合作推出了一款限量版 Corpse Paint 系列產品，該系列在 45 分鐘內售罄。我們的玩家群渴望更多，所以我們與 Liquid Death 再次合作，並推出了續作。

(video playing)

（影片播放）

The response from our community to this limited-edition Lip Embalm, was phenomenal. Our Lip Crypt Vault sold out in 19 minutes. Our campaign drove over 4 billion earned impressions and our date with Death stunt generated over 10 million views.

我們社群對這款限量版潤唇膏的反應非常熱烈。我們的唇部珍藏系列在19分鐘內售罄。我們的行銷活動獲得了超過 40 億次的曝光量，而我們的「與死神約會」活動則獲得了超過 1000 萬次的觀看量。

We also saw over 25 million attempts at completing the Liquid Death obstacle course and our elf Roblox experience, with an average playtime of over 17 minutes per session.

我們也看到超過 2500 萬次嘗試完成 Liquid Death 障礙賽和我們的精靈 Roblox 體驗，平均每次遊戲超過 17 分鐘。

In another first of its kind collaboration, elf recently joined forces with H&M to reimagine three elf B icons as irresistible fragrances. The collaboration marks a number of firsts. elf's first global collaboration dropping in 27 countries. elf's first fragrance launch, a category our community has been asking for as well as H&M's first partnership with another beauty brand. The collection launches for a limited time only starting January 29, with a robust activation plan, including outreach to H&M's 150 million loyalty members globally.

在另一項史無前例的合作中，elf 最近與 H&M 攜手，將三款 elf B 經典產品重新演繹成令人無法抗拒的香水。此次合作創造了多項第一：elf 首次全球聯名合作，將在 27 個國家/地區發售；elf 首次推出香水系列，滿足了我們社群一直以來的期待；同時也是 H&M 首次與其他美妝品牌合作。該系列產品將於 1 月 29 日起限時發售，並製定了強有力的推廣計劃，包括針對 H&M 全球 1.5 億忠實會員的推廣活動。

(video playing)

（影片播放）

The excitement on our marketing calendar doesn't just stop there. Make sure you tune into Peacock this Sunday, where elf will be debuting a commercial at the big game, while the big game services our ignition point. We plan to run our commercial for an additional eight weeks across a variety of platforms with a total estimated campaign reach of nearly $300 million.

我們的行銷活動精彩紛呈，遠不止於此。本週日，請務必收看 Peacock，屆時 elf 將在超級盃比賽中首次亮相廣告，而超級盃比賽也將為我們的點火點提供動力。我們計劃在各種平台上再投放八週的商業廣告，預計此次廣告活動的總覆蓋範圍將接近 3 億美元。

(video playing)

（影片播放）

The strength of our category-leading results and productivity continues to earn our brands space with our global retailers. The elf brand remains the most productive cosmetics brand, on a dollar per linear foot basis with our largest retail customers globally. We're looking forward to the expansion we have planned for elf in Spring 2026, expanding our space within Ulta Beauty in the US and launching with DM in Germany.

我們憑藉著在業界領先的業績和生產力，不斷贏得全球零售商對我們品牌的青睞。以每線性英尺的美元價格計算，elf 品牌仍然是我們全球最大零售客戶中最俱生產力的化妝品品牌。我們期待 elf 在 2026 年春季的擴張計劃，擴大我們在美國 Ulta Beauty 的銷售空間，並在德國與 DM 合作推出產品。

We're leaning the strength of our retail relationships to enhance the global distribution footprint for our brands. In September, rhode launched in retail for the first time with Sephora, the world's leading global beauty retailer, achieving the biggest launch into Sephora North America history, 2.5 times bigger than any other brand.

我們正在利用我們強大的零售關係來擴大我們品牌的全球分銷範圍。9 月，rhode 首次在零售通路推出，入駐全球領先的美妝零售商 Sephora，實現了 Sephora 北美歷史上規模最大的上市，是其他任何品牌的 2.5 倍。

In November, rhode achieved another record-breaking launch as it expanded with Sephora in the UK. This was the largest launch in Sephora UK history, outperforming the previous record holder by 5 times.

11 月，rhode 與英國 Sephora 合作，再次創下銷售紀錄。這是絲芙蘭英國史上規模最大的新品發布，比之前的紀錄保持者高出5倍。

In terms of what's next, we're excited to launch rhode in Australia and New Zealand with Mecca this month to further its global reach. We're seeing significant pent-up global appetite for rhode. International drives approximately 20% of rhode's DTC sales, while 74% of the brand's social followers are from outside the US.

至於下一步計劃，我們很高興本月將與 Mecca 合作，在澳洲和紐西蘭推出 rhode，以進一步擴大其全球影響力。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 約 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。

Turning to Naturium. When we acquired the brand two years ago, it was only available on Target, Amazon, Space NK and its own website. Since then, we've launched Naturium with Ulta Beauty in the US, Shoppers Drug Mart in Canada, Boots in the UK, and Sephora in Australia and New Zealand. We are pleased by the strong growth in share gains we're seeing across retailers.

轉向Naturium。兩年前我們收購該品牌時，它只在 Target、亞馬遜、Space NK 和它自己的網站上有售。從那以後，我們先後在美國與 Ulta Beauty 合作推出了 Naturium 產品，在加拿大與 Shoppers Drug Mart 合作推出了 Naturium 產品，在英國與 Boots 合作推出了 Naturium 產品，在澳洲和紐西蘭與 Sephora 合作推出了 Naturium 產品。我們對零售商市場份額的強勁增長感到欣喜。

We'll be expanding Naturium's retail presence to Walmart for the first time this spring, where the brand will be launching in a subset of US stores. With this launch, we're continuing to further Naturium's unwavering commitment to deliver the science of consistent skin care to everyone, everywhere, every day.

今年春天，我們將首次把 Naturium 的零售業務拓展到沃爾瑪，品牌將在美國部分沃爾瑪門市推出。透過此次發布，我們將繼續推動 Naturium 一貫的承諾，即每天、在任何地方，為每個人提供科學有效的護膚方案。

Looking across our brand portfolio, we're in the early days of our international opportunity we see. For context, international drives approximately 20% of our net sales as compared to legacy peers having over 70% of their sales outside the US.

縱觀我們的品牌組合，我們看到，我們正處於國際化機會的早期階段。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中超過 70% 來自美國以外地區。

In summary, we're excited by the broad-based 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所展現出的廣泛成長勢頭感到振奮，並對我們持續擴大市場份額、在美妝領域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 third-quarter results and our raised outlook for fiscal '26.

現在我將把電話交給曼迪，讓她詳細談談我們第三季的業績以及我們上調的 2026 財年業績預期。

Thank you, Tarang.

謝謝你，塔朗。

Q3 net sales grew 38% year over year on top of 31% growth in Q3 of last year. The acquisition of rhode $128 million or approximately 36 percentage points to our Q3 net sales growth. This better-than-expected performance was supported by strong retail sell-throughs in Sephora North America, a record-breaking launch in Sephora UK, and a strong holiday period on rhodeskin.com.

第三季淨銷售額年增 38%，而去年同期則成長了 31%。收購羅德島州為我們第三季的淨銷售額成長貢獻了 1.28 億美元，約佔 36 個百分點。這一超出預期的業績得益於北美絲芙蘭零售市場的強勁銷售、英國絲芙蘭創紀錄的上市以及 rhodeskin.com 網站在假日期間的強勁銷售。

Looking to our organic sales trends. Excluding rhode, our Q3 net sales were up approximately 2% year over year. This was lower than anticipated given some softer trends we've seen in the UK and Germany, our largest international markets.

觀察我們的自然銷售趨勢。剔除羅德島業務後，我們第三季的淨銷售額年增約 2%。鑑於我們在英國和德國（我們最大的國際市場）看到的一些疲軟趨勢，這一數字低於預期。

As we've talked before, we're seeing weaker consumption in the UK and recycling our largest international launch to date with Rossmann Germany. Outside of those markets, international consumption remained strong.

正如我們之前討論過的，我們看到英國的消費疲軟，因此我們決定與德國羅斯曼百貨合作，進行迄今為止規模最大的國際產品發布。除上述市場外，國際消費依然強勁。

Looking to our geographic regions. Our net sales in the US grew 36% year over year, while in Q3, international net sales grew 44%. Pricing and product mix added approximately 38 points to net sales growth, while unit volumes were relatively flat year over year.

縱觀我們的地理區域。我們在美國的淨銷售額年增 36%，而第三季國際淨銷售額成長了 44%。定價和產品組合使淨銷售額增長了約 38 個百分點，而銷售量與去年同期相比基本持平。

Q3 gross margin of 71% was down approximately 30 basis points compared to prior year and up 200 basis points sequentially versus Q2, in line with our expectations. The year-over-year decrease was largely driven by tariffs, partially offset by pricing and mix.

第三季毛利率為 71%，較上年同期下降約 30 個基點，較第二季較上季成長 200 個基點，符合我們的預期。年比下降主要是由於關稅上漲，但價格和產品組合變化部分抵消了這一降幅。

On an adjusted basis, SG&A as a percentage of sales was 51% in Q3 and as compared to 54% in Q3 last year. While we continue to make ongoing investments in our team and infrastructure, this was offset by leverage in our marketing spend on a year-over-year basis, and a timing shift of some of our SG&A expenses into the fourth quarter.

經調整後，第三季銷售、一般及行政費用佔銷售額的 51%，去年同期為 54%。雖然我們持續對團隊和基礎設施進行投資，但這被我們行銷支出同比增加以及部分銷售、一般及行政費用轉移到第四季度所抵消。

Marketing and digital investment for the quarter was 21% of net sales as compared to 27% in Q3 last year. Q3 adjusted EBITDA was $123 million, up 79% versus last year. Adjusted net income was $74 million or $1.24 per diluted share compared to $43 million or $0.74 per diluted share a year ago.

本季行銷和數位投資佔淨銷售額的 21%，而去年第三季為 27%。第三季調整後 EBITDA 為 1.23 億美元，比去年同期成長 79%。調整後的淨收入為 7,400 萬美元，即每股攤薄收益 1.24 美元，而去年同期為 4,300 萬美元，即每股攤薄收益 0.74 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 $197 million in cash on hand compared to a cash balance of $74 million a year ago.

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 1.97 億美元，而去年同期現金餘額為 7,400 萬美元。

During the quarter, we repurchased approximately $50 million of our outstanding common stock, given the disconnect we see between elf Beauty's market valuation and the strength of our business fundamentals. At quarter end, approximately $400 million remained available for repurchase under our previously authorized repurchase program.

本季度，鑑於我們認為 elf Beauty 的市場估值與其業務基本面的強勁程度之間存在脫節，我們回購了約 5,000 萬美元的流通普通股。截至季末，根據我們先前批准的回購計劃，仍有約 4 億美元可供回購。

Our liquidity position remains strong with less than 2 times net debt to adjusted EBITDA, and even 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.

即使在我們收購羅德島之後，我們的流動性狀況依然強勁，淨債務與調整後 EBITDA 的比率不到 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。

Now let's turn to our updated outlook for fiscal '26. We are raising our fiscal '26 outlook on the top and bottom lines, primarily driven by rhode's outperformance. For the full year, we now expect net sales growth of approximately 22% to 23% year over year, up from 18% to 20% previously. We expect rhode to contribute approximately $260 million to $265 million in net sales to fiscal 2026 versus our expectation for $200 million previously.

現在讓我們來看看我們對 2026 財年的最新展望。我們上調了 2026 財年營收和利潤預期，主要原因是羅德島的業績表現優異。我們現在預計全年淨銷售額將年增約 22% 至 23%，高於先前預測的 18% 至 20%。我們預計到 2026 財年，羅德將貢獻約 2.6 億美元至 2.65 億美元的淨銷售額，而我們先前的預期為 2 億美元。

On an annualized basis, our outlook assumes rhode will achieve net sales growth of approximately 70% year over year.

按年計算，我們的展望假設羅德島的淨銷售額將實現約 70% 的同比增長。

Looking to the second half, our guidance implies 31% to 33% net sales growth. On an organic basis, excluding rhode, we expect net sales to be up approximately 2%. Let me walk through the building blocks of our organic sales outlook.

展望下半年，我們預期淨銷售額將成長 31% 至 33%。不計羅德島的有機成長，我們預計淨銷售額將成長約 2%。讓我帶您了解我們有機銷售前景的組成要素。

We are assuming approximately 6% global consumption growth similar to what we saw in Q3, partially offset by a 4 percentage point headwind from pipeline as we cycle significant retail expansion we had in the second half of last year, including the launch of elf in about 11,000 Dollar General stores and a 50% space expansion for elf and Target. This dynamic is driving shipments below consumption in the second half of our fiscal year.

我們預計全球消費成長約 6%，與第三季的情況類似，但由於去年下半年零售擴張計畫的推進，導致 4 個百分點的成長受到不利影響，其中包括在約 11,000 家 Dollar General 商店推出 elf 品牌，以及 elf 和 Target 的銷售空間擴大 50%。這種趨勢導致我們財年下半年的出貨量低於消費量。

Our consumption remains strong, and we believe consumption and market share gains are the best indicators of the underlying health of our business. Over a longer period, shipments tend to even out with consumption. The great news is consumers continue to choose our brands, driving our consistent outperformance relative to category trends.

我們的消費依然強勁，我們認為消費和市場份額的成長是衡量我們業務基本面健康狀況的最佳指標。長遠來看，出貨量往往會與消費量趨於平衡。好消息是，消費者繼續選擇我們的品牌，推動我們持續超越品類趨勢。

Turning to adjusted EBITDA. For the full year, we now expect $323 million to $326 million in adjusted EBITDA as compared to our expectation for $302 million to $306 million previously, largely due to the outperformance we saw in Q3, partly offset by a timing shift of expenses into Q4. Our outlook implies adjusted EBITDA growing 9% to 10% year over year and adjusted EBITDA margins of approximately 20%, which we believe is quite strong considering the level of tariffs we faced this year.

接下來看調整後的 EBITDA。我們現在預計全年調整後 EBITDA 為 3.23 億美元至 3.26 億美元，而此前我們預計為 3.02 億美元至 3.06 億美元，這主要是由於第三季度業績超出預期，但部分被費用轉移到第四季度所抵消。我們的展望意味著調整後的 EBITDA 將年增 9% 至 10%，調整後的 EBITDA 利潤率約為 20%，考慮到我們今年面臨的關稅水平，我們認為這相當強勁。

Looking to the second half, our outlook implies adjusted EBITDA margins of approximately 19%, down approximately 300 basis points versus last year. There are two key factors.

展望下半年，我們的預測意味著調整後的 EBITDA 利潤率約為 19%，比去年下降約 300 個基點。有兩個關鍵因素。

First, marketing. We expect marketing spend to be about 27% of net sales in the second half, up about 200 basis points relative to the 25% of net sales we spent in the second half of last year. We have a number of marketing campaigns planned in Q4, including a new commercial debuting at the big game that Tarang mentioned, an activity we did not participate in last year.

首先是市場行銷。我們預計下半年行銷支出將佔淨銷售額的 27% 左右，比去年下半年佔淨銷售額的 25% 成長約 200 個基點。我們在第四季度計劃開展多項行銷活動，包括在塔朗提到的大型比賽上首次亮相的新廣告，這是我們去年沒有參與的活動。

Second, within non-marketing SG&A. We have planned investments in two key areas. First, space expansion. The strength of our brands continues to earn us additional space and distribution, which comes with incremental costs related to fixturing and merchandising.

其次，在非行銷銷售、一般及行政費用中。我們計劃在兩個關鍵領域進行投資。首先是空間擴張。我們品牌的實力不斷為我們贏得更多的空間和分銷管道，但這同時也帶來了與貨架和商品陳列相關的額外成本。

Our second investment area is in our team. We continue to build our team to support the significant white space we see across categories, brands, and geographies.

我們的第二個投資領域是我們的團隊。我們將繼續擴充團隊，以填補我們在各個品類、品牌和地理方面看到的巨大空白。

In summary, Q3 marked another quarter of industry-leading growth. Our business fundamentals remain strong, and we continue to make progress unlocking the full potential we see for our portfolio of disruptive brands.

總而言之，第三季再次實現了業界領先的成長。我們的業務基本面依然強勁，我們將持續努力，充分釋放我們旗下顛覆性品牌組合的全部潛力。

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

這樣，接線員，您可以開始接受提問了。

(Operator Instructions) Olivia Tong, Raymond James.

（操作說明）Olivia Tong，Raymond James。

So first question is just a better understanding about your approach to spending as well as guidance. Great quarter for December quarter, but it looks like you're expecting EBITDA margins in the low-double-digit range for Q4. So obviously, the (inaudible), you talked about some of the other spending plans. But I would assume that rhode and FX also provide tailwinds on margins. So just if you could unpack that first.

所以第一個問題是為了更了解您的消費方式，並希望得到一些指導。12 月季度業績出色，但看起來您預計第四季度 EBITDA 利潤率將在兩位數低點。所以很明顯，（聽不清楚），你談到了其他一些支出計劃。但我認為羅德島和外匯市場也會對保證金構成利多。所以，如果你能先把這些解釋清楚就好了。

And then second is just around your ability to expand rhode at a faster pace. There's great momentum there. So you talked about Australia upcoming but there's obviously a lot of [rhodes] out there, and you already have exposure in Western Europe. So just thinking about the path forward for rhode from here.

其次，就是你能否以更快的速度擴張羅德島。目前發展勢頭強勁。所以你提到了即將到來的澳洲項目，但顯然還有很多其他項目，而且你在西歐已經有一定的知名度。所以現在我只是在思考羅德島未來的發展之路。

Olivia, I'll take the first question, and I'll let Tarang take the second one. So on EBITDA margin, you really have to look at the second half in total. And so when you look at the second half, we're actually out looking around a 19% adjusted EBITDA margin, and that's up from around 17% previously.

奧莉維亞，第一個問題我來回答，第二個問題讓塔朗來回答。所以，要看 EBITDA 利潤率，你真的需要整體來看下半年的情況。因此，當我們展望下半年時，我們實際的調整後 EBITDA 利潤率約為 19%，高於先前的約 17%。

And so we talked about seeing some cost shift from Q3 into Q4 that was inclusive of marketing, where we had some cost shift and where we've added additional spend, as we've talked about, and you've seen marketing in action with the collaborations that we've done just at the start of 2026 calendar year and with the Super Bowl activation or the big game activation that we have coming this weekend.

因此，我們討論了從第三季度到第四季度的一些成本轉移，其中包括營銷成本，正如我們之前討論過的，我們在營銷方面進行了一些成本轉移並增加了額外支出，你們也看到了我們在 2026 年年初開展的合作以及即將到來的超級碗或大型比賽活動，這些都體現了營銷的實際效果。

And so those are some of the areas in addition to kind of team and infrastructure that we've talked about making those investments in. But overall, second half outlook on adjusted EBITDA is better than previously expected.

所以，除了團隊和基礎設施之外，這些也是我們討論過要投資的一些領域。但總體而言，下半年調整後 EBITDA 的前景好於先前預期。

Hi, Olivia, this is Tarang. I'll take the second question on expanding rhode at a faster pace. What I'd tell you is less about expanding rhode at a faster pace, but continuing the excellence of launches that we've had. Rhode growth has been phenomenal out outpacing anyone's expectations. And if you look at it, it's really the quality of execution that we've had, Sephora in North America, the biggest launch ever, number one position there. I look at Sephora UK, 5 times bigger than the next biggest launch.

你好，奧莉維亞，我是塔朗。我將回答羅德島快速擴張的第二個問題。我想告訴你們的不是要加快羅德島的擴張速度，而是要繼續保持我們以往產品發佈時的卓越水準。羅德島的成長速度驚人，遠遠超出了所有人的預期。如果你仔細觀察，你會發現這真正歸功於我們出色的執行力，絲芙蘭在北美的上市規模空前，並取得了第一名的好成績。我看了看英國絲芙蘭的發表會，規模是第二大新品發表會的 5 倍。

We're tremendously excited. I think next week, we launched with Mecca in Australia and New Zealand. And so it's more about making sure we're being disciplined in the rollout.

我們感到無比興奮。我認為下週我們將與 Mecca 在澳洲和紐西蘭合作推出產品。因此，更重要的是確保我們在推廣過程中保持嚴謹有序。

Now the great news, as you heard in the prepared remarks, is there's tremendous pent-up demand for rhode. Only 20% of our DTC sales are outside the US, yet 74% of our social followers are outside the US. So we have very high aspirations in terms of the globalization of rhode over time, but we want to make sure we're doing it with the same level of quality and care that we've done so far in both North America and the UK and soon to be Australia and New Zealand.

正如你們在事先準備好的演講稿中聽到的那樣，現在的好消息是，市場對羅德島的需求非常旺盛。我們只有 20% 的 DTC 銷售額來自美國以外地區，但我們 74% 的社群媒體粉絲來自美國以外地區。因此，我們對羅德島的全球化抱有很高的期望，但我們希望確保我們以與迄今為止在北美和英國以及即將進入的澳大利亞和新西蘭相同的品質和謹慎程度來做到這一點。

Great, thanks. And then in terms of the core elf brand, can you talk about some of the things that you're planning to do in order to drive incremental growth there? Clearly, you've got some strong lapse that you have to go against, but you talked about some of the additional shelf space. What about international launches further than the ones that you've already announced?

太好了，謝謝。那麼，就核心精靈品牌而言，您能否談談您計劃採取哪些措施來推動該品牌的逐步成長？顯然，你有一些嚴重的失誤需要克服，但你也提到了一些額外的貨架空間。除了已經宣布的國際發行計畫之外，你們還計劃在哪些國際市場推出新產品？

Sure, Olivia. I guess the first thing I'd tell you is we're using the same strategy that's driven 28 consecutive quarters of not only net sales growth or market share gains. I sometimes feel that people don't fully appreciate just how phenomenal the market share gains have been and as consistent. We've gone back as far as we can look, we've not seen another cosmetics brand grow market share for 28 consecutive quarters.

當然可以，奧莉薇亞。我想告訴你們的第一件事是，我們採用的策略與先前連續 28 個季度實現淨銷售額成長或市佔率提升的策略相同。我有時覺得人們並沒有充分意識到市場佔有率的成長有多麼驚人，以及這種成長有多穩定。我們追溯了很久，沒有看到任何其他化妝品品牌連續 28 個季度實現市場份額增長。

And even in Q3, building 130 basis of market share is pretty phenomenal. So I'd say our core proposition, our value proposition, powerhouse innovation, a disruptive marketing engine many examples that you heard on this call will continue to fuel the brand.

即使在第三季度，也能建立 130% 的市場份額，這相當了不起。所以我認為，我們的核心主張、價值主張、強大的創新能力、顛覆性的行銷引擎（你們在這次電話會議上聽到的許多例子）將繼續推動品牌發展。

And in terms of continued growth on elf, one of the real strengths that we have is every one of our major retailers, we're their most productive brand on a dollar per linear foot basis. And that naturally leads to more space and more support. You're seeing that right now with the rollout that we have at Ulta Beauty in terms of more space.

就 elf 的持續成長而言，我們真正的優勢之一是，我們所有的大型零售商，以每線性英尺的成本計算，我們都是他們最高效的品牌。這自然會帶來更大的空間和更多的支撐。現在您就能看到，Ulta Beauty 正在擴大空間。

I'm particularly excited about the rollout coming up pretty soon with DM in Germany. It will bring a building on the phenomenal launch we have last year with Rossmann in Germany as well as with Amazon. It really will bring elf to the majority of German consumers.

我尤其期待DM即將在德國推出的服務。這將延續我們去年與德國羅斯曼百貨以及亞馬遜合作的驚人成績。它真的會將精靈品牌帶給大多數德國消費者。

And I'd say that's probably the last thing I'd say is our ability not only to see the brand in different countries, but then really build out our presence in those countries like we did in Canada, the UK Synnove Germany, really, I think there's a ton of potential both in the US as well as internationally.

最後我想說的是，我們不僅有能力在不同的國家推廣品牌，而且能夠像我們在加拿大、英國和德國那樣，真正地在這些國家建立起我們的影響力。我認為，無論是在美國或國際上，都蘊藏著巨大的潛力。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

Tarang, I was hoping you could give us a bit of a state of the union on the base elf cosmetics business in the US, just heading into the spring. You're obviously coming off a very large price increase. Maybe looking backwards, how do you think that's been received at the consumer level? Should we expect to see volume pick back up going forward as some of the sticker shock wears off?

Tarang，我希望你能為我們介紹美國基礎精靈化妝品產業的現狀，畢竟現在正值春季。顯然，你們剛剛經歷了一次非常大的價格上漲。回顧過去，您認為消費者對此的反應如何？隨著人們對高價的心理逐漸消退，我們是否可以預期銷售量會在未來回升？

And then you have a huge spring innovation pipeline a couple of years back, not quite as strong last year. You mentioned some exciting products today coming up. Just any perspective on the overall innovation pipeline for the spring this year relative to last year? And any additional thoughts around the US in terms of category growth or other important dynamics?

幾年前春季創新產品線非常龐大，但去年不如去年強勁。您今天提到了一些即將推出的令人興奮的產品。能否談談今年春季整體創新計畫與去年相比的情況？關於美國市場，您在品類成長或其他重要動態方面還有其他想法嗎？

And then maybe just second, you spoke about international for rhode, but can you just give us an update on innovation and portfolio plans around in rhode the US in fiscal '27? Are there any plans to move into additional product subcategories. And just as you think about the brand longer term, how do you look to extend the durability and sustain the momentum that you've seen this year?

其次，您談到了羅德島的國際業務，能否請您介紹一下羅德島在 2027 財年在美國的創新和投資組合計劃的最新情況？是否有計劃拓展到其他產品子類別？從長遠角度考慮品牌，您如何看待延長品牌壽命並保持今年以來的發展勢頭？

Hi, Dara. I'd say, first of all, in the state of the elf brand in the US, it's never been healthier. Our consumption is twice the category. We continue to build share as I talked earlier. And one of the things I was really pleased by was the execution of our price increase. We took a 15% price increase, and we saw single-digit units declines, which is actually quite good, and you're seeing that in the dollars as we go forward.

你好，達拉。首先我想說，就美國精靈品牌的現狀而言，它從未如此健康過。我們的消費量是同類產品的兩倍。正如我之前所說，我們將繼續擴大市場份額。令我非常滿意的一點是，我們提價的執行情況非常好。我們漲價 15%，但銷售量卻出現了個位數的下降，這其實相當不錯，而且從我們未來的業績來看，這一點也反映在美元價格上。

Usually, spring is the time that many of our competitors usually take price increases. We're different than a lot of our competitors that historically we've grown through unit volumes, whereas a lot of our competitors have grown through price increases in AUR. So we do believe our value proposition will continue to get better as time goes on, given that we've already taken our pricing and we live with pricing and the consumers have accepted that.

通常，春季是許多競爭對手提價的時候。我們與許多競爭對手不同，我們歷來是透過銷售成長實現的，而許多競爭對手則是透過提高平均使用率 (AUR) 來成長的。因此，我們相信隨著時間的推移，我們的價值主張會越來越好，因為我們已經確定了價格，我們接受這個價格，消費者也接受了這個價格。

Second, as I think about innovation, you're right, 2024 was the biggest year we ever had in innovation. 2025 was the second biggest year of innovation we had. So it was not as big as 2024, but it still was a good innovation year. So we do have that consistency. We mentioned earlier, 1,800 cosmetics and skin care brands, yet we held in 2025, 4 of the top 10 positions from an innovation standpoint on top of 6 of the top 10 positions the year before.

其次，說到創新，你說得對，2024年是我們有史以來創新最強大的一年。 2025年是創新第二強勁的一年。所以雖然規模不如 2024 年，但仍是創新蓬勃發展的一年。所以我們確實保持了這種一致性。我們之前提到過，有 1800 個化妝品和護膚品牌，但到 2025 年，從創新角度來看，我們佔據了前 10 名中的 4 個席位，而前一年我們佔據了前 10 名中的 6 個席位。

So we really have proven strength in innovation and our ability to do so. I'm particularly excited about the innovation we have this spring. We mentioned our [slipstick] at $10 versus a prestige item at $48. I look at our Soft Glam Satin Concealer at a jaw dropping price of $5 versus a prestige item at $32. And we have a number of other innovation items that I feel really good about.

所以，我們確實已經證明了我們在創新方面的實力和能力。我對我們今年春季的創新成果感到格外興奮。我們提到我們的[潤唇膏]售價10美元，而高檔產品售價48美元。我看到我們柔滑亮澤的緞面遮瑕膏，價格竟然只要 5 美元，而一款高檔產品卻要 32 美元，真是令人難以置信。我們還有一些其他的創新項目，我對此感到非常滿意。

Now we won't get a full read on those as well. It's promising early days in terms of our own site and places we've launched them really over the next few weeks is when we'll get a much better sense on the spring innovation and how it compares to 2025 as we go forward.

現在我們也無法全面了解這些資訊了。就我們自己的網站和我們已經推出這些網站的地方而言，現在的情況令人鼓舞。在接下來的幾周里，我們將更好地了解春季創新以及它與 2025 年相比如何。

We also have very strong innovation plans across our brands. So you mentioned rhode. Rhode, if you look right now, we just launched a face mask as well as a lip mask as a major activation taking place in Montana right now on that. And what we see is just really great consumer acceptance on rhode innovation because it is so curated and thoughtful, the one of everything really good works for rhode.

我們旗下所有品牌都制定了非常強而有力的創新計畫。所以你提到了羅德島。羅德島，如果你現在看看，我們剛剛推出了一款面膜和一款唇膜，目前正在蒙大拿州進行一項大型推廣活動。我們看到的是，羅德創新得到了消費者的廣泛認可，因為它經過精心策劃和深思熟慮，所有真正優秀的產品都適合羅德。

Naturium also has a very strong plan as does elf Skin and Well People. So innovation is definitely one of the key drivers of our business and feel great about that.

Naturium、elf Skin 和 Well People 也都有非常強大的計劃。因此，創新無疑是我們業務的關鍵驅動力之一，對此我感到非常自豪。

Last, you asked about the category. I've long been bullish about the beauty category, particularly cosmetics and skin care. And we're seeing some of the healthiest category growth rates we've seen in quite some time. So in this last quarter, the color cosmetics category is up 4%. The skin care category is up 8%. I'm glad that elf was more than double both of those category growth rates, but it's always great to have a tailwind when it comes from a category standpoint.

最後，您問到了類別。我一直很看好美容行業，尤其是化妝品和護膚品。我們看到了一些近年來最健康的品類成長率。因此，上個季度彩妝品類成長了 4%。保養品類成長了 8%。我很高興精靈的成長率是這兩個品類成長率的兩倍多，但從品類角度來看，有順風總是好事。

So not only is the category healthy, but we're particularly well positioned with our value proposition innovation and marketing within that.

因此，不僅該品類發展良好，而且我們憑藉在該品類中的價值主張創新和行銷，也佔據了非常有利的地位。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

I just wanted to kind of like digging to, Tarang, what you just said in terms of innovation, but also from a perspective of categories. I know you have like 50% to 60% in market share for primers. You basically created some of these items, right, in a way or basically brought these items to -- from Prestige into more affordable price point.

Tarang，我只是想深入探討你剛才提到的創新方面的內容，以及從類別角度來看的內容。我知道你們在底妝產品市場佔有50%到60%的市佔率。從某種意義上說，你基本上創造了其中一些產品，或者說，你基本上將這些產品從高端產品帶到了更實惠的價格區間。

So I was wondering now you're like the two other very big categories and mascaras, you have been pushing particularly Lipas as we think about the consumer being more stretched, maybe she wants to make sure that she has more basic items like lipsticks and mascaras. So I was wondering, I haven't seen any -- pardon if I missed anything major in Mascara.

所以我想知道，現在你們的產品和另外兩個非常大的品類以及睫毛膏一樣，你們一直在大力推廣唇膏，因為我們認為消費者的預算更加緊張，也許她想確保自己擁有更多像唇膏和睫毛膏這樣的基本產品。所以我想問一下，我還沒看到任何關於睫毛膏的重要資訊——如果我錯過了什麼重要的訊息，請見諒。

So I was hoping to see if you have again this spring and thinking about innovation across where the low-hanging fruits, I'm assuming are still there, right? I mean if you can kind of give us a perspective of how both your innovation team and your retailers are pulling and asking you to bring affordable items within their IO or electronic , I should say.

所以我希望看看你今年春天是否還會繼續進行創新，並思考哪些方面更容易取得突破，我猜想應該還在那裡，對吧？我的意思是，如果你能給我們介紹一下你的創新團隊和零售商是如何要求你把價格實惠的商品引入他們的IO或電子產品中的，那就太好了。

Andrea, so I'll answer that. I'd say, first of all, we feel really great about our innovation plans, as I just talked. And our strategy is really twofold. Number one is really building strength in those segments that we have very large share positions in. We now have 21 segments where we have the number one or number two position, and those become really great competitive moats. Be my guest competing against us in primers or any of the categories where we have very strong share positions.

安德烈亞，那我就來回答這個問題。首先，正如我剛才所說，我們對我們的創新計劃感到非常滿意。我們的策略實際上是雙管齊下的。第一要務是真正加強我們在那些擁有較大市場份額的細分市場的實力。我們現在在 21 個細分市場中佔據第一或第二的位置，這些都形成了非常強大的競爭優勢。歡迎您在底漆或其他任何我們擁有強大市場份額的類別中與我們競爭。

And we continue to innovate on those. The second is conquesting categories where we're under shared. So if I just look relatively within the categories in face, we have a 22% share clear leadership in pace. In LP, we went from almost nowhere to a 13% share and a really strong position in Lip. We continue to innovate and Lip building on the success we have with Glow Reviver a couple of years ago with our slip stick. I mean, it's basically lipstick on a stick, which is a phenomenal form.

我們將繼續在這些方面進行創新。第二點是攻占我們尚未充分掌握的領域。所以，如果我只從臉部類別的相對角度來看，我們在速度方面擁有 22% 的明顯領先優勢。在LP領域，我們從幾乎一無所有發展到13%的市場份額，並在Lip領域佔據了非常強大的地位。我們不斷創新，並基於幾年前 Glow Reviver 的成功，推出了我們的唇部潤唇膏。我的意思是，它基本上就是一支棒狀的口紅，這是一個非常棒的形式。

And then in Eye we now have -- I mean, literally, it was in or to 9% share in Eye and we continue to have innovation across all three of those segments, and you'll continue to see more. I think some of our mascara innovation that's coming out is slated closer to the fall time frame that you'll see. And we've been pretty consistent.

然後，在 Eye 領域，我們現在——我的意思是，實際上，我們在 Eye 領域的市場份額已經達到了 9% 或更高，而且我們將繼續在所有這三個領域進行創新，你們將繼續看到更多。我認為我們即將推出的一些睫毛膏創新產品計劃在秋季左右上市，屆時大家就能看到了。我們一直都相當穩定。

We've been chipping away at kind of mascara share as well as overall eye share and live share for a while. So I feel good about the innovation strategy, both leveraging the strengths that we have, continue to feed that, including our growing franchises and extending those franchises in other segments. As well as what we have on the innovation pipeline, both in the spring as well as upcoming in the fall as I look at next spring. So you'll continue to see that work.

一段時間以來，我們一直在努力提高睫毛膏的市場份額，以及整體眼部產品的市場份額和直播產品的市場份額。因此，我對創新策略感到滿意，既要利用我們現有的優勢，又要繼續鞏固這些優勢，包括我們不斷增長的特許經營權，以及將這些特許經營權擴展到其他領域。除了我們春季和秋季即將推出的創新項目之外，我還展望了明年春季。所以你還會繼續看到這類作品。

And then the last area events the progress we're making in skin care. We now have three of the fastest-growing brands in skin care. I feel really good about the innovation we have on elf skin, the round of innovation we have on Naturium and rhode, as I just mentioned, we really have really stepped up our ability in skin care and also the momentum we're seeing there.

最後，我們來談談在護膚領域的進展。我們現在擁有護膚品領域中成長最快的三個品牌。我對我們在 elf skin 上的創新、在 Naturium 和 rhode 上的創新感到非常滿意，正如我剛才提到的，我們在護膚方面的能力確實得到了極大的提升，而且我們也看到了這方面的發展勢頭。

And just to add to that, Andrea, I'll just add on that from -- because you asked about our value and bringing that to our retailers. 75% of our portfolio still sits at $10 or less overall. So we are very much focused on bringing that value to our retailers, to our consumers.

安德里亞，我再補充一點——因為你問到了我們的價值以及如何將這種價值帶給零售商。我們產品組合中仍有75%的產品價格在10美元或以下。因此，我們非常注重為我們的零售商和消費者帶來這種價值。

And Tarang, our Soft Glam Satin Concealer, which we're launching at a $5 price point, which is really incredible and a very competitive price point in the category. And so that's always going to continue to be our focus. How do we bring that value to life for our consumers.

還有 Tarang，我們的柔滑緞面遮瑕膏，售價僅為 5 美元，這在同類產品中非常划算，極具競爭力。所以，這始終將是我們關注的重點。我們如何將這種價值帶給消費者？

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Great. Thank you. Good afternoon, everybody. Can I just ask on the split of the $128 million of rhode just US versus international? And I just asked this in the context of it would imply that for the base business in the US, it would be pretty challenged if the (inaudible) rule kind of applied. So just maybe help us understand that.

偉大的。謝謝。大家下午好。請問羅德島州1.28億美元的資金分配狀況如何？其中一部分用於美國，一部分用於國際。我問這個問題的意思是，如果這條（聽不清楚的）規則適用，那麼對於美國的基本業務來說，將會面臨相當大的挑戰。所以，或許您能幫我們理解一下嗎？

And then just on the 6% consumption that you expect in the back half of the year, maybe could you outline specifically, is that what you expect for 4Q? And can you break that down US versus international?

那麼，關於您預計下半年消費量將成長 6%，您能否具體說明一下，這是您對第四季的預期嗎？能具體分析一下美國和國際市場的情況嗎？

Peter, so for rhode, overall, look, we're very pleased with rhode's performance, $128 million contribution to the quarter. We haven't broken that out across international in US, but the 20% is relatively close, right? We talked about having 20% of their business outside of the US. We also talked on the call about seeing softness in some of our key markets on the organic business in the UK as we've seen a highly promotional environment that has remained the case throughout the holiday.

Peter，所以就羅德島而言，總體來說，你看，我們對羅德島的表現非常滿意，它為本季度貢獻了 1.28 億美元。我們還沒有將這一比例細分到美國國際市場，但 20% 這個數字應該比較接近，對吧？我們討論了將他們 20% 的業務拓展到美國以外的問題。我們在電話會議中也談到，由於假期期間促銷活動持續不斷，我們在英國的一些主要市場的有機產品業務出現了疲軟。

And then also in Germany, where we're cycling the launch of Rossman, Germany. And so when we think about our overall consumption that we're implying, the as what we see for the second half of the year, and that is going to be offset by that 4-point headwind from the pipeline as we talked on the call. So that's kind of how we get to our net sales outlook for the second half overall.

此外，在德國，我們也正在進行 Rossman 品牌的推廣活動。因此，當我們考慮我們所暗示的整體消費情況時，就像我們對下半年的預期一樣，這將被我們在電話會議上談到的來自管道建設的 4 個百分點的不利因素所抵消。這就是我們得出下半年整體淨銷售額預期的方法。

Sydney Wagner, Jefferies.

雪梨‧華格納，傑富瑞。

Can you help contextualize where you see the largest buckets of share gain opportunity going forward for core elf Just curious how you think about the level of contribution maybe from mass peers, prestige players or even adjacent noncolor beauty categories.

您能否幫忙分析一下，您認為核心產品 Elf 未來最大的市佔率成長機會在哪裡？我很好奇您如何看待大眾同行、高端品牌，甚至是相鄰的非彩妝類別可能帶來的貢獻。

And then if you look across international markets, what are the near and long-term KPIs you're watching most closely to assess brand health and positioning along with innovation traction for core elf?

那麼，放眼國際市場，為了評估核心 elf 品牌的健康狀況和定位以及創新進展，您最密切關注的近期和長期 KPI 是什麼？

Hi, Sydney. So on your first question on the share gains, let me back up a little bit and kind of provide perspective. If you think nationally, we're about a 13% share. At Target, our longest-standing national retail customer, we're over 20% of their category. So we see major share gains, including a target going forward. And it is that combination of leveraging where we have strengths I don't think anyone thought we'd have a 22% share in face at some point, but we're not done there with the innovation we have, and we certainly have major opportunity in both Lip and Mascara and the innovation to help conquest those.

你好，雪梨。關於你提出的第一個問題，即股票收益，讓我先回顧一下，並提供一些背景資訊。如果從全國範圍來看，我們的市佔率約為 13%。在 Target，我們作為合作時間最長的全國性零售客戶，在其類別中佔有超過 20% 的份額。因此，我們預計市場份額將大幅成長，並有望實現未來目標。正是這種結合我們自身優勢的策略，我認為沒有人會想到我們會在面部護理領域佔據 22% 的市場份額，但我們並沒有止步於此，憑藉我們擁有的創新能力，我們在唇部和睫毛膏領域肯定擁有巨大的機會，並且擁有幫助我們征服這些領域的創新能力。

The last piece, I brought it up before, but skin care is a major growth vector for us, and we have three brands really to pursue our aspirations in skin care. And then in terms of the key KPIs for international, I think they're very similar to the KPIs we use in the US. We really take a look from a consumer standpoint, what's the penetration, what's our ranking amongst the key and most desirable consumer sets.

最後一點，我之前也提到過，護膚品是我們的主要成長點，我們有三個品牌可以真正實現我們在護膚領域的抱負。至於國際業務的關鍵KPI，我認為它們與我們在美國使用的KPI非常相似。我們真正從消費者的角度出發，檢視市場滲透率，以及我們在關鍵和最理想的消費群體中的排名。

So the strength we have in the US amongst Gen Z, Gen Alpha, and Millennial, we track that, and we're very pleased with what we're seeing in the markets we enter.

因此，我們在美國Z世代、阿爾法世代和千禧世代中擁有強大的影響力，我們一直在關注這一點，並且對我們進入的市場所取得的成績感到非常滿意。

Second thing we look at is productivity. What is the productivity in terms of the sales per linear foot that we deliver. And as I mentioned earlier, not only the most productive brand here in the US, but we are with our major -- major international retailers, Boots and Superdrug being the two biggest Shoppers, Drug Mart, Walmart Canada. And so we look at that.

其次，我們要考察的是生產力。我們每英尺產品的銷售額生產力是多少？正如我之前提到的，我們不僅是美國最俱生產力的品牌，而且我們還與主要的國際零售商合作，Boots 和 Superdrug 是最大的兩家，Shoppers Drug Mart 和 Walmart Canada 也是如此。所以我們來研究一下這個問題。

And then I'd say the third are the submetrics by each of our core functional areas. What I'll tell you in summary is we're really pleased overall with our international market. Mandy talked about, hey, look, we're currently facing some challenges in the UK given the promotional environment. but we continue to see very strong build in terms of awareness, overall brand equity ratings.

然後，我認為第三點是各核心職能領域的子指標。總而言之，我對我們的國際市場整體表現非常滿意。曼蒂談到，嘿，你看，鑑於目前的英國市場環境，我們正面臨一些挑戰。但我們仍然看到品牌知名度和整體品牌資產評級都在強勁增長。

We've heard that some of our competitors are going to be taking pricing in the UK, so that should help the value proposition we have in the UK. And in Germany, the real strategy I talked about earlier is really building our presence in the countries that we've already seated. So being able to have Amazon and Rossman, Germany allows us to put our full marketing model. on in that country once you have real presence.

我們聽說一些競爭對手將在英國採取定價策略，這應該有助於提升我們在英國的價值主張。而在德國，我之前提到的真正策略是，在我們已經設立分支機構的國家建立我們的影響力。因此，有了亞馬遜和德國羅斯曼公司的支持，我們就可以在該國實施完整的行銷模式，前提是我們真正擁有了市場地位。

So I'm particularly excited about what we can do in Germany, the largest market in Europe, and we will continue to see other markets. But all the consumer metrics we're seeing right now are healthy relative to the time that we've entered each of these countries and each of these retailers. So really encouraged about what we can continue to do and not only on elf, but as I mentioned before, across the portfolio, elf color, elf skin, Naturium and rhode, all have major potential. And we're pleased with the results we're seeing behind them.

因此，我對我們在歐洲最大的市場德國所能取得的成就感到格外興奮，我們也會繼續關注其他市場。但就我們進入這些國家和與這些零售商合作的時間而言，我們目前看到的所有消費者指標都是健康的。所以我對我們可以繼續做的事情感到非常鼓舞，不僅是精靈，而且正如我之前提到的，在整個產品組合中，精靈顏色、精靈皮膚、Naturium 和 Rhode 都具有巨大的潛力。我們對它們所取得的成果感到滿意。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

I wanted to follow up on your marketing spend plans in the second half. Just curious what drove the decision this year to go back to a Super Bowl ad after not having one last year. And then if we look at fiscal Q4, of course, acknowledging that you have that Super Bowl ad and some distribution gains, this should be significantly higher marketing in fiscal Q3. I wanted to better understand an allocation of what's driving that between these factors.

我想了解一下您下半年的行銷支出計畫。我很好奇是什麼原因促使你們今年決定去年沒有投放超級盃廣告之後，重新開始投放超級盃廣告。然後，如果我們看一下第四財季，當然，考慮到超級盃廣告和一些分銷管道的成長，第三財季的行銷投入應該會顯著增加。我想更了解這些因素之間各自起決定性作用的比例。

And I know you talked about your EBITDA margin in the second half overall, now expected to be around 19%, which is better than your expectation for the prior quarter. So I wanted to better understand what changed. You did mention that cost shift from fiscal Q3 into fiscal Q4, but it does look like it's overall lower in the second half than you originally expected. If you could elaborate on that.

我知道您談到了下半年的整體 EBITDA 利潤率，目前預計在 19% 左右，這比您對上一季的預期要好。所以我想更了解究竟發生了什麼變化。您確實提到了成本從第三財季轉移到第四財季的情況，但看起來下半年的成本總體上比您最初預期的要低。如果您能詳細說明一下就太好了。

Anna sorry about that, and we have a little technical difficulty over here. So marketing spend in the second half, yes, overall, for the year, let me take a step back, targeting 24% to 26% for our marketing spend. So that remains unchanged. How the quarters have come together. We did have some timing shifts. You saw the number of campaigns that we've already had as we started Q4. And so that is what's driving some of that marketing spend heavier in Q4.

安娜，真抱歉，我們這邊遇到了一些技術問題。所以，下半年的行銷支出，是的，總體而言，就全年而言，讓我退一步說，我們的行銷支出目標是 24% 到 26%。所以這一點保持不變。各部門是如何走到一起的。我們的時間安排確實有些變動。你們已經看到了，在第四季開始時，我們已經開展了多少項活動。因此，這就是第四季度行銷支出增加的部分原因。

But really, overall, for the second half, largely the same. On the Super Bowl or the big game, as we have to call it, we did participate in a way last year. It just wasn't through an ad. And this year, we're going to do it through streaming on Peacock will also be on Univision. And so again, it's not that big, broad national ad. And then we're also going to continue to run that for an additional eight weeks as we go through.

但實際上，下半場整體情況基本上相同。去年，我們以某種方式參與了超級盃（或者我們應該稱之為大賽）的比賽。只不過不是透過廣告宣傳而已。今年，我們將透過Peacock串流平台播出，同時也將在Univision電視台播出。所以，這並不是那種規模龐大、覆蓋全國的廣告。然後，我們也將繼續運行該程式八週。

So we'll continue to get some additional hits and eyeballs from that activation as well. And so feeling really good about the marketing spend. And then on the SG&A or on the adjusted EBITDA for the second half, like I said, from an adjusted EBITDA margin standpoint, we are seeing that better than we previously outlooked. And really, that's why I'm looking at things on a second half basis because we did have some timing shifts on the quarter.

因此，我們將繼續透過這項活動獲得額外的點擊量和關注度。因此，我對行銷投入感到非常滿意。至於下半年的銷售、一般及行政費用或調整後 EBITDA，正如我所說，從調整後 EBITDA 利潤率的角度來看，我們看到的情況比我們之前預期的要好。實際上，這就是為什麼我把目光放在下半年來看待問題的原因，因為我們本季確實出現了一些時間上的變化。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

All right. Thank you. Hi, everyone. Actually, I had a question on your full year guidance. You raised your net sales guidance at the midpoint by $46 million, but you now expect rhode sales will be about $60 million to $65 million higher, which does suggest elf brand growth will now be lower.

好的。謝謝。大家好。實際上，我有一個關於你們全年指導意見的問題。您將淨銷售額預期中位數提高了 4,600 萬美元，但您現在預計羅德島州的銷售額將增加約 6,000 萬至 6,500 萬美元，這表明 elf 品牌的成長現在會降低。

So could you talk to that and maybe what's changed? I guess, is this outlook conservative? Or is there something you're seeing, I don't know, with some of the innovation you've rolled out so far, which maybe gives you a little pause?

所以您能談談這方面的情況，以及可能發生了哪些變化嗎？我想，這種觀點算是保守的嗎？或者，我不知道，您在目前推出的一些創新中是否發現了一些問題，讓您有些猶豫？

Bonnie, I'll take that question. So overall, we did raise our guidance. So we're very pleased be in a position to raise our guidance up to 22% to 23% on the full year. What's implied in that on the elf brand on an organic basis is around 2% for the second half. And I'll take you back to the math that we talked about on the call. we're seeing about a 6% global consumption rate right now.

邦妮，這個問題我來回答。總的來說，我們提高了指導標準。因此，我們非常高興能夠將全年成長預期上調至 22% 至 23%。這意味著，在有機基礎上，elf 品牌下半年的有機產品銷售量約為 2%。我再回到我們在電話會議上討論的數學問題。目前全球消費率約6%。

And so we're using that, and we're saying 4 points come off from a net sales standpoint, given the pipeline that we have to cycle in the base. So what changed to your question is that global consumption rate. We were seeing that consumption rate closer to 8%. And when we came out with our guidance in November and have since seen that come to around 6%.

因此，我們採用了這種方法，並表示從淨銷售額的角度來看，考慮到我們必須在基本銷售週期內循環的銷售管道，銷售額將下降 4 個百分點。所以，你問題的變化在於全球消費率。我們發現消耗率接近 8%。我們在 11 月發布了指導意見，此後我們看到這一數字達到了 6% 左右。

So I would say that would be the key change as we look at the organic business overall.

所以我認為，當我們整體審視有機業務時，這將是關鍵的改變。

And of course, if that gets better, there's some upside. And so we're just using kind of what we're currently seeing right now, but we feel good about the fundamentals.

當然，如果情況好轉，也會有一些好處。所以我們現在只是利用目前看到的情況，但我們對基本面感到滿意。

That's right. As Tarang mentioned, for spring resets are still taking place. Some haven't even started yet. And so that will allow us to get a real read on how spring innovation is performing. And so that could be a potential opportunity as we look forward.

這是正確的。正如 Tarang 所提到的，春季重置仍在進行中。有些人甚至還沒開始。這樣一來，我們就能真正了解春季創新發展的情況了。因此，展望未來，這可能是一個潛在的機會。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

So for Q3, can you help us bridge the gap in terms of the organic performance in the US relative to the strong double-digit consumption growth that we see in track channel data, I thought the pipeline cycle was more to Q4. So maybe was there a bigger impact than previously expected that drove that gap?

所以對於第三季度，您能否幫助我們彌合美國有機業績與我們在通路數據中看到的強勁兩位數消費成長之間的差距？我認為銷售週期更多地要到第四季才會開始。那麼，造成這種差距的原因是否比之前預期的還要大呢？

And then looking forward into Q4, can you give us a sense of what you're expecting in terms of US consumption within the 6% global consumption we expect us to be above that given some of the international weakness that you mentioned? And when do you think we should see your consumption data, some of the benefits from the innovation and the and the shelf-space gains that you mentioned earlier in the call. Thank you so much.

展望第四季度，鑑於您提到的一些國際疲軟情況，您能否談談您對美國消費的預期？我們預期美國消費將高於全球消費成長6%的目標。您認為我們應該何時看到您的消費數據、創新帶來的一些好處以及您在電話會議中提到的貨架空間成長？太感謝了。

Hi, Filippo. For Q3, wed talked about we're looking at things in the second half in aggregate, which I think is a better way to look at things because in Q3, we did have some timing of shipment shift over into Q4. And so that's why I keep anchoring back to the second half. Originally, we had expected Q4 could be a negative quarter for us. But now we're outlooking that to be flat to up 2% would be implied by our guidance. So that's a good thing, but that does imply some shipments shifted from Q3 into Q4.

你好，菲利波。對於第三季度，我們討論過要從整體上看待下半年的情況，我認為這是一種更好的看待問題的方式，因為在第三季度，我們的一些出貨時間確實轉移到了第四季度。所以，這就是為什麼我總是把重點放在後半部的原因。最初，我們預計第四季可能會出現虧損。但現在我們預計，根據我們的指引，經濟成長幅度將持平或成長 2%。所以這是件好事，但這確實意味著一些出貨量從第三季轉移到了第四季。

And in addition, as I just spoke about to Bonnie's question on the global consumption rate, we're seeing that at around 6% versus 8% previously. We haven't broken out what to expect from a US versus international. In fact, we really want to anchor back to the total level on some of these numbers because there are so many ins and outs with us looking at US and international rhode versus organic, we really want to anchor back to what we're seeing overall as a total company, which is very strong momentum.

此外，正如我剛才在回答邦妮關於全球消費率的問題時提到的那樣，我們看到目前的消費率約為 6%，而此前為 8%。我們還沒有具體分析美國市場和國際市場會有哪些不同。事實上，我們真的想把這些數字錨定到整體水平上，因為在考察美國和國際羅德島與有機羅德島時，有很多進退兩難的情況，我們真的想把錨定到我們作為一個整體公司所看到的整體情況上，那就是非常強勁的發展勢頭。

We just reported a 38% net sales growth quarter and our outlooking for the second half, 31% to 33% net sales growth, which is quite strong in this backdrop.

我們剛剛公佈了季度淨銷售額增長 38%，並且對下半年的業績展望為淨銷售額增長 31% 至 33%，在當前背景下，這一數字相當強勁。

Our next question comes from --

我們的下一個問題來自--

Sorry, I just wanted to finish on is question on consumption and innovation and when do you start to see those things marry up or see any benefit from those. And the spring innovation, like we were saying resets, are starting now, some haven't started yet. So I think by the time you get to the beginning of March, you should start to see some of that out in consumption data as we go through.

抱歉，我只是想完成關於消費和創新的問題，以及你什麼時候才能看到這兩者結合起來，或者從中看到任何好處。就像我們剛才說的，春季創新和重置已經開始，有些已經開始，有些還沒開始。所以我認為，到了三月初，隨著消費數據的推進，我們應該會開始看到一些這方面的跡象。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Great. Thank you for taking pur question. We have a couple. You guys talked about softness in the UK for elf organic. Can you talk about -- did that get worse this quarter? I think that's your biggest international market. So could you talk about some of the initiatives there to return back to growth.

偉大的。感謝您回答我們的問題。我們有一對。你們之前討論過英國 elf organic 的柔軟度。您能談談－這季度情況是否惡化了嗎？我認為那是你們最大的國際市場。那麼，您能否談談那裡為恢復成長而採取的一些舉措？

And then just a follow-up on rhode. Congrats, I mean really great results and understanding some of the investment is pretty necessary. The pipeline of innovation there is different than at core. But can you talk about where are you in the investment cycle at Rhode? Should we think that's something that's continuing into '27 until you've kind of lapped owning the business in the back half.

然後是關於羅德島的後續問題。恭喜！我的意思是，結果真的非常棒，而且了解一些投資情況也是必要的。那裡的創新流程與核心區域不同。但您能否談談羅德島目前處於投資週期的哪個階段？我們是否應該認為這種情況會持續到 2027 年，直到你在後半段完全掌控了企業為止？

Anna, this is Tarang. So starting with softness in the UK, we have seen the UK have a higher promotional environment than has been normal. And so that certainly has impacted us. In terms of our strategy, I think it's threefold.

安娜，這是塔朗。因此，從英國的寬鬆環境開始，我們看到英國的促銷環境比平常好。因此，這無疑對我們產生了影響。就我們的策略而言，我認為它包含三個面向。

One is reinforce our value proposition. As I mentioned earlier, a number of our competitors have announced they typically take pricing in the spring. So we'll see how that pricing plays out in terms of how that helps our overall value proposition.

一是強化我們的價值主張。正如我之前提到的，我們的一些競爭對手已經宣布，他們通常在春季進行定價。所以我們將看看這種定價策略如何幫助我們提升整體價值主張。

Second, we have a new leader for EMEA, a very experienced GM. And the focus really is building out depth in our existing markets. And so there's -- it's been quite a while since we've done awareness advertising in the UK, some other levers within our overall marketing engine that will apply. And certainly, innovation always plays every single geography at.

其次，我們迎來了一位新的 EMEA 區領導，他是一位經驗豐富的總經理。而我們的重點其實是在現有市場中拓展業務深度。因此，我們已經很久沒有在英國進行品牌宣傳廣告了，我們整體行銷體系中還有一些其他的槓桿可以應用。當然，創新總是會影響到每個地區。

So just as we see promising signs in our spring innovation in 2025, we believe that will play out in our international markets, including the UK. So there'll be, I'd say, the 3 things: greater focus on the market, new leadership and then being able to really leverage both our innovation and marketing. We are confident of our position in the UK longer term.

正如我們在 2025 年春季創新中看到了令人鼓舞的跡像一樣，我們相信這將在包括英國在內的國際市場上得到體現。所以，我認為會有三件事：更專注於市場、新的領導階層，以及真正發揮我們的創新和行銷優勢。我們對自身在英國的長期地位充滿信心。

If I look at over the last, as I mentioned earlier, the last five-year CAGR for international at 55%, 60% of that was driven by the UK and Canada. So we still have much further to go in the UK and in Canada, where we continue to have momentum.

如果我回顧過去五年，正如我之前提到的，國際市場的複合年增長率為 55%，其中 60% 是由英國和加拿大推動的。因此，我們在英國和加拿大還有很長的路要走，但我們在這兩個國家仍然保持著發展勢頭。

And then on your second question in terms of rhode, I would say where we are in the investment pipeline. First of all, the team has done a phenomenal job being able to keep up with the tremendous demand that we're seeing for rhode. We're continuing to work with Sephora to make sure that in-stocks are right. I mean the brand has just outsold anything anyone is expecting that the team has done really a herculean job really keeping up from a supply standpoint and making the right investments.

至於你提出的第二個問題，關於羅德島，我想說說我們目前的投資計畫進度。首先，團隊在滿足羅德島目前龐大的需求方面做得非常出色。我們正繼續與絲芙蘭合作，確保庫存充足。我的意思是，這個品牌的銷售量遠遠超出了所有人的預期，團隊真的付出了巨大的努力，在供應方面一直保持著競爭力，並做出了正確的投資。

And so we have good capacity to be able to do that. It's more a forecasting thing relative to the demand we saw, and we'll get better there. In terms of other investments we're making, we mentioned when we acquired the brand, one of the early investments we made is field sealed sales support for Sephora and really making sure that, that launch went off without a hitch, that was one.

因此，我們完全有能力做到這一點。這更多的是相對於我們所看到的需求進行預測，我們會在這方面做得更好。至於我們正在進行的其他投資，我們在收購該品牌時提到過，我們早期的投資之一是為絲芙蘭提供現場密封銷售支持，確保該品牌的上市順利進行，這就是其中一項投資。

Over time, we talked also during the time of acquisition, we would want to invest more in marketing and the team. We continue to build out the team, particularly given our global aspirations for the brand. And so I feel good in terms of where we are in the cadence of both the rollout as well as the investments we're making. And in some respects, it's very much pay as you go. I mean the rhode margins are pretty phenomenal, and we'll continue to invest in it. you mentioned during acquisition.

隨著時間的推移，在收購期間，我們也討論過，我們希望增加對行銷和團隊的投入。我們將繼續擴充團隊，尤其考慮到我們對品牌的全球願景。因此，我對我們目前的推進速度以及我們正在進行的投資都感到滿意。在某些方面，它很像按需付費模式。我的意思是，羅德島的利潤率非常驚人，我們會繼續投資。正如你在收購過程中提到的。

I don't know, Mandy, if you have anything else to add there?

曼迪，我不知道你還有什麼要補充的嗎？

That's good.

那挺好的。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

I guess maybe can you give us an update just on tariffs when you'll start to cycle the impact there? And then just curious, have you been able to fully mitigate the tariff impact with the price increase and then other efforts? And then also maybe if you could talk about -- I think on the last call, you talked about holding back some inventory to some retailers that haven't changed their pricing.

我想請您簡單介紹一下關稅方面的情況，比如何時開始實施關稅調整？另外，我很好奇，您是否能夠透過提價和其他措施完全抵消關稅的影響？另外，您能否也談談——我想在上次通話中，您提到要為一些尚未改變價格的零售商保留一些庫存。

I guess I assume that's been resolved and you're shipping to them now, but I guess I was curious if there was any catch-up in the quarter there as well.

我猜這個問題已經解決了，你們現在正在發貨給他們，但我很好奇這季度那邊是否也出現了任何積壓的情況。

Yes. Hi, Susan. So on the tariff front, it's been pretty quiet since the November in tariffs. So the tariff rate is now at 45%. As you know, it has been as high as 170% earlier in the fiscal year. And so we really haven't had any changes since that point in time. And if it remains at 45%, that becomes a little bit of a tailwind for us as we get into fiscal '27 given that we retain those higher rates as we started the year.

是的。你好，蘇珊。所以，自去年11月以來，關稅方面一直相當平靜。所以現在的關稅稅率是45%。如您所知，在本財年早些時候，這一數字曾高達 170%。所以從那時起，我們實際上並沒有發生任何變化。如果利率維持在 45%，考慮到我們維持年初以來的較高利率，那麼進入 2027 財年，這將對我們產生一定的有利影響。

And so that's the latest on the tariff front. On a shipment standpoint, yes, and pricing, that was fully resolved. That was fully resolved as we exited the second quarter. And so no further update on that front.

以上就是關稅的最新進展。從運輸角度來看，是的；至於價格，這個問題已經完全解決了。這個問題在第二季結束時已經徹底解決。因此，這方面沒有進一步的更新。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Mandy, one of the areas you mentioned as a driver of higher SG&A spending in the fourth quarter is spending on that incremental space expansion. I just wanted to dig in there a little bit juxtaposed against the 4-point top line shipment headwinds you framed for the back half and in the fourth quarter. I guess as you step up that spending on expanded space, is the implication but that's in -- that 4-point headwind is net of that incremental space expansion.

Mandy，你提到的導致第四季度銷售、一般及行政費用增加的因素之一是用於擴大辦公空間的支出。我只是想稍微深入探討一下，這與你為下半場和第四節設定的 4 分頂級得分逆風形成了鮮明對比。我想，隨著你增加對擴張空間的投入，這意味著──但這已經是事實──4個百分點的不利因素已經扣除了空間擴張帶來的增量。

Is the implication alternatively that you're going to spend on organic space expansion, but you won't realize any revenue gains on that until we get into fiscal '27 beyond the fourth quarter? Or what you're saying is you're spending more on space expansion behind rhode, which would be inorganic. Where is that spending?

換句話說，是否意味著你們打算投資有機空間擴張，但要等到 2027 財年第四季之後才能達到任何營收成長？或者你的意思是，你在羅德島背後的空間擴張上投入了更多資金，而這屬於非有機成長。這些錢都花在哪裡去了？

And when does the return on that spending likely to manifest on the top line, I guess, is my ultimate question.

我的最終問題是，這些支出何時才能在營收中反映出來？

Yes. So maybe let me start with the 4-point headwind. That is a net number. So that is net of any new space expansion, that 4 is the overall impact. What we're not -- what we're cycling plus any news that we have. And so when we talk about space spend on space expansion, it really comes in two varieties.

是的。那麼，或許我應該先從4個百分點的逆風說起。這是一個淨值。因此，在不考慮任何新的空間擴張的情況下，4 是整體影響。我們不是什麼——我們正在循環播放的內容，以及我們掌握的任何新聞。因此，當我們談到太空擴張方面的支出時，它實際上分為兩種類型。

One is on incremental space that we're currently getting. So that would include rhode and the space expansion that we talked about with Ulta and different things that we all noted on the call.

一是我們目前正在獲得的增量空間。所以這其中就包括羅德島和我們與 Ulta 討論的空間擴張，以及我們在電話會議上提到的其他一些事情。

And then there's also just refreshed spending that happens on space that you have an existing visual merchandising, fixturing, display costs that happened with the spring resets. And so all of that is going to kind of fall into that space that we're covering with that comment.

此外，春季重新佈置時，也會對現有空間進行重新投入，包括視覺陳列、固定裝置和展示成本。所以所有這些都將歸入我們用這條評論來涵蓋的範疇。

And add that, historically, the payout has been really good, if you think of where -- look, the target example of we started at 4 feet. We're now at 20 feet at Target, number one position with over 20% of their category. Those incremental expenses over the years from a retailer standpoint, have paid out really well. I can put the same across each of our customers.

此外，從歷史角度來看，回報一直都相當不錯，想想我們最初是從 4 英尺起步的目標就知道了。我們現在在 Target 的貨架上擺放了 20 英尺高的產品，佔據了該品類 20% 以上的市場份額，位居第一。從零售商的角度來看，這些年來增加的支出都得到了豐厚的回報。我可以對我們每一位客戶都做出同樣的評價。

Having said that, we do believe there's an opportunity to be more efficient with some of that spend. I think particularly given how much expansion we've had a lot of times when you're kind of trying to meet an expansion goal and kind of sprinting towards it, that spend could be higher than, I think, what we could optimize in the US, particularly internationally.

話雖如此，我們仍然認為有機會提高部分支出的效率。我認為，尤其考慮到我們很多時候為了實現擴張目標而進行的大規模擴張，以及為此而進行的全力衝刺，支出可能會高於我們在美國，尤其是在國際上可以優化的水平。

I think some of the international space expansion has come at a higher cost. And as we look at it, we believe that's somewhere we can get a little bit more efficient as we go forward regardless of kind of the overall brand.

我認為國際太空擴張的某些方面付出了更高的代價。我們檢視後認為，無論整體品牌為何，這都是我們未來可以做得更有效率的地方。

And with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor over to Tarang Amin for any closing remarks.

今天的問答環節到此結束。我謹將發言權交給塔朗·阿明，請他作總結發言。

Well, thank you for joining us today. As I said, I'm really proud of the incredible team we have at elf for delivering another quarter of consistent category-leading growth. We look forward to seeing some of you at the CAGNY conference in a few weeks since speaking with you in May, when we'll discuss our fourth-quarter and full year results.

謝謝您今天收看我們的節目。正如我所說，我為elf的出色團隊感到非常自豪，他們又一個季度實現了持續的品類領先成長。我們期待在幾週後的 CAGNY 會議上見到你們中的一些人，因為我們在五月份與你們進行了交談，屆時我們將討論我們的第四季度和全年業績。

Thank you, and be well.

謝謝，祝您一切安好。

With that, ladies and gentlemen, we'll be concluding today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演示就到此結束。非常感謝您的參與。現在您可以斷開線路了。