e.l.f. Beauty, Inc. (ELF) 2027 Q1 法說會逐字稿

Thank you for joining us today to discuss e.l.f. Beauty's first-quarter fiscal '27 Results. I'm KC Katten, Vice President of Corporate Development and Investor Relations. With me today are Tarang Amin, Chairman and Chief Executive Officer; and Mandy Fields, Senior Vice President and Chief Financial Officer.

感謝各位今天加入我們，一同討論 e.l.f. Beauty 2027 財政年度第一季業績結果。我是 KC Katten，企業發展與投資人關係副總裁。今天與我一同出席的有：董事長兼執行長 Tarang Amin，以及資深副總裁兼財務長 Mandy Fields。

We encourage you to tune into our webcast presentation for the best viewing experience, which you can access on our website at investor.elfbeauty.com.

我們建議您收看我們的網路直播簡報，以獲得最佳觀看體驗；您可至 investor.elfbeauty.com 造訪。

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發言包含前瞻性陳述，請參閱我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的報告，其中列示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，公司今天的簡報包含以非 GAAP 基礎呈列的資訊。我們的財報新聞稿包含非 GAAP 呈列與最直接可比的 GAAP 衡量指標之間差異的調節表。

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

接下來，我把網路直播交給 Tarang。

Thank you, Casey, and good afternoon, everyone. I'm proud of the e.l.f. Beauty team for achieving another quarter of industry-leading results. In Q1, we grew net sales 36% and delivered our 30th consecutive quarter of net sales growth. That's over seven continuous years of net sales growth.

謝謝你，Casey，各位下午好。我為 e.l.f. Beauty 團隊再度達成業界領先的季度成果感到自豪。第一季，我們的淨銷售成長 36%，並達成連續第 30 個季度淨銷售成長。這代表超過七年持續不間斷的淨銷售成長。

We're one of only six public consumer companies out of 516 that has grown for 30 straight quarters and average at least 20% net sales growth per quarter. This consistent category-leading growth is attested to the strength of our team, strategy, and portfolio of brands. With the momentum we're seeing, we're raising our fiscal '27 outlook to 18% to 20% net sales growth as compared to 12% to 14% previously.

在 516 家上市消費品公司中，我們是僅有的六家公司之一，能連續 30 個季度成長，且每季平均淨銷售成長至少 20%。這種持續的品類領先成長，證明了我們團隊、策略與品牌組合的實力。基於我們目前看到的動能，我們將 2027 財政年度展望上調至淨銷售成長 18% 至 20%，先前為 12% 至 14%。

We have strength across our diversified portfolio of brands. For context, out of approximately 1,800 cosmetics and skin care brands tracked by Nielsen, only 14 have surpassed $200 million in retail sales. We have four brands to surpass this threshold, each built on the same winning combination: value proposition, powerhouse innovation, and disruptive marketing engine.

我們多元化的品牌組合全面展現強勁表現。作為背景，在尼爾森（Nielsen）追蹤的約 1,800 個彩妝與護膚品牌中，只有 14 個品牌的零售銷售額超過 2 億美元。我們有四個品牌跨越此門檻，且每一個都建立在相同的致勝組合之上：價值主張、強勢創新，以及顛覆式行銷引擎。

e.l.f. Cosmetics holds a number one rank in unit share and number two in dollar share. e.l.f. SKIN has risen from the number 25 mass skin care brand a few years ago to the number 11 brand. Naturium is the fastest-growing skin care brand among the top 50. And rhode, the breakthrough beauty brand founded by Hailey Bieber, continues its outstanding growth. We believe rhode could be the fastest beauty brand to achieve $1 billion in net sales.

e.l.f. Cosmetics 的銷量市占排名第一、銷售額市占排名第二。e.l.f. SKIN 已從幾年前的大眾護膚品牌第 25 名上升至第 11 名。Naturium 是前 50 大中成長最快的護膚品牌。而由 Hailey Bieber 創立的突破性美妝品牌 rhode，持續展現卓越成長。我們相信 rhode 可能會成為最快達成 10 億美元淨銷售的美妝品牌。

As e.l.f. Beauty scales towards $2 billion in net sales, we believe the continued diversification of our business across brands, categories, channels, and supply chain positions us well for the next chapter of growth. Over the past three years, we've grown non-e.l.f. sales from less than 1% to over 30%, skin care from 10% to nearly 25%, and digital penetration from 18% to 30%.

隨著 e.l.f. Beauty 規模邁向 20 億美元淨銷售，我們相信，業務在品牌、品類、通路與供應鏈上的持續多元化，將使我們在下一階段成長中具備良好定位。過去三年，我們的非 e.l.f. 銷售占比從不到 1% 提升至超過 30%，護膚占比從 10% 提升至接近 25%，數位滲透率從 18% 提升至 30%。

I'm also proud of the incredible work the team has done to further diversify our supply chain. Just a few years ago, only 1% of our production came from outside of China. By the end of this fiscal year, we expect it to be around 60%. We now have a more robust supply chain to meet the global demand that we see for our brands while maintaining our unique combination of quality, cost, and speed.

我也為團隊在進一步多元化供應鏈方面所完成的出色工作感到自豪。就在幾年前，我們只有 1% 的產量來自中國以外。到本財政年度結束時，我們預期該比例約為 60%。我們如今擁有更強韌的供應鏈，以滿足我們所看到的全球品牌需求，同時維持我們在品質、成本與速度上的獨特組合。

Looking at our most recent results, let me provide an update on each of our brands. Starting with e.l.f. As we talked last quarter, we're taking a series of actions to strengthen the e.l.f. brand across five key areas: value proposition, powerhouse innovation, disruptive marketing, international expansion, and category adjacencies.

就我們最新的業績表現，我想針對各品牌提供最新進展。先從 e.l.f. 開始。如同我們上季所談，我們正採取一系列行動，從五個關鍵面向強化 e.l.f. 品牌：價值主張、強勢創新、顛覆式行銷、國際擴張，以及品類延伸。

First, value proposition. For 22 years, we've democratized access to the best of beauty. The average price point for e.l.f. Cosmetics is about $7 as compared to over $10 for legacy mass brands and over $30 for prestige brands. At a time when consumers remain concerned about the economy, our value proposition has never been more important.

第一，價值主張。22 年來，我們讓消費者能以更平易近人的方式取得最優質的美妝產品。e.l.f. Cosmetics 的平均定價約為 7 美元，相較之下，傳統大眾品牌超過 10 美元，而高端品牌則超過 30 美元。在消費者仍對經濟情勢感到憂心之際，我們的價值主張比以往任何時候都更重要。

To that end, last quarter, we spoke about the pricing actions we're taking to drive unit momentum. We began a price discovery test in May, expanding what initially was a temporary price reduction on a single product to the majority of e.l.f. brand SKUs. We learned through this testing, the vast majority of our SKUs are priced appropriately, reinforcing our value proposition.

為此，上季我們談到正在採取的定價措施，以推動銷量動能。我們於 5 月開始進行價格探索測試，將原本僅針對單一產品的短期降價，擴大至 e.l.f. 品牌多數 SKU。透過測試我們了解到，絕大多數 SKU 的定價是適當的，進一步強化了我們的價值主張。

We did identify about 10% of our SKUs where we believe we can drive units by maintaining lower prices. The remaining SKUs will return to their pretest prices over the next couple of weeks. These pricing actions strengthen our confidence in delivering a superior value proposition.

我們確實辨識出約 10% 的 SKU，我們相信透過維持較低價格可帶動銷量。其餘 SKU 將在接下來幾週內回到測試前的價格。這些定價措施強化了我們對提供更優越價值主張的信心。

Second, powerhouse innovation. Our community-led innovation model is one of our most durable competitive advantages. We listen closely to our community and quickly translate their request into premium quality products at extraordinary prices. Our Fall 2026 innovation hit shelves in July, and we're pleased to be delivering ahead of our expectations.

第二，強勢創新。我們以社群為導向的創新模式，是我們最持久的競爭優勢之一。我們密切傾聽社群聲音，並迅速將其需求轉化為高端品質、但價格極具吸引力的產品。我們 2026 年秋季的創新產品於 7 月上架，我們很高興目前的表現超出預期。

Across the mass cosmetics category so far this season, e.l.f. holds 4 of the top 10 new launches in dollars and 5 of the top 10 in units. Our Main Stain Lip Marker, Power Grip Rose Water Setting Spray, Cream Blush & Bronzer Duo Brush, Sheer For It Blush Tint, and Thirst Burst Lip Treatment, all are resonating with consumers.

截至目前本季在大眾彩妝品類中，e.l.f. 在新品上市表現方面，以銷售額計占前 10 名中的 4 項、以銷量計占前 10 名中的 5 項。我們的 Main Stain 唇彩筆、Power Grip 玫瑰水定妝噴霧、奶霜腮紅與修容雙頭刷、Sheer For It 腮紅染色液，以及 Thirst Burst 護唇療癒產品，都深受消費者青睞。

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In parallel, as we spoke about last quarter, we have fast tracked additional innovation our community has been asking for. We aim to have these products in market before the holidays.

同時，如同我們上季所提，我們已加速推進社群一直期待的更多創新。我們目標是在假期旺季前讓這些產品上市。

Third, disruptive marketing. We're leaning into our disruptive marketing engine to fuel e.l.f.'s brand awareness and deepen the connection we have with our community. We have a track record of delivering marketing ROIs multiples above industry benchmarks, growing e.l.f.'s unaided awareness from 13% to 45% in just a few years and becoming the most purchased brand among Gen Z, Gen Alpha, and millennials.

第三，顛覆式行銷。我們正加大運用顛覆式行銷引擎，以提升 e.l.f. 的品牌知名度，並深化我們與社群之間的連結。我們過往的紀錄顯示，行銷投資報酬率（ROI）可達到遠高於產業基準的倍數；在短短幾年內，e.l.f. 的非提示品牌知名度從 13% 提升至 45%，並成為 Z 世代、Alpha 世代與千禧世代購買最多的品牌。

Today, e.l.f. Cosmetics is purchased by approximately one in three women in the US, which means two-thirds of the market is still ours to reach.

目前，在美國大約每三位女性就有一位會購買 e.l.f. Cosmetics，這意味著市場中仍有三分之二是我們尚待觸及的。

In Q1, we received approximately $50 million of IEEPA tariff refunds. We plan to fully reinvest these funds in our business this year, largely through a combination of the pricing actions I spoke about and increased marketing investment to support key innovation and delight our community. We believe this reinvestment approach is the right one. It supports our brands, strengthens our competitive positioning, and sets us up for long-term growth.

第一季，我們收到約 5,000 萬美元的 IEEPA 關稅退稅款。我們計畫在今年將這些資金全數再投資於業務，主要透過我剛才提到的定價措施，以及增加行銷投資，以支持關鍵創新並讓我們的社群感到驚喜。我們相信這樣的再投資方式是正確的。這將支持我們的品牌、強化競爭定位，並為長期成長奠定基礎。

Fourth, international expansion. Over the last five years, we've doubled our international penetration to 21% of our net sales. With legacy beauty peers having over 70% of their sales outside the US, we see a clear runway for growth. In fiscal '27, we're focusing on growing share for the e.l.f. brand in our largest markets: the UK, Canada, and Germany by activating our marketing engine and extending our brand reach.

第四，國際擴張。在過去五年中，我們的國際滲透率已翻倍，達到淨銷售額的 21%。相較之下，傳統美妝同業有超過 70% 的銷售額來自美國以外市場，我們清楚看到成長的長跑道。在 27 財年，我們將聚焦於在最大市場——英國、加拿大與德國——透過啟動行銷引擎並擴大品牌觸及，提升 e.l.f. 品牌的市佔率。

To that end, we're excited to announce that we'll be expanding our presence in Boots, the UK's leading destination for beauty in the fall of this year.

為此，我們很高興宣布，今年秋季我們將擴大在 Boots（英國首屈一指的美妝通路）的布局。

We also plan to selectively seed the e.l.f. brand in new markets and capitalize on the growing global demand we see from our community. This fall, we're excited to launch e.l.f. with Sephora in Brazil, the world's third largest cosmetics market. With this launch, we're furthering our presence in Latin America and build upon the number one cosmetics brand ranking we've achieved with Sephora in Mexico.

我們也計畫在新市場有選擇性地導入 e.l.f. 品牌，並把握我們從社群所觀察到的全球需求成長。今年秋季，我們很高興將與 Sephora 在巴西推出 e.l.f.，巴西是全球第三大彩妝市場。透過此次上市，我們將進一步擴大在拉丁美洲的布局，並延續我們在墨西哥與 Sephora 合作所取得的「第一名彩妝品牌」排名成果。

Fifth, category adjacencies. e.l.f. is a highly elastic brand as demonstrated by our success in cosmetics and skin care. With e.l.f. SKIN, we've applied the same innovation playbook that fueled e.l.f. Cosmetics, taking inspiration from our community and the best products in prestige, then bringing those innovations to market at extraordinary value with our signature e.l.f. twist.

第五，品類相鄰延伸。e.l.f. 是一個高度具延展性的品牌，這點已由我們在彩妝與護膚的成功所證明。透過 e.l.f. SKIN，我們套用推動 e.l.f. Cosmetics 成長的同一套創新打法：從社群與高端（prestige）最佳產品汲取靈感，並以卓越的價值、搭配我們標誌性的 e.l.f. 風格，將這些創新推向市場。

It's working. In just a few years, e.l.f. SKIN has risen to the number 11 mass skin care brand in the US. Yet we hold only a 2% share of the mass skin care category, compared to the number one brand at 13%, illustrating the significant runway ahead of us. This fall, we're excited to launch e.l.f. SKIN at Dollar General, meaningfully expanding our reach and building on the success we've achieved in cosmetics.

這套策略正在奏效。短短幾年內，e.l.f. SKIN 已躍升為美國大眾市場（mass）護膚品類第 11 大品牌。然而，我們在大眾護膚品類的市佔率僅 2%，相較之下第一名品牌為 13%，顯示我們前方仍有顯著的成長長跑道。今年秋季，我們很高興將在 Dollar General 上市 e.l.f. SKIN，將大幅擴大觸及範圍，並延續我們在彩妝領域所取得的成功。

Looking beyond cosmetics and skin care, our community continues to request e.l.f. enter other categories. with over 75% purchase intent for haircare. We answered the call in June with the launch of e.l.f. Hair, a curated six product assortment, all priced at $10 or less.

放眼彩妝與護膚之外，我們的社群持續希望 e.l.f. 進入其他品類，其中對護髮品類的購買意願超過 75%。我們在 6 月回應了這項呼聲，推出 e.l.f. Hair——精選 6 款產品的組合，全部定價為 10 美元或以下。

Entering hair care represents a strategically important expansion into a large, growing, and highly complementary beauty category. Hair care is an approximately $17 billion category in the US, growing faster than both cosmetics and skin care. e.l.f. Hair debuted on TikTok Shop, fueling discovery and excitement, followed by an exclusive nationwide launch with Target.

進軍護髮代表一項策略上重要的擴張，切入一個規模龐大、成長快速且與現有美妝品類高度互補的市場。護髮在美國約為 170 億美元的品類，成長速度快於彩妝與護膚。e.l.f. Hair 先在 TikTok Shop 首發，帶動探索與熱度，隨後與 Target 進行全美獨家上市。

We supported the launch with our buzzy What the h.e.l.f.? campaign.

我們以話題十足的 What the h.e.l.f.?行銷活動支持此次上市。

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We're excited by the early results, with nearly half of e.l.f. Hair purchasers new to the e.l.f. brand. We plan to nurture e.l.f. Hair with Target as we see it having similar potential to e.l.f. SKIN over time.

我們對早期成果感到振奮，e.l.f. Hair 的購買者中近一半是 e.l.f. 品牌的新客。我們計畫與 Target 一起持續培育 e.l.f. Hair，因為我們認為隨著時間推進，它具備與 e.l.f. SKIN 類似的潛力。

Turning to Naturium. Naturium's remarkable growth is fueled by its clinically effective biocompatible skin care products. In Q1, Naturium unveiled Grow Better Together, a new brand campaign celebrating the people, relationships, and rituals behind its best-selling Glow Getter collection.

接著談 Naturium。Naturium 的亮眼成長，來自其臨床有效、具生物相容性的護膚產品。在第一季，Naturium 推出 Grow Better Together 全新品牌活動，致敬其暢銷 Glow Getter 系列背後的人、關係與儀式感。

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We're excited on Naturium's runway for growth. both in the US and internationally. Since launching with Sephora in Australia and New Zealand last October, Naturium has already achieved the number one ranking in body, a testament to the brand's global appeal and the power of our go-to-market approach. Building on that momentum, we're thrilled to announce that Naturium will be launching with Sephora in Canada and Mexico this fall.

我們對 Naturium 的成長長跑道感到振奮，無論在美國或國際市場皆然。自去年 10 月與 Sephora 在澳洲與紐西蘭上市以來，Naturium 已在身體護理（body）品類取得第一名排名，這證明了品牌的全球吸引力，以及我們上市策略（go-to-market approach）的威力。延續這股動能，我們很高興宣布 Naturium 將於今年秋季與 Sephora 在加拿大與墨西哥上市。

Finally, rhode. rhode's growth continues to be exceptional. The combination of rhode's curated product assortment and powerful consumer engagement model has translated into record-setting consumer demand. In the last year alone, we executed record-breaking launches with Sephora in North America and the UK and with MECCA in Australia and New Zealand, achieving the number one beauty brand ranking in both retailers.

最後是 rhode。rhode 的成長依然非常出色。rhode 精選的產品組合與強大的消費者互動模式相結合，轉化為破紀錄的消費者需求。僅在過去一年，我們在北美與英國與 Sephora、以及在澳洲與紐西蘭與 MECCA，執行了破紀錄的上市活動，並在兩家零售商皆取得第一名美妝品牌排名。

As great as these results are, rhode is in less than 20% of Sephora stores globally. That's why we're excited to launch rhode this September with Sephora in Europe across 19 countries. What gives us further confidence in the durability of rhode's growth is that each new class of innovation continues to build, underscoring the power of the brand and the strength of repeat purchases.

儘管成果亮眼，rhode 目前在全球 Sephora 門市的覆蓋率仍不到 20%。因此，我們很高興將於今年 9 月在歐洲 19 個國家與 Sephora 上市 rhode。讓我們對 rhode 成長韌性更有信心的是，每一波新的創新都持續累積動能，凸顯品牌的力量以及回購的強勁。

rhode's latest summer product launch drove $27 million of DTC sales in a single day. Yes, $27 million of sales on rhodeskin.com in a single day. We acquired 90,000 new consumers that day while also seeing strong repeat purchases with over 70% of sales coming from existing consumers.

rhode 最新的夏季新品上市，在單日帶動 DTC 銷售達 2,700 萬美元。沒錯，rhodeskin.com 單日銷售額達 2,700 萬美元。當天我們新增 90,000 名新消費者，同時也看到強勁回購，超過 70% 的銷售來自既有消費者。

rhode Summer Station tour further amplified the launch with a series of high-impact experiential pop-ups, reinforcing its cultural relevance and nurturing its growing community of fans.

rhode Summer Station 巡迴也透過一系列高影響力的沉浸式快閃活動進一步放大此次上市，強化其文化相關性，並培育日益壯大的粉絲社群。

In summary, I feel great about our strong start to fiscal '27 and I'm excited about where we're headed. I'm so proud of our passionate team of owners who have delivered consistent industry-leading results. As we look ahead, I believe we are well positioned for continued growth across our portfolio of disruptive brands that are winning with the next generation of consumers. We have a proven strategy, a track record to be proud of, and major white space ahead of us, and we're just getting started.

總結來說，我對 27 財年的強勁開局感到非常振奮，也對我們的前進方向充滿期待。我為這支充滿熱情、具主人翁精神的團隊感到無比自豪，他們持續交出業界領先的成果。展望未來，我相信我們在一系列顛覆性品牌的組合上已具備良好定位，這些品牌正贏得新世代消費者的青睞，將帶動持續成長。我們有經驗證的策略、值得自豪的績效紀錄，前方仍有大量未開發空間，而我們才正要開始。

I'll now turn the call over to Mandy to discuss our first quarter results and raised outlook for fiscal '27.

接下來我把電話會議交給 Mandy，請她說明我們第一季的業績，以及我們上調的 27 財年展望。

Thank you, Tarang. Q1 net sales grew 36% year over year. Organic net sales, excluding rhode, were largely in line with the high single-digit decline we outlooked as we lapped a busy shipping period last year as we prepared for our ERP cutover in Q2 and as we cycled the launch of e.l.f.'s Glow Reviver Melting Lip Balms. rhode outperformed our expectations in the quarter, contributing approximately $160 million in net sales, driven by strong retail demand and a record-breaking summer innovation launch on rhodeskin.com.

謝謝你，Tarang。第一季淨銷售額年增 36%。若排除 rhode，有機淨銷售額大致符合我們先前預期的高個位數下滑，原因是我們在去年為第二季 ERP 切換做準備、出貨期較為繁忙，形成較高基期，同時也進入 e.l.f. Glow Reviver Melting Lip Balms 上市的比較基期。rhode 在本季表現優於預期，貢獻約 1.6 億美元淨銷售額，主要由強勁的零售需求，以及 rhodeskin.com 破紀錄的夏季創新新品上市所帶動。

US net sales grew 29% in Q1, while international net sales grew 61%. Pricing and product mix added approximately 39 percentage points to net sales growth in Q1 and while unit volumes were down approximately 3 percentage points.

第一季美國淨銷售額成長 29%，國際淨銷售額成長 61%。第一季價格與產品組合對淨銷售額成長貢獻約 39 個百分點，而銷量（unit volumes）約下滑 3 個百分點。

Q1 gross margin of 83% increased approximately 1,400 basis points compared to prior year. Approximately 1,050 basis points of that increase was driven by $50 million of IEEPA tariff refunds received in the quarter and flowing into COGS. Excluding this benefit, gross margin was still meaningfully higher year over year, up about 350 basis points, reflecting benefits from pricing and lower year-over-year tariff rates.

第一季毛利率為 83%，較去年同期提升約 1,400 個基點。其中約 1,050 個基點的提升，來自本季收到 5,000 萬美元 IEEPA 關稅退稅，並反映於銷貨成本（COGS）。排除該項利益後，毛利率仍顯著高於去年同期，約提升 350 個基點，反映價格效益以及年對年關稅稅率下降帶來的好處。

On an adjusted basis, SG&A as a percentage of sales, was 54% in Q1 as compared to 50% in Q1 last year. The primary driver was continued investments in team and infrastructure, along with investments in merchandising and distribution. Marketing and digital investment for the quarter was 22% of net sales, below our expectations due to timing of spend and flat to last year.

以調整後口徑計算，第一季 SG&A（銷售、一般及行政費用）占銷售額比重為 54%，相較去年第一季為 50%。主要驅動因素為持續投資於團隊與基礎建設，以及在商品陳列（merchandising）與配送（distribution）方面的投資。本季行銷與數位投資占淨銷售額 22%，因支出時點因素低於我們預期，且與去年持平。

Q1 adjusted EBITDA was $168 million, up 93% as compared to $87 million in Q1 last year. Excluding the impact of tariff refunds, our adjusted EBITDA was up 36% year over year. Adjusted net income in Q1 was $105 million, or $1.75 per diluted share compared to $51 million, or $0.89 per diluted share a year ago. The impact of tariff refunds was an approximately $40 million benefit to adjusted net income, or approximately $0.68 per diluted share.

第一季調整後 EBITDA 為 1.68 億美元，較去年第一季的 8,700 萬美元成長 93%。若排除關稅退稅的影響，我們的調整後 EBITDA 年增 36%。第一季調整後淨利為 1.05 億美元，或每股稀釋後盈餘 1.75 美元，相較一年前為 5,100 萬美元，或每股稀釋後盈餘 0.89 美元。關稅退稅對調整後淨利的影響約為 4,000 萬美元的利益，或每股稀釋後約 0.68 美元。

Moving to the balance sheet. We believe the strength of our balance sheet continues to position us well to execute our long-term strategic plans and invest in the growth of our business. We ended Q1 with $344 million in cash on hand compared to a cash balance of $170 million a year ago.

接著看資產負債表。我們認為資產負債表的強勁表現，持續讓我們具備良好條件以執行長期策略計畫並投資於業務成長。第一季結束時，我們手上現金為 3.44 億美元，相較一年前的現金餘額 1.70 億美元。

Note our June ending cash balance included $53 million in tariff refunds, inclusive of interest we received in the quarter. In Q1, we repurchased approximately $50 million of our outstanding common stock given the disconnect between e.l.f. Beauty's market valuation and the strength of our business fundamentals.

請注意，我們截至 6 月的期末現金餘額包含 5,300 萬美元的關稅退稅，並包含本季收到的利息。第一季，我們回購了約 5,000 萬美元的流通普通股，因為 e.l.f. Beauty 的市場估值與我們業務基本面強勁程度之間存在落差。

We expect our cash priorities to remain focused on investing in our business to support the runway for growth we see ahead. In fiscal 2027, as Tarang spoke about, we plan to reinvest the $50 million of tariff refunds we received, largely through a combination of lowered prices on a subset of our portfolio and increased marketing investment across our brands.

我們預期現金運用優先順序仍將聚焦於投資本業，以支撐我們所見的未來成長跑道。在 2027 會計年度，如 Tarang 所提到的，我們計畫將收到的 5,000 萬美元關稅退稅再投資，主要透過兩種方式的組合：下調我們產品組合中部分品項的價格，以及提高各品牌的行銷投資。

We also plan to invest behind technology including AI capabilities and Phase 2 of our SAP integration and working capital to support our brand expansions globally, particularly with rhode's launch into Europe. Additionally, we expect to use a portion of our cash to satisfy the first payment of the rhode earn-out later this year, given the brand's outperformance. Our liquidity position remains strong with less than 1.5 times net debt to adjusted EBITDA.

我們也計畫加碼投資科技，包括 AI 能力與 SAP 整合第二階段，以及營運資金，以支持我們品牌在全球的擴張，尤其是 rhode 進軍歐洲的上市。此外，鑑於該品牌表現超出預期，我們預期今年稍晚將使用部分現金支付 rhode 併購對價中的第一筆或有對價（earn-out）。我們的流動性部位仍然強勁，淨負債對調整後 EBITDA 倍數低於 1.5 倍。

Now let's turn to our updated outlook for fiscal '27. We are raising our outlook on both the top and bottom line. For the full year, we now expect net sales growth of approximately 18% to 20%, up from 12% to 14% previously, adjusted EBITDA between $401 million to $407 million, up from $379 million to $385 million previously.

接下來談我們更新後的 2027 會計年度展望。我們同時上調營收與獲利端的展望。就全年而言，我們目前預期淨銷售額成長約 18% 至 20%，高於先前的 12% 至 14%；調整後 EBITDA 介於 4.01 億至 4.07 億美元，高於先前的 3.79 億至 3.85 億美元。

Adjusted net income between $212 million to $215 million, up from $198 million to $201 million previously. And adjusted EPS of $3.50 to $3.55 per diluted share, up from $3.27 to $3.32 previously. We continue to expect our fiscal '27 adjusted tax rate to be approximately 25% to 26% and a fully diluted average share count of approximately 60.5 million shares.

調整後淨利介於 2.12 億至 2.15 億美元，高於先前的 1.98 億至 2.01 億美元。調整後 EPS（每股盈餘）為每股稀釋後 3.50 至 3.55 美元，高於先前的 3.27 至 3.32 美元。我們仍預期 2027 會計年度調整後有效稅率約為 25% 至 26%，完全稀釋後加權平均股數約為 6,050 萬股。

Let me provide you with additional color on our planning assumptions for fiscal '27. Starting with the top line. For the full year, we expect net sales growth of approximately 18% to 20% year over year, up from 12% to 14% previously. We expect rhode to contribute approximately 13 percentage points to net sales growth in fiscal '27, up from 9 percentage points previously for the four-month period until we annualize the acquisition in August.

我再補充一些 2027 會計年度規劃假設的細節。先從營收端開始。就全年而言，我們預期淨銷售額年增約 18% 至 20%，高於先前的 12% 至 14%。我們預期 rhode 在 2027 會計年度對淨銷售額成長貢獻約 13 個百分點，高於先前的 9 個百分點；先前係以截至 8 月完成併購滿一年（年化）前的四個月期間為基礎。

On an organic basis, we expect to deliver 6% to 7% net sales growth in fiscal '27, up from 4% to 5% previously. Our outlook implies 10% to 12% organic net sales growth for the balance of the year, up from 7% to 9% previously. This improved outlook reflects our expectation that all brands in our portfolio grow for the balance of the year.

以有機成長（organic）計算，我們預期 2027 會計年度可達成 6% 至 7% 的淨銷售額成長，高於先前的 4% 至 5%。我們的展望意味著今年剩餘期間有機淨銷售額成長為 10% 至 12%，高於先前的 7% 至 9%。此一上修反映我們預期產品組合中的所有品牌在今年剩餘期間都將成長。

Looking to Q2, we expect to deliver total net sales growth in the mid-30%s. This is better than our prior outlook on both a total and organic basis, supported by improving trends on e.l.f., cycling a period where we stopped e.l.f. brand shipments on orders that did not reflect last year's price increase, and pipeline shipments for rhode's launch with Sephora in Europe.

展望第二季，我們預期總淨銷售額成長落在 30% 中段。這在總體與有機基礎上都優於我們先前的展望，主要受以下因素支撐：e.l.f. 的趨勢改善、去年我們曾在一段期間停止對未反映去年漲價的訂單出貨（如今已進入比較基期），以及 rhode 在歐洲於 Sephora 上市的管線出貨（pipeline shipments）。

From a profitability perspective, we now expect adjusted EBITDA of $401 million to $407 million in fiscal '27, growing 20% to 21% year over year, up from the $379 million to $385 million or 13% to 15% growth previously.

就獲利能力而言，我們目前預期 2027 會計年度調整後 EBITDA 為 4.01 億至 4.07 億美元，年增 20% 至 21%，高於先前預期的 3.79 億至 3.85 億美元（年增 13% 至 15%）。

As I discussed earlier, our outlook assumes that we will fully reinvest the $50 million of tariff refunds we received this quarter, largely through a combination of lowered prices on a subset of our portfolio and increased marketing investment across our brands.

如我先前所述，我們的展望假設將本季收到的 5,000 萬美元關稅退稅全數再投資，主要透過下調產品組合中部分品項價格，以及提高各品牌的行銷投資之組合來進行。

We expect gross margin in fiscal '27 to be up approximately 200 basis points year over year as compared to our outlook for about flat previously, largely driven by the upside we saw in Q1. Excluding tariff refunds, our fiscal '27 outlook remains unchanged at approximately flat gross margin year over year.

我們預期 2027 會計年度毛利率將較去年提升約 200 個基點；相較之下，我們先前的展望約為持平，主要由第一季所見的上行表現所帶動。若排除關稅退稅，我們對 2027 會計年度的展望維持不變，毛利率約為年對年持平。

As a reminder, we expect gross margin benefits from lower year-over-year tariff rates and price increases, particularly in the first half of our fiscal year to offset by mix as rhode continues to transition further into retail.

提醒一下，我們預期毛利率將受惠於年對年較低的關稅稅率與價格調整（漲價），尤其在本會計年度上半年；但隨著 rhode 持續進一步轉向零售通路，產品組合（mix）將形成抵銷。

We expect marketing and digital spend as a percent of net sales for the full year to be at the high end of our previous 23% to 25% range. As we look to the balance of the year, marketing and digital is planned to track ahead of that range given the underspend in Q1.

我們預期全年行銷與數位支出占淨銷售額比重將落在先前 23% 至 25% 區間的高端。展望今年剩餘期間，鑑於第一季支出低於規劃，行銷與數位支出預計將高於該區間的走勢。

Our outlook implies mid-teens adjusted EBITDA margins for the balance of the year, given the timing of our reinvestment spending. The tariff refund benefit was captured in Q1 and we'll be reinvesting that over the balance of the year to an expected net zero adjusted EBITDA impact on the full year. For the full year, we continue to expect adjusted EBITDA margins of approximately 21%, up 20 basis points year over year.

我們的展望意味著今年剩餘期間調整後 EBITDA 利潤率將落在 10% 中段，主要因再投資支出的時點安排。關稅退稅的利益已在第一季反映，而我們將在今年剩餘期間把該筆利益再投資回去，預期對全年調整後 EBITDA 的淨影響為零。就全年而言，我們仍預期調整後 EBITDA 利潤率約為 21%，年對年提升 20 個基點。

In summary, Q1 marked our 30th consecutive quarter of net sales growth, a testament to the durability of our model and the power of our brand portfolio. We are taking targeted actions to strengthen the e.l.f. brand while continuing to invest behind all of our brands. We remain confident in the strength of our fundamentals and excited about the opportunity ahead.

總結來說，第一季是我們連續第 30 個季度淨銷售額成長，這證明了我們商業模式的韌性以及品牌組合的力量。我們正採取具針對性的行動以強化 e.l.f. 品牌，同時持續投資於我們所有品牌。我們對基本面實力仍具信心，並對前方機會感到振奮。

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

接下來，接線員，您可以開放提問。

(Operator Instructions) Olivia Tong, Raymond James.

(接線員指示) Olivia Tong，Raymond James。

Great. Thanks and good afternoon. With the price adjustments that you've now implemented, can you talk about what you've seen over the last few weeks generating more trial? Is it bringing certain consumers back? And what you're assuming with the guide in terms of new shelf space? And then also how you think about the offsets to minimize the margin impact of the change on the products where the price reductions will be permanent?

很好。謝謝，午安。針對你們目前已實施的價格調整，能否談談過去幾週你們觀察到哪些情況帶動了更多試用（trial）？是否讓某些消費者回流？另外，在財測指引中，你們對新增貨架空間（new shelf space）的假設是什麼？再者，對於那些價格下調將成為永久性的產品，你們如何看待可用來抵銷、以將毛利率影響降到最低的措施？

And then secondly, on rhode, fantastic performance. It's now been about a year since it was acquired. So perhaps, can you talk about some of the key capabilities that rhode has brought to e.l.f. the company and what e.l.f. the company has brought to rhode? What do you think are the biggest unlock and what do you think is the right pace for further geographic expansion? Thank you.

第二點，關於 rhode，表現非常出色。距離收購完成現在大約已經一年。因此也許你們可以談談 rhode 為 e.l.f. 這家公司帶來的一些關鍵能力，以及 e.l.f. 這家公司為 rhode 帶來了什麼？你們認為最大的解鎖點（unlock）是什麼？以及你們認為進一步地理擴張的合適節奏為何？謝謝。

Hi, Olivia, this is Tarang. So first on the pricing adjustments, I feel great about the work the team has done on our price discovery. As you recall, last August, we took our prices up $1 in response to tariffs and inflationary pressures. Overall pricing action was successful. We grew dollars in the process, but we did see a degradation in units.

嗨，Olivia，我是Tarang。首先談到定價調整，我對團隊在我們的價格探索（price discovery）上所做的工作感到非常滿意。如你所記得，去年8月，我們因應關稅與通膨壓力將價格上調了1美元。整體的定價行動是成功的。我們在過程中帶動了營收金額成長，但確實也看到銷量（件數）有所下滑。

So the objective of our price discovery test was to see how can we further drive unit momentum. What started with a single item, we expanded to the majority of e.l.f. SKUs. And what we found through the price discovery test is two things. First, 90% of our SKUs were priced appropriately. e.l.f. has pricing power and continues to deliver an extraordinary value every day.

因此，我們進行價格探索測試的目標，是要看看如何進一步推動銷量動能。一開始從單一品項著手，後來我們擴大到e.l.f.大多數的SKU。而我們從價格探索測試中發現兩件事。第一，90%的SKU定價是適當的。e.l.f.具備定價能力，並且每天持續提供非凡的價值。

Second, we did identify about 10% of our SKUs that by maintaining the lower price, we could drive significant unit momentum. And so we're going to keep that 10% at the lower pricing, while the other items go back to the original pre-price levels.

第二，我們確實辨識出約10%的SKU，只要維持較低價格，就能帶動顯著的銷量動能。因此，我們會讓這10%維持較低定價，而其他品項則回到原先調價前的價格水準。

And what we found, obviously, you've seen in some of the scanner data and improvement in overall trends, both in dollars as well as units. So I feel really good about the pricing action.

而我們所看到的結果，顯然你也在部分掃描數據中看到了——整體趨勢有所改善，無論是營收金額還是銷量（件數）。所以我對這次定價行動感到非常有信心。

And then on -- in terms of the long-term offsets on that pricing action, the good news is the 10% of SKUs that we did see higher unit momentum, we actually believe we can grow gross profit dollars over time through that pricing action. That's how strong the unit movements were on that 10% of items.

接著談到——就這次定價行動的長期抵銷效果而言，好消息是：那10%我們看到銷量動能更高的SKU，我們其實相信，隨著時間推進，透過這項定價行動我們能讓毛利金額成長。因為那10%品項的銷量提升幅度非常強勁。

So we'll invest in both places, both reinforcing our value proposition, offering a superior value every day and identifying things that we can do to further drive unit momentum.

因此我們會在兩個面向都進行投資：一方面強化我們的價值主張、每天提供更優越的價值；另一方面也找出我們還能做什麼來進一步推動銷量動能。

And then on your second question on rhode, rhode is just a phenomenal brand. I've been in the consumer space 35 years, and it's probably one of the most special brands I've ever seen. What rhode brought to e.l.f., obviously, is tremendous growth bringing more consumers into e.l.f. Beauty.

再來談你第二個關於rhode的問題，rhode真的是一個非常出色的品牌。我在消費品領域35年了，這可能是我見過最特別的品牌之一。rhode為e.l.f.帶來的，顯然是非常可觀的成長，讓更多消費者進入e.l.f. Beauty。

We've had just a tremendous amount of success. Our launch is into Sephora in North America, in the UK, MECCA in Australia, New Zealand. We saw record-breaking results in terms of the launch, but we've maintained the number one ranking in both those retailers. So I'm particularly excited about the upcoming expansion that we see.

我們取得了非常巨大的成功。我們在北美的Sephora、英國，以及澳洲、紐西蘭的MECCA進行上市。就上市表現而言，我們看到破紀錄的成果，而且在這兩家零售商我們都維持第一名的排名。因此我對接下來我們看到的擴張非常興奮。

In addition, rhode very much fits the culture of e.l.f. from the team, all the way to our approach in terms of how we engage consumers, including the strength of innovation. I mentioned in the prepared remarks, the summer of rhode launch that we did in terms of our innovation anchored by our Highlight Milk and the Pocket Bronzers. They did $27 million of sales in one day on rhodeskin.com.

此外，rhode從團隊到文化都非常契合e.l.f.，一直到我們與消費者互動的方式，包括創新實力。我在事先準備的講稿中提到，我們推出「rhode之夏」的創新上市活動，主打Highlight Milk與Pocket Bronzers。它們在rhodeskin.com單日就創造了2,700萬美元的銷售額。

And to put that in perspective, we often talk about Nielsen tracking 1,800 cosmetics and skin care brands. rhode did in one day, more than 98% of those brands do an entire year. So there's just been a tremendous amount of momentum on rhode.

為了讓大家更有概念，我們常提到Nielsen追蹤1,800個彩妝與護膚品牌。rhode在一天之內做到的銷售額，超過其中98%的品牌一整年能做到的。所以rhode的動能非常強勁。

And I'd say, in terms of what e.l.f. Beauty brings to rhode in terms of our capabilities, certainly, that expansion ability of executing with excellence, our launch of the Sephora and MECCA, the upcoming launch we have with Sephora all through in the 19 countries in Europe certainly leverages our entire distribution network.

而我想，就e.l.f. Beauty在能力面能為rhode帶來什麼而言，當然包括我們以卓越執行推動擴張的能力；我們在Sephora與MECCA的上市，以及即將在歐洲19個國家全面於Sephora上市，確實能運用我們完整的通路網絡。

I think there's a great deal of synergy when you think about our approach from a marketing standpoint, innovation standpoint, and overall team. And we've doubled the size of the rhode team in the one year that we've had that brand from about 50 people to over 100 people, really building the capabilities that we're known to be able to do.

當你從行銷、創新以及整體團隊的角度來看，我認為協同效益非常大。而且在我們擁有這個品牌的一年內，我們把rhode團隊規模加倍，從約50人增加到超過100人，真正建立起我們一向擅長打造的能力。

And the last thing I would say is we continue to build the awareness on the rhode brand. We're investing more in marketing, we're investing -- taking the tariff refunds and really investing across the entire portfolio of brands as successful as the rhode has been, unaided awareness on rhode is still in the high single digits. So we have a major opportunity to bring more consumers in.

最後我想說的是，我們會持續提升rhode品牌的知名度。我們會加大行銷投資；我們也會——把關稅退稅（tariff refunds）拿來，真正投入到整個品牌組合中。儘管rhode已經非常成功，但rhode的非提示知名度（unaided awareness）仍只有高個位數百分比。因此我們有很大的機會帶進更多消費者。

So it's just been the perfect acquisition on every front. And what makes me most proud is just the One Team, One Dream philosophy that that team and the entire e.l.f. team buys into.

所以這在各個面向都堪稱一次完美的併購。而最讓我自豪的是，那個團隊以及整個e.l.f.團隊都認同並投入「One Team, One Dream」的理念。

And Olivia, this is Mandy. I think you also had a question on new shelf space included in the guidance. And just to recap what we talked about on the call, on e.l.f., we're getting expanded space in Boots in the UK, Dollar General with our e.l.f. SKIN, and also going to Sephora in Brazil on e.l.f.. And then on Naturium, we have Sephora Canada and Mexico, and Tarang just spoke to you about the expansion on rhode in 19 countries in Europe.

Olivia，我是Mandy。我想你也問到指引中是否包含新增的貨架空間。簡單回顧我們在電話會議中談到的內容：就e.l.f.而言，我們在英國Boots會獲得更大的陳列空間；在Dollar General會擴大我們的e.l.f. SKIN；另外e.l.f.也將進入巴西的Sephora。至於Naturium，我們會進入Sephora加拿大與墨西哥；而Tarang剛剛也提到rhode在歐洲19個國家的擴張。

Anna Lizzul, Bank of America.

Anna Lizzul，美國銀行。

Hi. Good afternoon. Thank you so much for the question. Mandy, I wanted to touch on the guidance here. We certainly appreciate the big beat in fiscal Q1 as well as the guidance raise, but the raise does get eaten up a bit by the beat. So I was wondering if you could talk about your decision to only raise by this amount, given the momentum that you're seeing across the business and, in particular, on rhode.

嗨。下午好。非常感謝讓我提問。Mandy，我想談一下這裡的財測指引。我們當然很肯定你們在會計年度Q1的大幅超預期（big beat）以及上調指引，但上調幅度有一部分被超預期的表現抵消了。所以我想請你談談，在你們看到整體業務、尤其是rhode的動能之下，為什麼只上調到這個幅度？

And then secondly, I was wondering if you could talk about your entry into the hair category. Where do you see this sitting on the shelf, ultimately? Is this introduced initially in the cosmetic aisle like you did for e.l.f. SKIN? Do you see a possibility for breakout further along? Thank you.

第二，我想請你談談你們切入美髮品類。你們最終認為它會擺在貨架上的哪個位置？是否會像你們當初推出e.l.f.SKIN那樣，先在彩妝走道導入？你們是否認為後續有機會進一步獨立成長、形成突破？謝謝。

Hi, Anna. I'll take that first question on the guidance. One, I just have to say, I'm just so proud of this team and what we've been able to deliver in Q1, 36% net sales growth, 93% growth in adjusted EBITDA. It's fantastic. And even with the tariff refund, if we exclude that from our Q1 results, our -- we still would have been up 36% on adjusted EBITDA in the quarter. So very strong results overall.

嗨，Anna。我先回答第一個關於指引的問題。第一，我必須說，我對這個團隊以及我們在Q1所交出的成果感到非常自豪：淨銷售成長36%，調整後EBITDA成長93%。這非常出色。而且即使把關稅退稅排除在Q1結果之外，我們——本季調整後EBITDA仍會成長36%。所以整體結果非常強勁。

In terms of the raise, the very strong raise as well. We're going from 12% to 14% net sales growth to 18% to 20% on our outlook. And then on the adjusted EBITDA side, going from $385 million on the top end last time around, up to $401 million to $407 million in adjusted EBITDA. That's 21% growth in adjusted EBITDA on the top line -- on adjusted EBITDA overall.

至於上調幅度，本次上調也非常有力。我們的展望從原先淨銷售成長12%到14%，上調至18%到20%。而在調整後EBITDA方面，從上次最高端的3.85億美元，上調至4.01億到4.07億美元的調整後EBITDA。以調整後EBITDA整體來看，這代表最高端為21%的調整後EBITDA成長。

So $100 million nearly raised on top line, $22 million on adjusted EBITDA, I think is very strong, first quarter out. And so we're feeling great about the beat and the raise that we've been able to flow through this time around.

因此，營收端幾乎上調了 1 億美元，調整後 EBITDA 上調了 2,200 萬美元，我認為這非常強勁，第一季才剛結束。所以我們對這次能夠實現超預期並上調指引感到非常振奮。

And maybe just to touch on adjusted EBITDA a little bit more, just a double click. I just want to make sure everybody is tracking with me. So we got the $50 million of tariff refunds in Q1, but we are not able to reinvest really any of that in Q1 just given the timing of when that came in.

另外也許再多談一點調整後 EBITDA，稍微深入一下。我只是想確保大家都跟得上我的思路。所以我們在第一季拿到了 5,000 萬美元的關稅退稅，但由於款項進來的時間點，我們在第一季實際上無法把其中任何部分再投資出去。

So you're going to see that $50 million reinvested Q2 through Q4, netting to zero on the year. So if you put the tariff refund aside and think about the raise on the year from an adjusted EBITDA standpoint, that's really driven by the core business, not by the tariff refund. We plan to spend all of that back.

因此你會看到這 5,000 萬美元在第二季到第四季被再投資，全年淨額為零。所以如果把關稅退稅先放一邊，從調整後 EBITDA 的角度來看我們全年上調的部分，實際上是由核心業務驅動，而不是由關稅退稅帶來的。我們計畫把這筆錢全部花回去。

And so again, just coming back to a 21% growth on adjusted EBITDA is our projection for the year, which we believe is quite strong.

因此再重申一次，我們對今年調整後 EBITDA 的預測是成長 21%，我們認為這相當強勁。

Hi, Anna, this is Tarang. I'll take your second question on e.l.f. Hair. We're extremely excited. It's a meaningful strategic adjacency for us. Hair care in the US alone is a $17 billion category growing faster than cosmetics and skin care. And it's a category, frankly, our community has been asking for for a long time, about 75% intention behind -- purchase intention behind hair, and it's done the e.l.f. way. So I'll use the analogy of e.l.f. SKIN, where, we can take that same model that e.l.f. is known for, which is taking inspiration from prestige, putting our e.l.f. twist on, and introducing in an incredible value.

嗨，Anna，我是 Tarang。我來回答你第二個關於 e.l.f. Hair 的問題。我們非常興奮。這對我們而言是一個重要的策略性相鄰品類。僅美國的護髮就是一個 170 億美元的品類，成長速度快於彩妝與護膚。而且坦白說，這也是我們社群長期以來一直在要求的品類，大約有 75% 的購買意向集中在頭髮相關——而且是以 e.l.f. 的方式來做。我會用 e.l.f. SKIN 來類比：我們可以把 e.l.f. 一直以來擅長的同一套模式帶到這裡，也就是從高端品牌汲取靈感、加入我們的 e.l.f. 風格，並以極具價值的價格推出。

So e.l.f. Hair starts with six-product curated lineup that all have prestige equivalents but priced $10 or less. We've seen 99% positive consumer intention behind it. We're well ahead of our expectations. This is a launch that we are launching exclusive with Target, similar to our approach that we first started and e.l.f. SKIN to help nurture the brand.

因此 e.l.f. Hair 以 6 款精選產品的組合起步，每一款都有對應的高端替代品，但定價為 10 美元或以下。我們看到消費者意向有 99% 的正向回饋。表現遠超我們的預期。這次上市我們與 Target 進行獨家合作，類似我們當初在 e.l.f. SKIN 的做法，以協助培育品牌。

We and Target are extremely excited. And we believe this could be a really big category for us in the future, similar to what we've been able to do with e.l.f. SKIN. So again, really off to a really strong start on hair and very bullish on its future.

我們和 Target 都非常興奮。我們相信，未來這可能會成為我們非常大的品類，就像我們在 e.l.f.SKIN 上所做到的一樣。所以再次強調，護髮一開始就非常強勁，我們也非常看好它的未來。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

Hi. Thanks for taking my question. I'm curious if you could give some color just on the e.l.f. brand performance in the international markets, particularly UK and Germany? I guess, have you seen any improvement there?

嗨。謝謝讓我提問。我想了解一下 e.l.f. 品牌在國際市場的表現，特別是英國和德國，能否提供一些細節？我想問的是，你們在那邊有看到任何改善嗎？

And then also, just back to the price investments, it sounds like the initial 10% you really saw the biggest move. And so curious, the rest of the price investments, if you really just didn't see that much elasticity, which is why you're raising it back. Thanks.

另外再回到價格投資，聽起來一開始那 10% 你們確實看到最大的變化。所以我也好奇，其餘的價格投資是否其實沒有看到太多需求彈性，因此你們才把價格再調回去。謝謝。

Hi, Susan, this is Tarang. I would say we're seeing meaningful improvement on the e.l.f. brand internationally in the UK and Germany. I'll start with Germany. As you recall, our results were weighed down by lapping the massive launch we have with Rossmann, Germany. We've now introduced the brand with dm in Germany, and we've seen a major turn in that market to a very strong positive growth.

嗨，Susan，我是 Tarang。我會說我們在英國與德國的 e.l.f. 品牌國際業務確實看到顯著改善。我先從德國開始。如你所記得，我們的結果受到與德國 Rossmann 大規模上市所形成的高基期影響。我們現在已在德國透過 dm 導入品牌，並且看到該市場出現重大轉折，回到非常強勁的正成長。

UK, similarly. We had pretty negative trends. It was a very promotional environment. We weren't participating in a lot of those promotions. We've now turned on our awareness building and marketing activities in that market and have also seen a major improvement in that market. In addition to show the confidence how retailers have in us, we have a pretty big expansion coming with Boots this fall.

英國也類似。我們之前的趨勢相當負面。當時促銷環境非常激烈。我們並沒有參與很多那類促銷。我們現在已在該市場啟動提升知名度與行銷活動，也看到該市場有顯著改善。另外，為了展現零售商對我們的信心，今年秋天我們將與 Boots 進行相當大規模的擴張。

So I feel really good about the progress in both of those markets as well as continue to see the brand in new markets. Very excited about the launch we have coming up with Sephora in Brazil. It's the third largest cosmetics market in the world, and we've had long pent-up demand for e.l.f. in that market. They're really, really pleased to bring it there.

因此我對這兩個市場的進展感到非常樂觀，同時也持續看到品牌進入新的市場。我們也非常期待即將與 Sephora 在巴西的上市。巴西是全球第三大彩妝市場，而 e.l.f. 在那個市場長期存在被壓抑的需求。他們非常、非常高興能把品牌帶到那裡。

So making good progress on international, not just only on e.l.f., but really across the portfolio, Naturium and rhode as well.

所以國際業務進展良好，不僅是 e.l.f.，其實整個產品組合也都在推進，包括 Naturium 和 rhode。

And on the price investments -- I'm sorry, just to answer Susan's question on the price investments. Look, what we saw, as Tarang talked about, 90% of our portfolio on e.l.f., we feel is appropriately priced. While we saw unit improvement on some of those items, it just was not enough to justify the investment that was being made there.

至於價格投資——抱歉，我來回答 Susan 關於價格投資的問題。你看，正如 Tarang 提到的，我們認為 e.l.f. 產品組合中有 90% 的定價是合適的。雖然我們在其中一些品項上看到銷量（件數）改善，但幅度不足以合理化我們在那裡所投入的成本。

The team is very thoughtful about what we want to do as we move forward and that 10% was really identified can move units we expect sales and gross profit. And so really, we think that those -- that subset of SKUs is the right set to remain at the lower price point.

團隊對於未來要怎麼做非常審慎，而那 10% 的品項確實被辨識出能帶動件數，我們預期也能帶動銷售與毛利。因此我們認為，那一小部分 SKU 是應該維持在較低價位的正確組合。

Cristian Rios, Bernstein.

Cristian Rios，Bernstein。

Hi. Thanks for taking the question. I wanted to understand a little more what's your channel strategy for hair care? Where exactly is being sold now? And do you have a roadmap with milestones for expansion across your acquisition of channels? How are you going to be thinking about expanding to new doors over the next couple of years?

嗨。謝謝讓我提問。我想更了解你們護髮的通路策略是什麼？目前具體是在哪裡銷售？以及你們是否有一個路線圖與里程碑，來推動在你們既有通路版圖上的擴張？未來幾年你們會如何思考擴展到更多門店（doors）？

And then two, just a modeling question. I understand that the tariffs were reinvested. I wanted to understand if we should think about those reinvestments as one-time, too? Or will they become a headwind next year when you don't have the refunds on the margin? Thank you so much.

第二個是模型上的問題。我理解關稅退稅已被再投資。我想了解我們是否應該把這些再投資也視為一次性？或者明年當你們沒有退稅挹注毛利率時，這些會不會變成逆風？非常感謝。

Hi, Chris, this is Tarang. I'll take the first question. On hair care, I would say I didn't answer the first question that was given in terms of where it is shelved. Hair care is going to be shelved in the hair care aisle. We have great placement in the hair care aisle with Target.

嗨，Chris，我是 Tarang。我先回答第一個問題。關於護髮，我想我剛剛沒有回答到第一個問題裡提到的陳列位置。護髮產品會陳列在護髮走道。我們在 Target 的護髮走道有很好的陳列位置。

In addition, we have incremental merchandising space as well to really bring hair care to life. And that will be our strategy going forward is hair care will be in the hair care aisle. And if you go into a Target, you can see the presentation there.

此外，我們也有額外的陳列與展示空間，來真正把護髮品類呈現得更完整。而我們未來的策略也會是：護髮產品將放在護髮走道。如果你走進一家 Target，你就能看到那裡的呈現方式。

From a channel standpoint, as I mentioned, we are exclusive with Target through this fiscal year, that's part of us nurturing, obviously, Target's our longest-standing national retail customer, very similar approach to what we took with e.l.f. SKIN. We started exclusively with Target and then expanded from there. And we would expect to do the same thing with e.l.f. Hair over time. But for this fiscal year, it will be a Target-exclusive, and we'll continue to nurture the brand with them.

從通路的角度來看，如我提到的，我們在本財政年度內與 Target 維持獨家合作，這也是我們培育品牌的一部分；很明顯地，Target 是我們合作最久的全國性零售客戶，做法與我們當初對 e.l.f.SKIN 的策略非常相似。我們一開始也是先在 Target 獨家上架，之後再向外擴展。我們也預期 e.l.f. Hair 隨時間推進會採取同樣的做法。但在本財政年度，它將是 Target 獨家，我們也會持續與他們一起培育這個品牌。

And then on your question on the reinvestment, we're -- Q2 through Q4, we're going to be investing that primarily behind marketing also with the pricing that we've been discussing today. And that is a one-time investment versus the $50 million is also a one-time inflow. And so as we get into fiscal '28, we'll work through that, but I would tell you we have a great track record of EBITDA growth over time. And so I just really wanted to put this money to work in this year as we are seeking to drive unit volumes and use that as a way to better connect with our communities. And so more to come as we get into fiscal '28.

接著針對你關於再投資的問題，我們——在 Q2 到 Q4 期間，將主要把這筆投資用在行銷上，也會搭配我們今天討論的定價策略。這是一筆一次性的投資，而這 5,000 萬美元同樣也是一次性的流入。因此當我們進入 2028 財政年度時，我們會再逐步處理，但我想說的是，我們在 EBITDA 長期成長方面有很好的紀錄。所以我真的希望在今年把這筆資金投入運用，因為我們正尋求帶動單位銷量，並以此作為與我們社群建立更緊密連結的方式。等我們進入 2028 財政年度後，會有更多資訊。

And the only other thing I would add is we feel great about the investment in marketing. Our marketing is working. We've long had ROIs multiples above the industry benchmarks. You saw the level of awareness we've built with e.l.f. over time from 13% to 45%. Every single brand metric is extremely strong, and we're the number one brand amongst Gen Z, Gen Alpha, and millennials.

另外我想補充的是，我們對行銷投資感到非常有信心。我們的行銷正在發揮效果。長期以來，我們的投資報酬率（ROI）倍數一直高於產業基準。你也看到我們多年來為 e.l.f. 建立的品牌認知度，從 13% 提升到 45%。每一項品牌指標都非常強勁，而且我們在 Z 世代、Alpha 世代與千禧世代中都是第一名品牌。

So we feel great about that marketing investment, continue to double down on that, as well as put more marketing dollars against the growth we're seeing in Naturium and rhode. We have major opportunities even with the strong growth of both those brands to continue to bring more consumers into those franchises. So we feel these are the right investments, not only for right now, but to really set up our brands for the right trajectory long term.

因此我們對這項行銷投資感到很有把握，會持續加碼，同時也會把更多行銷預算投入到 Naturium 與 rhode 目前看到的成長上。即使這兩個品牌都已經有很強的成長，我們仍有重大機會持續把更多消費者帶進這些品牌體系。所以我們認為這些投資不僅對當下正確，也能真正讓我們的品牌在長期走在正確的成長軌道上。

Sydney Wagner, Jefferies.

Sydney Wagner，Jefferies。

Hi. Thanks for taking our question. Just one more on pricing. So the 10% of SKUs where maintaining the lower prices was justified with the additional unit growth. What characteristics did those products have in common and what were the learnings from the commonalities there? And then just curious how those translate into your thinking for the ex-US business.

嗨。謝謝讓我們提問。我再追問一個關於定價的問題。在那 10% 的 SKU 中，維持較低價格可由額外的單位成長來合理化。這些產品有哪些共同特徵？從這些共通點中得到哪些學習？另外也想了解，這些發現如何轉化為你們對美國以外業務的思考。

And then just maybe more broadly on the international strategy, it sounds like the core e.l.f. brand performance has stabilized in some of the key markets. How are you thinking about the cadence of new geographies and launches there for the core e.l.f. brand? Thank you.

再更廣泛地談國際策略，聽起來核心 e.l.f. 品牌在一些關鍵市場的表現已經趨於穩定。你們如何看待核心 e.l.f. 品牌在海外新市場與新品上市的節奏安排？謝謝。

So Sydney, one of the reasons why we did a very broad test is our hypothesis was we have a great value proposition, but let's really isolate the SKUs where we could see disproportionate unit movement. We talked last quarter about our skin tints, taking those from $18 to $14. Initially, we saw a 40% lift in units. More recently, spent between 60% to 80%. So it's really going after a targeted approach of finding those items were taking -- keeping the pricing lower would result in a disproportionate amount of unit movement.

Sydney，我們之所以做非常廣泛的測試，其中一個原因是，我們的假設是：我們有很強的價值主張，但我們想真正把那些能看到不成比例單位動能的 SKU 分離出來。我們上季提到過我們的 skin tints，把價格從 18 美元降到 14 美元。一開始我們看到單位數提升 40%。最近則提升到 60% 到 80% 之間。所以這其實是在採取更精準的方式，找出那些維持較低定價會帶來不成比例單位成長的品項。

And that really is what we saw. And it was across the line. There wasn't any particular segment. It wasn't just on our lowest priced items, it really depends on the particular item and its competitive set. And so that's why we went so broad to really discover what those specific items were and again, reinforce that 90% of our items were priced appropriately, and we continue to deliver a great value. And this overall action will strengthen our overall value proposition in the marketplace, which is what we're most known for. So we feel really great about that.

而這確實就是我們看到的結果。而且是橫跨整個產品線。並沒有特定的品類區隔。也不只是我們最低價的品項，這真的取決於特定品項及其競品組合。因此我們才做得這麼廣，去真正找出那些特定品項，同時再次印證我們有 90% 的品項定價是恰當的，而且我們持續提供很高的性價比。這項整體行動將強化我們在市場上的整體價值主張，而這正是我們最為人所知的。所以我們對此感到非常好。

And then in terms of how it translates internationally, we're using a similar approach internationally in terms of looking -- each market is different. We don't -- we're not doing the same level of broad price discovery, but we have identified certain items that we believe would drive higher unit movement, see some pricing actions there, but that's more limited in nature.

至於如何轉化到國際市場，我們在國際上也採取類似的方法來看——每個市場都不同。我們不會做同等程度的廣泛價格探索，但我們已辨識出某些我們認為能帶動更高單位動能的品項，並在那裡採取一些定價動作，但性質上更為有限。

And then from an international cadence standpoint, what I feel best about our international business is the strength of our portfolio internationally. If you take a look at rhode getting to 19 countries to Sephora in Europe, if I look at Naturium in Canada and Mexico with Sephora continued expansion of the markets.

再談國際節奏，我對我們國際業務最有信心的是我們在海外的產品組合強度。如果你看 rhode，在歐洲進入 Sephora 並拓展到 19 個國家；再看 Naturium，在加拿大與墨西哥透過 Sephora 持續擴張市場。

And then e.l.f., we talked about Sephora, we talked about doubling down in terms of our presence in the UK with Boots as well as other markets. So you're going to see a better balance from us going forward. I feel like we -- I think one of our learnings was we are opening up new markets pretty much every quarter. I think you're going to continue to see us open up new markets.

至於 e.l.f.，我們談到 Sephora，也談到在英國透過 Boots 以及其他市場加碼我們的佈局。所以你會看到我們未來會有更好的平衡。我覺得——我認為我們其中一個學習是，我們幾乎每一季都在開拓新市場。我想你會繼續看到我們開拓新市場。

But it came at the expense of the focus on our core markets. And I think we have a much better approach now of way making sure we're putting the full e.l.f. marketing model in those countries, we have very strong ACV coverage.

但那是以犧牲對核心市場的專注為代價。我認為我們現在有更好的做法，確保在那些國家完整導入 e.l.f. 的行銷模式，並且我們有非常強的 ACV 覆蓋率。

So both in the UK and Germany, we have over 75% ACV -- of the mass category. It justifies ongoing marketing support in those markets to continue to build our business year in, year out, the way we have in the US while continuing to seed new markets. I like the balance that we have in our plan that you'll continue to seed, not only on e.l.f., but across our portfolio.

因此在英國與德國，我們在大眾通路品類的 ACV 覆蓋率都超過 75%。這足以支持在那些市場持續投入行銷，讓我們的業務能像在美國一樣年復一年地成長，同時也持續播種新市場。我喜歡我們計畫中的這種平衡：你們會持續播種，不僅是 e.l.f.，而是橫跨我們的整個產品組合。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，JPMorgan。

Thanks, operator and good afternoon, everybody. I wanted to just go back to -- I remember Tarang and Mindy, used to give us an idea how you're growing against the category especially in this -- in the e.l.f. Beauty, obviously, heritage brand and against also skin -- e.l.f. SKIN. Just to gauge what is your growth has been. I remember coming from 8, to about 6, and to about 3 globally. Just curious how that we accelerated.

謝謝接線員，大家午安。我想回到——我記得 Tarang 和 Mindy 以前會讓我們了解你們相對於品類的成長情況，尤其是在這——在 e.l.f. Beauty（顯然是傳承品牌）以及相對於護膚——e.l.f.SKIN。只是想衡量你們的成長表現。我記得之前從 8 左右到 6 左右，再到全球約 3 左右。想請教你們是如何加速的。

And then as we think about, I totally understand the $50 million was not there to begin with, you're reinvesting 100% of it. But just curious to see how the percentage of sales, you've been -- I understand the pricing component, but on the percentage of sales of marketing, you already at around 24%.

另外，當我們思考時，我完全理解這 5,000 萬美元一開始並不存在，而你們把它 100% 再投資。但我想了解的是，以銷售額百分比來看，你們——我理解定價的部分，但就行銷費用占銷售額的比例而言，你們已經大約在 24% 左右。

So that will take you -- I mean, by my math, probably to 25%. I was just curious to see how -- and Mandy, you discussed saying this is going to be a one-time effect and then you can pull back and deleverage again and have the operating leverage.

所以那會把你們——照我的計算，可能提高到 25%。我只是好奇想了解，這會如何——而且 Mandy，你提到這將是一次性的影響，之後你們可以再把比例拉回、重新去槓桿，並再次取得營運槓桿效益。

Because I think part of your success over the years has been not only, of course, the top line is the paramount is the driving force. But you also had some operating leverage as we go. Just curious to see how the balance is.

因為我認為你們多年來成功的一部分，不僅是——當然，營收端是最重要、也是主要的驅動力。但隨著我們一路走來，你們也有一些營運槓桿。只是好奇想了解這之間的平衡如何。

And again, by my math, you probably need only about $25 million even without to invest back about but that you added for this 10%. So coming back to the same price levels that you were before the price increase. And then the balance would be about half of it would be invested in marketing.

再者，按我的計算，即使不考慮其他因素，你們大概只需要約2,500萬美元就能回投——但你們為了這10%又額外加碼。所以等於回到你們在漲價前的相同價格水準。然後剩下的平衡部分，大約有一半會投入行銷。

So just like double-click on that, if you can. I know it's a three-part of the question, but if you can on the bottom that it's about -- about half of the $50 million will be reinvested in marketing? Thank you.

所以如果可以的話，想請你再深入說明一下。我知道這是三段式問題，但就最後那點而言——大約5,000萬美元中有一半會再投入行銷嗎？謝謝。

So Andrea, I'll start with the first question. We're feeling really great about the targeted actions we have against the e.l.f. brand. As I talked at length here on the pricing actions to reinforce our value proposition. Our Fall innovation is off to strong start. It's ahead of our expectations and offer a terrific value.

Andrea，我先回答第一個問題。我們對於針對 e.l.f. 品牌所採取的聚焦行動感到非常振奮。如同我在這裡詳細談到的定價措施，是為了強化我們的價值主張。我們的秋季創新產品開局強勁。表現超出我們預期，並提供極具吸引力的價值。

If I look at our Main Stain Lip Marker at $5 versus prestige at $25, our Sheer For It Blush of $5 versus a prestige item at $28. These are items that have a clear point of reference with prestige and offer a terrific value. We're seeing momentum there.

如果我看我們的 Main Stain Lip Marker 售價5美元，相較於高端品牌25美元；我們的 Sheer For It Blush 售價5美元，相較於高端產品28美元。這些品項與高端產品有明確的對照基準，並提供極佳的價值。我們在那裡看到了動能。

As we talked in terms of marketing and the incremental marketing dollars we have, we feel good about it those across our portfolio of brands. I already talked about hair care and the bullishness we have on hair care, not only for this year but long term. And then international as we continue to see the brand.

如同我們談到行銷以及新增的行銷預算，我們對於把這些資金配置在我們的品牌組合上感到有信心。我已經談過護髮品類，以及我們對護髮不僅今年、而且長期的看多。另外還有國際市場，我們持續看到品牌的表現。

And you've certainly seen it in improved trends. And if you look at the scanner data, both in terms of units as well as dollars. We continue to expect that to improve as we have these focused actions in market. And so overall, I feel great about the brand.

而你們也確實在改善的趨勢中看到了。如果看掃描數據，不論是銷量（units）還是金額（dollars）。隨著我們在市場上推動這些聚焦行動，我們仍預期這些表現會持續改善。因此整體而言，我對這個品牌感到非常有信心。

And even with the slowdown that we had over the last number of months in the last year, we picked up 60 basis points of market share. It's the market -- most basis points of market share gaining out of the top 10 brands. So I would say I feel great about the brand and particularly over a longer arc but even more recently and with the actions that we're taking.

即便過去幾個月、以及去年我們經歷了放緩，我們仍然拿下了60個基點的市占提升。這是前十大品牌中市占增幅（以基點計）最大的。所以我會說，我對這個品牌很有信心，特別是拉長時間軸來看；但即使就近期而言，配合我們正在採取的行動，我也更有信心。

And then on the reinvestment question, Andrea. So from marketing as a percent of net sales, we still anticipate that 23% to 25% range. We are going to be towards the higher end of that range. And as I said on the call, Q2 through Q4 may even be beyond that range as we seek to hit that 25%, given that we underspent in Q1.

接著是再投資的問題，Andrea。以行銷占淨銷售額的比例來看，我們仍預期在23%到25%的區間。我們會偏向該區間的高端。而且如同我在電話會議上說的，Q2到Q4甚至可能會高於該區間，因為我們希望達到25%，考量到我們在Q1的行銷支出偏低。

And so that's from a percent of net sales, how we're managing marketing, very consistent with where we've been the last seven years in terms of managing it as a percentage of sales.

因此，從占淨銷售額的比例來看，我們管理行銷的方式，與過去七年以銷售百分比來管理的做法非常一致。

And then on the reinvestment split between pricing and marketing, I would say a portion goes towards the pricing piece, but majority is going to go across marketing, across our brand portfolio is the way we're thinking about that.

至於再投資在定價與行銷之間的分配，我會說其中一部分會用在定價這一塊，但大多數會投入到行銷，並分布在我們的品牌組合上——我們是這樣思考的。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

Great. Thank you very much. Maybe it doesn't sound like it, but do you have any prescribed notion as to the timing of that incremental spending over the next three quarters? That would be question number one. Question number two is what portion of the incremental spending do you expect will yield a return in the current fiscal year versus being more longer-term brand equity building in nature?

很好。非常感謝。也許聽起來不像，但你們對於未來三個季度這筆新增支出的投放時點，有沒有任何既定的想法？這是第一個問題。第二個問題是，你們預期新增支出中有多少比例會在本財年帶來回報， versus 更偏向長期品牌資產（brand equity）建設？

And to the extent that it is supposed to yield a return in this year, obviously the pricing, for example, would -- is that now contemplated in your guide because I think it wasn't when we started the fiscal year.

另外，如果其中一部分是預期在今年帶來回報，顯然例如定價——這是否已經納入你們的財測指引？因為我認為在財年開始時並沒有納入。

And then question number three on a different tact, if I could. Is that -- I didn't hear anything. Maybe I missed it, but I didn't hear anything on an updated cost inflation outlook, whether in regard to freight or packaging or the like. Just any thoughts on that and whether that now is included in your guide or if it's still outstanding? Thank you.

第三個問題我想換個角度。我沒有聽到任何內容——也許我漏聽了——但我沒有聽到你們更新成本通膨展望，不論是運費、包材或類似項目。想請問你們對此有何看法，以及這是否已經納入你們的指引，或仍未反映？謝謝。

All right, Steve. So I'll take that first question. On the timing over the next three quarters, we really haven't broken that down by quarter other than to say, like I just mentioned to Andrea, that as we look at Q2 through Q4, you could see that marketing range outside of that 23% to 25%, given the underspend that we had in Q1. And so that's how I would think about that.

好的，Steve。我先回答第一個問題。關於未來三個季度的時點安排，我們其實沒有按季度做更細的拆分；只是如同我剛才對Andrea提到的，當我們看Q2到Q4時，考量到Q1支出偏低，你可能會看到行銷占比落在23%到25%區間之外。所以我會用這樣的方式來理解。

I'm going to let Tarang answer the second question on the yield. But on the cost inflation outlook, from an input cost standpoint, we really haven't seen anything come our way from our suppliers. And the one thing that we have seen are higher freight costs. So that's already baked in to our outlook. And so from that perspective, I think we've got it pretty well managed in our current fiscal outlook.

第二個關於回報的問題，我讓Tarang來回答。至於成本通膨展望，從投入成本（input cost）的角度，我們確實沒有看到供應商那邊有什麼傳導過來。我們看到的一件事是運費成本更高。這已經反映在我們的展望之中。因此就這個面向而言，我認為在目前的財年展望中，我們已經把它管理得相當到位。

Yeah. And Steve, in your question in terms of where we see the benefit of the marketing, I would say we see in both. We see both a short-term impact as well as the longer-term impact. I talked about the longer-term impact in terms of building awareness and bringing more consumers in the franchise. Given the strong ROIs we have on our marketing, we would also expect an impact this year.

是的。Steve，關於你問到行銷效益會在哪裡體現，我會說兩者都有。我們同時看到短期影響以及長期影響。我談到的長期影響，是在於提升知名度並把更多消費者帶進我們的品牌版圖。鑑於我們行銷投資的ROI很強，我們也預期今年會帶來影響。

If there's one thing you take away from this call today, I want you to take away the confidence we have in our business. The confidence, as expressed by a very strong raise in terms of our fiscal year outlook, the confidence we have in the focused actions on e.l.f. as well as the momentum we continue to see on Naturium and rhode.

如果今天這通電話會議你只帶走一件事，我希望你帶走的是我們對業務的信心。這份信心體現在我們大幅上調本財年的展望；也體現在我們對 e.l.f. 聚焦行動的信心，以及我們在 Naturium 和 rhode 上持續看到的動能。

And so this investment is really behind that confidence in terms of what we know we can get out of marketing, not only this year, but for the years to come in terms of the long-term build of these brands where we see tremendous white space.

因此，這項投資正是建立在這份信心之上：我們知道行銷能帶來什麼，不僅是今年，也包括未來多年；在我們看到巨大未開發空間（white space）的情況下，推動這些品牌的長期建設。

Peter Grom, UBS.

Peter Grom，瑞銀。

Great. Thank you. So maybe just starting on the stronger organic sales outlook. And I know you mentioned that you expect all brands to grow through the balance of the year. And I was curious what drove the confidence to increase the outlook for organic sales at this point in the year. And maybe specifically, is it a function of more optimism around rhode as it goes into organic in the back half of the year? Or is it across the base business?

很好。謝謝。那我先從更強的有機銷售展望開始。我知道你提到你預期所有品牌在今年剩餘期間都會成長。我想了解是什麼因素讓你們在今年這個時間點有信心上調有機銷售的展望。更具體地說，這是否是因為對 rhode 在下半年轉為有機成長（organic）更樂觀？還是來自於整體基本盤業務？

And I guess related to that, is there any way to quantify on guardrails around what you were expecting from the hair care launch in this organic sales outlook?

我想這也相關：在這份有機銷售展望中，對於你們原先預期的護髮產品上市表現，有沒有任何方法可以量化一些「護欄」或界線？

Yeah. So thanks for the question, Peter. The stronger organic outlook as we talked on the call, really driven by the improved trends that we're seeing on else and the confidence that we have and the momentum we're seeing behind rhode and Naturium, it's really across our portfolio. That organic sales growth balance of the year, the outlook is 10% to 12% growth, very strong.

有的。Peter，謝謝你的問題。如同我們在電話會議中提到的，更強勁的有機展望，主要是由我們在 e.l.f. 上看到的趨勢改善、以及我們對 rhode 和 Naturium 背後動能的信心所驅動，這其實是遍及我們整個產品組合。今年剩餘期間的有機銷售成長展望為 10% 到 12% 的成長，非常強勁。

And we feel great about where our brands are trending. Tarang just hit on a couple of things with the Fall innovation being better than our expectations and things like that. We still have the EU launch with rhode coming up next month that we're excited about. So a lot of things ahead for e.l.f. Beauty.

我們對各品牌目前的走勢感到非常振奮。Tarang 剛剛也提到幾點，例如秋季創新產品的表現優於我們的預期等等。我們下個月也還有 rhode 在歐盟的上市，我們對此感到很興奮。所以 e.l.f. Beauty 接下來還有很多事情值得期待。

And look, we're taking it a quarter at a time. I agree with you. It's a strong raise first quarter out. We got a couple more quarters ahead of us, and we're feeling great about where we are.

而且你看，我們是一季一季地推進。我同意你的看法。第一季的上調幅度很強。我們前面還有幾個季度，我們對目前的位置感到非常有信心。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

Hi. Good afternoon, everyone. I wanted to ask on rhode and the expansion into Sephora Europe, which is upcoming. Can you give us a sense of how much of the pipeline you're expecting in fiscal Q2? And then just any expectation on how the brand can do in Europe relative to the US when you look at a per door basis, like any rough order of idea, how you're thinking about that expansion?

嗨。各位下午好。我想問一下 rhode 以及即將在 Sephora 歐洲擴張的部分。你們能否讓我們了解一下，在會計年度第二季你們預期會有多少管線（pipeline）？另外，當你們以單店（per door）為基礎來看這次擴張時，對於該品牌在歐洲相對於美國的表現，有沒有任何預期或大致的量級概念？你們是如何思考這次擴張的？

And then, Tarang, like a follow-up on just the pricing, you mentioned in a couple of weeks, we are going to see some of the SKUs that are going to go back to the prior pricing. Any expectation on elasticity is there as you bring back prices back to the prior level? What are you guys thinking about that? Thank you.

另外，Tarang，我想追問一下定價：你提到再過幾週，我們會看到部分 SKU 會回到先前的定價。當你們把價格調回原先水準時，對需求彈性有任何預期嗎？你們是怎麼看這件事的？謝謝。

Thanks, Filippo. So first of all on rhode, I think you've probably gotten our bullishness on rhode through this call. We're extremely excited about the launch coming up in Sephora Europe across 19 countries. We haven't quantified the pipeline, but most of that pipeline, all that pipeline is going to go out in Q2. So it's one of the reasons why we said Q2 is going to be another strong quarter given the pipeline that we have for rhode going out.

謝謝你，Filippo。首先談 rhode，我想你大概已經從這通電話會議中感受到我們對 rhode 的看多態度。我們對即將在 Sephora 歐洲、涵蓋 19 個國家的上市感到非常興奮。我們尚未量化管線規模，但大部分的管線——其實全部的管線——都會在第二季出貨。所以這也是我們說第二季會是另一個強勁季度的原因之一，因為 rhode 的出貨管線會在第二季釋出。

And we're learning from our experiences. I mean the rhode so massively outperformed everyone's expectations on our launches with Sephora in the US, Canada, UK as well as with MECCA in Australia and New Zealand.

而且我們也在從過往經驗中學習。我的意思是，rhode 在我們與 Sephora 於美國、加拿大、英國的上市，以及與 MECCA 在澳洲與紐西蘭的上市中，都大幅超出所有人的預期。

But we're taking that into our planning considerations in terms of making sure we're taking even a stronger stance on the pipeline that we have. And a lot of that is based on many of Sephora's best stores are actually outside the US. Many of them are in Europe. If we take a look, I think out of their top 10 doors, top 10, a number of them are in Europe. So we feel really good about the doors that we're going into as we go through.

但我們也把這些經驗納入規劃考量，確保我們對管線採取更強勢的立場。其中很大一部分是基於：Sephora 許多最好的門市其實在美國以外。很多都在歐洲。如果我們看他們前 10 大門市（top 10 doors），前 10 名裡有不少是在歐洲。因此，隨著我們推進，我們對即將進駐的門市品質感到非常有信心。

The other thing that gives us confidence is if you take a look at Hailey's followers or rhode followers, I think over 70% of them are outside the US. So we've been hearing plenty of signals of pent-up demand from a consumer standpoint and particular excitement from Sephora. In terms of Sephora would love to have this brand and every one of their doors globally, but we're going to sequence it one step at a time.

另一個讓我們有信心的因素是：如果你看 Hailey 的追蹤者或 rhode 的追蹤者，我想有超過 70% 都在美國以外。所以從消費者角度，我們聽到很多需求累積（pent-up demand）的訊號，Sephora 方面也特別興奮。就 Sephora 而言，他們很希望在全球每一家門市都能引進這個品牌，但我們會一步一步、有節奏地推進。

And then in terms of price elasticity, we feel good once the other items go back to the original pricing. As Mandy said, we did see some unit improvement on those items, but it didn't justify relative to the level of price reduction. So we believe this plan of the 10% that will drive strong unit momentum we'll be in the best of both worlds where we can have both dollar as well as unit growth post this pricing actions, both the things that are coming back up as well as the things that were going to permanently keep down, again, reinforcing our overall value proposition, but also doing so in a way that drives stronger gross profit over time.

至於價格彈性，當其他品項回到原本定價後，我們感覺良好。如 Mandy 所說，我們確實看到那些品項的銷量（unit）有所改善，但相較於降價幅度的程度，並不足以合理化。因此我們相信這個 10% 的方案將帶動強勁的銷量動能；我們會處在兩全其美的狀態——在這些定價動作之後，不論是回調上去的品項，或是我們將永久維持較低價格的品項，我們都能同時實現金額（dollar）與銷量（unit）的成長；再次強化我們整體的價值主張，同時也以能隨時間推動更強毛利的方式來執行。

And this will conclude our question-and-answer session. I'd like to turn the conference back over to Tarang Amin for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Tarang Amin，請他做結語。

Well, thanks for joining us today. I'm so proud of our passionate team of owners operating in a high-performance team culture who are showing what it means to be a different kind of beauty company, by building brands that disrupt norms, shape culture, and connect communities through positivity, inclusivity, and accessibility.

好的，謝謝各位今天加入我們。我為我們充滿熱情的「主人翁」團隊感到非常自豪；我們在高績效的團隊文化中運作，透過打造顛覆常規、塑造文化、並以正向、包容與可及性連結社群的品牌，展現成為不同類型美妝公司的意義。

The consistency of our industry-leading results gives me great confidence that, for us, anything's e.l.f.ing possible. We look forward to seeing some of you at our upcoming investor conferences and events over the next few weeks and speaking with you again when we discuss our second-quarter fiscal '27 results in November. Thank you and be well.

我們一貫且領先業界的成果，讓我非常有信心：對我們而言，一切皆有可能（anything's e.l.f.ing possible）。我們期待在接下來幾週的投資人會議與活動中見到各位中的一些人，也期待在 11 月討論我們 2027 會計年度第二季財報結果時再次與各位交流。謝謝，祝各位安好。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。